Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 11, 2021 | Jun. 30, 2020 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,450,403,000 | ||
Entity Common Stock, Shares Outstanding | 39,242,225 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000887905 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments: | ||
Land | $ 127,774 | $ 126,703 |
Buildings and improvements | 1,324,227 | 1,295,899 |
Accumulated depreciation and amortization | (349,643) | (312,642) |
Operating real estate property, net | 1,102,358 | 1,109,960 |
Properties held-for-sale, net of accumulated depreciation: 2020-$0; 2019-$35,113 | 26,856 | |
Real property investments, net | 1,102,358 | 1,136,816 |
Mortgage loans receivable, net of loan loss reserve: 2020-$2,592; 2019-$2,560 | 257,251 | 254,099 |
Real estate investments, net | 1,359,609 | 1,390,915 |
Notes receivable, net of loan loss reserve: 2020-$146; 2019-$181 | 14,465 | 17,927 |
Investments in unconsolidated joint ventures | 11,340 | 19,003 |
Investments, net | 1,385,414 | 1,427,845 |
Other assets: | ||
Cash and cash equivalents | 7,772 | 4,244 |
Debt issue costs related to bank borrowings | 1,324 | 2,164 |
Interest receivable | 32,746 | 26,586 |
Straight-line rent receivable | 24,452 | 45,703 |
Lease incentives | 2,462 | 2,552 |
Prepaid expenses and other assets | 5,316 | 5,115 |
Total assets | 1,459,486 | 1,514,209 |
LIABILITIES | ||
Bank borrowings | 89,900 | 93,900 |
Senior unsecured notes, net of debt issue costs: 2020-$658; 2019-$812 | 559,482 | 599,488 |
Accrued interest | 4,216 | 4,983 |
Accrued expenses and other liabilities | 30,082 | 30,412 |
Total liabilities | 683,680 | 728,783 |
Stockholders' equity: | ||
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2020-39,242; 2019-39,752 | 392 | 398 |
Capital in excess of par value | 852,780 | 867,346 |
Cumulative net income | 1,388,775 | 1,293,482 |
Cumulative distributions | (1,474,545) | (1,384,283) |
Total LTC Properties, Inc. stockholders' equity | 767,402 | 776,943 |
Non-controlling interests | 8,404 | 8,483 |
Total equity | 775,806 | 785,426 |
Total liabilities and equity | $ 1,459,486 | $ 1,514,209 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Properties held-for-sale, accumulated depreciation | $ 0 | $ 35,113 |
Mortgage loans receivable, loan loss reserve | 2,592 | 2,560 |
Notes receivable, loan loss reserve | $ 146 | $ 181 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 39,242 | 39,752 |
Common stock, shares outstanding | 39,242 | 39,752 |
Senior Unsecured Notes | ||
Debt issue costs, net | $ 658 | $ 812 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental income | $ 126,094,000 | $ 152,755,000 | $ 135,405,000 |
Interest income from mortgage loans | 31,396,000 | 29,991,000 | 28,200,000 |
Interest and other income | 1,847,000 | 2,558,000 | 5,040,000 |
Total revenues | 159,337,000 | 185,304,000 | 168,645,000 |
Expenses: | |||
Interest expense | 29,705,000 | 30,582,000 | 30,196,000 |
Depreciation and amortization | 39,071,000 | 39,216,000 | 37,555,000 |
Impairment charges | 3,977,000 | 0 | 0 |
(Recovery) provision for doubtful accounts | (3,000) | 166,000 | 87,000 |
Transaction costs | 299,000 | 365,000 | 84,000 |
Property tax expense | 15,065,000 | 16,755,000 | |
General and administrative expenses | 19,710,000 | 18,453,000 | 19,193,000 |
Total expenses | 107,824,000 | 105,537,000 | 87,115,000 |
Other operating income: | |||
Gain on sale of real estate, net | 44,117,000 | 2,106,000 | 70,682,000 |
Operating income | 95,630,000 | 81,873,000 | 152,212,000 |
Gain from property insurance proceeds | 373,000 | 2,111,000 | |
Loss on unconsolidated joint ventures | (758,000) | ||
Impairment loss from investments in unconsolidated joint ventures | 5,500,000 | ||
Income from unconsolidated joint ventures | 432,000 | 2,388,000 | 2,864,000 |
Net income | 95,677,000 | 80,872,000 | 155,076,000 |
Income allocated to non-controlling interests | (384,000) | (346,000) | (95,000) |
Net income attributable to LTC Properties, Inc. | 95,293,000 | 80,526,000 | 154,981,000 |
Income allocated to participating securities | (422,000) | (391,000) | (625,000) |
Net income available to common stockholders | $ 94,871,000 | $ 80,135,000 | $ 154,356,000 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.42 | $ 2.03 | $ 3.91 |
Diluted (in dollars per share) | $ 2.42 | $ 2.02 | $ 3.89 |
Weighted average shares used to calculate earnings per common share: | |||
Basic (in shares) | 39,179 | 39,571 | 39,477 |
Diluted (in shares) | 39,264 | 39,759 | 39,839 |
Comprehensive Income: | |||
Net income | $ 95,677,000 | $ 80,872,000 | $ 155,076,000 |
Comprehensive income | $ 95,677,000 | $ 80,872,000 | $ 155,076,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | ParentCumulative Effect of Adoption | ParentAs Adjusted Balance | Parent | Common StockAs Adjusted Balance | Common Stock | Capital in Excess of Par ValueAs Adjusted Balance | Capital in Excess of Par Value | Cumulative Net IncomeCumulative Effect of Adoption | Cumulative Net IncomeAs Adjusted Balance | Cumulative Net Income | Cumulative DistributionsAs Adjusted Balance | Cumulative Distributions | Non-controlling InterestsAs Adjusted Balance | Non-controlling Interests | Cumulative Effect of Adoption | As Adjusted Balance | Total |
Balance at beginning 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 | |||||||||||||||||
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 | ||||||||||||||||
Net income | 154,981 | 154,981 | 95 | 155,076 | |||||||||||||
Stock-based compensation expense | 5,870 | 5,870 | 5,870 | ||||||||||||||
Stock option exercises | 123 | 123 | 123 | ||||||||||||||
Stock option exercises (in shares) | 5 | ||||||||||||||||
Non-controlling interests contributions | 3,963 | 3,963 | |||||||||||||||
Non-controlling interest distributions | (65) | (65) | |||||||||||||||
Common stock cash distributions | (90,372) | (90,372) | (90,372) | ||||||||||||||
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 | |||||||||||||||||
Issuance of restricted stock | (7) | (7) | (7) | ||||||||||||||
Issuance of restricted stock (in shares) | 86 | ||||||||||||||||
Net income | 80,526 | 80,526 | 346 | 80,872 | |||||||||||||
Stock-based compensation expense | 6,566 | 6,566 | 6,566 | ||||||||||||||
Vesting of performance-based stock units | (301) | (301) | (301) | ||||||||||||||
Vesting of performance-based stock units (in shares) | 48 | ||||||||||||||||
Stock option exercises | 123 | $ 1 | 122 | 123 | |||||||||||||
Stock option exercises (in shares) | 5 | ||||||||||||||||
Non-controlling interests contributions | 965 | 965 | |||||||||||||||
Non-controlling interest distributions | (309) | (309) | |||||||||||||||
Common stock cash distributions | (90,599) | (90,599) | (90,599) | ||||||||||||||
Other | (2,047) | (2,047) | (2,047) | ||||||||||||||
Other (in shares) | (44) | ||||||||||||||||
Balance at end of period at Dec. 31, 2019 | $ (42,808) | $ 782,682 | 776,943 | $ 397 | $ 398 | $ 862,712 | 867,346 | $ (42,808) | $ 1,212,956 | 1,293,482 | $ (1,293,383) | (1,384,283) | $ 7,481 | 8,483 | $ (42,808) | $ 790,163 | 785,426 |
Balance (in shares) at Dec. 31, 2019 | 39,657 | 39,752 | |||||||||||||||
Equity activity | |||||||||||||||||
Repurchase of common stock | (18,012) | $ (6) | (18,006) | (18,012) | |||||||||||||
Repurchase of common stock (in shares) | (616) | ||||||||||||||||
Issuance of restricted stock | (8) | $ 1 | (9) | (8) | |||||||||||||
Issuance of restricted stock (in shares) | 101 | ||||||||||||||||
Net income | 95,293 | 95,293 | 384 | 95,677 | |||||||||||||
Stock-based compensation expense | 7,012 | 7,012 | 7,012 | ||||||||||||||
Vesting of performance-based stock units | (586) | (586) | (586) | ||||||||||||||
Vesting of performance-based stock units (in shares) | 82 | ||||||||||||||||
Non-controlling interest distributions | (463) | (463) | |||||||||||||||
Common stock cash distributions | (89,676) | (89,676) | (89,676) | ||||||||||||||
Other | (3,564) | $ (1) | (3,563) | (3,564) | |||||||||||||
Other (in shares) | (77) | ||||||||||||||||
Balance at end of period at Dec. 31, 2020 | $ 767,402 | $ 392 | $ 852,780 | $ 1,388,775 | $ (1,474,545) | $ 8,404 | $ 775,806 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 39,242 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net income | $ 95,677 | $ 80,872 | $ 155,076 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 39,071 | 39,216 | 37,555 |
Stock-based compensation expense | 7,012 | 6,566 | 5,870 |
Impairment charges | 3,977 | 5,500 | |
Gain on sale of real estate, net | (44,117) | (2,106) | (70,682) |
Loss on unconsolidated joint ventures | 758 | ||
Income from unconsolidated joint ventures | (432) | (2,388) | (2,864) |
Income distributions from unconsolidated joint ventures | 432 | 2,991 | 2,371 |
Insurance proceeds for damaged property | 2,619 | ||
Payment for remediation of damaged property | (508) | ||
Straight-line rental income | (1,778) | (4,487) | (9,550) |
Adjustment for collectibility of rental income and lease incentives | 23,214 | 1,926 | |
Lease incentives funded | (220) | (387) | (1,272) |
Amortization of lease incentives | 426 | 385 | 2,092 |
(Recovery) provision for doubtful accounts | (3) | 166 | 87 |
Non-cash interest related to contingent liabilities | 377 | ||
Non-cash income related to earn-out and related lease incentive write-off | (3,074) | ||
Other non-cash items, net | 1,033 | 1,016 | 1,180 |
Increase in interest receivable | (6,161) | (5,854) | (5,682) |
(Decrease) increase in accrued interest payable | (767) | 803 | (1,096) |
Net change in other assets and liabilities | (2,021) | (1,750) | 3,036 |
Net cash provided by operating activities | 116,101 | 122,469 | 115,535 |
INVESTING ACTIVITIES: | |||
Investment in real estate properties | (13,581) | (58,414) | (40,408) |
Investment in real estate developments | (16,699) | (20,524) | (35,279) |
Investment in real estate capital improvements | (6,913) | (2,839) | (3,249) |
Capitalized interest | (354) | (608) | (1,248) |
Proceeds from sale of real estate, net | 72,141 | 14,009 | 92,749 |
Investment in real estate mortgage loans receivable | (4,253) | (12,342) | (21,364) |
Principal payments received on mortgage loans receivable | 1,065 | 1,065 | 2,136 |
Investments in unconsolidated joint ventures | (8,520) | (472) | (670) |
Proceeds from liquidation of investments in unconsolidated joint ventures | 17,848 | 6,601 | |
Advances and originations under notes receivable | (2,078) | (8,967) | (124) |
Principal payments received on notes receivable | 5,275 | 3,503 | 3,848 |
Net cash provided by (used in) investing activities | 43,931 | (78,988) | (3,609) |
FINANCING ACTIVITIES: | |||
Bank borrowings | 24,000 | 107,900 | 116,200 |
Repayment of bank borrowings | (28,000) | (126,000) | (100,700) |
Proceeds from issuance of senior unsecured notes | 100,000 | ||
Principal payments on senior unsecured notes | (40,160) | (33,667) | (38,166) |
Stock repurchase plan | (18,012) | ||
Proceeds from common stock issued | 1,005 | ||
Stock option exercises | 123 | 123 | |
Distributions paid to stockholders | (90,262) | (90,899) | (90,372) |
Contribution from non-controlling interests | 965 | 3,963 | |
Distributions paid to non-controlling interests | (463) | (309) | (65) |
Financing costs paid | (35) | (61) | (3,162) |
Withheld vested restricted stock and performance-based stock units | (3,564) | (2,047) | (1,193) |
Other | (8) | (6) | (8) |
Net cash used in financing activities | (156,504) | (44,001) | (112,375) |
Increase (decrease) in cash, cash equivalents and restricted cash | 3,528 | (520) | (449) |
Cash, cash equivalents and restricted cash, beginning of period | 4,244 | 4,764 | 5,213 |
Cash, cash equivalents and restricted cash, end of period | 7,772 | 4,244 | 4,764 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 29,443 | $ 28,767 | $ 30,116 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2020 | |
General | |
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 construction financing and structured finance solutions including preferred equity, bridge, mezzanine and unitranche 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, 2020 | |
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. 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. Consolidation. 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 does not 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. 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. 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. Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each 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. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 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. During the fourth quarter of 2019 we sold a 170-bed skilled nursing center in our portfolio which was under a triple net master lease agreement. The property was evacuated in 2017 due to damages caused by hurricane and our operator provided us with insurance proceeds for remediation of the property. Upon sale of the property, we released our operator from its contractual obligation under the master lease to return the property back to its original condition, took possession of the remaining insurance proceeds of $2,111,000 and recorded this amount as Gain from property insurance proceeds Consolidated Statements of Income and Comprehensive Income Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mezzanine Loans. four Investments in unconsolidated joint ventures. jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated JV under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. 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. Allowance for Doubtful Accounts. , Measurement of Credit Losses on Financial Instruments We adopted ASU 2016-13 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Increase ā ā ā ā ā ā ā ā ā ā /(Decrease) ā ā ā ā ā ā ā Balance ā in Expected ā Balance ā ā ā Balance Sheet ā at ā Credit Loss ā at ā Description ā Location ā 12/31/2019 ā During the Year ā 12/31/2020 ā Expected credit losses for mortgage loans receivable ā Mortgage loans receivable, net of loan loss reserve ā $ 2,560 ā $ 32 ā $ 2,592 ā Expected credit losses for notes receivable ā Notes receivable, net of loan loss reserve ā $ 181 ā $ (35) ā $ 146 ā ā We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2020, the total balance of accrued interest receivable of $32,746,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivable. Accrued incentives. payments to our sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable, the contingent payment is recorded as a liability at the estimate fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. 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. 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, 2020, 2019 and 2018, we recognized impairment charges of $3,977,000, $0 and $0 respectively, related to our real property investments. 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, 2020, 2019 and 2018, we received $111,000, $464,000 and $470,000, 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 begins reducing 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 year of adoption or full retrospective approach. We have adopted this standard using the modified retrospective adoption method on January 1, 2018. We concluded that this standard did not have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09. Leases: In February 2016, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) No. 2016-02 (āASU 2016-02ā), Leases Topic 842, Leases ā Modify the accounting and lease classification criteria; ā On a quarterly basis, on an individual lease basis, assess the collectibility of substantially all of the lease payments through maturity. If collectibility 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; and ā Exclude the lessor costs that are directly paid by the lessee to third parties on lessorās behalf from variable payments. However, the lessor costs that are paid by the lessor and reimbursed by the lessee are required to be included in variable payments. As a result of adopting ASU 2016-02 on January 1, 2019, using the modified retrospective transition approach, we evaluated the collectibility of our lease payments and determined that the level of collectibility certainty cannot be achieved for certain operators. Accordingly, we recognized a cumulative effect adjustment to equity of $42,808,000. Additionally, we now report real estate taxes that are reimbursed by our operators as Rental income Property tax expense Consolidated Statements of Income and Comprehensive Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (āCOVID-19ā) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We elected the first of the following two methods: ā Account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, increase the lease receivable and continue to recognize income. ā Account for the rent deferrals as variable lease payments. ā 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, 2020, the net book basis of our depreciable assets exceeded our net tax basis by approximately $9,939,000 (unaudited), primarily due to faster depreciation for tax, 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. Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon managementās periodic review of our portfolio. See Note 3. Major Operators 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. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. 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. 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. ā |
Major Operators
Major Operators | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020: 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 (2) ā ā Prestige Healthcare (3) ā 24 ā ā ā 2,922 ā 93 ā 19.7 % ā 18.2 % ā Senior Lifestyle Corporation (4) ā ā ā 23 ā ā ā 1,457 ā 10.7 % ā 10.0 % ā Total ā 24 ā 23 ā 2,922 ā 1,550 ā 30.4 % ā 28.2 % ā (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2020 and excludes rental income from lessee reimbursement and sold properties. ā (2) Represents the net carrying value of the properties divided by the Total assets on the Consolidated Balance Sheets . ā (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. ā (4) See Note 5. Real Estate Investments for further information regarding Senior Lifestyle. 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, 2020 | |
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 2020 2019 2018 ā ā (in thousands) Non-cash investing and financing transactions: ā ā ā ā ā ā ā Preferred return reserve related to investments in unconsolidated joint ventures ( Note 6 ā $ 2,878 ā $ ā ā $ ā ā Reclassification of notes receivable to lease incentives ( Note 7 ā ā 300 ā ā 200 ā ā ā ā Restricted stock issued, net of cancellations ( Note 10 ā ā ā ā ā 1 ā ā |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2020 | |
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 $38,945,000, $39,094,000, and $37,416,000 for the years ended December 31, 2020, 2019 and 2018, 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) 2021 ā $ 139,053 ā 2022 ā 129,864 ā 2023 ā 130,477 ā 2024 ā 129,407 ā 2025 ā 116,296 ā Thereafter ā 507,352 ā (1) Represents contractual annual cash rent, except for Anthem Memory Care (āAnthemā) master lease which is based on estimated cash payments. See below for more disclosures relating to Anthem. An affiliate of Senior Lifestyle Corporation (āSenior Lifestyleā) operates 23 properties under a master lease with a combination of independent living, assisted living and memory care units. Senior Lifestyle was provided deferred rent in the amount of $394,000 in April 2020 which has since been fully repaid, however, they failed to pay full rent during the second quarter of 2020. In accordance with ASC 842, we evaluated the collectibility of receiving substantially all of our lease payments from the Senior Lifestyle master lease through maturity and determined that we did not have the level of certainty required by the standard. Accordingly, we wrote-off a total $17,742,000 of straight-line rent receivable and lease incentives related to this master lease during the second quarter of 2020 and accounted for the Senior Lifestyle master lease on a cash basis effective July 2020. During April through December 2020, we received $9,200,000 of Senior Lifestyleās $13,800,000 contractual rent due and applied their letter of credit and deposits totaling $3,725,000 to the remaining $850,000 balance of fourth quarter rent, $249,000 to unaccrued past due third quarter rent, $2,501,000 to accrued second quarter rent receivable and $125,000 to notes receivable. At December 31, 2020, Senior Lifestyle owed us $1,002,000 past due unaccrued rent. Also, during the fourth quarter of 2020, we recorded an impairment charge of $3,036,000 related to a memory care community that was operated by Senior Lifestyle. Subsequent to December 31, 2020, we transitioned 11 assisted living communities previously leased to Senior Lifestyle to two operators. These communities are located in Illinois, Ohio and Wisconsin. Total cash rent expected under these master lease agreements is $5,250,000 for the first lease year, $7,078,000 for the second lease year and $7,303,000 for the third lease year, escalating 2% annually thereafter. We are currently evaluating our options for the remaining 12 assisted communities operated by Senior Lifestyle, which may include re-leasing or selling some or all of the properties. During the third quarter of 2020, an operator paid $542,000 of its contractual rent of $1,299,000. In accordance with ASC 842, we evaluated the collectibility of receiving substantially all of our lease payments from the operatorās master lease through maturity and determined that we did not have the level of certainty required by the standard. Accordingly, we wrote-off $1,156,000 of straight-line rent receivable related to this master lease during the third quarter of 2020. Effective September 1, 2020, we consolidated our two master leases with the operator into one combined master lease. Under the new combined master lease, we agreed to abate $570,000 of third quarter of 2020 rent along with $80,000 that had been deferred in second quarter of 2020. During the fourth quarter of 2020, we granted a $1,057,000 deferral of rent of the operatorās $1,299,000 contractual rent. The remaining deferred balance due from the operator is $355,000 as of December 31, 2020. On August 10, 2020, in the Quarterly Report on Form 10-Q, Genesis Healthcare, Inc. (āGenesisā) reported doubt regarding its ability to continue as a going concern. Accordingly, we evaluated the collectibility of receiving substantially all of our lease payments from the Genesis master lease through maturity in accordance with ASC 842, and determined that we did not have the level of certainty required by the standard. As a result, we wrote-off $4,316,000 of straight-line rent receivable related to this master lease during the third quarter of 2020 and transitioned rental revenue recognition to cash basis in third quarter of 2020. Genesis is current on rent payments through February 2021. Anthem Memory Care (āAnthemā) operates 11 memory care communities under a master lease and was placed in default in 2017 resulting from Anthemās partial payment of its minimum rent. However, we did not enforce our rights and remedies pertaining to the event of default, under the stipulation that Anthem achieves sufficient performance and pays agreed upon rent. 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 Anthem 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. Anthem paid us annual cash rent of $9,900,000 in 2020, and we anticipate they will pay annual cash rent of $10,800,000 for the year ended December 31, 2021. We receive regular financial performance updates from Anthem and continue to monitor their performance obligations under the master lease agreement. Anthem has paid their agreed upon rent through February 2021. Preferred Care, Inc. (āPreferred Careā) and affiliated entities filed for Chapter 11 bankruptcy in 2017 as a result of a multi-million-dollar judgment in a lawsuit in Kentucky against Preferred Care and certain affiliated entities. Preferred Care leased 24 properties (āPropertiesā) under two master leases from us and the Preferred Care operating entities that subleased 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 subsequently filed for Chapter 7 bankruptcy in 2019. During the fourth quarter of 2019, we entered into multiple contracts to sell the Properties, all of which were completed by the end of the first quarter of 2020. The combined net proceeds from the sales, including the 2019 transactions, was approximately $77,900,000 resulting in a total gain of approximately $44,000,000. The Properties had a combined net book value of $35,600,000. The 21 properties sold in the first quarter of 2020, which included 2,411 beds in Arizona, Colorado, Iowa, Kansas and Texas, were sold through multiple transactions and generated net proceeds of $72,100,000. These 21 properties had a combined net book value of $29,100,000 and resulted in total gain on sale of $44,073,000. 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 in December 2018. 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 the 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. During 2019, we received the December 2018 unpaid rent, late fees and reimbursement of legal cost totaling $1,596,000 from Senior Lifestyle. In March 2020, Senior Care emerged from bankruptcy and affirmed our master lease. We continue to evaluate the collectibility of our Senior Care master lease on a quarterly basis. Senior Care is current on all its rent payments through February 2021. During the year ended December 31, 2020, we consolidated four separate lease agreements into a single consolidated master lease with Brookdale Senior Living Communities, Inc (āBrookdaleā) and extended the lease maturity date by one year to December 31, 2021. This new master lease provides three renewal options consisting of a four-year renewal option, a five-year renewal option and a 10-year renewal option. The notice period for the first renewal option is January 1, 2021 to April 30, 2021. The economic rent terms remain the same as the consolidated rent terms under the previous four separate lease agreements. In addition, we have extended a $4,000,000 capital commitment to Brookdale, which is available through December 31, 2021 at a 7% yield. As of December 31, 2020, we funded $1,700,000 under this commitment with a remaining commitment of $2,300,000. Brookdale is current on rent payments through February 2021. The following table summarizes components of our rental income for the years ended December 31, 2020, 2019 and 2018 ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā Rental Income ā ā 2020 ā ā 2019 ā ā 2018 ā Base cash rental income ā $ 132,789 ā $ 134,117 ā $ 127,477 ā Variable cash rental income ā ā 15,167 (1) ā 16,462 (1) ā 470 (1) Straight-line rent ā ā 1,778 (2) ā 4,487 (2) ā 9,550 (2) Adjustment for collectability of rental income and lease incentives ā ā (23,214) (3) ā (1,926) (4) ā ā ā Amortization of lease incentives ā ā (426) ā ā (385) ā ā (2,092) ā Total ā $ 126,094 ā $ 152,755 ā $ 135,405 ā (1) The variable rental income for the year ended December 31, 2020 and 2019 includes contingent rental income of $111 and $464 , respectively. Additionally, the variable rental income for the year ended December 31, 2020 and 2019 includes reimbursement of real estate taxes by our lessees. 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. Accordingly, the variable income for the year ended December 31, 2018, represents contingent rental income. ā (2) 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 certain master leases through maturity. Decreased due to these leases being accounted for on cash-basis. ā (3) Represents the write-off of straight-line rent receivable balances related to Senior Lifestyle, Genesis and another operator. 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 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 $ 35,601 ā 2024-2029 ā California ā ALF ā 2 ā ā 30,849 ā ā 17,092 ā 2021-TBD (1) Florida ā MC ā 1 ā ā 14,835 ā ā 13,031 ā 2028-2029 ā Kentucky and Ohio ā MC ā 2 ā ā 30,342 ā ā 27,315 ā 2028-2029 ā Texas ā MC ā 2 ā ā 25,265 ā ā 23,715 ā 2025-2027 ā South Carolina ā ALF/MC ā 1 ā ā 11,680 ā ā 10,213 ā 2028-2029 ā Total ā ā ā ā ā $ 151,866 ā $ 126,967 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 ā Type of Property ā Price ā Costs (1) ā Costs ā Properties ā Beds/Units 2020 ā Skilled Nursing (2) ā $ 13,500 ā $ 81 ā $ 13,581 1 ā 140 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 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 ā 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 3 ā 177 ā ā Land (8) ā 695 ā 48 ā 743 ā ā Total ā ā ā $ 40,295 ā $ 113 ā $ 40,408 3 177 (1) 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 our Consolidated Statements of Income and Comprehensive Income represents current and prior year transaction costs due to timing and terminated transactions. ā (2) We acquired a SNF located in Texas. 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% . 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. ā (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 ā ā Year Ended December 31, ā ā ā 2020 ā 2019 ā 2018 ā Type of Property ā Developments ā Improvements ā ā Developments ā Improvements ā ā Developments ā Improvements ā Assisted Living Communities ā $ 4,491 ā $ 6,842 ā ā $ 14,088 ā $ 2,544 ā ā $ 27,505 ā $ 2,292 ā Skilled Nursing Centers ā ā 12,208 ā ā 71 ā ā ā 6,436 ā ā ā ā ā ā 7,774 ā ā 500 ā Other ā ā ā ā ā ā ā ā ā ā ā ā 295 ā ā ā ā ā ā 457 ā Total ā $ 16,699 ā $ 6,913 ā ā $ 20,524 ā $ 2,839 ā ā $ 35,279 ā $ 3,249 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 2020 ā Development ā 1 ā ALF/MC ā 78 ā Oregon ā $ 18,447 ā ā Development ā 1 ā SNF ā 90 ā Missouri ā ā 16,587 Total ā ā ā 2 ā ā ā 168 ā ā ā $ 35,034 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 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 $ 14,668 Total ā ā ā 1 ā ā ā 66 ā ā ā $ 14,668 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 held-for-sale . The following table summarizes our properties held-for-sale at years ended December 31, 2020 and 2019 (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 2020 ā n/a ā n/a 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 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 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 ā ā ā ā ā ā of ā of ā of ā ā Sales ā ā Carrying ā ā Net ā Year ā State ā Properties ā Properties ā Beds/Units ā ā Price ā ā Value ā ā Gain (Loss) ā 2020 ā N/A ā N/A ā ā ā ā ā $ ā ā $ ā ā $ 129 (1) ā ā Arizona ā SNF ā 1 ā 194 ā ā 12,550 ā ā 2,229 ā ā 10,293 ā ā ā Colorado ā SNF ā 3 ā 275 ā ā 15,000 ā ā 4,271 ā ā 10,364 ā ā ā Iowa ā SNF (2) 7 ā 544 ā ā 14,500 ā ā 4,886 ā ā 9,051 ā ā ā Kansas ā SNF ā 3 ā 250 ā ā 9,750 ā ā 7,438 ā ā 1,993 ā ā ā Texas ā SNF ā 7 ā 1,148 ā ā 23,000 ā ā 10,260 ā ā 12,287 ā Total 2020 (3) ā ā ā ā ā 21 ā 2,411 ā $ 74,800 ā $ 29,084 ā $ 44,117 (3) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā N/A ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 500 (4) ā ā Arizona, Georgia and Texas ā SNF (5) 3 ā 478 ā ā 15,310 ā ā 8,995 ā ā 5,556 ā ā ā Texas ā ALF (6) 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 (7) 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 (1) Gain recognized from the $90 repayment of a holdback related to a property sold during the fourth quarter of 2019 and the reassessment adjustment of $39 from the holdback under the expected value model per ASC Topic 606, Contracts with Customers (āASC 606ā). ā (2) This transaction includes a holdback of $838 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 $471 . During the year ended December 31, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $229 . ā (3) Properties sold within the Preferred Care portfolio. ā (4) 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 (5) 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 (6) We sold an ALF located in Texas with a carrying value of $3,830 . ā (7) We sold land adjacent to an existing ALF community in Kansas. Mortgage Loans. Item 1. BusinessāPortfolio The following table summarizes our mortgage loan activity for the years ended December 31, 2020, 2019 and 2018 ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā 2018 Originations and funding under mortgage loans receivable ā $ 4,253 (1) $ 12,342 (2) $ 21,364 (3) Pay-offs received ā ā ā ā ā ā ā ā (1,086) ā Scheduled principal payments received ā ā (1,065) ā ā (1,065) ā ā (1,050) ā Mortgage loan premium amortization ā ā (4) ā ā (4) ā ā (4) ā Provision for loan loss reserve ā ā (32) ā ā (113) ā ā (192) ā Net increase in mortgage loans receivable ā $ 3,152 ā $ 11,160 ā $ 19,032 ā (1) During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% and escalating by 2.25% thereafter. ā (2) 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 (3) 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, 2020 and 2019 the carrying values of the mortgage loans were $257,251,000 and $254,099,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ā ā ā ā ā ā ā Scheduled ā ā Principal 2021 ā $ 1,175 ā 2022 ā 1,175 ā 2023 ā 1,175 ā 2024 ā 1,175 ā 2025 ā 1,175 ā Thereafter ā 253,968 ā Total ā $ 259,843 ā ā ā |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Unconsolidated Joint Ventures | |
Investment in Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures We had a preferred equity investment in an unconsolidated joint venture that owned four communities located in Arizona, providing independent living, assisted living and memory care services. During the fourth quarter of 2019, the JV signed a contract to sell the four properties comprising the JV (āPropertiesā). 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, we performed a recoverability test on the carrying value of our preferred equity investment and concluded that a portion of our preferred equity investment would not be recoverable. Therefore, we recorded an other-than-temporary impairment loss from investment in unconsolidated joint ventures of $5,500,000 and wrote our preferred equity investment down to the amount of expected proceeds at December 31, 2019. Upon sale of the Properties during the year ended December 31, 2020, we received liquidation proceeds totaling $17,848,000 and incurred an additional $758,000 of loss. During 2020, we provided preferred capital contribution commitments to two joint ventures. We determined that each of these JVs meets the accounting criteria to be considered a variable interest entity (āVIEā). We are not the primary beneficiary of the VIEs as we do not have both: 1) the power to direct the activities that most significantly affect the VIEās economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we do have significant influence over the JVs. Therefore, we accounted for the joint venture investments using the equity method of accounting. The following table provides information regarding these preferred equity investments (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 Contractual ā ā Number ā ā ā ā ā ā ā ā ā of ā of ā Preferred ā ā Cash ā ā of ā ā Investment ā ā Carrying ā State ā Properties ā Investment ā Return ā ā Portion ā ā Beds/ Units ā ā Commitment ā ā Value ā Washington ā UDP ā Preferred Equity (1) 12 % ā 7 % ā ā ā $ ā (1) $ 6,340 (1) Washington ā UDP ā Preferred Equity (2) 12 % ā 8 % ā ā ā ā 13,000 (2) ā 5,000 (2) Total ā ā ā ā ā ā ā ā ā ā ā ā ā $ 13,000 ā $ 11,340 ā (1) Invested $6,340 of preferred equity in an entity that will develop a 95 -unit ALF/MC in Washington. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (āIRRā) is 8% . After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14% . ā (2) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . Our investment represents 11.6% of the estimated total investment. 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, 2020, 2019 and 2018 (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 2020 ā ALF/MC/ILF (1) $ 58 (1) $ 231 (1) $ 231 (1) ā ā UDP (2) ā 6,340 (2) ā 169 (2) ā 168 (2) ā ā UDP (3) ā 5,000 (3) ā 32 (3) ā 32 (3) Total ā ā ā $ 11,398 ā $ 432 ā $ 431 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā ALF/MC/ILF (1) $ 472 (1) $ 1,029 (1) $ 1,580 (1) ā ā ALF/ILF/MC (4) ā ā (4) ā 955 (4) ā 979 (4) ā ā ALF/MC (5) ā ā (5) ā 404 (5) ā 432 (5) 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 ALF/MC/ILF (1) $ 670 (1) $ 2,041 (1) $ 1,975 (1) ā ā ALF/IL/MC (4) ā ā (4) ā 511 (4) ā 396 (4) ā ā UDP-ALF/MC (5) ā ā (5) ā 312 (5) ā ā (5) Total ā ā ā $ 670 ā $ 2,864 ā $ 2,371 ā (1) Relates to our preferred equity investment in an entity that owned four ALFs in Arizona discussed above with a total preferred return of 15% . During the year ended December 31, 2020, the properties comprising the JV were sold. ā (2) During the third quarter of 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. ā (3) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . ā (4) 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 the loan principal balance. During the third quarter of 2019, the mezzanine loan was paid off. ā (5) 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, 2020 | |
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, 2020 and 2019 ( in thousands ā ā ā ā ā ā ā ā At December 31, ā 2020 ā 2019 Mezzanine loans $ 8,445 ā $ 13,284 ā Other loans ā 6,166 ā ā 4,824 ā Notes receivable reserve ā (146) ā ā (181) ā Total $ 14,465 ā $ 17,927 ā ā The following table summarizes our notes receivable activity for the years ended December 31, 2020 through 2018 ( in thousands ā ā ā ā ā ā ā ā ā ā Twelve Months Ended December 31, ā ā 2020 ā ā 2019 ā ā 2018 Advances under notes receivable $ 2,078 (1) $ 8,967 (4) $ 124 Principal payments received under notes receivable ā (5,275) (2) ā (3,503) ā ā (3,848) Reclassified to lease incentives ā (300) (3) ā (200) (3) ā ā Notes receivable reserve ā 35 ā ā (52) ā ā 37 Net (decrease) increase $ (3,462) ā $ 5,212 ā $ (3,687) (1) Funding under working capital notes with interest ranging between 5.0% and 7.5% and maturities between 2025 and 2030. ā (2) Subsequent to December 31, 2020, we received $900 to pay off a note receivable. ā (3) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. ā (4) 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% . |
Lease Incentives
Lease Incentives | 12 Months Ended |
Dec. 31, 2020 | |
Lease Incentives | |
Lease Incentives | 8. Lease Incentives The following table summarizes lease incentives as of December 31, 2020 and 2019 (in thousands): ā ā ā ā ā ā ā ā ā At December 31, ā ā ā 2020 ā ā 2019 Non-contingent lease incentives ā $ 2,462 ā $ 2,552 ā The following table summarizes our lease incentive activity for the years ended December 31, 2020, 2019 and 2018 (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 2020 ā 2019 ā 2018 ā ā ā ā Funding ā ā Amortization ā ā Adjustment ā ā Funding ā ā Amortization ā ā Adjustment ā ā Funding ā ā Amortization ā ā Write-off ā Non-contingent lease incentives ā $ 220 ā $ (426) ā $ 115 (1) $ 387 ā $ (385) ā $ (11,893) (2) $ 1,272 ā $ (1,733) ā $ ā ā Contingent lease incentives ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (359) ā ā (6,219) (3) Net increase (decrease) ā $ 220 ā $ (426) ā $ 115 ā $ 387 ā $ (385) ā $ (11,893) ā $ 1,272 ā $ (2,092) ā $ (6,219) ā (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 5. Real Estate Investments for further discussion. ā (2) 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 1. General for further discussion. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. ā (3) 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 ā 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, 2020 | |
Debt Obligations | |
Debt Obligations | 9. Debt Obligations Bank Borrowings. (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 (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, 2020 ā At December 31, 2019 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 1.38% ā $ 89,900 ā $ 510,100 ā $ 93,900 ā $ 506,100 ā Senior unsecured notes, net of debt issue costs (3) ā 4.37% ā ā 559,482 ā ā ā ā ā 599,488 ā ā 21,500 ā Total ā 3.96% ā $ 649,382 ā $ 510,100 ā $ 693,388 ā $ 527,600 ā (1) Represents weighted average of interest rate as of December 31, 2020. ā (2) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ā (3) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. Our borrowings and repayments for the years ended December 31, 2020, 2019 and 2018 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 2020 ā 2019 ā 2018 Debt Obligations ā ā Borrowings ā ā Repayments ā Borrowings ā Repayments ā ā Borrowings ā ā Repayments Bank borrowings ā $ 24,000 (1) $ (28,000) ā $ 107,900 ā $ (126,000) ā $ 116,200 ā $ (100,700) Senior unsecured notes ā ā ā ā ā (40,160) (2) ā 100,000 (3) ā (33,667) ā ā - ā ā (38,166) Total ā $ 24,000 ā $ (68,160) ā $ 207,900 ā $ (159,667) ā $ 116,200 ā $ (138,866) (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ā (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. ā (3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85% , have scheduled principal payments and mature on October 20, 2031. ā ā Scheduled Principal Payments. 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 2021 2022 2023 2024 2025 Thereafter Bank borrowings ā $ 89,900 (1) $ ā (1) $ 89,900 ā $ ā ā $ ā ā $ ā ā $ ā ā Senior unsecured notes ā 560,140 (2) 47,160 (2) 48,160 ā 49,160 ā 49,160 ā 49,500 ā 317,000 ā ā ā $ 650,040 ā $ 47,160 ā $ 138,060 ā $ 49,160 ā $ 49,160 ā $ 49,500 ā $ 317,000 ā (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ā (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity | |
Equity | 10. Equity 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 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 ā ā 2,858 ā 2018 ā Owned real estate and development ā ALF/MC ā OR ā ā 18,447 ā ā 1,081 ā 2017 ā Owned real estate and development ā ILF/ALF/MC ā WI ā ā 22,007 ā ā 2,305 ā 2017 ā Owned real estate ā ALF/MC ā SC ā ā 11,680 ā ā 1,241 ā Total ā ā ā ā ā ā ā $ 83,429 ā $ 8,404 ā ā Common Stock. We had separate equity distribution agreements (collectively āOriginal Equity Distribution Agreementsā) to offer and sell, from time to time up to $200,000,000 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, 2020 and 2019, no shares were issued under the Equity Distribution Agreements. Accordingly, at December 31, 2020, we had $200,000,000 available under the Equity Distribution Agreements. During the years 2020, 2019 and 2018, we acquired 76,574 shares, 45,030 shares and 31,326 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Stock Repurchase Plan. 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 ā Year Ended December 31, ā ā ā 2020 ā 2019 ā 2018 ā ā ā Declared ā Paid ā Declared ā Paid ā Declared ā Paid ā Common Stock (1) ā $ 90,262 (2) $ 90,262 (2) $ 90,899 (3) $ 90,899 (3) $ 90,372 ā $ 90,372 ā ā (1) Represents $0.19 per share per month for the years ended December 31, 2020, 2019 and 2018. ā (2) Includes $586 related to the vesting of performance-based stock units. ā (3) Includes $300 related to the vesting of performance-based stock units. In January 2021, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2021 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 activity for the years ended December 31, 2020 and 2019 and 2018 was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2020 ā 2019 ā 2018 Outstanding, January 1 ā ā 163,569 ā ā 156,297 ā ā 140,899 ā Granted ā ā 101,348 ā ā 86,772 ā ā 90,547 ā Vested ā ā (84,477) ā ā (79,500) ā ā (75,149) ā Outstanding, December 31 ā ā 180,440 ā ā 163,569 ā ā 156,297 ā ā During the years ended December 31, 2020, 2019 and 2018, we granted 66,027, 60,836 and 66,171, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2020, 2019 and 2018, the number of vested performance-based stock units were 81,574, 48,225 and 0, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2020, 2019 and 2018 were $7,012,000, $6,566,000 and $5,870,000. During 2020, 2019 and 2018, we granted 167,375, 147,608 and 156,718 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 2020 ā 76,464 ā $ 48.95 ā ratably over 3 years ā ā ā 66,027 ā $ 49.98 ā TSR targets (1) ā ā ā 9,884 ā $ 38.45 ā May 27, 2021 ā ā ā 15,000 ā $ 38.45 ā ratably over 3 years ā ā ā 167,375 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 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 (1) Vesting is based on achieving certain total shareholder return (āTSRā) targets in 4 years with acceleration opportunity in 3 years . At December 31, 2020, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly 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 2021 ā 159,537 (1) $ 5,201 2022 ā 117,417 (2) ā 2,729 2023 ā 96,520 (3) ā 367 Total ā 373,474 ā $ 8,297 (1) Includes 66,171 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 60,836 performance-based stock units. See (1) above for valuation methodology. ā (3) Includes 66,027 performance-based stock units. See (1) above for valuation methodology. Stock Options. During 2020, 2019 and 2018, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2020 and 2019 and 2018, 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 ā Weighted Average ā ā Shares ā Price ā ā 2020 ā 2019 ā 2018 ā 2020 ā ā 2019 ā 2018 Outstanding, January 1 15,000 ā 20,000 25,000 $ 38.43 ā $ 34.99 $ 32.92 ā Granted ā ā ā ā ā ā n/a ā ā n/a ā ā n/a ā Exercised ā ā (5,000) (5,000) ā ā n/a ā $ 24.65 ā $ 24.65 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 15,000 20,000 ā $ 38.43 ā $ 38.43 ā $ 34.99 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 15,000 2,000 ā $ 38.43 ā $ 38.43 ā $ 34.99 ā (1) The aggregate intrinsic value of exercisable options at December 31, 2020, based upon the closing price of our common shares at December 31, 2020, the last trading day of 2020, was approximately $7,200 . Options exercisable at December 31, 2020, 2019 and 2018 have a weighted average remaining contractual life of approximately 2.2 years, 3.2 years, and 3.3 years, respectively. ā The options exercised during 2020, 2019 and 2018 were as follows: ā 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) 2020 ā ā ā $ n/a ā $ ā ā $ ā ā 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 (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, 2020, 2019 and 2018 was $0. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies At December 31, 2020, 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 2020 ā Commitment ā Remaining ā ā Commitment ā Funding ā Funded ā Commitment Real estate properties Note 5. Real Estate Investments ā $ 12,670 (1) $ 6,481 ā $ 7,347 ā $ 5,323 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 25,500 (2) ā 2,782 ā ā 7,755 ā ā 17,745 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ā ā 13,000 ā ā 5,000 ā ā 5,000 ā ā 8,000 Notes receivable ( Note 7. Notes Receivable ā ā 2,090 ā ā 1,383 ā ā 1,383 ā ā 707 Total ā $ 62,260 ā $ 15,646 ā $ 21,485 ā $ 40,775 (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 $7,500 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, 2020 | |
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 2020, 2019 and 2018 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 2020 ā 2019 ā 2018 Ordinary taxable distribution $ 0.936 $ 2.084 $ 0.349 ā Unrecaptured Section 1250 gain ā 0.894 ā 0.132 ā 0.636 ā Long-term capital gain ā 0.450 ā 0.064 ā 1.295 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, 2020 | |
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 2020 ā 2019 ā 2018 ā Net income ā $ 95,677 $ 80,872 $ 155,076 ā Less income allocated to non-controlling interests ā (384) ā (346) ā (95) ā Less income allocated to participating securities: ā ā ā ā ā ā ā ā ā ā Non-forfeitable dividends on participating securities ā (397) ā (372) ā (357) ā Income allocated to participating securities ā (25) ā (19) ā (268) ā Total net income allocated to participating securities (1) ā (422) ā (391) ā (625) ā Net income available to common stockholders ā 94,871 ā 80,135 ā 154,356 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Participating securities (2) ā ā ā ā ā ā ā ā 625 ā Net income for diluted net income per share ā $ 94,871 ā $ 80,135 ā $ 154,981 ā ā ā ā ā ā ā ā ā ā ā ā Shares for basic net income per share ā 39,179 ā 39,571 ā 39,477 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Stock options ā ā ā 4 ā 3 ā Performance-based stock units ā ā 85 ā ā 184 ā ā 203 ā Participating securities (2) ā ā ā ā ā ā ā ā 156 ā Total effect of dilutive securities ā 85 ā 188 ā 362 ā Shares for diluted net income per share ā 39,264 ā 39,759 ā 39,839 ā ā ā ā ā ā ā ā ā ā ā ā Basic net income per share ā $ 2.42 ā $ 2.03 ā $ 3.91 ā Diluted net income per share ā $ 2.42 ā $ 2.02 ā $ 3.89 ā (1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities in calculated independently for each quarter and year-to-date period. Therefore, the sum of the amounts for the quarter may not agree with the amounts for the year. ā (2) For the years ended December 31, 2020 and 2019, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 ā ā ā ā ā Revenues ā $ 46,410 ā $ 28,481 ā $ 38,173 ā $ 46,273 ā Net income available to common stockholders ā $ 63,370 ā $ 1,773 ā $ 12,114 ā $ 17,470 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 $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 ā Diluted ā $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 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 2019 ā ā ā ā ā ā ā ā 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 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events The following events occurred subsequent to the balance sheet date: Real Estate. Debt. Paid $7,000,000 in regular scheduled principal payments under our senior unsecured notes. Accordingly, we have $552,482,000 outstanding, net of debt issue costs, under our senior unsecured notes. Additionally, we borrowed $9,000,000 under our unsecured revolving line of credit. Accordingly, we have $98,900,000 outstanding and $501,100,000 available for borrowing under our unsecured revolving line of credit. Notes Receivable. Received $900,000 for the payoff of a note receivable. Equity. March 2021 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 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 Year ended December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan loss reserves ā $ 2,560 ā $ 32 ā $ ā ā $ ā ā $ 2,592 ā Other notes receivable allowance ā ā 181 ā ā (35) ā ā ā ā ā ā ā ā 146 ā ā ā $ 2,741 ā $ (3) ā $ ā ā $ ā ā $ 2,738 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, 2020 | |
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, 2020 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 $ 1,583 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 2,067 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 4,091 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 3,407 1970 2005 ā 252 Amarillo, TX ā ā ā 844 ā ā ā 7,925 ā 844 ā 7,925 ā 8,769 ā 2,179 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 4,393 2007 2011 ā 007 Bradenton, FL ā ā ā 330 ā 2,720 ā 160 ā 330 ā 2,880 ā 3,210 ā 2,265 2012 1993 ā 256 Brownwood, TX ā ā ā 164 ā 6,336 ā ā ā 164 ā 6,336 ā 6,500 ā 1,770 2011 2012 ā 177 Chesapeake, VA ā ā ā 388 ā 3,469 ā 2,777 ā 388 ā 6,246 ā 6,634 ā 3,762 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 4,927 2009 2012 ā 125 Clovis, NM ā ā ā 561 ā 5,539 ā 307 ā 561 ā 5,846 ā 6,407 ā 2,872 2006 2001 ā 129 Clovis, NM ā ā ā 598 ā 5,902 ā 59 ā 598 ā 5,961 ā 6,559 ā 2,949 1995 2001 ā 267 Cold Spring, 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 5,288 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 3,942 1990 2011 ā 246 Crowley, TX ā ā ā 2,247 ā 14,276 ā ā ā 2,247 ā 14,276 ā 16,523 ā 4,551 2007 2011 ā 235 Daleville, VA ā ā ā 279 ā 8,382 ā ā ā 279 ā 8,382 ā 8,661 ā 2,801 2005 2010 ā 258 Dayton, OH ā ā ā 373 ā 26,627 ā ā ā 373 ā 26,627 ā 27,000 ā 5,269 2010 2012 ā 196 Dresden, TN ā ā ā 31 ā 1,529 ā 1,073 ā 31 ā 2,602 ā 2,633 ā 1,261 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 2,211 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 6,470 ā 2011 ā 1996 ā 248 Granbury, TX ā ā ā 836 ā 6,693 ā ā ā 836 ā 6,693 ā 7,529 ā 2,789 2008 2011 ā 250 Hewitt, TX ā ā ā 1,780 ā 8,220 ā 99 ā 1,780 ā 8,319 ā 10,099 ā 2,298 2008 2011 ā 319 Independence, MO ā ā ā ā ā 2,644 ā ā 13,942 ā ā ā ā ā 2,644 ā ā 13,942 ā ā 16,586 ā ā 180 ā 2020 ā 2019 ā 318 Kansas City, MO ā ā ā ā ā 1,229 ā ā 18,369 ā ā 69 ā ā 1,229 ā ā 18,438 ā ā 19,667 ā ā 726 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 4,011 2012 1993 ā 322 Longview, TX ā ā ā ā ā 1,405 ā ā 12,176 ā ā ā ā ā 1,405 ā ā 12,176 ā ā 13,581 ā ā 425 ā 2014 ā 2020 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 2,400 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 6,121 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 4,868 2004 2010 ā 115 Nacogdoches, TX ā ā ā 100 ā 1,738 ā 168 ā 100 ā 1,906 ā 2,006 ā 1,243 1973 1997 ā 233 Nacogdoches, TX ā ā ā 394 ā 7,456 ā 268 ā 394 ā 7,724 ā 8,118 ā 2,463 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 4,007 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 1,959 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 2,060 ā 2001 ā 2011 ā 251 Pasadena, TX ā ā ā 1,155 ā 14,345 ā 522 ā 1,155 ā 14,867 ā 16,022 ā 3,890 2005 2011 ā 193 Phoenix, AZ ā ā ā 300 ā 9,703 ā 92 ā 300 ā 9,795 ā 10,095 ā 6,105 1985 2000 ā 094 Portland, OR ā ā ā 100 ā 1,925 ā 3,152 ā 100 ā 5,077 ā 5,177 ā 3,661 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 4,510 2002 2012 ā 197 Ripley, TN ā ā ā 20 ā 985 ā 1,638 ā 20 ā 2,623 ā 2,643 ā 1,305 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, 2020 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 $ 3,161 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 2,638 ā 2015 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 3,030 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 2,488 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 3,218 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 3,469 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 1,528 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 2,956 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 5,626 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 1,652 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 2,845 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 4,866 ā 1996 ā 2010 ā Skilled Nursing Properties ā $ ā $ 49,229 ā $ 478,821 ā $ 32,419 ā $ 49,229 ā $ 511,240 ā $ 560,469 ā $ 160,556 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 815 ā 2015 ā 2019 ā 077 Ada, OK ā ā ā ā 100 ā ā 1,650 ā ā 89 ā ā 100 ā ā 1,739 ā ā 1,839 ā ā 1,008 ā 1996 ā 1996 ā 105 Arvada, CO ā ā ā ā 100 ā ā 2,810 ā ā 7,003 ā ā 100 ā ā 9,813 ā ā 9,913 ā ā 3,514 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 1,681 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 1,033 ā 1995 ā 1996 ā 320 Auburn Hills, MI ā ā ā ā ā 1,964 ā ā 4,577 ā ā 1,024 ā ā 1,964 ā ā 5,601 ā ā 7,565 ā ā 324 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 2,133 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 2,370 ā 1999 ā 2012 ā 203 Bakersfield, CA ā ā ā ā 834 ā ā 11,986 ā ā 2,208 ā ā 834 ā ā 14,194 ā ā 15,028 ā ā 6,854 ā 2002 ā 2001 ā 117 Beatrice, NE ā ā ā ā 100 ā ā 2,173 ā ā 243 ā ā 100 ā ā 2,416 ā ā 2,516 ā ā 1,367 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 2,106 ā 2016 ā 2014 ā 278 Castle Rock, CO ā ā ā ā ā 759 ā ā 6,005 ā ā ā ā ā 759 ā ā 6,005 ā ā 6,764 ā ā 1,264 ā 2012 ā 2014 ā 311 Cedarburg, WI ā ā ā ā ā 924 ā ā 21,083 ā ā ā ā ā 924 ā ā 21,083 ā ā 22,007 ā ā 1,441 ā 2019 ā 2017 ā 160 Central, SC ā ā ā ā 100 ā ā 2,321 ā ā 85 ā ā 100 ā ā 2,406 ā ā 2,506 ā ā 1,153 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 8,252 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 1,923 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 1,371 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 2,076 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 895 ā 2006 ā 2015 ā 057 Dodge City, KS ā ā ā ā 84 ā ā 1,666 ā ā 7 ā ā 84 ā ā 1,673 ā ā 1,757 ā ā 1,074 ā 1995 ā 1995 ā 083 Durant, OK ā ā ā ā 100 ā ā 1,769 ā ā 36 ā ā 100 ā ā 1,805 ā ā 1,905 ā ā 1,063 ā 1997 ā 1997 ā 107 Edmond, OK ā ā ā ā 100 ā ā 1,365 ā ā 636 ā ā 100 ā ā 2,001 ā ā 2,101 ā ā 1,117 ā 1996 ā 1997 ā 163 Ft. Collins, CO ā ā ā ā 100 ā ā 2,961 ā ā 3,479 ā ā 100 ā ā 6,440 ā ā 6,540 ā ā 2,710 ā 2014 ā 1999 ā 170 Ft. Collins, CO ā ā ā ā 100 ā ā 3,400 ā ā 4,684 ā ā 100 ā ā 8,084 ā ā 8,184 ā ā 3,079 ā 2014 ā 1999 ā 132 Ft. Meyers, FL ā ā ā ā 100 ā ā 2,728 ā ā 10 ā ā 100 ā ā 2,738 ā ā 2,838 ā ā 1,574 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 791 ā 2014 ā 2018 ā 100 Fremont ,OH ā ā ā ā 100 ā ā 2,435 ā ā 117 ā ā 100 ā ā 2,552 ā ā 2,652 ā ā 1,514 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 1,348 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 759 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 1,672 ā 2017 ā 2015 ā 167 Goldsboro, NC ā ā ā ā 100 ā ā 2,385 ā ā 64 ā ā 100 ā ā 2,449 ā ā 2,549 ā ā 1,104 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 1,142 ā 1995 ā 1995 ā 102 Greeley, CO ā ā ā ā 100 ā ā 2,310 ā ā 313 ā ā 100 ā ā 2,623 ā ā 2,723 ā ā 1,523 ā 1997 ā 1997 ā 284 Green Bay, WI ā ā ā ā ā 1,660 ā ā 19,079 ā ā 404 ā ā 1,660 ā ā 19,483 ā ā 21,143 ā ā 3,223 ā 2004 ā 2015 ā 164 Greenville, NC ā ā ā ā 100 ā ā 2,478 ā ā 17 ā ā 100 ā ā 2,495 ā ā 2,595 ā ā 1,288 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 1,043 ā 1995 ā 1996 ā 161 Greenwood, SC ā ā ā ā 100 ā ā 2,638 ā ā 135 ā ā 100 ā ā 2,773 ā ā 2,873 ā ā 1,403 ā 1998 ā 1999 ā 241 Gulf Breeze, FL ā ā ā ā 720 ā ā 2,839 ā ā 261 ā ā 720 ā ā 3,100 ā ā 3,820 ā ā 1,342 ā 2000 ā 2010 ā 295 Jacksonville, FL ā ā ā ā ā 1,389 ā ā 12,756 ā ā 689 ā ā 1,389 ā ā 13,445 ā ā 14,834 ā ā 1,803 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 1,253 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 1,249 ā 2017 ā 2017 ā 285 Kenosha, WI ā ā ā ā ā 936 ā ā 12,361 ā ā 245 ā ā 936 ā ā 12,606 ā ā 13,542 ā ā 1,878 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 1,887 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 2,228 ā 2014 ā 2013 ā 148 Longmont, CO ā ā ā ā ā 100 ā ā 2,640 ā ā 2 ā ā 100 ā ā 2,642 ā ā 2,742 ā ā 1,508 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 1,088 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 2,703 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, 2020 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 $ 110 ā $ 1,021 ā $ 13,267 ā $ 14,288 ā $ 1,648 ā 2016 ā 2016 ā 114 Loveland, CO ā ā ā ā ā 100 ā ā 2,865 ā ā 293 ā ā 100 ā ā 3,158 ā ā 3,258 ā ā 1,836 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 1,289 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 1,360 ā 1995 ā 1995 ā 293 McHenry, IL ā ā ā ā ā 1,289 ā ā 28,976 ā ā 310 ā ā 1,289 ā ā 29,286 ā ā 30,575 ā ā 4,592 ā 2005 ā 2015 ā 058 McPherson, KS ā ā ā ā ā 79 ā ā 1,571 ā ā 9 ā ā 79 ā ā 1,580 ā ā 1,659 ā ā 1,130 ā 1994 ā 1995 ā 313 Medford, OR ā ā ā ā ā 636 ā ā 17,810 ā ā ā ā ā 636 ā ā 17,810 ā ā 18,446 ā ā 481 ā 2020 ā 2018 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 1,006 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 2,586 ā 2004 ā 2010 ā 104 Millville, NJ ā ā ā ā ā 100 ā ā 2,825 ā ā 832 ā ā 100 ā ā 3,657 ā ā 3,757 ā ā 1,895 ā 1997 ā 1997 ā 286 Milwaukee, WI ā ā ā ā ā 818 ā ā 8,014 ā ā 65 ā ā 818 ā ā 8,079 ā ā 8,897 ā ā 1,309 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 2,018 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 2,318 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 1,872 ā 2016 ā 2015 ā 289 Neenah, WI ā ā ā ā ā 694 ā ā 20,839 ā ā 251 ā ā 694 ā ā 21,090 ā ā 21,784 ā ā 3,189 ā 1991 ā 2015 ā 166 New Bern, NC ā ā ā ā ā 100 ā ā 2,427 ā ā 7 ā ā 100 ā ā 2,434 ā ā 2,534 ā 1,146 1998 ā 1999 ā 118 Newark, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 295 ā ā 100 ā ā 2,730 ā ā 2,830 ā 1,521 1997 ā 1997 ā 143 Niceville, FL ā ā ā ā ā 100 ā ā 2,680 ā ā 64 ā ā 100 ā ā 2,744 ā ā 2,844 ā 1,531 1998 ā 1998 ā 095 Norfolk, NE ā ā ā ā ā 100 ā ā 2,123 ā ā 311 ā ā 100 ā ā 2,434 ā ā 2,534 ā 1,368 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 1,303 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 3,084 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 1,189 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 1,733 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 1,119 1994 ā 2009 ā 165 Rocky Mount, NC ā ā ā ā ā 100 ā ā 2,494 ā ā 194 ā ā 100 ā ā 2,688 ā ā 2,788 ā 1,211 1998 ā 1999 ā 059 Salina, KS ā ā ā ā ā 79 ā ā 1,571 ā ā 139 ā ā 79 ā ā 1,710 ā ā 1,789 ā 1,132 1994 ā 1995 ā 084 San Antonio, TX ā ā ā ā ā 100 ā ā 1,900 ā ā 13 ā ā 100 ā ā 1,913 ā ā 2,013 ā 1,141 1997 ā 1997 ā 092 San Antonio, TX ā ā ā ā ā 100 ā ā 2,055 ā ā 33 ā ā 100 ā ā 2,088 ā ā 2,188 ā 1,229 1997 ā 1997 ā 288 Sheboygan, WI ā ā ā ā ā 1,168 ā ā 5,382 ā ā 245 ā ā 1,168 ā ā 5,627 ā ā 6,795 ā ā 1,024 ā 2006 ā 2015 ā 149 Shelby, NC ā ā ā ā ā 100 ā ā 2,805 ā ā 112 ā ā 100 ā ā 2,917 ā ā 3,017 ā 1,603 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 1,467 ā 1999 ā 2017 ā 150 Spring Hill, FL ā ā ā ā ā 100 ā ā 2,650 ā ā 24 ā ā 100 ā ā 2,674 ā ā 2,774 ā 1,514 1998 ā 1998 ā 103 Springfield, OH ā ā ā ā ā 100 ā ā 2,035 ā ā 300 ā ā 100 ā ā 2,335 ā ā 2,435 ā 1,358 1997 ā 1997 ā 321 Sterling Heights, MI ā ā ā ā ā 1,133 ā ā 11,487 ā ā 992 ā ā 1,133 ā ā 12,479 ā ā 13,612 ā ā 525 ā 1997 ā 2019 ā 162 Sumter, SC ā ā ā ā ā 100 ā ā 2,351 ā ā 84 ā ā 100 ā ā 2,435 ā ā 2,535 ā 1,196 1998 ā 1999 ā 140 Tallahassee, FL ā ā ā ā ā 100 ā ā 3,075 ā ā 2 ā ā 100 ā ā 3,077 ā ā 3,177 ā 1,760 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 1,506 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 1,942 ā 2016 ā 2015 ā 088 Troy, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 608 ā ā 100 ā ā 3,043 ā ā 3,143 ā 1,735 1997 ā 1997 ā 080 Tulsa, OK ā ā ā ā ā 200 ā ā 1,650 ā ā 11 ā ā 200 ā ā 1,661 ā ā 1,861 ā 1,000 1997 ā 1997 ā 093 Tulsa, OK ā ā ā ā ā 100 ā ā 2,395 ā ā 23 ā ā 100 ā ā 2,418 ā ā 2,518 ā 1,429 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 2,669 2000 ā 2010 ā 075 Tyler, TX ā ā ā ā ā 100 ā ā 1,800 ā ā 10 ā ā 100 ā ā 1,810 ā ā 1,910 ā 1,096 1996 ā 1996 ā 202 Vacaville, CA ā ā ā ā ā 1,662 ā ā 11,634 ā ā 2,524 ā ā 1,662 ā ā 14,158 ā ā 15,820 ā 6,903 2002 ā 2001 ā 091 Waco, TX ā ā ā ā ā 100 ā ā 2,235 ā ā 134 ā ā 100 ā ā 2,369 ā ā 2,469 ā 1,335 1997 ā 1997 ā 096 Wahoo, NE ā ā ā ā ā 100 ā ā 2,318 ā ā 166 ā ā 100 ā ā 2,484 ā ā 2,584 ā 1,463 1997 ā 1997 ā 108 Watauga, TX ā ā ā ā ā 100 ā ā 1,668 ā ā 12 ā ā 100 ā ā 1,680 ā ā 1,780 ā 990 1996 ā 1997 ā 287 Waukesha, WI ā ā ā ā ā 992 ā ā 15,183 ā ā 235 ā ā 992 ā ā 15,418 ā ā 16,410 ā ā 2,340 ā 2009 ā 2015 ā 109 Weatherford, OK ā ā ā ā ā 100 ā ā 1,669 ā ā 601 ā ā 100 ā ā 2,270 ā ā 2,370 ā 1,334 1996 ā 1997 ā 309 West Chester, OH ā ā ā ā ā 2,355 ā ā 13,553 ā ā 145 ā ā 2,355 ā ā 13,698 ā ā 16,053 ā ā 1,379 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 2,146 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 1,529 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 1,498 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 2,484 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 1,652 ā 2016 ā 2015 ā 076 Wichita Falls, TX ā ā ā ā ā 100 ā ā 1,850 ā ā 10 ā ā 100 ā ā 1,860 ā ā 1,960 ā 1,126 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 1,687 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 1,662 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 1,983 2000 ā 2012 ā 099 York, NE ā ā ā ā ā 100 ā ā 2,318 ā ā 122 ā ā 100 ā ā 2,440 ā ā 2,540 ā 1,431 1997 ā 1997 ā Assisted Living Properties ā $ ā ā $ 75,637 ā $ 758,713 ā $ 45,822 ā $ 75,637 ā $ 804,535 ā $ 880,172 ā $ 187,948 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, 2020 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 1,139 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 1,139 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 1,139 ā ā ā ā ā ā ā $ ā ā $ 127,774 ā $ 1,244,842 ā $ 79,385 ā $ 127,774 ā $ 1,324,227 ā $ 1,452,001 (2) $ 349,643 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, 2020, our aggregate cost for Federal income tax purposes was $1,458,253 . ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2020, 2019 and 2018 is as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā For the Year Ended December 31, ā ā 2020 ā 2019 ā 2018 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 $ 1,484,571 ā $ 1,421,456 ā $ 1,392,122 ā Acquisitions ā 13,581 ā 58,414 ā 40,408 ā Improvements ā 23,612 ā 23,363 ā 38,528 ā Capitalized interest ā 354 ā 608 ā 1,248 ā Cost of real estate sold ā (66,140) ā (19,270) ā (50,850) ā Impairment loss from real estate investments ā (3,977) ā ā ā ā ā Ending balance ā $ 1,452,001 ā $ 1,484,571 ā $ 1,421,456 ā Accumulated depreciation: ā ā ā ā ā ā ā ā ā ā Balance at beginning of period ā $ 347,755 ā $ 314,875 ā $ 306,033 ā Depreciation expense ā 38,945 ā 39,094 ā 37,416 ā Cost of real estate sold ā (37,057) ā (6,214) ā (28,574) ā Ending balance ā $ 349,643 ā $ 347,755 ā $ 314,875 ā ā |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 ā Interest MI ā 15 ā 1,941 ā 10.14% ā 2043 ā $ 163,214 ā $ 1,569 ā $ 190,214 ā $ 184,506 ā $ ā ā MI 4 501 ā 9.33% ā 2045 ā 35,180 ā 303 ā 39,010 ā 38,541 ā ā ā MI 1 157 ā 9.62% ā 2045 ā 14,325 ā 120 ā 15,000 ā 14,776 ā ā ā MI ā 2 ā 205 ā 9.41% ā 2045 ā ā 19,624 ā ā 154 ā ā 19,624 ā ā 19,428 ā ā ā ā ā 22 (4) 2,804 ā ā ā ā ā $ 232,343 ā $ 2,146 ā $ 263,848 ā $ 257,251 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, 2020, 2019 and 2018 is as follows: ā ā ā ā ā ā ā ā Balanceā December 31, 2017 $ 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 New mortgage loans ā ā Other additions ā 4,253 Land conveyance ā ā ā Amortization of mortgage premium ā (4) Collections of principal ā (1,065) Foreclosures ā ā Loan loss reserve ā (32) Other deductions ā ā Balanceā December 31, 2020 ā $ 257,251 ā |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. 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. Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Cash Equivalents | Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
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. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 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. During the fourth quarter of 2019 we sold a 170-bed skilled nursing center in our portfolio which was under a triple net master lease agreement. The property was evacuated in 2017 due to damages caused by hurricane and our operator provided us with insurance proceeds for remediation of the property. Upon sale of the property, we released our operator from its contractual obligation under the master lease to return the property back to its original condition, took possession of the remaining insurance proceeds of $2,111,000 and recorded this amount as Gain from property insurance proceeds Consolidated Statements of Income and Comprehensive Income |
Consolidation | Consolidation. 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 does not 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. |
Mezzanine Loans | Mezzanine Loans. four |
Investment in unconsolidated joint ventures | Investments in unconsolidated joint ventures. jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated JV under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. 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. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. , Measurement of Credit Losses on Financial Instruments We adopted ASU 2016-13 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Increase ā ā ā ā ā ā ā ā ā ā /(Decrease) ā ā ā ā ā ā ā Balance ā in Expected ā Balance ā ā ā Balance Sheet ā at ā Credit Loss ā at ā Description ā Location ā 12/31/2019 ā During the Year ā 12/31/2020 ā Expected credit losses for mortgage loans receivable ā Mortgage loans receivable, net of loan loss reserve ā $ 2,560 ā $ 32 ā $ 2,592 ā Expected credit losses for notes receivable ā Notes receivable, net of loan loss reserve ā $ 181 ā $ (35) ā $ 146 ā ā We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2020, the total balance of accrued interest receivable of $32,746,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivable. |
Accrued incentives | Accrued incentives. payments to our sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable, the contingent payment is recorded as a liability at the estimate fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. |
Impairments | Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. 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. 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, 2020, 2019 and 2018, we recognized impairment charges of $3,977,000, $0 and $0 respectively, related to our real property investments. |
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, 2020, 2019 and 2018, we received $111,000, $464,000 and $470,000, 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 begins reducing 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 Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) No. 2016-02 (āASU 2016-02ā), Leases Topic 842, Leases ā Modify the accounting and lease classification criteria; ā On a quarterly basis, on an individual lease basis, assess the collectibility of substantially all of the lease payments through maturity. If collectibility 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; and ā Exclude the lessor costs that are directly paid by the lessee to third parties on lessorās behalf from variable payments. However, the lessor costs that are paid by the lessor and reimbursed by the lessee are required to be included in variable payments. As a result of adopting ASU 2016-02 on January 1, 2019, using the modified retrospective transition approach, we evaluated the collectibility of our lease payments and determined that the level of collectibility certainty cannot be achieved for certain operators. Accordingly, we recognized a cumulative effect adjustment to equity of $42,808,000. Additionally, we now report real estate taxes that are reimbursed by our operators as Rental income Property tax expense Consolidated Statements of Income and Comprehensive Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (āCOVID-19ā) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We elected the first of the following two methods: ā Account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, increase the lease receivable and continue to recognize income. ā Account for the rent deferrals as variable lease payments. ā |
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, 2020, the net book basis of our depreciable assets exceeded our net tax basis by approximately $9,939,000 (unaudited), primarily due to faster depreciation for tax, 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. |
Concentrations of Credit Risks | Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon 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 2014-09 | |
Summary of Significant Accounting Policies | |
New Accounting Pronouncements | 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 year of adoption or full retrospective approach. We have adopted this standard using the modified retrospective adoption method on January 1, 2018. We concluded that this standard did not have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Schedule of expected credit losses for our financial instruments | The expected credit losses for our financial instruments that are within the scope of ASU 2016-13 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 Increase ā ā ā ā ā ā ā ā ā ā /(Decrease) ā ā ā ā ā ā ā Balance ā in Expected ā Balance ā ā ā Balance Sheet ā at ā Credit Loss ā at ā Description ā Location ā 12/31/2019 ā During the Year ā 12/31/2020 ā Expected credit losses for mortgage loans receivable ā Mortgage loans receivable, net of loan loss reserve ā $ 2,560 ā $ 32 ā $ 2,592 ā Expected credit losses for notes receivable ā Notes receivable, net of loan loss reserve ā $ 181 ā $ (35) ā $ 146 ā |
Major Operators (Tables)
Major Operators (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 (2) ā ā Prestige Healthcare (3) ā 24 ā ā ā 2,922 ā 93 ā 19.7 % ā 18.2 % ā Senior Lifestyle Corporation (4) ā ā ā 23 ā ā ā 1,457 ā 10.7 % ā 10.0 % ā Total ā 24 ā 23 ā 2,922 ā 1,550 ā 30.4 % ā 28.2 % ā (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2020 and excludes rental income from lessee reimbursement and sold properties. ā (2) Represents the net carrying value of the properties divided by the Total assets on the Consolidated Balance Sheets . ā (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. ā (4) See Note 5. Real Estate Investments for further information regarding Senior Lifestyle. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 ā ā (in thousands) Non-cash investing and financing transactions: ā ā ā ā ā ā ā Preferred return reserve related to investments in unconsolidated joint ventures ( Note 6 ā $ 2,878 ā $ ā ā $ ā ā Reclassification of notes receivable to lease incentives ( Note 7 ā ā 300 ā ā 200 ā ā ā ā Restricted stock issued, net of cancellations ( Note 10 ā ā ā ā ā 1 ā |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2021 ā $ 139,053 ā 2022 ā 129,864 ā 2023 ā 130,477 ā 2024 ā 129,407 ā 2025 ā 116,296 ā Thereafter ā 507,352 ā (1) Represents contractual annual cash rent, except for Anthem Memory Care (āAnthemā) master lease which is based on estimated cash payments. See below for more disclosures relating to Anthem. |
Summary of components of our rental income | The following table summarizes components of our rental income for the years ended December 31, 2020, 2019 and 2018 ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā Rental Income ā ā 2020 ā ā 2019 ā ā 2018 ā Base cash rental income ā $ 132,789 ā $ 134,117 ā $ 127,477 ā Variable cash rental income ā ā 15,167 (1) ā 16,462 (1) ā 470 (1) Straight-line rent ā ā 1,778 (2) ā 4,487 (2) ā 9,550 (2) Adjustment for collectability of rental income and lease incentives ā ā (23,214) (3) ā (1,926) (4) ā ā ā Amortization of lease incentives ā ā (426) ā ā (385) ā ā (2,092) ā Total ā $ 126,094 ā $ 152,755 ā $ 135,405 ā (1) The variable rental income for the year ended December 31, 2020 and 2019 includes contingent rental income of $111 and $464 , respectively. Additionally, the variable rental income for the year ended December 31, 2020 and 2019 includes reimbursement of real estate taxes by our lessees. 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. Accordingly, the variable income for the year ended December 31, 2018, represents contingent rental income. ā (2) 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 certain master leases through maturity. Decreased due to these leases being accounted for on cash-basis. ā (3) Represents the write-off of straight-line rent receivable balances related to Senior Lifestyle, Genesis and another operator. 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 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 $ 35,601 ā 2024-2029 ā California ā ALF ā 2 ā ā 30,849 ā ā 17,092 ā 2021-TBD (1) Florida ā MC ā 1 ā ā 14,835 ā ā 13,031 ā 2028-2029 ā Kentucky and Ohio ā MC ā 2 ā ā 30,342 ā ā 27,315 ā 2028-2029 ā Texas ā MC ā 2 ā ā 25,265 ā ā 23,715 ā 2025-2027 ā South Carolina ā ALF/MC ā 1 ā ā 11,680 ā ā 10,213 ā 2028-2029 ā Total ā ā ā ā ā $ 151,866 ā $ 126,967 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 |
Summary of investments acquired | 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 ā Type of Property ā Price ā Costs (1) ā Costs ā Properties ā Beds/Units 2020 ā Skilled Nursing (2) ā $ 13,500 ā $ 81 ā $ 13,581 1 ā 140 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 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 ā 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 3 ā 177 ā ā Land (8) ā 695 ā 48 ā 743 ā ā Total ā ā ā $ 40,295 ā $ 113 ā $ 40,408 3 177 (1) 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 our Consolidated Statements of Income and Comprehensive Income represents current and prior year transaction costs due to timing and terminated transactions. ā (2) We acquired a SNF located in Texas. 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% . 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. ā (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 ā ā Year Ended December 31, ā ā ā 2020 ā 2019 ā 2018 ā Type of Property ā Developments ā Improvements ā ā Developments ā Improvements ā ā Developments ā Improvements ā Assisted Living Communities ā $ 4,491 ā $ 6,842 ā ā $ 14,088 ā $ 2,544 ā ā $ 27,505 ā $ 2,292 ā Skilled Nursing Centers ā ā 12,208 ā ā 71 ā ā ā 6,436 ā ā ā ā ā ā 7,774 ā ā 500 ā Other ā ā ā ā ā ā ā ā ā ā ā ā 295 ā ā ā ā ā ā 457 ā Total ā $ 16,699 ā $ 6,913 ā ā $ 20,524 ā $ 2,839 ā ā $ 35,279 ā $ 3,249 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 2020 ā Development ā 1 ā ALF/MC ā 78 ā Oregon ā $ 18,447 ā ā Development ā 1 ā SNF ā 90 ā Missouri ā ā 16,587 Total ā ā ā 2 ā ā ā 168 ā ā ā $ 35,034 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 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 $ 14,668 Total ā ā ā 1 ā ā ā 66 ā ā ā $ 14,668 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 |
Summary of properties held-for-sale | Properties held-for-sale . The following table summarizes our properties held-for-sale at years ended December 31, 2020 and 2019 (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 2020 ā n/a ā n/a 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 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 |
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 ā ā ā ā ā ā of ā of ā of ā ā Sales ā ā Carrying ā ā Net ā Year ā State ā Properties ā Properties ā Beds/Units ā ā Price ā ā Value ā ā Gain (Loss) ā 2020 ā N/A ā N/A ā ā ā ā ā $ ā ā $ ā ā $ 129 (1) ā ā Arizona ā SNF ā 1 ā 194 ā ā 12,550 ā ā 2,229 ā ā 10,293 ā ā ā Colorado ā SNF ā 3 ā 275 ā ā 15,000 ā ā 4,271 ā ā 10,364 ā ā ā Iowa ā SNF (2) 7 ā 544 ā ā 14,500 ā ā 4,886 ā ā 9,051 ā ā ā Kansas ā SNF ā 3 ā 250 ā ā 9,750 ā ā 7,438 ā ā 1,993 ā ā ā Texas ā SNF ā 7 ā 1,148 ā ā 23,000 ā ā 10,260 ā ā 12,287 ā Total 2020 (3) ā ā ā ā ā 21 ā 2,411 ā $ 74,800 ā $ 29,084 ā $ 44,117 (3) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā N/A ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 500 (4) ā ā Arizona, Georgia and Texas ā SNF (5) 3 ā 478 ā ā 15,310 ā ā 8,995 ā ā 5,556 ā ā ā Texas ā ALF (6) 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 (7) 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 (1) Gain recognized from the $90 repayment of a holdback related to a property sold during the fourth quarter of 2019 and the reassessment adjustment of $39 from the holdback under the expected value model per ASC Topic 606, Contracts with Customers (āASC 606ā). ā (2) This transaction includes a holdback of $838 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 $471 . During the year ended December 31, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $229 . ā (3) Properties sold within the Preferred Care portfolio. ā (4) 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 (5) 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 (6) We sold an ALF located in Texas with a carrying value of $3,830 . ā (7) We sold land adjacent to an existing ALF community in Kansas. |
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the years ended December 31, 2020, 2019 and 2018 ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā 2018 Originations and funding under mortgage loans receivable ā $ 4,253 (1) $ 12,342 (2) $ 21,364 (3) Pay-offs received ā ā ā ā ā ā ā ā (1,086) ā Scheduled principal payments received ā ā (1,065) ā ā (1,065) ā ā (1,050) ā Mortgage loan premium amortization ā ā (4) ā ā (4) ā ā (4) ā Provision for loan loss reserve ā ā (32) ā ā (113) ā ā (192) ā Net increase in mortgage loans receivable ā $ 3,152 ā $ 11,160 ā $ 19,032 ā (1) During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% and escalating by 2.25% thereafter. ā (2) 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 (3) 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. |
Scheduled principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ā ā ā ā ā ā ā Scheduled ā ā Principal 2021 ā $ 1,175 ā 2022 ā 1,175 ā 2023 ā 1,175 ā 2024 ā 1,175 ā 2025 ā 1,175 ā Thereafter ā 253,968 ā Total ā $ 259,843 ā |
Schedule of early mortgage loan payoffs | ā |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Unconsolidated Joint Ventures | |
Summary of the preferred equity investments | 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 Contractual ā ā Number ā ā ā ā ā ā ā ā ā of ā of ā Preferred ā ā Cash ā ā of ā ā Investment ā ā Carrying ā State ā Properties ā Investment ā Return ā ā Portion ā ā Beds/ Units ā ā Commitment ā ā Value ā Washington ā UDP ā Preferred Equity (1) 12 % ā 7 % ā ā ā $ ā (1) $ 6,340 (1) Washington ā UDP ā Preferred Equity (2) 12 % ā 8 % ā ā ā ā 13,000 (2) ā 5,000 (2) Total ā ā ā ā ā ā ā ā ā ā ā ā ā $ 13,000 ā $ 11,340 ā (1) Invested $6,340 of preferred equity in an entity that will develop a 95 -unit ALF/MC in Washington. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (āIRRā) is 8% . After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14% . ā (2) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . Our investment represents 11.6% of the estimated total investment. |
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, 2020, 2019 and 2018 (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 2020 ā ALF/MC/ILF (1) $ 58 (1) $ 231 (1) $ 231 (1) ā ā UDP (2) ā 6,340 (2) ā 169 (2) ā 168 (2) ā ā UDP (3) ā 5,000 (3) ā 32 (3) ā 32 (3) Total ā ā ā $ 11,398 ā $ 432 ā $ 431 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā ALF/MC/ILF (1) $ 472 (1) $ 1,029 (1) $ 1,580 (1) ā ā ALF/ILF/MC (4) ā ā (4) ā 955 (4) ā 979 (4) ā ā ALF/MC (5) ā ā (5) ā 404 (5) ā 432 (5) 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 ALF/MC/ILF (1) $ 670 (1) $ 2,041 (1) $ 1,975 (1) ā ā ALF/IL/MC (4) ā ā (4) ā 511 (4) ā 396 (4) ā ā UDP-ALF/MC (5) ā ā (5) ā 312 (5) ā ā (5) Total ā ā ā $ 670 ā $ 2,864 ā $ 2,371 ā (1) Relates to our preferred equity investment in an entity that owned four ALFs in Arizona discussed above with a total preferred return of 15% . During the year ended December 31, 2020, the properties comprising the JV were sold. ā (2) During the third quarter of 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. ā (3) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . ā (4) 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 the loan principal balance. During the third quarter of 2019, the mezzanine loan was paid off. ā (5) 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, 2020 | |
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, 2020 and 2019 ( in thousands ā ā ā ā ā ā ā ā At December 31, ā 2020 ā 2019 Mezzanine loans $ 8,445 ā $ 13,284 ā Other loans ā 6,166 ā ā 4,824 ā Notes receivable reserve ā (146) ā ā (181) ā Total $ 14,465 ā $ 17,927 ā |
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the years ended December 31, 2020 through 2018 ( in thousands ā ā ā ā ā ā ā ā ā ā Twelve Months Ended December 31, ā ā 2020 ā ā 2019 ā ā 2018 Advances under notes receivable $ 2,078 (1) $ 8,967 (4) $ 124 Principal payments received under notes receivable ā (5,275) (2) ā (3,503) ā ā (3,848) Reclassified to lease incentives ā (300) (3) ā (200) (3) ā ā Notes receivable reserve ā 35 ā ā (52) ā ā 37 Net (decrease) increase $ (3,462) ā $ 5,212 ā $ (3,687) (1) Funding under working capital notes with interest ranging between 5.0% and 7.5% and maturities between 2025 and 2030. ā (2) Subsequent to December 31, 2020, we received $900 to pay off a note receivable. ā (3) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. ā (4) 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% . |
Lease Incentives (Tables)
Lease Incentives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease Incentives | |
Summary of lease incentives by component | The following table summarizes lease incentives as of December 31, 2020 and 2019 (in thousands): ā ā ā ā ā ā ā ā ā At December 31, ā ā ā 2020 ā ā 2019 Non-contingent lease incentives ā $ 2,462 ā $ 2,552 |
Summary of lease incentive activity | The following table summarizes our lease incentive activity for the years ended December 31, 2020, 2019 and 2018 (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 2020 ā 2019 ā 2018 ā ā ā ā Funding ā ā Amortization ā ā Adjustment ā ā Funding ā ā Amortization ā ā Adjustment ā ā Funding ā ā Amortization ā ā Write-off ā Non-contingent lease incentives ā $ 220 ā $ (426) ā $ 115 (1) $ 387 ā $ (385) ā $ (11,893) (2) $ 1,272 ā $ (1,733) ā $ ā ā Contingent lease incentives ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (359) ā ā (6,219) (3) Net increase (decrease) ā $ 220 ā $ (426) ā $ 115 ā $ 387 ā $ (385) ā $ (11,893) ā $ 1,272 ā $ (2,092) ā $ (6,219) ā (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 5. Real Estate Investments for further discussion. ā (2) 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 1. General for further discussion. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. ā (3) 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 ā |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Obligations | |
Schedule of Debt Obligations | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2020 ā At December 31, 2019 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 1.38% ā $ 89,900 ā $ 510,100 ā $ 93,900 ā $ 506,100 ā Senior unsecured notes, net of debt issue costs (3) ā 4.37% ā ā 559,482 ā ā ā ā ā 599,488 ā ā 21,500 ā Total ā 3.96% ā $ 649,382 ā $ 510,100 ā $ 693,388 ā $ 527,600 ā (1) Represents weighted average of interest rate as of December 31, 2020. ā (2) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ā (3) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. |
Schedule of borrowings and repayments | Our borrowings and repayments for the years ended December 31, 2020, 2019 and 2018 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 2020 ā 2019 ā 2018 Debt Obligations ā ā Borrowings ā ā Repayments ā Borrowings ā Repayments ā ā Borrowings ā ā Repayments Bank borrowings ā $ 24,000 (1) $ (28,000) ā $ 107,900 ā $ (126,000) ā $ 116,200 ā $ (100,700) Senior unsecured notes ā ā ā ā ā (40,160) (2) ā 100,000 (3) ā (33,667) ā ā - ā ā (38,166) Total ā $ 24,000 ā $ (68,160) ā $ 207,900 ā $ (159,667) ā $ 116,200 ā $ (138,866) (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ā (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. ā (3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85% , have scheduled principal payments and mature on October 20, 2031. ā ā |
Schedule of principal payments and amounts due at maturity | 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 2021 2022 2023 2024 2025 Thereafter Bank borrowings ā $ 89,900 (1) $ ā (1) $ 89,900 ā $ ā ā $ ā ā $ ā ā $ ā ā Senior unsecured notes ā 560,140 (2) 47,160 (2) 48,160 ā 49,160 ā 49,160 ā 49,500 ā 317,000 ā ā ā $ 650,040 ā $ 47,160 ā $ 138,060 ā $ 49,160 ā $ 49,160 ā $ 49,500 ā $ 317,000 ā (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ā (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity | |
Schedule of consolidated VIEs | As of December 31, 2020, we have the following consolidated VIEs ( 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 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 ā ā 2,858 ā 2018 ā Owned real estate and development ā ALF/MC ā OR ā ā 18,447 ā ā 1,081 ā 2017 ā Owned real estate and development ā ILF/ALF/MC ā WI ā ā 22,007 ā ā 2,305 ā 2017 ā Owned real estate ā ALF/MC ā SC ā ā 11,680 ā ā 1,241 ā Total ā ā ā ā ā ā ā $ 83,429 ā $ 8,404 ā |
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 ā Year Ended December 31, ā ā ā 2020 ā 2019 ā 2018 ā ā ā Declared ā Paid ā Declared ā Paid ā Declared ā Paid ā Common Stock (1) ā $ 90,262 (2) $ 90,262 (2) $ 90,899 (3) $ 90,899 (3) $ 90,372 ā $ 90,372 ā ā (1) Represents $0.19 per share per month for the years ended December 31, 2020, 2019 and 2018. ā (2) Includes $586 related to the vesting of performance-based stock units. ā (3) Includes $300 related to the vesting of performance-based stock units. |
Schedule of options exercised | ā 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) 2020 ā ā ā $ n/a ā $ ā ā $ ā ā 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 (1) As of the exercise dates. |
Schedule of restricted stock activity | Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2020 and 2019 and 2018 was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2020 ā 2019 ā 2018 Outstanding, January 1 ā ā 163,569 ā ā 156,297 ā ā 140,899 ā Granted ā ā 101,348 ā ā 86,772 ā ā 90,547 ā Vested ā ā (84,477) ā ā (79,500) ā ā (75,149) ā Outstanding, December 31 ā ā 180,440 ā ā 163,569 ā ā 156,297 ā ā During the years ended December 31, 2020, 2019 and 2018, we granted 66,027, 60,836 and 66,171, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2020, 2019 and 2018, the number of vested performance-based stock units were 81,574, 48,225 and 0, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2020, 2019 and 2018 were $7,012,000, $6,566,000 and $5,870,000. |
Schedule of restricted stock granted | During 2020, 2019 and 2018, we granted 167,375, 147,608 and 156,718 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 2020 ā 76,464 ā $ 48.95 ā ratably over 3 years ā ā ā 66,027 ā $ 49.98 ā TSR targets (1) ā ā ā 9,884 ā $ 38.45 ā May 27, 2021 ā ā ā 15,000 ā $ 38.45 ā ratably over 3 years ā ā ā 167,375 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 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 (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, 2020, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly 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 2021 ā 159,537 (1) $ 5,201 2022 ā 117,417 (2) ā 2,729 2023 ā 96,520 (3) ā 367 Total ā 373,474 ā $ 8,297 (1) Includes 66,171 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 60,836 performance-based stock units. See (1) above for valuation methodology. ā (3) Includes 66,027 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 ā Weighted Average ā ā Shares ā Price ā ā 2020 ā 2019 ā 2018 ā 2020 ā ā 2019 ā 2018 Outstanding, January 1 15,000 ā 20,000 25,000 $ 38.43 ā $ 34.99 $ 32.92 ā Granted ā ā ā ā ā ā n/a ā ā n/a ā ā n/a ā Exercised ā ā (5,000) (5,000) ā ā n/a ā $ 24.65 ā $ 24.65 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 15,000 20,000 ā $ 38.43 ā $ 38.43 ā $ 34.99 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 15,000 2,000 ā $ 38.43 ā $ 38.43 ā $ 34.99 ā (1) The aggregate intrinsic value of exercisable options at December 31, 2020, based upon the closing price of our common shares at December 31, 2020, the last trading day of 2020, was approximately $7,200 . Options exercisable at December 31, 2020, 2019 and 2018 have a weighted average remaining contractual life of approximately 2.2 years, 3.2 years, and 3.3 years, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Schedule of commitments | At December 31, 2020, 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 2020 ā Commitment ā Remaining ā ā Commitment ā Funding ā Funded ā Commitment Real estate properties Note 5. Real Estate Investments ā $ 12,670 (1) $ 6,481 ā $ 7,347 ā $ 5,323 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 25,500 (2) ā 2,782 ā ā 7,755 ā ā 17,745 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ā ā 13,000 ā ā 5,000 ā ā 5,000 ā ā 8,000 Notes receivable ( Note 7. Notes Receivable ā ā 2,090 ā ā 1,383 ā ā 1,383 ā ā 707 Total ā $ 62,260 ā $ 15,646 ā $ 21,485 ā $ 40,775 (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 $7,500 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, 2020 | |
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 2020 ā 2019 ā 2018 Ordinary taxable distribution $ 0.936 $ 2.084 $ 0.349 ā Unrecaptured Section 1250 gain ā 0.894 ā 0.132 ā 0.636 ā Long-term capital gain ā 0.450 ā 0.064 ā 1.295 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, 2020 | |
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 2020 ā 2019 ā 2018 ā Net income ā $ 95,677 $ 80,872 $ 155,076 ā Less income allocated to non-controlling interests ā (384) ā (346) ā (95) ā Less income allocated to participating securities: ā ā ā ā ā ā ā ā ā ā Non-forfeitable dividends on participating securities ā (397) ā (372) ā (357) ā Income allocated to participating securities ā (25) ā (19) ā (268) ā Total net income allocated to participating securities (1) ā (422) ā (391) ā (625) ā Net income available to common stockholders ā 94,871 ā 80,135 ā 154,356 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Participating securities (2) ā ā ā ā ā ā ā ā 625 ā Net income for diluted net income per share ā $ 94,871 ā $ 80,135 ā $ 154,981 ā ā ā ā ā ā ā ā ā ā ā ā Shares for basic net income per share ā 39,179 ā 39,571 ā 39,477 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Stock options ā ā ā 4 ā 3 ā Performance-based stock units ā ā 85 ā ā 184 ā ā 203 ā Participating securities (2) ā ā ā ā ā ā ā ā 156 ā Total effect of dilutive securities ā 85 ā 188 ā 362 ā Shares for diluted net income per share ā 39,264 ā 39,759 ā 39,839 ā ā ā ā ā ā ā ā ā ā ā ā Basic net income per share ā $ 2.42 ā $ 2.03 ā $ 3.91 ā Diluted net income per share ā $ 2.42 ā $ 2.02 ā $ 3.89 ā (1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities in calculated independently for each quarter and year-to-date period. Therefore, the sum of the amounts for the quarter may not agree with the amounts for the year. ā (2) For the years ended December 31, 2020 and 2019, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 ā ā ā ā ā Revenues ā $ 46,410 ā $ 28,481 ā $ 38,173 ā $ 46,273 ā Net income available to common stockholders ā $ 63,370 ā $ 1,773 ā $ 12,114 ā $ 17,470 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 $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 ā Diluted ā $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 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 2019 ā ā ā ā ā ā ā ā 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 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, 2020 | |
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 ā At December 31, 2020 ā At December 31, 2019 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 $ 257,251 ā $ 299,751 (1) $ 254,099 ā $ 312,824 (1) Bank borrowings ā 89,900 ā ā 89,900 (2) ā 93,900 ā ā 93,900 (2) Senior unsecured notes, net of debt issue costs ā 559,482 ā ā 560,140 (3) ā 599,488 ā ā 612,375 (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, 2020 and 2019 was 10.0% and 9.0% , respectively. 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, 2020 and 2019 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, 2020, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.25% for those maturing before year 2026 and 3.50% for those maturing at or beyond year 2026. 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 beyond year 2026. |
The Company (Details)
The Company (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
General | |
Number of operating segments | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Owned Properties (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | |
Owned Properties | ||
Number of beds damaged | item | 114 | 170 |
Gain from property insurance proceeds | $ | $ 373,000 | $ 2,111,000 |
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) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Allowance for Doubtful Accounts | ||||
Accrued interest receivable | $ 32,746,000 | |||
Write-off of accrued interest receivable | $ 0 | $ 0 | ||
Impairments | ||||
Impairment of Real Estate | 3,977,000 | 0 | $ 0 | |
Mortgage Loans Receivable | ||||
Allowance for Doubtful Accounts | ||||
Balance at the Beginning of the Period | 2,560,000 | |||
Increase/(Decrease) in Expected Credit Loss | 2,592,000 | 2,560,000 | 2,592,000 | |
Balance at the End of the Period | 2,592,000 | 2,560,000 | ||
Mortgage Loans Receivable | Restatement Adjustment | ASU 2016-13 | ||||
Allowance for Doubtful Accounts | ||||
Increase/(Decrease) in Expected Credit Loss | 32,000 | 32,000 | ||
Balance at the End of the Period | 32,000 | |||
Notes Receivable | ||||
Allowance for Doubtful Accounts | ||||
Balance at the Beginning of the Period | 181,000 | |||
Increase/(Decrease) in Expected Credit Loss | 146,000 | 181,000 | 146,000 | |
Balance at the End of the Period | 146,000 | $ 181,000 | ||
Notes Receivable | Restatement Adjustment | ASU 2016-13 | ||||
Allowance for Doubtful Accounts | ||||
Increase/(Decrease) in Expected Credit Loss | (35,000) | $ (35,000) | ||
Balance at the End of the Period | $ (35,000) | |||
Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 5.00% | |||
Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 7.50% | |||
Mezzanine Loans | Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 8.00% | |||
Loan Term | 4 years | |||
Mezzanine Loans | Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 12.00% | |||
Loan Term | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenue Recognition | |||
Maximum period over which loan is to be considered as non-performing | 60 days | ||
Variable cash rental income | $ | $ 15,167,000 | $ 16,462,000 | $ 470,000 |
Variable cash rental income previous | $ | $ 111,000 | $ 464,000 | $ 470,000 |
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 ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Cumulative effect of the adoption of the ASC 842 | $ 775,806,000 | $ 785,426,000 | $ 832,971,000 | $ 758,648,000 | |
Cumulative Effect of Adoption | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Cumulative effect of the adoption of the ASC 842 | $ (42,808,000) | ||||
Cumulative Effect of Adoption | ASU 2016-02 | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Cumulative effect of the adoption of the ASC 842 | $ 42,808,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 9,939,000 |
Major Operators (Details)
Major Operators (Details) | 12 Months Ended |
Dec. 31, 2020itemproperty | |
Major Operators | |
Number of major operators | 2 |
Prestige Healthcare | SNF | |
Major Operators | |
Number of beds | property | 24 |
Number of beds/units | 2,922 |
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 | 2,922 |
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) | 30.40% |
Total Revenue | Operator Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 19.70% |
Total Revenue | Operator Concentration Risk | Senior Lifestyle Corporation | |
Major Operators | |
Concentration risk (as a percent) | 10.70% |
Total Assets | Operator Concentration Risk | |
Major Operators | |
Concentration risk (as a percent) | 28.20% |
Total Assets | Credit Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 18.20% |
Total Assets | Credit Concentration Risk | Senior Lifestyle Corporation | |
Major Operators | |
Concentration risk (as a percent) | 10.00% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-cash investing and financing transactions: | |||
Preferred return reserve related to investment in unconsolidated joint ventures | $ 2,878 | ||
Reclassification of notes receivable to lease incentives | $ 300 | $ 200 | |
Restricted stock issued, net of cancellations (Note 10) | $ 1 |
Real Estate Investments - Owned
Real Estate Investments - Owned Properties (Details) - Real Estate Investment | Dec. 31, 2020property |
Real estate investments | |
Number of properties | 159 |
Number of states | 27 |
Number of operators | 29 |
ALF | |
Real estate investments | |
Number of properties | 107 |
SNF | |
Real estate investments | |
Number of properties | 51 |
Hospital | |
Real estate investments | |
Number of properties | 1 |
Real Estate Investments - Base
Real Estate Investments - Base Rents (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation | |||
Depreciation expense | $ 38,945 | $ 39,094 | $ 37,416 |
Future minimum base rents receivable | |||
2021 | 139,053 | ||
2022 | 129,864 | ||
2023 | 130,477 | ||
2024 | 129,407 | ||
2025 | 116,296 | ||
Thereafter | $ 507,352 |
Real Estate Investments - Opera
Real Estate Investments - Operator changes (Details) | Oct. 04, 2019USD ($) | Jan. 31, 2021USD ($)facility | Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($)propertyitem | Sep. 30, 2020USD ($)lease | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)itemproperty | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)propertyitem | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)itempropertylease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 19, 2021item | Apr. 30, 2020USD ($) |
Other disclosures | |||||||||||||||
Rental income | $ 126,094,000 | $ 152,755,000 | $ 135,405,000 | ||||||||||||
Impairment charges | 3,977,000 | 5,500,000 | |||||||||||||
Proceeds from sale of real estate, net | 72,141,000 | 14,009,000 | 92,749,000 | ||||||||||||
Gain on sale of real estate, net | $ 44,117,000 | 2,106,000 | $ 70,682,000 | ||||||||||||
Net book value | 26,856,000 | ||||||||||||||
Anthem Memory Care | |||||||||||||||
Other disclosures | |||||||||||||||
Number of properties in default | property | 11 | ||||||||||||||
Minimum cash rent received | $ 9,900,000 | ||||||||||||||
Anthem Memory Care | Forecast | |||||||||||||||
Other disclosures | |||||||||||||||
Minimum cash rent received | $ 10,800,000 | ||||||||||||||
Preferred Care, Inc. | |||||||||||||||
Other disclosures | |||||||||||||||
Number of properties under two master leases | item | 24 | ||||||||||||||
Number of master leases | item | 2 | ||||||||||||||
Number of properties sold | property | 21 | ||||||||||||||
Number of beds or units in property sold | item | 2,411 | ||||||||||||||
Proceeds from sale of real estate, net | $ 72,100,000 | $ 77,900,000 | |||||||||||||
Gain on sale of real estate, net | 44,073,000 | 44,000,000 | |||||||||||||
Net book value | $ 29,100,000 | $ 29,100,000 | $ 35,600,000 | ||||||||||||
Senior Lifestyle Corporation | |||||||||||||||
Other disclosures | |||||||||||||||
Number of properties in default | property | 23 | ||||||||||||||
Rent deferral | $ 394,000 | ||||||||||||||
Rental income | $ 9,200,000 | ||||||||||||||
Contractual rent | 13,800,000 | ||||||||||||||
Rent receivable line of credit and security deposit as collateral | $ 3,725,000 | 3,725,000 | $ 3,725,000 | ||||||||||||
Remaining outstanding accounts receivable | 850,000 | 850,000 | 850,000 | ||||||||||||
Unaccrued contractual rent | 1,002,000 | $ 249,000 | 1,002,000 | 1,002,000 | |||||||||||
Accrued lease rent receivable | 2,501,000 | ||||||||||||||
Contractual rent allocated to notes receivable | 125,000 | ||||||||||||||
Write-off of rent receivable and lease incentives | $ 17,742,000 | ||||||||||||||
Impairment charges | 3,036,000 | ||||||||||||||
Senior Lifestyle Corporation | Subsequent Event | |||||||||||||||
Other disclosures | |||||||||||||||
Incremental lease rent , First year | $ 5,250,000 | ||||||||||||||
Incremental lease rent , second year | 7,078,000 | ||||||||||||||
Incremental lease rent , three year | $ 7,303,000 | ||||||||||||||
Percentage of incremental annual rent | 2.00% | ||||||||||||||
Number of assisted communities | item | 12 | ||||||||||||||
Percentage of contractual amount due | 50.00% | ||||||||||||||
Number of properties sold | facility | 11 | ||||||||||||||
Veritas Senior Living, LLC | |||||||||||||||
Other disclosures | |||||||||||||||
Rent deferral | 1,057,000 | 1,057,000 | 1,057,000 | ||||||||||||
Rental income | 542,000 | ||||||||||||||
Contractual rent | 1,299,000 | 1,299,000 | |||||||||||||
Write-off of rent receivable and lease incentives | $ 1,156,000 | ||||||||||||||
Number of master lease into combined one | lease | 2 | ||||||||||||||
Abated cash rent | $ 570,000 | $ 80,000 | |||||||||||||
Impairment charges | 941,000 | ||||||||||||||
Remaining deferred rent due | $ 355,000 | $ 355,000 | $ 355,000 | ||||||||||||
Genesis healthcare | |||||||||||||||
Other disclosures | |||||||||||||||
Write-off of rent receivable and lease incentives | $ 4,316,000 | ||||||||||||||
Brookdale Senior Living | |||||||||||||||
Other disclosures | |||||||||||||||
Number of leases consolidated | lease | 4 | ||||||||||||||
Number of renewal option | item | 3 | 3 | 3 | ||||||||||||
Renewal term option one | 4 years | ||||||||||||||
Renewal term option two | 5 years | ||||||||||||||
Renewal term option three | 10 years | ||||||||||||||
Capital commitment | $ 4,000,000 | ||||||||||||||
Percentage of capital commitment yield | 7.00% | ||||||||||||||
Funded commitment | $ 1,700,000 | ||||||||||||||
Remaining capital commitment | $ 2,300,000 | ||||||||||||||
Senior Care Centers | |||||||||||||||
Other disclosures | |||||||||||||||
Court ordered payment amount | $ 1,596,000 | ||||||||||||||
Real Estate Investment | |||||||||||||||
Other disclosures | |||||||||||||||
Number of operators | property | 29 | 29 | 29 | ||||||||||||
Number of properties | property | 159 | 159 | 159 |
Real Estate Investments - Lease
Real Estate Investments - Lease (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($)item | Dec. 31, 2020USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real estate investments | |||||
Carrying value | $ 1,102,358,000 | $ 1,102,358,000 | $ 1,136,816,000 | ||
Income and Expenses, Lessor [Abstract] | |||||
Base cash rental income | 132,789,000 | ||||
Base cash rental income previous | 134,117,000 | $ 127,477,000 | |||
Variable cash rental income | 15,167,000 | 16,462,000 | 470,000 | ||
Variable cash rental income previous | 111,000 | 464,000 | 470,000 | ||
Straight-Line Rent | 1,778,000 | 4,487,000 | 9,550,000 | ||
Change in straight-line rent receivable and lease incentives due to collectibility | (23,214,000) | (1,926,000) | |||
Amortization of Lease Incentives | (426,000) | (385,000) | (2,092,000) | ||
Total Rental Income | 126,094,000 | 152,755,000 | 135,405,000 | ||
Total Rental Income previous | 152,755,000 | $ 135,405,000 | |||
Real estate taxes reimbursed | 111,000 | $ 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 | 151,866,000 | 151,866,000 | |||
Carrying value | 126,967,000 | $ 126,967,000 | |||
Senior Lifestyle Corporation | |||||
Income and Expenses, Lessor [Abstract] | |||||
Total Rental Income | $ 9,200,000 | ||||
ALF | Purchase Option in Lease Arrangements | California | |||||
Real estate investments | |||||
Number of properties | property | 2 | 2 | |||
Gross Investment | $ 30,849,000 | $ 30,849,000 | |||
Carrying value | $ 17,092,000 | $ 17,092,000 | |||
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 | 1 | |||
Gross Investment | $ 14,835,000 | $ 14,835,000 | |||
Carrying value | $ 13,031,000 | $ 13,031,000 | |||
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky | |||||
Real estate investments | |||||
Number of properties | property | 2 | 2 | |||
Gross Investment | $ 30,342,000 | $ 30,342,000 | |||
Carrying value | $ 27,315,000 | $ 27,315,000 | |||
MC | Purchase Option in Lease Arrangements | Texas | |||||
Real estate investments | |||||
Number of properties | property | 2 | 2 | |||
Gross Investment | $ 25,265,000 | $ 25,265,000 | |||
Carrying value | $ 23,715,000 | $ 23,715,000 | |||
ALF and MC | Purchase Option in Lease Arrangements | California | |||||
Real estate investments | |||||
Number of properties | property | 2 | 2 | |||
Gross Investment | $ 38,895,000 | $ 38,895,000 | |||
Carrying value | $ 35,601,000 | $ 35,601,000 | |||
ALF and MC | Purchase Option in Lease Arrangements | South Carolina | |||||
Real estate investments | |||||
Number of properties | property | 1 | 1 | |||
Gross Investment | $ 11,680,000 | $ 11,680,000 | |||
Carrying value | $ 10,213,000 | $ 10,213,000 | |||
Real Estate Investment | |||||
Real estate investments | |||||
Number of properties | property | 159 | 159 | |||
Real Estate Investment | ALF | |||||
Real estate investments | |||||
Number of properties | property | 107 | 107 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($)itemproperty | |
Real estate investments | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 8,404 | $ 8,483 | |
Investment Commitment | 62,260 | ||
Number of beds/units under development | item | 204 | ||
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 | ||
2020 Acquisitions | SNF | |||
Real estate investments | |||
Purchase Price | 13,500 | ||
Transaction Costs | 81 | ||
Total Acquisition Costs | $ 13,581 | ||
Number of properties acquired | property | 1 | ||
Number of beds/units acquired | item | 140 | ||
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 | ||
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 | ||
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 | Oregon | |||
Real estate investments | |||
Purchase Price | $ 18,108 | ||
Number of beds/units under development | item | 78 |
Real Estate Investments - Types
Real Estate Investments - Types of property Development and Improvement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate investments | |||
Invested in projects | $ 15,646 | ||
Developments | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 16,699 | $ 20,524 | $ 35,279 |
Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 6,913 | 2,839 | 3,249 |
ALF | Developments | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 4,491 | 14,088 | 27,505 |
ALF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 6,842 | 2,544 | 2,292 |
SNF | Developments | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 12,208 | 6,436 | 7,774 |
SNF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 71 | 500 | |
Other | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 295 | $ 457 |
Real Estate Investments - Devel
Real Estate Investments - Development and Improvement Projects (Details) - Real Estate Development Commitments - Real Estate Investment Completed Projects $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($)propertyitem | Dec. 31, 2018USD ($)itemproperty | |
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 66 | ||
Total Investment | $ | $ 14,668 | ||
Developments | |||
Completed development and improvement projects | |||
Number of Properties | property | 2 | 2 | |
Number of Beds/Units | item | 168 | 253 | |
Total Investment | $ | $ 35,034 | $ 46,973 | |
ALF and MC | Developments | Oregon | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 78 | ||
Total Investment | $ | $ 18,447 | ||
SNF | Developments | Missouri | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 90 | ||
Total Investment | $ | $ 16,587 | ||
SNF | Developments | Kentucky | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 143 | ||
Total Investment | $ | $ 24,974 | ||
MC Units | Developments | Illinois | |||
Completed development and improvement projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 66 | ||
Total Investment | $ | $ 14,668 | ||
ILF/ALF/MC | Developments | 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, 2020USD ($)propertyitem | Dec. 31, 2019USD ($)itemproperty |
Real estate investments | ||
Accumulated depreciation | $ 349,643 | $ 312,642 |
Properties held-for-sale | ||
Real estate investments | ||
Number of properties | property | 20 | |
Gross Investment | $ 61,969 | |
Accumulated depreciation | $ 35,113 | |
Number of beds/units | item | 2,217 | |
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 | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($)itemproperty | Jun. 30, 2018facility | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($)propertyitem | |
Disposals and other | ||||||
Carrying value | $ 1,102,358,000 | $ 1,136,816,000 | ||||
Net Gain | 44,117,000 | 2,106,000 | $ 70,682,000 | |||
Net Gain | 129,000 | 500,000 | ||||
Impairment charges | $ 3,977,000 | $ 0 | $ 0 | |||
Properties sold | ||||||
Disposals and other | ||||||
Number of properties sold | property | 21 | 4 | 10 | |||
Number of beds or units in property sold | item | 2,411 | 618 | 774 | |||
Sales price | $ 74,800,000 | $ 15,311,000 | $ 95,825,000 | |||
Carrying value | 29,084,000 | 12,825,000 | 22,393,000 | |||
Net Gain | 44,117,000 | 2,106,000 | $ 70,682,000 | |||
Holdback repayment | 90,000 | |||||
Reassessment adjustment | $ 39,000 | |||||
Properties sold | SNF | ||||||
Disposals and other | ||||||
Holdback amount | 1,091,000 | |||||
Realizable holdback amount | $ 613,000 | |||||
Properties sold | SNF | Arizona | ||||||
Disposals and other | ||||||
Number of properties sold | property | 1 | |||||
Number of beds or units in property sold | item | 194 | |||||
Sales price | $ 12,550,000 | |||||
Carrying value | 2,229,000 | |||||
Net Gain | $ 10,293,000 | |||||
Properties sold | SNF | Colorado | ||||||
Disposals and other | ||||||
Number of properties sold | property | 3 | |||||
Number of beds or units in property sold | item | 275 | |||||
Sales price | $ 15,000,000 | |||||
Carrying value | 4,271,000 | |||||
Net Gain | $ 10,364,000 | |||||
Properties sold | SNF | Kansas | ||||||
Disposals and other | ||||||
Number of properties sold | property | 3 | |||||
Number of beds or units in property sold | item | 250 | |||||
Sales price | $ 9,750,000 | |||||
Carrying value | 7,438,000 | |||||
Net Gain | $ 1,993,000 | |||||
Properties sold | SNF | Iowa | ||||||
Disposals and other | ||||||
Number of properties sold | property | 7 | |||||
Number of beds or units in property sold | item | 544 | |||||
Sales price | $ 14,500,000 | |||||
Carrying value | 4,886,000 | |||||
Net Gain | 9,051,000 | |||||
Holdback amount | $ 838,000 | $ 838,000 | 150,000 | |||
Realizable holdback amount | $ 471,000 | $ 229,000 | ||||
Properties sold | SNF | Texas | ||||||
Disposals and other | ||||||
Number of properties sold | property | 7 | |||||
Number of beds or units in property sold | item | 1,148 | |||||
Sales price | $ 23,000,000 | |||||
Carrying value | 10,260,000 | |||||
Net Gain | $ 12,287,000 | |||||
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 | 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 | 21,987,000 | |||||
Properties sold | ALF | ||||||
Disposals and other | ||||||
Number of facilities sold | facility | 6 | |||||
Properties sold | ALF | Kansas | ||||||
Disposals and other | ||||||
Sales price | 350,000 | |||||
Carrying value | $ 346,000 | |||||
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 | (3,950,000) | |||||
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 | $ 48,695,000 | |||||
Preferred Care, Inc. | ||||||
Disposals and other | ||||||
Number of properties sold | property | 21 | |||||
Number of beds or units in property sold | item | 2,411 | |||||
Net Gain | $ 44,073,000 | $ 44,000,000 | ||||
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, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)item | |
Mortgage Loans | |||
Originations and fundings under mortgage loans receivable | $ 4,253 | $ 12,342 | $ 21,364 |
Pay-offs received | (1,086) | ||
Scheduled principal payments received | (1,065) | (1,065) | (1,050) |
Mortgage loan premium amortization | (4) | (4) | (4) |
Provision for loan loss reserve | (32) | (113) | (192) |
Net increase in mortgage loans receivable | $ 3,152 | 11,160 | $ 19,032 |
Minimum | |||
Mortgage Loans | |||
Interest rate (as a percent) | 5.00% | ||
Maximum | |||
Mortgage Loans | |||
Interest rate (as a percent) | 7.50% | ||
Mortgage Loans | |||
Mortgage Loans | |||
Loan Term | 30 years | ||
Mortgage Loans | Minimum | |||
Mortgage Loans | |||
Interest rate (as a percent) | 9.30% | ||
Mortgage Loans | Maximum | |||
Mortgage Loans | |||
Interest rate (as a percent) | 10.10% | ||
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% | ||
Mortgages With 8.89 Percent Interest With Escalation [Member] | Mortgage Loans | |||
Mortgage Loans | |||
Additions to mortgage loans | $ 2,000 | ||
Interest rate (as a percent) | 8.89% | ||
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, 2020 | Dec. 31, 2019 |
Real estate investments | ||
Carrying value of mortgage loans | $ 257,251 | $ 254,099 |
Mortgage Loans | ||
Real estate investments | ||
Carrying value of mortgage loans | 257,251 | $ 254,099 |
Scheduled principal payments on mortgage loan receivables | ||
2021 | 1,175 | |
2022 | 1,175 | |
2023 | 1,175 | |
2024 | 1,175 | |
2025 | 1,175 | |
Thereafter | 253,968 | |
Total | $ 259,843 |
Real Estate Investments - Mor_3
Real Estate Investments - Mortgage Loans - Early Payoffs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Early mortgage loan payoffs | |
Early Principal Payoff | $ 1,086 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Investment (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)propertyitem | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($) | |
Investment in Unconsolidated Joint Ventures | ||||
Carrying Value | $ 11,340,000 | $ 19,003,000 | ||
Income Recognized | 432,000 | 2,388,000 | $ 2,864,000 | |
Cash Interest Received | 432,000 | 2,991,000 | 2,371,000 | |
Impairment loss from investments in unconsolidated joint ventures | 5,500,000 | |||
Liquidation proceeds | 17,848,000 | 6,601,000 | ||
Joint Venture | ||||
Investment in Unconsolidated Joint Ventures | ||||
Liquidation proceeds | 17,848,000 | |||
Amount of gains (losses) on liquidation | $ (758,000) | |||
Joint Venture | Preferred Equity Investment | Arizona | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of properties owned by joint venture | property | 4 | |||
Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | $ 11,398,000 | 472,000 | 670,000 | |
Income Recognized | 432,000 | 2,388,000 | 2,864,000 | |
Cash Interest Received | 431,000 | $ 2,991,000 | 2,371,000 | |
Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Investment commitment | 13,000,000 | |||
Carrying Value | 11,340,000 | |||
Combination ILF, ALF and MC community | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of properties owned by joint venture for sale | property | 4 | |||
Impairment loss from investments in unconsolidated joint ventures | $ 5,500,000 | |||
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | 58,000 | 472,000 | 670,000 | |
Income Recognized | 231,000 | 1,029,000 | 2,041,000 | |
Cash Interest Received | $ 231,000 | $ 1,580,000 | 1,975,000 | |
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Arizona | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 15.00% | |||
Combination ALF, ILF, MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 15.00% | |||
Number of beds/units | item | 99 | |||
Investment commitment | $ 2,900,000 | |||
Income Recognized | 955,000 | |||
Cash Interest Received | $ 979,000 | |||
Combination ALF/MC | Joint Venture | Not primary beneficiary | Preferred Equity Investment | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | $ 6,340,000 | |||
Income Recognized | 169,000 | |||
Cash Interest Received | $ 168,000 | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of beds/units | 95 | |||
Capital Contributions | $ 6,340,000 | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 12.00% | |||
Contractual cash portion | 7.00% | |||
Number of beds/units | item | 95 | |||
Carrying Value | $ 6,340,000 | |||
Percentage of Investment | 15.50% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 8.00% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Minimum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 7.00% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Maximum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 9.00% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | The Internal Rate of Return is Between Twelve and Fourteen Percent | Minimum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 12.00% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | The Internal Rate of Return is Between Twelve and Fourteen Percent | Maximum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 14.00% | |||
Combination 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 | |||
Investment commitment | $ 3,400,000 | |||
Income Recognized | 404,000 | |||
Cash Interest Received | $ 432,000 | |||
Combination ILF/ALF | Joint Venture | Not primary beneficiary | Preferred Equity Investment | Washington | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | $ 5,000,000 | |||
Income Recognized | 32,000 | |||
Cash Interest Received | $ 32,000 | |||
Combination ILF/ALF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 12.00% | |||
Contractual cash portion | 8.00% | |||
Number of beds/units | item | 267 | |||
Investment commitment | $ 13,000,000 | |||
Carrying Value | $ 5,000,000 | |||
Percentage of Investment | 11.60% | |||
Percentage of cash return | 8.00% | |||
Percentage of internal rate of return | 12.00% | |||
Amount of joint venture investment | $ 13,000,000 | |||
Combination ALF/IL/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Income Recognized | 511,000 | |||
Cash Interest Received | 396,000 | |||
Combination UDP-ALF/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Income Recognized | $ 312,000 |
Notes Receivable - Components (
Notes Receivable - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Notes receivable activities | ||
Mezzanine loan | $ 6,800 | |
Notes receivable reserve | $ (146) | (181) |
Total | 14,465 | 17,927 |
Mezzanine loan | ||
Notes receivable activities | ||
Mezzanine loan | 8,445 | 13,284 |
Other loans | ||
Notes receivable activities | ||
Mezzanine loan | $ 6,166 | $ 4,824 |
Notes Receivable - Other Inform
Notes Receivable - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Advances under notes receivable | $ 2,078 | $ 8,967 | $ 124 |
Principal payments received under notes receivable | (5,275) | (3,503) | (3,848) |
Reclassified to lease incentives | 300 | 200 | |
Notes Receivable reserve | 35 | (52) | 37 |
Net (decrease) increase | $ (3,462) | $ 5,212 | $ (3,687) |
Notes Receivable - New Loan Com
Notes Receivable - New Loan Commitment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | |
Notes receivable activities | |||
Notes receivable, gross | $ 6,800 | ||
Number of beds/units under development | item | 204 | ||
Principal payments received on notes receivable | $ 5,275 | $ 3,503 | $ 3,848 |
Minimum | |||
Notes receivable activities | |||
Interest rate (as a percent) | 5.00% | ||
Maximum | |||
Notes receivable activities | |||
Interest rate (as a percent) | 7.50% | ||
Mezzanine loan | |||
Notes receivable activities | |||
Notes receivable, gross | $ 8,445 | $ 13,284 | |
Notes Receivable | |||
Notes receivable activities | |||
Principal payments received on notes receivable | $ 900 | ||
204-unit ILF/ALF/MC | |||
Notes receivable activities | |||
Loan Term | 5 years | ||
Interest rate (as a percent) | 12.00% | ||
204-unit ILF/ALF/MC | Mezzanine loan with 12% 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% | ||
Loan principal amount | $ 1,400 | ||
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% | ||
Loan principal amount | $ 550 | ||
Committed to fund | $ 50 |
Lease Incentives (Details)
Lease Incentives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Incentives | |||
Non-contingent lease incentives | $ 2,462 | $ 2,552 | |
Non-contingent lease incentives, funding | 220 | 387 | $ 1,272 |
Total funding | 220 | 387 | 1,272 |
Non-contingent lease incentives, Amortization | (426) | (385) | (1,733) |
Contingent lease incentives, Amortization | (359) | ||
Total amortization | (426) | (385) | (2,092) |
Non-contingent lease incentives, Adjustment | 115 | (11,893) | |
Total Adjustment | 115 | (11,893) | |
Non-contingent lease incentives, Write off | 185 | 12,093 | |
Contingent lease incentives, Write off | (6,219) | ||
Total Write off | $ (6,219) | ||
Reclassified to lease incentives | $ 300 | $ 200 |
Debt Obligations - Bank Borrowi
Debt Obligations - Bank Borrowings Terms (Details) - Bank Borrowings | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
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% | |
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 | |
LIBOR | ||
Debt Obligations | ||
Basis spread over base rate (as a percent) | 115.00% |
Debt Obligations - Component (D
Debt Obligations - Component (Details) - USD ($) | Feb. 19, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Obligations | |||||
Amount borrowed | $ 24,000,000 | $ 207,900,000 | $ 116,200,000 | ||
Applicable Interest Rate (as a percent) | 3.96% | ||||
Outstanding Balance | $ 649,382,000 | 693,388,000 | |||
Available for borrowing | 510,100,000 | 527,600,000 | |||
Payments on debt | $ 68,160,000 | 159,667,000 | 138,866,000 | ||
Minimum | |||||
Debt Obligations | |||||
Interest rate (as a percent) | 5.00% | ||||
Maximum | |||||
Debt Obligations | |||||
Interest rate (as a percent) | 7.50% | ||||
Bank Borrowings | |||||
Debt Obligations | |||||
Amount borrowed | $ 24,000,000 | 107,900,000 | 116,200,000 | ||
Applicable Interest Rate (as a percent) | 1.38% | ||||
Outstanding Balance | $ 89,900,000 | 93,900,000 | |||
Available for borrowing | 510,100,000 | 506,100,000 | |||
Payments on debt | $ 28,000,000 | 126,000,000 | 100,700,000 | ||
Bank Borrowings | Subsequent Event | |||||
Debt Obligations | |||||
Amount borrowed | $ 9,000,000 | ||||
Outstanding Balance | 98,900,000 | ||||
Available for borrowing | $ 501,100,000 | ||||
Senior Unsecured Notes | |||||
Debt Obligations | |||||
Amount borrowed | 100,000,000 | ||||
Applicable Interest Rate (as a percent) | 4.37% | ||||
Outstanding Balance | $ 552,482,000 | $ 559,482,000 | 599,488,000 | ||
Available for borrowing | 21,500,000 | ||||
Payments on debt | 7,000,000 | $ 40,160,000 | $ 33,667,000 | $ 38,166,000 | |
Senior Unsecured Notes | Subsequent Event | |||||
Debt Obligations | |||||
Outstanding Balance | 552,482,000 | ||||
Payments on debt | $ 7,000,000 | ||||
Senior Unsecured Notes | Minimum | |||||
Debt Obligations | |||||
Interest rate (as a percent) | 3.85% | ||||
Senior Unsecured Notes | Maximum | |||||
Debt Obligations | |||||
Interest rate (as a percent) | 5.03% |
Debt Obligations - Borrowings a
Debt Obligations - Borrowings and Payments (Details) - USD ($) | Feb. 19, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Obligations | |||||
Borrowings | $ 24,000,000 | $ 207,900,000 | $ 116,200,000 | ||
Repayments | (68,160,000) | (159,667,000) | (138,866,000) | ||
Outstanding Balance | 649,382,000 | 693,388,000 | |||
Available for borrowing | 510,100,000 | 527,600,000 | |||
Bank Borrowings | |||||
Debt Obligations | |||||
Borrowings | 24,000,000 | 107,900,000 | 116,200,000 | ||
Repayments | (28,000,000) | (126,000,000) | (100,700,000) | ||
Outstanding Balance | 89,900,000 | 93,900,000 | |||
Available for borrowing | 510,100,000 | 506,100,000 | |||
Bank Borrowings | Subsequent Event | |||||
Debt Obligations | |||||
Borrowings | $ 9,000,000 | ||||
Outstanding Balance | 98,900,000 | ||||
Available for borrowing | $ 501,100,000 | ||||
Senior Unsecured Notes | |||||
Debt Obligations | |||||
Borrowings | 100,000,000 | ||||
Repayments | $ (7,000,000) | (40,160,000) | (33,667,000) | $ (38,166,000) | |
Outstanding Balance | 552,482,000 | $ 559,482,000 | 599,488,000 | ||
Available for borrowing | 21,500,000 | ||||
Senior Unsecured Notes | Private Shelf Agreement Prudential | |||||
Debt Obligations | |||||
Face amount of debt | $ 100,000,000 | ||||
Stated interest rate (as a percent) | 3.85% | ||||
Senior Unsecured Notes | Subsequent Event | |||||
Debt Obligations | |||||
Repayments | (7,000,000) | ||||
Outstanding Balance | $ 552,482,000 |
Debt Obligations - Future Matur
Debt Obligations - Future Maturities (Details) - USD ($) | Feb. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2021 |
Scheduled Principal Payments | |||||
2021 | $ 47,160,000 | ||||
2022 | 138,060,000 | ||||
2023 | 49,160,000 | ||||
2024 | 49,160,000 | ||||
2025 | 49,500,000 | ||||
Thereafter | 317,000,000 | ||||
Total | 650,040,000 | ||||
Other information | |||||
Payments on debt | 68,160,000 | $ 159,667,000 | $ 138,866,000 | ||
Outstanding Balance | 649,382,000 | 693,388,000 | |||
Bank Borrowings | |||||
Scheduled Principal Payments | |||||
2022 | 89,900,000 | ||||
Total | 89,900,000 | ||||
Other information | |||||
Payments on debt | 28,000,000 | 126,000,000 | 100,700,000 | ||
Outstanding Balance | 89,900,000 | 93,900,000 | |||
Bank Borrowings | Subsequent Event | |||||
Other information | |||||
Outstanding Balance | $ 98,900,000 | ||||
Senior Unsecured Notes | |||||
Scheduled Principal Payments | |||||
2021 | 47,160,000 | ||||
2022 | 48,160,000 | ||||
2023 | 49,160,000 | ||||
2024 | 49,160,000 | ||||
2025 | 49,500,000 | ||||
Thereafter | 317,000,000 | ||||
Total | 560,140,000 | ||||
Other information | |||||
Payments on debt | $ 7,000,000 | 40,160,000 | 33,667,000 | $ 38,166,000 | |
Outstanding Balance | 552,482,000 | $ 559,482,000 | $ 599,488,000 | ||
Senior Unsecured Notes | Subsequent Event | |||||
Other information | |||||
Payments on debt | 7,000,000 | ||||
Outstanding Balance | $ 552,482,000 |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Noncontrolling interest | |||
Gross Consolidated Assets | $ 1,514,209 | $ 1,459,486 | |
Non-controlling interests | 8,483 | 8,404 | |
Partnership | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 83,429 | ||
Non-controlling interests | 8,404 | ||
2018 Acquisitions | |||
Noncontrolling interest | |||
Purchase Price | $ 40,295 | ||
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 | 18,447 | ||
Non-controlling interests | 1,081 | ||
Oregon | 2018 Acquisitions | Partnership | ILF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 14,400 | ||
Non-controlling interests | 2,858 | ||
Wisconsin | 2017 Acquisitions | Partnership | Properties under Development | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 22,007 | ||
Non-controlling interests | 2,305 | ||
South Carolina | 2017 Acquisitions | Partnership | ALF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 11,680 | ||
Non-controlling interests | $ 1,241 |
Equity - Class of Stock Disclos
Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity | |||
Proceeds from common stock issued, net of issuance costs | $ 1,005,000 | ||
Common Stock | |||
Equity | |||
Number of shares repurchased | 76,574 | 45,030 | 31,326 |
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 | |
Proceeds from common stock issued, net of issuance costs | $ 1,005,000 | ||
Compensation paid to sales agents | 18,000 | ||
Reclassification of accumulated costs to additional paid in capital | 76,000 | ||
Amount available under effective shelf registration statement | $ 200,000,000 | $ 184,139,000 |
Equity - Share Repurchase Plan
Equity - Share Repurchase Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Equity | ||
Shares authorized for repurchase | 5,000,000 | |
Number of shares purchased | 615,827 | |
Average price per share | $ 29.25 | |
Total purchase price of shares | $ 18,012,000 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | 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 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Paid | $ 90,262 | $ 90,899 | $ 90,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common 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, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, February 28, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Dividend Payable, March 31,2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Declared | $ 90,262 | $ 90,899 | $ 90,372 | $ 90,262 | $ 90,899 | $ 90,262 | $ 90,899 | $ 90,372 | |||||||||||||||||||||||||||||||||||||||||||
Paid | 90,262 | $ 90,899 | $ 90,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common 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, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-based stock units | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Declared | $ 586 | $ 586 | 586 | ||||||||||||||||||||||||||||||||||||||||||||||||
Paid | $ 300 |
Equity - Restricted Stock and p
Equity - Restricted Stock and performance-based stock units (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Restricted stock | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the beginning of the year (in shares) | 163,569 | 156,297 | 140,899 | |
Granted (in shares) | 101,348 | 86,772 | 90,547 | |
Vested (in shares) | (84,477) | (79,500) | (75,149) | |
Outstanding at the end of the year (in shares) | 180,440 | 163,569 | 156,297 | |
Restricted stock and performance-based stock units | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 167,375 | 147,608 | 156,718 | |
Outstanding at the end of the year (in shares) | 373,474 | |||
Compensation expense | ||||
Remaining compensation expense | $ 8,297,000 | |||
Restricted stock and performance-based stock units | 2021 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the year (in shares) | 159,537 | |||
Compensation expense | ||||
Remaining compensation expense | $ 5,201,000 | |||
Restricted stock and performance-based stock units | 2022 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the year (in shares) | 117,417 | |||
Compensation expense | ||||
Remaining compensation expense | $ 2,729,000 | |||
Restricted stock and performance-based stock units | 2023 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the year (in shares) | 96,520 | |||
Compensation expense | ||||
Remaining compensation expense | $ 367,000 | |||
Restricted stock and performance-based stock units | Grant Date Price $48.95 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 76,464 | |||
Price per share | $ 48.95 | |||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $49.98 | TSR Targets | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 66,027 | |||
Price per share | $ 49.98 | |||
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 15,000 | |||
Price per share | $ 38.45 | |||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Vesting Date, May 27, 2021 | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 9,884 | |||
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 | |||
Vesting period | 3 years | |||
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 $38.18 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 81,819 | |||
Price per share | $ 38.18 | |||
Vesting period | 3 years | |||
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 | |||
Vesting period | 4 years | |||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | 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 $44.73 | Vesting Date, May 27, 2021 | ||||
Restricted stock and performance based stock units activity | ||||
Price per share | $ 38.45 | |||
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 | |||
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 | |||
Performance-based stock units | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 66,027 | 60,836 | 66,171 | |
Vested (in shares) | (81,574) | (48,225) | 0 | |
Compensation expense | ||||
Compensation expense related to share-based award | $ 7,012,000 | $ 6,566,000 | $ 5,870,000 | |
Performance-based stock units | 2021 | ||||
Restricted stock and performance based stock units activity | ||||
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 end of the year (in shares) | 60,836 | |||
Performance-based stock units | 2023 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the year (in shares) | 66,027 | |||
2015 Plan | ||||
Stock Based Compensation Plans | ||||
Total shares reserved for issuance | 426,451 | 1,400,000 |
Equity - Options (Details)
Equity - Options (Details) - Stock options - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonqualified stock option activity | |||
Outstanding, beginning of period | 15,000 | 20,000 | 25,000 |
Granted (in shares) | 0 | ||
Exercised (in shares) | (5,000) | (5,000) | |
Outstanding, end of period | 15,000 | 15,000 | 20,000 |
Options exercisable (in shares) | 15,000 | 15,000 | 2,000 |
Weighted Average Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 38.43 | $ 34.99 | $ 32.92 |
Exercised (in dollars per share) | 24.65 | 24.65 | |
Outstanding at the end of the year (in dollars per share) | 38.43 | 38.43 | 34.99 |
Exercisable at the end of the period (in dollars per share) | $ 38.43 | $ 38.43 | $ 34.99 |
Other information | |||
Aggregate intrinsic value of exercisable options at the end of the year | $ 7,200,000 | ||
Weighted average remaining contractual life of options exercisable | 2 years 2 months 12 days | 3 years 2 months 12 days | 3 years 3 months 18 days |
Options Value | $ 123,000 | $ 123,000 | |
Market Value | $ 233,000 | $ 205,000 | |
Compensation expense related to share-based award | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments and Contingencies | |
Investment Commitment | $ 62,260 |
2020 Funding | 15,646 |
Total Commitments funded | 21,485 |
Remaining commitment | 40,775 |
Real estate properties | |
Commitments and Contingencies | |
Investment Commitment | 12,670 |
2020 Funding | 6,481 |
Total Commitments funded | 7,347 |
Remaining commitment | 5,323 |
Accrued incentives and earn-out liabilities | |
Commitments and Contingencies | |
Investment Commitment | 9,000 |
Remaining commitment | 9,000 |
Mortgage loans | |
Commitments and Contingencies | |
Investment Commitment | 25,500 |
2020 Funding | 2,782 |
Total Commitments funded | 7,755 |
Remaining commitment | 17,745 |
Commitments To Expand and Renovate Properties | |
Commitments and Contingencies | |
Investment Commitment | 7,500 |
Contingent Funding Commitments | |
Commitments and Contingencies | |
Investment Commitment | 18,000 |
Joint venture investments | |
Commitments and Contingencies | |
Investment Commitment | 13,000 |
2020 Funding | 5,000 |
Total Commitments funded | 5,000 |
Remaining commitment | 8,000 |
Notes receivable | |
Commitments and Contingencies | |
Investment Commitment | 2,090 |
2020 Funding | 1,383 |
Total Commitments funded | 1,383 |
Remaining commitment | $ 707 |
Commitments and Contingencies_2
Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitment | ||
Carrying value | $ 1,102,358 | $ 1,136,816 |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90.00% | ||||||||||
Ordinary taxable distribution | $ 0.936 | $ 2.084 | $ 0.349 | ||||||||
Unrecaptured Section 1250 gain | 0.894 | 0.132 | 0.636 | ||||||||
Long-term capital gain | 0.450 | 0.064 | 1.295 | ||||||||
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 95,677 | $ 80,872 | $ 155,076 | ||||||||
Less income allocated to non-controlling interests | (384) | (346) | (95) | ||||||||
Less income allocated to participating securities: | |||||||||||
Non-forfeitable dividends on participating securities | (397) | (372) | (357) | ||||||||
Income allocated to participating securities | (25) | (19) | (268) | ||||||||
Total net income allocated to participating securities | (422) | (391) | (625) | ||||||||
Net income available to common stockholders | 94,871 | 80,135 | 154,356 | ||||||||
Effect of dilutive securities: | |||||||||||
Participating securities | 625 | ||||||||||
Net income for diluted net income per share | $ 94,871 | $ 80,135 | $ 154,981 | ||||||||
Shares for basic net income per share | 39,179 | 39,571 | 39,477 | ||||||||
Effect of dilutive securities: (Shares) | |||||||||||
Total effect of dilutive securities (in shares) | 85 | 188 | 362 | ||||||||
Shares for diluted net income per share | 39,264 | 39,759 | 39,839 | ||||||||
Basic (in dollars per share) | $ 0.45 | $ 0.31 | $ 0.05 | $ 1.60 | $ 0.31 | $ 0.68 | $ 0.51 | $ 0.51 | $ 2.42 | $ 2.03 | $ 3.91 |
Diluted (in dollars per share) | $ 0.45 | $ 0.31 | $ 0.05 | $ 1.60 | $ 0.31 | $ 0.68 | $ 0.51 | $ 0.51 | $ 2.42 | $ 2.02 | $ 3.89 |
Stock options | |||||||||||
Effect of dilutive securities: (Shares) | |||||||||||
Stock options and performance-based stock units (in shares) | 4 | 3 | |||||||||
Performance-based stock units | |||||||||||
Effect of dilutive securities: (Shares) | |||||||||||
Stock options and performance-based stock units (in shares) | 85 | 184 | 203 | ||||||||
Participating Securities | |||||||||||
Effect of dilutive securities: (Shares) | |||||||||||
Participating securities | 156 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 46,273 | $ 38,173 | $ 28,481 | $ 46,410 | $ 46,463 | $ 47,119 | $ 46,266 | $ 45,456 | $ 159,337 | $ 185,304 | $ 168,645 |
Net income available to common stockholders | $ 17,470 | $ 12,114 | $ 1,773 | $ 63,370 | $ 12,449 | $ 27,080 | $ 20,352 | $ 20,254 | |||
Net income per common share available to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.45 | $ 0.31 | $ 0.05 | $ 1.60 | $ 0.31 | $ 0.68 | $ 0.51 | $ 0.51 | $ 2.42 | $ 2.03 | $ 3.91 |
Diluted (in dollars per share) | 0.45 | 0.31 | 0.05 | 1.60 | 0.31 | 0.68 | 0.51 | 0.51 | 2.42 | 2.02 | 3.89 |
Dividends declared and paid per common 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, 2020USD ($)item | Dec. 31, 2019USD ($)item |
Fair value measurements | ||
Mortgage loans receivable | $ 257,251 | $ 254,099 |
Senior unsecured notes, net of debt issue costs | $ 559,482 | $ 599,488 |
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 | 3.25 | 3.70 |
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 | 3.50 | 3.90 |
Level 3 | Mortgage Loans Receivable | Discount Rate | Discounted Cash Flow Analysis | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | 10 | 9 |
Carrying Value | ||
Fair value measurements | ||
Mortgage loans receivable | $ 257,251 | $ 254,099 |
Bank borrowings | 89,900 | 93,900 |
Senior unsecured notes, net of debt issue costs | 559,482 | 599,488 |
Fair Value | ||
Fair value measurements | ||
Bank borrowings | 89,900 | 93,900 |
Fair Value | Level 3 | ||
Fair value measurements | ||
Mortgage loans receivable | 299,751 | 312,824 |
Senior unsecured notes, net of debt issue costs | $ 560,140 | $ 612,375 |
Subsequent Events - Real Estate
Subsequent Events - Real Estate (Details) - Subsequent Event | Feb. 19, 2021USD ($)item | Jan. 31, 2021USD ($)facility |
Subsequent Event [Line Items] | ||
Revenue from one-time escalation reduction | $ 530,000,000 | |
Senior Lifestyle Corporation | ||
Subsequent Event [Line Items] | ||
Number of properties sold | facility | 11 | |
Incremental lease rent , First year | $ 5,250,000 | |
Incremental lease rent , second year | 7,078,000 | |
Incremental lease rent , three year | $ 7,303,000 | |
Percentage of incremental annual rent | 2.00% | |
Percentage of contractual amount due | 50.00% | |
Number of assisted communities | item | 12 |
Subsequent Events - Debt Obliga
Subsequent Events - Debt Obligations (Details) - USD ($) | Feb. 19, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Obligations | |||||
Amount borrowed | $ 24,000,000 | $ 207,900,000 | $ 116,200,000 | ||
Payments on debt | 68,160,000 | 159,667,000 | 138,866,000 | ||
Outstanding Balance | 649,382,000 | 693,388,000 | |||
Available for borrowing | 510,100,000 | 527,600,000 | |||
Senior Unsecured Notes | |||||
Debt Obligations | |||||
Amount borrowed | 100,000,000 | ||||
Payments on debt | $ 7,000,000 | 40,160,000 | 33,667,000 | 38,166,000 | |
Outstanding Balance | 552,482,000 | 559,482,000 | 599,488,000 | ||
Available for borrowing | 21,500,000 | ||||
Bank Borrowings | |||||
Debt Obligations | |||||
Amount borrowed | 24,000,000 | 107,900,000 | 116,200,000 | ||
Payments on debt | 28,000,000 | 126,000,000 | $ 100,700,000 | ||
Outstanding Balance | 89,900,000 | 93,900,000 | |||
Available for borrowing | $ 510,100,000 | $ 506,100,000 | |||
Subsequent Event | Senior Unsecured Notes | |||||
Debt Obligations | |||||
Payments on debt | 7,000,000 | ||||
Outstanding Balance | $ 552,482,000 | ||||
Subsequent Event | Bank Borrowings | |||||
Debt Obligations | |||||
Amount borrowed | $ 9,000,000 | ||||
Outstanding Balance | 98,900,000 | ||||
Available for borrowing | $ 501,100,000 |
Subsequent Events - Notes Recei
Subsequent Events - Notes Receivable (Details) - USD ($) $ in Thousands | Feb. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Events | ||||
Principal payments received on notes receivable | $ 5,275 | $ 3,503 | $ 3,848 | |
Notes Receivable | ||||
Subsequent Events | ||||
Principal payments received on notes receivable | $ 900 | |||
Subsequent Event | Notes Receivable | ||||
Subsequent Events | ||||
Principal payments received on notes receivable | $ 900 |
Subsequent Events - Equity (Det
Subsequent Events - Equity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Oct. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | 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 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | |||||||||||||||||||||||||||||||||||||||||||
Restricted stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | 101,348 | 86,772 | 90,547 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock and performance-based stock units | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares granted | 167,375 | 147,608 | 156,718 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common 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 | 76,574 | 45,030 | 31,326 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, January 31, 2021 | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, January 31, 2021 | Subsequent Event | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, February 28, 2021 | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Payable, March 31,2021 | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid per common share | $ 0.19 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 2,741 | $ 3,321 | $ 3,235 |
(Recovered) charged to costs and expenses | (3) | 166 | 86 |
Charged to other accounts | (746) | ||
Balance at end of period | $ 2,738 | 2,741 | 3,321 |
Percentage of provision on rent receivables (in percentage) | 1.00% | ||
Loan loss reserves | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 2,560 | 2,447 | 2,255 |
(Recovered) charged to costs and expenses | 32 | 113 | 192 |
Balance at end of period | 2,592 | 2,560 | 2,447 |
Other notes receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 181 | 128 | 166 |
(Recovered) charged to costs and expenses | (35) | 53 | (38) |
Balance at end of period | $ 146 | 181 | 128 |
Straight-line rent receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 746 | 814 | |
(Recovered) charged to costs and expenses | (68) | ||
Charged to other accounts | $ (746) | ||
Balance at end of period | $ 746 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Initial Cost to Company | ||||
Land | $ 127,774 | |||
Buildings and Improvements | 1,244,842 | |||
Costs Capitalized Subsequent to acquisition | 79,385 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 127,774 | |||
Buildings and Improvements | 1,324,227 | |||
Total | 1,452,001 | $ 1,484,571 | $ 1,421,456 | $ 1,392,122 |
Accum Deprec | 349,643 | $ 347,755 | $ 314,875 | $ 306,033 |
SNF | ||||
Initial Cost to Company | ||||
Land | 49,229 | |||
Buildings and Improvements | 478,821 | |||
Costs Capitalized Subsequent to acquisition | 32,419 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 49,229 | |||
Buildings and Improvements | 511,240 | |||
Total | 560,469 | |||
Accum Deprec | 160,556 | |||
ALF | ||||
Initial Cost to Company | ||||
Land | 75,637 | |||
Buildings and Improvements | 758,713 | |||
Costs Capitalized Subsequent to acquisition | 45,822 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 75,637 | |||
Buildings and Improvements | 804,535 | |||
Total | 880,172 | |||
Accum Deprec | 187,948 | |||
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 | 1,139 | |||
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 | 1,139 | |||
Land | ||||
Initial Cost to Company | ||||
Land | 943 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 943 | |||
Total | 943 | |||
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 | 1,583 | |||
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 | 2,067 | |||
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 | 4,091 | |||
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 | 3,407 | |||
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 | 2,179 | |||
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 | 4,393 | |||
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 | 2,265 | |||
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 | 1,770 | |||
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 | 3,762 | |||
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 | 4,927 | |||
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 | 2,872 | |||
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 | 2,949 | |||
267 Cold Spring, 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 | 5,288 | |||
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 | 3,942 | |||
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 | 4,551 | |||
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 | 2,801 | |||
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 | 5,269 | |||
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 | 1,261 | |||
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 | 2,211 | |||
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 | 6,470 | |||
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 | 2,789 | |||
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 | 2,298 | |||
319 Independence, MO | SNF | ||||
Initial Cost to Company | ||||
Land | 2,644 | |||
Buildings and Improvements | 13,942 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,644 | |||
Buildings and Improvements | 13,942 | |||
Total | 16,586 | |||
Accum Deprec | 180 | |||
318 Kansas City, MO | SNF | ||||
Initial Cost to Company | ||||
Land | 1,229 | |||
Buildings and Improvements | 18,369 | |||
Costs Capitalized Subsequent to acquisition | 69 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,229 | |||
Buildings and Improvements | 18,438 | |||
Total | 19,667 | |||
Accum Deprec | 726 | |||
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 | 4,011 | |||
322 Longview, Tx | SNF | ||||
Initial Cost to Company | ||||
Land | 1,405 | |||
Buildings and Improvements | 12,176 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,405 | |||
Buildings and Improvements | 12,176 | |||
Total | 13,581 | |||
Accum Deprec | 425 | |||
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 | 2,400 | |||
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 | 6,121 | |||
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 | 4,868 | |||
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 | 1,243 | |||
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 | 2,463 | |||
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 | 4,007 | |||
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 | 1,959 | |||
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 | 2,060 | |||
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 | 3,890 | |||
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 | 6,105 | |||
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 | 3,661 | |||
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 | 4,510 | |||
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 | 1,305 | |||
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 | 3,161 | |||
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 | 2,638 | |||
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 | 3,030 | |||
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 | 2,488 | |||
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 | 3,218 | |||
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 | 3,469 | |||
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 | 1,528 | |||
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 | 2,956 | |||
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 | 5,626 | |||
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 | 2,845 | |||
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 | 4,866 | |||
077 Ada, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,650 | |||
Costs Capitalized Subsequent to acquisition | 89 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,739 | |||
Total | 1,839 | |||
Accum Deprec | 1,008 | |||
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 | 815 | |||
105 Arvada, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,810 | |||
Costs Capitalized Subsequent to acquisition | 7,003 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,813 | |||
Total | 9,913 | |||
Accum Deprec | 3,514 | |||
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 | 1,681 | |||
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 | 1,033 | |||
320 Auburn Hills, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,964 | |||
Buildings and Improvements | 4,577 | |||
Costs Capitalized Subsequent to acquisition | 1,024 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,964 | |||
Buildings and Improvements | 5,601 | |||
Total | 7,565 | |||
Accum Deprec | 324 | |||
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 | 2,133 | |||
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 | 2,370 | |||
203 Bakersfield, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 834 | |||
Buildings and Improvements | 11,986 | |||
Costs Capitalized Subsequent to acquisition | 2,208 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 834 | |||
Buildings and Improvements | 14,194 | |||
Total | 15,028 | |||
Accum Deprec | 6,854 | |||
117 Beatrice, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,173 | |||
Costs Capitalized Subsequent to acquisition | 243 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,416 | |||
Total | 2,516 | |||
Accum Deprec | 1,367 | |||
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 | 2,106 | |||
278 Castle Rock, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 759 | |||
Buildings and Improvements | 6,005 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 759 | |||
Buildings and Improvements | 6,005 | |||
Total | 6,764 | |||
Accum Deprec | 1,264 | |||
160 Central, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,321 | |||
Costs Capitalized Subsequent to acquisition | 85 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,406 | |||
Total | 2,506 | |||
Accum Deprec | 1,153 | |||
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 | 8,252 | |||
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 | 1,923 | |||
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 | 1,371 | |||
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 | 2,076 | |||
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 | 895 | |||
057 Dodge City, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 84 | |||
Buildings and Improvements | 1,666 | |||
Costs Capitalized Subsequent to acquisition | 7 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 84 | |||
Buildings and Improvements | 1,673 | |||
Total | 1,757 | |||
Accum Deprec | 1,074 | |||
083 Durant, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,769 | |||
Costs Capitalized Subsequent to acquisition | 36 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,805 | |||
Total | 1,905 | |||
Accum Deprec | 1,063 | |||
107 Edmond, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,365 | |||
Costs Capitalized Subsequent to acquisition | 636 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,001 | |||
Total | 2,101 | |||
Accum Deprec | 1,117 | |||
163 Ft. Collins, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,961 | |||
Costs Capitalized Subsequent to acquisition | 3,479 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 6,440 | |||
Total | 6,540 | |||
Accum Deprec | 2,710 | |||
170 Ft. Collins, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,400 | |||
Costs Capitalized Subsequent to acquisition | 4,684 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 8,084 | |||
Total | 8,184 | |||
Accum Deprec | 3,079 | |||
132 Ft. Meyers, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,728 | |||
Costs Capitalized Subsequent to acquisition | 10 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,738 | |||
Total | 2,838 | |||
Accum Deprec | 1,574 | |||
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 | 791 | |||
100 Fremont ,OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 117 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,552 | |||
Total | 2,652 | |||
Accum Deprec | 1,514 | |||
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 | 1,348 | |||
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 | 759 | |||
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 | 1,672 | |||
167 Goldsboro, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,385 | |||
Costs Capitalized Subsequent to acquisition | 64 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,449 | |||
Total | 2,549 | |||
Accum Deprec | 1,104 | |||
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 | 1,142 | |||
102 Greeley, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,310 | |||
Costs Capitalized Subsequent to acquisition | 313 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,623 | |||
Total | 2,723 | |||
Accum Deprec | 1,523 | |||
284 Green Bay, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Costs Capitalized Subsequent to acquisition | 404 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,483 | |||
Total | 21,143 | |||
Accum Deprec | 3,223 | |||
164 Greenville, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,478 | |||
Costs Capitalized Subsequent to acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,495 | |||
Total | 2,595 | |||
Accum Deprec | 1,288 | |||
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 | 1,043 | |||
161 Greenwood, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,638 | |||
Costs Capitalized Subsequent to acquisition | 135 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,773 | |||
Total | 2,873 | |||
Accum Deprec | 1,403 | |||
241 Gulf Breeze, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 720 | |||
Buildings and Improvements | 2,839 | |||
Costs Capitalized Subsequent to acquisition | 261 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 720 | |||
Buildings and Improvements | 3,100 | |||
Total | 3,820 | |||
Accum Deprec | 1,342 | |||
295 Jacksonville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,756 | |||
Costs Capitalized Subsequent to acquisition | 689 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 13,445 | |||
Total | 14,834 | |||
Accum Deprec | 1,803 | |||
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 | 1,253 | |||
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 | 1,249 | |||
285 Kenosha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Costs Capitalized Subsequent to acquisition | 245 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 12,606 | |||
Total | 13,542 | |||
Accum Deprec | 1,878 | |||
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 | 1,887 | |||
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 | 2,228 | |||
148 Longmont, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,640 | |||
Costs Capitalized Subsequent to acquisition | 2 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,642 | |||
Total | 2,742 | |||
Accum Deprec | 1,508 | |||
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 | 1,088 | |||
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 | 2,703 | |||
301 Louisville, KY | ALF | ||||
Initial Cost to Company | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,157 | |||
Costs Capitalized Subsequent to acquisition | 110 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,267 | |||
Total | 14,288 | |||
Accum Deprec | 1,648 | |||
114 Loveland, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,865 | |||
Costs Capitalized Subsequent to acquisition | 293 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,158 | |||
Total | 3,258 | |||
Accum Deprec | 1,836 | |||
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 | 1,289 | |||
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 | 1,360 | |||
293 McHenry, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Costs Capitalized Subsequent to acquisition | 310 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,289 | |||
Buildings and Improvements | 29,286 | |||
Total | 30,575 | |||
Accum Deprec | 4,592 | |||
058 McPherson, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,580 | |||
Total | 1,659 | |||
Accum Deprec | 1,130 | |||
313 Medford, OR | ALF | ||||
Initial Cost to Company | ||||
Land | 636 | |||
Buildings and Improvements | 17,810 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 636 | |||
Buildings and Improvements | 17,810 | |||
Total | 18,446 | |||
Accum Deprec | 481 | |||
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 | 1,006 | |||
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 | 2,586 | |||
104 Millville, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Costs Capitalized Subsequent to acquisition | 832 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,657 | |||
Total | 3,757 | |||
Accum Deprec | 1,895 | |||
286 Milwaukee, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Costs Capitalized Subsequent to acquisition | 65 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 8,079 | |||
Total | 8,897 | |||
Accum Deprec | 1,309 | |||
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 | 2,018 | |||
280 Murrells 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 | 2,318 | |||
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 | 1,872 | |||
289 Neenah, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 694 | |||
Buildings and Improvements | 20,839 | |||
Costs Capitalized Subsequent to acquisition | 251 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 694 | |||
Buildings and Improvements | 21,090 | |||
Total | 21,784 | |||
Accum Deprec | 3,189 | |||
166 New Bern, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,427 | |||
Costs Capitalized Subsequent to acquisition | 7 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,434 | |||
Total | 2,534 | |||
Accum Deprec | 1,146 | |||
118 Newark, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 295 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,730 | |||
Total | 2,830 | |||
Accum Deprec | 1,521 | |||
143 Niceville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,680 | |||
Costs Capitalized Subsequent to acquisition | 64 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,744 | |||
Total | 2,844 | |||
Accum Deprec | 1,531 | |||
095 Norfolk, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,123 | |||
Costs Capitalized Subsequent to acquisition | 311 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,434 | |||
Total | 2,534 | |||
Accum Deprec | 1,368 | |||
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 | 3,084 | |||
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 | 1,189 | |||
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 | 1,733 | |||
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 | 1,119 | |||
165 Rocky Mount, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,494 | |||
Costs Capitalized Subsequent to acquisition | 194 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,688 | |||
Total | 2,788 | |||
Accum Deprec | 1,211 | |||
059 Salina, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 139 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,710 | |||
Total | 1,789 | |||
Accum Deprec | 1,132 | |||
084 San Antonio, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 13 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,913 | |||
Total | 2,013 | |||
Accum Deprec | 1,141 | |||
092 San Antonio, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,055 | |||
Costs Capitalized Subsequent to acquisition | 33 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,088 | |||
Total | 2,188 | |||
Accum Deprec | 1,229 | |||
288 Sheboygan, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,382 | |||
Costs Capitalized Subsequent to acquisition | 245 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,627 | |||
Total | 6,795 | |||
Accum Deprec | 1,024 | |||
149 Shelby, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,805 | |||
Costs Capitalized Subsequent to acquisition | 112 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,917 | |||
Total | 3,017 | |||
Accum Deprec | 1,603 | |||
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 | 1,467 | |||
150 Spring Hill, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,650 | |||
Costs Capitalized Subsequent to acquisition | 24 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,674 | |||
Total | 2,774 | |||
Accum Deprec | 1,514 | |||
103 Springfield, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,035 | |||
Costs Capitalized Subsequent to acquisition | 300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,335 | |||
Total | 2,435 | |||
Accum Deprec | 1,358 | |||
321 Sterling Heights, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,133 | |||
Buildings and Improvements | 11,487 | |||
Costs Capitalized Subsequent to acquisition | 992 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,133 | |||
Buildings and Improvements | 12,479 | |||
Total | 13,612 | |||
Accum Deprec | 525 | |||
162 Sumter, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,351 | |||
Costs Capitalized Subsequent to acquisition | 84 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,535 | |||
Accum Deprec | 1,196 | |||
140 Tallahassee, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,075 | |||
Costs Capitalized Subsequent to acquisition | 2 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,077 | |||
Total | 3,177 | |||
Accum Deprec | 1,760 | |||
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 | 1,506 | |||
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 | 1,942 | |||
088 Troy, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 608 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,043 | |||
Total | 3,143 | |||
Accum Deprec | 1,735 | |||
080 Tulsa, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Improvements | 1,650 | |||
Costs Capitalized Subsequent to acquisition | 11 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 200 | |||
Buildings and Improvements | 1,661 | |||
Total | 1,861 | |||
Accum Deprec | 1,000 | |||
093 Tulsa, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,395 | |||
Costs Capitalized Subsequent to acquisition | 23 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,418 | |||
Total | 2,518 | |||
Accum Deprec | 1,429 | |||
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 | 2,669 | |||
075 Tyler, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,800 | |||
Costs Capitalized Subsequent to acquisition | 10 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,810 | |||
Total | 1,910 | |||
Accum Deprec | 1,096 | |||
202 Vacaville, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 1,662 | |||
Buildings and Improvements | 11,634 | |||
Costs Capitalized Subsequent to acquisition | 2,524 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,662 | |||
Buildings and Improvements | 14,158 | |||
Total | 15,820 | |||
Accum Deprec | 6,903 | |||
091 Waco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,235 | |||
Costs Capitalized Subsequent to acquisition | 134 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,369 | |||
Total | 2,469 | |||
Accum Deprec | 1,335 | |||
096 Wahoo, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 166 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,484 | |||
Total | 2,584 | |||
Accum Deprec | 1,463 | |||
108 Watauga, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,668 | |||
Costs Capitalized Subsequent to acquisition | 12 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,680 | |||
Total | 1,780 | |||
Accum Deprec | 990 | |||
287 Waukesha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 992 | |||
Buildings and Improvements | 15,183 | |||
Costs Capitalized Subsequent to acquisition | 235 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 992 | |||
Buildings and Improvements | 15,418 | |||
Total | 16,410 | |||
Accum Deprec | 2,340 | |||
109 Weatherford, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,669 | |||
Costs Capitalized Subsequent to acquisition | 601 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,270 | |||
Total | 2,370 | |||
Accum Deprec | 1,334 | |||
309 West Chester, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,553 | |||
Costs Capitalized Subsequent to acquisition | 145 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,698 | |||
Total | 16,053 | |||
Accum Deprec | 1,379 | |||
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 | 2,146 | |||
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 | 1,529 | |||
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 | 1,498 | |||
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 | 2,484 | |||
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 | 1,652 | |||
076 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Costs Capitalized Subsequent to acquisition | 10 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,860 | |||
Total | 1,960 | |||
Accum Deprec | 1,126 | |||
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 | 1,687 | |||
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 | 1,662 | |||
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 | 1,983 | |||
099 York, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 122 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,440 | |||
Total | 2,540 | |||
Accum Deprec | 1,431 | |||
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 | 1,139 | |||
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 | Land | ||||
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 | 1,652 | |||
311 Cedarburg, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 924 | |||
Buildings and Improvements | 21,083 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 924 | |||
Buildings and Improvements | 21,083 | |||
Total | 22,007 | |||
Accum Deprec | 1,441 | |||
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 | $ 1,303 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Real Estate and Accumulated Depreciation | |
Aggregate cost basis for Federal income tax purposes | $ 1,458,253 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Carrying cost | |||
Balance at beginning of period | $ 1,484,571 | $ 1,421,456 | $ 1,392,122 |
Acquisitions | 13,581 | 58,414 | 40,408 |
Improvements | 23,612 | 23,363 | 38,528 |
Capitalized interest | 354 | 608 | 1,248 |
Cost of real estate sold | (66,140) | (19,270) | (50,850) |
Impairment loss from real estate investments | (3,977) | ||
Ending balance | 1,452,001 | 1,484,571 | 1,421,456 |
Accumulated depreciation | |||
Balance at beginning of period | 347,755 | 314,875 | 306,033 |
Depreciation expense | 38,945 | 39,094 | 37,416 |
Cost of real estate sold | (37,057) | (6,214) | (28,574) |
Ending balance | $ 349,643 | $ 347,755 | $ 314,875 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Mortgage loans on real estate | ||||
Number of properties | property | 22 | |||
Number of beds/units | item | 2,804 | |||
Balloon Amount | $ 232,343 | |||
Current Monthly Debt Service | 2,146 | |||
Face amount of originated mortgages | 263,848 | |||
Carrying Amount of Mortgages | 257,251 | $ 254,099 | $ 242,939 | $ 223,907 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | Property with 2029 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 15 | |||
Number of beds/units | item | 1,941 | |||
Interest rate (as a percent) | 10.14% | |||
Balloon Amount | $ 163,214 | |||
Current Monthly Debt Service | 1,569 | |||
Face amount of originated mortgages | 190,214 | |||
Carrying Amount of Mortgages | $ 184,506 | |||
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) | 9.33% | |||
Balloon Amount | $ 35,180 | |||
Current Monthly Debt Service | 303 | |||
Face amount of originated mortgages | 39,010 | |||
Carrying Amount of Mortgages | $ 38,541 | |||
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) | 9.62% | |||
Balloon Amount | $ 14,325 | |||
Current Monthly Debt Service | 120 | |||
Face amount of originated mortgages | 15,000 | |||
Carrying Amount of Mortgages | $ 14,776 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 205 Beds/Units | ||||
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 | $ 19,624 | |||
Current Monthly Debt Service | 154 | |||
Face amount of originated mortgages | 19,624 | |||
Carrying Amount of Mortgages | 19,428 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 5.00% | |||
Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 7.50% | |||
Mortgage Loans | ||||
Mortgage loans on real estate | ||||
Loan Term | 30 years | |||
Mortgage Loans | Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 9.30% | |||
Mortgage Loans | Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 10.10% |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)loan | |
Mortgage loans on real estate | |
Original loan amounts | $ 263,848 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $ 254,099 | $ 242,939 | $ 223,907 |
New mortgage loans | 7,500 | 14,525 | |
Other additions | 4,253 | 4,842 | 6,839 |
Amortization of mortgage premium | (4) | (4) | (4) |
Collections of principal | (1,065) | (1,065) | (2,136) |
Loan loss reserve | (32) | (113) | (192) |
Balance at the end of the period | $ 257,251 | $ 254,099 | $ 242,939 |