Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 28, 2019 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 1-11314 | ||
Entity Registrant Name | LTC PROPERTIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 71-0720518 | ||
Entity Address, Address Line One | 2829 Townsgate Road, SuiteĀ 350 | ||
Entity Address, City or Town | Westlake Village | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91361 | ||
City Area Code | 805 | ||
Local Phone Number | 981-8655 | ||
Title of 12(b) Security | Common stock, $.01 Par Value | ||
Trading Symbol | LTC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,783,261,000 | ||
Entity Common Stock, Shares Outstanding | 39,751,704 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000887905 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments: | ||
Land | $ 126,703 | $ 125,358 |
Buildings and improvements | 1,295,899 | 1,290,352 |
Accumulated depreciation and amortization | (312,642) | (312,959) |
Operating real estate property, net | 1,109,960 | 1,102,751 |
Properties held-for-sale, net of accumulated depreciation: 2019-$35,113; 2018-$1,916 | 26,856 | 3,830 |
Real property investments, net | 1,136,816 | 1,106,581 |
Mortgage loans receivable, net of loan loss reserve: 2019-$2,560; 2018-$2,447 | 254,099 | 242,939 |
Real estate investments, net | 1,390,915 | 1,349,520 |
Notes receivable, net of loan loss reserve: 2019-$181; 2018-$128 | 17,927 | 12,715 |
Investments in unconsolidated joint ventures | 19,003 | 30,615 |
Investments, net | 1,427,845 | 1,392,850 |
Other assets: | ||
Cash and cash equivalents | 4,244 | 2,656 |
Restricted cash | 2,108 | |
Debt issue costs related to bank borrowings | 2,164 | 2,989 |
Interest receivable | 26,586 | 20,732 |
Straight-line rent receivable, net of allowance for doubtful accounts: 2019-$0; 2018-$746 | 45,703 | 73,857 |
Lease incentives | 2,552 | 14,443 |
Prepaid expenses and other assets | 5,115 | 3,985 |
Total assets | 1,514,209 | 1,513,620 |
LIABILITIES | ||
Bank borrowings | 93,900 | 112,000 |
Senior unsecured notes, net of debt issue costs: 2019-$812; 2018-$938 | 599,488 | 533,029 |
Accrued interest | 4,983 | 4,180 |
Accrued expenses and other liabilities | 30,412 | 31,440 |
Total liabilities | 728,783 | 680,649 |
Stockholders' equity: | ||
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2019-39,752; 2018-39,657 | 398 | 397 |
Capital in excess of par value | 867,346 | 862,712 |
Cumulative net income | 1,293,482 | 1,255,764 |
Cumulative distributions | (1,384,283) | (1,293,383) |
Total LTC Properties, Inc. stockholders' equity | 776,943 | 825,490 |
Non-controlling interests | 8,483 | 7,481 |
Total equity | 785,426 | 832,971 |
Total liabilities and equity | $ 1,514,209 | $ 1,513,620 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Properties held-for-sale, accumulated depreciation | $ 35,113 | $ 1,916 |
Mortgage loans receivable, loan loss reserve | 2,560 | 2,447 |
Notes receivable, loan loss reserve | 181 | 128 |
Straight-line rent receivable, allowance for doubtful accounts | $ 0 | $ 746 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 39,752 | 39,657 |
Common stock, shares outstanding | 39,752 | 39,657 |
Senior Unsecured Notes | ||
Debt issue costs, net | $ 812 | $ 938 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Rental income | $ 152,755,000 | ||
Rental income | $ 135,405,000 | $ 137,657,000 | |
Interest income from mortgage loans | 29,991,000 | 28,200,000 | 26,769,000 |
Interest and other income | 2,558,000 | 5,040,000 | 3,639,000 |
Total revenues | 185,304,000 | 168,645,000 | 168,065,000 |
Expenses: | |||
Interest expense | 30,582,000 | 30,196,000 | 29,949,000 |
Depreciation and amortization | 39,216,000 | 37,555,000 | 37,610,000 |
Impairment charges | 0 | 0 | 1,880,000 |
Provision for (recovery of) doubtful accounts | 166,000 | 87,000 | (206,000) |
Transaction costs | 365,000 | 84,000 | 56,000 |
Property tax expense | 16,755,000 | ||
General and administrative expenses | 18,453,000 | 19,193,000 | 17,513,000 |
Total expenses | 105,537,000 | 87,115,000 | 86,802,000 |
Other operating income: | |||
Gain on sale of real estate, net | 2,106,000 | 70,682,000 | 3,814,000 |
Operating income | 81,873,000 | 152,212,000 | 85,077,000 |
Gain from property insurance proceeds | 2,111,000 | ||
Impairment loss from investments in unconsolidated joint ventures | (5,500,000) | ||
Income from unconsolidated joint ventures | 2,388,000 | 2,864,000 | 2,263,000 |
Net income | 80,872,000 | 155,076,000 | 87,340,000 |
Income allocated to non-controlling interests | (346,000) | (95,000) | |
Net income attributable to LTC Properties, Inc. | 80,526,000 | 154,981,000 | 87,340,000 |
Income allocated to participating securities | (391,000) | (625,000) | (362,000) |
Net income available to common stockholders | $ 80,135,000 | $ 154,356,000 | $ 86,978,000 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.03 | $ 3.91 | $ 2.21 |
Diluted (in dollars per share) | $ 2.02 | $ 3.89 | $ 2.20 |
Weighted average shares used to calculate earnings per common share: | |||
Basic (in shares) | 39,571 | 39,477 | 39,409 |
Diluted (in shares) | 39,759 | 39,839 | 39,637 |
Comprehensive Income: | |||
Net income | $ 80,872,000 | $ 155,076,000 | $ 87,340,000 |
Comprehensive income | $ 80,872,000 | $ 155,076,000 | $ 87,340,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Parent | Common Stock | Capital in Excess of Par Value | Cumulative Net Income | Cumulative Distributions | Non-controlling Interests | Total |
Balance at beginning of period at Dec. 31, 2016 | $ 740,048 | $ 392 | $ 839,005 | $ 1,013,443 | $ (1,112,792) | $ 740,048 | |
Balance (in shares) at Dec. 31, 2016 | 39,221 | ||||||
Equity activity | |||||||
Common stock cash distributions | (90,219) | (90,219) | (90,219) | ||||
Issuance of common stock | 14,529 | $ 3 | 14,526 | 14,529 | |||
Issuance of common stock (in shares) | 313 | ||||||
Issuance of restricted stock | (20) | $ 1 | (21) | (20) | |||
Issuance of restricted stock (in shares) | 85 | ||||||
Stock option exercises | 202 | 202 | 202 | ||||
Stock option exercises (in shares) | 8 | ||||||
Stock-based compensation expense | 5,247 | 5,247 | 5,247 | ||||
Net income | 87,340 | 87,340 | 87,340 | ||||
Non-controlling interests contributions | $ 3,488 | 3,488 | |||||
Other | (1,969) | (1,969) | (1,969) | ||||
Other (in shares) | (57) | ||||||
Vested stock options | 2 | 2 | 2 | ||||
Balance at end of period at Dec. 31, 2017 | 755,160 | $ 396 | 856,992 | 1,100,783 | (1,203,011) | 3,488 | 758,648 |
Balance (in shares) at Dec. 31, 2017 | 39,570 | ||||||
Equity activity | |||||||
Common stock cash distributions | (90,372) | (90,372) | (90,372) | ||||
Issuance of common stock | 929 | 929 | 929 | ||||
Issuance of common stock (in shares) | 22 | ||||||
Issuance of restricted stock | (8) | $ 1 | (9) | (8) | |||
Issuance of restricted stock (in shares) | 91 | ||||||
Stock option exercises | 123 | 123 | 123 | ||||
Stock option exercises (in shares) | 5 | ||||||
Stock-based compensation expense | 5,870 | 5,870 | 5,870 | ||||
Net income | 154,981 | 154,981 | 95 | 155,076 | |||
Non-controlling interests contributions | 3,963 | 3,963 | |||||
Non-controlling interest distributions | (65) | (65) | |||||
Other | (1,193) | (1,193) | (1,193) | ||||
Other (in shares) | (31) | ||||||
Balance at end of period at Dec. 31, 2018 | 825,490 | $ 397 | 862,712 | 1,255,764 | (1,293,383) | 7,481 | 832,971 |
Balance (in shares) at Dec. 31, 2018 | 39,657 | ||||||
Equity activity | |||||||
As Adjusted Balance at January 1, 2019 | 782,682 | $ 397 | 862,712 | 1,212,956 | (1,293,383) | 7,481 | 790,163 |
Net income | 80,872 | ||||||
Vesting of performance-based stock units | (301) | (301) | (301) | ||||
Vesting of performance-based stock units | 48 | ||||||
Balance at end of period at Dec. 31, 2019 | 776,943 | $ 398 | 867,346 | 1,293,482 | (1,384,283) | 8,483 | 785,426 |
Balance (in shares) at Dec. 31, 2019 | 39,752 | ||||||
Equity activity | |||||||
Cumulative effect of the adoption of the ASC 842 | (42,808) | (42,808) | (42,808) | ||||
Common stock cash distributions | (90,599) | (90,599) | (90,599) | ||||
Issuance of restricted stock | (7) | (7) | (7) | ||||
Issuance of restricted stock (in shares) | 86 | ||||||
Stock option exercises | 123 | $ 1 | 122 | 123 | |||
Stock option exercises (in shares) | 5 | ||||||
Stock-based compensation expense | 6,566 | 6,566 | 6,566 | ||||
Net income | 80,526 | 80,526 | 346 | 80,872 | |||
Non-controlling interests contributions | 965 | 965 | |||||
Non-controlling interest distributions | (309) | (309) | |||||
Other | (2,047) | (2,047) | (2,047) | ||||
Other (in shares) | (44) | ||||||
Balance at end of period at Dec. 31, 2019 | $ 776,943 | $ 398 | $ 867,346 | $ 1,293,482 | $ (1,384,283) | $ 8,483 | $ 785,426 |
Balance (in shares) at Dec. 31, 2019 | 39,752 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF EQUITY | |||||||||||
Common Stock cash distributions | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES: | |||||
Net income | $ 80,872,000 | $ 80,872,000 | $ 155,076,000 | $ 87,340,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 39,216,000 | 37,555,000 | 37,610,000 | ||
Stock-based compensation expense | 6,566,000 | 5,870,000 | 5,249,000 | ||
Impairment charges | 5,500,000 | 1,880,000 | |||
Other than Temporary Impairment Losses, Investments | $ 5,500,000 | 5,500,000 | |||
Gain on sale of real estate, net | (2,106,000) | (70,682,000) | (3,814,000) | ||
Income from unconsolidated joint ventures | (2,388,000) | (2,864,000) | (2,263,000) | ||
Income distributions from unconsolidated joint ventures | 2,991,000 | 2,371,000 | 1,738,000 | ||
Insurance proceeds for damaged property | 2,619,000 | ||||
Payment for remediation of damaged property | (508,000) | ||||
Straight-line rental income | (4,487,000) | (9,550,000) | (10,694,000) | ||
Adjustment for collectability of rental income | 1,926,000 | ||||
Lease incentives funded | (387,000) | (1,272,000) | (6,544,000) | ||
Amortization of lease incentives | 385,000 | 2,092,000 | 2,209,000 | ||
Provision for (recovery of) doubtful accounts | 166,000 | 87,000 | (206,000) | ||
Non-cash interest related to contingent liabilities | 377,000 | 602,000 | |||
Non-cash income related to earn-out and related lease incentive write-off | (3,074,000) | (842,000) | |||
Other non-cash items, net | 1,016,000 | 1,180,000 | 1,282,000 | ||
Increase in interest receivable | (5,854,000) | (5,682,000) | (5,367,000) | ||
Increase (decrease) in accrued interest payable | 803,000 | (1,096,000) | 601,000 | ||
Net change in other assets and liabilities | (1,750,000) | 3,036,000 | (3,476,000) | ||
Net cash provided by operating activities | 122,469,000 | 115,535,000 | 105,305,000 | ||
INVESTING ACTIVITIES: | |||||
Investment in real estate properties | (58,414,000) | (40,408,000) | (82,405,000) | ||
Investment in real estate developments | (20,524,000) | (35,279,000) | (22,901,000) | ||
Investment in real estate capital improvements | (2,839,000) | (3,249,000) | (2,899,000) | ||
Capitalized interest | (608,000) | (1,248,000) | (908,000) | ||
Proceeds from sale of real estate, net | 14,009,000 | 92,749,000 | 15,413,000 | ||
Investment in real estate mortgage loans receivable | (12,342,000) | (21,364,000) | (11,913,000) | ||
Principal payments received on mortgage loans receivable | 1,065,000 | 2,136,000 | 17,863,000 | ||
Investments in unconsolidated joint ventures | (472,000) | (670,000) | (3,848,000) | ||
Proceeds from dissolution of unconsolidated joint ventures | 6,601,000 | ||||
Payment of working capital reserve | (439,000) | ||||
Advances and originations under notes receivable | (8,967,000) | (124,000) | |||
Principal payments received on notes receivable | 3,503,000 | 3,848,000 | 25,000 | ||
Net cash used in investing activities | (78,988,000) | (3,609,000) | (92,012,000) | ||
FINANCING ACTIVITIES: | |||||
Bank borrowings | 107,900,000 | 116,200,000 | 113,000,000 | ||
Repayment of bank borrowings | (126,000,000) | (100,700,000) | (123,600,000) | ||
Proceeds from issuance of senior unsecured notes | 100,000,000 | 100,000,000 | |||
Principal payments on senior unsecured notes | (33,667,000) | (38,166,000) | (31,167,000) | ||
Proceeds from common stock issued | 1,005,000 | 14,578,000 | |||
Stock option exercises | 123,000 | 123,000 | 202,000 | ||
Distributions paid to stockholders | (90,899,000) | (90,372,000) | (90,219,000) | ||
Contribution from non-controlling interests | 965,000 | 3,963,000 | 3,488,000 | ||
Distributions paid to non-controlling interests | (309,000) | (65,000) | |||
Financing costs paid | (61,000) | (3,162,000) | (363,000) | ||
Other | (2,053,000) | (1,201,000) | (1,990,000) | ||
Net cash used in financing activities | (44,001,000) | (112,375,000) | (16,071,000) | ||
Decrease in cash, cash equivalents and restricted cash | (520,000) | (449,000) | (2,778,000) | ||
Cash, cash equivalents and restricted cash, beginning of period | 4,764,000 | 5,213,000 | 7,991,000 | ||
Cash, cash equivalents and restricted cash, end of period | $ 4,244,000 | 4,244,000 | $ 4,244,000 | 4,764,000 | 5,213,000 |
Supplemental disclosure of cash flow information: | |||||
Interest paid | $ 28,767,000 | $ 30,116,000 | $ 28,070,000 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2019 | |
The Company | |
The Company | 1. The Company LTC Properties, Inc. (āLTCā), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (āREITā) that invests primarily in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing joint ventures and structured finance solutions including preferred equity and mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision-making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (āSNFā), assisted living communities (āALFā), independent living communities (āILFā), memory care communities (āMCā) and combinations thereof. ILF, ALF, MC and combinations thereof are included in the ALF classification. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Consolidation of entities is based on determination of the primary beneficiary. In order to be considered the primary beneficiary, the member should be able to exercise power over and receive benefits from the entity. Power over the company is based on the provisions of the operating agreement that provides us with a controlling financial interest in the entity. Under the terms of the operating agreement, we, as the general member, are responsible for the management of the companyās assets, business and affairs. Our rights and duties in management of the company include making all operating decisions, setting the capital budget, executing all contracts, making all employment decisions, and handling the purchase and disposition of assets, among others. We, as the general member, are responsible for the ongoing, major, and central operations of the company and make all management decisions. In addition, we, as the general member, assume the risk for all operating losses, capital losses, and are entitled to substantially all capital gains (appreciation) and accordingly, receive substantial benefits from the company. The Financial Accounting Standards Board (āFASBā) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members can exercise power over a limited liability company, and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non-managing members have certain specific rights as described in the guidance. The limited members have virtually no rights and are precluded from taking part in the operation, management or control of the company. The limited members are also precluded from transferring their interests without the expressed permission of the general member. However, general partners could transfer their interest without consultation or permission of the limited members. We consolidated the companies in accordance with the guidance. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firmās audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Going Concern. Presentation of Financial Statementsā Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entityās Ability to Continue as a Going Concern. 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. Restricted Cash. Restricted Cash During the third quarter of 2017, a 170-bed skilled nursing center in our portfolio (the āPropertyā), located in Texas, was evacuated due to damages caused by Hurricane Harvey. The Property was under a triple net master lease agreement. We periodically evaluate properties 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. Based upon a quarterly assessment of the Property using the recoverability test, we concluded the Property was not impaired. The provisions of our triple net lease agreements impose certain obligations on our operators including: ā Acquire property insurance, subject to certain criteria; ā Continue paying rent in the event of any property damage or destruction; and ā Return the leased property back to us at the end of the lease term, in the same condition originally received. During the second quarter of 2018, our operator provided us with insurance proceeds of $2,619,000 for remediation of the Property as noted in the provisions of our master lease agreement. Accordingly, we classified the insurance proceeds as Restricted cash Gain from Property insurance proceeds Consolidated Statements of Income and Comprehensive Income 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 tenantās 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 an asset acquisition or a business combination. 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(āASU 2017-01ā), Business Combinations (Topic 805): Clarifying Definition of a Business In February 2017, the FASB issued ASU No. 2017-05 (āASU 2017-05ā), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. 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 5 35 10 10 Consolidation. (āVIEā), 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: ā A legal structure has been established to conduct business activities and to hold assets. ā 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 meet the above criteria and doesnāt qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. 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: ā The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ā The obligation to absorb the entity's expected losses; ā 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 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. 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. 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 12-14% with the loan term typically between four Investment in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to ASC 805, Consolidation We periodically perform evaluation of our investment in unconsolidated JVs 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, we write the investment down to its estimated fair value as of the measurement date. We have a preferred equity investment in a JV that own four properties in Arizona. Based on the information available to us regarding alternatives and courses of action as of December 31, 2019, we performed a recoverability test on the carrying amount of our preferred equity investment and determined that a portion of our preferred equity investment is not recoverable. Therefore, we recorded an impairment loss from investment in unconsolidated joint ventures of $5,500,000 and wrote our preferred equity investment down to its estimated fair value. See Note 6. Investment in Unconsolidated Joint Ventures In March 2016, FASB issued ASU No. 2016-07 (āASU 2016-07ā), Investments ā Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. Allowance for Doubtful Accounts. certainty of payment, payment history and other relevant factors. The allowance for doubtful accounts is maintained at a level believed adequate to absorb potential losses in our receivables. In 2016, the FASB issued ASU No. 2016-13 (āASU 2016-13ā) , Measurement of Credit Losses on Financial Instruments Accrued incentives and earn-outs. Impairments. Assets that are classified as held-for-use and mortgage loans 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. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes managementās probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. When indicators are identified for mortgage loans, management calculates an impairment charge 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. 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. Based on our assessment, during the years ended December 31, 2019, 2018 and 2017, we recognized impairment charges of $0, $0 and $1,880,000 respectively, related to our real property investments. 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 entityās own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements 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 yearās 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 permit recognition of contingent revenue until all possible contingencies have been resolved. Historically, we have not included contingent rents as income until received and will we continue our historical policy. During the years ended December 31, 2019, 2018 and 2017, we received $464,000, $470,000 and $457,000, respectively, of contingent rental income. 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. 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. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. 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 (āASU 2014-09ā), Revenue from Contracts with Customers: Topic 606 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 states that āan entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.ā In doing so, companies may need to use more judgment and make more estimates. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. Additionally, the FASB has issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. Topic 606, Contracts with Customers Leases: In February 2016, the FASB issued ASU No. 2016-02 (āASU 2016-02ā), Leases Topic 842, Leases ASC 842 requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance of operating leases. ASC 842 requires the lessors to identify lease and non-lease components of a lease agreement. Revenue related to non-lease components under lease agreements are subject to the revenue recognition standard, upon adoption of this standard. Also, the new standard narrows definition of initial direct costs. Accordingly, upon adoption of the new standard, certain costs (primarily legal costs related to lease negotiations) are expensed rather than capitalized. Further, per ASC 842, lessors are required to assess the probability of collecting substantially all of the lease payments. The standard defines collectibility as lesseeās ability and intent to pay. If collectibility of substantially all of the lease payments through maturity is not probable, the lease income recorded during the period would be limited to lesser of the income that would have been recognized if collection were probable, and the lease payments received. If the assessment of collectibility changes, any difference between the lease income that would have been recognized and the lease payments should be recognized as an adjustment to lease income. At adoption, lessors are required to perform a lease-by-lease analysis for collectibility of all lease payments through maturity. If at adoption, it is not probable that substantially all of the lease obligations through maturity will be collected, a cumulative adjustment to equity should be made to reflect all of the lease obligations which are not probable to be collected. Additionally, ASC 842 provides lessors with the option to elect a practical expedient allowing them to not separate lease and non-lease components and instead, to account for those components as a single lease component. This practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease-based or service-based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under the ASC 606). This practical expedient option is available as a single election that must be consistently applied to all existing leases at the date of adoption. Also, ASC 842 provides a practical expedient that allows companies to use an optional transition method. Under the optional transition method, a cumulative adjustment to equity during the period of adoption is recorded and prior periods would not require restatement. Consequently, entities that elect both the practical expedient and the optional transitional method will apply the new lease ASC prospectively to leases commencing or modified after January 1, 2019 and will not be required to apply the disclosures under the new lease standard to comparative periods. ASC 842 has subsequently been amended by other ASUs to clarify and improve the standard as well as to provide certain practical expedients. In December 2018, the FASB issued ASU 2018-20 (āASU 2018-20ā), Narrow-Scope Improvements for Lessors, Leases (Topic 842), Codification Improvements On January 1, 2019, we adopted ASC 842 Upon adoption of the standard, we elected the practical expedients provided for in ASC 842, including: ā No reassessment of whether any expired or existing contracts were or contained leases; ā No reassessment of the lease classification for any expired or existing leases; ā No reassessment of initial direct costs for any existing leases; and ā No separation of lease and non-lease components. As a lessee, we have an office lease agreement with a 5-year remaining term which was classified as an operating lease under ASC 840. Due to election of the package of practical expedients, upon adoption of ASC 842 this lease agreement will continue to be classified as operating lease. For the year ended December 31, 2019, we recorded $299,000 of rent expense related to this lease agreement. Adoption of ASC 842 resulted in recording a right-of use asset and a lease liability which represents the present value of the remaining minimum lease payments using our incremental borrowing rate. At December 31, 2019, the balance of the right-of use asset lease liability lease agreement were $1,287,000. As a lessor, our properties are leased subject to non-cancelable operating leases. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Upon adoption of ASC 842, we recorded real estate taxes that are reimbursed by our operators as Rental Income Property tax expense Consolidated Statements of Income and Comprehensive Income Rental Income Furthermore, upon adoption of ASC 842, we assessed the probability of collecting substantially all of our lease payments through maturity. As previously reported, we have been monitoring Anthem Memory Care (āAnthemā), Thrive Senior Living, LLC (āThriveā), Preferred Care, Inc. (āPreferred Careā) and Senior Care Centers, LLC (āSenior Careā) due to cash flow concerns, performance concerns and/or bankruptcy filing. In conjunction with adoption of ASC 842, we evaluated our straight-line rent receivable and lease incentive balances related to the noted operators and determined that we do not have the level of collectibility certainty required by the standard to record the straight-line rent receivable. Accordingly, we wrote-off the straight-line rent receivable and lease incentive balances associated with these leases. Also, we wrote-off our 1% general straight-line rent receivable reserve. These balances totaled $42,808,000 and were written-off to equity effective January 1, 2019 as required by ASC 842. Subsequently, if collectibility of substantially all of the lease payments through maturity is not probable, all or a portion of the straight-line rent receivable and other lease receivables may be written off, and the rental income recorded during the period would be limited to lesser of the income that would have been recognized if collection were probable, and the lease payments received. Our assessment of collectibility of leases includes evaluating the data and assumptions used in determining whether substantially all of the future lease payments were probable based on the lesseeās payment history, the financial strength of the lessees, future contractual rents, and the timing of expected payments. During the year ended December 31, 2019, we received cash rent from Anthem, Thrive, Preferred Care and Senior Care. The total amount of rental income received from these operators was $33,238,000 and is included in Rental Income Consolidated Statements of Income and Comprehensive Income 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, 2019, the tax basis of our net depreciable assets exceeds our book basis by approximately $25,436,000 (unaudited), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP, and to differences previously mentioned above. 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. Financial instruments which potentia |
Major Operators
Major Operators | 12 Months Ended |
Dec. 31, 2019 | |
Major Operators | |
Major Operators | 3. Major Operators We have two 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, 2019: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā Percentage of ā ā ā ā ā ā ā SNF ā ALF ā Total ā ā Total ā ā Operator ā SNF ā ALF ā Beds ā Units ā Revenue (1) ā ā Assets ā ā Prestige Healthcare ā 24 ā ā ā 3,010 ā 93 ā 17.1 % ā 17.4 % ā Senior Lifestyle Corporation ā ā ā 23 ā ā ā 1,457 ā 10.8 % ā 10.2 % ā Total ā 24 ā 23 ā 3,010 ā 1,550 ā 27.9 % ā 27.6 % ā (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2019 and excludes rental income due to lessee reimbursement of our real estate taxes and adjustment for collectibility of rental income. ā Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 4. Supplemental Cash Flow Information ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2019 2018 2017 ā ā (in thousands) Non-cash investing and financing transactions: ā ā ā ā ā ā ā Reclassification of notes receivable to lease incentives ( Note 7 ā $ 200 ā $ ā ā $ ā ā Restricted stock issued, net of cancellations ( Note 10 ā ā ā 1 ā 1 ā ā |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments | |
Real Estate Investments | 5. Real Estate Investments Owned Properties. Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively āALFā). 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 firmās review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Depreciation expense on buildings and improvements, including properties classified as held-for-sale, was $39,094,000, $37,416,000, and $37,492,000 for the years ended December 31, 2019, 2018 and 2017, 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 ā ā ā ā ā ā Cash ā ā Rent (1) 2020 ā $ 135,173 ā 2021 ā 126,914 ā 2022 ā 128,196 ā 2023 ā 129,846 ā 2024 ā 126,320 ā Thereafter ā 625,158 ā (1) Represents contractual annual cash rent, except for two master leases which are based on agreed upon cash rents. See below for more information. Includes rental income due to lessee reimbursement of our real estate taxes and subsequent acquisitions and excludes properties held-for-sale at December 31, 2019. During 2017, we issued a notice of default to Anthem Memory Care (āAnthemā) resulting from Anthemās partial payment of minimum rent. Anthem operates 11 memory care communities under a master lease. During 2019, Anthem paid the agreed upon minimum cash rent of $7,500,000. This amount represents approximately 50% of the contractual amount due under the lease in 2019. In accordance with Accounting Standard Codification (āASCā) Topic 842, Leases On December 4, 2018, Senior Care Centers, LLC. and affiliates and subsidiaries (āSenior Careā) filed for Chapter 11 bankruptcy as a result of lease terminations from certain landlords and on-going operational challenges. Senior Care did not pay us December 2018 rent and accordingly, in December 2018, we placed Senior Care on a cash basis. In accordance with ASC 842 lease accounting guidance, at January 1, 2019, we evaluated the collectibility of straight-line rent receivable and lease incentive balance related to Senior Care and determined it was not probable that we would collect substantially all of the contractual lease obligations through maturity. Accordingly, we wrote-off the balances to equity as of January 1, 2019, as required by the ASC 842 transition guidance. In July 2019, Senior Care filed a motion to affirm the lease, which caused us to file an objection in opposition to Senior Careās motion. During the fourth quarter of 2019, the court rejected our motion and accordingly, our master lease with Senior Care was affirmed. Furthermore, we received the court ordered reimbursement from Senior Care for the December 2018 unpaid rent, late fees and legal costs totaling $1,596,000. Senior Care has paid us January 2019 to February 2020 rent, real estate property tax and maintenance deposits. During 2017, Preferred Care, Inc. (āPreferred Careā) and affiliated entities filed for Chapter 11 bankruptcy as a result of a multi-million-dollar judgment in a lawsuit in Kentucky against Preferred Care and certain affiliated entities. The affiliated entities named in the lawsuit operate properties in Kentucky and New Mexico. Preferred Care leased 24 properties under two master leases from us and none of the 24 properties are located in Kentucky or New Mexico. Those 24 properties are in Arizona, Colorado, Iowa, Kansas and Texas. The Preferred Care operating entities that sublease those properties did not file for bankruptcy. In accordance with ASC 842 lease accounting guidance, at January 1, 2019, we evaluated the collectibility of straight-line rent receivable and lease incentive balances related to Preferred Care and determined it was not probable that we would collect substantially all of the contractual lease obligations through maturity. Accordingly, we wrote-off the balances to equity as of January 1, 2019, as required by the ASC 842 transition guidance. Preferred Care did not affirm our master leases and began paying only $55,000 of monthly rent in the third quarter of 2019. The monthly contractual obligation under the master leases was approximately $1,000,000. We applied all of their security deposit to rental income during the third quarter and recorded only the $55,000 monthly cash received in the fourth quarter of 2019 to rental income. During the fourth quarter of 2019, we entered into multiple contracts, subject to standard due diligence and other contingencies, to sell a majority of the properties. Two of these contracts were completed during the fourth quarter of 2019, resulting in the sale of two properties in Arizona and Texas. See Property Sales During the three months ended March 31, 2019, we placed Thrive Senior Living, LLC (āThriveā) on a cash basis due to short-payment of contractual rent in November 2018 and non-payment of rent in December 2018 totaling $700,000. Thrive subsequently paid the delinquent rent in 2019 but failed to pay 2019 contractual rent. In April 2019, we issued a notice of default to Thrive. In accordance with ASC 842 lease accounting guidance, at January 1, 2019, we evaluated the collectibility of straight-line rent receivable and lease incentive balances related to Thrive and determined that it was not probable that we would collect substantially all of the contractual lease obligations through maturity. Accordingly, we wrote-off the balances to equity as of January 1, 2019, as required by the ASC 842 transition guidance. During 2019, we completed the following for all of the properties in the Thrive portfolio. As of December 31, 2019, Thrive does not operate any properties in our portfolio: ā Transitioned two memory care communities located in Ohio and Kentucky with a total of 120 -units to an operator new to our portfolio during the second quarter of 2019. The memory care communities are under a 10-year lease term with initial cash rent of $1,250,000 in year one, $1,500,000 in year two, $1,975,000 in year three and $2,150,000 in year four. Rent may increase subject to a contingent escalation formula commencing in year five and annually thereafter. The lease provides the lessee with a purchase option available between 2028-2029; ā Transitioned a 56 -unit memory care community located in Texas to an existing operator and added the memory care community to an existing master lease during the second quarter of 2019. As a result of this transition, annual cash rent under the existing master lease was increased by $400,000 effective June 1, 2019 and will increase by an additional $300,000 on June 1, 2020 and 2.5% annually thereafter. Additionally, LTC will be entitled to incremental rent calculated as a percentage of increases in gross revenues generated by the property above an established threshold; ā Transitioned two memory care communities in Georgia and South Carolina with a total of 159 -units to an existing operator during the third quarter of 2019. The new 2-year lease agreement has an initial annual cash rent of $1,762,000 . Rent increases 3.5% in year two; and ā Transitioned the remaining 60 -unit memory care community located in Florida to an existing operator effective August 1, 2019. The new 10 -year lease provides the lessee twelve months free rent, rent of $450,000 in year two and $600,000 in year three and thereafter. In year two, the lessee has the option to defer rent in an amount not to exceed $150,000 . Rent may increase subject to a contingent escalation formula commencing in year three and annually thereafter. Additionally, the lease provides the lessee with a purchase option available between 2028 and 2029. See below for a table that summarizes information about purchase options included in our lease agreements. The following table summarizes components of our rental income for the years ended December 31, 2019, 2018 and 2017 ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā Rental Income ā ā 2019 ā ā 2018 ā ā 2017 ā Base cash rental income ā $ 134,117 (1) $ 127,477 ā $ 128,715 ā Variable cash rental income ā ā 16,462 (2) ā 470 (2) ā 457 (2) Straight-line rent ā ā 4,487 (3) ā 9,550 ā ā 10,694 ā Adjustment for collectibility of rental income ā ā (1,926) (4) ā ā ā ā ā ā Amortization of lease incentives ā ā (385) ā ā (2,092) ā ā (2,209) ā Total ā $ 152,755 ā $ 135,405 ā $ 137,657 ā (1) Increased due to acquisitions, developments and capital improvements partially offset due to reduced rent from sold properties and properties transitioned to other operators. ā (2) The year ended December 31, 2019 variable rental income includes $464 related to contingent rental income and $15,998 related to real estate taxes which were reimbursed by our operators. Per the provisions of ASC 842, any lessor cost, paid by the lessor and reimbursed by the lessee must be included as a variable lease payment. As discussed above, we adopted ASC 842 using a modified retrospective approach as of the adoption date of January 1, 2019. Accordingly, we are not required to report this revenue stream for periods prior to January 1, 2019. For the year ended December 31, 2018, and 2017, the variable income represents contingent rental income. ā (3) In accordance with ASC 842 lease accounting guidance, we evaluated the collectibility of lease payments through maturity and determined it was not probable that we would collect substantially all of the contractual obligations from Anthem, Thrive, Preferred Care and Senior Care leases through maturity. Decreased due to these leases being accounted for on cash-basis as of January 1, 2019. ā (4) During the first quarter of 2019, we terminated a lease agreement and transitioned two operating seniors housing communities under the lease agreement to a new operator. As a result of the lease termination, we wrote-off $1,926 straight-line rent receivable to contra-revenue in accordance with ASC 842. Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā ā ā ā ā ā ā ā ā ā ā of ā of ā ā Gross ā ā Carrying ā Option ā State ā Property ā Properties ā ā Investments ā ā Value ā Window ā California ā ALF/MC ā 2 ā $ 38,895 ā $ 36,542 ā 2024-2029 ā California ā ALF ā 2 ā ā 28,926 ā ā 16,056 ā 2021-TBD (1) Florida ā MC ā 1 ā ā 14,201 ā ā 12,757 ā 2028-2029 ā Kentucky and Ohio ā MC ā 2 ā ā 30,126 ā ā 27,859 ā 2028-2029 ā Texas ā MC ā 2 ā ā 25,265 ā ā 24,335 ā 2025-2027 ā South Carolina ā ALF/MC ā 1 ā ā 11,680 ā ā 10,794 ā 2028-2029 ā Total ā ā ā ā ā $ 149,093 ā $ 128,343 ā ā ā (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. ā Acquisitions. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā Number ā Number ā ā ā ā Purchase ā Transaction ā Acquisition ā of ā of Year (1) ā Type of Property ā Price ā Costs (2) ā Costs ā Properties ā Beds/Units 2019 ā Assisted Living (3) ā $ 35,719 ā $ 315 ā $ 36,034 ā 3 ā 230 ā ā Skilled Nursing (4) ā ā 19,500 ā ā 97 ā ā 19,597 1 ā 90 ā ā Land (5) ā ā 2,732 ā ā 51 ā ā 2,783 ā ā ā ā Total ā ā ā $ 57,951 ā $ 463 ā $ 58,414 ā 4 ā 320 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Assisted Living (6) (7) ā $ 39,600 ā $ 65 ā $ 39,665 ā 3 ā 177 ā ā Land (7) ā ā 695 ā ā 48 ā ā 743 ā ā ā ā Total ā ā ā $ 40,295 ā $ 113 ā $ 40,408 ā 3 ā 177 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā Assisted Living (8) ā $ 81,018 ā $ 569 ā $ 81,587 5 ā 400 ā ā Land (9) ā 800 ā 18 ā 818 ā ā Total ā ā ā $ 81,818 ā $ 587 ā $ 82,405 5 400 (1) Subsequent to December 31, 2019, we acquired a 140 -bed SNF located in Texas for approximately $13,500 million and entered into a 10 -year master lease agreement with an initial cash yield of 8.5% , escalating 2% annually starting in the second year of the lease, with two five-year renewal options. ā (2) Represents cost associated with our acquisitions; however, upon adoption of ASU 2017-01, our acquisitions meet the definition of an asset acquisition resulting in capitalization of transaction costs to the propertiesā basis. For our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Transaction costs per Consolidated Statements of Income and Comprehensive Income represent current and prior year transaction costs due to timing and terminated transactions. ā (3) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 74 -unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,976 in cash. Our economic interest in the real estate JV is approximately 95% . See Note 10. Equity for further discussion related to our partnerships and non-controlling interests. Additionally, we acquired an 80 -unit MC and a 76 -unit ALF/MC in Michigan for an aggregate purchase price of $19,000 . ā (4) We acquired a newly constructed 90 -bed SNF located in Missouri. ā (5) We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and committed to develop a 90 -bed SNF in Missouri. The commitment totals approximately $17,400 . ā (6) We acquired two MC in Texas. ā (7) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 89 -unit ILF for $14,400 and to own the real estate and develop a 78 -unit ALF/MC for $18,108 in Oregon (8) We acquired an ALF and a MC in California, a MC in Ohio and an ALF/MC in Missouri. Furthermore, we entered into a JV and acquired an ALF/MC community. ā (9) We entered into a JV for the acquisition of land and development of an ILF/ALF/MC community in Wisconsin. For further discussion related to the JV transactions discussed above and our partnerships and non-controlling interests, see Note 10. Equity. Developments and Improvements. (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 ā Type of Property ā Developments ā Improvements ā Developments ā Improvements ā Developments ā Improvements ā Assisted Living Communities ā $ 14,088 ā $ 2,544 ā $ 27,505 ā $ 2,292 ā $ 17,667 ā $ 1,152 ā Skilled Nursing Centers ā ā 6,436 ā ā ā ā ā 7,774 ā ā 500 ā ā 5,234 ā ā 1,356 ā Other ā ā ā ā ā 295 ā ā ā ā ā 457 ā ā ā ā ā 391 ā Total ā $ 20,524 ā $ 2,839 ā $ 35,279 ā $ 3,249 ā $ 22,901 ā $ 2,899 ā ā Completed Projects. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number ā Type ā Number ā ā ā ā ā ā ā ā ā of ā of ā of ā ā ā ā Total Year ā Type of Project ā Properties ā Property ā Beds/Units ā State ā Investment 2019 ā Development ā 1 ā SNF ā 143 ā Kentucky ā $ 24,974 ā ā Development ā 1 ā ILF/ALF/MC ā 110 ā Wisconsin ā ā 21,999 Total ā ā ā 2 ā ā ā 253 ā ā ā $ 46,973 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Development ā 1 ā MC ā 66 ā Illinois ā $ 14,998 Total ā ā ā 1 ā ā ā 66 ā ā ā $ 14,998 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā Development ā 1 ā MC ā 66 ā Illinois ā $ 13,498 Total ā ā ā 1 ā ā ā 66 ā ā ā $ 13,498 ā Properties held-for-sale . The following table summarizes our properties held-for-sale at years ended December 31, 2019 and 2018 (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā Number ā ā ā ā ā ā ā ā ā ā ā of ā of ā of ā ā Gross ā ā Accumulated ā At December 31, ā State ā Property ā Properties ā Beds/units ā ā Investment ā ā Depreciation ā 2019 ā Colorado ā SNF ā 3 ā 275 ā $ 8,045 ā $ 3,774 ā ā ā Iowa ā SNF ā 7 ā 544 ā ā 14,610 ā ā 9,723 ā ā ā Kansas ā SNF ā 3 ā 250 ā ā 14,111 ā ā 6,674 ā ā ā Texas ā SNF ā 7 ā 1,148 ā ā 25,203 ā ā 14,942 ā Total ā ā ā ā ā 20 ā 2,217 ā $ 61,969 ā $ 35,113 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Texas ā ILF ā 1 ā 140 ā $ 5,746 ā $ 1,916 ā Total ā ā ā ā ā 1 ā 140 ā $ 5,746 ā $ 1,916 ā ā ā Property Sales (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā Number ā ā ā ā ā ā ā ā Net ā ā ā ā ā of ā of ā of ā ā Sales ā ā Carrying ā ā Gain ā Year ā State ā Properties ā Properties ā Beds/Units ā ā Price ā ā Value ā ā (Loss) ā 2019 ā N/A ā N/A ā ā ā ā ā $ ā ā $ ā ā $ 500 (1) ā ā Arizona, Georgia and Texas ā SNF (2) 3 ā 478 ā ā 15,310 ā ā 8,995 ā ā 5,556 ā ā ā Texas ā ALF (3) 1 ā 140 ā ā 1 ā ā 3,830 ā ā (3,950) ā Total 2019 ā ā ā ā ā 4 ā 618 ā $ 15,311 ā $ 12,825 ā $ 2,106 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Alabama ā SNF ā 4 ā 454 ā $ 27,975 ā $ 5,695 ā $ 21,987 ā ā ā Kansas ā ALF (4) ā ā ā ā ā 350 ā ā 346 ā ā ā ā ā ā Ohio and Pennsylvania ā ALF ā 6 ā 320 ā ā 67,500 ā ā 16,352 ā ā 48,695 ā Total 2018 ā ā ā ā ā 10 ā 774 ā $ 95,825 ā $ 22,393 ā $ 70,682 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā Indiana, Iowa and Oregon ā ALF ā 5 ā 211 ā $ 15,650 ā $ 10,107 ā $ 4,985 ā ā ā Texas ā SNF (5) 1 ā 85 ā ā ā ā ā 1,170 ā ā (1,171) ā Total 2017 ā ā ā ā ā 6 ā 296 ā $ 15,650 ā $ 11,277 ā $ 3,814 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Gain recognized due to the receipt of funds held in escrow related to a portfolio of six ALFs sold during the second quarter of 2018. ā (2) We sold a property, previously operated by Preferred Care, located in Texas with a carrying value of $871 for $140 . Additionally, we sold a property, previously operated by Preferred Care, located in Arizona with a carrying value of $6,485 for $7,250 . This transaction includes a holdback of $1,091 which is held in an interest-bearing account with an escrow holder on behalf of the buyer for potential specific losses. Using the expected value model per ASC 606, we estimated and recorded the holdback value of $613 . Also, we sold a SNF located in Georgia with a carrying value of $1,639 for $7,920 . ā (3) We sold an ALF located in Texas with a carrying value of $3,830 . ā (4) We sold land adjacent to an existing ALF community in Kansas. ā (5) We donated a SNF located in Texas, with a carrying value of $1,170 to a nonprofit health care provider. Mortgage Loans. Item 1. BusinessāPortfolio The following table summarizes our mortgage loan activity for the years ended December 31, 2019, 2018 and 2017 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 Originations and funding under mortgage loans receivable ā $ 12,342 (1) $ 21,364 (2) $ 11,913 ā Pay-offs received ā ā ā ā ā (1,086) ā ā (16,665) ā Scheduled principal payments received ā ā (1,065) ā ā (1,050) ā ā (1,198) ā Mortgage loan premium amortization ā ā (4) ā ā (4) ā ā (4) ā (Provision for) recovery of loan loss reserve ā ā (113) ā ā (192) ā ā 60 ā Net increase (decrease) in mortgage loans receivable ā $ 11,160 ā $ 19,032 ā $ (5,894) ā (1) During 2019, we funded an additional $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41% fixed for two years and escalating by 2.25% thereafter. ā (2) During 2018, we funded an additional $7,400 under an existing mortgage loan for the purchase of a 112 -bed SNF in Michigan. The incremental funding bears interest at 8.7% , fixed for five years , and escalating by 2.25% thereafter. Also, we funded additional loan proceeds of $7,125 under an existing mortgage loan for the purchase of a 126 -bed SNF in Michigan. This incremental funding bears interest at 9.41% , fixed for five years , and escalating by 2.25% thereafter. ā At December 31, 2019 and 2018 the carrying values of the mortgage loans were $254,099,000 and $242,939,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ā ā ā ā ā ā Scheduled ā ā Principal 2020 ā $ 1,065 ā 2021 ā 1,175 ā 2022 ā 1,175 ā 2023 ā 1,175 ā 2024 ā 1,175 ā Thereafter ā 250,894 ā Total ā $ 256,659 ā ā The following table summarizes our early mortgage loan payoffs during the years 2019, 2018 and 2017 (dollar amounts in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Early ā Number ā ā ā ā ā ā Principal ā of ā ā ā ā ā ā Payoff ā Loans ā State ā 2019 ā $ ā ā ā ā N/A ā 2018 ā $ 1,086 ā 1 ā UT ā 2017 ā $ 10,795 ā 4 ā AZ/MO/TX ā ā ā |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investment in Unconsolidated Joint Ventures | |
Investment in Unconsolidated Joint Ventures | 6. Investment in Unconsolidated Joint Ventures The following table summarizes our investment in unconsolidated joint ventures (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Type ā Total ā ā Currently ā ā Number ā ā ā ā ā ā ā ā ā of ā of ā Preferred ā ā Paid in ā ā of ā ā Investment ā ā Carrying ā State ā Properties ā Investment ā Return ā ā Cash ā ā Beds/ Units ā ā Commitment ā ā Value ā Arizona ā ILF/ALF/MC ā Preferred Equity (1) 15 % ā 8 % (2) 585 ā $ ā ā $ 19,003 (3) Total ā ā ā ā ā ā ā ā ā ā ā 585 ā $ ā ā $ 19,003 ā (1) We have concluded that the JV is a VIE in accordance with GAAP. 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 the JV investment using the equity method. ā (2) Effective second quarter of 2019, this JV was placed on cash basis due to delinquency of our preferred return. ā (3) During the fourth quarter of 2019, we recorded an impairment loss of $5,500 to write our preferred equity investment down to its estimated sale price. See below for more detail. As previously discussed, in October 2019, the JV in which we hold our preferred equity investment signed a letter of intent for the sale of the four properties comprising the JV (the āPropertiesā). Concurrently, the JV was pursuing a refinancing alternative to take advantage of lower interest rates in todayās market. Based upon the information available to us regarding available alternatives and courses of action, we performed a recoverability test on the carrying value of our preferred equity investment and concluded the preferred equity was not impaired at September 30, 2019. In November 2019, the JV signed a contract to sell the Properties. Additionally, its refinancing efforts came to a halt. The contract was subject to standard due diligence and other contingencies to close, all of which were met in January 2020. Accordingly, based on the information available to us regarding alternatives and courses of action as of December 31, 2019, we performed a recoverability test on the carrying value of our preferred equity investment and concluded that a portion of our preferred equity investment will not be recoverable. Therefore, we recorded an impairment loss from investments in unconsolidated joint ventures of $5,500,000 and wrote our preferred equity investment down to its estimated fair value. ā The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2019, 2018 and 2017 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā ā ā ā ā of ā ā Capital ā ā Income ā ā Cash Interest ā Year ā Properties ā ā Contribution ā ā Recognized ā ā Received ā 2019 ā ILF/ALF/MC ā $ 472 ā $ 1,029 ā $ 1,580 ā ā ā ILF/ALF/MC (1) ā ā (1) ā 955 (1) ā 979 (1) ā ā ALF/MC (2) ā ā (2) ā 404 (2) ā 432 (2) Total ā ā ā $ 472 ā $ 2,388 ā $ 2,991 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā ILF/ALF/MC ā $ 670 ā $ 2,041 ā $ 1,975 ā ā ā ILF/ALF/MC (1) ā ā (1) ā 511 (1) ā 396 (1) ā ā ALF/MC (2) ā ā (2) ā 312 (2) ā ā (2) Total ā ā ā $ 670 ā $ 2,864 ā $ 2,371 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā ILF/ALF/MC ā $ 1,101 ā $ 1,560 ā $ 1,436 ā ā ā ILF/ALF/MC ā ā ā (1) ā 511 (1) ā 302 (1) ā ā UDP-ALF/MC ā ā 2,747 (2) ā 192 (2) ā ā (2) Total ā ā ā $ 3,848 ā $ 2,263 ā $ 1,738 ā (1) We had a $2,900 mezzanine loan commitment for a 99 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. Since interest payments were deferred and no interest was recorded for the first twelve months of the loan, we used the effective interest method in accordance with GAAP to recognize interest income and recorded the difference between the effective interest income and cash interest income to loan principal balance. During the third quarter of 2019, the mezzanine loan was paid off. ā (2) We had a $3,400 mezzanine loan commitment for the development of a 127 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. During the first quarter of 2019, the mezzanine loan was paid off. ā |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable. | |
Notes Receivable | 7. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2019 and 2018 ( in thousands ā ā ā ā ā ā ā ā At December 31, ā 2019 ā 2018 Mezzanine loans $ 13,284 ā $ 9,868 ā Other loans ā 4,824 ā ā 2,975 ā Notes receivable reserve ā (181) ā ā (128) ā Total $ 17,927 ā $ 12,715 ā ā The following table summarizes our notes receivable activity for the years ended December 31, 2019 through 2017 ( in thousands ā ā ā ā ā ā ā ā ā ā Year ended December 31, ā ā 2019 ā ā 2018 ā ā 2017 Advances under notes receivable $ 8,967 (1) $ 124 ā $ ā Principal payments received under notes receivable ā (3,503) ā ā (3,848) ā ā (25) Reclassified to lease incentives (2) ā (200) (2) ā ā ā ā ā Notes receivable reserve ā (52) ā ā 37 ā ā ā Total $ 5,212 ā $ (3,687) ā $ (25) (1) We originated a $6,800 mezzanine loan commitment for the development of a 204 -unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months . Additionally, we originated a $1,400 note agreement, funding $1,304 with a commitment to fund $96 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50 . The note bears interest at 7.5% . ā (2) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. |
Lease Incentives
Lease Incentives | 12 Months Ended |
Dec. 31, 2019 | |
Lease Incentives | |
Lease Incentives | 8. Lease Incentives The following table summarizes lease incentives by component as of December 31, 2019 and 2018 (in thousands): ā ā ā ā ā ā ā ā ā At December 31, ā ā ā 2019 ā ā 2018 Non-contingent lease incentives ā $ 2,552 ā $ 14,443 ā The following table summarizes our lease incentive activity for the years ended December 31, 2019, 2018 and 2017 (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 ā ā ā ā Funding ā ā Amortization ā ā Write-off ā ā Funding ā ā Amortization ā ā Write-off ā ā Funding ā ā Amortization ā ā Write-off ā Non-contingent lease incentives ā $ 387 ā $ (385) ā $ (11,893) (1) $ 1,272 ā $ (1,733) ā $ ā ā $ 6,544 ā $ (1,590) ā $ (1,205) (3) Contingent lease incentives ā ā ā ā ā ā ā ā ā ā ā ā ā ā (359) ā ā (6,219) (2) ā ā ā ā (619) ā ā (2,634) (4) Net increase (decrease) ā $ 387 ā $ (385) ā $ (11,893) ā $ 1,272 ā $ (2,092) ā $ (6,219) ā $ 6,544 ā $ (2,209) ā $ (3,839) ā (1) In accordance with ASC 842 lease standard adopted on January 1, 2019, we wrote-off $12,093 of lease incentives related to leases for which we determined it is not probable we will collect substantially all of the contractual lease obligation through maturity. See Note 2. Summary of Significant Accounting Policies for further discussion. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. ā (2) We entered into an amended master lease agreement with Senior Lifestyle Management, LLC (āSenior Lifestyleā). Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive. ā (3) Represents the write-off of lease incentives related to two MC communities due to negotiations to transition these properties to another operator in our portfolio that never materialized. ā (4) Represents the write-off of a lease incentive related to an ALF due to a change to the business model at the property that resulted in lower net operating income and the improbability of paying the earn-out. Non-contingent lease incentives represent payments made to our lessees for various reasons including entering into a new lease or lease amendments and extensions. Contingent lease incentives represent potential contingent earn-out payments that may be made to our lessees in the future, as part of our lease agreements. From time to time, we may commit to provide contingent payments to our lessees, upon our properties achieving certain rent coverage ratios. Once the contingent payment becomes probable and estimable, the contingent payment is recorded as a lease incentive. Lease incentives are amortized as a yield adjustment to rental income over the remaining life of the lease. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Debt Obligations | |
Debt Obligations | 9. Debt Obligations Bank Borrowings. 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. Senior Unsecured Notes shelf agreement with affiliates and managed accounts of PGIM, Inc. (āPrudentialā), with availability of $21,500,000 at December 31, 2019, which expired for new issuance on February 16, 2020. During the fourth quarter of 2019, we sold $100,000,000 aggregate principal amount of 3.85% senior unsecured notes maturing in 2031 to Prudential. The following table sets forth information regarding debt obligations by component as of December 31, 2019 and 2018 (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 ā At December 31, 2018 ā ā ā Applicable ā ā ā Available ā ā ā Available ā ā ā Interest ā Outstanding ā for ā Outstanding ā for ā Debt Obligations ā Rate (1) ā Balance ā Borrowing ā Balance ā Borrowing ā Bank borrowings (2) ā 3.14% ā $ 93,900 ā $ 506,100 ā $ 112,000 ā $ 488,000 ā Senior unsecured notes, net of debt issue costs ā 4.39% ā ā 599,488 ā ā 21,500 ā ā 533,029 ā ā 93,833 ā Total ā 4.22% ā $ 693,388 ā $ 527,600 ā $ 645,029 ā $ 581,833 ā (1) Represents weighted average of interest rate as of December 31, 2019. ā (2) Subsequent to December 31, 2019, we borrowed $18,000 under our unsecured revolving line of credit, accordingly we have $111,900 outstanding balance and $488,100 available for borrowing under our unsecured revolving line of credit. ā ā Our borrowings and repayments for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 Debt Obligations ā ā Borrowings ā ā Repayments ā Borrowings ā Repayments ā ā Borrowings ā ā Repayments Bank borrowings ā $ 107,900 ā $ (126,000) ā $ 116,200 ā $ (100,700) ā $ 113,000 ā $ (123,600) Senior unsecured notes ā ā 100,000 (1) ā (33,667) ā ā ā ā ā (38,166) ā ā 100,000 (2) ā (31,167) Total ā $ 207,900 ā $ (159,667) ā $ 116,200 ā $ (138,866) ā $ 213,000 ā $ (154,767) (1) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to Prudential. See above to further discussion. ā (2) During 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5% , have scheduled principal payments and mature on February 16, 2032. ā ā Scheduled Principal Payments. The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2019, and excludes the effects of interest and debt issue costs ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total 2020 2021 2022 2023 2024 Thereafter Bank borrowings ā $ 93,900 (1) $ ā ā $ ā ā $ 93,900 ā $ ā ā $ ā ā $ ā ā Senior unsecured notes ā 600,300 ā 40,160 ā 47,160 ā 48,160 ā 49,160 ā 49,160 ā 366,500 ā ā ā $ 694,200 ā $ 40,160 ā $ 47,160 ā $ 142,060 ā $ 49,160 ā $ 49,160 ā $ 366,500 ā (1) Subsequent to December 31, 2019, we borrowed $18,000 under our unsecured revolving line of credit, accordingly we have $111,900 outstanding balance and $488,100 available for borrowing. ā |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity | |
Equity | 10. Equity Common Stock. During 2016, we entered into separate equity distribution agreements (collectively, āOriginal Equity Distribution Agreementsā) to offer and sell, from time to time, up to During the year ended December 31, 2017, we sold 312,881 shares of common stock for $14,600,000 in net proceeds under the Original Equity Distribution Agreements. In conjunction with the sale of common stock, we paid $260,000 as compensation to our sales agents and we reclassified $49,000 of accumulated costs associated with this agreement to additional paid in capital. During the year ended December 31, 2018, we sold 22,244 shares of common stock for $1,005,000 in net proceeds under the Original Equity Distribution Agreements. In conjunction with the sale of common stock, we paid $18,000 as compensation to our sales agents and we reclassified $76,000 of accumulated costs associated with this agreement to additional paid in capital. Accordingly, at December 31, 2018, we had $184,139,000 available under the Original Equity Distribution Agreements. During 2019, the Original Equity Distribution Agreements expired, and we entered into new separate equity distribution agreements (collectively āEquity Distribution Agreementsā) to offer and sell, from time to time, up to $200,000,000 in aggregate offering price of shares of common shares. Sales of common shares will be made by means of ordinary brokersā transactions, which may include block trades or transactions that are deemed to be āat the marketā offerings. As of December 31, 2019, no shares were issued under the Equity Distribution Agreements. Accordingly, at December 31, 2019, we had $200,000,000 available under the Equity Distribution Agreements. During the years 2019, 2018 and 2017, we acquired 45,030 shares, 31,326 shares and 42,089 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2019, we acquired 34,016 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Non-controlling Interests. in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā ā ā Investment ā ā ā Property ā ā ā ā Consolidated ā ā Non-Controlling ā Year ā Purpose ā Type ā State ā ā Assets ā ā Interests ā 2019 ā Owned real estate ā ALF/MC ā VA ā $ 16,895 ā $ 919 ā 2018 ā Owned real estate ā ILF ā OR ā ā 14,400 (1) ā 2,857 (1) 2018 ā Owned real estate and development ā UDP ā OR ā ā 13,831 (1) ā 1,081 (1) 2017 ā Owned real estate and development ā ILF/ALF/MC ā WI ā ā 21,999 (2) ā 2,318 (2) 2017 ā Owned real estate ā ALF/MC ā SC ā ā 11,680 ā ā 1,308 ā Total ā ā ā ā ā ā ā $ 78,805 ā $ 8,483 ā (1) We entered into a JV to develop, purchase and own seniors housing properties. During the second quarter of 2018, the JV purchased land for the development of a 78 -unit ALF/MC for a total anticipated project cost of $18,108 . The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. During the third quarter of 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89 -unit ILF adjacent to the 78 -unit ALF/MC we are developing for $14,400 . The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88% . ā (2) We entered into a JV to own the real estate and develop a 110 -unit ILF/ALF/MC community in Wisconsin. This development project completed during the second quarter of 2019. Shelf Registration Statement. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time publicly raise capital under our automatic shelf registration statement 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. Our shelf registration statement expires on February 28, 2022. Distributions. We declared and paid the following cash dividends (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2019 ā 2018 ā 2017 ā ā ā Declared ā Paid ā Declared ā Paid ā Declared ā Paid ā Common Stock (1) ā $ 90,899 ā $ 90,899 ā $ 90,372 ā $ 90,372 ā $ 90,219 ā $ 90,219 ā ā (1) Represents $0.19 per share per month. In January 2020, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2020 Stock Based Compensation Plans. During 2015, we adopted, and our stockholders approved the 2015 Equity Participation Plan (the ā2015 Planā) . Restricted Stock and Performance-Based Stock Units. Restricted stock and performance-based stock units activity for the years ended ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 ā 2017 Outstanding, January 1 ā 325,750 ā 244,181 ā ā 210,573 ā Granted ā 147,608 ā 156,718 ā ā 143,057 ā Vested ā (127,725) (1) ā (75,149) ā ā (85,343) ā Cancelled ā ā ā ā ā ā (24,106) ā Outstanding, December 31 ā 345,633 ā 325,750 ā ā 244,181 ā ā ā ā ā ā ā ā ā ā ā ā Compensation expense related to restricted stock and performance-based stock units for the year ā $ 6,566,000 ā $ 5,870,000 ā $ 5,247,000 ā (1) Includes 48,225 performance-based stock units. During 2019, 2018 and 2017, we granted 147,608, 156,718 and 143,057 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows: ā ā ā ā ā ā ā ā ā ā ā No. of ā Price per ā ā ā Year ā Shares/Units ā Share ā Vesting Period ā 2019 ā 78,276 ā $ 46.54 ā ratably over 3 years ā ā ā 60,836 ā $ 46.54 ā TSR targets (1) ā ā ā 8,496 ā $ 44.73 ā May 29, 2020 ā ā ā 147,608 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā 81,819 ā $ 38.18 ā ratably over 3 years ā ā ā 66,171 ā $ 38.18 ā TSR targets (1) ā ā ā 8,728 ā $ 41.25 ā May 30, 2019 ā ā ā 156,718 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā 74,760 ā $ 45.76 ā ratably over 3 years ā ā ā 57,881 ā $ 45.76 ā TSR targets (1) ā ā ā 7,416 ā $ 48.55 ā June 1, 2018 ā ā ā 3,000 ā $ 50.50 ā ratably over 3 years ā ā ā 143,057 ā ā ā ā ā ā (1) Vesting is based on achieving certain total shareholder return (āTSRā) targets in 4 years with acceleration opportunity in 3 years . Subsequent to December 31, 2019, we granted 76,464 shares of restricted common stock at $48.95 per share which vest ratably from the grant date over a three-year period. At December 31, 2019, 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 ( dollar amount in thousands ā ā ā ā ā ā ā ā ā Number ā Remaining ā ā of ā Compensation Vesting Date ā Awards Expense 2020 ā 139,534 (1) $ 4,619 2021 ā 119,168 (2) ā 2,503 2022 ā 86,931 (3) ā 189 Total ā 345,633 ā $ 7,311 (1) Includes 55,057 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. ā (2) Includes 66,171 performance-based stock units. See (1) above for valuation methodology. ā (3) Includes 60,836 performance-based stock units. See (1) above for valuation methodology. Stock Options. During 2019, 2018 and 2017, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2019, 2018 and 2017, was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted Average ā ā Shares ā Price ā ā 2019 ā 2018 ā 2017 ā 2019 ā ā 2018 ā 2017 Outstanding, January 1 20,000 ā 25,000 33,334 $ 34.99 ā $ 32.92 $ 30.76 ā Granted ā ā ā ā ā ā N/A ā ā N/A ā ā N/A ā Exercised (5,000) ā (5,000) (8,334) ā $ 24.65 ā $ 24.65 ā $ 24.31 ā Canceled ā ā ā ā ā ā N/A ā ā N/A ā ā N/A ā Outstanding, December 31 15,000 ā 20,000 25,000 ā $ 38.43 ā $ 34.99 ā $ 32.92 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Exercisable, December 31 (1) 15,000 ā 20,000 25,000 ā $ 38.43 ā $ 34.99 ā $ 32.92 ā (1) The aggregate intrinsic value of exercisable options at December 31, 2019 , based upon the closing price of our common shares at December 31, 2019, the last trading day of 2019, was approximately $95,000 . Options exercisable at December 31, 2019, 2018 and 2017 have a weighted average remaining contractual life of approximately 3.2 years, 3.3 years, and 3.5 years, respectively. ā The options exercised during 2019, 2018 and 2017 were as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā ā ā ā ā ā ā ā Options ā Exercise ā Option ā Market ā ā Exercised ā Price ā Value ā Value (1) 2019 ā 5,000 ā $ 24.65 ā $ 123,000 ā $ 233,000 ā 2018 ā 5,000 ā $ 24.65 ā $ 123,000 ā $ 205,000 ā 2017 ā 8,334 ā $ 24.31 ā $ 202,000 ā $ 410,797 ā (1) As of the exercise dates. ā 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. Compensation expense related to the vesting of stock options for the years ended December 31, 2019, 2018 and 2017 was $0, $0 and $2,000, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies At December 31, 2019, we had commitments as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā ā ā ā ā Investment ā 2019 ā Commitment ā Remaining ā ā Commitment ā Funding ā Funded ā Commitment Real estate properties Note 5. Real Estate Investments ā $ 41,266 (1) $ 13,847 ā $ 18,361 ā $ 22,905 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ā ā 9,000 ā ā ā ā ā ā ā ā 9,000 Mortgage loans ( Note 5. Real Estate Investments ā ā 27,200 (2) ā 2,264 ā ā 5,944 ā ā 21,256 Notes receivable ( Note 7. Notes Receivable ā ā 2,250 ā ā 2,039 ā ā 2,063 ā ā 187 Total ā $ 79,716 ā $ 18,150 ā $ 26,368 ā $ 53,348 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ā (2) Represents $9,200 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. Also, some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. See Note 5. Real Estate Investments 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 principles 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, 2019 | |
Distributions | |
Distributions | 12. Distributions We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2019, 2018 and 2017 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2019 ā 2018 ā 2017 Ordinary taxable distribution $ 2.084 $ 0.349 $ 1.607 ā Return of capital ā ā ā ā ā 0.444 ā Unrecaptured Section 1250 gain ā 0.132 ā 0.636 ā 0.163 ā Long-term capital gain ā 0.064 ā 1.295 ā 0.066 ā Total ā $ 2.280 ā $ 2.280 ā $ 2.280 ā ā |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Net Income Per Common Share | |
Net Income Per Common Share | 13. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended December 31, ā ā 2019 ā 2018 ā 2017 ā Net income ā $ 80,872 $ 155,076 $ 87,340 ā Less income allocated to non-controlling interests ā (346) ā (95) ā ā ā Less income allocated to participating securities: ā ā ā ā ā ā ā ā ā ā Non-forfeitable dividends on participating securities ā (372) ā (357) ā (350) ā Income allocated to participating securities ā (19) ā (268) ā (12) ā Total net income allocated to participating securities ā (391) ā (625) ā (362) ā Net income available to common stockholders ā 80,135 ā 154,356 ā 86,978 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Participating securities ā ā ā ā ā 625 ā ā 362 ā Net income for diluted net income per share ā $ 80,135 ā $ 154,981 ā $ 87,340 ā ā ā ā ā ā ā ā ā ā ā ā Shares for basic net income per share ā 39,571 ā 39,477 ā 39,409 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Stock options ā 4 ā 3 ā 10 ā Performance-based stock units ā ā 184 ā ā 203 ā ā 67 ā Participating securities ā ā ā ā ā 156 ā ā 151 ā Total effect of dilutive securities ā 188 ā 362 ā 228 ā Shares for diluted net income per share ā 39,759 ā 39,839 ā 39,637 ā ā ā ā ā ā ā ā ā ā ā ā Basic net income per share ā $ 2.03 ā $ 3.91 ā $ 2.21 ā Diluted net income per share ā $ 2.02 ā $ 3.89 ā $ 2.20 ā ā |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information | |
Quarterly Financial Information | 14. Quarterly Financial Information ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the quarter ended ā ā March 31, ā June 30, ā September 30, ā December 31, ā ā (unaudited, in thousands except per share amounts) 2019 ā ā ā ā ā Revenues ā $ 45,456 ā $ 46,266 ā $ 47,119 ā $ 46,463 ā Net income available to common stockholders ā $ 20,254 ā $ 20,352 ā $ 27,080 ā $ 12,449 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 0.51 ā $ 0.51 ā $ 0.68 ā $ 0.31 ā Diluted ā $ 0.51 ā $ 0.51 ā $ 0.68 ā $ 0.31 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā Revenues ā $ 41,810 ā $ 41,472 ā $ 41,776 ā $ 43,587 ā Net income available to common stockholders ā $ 20,271 ā $ 68,658 ā $ 34,782 ā $ 30,645 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 0.51 ā $ 1.74 ā $ 0.88 ā $ 0.78 ā Diluted ā $ 0.51 ā $ 1.73 ā $ 0.88 ā $ 0.77 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā ā ā 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. ā |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements | |
Fair Value Measurements | 15. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2019 and 2018 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 ā At December 31, 2018 ā ā ā Carrying ā Fair ā Carrying ā Fair ā ā ā Value ā Value ā Value ā Value ā Mortgage loans receivable ā $ 254,099 ā $ 312,824 (1) $ 242,939 ā $ 295,492 (1) Bank borrowings ā 93,900 ā ā 93,900 (2) ā 112,000 ā ā 112,000 (2) Senior unsecured notes, net of debt issue costs ā 599,488 ā ā 612,375 (3) ā 533,029 ā ā 508,613 (3) (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, 2019 and 2018 was 9.0% . ā (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, 2019 and 2018 based upon prevailing market interest rates for similar debt arrangements. ā (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 managementās estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2019, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.70% for those maturing before year 2026 and 3.90% for those maturing at or beyond year 2026. At December 31, 2018, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.15% for those maturing before year 2026 and 5.40% for those maturing beyond year 2026. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events The following events occurred subsequent to the balance sheet date. Real Estate. Debt: We borrowed $18,000,000, under our unsecured revolving line of credit. Accordingly, we have $111,900,000 outstanding and $488,100,000 available for borrowing under our unsecured revolving line of credit. Equity: We declared a monthly cash dividend of February March 2 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LTC PROPERTIES, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Additions ā ā ā ā ā ā ā ā ā ā ā (Recovered) ā ā ā ā ā ā ā ā ā ā ā Balance at ā charged to ā Charged to ā ā ā ā ā ā ā ā beginning of ā costs and ā other ā ā ā ā Balance at end Account Description ā period ā expenses ā accounts (1) ā Deductions (2) ā of period Year ended December 31, 2017 ā ā ā ā ā ā Loan loss reserves ā $ 2,315 ā $ (60) ā $ ā ā $ ā ā $ 2,255 ā Other notes receivable allowance ā ā 166 ā ā ā ā ā ā ā ā ā ā ā 166 ā Straight-line rent receivable allowance ā 960 ā (146) ā ā ā ā ā 814 ā ā ā $ 3,441 ā $ (206) ā $ ā ā $ ā ā $ 3,235 ā Year ended December 31, 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan loss reserves ā $ 2,255 ā $ 192 ā $ ā ā $ ā ā $ 2,447 ā Other notes receivable allowance ā ā 166 ā ā (38) ā ā ā ā ā ā ā ā 128 ā Straight-line rent receivable allowance ā 814 ā (68) ā ā ā ā ā 746 ā ā ā $ 3,235 ā $ 86 ā $ ā ā $ ā ā $ 3,321 ā Year ended December 31, 2019 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan loss reserves ā $ 2,447 ā $ 113 ā $ ā ā $ ā ā $ 2,560 ā Other notes receivable allowance ā ā 128 ā ā 53 ā ā ā ā ā ā ā ā 181 ā Straight-line rent receivable allowance ā 746 ā ā ā (746) ā ā ā ā ā ā ā $ 3,321 ā $ 166 ā $ (746) ā $ ā ā $ 2,741 ā (1) In conjunction with adoption of ASC 842, we wrote-off our 1% general straight-line reserve. The write-off was charged to retained earnings. ā (2) Deductions represent uncollectible accounts written off. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2019 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā ā Encumbrances ā Land ā improvements ā acquisition ā Land ā improvements ā Total (1) ā deprec. ā renovation date ā date Skilled Nursing Properties: ā ā ā ā ā ā ā ā ā 134 Alamogordo, NM $ ā $ 210 $ 2,593 $ 641 $ 210 $ 3,234 $ 3,444 $ 1,504 1985 2001 ā 218 Albuquerque, NM ā ā ā 1,696 ā 3,891 ā 530 ā 1,696 ā 4,421 ā 6,117 ā 1,954 2008 2005 ā 219 Albuquerque, NM ā ā ā 1,950 ā 8,910 ā 207 ā 1,950 ā 9,117 ā 11,067 ā 3,881 1982 2005 ā 220 Albuquerque, NM ā ā ā 2,463 ā 7,647 ā 9 ā 2,463 ā 7,656 ā 10,119 ā 3,234 1970 2005 ā 042 Altoona, IA ā ā ā 105 ā 2,309 ā 444 ā 105 ā 2,753 ā 2,858 ā 1,987 1973 1996 ā 252 Amarillo, TX ā ā ā 844 ā ā ā 7,925 ā 844 ā 7,925 ā 8,769 ā 2,025 2013 2011 ā 247 Arlington, TX ā ā ā 1,016 ā 13,649 ā ā ā 1,016 ā 13,649 ā 14,665 ā 4,097 2007 2011 ā 221 Beaumont, TX ā ā ā 370 ā 1,141 ā 106 ā 370 ā 1,247 ā 1,617 ā 563 1950 2005 ā 213 Beeville, TX ā ā ā 186 ā 1,197 ā 70 ā 186 ā 1,267 ā 1,453 ā 518 1974 2004 ā 007 Bradenton, FL ā ā ā 330 ā 2,720 ā 160 ā 330 ā 2,880 ā 3,210 ā 2,189 2012 1993 ā 256 Brownwood, TX ā ā ā 164 ā 6,336 ā ā ā 164 ā 6,336 ā 6,500 ā 1,562 2011 2012 ā 043 Carroll, IA ā ā ā 47 ā 1,033 ā 213 ā 47 ā 1,246 ā 1,293 ā 898 1969 1996 ā 177 Chesapeake, VA ā ā ā 388 ā 3,469 ā 2,777 ā 388 ā 6,246 ā 6,634 ā 3,581 2017 1995 ā 257 Cincinnati, OH ā ā ā 1,890 ā 25,110 ā ā ā 1,890 ā 25,110 ā 27,000 ā 4,303 2009 2012 ā 125 Clovis, NM ā ā ā 561 ā 5,539 ā 307 ā 561 ā 5,846 ā 6,407 ā 2,730 2006 2001 ā 129 Clovis, NM ā ā ā 598 ā 5,902 ā 59 ā 598 ā 5,961 ā 6,559 ā 2,805 1995 2001 ā 268 Coldspring, KY ā ā ā ā ā 2,050 ā ā 21,496 ā ā ā ā ā 2,050 ā ā 21,496 ā ā 23,546 ā ā 4,928 ā 2014 ā 2012 ā 253 Colton, CA ā ā ā 2,474 ā 15,158 ā ā ā 2,474 ā 15,158 ā 17,632 ā 3,512 1990 2011 ā 211 Commerce City, CO ā ā ā 236 ā 3,217 ā 167 ā 236 ā 3,384 ā 3,620 ā 1,606 1964 2004 ā 212 Commerce City, CO ā ā ā 161 ā 2,160 ā 95 ā 161 ā 2,255 ā 2,416 ā 1,051 1967 2004 ā 246 Crowley, TX ā ā ā 2,247 ā 14,276 ā ā ā 2,247 ā 14,276 ā 16,523 ā 4,196 2007 2011 ā 235 Daleville, VA ā ā ā 279 ā 8,382 ā ā ā 279 ā 8,382 ā 8,661 ā 2,611 2005 2010 ā 258 Dayton, OH ā ā ā 373 ā 26,627 ā ā ā 373 ā 26,627 ā 27,000 ā 4,598 2010 2012 ā 168 Des Moines, IA ā ā ā ā ā 115 ā ā 2,096 ā ā 1,433 ā ā 115 ā ā 3,529 ā ā 3,644 ā ā 2,194 ā 1972 ā 1999 ā 196 Dresden, TN ā ā ā 31 ā 1,529 ā 1,073 ā 31 ā 2,602 ā 2,633 ā 1,192 2014 2000 ā 298 Forth Worth, TX ā ā ā ā ā 2,785 ā ā 7,546 ā ā ā ā ā 2,785 ā ā 7,546 ā ā 10,331 ā ā 1,776 ā 1998 ā 2015 ā 026 Gardendale, AL ā ā ā ā ā 100 ā ā 7,550 ā ā 2,084 ā ā 100 ā ā 9,634 ā ā 9,734 ā ā 6,166 ā 2011 ā 1996 ā 185 Gardner, KS ā ā ā 896 ā 4,478 ā 4,150 ā 896 ā 8,628 ā 9,524 ā 3,987 2011 1999 ā 248 Granbury, TX ā ā ā 836 ā 6,693 ā ā ā 836 ā 6,693 ā 7,529 ā 2,631 2008 2011 ā 044 Granger, IA ā ā ā 62 ā 1,356 ā 221 ā 62 ā 1,577 ā 1,639 ā 1,113 1979 1996 ā 205 Grapevine, TX ā ā ā 431 ā 1,449 ā 188 ā 431 ā 1,637 ā 2,068 ā 938 1974 2002 ā 250 Hewitt, TX ā ā ā 1,780 ā 8,220 ā 99 ā 1,780 ā 8,319 ā 10,099 ā 2,057 2008 2011 ā 194 Holyoke, CO ā ā ā ā ā 211 ā ā 1,513 ā ā 283 ā ā 211 ā ā 1,796 ā ā 2,007 ā ā 1,118 ā 1963 ā 2000 ā 051 Houston, TX ā ā ā 365 ā 3,769 ā 1,598 ā 365 ā 5,367 ā 5,732 ā 3,613 1968 1996 ā 054 Houston, TX ā ā ā 202 ā 4,458 ā 1,426 ā 202 ā 5,884 ā 6,086 ā 4,119 2007 1996 ā 055 Houston, TX ā ā ā 202 ā 4,458 ā 1,359 ā 202 ā 5,817 ā 6,019 ā 4,004 2008 1996 ā 045 Jefferson, IA ā ā ā 86 ā 1,883 ā 296 ā 86 ā 2,179 ā 2,265 ā 1,522 1972 1996 ā 318 Kansas City, MO ā ā ā ā ā 1,229 ā ā 18,368 ā ā ā ā ā 1,229 ā ā 18,368 ā ā 19,597 ā ā 213 ā 2018 ā 2019 ā 008 Lecanto, FL ā ā ā 351 ā 2,665 ā 2,737 ā 351 ā 5,402 ā 5,753 ā 3,873 2012 1993 ā 300 Mansfield, TX ā ā ā ā ā 2,890 ā ā 13,110 ā ā ā ā ā 2,890 ā ā 13,110 ā ā 16,000 ā ā 1,912 ā 2015 ā 2016 ā 053 Mesa, AZ ā ā ā 305 ā 6,909 ā 1,876 ā 305 ā 8,785 ā 9,090 ā 5,876 1996 1996 ā 242 Mission, TX ā ā ā 1,111 ā 16,602 ā ā ā 1,111 ā 16,602 ā 17,713 ā 4,441 2004 2010 ā 115 Nacogdoches, TX ā ā ā 100 ā 1,738 ā 168 ā 100 ā 1,906 ā 2,006 ā 1,203 1973 1997 ā 233 Nacogdoches, TX ā ā ā 394 ā 7,456 ā 268 ā 394 ā 7,724 ā 8,118 ā 2,270 1991 2010 ā 249 Nacogdoches, TX ā ā ā 1,015 ā 11,109 ā ā ā 1,015 ā 11,109 ā 12,124 ā 3,729 2007 2011 ā 245 Newberry, SC ā ā ā ā ā 439 ā ā 4,639 ā ā 608 ā ā 439 ā ā 5,247 ā ā 5,686 ā ā 1,902 ā 1995 ā 2011 ā 244 Newberry, SC ā ā ā ā ā 919 ā ā 5,454 ā ā 131 ā ā 919 ā ā 5,585 ā ā 6,504 ā ā 1,796 ā 2001 ā 2011 ā 046 Norwalk, IA ā ā ā 47 ā 1,033 ā 239 ā 47 ā 1,272 ā 1,319 ā 925 1975 1996 ā 176 Olathe, KS ā ā ā 520 ā 1,872 ā 313 ā 520 ā 2,185 ā 2,705 ā 1,443 1968 1999 ā 251 Pasadena, TX ā ā ā 1,155 ā 14,345 ā 522 ā 1,155 ā 14,867 ā 16,022 ā 3,461 2005 2011 ā 210 Phoenix, AZ ā ā ā 334 ā 3,383 ā 456 ā 334 ā 3,839 ā 4,173 ā 1,923 1982 2004 ā 193 Phoenix, AZ ā ā ā 300 ā 9,703 ā 92 ā 300 ā 9,795 ā 10,095 ā 5,853 1985 2000 ā 047 Polk City, IA ā ā ā 63 ā 1,376 ā 153 ā 63 ā 1,529 ā 1,592 ā 1,085 1976 1996 ā 094 Portland, OR ā ā ā 100 ā 1,925 ā 3,152 ā 100 ā 5,077 ā 5,177 ā 3,414 2007 1997 ā 254 Red Oak, TX ā ā ā 1,427 ā 17,173 ā ā ā 1,427 ā 17,173 ā 18,600 ā 3,995 2002 2012 ā 124 Richland Hills, TX ā ā ā 144 ā 1,656 ā 427 ā 144 ā 2,083 ā 2,227 ā 1,189 1976 2001 ā 197 Ripley, TN ā ā ā 20 ā 985 ā 1,638 ā 20 ā 2,623 ā 2,643 ā 1,224 2014 2000 ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2019 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā ā ā Encumbrances Land ā improvements ā acquisition ā Land ā improvements ā Total (1) ā deprec. renovation date date 133 Roswell, NM $ ā $ 568 $ 5,235 $ 1,396 $ 568 $ 6,631 $ 7,199 $ 2,981 ā 1975 ā 2001 ā 081 Sacramento, CA ā ā ā ā 220 ā ā 2,929 ā ā 1,481 ā ā 220 ā ā 4,410 ā ā 4,630 ā ā 2,510 ā 2015 ā 1997 ā 085 Salina, KS ā ā ā ā ā 100 ā ā 1,153 ā ā 628 ā ā 100 ā ā 1,781 ā ā 1,881 ā ā 1,244 ā 1985 ā 1997 ā 281 Slinger, WI ā ā ā ā ā 464 ā ā 13,482 ā ā ā ā ā 464 ā ā 13,482 ā ā 13,946 ā ā 2,572 ā 2014 ā 2015 ā 234 St. Petersburg, FL ā ā ā ā 1,070 ā ā 7,930 ā ā 500 ā ā 1,070 ā ā 8,430 ā ā 9,500 ā ā 2,286 ā 1988 ā 2010 ā 243 Stephenville, TX ā ā ā ā ā 670 ā ā 10,117 ā ā 500 ā ā 670 ā ā 10,617 ā ā 11,287 ā ā 2,923 ā 2009 ā 2010 ā 225 Tacoma, WA ā ā ā ā 723 ā ā 6,401 ā ā 901 ā ā 723 ā ā 7,302 ā ā 8,025 ā ā 3,294 ā 2009 ā 2006 ā 178 Tappahannock, VA ā ā ā ā ā 375 ā ā 1,327 ā ā 397 ā ā 375 ā ā 1,724 ā ā 2,099 ā ā 1,507 ā 1978 ā 1995 ā 270 Trinity, FL ā ā ā ā 1,653 ā ā 12,748 ā ā ā ā ā 1,653 ā ā 12,748 ā ā 14,401 ā ā 2,544 ā 2008 ā 2013 ā 192 Tucson, AZ ā ā ā ā 276 ā ā 8,924 ā ā 112 ā ā 276 ā ā 9,036 ā ā 9,312 ā ā 5,394 ā 1992 ā 2000 ā 305 Union, KY ā ā ā ā ā 858 ā ā 24,116 ā ā ā ā ā 858 ā ā 24,116 ā ā 24,974 ā ā 743 ā 2019 ā 2016 ā 299 Weatherford, TX ā ā ā ā ā 836 ā ā 11,902 ā ā ā ā ā 836 ā ā 11,902 ā ā 12,738 ā ā 2,285 ā 1996 ā 2015 ā 236 Wytheville, VA ā ā ā ā ā 647 ā ā 12,167 ā ā ā ā ā 647 ā ā 12,167 ā ā 12,814 ā ā 4,618 ā 1996 ā 2010 ā Skilled Nursing Properties ā $ ā $ 50,063 ā $ 499,692 ā $ 46,615 ā $ 50,063 ā $ 546,307 ā $ 596,370 ā $ 183,391 ā ā ā ā ā Assisted Living Properties: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 317 Abington, VA ā ā ā ā ā 541 ā ā 16,355 ā ā ā ā ā 541 ā ā 16,355 ā ā 16,896 ā ā 390 ā 2015 ā 2019 ā 077 Ada, OK ā ā ā ā 100 ā ā 1,650 ā ā ā ā ā 100 ā ā 1,650 ā ā 1,750 ā ā 966 ā 1996 ā 1996 ā 105 Arvada, CO ā ā ā ā 100 ā ā 2,810 ā ā 6,960 ā ā 100 ā ā 9,770 ā ā 9,870 ā ā 3,262 ā 2014 ā 1997 ā 304 Athens, GA ā ā ā ā ā 1,056 ā ā 13,326 ā ā ā ā ā 1,056 ā ā 13,326 ā ā 14,382 ā ā 1,314 ā 2016 ā 2016 ā 063 Athens, TX ā ā ā ā 96 ā ā 1,510 ā ā 104 ā ā 96 ā ā 1,614 ā ā 1,710 ā ā 982 ā 1995 ā 1996 ā 320 Auburn Hills, MI ā ā ā ā ā 1,964 ā ā 4,569 ā ā ā ā ā 1,964 ā ā 4,569 ā ā 6,533 ā ā ā ā 1995 ā 2019 ā 269 Aurora, CO ā ā ā ā 850 ā ā 8,583 ā ā ā ā ā 850 ā ā 8,583 ā ā 9,433 ā ā 1,917 ā 2014 ā 2013 ā 260 Aurora, CO ā ā ā ā 831 ā ā 10,071 ā ā ā ā ā 831 ā ā 10,071 ā ā 10,902 ā ā 2,122 ā 1999 ā 2012 ā 203 Bakersfield, CA ā ā ā ā 834 ā ā 11,986 ā ā 1,039 ā ā 834 ā ā 13,025 ā ā 13,859 ā ā 6,428 ā 2002 ā 2001 ā 117 Beatrice, NE ā ā ā ā 100 ā ā 2,173 ā ā 231 ā ā 100 ā ā 2,404 ā ā 2,504 ā ā 1,287 ā 1997 ā 1997 ā 277 Burr Ridge, IL ā ā ā ā ā 1,400 ā ā 11,102 ā ā ā ā ā 1,400 ā ā 11,102 ā ā 12,502 ā ā 1,668 ā 2016 ā 2014 ā 278 Castle Rock, CO ā ā ā ā ā 759 ā ā 9,041 ā ā ā ā ā 759 ā ā 9,041 ā ā 9,800 ā ā 1,032 ā 2012 ā 2014 ā 311 Cedarburg, WI ā ā ā ā ā 924 ā ā 21,075 ā ā ā ā ā 924 ā ā 21,075 ā ā 21,999 ā ā 629 ā 2019 ā 2017 ā 160 Central, SC ā ā ā ā 100 ā ā 2,321 ā ā ā ā ā 100 ā ā 2,321 ā ā 2,421 ā ā 1,101 ā 1998 ā 1999 ā 263 Chatham, NJ ā ā ā ā 5,365 ā ā 36,399 ā ā ā ā ā 5,365 ā ā 36,399 ā ā 41,764 ā ā 7,347 ā 2002 ā 2012 ā 307 Clovis, CA ā ā ā ā ā 2,542 ā ā 19,126 ā ā ā ā ā 2,542 ā ā 19,126 ā ā 21,668 ā ā 1,374 ā 2014 ā 2017 ā 308 Clovis, CA ā ā ā ā ā 3,054 ā ā 14,172 ā ā ā ā ā 3,054 ā ā 14,172 ā ā 17,226 ā ā 979 ā 2016 ā 2017 ā 279 Corpus Christi, TX ā ā ā ā ā 880 ā ā 11,440 ā ā 147 ā ā 880 ā ā 11,587 ā ā 12,467 ā ā 1,619 ā 2016 ā 2015 ā 292 De Forest, WI ā ā ā ā ā 485 ā ā 5,568 ā ā 43 ā ā 485 ā ā 5,611 ā ā 6,096 ā ā 744 ā 2006 ā 2015 ā 057 Dodge City, KS ā ā ā ā 84 ā ā 1,666 ā ā 4 ā ā 84 ā ā 1,670 ā ā 1,754 ā ā 1,034 ā 1995 ā 1995 ā 083 Durant, OK ā ā ā ā 100 ā ā 1,769 ā ā ā ā ā 100 ā ā 1,769 ā ā 1,869 ā ā 1,020 ā 1997 ā 1997 ā 107 Edmond, OK ā ā ā ā 100 ā ā 1,365 ā ā 526 ā ā 100 ā ā 1,891 ā ā 1,991 ā ā 1,071 ā 1996 ā 1997 ā 163 Ft. Collins, CO ā ā ā ā 100 ā ā 2,961 ā ā 3,405 ā ā 100 ā ā 6,366 ā ā 6,466 ā ā 2,510 ā 2014 ā 1999 ā 170 Ft. Collins, CO ā ā ā ā 100 ā ā 3,400 ā ā 4,622 ā ā 100 ā ā 8,022 ā ā 8,122 ā ā 2,797 ā 2014 ā 1999 ā 132 Ft. Meyers, FL ā ā ā ā 100 ā ā 2,728 ā ā 9 ā ā 100 ā ā 2,737 ā ā 2,837 ā ā 1,507 ā 1998 ā 1998 ā 315 Ft. Worth, TX ā ā ā ā ā 1,534 ā ā 11,099 ā ā ā ā ā 1,534 ā ā 11,099 ā ā 12,633 ā ā 474 ā 2014 ā 2018 ā 100 Fremont ,OH ā ā ā ā 100 ā ā 2,435 ā ā 115 ā ā 100 ā ā 2,550 ā ā 2,650 ā ā 1,442 ā 1997 ā 1997 ā 267 Frisco, TX ā ā ā ā 1,000 ā ā 5,154 ā ā ā ā ā 1,000 ā ā 5,154 ā ā 6,154 ā ā 1,189 ā 2014 ā 2012 ā 314 Frisco, TX ā ā ā ā ā 2,216 ā ā 10,417 ā ā ā ā ā 2,216 ā ā 10,417 ā ā 12,633 ā ā 456 ā 2015 ā 2018 ā 296 Glenview, IL ā ā ā ā ā 2,800 ā ā 14,248 ā ā ā ā ā 2,800 ā ā 14,248 ā ā 17,048 ā ā 1,120 ā 2017 ā 2015 ā 167 Goldsboro, NC ā ā ā ā 100 ā ā 2,385 ā ā 1 ā ā 100 ā ā 2,386 ā ā 2,486 ā ā 1,055 ā 1998 ā 1999 ā 056 Great Bend, KS ā ā ā ā 80 ā ā 1,570 ā ā 21 ā ā 80 ā ā 1,591 ā ā 1,671 ā ā 1,097 ā 1995 ā 1995 ā 102 Greeley, CO ā ā ā ā 100 ā ā 2,310 ā ā 270 ā ā 100 ā ā 2,580 ā ā 2,680 ā ā 1,459 ā 1997 ā 1997 ā 284 Green Bay, WI ā ā ā ā ā 1,660 ā ā 19,079 ā ā 402 ā ā 1,660 ā ā 19,481 ā ā 21,141 ā ā 2,617 ā 2004 ā 2015 ā 164 Greenville, NC ā ā ā ā 100 ā ā 2,478 ā ā 2 ā ā 100 ā ā 2,480 ā ā 2,580 ā ā 1,231 ā 1998 ā 1999 ā 062 Greenville, TX ā ā ā ā 42 ā ā 1,565 ā ā 84 ā ā 42 ā ā 1,649 ā ā 1,691 ā ā 996 ā 1995 ā 1996 ā 161 Greenwood, SC ā ā ā ā 100 ā ā 2,638 ā ā ā ā ā 100 ā ā 2,638 ā ā 2,738 ā ā 1,339 ā 1998 ā 1999 ā 241 Gulf Breeze, FL ā ā ā ā 720 ā ā 3,780 ā ā 261 ā ā 720 ā ā 4,041 ā ā 4,761 ā ā 1,223 ā 2000 ā 2010 ā 295 Jacksonville, FL ā ā ā ā ā 1,389 ā ā 12,756 ā ā 56 ā ā 1,389 ā ā 12,812 ā ā 14,201 ā ā 1,444 ā 2015 ā 2015 ā 066 Jacksonville, TX ā ā ā ā 100 ā ā 1,900 ā ā 77 ā ā 100 ā ā 1,977 ā ā 2,077 ā ā 1,195 ā 1996 ā 1996 ā 310 Kansas City, MO ā ā ā ā ā 1,072 ā ā 15,552 ā ā ā ā ā 1,072 ā ā 15,552 ā ā 16,624 ā ā 839 ā 2017 ā 2017 ā 285 Kenosha, WI ā ā ā ā ā 936 ā ā 12,361 ā ā 240 ā ā 936 ā ā 12,601 ā ā 13,537 ā ā 1,515 ā 2008 ā 2015 ā 255 Littleton, CO ā ā ā ā ā 1,882 ā ā 8,248 ā ā ā ā ā 1,882 ā ā 8,248 ā ā 10,130 ā ā 1,718 ā 2013 ā 2012 ā 268 Littleton, CO ā ā ā ā ā 1,200 ā ā 8,688 ā ā ā ā ā 1,200 ā ā 8,688 ā ā 9,888 ā ā 2,007 ā 2014 ā 2013 ā 148 Longmont, CO ā ā ā ā ā 100 ā ā 2,640 ā ā ā ā ā 100 ā ā 2,640 ā ā 2,740 ā ā 1,443 ā 1998 ā 1998 ā 060 Longview, TX ā ā ā ā ā 38 ā ā 1,568 ā ā 127 ā ā 38 ā ā 1,695 ā ā 1,733 ā ā 1,034 ā 1995 ā 1995 ā 261 Louisville, CO ā ā ā ā ā 911 ā ā 11,703 ā ā ā ā ā 911 ā ā 11,703 ā ā 12,614 ā ā 2,414 ā 2000 ā 2012 ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2019 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā Encumbrances Land ā improvements acquisition Land improvements Total (1) deprec. renovation date date 301 Louisville, KY ā $ ā ā $ 1,021 ā $ 13,157 ā $ 17 ā $ 1,021 ā $ 13,174 ā $ 14,195 ā $ 1,288 ā 2016 ā 2016 ā 114 Loveland, CO ā ā ā ā ā 100 ā ā 2,865 ā ā 270 ā ā 100 ā ā 3,135 ā ā 3,235 ā ā 1,758 ā 1997 ā 1997 ā 068 Lufkin, TX ā ā ā ā ā 100 ā ā 1,950 ā ā 94 ā ā 100 ā ā 2,044 ā ā 2,144 ā ā 1,229 ā 1996 ā 1996 ā 061 Marshall, TX ā ā ā ā ā 38 ā ā 1,568 ā ā 534 ā ā 38 ā ā 2,102 ā ā 2,140 ā ā 1,298 ā 1995 ā 1995 ā 293 McHenry, IL ā ā ā ā ā 1,289 ā ā 28,976 ā ā 243 ā ā 1,289 ā ā 29,219 ā ā 30,508 ā ā 3,777 ā 2005 ā 2015 ā 058 McPherson, KS ā ā ā ā ā 79 ā ā 1,571 ā ā 4 ā ā 79 ā ā 1,575 ā ā 1,654 ā ā 1,086 ā 1994 ā 1995 ā 316 Medford, OR ā ā ā ā ā 750 ā ā 13,650 ā ā ā ā ā 750 ā ā 13,650 ā ā 14,400 ā ā 575 ā 1984 ā 2018 ā 239 Merritt Island, FL ā ā ā ā ā 550 ā ā 8,150 ā ā 100 ā ā 550 ā ā 8,250 ā ā 8,800 ā ā 2,347 ā 2004 ā 2010 ā 104 Millville, NJ ā ā ā ā ā 100 ā ā 2,825 ā ā 749 ā ā 100 ā ā 3,574 ā ā 3,674 ā ā 1,754 ā 1997 ā 1997 ā 286 Milwaukee, WI ā ā ā ā ā 818 ā ā 8,014 ā ā 61 ā ā 818 ā ā 8,075 ā ā 8,893 ā ā 1,084 ā 2007 ā 2015 ā 231 Monroeville, PA ā ā ā ā ā 526 ā ā 5,334 ā ā 435 ā ā 526 ā ā 5,769 ā ā 6,295 ā 1,866 1997 ā 2009 ā 280 Murrells Inlet, SC ā ā ā ā ā 2,490 ā ā 14,185 ā ā ā ā ā 2,490 ā ā 14,185 ā ā 16,675 ā ā 1,762 ā 2016 ā 2015 ā 294 Murrieta, CA ā ā ā ā ā 2,022 ā ā 11,136 ā ā ā ā ā 2,022 ā ā 11,136 ā ā 13,158 ā ā 1,432 ā 2016 ā 2015 ā 289 Neenah, WI ā ā ā ā ā 694 ā ā 20,839 ā ā 244 ā ā 694 ā ā 21,083 ā ā 21,777 ā ā 2,606 ā 1991 ā 2015 ā 166 New Bern, NC ā ā ā ā ā 100 ā ā 2,427 ā ā 1 ā ā 100 ā ā 2,428 ā ā 2,528 ā 1,095 1998 ā 1999 ā 118 Newark, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 284 ā ā 100 ā ā 2,719 ā ā 2,819 ā 1,436 1997 ā 1997 ā 143 Niceville, FL ā ā ā ā ā 100 ā ā 2,680 ā ā ā ā ā 100 ā ā 2,680 ā ā 2,780 ā 1,465 1998 ā 1998 ā 095 Norfolk, NE ā ā ā ā ā 100 ā ā 2,123 ā ā 301 ā ā 100 ā ā 2,424 ā ā 2,524 ā 1,277 1997 ā 1997 ā 306 Oak Lawn, IL ā ā ā ā ā 1,591 ā ā 13,772 ā ā ā ā ā 1,591 ā ā 13,772 ā ā 15,363 ā ā 792 ā 2018 ā 2016 ā 290 Oshkosh, WI ā ā ā ā ā 1,525 ā ā 9,192 ā ā 184 ā ā 1,525 ā ā 9,376 ā ā 10,901 ā ā 2,526 ā 2009 ā 2015 ā 291 Oshkosh, WI ā ā ā ā ā 475 ā ā 7,364 ā ā 44 ā ā 475 ā ā 7,408 ā ā 7,883 ā ā 982 ā 2005 ā 2015 ā 302 Overland Park, KS ā ā ā ā ā 1,951 ā ā 11,882 ā ā 281 ā ā 1,951 ā ā 12,163 ā ā 14,114 ā ā 1,344 ā 2013 ā 2016 ā 232 Pittsburgh, PA ā ā ā ā ā 470 ā ā 2,615 ā ā 333 ā ā 470 ā ā 2,948 ā ā 3,418 ā 1,046 1994 ā 2009 ā 165 Rocky Mount, NC ā ā ā ā ā 100 ā ā 2,494 ā ā 1 ā ā 100 ā ā 2,495 ā ā 2,595 ā 1,157 1998 ā 1999 ā 059 Salina, KS ā ā ā ā ā 79 ā ā 1,571 ā ā 4 ā ā 79 ā ā 1,575 ā ā 1,654 ā 1,086 1994 ā 1995 ā 084 San Antonio, TX ā ā ā ā ā 100 ā ā 1,900 ā ā ā ā ā 100 ā ā 1,900 ā ā 2,000 ā 1,094 1997 ā 1997 ā 092 San Antonio, TX ā ā ā ā ā 100 ā ā 2,055 ā ā ā ā ā 100 ā ā 2,055 ā ā 2,155 ā 1,178 1997 ā 1997 ā 288 Sheboygan, WI ā ā ā ā ā 1,168 ā ā 5,382 ā ā 184 ā ā 1,168 ā ā 5,566 ā ā 6,734 ā ā 854 ā 2006 ā 2015 ā 149 Shelby, NC ā ā ā ā ā 100 ā ā 2,805 ā ā 2 ā ā 100 ā ā 2,807 ā ā 2,907 ā 1,533 1998 ā 1998 ā 312 Spartanburg, SC ā ā ā ā ā 254 ā ā 9,906 ā ā 1,520 ā ā 254 ā ā 11,426 ā ā 11,680 ā ā 886 ā 1999 ā 2017 ā 150 Spring Hill, FL ā ā ā ā ā 100 ā ā 2,650 ā ā ā ā ā 100 ā ā 2,650 ā ā 2,750 ā 1,449 1998 ā 1998 ā 103 Springfield, OH ā ā ā ā ā 100 ā ā 2,035 ā ā 270 ā ā 100 ā ā 2,305 ā ā 2,405 ā 1,300 1997 ā 1997 ā 321 Sterling Heights, MI ā ā ā ā ā 1,133 ā ā 11,473 ā ā ā ā ā 1,133 ā ā 11,473 ā ā 12,606 ā ā ā ā 1997 ā 2019 ā 162 Sumter, SC ā ā ā ā ā 100 ā ā 2,351 ā ā ā ā ā 100 ā ā 2,351 ā ā 2,451 ā 1,143 1998 ā 1999 ā 140 Tallahassee, FL ā ā ā ā ā 100 ā ā 3,075 ā ā ā ā ā 100 ā ā 3,075 ā ā 3,175 ā 1,684 1998 ā 1998 ā 098 Tiffin, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 279 ā ā 100 ā ā 2,714 ā ā 2,814 ā 1,424 1997 ā 1997 ā 282 Tinley Park, IL ā ā ā ā ā 702 ā ā 11,481 ā ā ā ā ā 702 ā ā 11,481 ā ā 12,183 ā ā 1,509 ā 2016 ā 2015 ā 088 Troy, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 605 ā ā 100 ā ā 3,040 ā ā 3,140 ā 1,641 1997 ā 1997 ā 080 Tulsa, OK ā ā ā ā ā 200 ā ā 1,650 ā ā ā ā ā 200 ā ā 1,650 ā ā 1,850 ā 959 1997 ā 1997 ā 093 Tulsa, OK ā ā ā ā ā 100 ā ā 2,395 ā ā ā ā ā 100 ā ā 2,395 ā ā 2,495 ā 1,370 1997 ā 1997 ā 238 Tupelo, MS ā ā ā ā ā 1,170 ā ā 8,230 ā ā 30 ā ā 1,170 ā ā 8,260 ā ā 9,430 ā 2,437 2000 ā 2010 ā 075 Tyler, TX ā ā ā ā ā 100 ā ā 1,800 ā ā ā ā ā 100 ā ā 1,800 ā ā 1,900 ā 1,052 1996 ā 1996 ā 202 Vacaville, CA ā ā ā ā ā 1,662 ā ā 11,634 ā ā 1,770 ā ā 1,662 ā ā 13,404 ā ā 15,066 ā 6,442 2002 ā 2001 ā 091 Waco, TX ā ā ā ā ā 100 ā ā 2,235 ā ā ā ā ā 100 ā ā 2,235 ā ā 2,335 ā 1,280 1997 ā 1997 ā 096 Wahoo, NE ā ā ā ā ā 100 ā ā 2,318 ā ā 161 ā ā 100 ā ā 2,479 ā ā 2,579 ā 1,378 1997 ā 1997 ā 108 Watauga, TX ā ā ā ā ā 100 ā ā 1,668 ā ā ā ā ā 100 ā ā 1,668 ā ā 1,768 ā 949 1996 ā 1997 ā 287 Waukesha, WI ā ā ā ā ā 992 ā ā 15,183 ā ā 210 ā ā 992 ā ā 15,393 ā ā 16,385 ā ā 1,884 ā 2009 ā 2015 ā 109 Weatherford, OK ā ā ā ā ā 100 ā ā 1,669 ā ā 592 ā ā 100 ā ā 2,261 ā ā 2,361 ā 1,278 1996 ā 1997 ā 309 West Chester, OH ā ā ā ā ā 2,355 ā ā 13,553 ā ā 22 ā ā 2,355 ā ā 13,575 ā ā 15,930 ā ā 978 ā 2017 ā 2017 ā 276 Westminster, CO ā ā ā ā ā 1,425 ā ā 9,575 ā ā ā ā ā 1,425 ā ā 9,575 ā ā 11,000 ā ā 1,867 ā 2015 ā 2013 ā 110 Wheelersburg, OH ā ā ā ā ā 29 ā ā 2,435 ā ā 250 ā ā 29 ā ā 2,685 ā ā 2,714 ā 1,437 1997 ā 1997 ā 303 Wichita, KS ā ā ā ā ā 1,422 ā ā 9,957 ā ā 285 ā ā 1,422 ā ā 10,242 ā ā 11,664 ā ā 1,159 ā 2011 ā 2016 ā 259 Wichita, KS ā ā ā ā ā 730 ā ā ā ā ā 9,682 ā ā 730 ā ā 9,682 ā ā 10,412 ā 2,270 2013 ā 2012 ā 283 Wichita, KS ā ā ā ā ā 624 ā ā 13,846 ā ā ā ā ā 624 ā ā 13,846 ā ā 14,470 ā ā 1,245 ā 2016 ā 2015 ā 076 Wichita Falls, TX ā ā ā ā ā 100 ā ā 1,850 ā ā ā ā ā 100 ā ā 1,850 ā ā 1,950 ā 1,081 1996 ā 1996 ā 120 Wichita Falls, TX ā ā ā ā ā 100 ā ā 2,750 ā ā 131 ā ā 100 ā ā 2,881 ā ā 2,981 ā 1,607 1997 ā 1997 ā 265 Williamstown, NJ ā ā ā ā ā 711 ā ā 6,637 ā ā ā ā ā 711 ā ā 6,637 ā ā 7,348 ā 1,502 2000 ā 2012 ā 264 Williamstown, NJ ā ā ā ā ā 711 ā ā 8,649 ā ā ā ā ā 711 ā ā 8,649 ā ā 9,360 ā 1,769 2000 ā 2012 ā 099 York, NE ā ā ā ā ā 100 ā ā 2,318 ā ā 78 ā ā 100 ā ā 2,396 ā ā 2,496 ā 1,359 1997 ā 1997 ā Assisted Living Properties ā $ ā ā $ 75,001 ā $ 744,850 ā $ 39,001 ā $ 75,001 ā $ 783,851 ā $ 858,852 ā $ 163,473 ā ā ā ā ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2019 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Properties: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 297 Las Vegas, NV ā ā ā ā ā 1,965 ā ā 7,308 ā ā 1,144 ā ā 1,965 ā ā 8,452 ā ā 10,417 ā ā 891 ā 1990/1994 ā 2015 ā Properties ā ā ā ā ā 1,965 ā 7,308 ā ā 1,144 ā ā 1,965 ā 8,452 ā 10,417 ā ā 891 ā ā ā ā ā Land ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 271 Howell, MI ā ā ā ā ā 420 ā ā ā ā ā ā ā 420 ā ā ā 420 ā ā ā ā N/A ā 2013 ā 272 Milford, MI ā ā ā ā ā 450 ā ā ā ā ā ā ā 450 ā ā ā 450 ā ā ā ā N/A ā 2014 ā 275 Yale, MI ā ā ā ā ā 73 ā ā ā ā ā ā ā 73 ā ā ā 73 ā ā ā ā N/A ā 2013 ā Land ā ā ā ā ā 943 ā ā ā ā ā ā ā 943 ā ā ā 943 ā ā ā ā ā ā ā ā Other Properties ā ā ā ā ā 2,908 ā 7,308 ā ā 1,144 ā ā 2,908 ā 8,452 ā 11,360 ā ā 891 ā ā ā ā ā Properties Under Development: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 319 Independence, MO ā ā ā ā ā 2,644 ā ā 1,514 ā ā ā ā ā 2,644 ā ā 1,514 ā ā 4,158 ā ā ā ā N/A ā 2019 ā 313 Medford, OR ā ā ā ā ā 636 ā ā 13,195 ā ā ā ā ā 636 ā ā 13,195 ā ā 13,831 ā ā ā ā N/A ā 2018 ā Properties Under Development ā ā ā ā ā 3,280 ā 14,709 ā ā ā ā ā 3,280 ā 14,709 ā 17,989 ā ā ā ā ā ā ā ā ā ā $ ā ā $ 131,252 ā $ 1,266,559 ā $ 86,760 ā $ 131,252 ā $ 1,353,319 ā $ 1,484,571 (2) $ 347,755 ā ā ā ā ā (1) Depreciation is computed principally by the straight-line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles . ā (2) As of December 31, 2019 , our aggregate cost for Federal income tax purposes was $1,501 . ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2019, 2018 and 2017 is as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā For the Year Ended December 31, ā ā 2019 ā 2018 ā 2017 Reconciliation of real estate: ā ā ā ā Carrying cost: ā ā ā ā ā ā ā ā ā ā Balance at beginning of period ā $ 1,421,456 ā $ 1,392,122 ā $ 1,301,563 ā Acquisitions ā 58,414 ā 40,408 ā 82,405 ā Improvements ā 23,363 ā 38,528 ā 25,800 ā Capitalized interest ā 608 ā 1,248 ā 908 ā Cost of real estate sold ā (19,270) ā (50,850) ā (18,554) ā Ending balance ā $ 1,484,571 ā $ 1,421,456 ā $ 1,392,122 ā Accumulated depreciation: ā ā ā ā ā ā ā ā ā ā Balance at beginning of period ā $ 314,875 ā $ 306,033 ā $ 275,861 ā Depreciation expense ā 39,094 ā 37,416 ā 37,492 ā Cost of real estate sold ā (6,214) ā (28,574) ā (7,320) ā Ending balance ā $ 347,755 ā $ 314,875 ā $ 306,033 ā ā |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | LTC PROPERTIES, INC. SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amount of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Loans ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā ā ā ā Amount of ā Subject to ā ā (Unaudited) ā ā ā ā ā ā ā ā Monthly ā Face ā Mortgages ā Delinquent ā ā Number of ā ā ā Final ā Balloon ā Debt ā Amount of ā December 31, ā Principal or State ā Properties ā Units/Beds (3) ā Interest Rate (1) ā Maturity Date ā Amount (2) ā Service ā Mortgages ā 2018 ā Interest MI ā 15 ā 2,029 ā 9.92% ā 2043 ā $ 161,966 ā $ 1,535 ā $ 188,966 ā $ 184,265 ā $ ā ā MI 4 501 ā 9.24% ā 2045 ā 32,286 ā 278 ā 36,116 ā 35,715 ā ā ā MI 1 157 ā 9.41% ā 2045 ā 14,325 ā 117 ā 15,000 ā 14,801 ā ā ā MI ā 2 ā 205 ā 9.41% ā 2045 ā ā 19,513 ā ā 154 ā ā 19,513 ā ā 19,318 ā ā ā ā ā 22 (4) 2,892 ā ā ā ā ā $ 228,090 ā $ 2,084 ā $ 259,595 ā $ 254,099 ā $ ā ā (1) Represents current stated interest rate. Generally, the loans have a 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. ā (2) Balloon payment is due upon maturity. ā (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. ā (4) Includes 4 first-lien mortgage loans as follows: ā ā ā ā ā ā Number of Loans Original loan amounts 0 ā ā $ 500 - $2,000 ā 0 ā ā $2,001 - $3,000 ā 0 ā ā $3,001 - $4,000 ā 0 ā ā $4,001 - $5,000 ā 0 ā ā $5,001 - $6,000 ā 0 ā ā $6,001 - $7,000 ā 4 ā ā $7,001 + ā ā Mortgage loans receivable activity for the years ended December 31, 2019, 2018 and 2017 is as follows: ā ā ā ā ā ā ā ā Balanceā December 31, 2016 $ 229,801 New mortgage loans ā ā Other additions ā 11,913 Land conveyance ā ā ā Amortization of mortgage premium ā (4) Collections of principal ā (17,863) Foreclosures ā ā Loan loss reserve ā 60 Other deductions ā ā Balanceā December 31, 2017 ā 223,907 New mortgage loans ā 14,525 Other additions ā 6,839 Land conveyance ā ā ā Amortization of mortgage premium ā (4) Collections of principal ā (2,136) Foreclosures ā ā Loan loss reserve ā (192) Other deductions ā ā Balanceā December 31, 2018 ā 242,939 New mortgage loans ā 7,500 Other additions ā 4,842 Land conveyance ā ā ā Amortization of mortgage premium ā (4) Collections of principal ā (1,065) Foreclosures ā ā Loan loss reserve ā (113) Other deductions ā ā Balanceā December 31, 2019 ā $ 254,099 ā |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Consolidation of entities is based on determination of the primary beneficiary. In order to be considered the primary beneficiary, the member should be able to exercise power over and receive benefits from the entity. Power over the company is based on the provisions of the operating agreement that provides us with a controlling financial interest in the entity. Under the terms of the operating agreement, we, as the general member, are responsible for the management of the companyās assets, business and affairs. Our rights and duties in management of the company include making all operating decisions, setting the capital budget, executing all contracts, making all employment decisions, and handling the purchase and disposition of assets, among others. We, as the general member, are responsible for the ongoing, major, and central operations of the company and make all management decisions. In addition, we, as the general member, assume the risk for all operating losses, capital losses, and are entitled to substantially all capital gains (appreciation) and accordingly, receive substantial benefits from the company. The Financial Accounting Standards Board (āFASBā) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members can exercise power over a limited liability company, and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non-managing members have certain specific rights as described in the guidance. The limited members have virtually no rights and are precluded from taking part in the operation, management or control of the company. The limited members are also precluded from transferring their interests without the expressed permission of the general member. However, general partners could transfer their interest without consultation or permission of the limited members. We consolidated the companies in accordance with the guidance. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firmās audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. |
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. |
Restricted Cash | Restricted Cash. Restricted Cash During the third quarter of 2017, a 170-bed skilled nursing center in our portfolio (the āPropertyā), located in Texas, was evacuated due to damages caused by Hurricane Harvey. The Property was under a triple net master lease agreement. We periodically evaluate properties 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. Based upon a quarterly assessment of the Property using the recoverability test, we concluded the Property was not impaired. The provisions of our triple net lease agreements impose certain obligations on our operators including: ā Acquire property insurance, subject to certain criteria; ā Continue paying rent in the event of any property damage or destruction; and ā Return the leased property back to us at the end of the lease term, in the same condition originally received. During the second quarter of 2018, our operator provided us with insurance proceeds of $2,619,000 for remediation of the Property as noted in the provisions of our master lease agreement. Accordingly, we classified the insurance proceeds as Restricted cash Gain from Property insurance proceeds Consolidated Statements of Income and Comprehensive Income |
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 tenantās 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 an asset acquisition or a business combination. 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(āASU 2017-01ā), Business Combinations (Topic 805): Clarifying Definition of a Business In February 2017, the FASB issued ASU No. 2017-05 (āASU 2017-05ā), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. 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 5 35 10 10 |
Consolidation | Consolidation. (āVIEā), 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: ā A legal structure has been established to conduct business activities and to hold assets. ā 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 meet the above criteria and doesnāt qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. 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: ā The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ā The obligation to absorb the entity's expected losses; ā 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 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. |
Mortgage Loans Receivable, Net of Loan Loss Reserve | 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 | Mezzanine Loans. 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 12-14% with the loan term typically between four |
Investment in unconsolidated joint ventures | Investment in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to ASC 805, Consolidation We periodically perform evaluation of our investment in unconsolidated JVs 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, we write the investment down to its estimated fair value as of the measurement date. We have a preferred equity investment in a JV that own four properties in Arizona. Based on the information available to us regarding alternatives and courses of action as of December 31, 2019, we performed a recoverability test on the carrying amount of our preferred equity investment and determined that a portion of our preferred equity investment is not recoverable. Therefore, we recorded an impairment loss from investment in unconsolidated joint ventures of $5,500,000 and wrote our preferred equity investment down to its estimated fair value. See Note 6. Investment in Unconsolidated Joint Ventures In March 2016, FASB issued ASU No. 2016-07 (āASU 2016-07ā), Investments ā Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. certainty of payment, payment history and other relevant factors. The allowance for doubtful accounts is maintained at a level believed adequate to absorb potential losses in our receivables. In 2016, the FASB issued ASU No. 2016-13 (āASU 2016-13ā) , Measurement of Credit Losses on Financial Instruments |
Accrued incentives and earn-outs | Accrued incentives and earn-outs. |
Impairments | Impairments. Assets that are classified as held-for-use and mortgage loans 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. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes managementās probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. When indicators are identified for mortgage loans, management calculates an impairment charge 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. 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. Based on our assessment, during the years ended December 31, 2019, 2018 and 2017, we recognized impairment charges of $0, $0 and $1,880,000 respectively, related to our real property investments. 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 entityās own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements |
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 yearās 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 permit recognition of contingent revenue until all possible contingencies have been resolved. Historically, we have not included contingent rents as income until received and will we continue our historical policy. During the years ended December 31, 2019, 2018 and 2017, we received $464,000, $470,000 and $457,000, respectively, of contingent rental income. 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. 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. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. 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. |
Leases | Leases: In February 2016, the FASB issued ASU No. 2016-02 (āASU 2016-02ā), Leases Topic 842, Leases ASC 842 requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance of operating leases. ASC 842 requires the lessors to identify lease and non-lease components of a lease agreement. Revenue related to non-lease components under lease agreements are subject to the revenue recognition standard, upon adoption of this standard. Also, the new standard narrows definition of initial direct costs. Accordingly, upon adoption of the new standard, certain costs (primarily legal costs related to lease negotiations) are expensed rather than capitalized. Further, per ASC 842, lessors are required to assess the probability of collecting substantially all of the lease payments. The standard defines collectibility as lesseeās ability and intent to pay. If collectibility of substantially all of the lease payments through maturity is not probable, the lease income recorded during the period would be limited to lesser of the income that would have been recognized if collection were probable, and the lease payments received. If the assessment of collectibility changes, any difference between the lease income that would have been recognized and the lease payments should be recognized as an adjustment to lease income. At adoption, lessors are required to perform a lease-by-lease analysis for collectibility of all lease payments through maturity. If at adoption, it is not probable that substantially all of the lease obligations through maturity will be collected, a cumulative adjustment to equity should be made to reflect all of the lease obligations which are not probable to be collected. Additionally, ASC 842 provides lessors with the option to elect a practical expedient allowing them to not separate lease and non-lease components and instead, to account for those components as a single lease component. This practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease-based or service-based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease-based would be accounted for under ASC 842 and predominantly service-based would be accounted for under the ASC 606). This practical expedient option is available as a single election that must be consistently applied to all existing leases at the date of adoption. Also, ASC 842 provides a practical expedient that allows companies to use an optional transition method. Under the optional transition method, a cumulative adjustment to equity during the period of adoption is recorded and prior periods would not require restatement. Consequently, entities that elect both the practical expedient and the optional transitional method will apply the new lease ASC prospectively to leases commencing or modified after January 1, 2019 and will not be required to apply the disclosures under the new lease standard to comparative periods. ASC 842 has subsequently been amended by other ASUs to clarify and improve the standard as well as to provide certain practical expedients. In December 2018, the FASB issued ASU 2018-20 (āASU 2018-20ā), Narrow-Scope Improvements for Lessors, Leases (Topic 842), Codification Improvements On January 1, 2019, we adopted ASC 842 Upon adoption of the standard, we elected the practical expedients provided for in ASC 842, including: ā No reassessment of whether any expired or existing contracts were or contained leases; ā No reassessment of the lease classification for any expired or existing leases; ā No reassessment of initial direct costs for any existing leases; and ā No separation of lease and non-lease components. As a lessee, we have an office lease agreement with a 5-year remaining term which was classified as an operating lease under ASC 840. Due to election of the package of practical expedients, upon adoption of ASC 842 this lease agreement will continue to be classified as operating lease. For the year ended December 31, 2019, we recorded $299,000 of rent expense related to this lease agreement. Adoption of ASC 842 resulted in recording a right-of use asset and a lease liability which represents the present value of the remaining minimum lease payments using our incremental borrowing rate. At December 31, 2019, the balance of the right-of use asset lease liability lease agreement were $1,287,000. As a lessor, our properties are leased subject to non-cancelable operating leases. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Upon adoption of ASC 842, we recorded real estate taxes that are reimbursed by our operators as Rental Income Property tax expense Consolidated Statements of Income and Comprehensive Income Rental Income Furthermore, upon adoption of ASC 842, we assessed the probability of collecting substantially all of our lease payments through maturity. As previously reported, we have been monitoring Anthem Memory Care (āAnthemā), Thrive Senior Living, LLC (āThriveā), Preferred Care, Inc. (āPreferred Careā) and Senior Care Centers, LLC (āSenior Careā) due to cash flow concerns, performance concerns and/or bankruptcy filing. In conjunction with adoption of ASC 842, we evaluated our straight-line rent receivable and lease incentive balances related to the noted operators and determined that we do not have the level of collectibility certainty required by the standard to record the straight-line rent receivable. Accordingly, we wrote-off the straight-line rent receivable and lease incentive balances associated with these leases. Also, we wrote-off our 1% general straight-line rent receivable reserve. These balances totaled $42,808,000 and were written-off to equity effective January 1, 2019 as required by ASC 842. Subsequently, if collectibility of substantially all of the lease payments through maturity is not probable, all or a portion of the straight-line rent receivable and other lease receivables may be written off, and the rental income recorded during the period would be limited to lesser of the income that would have been recognized if collection were probable, and the lease payments received. Our assessment of collectibility of leases includes evaluating the data and assumptions used in determining whether substantially all of the future lease payments were probable based on the lesseeās payment history, the financial strength of the lessees, future contractual rents, and the timing of expected payments. During the year ended December 31, 2019, we received cash rent from Anthem, Thrive, Preferred Care and Senior Care. The total amount of rental income received from these operators was $33,238,000 and is included in Rental Income Consolidated Statements of Income and Comprehensive Income |
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, 2019, the tax basis of our net depreciable assets exceeds our book basis by approximately $25,436,000 (unaudited), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP, and to differences previously mentioned above. 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. 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 managementās periodic review of our portfolio. See Note 3. Major Operators |
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. Under ASU No. 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 |
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 the Consolidated 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 seniors 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 2016-18 | |
Summary of Significant Accounting Policies | |
New Accounting Pronouncement | In November 2016, the FASB issued ASU No 2016-18 (āASU 2016-18ā), Restricted Cash |
ASU 2017-01 | |
Summary of Significant Accounting Policies | |
New Accounting Pronouncement | In January 2017, the FASB issued ASU No. 2017-01(āASU 2017-01ā), Business Combinations (Topic 805): Clarifying Definition of a Business |
ASU 2017-05 | |
Summary of Significant Accounting Policies | |
New Accounting Pronouncement | In February 2017, the FASB issued ASU No. 2017-05 (āASU 2017-05ā), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. |
ASU 2016-07 | |
Summary of Significant Accounting Policies | |
New Accounting Pronouncement | In March 2016, FASB issued ASU No. 2016-07 (āASU 2016-07ā), Investments ā Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. |
ASU 2014-09 | |
Summary of Significant Accounting Policies | |
New Accounting Pronouncement | In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (āASU 2014-09ā), Revenue from Contracts with Customers: Topic 606 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 states that āan entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.ā In doing so, companies may need to use more judgment and make more estimates. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. Additionally, the FASB has issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. Topic 606, Contracts with Customers |
Major Operators (Tables)
Major Operators (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major Operators | |
Schedule of concentration of risk by major operators | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā Percentage of ā ā ā ā ā ā ā SNF ā ALF ā Total ā ā Total ā ā Operator ā SNF ā ALF ā Beds ā Units ā Revenue (1) ā ā Assets ā ā Prestige Healthcare ā 24 ā ā ā 3,010 ā 93 ā 17.1 % ā 17.4 % ā Senior Lifestyle Corporation ā ā ā 23 ā ā ā 1,457 ā 10.8 % ā 10.2 % ā Total ā 24 ā 23 ā 3,010 ā 1,550 ā 27.9 % ā 27.6 % ā (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2019 and excludes rental income due to lessee reimbursement of our real estate taxes and adjustment for collectibility of rental income. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2019 2018 2017 ā ā (in thousands) Non-cash investing and financing transactions: ā ā ā ā ā ā ā Reclassification of notes receivable to lease incentives ( Note 7 ā $ 200 ā $ ā ā $ ā ā Restricted stock issued, net of cancellations ( Note 10 ā ā ā 1 ā 1 ā |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments | |
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 ā ā ā ā ā ā Cash ā ā Rent (1) 2020 ā $ 135,173 ā 2021 ā 126,914 ā 2022 ā 128,196 ā 2023 ā 129,846 ā 2024 ā 126,320 ā Thereafter ā 625,158 ā (1) Represents contractual annual cash rent, except for two master leases which are based on agreed upon cash rents. See below for more information. Includes rental income due to lessee reimbursement of our real estate taxes and subsequent acquisitions and excludes properties held-for-sale at December 31, 2019. |
Summary of components of our rental income | The following table summarizes components of our rental income for the years ended December 31, 2019, 2018 and 2017 ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā Rental Income ā ā 2019 ā ā 2018 ā ā 2017 ā Base cash rental income ā $ 134,117 (1) $ 127,477 ā $ 128,715 ā Variable cash rental income ā ā 16,462 (2) ā 470 (2) ā 457 (2) Straight-line rent ā ā 4,487 (3) ā 9,550 ā ā 10,694 ā Adjustment for collectibility of rental income ā ā (1,926) (4) ā ā ā ā ā ā Amortization of lease incentives ā ā (385) ā ā (2,092) ā ā (2,209) ā Total ā $ 152,755 ā $ 135,405 ā $ 137,657 ā (1) Increased due to acquisitions, developments and capital improvements partially offset due to reduced rent from sold properties and properties transitioned to other operators. ā (2) The year ended December 31, 2019 variable rental income includes $464 related to contingent rental income and $15,998 related to real estate taxes which were reimbursed by our operators. Per the provisions of ASC 842, any lessor cost, paid by the lessor and reimbursed by the lessee must be included as a variable lease payment. As discussed above, we adopted ASC 842 using a modified retrospective approach as of the adoption date of January 1, 2019. Accordingly, we are not required to report this revenue stream for periods prior to January 1, 2019. For the year ended December 31, 2018, and 2017, the variable income represents contingent rental income. ā (3) In accordance with ASC 842 lease accounting guidance, we evaluated the collectibility of lease payments through maturity and determined it was not probable that we would collect substantially all of the contractual obligations from Anthem, Thrive, Preferred Care and Senior Care leases through maturity. Decreased due to these leases being accounted for on cash-basis as of January 1, 2019. ā (4) During the first quarter of 2019, we terminated a lease agreement and transitioned two operating seniors housing communities under the lease agreement to a new operator. As a result of the lease termination, we wrote-off $1,926 straight-line rent receivable to contra-revenue in accordance with ASC 842. |
Summary of information about purchase options included in our lease agreements | Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā ā ā ā ā ā ā ā ā ā ā of ā of ā ā Gross ā ā Carrying ā Option ā State ā Property ā Properties ā ā Investments ā ā Value ā Window ā California ā ALF/MC ā 2 ā $ 38,895 ā $ 36,542 ā 2024-2029 ā California ā ALF ā 2 ā ā 28,926 ā ā 16,056 ā 2021-TBD (1) Florida ā MC ā 1 ā ā 14,201 ā ā 12,757 ā 2028-2029 ā Kentucky and Ohio ā MC ā 2 ā ā 30,126 ā ā 27,859 ā 2028-2029 ā Texas ā MC ā 2 ā ā 25,265 ā ā 24,335 ā 2025-2027 ā South Carolina ā ALF/MC ā 1 ā ā 11,680 ā ā 10,794 ā 2028-2029 ā Total ā ā ā ā ā $ 149,093 ā $ 128,343 ā ā ā (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. |
Summary of investments acquired | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā Number ā Number ā ā ā ā Purchase ā Transaction ā Acquisition ā of ā of Year (1) ā Type of Property ā Price ā Costs (2) ā Costs ā Properties ā Beds/Units 2019 ā Assisted Living (3) ā $ 35,719 ā $ 315 ā $ 36,034 ā 3 ā 230 ā ā Skilled Nursing (4) ā ā 19,500 ā ā 97 ā ā 19,597 1 ā 90 ā ā Land (5) ā ā 2,732 ā ā 51 ā ā 2,783 ā ā ā ā Total ā ā ā $ 57,951 ā $ 463 ā $ 58,414 ā 4 ā 320 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Assisted Living (6) (7) ā $ 39,600 ā $ 65 ā $ 39,665 ā 3 ā 177 ā ā Land (7) ā ā 695 ā ā 48 ā ā 743 ā ā ā ā Total ā ā ā $ 40,295 ā $ 113 ā $ 40,408 ā 3 ā 177 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā Assisted Living (8) ā $ 81,018 ā $ 569 ā $ 81,587 5 ā 400 ā ā Land (9) ā 800 ā 18 ā 818 ā ā Total ā ā ā $ 81,818 ā $ 587 ā $ 82,405 5 400 (1) Subsequent to December 31, 2019, we acquired a 140 -bed SNF located in Texas for approximately $13,500 million and entered into a 10 -year master lease agreement with an initial cash yield of 8.5% , escalating 2% annually starting in the second year of the lease, with two five-year renewal options. ā (2) Represents cost associated with our acquisitions; however, upon adoption of ASU 2017-01, our acquisitions meet the definition of an asset acquisition resulting in capitalization of transaction costs to the propertiesā basis. For our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Transaction costs per Consolidated Statements of Income and Comprehensive Income represent current and prior year transaction costs due to timing and terminated transactions. ā (3) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 74 -unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,976 in cash. Our economic interest in the real estate JV is approximately 95% . See Note 10. Equity for further discussion related to our partnerships and non-controlling interests. Additionally, we acquired an 80 -unit MC and a 76 -unit ALF/MC in Michigan for an aggregate purchase price of $19,000 . ā (4) We acquired a newly constructed 90 -bed SNF located in Missouri. ā (5) We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and committed to develop a 90 -bed SNF in Missouri. The commitment totals approximately $17,400 . ā (6) We acquired two MC in Texas. ā (7) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 89 -unit ILF for $14,400 and to own the real estate and develop a 78 -unit ALF/MC for $18,108 in Oregon (8) We acquired an ALF and a MC in California, a MC in Ohio and an ALF/MC in Missouri. Furthermore, we entered into a JV and acquired an ALF/MC community. ā (9) We entered into a JV for the acquisition of land and development of an ILF/ALF/MC community in Wisconsin. |
Schedule of investment in development and improvement projects | Developments and Improvements. (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 ā Type of Property ā Developments ā Improvements ā Developments ā Improvements ā Developments ā Improvements ā Assisted Living Communities ā $ 14,088 ā $ 2,544 ā $ 27,505 ā $ 2,292 ā $ 17,667 ā $ 1,152 ā Skilled Nursing Centers ā ā 6,436 ā ā ā ā ā 7,774 ā ā 500 ā ā 5,234 ā ā 1,356 ā Other ā ā ā ā ā 295 ā ā ā ā ā 457 ā ā ā ā ā 391 ā Total ā $ 20,524 ā $ 2,839 ā $ 35,279 ā $ 3,249 ā $ 22,901 ā $ 2,899 ā |
Schedule of completed projects | Completed Projects. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number ā Type ā Number ā ā ā ā ā ā ā ā ā of ā of ā of ā ā ā ā Total Year ā Type of Project ā Properties ā Property ā Beds/Units ā State ā Investment 2019 ā Development ā 1 ā SNF ā 143 ā Kentucky ā $ 24,974 ā ā Development ā 1 ā ILF/ALF/MC ā 110 ā Wisconsin ā ā 21,999 Total ā ā ā 2 ā ā ā 253 ā ā ā $ 46,973 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Development ā 1 ā MC ā 66 ā Illinois ā $ 14,998 Total ā ā ā 1 ā ā ā 66 ā ā ā $ 14,998 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā Development ā 1 ā MC ā 66 ā Illinois ā $ 13,498 Total ā ā ā 1 ā ā ā 66 ā ā ā $ 13,498 |
Summary of properties held-for-sale | Properties held-for-sale . The following table summarizes our properties held-for-sale at years ended December 31, 2019 and 2018 (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā Number ā ā ā ā ā ā ā ā ā ā ā of ā of ā of ā ā Gross ā ā Accumulated ā At December 31, ā State ā Property ā Properties ā Beds/units ā ā Investment ā ā Depreciation ā 2019 ā Colorado ā SNF ā 3 ā 275 ā $ 8,045 ā $ 3,774 ā ā ā Iowa ā SNF ā 7 ā 544 ā ā 14,610 ā ā 9,723 ā ā ā Kansas ā SNF ā 3 ā 250 ā ā 14,111 ā ā 6,674 ā ā ā Texas ā SNF ā 7 ā 1,148 ā ā 25,203 ā ā 14,942 ā Total ā ā ā ā ā 20 ā 2,217 ā $ 61,969 ā $ 35,113 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Texas ā ILF ā 1 ā 140 ā $ 5,746 ā $ 1,916 ā Total ā ā ā ā ā 1 ā 140 ā $ 5,746 ā $ 1,916 ā |
Schedule of real estate investment property sold | Property Sales (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā Number ā ā ā ā ā ā ā ā Net ā ā ā ā ā of ā of ā of ā ā Sales ā ā Carrying ā ā Gain ā Year ā State ā Properties ā Properties ā Beds/Units ā ā Price ā ā Value ā ā (Loss) ā 2019 ā N/A ā N/A ā ā ā ā ā $ ā ā $ ā ā $ 500 (1) ā ā Arizona, Georgia and Texas ā SNF (2) 3 ā 478 ā ā 15,310 ā ā 8,995 ā ā 5,556 ā ā ā Texas ā ALF (3) 1 ā 140 ā ā 1 ā ā 3,830 ā ā (3,950) ā Total 2019 ā ā ā ā ā 4 ā 618 ā $ 15,311 ā $ 12,825 ā $ 2,106 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā Alabama ā SNF ā 4 ā 454 ā $ 27,975 ā $ 5,695 ā $ 21,987 ā ā ā Kansas ā ALF (4) ā ā ā ā ā 350 ā ā 346 ā ā ā ā ā ā Ohio and Pennsylvania ā ALF ā 6 ā 320 ā ā 67,500 ā ā 16,352 ā ā 48,695 ā Total 2018 ā ā ā ā ā 10 ā 774 ā $ 95,825 ā $ 22,393 ā $ 70,682 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā Indiana, Iowa and Oregon ā ALF ā 5 ā 211 ā $ 15,650 ā $ 10,107 ā $ 4,985 ā ā ā Texas ā SNF (5) 1 ā 85 ā ā ā ā ā 1,170 ā ā (1,171) ā Total 2017 ā ā ā ā ā 6 ā 296 ā $ 15,650 ā $ 11,277 ā $ 3,814 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Gain recognized due to the receipt of funds held in escrow related to a portfolio of six ALFs sold during the second quarter of 2018. ā (2) We sold a property, previously operated by Preferred Care, located in Texas with a carrying value of $871 for $140 . Additionally, we sold a property, previously operated by Preferred Care, located in Arizona with a carrying value of $6,485 for $7,250 . This transaction includes a holdback of $1,091 which is held in an interest-bearing account with an escrow holder on behalf of the buyer for potential specific losses. Using the expected value model per ASC 606, we estimated and recorded the holdback value of $613 . Also, we sold a SNF located in Georgia with a carrying value of $1,639 for $7,920 . ā (3) We sold an ALF located in Texas with a carrying value of $3,830 . ā (4) We sold land adjacent to an existing ALF community in Kansas. ā (5) We donated a SNF located in Texas, with a carrying value of $1,170 to a nonprofit health care provider. |
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the years ended December 31, 2019, 2018 and 2017 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 Originations and funding under mortgage loans receivable ā $ 12,342 (1) $ 21,364 (2) $ 11,913 ā Pay-offs received ā ā ā ā ā (1,086) ā ā (16,665) ā Scheduled principal payments received ā ā (1,065) ā ā (1,050) ā ā (1,198) ā Mortgage loan premium amortization ā ā (4) ā ā (4) ā ā (4) ā (Provision for) recovery of loan loss reserve ā ā (113) ā ā (192) ā ā 60 ā Net increase (decrease) in mortgage loans receivable ā $ 11,160 ā $ 19,032 ā $ (5,894) ā |
Scheduled principal payments on mortgage loan receivables | ā ā ā ā ā ā Scheduled ā ā Principal 2020 ā $ 1,065 ā 2021 ā 1,175 ā 2022 ā 1,175 ā 2023 ā 1,175 ā 2024 ā 1,175 ā Thereafter ā 250,894 ā Total ā $ 256,659 ā |
Schedule of early mortgage loan payoffs | The following table summarizes our early mortgage loan payoffs during the years 2019, 2018 and 2017 (dollar amounts in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Early ā Number ā ā ā ā ā ā Principal ā of ā ā ā ā ā ā Payoff ā Loans ā State ā 2019 ā $ ā ā ā ā N/A ā 2018 ā $ 1,086 ā 1 ā UT ā 2017 ā $ 10,795 ā 4 ā AZ/MO/TX ā |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment in Unconsolidated Joint Ventures | |
Summary of investments in unconsolidated joint ventures | The following table summarizes our investment in unconsolidated joint ventures (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Type ā Total ā ā Currently ā ā Number ā ā ā ā ā ā ā ā ā of ā of ā Preferred ā ā Paid in ā ā of ā ā Investment ā ā Carrying ā State ā Properties ā Investment ā Return ā ā Cash ā ā Beds/ Units ā ā Commitment ā ā Value ā Arizona ā ILF/ALF/MC ā Preferred Equity (1) 15 % ā 8 % (2) 585 ā $ ā ā $ 19,003 (3) Total ā ā ā ā ā ā ā ā ā ā ā 585 ā $ ā ā $ 19,003 ā (1) We have concluded that the JV is a VIE in accordance with GAAP. 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 the JV investment using the equity method. ā (2) Effective second quarter of 2019, this JV was placed on cash basis due to delinquency of our preferred return. ā (3) During the fourth quarter of 2019, we recorded an impairment loss of $5,500 to write our preferred equity investment down to its estimated sale price. See below for more detail. |
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures | The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2019, 2018 and 2017 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā ā ā ā ā of ā ā Capital ā ā Income ā ā Cash Interest ā Year ā Properties ā ā Contribution ā ā Recognized ā ā Received ā 2019 ā ILF/ALF/MC ā $ 472 ā $ 1,029 ā $ 1,580 ā ā ā ILF/ALF/MC (1) ā ā (1) ā 955 (1) ā 979 (1) ā ā ALF/MC (2) ā ā (2) ā 404 (2) ā 432 (2) Total ā ā ā $ 472 ā $ 2,388 ā $ 2,991 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā ILF/ALF/MC ā $ 670 ā $ 2,041 ā $ 1,975 ā ā ā ILF/ALF/MC (1) ā ā (1) ā 511 (1) ā 396 (1) ā ā ALF/MC (2) ā ā (2) ā 312 (2) ā ā (2) Total ā ā ā $ 670 ā $ 2,864 ā $ 2,371 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā ILF/ALF/MC ā $ 1,101 ā $ 1,560 ā $ 1,436 ā ā ā ILF/ALF/MC ā ā ā (1) ā 511 (1) ā 302 (1) ā ā UDP-ALF/MC ā ā 2,747 (2) ā 192 (2) ā ā (2) Total ā ā ā $ 3,848 ā $ 2,263 ā $ 1,738 ā (1) We had a $2,900 mezzanine loan commitment for a 99 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. Since interest payments were deferred and no interest was recorded for the first twelve months of the loan, we used the effective interest method in accordance with GAAP to recognize interest income and recorded the difference between the effective interest income and cash interest income to loan principal balance. During the third quarter of 2019, the mezzanine loan was paid off. ā (2) We had a $3,400 mezzanine loan commitment for the development of a 127 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. During the first quarter of 2019, the mezzanine loan was paid off. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable. | |
Summary of mezzanine loans and other loan arrangements | Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2019 and 2018 ( in thousands ā ā ā ā ā ā ā ā At December 31, ā 2019 ā 2018 Mezzanine loans $ 13,284 ā $ 9,868 ā Other loans ā 4,824 ā ā 2,975 ā Notes receivable reserve ā (181) ā ā (128) ā Total $ 17,927 ā $ 12,715 ā |
Schedule of new loan commitments | The following table summarizes our notes receivable activity for the years ended December 31, 2019 through 2017 ( in thousands ā ā ā ā ā ā ā ā ā ā Year ended December 31, ā ā 2019 ā ā 2018 ā ā 2017 Advances under notes receivable $ 8,967 (1) $ 124 ā $ ā Principal payments received under notes receivable ā (3,503) ā ā (3,848) ā ā (25) Reclassified to lease incentives (2) ā (200) (2) ā ā ā ā ā Notes receivable reserve ā (52) ā ā 37 ā ā ā Total $ 5,212 ā $ (3,687) ā $ (25) (1) We originated a $6,800 mezzanine loan commitment for the development of a 204 -unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months . Additionally, we originated a $1,400 note agreement, funding $1,304 with a commitment to fund $96 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50 . The note bears interest at 7.5% . ā (2) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. |
Lease Incentives (Tables)
Lease Incentives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Incentives | |
Summary of lease incentives by component | The following table summarizes lease incentives by component as of December 31, 2019 and 2018 (in thousands): ā ā ā ā ā ā ā ā ā At December 31, ā ā ā 2019 ā ā 2018 Non-contingent lease incentives ā $ 2,552 ā $ 14,443 |
Summary of lease incentive activity | The following table summarizes our lease incentive activity for the years ended December 31, 2019, 2018 and 2017 (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 ā ā ā ā Funding ā ā Amortization ā ā Write-off ā ā Funding ā ā Amortization ā ā Write-off ā ā Funding ā ā Amortization ā ā Write-off ā Non-contingent lease incentives ā $ 387 ā $ (385) ā $ (11,893) (1) $ 1,272 ā $ (1,733) ā $ ā ā $ 6,544 ā $ (1,590) ā $ (1,205) (3) Contingent lease incentives ā ā ā ā ā ā ā ā ā ā ā ā ā ā (359) ā ā (6,219) (2) ā ā ā ā (619) ā ā (2,634) (4) Net increase (decrease) ā $ 387 ā $ (385) ā $ (11,893) ā $ 1,272 ā $ (2,092) ā $ (6,219) ā $ 6,544 ā $ (2,209) ā $ (3,839) ā (1) In accordance with ASC 842 lease standard adopted on January 1, 2019, we wrote-off $12,093 of lease incentives related to leases for which we determined it is not probable we will collect substantially all of the contractual lease obligation through maturity. See Note 2. Summary of Significant Accounting Policies for further discussion. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. ā (2) We entered into an amended master lease agreement with Senior Lifestyle Management, LLC (āSenior Lifestyleā). Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive. ā (3) Represents the write-off of lease incentives related to two MC communities due to negotiations to transition these properties to another operator in our portfolio that never materialized. ā (4) Represents the write-off of a lease incentive related to an ALF due to a change to the business model at the property that resulted in lower net operating income and the improbability of paying the earn-out. |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Obligations | |
Schedule of Debt Obligations | The following table sets forth information regarding debt obligations by component as of December 31, 2019 and 2018 (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 ā At December 31, 2018 ā ā ā Applicable ā ā ā Available ā ā ā Available ā ā ā Interest ā Outstanding ā for ā Outstanding ā for ā Debt Obligations ā Rate (1) ā Balance ā Borrowing ā Balance ā Borrowing ā Bank borrowings (2) ā 3.14% ā $ 93,900 ā $ 506,100 ā $ 112,000 ā $ 488,000 ā Senior unsecured notes, net of debt issue costs ā 4.39% ā ā 599,488 ā ā 21,500 ā ā 533,029 ā ā 93,833 ā Total ā 4.22% ā $ 693,388 ā $ 527,600 ā $ 645,029 ā $ 581,833 ā (1) Represents weighted average of interest rate as of December 31, 2019. ā (2) Subsequent to December 31, 2019, we borrowed $18,000 under our unsecured revolving line of credit, accordingly we have $111,900 outstanding balance and $488,100 available for borrowing under our unsecured revolving line of credit. ā ā |
Schedule of borrowings and repayments | Our borrowings and repayments for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 2018 ā 2017 Debt Obligations ā ā Borrowings ā ā Repayments ā Borrowings ā Repayments ā ā Borrowings ā ā Repayments Bank borrowings ā $ 107,900 ā $ (126,000) ā $ 116,200 ā $ (100,700) ā $ 113,000 ā $ (123,600) Senior unsecured notes ā ā 100,000 (1) ā (33,667) ā ā ā ā ā (38,166) ā ā 100,000 (2) ā (31,167) Total ā $ 207,900 ā $ (159,667) ā $ 116,200 ā $ (138,866) ā $ 213,000 ā $ (154,767) (1) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to Prudential. See above to further discussion. ā (2) During 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5% , have scheduled principal payments and mature on February 16, 2032. ā ā |
Schedule of principal payments and amounts due at maturity | Scheduled Principal Payments. The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2019, and excludes the effects of interest and debt issue costs ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total 2020 2021 2022 2023 2024 Thereafter Bank borrowings ā $ 93,900 (1) $ ā ā $ ā ā $ 93,900 ā $ ā ā $ ā ā $ ā ā Senior unsecured notes ā 600,300 ā 40,160 ā 47,160 ā 48,160 ā 49,160 ā 49,160 ā 366,500 ā ā ā $ 694,200 ā $ 40,160 ā $ 47,160 ā $ 142,060 ā $ 49,160 ā $ 49,160 ā $ 366,500 ā (1) Subsequent to December 31, 2019, we borrowed $18,000 under our unsecured revolving line of credit, accordingly we have $111,900 outstanding balance and $488,100 available for borrowing. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity | |
Schedule of consolidated VIEs | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā ā ā Investment ā ā ā Property ā ā ā ā Consolidated ā ā Non-Controlling ā Year ā Purpose ā Type ā State ā ā Assets ā ā Interests ā 2019 ā Owned real estate ā ALF/MC ā VA ā $ 16,895 ā $ 919 ā 2018 ā Owned real estate ā ILF ā OR ā ā 14,400 (1) ā 2,857 (1) 2018 ā Owned real estate and development ā UDP ā OR ā ā 13,831 (1) ā 1,081 (1) 2017 ā Owned real estate and development ā ILF/ALF/MC ā WI ā ā 21,999 (2) ā 2,318 (2) 2017 ā Owned real estate ā ALF/MC ā SC ā ā 11,680 ā ā 1,308 ā Total ā ā ā ā ā ā ā $ 78,805 ā $ 8,483 ā (1) We entered into a JV to develop, purchase and own seniors housing properties. During the second quarter of 2018, the JV purchased land for the development of a 78 -unit ALF/MC for a total anticipated project cost of $18,108 . The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. During the third quarter of 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89 -unit ILF adjacent to the 78 -unit ALF/MC we are developing for $14,400 . The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88% . ā (2) We entered into a JV to own the real estate and develop a 110 -unit ILF/ALF/MC community in Wisconsin. This development project completed during the second quarter of 2019. |
Schedule of cash dividends declared and paid | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2019 ā 2018 ā 2017 ā ā ā Declared ā Paid ā Declared ā Paid ā Declared ā Paid ā Common Stock (1) ā $ 90,899 ā $ 90,899 ā $ 90,372 ā $ 90,372 ā $ 90,219 ā $ 90,219 ā ā (1) Represents $0.19 per share per month. |
Schedule of options exercised | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā ā ā ā ā ā ā ā Options ā Exercise ā Option ā Market ā ā Exercised ā Price ā Value ā Value (1) 2019 ā 5,000 ā $ 24.65 ā $ 123,000 ā $ 233,000 ā 2018 ā 5,000 ā $ 24.65 ā $ 123,000 ā $ 205,000 ā 2017 ā 8,334 ā $ 24.31 ā $ 202,000 ā $ 410,797 ā (1) As of the exercise dates. |
Schedule of restricted stock activity | Restricted Stock and Performance-Based Stock Units. Restricted stock and performance-based stock units activity for the years ended ā ā ā ā ā ā ā ā ā ā ā ā 2019 2018 ā 2017 Outstanding, January 1 ā 325,750 ā 244,181 ā ā 210,573 ā Granted ā 147,608 ā 156,718 ā ā 143,057 ā Vested ā (127,725) (1) ā (75,149) ā ā (85,343) ā Cancelled ā ā ā ā ā ā (24,106) ā Outstanding, December 31 ā 345,633 ā 325,750 ā ā 244,181 ā ā ā ā ā ā ā ā ā ā ā ā Compensation expense related to restricted stock and performance-based stock units for the year ā $ 6,566,000 ā $ 5,870,000 ā $ 5,247,000 ā |
Schedule of restricted stock granted | During 2019, 2018 and 2017, we granted 147,608, 156,718 and 143,057 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows: ā ā ā ā ā ā ā ā ā ā ā No. of ā Price per ā ā ā Year ā Shares/Units ā Share ā Vesting Period ā 2019 ā 78,276 ā $ 46.54 ā ratably over 3 years ā ā ā 60,836 ā $ 46.54 ā TSR targets (1) ā ā ā 8,496 ā $ 44.73 ā May 29, 2020 ā ā ā 147,608 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2018 ā 81,819 ā $ 38.18 ā ratably over 3 years ā ā ā 66,171 ā $ 38.18 ā TSR targets (1) ā ā ā 8,728 ā $ 41.25 ā May 30, 2019 ā ā ā 156,718 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2017 ā 74,760 ā $ 45.76 ā ratably over 3 years ā ā ā 57,881 ā $ 45.76 ā TSR targets (1) ā ā ā 7,416 ā $ 48.55 ā June 1, 2018 ā ā ā 3,000 ā $ 50.50 ā ratably over 3 years ā ā ā 143,057 ā ā ā ā ā ā (1) Vesting is based on achieving certain total shareholder return (āTSRā) targets in 4 years with acceleration opportunity in 3 years . |
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | At December 31, 2019, 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 ( dollar amount in thousands ā ā ā ā ā ā ā ā ā Number ā Remaining ā ā of ā Compensation Vesting Date ā Awards Expense 2020 ā 139,534 (1) $ 4,619 2021 ā 119,168 (2) ā 2,503 2022 ā 86,931 (3) ā 189 Total ā 345,633 ā $ 7,311 (1) Includes 55,057 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. ā (2) Includes 66,171 performance-based stock units. See (1) above for valuation methodology. ā (3) Includes 60,836 performance-based stock units. See (1) above for valuation methodology. |
Schedule of nonqualified stock option activity | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted Average ā ā Shares ā Price ā ā 2019 ā 2018 ā 2017 ā 2019 ā ā 2018 ā 2017 Outstanding, January 1 20,000 ā 25,000 33,334 $ 34.99 ā $ 32.92 $ 30.76 ā Granted ā ā ā ā ā ā N/A ā ā N/A ā ā N/A ā Exercised (5,000) ā (5,000) (8,334) ā $ 24.65 ā $ 24.65 ā $ 24.31 ā Canceled ā ā ā ā ā ā N/A ā ā N/A ā ā N/A ā Outstanding, December 31 15,000 ā 20,000 25,000 ā $ 38.43 ā $ 34.99 ā $ 32.92 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Exercisable, December 31 (1) 15,000 ā 20,000 25,000 ā $ 38.43 ā $ 34.99 ā $ 32.92 ā (1) The aggregate intrinsic value of exercisable options at December 31, 2019 , based upon the closing price of our common shares at December 31, 2019, the last trading day of 2019, was approximately $95,000 . Options exercisable at December 31, 2019, 2018 and 2017 have a weighted average remaining contractual life of approximately 3.2 years, 3.3 years, and 3.5 years, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Schedule of commitments | At December 31, 2019, we had commitments as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā ā ā ā ā Investment ā 2019 ā Commitment ā Remaining ā ā Commitment ā Funding ā Funded ā Commitment Real estate properties Note 5. Real Estate Investments ā $ 41,266 (1) $ 13,847 ā $ 18,361 ā $ 22,905 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ā ā 9,000 ā ā ā ā ā ā ā ā 9,000 Mortgage loans ( Note 5. Real Estate Investments ā ā 27,200 (2) ā 2,264 ā ā 5,944 ā ā 21,256 Notes receivable ( Note 7. Notes Receivable ā ā 2,250 ā ā 2,039 ā ā 2,063 ā ā 187 Total ā $ 79,716 ā $ 18,150 ā $ 26,368 ā $ 53,348 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ā (2) Represents $9,200 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Distributions | |
Schedule of federal income tax classification of the per share common stock distributions | ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2019 ā 2018 ā 2017 Ordinary taxable distribution $ 2.084 $ 0.349 $ 1.607 ā Return of capital ā ā ā ā ā 0.444 ā Unrecaptured Section 1250 gain ā 0.132 ā 0.636 ā 0.163 ā Long-term capital gain ā 0.064 ā 1.295 ā 0.066 ā Total ā $ 2.280 ā $ 2.280 ā $ 2.280 ā |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended December 31, ā ā 2019 ā 2018 ā 2017 ā Net income ā $ 80,872 $ 155,076 $ 87,340 ā Less income allocated to non-controlling interests ā (346) ā (95) ā ā ā Less income allocated to participating securities: ā ā ā ā ā ā ā ā ā ā Non-forfeitable dividends on participating securities ā (372) ā (357) ā (350) ā Income allocated to participating securities ā (19) ā (268) ā (12) ā Total net income allocated to participating securities ā (391) ā (625) ā (362) ā Net income available to common stockholders ā 80,135 ā 154,356 ā 86,978 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Participating securities ā ā ā ā ā 625 ā ā 362 ā Net income for diluted net income per share ā $ 80,135 ā $ 154,981 ā $ 87,340 ā ā ā ā ā ā ā ā ā ā ā ā Shares for basic net income per share ā 39,571 ā 39,477 ā 39,409 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Stock options ā 4 ā 3 ā 10 ā Performance-based stock units ā ā 184 ā ā 203 ā ā 67 ā Participating securities ā ā ā ā ā 156 ā ā 151 ā Total effect of dilutive securities ā 188 ā 362 ā 228 ā Shares for diluted net income per share ā 39,759 ā 39,839 ā 39,637 ā ā ā ā ā ā ā ā ā ā ā ā Basic net income per share ā $ 2.03 ā $ 3.91 ā $ 2.21 ā Diluted net income per share ā $ 2.02 ā $ 3.89 ā $ 2.20 ā |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information | |
Schedule of quarterly financial information | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the quarter ended ā ā March 31, ā June 30, ā September 30, ā December 31, ā ā (unaudited, in thousands except per share amounts) 2019 ā ā ā ā ā Revenues ā $ 45,456 ā $ 46,266 ā $ 47,119 ā $ 46,463 ā Net income available to common stockholders ā $ 20,254 ā $ 20,352 ā $ 27,080 ā $ 12,449 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 0.51 ā $ 0.51 ā $ 0.68 ā $ 0.31 ā Diluted ā $ 0.51 ā $ 0.51 ā $ 0.68 ā $ 0.31 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā Revenues ā $ 41,810 ā $ 41,472 ā $ 41,776 ā $ 43,587 ā Net income available to common stockholders ā $ 20,271 ā $ 68,658 ā $ 34,782 ā $ 30,645 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 0.51 ā $ 1.74 ā $ 0.88 ā $ 0.78 ā Diluted ā $ 0.51 ā $ 1.73 ā $ 0.88 ā $ 0.77 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā ā ā 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, 2019 | |
Fair Value Measurements | |
Schedule of carrying value and fair value of the entity's financial instruments | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 ā At December 31, 2018 ā ā ā Carrying ā Fair ā Carrying ā Fair ā ā ā Value ā Value ā Value ā Value ā Mortgage loans receivable ā $ 254,099 ā $ 312,824 (1) $ 242,939 ā $ 295,492 (1) Bank borrowings ā 93,900 ā ā 93,900 (2) ā 112,000 ā ā 112,000 (2) Senior unsecured notes, net of debt issue costs ā 599,488 ā ā 612,375 (3) ā 533,029 ā ā 508,613 (3) (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, 2019 and 2018 was 9.0% . ā (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, 2019 and 2018 based upon prevailing market interest rates for similar debt arrangements. ā (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 managementās estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2019, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.70% for those maturing before year 2026 and 3.90% for those maturing at or beyond year 2026. At December 31, 2018, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.15% for those maturing before year 2026 and 5.40% for those maturing beyond year 2026. |
The Company (Details)
The Company (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
The Company | |
Number of operating segments | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Restricted Cash (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2017item | |
Summary of Significant Accounting Policies | |||||
Number of beds damaged | item | 170 | ||||
Insurance proceeds | $ 2,619,000 | $ 2,619,000 | |||
Loss on sale of properties | $ 782,000 | ||||
Gain from property insurance proceeds | $ 2,111,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Owned Properties (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 | 5 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 |
Site Improvements | Minimum | |
Owned Properties | |
Useful life | 10 years |
Site Improvements | Maximum | |
Owned Properties | |
Useful life | 20 years |
Building Improvements | Minimum | |
Owned Properties | |
Useful life | 10 years |
Building Improvements | Maximum | |
Owned Properties | |
Useful life | 50 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Mortgage loans on real estate | ||||
Number of properties in a JV in which we hold a preferred equity interest | property | 4 | |||
Impairment loss from investments in unconsolidated joint ventures | $ 5,500,000 | $ 5,500,000 | ||
Impairments | ||||
Impairment of Real Estate | $ 0 | $ 0 | $ 1,880,000 | |
Minimum | Mezzanine Loans | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 12.00% | |||
Loan Term | 4 years | |||
Maximum | Mezzanine Loans | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 14.00% | |||
Loan Term | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenue Recognition | |||
Maximum period over which loan is to be considered as non-performing | 60 days | ||
Variable cash rental income | $ | $ 16,462,000 | ||
Variable cash rental income previous | $ | $ 464,000 | $ 470,000 | $ 457,000 |
Maximum period over which a lease is to be considered as non-performing | 60 days | ||
Minimum | |||
Revenue Recognition | |||
Methods used for calculation of annual increases over the rents of the prior year | item | 1 | ||
Specified annual increase over the prior year's rent (as a percent) | 2.00% | ||
Maximum | |||
Revenue Recognition | |||
Methods used for calculation of annual increases over the rents of the prior year | item | 4 | ||
Specified annual increase over the prior year's rent (as a percent) | 3.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Leases (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2019 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Lease, Practical Expedients, Package [true false] | true | |
Remaining lease term (years) | 5 years | |
Rent expense related to operating lease | $ 299,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Prepaid Expense and Other Assets | |
Lease liability | $ 1,287,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities and Other Liabilities | |
Real estate taxes reimbursed | $ 15,998,000 | |
Percentage of provision on rent receivables (in percentage) | 1.00% | |
Cumulative effect of the adoption of the ASC 842 | $ 42,808,000 | |
Cash rent received | $ 27,225,000 | |
Rental income | 152,755,000 | |
ASU 2016-02 | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Cumulative effect of the adoption of the ASC 842 | $ 42,808,000 | |
Anthem, Thrive, Preferred Care and Senior Care | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Rental income | $ 33,238,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 25,436,000 |
Major Operators (Details)
Major Operators (Details) | 12 Months Ended |
Dec. 31, 2019propertyitem | |
Major Operators | |
Number of major operators | 2 |
Prestige Healthcare | SNF | |
Major Operators | |
Number of beds | property | 24 |
Number of beds/units | 3,010 |
Prestige Healthcare | ALF | |
Major Operators | |
Number of beds/units | 93 |
Senior Lifestyle Corporation | ALF | |
Major Operators | |
Number of beds | property | 23 |
Number of beds/units | 1,457 |
Operator Concentration Risk | SNF | |
Major Operators | |
Number of beds | property | 24 |
Number of beds/units | 3,010 |
Operator Concentration Risk | ALF | |
Major Operators | |
Number of beds | property | 23 |
Number of beds/units | 1,550 |
Total Revenue | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 27.90% |
Total Revenue | Operator Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 17.10% |
Total Revenue | Operator Concentration Risk | Senior Lifestyle Corporation | |
Major Operators | |
Concentration risk (as a percent) | 10.80% |
Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 27.60% |
Total Assets | Credit Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 17.40% |
Total Assets | Credit Concentration Risk | Senior Lifestyle Corporation | |
Major Operators | |
Concentration risk (as a percent) | 10.20% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-cash investing and financing transactions: | |||
Reclassification of notes receivable to lease incentives (Note 7) | $ 200 | ||
Restricted stock issued, net of cancellations (Note 10) | $ 1 | $ 1 |
Real Estate Investments - Owned
Real Estate Investments - Owned Properties (Details) - Real Estate Investment | Dec. 31, 2019property |
Real Estate Investments | |
Number of properties | 177 |
Number of states | 28 |
Number of operators | 30 |
ALF | |
Real Estate Investments | |
Number of properties | 106 |
SNF | |
Real Estate Investments | |
Number of properties | 70 |
Hospital | |
Real Estate Investments | |
Number of properties | 1 |
Real Estate Investments - Base
Real Estate Investments - Base Rents (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)lease | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Depreciation | |||
Depreciation expense | $ 39,094 | $ 37,416 | $ 37,492 |
Number of master leases with agreed upon cash rent | lease | 2 | ||
Future minimum base rents receivable | |||
2020 | $ 135,173 | ||
2021 | 126,914 | ||
2022 | 128,196 | ||
2023 | 129,846 | ||
2024 | 126,320 | ||
Thereafter | $ 625,158 |
Real Estate Investments - Opera
Real Estate Investments - Operator changes (Details) | Jun. 01, 2020USD ($) | Aug. 01, 2019USD ($)item | Jun. 01, 2019USD ($) | Dec. 31, 2019USD ($)propertycontract | Sep. 30, 2019USD ($)item | Jun. 30, 2019USD ($)item | Dec. 31, 2019USD ($)property | Dec. 31, 2017property | Dec. 31, 2018property |
Other disclosures | |||||||||
Rental income | $ 152,755,000 | ||||||||
Number of completed contracts | contract | 2 | ||||||||
Number of properties held for sale | property | 20 | 20 | |||||||
Court ordered payment amount | $ 1,596,000 | ||||||||
Rent in year two | $ 126,914,000 | 126,914,000 | |||||||
Rent in year three | 128,196,000 | 128,196,000 | |||||||
Rent in year four | $ 129,846,000 | $ 129,846,000 | |||||||
Arizona and Texas | |||||||||
Other disclosures | |||||||||
Number of properties sold | property | 2 | ||||||||
Georgia and South Carolina | |||||||||
Other disclosures | |||||||||
Rent on cash basis | $ 1,762,000 | ||||||||
Florida | |||||||||
Other disclosures | |||||||||
Increase in Lease Rent (as a percent) | 3.50% | ||||||||
Properties held-for-sale | |||||||||
Other disclosures | |||||||||
Number of properties | property | 20 | 20 | 1 | ||||||
Anthem Memory Care | |||||||||
Other disclosures | |||||||||
Number of properties in default | property | 11 | ||||||||
Minimum cash rent received | $ 7,500,000 | ||||||||
Percentage of contractual amount due | 50.00% | ||||||||
Preferred Care, Inc. | |||||||||
Other disclosures | |||||||||
Minimum cash rent received | $ 55,000 | ||||||||
Number of properties under two master leases | property | 24 | ||||||||
Rental income | $ 55,000 | ||||||||
Minimum cash rent receivable | $ 1,000,000 | ||||||||
Thrive | |||||||||
Other disclosures | |||||||||
Initial lease term | 2 years | 10 years | |||||||
Number of properties in transition | item | 2 | ||||||||
Rent in year one | $ 1,250,000 | ||||||||
Rent in year two | 1,500,000 | ||||||||
Rent in year three | 1,975,000 | ||||||||
Rent in year four | $ 2,150,000 | ||||||||
Rent on cash basis | $ 700,000 | ||||||||
Master lease in default | |||||||||
Other disclosures | |||||||||
Increase in Lease Rent | $ 400,000 | ||||||||
Master lease in default | Forecast | |||||||||
Other disclosures | |||||||||
Increase in Lease Rent | $ 300,000 | ||||||||
Increase in Lease Rent (as a percent) | 2.50% | ||||||||
ALF and MC | Thrive | |||||||||
Other disclosures | |||||||||
Number of properties in transition | item | 2 | ||||||||
120 units | MC | Thrive | Ohio and Kentucky | |||||||||
Other disclosures | |||||||||
Number of properties in transition | item | 120 | ||||||||
56-unit MC | Texas | |||||||||
Other disclosures | |||||||||
Number of properties in transition | item | 56 | ||||||||
159 units | Georgia and South Carolina | |||||||||
Other disclosures | |||||||||
Number of properties in transition | item | 159 | ||||||||
60-unit MC | Florida | |||||||||
Other disclosures | |||||||||
Initial lease term | 10 years | ||||||||
Number of properties in transition | item | 60 | ||||||||
Rent in year two | $ 450,000 | ||||||||
Rent in year three | 600,000 | ||||||||
60-unit MC | Maximum | Florida | |||||||||
Other disclosures | |||||||||
Deferred lease payments | $ 150,000 |
Real Estate Investments - Lease
Real Estate Investments - Lease (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($)item | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real estate investments | ||||
Carrying value | $ 1,136,816,000 | $ 1,106,581,000 | ||
Income and Expenses, Lessor [Abstract] | ||||
Base cash rental income | 134,117,000 | |||
Base cash rental income previous | 127,477,000 | $ 128,715,000 | ||
Variable cash rental income | 16,462,000 | |||
Variable cash rental income previous | 464,000 | 470,000 | 457,000 | |
Straight-Line Rent | 4,487,000 | 9,550,000 | 10,694,000 | |
Adjustment for collectability | (1,926,000) | |||
Amortization of Lease Incentives | (385,000) | (2,092,000) | (2,209,000) | |
Total Rental Income | 152,755,000 | |||
Total Rental Income previous | $ 135,405,000 | $ 137,657,000 | ||
Reimbursement Of Real Estate Tax Expense | 15,998,000 | |||
Contingent rental income | 464,000 | |||
Number of operating seniors | item | 2 | |||
Rent receivable written off | $ 1,926,000 | |||
Purchase Option in Lease Arrangements | ||||
Real estate investments | ||||
Gross Investment | 149,093,000 | |||
Carrying value | $ 128,343,000 | |||
ALF | Purchase Option in Lease Arrangements | California | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 28,926,000 | |||
Carrying value | $ 16,056,000 | |||
ALF | Purchase Option in Lease Arrangements | California | Minimum | ||||
Real estate investments | ||||
Purchase option ending period | 24 months | |||
ALF | Purchase Option in Lease Arrangements | California | Maximum | ||||
Real estate investments | ||||
Purchase option ending period | 48 months | |||
MC | Purchase Option in Lease Arrangements | Florida | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 14,201,000 | |||
Carrying value | $ 12,757,000 | |||
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 30,126,000 | |||
Carrying value | $ 27,859,000 | |||
MC | Purchase Option in Lease Arrangements | Texas | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 25,265,000 | |||
Carrying value | $ 24,335,000 | |||
ALF and MC | Purchase Option in Lease Arrangements | California | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 38,895,000 | |||
Carrying value | $ 36,542,000 | |||
ALF and MC | Purchase Option in Lease Arrangements | South Carolina | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 11,680,000 | |||
Carrying value | $ 10,794,000 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020USD ($)item | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($)itemproperty | Dec. 31, 2017USD ($)itemproperty | |
Real estate investments | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 8,483 | $ 7,481 | ||
Investment Commitment | 79,716 | |||
Properties under Development | Missouri | ||||
Real estate investments | ||||
Investment Commitment | $ 17,400 | |||
SNF Beds | Missouri | ||||
Real estate investments | ||||
Number of beds/units under development | item | 90 | |||
SNF | Missouri | Developments | ||||
Real estate investments | ||||
Number of beds/units under development | item | 90 | |||
2019 Acquisitions | ||||
Real estate investments | ||||
Purchase Price | $ 57,951 | |||
Transaction Costs | 463 | |||
Total Acquisition Costs | $ 58,414 | |||
Number of properties acquired | property | 4 | |||
Number of beds/units acquired | item | 320 | |||
2019 Acquisitions | Michigan | ||||
Real estate investments | ||||
Purchase Price | $ 19,000 | |||
2019 Acquisitions | SNF | ||||
Real estate investments | ||||
Purchase Price | 19,500 | |||
Transaction Costs | 97 | |||
Total Acquisition Costs | $ 19,597 | |||
Number of properties acquired | property | 1 | |||
Number of beds/units acquired | item | 90 | |||
2019 Acquisitions | ALF | ||||
Real estate investments | ||||
Purchase Price | $ 35,719 | |||
Transaction Costs | 315 | |||
Total Acquisition Costs | $ 36,034 | |||
Number of properties acquired | property | 3 | |||
Number of beds/units acquired | item | 230 | |||
2019 Acquisitions | MC | Michigan | ||||
Real estate investments | ||||
Number of beds/units acquired | item | 80 | |||
2019 Acquisitions | Land | ||||
Real estate investments | ||||
Purchase Price | $ 2,732 | |||
Transaction Costs | 51 | |||
Total Acquisition Costs | $ 2,783 | |||
2019 Acquisitions | ALF and MC | Michigan | ||||
Real estate investments | ||||
Number of beds/units acquired | item | 76 | |||
2019 Acquisitions | ALF and MC | 74-Unit ALF/MC | ||||
Real estate investments | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 919 | |||
Real Estate Investment Economic Interest in Joint Venture Percentage | 95.00% | |||
Investment Commitment | $ 15,976 | |||
Number of beds/units under development | item | 74 | |||
2018 Acquisitions | ||||
Real estate investments | ||||
Purchase Price | 40,295 | |||
Transaction Costs | 113 | |||
Total Acquisition Costs | $ 40,408 | |||
Number of properties acquired | property | 3 | |||
Number of beds/units acquired | item | 177 | |||
Real Estate Investment Economic Interest in Joint Venture Percentage | 88.00% | |||
2018 Acquisitions | ALF | ||||
Real estate investments | ||||
Purchase Price | $ 39,600 | |||
Transaction Costs | 65 | |||
Total Acquisition Costs | $ 39,665 | |||
Number of properties acquired | property | 3 | |||
Number of beds/units acquired | item | 177 | |||
2018 Acquisitions | ILF | 89-unit ILF | ||||
Real estate investments | ||||
Purchase Price | $ 14,400 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,857 | |||
Investment Commitment | $ 11,543 | |||
Number of beds/units under development | item | 89 | |||
2018 Acquisitions | MC | Texas | ||||
Real estate investments | ||||
Number of properties acquired | property | 2 | |||
2018 Acquisitions | Land | ||||
Real estate investments | ||||
Purchase Price | $ 695 | |||
Transaction Costs | 48 | |||
Total Acquisition Costs | 743 | |||
2018 Acquisitions | ALF and MC | 78-unit ALF/MC | ||||
Real estate investments | ||||
Purchase Price | 18,108 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 1,081 | |||
Number of beds/units acquired | item | 78 | |||
Investment Commitment | $ 17,027 | |||
Number of beds/units under development | item | 78 | |||
2018 Acquisitions | ALF and MC | 78-unit ALF/MC | Oregon | ||||
Real estate investments | ||||
Purchase Price | $ 18,108 | |||
Number of beds/units under development | item | 78 | |||
2017 Acquisitions | ||||
Real estate investments | ||||
Purchase Price | $ 81,818 | |||
Transaction Costs | 587 | |||
Total Acquisition Costs | $ 82,405 | |||
Number of properties acquired | property | 5 | |||
Number of beds/units acquired | item | 400 | |||
2017 Acquisitions | ALF | ||||
Real estate investments | ||||
Purchase Price | $ 81,018 | |||
Transaction Costs | 569 | |||
Total Acquisition Costs | $ 81,587 | |||
Number of properties acquired | property | 5 | |||
Number of beds/units acquired | item | 400 | |||
2017 Acquisitions | Land | ||||
Real estate investments | ||||
Purchase Price | $ 800 | |||
Transaction Costs | 18 | |||
Total Acquisition Costs | $ 818 | |||
Subsequent Event | 2020 Acquisitions | SNF | Texas | ||||
Real estate investments | ||||
Purchase Price | $ 13,500,000 | |||
Number of beds/units acquired | item | 140 | |||
Initial lease term | 10 years | |||
Initial cash yield | 8.50% | |||
Percentage of annual escalation | 2.00% | |||
Number of times option to renewal the lease | item | 2 | |||
Lease renewal term | 5 years |
Real Estate Investments - Types
Real Estate Investments - Types of property Development and Improvement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate investments | |||
Invested in projects | $ 18,150 | ||
Developments | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 20,524 | $ 35,279 | $ 22,901 |
Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 2,839 | 3,249 | 2,899 |
ALF | Developments | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 14,088 | 27,505 | 17,667 |
ALF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 2,544 | 2,292 | 1,152 |
SNF | Developments | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 6,436 | 7,774 | 5,234 |
SNF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 500 | 1,356 | |
Other | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 295 | $ 457 | $ 391 |
Real Estate Investments - Devel
Real Estate Investments - Development and Improvement Projects (Details) - Developments - Real Estate Investment Completed Projects $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($)itemproperty | Dec. 31, 2017USD ($)itemproperty | |
Real Estate Development Commitments | |||
Completed development and improvement projects | |||
Number of Properties | property | 2 | 1 | 1 |
Number of Beds/Units | item | 253 | 66 | 66 |
Total Investment | $ | $ 46,973 | $ 14,998 | $ 13,498 |
SNF | Real Estate Development Commitments | Kentucky | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 143 | ||
Total Investment | $ | $ 24,974 | ||
MC Units | Real Estate Development Commitments | Illinois | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 66 | ||
Total Investment | $ | $ 14,998 | ||
MC Units | Real Estate Development Commitments, Commitments One | Illinois | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 66 | ||
Total Investment | $ | $ 13,498 | ||
ALF/ILF/MC | Real Estate Development Commitments | Wisconsin | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 110 | ||
Total Investment | $ | $ 21,999 |
Real Estate Investments - Prope
Real Estate Investments - Properties held-for-sale (Details) $ in Thousands | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($)itemproperty |
Real estate investments | ||
Accumulated depreciation | $ 312,642 | $ 312,959 |
Properties held-for-sale | ||
Real estate investments | ||
Number of properties | property | 20 | 1 |
Gross Investment | $ 61,969 | $ 5,746 |
Accumulated depreciation | $ 35,113 | $ 1,916 |
Number of beds/units | item | 2,217 | 140 |
ILF | Properties held-for-sale | Texas | ||
Real estate investments | ||
Number of properties | property | 1 | |
Gross Investment | $ 5,746 | |
Accumulated depreciation | $ 1,916 | |
Number of beds/units | item | 140 | |
SNF | Properties held-for-sale | Colorado | ||
Real estate investments | ||
Number of properties | property | 3 | |
Gross Investment | $ 8,045 | |
Accumulated depreciation | $ 3,774 | |
Number of beds/units | item | 275 | |
SNF | Properties held-for-sale | IOWA | ||
Real estate investments | ||
Number of properties | property | 7 | |
Gross Investment | $ 14,610 | |
Accumulated depreciation | $ 9,723 | |
Number of beds/units | item | 544 | |
SNF | Properties held-for-sale | Kansas | ||
Real estate investments | ||
Number of properties | property | 3 | |
Gross Investment | $ 14,111 | |
Accumulated depreciation | $ 6,674 | |
Number of beds/units | item | 250 | |
SNF | Properties held-for-sale | Texas | ||
Real estate investments | ||
Number of properties | property | 7 | |
Gross Investment | $ 25,203 | |
Accumulated depreciation | $ 14,942 | |
Number of beds/units | item | 1,148 |
Real Estate Investments - Pro_2
Real Estate Investments - Property Sales (Details) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018facility | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($)itemproperty | Dec. 31, 2017USD ($)itemproperty | |
Disposals and other | ||||
Carrying value | $ 1,136,816,000 | $ 1,106,581,000 | ||
Net Gain (Loss) | 2,106,000 | 70,682,000 | $ 3,814,000 | |
Impairment charges | $ 0 | $ 0 | $ 1,880,000 | |
Properties sold | ||||
Disposals and other | ||||
Number of properties sold | property | 4 | 10 | 6 | |
Number of beds or units in property sold | item | 618 | 774 | 296 | |
Sales price | $ 15,311,000 | $ 95,825,000 | $ 15,650,000 | |
Carrying value | 12,825,000 | 22,393,000 | 11,277,000 | |
Net Gain (Loss) | 2,106,000 | $ 70,682,000 | $ 3,814,000 | |
Properties sold | SNF | ||||
Disposals and other | ||||
Holdback amount | 1,091,000 | |||
Realizable holdback amount | $ 613,000 | |||
Properties sold | SNF | Arizona, Georgia and Texas | ||||
Disposals and other | ||||
Number of properties sold | property | 3 | |||
Number of beds or units in property sold | item | 478 | |||
Sales price | $ 15,310,000 | |||
Carrying value | 8,995,000 | |||
Net Gain (Loss) | 5,556,000 | |||
Properties sold | SNF | Georgia | ||||
Disposals and other | ||||
Carrying value | 1,639,000 | |||
Proceeds from sale of properties | 7,920,000 | |||
Properties sold | SNF | Alabama | ||||
Disposals and other | ||||
Number of properties sold | property | 4 | |||
Number of beds or units in property sold | item | 454 | |||
Sales price | $ 27,975,000 | |||
Carrying value | 5,695,000 | |||
Net Gain (Loss) | 21,987,000 | |||
Properties sold | SNF | Texas | ||||
Disposals and other | ||||
Number of properties sold | property | 1 | |||
Number of beds or units in property sold | item | 85 | |||
Carrying value | $ 1,170,000 | |||
Net Gain (Loss) | (1,171,000) | |||
Donation of property | $ 1,170,000 | |||
Properties sold | ALF | ||||
Disposals and other | ||||
Net Gain (Loss) | $ 500,000 | |||
Number of facilities sold | facility | 6 | |||
Properties sold | ALF | Kansas | ||||
Disposals and other | ||||
Sales price | 350,000 | |||
Carrying value | $ 346,000 | |||
Properties sold | ALF | Ohio and Pennsylvania | ||||
Disposals and other | ||||
Number of properties sold | property | 6 | |||
Number of beds or units in property sold | item | 320 | |||
Sales price | $ 67,500,000 | |||
Carrying value | 16,352,000 | |||
Net Gain (Loss) | $ 48,695,000 | |||
Properties sold | ALF | Indiana, Iowa and Oregon | ||||
Disposals and other | ||||
Number of properties sold | property | 5 | |||
Number of beds or units in property sold | item | 211 | |||
Sales price | $ 15,650,000 | |||
Carrying value | 10,107,000 | |||
Net Gain (Loss) | $ 4,985,000 | |||
Properties sold | ALF | Texas | ||||
Disposals and other | ||||
Number of properties sold | property | 1 | |||
Number of beds or units in property sold | item | 140 | |||
Sales price | $ 1,000 | |||
Carrying value | 3,830,000 | |||
Net Gain (Loss) | (3,950,000) | |||
Preferred Care, Inc. | Properties sold | Texas | ||||
Disposals and other | ||||
Carrying value | 871,000 | |||
Proceeds from sale of properties | 140,000 | |||
Preferred Care, Inc. | Properties sold | SNF | Arizona | ||||
Disposals and other | ||||
Carrying value | 6,485,000 | |||
Proceeds from sale of properties | $ 7,250,000 |
Real Estate Investments - Mortg
Real Estate Investments - Mortgage Loans Activity (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Mortgage Loans | |||
Originations and fundings under mortgage loans receivable | $ 12,342 | $ 21,364 | $ 11,913 |
Pay-offs received | (1,086) | (16,665) | |
Scheduled principal payments received | (1,065) | (1,050) | (1,198) |
Mortgage loan premium amortization | (4) | (4) | (4) |
(Provision for) recovery of loan loss reserve | (113) | (192) | 60 |
Net increase (decrease) in mortgage loans receivable | $ 11,160 | $ 19,032 | $ (5,894) |
Mortgage Loans | |||
Mortgage Loans | |||
Loan Term | 30 years | ||
Mortgage Loans | Minimum | |||
Mortgage Loans | |||
Interest rate (as a percent) | 9.20% | ||
Mortgage Loans | Maximum | |||
Mortgage Loans | |||
Interest rate (as a percent) | 9.90% | ||
Mortgages with 9.41% Interest, fixed for two years, and escalating by 2.25% thereafter | Mortgage Loans | |||
Mortgage Loans | |||
Additions to mortgage loans | $ 7,500 | ||
Interest rate (as a percent) | 9.41% | ||
Loan Term | 2 years | ||
Specified basis points for annual increase in interest rate (as a percent) | 2.25% | ||
Michigan | SNF | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | |||
Mortgage Loans | |||
Interest rate (as a percent) | 8.70% | ||
Loan Term | 5 years | ||
Specified basis points for annual increase in interest rate (as a percent) | 2.25% | ||
Michigan | SNF | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | Mortgage Loans | |||
Mortgage Loans | |||
Additions to mortgage loans | $ 7,400 | ||
Michigan | SNF | Mortgages with 9.41% Interest, fixed for five years, and escalating by 2.25% thereafter | |||
Mortgage Loans | |||
Additions to mortgage loans | $ 7,125 | ||
Interest rate (as a percent) | 9.41% | ||
Loan Term | 5 years | ||
Specified basis points for annual increase in interest rate (as a percent) | 2.25% | ||
SNF Beds | Michigan | SNF | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | |||
Mortgage Loans | |||
Number of beds/units | item | 112 | ||
SNF Beds | Michigan | SNF | Mortgages with 9.41% Interest, fixed for five years, and escalating by 2.25% thereafter | |||
Mortgage Loans | |||
Number of beds/units | item | 126 |
Real Estate Investments - Mor_2
Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage Loans | ||
Carrying value of mortgage loans | $ 254,099 | $ 242,939 |
Mortgage Loans | ||
Mortgage Loans | ||
Carrying value of mortgage loans | 254,099 | $ 242,939 |
Scheduled principal payments on mortgage loan receivables | ||
2020 | 1,065 | |
2021 | 1,175 | |
2022 | 1,175 | |
2023 | 1,175 | |
2024 | 1,175 | |
Thereafter | 250,894 | |
Total | $ 256,659 |
Real Estate Investments - Mor_3
Real Estate Investments - Mortgage Loans - Early Payoffs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Early mortgage loan payoffs | ||
Early Principal Payoff | $ 1,086 | $ 16,665 |
AZ/MI/PA/TX/VA | Mortgage Loans | ||
Early mortgage loan payoffs | ||
Early Principal Payoff | $ 10,795 | |
Number of Loans | loan | 4 | |
UT | Mortgage Loans | ||
Early mortgage loan payoffs | ||
Early Principal Payoff | $ 1,086 | |
Number of Loans | loan | 1 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Investment (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2019property | |
Investment in Unconsolidated Joint Ventures | |||||
Carrying Value | $ 19,003,000 | $ 19,003,000 | $ 30,615,000 | ||
Cash Interest Received | 2,991,000 | 2,371,000 | $ 1,738,000 | ||
Income Recognized | 2,388,000 | 2,864,000 | 2,263,000 | ||
Impairment loss from investments in unconsolidated joint ventures | $ 5,500,000 | $ 5,500,000 | |||
Joint Venture | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of beds/units | item | 585 | 585 | |||
Carrying Value | $ 19,003,000 | $ 19,003,000 | |||
Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Cash Interest Received | 2,991,000 | 2,371,000 | 1,738,000 | ||
Capital Contributions | 472,000 | 670,000 | 3,848,000 | ||
Income Recognized | $ 2,388,000 | 2,864,000 | 2,263,000 | ||
Preferred Equity Investment | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of properties owned by joint venture | property | 4 | ||||
Combination ILF, ALF and MC community | Preferred Equity Investment | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 15.00% | ||||
Currently paid in cash as a percentage | 8.00% | ||||
Number of beds/units | item | 585 | 585 | |||
Carrying Value | $ 19,003,000 | $ 19,003,000 | |||
Cash Interest Received | 1,580,000 | 1,975,000 | 1,436,000 | ||
Capital Contributions | 472,000 | 670,000 | 1,101,000 | ||
Income Recognized | $ 1,029,000 | 2,041,000 | 1,560,000 | ||
Combination ALF/IL/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 15.00% | ||||
Number of beds/units | item | 99 | 99 | |||
Investment commitment | $ 2,900,000 | ||||
Cash Interest Received | 979,000 | 396,000 | 302,000 | ||
Income Recognized | 955,000 | 511,000 | 511,000 | ||
Combination UDP-ALF/MC | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Cash Interest Received | 432,000 | ||||
Income Recognized | $ 404,000 | ||||
Combination UDP-ALF/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 15.00% | ||||
Number of beds/units | item | 127 | 127 | |||
Investment commitment | $ 3,400,000 | ||||
Capital Contributions | 2,747,000 | ||||
Income Recognized | $ 312,000 | $ 192,000 |
Notes Receivable - Components (
Notes Receivable - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Notes receivable activities | ||
Mezzanine loan Funded | $ 6,800 | |
Notes receivable reserve | (181) | $ (128) |
Total | 17,927 | 12,715 |
Mezzanine loan with 12.0% Interest | ||
Notes receivable activities | ||
Mezzanine loan Funded | 13,284 | 9,868 |
Other loans | ||
Notes receivable activities | ||
Mezzanine loan Funded | $ 4,824 | $ 2,975 |
Notes Receivable - Other Inform
Notes Receivable - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Advances under notes receivable | $ 8,967 | $ 124 | |
Principal payments received under notes receivable | (3,503) | (3,848) | $ (25) |
Reclassified to real estate under development | (200) | ||
Notes Receivable reserve | (52) | 37 | |
Total | $ 5,212 | $ (3,687) | $ (25) |
Notes Receivable - New Loan Com
Notes Receivable - New Loan Commitment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | |
Notes receivable activities | ||
Notes receivable, gross | $ 6,800 | |
Mezzanine loan with 12.0% Interest | ||
Notes receivable activities | ||
Notes receivable, gross | $ 13,284 | $ 9,868 |
204-unit ILF/ALF/MC | ||
Notes receivable activities | ||
Number of beds/units under development | item | 204 | |
Loan Term | 5 years | |
Interest rate (as a percent) | 12.00% | |
204-unit ILF/ALF/MC | Mezzanine loan with 12.0% Interest | ||
Notes receivable activities | ||
Loan Term | 46 months | |
204-unit ILF/ALF/MC | $1400 note agreement | ||
Notes receivable activities | ||
Notes receivable, gross | $ 1,304 | |
Interest rate (as a percent) | 7.00% | |
Mezzanine loan principal amount | $ 1,400 | |
Mezzanine Loan Committed to fund | 96 | |
204-unit ILF/ALF/MC | $550 Note Agreement | ||
Notes receivable activities | ||
Notes receivable, gross | $ 500 | |
Interest rate (as a percent) | 7.50% | |
Mezzanine loan principal amount | $ 550 | |
Mezzanine Loan Committed to fund | $ 50 |
Lease Incentives (Details)
Lease Incentives (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)item | |
Lease Incentives | |||
Non-contingent lease incentives | $ 2,552 | $ 14,443 | |
Non-contingent lease incentives, funding | 387 | 1,272 | $ 6,544 |
Total funding | 387 | 1,272 | 6,544 |
Non-contingent lease incentives, Amortization | (385) | (1,733) | (1,590) |
Contingent lease incentives, Amortization | (359) | (619) | |
Total amortization | (385) | (2,092) | (2,209) |
Non-contingent lease incentives, Write off | (11,893) | (12,093) | (1,205) |
Contingent lease incentives, Write off | (6,219) | (2,634) | |
Reclassification of Notes Receivable to Lease Incentives | 200 | ||
Total Write off | $ (11,893) | $ (6,219) | $ (3,839) |
Number of properties with lease incentives write-offs | item | 2 |
Debt Obligations - Bank Borrowi
Debt Obligations - Bank Borrowings Terms (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Obligations | ||
Maximum available under facility | $ 1,000,000,000 | $ 600,000,000 |
Additional extension period option | 1 year | |
Unused commitment fee (as a percent) | 20.00% | |
LIBOR | ||
Debt Obligations | ||
Basis spread over base rate (as a percent) | 115.00% | |
Bank Borrowings | ||
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 | |
Private Shelf Agreement Prudential | Senior Unsecured Notes | ||
Debt Obligations | ||
Maximum available under facility | $ 337,500,000 | |
Availability | $ 21,500,000 |
Debt Obligations - Summary (Det
Debt Obligations - Summary (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Obligations | |||||
Applicable Interest Rate (as a percent) | 4.22% | 4.22% | |||
Borrowings | $ 207,900,000 | $ 116,200,000 | $ 213,000,000 | ||
Outstanding Balance | $ 693,388,000 | 693,388,000 | 645,029,000 | ||
Available for borrowing | $ 527,600,000 | 527,600,000 | 581,833,000 | ||
Principal payments on senior unsecured notes | 33,667,000 | 38,166,000 | 31,167,000 | ||
Proceeds from debt | $ 100,000,000 | 100,000,000 | |||
Bank Borrowings | |||||
Debt Obligations | |||||
Applicable Interest Rate (as a percent) | 3.14% | 3.14% | |||
Borrowings | $ 107,900,000 | 116,200,000 | 113,000,000 | ||
Outstanding Balance | $ 93,900,000 | 93,900,000 | 112,000,000 | ||
Available for borrowing | $ 506,100,000 | $ 506,100,000 | 488,000,000 | ||
Bank Borrowings | Subsequent Event | |||||
Debt Obligations | |||||
Borrowings | $ 18,000,000 | ||||
Outstanding Balance | 111,900,000 | ||||
Available for borrowing | $ 488,100,000 | ||||
Senior Unsecured Notes | |||||
Debt Obligations | |||||
Applicable Interest Rate (as a percent) | 4.39% | 4.39% | |||
Borrowings | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||
Outstanding Balance | 599,488,000 | 599,488,000 | 533,029,000 | ||
Available for borrowing | 21,500,000 | 21,500,000 | $ 93,833,000 | ||
$100,000 unsecured notes | |||||
Debt Obligations | |||||
Mezzanine loan principal amount | $ 100,000,000 | $ 100,000,000 | |||
Interest rate (as a percent) | 3.85% |
Debt Obligations - Borrowings a
Debt Obligations - Borrowings and Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Obligations | ||||
Borrowings | $ 207,900 | $ 116,200 | $ 213,000 | |
Repayments | $ (159,667) | (138,866) | (154,767) | |
Applicable Interest Rate (as a percent) | 4.22% | 4.22% | ||
Bank Borrowings | ||||
Debt Obligations | ||||
Borrowings | $ 107,900 | 116,200 | 113,000 | |
Repayments | $ (126,000) | (100,700) | (123,600) | |
Applicable Interest Rate (as a percent) | 3.14% | 3.14% | ||
Senior Unsecured Notes | ||||
Debt Obligations | ||||
Borrowings | $ 100,000 | $ 100,000 | 100,000 | |
Repayments | $ (33,667) | $ (38,166) | $ (31,167) | |
Applicable Interest Rate (as a percent) | 4.39% | 4.39% | ||
Senior Unsecured Notes | Private Shelf Agreement Prudential | ||||
Debt Obligations | ||||
Debt term | 15 years | |||
Face amount of debt | $ 100,000 | |||
Stated interest rate (as a percent) | 4.50% |
Debt Obligations - Future Matur
Debt Obligations - Future Maturities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Scheduled Principal Payments | |||||
2020 | $ 40,160,000 | $ 40,160,000 | |||
2021 | 47,160,000 | 47,160,000 | |||
2022 | 142,060,000 | 142,060,000 | |||
2023 | 49,160,000 | 49,160,000 | |||
2024 | 49,160,000 | 49,160,000 | |||
Thereafter | 366,500,000 | 366,500,000 | |||
Total | 694,200,000 | 694,200,000 | |||
Other information | |||||
Amount borrowed | 207,900,000 | $ 116,200,000 | $ 213,000,000 | ||
Outstanding Balance | 693,388,000 | 693,388,000 | 645,029,000 | ||
Available for borrowing | 527,600,000 | 527,600,000 | 581,833,000 | ||
Payments on debt | 159,667,000 | 138,866,000 | 154,767,000 | ||
Bank Borrowings | |||||
Scheduled Principal Payments | |||||
2022 | 93,900,000 | 93,900,000 | |||
Total | 93,900,000 | 93,900,000 | |||
Other information | |||||
Amount borrowed | 107,900,000 | 116,200,000 | 113,000,000 | ||
Outstanding Balance | 93,900,000 | 93,900,000 | 112,000,000 | ||
Available for borrowing | 506,100,000 | 506,100,000 | 488,000,000 | ||
Payments on debt | 126,000,000 | 100,700,000 | 123,600,000 | ||
Senior Unsecured Notes | |||||
Scheduled Principal Payments | |||||
2020 | 40,160,000 | 40,160,000 | |||
2021 | 47,160,000 | 47,160,000 | |||
2022 | 48,160,000 | 48,160,000 | |||
2023 | 49,160,000 | 49,160,000 | |||
2024 | 49,160,000 | 49,160,000 | |||
Thereafter | 366,500,000 | 366,500,000 | |||
Total | 600,300,000 | 600,300,000 | |||
Other information | |||||
Amount borrowed | 100,000,000 | 100,000,000 | 100,000,000 | ||
Outstanding Balance | 599,488,000 | 599,488,000 | 533,029,000 | ||
Available for borrowing | $ 21,500,000 | 21,500,000 | 93,833,000 | ||
Payments on debt | $ 33,667,000 | $ 38,166,000 | $ 31,167,000 | ||
Subsequent Event | Bank Borrowings | |||||
Other information | |||||
Amount borrowed | $ 18,000,000 | ||||
Outstanding Balance | 111,900,000 | ||||
Available for borrowing | $ 488,100,000 |
Equity - Class of Stock Disclos
Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity | |||||
Proceeds from common stock issued, net of issuance costs | $ 1,005,000 | $ 14,578,000 | |||
Common Stock | |||||
Equity | |||||
Number of shares repurchased | 45,030 | 31,326 | 42,089 | ||
Common Stock | Subsequent Event | |||||
Equity | |||||
Number of shares repurchased | 34,016 | ||||
Common Stock | Equity Distribution Agreements | |||||
Equity | |||||
Maximum offering capacity under shelf registration statement | $ 200,000,000 | $ 200,000,000 | |||
Shares common stock sold | 0 | 22,244 | 312,881 | ||
Proceeds from common stock issued, net of issuance costs | $ 1,005,000 | $ 14,600,000 | |||
Compensation paid to sales agents | 18,000 | 260,000 | |||
Reclassification of accumulated costs to additional paid in capital | 76,000 | $ 49,000 | |||
Amount available under effective shelf registration statement | $ 200,000,000 | $ 184,139,000 |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Noncontrolling interest | |||
Gross Consolidated Assets | $ 1,514,209 | $ 1,513,620 | |
Non-controlling interests | 8,483 | 7,481 | |
Investment Commitment | 79,716 | ||
Partnership | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 78,805 | ||
Non-controlling interests | 8,483 | ||
2017 Acquisitions | |||
Noncontrolling interest | |||
Purchase Price | $ 81,818 | ||
2017 Acquisitions | ALF | |||
Noncontrolling interest | |||
Purchase Price | $ 81,018 | ||
2018 Acquisitions | |||
Noncontrolling interest | |||
Purchase Price | $ 40,295 | ||
Economic interest in joint venture | 88.00% | ||
2018 Acquisitions | ALF | |||
Noncontrolling interest | |||
Purchase Price | $ 39,600 | ||
2019 Acquisitions | |||
Noncontrolling interest | |||
Purchase Price | 57,951 | ||
2019 Acquisitions | SNF | |||
Noncontrolling interest | |||
Purchase Price | 19,500 | ||
2019 Acquisitions | ALF | |||
Noncontrolling interest | |||
Purchase Price | 35,719 | ||
Virginia | 2019 Acquisitions | Partnership | ALF and MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 16,895 | ||
Non-controlling interests | 919 | ||
Oregon | 2018 Acquisitions | Partnership | Properties under Development | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 13,831 | ||
Non-controlling interests | 1,081 | ||
Oregon | 2018 Acquisitions | Partnership | ILF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 14,400 | ||
Non-controlling interests | 2,857 | ||
Wisconsin | 2017 Acquisitions | Partnership | Properties under Development | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 21,999 | ||
Non-controlling interests | 2,318 | ||
South Carolina | 2017 Acquisitions | Partnership | ALF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 11,680 | ||
Non-controlling interests | $ 1,308 | ||
110-unit ILF/ALF/MC | Wisconsin | 2017 Acquisitions | ALF/ILF/MC | |||
Noncontrolling interest | |||
Number of beds/units under development | item | 110 | ||
89-unit ILF | 2018 Acquisitions | ILF | |||
Noncontrolling interest | |||
Non-controlling interests | 2,857 | ||
Purchase Price | 14,400 | ||
Investment Commitment | $ 11,543 | ||
Number of beds/units under development | item | 89 | ||
78-unit ALF/MC | 2018 Acquisitions | ALF and MC | |||
Noncontrolling interest | |||
Non-controlling interests | $ 1,081 | ||
Purchase Price | 18,108 | ||
Investment Commitment | $ 17,027 | ||
Number of beds/units under development | item | 78 | ||
78-unit ALF/MC | Oregon | 2018 Acquisitions | ALF and MC | |||
Noncontrolling interest | |||
Purchase Price | $ 18,108 | ||
Number of beds/units under development | item | 78 |
Equity - Class of Stock Discl_2
Equity - Class of Stock Disclosures - Dividends and AOCI (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2019 | Nov. 30, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividend Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Paid | $ 90,899 | $ 90,372 | $ 90,219 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | ||||||||||||||||||||||||||||||||||||||||
Common Stock cash distributions | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 | |||||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, January 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, February 29, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, March 31,2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Declared | $ 90,899 | $ 90,372 | $ 90,219 | $ 90,899 | $ 90,372 | $ 90,899 | $ 90,372 | $ 90,219 | ||||||||||||||||||||||||||||||||||||||||
Paid | $ 90,899 | $ 90,372 | $ 90,219 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||||
Common Stock | Subsequent Event | Dividend Payable, January 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.19 |
Equity - Restricted Stock and p
Equity - Restricted Stock and performance-based stock units (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
2015 Plan | |||||
Stock Based Compensation Plans | |||||
Total shares reserved for issuance | 617,013 | 1,400,000 | |||
Restricted stock and performance-based stock units | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 345,633 | 325,750 | 244,181 | 210,573 | |
Granted (in shares) | 147,608 | 156,718 | 143,057 | ||
Vested (in shares) | (127,725) | (75,149) | (85,343) | ||
Canceled (in shares) | (24,106) | ||||
Outstanding at the end of the year (in shares) | 345,633 | 325,750 | 244,181 | ||
Compensation expense | |||||
Compensation expense related to share-based award | $ 6,566 | $ 5,870 | $ 5,247 | ||
Remaining compensation expense | $ 7,311 | ||||
Restricted stock and performance-based stock units | 2020 | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 139,534 | ||||
Outstanding at the end of the year (in shares) | 139,534 | ||||
Compensation expense | |||||
Remaining compensation expense | $ 4,619 | ||||
Restricted stock and performance-based stock units | 2021 | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 119,168 | ||||
Outstanding at the end of the year (in shares) | 119,168 | ||||
Compensation expense | |||||
Remaining compensation expense | $ 2,503 | ||||
Restricted stock and performance-based stock units | 2022 | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 86,931 | ||||
Outstanding at the end of the year (in shares) | 86,931 | ||||
Compensation expense | |||||
Remaining compensation expense | $ 189 | ||||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Three year vesting | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 81,819 | ||||
Price per share | $ 38.18 | ||||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | TSR Targets | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 66,171 | ||||
Price per share | $ 38.18 | ||||
Restricted stock and performance-based stock units | Grant Date Price $41.25 | Vesting Date, May 30, 2019 | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 8,728 | ||||
Price per share | $ 41.25 | ||||
Restricted stock and performance-based stock units | Grant Date Price $45.76 | Three year vesting | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 74,760 | ||||
Price per share | $ 45.76 | ||||
Vesting period | 3 years | ||||
Restricted stock and performance-based stock units | Grant Date Price $45.76 | TSR Targets | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 57,881 | ||||
Price per share | $ 45.76 | ||||
Vesting period | 4 years | ||||
Restricted stock and performance-based stock units | Grant Date Price $45.76 | Accelerated TSR Targets | |||||
Restricted stock and performance based stock units activity | |||||
Vesting period | 3 years | ||||
Restricted stock and performance-based stock units | Grant Date Price $48.55 | Vesting Date, June 1, 2018 | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 7,416 | ||||
Price per share | $ 48.55 | ||||
Restricted stock and performance-based stock units | Grant Date Price $50.50 | Three year vesting | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 3,000 | ||||
Price per share | $ 50.50 | ||||
Vesting period | 3 years | ||||
Restricted stock and performance-based stock units | Grant Date Price $43.24 | Three year vesting | |||||
Restricted stock and performance based stock units activity | |||||
Vesting period | 3 years | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $46.54 | Three year vesting | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 78,276 | ||||
Price per share | $ 46.54 | ||||
Restricted stock and performance-based stock units | Grant Date Price $46.54 | TSR Targets | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 60,836 | ||||
Price per share | $ 46.54 | ||||
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 29, 2020 | |||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 8,496 | ||||
Price per share | $ 44.73 | ||||
Performance-based stock units | |||||
Restricted stock and performance based stock units activity | |||||
Vested (in shares) | (48,225) | ||||
Performance-based stock units | 2020 | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 55,057 | ||||
Outstanding at the end of the year (in shares) | 55,057 | ||||
Performance-based stock units | 2021 | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 66,171 | ||||
Outstanding at the end of the year (in shares) | 66,171 | ||||
Performance-based stock units | 2022 | |||||
Restricted stock and performance based stock units activity | |||||
Outstanding at the beginning of the year (in shares) | 60,836 | ||||
Outstanding at the end of the year (in shares) | 60,836 | ||||
Subsequent Event | Restricted stock and performance-based stock units | 2015 Plan | Grant Date Price $38.18 | |||||
Stock Based Compensation Plans | |||||
Stock options granted (in shares) | 76,464 | ||||
Restricted stock and performance based stock units activity | |||||
Granted (in shares) | 76,464 | ||||
Price per share | $ 48.95 | ||||
Subsequent Event | Restricted stock and performance-based stock units | 2015 Plan | Grant Date Price $38.18 | Three year vesting | |||||
Restricted stock and performance based stock units activity | |||||
Vesting period | 3 years |
Equity - Options (Details)
Equity - Options (Details) - Stock options - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Nonqualified stock option activity | |||
Outstanding, beginning of period | 20,000 | 25,000 | 33,334 |
Granted (in shares) | 0 | ||
Exercised (in shares) | (5,000) | (5,000) | (8,334) |
Outstanding, end of period | 15,000 | 20,000 | 25,000 |
Options exercisable at end of the period (in shares) | 15,000 | 20,000 | 25,000 |
Weighted Average Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 34.99 | $ 32.92 | $ 30.76 |
Exercised (in dollars per share) | 24.65 | 24.65 | 24.31 |
Outstanding at the end of the year (in dollars per share) | 38.43 | 34.99 | 32.92 |
Exercisable at the end of the period (in dollars per share) | $ 38.43 | $ 34.99 | $ 32.92 |
Other information | |||
Aggregate intrinsic value of exercisable options at the end of the year | $ 95,000 | ||
Weighted average remaining contractual life of options exercisable | 3 years 2 months 12 days | 3 years 3 months 18 days | 3 years 6 months |
Value of options exercised | $ 123,000 | $ 123,000 | $ 202,000 |
Market value of options on the date of exercise | 233,000 | 205,000 | 410,797 |
Compensation expense related to share-based award | $ 0 | $ 0 | $ 2,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments and Contingencies | |
Investment Commitment | $ 79,716 |
2019 Funding | 18,150 |
Total Commitments funded | 26,368 |
Remaining commitment | 53,348 |
Real estate properties | |
Commitments and Contingencies | |
Investment Commitment | 41,266 |
2019 Funding | 13,847 |
Total Commitments funded | 18,361 |
Remaining commitment | 22,905 |
Accrued incentives and earn-out liabilities | |
Commitments and Contingencies | |
Investment Commitment | 9,000 |
Remaining commitment | 9,000 |
Mortgage loans | |
Commitments and Contingencies | |
Investment Commitment | 27,200 |
2019 Funding | 2,264 |
Total Commitments funded | 5,944 |
Remaining commitment | 21,256 |
Commitments To Expand and Renovate Properties | |
Commitments and Contingencies | |
Investment Commitment | 9,200 |
Contingent Funding Commitments | |
Commitments and Contingencies | |
Investment Commitment | 18,000 |
Notes receivable | |
Commitments and Contingencies | |
Investment Commitment | 2,250 |
2019 Funding | 2,039 |
Total Commitments funded | 2,063 |
Remaining commitment | $ 187 |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90.00% | ||||||||||
Ordinary taxable distribution | $ 2.084 | $ 0.349 | $ 1.607 | ||||||||
Return of capital | 0.444 | ||||||||||
Unrecaptured Section 1250 gain | 0.132 | 0.636 | 0.163 | ||||||||
Long-term capital gain | 0.064 | 1.295 | 0.066 | ||||||||
Total | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 80,872 | $ 80,872 | $ 155,076 | $ 87,340 | ||||||||
Less income allocated to non-controlling interests | (346) | (95) | ||||||||||
Less income allocated to participating securities: | ||||||||||||
Non-forfeitable dividends on participating securities | (372) | (357) | (350) | |||||||||
Income allocated to participating securities | (19) | (268) | (12) | |||||||||
Total net income allocated to participating securities | (391) | (625) | (362) | |||||||||
Net income available to common stockholders | $ 12,449 | $ 27,080 | $ 20,352 | $ 20,254 | $ 30,645 | $ 34,782 | $ 68,658 | $ 20,271 | 80,135 | 154,356 | 86,978 | |
Effect of dilutive securities: | ||||||||||||
Participating securities | 625 | 362 | ||||||||||
Net income for diluted net income per share | $ 80,135 | $ 154,981 | $ 87,340 | |||||||||
Shares for basic net income per share | 39,571 | 39,477 | 39,409 | |||||||||
Effect of dilutive securities: (Shares) | ||||||||||||
Total effect of dilutive securities (in shares) | 188 | 362 | 228 | |||||||||
Shares for diluted net income per share | 39,759 | 39,839 | 39,637 | |||||||||
Basic (in dollars per share) | $ 0.31 | $ 0.68 | $ 0.51 | $ 0.51 | $ 0.78 | $ 0.88 | $ 1.74 | $ 0.51 | $ 2.03 | $ 3.91 | $ 2.21 | |
Diluted (in dollars per share) | $ 0.31 | $ 0.68 | $ 0.51 | $ 0.51 | $ 0.77 | $ 0.88 | $ 1.73 | $ 0.51 | $ 2.02 | $ 3.89 | $ 2.20 | |
Stock options | ||||||||||||
Effect of dilutive securities: (Shares) | ||||||||||||
Stock options and performance-based stock units (in shares) | 4 | 3 | 10 | |||||||||
Performance-based stock units | ||||||||||||
Effect of dilutive securities: (Shares) | ||||||||||||
Stock options and performance-based stock units (in shares) | 184 | 203 | 67 | |||||||||
Participating Securities | ||||||||||||
Effect of dilutive securities: (Shares) | ||||||||||||
Participating securities | 156 | 151 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 46,463 | $ 47,119 | $ 46,266 | $ 45,456 | $ 43,587 | $ 41,776 | $ 41,472 | $ 41,810 | $ 185,304 | $ 168,645 | $ 168,065 |
Net income available to common stockholders | $ 12,449 | $ 27,080 | $ 20,352 | $ 20,254 | $ 30,645 | $ 34,782 | $ 68,658 | $ 20,271 | $ 80,135 | $ 154,356 | $ 86,978 |
Net income per common share available to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.31 | $ 0.68 | $ 0.51 | $ 0.51 | $ 0.78 | $ 0.88 | $ 1.74 | $ 0.51 | $ 2.03 | $ 3.91 | $ 2.21 |
Diluted (in dollars per share) | 0.31 | 0.68 | 0.51 | 0.51 | 0.77 | 0.88 | 1.73 | 0.51 | 2.02 | 3.89 | 2.20 |
Dividends declared and paid per common share (in dollars per share) | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | |||
Dividends declared and paid per common share (in dollars per share) | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item |
Fair value measurements | ||
Mortgage loans receivable | $ 254,099 | $ 242,939 |
Senior unsecured notes, net of debt issue costs | $ 599,488 | $ 533,029 |
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate | Discounted Cash Flow Analysis | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 3.70 | 5.15 |
Level 3 | Senior Unsecured Notes maturing 2026 and after | Discount Rate | Discounted Cash Flow Analysis | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 3.90 | 5.40 |
Level 3 | Mortgage Loans Receivable | Discount Rate | Discounted Cash Flow Analysis | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | item | 0.090 | 0.090 |
Carrying Value | ||
Fair value measurements | ||
Mortgage loans receivable | $ 254,099 | $ 242,939 |
Bank borrowings | 93,900 | 112,000 |
Senior unsecured notes, net of debt issue costs | 599,488 | 533,029 |
Fair Value | ||
Fair value measurements | ||
Bank borrowings | 93,900 | 112,000 |
Fair Value | Level 3 | ||
Fair value measurements | ||
Mortgage loans receivable | 312,824 | 295,492 |
Senior unsecured notes, net of debt issue costs | $ 612,375 | $ 508,613 |
Subsequent Events - Debt Obliga
Subsequent Events - Debt Obligations (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2020USD ($)item | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Obligations | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 8,483,000 | $ 8,483,000 | $ 7,481,000 | |||
Investment Commitments. | 79,716,000 | 79,716,000 | ||||
Amount borrowed | 207,900,000 | 116,200,000 | $ 213,000,000 | |||
Payments on debt | 159,667,000 | 138,866,000 | 154,767,000 | |||
Outstanding Balance | 693,388,000 | 693,388,000 | 645,029,000 | |||
Available for borrowing | 527,600,000 | 527,600,000 | 581,833,000 | |||
Bank Borrowings | ||||||
Debt Obligations | ||||||
Amount borrowed | 107,900,000 | 116,200,000 | 113,000,000 | |||
Payments on debt | 126,000,000 | 100,700,000 | 123,600,000 | |||
Outstanding Balance | 93,900,000 | 93,900,000 | 112,000,000 | |||
Available for borrowing | 506,100,000 | 506,100,000 | 488,000,000 | |||
Bank Borrowings | Subsequent Event | ||||||
Debt Obligations | ||||||
Amount borrowed | $ 18,000,000 | |||||
Outstanding Balance | 111,900,000 | |||||
Available for borrowing | $ 488,100,000 | |||||
Senior Unsecured Notes | ||||||
Debt Obligations | ||||||
Amount borrowed | 100,000,000 | 100,000,000 | 100,000,000 | |||
Payments on debt | 33,667,000 | 38,166,000 | $ 31,167,000 | |||
Outstanding Balance | 599,488,000 | 599,488,000 | 533,029,000 | |||
Available for borrowing | $ 21,500,000 | $ 21,500,000 | $ 93,833,000 | |||
2020 Acquisitions | SNF | Subsequent Event | Texas | ||||||
Debt Obligations | ||||||
Number of beds/units acquired | item | 140 | |||||
Purchase Price | $ 13,500,000,000 | |||||
Initial lease term | 10 years | |||||
Initial cash yield | 8.50% | |||||
Percentage of annual escalation | 2.00% | |||||
Number of times option to renewal the lease | item | 2 | |||||
Lease renewal term | 5 years |
Subsequent Events - Equity (Det
Subsequent Events - Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2019 | Nov. 30, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | ||||||||||||||||||||||||||||||||||||||||
Real Estate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Gain (Loss) | $ 2,106 | $ 70,682 | $ 3,814 | |||||||||||||||||||||||||||||||||||||||||||||
Real property investments, net | $ 1,136,816 | $ 1,106,581 | $ 1,136,816 | $ 1,106,581 | 1,136,816 | 1,106,581 | ||||||||||||||||||||||||||||||||||||||||||
Contingent lease incentives, Write off | 6,219 | 2,634 | ||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Income Statement, Lease Revenue | 135,405 | 137,657 | ||||||||||||||||||||||||||||||||||||||||||||||
Payments on debt | 33,667 | 38,166 | $ 31,167 | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding Balance | 693,388 | 645,029 | 693,388 | 645,029 | 693,388 | 645,029 | ||||||||||||||||||||||||||||||||||||||||||
Available for borrowing | $ 527,600 | $ 581,833 | $ 527,600 | $ 581,833 | $ 527,600 | $ 581,833 | ||||||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based stock units | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | 147,608 | 156,718 | 143,057 | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based stock units | Three year vesting | Grant Date Price $38.18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | 81,819 | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share | $ 38.18 | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based stock units | TSR Targets | Grant Date Price $38.18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | 66,171 | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share | $ 38.18 | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||||
Number of shares repurchased | 45,030 | 31,326 | 42,089 | |||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | 2015 Plan | Restricted stock and performance-based stock units | Grant Date Price $38.18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | 76,464 | |||||||||||||||||||||||||||||||||||||||||||||||
Price per share | $ 48.95 | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | 2015 Plan | Restricted stock and performance-based stock units | Three year vesting | Grant Date Price $38.18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares repurchased | 34,016 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, January 31, 2020 | Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, January 31, 2020 | Subsequent Event | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, February 29, 2020 | Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | 0.19 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, March 31,2020 | Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share (in dollars per share) | $ 0.19 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 3,321 | $ 3,235 | $ 3,441 |
(Recovered) charged to costs and expenses | 166 | 86 | (206) |
Charged to other accounts | (746) | ||
Balance at end of period | $ 2,741 | 3,321 | 3,235 |
Percentage of provision on rent receivables (in percentage) | 1.00% | ||
Loan loss reserves | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 2,447 | 2,255 | 2,315 |
(Recovered) charged to costs and expenses | 113 | 192 | (60) |
Balance at end of period | 2,560 | 2,447 | 2,255 |
Other notes receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 128 | 166 | 166 |
(Recovered) charged to costs and expenses | 53 | (38) | |
Balance at end of period | 181 | 128 | 166 |
Straight-line rent receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 746 | 814 | 960 |
(Recovered) charged to costs and expenses | (68) | (146) | |
Charged to other accounts | $ (746) | ||
Balance at end of period | $ 746 | $ 814 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Initial Cost to Company | ||||
Land | $ 131,252 | |||
Buildings and Improvements | 1,266,559 | |||
Costs Capitalized Subsequent to acquisition | 86,760 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 131,252 | |||
Buildings and Improvements | 1,353,319 | |||
Total | 1,484,571 | $ 1,421,456 | $ 1,392,122 | $ 1,301,563 |
Accum Deprec | 347,755 | $ 314,875 | $ 306,033 | $ 275,861 |
SNF | ||||
Initial Cost to Company | ||||
Land | 50,063 | |||
Buildings and Improvements | 499,692 | |||
Costs Capitalized Subsequent to acquisition | 46,615 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 50,063 | |||
Buildings and Improvements | 546,307 | |||
Total | 596,370 | |||
Accum Deprec | 183,391 | |||
ALF | ||||
Initial Cost to Company | ||||
Land | 75,001 | |||
Buildings and Improvements | 744,850 | |||
Costs Capitalized Subsequent to acquisition | 39,001 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 75,001 | |||
Buildings and Improvements | 783,851 | |||
Total | 858,852 | |||
Accum Deprec | 163,473 | |||
Other School and Land | ||||
Initial Cost to Company | ||||
Land | 2,908 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,908 | |||
Buildings and Improvements | 8,452 | |||
Total | 11,360 | |||
Accum Deprec | 891 | |||
School | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 8,452 | |||
Total | 10,417 | |||
Accum Deprec | 891 | |||
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 | 3,280 | |||
Buildings and Improvements | 14,709 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,280 | |||
Buildings and Improvements | 14,709 | |||
Total | 17,989 | |||
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 | 1,504 | |||
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 | 1,954 | |||
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 | 3,881 | |||
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 | 3,234 | |||
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 | 1,987 | |||
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 | 2,025 | |||
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 | 4,097 | |||
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 | 563 | |||
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 | 518 | |||
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 | 2,189 | |||
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 | 1,562 | |||
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 | 898 | |||
177 Chesapeake, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 388 | |||
Buildings and Improvements | 3,469 | |||
Costs Capitalized Subsequent to acquisition | 2,777 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 388 | |||
Buildings and Improvements | 6,246 | |||
Total | 6,634 | |||
Accum Deprec | 3,581 | |||
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 | 4,303 | |||
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 | 2,730 | |||
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 | 2,805 | |||
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 | 4,928 | |||
253 Colton, CA | SNF | ||||
Initial Cost to Company | ||||
Land | 2,474 | |||
Buildings and Improvements | 15,158 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,474 | |||
Buildings and Improvements | 15,158 | |||
Total | 17,632 | |||
Accum Deprec | 3,512 | |||
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 | 1,606 | |||
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 | 1,051 | |||
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 | 4,196 | |||
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 | 2,611 | |||
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 | 4,598 | |||
168 Des Moines, IA | SNF | ||||
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 | 2,194 | |||
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 | 1,192 | |||
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 | 1,776 | |||
026 Gardendale, AL | SNF | ||||
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 | 6,166 | |||
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 | 3,987 | |||
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 | 2,631 | |||
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 | 1,113 | |||
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 | 938 | |||
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 | 2,057 | |||
194 Holyoke, CO | SNF | ||||
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 | 1,118 | |||
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 | 3,613 | |||
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 | 4,119 | |||
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 | 4,004 | |||
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 | 1,522 | |||
318 Kansas City, MO | SNF | ||||
Initial Cost to Company | ||||
Land | 1,229 | |||
Buildings and Improvements | 18,368 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,229 | |||
Buildings and Improvements | 18,368 | |||
Total | 19,597 | |||
Accum Deprec | 213 | |||
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 | 3,873 | |||
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 | 1,912 | |||
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 | 5,876 | |||
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 | 4,441 | |||
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 | 1,203 | |||
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 | 2,270 | |||
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 | 3,729 | |||
245 Newberry, SC | SNF | ||||
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 | 1,902 | |||
244 Newberry, SC | SNF | ||||
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 | 1,796 | |||
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 | 925 | |||
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 | 1,443 | |||
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 | 3,461 | |||
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 | 1,923 | |||
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 | 5,853 | |||
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 | 1,085 | |||
094 Portland, OR | SNF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,925 | |||
Costs Capitalized Subsequent to acquisition | 3,152 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 5,077 | |||
Total | 5,177 | |||
Accum Deprec | 3,414 | |||
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 | 3,995 | |||
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 | 1,189 | |||
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 | 1,224 | |||
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 | 2,981 | |||
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 | 2,510 | |||
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 | 1,244 | |||
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 | 2,572 | |||
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 | 2,286 | |||
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 | 2,923 | |||
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 | 3,294 | |||
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 | 1,507 | |||
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 | 2,544 | |||
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 | 5,394 | |||
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 | 2,285 | |||
236 Wytheville, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 647 | |||
Buildings and Improvements | 12,167 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 647 | |||
Buildings and Improvements | 12,167 | |||
Total | 12,814 | |||
Accum Deprec | 4,618 | |||
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 | 966 | |||
317 Abington, VA | ALF | ||||
Initial Cost to Company | ||||
Land | 541 | |||
Buildings and Improvements | 16,355 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 541 | |||
Buildings and Improvements | 16,355 | |||
Total | 16,896 | |||
Accum Deprec | 390 | |||
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 | 3,262 | |||
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 | 1,314 | |||
063 Athens, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 96 | |||
Buildings and Improvements | 1,510 | |||
Costs Capitalized Subsequent to acquisition | 104 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 96 | |||
Buildings and Improvements | 1,614 | |||
Total | 1,710 | |||
Accum Deprec | 982 | |||
320 Auburn Hills, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,964 | |||
Buildings and Improvements | 4,569 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,964 | |||
Buildings and Improvements | 4,569 | |||
Total | 6,533 | |||
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 | 1,917 | |||
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 | 2,122 | |||
203 Bakersfield, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 834 | |||
Buildings and Improvements | 11,986 | |||
Costs Capitalized Subsequent to acquisition | 1,039 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 834 | |||
Buildings and Improvements | 13,025 | |||
Total | 13,859 | |||
Accum Deprec | 6,428 | |||
117 Beatrice, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,173 | |||
Costs Capitalized Subsequent to acquisition | 231 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,404 | |||
Total | 2,504 | |||
Accum Deprec | 1,287 | |||
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 | 1,668 | |||
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 | 1,032 | |||
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 | 1,101 | |||
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 | 7,347 | |||
307 Clovis, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 2,542 | |||
Buildings and Improvements | 19,126 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,542 | |||
Buildings and Improvements | 19,126 | |||
Total | 21,668 | |||
Accum Deprec | 1,374 | |||
308 Clovis, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 3,054 | |||
Buildings and Improvements | 14,172 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,054 | |||
Buildings and Improvements | 14,172 | |||
Total | 17,226 | |||
Accum Deprec | 979 | |||
279 Corpus Christi, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 880 | |||
Buildings and Improvements | 11,440 | |||
Costs Capitalized Subsequent to acquisition | 147 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 880 | |||
Buildings and Improvements | 11,587 | |||
Total | 12,467 | |||
Accum Deprec | 1,619 | |||
292 De Forest, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 485 | |||
Buildings and Improvements | 5,568 | |||
Costs Capitalized Subsequent to acquisition | 43 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 485 | |||
Buildings and Improvements | 5,611 | |||
Total | 6,096 | |||
Accum Deprec | 744 | |||
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 | 1,034 | |||
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 | 1,020 | |||
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 | 1,071 | |||
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 | 2,510 | |||
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 | 2,797 | |||
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 | 1,507 | |||
315 Ft. Worth, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 1,534 | |||
Buildings and Improvements | 11,099 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,534 | |||
Buildings and Improvements | 11,099 | |||
Total | 12,633 | |||
Accum Deprec | 474 | |||
100 Fremont ,OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 115 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,550 | |||
Total | 2,650 | |||
Accum Deprec | 1,442 | |||
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 | 1,189 | |||
314 Frisco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 2,216 | |||
Buildings and Improvements | 10,417 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,216 | |||
Buildings and Improvements | 10,417 | |||
Total | 12,633 | |||
Accum Deprec | 456 | |||
296 Glenview, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 2,800 | |||
Buildings and Improvements | 14,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,800 | |||
Buildings and Improvements | 14,248 | |||
Total | 17,048 | |||
Accum Deprec | 1,120 | |||
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 | 1,055 | |||
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 | 1,097 | |||
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 | 1,459 | |||
284 Green Bay, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Costs Capitalized Subsequent to acquisition | 402 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,481 | |||
Total | 21,141 | |||
Accum Deprec | 2,617 | |||
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 | 1,231 | |||
062 Greenville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Costs Capitalized Subsequent to acquisition | 84 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42 | |||
Buildings and Improvements | 1,649 | |||
Total | 1,691 | |||
Accum Deprec | 996 | |||
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 | 1,339 | |||
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 | 1,223 | |||
295 Jacksonville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,756 | |||
Costs Capitalized Subsequent to acquisition | 56 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,812 | |||
Total | 14,201 | |||
Accum Deprec | 1,444 | |||
066 Jacksonville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 77 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,977 | |||
Total | 2,077 | |||
Accum Deprec | 1,195 | |||
310 Kansas City, MO | ALF | ||||
Initial Cost to Company | ||||
Land | 1,072 | |||
Buildings and Improvements | 15,552 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,072 | |||
Buildings and Improvements | 15,552 | |||
Total | 16,624 | |||
Accum Deprec | 839 | |||
285 Kenosha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Costs Capitalized Subsequent to acquisition | 240 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 12,601 | |||
Total | 13,537 | |||
Accum Deprec | 1,515 | |||
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 | 1,718 | |||
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 | 2,007 | |||
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 | 1,443 | |||
060 Longview, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 127 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 1,695 | |||
Total | 1,733 | |||
Accum Deprec | 1,034 | |||
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 | 2,414 | |||
301 Louisville, KY | ALF | ||||
Initial Cost to Company | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,157 | |||
Costs Capitalized Subsequent to acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,174 | |||
Total | 14,195 | |||
Accum Deprec | 1,288 | |||
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 | 1,758 | |||
068 Lufkin, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to acquisition | 94 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,044 | |||
Total | 2,144 | |||
Accum Deprec | 1,229 | |||
061 Marshall, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 534 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 2,102 | |||
Total | 2,140 | |||
Accum Deprec | 1,298 | |||
293 McHenry, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Costs Capitalized Subsequent to acquisition | 243 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,289 | |||
Buildings and Improvements | 29,219 | |||
Total | 30,508 | |||
Accum Deprec | 3,777 | |||
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 | 1,086 | |||
316 Medford, OR | ALF | ||||
Initial Cost to Company | ||||
Land | 750 | |||
Buildings and Improvements | 13,650 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 750 | |||
Buildings and Improvements | 13,650 | |||
Total | 14,400 | |||
Accum Deprec | 575 | |||
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 | 2,347 | |||
104 Millville, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Costs Capitalized Subsequent to acquisition | 749 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,574 | |||
Total | 3,674 | |||
Accum Deprec | 1,754 | |||
286 Milwaukee, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Costs Capitalized Subsequent to acquisition | 61 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 8,075 | |||
Total | 8,893 | |||
Accum Deprec | 1,084 | |||
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 | 1,866 | |||
280 Merrells Inlet, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 2,490 | |||
Buildings and Improvements | 14,185 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,490 | |||
Buildings and Improvements | 14,185 | |||
Total | 16,675 | |||
Accum Deprec | 1,762 | |||
294 Murrieta, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 2,022 | |||
Buildings and Improvements | 11,136 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,022 | |||
Buildings and Improvements | 11,136 | |||
Total | 13,158 | |||
Accum Deprec | 1,432 | |||
289 Neenah, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 694 | |||
Buildings and Improvements | 20,839 | |||
Costs Capitalized Subsequent to acquisition | 244 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 694 | |||
Buildings and Improvements | 21,083 | |||
Total | 21,777 | |||
Accum Deprec | 2,606 | |||
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 | 1,095 | |||
118 Newark, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 284 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,719 | |||
Total | 2,819 | |||
Accum Deprec | 1,436 | |||
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 | 1,465 | |||
095 Norfolk, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,123 | |||
Costs Capitalized Subsequent to acquisition | 301 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,424 | |||
Total | 2,524 | |||
Accum Deprec | 1,277 | |||
290 Oshkosh, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,525 | |||
Buildings and Improvements | 9,192 | |||
Costs Capitalized Subsequent to acquisition | 184 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,525 | |||
Buildings and Improvements | 9,376 | |||
Total | 10,901 | |||
Accum Deprec | 2,526 | |||
291 Oshkosh, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 475 | |||
Buildings and Improvements | 7,364 | |||
Costs Capitalized Subsequent to acquisition | 44 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 475 | |||
Buildings and Improvements | 7,408 | |||
Total | 7,883 | |||
Accum Deprec | 982 | |||
302 Overland Park, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,951 | |||
Buildings and Improvements | 11,882 | |||
Costs Capitalized Subsequent to acquisition | 281 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,951 | |||
Buildings and Improvements | 12,163 | |||
Total | 14,114 | |||
Accum Deprec | 1,344 | |||
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 | 1,046 | |||
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 | 1,157 | |||
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 | 1,086 | |||
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 | 1,094 | |||
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 | 1,178 | |||
288 Sheboygan, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,382 | |||
Costs Capitalized Subsequent to acquisition | 184 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,566 | |||
Total | 6,734 | |||
Accum Deprec | 854 | |||
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 | 1,533 | |||
312 Spartanburg, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 254 | |||
Buildings and Improvements | 9,906 | |||
Costs Capitalized Subsequent to acquisition | 1,520 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 254 | |||
Buildings and Improvements | 11,426 | |||
Total | 11,680 | |||
Accum Deprec | 886 | |||
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 | 1,449 | |||
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 | 1,300 | |||
321 Sterling Heights, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,133 | |||
Buildings and Improvements | 11,473 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,133 | |||
Buildings and Improvements | 11,473 | |||
Total | 12,606 | |||
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 | 1,143 | |||
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 | 1,684 | |||
098 Tiffin, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 279 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,714 | |||
Total | 2,814 | |||
Accum Deprec | 1,424 | |||
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 | 1,509 | |||
088 Troy, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 605 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,040 | |||
Total | 3,140 | |||
Accum Deprec | 1,641 | |||
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 | 959 | |||
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 | 1,370 | |||
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 | 2,437 | |||
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 | 1,052 | |||
202 Vacaville, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 1,662 | |||
Buildings and Improvements | 11,634 | |||
Costs Capitalized Subsequent to acquisition | 1,770 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,662 | |||
Buildings and Improvements | 13,404 | |||
Total | 15,066 | |||
Accum Deprec | 6,442 | |||
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 | 1,280 | |||
096 Wahoo, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 161 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,479 | |||
Total | 2,579 | |||
Accum Deprec | 1,378 | |||
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 | 949 | |||
287 Waukesha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 992 | |||
Buildings and Improvements | 15,183 | |||
Costs Capitalized Subsequent to acquisition | 210 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 992 | |||
Buildings and Improvements | 15,393 | |||
Total | 16,385 | |||
Accum Deprec | 1,884 | |||
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 | 1,278 | |||
309 West Chester, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,553 | |||
Costs Capitalized Subsequent to acquisition | 22 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,575 | |||
Total | 15,930 | |||
Accum Deprec | 978 | |||
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 | 1,867 | |||
110 Wheelersburg, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 29 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 250 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 29 | |||
Buildings and Improvements | 2,685 | |||
Total | 2,714 | |||
Accum Deprec | 1,437 | |||
303 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,422 | |||
Buildings and Improvements | 9,957 | |||
Costs Capitalized Subsequent to acquisition | 285 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,422 | |||
Buildings and Improvements | 10,242 | |||
Total | 11,664 | |||
Accum Deprec | 1,159 | |||
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 | 2,270 | |||
283 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 624 | |||
Buildings and Improvements | 13,846 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 624 | |||
Buildings and Improvements | 13,846 | |||
Total | 14,470 | |||
Accum Deprec | 1,245 | |||
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 | 1,081 | |||
120 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to acquisition | 131 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,881 | |||
Total | 2,981 | |||
Accum Deprec | 1,607 | |||
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 | 1,502 | |||
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 | 1,769 | |||
099 York, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 78 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,396 | |||
Total | 2,496 | |||
Accum Deprec | 1,359 | |||
297 Las Vegas, NV | School | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 8,452 | |||
Total | 10,417 | |||
Accum Deprec | 891 | |||
271 Howell, MI | Land | ||||
Initial Cost to Company | ||||
Land | 420 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 420 | |||
Total | 420 | |||
272 Milford, MI | ||||
Initial Cost to Company | ||||
Land | 450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 450 | |||
Total | 450 | |||
275 Yale, MI | Land | ||||
Initial Cost to Company | ||||
Land | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 73 | |||
Total | 73 | |||
305 Union, KY | SNF | ||||
Initial Cost to Company | ||||
Land | 858 | |||
Buildings and Improvements | 24,116 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 858 | |||
Buildings and Improvements | 24,116 | |||
Total | 24,974 | |||
Accum Deprec | 743 | |||
311 Cedarburg, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 924 | |||
Buildings and Improvements | 21,075 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 924 | |||
Buildings and Improvements | 21,075 | |||
Total | 21,999 | |||
Accum Deprec | 629 | |||
306 Oaklawn, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,591 | |||
Buildings and Improvements | 13,772 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,591 | |||
Buildings and Improvements | 13,772 | |||
Total | 15,363 | |||
Accum Deprec | 792 | |||
319 Independence, MO | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 2,644 | |||
Buildings and Improvements | 1,514 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,644 | |||
Buildings and Improvements | 1,514 | |||
Total | 4,158 | |||
313 Medford, OR | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 636 | |||
Buildings and Improvements | 13,195 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 636 | |||
Buildings and Improvements | 13,195 | |||
Total | $ 13,831 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Real Estate and Accumulated Depreciation | |
Aggregate cost basis for Federal income tax purposes | $ 1,501 |
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 | 5 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 |
Site Improvements | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 10 years |
Site Improvements | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 20 years |
Building Improvements | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 10 years |
Building Improvements | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 50 years |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Carrying cost | |||
Balance at beginning of period | $ 1,421,456 | $ 1,392,122 | $ 1,301,563 |
Acquisitions | 58,414 | 40,408 | 82,405 |
Improvements | 23,363 | 38,528 | 25,800 |
Capitalized interest | 608 | 1,248 | 908 |
Cost of real estate sold | (19,270) | (50,850) | (18,554) |
Ending balance | 1,484,571 | 1,421,456 | 1,392,122 |
Accumulated depreciation | |||
Balance at beginning of period | 314,875 | 306,033 | 275,861 |
Depreciation expense | 39,094 | 37,416 | 37,492 |
Cost of real estate sold | (6,214) | (28,574) | (7,320) |
Ending balance | $ 347,755 | $ 314,875 | $ 306,033 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Mortgage loans on real estate | ||||
Number of properties | property | 22 | |||
Number of beds/units | item | 2,892 | |||
Balloon Amount | $ 228,090 | |||
Current Monthly Debt Service | 2,084 | |||
Face amount of originated mortgages | 259,595 | |||
Carrying Amount of Mortgages | 254,099 | $ 242,939 | $ 223,907 | $ 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 | 2,029 | |||
Interest rate (as a percent) | 9.92% | |||
Balloon Amount | $ 161,966 | |||
Current Monthly Debt Service | 1,535 | |||
Face amount of originated mortgages | 188,966 | |||
Carrying Amount of Mortgages | $ 184,265 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 501 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 4 | |||
Number of beds/units | item | 501 | |||
Interest rate (as a percent) | 9.24% | |||
Balloon Amount | $ 32,286 | |||
Current Monthly Debt Service | 278 | |||
Face amount of originated mortgages | 36,116 | |||
Carrying Amount of Mortgages | $ 35,715 | |||
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 | $ 14,325 | |||
Current Monthly Debt Service | 117 | |||
Face amount of originated mortgages | 15,000 | |||
Carrying Amount of Mortgages | $ 14,801 | |||
Michigan | Mortgage Loans On Real Estate Maturing In 2020 | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 2 | |||
Number of beds/units | item | 205 | |||
Interest rate (as a percent) | 9.41% | |||
Balloon Amount | $ 19,513 | |||
Current Monthly Debt Service | 154 | |||
Face amount of originated mortgages | 19,513 | |||
Carrying Amount of Mortgages | 19,318 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage Loans | ||||
Mortgage loans on real estate | ||||
Loan Term | 30 years | |||
Mortgage Loans | Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 9.20% | |||
Mortgage Loans | Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 9.90% |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)loan | |
Mortgage loans on real estate | |
Original loan amounts | $ 259,595 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
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 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
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 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
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 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
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 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
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 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
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 | |
Mortgage loans on real estate | |
Number of Loans | loan | 4 |
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 ON_4
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $ 242,939 | $ 223,907 | $ 229,801 |
New mortgage loans | 7,500 | 14,525 | |
Other additions | 4,842 | 6,839 | 11,913 |
Amortization of mortgage premium | (4) | (4) | (4) |
Collections of principal | (1,065) | (2,136) | (17,863) |
Loan loss reserve | (113) | (192) | 60 |
Balance at the end of the period | $ 254,099 | $ 242,939 | $ 223,907 |
Commitments and Contingencies_2
Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitment | ||
Carrying value | $ 1,136,816 | $ 1,106,581 |