Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 09, 2023 | Jun. 30, 2022 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
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, Suite 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 | $ 1,515,770,000 | ||
Entity Common Stock, Shares Outstanding | 41,372,589 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Los Angeles, California | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000887905 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Land | $ 124,665 | $ 123,239 |
Buildings and improvements | 1,273,025 | 1,285,318 |
Accumulated depreciation and amortization | (389,182) | (374,606) |
Operating real estate property, net | 1,008,508 | 1,033,951 |
Properties held-for-sale, net of accumulated depreciation: 2022-$2,305; 2021-$0 | 10,710 | |
Real property investments, net | 1,019,218 | 1,033,951 |
Financing receivable, net of credit loss reserve: 2022-$768; 2021-$0 | 75,999 | |
Mortgage loans receivable, net of credit loss reserve: 2022-$3,930; 2021-$3,473 | 389,728 | 344,442 |
Real estate investments, net | 1,484,945 | 1,378,393 |
Notes receivable, net of credit loss reserve: 2022-$589; 2021-$286 | 58,383 | 28,337 |
Investments in unconsolidated joint ventures | 19,340 | 19,340 |
Investments, net | 1,562,668 | 1,426,070 |
Other assets: | ||
Cash and cash equivalents | 10,379 | 5,161 |
Debt issue costs related to revolving line of credit | 2,321 | 3,057 |
Interest receivable | 46,000 | 39,522 |
Straight-line rent receivable | 21,847 | 24,146 |
Lease incentives | 1,789 | 2,678 |
Prepaid expenses and other assets | 11,099 | 4,191 |
Total assets | 1,656,103 | 1,504,825 |
LIABILITIES | ||
Revolving line of credit | 130,000 | 110,900 |
Term loans, net of debt issue costs: 2022-$489; 2021-$637 | 99,511 | 99,363 |
Senior unsecured notes, net of debt issue costs: 2022-$1,477; 2021-$524 | 538,343 | 512,456 |
Accrued interest | 5,234 | 3,745 |
Accrued expenses and other liabilities | 32,708 | 33,234 |
Total liabilities | 805,796 | 759,698 |
Stockholders' equity: | ||
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2022-41,262; 2021-39,374 | 412 | 394 |
Capital in excess of par value | 931,124 | 856,895 |
Cumulative net income | 1,544,660 | 1,444,636 |
Accumulated other comprehensive income (loss) | 8,719 | (172) |
Cumulative distributions | (1,656,548) | (1,565,039) |
Total LTC Properties, Inc. stockholders' equity | 828,367 | 736,714 |
Non-controlling interests | 21,940 | 8,413 |
Total equity | 850,307 | 745,127 |
Total liabilities and equity | $ 1,656,103 | $ 1,504,825 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Properties held-for-sale, accumulated depreciation | $ 2,305 | $ 0 |
Financial Receivable credit loss reserve | 768 | 0 |
Mortgage loans receivable, loan loss reserve | 3,930 | 3,473 |
Notes receivable, loan loss reserve | $ 589 | $ 286 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 41,262 | 39,374 |
Common stock, shares outstanding | 41,262 | 39,374 |
Term loans | ||
Debt issue costs, net | $ 489 | $ 637 |
Senior Unsecured Notes | ||
Debt issue costs, net | $ 1,477 | $ 524 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental income | $ 128,244,000 | $ 121,125,000 | $ 126,094,000 |
Interest income from financing receivable | 1,762,000 | ||
Interest income from mortgage loans | 40,600,000 | 32,811,000 | 31,396,000 |
Interest and other income | 4,547,000 | 1,386,000 | 1,847,000 |
Total revenues | 175,153,000 | 155,322,000 | 159,337,000 |
Expenses: | |||
Interest expense | 31,437,000 | 27,375,000 | 29,705,000 |
Depreciation and amortization | 37,496,000 | 38,296,000 | 39,071,000 |
Impairment loss | 3,422,000 | 0 | 3,977,000 |
Provision (recovery) for credit losses | 1,528,000 | 1,021,000 | (3,000) |
Transaction costs | 828,000 | 4,433,000 | 299,000 |
Property tax expense | 15,486,000 | 15,392,000 | 15,065,000 |
General and administrative expenses | 23,706,000 | 21,460,000 | 19,710,000 |
Total expenses | 113,903,000 | 107,977,000 | 107,824,000 |
Other operating income: | |||
Gain on sale of real estate, net | 37,830,000 | 7,462,000 | 44,117,000 |
Operating income | 99,080,000 | 54,807,000 | 95,630,000 |
Gain from property insurance proceeds | 373,000 | ||
Loss on unconsolidated joint ventures | (758,000) | ||
Income from unconsolidated joint ventures | 1,504,000 | 1,417,000 | 432,000 |
Net income | 100,584,000 | 56,224,000 | 95,677,000 |
Income allocated to non-controlling interests | (560,000) | (363,000) | (384,000) |
Net income attributable to LTC Properties, Inc. | 100,024,000 | 55,861,000 | 95,293,000 |
Income allocated to participating securities | (580,000) | (458,000) | (422,000) |
Net income available to common stockholders | $ 99,444,000 | $ 55,403,000 | $ 94,871,000 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.49 | $ 1.41 | $ 2.42 |
Diluted (in dollars per share) | $ 2.48 | $ 1.41 | $ 2.42 |
Weighted average shares used to calculate earnings per common share: | |||
Basic (in shares) | 39,894 | 39,156 | 39,179 |
Diluted (in shares) | 40,067 | 39,156 | 39,264 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 100,584 | $ 56,224 | $ 95,677 |
Unrealized gain (loss) on cash flow hedges before reclassification | 9,181 | (172) | |
(Gains) reclassified from accumulated other comprehensive income to interest expense | (290) | ||
Comprehensive income | 109,475 | 56,052 | 95,677 |
Less: Comprehensive income allocated to non-controlling interests | (560) | (363) | (384) |
Comprehensive income attributable to LTC Properties, Inc. | $ 108,915 | $ 55,689 | $ 95,293 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Parent | Common Stock | Capital in Excess of Par Value | Cumulative Net Income | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Non-controlling Interests | Total |
Balance at beginning of period at Dec. 31, 2019 | $ 776,943 | $ 398 | $ 867,346 | $ 1,293,482 | $ (1,384,283) | $ 8,483 | $ 785,426 | |
Balance (in shares) at Dec. 31, 2019 | 39,752 | |||||||
Equity activity | ||||||||
Repurchase of common stock | (18,012) | $ (6) | (18,006) | (18,012) | ||||
Repurchase of common stock (in shares) | (616) | |||||||
Issuance of restricted stock | $ 1 | (1) | ||||||
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, including the payment of distributions | (586) | (586) | (586) | |||||
Vesting of performance-based stock units, including the payment of distributions (in shares) | 82 | |||||||
Non-controlling interest distributions | (463) | (463) | ||||||
Common stock cash distributions | (89,676) | (89,676) | (89,676) | |||||
Cash paid for taxes in lieu of common shares | (3,566) | $ (1) | (3,565) | (3,566) | ||||
Cash paid for taxes in lieu of common shares (in shares) | (77) | |||||||
Other | (6) | (6) | (6) | |||||
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 | |||||||
Equity activity | ||||||||
Issuance of restricted stock | $ 1 | (1) | ||||||
Issuance of restricted stock (in shares) | 110 | |||||||
Net income | 55,861 | 55,861 | 363 | 56,224 | ||||
Stock-based compensation expense | 7,760 | 7,760 | 7,760 | |||||
Vesting of performance-based stock units, including the payment of distributions | (764) | $ 1 | (1) | (764) | (764) | |||
Vesting of performance-based stock units, including the payment of distributions (in shares) | 109 | |||||||
Non-controlling interests contributions | 9 | 9 | ||||||
Non-controlling interest distributions | (363) | (363) | ||||||
Common stock cash distributions | (89,730) | (89,730) | (89,730) | |||||
Cash paid for taxes in lieu of common shares | (3,573) | (3,573) | (3,573) | |||||
Cash paid for taxes in lieu of common shares (in shares) | (87) | |||||||
Fair market valuation adjustment for interest rate swap | (172) | $ (172) | (172) | |||||
Other | (70) | (70) | (70) | |||||
Balance at end of period at Dec. 31, 2021 | 736,714 | $ 394 | 856,895 | 1,444,636 | (172) | (1,565,039) | 8,413 | 745,127 |
Balance (in shares) at Dec. 31, 2021 | 39,374 | |||||||
Equity activity | ||||||||
Issuance of common stock | 67,643 | $ 18 | 67,625 | 67,643 | ||||
Issuance of common stock (in shares) | 1,792 | |||||||
Issuance of restricted stock | $ 1 | (1) | ||||||
Issuance of restricted stock (in shares) | 135 | |||||||
Net income | 100,024 | 100,024 | 560 | 100,584 | ||||
Stock-based compensation expense | 7,964 | 7,964 | 7,964 | |||||
Non-controlling interests contributions | 14,375 | 14,375 | ||||||
Non-controlling interest distributions | (1,406) | (1,406) | ||||||
Common stock cash distributions | (91,509) | (91,509) | (91,509) | |||||
Cash paid for taxes in lieu of common shares | (1,355) | $ (1) | (1,354) | (1,355) | ||||
Cash paid for taxes in lieu of common shares (in shares) | (39) | |||||||
Fair market valuation adjustment for interest rate swap | 8,891 | 8,891 | 8,891 | |||||
Other | (5) | (5) | (2) | (7) | ||||
Balance at end of period at Dec. 31, 2022 | $ 828,367 | $ 412 | $ 931,124 | $ 1,544,660 | $ 8,719 | $ (1,656,548) | $ 21,940 | $ 850,307 |
Balance (in shares) at Dec. 31, 2022 | 41,262 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES: | |||
Net income | $ 100,584 | $ 56,224 | $ 95,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 37,496 | 38,296 | 39,071 |
Stock-based compensation expense | 7,964 | 7,760 | 7,012 |
Impairment loss | 3,422 | 3,977 | |
Gain on sale of real estate, net | (37,830) | (7,462) | (44,117) |
Loss on unconsolidated joint ventures | 758 | ||
Income from unconsolidated joint ventures | (1,504) | (1,417) | (432) |
Income distributions from unconsolidated joint ventures | 351 | 432 | |
Straight-line rental adjustment (income) | 1,369 | (467) | (1,778) |
Adjustment for collectability of lease incentives and rental income | 256 | 758 | 23,214 |
Amortization of lease incentives | 877 | 608 | 426 |
Provision (recovery) for credit losses | 1,528 | 1,021 | (3) |
Application of interest reserve | (6,192) | (150) | |
Amortization of debt issue costs | 1,139 | 1,122 | 1,029 |
Other non-cash items, net | 113 | 4 | |
Change in operating assets and liabilities | |||
Lease incentives funded | (418) | (824) | (220) |
Increase in interest receivable | (7,173) | (6,776) | (6,161) |
Increase (decrease) in accrued interest payable | 1,489 | (471) | (767) |
Net change in other assets and liabilities | 2,115 | 2,962 | (2,021) |
Net cash provided by operating activities | 105,586 | 91,184 | 116,101 |
INVESTING ACTIVITIES: | |||
Investment in real estate properties | (51,817) | (13,581) | |
Investment in real estate developments | (105) | (16,699) | |
Investment in real estate capital improvements | (8,994) | (6,298) | (6,913) |
Capitalized interest | (354) | ||
Proceeds from sale of real estate, net | 72,620 | 43,627 | 72,141 |
Investment in financing receivable | (61,747) | ||
Investment in real estate mortgage loans receivable | (40,732) | (88,955) | (4,253) |
Principal payments received on mortgage loans receivable | 1,175 | 1,175 | 1,065 |
Investments in unconsolidated joint ventures | (5,676) | (8,520) | |
Proceeds from liquidation of investments in unconsolidated joint ventures | 17,848 | ||
Advances and originations under notes receivable | (37,192) | (16,353) | (2,078) |
Principal payments received on notes receivable | 6,843 | 2,694 | 5,275 |
Net cash (used in) provided by investing activities | (119,949) | (69,786) | 43,931 |
FINANCING ACTIVITIES: | |||
Borrowings from revolving line of credit | 194,000 | 204,400 | 24,000 |
Borrowings from term loans | 100,000 | ||
Repayment of revolving line of credit | (174,900) | (183,400) | (28,000) |
Proceeds from issuance of senior unsecured notes | 75,000 | ||
Principal payments on senior unsecured notes | (48,160) | (47,160) | (40,160) |
Stock repurchase plan | (18,012) | ||
Proceeds from common stock issued | 68,156 | ||
Distributions paid to stockholders | (91,509) | (90,494) | (90,262) |
Contribution from non-controlling interests | 50 | 9 | |
Distributions paid to non-controlling interests | (487) | (363) | (463) |
Financing costs paid | (1,208) | (3,358) | (35) |
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units | (1,355) | (3,573) | (3,566) |
Other | (6) | (70) | (6) |
Net cash provided by (used in) financing activities | 19,581 | (24,009) | (156,504) |
Increase (decrease) in cash and cash equivalents | 5,218 | (2,611) | 3,528 |
Cash and cash equivalents, beginning of period | 5,161 | 7,772 | 4,244 |
Cash and cash equivalents, end of period | 10,379 | 5,161 | 7,772 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 28,809 | $ 26,724 | $ 29,443 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2022 | |
General | |
The Company | 1. The Company LTC Properties, Inc. (“LTC”), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (“REIT”) that invests primarily in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision-making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. We also invest in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and behavioral health care hospitals. 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, 2022 | |
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 firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Consolidation. ● A legal structure has been established to conduct business activities and to hold assets. ● LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does 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: ● The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ● The obligation to absorb the entity's expected losses; ● The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a 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. 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. Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (“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. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment. Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be business combinations are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be business combinations 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. Financing Receivable. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with ASC Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivable Consolidated Statements of Income Financing receivable Real property investments Consolidated Balance Sheets Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. Working Capital Loans. Mezzanine Loans. four Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to Accounting Standard Codification (“ASC”) 810, 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. Loan Loss Reserve. ASC 326, Financial Instruments- Credit Losses We adopted ASC 326 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . 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, 2022, the total balance of accrued interest receivable of $46,000,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2022, 2021 and 2020, Company did not recognize any write-off related to accrued interest receivable. Accrued incentives. Prepaid expenses and other assets Consolidated Balance Sheets 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 management’s 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, 2022, 2021 and 2020, we recognized impairment losses of $3,422,000, $0 and $3,977,000, respectively, related to our real property investments. Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements Derivative Instruments. Note 9. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform Deferral of the Sunset Date of Topic 848 In December 2022, we amended our unsecured credit agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), plus a credit spread of 10 basis points, as the reference rate for the purpose of calculating interest under the agreement. In connection with amending the unsecured credit agreement, we also amended our fixed interest rate swap agreements to update reference rate to SOFR. As a result, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the ASU and may apply other elections, as applicable, as additional changes in the market occur. Our election to apply the hedge accounting expedients did not have a material impact on our consolidated financial statements. See Note 9. Debt Obligations Revenue Recognition- Rental Income. 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 (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0% ; (ii) a calculation based on the Consumer Price Index or the Medicare Market Basket Rate; (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 the contingencies have been resolved. Historically, we have not included contingent rents as income until received and we will continue our historical policy. During the years ended December 31, 2022, 2021 and 2020, we received $57,000, $0 and $111,000, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (“COVID-19”) 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 to account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, we increased the lease receivable and continued to recognize income. We recognized the rent abatements given to the operators where we accrue rent on a straight-line basis, over the remaining life of those respective leases. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized over the term of the lease on a straight-line basis. Revenue Recognition- Interest Income. Interest income on mortgage loans receivable and notes receivable is recognized using the effective interest method. Exit fee income and commitment fee income are also amortized over the life of the related loan under the effective interest method. 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. When the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan, an effective interest receivable asset is created and included in the Interest receivable Consolidated Balance Sheets As previously discussed under Financing Receivable Interest income from financing receivable Consolidated Statements of Income. Financing receivable Real estate investments Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period 27.5 years. Earnings profits, which determine the taxability of distributions to stockholders, use the straight-line method over 30 years . The determination of Federal taxable income differ from net income for financial statement purposes principally due to the treatment of certain investments in joint ventures, timing of interest income, rental income, other expense items, recognition of impairment charges, and depreciable lives and bases of assets. At December 31, 2022, the net book basis of our depreciable assets exceeded our net tax basis by approximately 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 Statements of Income 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, operating leases on owned properties, financing receivable and mortgage loans receivable. Our financial instruments, operating leases, financing receivable and mortgage loans receivable are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators 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 property lease transactions, financing receivable, mortgage loans, and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. |
Major Operators
Major Operators | 12 Months Ended |
Dec. 31, 2022 | |
Major Operators | |
Major Operators | 3. Major Operators We have one operator from which we derive approximately 10% or more of our total revenues. The following table sets forth information regarding our major operator as of December 31, 2022: Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF Beds Units Revenues (1) Assets (2) Prestige Healthcare (3) 24 — 2,820 93 18.6 % 16.0 % (1) Includes total revenues for the twelve months ended December 31, 2022. (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, 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, impact upon services or occupancy levels due to infectious disease outbreaks, 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, 2022 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 4. Supplemental Cash Flow Information Year Ended December 31, 2022 2021 2020 (in thousands) Non-cash investing and financing transactions: Contribution of financing receivable from non-controlling interests (See Note 5. Real Estate Investments $ 14,325 $ — $ — Mortgage loans receivable reserve withheld at origination (See Note 5. Real Estate Investments) 107 298 — Accretion of interest reserve recorded as mortgage loan receivable (See Note 5. Real Estate Investments) (6,192) — — Preferred return reserve related to investment in unconsolidated joint ventures (See N ote 6. Investment in Unconsolidated Joint Ventures 351 2,324 2,878 Notes receivable reserve withheld at origination (See N ote 7. Notes Receivable — 353 — Reclassification of notes receivable to lease incentives (N ote 8. Lease Incentives — — 300 Change in fair value of interest rate swap agreements (N ote 9. Debt Obligations (8,891) 172 — |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2022 | |
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 “ALF”). Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Depreciation expense on buildings and improvements, including properties classified as held-for-sale, was $37,394,000, $38,192,000, and $38,945,000 for the years ended December 31, 2022, 2021 and 2020, 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 incentives and renewal options are as follows ( in thousands Cash Rent (1) 2023 $ 120,817 2024 113,003 2025 103,690 2026 71,044 2027 67,087 Thereafter 200,663 (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent acquisitions and excludes rent from subsequent dispositions. See Note 16. Subsequent Events for more information. Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent receivable upon renewal being greater of less than that currently being paid. Subsequent to December 31, 2022, a master lease covering two skilled nursing centers that was scheduled to mature in 2023 was renewed at the contractual rate for another five years extending the maturity to November 2028. The centers have a total 216 beds and are located in Florida. We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. We write-off uncollectable operator receivable balances, including straight-line rent receivable and lease incentives balances, as a reduction to rental income in the period such balances are no longer probable of being collected. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a straight-line basis for those customer receivable balances deemed uncollectable. We wrote-off straight-line rent receivable and lease incentives balances of $256,000, $758,000 and $23,214,000 for the years ended December 31, 2022, 2021 and 2020, respectively. We continue to take into account the current financial condition of our operators, including consideration of the impact of COVID-19, in our estimation of uncollectable accounts and deferred rents receivable at December 31, 2022. We are closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known. The following table summarizes components of our rental income for the years ended December 31, 2022, 2021 and 2020 ( in thousands December 31, Rental Income 2022 2021 2020 Base cash rental income $ 115,230 (1) $ 107,692 (2) $ 132,789 Variable cash rental income 15,516 (3) 14,332 (3) 15,167 (3) Straight-line rent (1,369) (4) 467 (5) 1,778 Adjustment for collectability of lease incentives and rental income (256) (6) (758) (6) (23,214) (6) Amortization of lease incentives (877) (608) (426) Total $ 128,244 $ 121,125 $ 126,094 (1) Increased primarily due to rent received from transitioned portfolios, rental income from acquisitions, completed development projects, annual rent escalations, and lease termination fee income of $1,181 received in connection with the sale of a 74 -unit ALF partially offset by decreased rent from the sold properties. (2) Decreased primarily due to defaults of payments for lease obligations from Senior Lifestyle and Senior Care, abated and deferred rent and reduced rent from a sold property. This decrease was partially offset by increased rent from re-leasing 18 properties previously leased to Senior Lifestyle, completion of development projects and contractual rent increases. (3) The variable cash rental income for the years ended December 31, 2022, 2021 and 2020 primarily includes reimbursement of real estate taxes by our lessees. (4) Decreased primarily due to a deferred rent repayment, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. (5) Decreased due to more leases accounted for on a cash basis, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. (6) Represents straight-line rent receivable and lease incentives write-offs. 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): Type Number of of Gross Carrying Option State Property Properties Investments Value Window California ALF/MC 2 $ 38,895 $ 33,719 2023-2029 Florida MC 1 15,201 12,500 2029 Florida SNF 3 76,767 75,999 2025-2027 (1) Nebraska ALF 3 7,633 2,948 TBD (2) South Carolina ALF/MC 1 11,680 9,052 2029 Texas SNF 4 51,837 50,848 2027-2029 (3) Total $ 202,013 $ 185,066 (1) During 2022, we entered into a joint venture to purchase three SNFs. For more information regarding this transaction, see Financing Receivable below. (2) Subject to the properties achieving certain coverage ratios. (3) During 2022, we purchased four SNFs and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 11 Commitments and Contingencies. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic. At December 31, 2022, in conjunction with the continued levels of uncertainty related to the adverse effects of COVID-19, we assessed the probability of collecting substantially all of our lease payments through maturity and concluded that we did not have sufficient information available to evaluate the impact of COVID-19 on the collectability of our lease payments. The extent to which COVID-19 could impact our operators and the collectability of our future lease payments will depend on the future developments including the financial impact significance, government support and subsidies and the duration of the pandemic. In recognition of the pandemic impact affecting our operators, we have agreed to provide assistance in form of rent abatements and rent deferrals and we may continue to provide assistance as needed. Impairment Loss. During 2022, we made the decision to sell an assisted living community located in Kentucky which decreased the period over which we could recover the carrying value of the community. As a result of our decision to sell, we determined that the community’s carrying value would not be fully recoverable and recorded an impairment loss of Properties Held-for-Sale Properties Held-for-Sale. Type Number Number of of of Gross Accumulated State (1) Property Properties Beds/units Investment Depreciation KY ALF 1 60 $ 13,015 $ 2,305 (1) During 2022, we recorded an impairment loss of $1,286 to write-down the carrying value of the community to its anticipated selling price. Acquisitions. (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Year Type of Property Price Costs Costs Properties Beds/Units 2022 (1) SNF $ 51,534 $ 283 $ 51,817 4 339 2021 n/a $ — $ — $ — — — (1) The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. In connection with transaction, we provided the lessee a 10-year working capital loan for up to $2,000 at 8% for first year, increasing to 8.25% for the second year, then increasing annually with the lease rate. At December 31, 2022, the working capital loan had an outstanding balance of $1,642 . Developments and Improvements. (in thousands) Type of Property 2022 2021 2020 Developments Improvements Developments Improvements Developments Improvements Assisted Living Communities $ 105 $ 5,538 $ — $ 5,846 $ 4,491 $ 6,842 Skilled Nursing Centers — 2,897 — 452 12,208 71 Other — 559 — — — — Total $ 105 $ 8,994 $ — $ 6,298 $ 16,699 $ 6,913 Completed Projects. (dollar amounts in thousands): Number Type Number of of of Total Year Properties Property Beds/Units State Investment 2020 1 ALF/MC 78 Oregon $ 18,447 1 SNF 90 Missouri 16,587 Total 2020 2 168 $ 35,034 Property Sales (dollar amounts in thousands): Type Number Number of of of Sales Carrying Net Year State Properties Properties Beds/Units Price Value Gain (loss) (1) 2022 California ALF 2 232 $ 43,715 $ 17,832 $ 25,867 California SNF 1 121 13,250 1,846 10,846 Texas SNF 1 — 485 697 (441) Virginia ALF 1 74 16,895 15,549 1,344 (2) n/a n/a — — — — 214 (3) Total 2022 5 427 $ 74,345 $ 35,924 $ 37,830 2021 Florida ALF 1 — $ 2,000 $ 2,626 $ (858) Nebraska ALF 1 40 900 1,079 (200) Washington SNF 1 123 7,700 4,513 2,562 Wisconsin ALF 3 263 35,000 28,295 5,595 n/a n/a — — — — 363 (3) Total 2021 6 426 $ 45,600 $ 36,513 $ 7,462 2020 Arizona SNF 1 194 $ 12,550 $ 2,229 $ 10,293 Colorado SNF 3 275 15,000 4,271 10,364 Iowa SNF 7 544 14,500 4,886 9,051 Kansas SNF 3 250 9,750 7,438 1,993 Texas SNF 7 1,148 23,000 10,260 12,287 n/a n/a — — — — 129 (3) Total 2020 21 2,411 $ 74,800 $ 29,084 $ 44,117 (1) Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable. (2) In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale. (3) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers . During 2020, we sold a 114-bed skilled nursing center in Texas and recorded $373,000 from insurance proceeds related to the property’s roof damage as Gain from property insurance proceeds Consolidated Statements of Income. Financing Receivable. 10-year Financing receivable Consolidated Balance Sheets Interest income from financing receivable Consolidated Statements of Income Provisions for expected loan losses Subsequent to December 31, 2022, we entered into a $121,321,000 JV with an affiliate of an existing operator and contributed $117,900,000 into the JV that purchased 11 assisted living and memory care communities from an affiliate of our JV partner. The JV leased the communities back to an affiliate of the seller under a 10-year Financing receivable Consolidated Balance Sheets. Mortgage Loans. (dollar amounts in thousands): Type Percentage Number of Investment Gross of of SNF ALF per Interest Rate Maturity State Investment (1) Property Investment Loans (2) Properties (3) Beds Units Bed/Unit 7.5% 2023 MO $ 1,886 OTH 0.5 % 1 — (4) — — $ n/a 7.5% 2024 LA 29,347 SNF 7.5 % 1 1 189 — $ 155.28 7.8% 2025 FL 14,308 ALF 3.6 % 1 1 — 68 $ 210.41 7.3% (5) 2025 NC/SC 56,317 ALF 14.3 % 1 13 — 523 $ 107.68 7.3% 2026 NC 33,001 ALF 8.4 % 1 4 — 217 $ 152.08 7.3% 2026 NC 797 OTH 0.2 % 1 — (6) — — $ — 10.6% (7) 2043 MI 184,351 SNF 46.8 % 1 15 1,875 — $ 98.32 9.6% (7) 2045 MI 39,026 SNF 9.9 % 1 4 480 — $ 81.30 9.8% (7) 2045 MI 19,750 SNF 5.0 % 1 2 201 — $ 98.26 10.1% (7) 2045 MI 14,875 SNF 3.8 % 1 1 146 — $ 101.88 Total $ 393,658 100.0 % 10 41 2,891 808 $ 106.42 (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . (2) Some loans contain certain guarantees and/or provide for certain facility fees. (3) Our mortgage loans are secured by properties located in six states with five borrowers. (4) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. (5) Represents the initial rate. This loan has an IRR of 8% . (6) Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community. (7) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. The following table summarizes our mortgage loan activity for the years ended December 31, 2022, 2021 and 2020 ( in thousands ): Year Ended December 31, 2022 2021 2020 Originations and funding under mortgage loans receivable $ 40,732 (1) (2) $ 88,955 (3) $ 4,253 (4) Application of interest reserve 6,192 298 — Scheduled principal payments received (1,175) (1,175) (1,065) Mortgage loan premium amortization (6) (6) (4) Provision for loan loss reserve (457) (881) (32) Net increase in mortgage loans receivable $ 45,286 $ 87,191 $ 3,152 (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . (2) We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years . The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8% . We also funded an additional $2,000 under an existing mortgage loan. (3) We funded the following: a. $1,638 mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF in Missouri and withheld an interest reserve of $142 . The mortgage loan term is one year at a yield of 7.5% ; b. $27,047 mortgage loan secured by a 189 -bed SNF in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5% ; c. $11,724 mortgage loan secured by a 68 -unit ALF and MC in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions; d. $48,006 mortgage loan for the purchase of a 13 -property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496 . The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and e. $540 additional capital funding under our existing mortgage loans. (4) We funded an additional $2,000 under an existing mortgage loan. At December 31, 2022 and 2021 the carrying values of the mortgage loans were $389,728,000 and $344,442,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) Scheduled Principal 2023 $ 3,061 2024 30,522 2025 71,801 2026 34,972 2027 1,175 Thereafter 252,127 Total $ 393,658 |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Investment in Unconsolidated Joint Ventures | |
Investment in Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures 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 VIE. 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 VIE’s 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 account 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): Type Type Total Contractual Number of of Preferred Cash of Carrying State Properties Investment Return Portion Beds/ Units Value Washington ALF/MC Preferred Equity (1) 12 % 7 % 95 $ 6,340 (1) Washington UDP Preferred Equity (2) 12 % 8 % — 13,000 (2) Total 95 $ 19,340 (1) Represents a preferred equity in an entity that developed and owns a 95 -unit ALF and MC in Washington. Our investment represents 15.5% of the 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 (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% until achieving an IRR ranging between 12% to 14%, depending upon timing of redemption. During the fourth quarter of 2021, the entity completed the development project and received its certificate of occupancy. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036. (2) Represents a preferred equity in an entity that will develop and own a 267 -unit ILF and ALF in Washington. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and, upon project completion and leasing the property, prior to the end of the first renewal term of the lease. Subsequent to December 31, 2022, we received a notice of intent to redeem our $13,000 preferred equity investment in the joint venture. 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, 2022, 2021 and 2020 (in thousands): Type of Capital Income Cash Interest Application of Year Properties Contribution Recognized Earned Interest Reserve 2022 ALF/MC $ — $ 450 $ — $ 450 UDP — 1,054 351 703 Total $ — $ 1,504 $ 351 $ 1,153 2021 ALF/MC $ — $ 450 $ — $ 412 UDP 8,000 967 — 880 Total $ 8,000 $ 1,417 $ — $ 1,292 2020 ILF/ALF/MC (1) $ 58 $ 231 $ 231 $ — UDP 6,340 169 169 — UDP 5,000 32 32 — Total $ 11,398 $ 432 $ 432 $ — (1) We had a preferred equity investment in an unconsolidated joint venture that owned four ALFs located in Arizona, providing independent living, assisted living and memory care services. During the year ended December 31, 2020, upon sale of the four properties comprising the JV, we received liquidation proceeds totaling $17,848 and incurred an additional $758 of loss. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Receivable. | |
Notes Receivable | 7. Notes Receivable Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2022 ( dollar amounts in thousands Interest Type of Gross Type of Rate IRR Maturity Loan Investment # of loans Property 5.0% — 2023 Working capital $ 380 1 ALF 7.0% — 2023 Working capital 500 1 ALF 8.0% 12.0% 2023 Mezzanine 7,460 1 ALF 5.0% — 2024 Working capital 184 1 ALF 8.0% 10.5% 2024 Mezzanine 4,355 (1) 1 ILF 4.0% — 2024 Working capital 13,531 1 SNF 5.0% — 2025 Working capital 932 1 ALF 7.5% — 2027 Working capital 550 1 ALF 8.0% 11.0% 2027 Mezzanine 25,000 1 ALF 6.5% — 2030 Working capital 138 1 SNF 7.1% — 2030 Working capital 1,607 2 ALF 7.0% — 2031 Working capital 2,693 1 ALF 8.0% — 2032 Working capital 1,642 1 SNF $ 58,972 14 (1) Subsequent to December 31, 2022, we received $4,545 which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit in Oregon. The following table is a summary of our notes receivable components at December 31, 2022 and 2021 ( in thousands At December 31, 2022 2021 Mezzanine loans (1) (2) $ 36,815 $ 11,815 Other loans 22,157 16,808 Notes receivable credit loss reserve (589) (286) Total $ 58,383 $ 28,337 (1) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. (2) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of a five -property seniors housing portfolio. The mezzanine loan has a term of approximately five years , with two one-year extension options and bears interest at 8% with an IRR of 11% . The five communities are located in Oregon and Montana, have a total of 621 units, and include ILF, ALF and MC. The following table summarizes our notes receivable activity for the years ended December 31, 2022 through 2020 ( in thousands Year Ended December 31, 2022 2021 2020 Advances under notes receivable $ 37,192 (1) $ 16,353 (2) $ 2,078 Interest reserve withheld — 353 — Principal payments received under notes receivable (3) (6,843) (2,694) (5,275) Reclassified to lease incentives — — (300) (4) Provision (recovery) for credit losses (303) (140) 35 Net increase (decrease) in notes receivable $ 30,046 $ 13,872 $ (3,462) (1) Includes origination of a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. Additionally includes origination of a working capital loan for a commitment of up to $2,000 , of which $1,867 has been funded and $9,761 of funding under a working capital loan to HMG Healthcare, LLC. (2) Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0% . During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided an operator a $25,000 secured working capital loan to facilitate the transition of the 11 properties from Senior Care and Abri Health and funded $9,900 under this working capital loan. (3) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. (4) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. |
Lease Incentives
Lease Incentives | 12 Months Ended |
Dec. 31, 2022 | |
Lease Incentives | |
Lease Incentives | 8. Lease Incentives The following table summarizes lease incentives as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Non-contingent lease incentives $ 1,789 $ 2,678 The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2022, 2021 and 2020 (in thousands) Year Ended December 31, 2022 2021 2020 Lease incentives funded $ 418 $ 824 $ 220 Amortization of lease incentives (877) (608) (426) Adjustment for collectability of lease incentives (256) (1) — — Other adjustments (174) (2) — 115 (3) Net (decrease) increase in non-contingent lease incentives $ (889) $ 216 $ (91) (1) Represents the lease incentive balance write-off related to a closed property and subsequent lease termination and lease incentive balance write-off related to 12 ALFs transitioned to an existing operator. (2) Primarily relates to the sale of two ALFs in California during the second quarter of 2022. (3) 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. 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, 2022 | |
Debt Obligations | |
Debt Obligations | 9. Debt Obligations Unsecured Credit Facility. Based on our leverage at December 31, 2022, the Revolving Line of Credit provides for interest annually at Adjusted SOFR plus 115 points and a facility fee of 20 basis point and the Term Loans provide for interest annually at Adjusted SOFR plus 135 points. Interest Rate Swap Agreements. four Consolidated Balance Sheets Accumulated other comprehensive income (loss) Consolidated Balance Sheets . In connection with entering into the Amended Credit Agreement discussed above, we entered into amendments to our Interest Rate Swaps to account for SOFR as the updated reference rate in the Amended Credit Agreement. During the year ended December 31, 2022 and 2021, we recorded As of December 31, 2022, the terms of our Interest Rate Swaps were as follows ( dollar amounts in thousands Notional Fair Value at Date Entered Maturity Date Swap Rate Rate Index Amount December 31, 2022 November 2021 November 19, 2025 2.62 % 1-month SOFR $ 50,000 $ 4,003 November 2021 November 19, 2026 2.76 % 1-month SOFR 50,000 4,716 $ 100,000 $ 8,719 Senior Unsecured Notes The senior unsecured notes and Credit Agreement, including the Revolving Line of Credit and the Term Loans, contain financial covenants, which are measured quarterly, require us to maintain, among other things: (i) a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; (ii) a ratio of secured debt to total asset value not greater than 0.35 to 1.0; (iii) a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and (iv) a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. At December 31, 2022, we were in compliance with all applicable financial covenants. These debt obligations also contain additional customary covenants and events of default that are subject to a number of important and significant limitations, qualifications and exceptions. The following table sets forth information regarding debt obligations by component as of December 31, 2022 and 2021 (dollar amounts in thousands): At December 31, 2022 At December 31, 2021 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Revolving line of credit (2) 5.38% $ 130,000 $ 270,000 $ 110,900 $ 289,100 Term loans, net of debt issue costs 2.69% 99,511 — 99,363 — Senior unsecured notes, net of debt issue costs (3) 4.25% 538,343 — 512,456 — Total 4.24% $ 767,854 $ 270,000 $ 722,719 $ 289,100 (1) Represents weighted average of interest rate as of December 31, 2022. (2) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. (3) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. Our borrowings and repayments for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Debt Obligations Borrowings Repayments Borrowings Repayments Borrowings Repayments Revolving line of credit (1) $ 194,000 $ (174,900) $ 204,400 $ (183,400) $ 24,000 $ (28,000) Term loans — — 100,000 — — — Senior unsecured notes (2) 75,000 (48,160) — (47,160) — (40,160) Total $ 269,000 $ (223,060) $ 304,400 $ (230,560) $ 24,000 $ (68,160) (1) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. Scheduled Principal Payments. in thousands Total 2023 2024 2025 2026 2027 Thereafter Revolving line of credit $ 130,000 (1) $ — $ — $ 130,000 (1) $ — $ — $ — Term loans 100,000 — — 50,000 50,000 — — Senior unsecured notes 539,820 (2) 49,160 (2) 49,160 49,500 51,500 54,500 286,000 $ 769,820 $ 49,160 $ 49,160 $ 229,500 $ 101,500 $ 54,500 $ 286,000 (1) Subsequent to December 31, 2022, we borrowed $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Equity | 10. Equity Non-controlling Interests. in thousands Gross Investment Property Consolidated Non-Controlling Year (1) Purpose Type State Assets Interests 2022 Owned real estate (2) SNF FL $ 76,767 $ 14,325 2018 Owned real estate ILF OR 14,650 2,906 2018 Owned real estate and development ALF/MC OR 18,452 1,164 2017 Owned real estate and development ILF/ALF/MC WI 22,007 2,305 2017 Owned real estate ALF/MC SC 11,680 1,240 Total $ 143,556 $ 21,940 (1) Subsequent to December 31, 2022, we entered into a $121,321 JV with an affiliate of an existing operator and contributed $117,900 into the JV that purchased 11 ALF and MC from an affiliate of our JV partner. The JV leased the communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on CPI subject to a floor of 2.0% and a ceiling of 4.0% . Additionally, the JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0% . In accordance with GAAP, the communities acquired by the JV are required to be presented as a Financing receivable on our Consolidated Balance Sheets. See Note 2. Summary of Significant Accounting Policies and Note 5. Real Estate Investments for more information. (2) During 2022, we entered into a joint venture and contributed $61,661 into the JV that purchased three SNFs located in Florida for $75,825 . Our JV partner contributed the remaining $14,325 of equity. The JV leased the centers back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year. In accordance with GAAP, the centers acquired by the JV are required to be presented as a Financing receivable on our Consolidated Balance Sheets . See Note 2. Summary of Significant Accounting Policies and Note 5. Real Estate Investments for more information. Common Stock. We have separate equity distribution agreements (collectively, “Equity Distribution Agreements”) to offer and sell, from time to time, up to During the years 2022, 2021 and 2020, we acquired 39,463 shares, 87,249 shares and 76,574 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 publicly 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 17, 2025. Distributions. We declared and paid the following cash dividends (in thousands) Year Ended December 31, 2022 2021 2020 Declared Paid Declared Paid Declared Paid Common Stock (1) $ 91,509 $ 91,509 $ 90,494 (2) $ 90,494 (2) $ 90,262 (2) $ 90,262 (2) (1) Represents $0.19 per share per month for the years ended December 31, 2022, 2021 and 2020. (2) During the years ended December 31, 2021 and 2020, we paid $764 and $586 , respectively as a result of vesting of the performance-based stock units. In January 2023, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2023 Stock Based Compensation Plans. During 2021, we adopted, and our stockholders approved the 2021 Equity Participation Plan (the “2021 Plan”) which replaces the 2015 Equity Participation Plan (the “2015 Plan”) . Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows: Year Ended December 31, 2022 2021 2020 Outstanding, January 1 197,422 180,440 163,569 Granted 135,210 110,348 101,348 Vested (103,396) (93,366) (84,477) Outstanding, December 31 229,236 197,422 180,440 During the years ended December 31, 2022, 2021 and 2020, we granted 86,332, 71,892 and 66,027, respectively, of performance-based stock units. Additionally, no performance-based stock units vested during the twelve months ended December 31, 2022. During the years ended December 31, 2021 and 2020, the number of vested performance-based stock units were 108,720 and 81,574, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2022, 2021 and 2020 were $7,964,000, $7,760,000 and $7,012,000. During 2022, 2021 and 2020, we granted 221,542, 182,240 and 167,375 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows: No. of Price per Year Shares/Units Share Reward Type Vesting Period 2022 122,865 $ 33.94 Restricted stock ratably over 3 years 86,332 $ 33.94 Performance-based stock units TSR targets (1) 12,345 $ 38.48 Restricted stock May 25,2023 221,542 2021 95,293 $ 42.27 Restricted stock ratably over 3 years 71,892 $ 42.27 Performance-based stock units TSR targets (1) 12,055 $ 39.40 Restricted stock May 26, 2022 3,000 $ 43.14 Restricted stock April 1, 2022 182,240 2020 76,464 $ 48.95 Restricted stock ratably over 3 years 66,027 $ 49.98 Performance-based stock units TSR targets (1) 9,884 $ 38.45 Restricted stock May 27, 2021 15,000 $ 38.45 Restricted stock ratably over 3 years 167,375 (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . At December 31, 2022, the 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 Remaining Compensation Vesting Date Expense 2023 $ 5,603 2024 2,853 2025 309 Total $ 8,765 Stock Options. During 2022, 2021 and 2020, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2022, 2021 and 2020, was as follows: Weighted Average Shares Price 2022 2021 2020 2022 2021 2020 Outstanding, January 1 15,000 15,000 15,000 $ 38.43 $ 38.43 $ 38.43 Granted — — — n/a n/a n/a Exercised — — — n/a n/a n/a Canceled (5,000) — — $ 38.43 n/a n/a Outstanding, December 31 10,000 15,000 15,000 $ 38.43 $ 38.43 $ 38.43 Exercisable, December 31 (1) 10,000 15,000 15,000 $ 38.43 $ 38.43 $ 38.43 (1) The aggregate intrinsic value of exercisable options at December 31, 2022, based upon the closing price of our common shares at December 30, 2022, the last trading day of 2022, was approximately $0 . Options exercisable at December 31, 2022, 2021 and 2020 have a weighted average remaining contractual life of approximately 0.7 years, 1.2 years, and 2.2 years, respectively. 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, 2022, 2021 and 2020 was $0. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies At December 31, 2022, we had commitments as follows (in thousands): Total Investment 2022 Commitment Remaining Commitment Funding Funded Commitment Real estate properties ote 5. Real Estate Investments $ 22,102 (1) $ 7,263 $ 8,315 $ 13,787 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) 19,000 (2) — — 19,000 Mortgage loans (N ote 5. Real Estate Investments 32,507 (3) 5,873 9,613 22,894 Notes receivable (N ote 7. Notes Receivable 27,541 12,192 15,962 11,579 Total $ 101,150 $ 25,328 $ 33,890 $ 67,260 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. (2) Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. (3) Represents $14,507 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, 2022 | |
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 2022, 2021 and 2020 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited Year Ended December 31, 2022 2021 2020 Ordinary taxable distribution $ 1.095 $ 1.220 $ 0.936 Return of capital — 0.750 — Unrecaptured Section 1250 gain 0.502 0.252 0.894 Long-term capital gain 0.683 0.058 0.450 Total $ 2.280 $ 2.280 $ 2.280 |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Net Income Per Common Share | |
Net Income Per Common Share | 13. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) For the year ended December 31, 2022 2021 2020 Net income $ 100,584 $ 56,224 $ 95,677 Less income allocated to non-controlling interests (560) (363) (384) Less income allocated to participating securities: Non-forfeitable dividends on participating securities (531) (458) (397) Income allocated to participating securities (49) — (25) Total net income allocated to participating securities (580) (458) (422) Net income available to common stockholders 99,444 55,403 94,871 Effect of dilutive securities: Participating securities (1) — — — Net income for diluted net income per share $ 99,444 $ 55,403 $ 94,871 Shares for basic net income per share 39,894 39,156 39,179 Effect of dilutive securities: Stock options (2) — — — Performance-based stock units 173 — (3) 85 Participating securities (1) — — — Total effect of dilutive securities 173 — 85 Shares for diluted net income per share 40,067 39,156 39,264 Basic net income per share $ 2.49 $ 1.41 $ 2.42 Diluted net income per share $ 2.48 $ 1.41 $ 2.42 (1) For the years ended December 31, 2022, 2021 and 2020, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. (2) For the years ended December 31, 2022, 2021and 2020, the stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. (3) For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information | |
Quarterly Financial Information | 14. Quarterly Financial Information For the quarter ended March 31, June 30, September 30, December 31, (unaudited, in thousands except per share amounts) 2022 Revenues $ 40,787 $ 43,024 $ 43,503 $ 47,839 Net income available to common stockholders $ 14,275 $ 54,065 $ 13,159 $ 17,809 Net income per common share available to common stockholders: Basic $ 0.36 $ 1.37 $ 0.33 $ 0.44 Diluted $ 0.36 $ 1.36 $ 0.32 $ 0.44 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 2021 Revenues $ 40,280 $ 38,129 $ 37,472 $ 39,441 Net income available to common stockholders $ 13,642 $ 18,126 $ 10,909 $ 12,726 Net income per common share available to common stockholders: Basic $ 0.35 $ 0.46 $ 0.28 $ 0.32 Diluted $ 0.35 $ 0.46 $ 0.28 $ 0.32 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | 15. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2022 and 2021 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands At December 31, 2022 At December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Financing receivable, net of credit loss reserve $ 75,999 $ 76,033 (1) $ — $ — Mortgage loans receivable, net of credit loss reserve 389,728 461,276 (2) 344,442 405,162 (2) Notes receivable, net of credit loss reserve 58,383 61,858 (3) 28,337 28,653 (3) Revolving line of credit 130,000 130,000 (4) 110,900 110,900 (4) Term loans, net of debt issue costs 99,511 100,000 (4) 99,363 100,000 (4) Senior unsecured notes, net of debt issue costs 538,343 477,653 (5) 512,456 540,045 (5) (1) Our investment in financing 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 used to value our future cash inflows of the financing receivable at December 31, 2022 was 7.6% . (2) 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, 2022 and 2021 was 9.3% and 9.5% , respectively. (3) Our investments in notes receivable are classified as Level 3. 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 flows of the notes receivable at December 31, 2022 and 2021, were 7.1% and 5.6% , respectively. (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at December 31, 2022 and 2021 based upon prevailing market interest rates for similar debt arrangements. (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2022, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.50% for those maturing before year 2030 and 7.00% for those maturing at or beyond year 2030. At December 31, 2021, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.0% for those maturing before year 2030 and 3.25% for those maturing beyond year 2030. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events The following events occurred subsequent to the balance sheet date: Lease Renewals. Financing Receivable. W 10-year with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0%. In accordance with GAAP, the communities acquired by the JV are required to be presented as a Financing receivable Consolidated Balance Sheets. Note 2. Summary of Significant Accounting Policies Note 5. Real Estate Investments Mortgage Loans. We originated a Notes Receivable. Unconsolidated Joint Ventures. We received a note of intent to redeem our Revolving Line of Credit. We borrowed Senior Unsecured Notes. We repaid Equity. We declared a monthly cash dividend of February March 2023 January 31 February 28 March 31, 2023 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LTC PROPERTIES, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions (Recovered) Balance at charged to Charged to beginning of costs and other Balance at end Account Description period expenses accounts (1) Deductions (2) of period Year ended December 31, 2020 Loan loss reserves $ 2,560 $ 32 $ — $ — $ 2,592 Other notes receivable allowance 181 (35) — — 146 Straight-line rent receivable allowance — — — — — $ 2,741 $ (3) $ — $ — $ 2,738 Year ended December 31, 2021 Loan loss reserves $ 2,592 $ 881 $ — $ — $ 3,473 Other notes receivable allowance 146 140 — — 286 Straight-line rent receivable allowance — — — — — $ 2,738 $ 1,021 $ — $ — $ 3,759 Year ended December 31, 2022 Loan loss reserves $ 3,473 $ 457 $ — $ — $ 3,930 Financing receivable loss reserve — 768 — — 768 Other notes receivable allowance 286 303 — — 589 $ 3,759 $ 1,528 $ — $ — $ 5,287 (1) There were no charges to other accounts. (2) Deductions represent uncollectable accounts written off. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
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) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2022 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Skilled Nursing Properties: 134 Alamogordo, NM $ — $ 210 $ 2,593 $ 641 $ 210 $ 3,234 $ 3,444 $ 1,742 1985 2001 218 Albuquerque, NM — 1,696 3,891 530 1,696 4,421 6,117 2,293 2008 2005 219 Albuquerque, NM — 1,950 8,910 207 1,950 9,117 11,067 4,513 1982 2005 220 Albuquerque, NM — 2,463 7,647 9 2,463 7,656 10,119 3,751 1970 2005 252 Amarillo, TX — 844 — 7,925 844 7,925 8,769 2,488 2013 2011 247 Arlington, TX — 1,016 13,649 132 1,016 13,781 14,797 4,988 2007 2011 325 Austin, TX — 896 9,562 — 896 9,562 10,458 202 2017 2022 319, Blue Springs, MO — 2,644 13,942 73 2,644 14,015 16,659 1,508 2020 2019 007 Bradenton, FL — 330 2,720 160 330 2,880 3,210 2,418 2012 1993 256 Brownwood, TX — 164 6,336 29 164 6,365 6,529 2,188 2011 2012 177 Chesapeake, VA — 388 3,469 2,777 388 6,246 6,634 4,110 2017 1995 257 Cincinnati, OH — 1,890 25,110 224 1,890 25,334 27,224 5,945 2009 2012 125 Clovis, NM — 561 5,539 307 561 5,846 6,407 3,155 2006 2001 129 Clovis, NM — 598 5,902 59 598 5,961 6,559 3,236 1995 2001 267 Cold Spring, KY — 2,050 21,496 196 2,050 21,692 23,742 6,014 2014 2012 253 Colton, CA — 2,474 15,158 — 2,474 15,158 17,632 4,803 1990 2011 246 Crowley, TX — 2,247 14,276 187 2,247 14,463 16,710 5,266 2007 2011 235 Daleville, VA — 279 8,382 — 279 8,382 8,661 3,180 2005 2010 258 Dayton, OH — 373 26,627 — 373 26,627 27,000 6,344 2010 2012 196 Dresden, TN — 31 1,529 1,073 31 2,602 2,633 1,400 2014 2000 298 Forth Worth, TX — 2,785 7,546 413 2,785 7,959 10,744 3,086 1998 2015 326 Forth Worth, TX — 922 12,268 — 922 12,268 13,190 267 2017 2022 026 Gardendale, AL — 100 7,550 2,084 100 9,634 9,734 7,078 2011 1996 248 Granbury, TX — 836 6,693 363 836 7,056 7,892 3,132 2008 2011 250 Hewitt, TX — 1,780 8,220 391 1,780 8,611 10,391 2,787 2008 2011 318 Kansas City, MO — 1,229 18,369 69 1,229 18,438 19,667 1,755 2018 2019 008 Lecanto, FL — 351 2,665 2,737 351 5,402 5,753 4,287 2012 1993 322 Longview, TX — 1,405 12,176 — 1,405 12,176 13,581 1,274 2014 2020 300 Mansfield, TX — 2,890 13,110 — 2,890 13,110 16,000 3,377 2015 2016 053 Mesa, AZ — 305 6,909 1,876 305 8,785 9,090 6,610 1996 1996 242 Mission, TX — 1,111 16,602 82 1,111 16,684 17,795 5,727 2004 2010 233 Nacogdoches, TX — 394 7,456 268 394 7,724 8,118 2,848 1991 2010 249 Nacogdoches, TX — 1,015 11,109 358 1,015 11,467 12,482 4,575 2007 2011 245 Newberry, SC — 439 4,639 879 439 5,518 5,957 2,374 1995 2011 244 Newberry, SC — 919 5,454 200 919 5,654 6,573 2,277 2001 2011 251 Pasadena, TX — 1,155 14,345 522 1,155 14,867 16,022 4,685 2005 2011 193 Phoenix, AZ — 300 9,703 92 300 9,795 10,095 6,608 1985 2000 094 Portland, OR — 100 1,925 3,152 100 5,077 5,177 4,147 2007 1997 254 Red Oak, TX — 1,427 17,173 244 1,427 17,417 18,844 5,550 2002 2012 197 Ripley, TN — 20 985 1,638 20 2,623 2,643 1,468 2014 2000 LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2022 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 133 Roswell, NM $ — $ 568 $ 5,235 $ 1,396 $ 568 $ 6,631 $ 7,199 $ 3,521 1975 2001 325 San Antonio, TX — 1,676 15,470 20 1,676 15,490 17,166 320 2018 2022 281 Slinger, WI — 464 13,482 — 464 13,482 13,946 3,916 2014 2015 234 St. Petersburg, FL — 1,070 7,930 500 1,070 8,430 9,500 2,892 1988 2010 243 Stephenville, TX — 670 10,117 616 670 10,733 11,403 3,811 2009 2010 178 Tappahannock, VA — 375 1,327 397 375 1,724 2,099 1,569 1978 1995 270 Trinity, FL — 1,653 12,748 — 1,653 12,748 14,401 3,781 2008 2013 192 Tucson, AZ — 276 8,924 112 276 9,036 9,312 6,091 1992 2000 305 Union, KY — 858 24,116 — 858 24,116 24,974 3,426 2019 2016 299 Weatherford, TX — 836 11,902 280 836 12,182 13,018 3,962 1996 2015 323 Webster, TX — 2,310 8,713 — 2,310 8,713 11,023 200 2018 2022 236 Wytheville, VA — 647 12,167 — 647 12,167 12,814 5,363 1996 2010 Skilled Nursing Properties $ — $ 53,990 $ 513,766 $ 33,218 $ 53,990 $ 546,984 $ 600,974 $ 182,308 Assisted Living Properties: 077 Ada, OK — 100 1,650 180 100 1,830 1,930 1,106 1996 1996 105 Arvada, CO — 100 2,810 7,072 100 9,882 9,982 4,027 2014 1997 304 Athens, GA — 1,056 13,326 111 1,056 13,437 14,493 2,422 2016 2016 063 Athens, TX — 96 1,510 113 96 1,623 1,719 1,125 1995 1996 320 Auburn Hills, MI — 1,964 4,577 1,149 1,964 5,726 7,690 1,056 1995 2019 269 Aurora, CO — 850 8,583 — 850 8,583 9,433 2,566 2014 2013 260 Aurora, CO — 831 10,071 327 831 10,398 11,229 2,866 1999 2012 117 Beatrice, NE — 100 2,173 243 100 2,416 2,516 1,517 1997 1997 277 Burr Ridge, IL — 1,400 11,102 — 1,400 11,102 12,502 2,735 2016 2014 278 Castle Rock, CO — 759 5,091 — 759 5,091 5,850 1,573 2012 2014 311 Cedarburg, WI — 924 21,083 — 924 21,083 22,007 2,946 2019 2017 160 Central, SC — 100 2,321 119 100 2,440 2,540 1,272 1998 1999 263 Chatham, NJ — 5,365 36,399 587 5,365 36,986 42,351 10,105 2002 2012 307 Clovis, CA — 2,542 19,126 — 2,542 19,126 21,668 3,022 2014 2017 308 Clovis, CA — 3,054 14,172 — 3,054 14,172 17,226 2,154 2016 2017 279 Corpus Christi, TX — 880 11,440 298 880 11,738 12,618 2,753 2016 2015 292 De Forest, WI — 485 5,568 47 485 5,615 6,100 1,191 2006 2015 057 Dodge City, KS — 84 1,666 30 84 1,696 1,780 1,156 1995 1995 083 Durant, OK — 100 1,769 157 100 1,926 2,026 1,162 1997 1997 107 Edmond, OK — 100 1,365 659 100 2,024 2,124 1,226 1996 1997 163 Ft. Collins, CO — 100 2,961 3,674 100 6,635 6,735 3,147 2014 1999 170 Ft. Collins, CO — 100 3,400 4,928 100 8,328 8,428 3,669 2014 1999 132 Ft. Meyers, FL — 100 2,728 272 100 3,000 3,100 1,717 1998 1998 315 Ft. Worth, TX — 1,534 11,099 34 1,534 11,133 12,667 1,424 2014 2018 100 Fremont ,OH — 100 2,435 203 100 2,638 2,738 1,663 1997 1997 266 Frisco, TX — 1,000 5,154 — 1,000 5,154 6,154 1,667 2014 2012 314 Frisco, TX — 2,216 10,417 119 2,216 10,536 12,752 1,367 2015 2018 296 Glenview, IL — 2,800 14,248 — 2,800 14,248 17,048 2,764 2017 2015 167 Goldsboro, NC — 100 2,385 170 100 2,555 2,655 1,217 1998 1999 056 Great Bend, KS — 80 1,570 68 80 1,638 1,718 1,234 1995 1995 102 Greeley, CO — 100 2,310 612 100 2,922 3,022 1,686 1997 1997 284 Green Bay, WI — 1,660 19,079 475 1,660 19,554 21,214 4,448 2004 2015 286 Greenfield, WI — 818 8,014 232 818 8,246 9,064 1,755 2007 2015 164 Greenville, NC — 100 2,478 198 100 2,676 2,776 1,418 1998 1999 062 Greenville, TX — 42 1,565 105 42 1,670 1,712 1,134 1995 1996 161 Greenwood, SC — 100 2,638 337 100 2,975 3,075 1,544 1998 1999 295 Jacksonville, FL — 1,389 12,756 1,056 1,389 13,812 15,201 2,702 2015 2015 066 Jacksonville, TX — 100 1,900 90 100 1,990 2,090 1,361 1996 1996 310 Kansas City, MO — 1,072 15,552 — 1,072 15,552 16,624 2,071 2017 2017 285 Kenosha, WI — 936 12,361 498 936 12,859 13,795 2,625 2008 2015 255 Littleton, CO — 1,882 8,248 — 1,882 8,248 10,130 2,226 2013 2012 268 Littleton, CO — 1,200 8,688 — 1,200 8,688 9,888 2,670 2014 2013 148 Longmont, CO — 100 2,640 64 100 2,704 2,804 1,645 1998 1998 060 Longview, TX — 38 1,568 134 38 1,702 1,740 1,180 1995 1995 261 Louisville, CO — 911 11,703 390 911 12,093 13,004 3,283 2000 2012 LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2022 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 301 Louisville, KY $ — $ 1,021 $ 11,871 $ 123 $ 1,021 $ 11,994 $ 13,015 $ 2,305 2016 2016 114 Loveland, CO — 100 2,865 324 100 3,189 3,289 1,995 1997 1997 068 Lufkin, TX — 100 1,950 106 100 2,056 2,156 1,400 1996 1996 061 Marshall, TX — 38 1,568 544 38 2,112 2,150 1,477 1995 1995 293 McHenry, IL — 1,289 28,976 987 1,289 29,963 31,252 6,257 2005 2015 058 McPherson, KS — 79 1,571 67 79 1,638 1,717 1,223 1994 1995 313 Medford, OR 636 17,816 — 636 17,816 18,452 1,788 2020 2018 316 Medford, OR — 750 13,650 250 750 13,900 14,650 1,874 2005 2018 239 Merritt Island, FL — 550 6,928 115 550 7,043 7,593 3,056 2004 2010 104 Millville, NJ — 100 2,825 848 100 3,673 3,773 2,174 1997 1997 231 Monroeville, PA — 526 5,334 439 526 5,773 6,299 2,317 1997 2009 280 Murrells Inlet, SC — 2,490 14,185 129 2,490 14,314 16,804 3,278 2016 2015 294 Murrieta, CA — 2,022 11,136 — 2,022 11,136 13,158 2,586 2016 2015 289 Neenah, WI — 694 20,839 251 694 21,090 21,784 4,316 1991 2015 166 New Bern, NC — 100 2,427 170 100 2,597 2,697 1,254 1998 1999 118 Newark, OH — 100 2,435 383 100 2,818 2,918 1,703 1997 1997 143 Niceville, FL — 100 2,680 108 100 2,788 2,888 1,676 1998 1998 095 Norfolk, NE — 100 2,123 311 100 2,434 2,534 1,541 1997 1997 306 Oak Lawn, IL — 1,591 13,772 — 1,591 13,772 15,363 2,325 2018 2016 302 Overland Park, KS — 1,951 11,882 281 1,951 12,163 14,114 2,496 2013 2016 232 Pittsburgh, PA — 470 2,615 360 470 2,975 3,445 1,264 1994 2009 165 Rocky Mount, NC — 100 2,494 378 100 2,872 2,972 1,359 1998 1999 059 Salina, KS — 79 1,571 303 79 1,874 1,953 1,250 1994 1995 084 San Antonio, TX — 100 1,900 45 100 1,945 2,045 1,240 1997 1997 092 San Antonio, TX — 100 2,055 577 100 2,632 2,732 1,411 1997 1997 288 Sheboygan, WI — 1,168 5,382 379 1,168 5,761 6,929 1,384 2006 2015 149 Shelby, NC — 100 2,805 312 100 3,117 3,217 1,782 1998 1998 312 Spartanburg, SC — 254 9,906 1,520 254 11,426 11,680 2,627 1999 2017 150 Spring Hill, FL — 100 2,650 104 100 2,754 2,854 1,662 1998 1998 103 Springfield, OH — 100 2,035 363 100 2,398 2,498 1,490 1997 1997 321 Sterling Heights, MI — 1,133 11,487 1,133 1,133 12,620 13,753 1,643 1997 2019 162 Sumter, SC — 100 2,351 656 100 3,007 3,107 1,393 1998 1999 140 Tallahassee, FL — 100 3,075 140 100 3,215 3,315 1,925 1998 1998 098 Tiffin, OH — 100 2,435 366 100 2,801 2,901 1,678 1997 1997 282 Tinley Park, IL — 702 11,481 — 702 11,481 12,183 2,608 2016 2015 088 Troy, OH — 100 2,435 821 100 3,256 3,356 1,950 1997 1997 080 Tulsa, OK — 200 1,650 148 200 1,798 1,998 1,091 1997 1997 093 Tulsa, OK — 100 2,395 42 100 2,437 2,537 1,553 1997 1997 238 Tupelo, MS — 1,170 8,230 52 1,170 8,282 9,452 3,133 2000 2010 075 Tyler, TX — 100 1,800 144 100 1,944 2,044 1,207 1996 1996 091 Waco, TX — 100 2,235 770 100 3,005 3,105 1,563 2021 1997 096 Wahoo, NE — 100 2,318 166 100 2,484 2,584 1,628 1997 1997 108 Watauga, TX — 100 1,668 38 100 1,706 1,806 1,076 1996 1997 109 Weatherford, OK — 100 1,669 698 100 2,367 2,467 1,454 1996 1997 309 West Chester, OH — 2,355 13,553 212 2,355 13,765 16,120 2,235 2017 2017 276 Westminster, CO — 1,425 9,575 — 1,425 9,575 11,000 2,660 2015 2013 110 Wheelersburg, OH — 29 2,435 349 29 2,784 2,813 1,720 1997 1997 303 Wichita, KS — 1,422 9,957 285 1,422 10,242 11,664 2,162 2011 2016 259 Wichita, KS — 730 — 9,682 730 9,682 10,412 2,911 2013 2012 283 Wichita, KS — 624 13,946 — 624 13,946 14,570 2,373 2016 2015 076 Wichita Falls, TX — 100 1,850 126 100 1,976 2,076 1,225 1996 1996 120 Wichita Falls, TX — 100 2,750 143 100 2,893 2,993 1,841 1997 1997 264 Williamstown, NJ — 711 6,637 — 711 6,637 7,348 1,982 2000 2012 265 Williamstown, NJ — 711 8,649 — 711 8,649 9,360 2,411 2000 2012 Assisted Living Properties $ — $ 68,788 $ 678,526 $ 50,499 $ 68,788 $ 729,025 $ 797,813 $ 207,529 LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2022 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: Properties: 297 Las Vegas, NV — 1,965 7,308 1,702 1,965 9,010 10,975 1,650 1990/1994 2015 Properties — 1,965 7,308 1,702 1,965 9,010 10,975 1,650 Land 271 Howell, MI — 420 — — 420 — 420 — N/A 2013 272 Milford, MI — 450 — — 450 — 450 — N/A 2014 275 Yale, MI — 73 — — 73 — 73 — N/A 2013 Land — 943 — — 943 — 943 — Other Properties — 2,908 7,308 1,702 2,908 9,010 11,918 1,650 $ — $ 125,686 $ 1,199,600 $ 85,419 $ 125,686 $ 1,285,019 $ 1,410,705 (2) $ 391,487 (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 . (2) As of December 31, 2022, our aggregate cost for Federal income tax purposes was $1,420,258 (unaudited). LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2022, 2021 and 2020 is as follows: For the Year Ended December 31, 2022 2021 2020 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ 1,408,557 $ 1,452,001 $ 1,484,571 Acquisitions 51,817 — 13,581 Improvements 9,099 6,298 23,612 Capitalized interest — — 354 Cost of real estate sold (55,346) (49,742) (66,140) Impairment loss from real estate investments (3,422) — (3,977) Ending balance $ 1,410,705 $ 1,408,557 $ 1,452,001 Accumulated depreciation: Balance at beginning of period $ 374,606 $ 349,643 $ 347,755 Depreciation expense 37,394 38,192 38,945 Cost of real estate sold (20,513) (13,229) (37,057) Ending balance $ 391,487 $ 374,606 $ 349,643 |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2022 | |
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) Principal Amount of Carrying Loans Current Amount of Subject to (Unaudited) Monthly Face Mortgages Delinquent Number of Final Balloon Debt Amount of December 31, Principal or State Properties Units/Beds (1) Interest Rate (2) Maturity Date Amount (3) Service Mortgages 2022 Interest MI 15 1,875 10.60% 2043 $ 163,214 $ 1,623 $ 190,214 $ 182,514 $ — MI 4 480 9.60% 2045 35,576 311 39,406 38,636 — MI 1 146 10.10% 2045 14,325 125 15,000 14,726 — MI 2 201 9.80% 2045 19,750 162 19,750 19,553 — FL 1 68 7.80% 2025 14,308 92 14,308 14,165 — LA 1 189 7.50% 2024 29,346 186 29,346 29,054 — MO — — 7.50% 2023 1,887 12 1,887 1,867 — NC 4 217 7.30% 2026 33,000 209 33,000 32,670 — NC — — 7.30% 2026 796 5 796 788 — NC 12 (4) 478 7.30% 2025 51,531 318 51,531 51,016 — SC 1 (4) 45 7.30% 2025 4,787 30 4,787 4,739 — 41 (5) 3,699 $ 368,520 $ 3,073 $ 400,025 $ 389,728 $ — (1) This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. (2) Represents current stated interest rate. Generally, the loans have 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. (3) Balloon payment is due upon maturity. (4) Represents a single mortgage loan secured by 13 ALFs. The mortgage loan was allocated by state for reporting purposes only. (5) Includes 10 first-lien mortgage loans as follows: Number of Loans Original loan amounts 2 $ 500 - $2,000 0 $2,001 - $3,000 0 $3,001 - $4,000 0 $4,001 - $5,000 0 $5,001 - $6,000 0 $6,001 - $7,000 8 $7,001 + Mortgage loans receivable activity for the years ended December 31, 2022, 2021 and 2020 is as follows: Balance— December 31, 2019 $ 254,099 New mortgage loans — Other additions 4,253 Amortization of mortgage premium (4) Collections of principal (1,065) Foreclosures — Loan loss reserve (32) Other deductions — Balance— December 31, 2020 257,251 New mortgage loans 88,415 Other additions 540 Application of interest reserve 298 Amortization of mortgage premium (6) Collections of principal (1,175) Foreclosures — Loan loss reserve (881) Other deductions — Balance— December 31, 2021 344,442 New mortgage loans 31,965 Other additions 8,767 Application of interest reserve 6,192 Amortization of mortgage premium (6) Collections of principal (1,175) Foreclosures — Loan loss reserve (457) Other deductions — Balance— December 31, 2022 $ 389,728 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. |
Consolidation | Consolidation. ● A legal structure has been established to conduct business activities and to hold assets. ● LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does 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: ● The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ● The obligation to absorb the entity's expected losses; ● The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a 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. 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. |
Use of Estimates | Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (“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. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment. |
Cash Equivalents | Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. |
Owned Properties | Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be business combinations are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be business combinations 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. |
Financing Receivable | Financing Receivable. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with ASC Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivable Consolidated Statements of Income Financing receivable Real property investments Consolidated Balance Sheets |
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. |
Working capital loans | Working Capital Loans. |
Mezzanine Loans | Mezzanine Loans. four |
Investments in unconsolidated joint ventures | Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to Accounting Standard Codification (“ASC”) 810, 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. |
Loan Loss Reserve | Loan Loss Reserve. ASC 326, Financial Instruments- Credit Losses We adopted ASC 326 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . 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, 2022, the total balance of accrued interest receivable of $46,000,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2022, 2021 and 2020, Company did not recognize any write-off related to accrued interest receivable. |
Accrued incentives | Accrued incentives. Prepaid expenses and other assets Consolidated Balance Sheets |
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 management’s 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, 2022, 2021 and 2020, we recognized impairment losses of $3,422,000, $0 and $3,977,000, 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 entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements |
Derivatives Instruments | Derivative Instruments. Note 9. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform Deferral of the Sunset Date of Topic 848 In December 2022, we amended our unsecured credit agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), plus a credit spread of 10 basis points, as the reference rate for the purpose of calculating interest under the agreement. In connection with amending the unsecured credit agreement, we also amended our fixed interest rate swap agreements to update reference rate to SOFR. As a result, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the ASU and may apply other elections, as applicable, as additional changes in the market occur. Our election to apply the hedge accounting expedients did not have a material impact on our consolidated financial statements. See Note 9. Debt Obligations |
Revenue Recognition | Revenue Recognition- Rental Income. 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 (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0% ; (ii) a calculation based on the Consumer Price Index or the Medicare Market Basket Rate; (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 the contingencies have been resolved. Historically, we have not included contingent rents as income until received and we will continue our historical policy. During the years ended December 31, 2022, 2021 and 2020, we received $57,000, $0 and $111,000, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (“COVID-19”) 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 to account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, we increased the lease receivable and continued to recognize income. We recognized the rent abatements given to the operators where we accrue rent on a straight-line basis, over the remaining life of those respective leases. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized over the term of the lease on a straight-line basis. Revenue Recognition- Interest Income. Interest income on mortgage loans receivable and notes receivable is recognized using the effective interest method. Exit fee income and commitment fee income are also amortized over the life of the related loan under the effective interest method. 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. When the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan, an effective interest receivable asset is created and included in the Interest receivable Consolidated Balance Sheets As previously discussed under Financing Receivable Interest income from financing receivable Consolidated Statements of Income. Financing receivable Real estate investments |
Gains on sale of Real Estate, Net | Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. |
Federal Income Taxes | Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period 27.5 years. Earnings profits, which determine the taxability of distributions to stockholders, use the straight-line method over 30 years . The determination of Federal taxable income differ from net income for financial statement purposes principally due to the treatment of certain investments in joint ventures, timing of interest income, rental income, other expense items, recognition of impairment charges, and depreciable lives and bases of assets. At December 31, 2022, the net book basis of our depreciable assets exceeded our net tax basis by approximately 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 Statements of Income 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, operating leases on owned properties, financing receivable and mortgage loans receivable. Our financial instruments, operating leases, financing receivable and mortgage loans receivable are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators |
Properties held-for-sale | Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets |
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 property lease transactions, financing receivable, mortgage loans, and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. |
Major Operators (Tables)
Major Operators (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major Operators | |
Schedule of concentration of risk by major operators | Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF Beds Units Revenues (1) Assets (2) Prestige Healthcare (3) 24 — 2,820 93 18.6 % 16.0 % (1) Includes total revenues for the twelve months ended December 31, 2022. (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | Year Ended December 31, 2022 2021 2020 (in thousands) Non-cash investing and financing transactions: Contribution of financing receivable from non-controlling interests (See Note 5. Real Estate Investments $ 14,325 $ — $ — Mortgage loans receivable reserve withheld at origination (See Note 5. Real Estate Investments) 107 298 — Accretion of interest reserve recorded as mortgage loan receivable (See Note 5. Real Estate Investments) (6,192) — — Preferred return reserve related to investment in unconsolidated joint ventures (See N ote 6. Investment in Unconsolidated Joint Ventures 351 2,324 2,878 Notes receivable reserve withheld at origination (See N ote 7. Notes Receivable — 353 — Reclassification of notes receivable to lease incentives (N ote 8. Lease Incentives — — 300 Change in fair value of interest rate swap agreements (N ote 9. Debt Obligations (8,891) 172 — |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 incentives and renewal options are as follows ( in thousands Cash Rent (1) 2023 $ 120,817 2024 113,003 2025 103,690 2026 71,044 2027 67,087 Thereafter 200,663 (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent acquisitions and excludes rent from subsequent dispositions. See Note 16. Subsequent Events for more information. |
Summary of components of our rental income | The following table summarizes components of our rental income for the years ended December 31, 2022, 2021 and 2020 ( in thousands December 31, Rental Income 2022 2021 2020 Base cash rental income $ 115,230 (1) $ 107,692 (2) $ 132,789 Variable cash rental income 15,516 (3) 14,332 (3) 15,167 (3) Straight-line rent (1,369) (4) 467 (5) 1,778 Adjustment for collectability of lease incentives and rental income (256) (6) (758) (6) (23,214) (6) Amortization of lease incentives (877) (608) (426) Total $ 128,244 $ 121,125 $ 126,094 (1) Increased primarily due to rent received from transitioned portfolios, rental income from acquisitions, completed development projects, annual rent escalations, and lease termination fee income of $1,181 received in connection with the sale of a 74 -unit ALF partially offset by decreased rent from the sold properties. (2) Decreased primarily due to defaults of payments for lease obligations from Senior Lifestyle and Senior Care, abated and deferred rent and reduced rent from a sold property. This decrease was partially offset by increased rent from re-leasing 18 properties previously leased to Senior Lifestyle, completion of development projects and contractual rent increases. (3) The variable cash rental income for the years ended December 31, 2022, 2021 and 2020 primarily includes reimbursement of real estate taxes by our lessees. (4) Decreased primarily due to a deferred rent repayment, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. (5) Decreased due to more leases accounted for on a cash basis, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. (6) Represents straight-line rent receivable and lease incentives write-offs. |
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): Type Number of of Gross Carrying Option State Property Properties Investments Value Window California ALF/MC 2 $ 38,895 $ 33,719 2023-2029 Florida MC 1 15,201 12,500 2029 Florida SNF 3 76,767 75,999 2025-2027 (1) Nebraska ALF 3 7,633 2,948 TBD (2) South Carolina ALF/MC 1 11,680 9,052 2029 Texas SNF 4 51,837 50,848 2027-2029 (3) Total $ 202,013 $ 185,066 (1) During 2022, we entered into a joint venture to purchase three SNFs. For more information regarding this transaction, see Financing Receivable below. (2) Subject to the properties achieving certain coverage ratios. (3) During 2022, we purchased four SNFs and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 11 Commitments and Contingencies. |
Schedule of properties held-for-sale | Type Number Number of of of Gross Accumulated State (1) Property Properties Beds/units Investment Depreciation KY ALF 1 60 $ 13,015 $ 2,305 (1) During 2022, we recorded an impairment loss of $1,286 to write-down the carrying value of the community to its anticipated selling price. |
Summary of acquisitions | Acquisitions. (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Year Type of Property Price Costs Costs Properties Beds/Units 2022 (1) SNF $ 51,534 $ 283 $ 51,817 4 339 2021 n/a $ — $ — $ — — — (1) The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. In connection with transaction, we provided the lessee a 10-year working capital loan for up to $2,000 at 8% for first year, increasing to 8.25% for the second year, then increasing annually with the lease rate. At December 31, 2022, the working capital loan had an outstanding balance of $1,642 . |
Schedule of development and improvement projects | Type of Property 2022 2021 2020 Developments Improvements Developments Improvements Developments Improvements Assisted Living Communities $ 105 $ 5,538 $ — $ 5,846 $ 4,491 $ 6,842 Skilled Nursing Centers — 2,897 — 452 12,208 71 Other — 559 — — — — Total $ 105 $ 8,994 $ — $ 6,298 $ 16,699 $ 6,913 |
Schedule of completed developments | Number Type Number of of of Total Year Properties Property Beds/Units State Investment 2020 1 ALF/MC 78 Oregon $ 18,447 1 SNF 90 Missouri 16,587 Total 2020 2 168 $ 35,034 |
Schedule of property sold | Type Number Number of of of Sales Carrying Net Year State Properties Properties Beds/Units Price Value Gain (loss) (1) 2022 California ALF 2 232 $ 43,715 $ 17,832 $ 25,867 California SNF 1 121 13,250 1,846 10,846 Texas SNF 1 — 485 697 (441) Virginia ALF 1 74 16,895 15,549 1,344 (2) n/a n/a — — — — 214 (3) Total 2022 5 427 $ 74,345 $ 35,924 $ 37,830 2021 Florida ALF 1 — $ 2,000 $ 2,626 $ (858) Nebraska ALF 1 40 900 1,079 (200) Washington SNF 1 123 7,700 4,513 2,562 Wisconsin ALF 3 263 35,000 28,295 5,595 n/a n/a — — — — 363 (3) Total 2021 6 426 $ 45,600 $ 36,513 $ 7,462 2020 Arizona SNF 1 194 $ 12,550 $ 2,229 $ 10,293 Colorado SNF 3 275 15,000 4,271 10,364 Iowa SNF 7 544 14,500 4,886 9,051 Kansas SNF 3 250 9,750 7,438 1,993 Texas SNF 7 1,148 23,000 10,260 12,287 n/a n/a — — — — 129 (3) Total 2020 21 2,411 $ 74,800 $ 29,084 $ 44,117 (1) Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable. (2) In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale. (3) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers . |
Summary of investments in mortgage loans secured by first mortgages | Type Percentage Number of Investment Gross of of SNF ALF per Interest Rate Maturity State Investment (1) Property Investment Loans (2) Properties (3) Beds Units Bed/Unit 7.5% 2023 MO $ 1,886 OTH 0.5 % 1 — (4) — — $ n/a 7.5% 2024 LA 29,347 SNF 7.5 % 1 1 189 — $ 155.28 7.8% 2025 FL 14,308 ALF 3.6 % 1 1 — 68 $ 210.41 7.3% (5) 2025 NC/SC 56,317 ALF 14.3 % 1 13 — 523 $ 107.68 7.3% 2026 NC 33,001 ALF 8.4 % 1 4 — 217 $ 152.08 7.3% 2026 NC 797 OTH 0.2 % 1 — (6) — — $ — 10.6% (7) 2043 MI 184,351 SNF 46.8 % 1 15 1,875 — $ 98.32 9.6% (7) 2045 MI 39,026 SNF 9.9 % 1 4 480 — $ 81.30 9.8% (7) 2045 MI 19,750 SNF 5.0 % 1 2 201 — $ 98.26 10.1% (7) 2045 MI 14,875 SNF 3.8 % 1 1 146 — $ 101.88 Total $ 393,658 100.0 % 10 41 2,891 808 $ 106.42 (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . (2) Some loans contain certain guarantees and/or provide for certain facility fees. (3) Our mortgage loans are secured by properties located in six states with five borrowers. (4) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. (5) Represents the initial rate. This loan has an IRR of 8% . (6) Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community. (7) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. |
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the years ended December 31, 2022, 2021 and 2020 ( in thousands ): Year Ended December 31, 2022 2021 2020 Originations and funding under mortgage loans receivable $ 40,732 (1) (2) $ 88,955 (3) $ 4,253 (4) Application of interest reserve 6,192 298 — Scheduled principal payments received (1,175) (1,175) (1,065) Mortgage loan premium amortization (6) (6) (4) Provision for loan loss reserve (457) (881) (32) Net increase in mortgage loans receivable $ 45,286 $ 87,191 $ 3,152 (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . (2) We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years . The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8% . We also funded an additional $2,000 under an existing mortgage loan. (3) We funded the following: a. $1,638 mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF in Missouri and withheld an interest reserve of $142 . The mortgage loan term is one year at a yield of 7.5% ; b. $27,047 mortgage loan secured by a 189 -bed SNF in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5% ; c. $11,724 mortgage loan secured by a 68 -unit ALF and MC in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions; d. $48,006 mortgage loan for the purchase of a 13 -property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496 . The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and e. $540 additional capital funding under our existing mortgage loans. (4) We funded an additional $2,000 under an existing mortgage loan. |
Scheduled principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands) Scheduled Principal 2023 $ 3,061 2024 30,522 2025 71,801 2026 34,972 2027 1,175 Thereafter 252,127 Total $ 393,658 |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment in Unconsolidated Joint Ventures | |
Summary of the preferred equity investments | Type Type Total Contractual Number of of Preferred Cash of Carrying State Properties Investment Return Portion Beds/ Units Value Washington ALF/MC Preferred Equity (1) 12 % 7 % 95 $ 6,340 (1) Washington UDP Preferred Equity (2) 12 % 8 % — 13,000 (2) Total 95 $ 19,340 (1) Represents a preferred equity in an entity that developed and owns a 95 -unit ALF and MC in Washington. Our investment represents 15.5% of the 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 (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% until achieving an IRR ranging between 12% to 14%, depending upon timing of redemption. During the fourth quarter of 2021, the entity completed the development project and received its certificate of occupancy. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036. (2) Represents a preferred equity in an entity that will develop and own a 267 -unit ILF and ALF in Washington. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and, upon project completion and leasing the property, prior to the end of the first renewal term of the lease. Subsequent to December 31, 2022, we received a notice of intent to redeem our $13,000 preferred equity investment in the joint venture. |
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures | Type of Capital Income Cash Interest Application of Year Properties Contribution Recognized Earned Interest Reserve 2022 ALF/MC $ — $ 450 $ — $ 450 UDP — 1,054 351 703 Total $ — $ 1,504 $ 351 $ 1,153 2021 ALF/MC $ — $ 450 $ — $ 412 UDP 8,000 967 — 880 Total $ 8,000 $ 1,417 $ — $ 1,292 2020 ILF/ALF/MC (1) $ 58 $ 231 $ 231 $ — UDP 6,340 169 169 — UDP 5,000 32 32 — Total $ 11,398 $ 432 $ 432 $ — (1) We had a preferred equity investment in an unconsolidated joint venture that owned four ALFs located in Arizona, providing independent living, assisted living and memory care services. During the year ended December 31, 2020, upon sale of the four properties comprising the JV, we received liquidation proceeds totaling $17,848 and incurred an additional $758 of loss. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Receivable. | |
Summary of investments in notes receivable | Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2022 ( dollar amounts in thousands Interest Type of Gross Type of Rate IRR Maturity Loan Investment # of loans Property 5.0% — 2023 Working capital $ 380 1 ALF 7.0% — 2023 Working capital 500 1 ALF 8.0% 12.0% 2023 Mezzanine 7,460 1 ALF 5.0% — 2024 Working capital 184 1 ALF 8.0% 10.5% 2024 Mezzanine 4,355 (1) 1 ILF 4.0% — 2024 Working capital 13,531 1 SNF 5.0% — 2025 Working capital 932 1 ALF 7.5% — 2027 Working capital 550 1 ALF 8.0% 11.0% 2027 Mezzanine 25,000 1 ALF 6.5% — 2030 Working capital 138 1 SNF 7.1% — 2030 Working capital 1,607 2 ALF 7.0% — 2031 Working capital 2,693 1 ALF 8.0% — 2032 Working capital 1,642 1 SNF $ 58,972 14 (1) Subsequent to December 31, 2022, we received $4,545 which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit in Oregon. |
Summary of mezzanine loans and other loan arrangements | The following table is a summary of our notes receivable components at December 31, 2022 and 2021 ( in thousands At December 31, 2022 2021 Mezzanine loans (1) (2) $ 36,815 $ 11,815 Other loans 22,157 16,808 Notes receivable credit loss reserve (589) (286) Total $ 58,383 $ 28,337 (1) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. (2) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of a five -property seniors housing portfolio. The mezzanine loan has a term of approximately five years , with two one-year extension options and bears interest at 8% with an IRR of 11% . The five communities are located in Oregon and Montana, have a total of 621 units, and include ILF, ALF and MC. |
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the years ended December 31, 2022 through 2020 ( in thousands Year Ended December 31, 2022 2021 2020 Advances under notes receivable $ 37,192 (1) $ 16,353 (2) $ 2,078 Interest reserve withheld — 353 — Principal payments received under notes receivable (3) (6,843) (2,694) (5,275) Reclassified to lease incentives — — (300) (4) Provision (recovery) for credit losses (303) (140) 35 Net increase (decrease) in notes receivable $ 30,046 $ 13,872 $ (3,462) (1) Includes origination of a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. Additionally includes origination of a working capital loan for a commitment of up to $2,000 , of which $1,867 has been funded and $9,761 of funding under a working capital loan to HMG Healthcare, LLC. (2) Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0% . During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided an operator a $25,000 secured working capital loan to facilitate the transition of the 11 properties from Senior Care and Abri Health and funded $9,900 under this working capital loan. (3) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. (4) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. |
Lease Incentives (Tables)
Lease Incentives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Incentives | |
Summary of lease incentive activity | The following table summarizes lease incentives as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Non-contingent lease incentives $ 1,789 $ 2,678 |
Summary of non-contingent lease incentive activity | The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2022, 2021 and 2020 (in thousands) Year Ended December 31, 2022 2021 2020 Lease incentives funded $ 418 $ 824 $ 220 Amortization of lease incentives (877) (608) (426) Adjustment for collectability of lease incentives (256) (1) — — Other adjustments (174) (2) — 115 (3) Net (decrease) increase in non-contingent lease incentives $ (889) $ 216 $ (91) (1) Represents the lease incentive balance write-off related to a closed property and subsequent lease termination and lease incentive balance write-off related to 12 ALFs transitioned to an existing operator. (2) Primarily relates to the sale of two ALFs in California during the second quarter of 2022. (3) 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. |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Obligations | |
Schedule of interest rate swaps | Notional Fair Value at Date Entered Maturity Date Swap Rate Rate Index Amount December 31, 2022 November 2021 November 19, 2025 2.62 % 1-month SOFR $ 50,000 $ 4,003 November 2021 November 19, 2026 2.76 % 1-month SOFR 50,000 4,716 $ 100,000 $ 8,719 |
Schedule of Debt Obligations | The following table sets forth information regarding debt obligations by component as of December 31, 2022 and 2021 (dollar amounts in thousands): At December 31, 2022 At December 31, 2021 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Revolving line of credit (2) 5.38% $ 130,000 $ 270,000 $ 110,900 $ 289,100 Term loans, net of debt issue costs 2.69% 99,511 — 99,363 — Senior unsecured notes, net of debt issue costs (3) 4.25% 538,343 — 512,456 — Total 4.24% $ 767,854 $ 270,000 $ 722,719 $ 289,100 (1) Represents weighted average of interest rate as of December 31, 2022. (2) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. (3) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 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, 2022, 2021 and 2020 are as follows (in thousands): Year Ended December 31, 2022 2021 2020 Debt Obligations Borrowings Repayments Borrowings Repayments Borrowings Repayments Revolving line of credit (1) $ 194,000 $ (174,900) $ 204,400 $ (183,400) $ 24,000 $ (28,000) Term loans — — 100,000 — — — Senior unsecured notes (2) 75,000 (48,160) — (47,160) — (40,160) Total $ 269,000 $ (223,060) $ 304,400 $ (230,560) $ 24,000 $ (68,160) (1) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. |
Schedule of principal payments and amounts due at maturity | Total 2023 2024 2025 2026 2027 Thereafter Revolving line of credit $ 130,000 (1) $ — $ — $ 130,000 (1) $ — $ — $ — Term loans 100,000 — — 50,000 50,000 — — Senior unsecured notes 539,820 (2) 49,160 (2) 49,160 49,500 51,500 54,500 286,000 $ 769,820 $ 49,160 $ 49,160 $ 229,500 $ 101,500 $ 54,500 $ 286,000 (1) Subsequent to December 31, 2022, we borrowed $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity | |
Schedule of consolidated VIEs | As of December 31, 2022, we have the following consolidated VIEs ( in thousands Gross Investment Property Consolidated Non-Controlling Year (1) Purpose Type State Assets Interests 2022 Owned real estate (2) SNF FL $ 76,767 $ 14,325 2018 Owned real estate ILF OR 14,650 2,906 2018 Owned real estate and development ALF/MC OR 18,452 1,164 2017 Owned real estate and development ILF/ALF/MC WI 22,007 2,305 2017 Owned real estate ALF/MC SC 11,680 1,240 Total $ 143,556 $ 21,940 |
Schedule of cash dividends declared and paid | Year Ended December 31, 2022 2021 2020 Declared Paid Declared Paid Declared Paid Common Stock (1) $ 91,509 $ 91,509 $ 90,494 (2) $ 90,494 (2) $ 90,262 (2) $ 90,262 (2) (1) Represents $0.19 per share per month for the years ended December 31, 2022, 2021 and 2020. (2) During the years ended December 31, 2021 and 2020, we paid $764 and $586 , respectively as a result of vesting of the performance-based stock units. |
Schedule of restricted stock activity | Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows: Year Ended December 31, 2022 2021 2020 Outstanding, January 1 197,422 180,440 163,569 Granted 135,210 110,348 101,348 Vested (103,396) (93,366) (84,477) Outstanding, December 31 229,236 197,422 180,440 |
Schedule of restricted stock granted | During 2022, 2021 and 2020, we granted 221,542, 182,240 and 167,375 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows: No. of Price per Year Shares/Units Share Reward Type Vesting Period 2022 122,865 $ 33.94 Restricted stock ratably over 3 years 86,332 $ 33.94 Performance-based stock units TSR targets (1) 12,345 $ 38.48 Restricted stock May 25,2023 221,542 2021 95,293 $ 42.27 Restricted stock ratably over 3 years 71,892 $ 42.27 Performance-based stock units TSR targets (1) 12,055 $ 39.40 Restricted stock May 26, 2022 3,000 $ 43.14 Restricted stock April 1, 2022 182,240 2020 76,464 $ 48.95 Restricted stock ratably over 3 years 66,027 $ 49.98 Performance-based stock units TSR targets (1) 9,884 $ 38.45 Restricted stock May 27, 2021 15,000 $ 38.45 Restricted stock ratably over 3 years 167,375 (1) Vesting is based on achieving certain total shareholder return (“TSR”) 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, 2022, the 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 Remaining Compensation Vesting Date Expense 2023 $ 5,603 2024 2,853 2025 309 Total $ 8,765 |
Schedule of nonqualified stock option activity | Weighted Average Shares Price 2022 2021 2020 2022 2021 2020 Outstanding, January 1 15,000 15,000 15,000 $ 38.43 $ 38.43 $ 38.43 Granted — — — n/a n/a n/a Exercised — — — n/a n/a n/a Canceled (5,000) — — $ 38.43 n/a n/a Outstanding, December 31 10,000 15,000 15,000 $ 38.43 $ 38.43 $ 38.43 Exercisable, December 31 (1) 10,000 15,000 15,000 $ 38.43 $ 38.43 $ 38.43 (1) The aggregate intrinsic value of exercisable options at December 31, 2022, based upon the closing price of our common shares at December 30, 2022, the last trading day of 2022, was approximately $0 . Options exercisable at December 31, 2022, 2021 and 2020 have a weighted average remaining contractual life of approximately 0.7 years, 1.2 years, and 2.2 years, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Schedule of commitments | At December 31, 2022, we had commitments as follows (in thousands): Total Investment 2022 Commitment Remaining Commitment Funding Funded Commitment Real estate properties ote 5. Real Estate Investments $ 22,102 (1) $ 7,263 $ 8,315 $ 13,787 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) 19,000 (2) — — 19,000 Mortgage loans (N ote 5. Real Estate Investments 32,507 (3) 5,873 9,613 22,894 Notes receivable (N ote 7. Notes Receivable 27,541 12,192 15,962 11,579 Total $ 101,150 $ 25,328 $ 33,890 $ 67,260 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. (2) Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. (3) Represents $14,507 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, 2022 | |
Distributions | |
Schedule of federal income tax classification of the per share common stock distributions | Year Ended December 31, 2022 2021 2020 Ordinary taxable distribution $ 1.095 $ 1.220 $ 0.936 Return of capital — 0.750 — Unrecaptured Section 1250 gain 0.502 0.252 0.894 Long-term capital gain 0.683 0.058 0.450 Total $ 2.280 $ 2.280 $ 2.280 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Income Per Common Share | |
Schedule of basic and diluted net income per share | Basic and diluted net income per share was as follows (in thousands except per share amounts) For the year ended December 31, 2022 2021 2020 Net income $ 100,584 $ 56,224 $ 95,677 Less income allocated to non-controlling interests (560) (363) (384) Less income allocated to participating securities: Non-forfeitable dividends on participating securities (531) (458) (397) Income allocated to participating securities (49) — (25) Total net income allocated to participating securities (580) (458) (422) Net income available to common stockholders 99,444 55,403 94,871 Effect of dilutive securities: Participating securities (1) — — — Net income for diluted net income per share $ 99,444 $ 55,403 $ 94,871 Shares for basic net income per share 39,894 39,156 39,179 Effect of dilutive securities: Stock options (2) — — — Performance-based stock units 173 — (3) 85 Participating securities (1) — — — Total effect of dilutive securities 173 — 85 Shares for diluted net income per share 40,067 39,156 39,264 Basic net income per share $ 2.49 $ 1.41 $ 2.42 Diluted net income per share $ 2.48 $ 1.41 $ 2.42 (1) For the years ended December 31, 2022, 2021 and 2020, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. (2) For the years ended December 31, 2022, 2021and 2020, the stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. (3) For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information | |
Schedule of quarterly financial information | For the quarter ended March 31, June 30, September 30, December 31, (unaudited, in thousands except per share amounts) 2022 Revenues $ 40,787 $ 43,024 $ 43,503 $ 47,839 Net income available to common stockholders $ 14,275 $ 54,065 $ 13,159 $ 17,809 Net income per common share available to common stockholders: Basic $ 0.36 $ 1.37 $ 0.33 $ 0.44 Diluted $ 0.36 $ 1.36 $ 0.32 $ 0.44 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 2021 Revenues $ 40,280 $ 38,129 $ 37,472 $ 39,441 Net income available to common stockholders $ 13,642 $ 18,126 $ 10,909 $ 12,726 Net income per common share available to common stockholders: Basic $ 0.35 $ 0.46 $ 0.28 $ 0.32 Diluted $ 0.35 $ 0.46 $ 0.28 $ 0.32 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 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, 2022 | |
Fair Value Measurements | |
Schedule of carrying value and fair value of the entity's financial instruments | At December 31, 2022 At December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Financing receivable, net of credit loss reserve $ 75,999 $ 76,033 (1) $ — $ — Mortgage loans receivable, net of credit loss reserve 389,728 461,276 (2) 344,442 405,162 (2) Notes receivable, net of credit loss reserve 58,383 61,858 (3) 28,337 28,653 (3) Revolving line of credit 130,000 130,000 (4) 110,900 110,900 (4) Term loans, net of debt issue costs 99,511 100,000 (4) 99,363 100,000 (4) Senior unsecured notes, net of debt issue costs 538,343 477,653 (5) 512,456 540,045 (5) (1) Our investment in financing 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 used to value our future cash inflows of the financing receivable at December 31, 2022 was 7.6% . (2) 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, 2022 and 2021 was 9.3% and 9.5% , respectively. (3) Our investments in notes receivable are classified as Level 3. 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 flows of the notes receivable at December 31, 2022 and 2021, were 7.1% and 5.6% , respectively. (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at December 31, 2022 and 2021 based upon prevailing market interest rates for similar debt arrangements. (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2022, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.50% for those maturing before year 2030 and 7.00% for those maturing at or beyond year 2030. At December 31, 2021, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.0% for those maturing before year 2030 and 3.25% for those maturing beyond year 2030. |
The Company (Details)
The Company (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
General | |
Number of operating segments | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Owned Properties (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 USD ($) item | |
Owned Properties | ||
Number of beds damaged | item | 114 | |
Gain from property insurance proceeds | $ | $ 373,000 | |
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_4
Summary of Significant Accounting Policies - Working Capital Loan (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage loans on real estate | ||
Interest rate (as a percent) | 7.25% | |
Minimum | ||
Mortgage loans on real estate | ||
Interest rate (as a percent) | 4% | |
Minimum | Working Capital Loans Receivables | ||
Mortgage loans on real estate | ||
Interest rate (as a percent) | 4% | |
Maximum | ||
Mortgage loans on real estate | ||
Interest rate (as a percent) | 8% | |
Maximum | Working Capital Loans Receivables | ||
Mortgage loans on real estate | ||
Interest rate (as a percent) | 8% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage loans on real estate | |||
Interest rate (as a percent) | 7.25% | ||
Loan Term | 4 years | ||
Allowance for Doubtful Accounts | |||
Accrued interest receivable | $ 46,000,000 | ||
Write-off of accrued interest receivable | 0 | $ 0 | $ 0 |
Impairments | |||
Impairment of Real Estate | $ 3,422,000 | $ 0 | $ 3,977,000 |
Minimum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 4% | ||
Maximum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 8% | ||
Loan Term | 4 years | ||
Mezzanine Loans | Minimum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 7% | ||
Loan Term | 4 years | ||
Mezzanine Loans | Maximum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 12% | ||
Loan Term | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Derivative Instruments (Details) | 1 Months Ended | 3 Months Ended |
Dec. 31, 2022 USD ($) item | Dec. 31, 2022 USD ($) item | |
Summary of Significant Accounting Policies | ||
Number of interest rate swaps | item | 2 | 2 |
Notional Amount | $ | $ 100,000,000 | $ 100,000,000 |
Credit spread basis points | 10% | 10% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Revenue Recognition | |||
Maximum period over which loan is to be considered as non-performing | 60 days | ||
Contingent rental income | $ | $ 57 | $ 0 | $ 111 |
Minimum | |||
Revenue Recognition | |||
Methods used for calculation of annual increases over the rents of the prior year | 1 | ||
Specified annual increase over the prior year's rent (as a percent) | 2% | ||
Maximum | |||
Revenue Recognition | |||
Methods used for calculation of annual increases over the rents of the prior year | 4 | ||
Specified annual increase over the prior year's rent (as a percent) | 3% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Income Taxes | |||
Provision for federal or state income taxes | $ 0 | $ 0 | $ 0 |
Minimum distribution of taxable income (as a percent) | 90% | ||
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 | 30 years | ||
(Excess) / Deficit of book basis of net depreciable assets over tax basis | $ 41,202,000 |
Major Operators (Details)
Major Operators (Details) | 12 Months Ended |
Dec. 31, 2022 item property | |
Major Operators | |
Number of major operators | 1 |
Number of beds/units | 217 |
ALF | |
Major Operators | |
Number of beds/units | 74 |
Prestige Healthcare | SNF | |
Major Operators | |
Number of beds | property | 24 |
Number of beds/units | 2,820 |
Prestige Healthcare | ALF | |
Major Operators | |
Number of beds/units | 93 |
Total Revenues | Operator Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 18.60% |
Total Assets | Credit Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 16% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-cash investing and financing transactions: | |||
Contribution of financing receivable from non-controlling interests (See Note 5. Real Estate Investments) | $ 14,325 | ||
Mortgage loans receivable reserve withheld at origination (See Note 5. Real Estate Investments) | 107 | $ 298 | |
Accretion of interest reserve recorded as mortgage loan receivable (See Note 5. Real Estate Investments) | (6,192) | (150) | |
Preferred return reserve related to investment in unconsolidated joint ventures (See Note 6. Investment in Unconsolidated Joint Ventures) | 351 | 2,324 | $ 2,878 |
Notes receivable reserve withheld at origination (See Note 7. Notes Receivable) | 353 | ||
Reclassification of notes receivable to lease incentives (Note 8. Lease Incentives) | $ 300 | ||
Change in fair value of interest rate swap agreements (Note 9. Debt Obligations) | $ (8,891) | $ 172 |
Real Estate Investments - Owned
Real Estate Investments - Owned Properties (Details) - Real Estate Investment | Dec. 31, 2022 property |
Real estate investments | |
Number of properties | 152 |
Number of states | 26 |
Number of operators | 24 |
ALF | |
Real estate investments | |
Number of properties | 99 |
SNF | |
Real estate investments | |
Number of properties | 52 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation | |||
Depreciation expense | $ 37,394 | $ 38,192 | $ 38,945 |
Future minimum base rents receivable | |||
2023 | 120,817 | ||
2024 | 113,003 | ||
2025 | 103,690 | ||
2026 | 71,044 | ||
2027 | 67,087 | ||
Thereafter | $ 200,663 |
Real Estate Investments - Lease
Real Estate Investments - Lease (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 item lease Center | Dec. 31, 2022 USD ($) property Center lease item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real estate investments | ||||
Lease renewal term | 5 years | 5 years | ||
Number of operating lease renewals | lease | 2 | |||
Skilled nursing center purchased | Center | 3 | |||
Write-off of straight-line rent and lease incentives balances | $ 256,000 | $ 758,000 | $ 23,214,000 | |
Gross Investment | 58,972,000 | |||
Carrying value | $ 1,019,218,000 | 1,033,951,000 | ||
Lease term | 10 years | |||
Income and Expenses, Lessor [Abstract] | ||||
Base cash rental income | $ 115,230,000 | 107,692,000 | 132,789,000 | |
Variable cash rental income | 15,516,000 | 14,332,000 | 15,167,000 | |
Straight-line rent | (1,369,000) | 467,000 | 1,778,000 | |
Adjustment for collectability of lease incentives and rental income | (256,000) | (758,000) | (23,214,000) | |
Amortization of lease incentives | (877,000) | (608,000) | (426,000) | |
Total Rental Income | $ 128,244,000 | $ 121,125,000 | $ 126,094,000 | |
Number of units | item | 217 | |||
Number of Re leased properties | property | 18 | |||
Percentage of reduction in rent and interest escalations | 50% | 50% | ||
Subsequent Event | ||||
Real estate investments | ||||
Lease renewal term | 5 years | |||
Number of operating lease renewals | lease | 2 | |||
Lease term | 10 years | |||
Florida | Brookdale Senior Living | Subsequent Event | ||||
Income and Expenses, Lessor [Abstract] | ||||
Number of units | item | 216 | |||
Purchase Option in Lease Arrangements | ||||
Real estate investments | ||||
Gross Investment | $ 202,013,000 | |||
Carrying value | 185,066,000 | |||
ALF | ||||
Income and Expenses, Lessor [Abstract] | ||||
Lease termination fee received | $ 1,181,000 | |||
Number of units | item | 74 | |||
ALF | Purchase Option in Lease Arrangements | Nebraska | ||||
Real estate investments | ||||
Number of properties | property | 3 | |||
Gross Investment | $ 7,633,000 | |||
Carrying value | $ 2,948,000 | |||
MC | Purchase Option in Lease Arrangements | Florida | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 15,201,000 | |||
Carrying value | $ 12,500,000 | |||
ALF & MC | Purchase Option in Lease Arrangements | California | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 38,895,000 | |||
Carrying value | $ 33,719,000 | |||
ALF & MC | Purchase Option in Lease Arrangements | South Carolina | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 11,680,000 | |||
Carrying value | $ 9,052,000 | |||
SNF | ||||
Real estate investments | ||||
Lease renewal term | 5 years | |||
Number of operating lease renewals | lease | 2 | |||
Skilled nursing center purchased | item | 3 | |||
Number of properties acquired | property | 4 | |||
Lease term | 10 years | |||
SNF | Brookdale Senior Living | Subsequent Event | ||||
Real estate investments | ||||
Skilled nursing center purchased | Center | 2 | |||
Additional term of lessor's operating lease renewal | 5 years | |||
SNF | Florida | Brookdale Senior Living | Subsequent Event | ||||
Income and Expenses, Lessor [Abstract] | ||||
Number of units | item | 216 | |||
SNF | Texas | ||||
Real estate investments | ||||
Lease term | 10 years | |||
SNF | Purchase Option in Lease Arrangements | Florida | ||||
Real estate investments | ||||
Number of properties | property | 3 | |||
Gross Investment | $ 76,767,000 | |||
Carrying value | $ 75,999,000 | |||
Number of properties acquired | item | 3 | |||
SNF | Purchase Option in Lease Arrangements | Texas | ||||
Real estate investments | ||||
Number of properties | property | 4 | |||
Gross Investment | $ 51,837,000 | |||
Carrying value | $ 50,848,000 | |||
Number of properties acquired | item | 4 | |||
Lease term | 10 years |
Real Estate Investments - Impai
Real Estate Investments - Impairment Loss (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate Properties [Line Items] | |||
Number of units | item | 217 | ||
Impairment loss | $ 3,422,000 | $ 0 | $ 3,977,000 |
Kentucky | |||
Real Estate Properties [Line Items] | |||
Impairment loss from investments in unconsolidated joint ventures | $ 1,286,000 | ||
ALF | |||
Real Estate Properties [Line Items] | |||
Number of units | item | 74 | ||
ALF | Kentucky | |||
Real Estate Properties [Line Items] | |||
Impairment loss from investments in unconsolidated joint ventures | $ 1,286,000 | ||
ALF | Florida and Colorado | |||
Real Estate Properties [Line Items] | |||
Number of units | item | 70 | ||
Impairment loss | $ 2,136,000 |
Real Estate Investments - Held-
Real Estate Investments - Held-For-Sale Properties (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) item property | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | ||
Accumulated depreciation | $ 389,182,000 | $ 374,606,000 |
Kentucky | ||
Real Estate Properties [Line Items] | ||
Impairment loss from investments in unconsolidated joint ventures | $ 1,286,000 | |
ALF | Kentucky | ||
Real Estate Properties [Line Items] | ||
Number of Properties | property | 1 | |
Number of Beds/units | item | 60 | |
Gross Investment | $ 13,015,000 | |
Accumulated depreciation | 2,305,000 | |
Impairment loss from investments in unconsolidated joint ventures | $ 1,286,000 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) item property | |
Real estate investments | |
Lease term | 10 years |
SNF | |
Real estate investments | |
Purchase Price | $ 51,534 |
Transaction Costs | 283 |
Acquisition Costs | $ 51,817 |
Number of properties acquired | property | 4 |
Number of beds/units acquired | item | 339 |
Lease term | 10 years |
SNF | Texas | |
Real estate investments | |
Lease term | 10 years |
Number of options available for renewal | item | 2 |
Renewal term | 5 years |
Cash yield percentage, minimum | 8% |
Cash yield percentage year two | 8.25% |
Working capital loan outstanding | $ 1,642 |
SNF | Texas | Minimum | |
Real estate investments | |
Annual increase in cash yield percentage | 2% |
SNF | Texas | Maximum | |
Real estate investments | |
Annual increase in cash yield percentage | 4% |
Working capital loan funded | $ 2,000 |
Real Estate Investments - Devel
Real Estate Investments - Developments and Improvements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate investments | |||
Invested in projects | $ 25,328 | ||
Development | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 105 | $ 16,699 | |
Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 8,994 | $ 6,298 | 6,913 |
ALF | Development | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 105 | 4,491 | |
ALF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 5,538 | 5,846 | 6,842 |
SNF | Development | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 12,208 | ||
SNF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 2,897 | $ 452 | $ 71 |
Other | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 559 |
Real Estate Investments - Compl
Real Estate Investments - Completed Projects (Details) - Real Estate Investment Completed Projects $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 project | Dec. 31, 2021 project | Dec. 31, 2020 USD ($) property item | |
Completed development projects | |||
Number of completed development projects | project | 0 | 0 | |
Real Estate Development Commitments | |||
Completed development projects | |||
Number of Properties | property | 2 | ||
Number of Beds/Units | item | 168 | ||
Total Investment | $ | $ 35,034 | ||
ALF & MC | Real Estate Development Commitments | Oregon | |||
Completed development projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 78 | ||
Total Investment | $ | $ 18,447 | ||
SNF | Real Estate Development Commitments | Missouri | |||
Completed development projects | |||
Number of Properties | property | 1 | ||
Number of Beds/Units | item | 90 | ||
Total Investment | $ | $ 16,587 |
Real Estate Investments - Prope
Real Estate Investments - Properties Sales (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property item | Dec. 31, 2021 USD ($) item property | Dec. 31, 2020 USD ($) item property | |
Disposals and other | |||
Carrying value | $ 1,019,218,000 | $ 1,033,951,000 | |
Net Gain (loss) | 37,830,000 | $ 7,462,000 | $ 44,117,000 |
Gain from property insurance proceeds | $ 373,000 | ||
Number of beds damaged | item | 114 | ||
Kentucky | |||
Disposals and other | |||
Impairment loss from investments in unconsolidated joint ventures | 1,286,000 | ||
ALF | Virginia | |||
Disposals and other | |||
Lease termination fee payable | 1,181,000 | ||
ALF | Kentucky | |||
Disposals and other | |||
Impairment loss from investments in unconsolidated joint ventures | $ 1,286,000 | ||
Properties sold | |||
Disposals and other | |||
Number of properties sold | property | 5 | 6 | 21 |
Number of beds or units in property sold | item | 427 | 426 | 2,411 |
Sales price | $ 74,345,000 | $ 45,600,000 | $ 74,800,000 |
Carrying value | 35,924,000 | 36,513,000 | 29,084,000 |
Net Gain (loss) | 37,830,000 | 7,462,000 | 44,117,000 |
Net Gain (loss) | $ 214,000 | $ 363,000 | $ 129,000 |
Properties sold | ALF | California | |||
Disposals and other | |||
Number of properties sold | property | 2 | ||
Number of beds or units in property sold | item | 232 | ||
Sales price | $ 43,715,000 | ||
Carrying value | 17,832,000 | ||
Net Gain (loss) | $ 25,867,000 | ||
Properties sold | ALF | Florida | |||
Disposals and other | |||
Number of properties sold | property | 1 | ||
Sales price | $ 2,000,000 | ||
Carrying value | 2,626,000 | ||
Net Gain (loss) | $ (858,000) | ||
Properties sold | ALF | Nebraska | |||
Disposals and other | |||
Number of properties sold | property | 1 | ||
Number of beds or units in property sold | item | 40 | ||
Sales price | $ 900,000 | ||
Carrying value | 1,079,000 | ||
Net Gain (loss) | $ (200,000) | ||
Properties sold | ALF | Wisconsin | |||
Disposals and other | |||
Number of properties sold | property | 3 | ||
Number of beds or units in property sold | item | 263 | ||
Sales price | $ 35,000,000 | ||
Carrying value | 28,295,000 | ||
Net Gain (loss) | $ 5,595,000 | ||
Properties sold | ALF | Virginia | |||
Disposals and other | |||
Number of properties sold | property | 1 | ||
Number of beds or units in property sold | item | 74 | ||
Sales price | $ 16,895,000 | ||
Carrying value | 15,549,000 | ||
Net Gain (loss) | $ 1,344,000 | ||
Properties sold | SNF | California | |||
Disposals and other | |||
Number of properties sold | property | 1 | ||
Number of beds or units in property sold | item | 121 | ||
Sales price | $ 13,250,000 | ||
Carrying value | 1,846,000 | ||
Net Gain (loss) | $ 10,846,000 | ||
Properties sold | SNF | Washington | |||
Disposals and other | |||
Number of properties sold | property | 1 | ||
Number of beds or units in property sold | item | 123 | ||
Sales price | $ 7,700,000 | ||
Carrying value | 4,513,000 | ||
Net Gain (loss) | $ 2,562,000 | ||
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 (loss) | $ 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 (loss) | $ 10,364,000 | ||
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 (loss) | $ 9,051,000 | ||
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 (loss) | $ 1,993,000 | ||
Properties sold | SNF | Texas | |||
Disposals and other | |||
Number of properties sold | property | 1 | 7 | |
Number of beds or units in property sold | item | 1,148 | ||
Sales price | $ 485,000 | $ 23,000,000 | |
Carrying value | 697,000 | 10,260,000 | |
Net Gain (loss) | $ (441,000) | $ 12,287,000 |
Real Estate Investments - Finan
Real Estate Investments - Financing Receivable (Details) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2023 USD ($) item lease | Dec. 31, 2022 USD ($) Center lease | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Contribution to JV | $ 61,661,000 | |
Skilled nursing center purchased | Center | 3 | |
Real estate property acquired | $ 75,825,000 | |
Lease term | 10 years | |
Number of operating lease renewals | lease | 2 | |
Lease renewal term | 5 years | 5 years |
Interest income from financing receivable | $ 1,762,000 | |
Provision for expected loan losses | 768,000 | |
Subsequent Event | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Amount of joint venture investment | $ 121,321,000 | |
Contribution to JV | $ 117,900,000 | |
Number of assisted living and memory care communities | item | 11 | |
Lease term | 10 years | |
Number of operating lease renewals | lease | 2 | |
Lease renewal term | 5 years | |
Percentage of contractual initial cash yield | 7.25% | |
Percentage of contractual initial cash yield in year three | 7.50% | |
Percentage of floor on initial cash yield | 2% | |
Percentage of ceiling on initial cash yield | 4% | |
Maximum percentage of purchase option to buy properties | 50% | |
Percentage of cash return | 9% | |
JV Partner | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Contribution to JV | $ 14,325,000 |
Real Estate Investments - Mortg
Real Estate Investments - Mortgage Loan (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) property loan item state $ / item | Dec. 31, 2021 | |
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.25% | ||
Gross Investment | $ | $ 58,972,000 | ||
Number of Loans | property | 14 | ||
Number of beds/units | 217 | ||
Loan Term | 4 years | ||
Internal Rate of Return | 8% | ||
North Carolina | Subsequent Event | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.25% | ||
Payments to Acquire Real Estate | $ | $ 10,750,000 | ||
Loan Term | 2 years | ||
Internal Rate of Return | 9% | ||
ALF | |||
Real Estate [Line Items] | |||
Number of beds/units | 74 | ||
ALF | North Carolina | |||
Real Estate [Line Items] | |||
Number of properties | property | 4 | ||
Mezzanine loan | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 8% | ||
Number of beds/units | property | 621 | ||
Loan Term | 5 years | ||
Mezzanine loan | Subsequent Event | |||
Real Estate [Line Items] | |||
Number of beds/units | 136 | ||
Mortgage loans with 7.3% Interest Maturing 2025 | ALF | |||
Real Estate [Line Items] | |||
Internal Rate of Return | 8% | ||
Mortgage loans with 7.3% Interest Maturing 2026 | OTH | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.30% | ||
Mortgage Loans | |||
Real Estate [Line Items] | |||
Gross Investment | $ | $ 393,658,000 | ||
Percentage of Investment | 100% | ||
Number of Loans | loan | 10 | ||
Number of properties | property | 41 | ||
Average Investment per Bed/Unit | $ / item | 106.42 | ||
Number of borrowers | 5 | ||
Number of states in which properties are located | state | 6 | ||
Mortgage Loans | North Carolina | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.30% | ||
Mortgage Loans | SNF Beds | |||
Real Estate [Line Items] | |||
Number of beds/units | 2,891 | ||
Mortgage Loans | ALF Units | |||
Real Estate [Line Items] | |||
Number of beds/units | 808 | ||
Mortgage Loans | SNF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 2.25% | ||
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2023 | OTH | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.50% | ||
Gross Investment | $ | $ 1,886,000 | ||
Percentage of Investment | 0.50% | ||
Number of Loans | loan | 1 | ||
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.50% | ||
Gross Investment | $ | $ 29,347,000 | ||
Percentage of Investment | 7.50% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 1 | ||
Average Investment per Bed/Unit | $ / item | 155.28 | ||
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF | SNF Beds | |||
Real Estate [Line Items] | |||
Number of beds/units | 189 | ||
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.80% | ||
Gross Investment | $ | $ 14,308,000 | ||
Percentage of Investment | 3.60% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 1 | ||
Average Investment per Bed/Unit | $ / item | 210.41 | ||
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF | ALF Units | |||
Real Estate [Line Items] | |||
Number of beds/units | 68 | ||
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025 | ALF | |||
Real Estate [Line Items] | |||
Gross Investment | $ | $ 56,317,000 | ||
Percentage of Investment | 14.30% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 13 | ||
Average Investment per Bed/Unit | $ / item | 107.68 | ||
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025 | ALF | ALF Units | |||
Real Estate [Line Items] | |||
Number of beds/units | 523 | ||
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | OTH | |||
Real Estate [Line Items] | |||
Gross Investment | $ | $ 797,000 | ||
Percentage of Investment | 0.20% | ||
Number of Loans | loan | 1 | ||
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | ALF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 7.30% | ||
Gross Investment | $ | $ 33,001,000 | ||
Percentage of Investment | 8.40% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 4 | ||
Average Investment per Bed/Unit | $ / item | 152.08 | ||
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | ALF | ALF Units | |||
Real Estate [Line Items] | |||
Number of beds/units | 217 | ||
Mortgage Loans | Mortgage loans with 10.6% Interest Maturing 2043 | SNF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 10.60% | ||
Gross Investment | $ | $ 184,351,000 | ||
Percentage of Investment | 46.80% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 15 | ||
Average Investment per Bed/Unit | $ / item | 98.32 | ||
Mortgage Loans | Mortgage loans with 10.6% Interest Maturing 2043 | SNF | SNF Beds | |||
Real Estate [Line Items] | |||
Number of beds/units | 1,875 | ||
Mortgage Loans | Mortgage loans with 9.6% Interest Maturing 2045 [Member] | SNF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 9.60% | ||
Gross Investment | $ | $ 39,026,000 | ||
Percentage of Investment | 9.90% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 4 | ||
Average Investment per Bed/Unit | $ / item | 81.30 | ||
Mortgage Loans | Mortgage loans with 9.6% Interest Maturing 2045 [Member] | SNF | SNF Beds | |||
Real Estate [Line Items] | |||
Number of beds/units | 480 | ||
Mortgage Loans | Mortgage loans with 9.8% Interest Maturing 2045 | SNF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 9.80% | ||
Gross Investment | $ | $ 19,750,000 | ||
Percentage of Investment | 5% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 2 | ||
Average Investment per Bed/Unit | $ / item | 98.26 | ||
Mortgage Loans | Mortgage loans with 9.8% Interest Maturing 2045 | SNF | SNF Beds | |||
Real Estate [Line Items] | |||
Number of beds/units | 201 | ||
Mortgage Loans | Mortgage Loans with 10.1% Interest Maturing 2045 | SNF | |||
Real Estate [Line Items] | |||
Interest rate (as a percent) | 10.10% | ||
Gross Investment | $ | $ 14,875,000 | ||
Percentage of Investment | 3.80% | ||
Number of Loans | loan | 1 | ||
Number of properties | property | 1 | ||
Average Investment per Bed/Unit | $ / item | 101.88 | ||
Mortgage Loans | Mortgage Loans with 10.1% Interest Maturing 2045 | SNF | SNF Beds | |||
Real Estate [Line Items] | |||
Number of beds/units | 146 |
Real Estate Investments - Mor_2
Real Estate Investments - Mortgage Loans Activity (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) a property loan item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Mortgage Loans | |||||
Originations and funding under mortgage loans receivable | $ 40,732,000 | $ 88,955,000 | $ 4,253,000 | ||
Application of interest reserve | 6,192,000 | 298,000 | |||
Scheduled principal payments received | (1,175,000) | (1,175,000) | (1,065,000) | ||
Mortgage loan premium amortization | (6,000) | (6,000) | (4,000) | ||
Provision (recovery) for loan loss reserve | (457,000) | (881,000) | (32,000) | ||
Net increase (decrease) in mortgage loans receivable | $ 45,286,000 | 87,191,000 | 3,152,000 | ||
Number of senior mortgage loans | loan | 2 | ||||
Area of land | a | 7.6 | ||||
Loan Term | 4 years | ||||
Interest rate (as a percent) | 7.25% | ||||
Internal Rate of Return | 8% | ||||
Gross Investment | $ 58,972,000 | ||||
Number of beds/units | item | 217 | ||||
Extension term number of options | 2 | ||||
Extension term | 1 year | ||||
Carrying Amount of Mortgages | $ 389,728,000 | 344,442,000 | 257,251,000 | $ 254,099,000 | |
Additions to mortgage loans | $ 9,900,000 | ||||
Minimum | |||||
Mortgage Loans | |||||
Interest rate (as a percent) | 4% | ||||
Maximum | |||||
Mortgage Loans | |||||
Loan Term | 4 years | ||||
Interest rate (as a percent) | 8% | ||||
Mortgage Loans | |||||
Mortgage Loans | |||||
Gross Investment | $ 393,658,000 | ||||
Number of properties | property | 41 | ||||
Percentage of Investment | 100% | ||||
Additions to mortgage loans | $ 2,000,000 | $ 540,000 | |||
Mezzanine loan | |||||
Mortgage Loans | |||||
Loan Term | 5 years | ||||
Interest rate (as a percent) | 8% | ||||
Number of beds/units | property | 621 | ||||
Mezzanine loan | Subsequent Event | |||||
Mortgage Loans | |||||
Number of beds/units | item | 136 | ||||
Mortgages With 8.89 Percent Interest With Escalation [Member] | Mortgage Loans | |||||
Mortgage Loans | |||||
Additions to mortgage loans | $ 2,000,000 | ||||
SNF | Mortgage Loans | |||||
Mortgage Loans | |||||
Interest rate (as a percent) | 2.25% | ||||
SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans | |||||
Mortgage Loans | |||||
Number of beds/units | item | 91 | ||||
ALF | |||||
Mortgage Loans | |||||
Number of beds/units | item | 74 | ||||
Missouri | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans | |||||
Mortgage Loans | |||||
Loan Term | 1 year | ||||
Interest rate (as a percent) | 7.50% | ||||
Gross Investment | $ 1,638,000 | ||||
Number of beds/units | item | 91 | ||||
Amount With held in Reserve | $ 142,000 | ||||
Louisiana | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans | |||||
Mortgage Loans | |||||
Loan Term | 3 years | ||||
Interest rate (as a percent) | 7.50% | ||||
Gross Investment | $ 27,047,000 | ||||
Number of beds/units | item | 189 | ||||
Extension term number of options | item | 1 | ||||
Extension term | 12 months | ||||
Florida | ALF | Mortgages With 7.75% Interest | Mortgage Loans | |||||
Mortgage Loans | |||||
Loan Term | 4 years | ||||
Interest rate (as a percent) | 7.75% | ||||
Gross Investment | $ 11,724,000 | ||||
Number of beds/units | item | 68 | ||||
Amount With held in Reserve | $ 806,000 | ||||
Origination/Funding | 4,177,000 | ||||
Application of mortgage premium | $ 156,000 | ||||
California | Mortgage Loans | |||||
Mortgage Loans | |||||
Loan Term | 4 years | ||||
Amount With held in Reserve | $ 4,496,000 | ||||
Number of real estate properties acquired | item | 13 | ||||
Carrying Amount of Mortgages | $ 48,006,000 | ||||
Funded commitment | 6,097,000 | ||||
Commitment for working capital | $ 650,000 | ||||
California | ALF | Mortgages With 7.75% Interest | Mortgage Loans | |||||
Mortgage Loans | |||||
Interest rate (as a percent) | 7.25% | ||||
North Carolina | Subsequent Event | |||||
Mortgage Loans | |||||
Payments to Acquire Real Estate | $ 10,750,000 | ||||
Loan Term | 2 years | ||||
Interest rate (as a percent) | 7.25% | ||||
Internal Rate of Return | 9% | ||||
North Carolina | Mortgage Loans | |||||
Mortgage Loans | |||||
Interest rate (as a percent) | 7.30% | ||||
Carrying Amount of Mortgages | $ 788,000 | ||||
North Carolina | ALF | |||||
Mortgage Loans | |||||
Number of properties | property | 4 | ||||
SNF Beds | Mortgage Loans | |||||
Mortgage Loans | |||||
Number of beds/units | item | 2,891 |
Real Estate Investments - Mor_3
Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate investments | ||
Carrying value of mortgage loans | $ 389,728 | $ 344,442 |
Mortgage Loans | ||
Real estate investments | ||
Carrying value of mortgage loans | 389,728 | $ 344,442 |
Scheduled principal payments on mortgage loan receivables | ||
2023 | 3,061 | |
2024 | 30,522 | |
2025 | 71,801 | |
2026 | 34,972 | |
2027 | 1,175 | |
Thereafter | 252,127 | |
Total | $ 393,658 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Investment (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) property | |
Investment in Unconsolidated Joint Ventures | ||||
Liquidation proceeds | $ 17,848,000 | |||
Number of beds/units | item | 217 | |||
Carrying Value | $ 19,340,000 | $ 19,340,000 | ||
Application of Interest Reserve | 6,192,000 | 150,000 | ||
Subsequent Event | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 9% | |||
Amount of joint venture investment | $ 121,321,000 | |||
Joint Venture | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of properties owned by joint venture for sale | property | 4 | |||
Liquidation proceeds | $ 17,848,000 | |||
Additional proceeds | 758,000 | |||
Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | 8,000,000 | 11,398,000 | ||
Income Recognized | 1,504,000 | 1,417,000 | 432,000 | |
Cash Interest Earned | 351,000 | 432,000 | ||
Application of Interest Reserve | $ 1,153,000 | 1,292,000 | ||
Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of beds/units | item | 95 | |||
Carrying Value | $ 19,340,000 | |||
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | 58,000 | |||
Income Recognized | 231,000 | |||
Cash Interest Earned | 231,000 | |||
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Arizona | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of beds/units | property | 4 | |||
UDP | Joint Venture | Not primary beneficiary | Preferred Equity Investment | ||||
Investment in Unconsolidated Joint Ventures | ||||
Income Recognized | $ 1,054,000 | |||
Cash Interest Earned | 351,000 | |||
Application of Interest Reserve | $ 703,000 | |||
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | 8,000,000 | 6,340,000 | ||
Income Recognized | 967,000 | 169,000 | ||
Cash Interest Earned | 169,000 | |||
Application of Interest Reserve | 880,000 | |||
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Subsequent Event | ||||
Investment in Unconsolidated Joint Ventures | ||||
Number of beds/units | item | 267 | |||
Preferred equity investment in a joint venture | $ 13,000,000 | |||
Percentage of internal rate of return | 14% | |||
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 12% | |||
Contractual cash portion | 8% | |||
Number of beds/units | item | 267 | |||
Carrying Value | $ 13,000,000 | |||
Percentage of Investment | 11.60% | |||
Percentage of cash return | 8% | |||
Percentage of internal rate of return | 12% | |||
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Capital Contributions | 5,000,000 | |||
Income Recognized | 32,000 | |||
Cash Interest Earned | $ 32,000 | |||
Combination ALF/MC | Joint Venture | Not primary beneficiary | Preferred Equity Investment | ||||
Investment in Unconsolidated Joint Ventures | ||||
Income Recognized | $ 450,000 | |||
Application of Interest Reserve | $ 450,000 | |||
Combination ALF/MC | Preferred Equity Investment | Not primary beneficiary | Internal Rate of Return is Until Eight Percent | Maximum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of cash return | 9% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | ||||
Investment in Unconsolidated Joint Ventures | ||||
Income Recognized | 450,000 | |||
Application of Interest Reserve | $ 412,000 | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Internal Rate of Return is Until Eight Percent | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of internal rate of return | 8% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | The Internal Rate of Return is Between Twelve and Fourteen Percent | Minimum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of internal rate of return | 12% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | The Internal Rate of Return is Between Twelve and Fourteen Percent | Maximum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Percentage of internal rate of return | 14% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 12% | |||
Contractual cash portion | 7% | |||
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 | Minimum | ||||
Investment in Unconsolidated Joint Ventures | ||||
Preferred return percentage | 12% | |||
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% |
Notes Receivable (Details)
Notes Receivable (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) loan property | |
Notes Receivable | |
Interest rate (as a percent) | 7.25% |
Internal Rate of Return | 8% |
Gross Investment | $ 58,972 |
Number of Loans | property | 14 |
Mezzanine loan | |
Notes Receivable | |
Interest rate (as a percent) | 8% |
Mezzanine loan | Mezzanine loan with 8% interest rate, 2023 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 8% |
Internal Rate of Return | 12% |
Gross Investment | $ 7,460 |
Number of Loans | loan | 1 |
Mezzanine loan | Mezzanine loan with 8% interest rate, 2024 maturity | ILF | |
Notes Receivable | |
Interest rate (as a percent) | 8% |
Internal Rate of Return | 10.50% |
Gross Investment | $ 4,355 |
Number of Loans | loan | 1 |
Mezzanine loan | Mezzanine loan loan 8% interest rate, 2027 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 8% |
Internal Rate of Return | 11% |
Gross Investment | $ 25,000 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 5% interest rate, 2023 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 5% |
Gross Investment | $ 380 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 7% interest rate, 2023 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 7% |
Gross Investment | $ 500 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 5% interest rate, 2024 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 5% |
Gross Investment | $ 184 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 4% interest rate, 2024 maturity | SNF | |
Notes Receivable | |
Interest rate (as a percent) | 4% |
Gross Investment | $ 13,531 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 5% interest rate, 2025 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 5% |
Gross Investment | $ 932 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 7.5% interest rate, 2027 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 7.50% |
Gross Investment | $ 550 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 6.5% interest rate, 2030 maturity | SNF | |
Notes Receivable | |
Interest rate (as a percent) | 6.50% |
Gross Investment | $ 138 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 7.1% interest rate, 2030 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 7.10% |
Gross Investment | $ 1,607 |
Number of Loans | loan | 2 |
Working capital loans | Working capital loan 7% interest rate, 2031 maturity | ALF | |
Notes Receivable | |
Interest rate (as a percent) | 7% |
Gross Investment | $ 2,693 |
Number of Loans | loan | 1 |
Working capital loans | Working capital loan 8% interest rate, 2032 maturity | SNF | |
Notes Receivable | |
Interest rate (as a percent) | 8% |
Gross Investment | $ 1,642 |
Number of Loans | loan | 1 |
Notes Receivable - Components (
Notes Receivable - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Notes receivable activities | ||
Notes receivable loan loss reserve | $ (589) | $ (286) |
Total | 58,383 | 28,337 |
Mezzanine loan | ||
Notes receivable activities | ||
Mezzanine loan | 36,815 | 11,815 |
Other loans | ||
Notes receivable activities | ||
Mezzanine loan | $ 22,157 | $ 16,808 |
Notes Receivable - Other Inform
Notes Receivable - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, after Allowance for Credit Loss [Abstract] | |||
Advances under notes receivable | $ 37,192 | $ 16,353 | $ 2,078 |
Interest reserve withheld | 353 | ||
Principal payments received under notes receivable | (6,843) | (2,694) | (5,275) |
Reclassified to lease incentives | 300 | ||
Provision (recovery) for credit losses | (303) | (140) | 35 |
Net increase (decrease) in notes receivable | $ 30,046 | $ 13,872 | $ (3,462) |
Notes Receivable - New Loan Com
Notes Receivable - New Loan Commitment (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) property item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | |
Notes receivable activities | ||||
Gross Investment | $ 58,972,000 | |||
Principal payments received on notes receivable | 6,843,000 | $ 2,694,000 | $ 5,275,000 | |
Amounts funded | $ 37,192,000 | 16,353,000 | 2,078,000 | |
Number of property | 5 | |||
Loan Term | 4 years | |||
Extension term number of options | 2 | |||
Extension term | 1 year | |||
Interest rate (as a percent) | 7.25% | |||
Number of real estate property communities | property | 5 | |||
Number of units | item | 217 | |||
Interest reserve withheld | 353,000 | |||
Funded under working capital | $ 8,767,000 | $ 540,000 | $ 4,253,000 | |
Mortgage Loans | ||||
Notes receivable activities | ||||
Gross Investment | $ 393,658,000 | |||
Minimum | ||||
Notes receivable activities | ||||
Interest rate (as a percent) | 4% | |||
Maximum | ||||
Notes receivable activities | ||||
Loan Term | 4 years | |||
Interest rate (as a percent) | 8% | |||
Mezzanine loan | ||||
Notes receivable activities | ||||
Mezzanine loan | $ 36,815,000 | $ 11,815,000 | ||
Amounts funded | $ 25,000,000 | |||
Number of property | property | 5 | |||
Loan Term | 5 years | |||
Interest rate (as a percent) | 8% | |||
IRR on mortgage loan on real estate property | 11% | |||
Number of units | property | 621 | |||
Notes receivable, gross | $ 36,815,000 | $ 11,815,000 | ||
Mezzanine loan | Adjustment | ||||
Notes receivable activities | ||||
Working capital loan funded | 1,867,000 | |||
Mezzanine loan | Maximum | ||||
Notes receivable activities | ||||
Working capital loan funded | 2,000,000 | |||
Mezzanine loan | loan with 8% for the first 18 months increasing to 10.5% thereafter | ||||
Notes receivable activities | ||||
Interest rate (as a percent) | 10.50% | |||
Mezzanine loan | Loan with 8.0% for the first 18 months increasing to 10.5% thereafter with an internal rate of return ("IRR") of 10.5%. | ||||
Notes receivable activities | ||||
Mezzanine loan | $ 4,355,000 | |||
Loan Term | 3 years | |||
Extension term number of options | item | 2 | |||
Extension term | 12 months | |||
Interest rate (as a percent) | 8% | |||
Notes receivable, gross | $ 4,355,000 | |||
Interest reserve withheld | $ 353,000 | |||
Subsequent Event | Mezzanine loan | ||||
Notes receivable activities | ||||
Principal payments received on notes receivable | $ 4,545,000 | |||
Exit IRR | $ 190,000 | |||
Number of units | item | 136 | |||
Subsequent Event | Notes Receivable | ||||
Notes receivable activities | ||||
Number of units | item | 136 | |||
HMG Healthcare, LLC | Secured loan maturing in September 2022 | ||||
Notes receivable activities | ||||
Mezzanine loan | $ 25,000,000 | |||
Number of properties in transition | item | 11 | |||
Notes receivable, gross | $ 25,000,000 | |||
HMG Healthcare, LLC | Mezzanine loan | ||||
Notes receivable activities | ||||
Funded under working capital | $ 9,761,000 |
Lease Incentives (Details)
Lease Incentives (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lease Incentives | ||
Non-contingent lease incentives | $ 1,789 | $ 2,678 |
Lease Incentives - Non-Continge
Lease Incentives - Non-Contingent Lease Incentive Activity (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lease Incentives | |||
Non-contingent lease incentives funded | $ 418 | $ 824 | $ 220 |
Non-contingent amortization of lease incentives | (877) | (608) | (426) |
Non-contingent lease, adjustment for collectability of lease incentives | (256) | ||
Non-contingent lease, other adjustments | (174) | 115 | |
Net (decrease) increase in non-contingent lease incentives | $ (889) | $ 216 | (91) |
Reclassified to lease incentives | 300 | ||
Non-contingent lease incentives, Write off | $ (185) | ||
Number of properties with lease incentives write-offs | item | 12 | ||
Number of properties with lease incentive adjustment | property | 2 |
Debt Obligations - Bank Borrowi
Debt Obligations - Bank Borrowings (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2022 USD ($) item | |
Debt Obligations | |||
Basis spread over base rate (as a percent) | 10% | 10% | |
Number of term loans | item | 2 | 2 | 2 |
Revolving line of credit | |||
Debt Obligations | |||
Unused commitment fee (as a percent) | 0.20% | ||
Revolving line of credit | LIBOR | |||
Debt Obligations | |||
Basis spread over base rate (as a percent) | 1.15% | ||
Credit Agreement | |||
Debt Obligations | |||
Maximum available under facility | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 |
Contingent increase in maximum borrowing capacity | 1,000,000,000 | 1,000,000,000 | $ 1,000,000,000 |
Additional extension period option | 1 year | ||
Revolving Credit Facility | |||
Debt Obligations | |||
Maximum available under facility | 400,000,000 | 400,000,000 | $ 400,000,000 |
Term loans | |||
Debt Obligations | |||
Maximum available under facility | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 |
Term loans | LIBOR | |||
Debt Obligations | |||
Basis spread over base rate (as a percent) | 1.35% |
Debt Obligations - Interest Rat
Debt Obligations - Interest Rate Swap Agreement (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Debt Obligations | ||
Number of interest rate swaps | item | 2 | |
Notional Amount | $ 100,000,000 | |
Fair Value | $ 8,719,000 | |
Interest Rate Swap | ||
Debt Obligations | ||
Number of interest rate swaps | item | 2 | |
Interest Rate Swap | Minimum | ||
Debt Obligations | ||
Debt instrument term | 4 years | |
Interest Rate Swap | Maximum | ||
Debt Obligations | ||
Debt instrument term | 5 years | |
Interest Rate Swap | Cash Flow Hedging | ||
Debt Obligations | ||
Increase (decrease) in fair value | $ 8,891,000,000 | $ (172,000) |
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025 | ||
Debt Obligations | ||
Notional Amount | 50,000,000 | |
Fair Value | 4,003,000 | |
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026 | ||
Debt Obligations | ||
Notional Amount | 50,000,000 | |
Fair Value | $ 4,716,000 | |
Interest Rate Swap | Cash Flow Hedging | LIBOR | Maturing on November 19, 2025 | ||
Debt Obligations | ||
Swap rate (in percentage) | 2.62% | |
Interest Rate Swap | Cash Flow Hedging | LIBOR | Maturing on November 19, 2026 | ||
Debt Obligations | ||
Swap rate (in percentage) | 2.76% |
Debt Obligations - Senior Unsec
Debt Obligations - Senior Unsecured Notes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Obligations | ||
Interest rate (as a percent) | 7.25% | |
Minimum | ||
Debt Obligations | ||
Interest rate (as a percent) | 4% | |
Maximum | ||
Debt Obligations | ||
Interest rate (as a percent) | 8% | |
Senior Unsecured Notes | ||
Debt Obligations | ||
Face amount of debt | $ 75,000,000 | |
Fixed interest rate (as a percent) | 3.66% | |
Debt instrument term | 10 years | |
Senior Unsecured Notes | Minimum | ||
Debt Obligations | ||
Interest rate (as a percent) | 3.66% | |
Senior Unsecured Notes | Maximum | ||
Debt Obligations | ||
Interest rate (as a percent) | 5.03% | |
Revolving line of credit | ||
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 |
Debt Obligations - Component (D
Debt Obligations - Component (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 4.24% | |||
Outstanding Balance | $ 767,854,000 | $ 722,719,000 | ||
Available for borrowing | 270,000,000 | 289,100,000 | ||
Borrowings | 269,000,000 | 304,400,000 | $ 24,000,000 | |
Payments on debt | $ 223,060,000 | 230,560,000 | 68,160,000 | |
Revolving line of credit | ||||
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 5.38% | |||
Outstanding Balance | $ 130,000,000 | 110,900,000 | ||
Available for borrowing | 270,000,000 | 289,100,000 | ||
Borrowings | 194,000,000 | 204,400,000 | 24,000,000 | |
Payments on debt | $ 174,900,000 | 183,400,000 | 28,000,000 | |
Term loans | ||||
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 2.69% | |||
Outstanding Balance | $ 99,511,000 | 99,363,000 | ||
Borrowings | 100,000,000 | |||
Senior Unsecured Notes | ||||
Debt Obligations | ||||
Applicable Interest Rate (as a percent) | 4.25% | |||
Outstanding Balance | $ 538,343,000 | 512,456,000 | ||
Borrowings | 75,000,000 | |||
Payments on debt | $ 48,160,000 | $ 47,160,000 | $ 40,160,000 | |
Subsequent Event | Revolving line of credit | ||||
Debt Obligations | ||||
Outstanding Balance | $ 292,700,000 | |||
Available for borrowing | 107,300,000 | |||
Borrowings | 162,700,000 | |||
Subsequent Event | Senior Unsecured Notes | ||||
Debt Obligations | ||||
Outstanding Balance | 531,343,000 | |||
Payments on debt | $ 7,000,000 |
Debt Obligations - Borrowings a
Debt Obligations - Borrowings and Repayments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings | ||||
Borrowings from revolving line of credit | $ 194,000,000 | $ 204,400,000 | $ 24,000,000 | |
Total | 269,000,000 | 304,400,000 | 24,000,000 | |
Repayments | ||||
Revolving line of credit | (174,900,000) | (183,400,000) | (28,000,000) | |
Senior unsecured notes | (48,160,000) | (47,160,000) | (40,160,000) | |
Total | (223,060,000) | (230,560,000) | (68,160,000) | |
Borrowings from term loans | 269,000,000 | 304,400,000 | 24,000,000 | |
Outstanding Balance | 767,854,000 | 722,719,000 | ||
Available for borrowing | 270,000,000 | 289,100,000 | ||
Revolving line of credit | ||||
Borrowings | ||||
Total | 194,000,000 | 204,400,000 | 24,000,000 | |
Repayments | ||||
Total | (174,900,000) | (183,400,000) | (28,000,000) | |
Borrowings from term loans | 194,000,000 | 204,400,000 | 24,000,000 | |
Outstanding Balance | 130,000,000 | 110,900,000 | ||
Available for borrowing | 270,000,000 | 289,100,000 | ||
Term loans | ||||
Borrowings | ||||
Total | 100,000,000 | |||
Repayments | ||||
Borrowings from term loans | 100,000,000 | |||
Outstanding Balance | 99,511,000 | 99,363,000 | ||
Senior Unsecured Notes | ||||
Borrowings | ||||
Total | 75,000,000 | |||
Repayments | ||||
Total | (48,160,000) | (47,160,000) | $ (40,160,000) | |
Borrowings from term loans | 75,000,000 | |||
Outstanding Balance | $ 538,343,000 | $ 512,456,000 | ||
Subsequent Event | Revolving line of credit | ||||
Borrowings | ||||
Total | $ 162,700,000 | |||
Repayments | ||||
Borrowings from term loans | 162,700,000 | |||
Outstanding Balance | 292,700,000 | |||
Available for borrowing | 107,300,000 | |||
Subsequent Event | Senior Unsecured Notes | ||||
Borrowings | ||||
Borrowings from revolving line of credit | 162,700,000 | |||
Repayments | ||||
Senior unsecured notes | (7,000,000) | |||
Total | (7,000,000) | |||
Outstanding Balance | $ 531,343,000 |
Debt Obligations - Future Matur
Debt Obligations - Future Maturities (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Scheduled Principal Payments | ||||
2023 | $ 49,160,000 | |||
2024 | 49,160,000 | |||
2025 | 229,500,000 | |||
2026 | 101,500,000 | |||
2027 | 54,500,000 | |||
Thereafter | 286,000,000 | |||
Total | 769,820,000 | |||
Other information | ||||
Borrowings | 269,000,000 | $ 304,400,000 | $ 24,000,000 | |
Outstanding Balance | 767,854,000 | 722,719,000 | ||
Available for borrowing | 270,000,000 | 289,100,000 | ||
Payments on debt | 223,060,000 | 230,560,000 | 68,160,000 | |
Revolving line of credit | ||||
Scheduled Principal Payments | ||||
2025 | 130,000,000 | |||
Total | 130,000,000 | |||
Other information | ||||
Borrowings | 194,000,000 | 204,400,000 | 24,000,000 | |
Outstanding Balance | 130,000,000 | 110,900,000 | ||
Available for borrowing | 270,000,000 | 289,100,000 | ||
Payments on debt | 174,900,000 | 183,400,000 | 28,000,000 | |
Revolving line of credit | Subsequent Event | ||||
Other information | ||||
Borrowings | $ 162,700,000 | |||
Outstanding Balance | 292,700,000 | |||
Available for borrowing | 107,300,000 | |||
Term loans | ||||
Scheduled Principal Payments | ||||
2025 | 50,000,000 | |||
2026 | 50,000,000 | |||
Total | 100,000,000 | |||
Other information | ||||
Borrowings | 100,000,000 | |||
Outstanding Balance | 99,511,000 | 99,363,000 | ||
Senior Unsecured Notes | ||||
Scheduled Principal Payments | ||||
2023 | 49,160,000 | |||
2024 | 49,160,000 | |||
2025 | 49,500,000 | |||
2026 | 51,500,000 | |||
2027 | 54,500,000 | |||
Thereafter | 286,000,000 | |||
Total | 539,820,000 | |||
Other information | ||||
Borrowings | 75,000,000 | |||
Outstanding Balance | 538,343,000 | 512,456,000 | ||
Payments on debt | $ 48,160,000 | $ 47,160,000 | $ 40,160,000 | |
Senior Unsecured Notes | Subsequent Event | ||||
Other information | ||||
Outstanding Balance | 531,343,000 | |||
Payments on debt | $ 7,000,000 |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2023 USD ($) item lease | Dec. 31, 2022 USD ($) Center property lease item | Dec. 31, 2021 USD ($) | |
Noncontrolling interest | |||
Gross Consolidated Assets | $ 1,656,103,000 | $ 1,504,825,000 | |
Non-controlling interests | 21,940,000 | $ 8,413,000 | |
Contribution to JV | $ 61,661,000 | ||
Skilled nursing center purchased | Center | 3 | ||
Real estate property acquired | $ 75,825,000 | ||
Lease term | 10 years | ||
Lease renewal term | 5 years | 5 years | |
Number of operating lease renewals | lease | 2 | ||
JV Partner | |||
Noncontrolling interest | |||
Contribution to JV | $ 14,325,000 | ||
SNF | |||
Noncontrolling interest | |||
Contribution to JV | $ 61,661,000 | ||
Skilled nursing center purchased | item | 3 | ||
Real estate property acquired | $ 75,825,000 | ||
Lease term | 10 years | ||
Lease renewal term | 5 years | ||
Number of operating lease renewals | lease | 2 | ||
Purchase Price | $ 51,534,000 | ||
Number of properties acquired | property | 4 | ||
SNF | JV Partner | |||
Noncontrolling interest | |||
Contribution to JV | $ 14,325,000 | ||
Partnership | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 143,556,000 | ||
Non-controlling interests | 21,940,000 | ||
Virginia | 2019 Acquisitions | Partnership | ALF & MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 76,767,000 | ||
Non-controlling interests | 14,325,000 | ||
Oregon | 2018 Acquisitions | Partnership | ALF & MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 18,452,000 | ||
Non-controlling interests | 1,164,000 | ||
Oregon | 2018 Acquisitions | Partnership | ILF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 14,650,000 | ||
Non-controlling interests | 2,906,000 | ||
Wisconsin | 2017 Acquisitions | Partnership | ILF/ALF/MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 22,007,000 | ||
Non-controlling interests | 2,305,000 | ||
South Carolina | 2017 Acquisitions | Partnership | ALF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 11,680,000 | ||
Non-controlling interests | $ 1,240,000 | ||
Subsequent Event | |||
Noncontrolling interest | |||
Contribution to JV | $ 117,900,000 | ||
Lease term | 10 years | ||
Lease renewal term | 5 years | ||
Number of operating lease renewals | lease | 2 | ||
Amount of joint venture investment | $ 121,321,000 | ||
Number of Assisted Living and Memory Care Communities | item | 11 | ||
Percentage of contractual initial cash yield | 7.25% | ||
Percentage of contractual initial cash yield in year three | 7.50% | ||
Percentage of floor on initial cash yield | 2% | ||
Percentage of ceiling on initial cash yield | 4% | ||
Maximum percentage of purchase option to buy properties | 50% | ||
Joint Venture Cash Return | 9% |
Equity - Class of Stock Disclos
Equity - Class of Stock Disclosures - Common Stock (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||
Proceeds from common stock issued, net of issuance costs | $ 68,156,000 | ||
Equity Distribution Agreements | |||
Equity | |||
Shares common stock sold | 1,792,400 | ||
Amount available under effective shelf registration statement | $ 130,631,000 | ||
Common Stock | |||
Equity | |||
Number of shares repurchased | 39,463 | 87,249 | 76,574 |
Common Stock | Equity Distribution Agreements | |||
Equity | |||
Maximum offering capacity under shelf registration statement | $ 200,000,000 | ||
Shares common stock sold | 0 | 0 | |
Proceeds from common stock issued, net of issuance costs | 68,156,000 | ||
Reclassification of accumulated costs to additional paid in capital | $ 513,000 |
Equity - Stock Repurchase Plan
Equity - Stock 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 - Distributions (Details
Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend Distributions | |||||||||||||||
Paid | $ 91,509 | $ 90,494 | $ 90,262 | ||||||||||||
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, 2023 | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Subsequent Event | Dividend Payable, February 28, 2023 | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Subsequent Event | Dividend Payable, March 31, 2023 | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Common Stock | |||||||||||||||
Dividend Distributions | |||||||||||||||
Declared | $ 91,509 | $ 90,494 | $ 91,509 | $ 90,494 | $ 90,262 | ||||||||||
Paid | $ 91,509 | $ 90,494 | $ 90,262 | ||||||||||||
Dividends declared and paid per common share | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||||
Common Stock | Subsequent Event | Dividend Payable, January 31, 2023 | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends declared and paid per common share | 0.19 | 0.19 | $ 0.19 | ||||||||||||
Common Stock | Subsequent Event | Dividend Payable, February 28, 2023 | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Common Stock | Subsequent Event | Dividend Payable, March 31, 2023 | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Performance-based stock units | Common Stock | |||||||||||||||
Dividend Distributions | |||||||||||||||
Paid | $ 764 | $ 586 |
Equity - Stock-Based Compensati
Equity - Stock-Based Compensation plans (Details) | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares |
2015 Plan | ||||
Stock Based Compensation Plans | ||||
Total shares reserved for issuance of common stock related to the conversion of preferred stock | 1,545,722 | 1,900,000 | ||
Ratio of shares subject to award granted | 1 | |||
Stock options | ||||
Stock Based Compensation Plans | ||||
Options outstanding (in shares) | 10,000 | 15,000 | 15,000 | 15,000 |
Options exercisable (in shares) | 10,000 | 15,000 | 15,000 |
Equity - Restricted Stock and p
Equity - Restricted Stock and performance-based stock units (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted stock and performance-based stock units | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 221,542 | 182,240 | 167,375 |
Compensation expense | |||
Remaining compensation expense | $ 8,765,000 | ||
Restricted stock and performance-based stock units | 2023 | |||
Compensation expense | |||
Remaining compensation expense | 5,603,000 | ||
Restricted stock and performance-based stock units | 2024 | |||
Compensation expense | |||
Remaining compensation expense | 2,853,000 | ||
Restricted stock and performance-based stock units | 2025 | |||
Compensation expense | |||
Remaining compensation expense | $ 309,000 | ||
Restricted stock and performance-based stock units | Grant Date Price $42.27 | Three year vesting | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 122,865 | ||
Granted (in dollars per share) | $ 33.94 | ||
Restricted stock and performance-based stock units | Grant Date Price $42.27 | TSR Targets | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 86,332 | ||
Granted (in dollars per share) | $ 33.94 | ||
Restricted stock and performance-based stock units | Grant Date Price $39.40 | Vesting Date, May 27, 2021 | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 12,345 | ||
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) | 95,293 | ||
Granted (in dollars per share) | $ 42.27 | ||
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) | 71,892 | ||
Granted (in dollars per share) | $ 42.27 | ||
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) | 3,000 | ||
Granted (in dollars per share) | $ 43.14 | ||
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Vesting Date, May 29, 2020 | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 12,055 | ||
Granted (in dollars per share) | $ 39.40 | ||
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) | 76,464 | ||
Granted (in dollars per share) | $ 48.95 | ||
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) | 66,027 | ||
Granted (in dollars per share) | $ 49.98 | ||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Three year vesting | |||
Restricted stock and performance based stock units activity | |||
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 | |||
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 | |||
Granted (in dollars per share) | $ 38.48 | ||
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 30, 2019 | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 9,884 | ||
Granted (in dollars per share) | $ 38.45 | ||
Restricted stock | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the period (in shares) | 197,422 | 180,440 | 163,569 |
Granted (in shares) | 135,210 | 110,348 | 101,348 |
Vested (in shares) | (103,396) | (93,366) | (84,477) |
Outstanding at the end of the period (in shares) | 229,236 | 197,422 | 180,440 |
Restricted stock | Grant Date Price $38.45 | Three year vesting | |||
Restricted stock and performance based stock units activity | |||
Granted (in shares) | 15,000 | ||
Granted (in dollars per share) | $ 38.45 | ||
Vesting period | 3 years | ||
Performance-based stock units | |||
Restricted stock and performance based stock units activity | |||
Outstanding at the beginning of the period (in shares) | 0 | ||
Granted (in shares) | 86,332 | 71,892 | 66,027 |
Vested (in shares) | 0 | (108,720) | (81,574) |
Outstanding at the end of the period (in shares) | 0 | ||
Compensation expense | |||
Compensation expense related to share-based award | $ 7,964,000 | $ 7,760,000 | $ 7,012,000 |
Equity - Options (Details)
Equity - Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Nonqualified stock option activity | |||
Outstanding, beginning of period | 15,000 | 15,000 | 15,000 |
Granted (in shares) | 0 | ||
Canceled | (5,000) | ||
Outstanding, end of period | 10,000 | 15,000 | 15,000 |
Options exercisable (in shares) | 10,000 | 15,000 | 15,000 |
Weighted Average Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 38.43 | $ 38.43 | $ 38.43 |
Canceled | 38.43 | ||
Outstanding at the end of the year (in dollars per share) | 38.43 | 38.43 | 38.43 |
Exercisable at the end of the period (in dollars per share) | $ 38.43 | $ 38.43 | $ 38.43 |
Other information | |||
Aggregate intrinsic value of exercisable options at the end of the year | $ 0 | ||
Weighted average remaining contractual life of options exercisable | 8 months 12 days | 1 year 2 months 12 days | 2 years 2 months 12 days |
Compensation expense related to share-based award | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) property | |
Commitments and Contingencies | |
Investment Commitment | $ 101,150 |
2022 Funding | 25,328 |
Total Commitment funded | 33,890 |
Remaining commitment | 67,260 |
Skilled Nursing Centers | |
Commitments and Contingencies | |
Fair value of earn-out liability | 3,000 |
Earn-out liability, Write off | $ 3,000 |
Number of properties acquired | property | 4 |
Real estate properties | |
Commitments and Contingencies | |
Investment Commitment | $ 22,102 |
2022 Funding | 7,263 |
Total Commitment funded | 8,315 |
Remaining commitment | 13,787 |
Accrued incentives and earn-out liabilities | |
Commitments and Contingencies | |
Investment Commitment | 19,000 |
Remaining commitment | 19,000 |
Mortgage loans | |
Commitments and Contingencies | |
Investment Commitment | 32,507 |
2022 Funding | 5,873 |
Total Commitment funded | 9,613 |
Remaining commitment | 22,894 |
Commitments To Expand and Renovate Properties | |
Commitments and Contingencies | |
Investment Commitment | 14,507 |
Contingent Funding Commitments | |
Commitments and Contingencies | |
Investment Commitment | 18,000 |
Notes receivable | |
Commitments and Contingencies | |
Investment Commitment | 27,541 |
2022 Funding | 12,192 |
Total Commitment funded | 15,962 |
Remaining commitment | $ 11,579 |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90% | ||||||||||
Ordinary taxable distribution | $ 1.095 | $ 1.220 | $ 0.936 | ||||||||
Return of capital | 0.750 | ||||||||||
Unrecaptured Section 1250 gain | 0.502 | 0.252 | 0.894 | ||||||||
Long-term capital gain | 0.683 | 0.058 | 0.450 | ||||||||
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, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 100,584 | $ 56,224 | $ 95,677 | ||||||||
Less income allocated to non-controlling interests | (560) | (363) | (384) | ||||||||
Less income allocated to participating securities: | |||||||||||
Non-forfeitable dividends on participating securities | (531) | (458) | (397) | ||||||||
Income allocated to participating securities | (49) | (25) | |||||||||
Total net income allocated to participating securities | (580) | (458) | (422) | ||||||||
Net income available to common stockholders | 99,444 | 55,403 | 94,871 | ||||||||
Net income for diluted net income per share | $ 99,444 | $ 55,403 | $ 94,871 | ||||||||
Shares for basic net income per share | 39,894,000 | 39,156,000 | 39,179,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Total effect of dilutive securities (in shares) | 173,000 | 85,000 | |||||||||
Shares for diluted net income per share | 40,067,000 | 39,156,000 | 39,264,000 | ||||||||
Basic net income per share (in dollars per share) | $ 0.44 | $ 0.33 | $ 1.37 | $ 0.36 | $ 0.32 | $ 0.28 | $ 0.46 | $ 0.35 | $ 2.49 | $ 1.41 | $ 2.42 |
Diluted net income per share (in dollars per share) | $ 0.44 | $ 0.32 | $ 1.36 | $ 0.36 | $ 0.32 | $ 0.28 | $ 0.46 | $ 0.35 | $ 2.48 | $ 1.41 | $ 2.42 |
Performance-based stock units | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options and performance-based stock units (in shares) | 173,000 | 85,000 | |||||||||
Performance-based stock units would be earned based on TSR targets | 0 | 0 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 47,839 | $ 43,503 | $ 43,024 | $ 40,787 | $ 39,441 | $ 37,472 | $ 38,129 | $ 40,280 | $ 175,153 | $ 155,322 | $ 159,337 |
Net income available to common stockholders | $ 17,809 | $ 13,159 | $ 54,065 | $ 14,275 | $ 12,726 | $ 10,909 | $ 18,126 | $ 13,642 | |||
Net income per common share available to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.44 | $ 0.33 | $ 1.37 | $ 0.36 | $ 0.32 | $ 0.28 | $ 0.46 | $ 0.35 | $ 2.49 | $ 1.41 | $ 2.42 |
Diluted (in dollars per share) | 0.44 | 0.32 | 1.36 | 0.36 | 0.32 | 0.28 | 0.46 | 0.35 | 2.48 | 1.41 | 2.42 |
Dividends per share declared (in dollars per share) | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | |||
Dividends per share paid (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) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Fair value measurements | ||
Number of interest rate swaps | item | 2 | |
Notional Amount | $ 100,000,000 | |
Mortgage loans receivable, net of credit loss reserve | 389,728,000 | $ 344,442,000 |
Notes receivable, net of credit loss reserve | 58,383,000 | 28,337,000 |
Outstanding Balance | 767,854,000 | 722,719,000 |
Senior unsecured notes, net of debt issue costs | $ 538,343,000 | $ 512,456,000 |
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 6.50 | 3 |
Level 3 | Senior Unsecured Notes maturing 2030 and after | Discount Rate | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 7 | 3.25 |
Level 3 | Financing Receivable | Discount Rate | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | 7.6 | |
Level 3 | Mortgage Loans Receivable | Discount Rate | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | 9.3 | 9.5 |
Level 3 | Notes Receivable | Discount Rate | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | 7.1 | 5.6 |
Carrying Value | ||
Fair value measurements | ||
Mortgage loans receivable, net of credit loss reserve | $ 389,728,000 | $ 344,442,000 |
Revolving line of credit | 130,000,000 | 110,900,000 |
Outstanding Balance | 99,511,000 | 99,363,000 |
Senior unsecured notes, net of debt issue costs | 538,343,000 | 512,456,000 |
Carrying Value | Financing Receivable | ||
Fair value measurements | ||
Notes receivable, net of credit loss reserve | 75,999,000 | |
Carrying Value | Notes Receivable | ||
Fair value measurements | ||
Notes receivable, net of credit loss reserve | 58,383,000 | 28,337,000 |
Fair Value | ||
Fair value measurements | ||
Revolving line of credit | 130,000,000 | 110,900,000 |
Outstanding Balance | 100,000,000 | 100,000,000 |
Fair Value | Financing Receivable | ||
Fair value measurements | ||
Notes receivable, net of credit loss reserve | 76,033,000 | |
Fair Value | Notes Receivable | ||
Fair value measurements | ||
Notes receivable, net of credit loss reserve | 61,858,000 | 28,653,000 |
Fair Value | Level 3 | ||
Fair value measurements | ||
Mortgage loans receivable, net of credit loss reserve | 461,276,000 | 405,162,000 |
Senior unsecured notes, net of debt issue costs | $ 477,653,000 | $ 540,045,000 |
Subsequent Events - Lease Renew
Subsequent Events - Lease Renewals (Details) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2023 Center item | Dec. 31, 2022 Center item | |
Subsequent Event [Line Items] | ||
Lease renewal term | 5 years | 5 years |
Skilled nursing center purchased | Center | 3 | |
Number of units | 217 | |
SNF | ||
Subsequent Event [Line Items] | ||
Lease renewal term | 5 years | |
Skilled nursing center purchased | 3 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Lease renewal term | 5 years | |
Subsequent Event | Brookdale Senior Living | Florida | ||
Subsequent Event [Line Items] | ||
Number of units | 216 | |
Subsequent Event | Brookdale Senior Living | SNF | ||
Subsequent Event [Line Items] | ||
Skilled nursing center purchased | Center | 2 | |
Additional term of lessor's operating lease renewal | 5 years | |
Subsequent Event | Brookdale Senior Living | SNF | Florida | ||
Subsequent Event [Line Items] | ||
Number of units | 216 |
Subsequent Events - Financing R
Subsequent Events - Financing Receivable (Details) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2023 USD ($) item lease | Dec. 31, 2022 USD ($) lease | |
Subsequent Event [Line Items] | ||
Contribution to JV | $ 61,661,000 | |
Lease term | 10 years | |
Number of operating lease renewals | lease | 2 | |
Lease renewal term | 5 years | 5 years |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Amount of joint venture investment | $ 121,321,000 | |
Contribution to JV | $ 117,900,000 | |
Number of assisted living and memory care communities | item | 11 | |
Lease term | 10 years | |
Number of operating lease renewals | lease | 2 | |
Lease renewal term | 5 years | |
Percentage of contractual initial cash yield | 7.25% | |
Percentage of contractual initial cash yield in year three | 7.50% | |
Percentage of floor on initial cash yield | 2% | |
Percentage of ceiling on initial cash yield | 4% | |
Maximum percentage of purchase option to buy properties | 50% | |
Percentage of cash return | 9% |
Subsequent Events - Mortgage Lo
Subsequent Events - Mortgage Loans (Details) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item property | Dec. 31, 2021 USD ($) | |
Subsequent Event [Line Items] | |||
Loan Term | 4 years | ||
Interest rate (as a percent) | 7.25% | ||
Internal Rate of Return | 8% | ||
Gross Investment | $ 58,972,000 | ||
Number of beds/units | item | 217 | ||
Mezzanine loan | |||
Subsequent Event [Line Items] | |||
Loan Term | 5 years | ||
Interest rate (as a percent) | 8% | ||
Number of beds/units | property | 621 | ||
Mezzanine loan | $ 36,815,000 | $ 11,815,000 | |
Mortgage Loans | |||
Subsequent Event [Line Items] | |||
Gross Investment | $ 393,658,000 | ||
Percentage of Investment | 100% | ||
Mortgage Loans | North Carolina | |||
Subsequent Event [Line Items] | |||
Interest rate (as a percent) | 7.30% | ||
Subsequent Event | North Carolina | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Real Estate | $ 10,750,000 | ||
Loan Term | 2 years | ||
Interest rate (as a percent) | 7.25% | ||
Internal Rate of Return | 9% | ||
Subsequent Event | Mezzanine loan | |||
Subsequent Event [Line Items] | |||
Number of beds/units | item | 136 |
Subsequent Events - Notes Recei
Subsequent Events - Notes Receivable (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Subsequent Events | ||||
Gross Investment | $ 58,972,000 | |||
Principal payments received on notes receivable | $ 6,843,000 | $ 2,694,000 | $ 5,275,000 | |
Number of beds/units | item | 217 | |||
Mortgage Loans | ||||
Subsequent Events | ||||
Gross Investment | $ 393,658,000 | |||
Mezzanine loan | ||||
Subsequent Events | ||||
Financing Receivable, Gross | $ 36,815,000 | $ 11,815,000 | ||
IRR on mortgage loan on real estate property | 11% | |||
Number of beds/units | property | 621 | |||
Subsequent Event | Notes Receivable | ||||
Subsequent Events | ||||
Number of beds/units | item | 136 | |||
Subsequent Event | Mezzanine loan | ||||
Subsequent Events | ||||
Principal payments received on notes receivable | $ 4,545,000 | |||
Exit IRR | $ 190,000 | |||
Number of beds/units | item | 136 |
Subsequent Events - Unconsolida
Subsequent Events - Unconsolidated Joint Ventures (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Subsequent Event [Line Items] | ||||
Number of beds/units | 217 | |||
Income from unconsolidated joint ventures | $ | $ 1,504,000 | $ 1,417,000 | $ 432,000 | |
Not primary beneficiary | Joint Venture | Preferred Equity Investment | ||||
Subsequent Event [Line Items] | ||||
Number of beds/units | 95 | |||
Not primary beneficiary | Joint Venture | Preferred Equity Investment | UDP | Washington | ||||
Subsequent Event [Line Items] | ||||
Number of beds/units | 267 | |||
Percentage of internal rate of return | 12% | |||
Subsequent Event | Not primary beneficiary | Joint Venture | Preferred Equity Investment | UDP | ||||
Subsequent Event [Line Items] | ||||
Preferred equity investment in a joint venture | $ | $ 13,000,000 | |||
Number of beds/units | 267 | |||
Income from unconsolidated joint ventures | $ | $ 1,675,000 | |||
Percentage of internal rate of return | 14% |
Subsequent Events - Debt Obliga
Subsequent Events - Debt Obligations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Obligations | ||||
Income from unconsolidated joint ventures | $ 1,504,000 | $ 1,417,000 | $ 432,000 | |
Borrowings from revolving line of credit | 194,000,000 | 204,400,000 | 24,000,000 | |
Revolving line of credit | 130,000,000 | 110,900,000 | ||
Payments on debt | 48,160,000 | 47,160,000 | $ 40,160,000 | |
Outstanding Balance | 767,854,000 | 722,719,000 | ||
Senior Unsecured Notes | ||||
Debt Obligations | ||||
Outstanding Balance | 538,343,000 | 512,456,000 | ||
Revolving line of credit | ||||
Debt Obligations | ||||
Outstanding Balance | $ 130,000,000 | $ 110,900,000 | ||
Subsequent Event | Senior Unsecured Notes | ||||
Debt Obligations | ||||
Borrowings from revolving line of credit | $ 162,700,000 | |||
Revolving line of credit | 292,700,000 | |||
Maximum available under facility | 107,300,000 | |||
Payments on debt | 7,000,000 | |||
Outstanding Balance | 531,343,000 | |||
Subsequent Event | Revolving line of credit | ||||
Debt Obligations | ||||
Outstanding Balance | $ 292,700,000 |
Subsequent Events - Equity (Det
Subsequent Events - Equity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity | |||||||||||||||
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 | |||||||||||||||
Equity | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||||
Dividend Payable, January 31, 2023 | Subsequent Event | |||||||||||||||
Equity | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Dividend Payable, January 31, 2023 | Subsequent Event | Common Stock | |||||||||||||||
Equity | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||||
Dividend Payable, February 28, 2023 | Subsequent Event | |||||||||||||||
Equity | |||||||||||||||
Dividends declared and paid per common share | 0.19 | ||||||||||||||
Dividend Payable, February 28, 2023 | Subsequent Event | Common Stock | |||||||||||||||
Equity | |||||||||||||||
Dividends declared and paid per common share | $ 0.19 | ||||||||||||||
Dividend Payable, March 31, 2023 | Subsequent Event | |||||||||||||||
Equity | |||||||||||||||
Dividends declared and paid per common share | 0.19 | ||||||||||||||
Dividend Payable, March 31, 2023 | Subsequent Event | Common Stock | |||||||||||||||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 3,759 | $ 2,738 | $ 2,741 |
(Recovered) charged to costs and expenses | 1,528 | 1,021 | (3) |
Balance at end of period | 5,287 | 3,759 | 2,738 |
Loan loss reserves | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 3,473 | 2,592 | 2,560 |
(Recovered) charged to costs and expenses | 457 | 881 | 32 |
Balance at end of period | 3,930 | 3,473 | 2,592 |
Financing receivable loss reserve | |||
Valuation and qualifying accounts | |||
(Recovered) charged to costs and expenses | 768 | ||
Balance at end of period | 768 | ||
Other notes receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 286 | 146 | 181 |
(Recovered) charged to costs and expenses | 303 | 140 | (35) |
Balance at end of period | $ 589 | $ 286 | $ 146 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Initial Cost to Company | ||||
Land | $ 125,686 | |||
Buildings and Improvements | 1,199,600 | |||
Costs Capitalized Subsequent to acquisition | 85,419 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 125,686 | |||
Buildings and Improvements | 1,285,019 | |||
Total | 1,410,705 | $ 1,408,557 | $ 1,452,001 | $ 1,484,571 |
Accum Deprec | 391,487 | $ 374,606 | $ 349,643 | $ 347,755 |
SNF | ||||
Initial Cost to Company | ||||
Land | 53,990 | |||
Buildings and Improvements | 513,766 | |||
Costs Capitalized Subsequent to acquisition | 33,218 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 53,990 | |||
Buildings and Improvements | 546,984 | |||
Total | 600,974 | |||
Accum Deprec | 182,308 | |||
ALF | ||||
Initial Cost to Company | ||||
Land | 68,788 | |||
Buildings and Improvements | 678,526 | |||
Costs Capitalized Subsequent to acquisition | 50,499 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 68,788 | |||
Buildings and Improvements | 729,025 | |||
Total | 797,813 | |||
Accum Deprec | 207,529 | |||
Other School and Land | ||||
Initial Cost to Company | ||||
Land | 2,908 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,702 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,908 | |||
Buildings and Improvements | 9,010 | |||
Total | 11,918 | |||
Accum Deprec | 1,650 | |||
School | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,702 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 9,010 | |||
Total | 10,975 | |||
Accum Deprec | 1,650 | |||
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 | 1,742 | |||
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 | 2,293 | |||
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 | 4,513 | |||
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 | 3,751 | |||
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 | 2,488 | |||
247 Arlington, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,016 | |||
Buildings and Improvements | 13,649 | |||
Costs Capitalized Subsequent to acquisition | 132 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,016 | |||
Buildings and Improvements | 13,781 | |||
Total | 14,797 | |||
Accum Deprec | 4,988 | |||
325 Austin, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 896 | |||
Buildings and Improvements | 9,562 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 896 | |||
Buildings and Improvements | 9,562 | |||
Total | 10,458 | |||
Accum Deprec | 202 | |||
319 Blue Springs, MO | SNF | ||||
Initial Cost to Company | ||||
Land | 2,644 | |||
Buildings and Improvements | 13,942 | |||
Costs Capitalized Subsequent to acquisition | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,644 | |||
Buildings and Improvements | 14,015 | |||
Total | 16,659 | |||
Accum Deprec | 1,508 | |||
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 | 2,418 | |||
256 Brownwood, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 164 | |||
Buildings and Improvements | 6,336 | |||
Costs Capitalized Subsequent to acquisition | 29 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 164 | |||
Buildings and Improvements | 6,365 | |||
Total | 6,529 | |||
Accum Deprec | 2,188 | |||
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 | 4,110 | |||
257 Cincinnati, OH | SNF | ||||
Initial Cost to Company | ||||
Land | 1,890 | |||
Buildings and Improvements | 25,110 | |||
Costs Capitalized Subsequent to acquisition | 224 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,890 | |||
Buildings and Improvements | 25,334 | |||
Total | 27,224 | |||
Accum Deprec | 5,945 | |||
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 | 3,155 | |||
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 | 3,236 | |||
267 Cold Spring, KY | SNF | ||||
Initial Cost to Company | ||||
Land | 2,050 | |||
Buildings and Improvements | 21,496 | |||
Costs Capitalized Subsequent to acquisition | 196 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,050 | |||
Buildings and Improvements | 21,692 | |||
Total | 23,742 | |||
Accum Deprec | 6,014 | |||
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 | 4,803 | |||
246 Crowley, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,247 | |||
Buildings and Improvements | 14,276 | |||
Costs Capitalized Subsequent to acquisition | 187 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,247 | |||
Buildings and Improvements | 14,463 | |||
Total | 16,710 | |||
Accum Deprec | 5,266 | |||
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 | 3,180 | |||
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 | 6,344 | |||
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 | 1,400 | |||
298 Forth Worth, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,785 | |||
Buildings and Improvements | 7,546 | |||
Costs Capitalized Subsequent to acquisition | 413 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,785 | |||
Buildings and Improvements | 7,959 | |||
Total | 10,744 | |||
Accum Deprec | 3,086 | |||
326 Forth Worth, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 922 | |||
Buildings and Improvements | 12,268 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 922 | |||
Buildings and Improvements | 12,268 | |||
Total | 13,190 | |||
Accum Deprec | 267 | |||
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 | 7,078 | |||
248 Granbury, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 836 | |||
Buildings and Improvements | 6,693 | |||
Costs Capitalized Subsequent to acquisition | 363 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 836 | |||
Buildings and Improvements | 7,056 | |||
Total | 7,892 | |||
Accum Deprec | 3,132 | |||
250 Hewitt, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,780 | |||
Buildings and Improvements | 8,220 | |||
Costs Capitalized Subsequent to acquisition | 391 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,780 | |||
Buildings and Improvements | 8,611 | |||
Total | 10,391 | |||
Accum Deprec | 2,787 | |||
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 | 1,755 | |||
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 | 4,287 | |||
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 | 1,274 | |||
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 | 3,377 | |||
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 | 6,610 | |||
242 Mission, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,111 | |||
Buildings and Improvements | 16,602 | |||
Costs Capitalized Subsequent to acquisition | 82 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,111 | |||
Buildings and Improvements | 16,684 | |||
Total | 17,795 | |||
Accum Deprec | 5,727 | |||
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 | 2,848 | |||
249 Nacogdoches, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,015 | |||
Buildings and Improvements | 11,109 | |||
Costs Capitalized Subsequent to acquisition | 358 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,015 | |||
Buildings and Improvements | 11,467 | |||
Total | 12,482 | |||
Accum Deprec | 4,575 | |||
245 Newberry, SC | SNF | ||||
Initial Cost to Company | ||||
Land | 439 | |||
Buildings and Improvements | 4,639 | |||
Costs Capitalized Subsequent to acquisition | 879 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 439 | |||
Buildings and Improvements | 5,518 | |||
Total | 5,957 | |||
Accum Deprec | 2,374 | |||
244 Newberry, SC | SNF | ||||
Initial Cost to Company | ||||
Land | 919 | |||
Buildings and Improvements | 5,454 | |||
Costs Capitalized Subsequent to acquisition | 200 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 919 | |||
Buildings and Improvements | 5,654 | |||
Total | 6,573 | |||
Accum Deprec | 2,277 | |||
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 | 4,685 | |||
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 | 6,608 | |||
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 | 4,147 | |||
254 Red Oak, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,427 | |||
Buildings and Improvements | 17,173 | |||
Costs Capitalized Subsequent to acquisition | 244 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,427 | |||
Buildings and Improvements | 17,417 | |||
Total | 18,844 | |||
Accum Deprec | 5,550 | |||
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 | 1,468 | |||
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 | 3,521 | |||
325 San Antonio, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,676 | |||
Buildings and Improvements | 15,470 | |||
Costs Capitalized Subsequent to acquisition | 20 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,676 | |||
Buildings and Improvements | 15,490 | |||
Total | 17,166 | |||
Accum Deprec | 320 | |||
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 | 3,916 | |||
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 | 2,892 | |||
243 Stephenville TX | SNF | ||||
Initial Cost to Company | ||||
Land | 670 | |||
Buildings and Improvements | 10,117 | |||
Costs Capitalized Subsequent to acquisition | 616 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 670 | |||
Buildings and Improvements | 10,733 | |||
Total | 11,403 | |||
Accum Deprec | 3,811 | |||
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 | 1,569 | |||
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 | 3,781 | |||
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 | 6,091 | |||
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 | 3,426 | |||
299 Weatherford, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 836 | |||
Buildings and Improvements | 11,902 | |||
Costs Capitalized Subsequent to acquisition | 280 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 836 | |||
Buildings and Improvements | 12,182 | |||
Total | 13,018 | |||
Accum Deprec | 3,962 | |||
323 Webster, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,310 | |||
Buildings and Improvements | 8,713 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,310 | |||
Buildings and Improvements | 8,713 | |||
Total | 11,023 | |||
Accum Deprec | 200 | |||
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 | 5,363 | |||
077 Ada, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,650 | |||
Costs Capitalized Subsequent to acquisition | 180 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,830 | |||
Total | 1,930 | |||
Accum Deprec | 1,106 | |||
105 Arvada, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,810 | |||
Costs Capitalized Subsequent to acquisition | 7,072 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,882 | |||
Total | 9,982 | |||
Accum Deprec | 4,027 | |||
304 Athens, GA | ALF | ||||
Initial Cost to Company | ||||
Land | 1,056 | |||
Buildings and Improvements | 13,326 | |||
Costs Capitalized Subsequent to acquisition | 111 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,056 | |||
Buildings and Improvements | 13,437 | |||
Total | 14,493 | |||
Accum Deprec | 2,422 | |||
063 Athens, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 96 | |||
Buildings and Improvements | 1,510 | |||
Costs Capitalized Subsequent to acquisition | 113 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 96 | |||
Buildings and Improvements | 1,623 | |||
Total | 1,719 | |||
Accum Deprec | 1,125 | |||
320 Auburn Hills, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,964 | |||
Buildings and Improvements | 4,577 | |||
Costs Capitalized Subsequent to acquisition | 1,149 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,964 | |||
Buildings and Improvements | 5,726 | |||
Total | 7,690 | |||
Accum Deprec | 1,056 | |||
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 | 2,566 | |||
260 Aurora, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 831 | |||
Buildings and Improvements | 10,071 | |||
Costs Capitalized Subsequent to acquisition | 327 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 831 | |||
Buildings and Improvements | 10,398 | |||
Total | 11,229 | |||
Accum Deprec | 2,866 | |||
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 | 1,517 | |||
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 | 2,735 | |||
278 Castle Rock, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 759 | |||
Buildings and Improvements | 5,091 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 759 | |||
Buildings and Improvements | 5,091 | |||
Total | 5,850 | |||
Accum Deprec | 1,573 | |||
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 | 2,946 | |||
160 Central, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,321 | |||
Costs Capitalized Subsequent to acquisition | 119 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,440 | |||
Total | 2,540 | |||
Accum Deprec | 1,272 | |||
263 Chatham, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 5,365 | |||
Buildings and Improvements | 36,399 | |||
Costs Capitalized Subsequent to acquisition | 587 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,365 | |||
Buildings and Improvements | 36,986 | |||
Total | 42,351 | |||
Accum Deprec | 10,105 | |||
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 | 3,022 | |||
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 | 2,154 | |||
279 Corpus Christi, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 880 | |||
Buildings and Improvements | 11,440 | |||
Costs Capitalized Subsequent to acquisition | 298 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 880 | |||
Buildings and Improvements | 11,738 | |||
Total | 12,618 | |||
Accum Deprec | 2,753 | |||
292 De Forest, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 485 | |||
Buildings and Improvements | 5,568 | |||
Costs Capitalized Subsequent to acquisition | 47 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 485 | |||
Buildings and Improvements | 5,615 | |||
Total | 6,100 | |||
Accum Deprec | 1,191 | |||
057 Dodge City, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 84 | |||
Buildings and Improvements | 1,666 | |||
Costs Capitalized Subsequent to acquisition | 30 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 84 | |||
Buildings and Improvements | 1,696 | |||
Total | 1,780 | |||
Accum Deprec | 1,156 | |||
083 Durant, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,769 | |||
Costs Capitalized Subsequent to acquisition | 157 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,926 | |||
Total | 2,026 | |||
Accum Deprec | 1,162 | |||
107 Edmond, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,365 | |||
Costs Capitalized Subsequent to acquisition | 659 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,024 | |||
Total | 2,124 | |||
Accum Deprec | 1,226 | |||
163 Ft. Collins, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,961 | |||
Costs Capitalized Subsequent to acquisition | 3,674 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 6,635 | |||
Total | 6,735 | |||
Accum Deprec | 3,147 | |||
170 Ft. Collins, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,400 | |||
Costs Capitalized Subsequent to acquisition | 4,928 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 8,328 | |||
Total | 8,428 | |||
Accum Deprec | 3,669 | |||
132 Ft. Meyers, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,728 | |||
Costs Capitalized Subsequent to acquisition | 272 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,000 | |||
Total | 3,100 | |||
Accum Deprec | 1,717 | |||
315 Ft. Worth, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 1,534 | |||
Buildings and Improvements | 11,099 | |||
Costs Capitalized Subsequent to acquisition | 34 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,534 | |||
Buildings and Improvements | 11,133 | |||
Total | 12,667 | |||
Accum Deprec | 1,424 | |||
100 Fremont ,OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 203 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,638 | |||
Total | 2,738 | |||
Accum Deprec | 1,663 | |||
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 | 1,667 | |||
314 Frisco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 2,216 | |||
Buildings and Improvements | 10,417 | |||
Costs Capitalized Subsequent to acquisition | 119 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,216 | |||
Buildings and Improvements | 10,536 | |||
Total | 12,752 | |||
Accum Deprec | 1,367 | |||
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 | 2,764 | |||
167 Goldsboro, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,385 | |||
Costs Capitalized Subsequent to acquisition | 170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,555 | |||
Total | 2,655 | |||
Accum Deprec | 1,217 | |||
056 Great Bend, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 80 | |||
Buildings and Improvements | 1,570 | |||
Costs Capitalized Subsequent to acquisition | 68 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 80 | |||
Buildings and Improvements | 1,638 | |||
Total | 1,718 | |||
Accum Deprec | 1,234 | |||
102 Greeley, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,310 | |||
Costs Capitalized Subsequent to acquisition | 612 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,922 | |||
Total | 3,022 | |||
Accum Deprec | 1,686 | |||
284 Green Bay, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Costs Capitalized Subsequent to acquisition | 475 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,554 | |||
Total | 21,214 | |||
Accum Deprec | 4,448 | |||
286 Greenfield, WI | SNF | ||||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Costs Capitalized Subsequent to acquisition | 232 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 8,246 | |||
Total | 9,064 | |||
Accum Deprec | 1,755 | |||
164 Greenville, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,478 | |||
Costs Capitalized Subsequent to acquisition | 198 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,676 | |||
Total | 2,776 | |||
Accum Deprec | 1,418 | |||
062 Greenville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Costs Capitalized Subsequent to acquisition | 105 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42 | |||
Buildings and Improvements | 1,670 | |||
Total | 1,712 | |||
Accum Deprec | 1,134 | |||
161 Greenwood, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,638 | |||
Costs Capitalized Subsequent to acquisition | 337 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,975 | |||
Total | 3,075 | |||
Accum Deprec | 1,544 | |||
295 Jacksonville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,756 | |||
Costs Capitalized Subsequent to acquisition | 1,056 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 13,812 | |||
Total | 15,201 | |||
Accum Deprec | 2,702 | |||
066 Jacksonville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 90 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,990 | |||
Total | 2,090 | |||
Accum Deprec | 1,361 | |||
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 | 2,071 | |||
285 Kenosha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Costs Capitalized Subsequent to acquisition | 498 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 12,859 | |||
Total | 13,795 | |||
Accum Deprec | 2,625 | |||
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 | 2,226 | |||
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 | 2,670 | |||
148 Longmont, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,640 | |||
Costs Capitalized Subsequent to acquisition | 64 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,704 | |||
Total | 2,804 | |||
Accum Deprec | 1,645 | |||
060 Longview, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 134 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 1,702 | |||
Total | 1,740 | |||
Accum Deprec | 1,180 | |||
261 Louisville, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 911 | |||
Buildings and Improvements | 11,703 | |||
Costs Capitalized Subsequent to acquisition | 390 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 911 | |||
Buildings and Improvements | 12,093 | |||
Total | 13,004 | |||
Accum Deprec | 3,283 | |||
301 Louisville, KY | ALF | ||||
Initial Cost to Company | ||||
Land | 1,021 | |||
Buildings and Improvements | 11,871 | |||
Costs Capitalized Subsequent to acquisition | 123 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,021 | |||
Buildings and Improvements | 11,994 | |||
Total | 13,015 | |||
Accum Deprec | 2,305 | |||
114 Loveland, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,865 | |||
Costs Capitalized Subsequent to acquisition | 324 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,189 | |||
Total | 3,289 | |||
Accum Deprec | 1,995 | |||
068 Lufkin, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to acquisition | 106 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,056 | |||
Total | 2,156 | |||
Accum Deprec | 1,400 | |||
061 Marshall, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 544 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 2,112 | |||
Total | 2,150 | |||
Accum Deprec | 1,477 | |||
293 McHenry, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Costs Capitalized Subsequent to acquisition | 987 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,289 | |||
Buildings and Improvements | 29,963 | |||
Total | 31,252 | |||
Accum Deprec | 6,257 | |||
058 McPherson, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 67 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,638 | |||
Total | 1,717 | |||
Accum Deprec | 1,223 | |||
313 Medford, OR | ALF | ||||
Initial Cost to Company | ||||
Land | 636 | |||
Buildings and Improvements | 17,816 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 636 | |||
Buildings and Improvements | 17,816 | |||
Total | 18,452 | |||
Accum Deprec | 1,788 | |||
316 Medford, OR | ALF | ||||
Initial Cost to Company | ||||
Land | 750 | |||
Buildings and Improvements | 13,650 | |||
Costs Capitalized Subsequent to acquisition | 250 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 750 | |||
Buildings and Improvements | 13,900 | |||
Total | 14,650 | |||
Accum Deprec | 1,874 | |||
239 Merritt Island, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 550 | |||
Buildings and Improvements | 6,928 | |||
Costs Capitalized Subsequent to acquisition | 115 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 550 | |||
Buildings and Improvements | 7,043 | |||
Total | 7,593 | |||
Accum Deprec | 3,056 | |||
104 Millville, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Costs Capitalized Subsequent to acquisition | 848 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,673 | |||
Total | 3,773 | |||
Accum Deprec | 2,174 | |||
231 Monroeville, PA | ALF | ||||
Initial Cost to Company | ||||
Land | 526 | |||
Buildings and Improvements | 5,334 | |||
Costs Capitalized Subsequent to acquisition | 439 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 526 | |||
Buildings and Improvements | 5,773 | |||
Total | 6,299 | |||
Accum Deprec | 2,317 | |||
280 Merrells Inlet, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 2,490 | |||
Buildings and Improvements | 14,185 | |||
Costs Capitalized Subsequent to acquisition | 129 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,490 | |||
Buildings and Improvements | 14,314 | |||
Total | 16,804 | |||
Accum Deprec | 3,278 | |||
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 | 2,586 | |||
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 | 4,316 | |||
166 New Bern, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,427 | |||
Costs Capitalized Subsequent to acquisition | 170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,597 | |||
Total | 2,697 | |||
Accum Deprec | 1,254 | |||
118 Newark, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 383 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,818 | |||
Total | 2,918 | |||
Accum Deprec | 1,703 | |||
143 Niceville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,680 | |||
Costs Capitalized Subsequent to acquisition | 108 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,788 | |||
Total | 2,888 | |||
Accum Deprec | 1,676 | |||
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 | 1,541 | |||
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 | 2,325 | |||
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 | 2,496 | |||
232 Pittsburgh, PA | ALF | ||||
Initial Cost to Company | ||||
Land | 470 | |||
Buildings and Improvements | 2,615 | |||
Costs Capitalized Subsequent to acquisition | 360 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 470 | |||
Buildings and Improvements | 2,975 | |||
Total | 3,445 | |||
Accum Deprec | 1,264 | |||
165 Rocky Mount, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,494 | |||
Costs Capitalized Subsequent to acquisition | 378 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,872 | |||
Total | 2,972 | |||
Accum Deprec | 1,359 | |||
059 Salina, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 303 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,874 | |||
Total | 1,953 | |||
Accum Deprec | 1,250 | |||
084 San Antonio, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 45 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,945 | |||
Total | 2,045 | |||
Accum Deprec | 1,240 | |||
092 San Antonio, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,055 | |||
Costs Capitalized Subsequent to acquisition | 577 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,632 | |||
Total | 2,732 | |||
Accum Deprec | 1,411 | |||
288 Sheboygan, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,382 | |||
Costs Capitalized Subsequent to acquisition | 379 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,761 | |||
Total | 6,929 | |||
Accum Deprec | 1,384 | |||
149 Shelby, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,805 | |||
Costs Capitalized Subsequent to acquisition | 312 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,117 | |||
Total | 3,217 | |||
Accum Deprec | 1,782 | |||
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 | 2,627 | |||
150 Spring Hill, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,650 | |||
Costs Capitalized Subsequent to acquisition | 104 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,754 | |||
Total | 2,854 | |||
Accum Deprec | 1,662 | |||
103 Springfield, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,035 | |||
Costs Capitalized Subsequent to acquisition | 363 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,398 | |||
Total | 2,498 | |||
Accum Deprec | 1,490 | |||
321 Sterling Heights, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,133 | |||
Buildings and Improvements | 11,487 | |||
Costs Capitalized Subsequent to acquisition | 1,133 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,133 | |||
Buildings and Improvements | 12,620 | |||
Total | 13,753 | |||
Accum Deprec | 1,643 | |||
162 Sumter, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,351 | |||
Costs Capitalized Subsequent to acquisition | 656 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,007 | |||
Total | 3,107 | |||
Accum Deprec | 1,393 | |||
140 Tallahassee, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,075 | |||
Costs Capitalized Subsequent to acquisition | 140 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,215 | |||
Total | 3,315 | |||
Accum Deprec | 1,925 | |||
098 Tiffin, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 366 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,801 | |||
Total | 2,901 | |||
Accum Deprec | 1,678 | |||
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 | 2,608 | |||
088 Troy, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 821 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,256 | |||
Total | 3,356 | |||
Accum Deprec | 1,950 | |||
080 Tulsa, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Improvements | 1,650 | |||
Costs Capitalized Subsequent to acquisition | 148 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 200 | |||
Buildings and Improvements | 1,798 | |||
Total | 1,998 | |||
Accum Deprec | 1,091 | |||
093 Tulsa, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,395 | |||
Costs Capitalized Subsequent to acquisition | 42 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,437 | |||
Total | 2,537 | |||
Accum Deprec | 1,553 | |||
238 Tupelo, MS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,170 | |||
Buildings and Improvements | 8,230 | |||
Costs Capitalized Subsequent to acquisition | 52 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,170 | |||
Buildings and Improvements | 8,282 | |||
Total | 9,452 | |||
Accum Deprec | 3,133 | |||
075 Tyler, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,800 | |||
Costs Capitalized Subsequent to acquisition | 144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,944 | |||
Total | 2,044 | |||
Accum Deprec | 1,207 | |||
091 Waco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,235 | |||
Costs Capitalized Subsequent to acquisition | 770 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,005 | |||
Total | 3,105 | |||
Accum Deprec | 1,563 | |||
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 | 1,628 | |||
108 Watauga, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,668 | |||
Costs Capitalized Subsequent to acquisition | 38 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,706 | |||
Total | 1,806 | |||
Accum Deprec | 1,076 | |||
109 Weatherford, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,669 | |||
Costs Capitalized Subsequent to acquisition | 698 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,367 | |||
Total | 2,467 | |||
Accum Deprec | 1,454 | |||
309 West Chester, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,553 | |||
Costs Capitalized Subsequent to acquisition | 212 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,765 | |||
Total | 16,120 | |||
Accum Deprec | 2,235 | |||
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 | 2,660 | |||
110 Wheelersburg, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 29 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 349 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 29 | |||
Buildings and Improvements | 2,784 | |||
Total | 2,813 | |||
Accum Deprec | 1,720 | |||
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 | 2,162 | |||
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 | 2,911 | |||
283 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 624 | |||
Buildings and Improvements | 13,946 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 624 | |||
Buildings and Improvements | 13,946 | |||
Total | 14,570 | |||
Accum Deprec | 2,373 | |||
076 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Costs Capitalized Subsequent to acquisition | 126 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,976 | |||
Total | 2,076 | |||
Accum Deprec | 1,225 | |||
120 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to acquisition | 143 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,893 | |||
Total | 2,993 | |||
Accum Deprec | 1,841 | |||
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 | 2,411 | |||
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 | 1,982 | |||
297 Las Vegas, NV | School | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,702 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 9,010 | |||
Total | 10,975 | |||
Accum Deprec | 1,650 | |||
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 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Real Estate and Accumulated Depreciation | |
Aggregate cost basis for Federal income tax purposes | $ 1,420,258 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Carrying cost | |||
Balance at beginning of period | $ 1,408,557 | $ 1,452,001 | $ 1,484,571 |
Acquisitions | 51,817 | 13,581 | |
Improvements | 9,099 | 6,298 | 23,612 |
Capitalized interest | 354 | ||
Cost of real estate sold | (55,346) | (49,742) | (66,140) |
Impairment loss from real estate investments | (3,422) | (3,977) | |
Ending balance | 1,410,705 | 1,408,557 | 1,452,001 |
Accumulated depreciation | |||
Balance at beginning of period | 374,606 | 349,643 | 347,755 |
Depreciation expense | 37,394 | 38,192 | 38,945 |
Cost of real estate sold | (20,513) | (13,229) | (37,057) |
Ending balance | $ 391,487 | $ 374,606 | $ 349,643 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) property item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Mortgage loans on real estate | ||||
Number of properties | property | 41 | |||
Number of beds/units | item | 3,699 | |||
Interest rate (as a percent) | 7.25% | |||
Balloon Amount | $ 368,520 | |||
Current Monthly Debt Service | 3,073 | |||
Face amount of originated mortgages | 400,025 | |||
Carrying Amount of Mortgages | 389,728 | $ 344,442 | $ 257,251 | $ 254,099 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Loan Term | 4 years | |||
Number of Assisted Communities | item | 13 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | Property with 1875 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 15 | |||
Number of beds/units | item | 1,875 | |||
Interest rate (as a percent) | 10.60% | |||
Balloon Amount | $ 163,214 | |||
Current Monthly Debt Service | 1,623 | |||
Face amount of originated mortgages | 190,214 | |||
Carrying Amount of Mortgages | $ 182,514 | |||
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 | 480 | |||
Interest rate (as a percent) | 9.60% | |||
Balloon Amount | $ 35,576 | |||
Current Monthly Debt Service | 311 | |||
Face amount of originated mortgages | 39,406 | |||
Carrying Amount of Mortgages | $ 38,636 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 146 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 146 | |||
Interest rate (as a percent) | 10.10% | |||
Balloon Amount | $ 14,325 | |||
Current Monthly Debt Service | 125 | |||
Face amount of originated mortgages | 15,000 | |||
Carrying Amount of Mortgages | $ 14,726 | |||
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 | 201 | |||
Interest rate (as a percent) | 9.80% | |||
Balloon Amount | $ 19,750 | |||
Current Monthly Debt Service | 162 | |||
Face amount of originated mortgages | 19,750 | |||
Carrying Amount of Mortgages | 19,553 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 68 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 68 | |||
Interest rate (as a percent) | 7.80% | |||
Balloon Amount | $ 14,308 | |||
Current Monthly Debt Service | 92 | |||
Face amount of originated mortgages | 14,308 | |||
Carrying Amount of Mortgages | 14,165 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Louisiana | Mortgage Loans on Real Estate Maturing in 2024 | Property with 189 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 189 | |||
Interest rate (as a percent) | 7.50% | |||
Balloon Amount | $ 29,346 | |||
Current Monthly Debt Service | 186 | |||
Face amount of originated mortgages | 29,346 | |||
Carrying Amount of Mortgages | 29,054 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Missouri | Mortgage Loans on Real Estate Maturing in 2022 | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 7.50% | |||
Balloon Amount | $ 1,887 | |||
Current Monthly Debt Service | 12 | |||
Face amount of originated mortgages | 1,887 | |||
Carrying Amount of Mortgages | 1,867 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
North Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 478 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 12 | |||
Number of beds/units | item | 478 | |||
Interest rate (as a percent) | 7.30% | |||
Balloon Amount | $ 51,531 | |||
Current Monthly Debt Service | 318 | |||
Face amount of originated mortgages | 51,531 | |||
Carrying Amount of Mortgages | 51,016 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
South Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 45 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 45 | |||
Interest rate (as a percent) | 7.30% | |||
Balloon Amount | $ 4,787 | |||
Current Monthly Debt Service | 30 | |||
Face amount of originated mortgages | 4,787 | |||
Carrying Amount of Mortgages | 4,739 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 4% | |||
Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 8% | |||
Loan Term | 4 years | |||
Mortgage Loans | North Carolina | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 7.30% | |||
Balloon Amount | $ 796 | |||
Current Monthly Debt Service | 5 | |||
Face amount of originated mortgages | 796 | |||
Carrying Amount of Mortgages | 788 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage Loans | North Carolina | Property with 217 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 4 | |||
Number of beds/units | item | 217 | |||
Interest rate (as a percent) | 7.30% | |||
Balloon Amount | $ 33,000 | |||
Current Monthly Debt Service | 209 | |||
Face amount of originated mortgages | 33,000 | |||
Carrying Amount of Mortgages | 32,670 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) loan property | |
Mortgage loans on real estate | |
Number of Loans | property | 14 |
Original loan amounts | $ 400,025 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 2 |
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 | 8 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $ 344,442 | $ 257,251 | $ 254,099 |
New mortgage loans | 31,965 | 88,415 | |
Other additions | 8,767 | 540 | 4,253 |
Application of interest reserve | 6,192 | 298 | |
Amortization of mortgage premium | (6) | (6) | (4) |
Collections of principal | (1,175) | (1,175) | (1,065) |
Loan loss reserve | (457) | (881) | (32) |
Balance at the end of the period | $ 389,728 | $ 344,442 | $ 257,251 |