Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
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 | $ 1,991,870 | ||
Entity Common Stock, Shares Outstanding | 39,585,320 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate investments: | ||
Land | $ 116,096 | $ 106,841 |
Buildings and improvements | 1,185,467 | 1,091,845 |
Accumulated depreciation and amortization | (275,861) | (251,265) |
Real property investments, net | 1,025,702 | 947,421 |
Mortgage loans receivable, net of loan loss reserve: 2016—$2,315; 2015—$2,190 | 229,801 | 217,529 |
Real estate investments, net | 1,255,503 | 1,164,950 |
Notes receivable, net of loan loss reserve: 2016—$166; 2015—$0 | 16,427 | 1,961 |
Investment in unconsolidated joint ventures | 25,221 | 24,042 |
Investments, net | 1,297,151 | 1,190,953 |
Other assets: | ||
Cash and cash equivalents | 7,991 | 12,942 |
Debt issue costs related to bank borrowing | 1,847 | 2,865 |
Interest receivable | 9,683 | 4,536 |
Straight-line rent receivable, net of allowance for doubtful accounts: 2016—$960; 2015—$833 | 55,276 | 42,685 |
Prepaid expenses and other assets | 22,948 | 21,443 |
Total assets | 1,394,896 | 1,275,424 |
LIABILITIES | ||
Bank borrowings | 107,100 | 120,500 |
Senior unsecured notes, net of debt issue costs: 2016—$1,009; 2015—$1,095 | 502,291 | 451,372 |
Accrued interest | 4,675 | 3,974 |
Accrued incentives and earn-outs | 12,229 | 12,722 |
Accrued expenses and other liabilities | 28,553 | 27,654 |
Total liabilities | 654,848 | 616,222 |
Stockholders' equity: | ||
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2016—39,221; 2015—37,548 | 392 | 375 |
Capital in excess of par value | 839,005 | 758,676 |
Cumulative net income | 1,013,443 | 928,328 |
Accumulated other comprehensive income | 0 | 47 |
Cumulative distributions | (1,112,792) | (1,028,224) |
Total equity | 740,048 | 659,202 |
Total liabilities and equity | $ 1,394,896 | $ 1,275,424 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage loans receivable, loan loss reserve | $ 2,315 | $ 2,190 |
Notes receivable, net of loan loss reserve | 166 | 0 |
Straight-line rent receivable, allowance for doubtful accounts | $ 960 | $ 833 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 39,221 | 37,548 |
Common stock, shares outstanding | 39,221 | 37,548 |
Senior Unsecured Notes | ||
Debt issue costs, net | $ 1,009 | $ 1,095 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental income | $ 133,527 | $ 113,080 | $ 101,849 |
Interest income from mortgage loans | 27,321 | 22,119 | 16,553 |
Interest and other income | 735 | 1,004 | 559 |
Total revenues | 161,583 | 136,203 | 118,961 |
Expenses: | |||
Interest expense | 26,442 | 17,497 | 13,128 |
Depreciation and amortization | 35,932 | 29,431 | 25,529 |
Impairment on real estate | 766 | 2,250 | |
Provision for doubtful accounts | 457 | 619 | 32 |
Transaction costs | 179 | 744 | 195 |
General and administrative expenses | 17,412 | 14,986 | 11,637 |
Total expenses | 81,188 | 65,527 | 50,521 |
Operating income | 80,395 | 70,676 | 68,440 |
Income from unconsolidated joint ventures | 1,138 | 1,819 | |
Gain on sale of real estate, net | 3,582 | 586 | 4,959 |
Net income | 85,115 | 73,081 | 73,399 |
Income allocated to participating securities | (385) | (484) | (481) |
Income allocated to preferred stockholders | (2,454) | (3,273) | |
Net income available to common stockholders | $ 84,730 | $ 70,143 | $ 69,645 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.21 | $ 1.97 | $ 2.01 |
Diluted (in dollars per share) | $ 2.21 | $ 1.94 | $ 1.99 |
Weighted average shares used to calculate earnings per common share | |||
Basic (in shares) | 38,388 | 35,590 | 34,617 |
Diluted (in shares) | 38,597 | 37,329 | 36,640 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 85,115 | $ 73,081 | $ 73,399 |
Reclassification adjustment (See Note 9) | (47) | (35) | (35) |
Comprehensive income | $ 85,068 | $ 73,046 | $ 73,364 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Preferred Stock | Common Stock | Capital in Excess of Par Value | Cumulative Net Income | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Total |
Balance at beginning of period at Dec. 31, 2013 | $ 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) | |||||
Issuance of common stock | $ 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 (loss) | 73,399 | 73,399 | |||||
Vesting of restricted stock | 3,241 | 3,241 | |||||
Vested stock options | 12 | 12 | |||||
Stock option exercises | $ 1 | 1,070 | 1,071 | ||||
Options exercised (in shares) | 45 | ||||||
Preferred stock dividends | (3,273) | (3,273) | |||||
Common stock dividends | (71,158) | (71,158) | |||||
Other | (218) | (218) | |||||
Other (in shares) | (6) | ||||||
Balance at end of period at Dec. 31, 2014 | $ 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) | |||||
Issuance of restricted stock | $ 1 | (1) | |||||
Issuance of restricted stock (in shares) | 92 | ||||||
Net income (loss) | 73,081 | 73,081 | |||||
Vesting of restricted stock | 3,992 | 3,992 | |||||
Vested stock options | 14 | 14 | |||||
Stock option exercises | 79 | 79 | |||||
Options exercised (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) | |||||
Common stock dividends | (74,311) | (74,311) | |||||
Other | $ (1) | (1,284) | (1,285) | ||||
Other (in shares) | (27) | ||||||
Balance at end of period at Dec. 31, 2015 | $ 375 | 758,676 | 928,328 | 47 | (1,028,224) | 659,202 | |
Balance (in shares) at Dec. 31, 2015 | 37,548 | ||||||
Equity activity | |||||||
Reclassification adjustment | $ (47) | (47) | |||||
Issuance of common stock | $ 16 | 78,120 | 78,136 | ||||
Issuance of common stock (in shares) | 1,643 | ||||||
Issuance of restricted stock | $ 1 | (42) | (41) | ||||
Issuance of restricted stock (in shares) | 73 | ||||||
Net income (loss) | 85,115 | 85,115 | |||||
Vesting of restricted stock | 4,265 | 4,265 | |||||
Vested stock options | 15 | 15 | |||||
Stock option exercises | 159 | 159 | |||||
Options exercised (in shares) | 7 | ||||||
Common stock dividends | (84,568) | (84,568) | |||||
Other | (2,188) | (2,188) | |||||
Other (in shares) | (50) | ||||||
Balance at end of period at Dec. 31, 2016 | $ 392 | $ 839,005 | $ 1,013,443 | $ (1,112,792) | $ 740,048 | ||
Balance (in shares) at Dec. 31, 2016 | 39,221 |
CONSOLIDATED STATEMENTS OF EQU7
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF EQUITY | |||||||||||
Dividends paid per common share (in dollars per share) | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.190 | $ 2.070 | $ 2.040 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net income | $ 85,115 | $ 73,081 | $ 73,399 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization (continuing and discontinued operations) | 35,932 | 29,431 | 25,529 |
Stock-based compensation expense | 4,280 | 4,006 | 3,253 |
Impairment on real estate | 766 | 2,250 | |
Gain on sale of assets, net | (3,582) | (586) | (4,959) |
Income from unconsolidated joint ventures | (1,138) | (1,819) | |
Income distributions from unconsolidated joint ventures | 1,695 | 552 | |
Straight-line rental income | (13,477) | (10,136) | (3,002) |
Amortization of lease incentive | 1,945 | 1,680 | 841 |
Provision for doubtful accounts | 457 | 619 | 32 |
Non-cash interest related to contingent liabilities | 684 | 409 | 18 |
Other non-cash items, net | 1,216 | 985 | 779 |
(Increase) decrease in interest receivable | (5,147) | (3,939) | 105 |
Increase in accrued interest payable | 701 | 418 | 132 |
Net change in other assets and liabilities | (3,739) | 5,390 | (365) |
Net cash provided by operating activities | 105,708 | 102,341 | 95,762 |
INVESTING ACTIVITIES: | |||
Investment in real estate properties | (74,923) | (206,340) | (11,650) |
Investment in real estate developments | (42,342) | (25,929) | (34,135) |
Investment in real estate capital improvements | (6,792) | (7,534) | (13,967) |
Capitalized interest | (1,408) | (827) | (1,506) |
Proceeds from sale of real estate, net | 17,369 | 1,537 | 33,593 |
Investment in real estate mortgage loans receivable | (20,685) | (67,134) | (9,374) |
Principal payments received on mortgage loans receivable | 8,278 | 4,808 | 9,155 |
Investment in unconsolidated joint ventures | (1,770) | (23,042) | |
Payment of working capital reserve | (2,756) | (805) | |
Advances and originations under notes receivable | (14,969) | (1,554) | (1,263) |
Principal payments received on notes receivable | 100 | 113 | |
Net cash used in investing activities | (139,898) | (326,820) | (29,034) |
FINANCING ACTIVITIES: | |||
Bank borrowings | 123,600 | 291,000 | 37,500 |
Repayment of bank borrowings | (137,000) | (170,500) | (58,500) |
Proceeds from issuance of senior unsecured notes | 77,500 | 200,000 | 30,000 |
Principal payments on senior unsecured notes | (26,667) | (29,167) | (4,167) |
Principal payments on bonds payable | (2,035) | ||
Proceeds from common stock issued | 78,592 | 24,644 | |
Stock option exercises | 159 | 79 | 1,071 |
Distributions paid to stockholders | (84,568) | (76,765) | (74,431) |
Financing costs paid | (147) | (1,178) | (2,132) |
Other | (2,230) | (1,285) | (219) |
Net cash provided by (used in) financing activities | 29,239 | 212,184 | (48,269) |
(Decrease) increase in cash and cash equivalents | (4,951) | (12,295) | 18,459 |
Cash and cash equivalents, beginning of period | 12,942 | 25,237 | 6,778 |
Cash and cash equivalents, end of period | 7,991 | 12,942 | 25,237 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 24,490 | $ 16,078 | $ 12,188 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies. | |
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 sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 and our wholly‑owned subsidiaries. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties, 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 Acquisition costs to incorporate costs related to terminated transactions which was reclassified from General and administrative expenses . These adjustments are normal and recurring in nature. Going Concern. In August 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2014-15, Presentation of Financial Statements— Going Concern (Subtopic 205-40) : Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update define management’s responsibility under U.S. generally accepted accounting principles (or GAAP) to evaluate when and how substantial doubt about the organization’s ability to continue as a going concern should be disclosed in the financial statement footnotes. This ASU expands disclosure requirements about principal conditions or events that raise substantial doubt. It also requires disclosing management’s evaluation of the significance of those conditions or events in relationship to the organization’s ability to meet its obligations, and management’s plans that are intended to either alleviate substantial doubt or to mitigate conditions or events that raise substantial doubt. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016. The adoption of this ASU did not have a material impact on the Company’s financial statements or disclosures. Use of Estimates. Preparation of the consolidated financial statements in conformity with 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. In January 2017, the FASB issued ASU No. 2017-01(or ASU 2017-01), Business Combinations (Topic 805): Clarifying Definition of a Business. ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. Historically, our acquisitions qualified as either a business combination or asset acquisition. Upon adoption of this ASU, we believe most our acquisitions of investment properties would continue to qualify as an asset acquisition; therefore, we do not believe this standard will have a material impact on our results of operations or financial condition. 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, Net of Loan Loss Reserve. 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. Additionally, we record an estimated allowance for doubtful accounts, as described below. Mezzanine Loans. In 2015 the Company strategically decided to allocate a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects or value-add opportunities on existing operational properties. We seek market-based, risk-adjusted rates of return typically between 12-18% with the loan term typically between four to eight years. Security for mezzanine loans can include all or a portion of the following credit enhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or joint venture depending upon specifics of the loan terms and related credit enhancements. 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. 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 variable interest entity (or 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. 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 early adopted ASU 2015-03 and ASU 2015-15 in 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 sheets. Accrued incentives and earn-outs. As part of our acquisitions and/or amendments, 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 inputs 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. 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. • LTC has a variable interest in the entity - 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 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. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. The adoption of this ASU did not have a material impact on our consolidated financial statements. 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, write the investment down to its estimated fair value as of the measurement date. In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. Revenue Recognition. 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. 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 interest income from that loan until the past due amounts have been received. 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. The new standard, effective on January 1, 2018, permits either the retrospective or cumulative effects transition method and allows for early adoption on January 1, 2017. We expect to adopt this standard using the modified retrospective adoption method on January 1, 2018. We are currently evaluating the impact of this ASU but we do not believe this standard will have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. Leases. In February 2016, the FASB issued ASU No. 2016-02 (or ASU 2016-02), Leases (Topic 842) . ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees’ operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. Consistent with present standards, we will continue to account for lease revenue on a straight-line basis for most leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We have begun our process for implementing this guidance, including identifying any non-lease components in our lease arrangements. We are continuing to evaluate this guidance and the impact to us, as both lessor and lessee, 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, 2016, the tax basis of our net depreciable assets exceeds our book basis by approximately $43,840,680 ( 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. Properties held-for-sale. 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. 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. Under ASU No. |
Major Operators
Major Operators | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF ROC Beds Units Revenue (1) Assets Prestige Healthcare — % % Senior Lifestyle Corporation — — — % % Brookdale Senior Living — — — % % Senior Care Centers — — — % % Totals % % (1) Includes rental income and interest income from mortgage loans. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, Brookdale Senior Living, Senior Care Centers 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, 2016 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 4. Supplemental Cash Flow Information For the year ended December 31, 2016 2015 2014 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (See Note 5) $ — $ $ — Land conveyance applied to a mortgage and construction loan receivable (See Note 5) — — Contingent liabilities related to real estate investments (See Note 5) — Contingent liabilities related to lease incentives (See Note 10) — Reclassification of pre-development loans (See Note 7) Restricted stock issued, net of cancellations (See Note 9) Preferred stock conversion (See Note 9) — — |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments | |
Real Estate Investments | 5. Real Estate Investments Owned Properties. Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (or collectively ALF). Range of care communities (or ROC) property classification consists of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services. Any reference to the number of properties, 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 review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. As of December 31, 2016, we owned 181 health care real estate properties located in 28 states and consisting of 104 ALFs, 69 SNFs, 7 ROCs and 1 behavioral health care hospital. These properties are operated by 27 operators. Please see Item 1. Business Portfolio for a table that summarizes our owned properties as of December 31, 2016. Acquisitions and Developments. The following table summarizes our acquisitions for the twelve months ended December 31, 2016 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ $ $ Assisted Living (3) Land (4) — — Totals $ $ $ (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and may include costs related to terminated transactions. (2) We acquired a newly constructed 126-bed skilled nursing center in Texas. (3) We acquired a newly constructed memory care community in Kentucky for $14,250 which includes a $2,000 holdback, a newly constructed assisted living and memory care community in Georgia for $14,300 and two memory care communities in Kansas for an aggregate purchase price of $25,000. (4) We acquired a parcel of land and improvement and entered into a development commitment of up to $24,325, including the land and bed rights purchase, for the development of a 143-bed skilled nursing center in Kentucky. Also, we purchased a parcel of land in Illinois and entered into a development commitment to construct a memory care community. The commitment totals approximately $14,500, including the land purchase. The following table summarizes our acquisitions for the twelve months ended December 31, 2015 (dollar amounts in thousands) : Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ $ $ Assisted Living (3) Other (4) Land (5) — — Totals $ $ $ (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and may include costs related to terminated transactions. (2) 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. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000. (3) 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. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000. (4) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. (5) 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 investment in development and improvement projects for the years ended December 31, 2016 and 2015 (in thousands) : Year ended December 31, 2016 Year ended December 31, 2015 Development Improvements Development Improvements ALF/ILF/MC $ $ $ $ SNF $ $ $ $ During the twelve months ended December 31, 2016, 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 2016 Funding Total Funding Development 1 MC 66 Illinois $ $ Development 1 MC 56 Texas Development 1 MC 66 Illinois Development 1 MC 66 California Development 1 ALF/MC 89 South Carolina Development 1 ILF 108 Kansas Improvement 1 SNF 160 Arizona 7 611 $ $ The following table summarizes our completed projects during the twelve months ended December 31, 2015 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 MC 60 Colorado $ $ Improvements 1 SNF 121 California Improvements 1 SNF 196 Texas Improvements 2 SNF 141 Tennessee 5 518 $ $ During 2016, we sold a 48-unit assisted living community located in Florida for $1,750,000 which was previously written down to its estimated sale price in the fourth quarter of 2015. Additionally, we sold two skilled nursing centers in Texas and an assisted living community in Florida for an aggregate price of $11,850,000. As a result of these sales, we recognized a net gain on sale of $3,775,000. Also, we sold a school in New Jersey for $3,850,000 and recorded a net loss on sale in the amount of $193,000. During 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. No properties were sold during 2014. Subsequent to December 31, 2016, we entered into a contingent purchase and sale agreement to sell an 85-unit ROC community in Texas for $1,200,000. We performed a recoverability analysis on the property as of December 31, 2016 and determined that a portion of the carrying value of the property was not recoverable. Accordingly, we recorded an impairment charge of $766,000, included in our consolidated statement of income, to write the property down to its estimated sale price at December 31, 2016. Depreciation expense on buildings and improvements, including properties classified as held‑for‑sale, was $35,809,000, $29,329,000, and $25,424,000 for the years ended December 31, 2016, 2015 and 2014, respectively. Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases excluding the effects of straight‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent 2017 $ 2018 2019 2020 2021 Thereafter Mortgage Loans. At December 31, 2016, the mortgage loans had interest rates ranging from 7.3% to 13.9% and maturities ranging from 2017 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. Please see Item 1. Business Portfolio for a table that summarizes our loaned properties as of December 31, 2016. The following table summarizes our mortgage loan activity for the twelve months ended December 31, 2016 and 2015 (in thousands): Year ended December 31, 2016 2015 Origination/Funding $ $ Pay-offs Scheduled principal payments received At December 31, 2016 and 2015 the carrying values of the mortgage loans were $229,801,000 and $217,529,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2017 $ 2018 2019 2020 2021 Thereafter Total $ During the twelve months ended December 31, 2016, 2015 and 2014, we received $2,242,000, $2,321,000, and $2,159,000, respectively in regularly scheduled principal payments. During 2016, we received $6,036,000 plus accrued interest related to the early payoff of nine mortgage loans secured by skilled nursing centers located in Missouri, Texas and Washington. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Unconsolidated Joint Ventures | |
Investment in Unconsolidated Joint Ventures | 6. Investment in Unconsolidated Joint Ventures We have made a preferred equity investment in an entity (or the JV) that owns four properties in Arizona that provide independent, assisted living and memory care services. 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 is accrued up to the common member’s capital account balance in the underlying JV (as determined in accordance with GAAP). We did not accrue the deferred portion of the preferred return during the twelve months ended December 31, 2016. We 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. The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct support and we 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 a variable interest entity (or 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, 2016, we provided an additional preferred capital contribution of $1,770,000. Accordingly, we have a remaining preferred capital contribution commitment of $3,737,000. During the twelve months ended December 31, 2016, we recognized $1,139,000 in income from our preferred equity investment in the JV compared to $1,819,000 for the same period in 2015. Additionally, during the twelve months ended December 31, 2016, we received $1,695,000 from our preferred equity investment in the JV compared to $552,000 for the same period in 2015. During 2016, we entered into a $3,400,000 seven-year term mezzanine loan commitment for the development of a 127-unit senior housing community in Florida which will provide a combination of assisted living, memory care and independent living services. In accordance with the terms of the loan agreement, we are entitled to receive a 15% preferred return, a portion of which, subject to minimum payment requirements, is paid in cash and the remaining unpaid portion is deferred and subsequently paid to us at times set forth in the loan agreement. We 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. During 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 accrues 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, 2016 | |
Notes Receivable. | |
Notes Receivable | 7. Notes Receivable Notes receivable consist of various loans, and line of credit agreements with certain operators. During 2016, we committed to fund three new loans to existing operators as follows ( dollar amounts in thousands ): Total Interest Maturity Type of Property Commitment Rate Date Skilled Nursing $ % Assisted Living % Skilled Nursing % Totals $ During 2016, we originated a $1,400,000 mezzanine loan on two skilled nursing centers, funding $1,200,000 at closing with a commitment to fund an additional $200,000 upon achieving certain coverage ratios. The skilled nursing centers are located in Oregon and totaling 146 beds. The mezzanine loan has a five-year term and a rate of 15%. We have evaluated this ADC arrangement and determined that the characteristics are similar to a loan, and accordingly, the investment is recorded as a loan. Additionally, we purchased a $12,500,000 mezzanine loan on a portfolio of 64 skilled nursing centers located in eight states. The mezzanine loan has a five-year term and a rate of LIBOR plus 11.75%. We have evaluated this ADC arrangement and determined that the characteristics are similar to a loan, and accordingly, the investment is recorded as a loan. The following table summarizes our notes receivable activities for the fiscal years 2016, 2015 and 2014 (dollar amounts in thousands): Year ended December 31, 2016 2015 2014 Advances and Originations under notes receivable $ $ $ Principal payments received under notes receivable — Reclassified to real estate under development (1) Notes Receivable reserve — — Net increase 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, 2016 | |
Debt Obligations | |
Debt Obligations | 8. Debt Obligations The following table sets forth information regarding debt obligations by component as of December 31, 2016 and 2015 (dollar amounts in thousands): At December 31, 2016 At December 31, 2015 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 2.25% $ $ $ $ Senior unsecured notes, net of debt issue costs (3) 4.50% Total 4.11% $ $ (1) Represents weighted average of interest rate as of December 31, 2016. (2) Subsequent to December 31, 2016, we repaid $107,100, accordingly we have no outstanding balance and $600,000 available for borrowing. (3) Subsequent to December 31, 2016, we paid $4,167 in regular scheduled principal payments and sold $100,000 senior unsecured notes. Additionally, we amended our shelf agreement with Prudential. Accordingly, we have $598,124 of senior unsecured notes outstanding and $36,667 available under our shelf agreement. Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up 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, 2016, the amended facility provides for interest annually at LIBOR plus 150 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, 2016 and 2015, we borrowed $123,600,000 and $291,000,000, respectively, under our Unsecured Credit Agreement. Additionally, during the years ended December 31, 2016 and 2015, we repaid $137,000,000 and $170,500,000, respectively, under our unsecured revolving line of credits. At December 31, 2016 and 2015, we were in compliance with all covenants. Subsequent to December 31, 2016, we repaid our outstanding balance of $107,100,000 as discussed below. Accordingly, we have $600,000,000 available for borrowing. Senior Unsecured Notes . During the twelve months ended December 31, 2016, we sold $37,500,000 senior unsecured notes to affiliates and managed accounts of Prudential Investment Management, Inc. (or Prudential) with an annual fixed rate of 4.15%. The notes have an average 10-year life, scheduled principal payments and mature in 2028. During the twelve months ended December 31, 2016, we paid $26,667,000 in regular scheduled principal payments under our Prudential senior unsecured notes. Accordingly, at December 31, 2016, we had $22,500,000 available under our shelf agreement with Prudential. Subsequent to December 31, 2016, we paid $4,167,000 in regular scheduled principal payments and amended our shelf agreement with Prudential to increase our shelf commitment to $337,500,000. Additionally, subsequent to December 31, 2016, we sold 15-year senior unsecured notes in the aggregate amount of $100,000,000 to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual fixed rate of 4.5% , have scheduled principal payments and mature on February 16, 2032 . Subsequent to this transaction , we have $36,667,000 available under our amended shelf agreement with Prudential. During 2016, we amended our agreement with AIG Asset Management (U.S.) LLC (or AIG) which provides for the possible issuance of up to an additional $40,000,000 unsecured notes. During 2016, we sold $40,000,000 senior unsecured term notes under our amended agreement with AIG to affiliated insurance company investment advisory clients of AIG with a coupon of 3.99%. The notes have an average 10-year life, fixed interest rate and will mature in 2031. During the year ended December 31, 2015, we repaid $29,167,000 in regularly scheduled principal payments. Additionally, we sold $100,000,000 senior unsecured term notes to Prudential with an annual fixed rate of 4.5% under this shelf agreement. Also, during 2015, we entered into a $100,000,000 note purchase and private shelf agreement with AIG for a three-year term and we sold $100,000,000 senior unsecured term notes to affiliates of AIG with an annual fixed rate of 4.26%. These notes have periodic scheduled principal payments and will mature on November 20, 2028. 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, 2016, and excludes the effects of interest and debt issue costs ( in thousands ): Total 2017 2018 2019 2020 2021 Thereafter Bank borrowings $ (1) $ — $ $ — $ — $ — $ — Senior unsecured notes (2) $ $ $ $ $ $ $ (1) Subsequent to December 31, 2016, we repaid the $107,100 outstanding balance. Accordingly, we have $600,000 available under our unsecured revolving line of credit. (2) Subsequent to December 31, 2016, we paid $4,167 in regular scheduled principal payments and sold $100,000 senior unsecured notes. Additionally, we amended our shelf agreement with Prudential. Accordingly, we have $598,124 of senior unsecured notes outstanding and $36,667 available under our shelf agreement. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
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 stock outstanding as of December 31, 2016. Common Stock. During 2015, we entered into an equity distribution agreement (or Original Agreement) 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 the twelve months ended December 31, 2016, we sold 1,643,017 shares of common stock for $78,600,000 in net proceeds under the Original Agreement. In conjunction with the sale of common stock, we reclassified $463,000 of accumulated costs associated with the Original Agreement to additional paid in capital. During 2015, we did not sell shares of common stock under the Original Agreement. During 2016, we terminated the Original Agreement and entered into a new equity distribution agreement (or Equity Distribution Agreement) to issue and sell, from time to time, up to $200,000,000 in aggregate offering price of our company common shares. As of December 31, 2016, no shares were issued under the Equity Distribution Agreement. Accordingly, we had $200,000,000 available under this agreement. Subsequent to December 31, 2016, we sold 312,881 shares of common stock for $14,578,000 in net proceeds under our Equity Distribution Agreement. Accordingly, we have approximately $185,162,000 available under this agreement. During 2016 and 2015, we acquired 49,405 shares and 26,993 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2016, we acquired 23,691 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Available Shelf Registration. We had an automatic shelf registration statement which was filed in 2013 and provided us with the capacity to publicly offer up to $800,000,000 in common stock, preferred stock, warrants, debt, depositary shares, or units. 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. We may from time to time raise capital under the automatic registration statement we filed in 2016 (until its expiration on January 29, 2019) in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Distributions. We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2016 December 31, 2015 Declared Paid Declared Paid Preferred Stock Series C $ — $ — $ $ Common Stock (1) (1) (2) (2) Total $ $ $ $ (1) Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016. (2) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. In January 2017, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February and March 2017 payable on January 31, February 28 and March 31, 2017, respectively, to stockholders of record on January 23, February 17 and March 23, 2017, 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, 2016 and 2015, accumulated other comprehensive income was $0 and $47,000, 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, 2016, no stock options were granted under this plan. During 2016, 127,087 shares of restricted stock were granted under the 2015 Plan. Subsequent to December 31, 2016, we granted 74,760 shares of restricted common stock at $45.76 per share. These shares vest ratably from the grant date over a three-year period. Restricted Stock and performance-based stock units. Restricted stock and performance based stock units activity for the years ended December 31, 2016 and 2015 was as follows: 2016 2015 Outstanding, January 1 Granted Vested Canceled — Outstanding, December 31 Compensation expense related to restricted stock and performance based stock units for the year $ $ During 2016 and 2015, we granted 127,087 and 92,150 shares of restricted common stock, respectively, under the 2015 plan and 2008 Plan as follows: Price per Year No. of Shares/Units Share Vesting Period 2016 $ ratably over 3 years $ TSR targets (1) $ June 1, 2017 2015 $ ratably over 3 years $ ratably over 3 years $ June 2, 2016 (1) Vesting is based on achieving certain total shareholder return (or TSR) targets in 3.7 years with acceleration opportunity in 2.7 years. At December 31, 2016, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows: Number Remaining of Compensation Vesting Date Awards Expense 2017 2018 2019 (1) $ (1) Includes 54,107 performance-based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense. Stock Options. During 2016 and 2015, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2016 and 2015, was as follows: Weighted Average Shares Price 2016 2015 2016 2015 Outstanding, January 1 $ $ Granted — — $ — $ — Exercised $ $ Canceled — — $ — $ — Outstanding, December 31 $ $ Exercisable, December 31 (1) $ $ (1) The aggregate intrinsic value of exercisable options at December 31, 2016, based upon the closing price of our common shares at December 30, 2016, the last trading day of 2016, was approximately $498,000. Options exercisable at December 31, 2016 have a weighted average remaining contractual life of approximately 2.9 years. The options exercised during 2016 and 2015 were as follows: Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2016 $ $ $ 2015 $ $ $ (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 $30.76 and $29.60 and the weighted average remaining contractual life was 2.9 and 2.6 years as of December 31, 2016 and 2015, respectively. Compensation expense related to the vesting of stock options for the twelve months ended December 31, 2016, was $15,000 compared to $14,000 for the same period in 2015. We have no stock options outstanding that are scheduled to vest beyond 2017. At December 31, 2016, the total number of stock options outstanding that are scheduled to vest through 2017 is 5,000. The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2017 is $3,000. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies | |
Commitments and Contingencies | 10. Commitments and Contingencies At December 31, 2016, we had commitments as follows (in thousands): Total Investment 2016 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (See Note 5) $ (1) $ $ $ Accrued incentives and earn-out liabilities (2) Lease incentives Mortgage loans (See Note 5) (1) Joint venture investments (See Note 6) Notes receivable (See 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. (2) During the twelve months ended December 31, 2016, we recorded non-cash interest expense of $684 related to these contingent liabilities and the fair value of our outstanding payments was $12,229 at December 31, 2016. 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, 2016 | |
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 2016, 2015 and 2014 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ): Year Ended December 31, 2016 2015 2014 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, 2016 | |
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, 2016 2015 2014 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 — Net income available to common stockholders Effect of dilutive securities: Participating 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 Performance-based stock units — — Participating securities — — 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 $ $ $ |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 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 $ $ $ $ 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 $ $ $ $ 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, 2016 | |
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, 2016 and 2015 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2016 At December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Mortgage loans receivable $ $ (1) $ $ (1) Bank borrowings (2) (2) Senior unsecured notes, net of debt issue costs (3) (3) Accrued incentives and earn-outs (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, 2016 and 2015 was 8.2% and 8.9%, 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, 2016 and 2015 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, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.47% for those maturing before year 2026 and 4.60% for those maturing at or beyond year 2026. 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 4.55% for those maturing beyond year 2026. (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, 2016 and December 31, 2015, the discount rate used to value our future cash outflow of the earn-out liability was 5.9% and 6.1%, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events | |
Subsequent Events | 15. Subsequent Events The following events occurred subsequent to the balance sheet date. Real Estate: We entered into a contingent purchase and sale agreement to sell an 85-unit ROC community in Texas for $1,200,000. Debt: We paid $4,167,000 in regular scheduled principal payments and amended our shelf agreement with Prudential to increase our shelf commitment to $337,500,000. Additionally, we sold 15-year senior unsecured notes in the aggregate amount of $100,000,000 to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual fixed rate of 4.5% , have scheduled principal payments and mature on February 16, 2032 . Subsequent to this transaction , we have $36,667,000 available under our amended shelf agreement with Prudential. We used the proceeds from our private placement to repay the outstanding balance of our unsecured line of credit. Accordingly, we have no outstanding balance and $600,000,000 available for borrowing under our unsecured revolving line of credit. Equity: We declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February and March 2017, payable on January 31, February 28, and March 31, 2017, respectively, to stockholders of record on January 23, February 17, and March 23, 2017, respectively. Additionally, we sold 312,881 shares of common stock for $14,578,000. Accordingly, we have $185,162,000 available under our Equity Distribution Agreement. Also, we acquired 23,691 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we granted 74,760 shares of restricted common stock at $45.76 per share. These shares vest ratably from the grant date over a three-year period. |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2016 | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LTC PROPERTIES, INC. 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, 2014 Loan loss reserves $ $ $ — $ — $ Straight-line rent receivable allowance — $ $ $ — $ $ Year ended December 31, 2015 Loan loss reserves $ $ $ — $ — $ Straight-line rent receivable allowance — — $ $ $ — $ — $ Year ended December 31, 2016 Loan loss reserves $ $ $ — $ — $ Other notes receivable allowance — — — Straight-line rent receivable allowance — $ $ $ — $ $ (1) Deductions represent uncollectible accounts written off. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 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 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 Coldspring, 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 Forth 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 300 Mansfield, TX — — 2015 2016 053 Mesa, AZ — 1996 1996 226 Mesa, AZ — 2016 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, 2016 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 234 St. Petersburg, FL — 1988 2010 243 Stephenville, TX — 2009 2010 225 Tacoma, WA — 2009 2006 178 Tappahannock, VA — 1978 1995 270 Trinity, FL — — 2008 2013 192 Tucson, AZ — 1992 2000 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 304 Athens, GA — — 2016 2016 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 277 Burr Ridge, IL — — 2016 2014 278 Castle Rock, CO — — 2012 2014 160 Central, SC — — 1998 1999 263 Chatham, NJ — — 2002 2012 279 Corpus Christi, TX — — 2016 2015 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 163 Ft. Collins, CO — 2014 1999 170 Ft. Collins, CO — 2014 1999 132 Ft. Meyers, FL — 1998 1998 230 Ft. Wayne, IN — 1996 2009 229 Ft. Worth, TX — 2009 2008 100 Fremont ,OH — 1997 1997 267 Frisco, TX — — 2014 2012 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 301 Louisville, KY — — 2016 2016 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, 2016 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 280 Murrells Inlet, SC — — 2016 2015 294 Murrieta, CA — — 2016 2015 289 Neenah, WI — 1991 2015 166 New Bern, NC — 1998 1999 118 Newark, OH — 1997 1997 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 302 Overland Park, KS — — 2013 2016 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 282 Tinley Park, IL — — 2016 2015 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 303 Wichita, KS — — 2011 2016 259 Wichita, KS — — 2013 2012 283 Wichita, KS — — 2016 2015 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 (2) — 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, 2016 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 — — 1990/1994 2015 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: 305 Union, KY — — — N/A 2016 296 Glenview, IL — — — N/A 2015 306 Oaklawn, IL — — — N/A 2016 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, 2016, we entered into a contingent purchase and sale agreement to sell an 85-unit ROC in Texas for $1,200. Accordingly, we recorded an impairment charge of $766 to write the property down to its estimated sale price at December 31, 2016. (3) As of December 31, 2016, our aggregate cost for Federal income tax purposes was $1,318,462 . LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2016, 2015 and 2014 is as follows: For the Year Ended December 31, 2016 2015 2014 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, 2016 | |
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 2016 Interest MI 9.53% 2043 $ $ $ $ $ — MI 9.41% 2045 — MI 9.41% 2045 — MI 9.41% 2020 Various 7.32%-13.95% 2017-2019 — (4) $ $ $ $ $ — (1) Represents current stated interest rate. Generally, the loans have 20 year to 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 11 first‑lien mortgage loans as follows: Number of Loans Original loan amounts 4 $ 500 - $2,000 0 $2,001 - $3,000 1 $3,001 - $4,000 0 $4,001 - $5,000 1 $5,001 - $6,000 1 $6,001 - $7,000 4 $7,001 + Mortgage loans receivable activity for the years ended December 31, 2016, 2015 and 2014 is as follows: 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 New mortgage loans Other additions Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2016 $ |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC and our wholly‑owned subsidiaries. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties, 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 Acquisition costs to incorporate costs related to terminated transactions which was reclassified from General and administrative expenses . These adjustments are normal and recurring in nature. |
Use of Estimates | Use of Estimates. Preparation of the consolidated financial statements in conformity with 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. In January 2017, the FASB issued ASU No. 2017-01(or ASU 2017-01), Business Combinations (Topic 805): Clarifying Definition of a Business. ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. Historically, our acquisitions qualified as either a business combination or asset acquisition. Upon adoption of this ASU, we believe most our acquisitions of investment properties would continue to qualify as an asset acquisition; therefore, we do not believe this standard will have a material impact on our results of operations or financial condition. 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, Net of Loan Loss Reserve. 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. Additionally, we record an estimated allowance for doubtful accounts, as described below. Mezzanine Loans. In 2015 the Company strategically decided to allocate a portion of its capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects or value-add opportunities on existing operational properties. We seek market-based, risk-adjusted rates of return typically between 12-18% with the loan term typically between four to eight years. Security for mezzanine loans can include all or a portion of the following credit enhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans can be recorded for GAAP purposes as either a loan or joint venture depending upon specifics of the loan terms and related credit enhancements. |
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. |
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 variable interest entity (or 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. |
Accrued incentives and earn-outs | Accrued incentives and earn-outs. As part of our acquisitions and/or amendments, 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 inputs 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. |
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. |
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. • LTC has a variable interest in the entity - 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 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. |
Revenue Recognition | Revenue Recognition. 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. 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 interest income from that loan until the past due amounts have been received. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan. |
Federal Income Taxes | 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, 2016, the tax basis of our net depreciable assets exceeds our book basis by approximately $43,840,680 ( 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. |
Properties held-for-sale | Properties held-for-sale. 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. 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. |
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. Also, we use the Monte Carlo model to estimate the value of performance based stock units granted to employees. These models require 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 statements 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. |
ASU 2014-15 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | Going Concern. In August 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2014-15, Presentation of Financial Statements— Going Concern (Subtopic 205-40) : Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update define management’s responsibility under U.S. generally accepted accounting principles (or GAAP) to evaluate when and how substantial doubt about the organization’s ability to continue as a going concern should be disclosed in the financial statement footnotes. This ASU expands disclosure requirements about principal conditions or events that raise substantial doubt. It also requires disclosing management’s evaluation of the significance of those conditions or events in relationship to the organization’s ability to meet its obligations, and management’s plans that are intended to either alleviate substantial doubt or to mitigate conditions or events that raise substantial doubt. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016. The adoption of this ASU did not have a material impact on the Company’s financial statements or disclosures. |
ASU 2017-01 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | In January 2017, the FASB issued ASU No. 2017-01 (or ASU 2017-01), Business Combinations (Topic 805): Clarifying Definition of a Business. ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. Historically, our acquisitions qualified as either a business combination or asset acquisition. Upon adoption of this ASU, we believe most our acquisitions of investment properties would qualify as an asset acquisition; therefore, we do not believe this standard will have a material impact on our results of operations or financial condition. |
ASU 2015-03 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | 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 early adopted ASU 2015-03 and ASU 2015-15 in 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 sheets. |
ASU 2015-02 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | 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. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. The adoption of this ASU did not have a material impact on our consolidated financial statements. |
ASU 2016-07 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the effects of this ASU on our consolidated financial statements. |
ASU 2014-09 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | 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. The new standard, effective on January 1, 2018, permits either the retrospective or cumulative effects transition method and allows for early adoption on January 1, 2017. We expect to adopt this standard using the modified retrospective adoption method on January 1, 2018. We are currently evaluating the impact of this ASU but we do not believe this standard will have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09. |
ASU 2016-02 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | Leases. In February 2016, the FASB issued ASU No. 2016-02 (or ASU 2016-02), Leases (Topic 842) . ASU 2016-02 modifies existing guidance for off-balance sheet treatment of a lessees’ operating leases by requiring lessees to recognize lease assets and lease liabilities. Under ASU 2016-02, lessor accounting is largely unchanged. Consistent with present standards, we will continue to account for lease revenue on a straight-line basis for most leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We have begun our process for implementing this guidance, including identifying any non-lease components in our lease arrangements. We are continuing to evaluate this guidance and the impact to us, as both lessor and lessee, on our consolidated financial statements. |
ASU 2014-08 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | Under ASU 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 , 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. We have not reclassified results of operations for properties disposed as discontinued operations as these disposals do not represent strategic shifts in our operations. |
ASU 2015-01 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | 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. |
ASU 2016-09 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: ( a ) income tax consequences; ( b ) classification of awards as either equity or liabilities; and ( c ) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We early adopted ASU 2016-09. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. |
ASU 2016-15 | |
Summary of Significant Accounting Policies | |
Impact of New Accounting Pronouncement | Cash Flow Presentation. In August 2016, FASB issued authoritative guidance that reduces the diversity in practice of the classification of certain cash receipts and cash payments within the statement of cash flows. This guidance is effective for fiscal periods beginning after December 15, 2017 and allows for early adoption. The anticipated impact of the adoption of this guidance on the Company’s financial statements is still being evaluated. |
Major Operators (Tables)
Major Operators (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Major Operators | |
Schedule of concentration of risk by major operators | Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF ROC Beds Units Revenue (1) Assets Prestige Healthcare — % % Senior Lifestyle Corporation — — — % % Brookdale Senior Living — — — % % Senior Care Centers — — — % % Totals % % (1) Includes rental income and interest income from mortgage loans. |
Supplemental Cash Flow Inform29
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | For the year ended December 31, 2016 2015 2014 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (See Note 5) $ — $ $ — Land conveyance applied to a mortgage and construction loan receivable (See Note 5) — — Contingent liabilities related to real estate investments (See Note 5) — Contingent liabilities related to lease incentives (See Note 10) — Reclassification of pre-development loans (See Note 7) Restricted stock issued, net of cancellations (See Note 9) Preferred stock conversion (See Note 9) — — |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments | |
Summary of acquisitions | Acquisitions and Developments. The following table summarizes our acquisitions for the twelve months ended December 31, 2016 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ $ $ Assisted Living (3) Land (4) — — Totals $ $ $ (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and may include costs related to terminated transactions. (2) We acquired a newly constructed 126-bed skilled nursing center in Texas. (3) We acquired a newly constructed memory care community in Kentucky for $14,250 which includes a $2,000 holdback, a newly constructed assisted living and memory care community in Georgia for $14,300 and two memory care communities in Kansas for an aggregate purchase price of $25,000. (4) We acquired a parcel of land and improvement and entered into a development commitment of up to $24,325, including the land and bed rights purchase, for the development of a 143-bed skilled nursing center in Kentucky. Also, we purchased a parcel of land in Illinois and entered into a development commitment to construct a memory care community. The commitment totals approximately $14,500, including the land purchase. The following table summarizes our acquisitions for the twelve months ended December 31, 2015 (dollar amounts in thousands) : Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ $ $ Assisted Living (3) Other (4) Land (5) — — Totals $ $ $ (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and may include costs related to terminated transactions. (2) 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. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000. (3) 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. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000. (4) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. (5) 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. |
Schedule of investment in development and improvement projects | The following table summarizes our investment in development and improvement projects for the years ended December 31, 2016 and 2015 (in thousands) : Year ended December 31, 2016 Year ended December 31, 2015 Development Improvements Development Improvements ALF/ILF/MC $ $ $ $ SNF $ $ $ $ |
Schedule of completed development, improvement and construction projects | During the twelve months ended December 31, 2016, 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 2016 Funding Total Funding Development 1 MC 66 Illinois $ $ Development 1 MC 56 Texas Development 1 MC 66 Illinois Development 1 MC 66 California Development 1 ALF/MC 89 South Carolina Development 1 ILF 108 Kansas Improvement 1 SNF 160 Arizona 7 611 $ $ The following table summarizes our completed projects during the twelve months ended December 31, 2015 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 MC 60 Colorado $ $ Improvements 1 SNF 121 California Improvements 1 SNF 196 Texas Improvements 2 SNF 141 Tennessee 5 518 $ $ |
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases excluding the effects of straight‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent 2017 $ 2018 2019 2020 2021 Thereafter |
Schedule of additional loan commitments and amounts funded under the mortgage loans | The following table summarizes our mortgage loan activity for the twelve months ended December 31, 2016 and 2015 (in thousands): Year ended December 31, 2016 2015 Origination/Funding $ $ Pay-offs Scheduled principal payments received |
Scheduled of principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2017 $ 2018 2019 2020 2021 Thereafter Total $ |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable. | |
Schedule of new working capital loans | Total Interest Maturity Type of Property Commitment Rate Date Skilled Nursing $ % Assisted Living % Skilled Nursing % Totals $ |
Summary of notes receivable activities | Year ended December 31, 2016 2015 2014 Advances and Originations under notes receivable $ $ $ Principal payments received under notes receivable — Reclassified to real estate under development (1) Notes Receivable reserve — — Net increase 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, 2016 | |
Debt Obligations | |
Schedule of Debt Obligations | The following table sets forth information regarding debt obligations by component as of December 31, 2016 and 2015 (dollar amounts in thousands): At December 31, 2016 At December 31, 2015 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 2.25% $ $ $ $ Senior unsecured notes, net of debt issue costs (3) 4.50% Total 4.11% $ $ (1) Represents weighted average of interest rate as of December 31, 2016. (2) Subsequent to December 31, 2016, we repaid $107,100, accordingly we have no outstanding balance and $600,000 available for borrowing. (3) Subsequent to December 31, 2016, we paid $4,167 in regular scheduled principal payments and sold $100,000 senior unsecured notes. Additionally, we amended our shelf agreement with Prudential. Accordingly, we have $598,124 of senior unsecured notes outstanding and $36,667 available under our shelf agreement. |
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, 2016, and excludes the effects of interest and debt issue costs ( in thousands ): Total 2017 2018 2019 2020 2021 Thereafter Bank borrowings $ (1) $ — $ $ — $ — $ — $ — Senior unsecured notes (2) $ $ $ $ $ $ $ (1) Subsequent to December 31, 2016, we repaid the $107,100 outstanding balance. Accordingly, we have $600,000 available under our unsecured revolving line of credit. (2) Subsequent to December 31, 2016, we paid $4,167 in regular scheduled principal payments and sold $100,000 senior unsecured notes. Additionally, we amended our shelf agreement with Prudential. Accordingly, we have $598,124 of senior unsecured notes outstanding and $36,667 available under our shelf agreement. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity | |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2016 December 31, 2015 Declared Paid Declared Paid Preferred Stock Series C $ — $ — $ $ Common Stock (1) (1) (2) (2) Total $ $ $ $ (1) Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016. (2) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. |
Schedule of restricted stock activity | Restricted Stock and performance-based stock units. Restricted stock and performance based stock units activity for the years ended December 31, 2016 and 2015 was as follows: 2016 2015 Outstanding, January 1 Granted Vested Canceled — Outstanding, December 31 Compensation expense related to restricted stock and performance based stock units for the year $ $ |
Schedule of restricted stock granted | During 2016 and 2015, we granted 127,087 and 92,150 shares of restricted common stock, respectively, under the 2015 plan and 2008 Plan as follows: Price per Year No. of Shares/Units Share Vesting Period 2016 $ ratably over 3 years $ TSR targets (1) $ June 1, 2017 2015 $ ratably over 3 years $ ratably over 3 years $ June 2, 2016 (1) Vesting is based on achieving certain total shareholder return (or TSR) targets in 3.7 years with acceleration opportunity in 2.7 years. |
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | At December 31, 2016, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows: Number Remaining of Compensation Vesting Date Awards Expense 2017 2018 2019 (1) $ (1) Includes 54,107 performance-based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense. |
Schedule of nonqualified stock option activity | Weighted Average Shares Price 2016 2015 2016 2015 Outstanding, January 1 $ $ Granted — — $ — $ — Exercised $ $ Canceled — — $ — $ — Outstanding, December 31 $ $ Exercisable, December 31 (1) $ $ (1) The aggregate intrinsic value of exercisable options at December 31, 2016, based upon the closing price of our common shares at December 30, 2016, the last trading day of 2016, was approximately $498,000. Options exercisable at December 31, 2016 have a weighted average remaining contractual life of approximately 2.9 years. |
Schedule of options exercised | Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2016 $ $ $ 2015 $ $ $ (1) As of the exercise dates. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies | |
Schedule of commitments | At December 31, 2016, we had commitments as follows (in thousands): Total Investment 2016 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (See Note 5) $ (1) $ $ $ Accrued incentives and earn-out liabilities (2) Lease incentives Mortgage loans (See Note 5) (1) Joint venture investments (See Note 6) Notes receivable (See 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. (2) During the twelve months ended December 31, 2016, we recorded non-cash interest expense of $684 related to these contingent liabilities and the fair value of our outstanding payments was $12,229 at December 31, 2016. |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Distributions | |
Schedule of federal income tax classification of the per share common stock distributions | Year Ended December 31, 2016 2015 2014 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, 2016 | |
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, 2016 2015 2014 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 — Net income available to common stockholders Effect of dilutive securities: Participating 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 Performance-based stock units — — Participating securities — — 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 $ $ $ |
Quarterly Financial Informati37
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 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 $ $ $ $ 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 $ $ $ $ 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, 2016 | |
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, 2016 and 2015 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2016 At December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Mortgage loans receivable $ $ (1) $ $ (1) Bank borrowings (2) (2) Senior unsecured notes, net of debt issue costs (3) (3) Accrued incentives and earn-outs (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, 2016 and 2015 was 8.2% and 8.9%, 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, 2016 and 2015 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, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.47% for those maturing before year 2026 and 4.60% for those maturing at or beyond year 2026. 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 4.55% for those maturing beyond year 2026. (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, 2016 and December 31, 2015, the discount rate used to value our future cash outflow of the earn-out liability was 5.9% and 6.1%, respectively. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 - Mezzanine Loans (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Mortgage loans on real estate | |
Loan Term | 20 years |
Minimum | Mezzanine Loans | |
Mortgage loans on real estate | |
Interest rate for mortgage loan (as a percent) | 12.00% |
Loan Term | 4 years |
Maximum | |
Mortgage loans on real estate | |
Loan Term | 30 years |
Maximum | Mezzanine Loans | |
Mortgage loans on real estate | |
Interest rate for mortgage loan (as a percent) | 18.00% |
Loan Term | 8 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2016item | |
Revenue Recognition | |
Maximum period over which loan is to be considered as non-performing | 60 days |
Methods used for calculation of annual increases over the rents of the prior year | 4 |
Maximum period over which a lease is to be considered as non-performing | 60 days |
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% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Taxes and Discontinued Operations (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Federal Income Taxes | |||
Provision for federal or state income taxes | $ 0 | $ 0 | $ 0 |
Minimum distribution of taxable income (as a percent) | 90.00% | ||
Distribution percentage | 100 | ||
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 | $ 43,840,680 |
Major Operators (Details)
Major Operators (Details) | 12 Months Ended |
Dec. 31, 2016itemproperty | |
Major Operators | |
Number of major operators | item | 4 |
SNF | |
Major Operators | |
Number of properties | property | 31 |
Number of beds | item | 4,310 |
ALF | |
Major Operators | |
Number of properties | property | 64 |
Number of units | item | 3,429 |
ROC | |
Major Operators | |
Number of properties | property | 2 |
Total Revenue | Credit Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 48.10% |
Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 42.40% |
Prestige Healthcare | SNF | |
Major Operators | |
Number of properties | property | 20 |
Number of beds | item | 2,866 |
Prestige Healthcare | ALF | |
Major Operators | |
Number of units | item | 93 |
Prestige Healthcare | ROC | |
Major Operators | |
Number of properties | property | 2 |
Prestige Healthcare | Total Revenue | Credit Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 16.30% |
Prestige Healthcare | Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 15.90% |
Senior Lifestyle Corporation | ALF | |
Major Operators | |
Number of properties | property | 27 |
Number of units | item | 1,632 |
Senior Lifestyle Corporation | Total Revenue | Credit Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 12.20% |
Senior Lifestyle Corporation | Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 12.70% |
Brookdale Senior Living | ALF | |
Major Operators | |
Number of properties | property | 37 |
Number of units | item | 1,704 |
Brookdale Senior Living | Total Revenue | Credit Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 9.80% |
Brookdale Senior Living | Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 5.40% |
Senior Care Centers | SNF | |
Major Operators | |
Number of properties | property | 11 |
Number of beds | item | 1,444 |
Senior Care Centers | Total Revenue | Credit Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 9.80% |
Senior Care Centers | Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 8.40% |
Supplemental Cash Flow Inform44
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-cash investing and financing transactions: | |||
Reclassification of pre-development loans (See Note 7) | $ 237 | $ 1,035 | $ 304 |
Restricted stock issued, net of cancellations (See Note 9) | 1 | 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 (See Note 5) | 10,600 | ||
Land conveyance applied to a mortgage and construction loan receivable | |||
Non-cash investing and financing transactions: | |||
Noncash consideration given (See Note 5) | 670 | ||
Real estate properties | Accrued incentives and earn-out liabilities | |||
Non-cash investing and financing transactions: | |||
Contingent liabilities (See Note 5 and 10) | $ 1,847 | 1,847 | |
Lease incentives | Accrued incentives and 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) | Dec. 31, 2016customerproperty |
Real Estate Investment | |
Real Estate Investments | |
Number of properties | 181 |
Number of states | 28 |
Number of operators | 27 |
ALF | |
Real Estate Investments | |
Number of properties | 64 |
ALF | Real Estate Investment | |
Real Estate Investments | |
Number of properties | 104 |
SNF | |
Real Estate Investments | |
Number of properties | 31 |
SNF | Real Estate Investment | |
Real Estate Investments | |
Number of properties | 69 |
ROC | |
Real Estate Investments | |
Number of properties | 2 |
ROC | Real Estate Investment | |
Real Estate Investments | |
Number of properties | customer | 7 |
Hospital | Real Estate Investment | |
Real Estate Investments | |
Number of properties | 1 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)itemproperty | Dec. 31, 2015USD ($)itemproperty | |
Real estate investments | ||
Investment Commitment | $ 176,521 | |
2016 Acquisitions | ||
Real estate investments | ||
Purchase Price | 76,441 | |
Transaction Costs | 576 | |
Total Acquisition Costs | $ 77,017 | |
Number of properties acquired | property | 5 | |
Number of beds/units acquired | item | 376 | |
2016 Acquisitions | SNF | ||
Real estate investments | ||
Purchase Price | $ 16,000 | |
Transaction Costs | 45 | |
Total Acquisition Costs | $ 16,045 | |
Number of properties acquired | property | 1 | |
Number of beds/units acquired | item | 126 | |
2016 Acquisitions | SNF | Real Estate Investment | Texas | ||
Real estate investments | ||
Number of beds/units acquired | item | 126 | |
2016 Acquisitions | ALF | ||
Real estate investments | ||
Purchase Price | $ 53,550 | |
Transaction Costs | 423 | |
Total Acquisition Costs | $ 53,973 | |
Number of properties acquired | property | 4 | |
Number of beds/units acquired | item | 250 | |
2016 Acquisitions | MC | Kentucky | ||
Real estate investments | ||
Purchase Price | $ 14,250 | |
2016 Acquisitions | MC | Kentucky | Holdback | ||
Real estate investments | ||
Contingent consideration | 2,000 | |
2016 Acquisitions | MC | Kansas | ||
Real estate investments | ||
Purchase Price | $ 25,000 | |
Number of properties acquired | property | 2 | |
2016 Acquisitions | Land | ||
Real estate investments | ||
Purchase Price | $ 6,891 | |
Transaction Costs | 108 | |
Total Acquisition Costs | 6,999 | |
2016 Acquisitions | Land | Real Estate Development Commitments | Illinois | ||
Real estate investments | ||
Investment Commitment | $ 14,500 | |
2016 Acquisitions | Land | Real Estate Development Commitments | Real Estate Investment Development Redevelopment Renovation and Expansion Projects | Kentucky | ||
Real estate investments | ||
Number of beds/units under development | item | 143 | |
2016 Acquisitions | Land | Real Estate Development Commitments | Maximum | Kentucky | ||
Real estate investments | ||
Investment Commitment | $ 24,325 | |
2016 Acquisitions | ALF & MC | Georgia | ||
Real estate investments | ||
Purchase Price | $ 14,300 | |
2015 Acquisitions | ||
Real estate investments | ||
Purchase Price | $ 218,626 | |
Transaction Costs | 1,071 | |
Total Acquisition Costs | $ 219,697 | |
Number of properties acquired | property | 15 | |
Number of beds/units acquired | item | 1,429 | |
2015 Acquisitions | SNF | ||
Real estate investments | ||
Purchase Price | $ 36,946 | |
Transaction Costs | 87 | |
Total Acquisition Costs | $ 37,033 | |
Number of properties acquired | property | 3 | |
Number of beds/units acquired | item | 360 | |
2015 Acquisitions | SNF | Real Estate Investment | Texas | ||
Real estate investments | ||
Purchase Price | $ 23,000 | |
Number of properties acquired | property | 2 | |
Number of beds/units acquired | item | 254 | |
2015 Acquisitions | SNF | Real Estate Investment | Wisconsin | ||
Real estate investments | ||
Loan commitment under which the purchase option was exercised | $ 10,600 | |
Payments to acquire productive assets | 3,346 | |
2015 Acquisitions | ALF | ||
Real estate investments | ||
Purchase Price | 156,097 | |
Transaction Costs | 590 | |
Total Acquisition Costs | $ 156,687 | |
Number of properties acquired | property | 11 | |
Number of beds/units acquired | item | 951 | |
2015 Acquisitions | ALF | Memory Care Property with 60 Units | Real Estate Investment | ||
Real estate investments | ||
Purchase Price | $ 14,250 | |
Total Acquisition Costs | $ 14,132 | |
Number of beds/units acquired | property | 60 | |
2015 Acquisitions | ALF | Memory Care Property with 60 Units | Real Estate Investment | Working capital reserve | ||
Real estate investments | ||
Contingent consideration | $ 2,000 | |
2015 Acquisitions | ALF | Memory Care Property with 60 Units | Real Estate Investment | Working capital reserve | Fair Value | ||
Real estate investments | ||
Contingent consideration | $ 1,847 | |
2015 Acquisitions | MC | Real Estate Development Commitments | Land Acquisition | ||
Real estate investments | ||
Number of land parcels acquired | property | 5 | |
2015 Acquisitions | MC | Real Estate Development Commitments One | Land Acquisition | ||
Real estate investments | ||
Number of properties acquired | property | 3 | |
Number of beds/units acquired | item | 198 | |
2015 Acquisitions | MC | Real Estate Development Commitments One | Illinois | Land Acquisition | ||
Real estate investments | ||
Number of beds/units acquired | item | 108 | |
2015 Acquisitions | MC | Real Estate Development Commitments One | Maximum | ||
Real estate investments | ||
Investment Commitment | $ 70,298 | |
2015 Acquisitions | MC | Real Estate Development Commitments Two | ||
Real estate investments | ||
Investment Commitment | 13,524 | |
2015 Acquisitions | Other Properties | ||
Real estate investments | ||
Purchase Price | 9,250 | |
Transaction Costs | 42 | |
Total Acquisition Costs | $ 9,292 | |
Number of properties acquired | property | 1 | |
Number of beds/units acquired | item | 118 | |
2015 Acquisitions | Other Properties | Hospital Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | ||
Real estate investments | ||
Purchase Price | $ 9,300 | |
Number of beds/units acquired | item | 116 | |
2015 Acquisitions | Other Properties | SNF Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | ||
Real estate investments | ||
Number of beds/units acquired | item | 2 | |
2015 Acquisitions | Land | ||
Real estate investments | ||
Purchase Price | $ 16,333 | |
Transaction Costs | 352 | |
Total Acquisition Costs | $ 16,685 | |
2015 Acquisitions | Land | Real Estate Development Commitments Two | ||
Real estate investments | ||
Number of beds/units acquired | item | 56 | |
2015 Acquisitions | ALF & MC | Real Estate Development Commitments One | Land Acquisition | ||
Real estate investments | ||
Number of beds/units acquired | item | 89 | |
2015 Acquisitions | ALF/ILF/MC | Real Estate Investment | ||
Real estate investments | ||
Purchase Price | $ 142,000 | |
Number of properties acquired | property | 10 |
Real Estate Investments - Devel
Real Estate Investments - Development and Improvement Projects (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)itemproperty | Dec. 31, 2015USD ($)itemproperty | |
Real estate investments | ||
Investment Commitment | $ 176,521 | |
Real Estate Investment Completed Projects | ||
Completed development and improvement projects | ||
Number of Properties | property | 7 | 5 |
Number of Beds/Units | item | 611 | 518 |
Funding | $ 42,974 | $ 3,564 |
Total Funding | 81,561 | 14,906 |
Development | ||
Completed development and improvement projects | ||
Funding | 42,342 | 25,929 |
Improvements | ||
Completed development and improvement projects | ||
Funding | 6,792 | 7,534 |
ALF/ILF/MC | Development | ||
Completed development and improvement projects | ||
Funding | 41,859 | 24,099 |
ALF/ILF/MC | Improvements | ||
Completed development and improvement projects | ||
Funding | $ 3,034 | $ 3,950 |
MC | Development | Real Estate Investment Completed Projects | Texas | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 56 | |
Funding | $ 1,110 | |
Total Funding | $ 11,776 | |
MC | Development | Real Estate Investment Completed Projects | California | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 66 | |
Funding | $ 7,716 | |
Total Funding | $ 12,400 | |
MC | Development | Real Estate Investment Completed Projects | Colorado | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 60 | |
Funding | $ 1,522 | |
Total Funding | 10,703 | |
MC | Development | Real Estate Development Commitments One | Real Estate Investment Completed Projects | Illinois | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 66 | |
Funding | $ 2,980 | |
Total Funding | $ 12,248 | |
MC | Development | Real Estate Development Commitments Two | Real Estate Investment Completed Projects | Illinois | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 66 | |
Funding | $ 7,331 | |
Total Funding | $ 11,962 | |
ILF | Development | Real Estate Investment Completed Projects | Kansas | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 108 | |
Funding | $ 11,235 | |
Total Funding | $ 13,423 | |
ALF | Development | Real Estate Investment Completed Projects | South Carolina | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 89 | |
Funding | $ 9,170 | |
Total Funding | 15,080 | |
SNF | Development | ||
Completed development and improvement projects | ||
Funding | 483 | 1,830 |
SNF | Improvements | ||
Completed development and improvement projects | ||
Funding | $ 3,758 | $ 3,584 |
SNF | Improvements | Real Estate Investment Completed Projects | Texas | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 196 | |
Funding | $ 522 | |
Total Funding | $ 522 | |
SNF | Improvements | 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 | |
Total Funding | $ 1,481 | |
SNF | Improvements | Real Estate Investment Completed Projects | Arizona | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 160 | |
Funding | $ 3,432 | |
Total Funding | $ 4,672 | |
SNF | Improvements | Real Estate Investment Completed Projects | Tennessee | ||
Completed development and improvement projects | ||
Number of Properties | property | 2 | |
Number of Beds/Units | item | 141 | |
Funding | $ 39 | |
Total Funding | $ 2,200 |
Real Estate Investments - Dispo
Real Estate Investments - Disposals (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($)item | Dec. 31, 2016USD ($)itemproperty | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)property | |
Disposals and other | ||||
Impairment charges | $ 766 | $ 2,250 | ||
Proceeds from sale of real estate, net | 17,369 | 1,537 | $ 33,593 | |
Gain (loss) on sale of properties | 3,582 | $ 586 | $ 4,959 | |
Real Estate Investment | ||||
Disposals and other | ||||
Number of properties sold | property | 0 | |||
Gain (loss) on sale of properties | 3,775 | |||
Real Estate Investment | Texas | ||||
Disposals and other | ||||
Number of beds or units in property sold | item | 112 | |||
Real Estate Investment | Florida and Texas | ||||
Disposals and other | ||||
Proceeds from sale of real estate, net | $ 11,850 | |||
ALF | Real Estate Investment | Florida | Assisted Living Properties with 48 Units | ||||
Disposals and other | ||||
Number of beds or units in property sold | item | 48 | |||
Proceeds from sale of real estate, net | $ 1,750 | |||
SNF | Real Estate Investment | Texas | ||||
Disposals and other | ||||
Sales price | $ 1,600 | |||
Proceeds from sale of real estate, net | 1,537 | |||
Number of properties sold | property | 2 | |||
Gain (loss) on sale of properties | $ 586 | |||
School | Real Estate Investment | New Jersey | ||||
Disposals and other | ||||
Proceeds from sale of real estate, net | $ 3,850 | |||
Gain (loss) on sale of properties | (193) | |||
ROC | Real Estate Investment | Texas | ||||
Disposals and other | ||||
Impairment charges | $ 766 | |||
ROC | Real Estate Investment | Texas | Subsequent Event | ||||
Disposals and other | ||||
Number of beds or units in property sold | item | 85 | |||
Sales price | $ 1,200 |
Real Estate Investments - Depre
Real Estate Investments - Depreciation and Base Rents (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | |||
Depreciation expense | $ 35,809 | $ 29,329 | $ 25,424 |
Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and renewal options | |||
2,017 | 133,296 | ||
2,018 | 133,873 | ||
2,019 | 129,482 | ||
2,020 | 131,377 | ||
2,021 | 117,298 | ||
Thereafter | $ 797,716 |
Real Estate Investments - Mortg
Real Estate Investments - Mortgage Loans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgage Loans | |||
Scheduled principal payments received | $ 8,278 | $ 4,808 | $ 9,155 |
Carrying value of mortgage loans | $ 229,801 | 217,529 | |
Minimum | |||
Mortgage Loans | |||
General amortization schedule of mortgage loans | 20 years | ||
Maximum | |||
Mortgage Loans | |||
General amortization schedule of mortgage loans | 30 years | ||
Mortgage Loans on Real Estate | |||
Mortgage Loans | |||
Origination/Funding | $ 20,685 | 67,134 | |
Payoffs | 6,036 | 2,487 | |
Scheduled principal payments received | 2,242 | 2,321 | $ 2,159 |
Carrying value of mortgage loans | 229,801 | $ 217,529 | |
Scheduled principal payments on mortgage loan receivables | |||
2,017 | 7,674 | ||
2,018 | 8,297 | ||
2,019 | 5,092 | ||
2,020 | 8,815 | ||
2,021 | 1,065 | ||
Thereafter | 201,173 | ||
Total | $ 232,116 | ||
Mortgage Loans on Real Estate | Missouri, Texas and Washington | |||
Mortgage Loans | |||
Number of Loans | loan | 9 | ||
Mortgage Loans on Real Estate | Minimum | |||
Mortgage Loans | |||
Interest rate for mortgage loan (as a percent) | 7.30% | ||
General amortization schedule of mortgage loans | 20 years | ||
Specified basis points for annual increase in interest rate (as a percent) | 0.10% | ||
Mortgage Loans on Real Estate | Maximum | |||
Mortgage Loans | |||
Interest rate for mortgage loan (as a percent) | 13.90% | ||
General amortization schedule of mortgage loans | 30 years | ||
Specified basis points for annual increase in interest rate (as a percent) | 0.25% |
Investment in Unconsolidated 51
Investment in Unconsolidated Joint Ventures - Investment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Investment in Unconsolidated Joint Ventures | ||
Income from unconsolidated joint ventures | $ 1,138 | $ 1,819 |
Distribution from unconsolidated joint ventures | 1,695 | 552 |
Joint Venture | Primary beneficiary | ||
Investment in Unconsolidated Joint Ventures | ||
Initial preferred capital contribution in joint venture provided at closing. | 20,143 | |
Additional preferred capital contributions in joint venture committed | 5,507 | |
Total preferred capital contributions in joint venture | $ 25,650 | |
Preferred return percentage | 15.00% | |
Joint Venture | Not primary beneficiary | ||
Investment in Unconsolidated Joint Ventures | ||
Number of properties owned by joint venture | property | 4 | |
Additional preferred capital contribution commitment | $ 1,770 | |
Additional preferred capital contributions in joint venture committed | 3,737 | |
Income from unconsolidated joint ventures | 1,139 | 1,819 |
Distribution from unconsolidated joint ventures | $ 1,695 | $ 552 |
Investment in Unconsolidated 52
Investment in Unconsolidated Joint Ventures - ADC Arrangement (Details) - Combination ALF, MC and ILF community - ADC Arrangement $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | |
Investment in Unconsolidated Joint Ventures | ||
Loan originated | $ | $ 3,400 | $ 2,900 |
Number of units | item | 127 | 99 |
Term of loan | 7 years | |
Preferred return percentage | 15.00% | |
1rst redemption period | ||
Investment in Unconsolidated Joint Ventures | ||
Interest rate period | 2 years | |
1rst redemption period | Minimum | ||
Investment in Unconsolidated Joint Ventures | ||
Stated interest rate (as a percent) | 10.00% | |
2nd redemption period | Maximum | ||
Investment in Unconsolidated Joint Ventures | ||
Stated interest rate (as a percent) | 12.00% | |
3rd redemption period | ||
Investment in Unconsolidated Joint Ventures | ||
Stated interest rate (as a percent) | 15.00% |
Notes Receivable - Other Inform
Notes Receivable - Other Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)stateloanitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
New and on-going commitments | |||
Amounts funded | $ 14,969 | $ 1,554 | $ 1,263 |
Notes Receivable | Loan Receivable with 15.00% Interest Maturing 2021 | Commitments to Extend Credit | SNF | |||
New and on-going commitments | |||
Interest rate (as a percent) | 15.00% | ||
Notes Receivable | Loan Receivable with 12.00% Interest Maturing 2018 | Commitments to Extend Credit | ALF | |||
New and on-going commitments | |||
Interest rate (as a percent) | 12.00% | ||
Notes Receivable | Loan Receivable with 12.41% Interest Maturing 2021 | Commitments to Extend Credit | SNF | |||
New and on-going commitments | |||
Interest rate (as a percent) | 12.41% | ||
Working Capital Loans | Commitments to Extend Credit | |||
New and on-going commitments | |||
Total commitments | $ 14,225 | ||
Number of Loans | loan | 3 | ||
Working Capital Loans | Loan Receivable with 15.00% Interest Maturing 2021 | Commitments to Extend Credit | SNF | |||
New and on-going commitments | |||
Total commitments | $ 1,400 | ||
Working Capital Loans | Loan Receivable with 12.00% Interest Maturing 2018 | Commitments to Extend Credit | ALF | |||
New and on-going commitments | |||
Total commitments | 325 | ||
Working Capital Loans | Loan Receivable with 12.41% Interest Maturing 2021 | Commitments to Extend Credit | SNF | |||
New and on-going commitments | |||
Total commitments | 12,500 | ||
Mezzanine Loans | Notes Receivable | Commitments to Extend Credit | |||
New and on-going commitments | |||
Total commitments | $ 12,500 | ||
Number of Loans | loan | 64 | ||
Number of skilled nursing centers located states | state | 8 | ||
Term of loan | 5 years | ||
Mezzanine Loans | Notes Receivable | Commitments to Extend Credit | LIBOR | |||
New and on-going commitments | |||
IRR Hurdle (as a percent) | 11.75% | ||
Mezzanine Loans | Notes Receivable | Commitments to Extend Credit | SNF | Oregon | |||
New and on-going commitments | |||
Total commitments | $ 1,400 | ||
Number of Loans | loan | 2 | ||
Remaining commitments | $ 200 | ||
Amounts funded | $ 1,200 | ||
Number of beds or units securing loan | item | 146 | ||
Term of loan | 5 years | ||
IRR Hurdle (as a percent) | 15.00% |
Notes Receivable - Components (
Notes Receivable - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Notes receivable activities | |||
Advances and Originations under notes receivable | $ 14,969 | $ 1,554 | $ 1,263 |
Principal payments received under notes receivable | (100) | (113) | |
Reclassified to real estate under development | (237) | (1,035) | (304) |
Notes Receivable reserve | (166) | 0 | |
Net increase in notes receivable | $ 14,466 | $ 519 | $ 846 |
Debt Obligations - Summary (Det
Debt Obligations - Summary (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 4.11% | |||
Outstanding Balance | $ 609,391,000 | $ 571,872,000 | ||
Repayment amount | 137,000,000 | 170,500,000 | $ 58,500,000 | |
Proceeds from issuance of senior unsecured notes | $ 77,500,000 | 200,000,000 | $ 30,000,000 | |
Bank Borrowings - Line of Credit | ||||
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 2.25% | |||
Outstanding Balance | $ 107,100,000 | 120,500,000 | ||
Available for borrowing | 492,900,000 | 479,500,000 | ||
Repayment amount | $ 137,000,000 | 170,500,000 | ||
Bank Borrowings - Line of Credit | Subsequent Event | ||||
Debt Obligations | ||||
Outstanding Balance | $ 0 | |||
Available for borrowing | 600,000,000 | |||
Repayment amount | 107,100,000 | |||
Senior Unsecured Notes | ||||
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 4.50% | |||
Outstanding Balance | $ 502,291,000 | 451,372,000 | ||
Available for borrowing | 22,500,000 | 33,333,000 | ||
Senior Unsecured Notes | Private Shelf Agreement Prudential | ||||
Debt Obligations | ||||
Available for borrowing | 22,500,000 | |||
Repayments of Debt | 29,167,000 | |||
Face amount of debt | $ 37,500,000 | $ 100,000,000 | ||
Senior Unsecured Notes | Private Shelf Agreement Prudential | Subsequent Event | ||||
Debt Obligations | ||||
Outstanding Balance | 598,124,000 | |||
Available for borrowing | 36,667,000 | |||
Repayments of Debt | 4,167,000 | |||
Face amount of debt | $ 100,000,000 |
Debt Obligations - Bank Borrowi
Debt Obligations - Bank Borrowings Terms (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Obligations | ||||
Amount borrowed | $ 123,600,000 | $ 291,000,000 | $ 37,500,000 | |
Financial covenants | ||||
Repayment amount | 137,000,000 | 170,500,000 | $ 58,500,000 | |
Bank Borrowings - Line of Credit | ||||
Debt Obligations | ||||
Maximum available under facility | $ 600,000,000 | |||
Additional extension period option | 1 year | |||
Unused commitment fee (as a percent) | 0.35% | |||
Amount borrowed | $ 123,600,000 | 291,000,000 | ||
Financial covenants | ||||
Maximum ratio of total indebtedness to total asset value | 0.5 | |||
Maximum ratio of secured debt to total asset value | 0.35 | |||
Maximum ratio of unsecured debt to the value of the unencumbered asset pool | 0.6 | |||
Minimum ratio of EBITDA to fixed charges | 1.50 | |||
Repayment amount | $ 137,000,000 | 170,500,000 | ||
Available for borrowing | $ 492,900,000 | $ 479,500,000 | ||
Bank Borrowings - Line of Credit | LIBOR | ||||
Debt Obligations | ||||
Basis spread over base rate (as a percent) | 1.50% | |||
Subsequent Event | Bank Borrowings - Line of Credit | ||||
Financial covenants | ||||
Repayment amount | $ 107,100,000 | |||
Available for borrowing | $ 600,000,000 |
Debt Obligations - Senior Unsec
Debt Obligations - Senior Unsecured Notes (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | |
Debt Obligations | ||||
Proceeds from issuance of senior unsecured notes | $ 77,500,000 | $ 200,000,000 | $ 30,000,000 | |
Payments on debt | 26,667,000 | 29,167,000 | 4,167,000 | |
Senior Unsecured Notes | ||||
Debt Obligations | ||||
Available for borrowing | 22,500,000 | 33,333,000 | ||
Bonds Payable | ||||
Debt Obligations | ||||
Face amount of debt | 1,400,000 | |||
Repayments of debt | $ 635,000 | |||
Number of assisted living properties securing debt instruments | property | 5 | |||
Private Shelf Agreement Prudential | Senior Unsecured Notes | ||||
Debt Obligations | ||||
Face amount of debt | $ 37,500,000 | $ 100,000,000 | ||
Debt instrument term | 10 years | |||
Fixed interest rate (as a percent) | 4.15% | 4.50% | ||
Payments on debt | $ 26,667,000 | |||
Available for borrowing | 22,500,000 | |||
Repayments of debt | $ 29,167,000 | |||
Note Purchase and Private Shelf Agreement AIG | ||||
Debt Obligations | ||||
Possible total maximum availability under Unsecured Credit Agreement | 40,000,000 | |||
Note Purchase and Private Shelf Agreement AIG | Senior Unsecured Notes | ||||
Debt Obligations | ||||
Face amount of debt | $ 40,000,000 | 100,000,000 | ||
Maximum available under facility | $ 100,000,000 | |||
Debt instrument term | 10 years | 3 years | ||
Fixed interest rate (as a percent) | 3.99% | 4.26% | ||
Subsequent Event | Private Shelf Agreement Prudential | Senior Unsecured Notes | ||||
Debt Obligations | ||||
Face amount of debt | $ 100,000,000 | |||
Maximum available under facility | $ 337,500,000 | |||
Debt instrument term | 15 years | |||
Fixed interest rate (as a percent) | 4.50% | |||
Available for borrowing | $ 36,667,000 | |||
Repayments of debt | $ 4,167,000 |
Debt Obligations - Future Matur
Debt Obligations - Future Maturities (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Scheduled Principal Payments | ||||
2,017 | $ 31,167,000 | |||
2,018 | 145,267,000 | |||
2,019 | 33,666,000 | |||
2,020 | 40,160,000 | |||
2,021 | 40,160,000 | |||
Thereafter | 319,980,000 | |||
Total | 610,400,000 | |||
Other information | ||||
Amount borrowed | 123,600,000 | $ 291,000,000 | $ 37,500,000 | |
Bank borrowings | 107,100,000 | 120,500,000 | ||
Repayment amount | 137,000,000 | 170,500,000 | 58,500,000 | |
Proceeds from issuance of senior unsecured notes | 77,500,000 | 200,000,000 | $ 30,000,000 | |
Outstanding Balance | 609,391,000 | 571,872,000 | ||
Bank Borrowings - Line of Credit | ||||
Scheduled Principal Payments | ||||
2,018 | 107,100,000 | |||
Total | 107,100,000 | |||
Other information | ||||
Amount borrowed | 123,600,000 | 291,000,000 | ||
Available for borrowing | 492,900,000 | 479,500,000 | ||
Repayment amount | 137,000,000 | 170,500,000 | ||
Outstanding Balance | 107,100,000 | 120,500,000 | ||
Senior Unsecured Notes | ||||
Scheduled Principal Payments | ||||
2,017 | 31,167,000 | |||
2,018 | 38,167,000 | |||
2,019 | 33,666,000 | |||
2,020 | 40,160,000 | |||
2,021 | 40,160,000 | |||
Thereafter | 319,980,000 | |||
Total | 503,300,000 | |||
Other information | ||||
Available for borrowing | 22,500,000 | 33,333,000 | ||
Outstanding Balance | $ 502,291,000 | $ 451,372,000 | ||
Subsequent Event | Bank Borrowings - Line of Credit | ||||
Other information | ||||
Available for borrowing | $ 600,000,000 | |||
Repayment amount | 107,100,000 | |||
Outstanding Balance | $ 0 |
Equity - Class of Stock Disclos
Equity - Class of Stock Disclosures - Preferred Stock (Details) - Series C Preferred Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity | ||
Preferred shares outstanding | 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 |
Equity - Class of Stock Discl60
Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - USD ($) | Jan. 29, 2016 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Equity | ||||||
Net proceeds | $ 78,592,000 | $ 24,644,000 | ||||
Shelf Registration | ||||||
Equity | ||||||
Maximum offering capacity under shelf registration statement | $ 800,000,000 | |||||
Automatic shelf registration statement, term (in years) | P3Y | |||||
Common Stock | ||||||
Equity | ||||||
Number of shares repurchased | 49,405 | 26,993 | ||||
Common Stock | Subsequent Event | ||||||
Equity | ||||||
Number of shares repurchased | 23,691 | |||||
Common Stock | Original Agreement | ||||||
Equity | ||||||
Maximum offering capacity under shelf registration statement | $ 200,000,000 | |||||
Shares common stock sold | 1,643,017 | |||||
Net proceeds | $ 78,600,000 | |||||
Reclassification of accumulated costs to additional paid in capital | 463,000 | |||||
Common Stock | Equity Distribution Agreements | ||||||
Equity | ||||||
Maximum offering capacity under shelf registration statement | $ 200,000,000 | |||||
Shares common stock sold | 0 | |||||
Amount available under effective shelf registration statement | $ 200,000,000 | |||||
Common Stock | Equity Distribution Agreements | Subsequent Event | ||||||
Equity | ||||||
Shares common stock sold | 312,881 | |||||
Net proceeds | $ 14,578,000 | |||||
Amount available under effective shelf registration statement | $ 185,162,000 |
Equity - Class of Stock Discl61
Equity - Class of Stock Disclosures - Dividends and AOCI (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Jan. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | May 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividend Distributions | ||||||||||||||||||||||||||||||||||||
Declared | $ 84,568 | $ 76,765 | $ 84,568 | $ 76,765 | $ 84,568 | $ 76,765 | ||||||||||||||||||||||||||||||
Paid | $ 84,568 | $ 76,765 | $ 74,431 | |||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | ||||||||||||||||||||||||||||
Dividends paid per common share (in dollars per share) | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.190 | $ 2.070 | $ 2.040 | |||||||||||||||||||||||||
Accumulated other comprehensive income | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | 0 | 47 | $ 0 | $ 47 | $ 0 | $ 47 | ||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, January 31, 2017 | ||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||
Dividends Payable, Date to be Paid | Jan. 31, 2017 | |||||||||||||||||||||||||||||||||||
Dividends Payable, Date of Record | Jan. 23, 2017 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, February 28, 2017 | ||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||
Dividends Payable, Date to be Paid | Feb. 28, 2017 | |||||||||||||||||||||||||||||||||||
Dividends Payable, Date of Record | Feb. 17, 2017 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, March 31, 2017 | ||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||
Dividends Payable, Date to be Paid | Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||
Dividends Payable, Date of Record | Mar. 23, 2017 | |||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||
Declared | $ 84,568 | $ 74,311 | $ 84,568 | 74,311 | 84,568 | 74,311 | ||||||||||||||||||||||||||||||
Paid | $ 84,568 | 74,311 | ||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | ||||||||||||
Dividends paid per common share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | ||||||||||||
Series C Preferred Stock | ||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||
Declared | $ 2,454 | $ 2,454 | 2,454 | |||||||||||||||||||||||||||||||||
Paid | $ 2,454 |
Equity - Restricted Stock and p
Equity - Restricted Stock and performance-based stock units (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
2015 Plan | |||
Stock Based Compensation Plans | |||
Total shares reserved for issuance | 1,400,000 | ||
Stock options granted (in shares) | 0 | ||
Restricted stock | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the year (in shares) | 210,573 | ||
Granted (in shares) | 127,087 | 92,150 | |
Outstanding at the end of the year (in shares) | 210,573 | ||
Compensation expense | |||
Remaining compensation expense | $ 5,735 | ||
Restricted stock | 2017 | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the year (in shares) | 85,343 | ||
Outstanding at the end of the year (in shares) | 85,343 | ||
Compensation expense | |||
Remaining compensation expense | $ 3,428 | ||
Restricted stock | 2018 | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the year (in shares) | 49,352 | ||
Outstanding at the end of the year (in shares) | 49,352 | ||
Compensation expense | |||
Remaining compensation expense | $ 2,071 | ||
Restricted stock | Grant Date Price $43.24 | Three year vesting | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 65,300 | ||
Price per share | $ 43.24 | ||
Vesting period | 3 years | ||
Restricted stock | Grant Date Price $46.87 | TSR Targets | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 54,107 | ||
Price per share | $ 46.87 | ||
Vesting period | 3 years 8 months 12 days | ||
Restricted stock | Grant Date Price $46.87 | Accelerated TSR Targets | |||
Restricted stock and performance based stock units activity | |||
Vesting period | 2 years 8 months 12 days | ||
Restricted stock | Grant Date Price $46.87 | Vesting Date, June 1, 2017 | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 7,680 | ||
Price per share | $ 46.87 | ||
Restricted stock | Grant Date Price $44.45 | Three year vesting | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 65,750 | ||
Price per share | $ 44.45 | ||
Vesting period | 3 years | ||
Restricted stock | Grant Date Price $42.30 | Three year vesting | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 18,000 | ||
Price per share | $ 42.30 | ||
Vesting period | 3 years | ||
Restricted stock | Grant Date Price $42.30 | Vesting Date, June 2, 2016 | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 8,400 | ||
Price per share | $ 42.30 | ||
Restricted stock | 2015 Plan | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 127,087 | ||
Restricted stock | 2008 Plan | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 127,087 | 92,150 | |
Restricted stock and performance-based stock units | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the year (in shares) | 210,573 | 187,347 | 214,168 |
Granted (in shares) | 127,087 | 92,150 | |
Vested (in shares) | (103,861) | (118,331) | |
Canceled (in shares) | (640) | ||
Outstanding at the end of the year (in shares) | 210,573 | 187,347 | |
Compensation expense | |||
Compensation expense related to share-based award | $ 4,265 | $ 3,992 | |
Restricted stock and performance-based stock units | 2019 | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the year (in shares) | 75,878 | ||
Outstanding at the end of the year (in shares) | 75,878 | ||
Compensation expense | |||
Remaining compensation expense | $ 236 | ||
Performance-based stock units | 2019 | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the year (in shares) | 54,107 | ||
Outstanding at the end of the year (in shares) | 54,107 | ||
Subsequent Event | Restricted stock | 2015 Plan | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 74,760 | ||
Price per share | $ 45.76 | ||
Vesting period | 3 years |
Equity - Options (Details)
Equity - Options (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted Average Price | ||
Outstanding at the beginning of the year (in dollars per share) | $ 29.60 | |
Outstanding at the end of the year (in dollars per share) | $ 30.76 | $ 29.60 |
Other information | ||
Weighted average remaining contractual life (in years) | 2 years 10 months 24 days | 2 years 7 months 6 days |
Stock options | ||
Nonqualified stock option activity | ||
Outstanding at the beginning of the year (in shares) | 40,001 | 43,334 |
Granted (in shares) | 0 | |
Exercised (in shares) | (6,667) | (3,333) |
Outstanding at the end of the year (in shares) | 33,334 | 40,001 |
Options exercisable at end of the period (in shares) | 28,334 | 30,001 |
Weighted Average Price | ||
Outstanding at the beginning of the year (in dollars per share) | $ 29.60 | $ 29.16 |
Exercised (in dollars per share) | 23.79 | 23.79 |
Outstanding at the end of the year (in dollars per share) | 30.76 | 29.60 |
Exercisable at the end of the period (in dollars per share) | $ 45.45 | $ 31.99 |
Other information | ||
Aggregate intrinsic value of exercisable options at the end of the year | $ 498,000 | |
Weighted average remaining contractual life of options exercisable | 2 years 10 months 24 days | |
Value of options exercised | $ 159,000 | $ 79,000 |
Market value of options on the date of exercise | 311,000 | 140,000 |
Compensation expense related to share-based award | $ 15,000 | $ 14,000 |
Stock options | 2017 | ||
Other information | ||
Awards scheduled to vest (in shares) | 5,000 | |
Remaining compensation expense | $ 3,000,000 | |
Stock options | Vest beyond 2017 | ||
Other information | ||
Awards scheduled to vest (in shares) | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies | |
Investment Commitment | $ 176,521 |
2016 Funding | 24,858 |
Commitments funded | 50,540 |
Remaining commitment | 125,981 |
Real estate properties | |
Commitments and Contingencies | |
Investment Commitment | 66,224 |
2016 Funding | 13,614 |
Commitments funded | 17,405 |
Remaining commitment | 48,819 |
Accrued incentives and earn-out liabilities | |
Commitments and Contingencies | |
Investment Commitment | 16,600 |
2016 Funding | 1,560 |
Commitments funded | 1,560 |
Remaining commitment | 15,040 |
Lease incentives | |
Commitments and Contingencies | |
Investment Commitment | 12,957 |
2016 Funding | 3,509 |
Commitments funded | 3,964 |
Remaining commitment | 8,993 |
Mortgage loans - Additional Loan Commitments | |
Commitments and Contingencies | |
Investment Commitment | 51,490 |
2016 Funding | 4,405 |
Commitments funded | 5,698 |
Remaining commitment | 45,792 |
Joint venture investments | |
Commitments and Contingencies | |
Investment Commitment | 29,050 |
2016 Funding | 1,770 |
Commitments funded | 21,913 |
Remaining commitment | 7,137 |
Notes receivable | |
Commitments and Contingencies | |
Investment Commitment | 200 |
Remaining commitment | $ 200 |
Commitments and Contingencies65
Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Contingent consideration | |||
Non-cash interest related to contingent liabilities | $ 684 | $ 409 | $ 18 |
Accrued incentives and earn-outs | 12,229 | 12,722 | |
Real Estate Investment | Accrued incentives and earn-out liabilities | |||
Contingent consideration | |||
Non-cash interest related to contingent liabilities | 684 | ||
Fair Value | Level 3 | |||
Contingent consideration | |||
Accrued incentives and earn-outs | 12,229 | $ 12,722 | |
Fair Value | Real Estate Investment | Accrued incentives and earn-out liabilities | |||
Contingent consideration | |||
Accrued incentives and earn-outs | $ 12,229 |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90.00% | ||||||||||
Ordinary taxable distribution | $ 1.485 | $ 1.690 | $ 1.474 | ||||||||
Return of capital | 0.556 | 0.357 | 0.196 | ||||||||
Unrecaptured Section 1250 gain | 0.149 | 0.023 | 0.370 | ||||||||
Total | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.190 | $ 2.070 | $ 2.040 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 85,115 | $ 73,081 | $ 73,399 | ||||||||
Less net income allocated to participating securities: | |||||||||||
Nonforfeitable dividends on participating securities | (373) | (480) | (465) | ||||||||
Income allocated to participating securities | (12) | (4) | (16) | ||||||||
Total net income allocated to participating securities | (385) | (484) | (481) | ||||||||
Less net income allocated to preferred stockholders: | |||||||||||
Preferred stock dividends | (2,454) | (3,273) | |||||||||
Total net income allocated to preferred stockholders | (2,454) | (3,273) | |||||||||
Net income available to common stockholders | $ 20,577 | $ 22,321 | $ 22,075 | $ 19,757 | $ 17,840 | $ 18,708 | $ 16,984 | $ 16,611 | 84,730 | 70,143 | 69,645 |
Effect of dilutive securities: | |||||||||||
Participating securities | 385 | ||||||||||
Convertible preferred securities | 2,454 | 3,273 | |||||||||
Total effect of dilutive securities | 385 | 2,454 | 3,273 | ||||||||
Net income for diluted net income per share | $ 85,115 | $ 72,597 | $ 72,918 | ||||||||
Shares for basic net income per share | 38,388 | 35,590 | 34,617 | ||||||||
Effect of dilutive securities: | |||||||||||
Participating securities | $ 385 | ||||||||||
Convertible preferred securities (in shares) | 1,726 | 2,000 | |||||||||
Total effect of dilutive securities (in shares) | 209 | 1,739 | 2,023 | ||||||||
Shares for diluted net income per share | 38,597 | 37,329 | 36,640 | ||||||||
Basic (in dollars per share) | $ 0.53 | $ 0.57 | $ 0.58 | $ 0.53 | $ 0.49 | $ 0.53 | $ 0.48 | $ 0.47 | $ 2.21 | $ 1.97 | $ 2.01 |
Diluted (in dollars per share) | $ 0.53 | $ 0.57 | $ 0.58 | $ 0.53 | $ 0.48 | $ 0.52 | $ 0.48 | $ 0.47 | $ 2.21 | $ 1.94 | $ 1.99 |
Stock options | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options and performance-based stock units (in shares) | 13 | 13 | 23 | ||||||||
Performance-based stock units | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options and performance-based stock units (in shares) | 27 | ||||||||||
Participating Securities | |||||||||||
Effect of dilutive securities: | |||||||||||
Participating securities | $ 169 | ||||||||||
Effect of dilutive securities: | |||||||||||
Participating securities | $ 169 |
Quarterly Financial Informati68
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 42,141 | $ 40,842 | $ 39,996 | $ 38,604 | $ 37,393 | $ 34,943 | $ 32,387 | $ 31,480 | $ 161,583 | $ 136,203 | $ 118,961 |
Net income available to common stockholders | $ 20,577 | $ 22,321 | $ 22,075 | $ 19,757 | $ 17,840 | $ 18,708 | $ 16,984 | $ 16,611 | $ 84,730 | $ 70,143 | $ 69,645 |
Net income per common share available to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.53 | $ 0.57 | $ 0.58 | $ 0.53 | $ 0.49 | $ 0.53 | $ 0.48 | $ 0.47 | $ 2.21 | $ 1.97 | $ 2.01 |
Diluted (in dollars per share) | 0.53 | 0.57 | 0.58 | 0.53 | 0.48 | 0.52 | 0.48 | 0.47 | 2.21 | 1.94 | 1.99 |
Dividends per share declared (in dollars per share) | 0.57 | 0.54 | 0.54 | 0.54 | 0.54 | 0.51 | 0.51 | 0.51 | |||
Dividends declared and paid per common share (in dollars per share) | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.190 | $ 2.070 | $ 2.040 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value measurements | ||
Mortgage loans receivable | $ 229,801 | $ 217,529 |
Senior unsecured notes, net of debt issue costs: 2016—$1,009; 2015—$1,095 | 502,291 | 451,372 |
Contingent liabilities | 12,229 | 12,722 |
Fair Value | ||
Fair value measurements | ||
Bank borrowings | 107,100 | 120,500 |
Carrying Value | ||
Fair value measurements | ||
Mortgage loans receivable | 229,801 | 217,529 |
Bank borrowings | 107,100 | 120,500 |
Senior unsecured notes, net of debt issue costs: 2016—$1,009; 2015—$1,095 | 502,291 | 451,372 |
Contingent liabilities | 12,229 | 12,722 |
Level 3 | Fair Value | ||
Fair value measurements | ||
Mortgage loans receivable | 294,319 | 257,335 |
Senior unsecured notes, net of debt issue costs: 2016—$1,009; 2015—$1,095 | 498,915 | 451,420 |
Contingent liabilities | $ 12,229 | $ 12,722 |
Fair Value Measurements - Assum
Fair Value Measurements - Assumptions (Details) - Level 3 - Discounted Cash Flow Analysis | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Senior Unsecured Notes maturing before 2026 | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.47% | |
Senior Unsecured Notes maturing 2026 and after | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.60% | |
Senior Unsecured Notes maturing before 2020 | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.35% | |
Senior Unsecured Notes maturing 2020 and after | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.55% | |
Accrued incentives and earn-out liabilities | ||
Fair value assumptions | ||
Discount rate (as a percent) | 5.90% | 6.10% |
Mortgage Loans Receivable | ||
Fair value assumptions | ||
Discount rate (as a percent) | 8.20% | 8.90% |
Subsequent Events - Real Estate
Subsequent Events - Real Estate (Details) - Real Estate Investment - Texas $ in Thousands | 1 Months Ended | 12 Months Ended |
Jan. 31, 2017USD ($)item | Dec. 31, 2015item | |
Real Estate Investments | ||
Number of beds or units in property sold | 112 | |
Subsequent Event | ROC | ||
Real Estate Investments | ||
Number of beds or units in property sold | 85 | |
Sales price | $ | $ 1,200 |
Subsequent Events - Debt Obliga
Subsequent Events - Debt Obligations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Obligations | ||||
Proceeds from issuance of senior unsecured notes | $ 77,500,000 | $ 200,000,000 | $ 30,000,000 | |
Outstanding Balance | 609,391,000 | 571,872,000 | ||
Bank Borrowings - Line of Credit | ||||
Debt Obligations | ||||
Maximum available under facility | 600,000,000 | |||
Outstanding Balance | 107,100,000 | 120,500,000 | ||
Available for borrowing | 492,900,000 | 479,500,000 | ||
Bank Borrowings - Line of Credit | Subsequent Event | ||||
Debt Obligations | ||||
Outstanding Balance | $ 0 | |||
Available for borrowing | 600,000,000 | |||
Senior Unsecured Notes | ||||
Debt Obligations | ||||
Outstanding Balance | 502,291,000 | 451,372,000 | ||
Available for borrowing | $ 22,500,000 | 33,333,000 | ||
Private Shelf Agreement Prudential | Senior Unsecured Notes | ||||
Debt Obligations | ||||
Repayments of debt | 29,167,000 | |||
Debt instrument term | 10 years | |||
Face amount of debt | $ 37,500,000 | $ 100,000,000 | ||
Fixed interest rate (as a percent) | 4.15% | 4.50% | ||
Available for borrowing | $ 22,500,000 | |||
Private Shelf Agreement Prudential | Senior Unsecured Notes | Subsequent Event | ||||
Debt Obligations | ||||
Repayments of debt | 4,167,000 | |||
Maximum available under facility | $ 337,500,000 | |||
Debt instrument term | 15 years | |||
Face amount of debt | $ 100,000,000 | |||
Fixed interest rate (as a percent) | 4.50% | |||
Outstanding Balance | $ 598,124,000 | |||
Available for borrowing | $ 36,667,000 |
Subsequent Events - Equity (Det
Subsequent Events - Equity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Jan. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | May 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.57 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | ||||||||||||||||||||||||||||
Net proceeds | $ 78,592,000 | $ 24,644,000 | ||||||||||||||||||||||||||||||||||
Restricted stock | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Number of shares granted | 127,087 | 92,150 | ||||||||||||||||||||||||||||||||||
2015 Plan | Restricted stock | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Number of shares granted | 127,087 | |||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | ||||||||||||
Number of shares repurchased | 49,405 | 26,993 | ||||||||||||||||||||||||||||||||||
Common Stock | Equity Distribution Agreements | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Shares common stock sold | 0 | |||||||||||||||||||||||||||||||||||
Amount available under effective shelf registration statement | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||||||||||||||||||
Subsequent Event | 2015 Plan | Restricted stock | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Number of shares granted | 74,760 | |||||||||||||||||||||||||||||||||||
Price per share | $ 45.76 | |||||||||||||||||||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||||||||||||||||
Subsequent Event | Common Stock | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Number of shares repurchased | 23,691 | |||||||||||||||||||||||||||||||||||
Subsequent Event | Common Stock | Equity Distribution Agreements | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Shares common stock sold | 312,881 | |||||||||||||||||||||||||||||||||||
Net proceeds | $ 14,578,000 | |||||||||||||||||||||||||||||||||||
Amount available under effective shelf registration statement | $ 185,162,000 | |||||||||||||||||||||||||||||||||||
Dividend Payable, January 31, 2017 | Subsequent Event | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||
Dividends payable, date to be paid | Jan. 31, 2017 | |||||||||||||||||||||||||||||||||||
Dividends payable, date of record | Jan. 23, 2017 | |||||||||||||||||||||||||||||||||||
Dividend Payable, February 28, 2017 | Subsequent Event | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||
Dividends payable, date to be paid | Feb. 28, 2017 | |||||||||||||||||||||||||||||||||||
Dividends payable, date of record | Feb. 17, 2017 | |||||||||||||||||||||||||||||||||||
Dividend Payable, March 31, 2017 | Subsequent Event | ||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||
Dividends payable, date to be paid | Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||
Dividends payable, date of record | Mar. 23, 2017 |
SCHEDULE II VALUATION AND QUA74
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 3,023 | $ 2,404 | $ 3,212 |
(Recovered) charged to costs and expenses | 457 | 619 | 32 |
Deductions | (39) | (840) | |
Balance at end of period | 3,441 | 3,023 | 2,404 |
Loan loss reserves | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 2,190 | 1,673 | 1,671 |
(Recovered) charged to costs and expenses | 125 | 517 | 2 |
Balance at end of period | 2,315 | 2,190 | 1,673 |
Other notes receivable allowance | |||
Valuation and qualifying accounts | |||
(Recovered) charged to costs and expenses | 166 | ||
Balance at end of period | 166 | ||
Straight-line rent receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 833 | 731 | 1,541 |
(Recovered) charged to costs and expenses | 166 | 102 | 30 |
Deductions | (39) | (840) | |
Balance at end of period | $ 960 | $ 833 | $ 731 |
SCHEDULE III REAL ESTATE AND 75
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Initial Cost to Company | ||||
Land | $ 116,096 | |||
Buildings and Improvements | 1,099,030 | |||
Costs Capitalized Subsequent to acquisition | 86,437 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 116,096 | |||
Buildings and Improvements | 1,185,467 | |||
Total | 1,301,563 | $ 1,198,686 | $ 949,838 | $ 937,617 |
Accum Deprec | 275,861 | $ 251,265 | $ 223,315 | $ 218,700 |
SNF | ||||
Initial Cost to Company | ||||
Land | 48,196 | |||
Buildings and Improvements | 441,762 | |||
Costs Capitalized Subsequent to acquisition | 45,828 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 48,196 | |||
Buildings and Improvements | 487,590 | |||
Total | 535,786 | |||
Accum Deprec | 133,250 | |||
ALF | ||||
Initial Cost to Company | ||||
Land | 57,010 | |||
Buildings and Improvements | 606,034 | |||
Costs Capitalized Subsequent to acquisition | 35,235 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 57,010 | |||
Buildings and Improvements | 641,269 | |||
Total | 698,279 | |||
Accum Deprec | 126,768 | |||
ROC | ||||
Initial Cost to Company | ||||
Land | 2,733 | |||
Buildings and Improvements | 35,033 | |||
Costs Capitalized Subsequent to acquisition | 5,374 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,733 | |||
Buildings and Improvements | 40,407 | |||
Total | 43,140 | |||
Accum Deprec | 15,594 | |||
Other School and Land | ||||
Initial Cost to Company | ||||
Land | 2,908 | |||
Buildings and Improvements | 7,308 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,908 | |||
Buildings and Improvements | 7,308 | |||
Total | 10,216 | |||
Accum Deprec | 249 | |||
School | ||||
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 | 249 | |||
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 | 5,249 | |||
Buildings and Improvements | 8,893 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,249 | |||
Buildings and Improvements | 8,893 | |||
Total | 14,142 | |||
134 Alamogordo, NM | SNF | ||||
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 | 1,158 | |||
218 Albuquerque, NM | SNF | ||||
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 | 1,616 | |||
219 Albuquerque, NM | SNF | ||||
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 | 3,249 | |||
220 Albuquerque, NM | SNF | ||||
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 | 2,717 | |||
042 Altoona, IA | SNF | ||||
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 | 1,787 | |||
252 Amarillo, TX | SNF | ||||
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 | 1,285 | |||
214 Aransas Pass, TX | SNF | ||||
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 | 783 | |||
247 Arlington, TX | SNF | ||||
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 | 2,959 | |||
171 Atlanta, GA | SNF | ||||
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 | 735 | |||
040 Atmore, AL | SNF | ||||
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 | 1,843 | |||
221 Beaumont, TX | SNF | ||||
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 | 488 | |||
213 Beeville, TX | SNF | ||||
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 | 433 | |||
007 Bradenton, FL | SNF | ||||
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 | 1,959 | |||
256 Brownwood, TX | SNF | ||||
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 | 937 | |||
043 Carroll, IA | SNF | ||||
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 | 807 | |||
177 Chesapeake, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 388 | |||
Buildings and Improvements | 3,469 | |||
Costs Capitalized Subsequent to acquisition | 1,423 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 388 | |||
Buildings and Improvements | 4,892 | |||
Total | 5,280 | |||
Accum Deprec | 3,050 | |||
257 Cincinnati, OH | SNF | ||||
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 | 2,543 | |||
125 Clovis, NM | SNF | ||||
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 | 2,305 | |||
129 Clovis, NM | SNF | ||||
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 | 2,375 | |||
268 Coldspring, KY | SNF | ||||
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 | 2,158 | |||
253 Colton, CA | SNF | ||||
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 | 2,222 | |||
211 Commerce City, CO | SNF | ||||
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 | 1,376 | |||
212 Commerce City, CO | SNF | ||||
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 | 895 | |||
246 Crowley, TX | SNF | ||||
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 | 2,939 | |||
235 Daleville, VA | SNF | ||||
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 | 1,994 | |||
258 Dayton, OH | SNF | ||||
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 | 2,716 | |||
196 Dresden, TN | SNF | ||||
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 | 896 | |||
298 Forth Worth, TX | SNF | ||||
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 | 471 | |||
185 Gardner, KS | SNF | ||||
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 | 3,346 | |||
248 Granbury, TX | SNF | ||||
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 | 1,967 | |||
044 Granger, IA | SNF | ||||
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 | 989 | |||
205 Grapevine, TX | SNF | ||||
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 | 848 | |||
172 Griffin, GA | SNF | ||||
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 | 1,560 | |||
250 Hewitt, TX | SNF | ||||
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 | 1,324 | |||
051 Houston, TX | SNF | ||||
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 | 3,258 | |||
054 Houston, TX | SNF | ||||
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 | 3,700 | |||
055 Houston, TX | SNF | ||||
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 | 3,581 | |||
208 Jacksonville, FL | SNF | ||||
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 | 897 | |||
045 Jefferson, IA | SNF | ||||
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 | 1,348 | |||
008 Lecanto, FL | SNF | ||||
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 | 3,459 | |||
300 Mansfield, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,890 | |||
Buildings and Improvements | 13,110 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,890 | |||
Buildings and Improvements | 13,110 | |||
Total | 16,000 | |||
Accum Deprec | 448 | |||
053 Mesa, AZ | SNF | ||||
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 | 5,142 | |||
226 Mesa, AZ | SNF | ||||
Initial Cost to Company | ||||
Land | 1,095 | |||
Buildings and Improvements | 2,330 | |||
Costs Capitalized Subsequent to acquisition | 4,673 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,095 | |||
Buildings and Improvements | 7,003 | |||
Total | 8,098 | |||
Accum Deprec | 915 | |||
242 Mission, TX | SNF | ||||
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 | 3,071 | |||
041 Montgomery, AL | SNF | ||||
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 | 3,332 | |||
115 Nacogdoches, TX | SNF | ||||
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 | 1,084 | |||
233 Nacogdoches, TX | SNF | ||||
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 | 1,687 | |||
249 Nacogdoches, TX | SNF | ||||
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 | 2,684 | |||
046 Norwalk, IA | SNF | ||||
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 | 826 | |||
176 Olathe, KS | SNF | ||||
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 | 1,288 | |||
251 Pasadena, TX | SNF | ||||
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 | 2,115 | |||
210 Phoenix, AZ | SNF | ||||
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 | 1,686 | |||
193 Phoenix, AZ | SNF | ||||
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 | 5,098 | |||
047 Polk City, IA | SNF | ||||
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 | 967 | |||
094 Portland, OR | SNF | ||||
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 | 2,737 | |||
254 Red Oak, TX | SNF | ||||
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 | 2,448 | |||
124 Richland Hills, TX | SNF | ||||
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 | 1,072 | |||
197 Ripley, TN | SNF | ||||
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 | 850 | |||
133 Roswell, NM | SNF | ||||
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 | 2,310 | |||
081 Sacramento, CA | SNF | ||||
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 | 1,960 | |||
085 Salina, KS | SNF | ||||
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 | 1,114 | |||
281 Slinger, WI | SNF | ||||
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 | 976 | |||
234 St. Petersburg, FL | SNF | ||||
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 | 1,671 | |||
243 Stephenville TX | SNF | ||||
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 | 2,032 | |||
225 Tacoma, WA | SNF | ||||
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 | 2,717 | |||
178 Tappahannock, VA | SNF | ||||
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 | 1,438 | |||
270 Trinity, FL | SNF | ||||
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 | 1,306 | |||
192 Tucson, AZ | SNF | ||||
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 | 4,697 | |||
299 Weatherford, TX | SNF | ||||
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 | 606 | |||
077 Ada, OK | ALF | ||||
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 | 845 | |||
136 Arlington, OH | ALF | ||||
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 | 2,695 | |||
105 Arvada, CO | ALF | ||||
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 | 2,226 | |||
304 Athens, GA | ALF | ||||
Initial Cost to Company | ||||
Land | 1,056 | |||
Buildings and Improvements | 13,326 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,056 | |||
Buildings and Improvements | 13,326 | |||
Total | 14,382 | |||
Accum Deprec | 214 | |||
063 Athens, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 96 | |||
Buildings and Improvements | 1,510 | |||
Costs Capitalized Subsequent to acquisition | 66 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 96 | |||
Buildings and Improvements | 1,576 | |||
Total | 1,672 | |||
Accum Deprec | 824 | |||
269 Aurora, CO | ALF | ||||
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 | 783 | |||
260 Aurora, CO | ALF | ||||
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 | 1,213 | |||
203 Bakersfield, CA | ALF | ||||
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 | 5,497 | |||
117 Beatrice, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,173 | |||
Costs Capitalized Subsequent to acquisition | 140 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,313 | |||
Total | 2,413 | |||
Accum Deprec | 1,075 | |||
137 Bexley, OH | ALF | ||||
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 | 1,623 | |||
277 Burr Ridge, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Improvements | 11,102 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,400 | |||
Buildings and Improvements | 11,102 | |||
Total | 12,502 | |||
Accum Deprec | 353 | |||
278 Castle Rock, CO | ALF | ||||
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 | 420 | |||
160 Central, SC | ALF | ||||
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 | 949 | |||
263 Chatham, NJ | ALF | ||||
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 | 4,198 | |||
279 Corpus Christi, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 880 | |||
Buildings and Improvements | 11,369 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 880 | |||
Buildings and Improvements | 11,369 | |||
Total | 12,249 | |||
Accum Deprec | 267 | |||
292 De Forest, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 485 | |||
Buildings and Improvements | 5,568 | |||
Costs Capitalized Subsequent to acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 485 | |||
Buildings and Improvements | 5,572 | |||
Total | 6,057 | |||
Accum Deprec | 241 | |||
156 Denison, IA | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,713 | |||
Costs Capitalized Subsequent to acquisition | 207 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,920 | |||
Total | 3,020 | |||
Accum Deprec | 1,285 | |||
057 Dodge City, KS | ALF | ||||
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 | 914 | |||
083 Durant, OK | ALF | ||||
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 | 890 | |||
107 Edmond, OK | ALF | ||||
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 | 931 | |||
122 Elkhart, IN | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 41 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,476 | |||
Total | 2,576 | |||
Accum Deprec | 1,183 | |||
155 Erie, PA | ALF | ||||
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 | 3,530 | |||
163 Ft. Collins, CO | ALF | ||||
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 | 1,734 | |||
170 Ft. Collins, CO | ALF | ||||
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 | 1,931 | |||
132 Ft. Meyers, FL | ALF | ||||
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 | 1,305 | |||
230 Ft. Wayne, IN | ALF | ||||
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 | 1,110 | |||
229 Ft. Worth, TX | ALF | ||||
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 | 1,797 | |||
100 Fremont ,OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 69 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,504 | |||
Total | 2,604 | |||
Accum Deprec | 1,213 | |||
267 Frisco, TX | ALF | ||||
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 | 516 | |||
167 Goldsboro, NC | ALF | ||||
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 | 908 | |||
056 Great Bend, KS | ALF | ||||
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 | 962 | |||
102 Greeley, CO | ALF | ||||
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 | 1,268 | |||
284 Green Bay, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Costs Capitalized Subsequent to acquisition | 56 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,135 | |||
Total | 20,795 | |||
Accum Deprec | 878 | |||
164 Greenville, NC | ALF | ||||
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 | 1,061 | |||
062 Greenville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Costs Capitalized Subsequent to acquisition | 47 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42 | |||
Buildings and Improvements | 1,612 | |||
Total | 1,654 | |||
Accum Deprec | 849 | |||
161 Greenwood, SC | ALF | ||||
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 | 1,154 | |||
241 Gulf Breeze, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 720 | |||
Buildings and Improvements | 3,780 | |||
Costs Capitalized Subsequent to acquisition | 261 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 720 | |||
Buildings and Improvements | 4,041 | |||
Total | 4,761 | |||
Accum Deprec | 815 | |||
295 Jacksonville, FL | ALF | ||||
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 | 422 | |||
066 Jacksonville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 31 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,931 | |||
Total | 2,031 | |||
Accum Deprec | 1,020 | |||
285 Kenosha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Costs Capitalized Subsequent to acquisition | 70 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 12,431 | |||
Total | 13,367 | |||
Accum Deprec | 456 | |||
255 Littleton, CO | ALF | ||||
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 | 1,024 | |||
268 Littleton, CO | ALF | ||||
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 | 921 | |||
148 Longmont, CO | ALF | ||||
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 | 1,248 | |||
060 Longview, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 93 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 1,661 | |||
Total | 1,699 | |||
Accum Deprec | 866 | |||
261 Louisville, CO | ALF | ||||
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 | 1,379 | |||
301 Louisville, KY | ALF | ||||
Initial Cost to Company | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,157 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,157 | |||
Total | 14,178 | |||
Accum Deprec | 235 | |||
114 Loveland, CO | ALF | ||||
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 | 1,526 | |||
068 Lufkin, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to acquisition | 58 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,008 | |||
Total | 2,108 | |||
Accum Deprec | 1,043 | |||
119 Madison, IN | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 207 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,642 | |||
Total | 2,742 | |||
Accum Deprec | 1,204 | |||
061 Marshall, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 503 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 2,071 | |||
Total | 2,109 | |||
Accum Deprec | 1,108 | |||
293 McHenry, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Costs Capitalized Subsequent to acquisition | 45 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,289 | |||
Buildings and Improvements | 29,021 | |||
Total | 30,310 | |||
Accum Deprec | 1,200 | |||
058 McPherson, KS | ALF | ||||
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 | 952 | |||
239 Merritt Island, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 550 | |||
Buildings and Improvements | 8,150 | |||
Costs Capitalized Subsequent to acquisition | 100 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 550 | |||
Buildings and Improvements | 8,250 | |||
Total | 8,800 | |||
Accum Deprec | 1,604 | |||
104 Millville, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Costs Capitalized Subsequent to acquisition | 645 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,470 | |||
Total | 3,570 | |||
Accum Deprec | 1,407 | |||
286 Milwaukee, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Costs Capitalized Subsequent to acquisition | 25 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 8,039 | |||
Total | 8,857 | |||
Accum Deprec | 346 | |||
231 Monroeville, PA | ALF | ||||
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 | 1,352 | |||
280 Merrells Inlet, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 2,490 | |||
Buildings and Improvements | 13,000 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,490 | |||
Buildings and Improvements | 13,000 | |||
Total | 15,490 | |||
Accum Deprec | 122 | |||
294 Murrieta, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 2,022 | |||
Buildings and Improvements | 10,666 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,022 | |||
Buildings and Improvements | 10,666 | |||
Total | 12,688 | |||
Accum Deprec | 124 | |||
289 Neenah, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 694 | |||
Buildings and Improvements | 20,839 | |||
Costs Capitalized Subsequent to acquisition | 115 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 694 | |||
Buildings and Improvements | 20,954 | |||
Total | 21,648 | |||
Accum Deprec | 840 | |||
166 New Bern, NC | ALF | ||||
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 | 943 | |||
118 Newark, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 182 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,617 | |||
Total | 2,717 | |||
Accum Deprec | 1,197 | |||
074 Newport, OR | ALF | ||||
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 | |||
143 Niceville, FL | ALF | ||||
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 | 1,267 | |||
095 Norfolk, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,123 | |||
Costs Capitalized Subsequent to acquisition | 33 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,156 | |||
Total | 2,256 | |||
Accum Deprec | 1,061 | |||
290 Oshkosh, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,525 | |||
Buildings and Improvements | 9,192 | |||
Costs Capitalized Subsequent to acquisition | 34 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,525 | |||
Buildings and Improvements | 9,226 | |||
Total | 10,751 | |||
Accum Deprec | 768 | |||
291 Oshkosh, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 475 | |||
Buildings and Improvements | 7,364 | |||
Costs Capitalized Subsequent to acquisition | 39 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 475 | |||
Buildings and Improvements | 7,403 | |||
Total | 7,878 | |||
Accum Deprec | 310 | |||
302 Overland Park, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 2,297 | |||
Buildings and Improvements | 11,882 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,297 | |||
Buildings and Improvements | 11,882 | |||
Total | 14,179 | |||
Accum Deprec | 220 | |||
232 Pittsburgh, PA | ALF | ||||
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 | 763 | |||
165 Rocky Mount, NC | ALF | ||||
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 | 997 | |||
141 Rocky River, OH | ALF | ||||
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 | 3,242 | |||
059 Salina, KS | ALF | ||||
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 | 952 | |||
084 San Antonio, TX | ALF | ||||
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 | 955 | |||
092 San Antonio, TX | ALF | ||||
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 | 1,027 | |||
288 Sheboygan, WI | ALF | ||||
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 | 258 | |||
149 Shelby, NC | ALF | ||||
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 | 1,326 | |||
150 Spring Hill, FL | ALF | ||||
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 | 1,253 | |||
103 Springfield, OH | ALF | ||||
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 | 1,131 | |||
162 Sumter, SC | ALF | ||||
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 | 986 | |||
140 Tallahassee, FL | ALF | ||||
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 | 1,457 | |||
098 Tiffin, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 43 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,478 | |||
Total | 2,578 | |||
Accum Deprec | 1,207 | |||
282 Tinley Park, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 702 | |||
Buildings and Improvements | 11,481 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 702 | |||
Buildings and Improvements | 11,481 | |||
Total | 12,183 | |||
Accum Deprec | 210 | |||
088 Troy, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 541 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,976 | |||
Total | 3,076 | |||
Accum Deprec | 1,371 | |||
080 Tulsa, OK | ALF | ||||
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 | 839 | |||
093 Tulsa, OK | ALF | ||||
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 | 1,193 | |||
238 Tupelo, MS | ALF | ||||
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 | 1,699 | |||
075 Tyler, TX | ALF | ||||
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 | 920 | |||
202 Vacaville, CA | ALF | ||||
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 | 5,441 | |||
091 Waco, TX | ALF | ||||
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 | 1,115 | |||
096 Wahoo, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 50 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,368 | |||
Total | 2,468 | |||
Accum Deprec | 1,153 | |||
108 Watauga, TX | ALF | ||||
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 | 827 | |||
287 Waukesha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 992 | |||
Buildings and Improvements | 15,183 | |||
Costs Capitalized Subsequent to acquisition | 111 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 992 | |||
Buildings and Improvements | 15,294 | |||
Total | 16,286 | |||
Accum Deprec | 561 | |||
109 Weatherford, OK | ALF | ||||
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 | 1,110 | |||
276 Westminster, CO | ALF | ||||
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 | 707 | |||
110 Wheelersburg, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 29 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 123 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 29 | |||
Buildings and Improvements | 2,558 | |||
Total | 2,587 | |||
Accum Deprec | 1,197 | |||
303 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,422 | |||
Buildings and Improvements | 9,957 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,422 | |||
Buildings and Improvements | 9,957 | |||
Total | 11,379 | |||
Accum Deprec | 188 | |||
259 Wichita, KS | ALF | ||||
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 | 1,278 | |||
283 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 624 | |||
Buildings and Improvements | 13,131 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 624 | |||
Buildings and Improvements | 13,131 | |||
Total | 13,755 | |||
Accum Deprec | 29 | |||
076 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Total | 1,950 | |||
Accum Deprec | 945 | |||
120 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to acquisition | 100 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,850 | |||
Total | 2,950 | |||
Accum Deprec | 1,364 | |||
265 Williamstown, NJ | ALF | ||||
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 | 858 | |||
264 Williamstown, NJ | ALF | ||||
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 | 1,011 | |||
138 Worthington, OH | ALF | ||||
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 | 5,732 | |||
139 Worthington, OH | ALF | ||||
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 | 3,201 | |||
099 York, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 40 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,358 | |||
Total | 2,458 | |||
Accum Deprec | 1,153 | |||
199 Brownsville, TX | ROC | ||||
Initial Cost to Company | ||||
Land | 302 | |||
Buildings and Improvements | 1,089 | |||
Costs Capitalized Subsequent to acquisition | 835 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 302 | |||
Buildings and Improvements | 1,924 | |||
Total | 2,226 | |||
Accum Deprec | 1,058 | |||
168 Des Moines, IA(2) | ROC | ||||
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 | 1,955 | |||
26A Gardendale, AL | ROC | ||||
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 | 5,209 | |||
194 Holyoke, CO | ROC | ||||
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 | 1,020 | |||
245 Newberry, SC | ROC | ||||
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 | 1,358 | |||
244 Newberry, SC | ROC | ||||
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 | 1,251 | |||
236 Wytheville, VA | ROC | ||||
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 | 3,743 | |||
297 Las Vegas, NV | School | ||||
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 | 249 | |||
271 Howell, MI | Land | ||||
Initial Cost to Company | ||||
Land | 420 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 420 | |||
Total | 420 | |||
275 Yale, MI | Land | ||||
Initial Cost to Company | ||||
Land | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 73 | |||
Total | 73 | |||
999 Milford, MI | Land | ||||
Initial Cost to Company | ||||
Land | 450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 450 | |||
Total | 450 | |||
305 Union, KY | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 858 | |||
Buildings and Improvements | 5,046 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 858 | |||
Buildings and Improvements | 5,046 | |||
Total | 5,904 | |||
296 Glenview, IL | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 2,800 | |||
Buildings and Improvements | 3,186 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,800 | |||
Buildings and Improvements | 3,186 | |||
Total | 5,986 | |||
306 Oaklawn, IL | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 1,591 | |||
Buildings and Improvements | 661 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,591 | |||
Buildings and Improvements | 661 | |||
Total | $ 2,252 |
SCHEDULE III REAL ESTATE AND 76
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)item | |
Real Estate and Accumulated Depreciation | |||
Impairment charges | $ 766 | $ 2,250 | |
Aggregate cost basis for Federal income tax purposes | $ 1,318,462 | ||
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 | ||
Real Estate Investment | Texas | |||
Real Estate and Accumulated Depreciation | |||
Number of beds or units in property sold | item | 112 | ||
Real Estate Investment | Texas | ROC | |||
Real Estate and Accumulated Depreciation | |||
Impairment charges | $ 766 | ||
Real Estate Investment | Subsequent Event | Texas | ROC | |||
Real Estate and Accumulated Depreciation | |||
Number of beds or units in property sold | item | 85 | ||
Sales price | $ 1,200 |
SCHEDULE III REAL ESTATE AND 77
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Carrying cost | |||
Balance at beginning of period | $ 1,198,686 | $ 949,838 | $ 937,617 |
Acquisitions | 74,923 | 206,340 | 11,650 |
Improvements | 49,134 | 33,463 | 48,102 |
Conversion of mortgage loans into owned properties | 10,600 | ||
Capitalized interest | 1,408 | 827 | 1,506 |
Other non-cash items (See Note 4) | 2,460 | 2,882 | 304 |
Conveyed land (See Note 4) | (670) | ||
Cost of real estate sold | (24,282) | (2,344) | (49,341) |
Impairment on real estate for sale | (766) | (2,250) | |
Ending balance | 1,301,563 | 1,198,686 | 949,838 |
Accumulated depreciation | |||
Balance at beginning of period | 251,265 | 223,315 | 218,700 |
Depreciation expense | 35,809 | 29,329 | 25,424 |
Cost of real estate sold | (11,213) | (1,379) | (20,809) |
Ending balance | $ 275,861 | $ 251,265 | $ 223,315 |
SCHEDULE IV MORTGAGE LOANS ON78
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)itemproperty | |
Mortgage loans on real estate | |
Number of properties | property | 31 |
Number of beds/units | item | 3,303 |
Balloon Amount | $ 201,011 |
Current Monthly Debt Service | 1,902 |
Face amount of originated mortgages | 228,420 |
Carrying Amount of Mortgages | 229,801 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | |
Mortgage loans on real estate | |
Number of properties | property | 15 |
Number of beds/units | item | 2,102 |
Interest rate (as a percent) | 9.53% |
Balloon Amount | $ 153,770 |
Current Monthly Debt Service | 1,427 |
Face amount of originated mortgages | 175,083 |
Carrying Amount of Mortgages | $ 180,940 |
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 157 Beds/Units | |
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 | 77 |
Face amount of originated mortgages | 9,806 |
Carrying Amount of Mortgages | $ 9,872 |
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 273 Beds/Units | |
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 | $ 13,920 |
Current Monthly Debt Service | 120 |
Face amount of originated mortgages | 15,000 |
Carrying Amount of Mortgages | $ 15,565 |
Michigan | Mortgage Loans On Real Estate Maturing In 2020 | |
Mortgage loans on real estate | |
Number of properties | property | 2 |
Number of beds/units | item | 216 |
Interest rate (as a percent) | 9.41% |
Balloon Amount | $ 7,750 |
Current Monthly Debt Service | 62 |
Face amount of originated mortgages | 7,750 |
Carrying Amount of Mortgages | 7,765 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Various | Mortgage Loans On Real Estate Maturing Between 2017 To 2019 | |
Mortgage loans on real estate | |
Number of properties | property | 11 |
Number of beds/units | item | 555 |
Balloon Amount | $ 16,746 |
Current Monthly Debt Service | 216 |
Face amount of originated mortgages | 20,781 |
Carrying Amount of Mortgages | $ 15,659 |
Minimum | |
Mortgage loans on real estate | |
General amortization schedule of mortgage loans | 20 years |
Minimum | Various | Mortgage Loans On Real Estate Maturing Between 2017 To 2019 | |
Mortgage loans on real estate | |
Interest rate (as a percent) | 7.32% |
Maximum | |
Mortgage loans on real estate | |
General amortization schedule of mortgage loans | 30 years |
Maximum | Various | Mortgage Loans On Real Estate Maturing Between 2017 To 2019 | |
Mortgage loans on real estate | |
Interest rate (as a percent) | 13.95% |
SCHEDULE IV MORTGAGE LOANS ON79
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)loan | |
Mortgage loans on real estate | |
Original loan amounts | $ 228,420 |
Mortgage Loans between 500,000 and 2,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 4 |
Mortgage Loans between 2,001,000 and 3,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
Mortgage Loans between 3,001,000 and 4,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 1 |
Mortgage Loans between 4,001,000 and 5,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
Mortgage Loans between 5,001,000 and 6,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 1 |
Mortgage Loans between 6,001,000 and 7,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 1 |
Mortgage Loans over 7,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 4 |
First-lien mortgage loans | |
Mortgage loans on real estate | |
Number of Loans | loan | 11 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 500 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | 2,000 |
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | 2,001 |
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | 3,000 |
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | 3,001 |
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | 4,000 |
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | 4,001 |
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | 5,000 |
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | 5,001 |
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | 6,000 |
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | 6,001 |
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | 7,000 |
First-lien mortgage loans | Mortgage Loans over 7,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 7,001 |
SCHEDULE IV MORTGAGE LOANS ON80
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $ 217,529 | $ 165,656 | $ 165,444 |
New mortgage loans | 13,250 | 60,209 | 3,027 |
Other additions | 7,435 | 6,925 | 6,347 |
Land conveyance | 670 | ||
Amortization of mortgage premium | (10) | (6) | (5) |
Collections of principal | (8,278) | (15,408) | (9,155) |
Loan loss reserve | (125) | (517) | (2) |
Balance at the end of the period | $ 229,801 | $ 217,529 | $ 165,656 |