Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Entity Registrant Name | OMEGA HEALTHCARE INVESTORS, INC. | |
Entity Central Index Key | 0000888491 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 1-11316 | |
Entity Tax Identification Number | 38-3041398 | |
Entity Common Stock Shares Outstanding | 235,216,880 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 303 International Circle, Suite 200 | |
Entity Address, City or Town | Hunt Valley | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21030 | |
City Area Code | 410 | |
Local Phone Number | 427-1700 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | OHI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Real estate assets | ||
Buildings and improvements | $ 7,477,855 | $ 7,448,126 |
Land | 937,235 | 916,328 |
Furniture and equipment | 516,410 | 511,271 |
Construction in progress | 77,633 | 74,062 |
Total real estate assets | 9,009,133 | 8,949,787 |
Less accumulated depreciation | (2,212,183) | (2,160,696) |
Real estate assets - net | 6,796,950 | 6,789,091 |
Investments in direct financing leases - net | 10,849 | 10,873 |
Mortgage notes receivable - net | 819,577 | 835,086 |
Total | 7,627,376 | 7,635,050 |
Other investments - net | 506,942 | 469,884 |
Investments in unconsolidated joint ventures | 192,238 | 194,687 |
Assets held for sale | 92,762 | 261,151 |
Total investments | 8,419,318 | 8,560,772 |
Cash and cash equivalents | 491,247 | 20,534 |
Restricted cash | 3,534 | 3,877 |
Contractual receivables - net | 13,172 | 11,259 |
Other receivables and lease inducements | 269,992 | 251,815 |
Goodwill | 651,024 | 651,417 |
Other assets | 166,318 | 138,804 |
Total assets | 10,014,605 | 9,638,478 |
LIABILITIES AND EQUITY | ||
Revolving credit facility | 354,888 | |
Secured borrowings | 379,644 | 362,081 |
Senior notes and other unsecured borrowings - net | 4,893,839 | 4,891,455 |
Accrued expenses and other liabilities | 256,390 | 276,716 |
Total liabilities | 5,884,761 | 5,530,252 |
Equity: | ||
Preferred stock $1.00 par value authorized - 20,000 shares, issued and outstanding - none | ||
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 238,206 shares as of March 31, 2022 and 239,061 shares as of December 31, 2021 | 23,820 | 23,906 |
Additional paid-in capital | 6,401,207 | 6,427,566 |
Cumulative net earnings | 3,201,081 | 3,011,474 |
Cumulative dividends paid | (5,714,595) | (5,553,908) |
Accumulated other comprehensive income (loss) | 6,318 | (2,200) |
Total stockholders' equity | 3,917,831 | 3,906,838 |
Noncontrolling interest | 212,013 | 201,388 |
Total equity | 4,129,844 | 4,108,226 |
Total liabilities and equity | $ 10,014,605 | $ 9,638,478 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 238,206,000 | 239,061,000 |
Common stock, shares outstanding | 238,206,000 | 239,061,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Rental income | $ 216,883 | $ 237,761 |
Income from direct financing leases | 256 | 258 |
Mortgage interest income | 20,549 | 23,625 |
Other investment income | 10,594 | 11,652 |
Miscellaneous income | 1,033 | 472 |
Total revenues | 249,315 | 273,768 |
Expenses | ||
Depreciation and amortization | 82,752 | 84,849 |
General and administrative | 16,385 | 16,152 |
Real estate taxes | 3,603 | 2,729 |
Acquisition, merger and transition related costs | 1,513 | 1,814 |
Impairment on real estate properties | 3,511 | 28,689 |
Recovery on direct financing leases | (553) | |
Provision (recovery) for credit losses | 1,824 | (1,024) |
Interest expense | 58,145 | 58,521 |
Total expenses | 167,733 | 191,177 |
Other income (expense) | ||
Other (expense) income - net | (455) | 231 |
Loss on debt extinguishment | (6) | (29,670) |
Gain on assets sold - net | 113,637 | 100,342 |
Total other income | 113,176 | 70,903 |
Income before income tax expense and income from unconsolidated joint ventures | 194,758 | 153,494 |
Income tax expense | (1,225) | (958) |
Income from unconsolidated joint ventures | 1,623 | 11,830 |
Net income | 195,156 | 164,366 |
Net income attributable to noncontrolling interest | (5,549) | (4,388) |
Net income available to common stockholders | $ 189,607 | $ 159,978 |
Basic: | ||
Net income available to common stockholders | $ 0.79 | $ 0.69 |
Diluted: | ||
Net income | $ 0.79 | $ 0.69 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 195,156 | $ 164,366 |
Other comprehensive income (loss): | ||
Foreign currency translation | (10,809) | 1,186 |
Cash flow hedges | 19,578 | 35,801 |
Total other comprehensive income | 8,769 | 36,987 |
Comprehensive income | 203,925 | 201,353 |
Comprehensive income attributable to noncontrolling interest | (5,800) | (5,377) |
Comprehensive income attributable to common stockholders | $ 198,125 | $ 195,976 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total Stockholders' Equity [Member] | Common Stock Par Value | Additional Paid-in Capital | Cumulative Net Earnings [Member] | Cumulative Dividends | Accumulated Other Comprehensive Loss. [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Dec. 31, 2020 | $ 3,841,876 | $ 23,119 | $ 6,152,887 | $ 2,594,735 | $ (4,916,097) | $ (12,768) | $ 194,731 | $ 4,036,607 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Stock related compensation | 5,433 | 5,433 | 5,433 | |||||
Issuance of common stock | 73,127 | 219 | 72,908 | 73,127 | ||||
Common dividends declared ($0.67 per share) | (158,335) | (158,335) | (158,335) | |||||
Vesting/exercising of OP units | (4,767) | (4,767) | 4,767 | |||||
Conversion and redemption of Omega OP Units to common stock | 82 | 82 | (82) | |||||
Omega OP Units distributions | (9,855) | (9,855) | ||||||
Other comprehensive income | 35,998 | 35,998 | 989 | 36,987 | ||||
Net income | 159,978 | 159,978 | 4,388 | 164,366 | ||||
Balance ending at Mar. 31, 2021 | 3,953,392 | 23,338 | 6,226,543 | 2,754,713 | (5,074,432) | 23,230 | 194,938 | 4,148,330 |
Beginning balance at Dec. 31, 2021 | 3,906,838 | 23,906 | 6,427,566 | 3,011,474 | (5,553,908) | (2,200) | 201,388 | 4,108,226 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Stock related compensation | 6,905 | 6,905 | 6,905 | |||||
Issuance of common stock | 1,147 | 12 | 1,135 | 1,147 | ||||
Repurchase of common stock | (27,321) | (98) | (27,223) | (27,321) | ||||
Common dividends declared ($0.67 per share) | (160,687) | (160,687) | (160,687) | |||||
Vesting/exercising of OP units | (7,176) | (7,176) | 7,176 | |||||
Omega OP Units distributions | (5,276) | (5,276) | ||||||
Capital contribution from noncontrolling interest holder in consolidated JV | 2,925 | 2,925 | ||||||
Other comprehensive income | 8,518 | 8,518 | 251 | 8,769 | ||||
Net income | 189,607 | 189,607 | 5,549 | 195,156 | ||||
Balance ending at Mar. 31, 2022 | $ 3,917,831 | $ 23,820 | $ 6,401,207 | $ 3,201,081 | $ (5,714,595) | $ 6,318 | $ 212,013 | $ 4,129,844 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Dividend per Common Share | $ 0.67 | $ 0.67 | $ 0.67 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 195,156 | $ 164,366 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 82,752 | 84,849 |
Impairment on real estate properties | 3,511 | 28,689 |
Recovery on direct financing leases | (553) | |
Provision for rental income | 3,151 | 2,750 |
Provision (recovery) for credit losses | 1,824 | (1,024) |
Amortization of deferred financing costs and loss on debt extinguishment | 3,199 | 32,423 |
Accretion of direct financing leases | 19 | 12 |
Stock-based compensation expense | 6,860 | 5,396 |
Gain on assets sold - net | (113,637) | (100,342) |
Amortization of acquired in-place leases - net | (1,608) | (6,221) |
Effective yield payable on mortgage notes | 463 | 311 |
Interest paid-in-kind | (2,196) | (1,754) |
(Income) loss from unconsolidated joint ventures | (677) | 72 |
Change in operating assets and liabilities - net: | ||
Contractual receivables | (1,912) | (1,020) |
Straight-line rent receivables | (24,137) | (13,459) |
Lease inducements | 1,932 | 1,168 |
Other operating assets and liabilities | (22,498) | (19,688) |
Net cash provided by operating activities | 132,202 | 175,975 |
Cash flows from investing activities | ||
Acquisition of real estate | (113,157) | (594,504) |
Acquisition deposit - net | 2,500 | |
Net proceeds from sale of real estate investments | 332,552 | 188,253 |
Investments in construction in progress | (4,667) | (9,806) |
Proceeds from sale of direct financing lease and related trust | 553 | |
Placement of mortgage loans | (2,801) | (4,717) |
Collection of mortgage principal | 22,913 | 1,065 |
Investments in unconsolidated joint ventures | (10,443) | |
Distributions from unconsolidated joint ventures in excess of earnings | 61 | 7,489 |
Capital improvements to real estate investments | (13,548) | (4,012) |
Receipts from insurance proceeds | 22 | 3,017 |
Investments in other investments | (100,225) | (27,636) |
Proceeds from other investments | 56,188 | 51,911 |
Net cash provided by (used in) investing activities | 177,338 | (396,330) |
Cash flows from financing activities | ||
Proceeds from long-term borrowings | 420,208 | 1,905,128 |
Payments of long-term borrowings | (66,896) | (1,667,707) |
Payments of financing related costs | (6) | (33,836) |
Net proceeds from issuance of common stock | 1,147 | 73,127 |
Repurchase of common stock | (27,321) | |
Dividends paid | (160,641) | (158,298) |
Noncontrolling members' contributions to consolidated joint venture | 22 | |
Distributions to Omega OP Unit Holders | (5,276) | (9,855) |
Net cash provided by financing activities | 161,237 | 108,559 |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (407) | 136 |
Increase (decrease) in cash, cash equivalents and restricted cash | 470,370 | (111,660) |
Cash, cash equivalents and restricted cash at beginning of period | 24,411 | 167,558 |
Cash, cash equivalents and restricted cash at end of period | $ 494,781 | $ 55,898 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Overview and Organization Omega Healthcare Investors, Inc. (“Parent”) is a Maryland corporation that, together with its consolidated subsidiaries (collectively, “Omega,” the “Company,” “we,” “our,” or “us”) invests in healthcare-related real estate properties located in the United States (“U.S.”) and the United Kingdom (“U.K.”). Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”), assisted living facilities (“ALFs”), and to a lesser extent, independent living facilities (“ILFs”), rehabilitation and acute care facilities (“specialty facilities”) and medical office buildings. Our core portfolio consists of long-term “triple net” leases and mortgage loans with healthcare operating companies and affiliates (collectively, our “operators”). In addition to our core investments, we selectively make loans to operators for working capital and capital expenditures. From time to time, we also acquire equity interests in joint ventures or entities that support the long-term healthcare industry and our operators. Omega has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes and is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega’s assets are owned directly or indirectly by, and all of Omega’s operations are conducted directly or indirectly through, its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (collectively with its subsidiaries, “Omega OP”). Omega has exclusive control over Omega OP’s day-to-day management pursuant to the partnership agreement governing Omega OP. As of March 31, 2022, Parent owned approximately 97% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 3% of the outstanding Omega OP Units. Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K Omega’s consolidated financial statements include the accounts of (i) Parent, (ii) Omega OP, (iii) all direct and indirect wholly owned subsidiaries of Omega and (iv) other entities in which Omega or Omega OP has a majority voting interest and control. All intercompany transactions and balances have been eliminated in consolidation, and Omega’s net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Segments We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (CODM), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. Reclassification Certain line items on our Consolidated Statements of Changes in Equity, Consolidated Balance Sheets and Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. Risks and Uncertainties including COVID-19 The Company is subject to certain risks and uncertainties affecting the healthcare industry, including those stemming from the novel coronavirus (“COVID-19”) global pandemic described below, which has disproportionately impacted the senior care sector, as well as those stemming from healthcare legislation and changing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the rising cost of healthcare services. Recent Accounting Pronouncements ASU – 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures On March 31, 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and requires additional disclosures for certain loan modifications. ASU 2022-02 also requires entities to disclose gross write-offs of financing receivables and net investments in leases by year of origination. The TDR guidance can be adopted using either a prospective or modified retrospective transition approach and the additional disclosure requirements are made prospectively. ASU 2022-02 would be effective for Omega’s first quarter of 2023, and early adoption is permitted. We are still evaluating the impact that adopting ASU 2022-02 will have on our consolidated financial statements. ASU – 2020-04, Financial Instruments – Reference Rate Reform (Topic 848) On March 12, 2020, the FASB issued ASU 2020-04, which contains optional practical expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”). The guidance may be elected over time until December 31, 2022, as reference rate reform activities occur. The Company has several derivative instruments (See Note 16 – Derivatives and Hedging), a $1.45 billion senior unsecured multicurrency revolving credit facility, and a $50 million senior unsecured term loan facility (See Note 15 – Borrowing Activities and Arrangements) that reference LIBOR. We also have a $25.0 million senior secured debtor-in-possession (“DIP”) facility loan with an operator that references LIBOR (See Note 6 – Other Investments), but it matures in 2022 prior to LIBOR being discontinued. During the first quarter of 2020, 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 preserves the presentation of derivatives consistent with past presentation. Our credit facilities that reference LIBOR contain customary LIBOR replacement language, including, but not limited to, the use of rates based on the secured overnight financing rate. The Company is evaluating: (i) how the transition away from LIBOR will impact the Company, (ii) whether any additional optional expedients provided by the standards will be adopted, and (iii) the impact that adopting ASU 2020-04 will have on our consolidated financial statements. |
REAL ESTATE ASSETS
REAL ESTATE ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
REAL ESTATE ASSETS [Abstract] | |
REAL ESTATE ASSETS | NOTE 2 – REAL ESTATE ASSETS Three Months Ended March 31, 2022 2021 (in thousands) Rental income – operating leases $ 213,597 $ 235,062 Variable lease income – operating leases 3,286 2,699 Total rental income $ 216,883 $ 237,761 Our variable lease income primarily represents the reimbursement of real estate taxes and ground lease expenses by operators that Omega pays directly. Asset Acquisitions The following table summarizes the asset acquisitions that occurred during the first three months of 2022: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Specialty Country/State (in millions) Cash Yield (1) Q1 — 1 — U.K. $ 8.7 (2) 8.0 % Q1 — 1 — U.K. 5.0 8.0 % Q1 — 27 — U.K. 86.6 (2) 8.0 % Q1 1 — — MD 8.2 (3) 9.5 % Total 1 29 — $ 108.5 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) The total consideration paid for this one facility U.K. acquisition and the 27 -facility U.K. acquisition was $8.2 million and $100.0 million, respectively. In connection with these acquisitions, we allocated $0.5 million of the purchase consideration to a deferred tax liability related to this one facility U.K. acquisition, and $13.4 million to a deferred tax asset related to the 27 -facility U.K. acquisition. See Note 13 – Taxes for additional information. (3) Total consideration for the 1 facility Maryland acquisition was paid on December 30, 2021, but the closing of the acquisition did not occur until January 1, 2022. |
ASSETS HELD FOR SALE, DISPOSITI
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS | 3 Months Ended |
Mar. 31, 2022 | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS [Abstract] | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS | NOTE 3 – ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS Periodically we sell facilities to reduce our exposure to certain operators, geographies and non-strategic assets or due to the exercise of a tenant purchase option. In March 2022, we reclassified seven facilities leased to Guardian Healthcare (“Guardian”) to held for sale in connection with the transactions outlined in the restructuring agreement that was executed in April 2022 with Guardian, as discussed further in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements. We also entered into agreements to sell seven of these held for sale facilities in March and April 2022 for estimated gross proceeds of $36.5 million. As of March 31, 2022, the remaining 19 facilities in held for sale are all under sales agreements which provide for estimated proceeds of $83.1 million, subject to terms and conditions of such agreements. The following is a summary of our assets held for sale: March 31, December 31, 2022 2021 Number of facilities held for sale 26 41 Amount of assets held for sale (in thousands) $ 92,762 $ 261,151 Asset Sales During the three months ended March 31, 2022, we sold 27 facilities, subject to operating leases, for approximately $332.6 million in net cash proceeds, recognizing a net gain of approximately $113.6 million. One of these facilities was sold to the joint venture that was consolidated in the first quarter of 2022, as discussed further in Note 8 – Variable Interest Entities. The proceeds and gain primarily relate to the sale of the 22 facilities that were previously leased and operated by Gulf Coast Health Care LLC (together with certain affiliates “Gulf Coast”) and were included in assets held for sale as of December 31, 2021. The net cash proceeds from the sale, including related costs accrued for as of the end of the first quarter, were $304.0 million, and we recognized a net gain of approximately $113.5 million. We elected to exit these facilities following Gulf Coast commencing the Chapter 11 bankruptcy process in October 2021. The agreement includes an earnout clause pursuant to which the buyer is obligated to pay an additional $18.7 million to Omega if certain financial metrics are achieved at the facilities in the three years following the sale. As we have determined it is not probable that we will receive any additional funds, we have not recorded any income related to the earnout clause. Two of the facilities sold during the three months ended March 31, 2022 were previously leased to Guardian and were sold for $3.0 million in gross proceeds, which resulted in a net gain of approximately $0.5 million, in connection with on-going restructuring negotiations and were included in held for sale as of December 31, 2021. Real Estate Impairments During the three months ended March 31, 2022, we recorded impairments of approximately $3.5 million on two facilities that were classified as held for sale during the quarter for which the carrying values exceeded the estimated fair values less costs to sell. To estimate the fair value of the facilities determined to be held for sale for the impairments noted above, we utilized a market approach that considered binding sale agreements (a Level 1 input) or non-binding offers from unrelated third parties and/or broker quotes (a Level 3 input). |
CONTRACTUAL RECEIVABLES AND OTH
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | NOTE 4 – CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception, modification or renewal of the lease, and are amortized as a reduction of rental income over the non-cancellable lease term. A summary of our net receivables and lease inducements by type is as follows: March 31, December 31, 2022 2021 (in thousands) Contractual receivables – net $ 13,172 $ 11,259 Effective yield interest receivables $ 9,127 $ 9,590 Straight-line rent receivables 169,028 148,455 Lease inducements 91,837 93,770 Other receivables and lease inducements $ 269,992 $ 251,815 Agemo Holdings, LLC Agemo Holdings, LLC (“Agemo”) continued to not pay contractual rent and interest due under its lease and loan agreements during the first quarter of 2022. As we already placed Agemo on a cash basis of revenue recognition during the third quarter of 2020, no revenue was recorded during the three months ended March 31, 2022. See Note 6 – Other Investments for additional details on our loans with Agemo. For the three months ended March 31, 2021, Agemo generated approximately 4.6%, respectively, of our total revenues (excluding the impact of write-offs in the first quarter of 2021). During the three months ended March 31, 2022, the Agemo lease was amended to allow for the extension of the rent deferral through April 2022, which represents an additional deferral of approximately $1.6 million of rent. Additionally, in the first quarter of 2022, we extended the forbearance period from February 28, 2022 to April 30, 2022. The forbearance period was subsequently extended to May 31, 2022. Guardian Healthcare Guardian Healthcare (“Guardian”) continued to not make contractual rent and interest payments under its lease and loan agreements during the first quarter of 2022. As we already placed Guardian on a cash basis of revenue recognition in the fourth quarter of 2021, no revenue was recorded during the three months ended March 31, 2022. In the first quarter of 2022, we transitioned eight facilities previously leased to Guardian to two other operators as part of the planned restructuring. Additionally, we also sold two facilities previously leased to Guardian and three facilities previously subject to the Guardian mortgage loan in the first quarter of 2022 as part of on-going restructuring activities. In April 2022, we agreed to a formal restructuring agreement, master lease amendment and mortgage loan amendment with Guardian. As part of the restructuring agreement and amendments, Omega and Guardian agreed to the following: ● Extend the lease and loan terms to December 31, 2031 and allow Guardian the option to extend the maturity date for both the lease and loan through September 30, 2034 , ● sell 6 facilities subject to the master lease agreement to other operators in exchange for a reduction in base rent equal to 9.5% of the agreed upon fair value of these facilities, ● require Guardian to purchase one leased facility for $3.5 million before June 30, 2022, with a corresponding reduction in base rent equal to 9.5% of the proceeds, ● reduce the combined rent and mortgage interest to an aggregate $24.0 million following the completion of sale of the six leased facilities and Guardian repurchase of the one leased facility are completed and ● allow for the deferral of up to $18.0 million of aggregate rent and interest, effective retrospectively, from October 1, 2021 through April 1, 2022 based on the existence of certain financial conditions, with repayment required after September 30, 2024 based on certain financial metrics and in full by the current lease termination date of December 31, 2031, or the earlier termination of the lease for any reason. Guardian elected to utilize the allowed deferral in the restructuring agreement for unpaid contractual rent and interest during the period from October 2021 through March 2022 and for a portion of rent and interest in April 2022. In April 2022, Guardian made a partial payment after exhausting the maximum allowable deferral of $18.0 million under the restructuring agreement. Guardian is required to make contractual rent and interest payments going forward under the restructuring agreements. As discussed in Note 3 – Assets Held for Sale, Dispositions and Impairments, the seven leased facilities expected to be sold based on the terms within the restructuring agreement are included in assets held for sale as of March 31, 2022. As of March 31, 2022, we have $7.4 million of letters of credit from Guardian as collateral which could be applied against our uncollected rent and interest receivables. See Note 5 – Mortgage Notes Receivable for additional details on our mortgage with Guardian. For the three months ended March 31, 2021, Guardian generated approximately 3.2% of our total revenues (excluding the impact of straight-line write-offs in the first quarter of 2021). Other operator updates From January through March 2022, an operator representing 3.8% and 3.3%, respectively, of total revenue (excluding the impact of write-offs) for the three months ended March 31, 2022 and 2021, did not pay its contractual amounts due under its lease agreement. In March 2022, the lease with this operator was amended to allow for a short-term rent deferral for January through March 2022. The deferred rent balance accrues interest monthly at a rate of 5% per annum. This operator paid the contractual amount due under its lease agreement in April 2022. The operator is required to repay the deferred rent balance and accrued interest by December 31, 2022. Omega holds a $1.0 million letter of credit and a $150.0 thousand security deposit from this operator. We also have a $20.0 million revolving credit facility with this operator, and the operator paid contractual interest under the facility from January through April 2022. As of March 31, 2022, the total outstanding principal due under the credit facility was $16.0 million. In April 2022, this operator borrowed an additional $1.8 million under the credit facility. The credit facility is secured by a first lien on the accounts receivable of the operator. In March 2022, another operator, representing 2.3% and 2.1%, respectively, of total revenue (excluding the impact of write-offs) for the three months ended March 31, 2022 and 2021, did not pay its contractual amounts due under its lease agreement. In April 2022, the lease with this operator was amended to allow the operator to apply its $2.0 million security deposit toward payment of March 2022 rent and to allow for a short-term rent deferral for April, 2022 with regular rent payments required to resume in May 2022. During the first quarter of 2022, we allowed three other operators, representing an aggregate 2.5% and 2.7%, respectively, of total revenue (excluding the impact of write-offs) for the three months ended March 31, 2022 and 2021 to apply $1.3 million of their security deposits to pay rent to accommodate short term liquidity issues, with regular rent payments required to resume shortly thereafter. As of April 30, 2022, all of these operators are current on their lease obligations. These operators also are required to begin replenishing their security deposits in 2023. Other straight-line receivables and write-offs During the first quarter of 2022, we wrote-off straight-line rent receivable balances of $3.2 million through rental income as a result of transitioning six facilities to another existing operator. |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Notes Receivable [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 – MORTGAGE NOTES RECEIVABLE As of March 31, 2022, mortgage notes receivable relate to seven fixed rate mortgage notes on 60 facilities. The mortgage notes are secured by first mortgage liens on the borrowers’ underlying real estate and personal property. The mortgage notes receivable relate to facilities located in six states that are operated by six independent healthcare operating companies. We monitor compliance with the terms of our mortgages and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding mortgage notes. The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: March 31, December 31, 2022 2021 (in thousands) Mortgage note due 2027; interest at 11.02% $ 82,017 $ 103,762 Mortgage notes due 2029; interest at 10.81% (1) 656,007 653,564 Other mortgage notes outstanding (2) 150,779 151,361 Mortgage notes receivable, gross 888,803 908,687 Allowance for credit losses on mortgage notes receivable (69,226) (73,601) Total mortgage notes receivable — net $ 819,577 $ 835,086 (1) Approximates the weighted average interest rate on 45 facilities as of March 31, 2022. (2) Other mortgage notes outstanding have a weighted average interest rate of 8.84% per annum as of March 31, 2022 and maturity dates ranging from 2023 through 2032 . Mortgage Note due 2027 As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, Guardian continued to not pay contractual rent and interest to us during the first quarter of 2022. During the first quarter of 2022, we continued our on-going negotiations to restructure and amend Guardian’s lease and loan agreements. As part of the restructuring negotiations, on February 15, 2022, Guardian completed the sale of three facilities, subject to the Guardian mortgage loan with Omega. Concurrent with the sale, Omega agreed to release the mortgage liens on these facilities in exchange for a partial paydown of $21.7 million. In connection with the partial paydown, we recorded a $5.1 million recovery for credit losses in the first quarter of 2022 related to the Guardian mortgage loan. Following the mortgage paydown and recovery, Omega has reserves of $42.0 million against the loan that reduces the loan carrying value to the estimated fair value of the collateral of $40.0 million. As of March 31, 2022, the mortgage loan is secured by three SNFs and one ALF located in Pennsylvania. In April 2022, we agreed to a formal restructuring agreement and amendments to the master lease and mortgage loan with Guardian. See Note 4 – Contractual Receivables and Other Receivables and Lease Inducements. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 3 Months Ended |
Mar. 31, 2022 | |
OTHER INVESTMENTS [Abstract] | |
OTHER INVESTMENTS | NOTE 6 – OTHER INVESTMENTS Our other investments consist of fixed and variable rate loans to our operators and/or their principals to fund working capital and capital expenditures. These loans may be either unsecured or secured by the collateral of the borrower. A number of the secured loans are collateralized by a leasehold mortgage on, or an assignment or pledge of the membership interest in, the related properties, corporate guarantees and/or personal guarantees. We deem these to be “real estate related loans” that are included as qualifying assets under our quarterly REIT asset tests. As of March 31, 2022, we had 37 loans with 18 different operators. A summary of our other investments is as follows: March 31, December 31, 2022 2021 (in thousands) Other investment notes due 2024; interest at 13.15% (1) $ 92,613 $ 90,752 Other investment notes due 2030; interest at 7.00% 212,633 201,613 Other investment note due 2023; interest at 12.00% 37,797 40,232 Other investment notes outstanding (2) 19,599 22,076 Real estate related loans - other investments, gross 362,642 354,673 Other investment notes due 2024-2025; interest at 8.12% (1) 55,791 55,791 Other investment notes outstanding (3) 164,491 128,814 Non-real estate related loans - other investments, gross 220,282 184,605 Total other investments, gross 582,924 539,278 Allowance for credit losses on other investments (75,982) (69,394) Total other investments - net $ 506,942 $ 469,884 (1) Approximates the weighted average interest rate as of March 31, 2022. (2) Other investment notes that are real estate related loans have a weighted average interest rate of 11.20% as of March 31, 2022 with maturity dates ranging from 2022 through 2023 (with $10.4 million maturing in 2022 ). (3) Other investment notes that are non-real estate related loans have a weighted average interest rate of 8.08% as of March 31, 2022 with maturity dates ranging from 2022 through 2032 (with $70.5 million maturing in 2022 ). Interest revenue on other investment loans is included within other investment income on the Consolidated Statement of Operations. A summary of our other investments income by real estate and non-real estate loans, as defined above, is as follows: Three Months Ended March 31, 2022 2021 (in thousands) Real estate related loans - interest income $ 8,379 $ 7,706 Non-real estate related loans - interest income 2,215 3,946 Total other investment income $ 10,594 $ 11,652 Other investment notes due 2024-2025 As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, Agemo continued to not pay contractual rent and interest to us during the first quarter of 2022. We have continued to monitor the fair value of the collateral associated with Agemo’s $25.0 million secured working capital loan (the “Agemo WC Loan”) on a quarterly basis. In the first quarter of 2022, we recorded an additional provision for credit losses of $4.7 million related to the Agemo WC Loan as a result of a reduction in the fair value of the underlying collateral assets supporting the current carrying values. The reduction in fair value of the collateral assets was driven by a reduction in Agemo’s working capital accessible to Omega as collateral, after considering other liens on the assets. Other investment notes outstanding Term Loan $25 million |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | NOTE 7 – ALLOWANCE FOR CREDIT LOSSES A rollforward of our allowance for credit losses for the three months ended March 31, 2022 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2021 Provision (recovery) for Credit Loss for the three months ended March 31, 2022 Write-offs charged against allowance for the three months ended March 31, 2022 Allowance for Credit Loss as of March 31, 2022 (in thousands) 2 Mortgage Notes Receivable $ 15 $ 47 $ — $ 62 3 Mortgage Notes Receivable 1,973 126 — 2,099 4 Mortgage Notes Receivable 19,461 610 — 20,071 5 Mortgage Notes Receivable 135 (23) — 112 6 Mortgage Notes Receivable 52,017 (5,135) (1) — 46,882 Sub-total 73,601 (4,375) — 69,226 3 Investment in Direct Financing Leases 530 5 — 535 Sub-total 530 5 — 535 2 Other Investments 29 53 — 82 3 Other Investments 4,600 1,063 — 5,663 4 Other Investments 1,172 1,499 — 2,671 5 Other Investments 7,861 4,704 (2) — 12,565 6 Other Investments 55,732 (731) (3) — 55,001 Sub-total 69,394 6,588 — 75,982 2 Off-Balance Sheet Note Commitments 7 3 — 10 3 Off-Balance Sheet Note Commitments 458 (132) — 326 4 Off-Balance Sheet Note Commitments 216 (78) — 138 4 Off-Balance Sheet Mortgage Commitments 117 (106) — 11 6 Off-Balance Sheet Note Commitments 143 (81) — 62 Sub-total 941 (394) — 547 Total $ 144,466 $ 1,824 $ — $ 146,290 (1) This amount relates to a recovery recorded on the Guardian mortgage loan during the first quarter of 2022. See Note 5 – Mortgage Notes Receivable for additional information on the recovery recorded. (2) This provision includes an additional $4.7 million allowance recorded on the Agemo WC Loan during the first quarter of 2022. See Note 6 – Other Investments for additional information on the Agemo WC Loan impairment. (3) During the three months ended March 31, 2022, we received $0.7 million of interest and fee payments from Gulf Coast under the $25.0 million senior secured DIP facility, the outstanding principal of which was fully reserved against in the fourth quarter of 2021. The DIP loan is on non-accrual status, and the payments received in the first quarter of 2022 have been applied against the outstanding principal using the cost recovery method. In the first quarter of 2022, we recorded a recovery for credit loss equal to the amount of payments applied against the principal. A rollforward of our allowance for credit losses for the three months ended March 31, 2021 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2020 Provision (recovery) for Credit Loss for the three months ended March 31, 2021 Write-offs charged against allowance for the three months ended March 31, 2021 Allowance for Credit Loss as of March 31, 2021 (in thousands) 2 Mortgage Notes Receivable $ 88 $ (45) $ — $ 43 3 Mortgage Notes Receivable 954 (38) — 916 4 Mortgage Notes Receivable 26,865 (913) — 25,952 5 Mortgage Notes Receivable 433 (107) — 326 6 Mortgage Notes Receivable 4,905 — — 4,905 Sub-total 33,245 (1,103) — 32,142 3 Investment in Direct Financing Leases 694 (6) — 688 Sub-total 694 (6) — 688 2 Other Investments 94 (40) — 54 3 Other Investments 5,113 217 — 5,330 4 Other Investments 24,397 413 — 24,810 5 Other Investments 1,853 (10) (95) 1,748 Sub-total 31,457 580 (95) 31,942 2 Off-Balance Sheet Note Commitments 116 5 — 121 3 Off-Balance Sheet Note Commitments 2,305 (538) — 1,767 4 Off-Balance Sheet Mortgage Commitments 24 38 — 62 Sub-total 2,445 (495) — 1,950 Total $ 67,841 $ (1,024) $ (95) $ 66,722 A summary of our amortized cost basis by year of origination and credit quality indicator is as follows: Rating Financial Statement Line Item 2022 2021 2020 2019 2018 2017 2016 & older Revolving Loans Balance as of March 31, 2022 (in thousands) 1 Mortgage notes receivable $ — $ — $ — $ — $ — $ — $ 65,054 $ — $ 65,054 2 Mortgage notes receivable — — 21,325 — — — — — 21,325 3 Mortgage notes receivable — 72,420 — — — — — — 72,420 4 Mortgage notes receivable — 19,204 89,397 5,084 44,274 46,349 430,373 — 634,681 5 Mortgage notes receivable — — — — — — 6,929 — 6,929 6 Mortgage notes receivable — — — — — — 88,394 — 88,394 Sub-total — 91,624 110,722 5,084 44,274 46,349 590,750 — 888,803 3 Investment in direct financing leases — — — — — — 11,384 — 11,384 Sub-total — — — — — — 11,384 — 11,384 2 Other investments — — — — — — — 32,800 32,800 3 Other investments — — — 17,341 26,224 — 2,482 249,893 295,940 4 Other investments 25,000 4,749 — 8,525 92,613 — 38,797 — 169,684 5 Other investments — — — — 29,498 — — — 29,498 6 Other investments — 19,296 — — 4,463 — 31,243 — 55,002 Sub-total 25,000 24,045 — 25,866 152,798 — 72,522 282,693 582,924 Total $ 25,000 $ 115,669 $ 110,722 $ 30,950 $ 197,072 $ 46,349 $ 674,656 $ 282,693 $ 1,483,111 Interest Receivable on Mortgage and Other Investment Loans We have elected the practical expedient to exclude interest receivable from our allowance for credit losses. As of March 31, 2022, $11.3 million of contractual interest receivable is recorded in contractual receivables – net, and $9.1 million of effective yield interest receivables is recorded in other receivables and lease inducements on our Consolidated Balance Sheets, both of which are excluded from our allowance for credit losses. We write-off interest receivable to provision for credit losses in the period we determine the interest is no longer considered collectible. During the first quarter of 2022, we did not recognize any interest income related to loans on non-accrual status as of March 31, 2022. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 8 – VARIABLE INTEREST ENTITIES Unconsolidated Variable Interest Entities We hold variable interests in several variable interest entities (“VIEs”) through our investing and financing activities, which are not consolidated, as we have concluded that we are not the primary beneficiary of these entities as we do not have the power to direct activities that most significantly impact the VIE’s economic performance and/or the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. Below is a summary of our assets, liabilities and collateral associated with these unconsolidated VIEs as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 (in thousands) Assets Real estate assets – net $ 1,136,095 $ 1,144,851 Assets held for sale — 191,016 Other investments – net 236,334 230,768 Contractual receivables – net 1,310 1,227 Straight-line rent receivables (37,888) (41,512) Lease inducement 62,967 64,307 Other assets 732 — Total assets 1,399,550 1,590,657 Liabilities Net in-place lease liability (299) (305) Security deposit (4,743) (4,715) Contingent liability (43,915) (43,915) Other liabilities (732) — Total liabilities (49,689) (48,935) Collateral Letters of credit — — Personal guarantee (48,000) (48,000) Other collateral (1) (1,136,095) (1,335,867) Total collateral (1,184,095) (1,383,867) Maximum exposure to loss $ 165,766 $ 157,855 (1) Amount excludes accounts receivable that Omega has a security interest in as collateral under the two working capital loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $23.7 million and $29.2 million as of March 31, 2022 and December 31, 2021, respectively. In determining our maximum exposure to loss from the unconsolidated VIEs, we considered the underlying carrying value of the real estate subject to leases with the operator and other collateral, if any, supporting our other investments, which may include accounts receivable, security deposits, letters of credit or personal guarantees, if any, as well as other liabilities recognized with respect to these operators. The table below reflects our total revenues from the operators that are considered unconsolidated VIEs for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands) Revenue Rental income $ 20,863 $ 30,524 Other investment income 3,766 3,945 Total $ 24,629 $ 34,469 Consolidated VIEs During the first quarter of 2022, we entered into a joint venture, which owns two ALFs, for a $3.2 million cash contribution, representing 52.4% of the outstanding equity of the joint venture. Concurrent with entering the joint venture, we sold one of the ALFs to the joint venture for $7.7 million in net proceeds. The joint venture is a VIE and we have concluded that we are the primary beneficiary of this VIE based on a combination of the ability to direct the activities that most significantly impact the joint venture’s economic performance and the rights to receive residual returns or the obligation to absorb losses arising from the joint venture. Accordingly, this joint venture has been consolidated. Omega is not required to make any additional capital contributions to the joint venture, and it is expected to be funded from the ongoing operations of the underlying properties. As of March 31, 2022, this joint venture has $25.6 million of total assets and $19.6 million of total liabilities, which are included in our Consolidated Balance Sheets. As a result of consolidating the joint venture, in the first quarter of 2022, we recorded a $2.9 million noncontrolling interest to reflect the contributions of the minority interest holder of the joint venture. No gain or loss was recognized on the initial consolidation of the VIE or upon the sale of the ALF to the joint venture. |
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES | 3 Months Ended |
Mar. 31, 2022 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
INVESTMENTS IN JOINT VENTURES | NOTE 9 – INVESTMENTS IN JOINT VENTURES Unconsolidated Joint Ventures Omega owns an interest in a number of joint ventures that are accounted for under the equity method. These entities and their subsidiaries are not consolidated by the Company because it does not control, through voting rights or other means, the joint venture. The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Initial Investment Facility Facilities at March 31, December 31, Entity % Date Investment (1) Type 3/31/2022 2022 2021 Second Spring Healthcare Investments 15% 11/1/2016 $ 50,032 SNF — $ 11,565 $ 11,355 Second Spring II LLC 15% 3/10/2021 10,330 SNF — 5 8 Lakeway Realty, L.L.C. 51% 5/17/2019 73,834 Specialty facility 1 71,014 71,286 Cindat Joint Venture 49% 12/18/2019 105,688 ALF 65 109,381 111,792 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 900 N/A N/A 273 246 $ 240,784 $ 192,238 $ 194,687 (1) Our initial investment includes our transaction costs, if any. Three Months Ended March 31, Entity 2022 2021 (in thousands) Second Spring Healthcare Investments (1) $ 285 $ 11,411 Second Spring II LLC (2) (457) Lakeway Realty, L.L.C. 661 645 Cindat Joint Venture 735 486 OMG Senior Housing, LLC (83) (101) OH CHS SNP, Inc. 27 (154) Total $ 1,623 $ 11,830 (1) The income from this unconsolidated joint venture for the three months ended March 31, 2021 includes a $14.9 million gain on sale of real estate investments. Asset Management Fees We receive asset management fees from certain joint ventures for services provided. For each of the three months ended March 31, 2022 and 2021, we recognized approximately $0.2 million of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statements of Operations. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Other Intangibles [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | NOTE 10 – GOODWILL AND OTHER INTANGIBLES The following is a summary of our goodwill as of March 31, 2022 and December 31, 2021: (in thousands) Balance as of December 31, 2021 $ 651,417 Foreign currency translation (393) Balance as of March 31, 2022 $ 651,024 The following is a summary of our intangibles as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 (in thousands) Assets: Above market leases $ 5,929 $ 5,929 Accumulated amortization (4,365) (4,313) Net above market leases $ 1,564 $ 1,616 Liabilities: Below market leases $ 71,072 $ 66,324 Accumulated amortization (45,060) (38,091) Net below market leases $ 26,012 $ 28,233 Above market leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income. For the three months ended March 31, 2022 and 2021, our net amortization related to intangibles was $1.6 million and $6.2 million, respectively. The estimated net amortization related to these intangibles for the remainder of 2022 and the subsequent four years is as follows: remainder of 2022 – $3.0 million; 2023 – $3.9 million; 2024 – $3.8 million; 2025 – $3.5 million and 2026 – $2.8 million. As of March 31, 2022, the weighted average remaining amortization period of above market lease assets is approximately ten years and below market lease liabilities is approximately seven years. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 3 Months Ended |
Mar. 31, 2022 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 – CONCENTRATION OF RISK As of March 31, 2022, our portfolio of real estate investments (including properties associated with mortgages, direct financing leases, assets held for sale and consolidated joint ventures) consisted of 962 healthcare facilities, located in 42 states and the U.K. and operated by 65 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled approximately $9.9 billion at March 31, 2022, with approximately 97% of our real estate investments related to long-term healthcare facilities. Our portfolio is made up of (i) 675 SNFs, 163 ALFs, 20 ILFs, 16 specialty facilities and two medical office buildings, (ii) fixed rate mortgages on 56 SNFs, two ALFs and two specialty facilities, and (iii) 26 facilities that are held for sale. At March 31, 2022, we also held other investments of approximately $506.9 million, consisting primarily of secured loans to third-party operators of our facilities and $192.2 million of investments in six unconsolidated joint ventures. At March 31, 2022 we had investments with two operators or managers that approximated or exceeded 10% of our total investments: Maplewood Senior Living (along with affiliates, “Maplewood”) and LaVie. Maplewood generated approximately 9.0% and 7.5% of our total revenues for the three months ended March 31, 2022 and 2021, respectively. LaVie generated approximately 11.3% and 9.1% of our total revenues for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, the three states in which we had our highest concentration of investments were Florida (13%), Texas (10%) and Michigan (7%). |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY $500 Million Stock Repurchase Program On January 27, 2022, the Company authorized the repurchase of up to $500 million of our outstanding common stock from time to time through March 2025. The Company is authorized to repurchase shares of its common stock in open market and privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or in any other manner as determined by the Company’s management and in accordance with applicable law. The timing and amount of stock repurchases will be determined, in management’s discretion, based on a variety of factors, including but not limited to market conditions, other capital management needs and opportunities and corporate and regulatory considerations. The Company has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be discontinued at any time. During the first quarter of 2022, the Company repurchased 980,530 shares of our outstanding common stock at an average price of $27.84 per share. Under Maryland law, shares repurchased become authorized but unissued shares. The Company reduced the common stock at par value and to the extent the cost acquired exceeds par value, it is recorded through additional paid-in capital on our Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Dividends The following is a summary of our declared cash dividends on common stock: Record Payment Dividend per Date Date Common Share February 7, 2022 February 15, 2022 $ 0.67 May 2, 2022 May 13, 2022 0.67 Dividend Reinvestment and Common Stock Purchase Plan The following is a summary of the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended Shares issued Gross Proceeds March 31, 2021 0.4 $ 15.5 March 31, 2022 0.1 2.3 At-The-Market Offering Programs The following is a summary of the shares issued under our former $500 million 2015 At-The-Market Offering Program (“2015 ATM Program”) and our current $1.0 billion 2021 At-The-Market Offering Program (“2021 ATM Program”) for the three months ended March 31, 2022 and 2021 (in millions except average price per share): Average Net Price Three Months Ended Shares issued Per Share (1) Gross Proceeds Commissions Net Proceeds March 31, 2021 1.6 $ 37.16 $ 61.4 $ 1.3 $ 60.1 March 31, 2022 — — — — — (1) Represents the average price per share after commissions. We did not utilize the forward provisions under the 2021 ATM Program during the first quarter of 2022. Accumulated Other Comprehensive Income (Loss) The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: As of and for the Three Months Ended March 2022 2021 (in thousands) Foreign Currency Translation: Beginning balance $ (24,012) $ (18,427) Translation (loss) gain (14,630) 3,530 Realized (loss) gain (26) 666 Ending balance (38,668) (14,231) Derivative Instruments: Cash flow hedges: Beginning balance 30,407 17,718 Unrealized gain 18,612 35,191 Realized gain (1) 966 610 Ending balance 49,985 53,519 Net investment hedges: Beginning balance (9,588) (13,331) Unrealized gain (loss) 3,847 (3,010) Ending balance (5,741) (16,341) Total accumulated other comprehensive income before noncontrolling interest 5,576 22,947 Add: portion included in noncontrolling interest 742 283 Total accumulated other comprehensive income for Omega $ 6,318 $ 23,230 (1) Recorded in interest expense on the Consolidated Statements of Operations. |
TAXES
TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Taxes [Abstract] | |
TAXES | NOTE 13 – TAXES Omega was organized, has operated and intends to continue to operate in a manner that enables Omega to qualify for taxation as a REIT under Sections 856 through 860 of the Code. On a quarterly and annual basis, we perform several analyses to test our compliance within the REIT taxation rules. If we fail to meet the requirements for qualification as a REIT in any tax year, we will be subject to federal income tax on our taxable income at regular corporate rates and may not be able to qualify as a REIT for the four We are also subject to federal taxation of 100% of the net income derived from the sale or other disposition of property, other than foreclosure property, that we held primarily for sale to customers in the ordinary course of a trade or business. We believe that we do not hold assets for sale to customers in the ordinary course of business and that none of the assets currently held for sale or that have been sold would be considered a prohibited transaction within the REIT taxation rules. As a REIT under the Code, we generally will not be subject to federal income taxes on the REIT taxable income that we distribute to stockholders, subject to certain exceptions. In 2021, we distributed dividends in excess of our taxable income. We currently own stock in certain subsidiary REITs. These subsidiaries are required to individually satisfy all of the rules for qualification as a REIT. If we fail to meet the requirements for qualification as a REIT for any of these subsidiaries, it may cause Omega to fail the requirements for qualification as a REIT also. We have elected to treat certain of our active subsidiaries as taxable REIT subsidiaries (“TRSs”). Our domestic TRSs are subject to federal, state and local income taxes at the applicable corporate rates. Our foreign TRSs are subject to foreign income taxes and may be subject to current-year income inclusion relating to ownership of a controlled foreign corporation for U.S. income tax purposes. As of March 31, 2022, one of our domestic TRSs that is subject to income taxes at the applicable corporate rates had a net operating loss (“NOL”) carry-forward of approximately $10.3 million. Our domestic NOL carry-forward was fully reserved as of March 31, 2022, with a valuation allowance due to uncertainties regarding realization. Under current law, NOL carry-forwards generated up through December 31, 2017 may be carried forward for no more than 20 years, and NOL carry-forwards generated in taxable years ended after December 31, 2017, may be carried forward indefinitely. We do not anticipate that such changes will materially impact the computation of Omega’s taxable income, or the taxable income of any Omega entity, including our TRSs. As discussed in Note 2 – Real Estate Assets, in connection with the acquisition of one U.K. entity in the first quarter of 2022, we acquired foreign net operating losses of $55.0 million resulting in a NOL deferred tax asset of $13.4 million. The NOLs have no expiration date and may be available to offset future taxable income. We believe these foreign NOLs are realizable under a “more likely than not” measurement and have not recorded a valuation allowance against the deferred tax asset. The following is a summary of deferred tax assets and liabilities (which are recorded in other assets and accrued expenses and other liabilities, respectively, in our Consolidated Balance Sheets): March 31, December 31, 2022 2021 (in thousands) Deferred tax assets: U.S. Federal net operating loss carryforward $ 2,156 $ 2,221 Foreign net operating loss carryforward 13,374 — 15,530 2,221 Deferred tax liability: Foreign deferred tax liability (1) (7,883) (8,200) Valuation allowance on deferred tax asset (2,156) (2,221) Net deferred tax asset (liability) $ 5,491 $ (8,200) (1) The deferred tax liability primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. The following is a summary of our provision for income taxes: Three Months Ended March 31, 2022 2021 (in millions) Provision for federal, state and local income taxes $ 0.3 $ 0.3 Provision for foreign income taxes 0.9 0.7 Total provision for income taxes (1) $ 1.2 $ 1.0 (1) The above amounts do not include gross receipts or franchise taxes payable to certain states and municipalities. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 14 – STOCK-BASED COMPENSATION Stock-based compensation expense was $6.9 million and $5.4 million for the three months ended March 31, 2022 and 2021, respectively. Stock-based compensation expense is included within general and administrative expenses on our Consolidated Statements of Operations. We granted 31,685 time-based restricted stock units (“RSUs”) and 170,294 time-based profits interest units (“PIUs”) during the first quarter of 2022 to certain officers and key employees, and those units vest on December 31, 2024 (three years after the grant date), subject to continued employment and vesting in certain other events. We also granted 1,545,070 performance-based PIUs during the first quarter of 2022 to certain officers and key employees, which are earned based on the level of performance over the performance period (normally three years) and vest quarterly in the four Time-based and performance-based grants made to named executive officers and key employees that meet certain conditions under the Company’s retirement policy (length of service, age, etc.) vest on an accelerated basis pursuant to the 2018 Stock Incentive Plan. |
BORROWING ACTIVITIES AND ARRANG
BORROWING ACTIVITIES AND ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
BORROWING ACTIVITIES AND ARRANGEMENTS | NOTE 15 – BORROWING ACTIVITIES AND ARRANGEMENTS The following is a summary of our borrowings: Annual Interest Rate as of March 31, March 31, December 31, Maturity 2022 2022 2021 (in thousands) Secured borrowings: HUD mortgages (1)(2) 2046 - 2052 3.01 % $ 357,910 $ 359,806 2022 term loan (3) 2022 4.00 % 2,275 2,275 2024 term loan (4) 2024 6.00 % 19,459 — Total secured borrowings 379,644 362,081 Unsecured borrowings: Revolving credit facility (5)(6) 2025 1.82 % 354,888 — Senior notes and other unsecured borrowings: 2023 notes (5) 2023 4.375 % 350,000 350,000 2024 notes (5) 2024 4.950 % 400,000 400,000 2025 notes (5) 2025 4.500 % 400,000 400,000 2026 notes (5) 2026 5.250 % 600,000 600,000 2027 notes (5) 2027 4.500 % 700,000 700,000 2028 notes (5) 2028 4.750 % 550,000 550,000 2029 notes (5) 2029 3.625 % 500,000 500,000 2031 notes (5) 2031 3.375 % 700,000 700,000 2033 notes (5) 2033 3.250 % 700,000 700,000 OP term loan (7)(8) 2025 1.91 % 50,000 50,000 Deferred financing costs – net (25,804) (26,980) Discount – net (30,357) (31,565) Total senior notes and other unsecured borrowings – net 4,893,839 4,891,455 Total unsecured borrowings – net 5,248,727 4,891,455 Total secured and unsecured borrowings – net (9)(10) $ 5,628,371 $ 5,253,536 (1) Reflects the weighted average annual contractual interest rate on the mortgages at March 31, 2022. Secured by real estate assets with a net carrying value of $537.8 million as of March 31, 2022. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Borrowing is the debt of a consolidated joint venture. (4) Borrowing is the debt of the consolidated joint venture discussed in Note 8 – Variable Interest Entities which was formed in the first quarter of 2022. The borrowing is secured by two ALFs which are owned by the joint venture. (5) Guaranteed by Omega OP. (6) As of March 31, 2022, borrowings under Omega’s $1.45 billion senior unsecured multicurrency revolving credit facility consisted of $110.0 million U.S. dollars (“USD”) and £186.0 million British Pounds Sterling (“GBP”). The interest rate presented reflects the weighted average interest rate on the borrowings under the revolving credit facility denominated in USD and GBP. (7) Omega OP is the obligor on this borrowing. (8) The interest rate swaps, that were cash flow hedges of Omega OP’s $50.0 million senior unsecured term loan facility (the “OP term loan”) interest payments and that effectively fixed the interest rate at 3.29% , matured on February 10, 2022 . (9) All borrowings are direct borrowings of Parent unless otherwise noted. (10) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of March 31, 2022 and December 31, 2021, we were in compliance with all applicable covenants for our borrowings . |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 3 Months Ended |
Mar. 31, 2022 | |
DERIVATIVES AND HEDGING [Abstract] | |
DERIVATIVES AND HEDGING | NOTE 16 – DERIVATIVES AND HEDGING We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our investments in the U.K. and interest rate risk related to our capital structure. As a matter of policy, we do not use derivatives for trading or speculative purposes. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, interest rate swaps and debt issued in foreign currencies to offset a portion of these risks. As of March 31, 2022, we have five forward starting swaps with $400.0 million in notional value designated as cash flow hedges and four forward currency forwards with £174.0 million in notional value designated as net investment hedges. Two of our interest rate swaps that were entered into in May 2019 with aggregate notional amounts of $50.0 million matured on February 10, 2022. These interest rate swap contracts were designated as hedges against our exposure to changes in interest payment cash flow fluctuations in the variable interest rates on the OP term loan. The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: March 31, December 31, 2022 2021 Cash flow hedges: (in thousands) Other assets $ 53,394 $ 32,849 Accrued expenses and other liabilities $ — $ 96 Net investment hedges: Other assets $ 10,601 $ 6,754 The fair value of the interest rate swaps and foreign currency forwards is derived from observable market data such as yield curves and foreign exchange rates and represents a Level 2 measurement on the fair value hierarchy. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 17 – FINANCIAL INSTRUMENTS The net carrying amount of cash and cash equivalents, restricted cash, contractual receivables, other assets and accrued expenses and other liabilities reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (Level 1). At March 31, 2022 and December 31, 2021, the net carrying amounts and fair values of our other financial instruments were as follows: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,849 $ 10,849 $ 10,873 $ 10,873 Mortgage notes receivable – net 819,577 841,432 835,086 869,715 Other investments – net 506,942 516,639 469,884 476,664 Total $ 1,337,368 $ 1,368,920 $ 1,315,843 $ 1,357,252 Liabilities: Revolving credit facility $ 354,888 $ 354,888 $ — $ — 2022 term loan 2,275 2,275 2,275 2,275 2024 term loan 19,459 19,750 — — OP term loan 49,686 50,000 49,661 50,000 4.375% notes due 2023 – net 349,242 355,534 349,100 365,243 4.95% notes due 2024 – net 397,978 408,984 397,725 427,184 4.50% notes due 2025 – net 397,875 406,980 397,685 427,440 5.25% notes due 2026 – net 597,319 622,896 597,142 667,524 4.50% notes due 2027 – net 692,739 714,903 692,374 766,003 4.75% notes due 2028 – net 544,160 559,916 543,908 607,249 3.625% notes due 2029 – net 490,983 472,485 490,681 519,430 3.375% notes due 2031 – net 684,040 641,347 683,592 705,810 3.25% notes due 2033 – net 689,817 610,575 689,587 683,151 HUD mortgages – net 357,910 344,769 359,806 394,284 Total $ 5,628,371 $ 5,565,302 $ 5,253,536 $ 5,615,593 Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies in our Annual Report on Form 10-K The following methods and assumptions were used in estimating fair value disclosures for financial instruments. ● Mortgage notes receivable: The fair value of the mortgage notes receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Other investments: Other investments are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Revolving credit facility, OP term loan, 2022 term loan and 2024 term loan: The carrying amount of these approximate fair value because the borrowings are interest rate adjusted. Differences between carrying value and the fair value in the table above are due to the inclusion of deferred financing costs in the carrying value. ● Senior notes: The fair value of the senior unsecured notes payable was estimated based on (Level 1) publicly available trading prices. ● Subordinated debt: The fair value of our borrowings under these agreements are estimated using a present value technique based on inputs from trading activity provided by a third-party (Level 2). ● HUD mortgages: The fair value of our borrowings under HUD debt agreements are estimated using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 – COMMITMENTS AND CONTINGENCIES Litigation Shareholder Litigation The Company and certain of its officers, C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth Certain derivative actions have also been brought against the officers named in the Securities Class Action, and certain current and former directors of the Company, alleging claims relating to the matters at issue in the Securities Class Action. These derivative actions are currently stayed pending certain developments in the Securities Class Action. In 2018, Stourbridge Investments LLC, a purported stockholder of the Company, filed a derivative action purportedly on behalf of the Company in the U.S. District Court for the Southern District of New York, alleging violations of Section 14(a) of the Exchange Act and state-law claims including breach of fiduciary duty. The complaint alleges, among other things, that the named defendants are responsible for the Company’s failure to disclose the financial condition of Orianna Health Systems, the alleged non-disclosures that are also the subject of the Securities Class Action described above. The plaintiff did not make a demand on the Company to bring the action prior to filing it, but rather alleges that demand would have been futile. The case has been stayed pending the entry of judgment or a voluntary dismissal with prejudice in the Securities Class Action. In 2019, purported stockholder Phillip Swan by his counsel, and stockholders Tom Bradley and Sarah Smith by their counsel, filed derivative actions in the Baltimore City Circuit Court of Maryland, purportedly on behalf of the Company, asserting claims for breach of fiduciary duty, waste of corporate assets and unjust enrichment against the named defendants. Those actions have been consolidated and stayed in the Maryland court pending completion of fact discovery in the Securities Class Action. Prior to filing suit, each of these stockholders had made demands on the Board of Directors in 2018 that the Company bring such lawsuits. After an investigation and due consideration, and in the exercise of its business judgment, the Board of Directors determined that it is not in the best interests of the Company to commence litigation against any current or former officers or directors based on the matters raised in the demands. In addition, in late 2020, Robert Wojcik, a purported shareholder of the Company, filed a derivative action in the U.S. District Court for the District of Maryland, purportedly on behalf of the Company, asserting violations of Section 14(a) of the Exchange Act, Sections 10(b) and 21D of the Exchange Act, as well as claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. Wojcik also did not make a demand on the Company prior to filing suit. The case has been stayed pending the entry of judgment or a voluntary dismissal with prejudice in the Securities Class Action. Other Gulf Coast Subordinated Debt In August 2021, we filed suit in the Circuit Court for Baltimore County (the “Court”) against the holders of certain Subordinated Debt associated with our Gulf Coast master lease agreement, following an assertion by the holders that our prior exercise of offset rights in connection with Gulf Coast’s non-payment of rent had resulted in defaults under the terms of the Subordinated Debt. The suit seeks a declaratory judgment to, among other items, declare that the aggregate amount of unpaid rent due from Gulf Coast under the master lease agreement exceeds all amounts which otherwise would be due and owing by a subsidiary of Omega (“Omega Obligor”) under the Subordinated Debt, and that all principal and interest due and owing under the Subordinated Debt may be (and was) offset in full as of December 31, 2021. In October 2021, the defendants in the case filed a motion to dismiss for lack of personal jurisdiction. A hearing was held on such motion on February 25, 2022, but the decision was taken under advisement. While Omega believes Omega Obligor is entitled to the enforcement of the offset rights sought in the action, the outcome of litigation is unpredictable, and Omega cannot predict the outcome of the declaratory judgment action, irrespective of whether it is litigated in the Court or, if the motion to dismiss for lack of personal jurisdiction is granted, in another court. Lakeway Realty, L.L.C. In September 2016, MedEquities received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice (“DOJ”), which indicates that it is conducting an investigation regarding alleged violations of the False Claims Act, Stark Law and Anti-Kickback Statute in connection with claims that may have been submitted to Medicare and other federal payors for services rendered to patients at Lakeway Hospital or by providers with financial relationships with Lakeway Hospital. As a result of the acquisition of MedEquities, the Company owns a 51% interest in an unconsolidated partnership that owns Lakeway Hospital, Lakeway Realty, L.L.C. The CID requested certain documents and information related to the acquisition and ownership of Lakeway Hospital through Lakeway Realty, L.L.C. The Company has learned that the DOJ is investigating MedEquities’ conduct in connection with its investigation of financial relationships related to Lakeway Hospital, including allegations by the DOJ that these relationships violate and continue to violate the Anti-Kickback Statute and, as a result, related claims submitted to federal payors violated and continue to violate the False Claims Act. The Company is cooperating fully with the DOJ in connection with the CID and has produced all of the information that has been requested to date. On September 29, 2020, the Department of Justice announced it had reached a settlement of a False Claims Act case with Lakeway Regional Medical Center wherein Lakeway Regional Medical Center agreed to pay $1.1 million for inducing certain physicians to refer patients by offering a low risk and high return investment in the form of a joint venture to purchase and then lease back the hospital to Lakeway Regional Medical Center. A MedEquities subsidiary was a party to this transaction but was not included in settlement discussions, and we understand that the settlement did not fully resolve the investigation referenced in the CID. The documents relating to the settlement are not publicly available. The Company believes that the acquisition, ownership and leasing of Lakeway Hospital through the Lakeway Partnership was and is in compliance with all applicable laws. However, due to the uncertainties surrounding this matter and its ultimate outcome, we are unable to determine whether it is probable that any loss has been incurred. In addition, we are subject to various other legal proceedings, claims and other actions arising out of the normal course of business. While any legal proceeding or claim has an element of uncertainty, management believes that the outcome of each lawsuit, claim or legal proceeding that is pending or threatened, or all of them combined, will not have a material adverse effect on our consolidated financial position or results of operations. Indemnification Agreements In connection with certain facility transitions, we have agreed to indemnify certain operators in certain events. As of March 31, 2022, our maximum funding commitment under these indemnification agreements was approximately $5.6 million. Claims under these indemnification agreements may be made within 18 months to 72 months of the transition date. These indemnification agreements were provided to certain operators in connection with facility transitions and generally would be applicable in the event that the prior operators do not perform under their transition agreements. Commitments We have committed to fund the construction of new leased and mortgaged facilities, capital improvements and other commitments. We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at March 31, 2022, are outlined in the table below (in thousands): Total commitments $ 752,891 Amounts funded to date (1) (532,002) Remaining commitments (2) $ 220,889 (1) Includes finance costs. (2) This amount excludes our remaining commitments to fund under our other investments of approximately $41.2 million. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 19 – EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended March 2022 2021 (in thousands, except per share amounts) Numerator: Net income $ 195,156 $ 164,366 Deduct: net income attributable to noncontrolling interests (5,549) (4,388) Net income available to common stockholders $ 189,607 $ 159,978 Denominator: Denominator for basic earnings per share 239,527 232,572 Effect of dilutive securities: Common stock equivalents 963 944 Noncontrolling interest – Omega OP Units 7,066 6,391 Denominator for diluted earnings per share 247,556 239,907 Earnings per share - basic: Net income available to common stockholders $ 0.79 $ 0.69 Earnings per share – diluted: Net income $ 0.79 $ 0.69 |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 20 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 491,247 $ 51,376 Restricted cash 3,534 4,522 Cash, cash equivalents and restricted cash at end of period $ 494,781 $ 55,898 Supplemental information: Interest paid during the period, net of amounts capitalized $ 60,478 $ 67,538 Taxes paid during the period $ 1,716 $ 1,509 Non-cash investing activities: Non-cash acquisition of real estate $ (11,133) $ — Non-cash financing activities: Non-cash contribution from noncontrolling interest holder in consolidated joint venture $ 2,903 $ — Change in fair value of cash flow hedges $ 24,489 $ 36,672 Remeasurement of debt denominated in a foreign currency $ (320) $ 3,010 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K Omega’s consolidated financial statements include the accounts of (i) Parent, (ii) Omega OP, (iii) all direct and indirect wholly owned subsidiaries of Omega and (iv) other entities in which Omega or Omega OP has a majority voting interest and control. All intercompany transactions and balances have been eliminated in consolidation, and Omega’s net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. |
Risks and Uncertainties including COVID-19 | Risks and Uncertainties including COVID-19 The Company is subject to certain risks and uncertainties affecting the healthcare industry, including those stemming from the novel coronavirus (“COVID-19”) global pandemic described below, which has disproportionately impacted the senior care sector, as well as those stemming from healthcare legislation and changing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the rising cost of healthcare services. |
Segments | Segments We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (CODM), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. |
Reclassification | Reclassification Certain line items on our Consolidated Statements of Changes in Equity, Consolidated Balance Sheets and Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU – 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures On March 31, 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and requires additional disclosures for certain loan modifications. ASU 2022-02 also requires entities to disclose gross write-offs of financing receivables and net investments in leases by year of origination. The TDR guidance can be adopted using either a prospective or modified retrospective transition approach and the additional disclosure requirements are made prospectively. ASU 2022-02 would be effective for Omega’s first quarter of 2023, and early adoption is permitted. We are still evaluating the impact that adopting ASU 2022-02 will have on our consolidated financial statements. ASU – 2020-04, Financial Instruments – Reference Rate Reform (Topic 848) On March 12, 2020, the FASB issued ASU 2020-04, which contains optional practical expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”). The guidance may be elected over time until December 31, 2022, as reference rate reform activities occur. The Company has several derivative instruments (See Note 16 – Derivatives and Hedging), a $1.45 billion senior unsecured multicurrency revolving credit facility, and a $50 million senior unsecured term loan facility (See Note 15 – Borrowing Activities and Arrangements) that reference LIBOR. We also have a $25.0 million senior secured debtor-in-possession (“DIP”) facility loan with an operator that references LIBOR (See Note 6 – Other Investments), but it matures in 2022 prior to LIBOR being discontinued. During the first quarter of 2020, 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 preserves the presentation of derivatives consistent with past presentation. Our credit facilities that reference LIBOR contain customary LIBOR replacement language, including, but not limited to, the use of rates based on the secured overnight financing rate. The Company is evaluating: (i) how the transition away from LIBOR will impact the Company, (ii) whether any additional optional expedients provided by the standards will be adopted, and (iii) the impact that adopting ASU 2020-04 will have on our consolidated financial statements. |
REAL ESTATE ASSETS (Tables)
REAL ESTATE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
REAL ESTATE ASSETS [Abstract] | |
Schedule of operating lease income | At March 31, 2022, our leased real estate properties included 674 SNFs, 163 ALFs, 20 ILFs, 16 specialty facilities and two medical office buildings. The following table summarizes the Company’s rental income from operating leases: Three Months Ended March 31, 2022 2021 (in thousands) Rental income – operating leases $ 213,597 $ 235,062 Variable lease income – operating leases 3,286 2,699 Total rental income $ 216,883 $ 237,761 |
Summary of asset acquisitions | The following table summarizes the asset acquisitions that occurred during the first three months of 2022: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Specialty Country/State (in millions) Cash Yield (1) Q1 — 1 — U.K. $ 8.7 (2) 8.0 % Q1 — 1 — U.K. 5.0 8.0 % Q1 — 27 — U.K. 86.6 (2) 8.0 % Q1 1 — — MD 8.2 (3) 9.5 % Total 1 29 — $ 108.5 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) The total consideration paid for this one facility U.K. acquisition and the 27 -facility U.K. acquisition was $8.2 million and $100.0 million, respectively. In connection with these acquisitions, we allocated $0.5 million of the purchase consideration to a deferred tax liability related to this one facility U.K. acquisition, and $13.4 million to a deferred tax asset related to the 27 -facility U.K. acquisition. See Note 13 – Taxes for additional information. (3) Total consideration for the 1 facility Maryland acquisition was paid on December 30, 2021, but the closing of the acquisition did not occur until January 1, 2022. |
ASSETS HELD FOR SALE, DISPOSI_2
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS [Abstract] | |
Schedule of Properties Held-for-Sale | The following is a summary of our assets held for sale: March 31, December 31, 2022 2021 Number of facilities held for sale 26 41 Amount of assets held for sale (in thousands) $ 92,762 $ 261,151 |
CONTRACTUAL RECEIVABLES AND O_2
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
Schedule of Net Accounts Receivable | A summary of our net receivables and lease inducements by type is as follows: March 31, December 31, 2022 2021 (in thousands) Contractual receivables – net $ 13,172 $ 11,259 Effective yield interest receivables $ 9,127 $ 9,590 Straight-line rent receivables 169,028 148,455 Lease inducements 91,837 93,770 Other receivables and lease inducements $ 269,992 $ 251,815 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: March 31, December 31, 2022 2021 (in thousands) Mortgage note due 2027; interest at 11.02% $ 82,017 $ 103,762 Mortgage notes due 2029; interest at 10.81% (1) 656,007 653,564 Other mortgage notes outstanding (2) 150,779 151,361 Mortgage notes receivable, gross 888,803 908,687 Allowance for credit losses on mortgage notes receivable (69,226) (73,601) Total mortgage notes receivable — net $ 819,577 $ 835,086 (1) Approximates the weighted average interest rate on 45 facilities as of March 31, 2022. (2) Other mortgage notes outstanding have a weighted average interest rate of 8.84% per annum as of March 31, 2022 and maturity dates ranging from 2023 through 2032 . |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Summary of other investments income | Three Months Ended March 31, 2022 2021 (in thousands) Real estate related loans - interest income $ 8,379 $ 7,706 Non-real estate related loans - interest income 2,215 3,946 Total other investment income $ 10,594 $ 11,652 |
Other Investment Receivables [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | March 31, December 31, 2022 2021 (in thousands) Other investment notes due 2024; interest at 13.15% (1) $ 92,613 $ 90,752 Other investment notes due 2030; interest at 7.00% 212,633 201,613 Other investment note due 2023; interest at 12.00% 37,797 40,232 Other investment notes outstanding (2) 19,599 22,076 Real estate related loans - other investments, gross 362,642 354,673 Other investment notes due 2024-2025; interest at 8.12% (1) 55,791 55,791 Other investment notes outstanding (3) 164,491 128,814 Non-real estate related loans - other investments, gross 220,282 184,605 Total other investments, gross 582,924 539,278 Allowance for credit losses on other investments (75,982) (69,394) Total other investments - net $ 506,942 $ 469,884 (1) Approximates the weighted average interest rate as of March 31, 2022. (2) Other investment notes that are real estate related loans have a weighted average interest rate of 11.20% as of March 31, 2022 with maturity dates ranging from 2022 through 2023 (with $10.4 million maturing in 2022 ). (3) Other investment notes that are non-real estate related loans have a weighted average interest rate of 8.08% as of March 31, 2022 with maturity dates ranging from 2022 through 2032 (with $70.5 million maturing in 2022 ). |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of expected credit loss | A rollforward of our allowance for credit losses for the three months ended March 31, 2022 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2021 Provision (recovery) for Credit Loss for the three months ended March 31, 2022 Write-offs charged against allowance for the three months ended March 31, 2022 Allowance for Credit Loss as of March 31, 2022 (in thousands) 2 Mortgage Notes Receivable $ 15 $ 47 $ — $ 62 3 Mortgage Notes Receivable 1,973 126 — 2,099 4 Mortgage Notes Receivable 19,461 610 — 20,071 5 Mortgage Notes Receivable 135 (23) — 112 6 Mortgage Notes Receivable 52,017 (5,135) (1) — 46,882 Sub-total 73,601 (4,375) — 69,226 3 Investment in Direct Financing Leases 530 5 — 535 Sub-total 530 5 — 535 2 Other Investments 29 53 — 82 3 Other Investments 4,600 1,063 — 5,663 4 Other Investments 1,172 1,499 — 2,671 5 Other Investments 7,861 4,704 (2) — 12,565 6 Other Investments 55,732 (731) (3) — 55,001 Sub-total 69,394 6,588 — 75,982 2 Off-Balance Sheet Note Commitments 7 3 — 10 3 Off-Balance Sheet Note Commitments 458 (132) — 326 4 Off-Balance Sheet Note Commitments 216 (78) — 138 4 Off-Balance Sheet Mortgage Commitments 117 (106) — 11 6 Off-Balance Sheet Note Commitments 143 (81) — 62 Sub-total 941 (394) — 547 Total $ 144,466 $ 1,824 $ — $ 146,290 (1) This amount relates to a recovery recorded on the Guardian mortgage loan during the first quarter of 2022. See Note 5 – Mortgage Notes Receivable for additional information on the recovery recorded. (2) This provision includes an additional $4.7 million allowance recorded on the Agemo WC Loan during the first quarter of 2022. See Note 6 – Other Investments for additional information on the Agemo WC Loan impairment. (3) During the three months ended March 31, 2022, we received $0.7 million of interest and fee payments from Gulf Coast under the $25.0 million senior secured DIP facility, the outstanding principal of which was fully reserved against in the fourth quarter of 2021. The DIP loan is on non-accrual status, and the payments received in the first quarter of 2022 have been applied against the outstanding principal using the cost recovery method. In the first quarter of 2022, we recorded a recovery for credit loss equal to the amount of payments applied against the principal. A rollforward of our allowance for credit losses for the three months ended March 31, 2021 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2020 Provision (recovery) for Credit Loss for the three months ended March 31, 2021 Write-offs charged against allowance for the three months ended March 31, 2021 Allowance for Credit Loss as of March 31, 2021 (in thousands) 2 Mortgage Notes Receivable $ 88 $ (45) $ — $ 43 3 Mortgage Notes Receivable 954 (38) — 916 4 Mortgage Notes Receivable 26,865 (913) — 25,952 5 Mortgage Notes Receivable 433 (107) — 326 6 Mortgage Notes Receivable 4,905 — — 4,905 Sub-total 33,245 (1,103) — 32,142 3 Investment in Direct Financing Leases 694 (6) — 688 Sub-total 694 (6) — 688 2 Other Investments 94 (40) — 54 3 Other Investments 5,113 217 — 5,330 4 Other Investments 24,397 413 — 24,810 5 Other Investments 1,853 (10) (95) 1,748 Sub-total 31,457 580 (95) 31,942 2 Off-Balance Sheet Note Commitments 116 5 — 121 3 Off-Balance Sheet Note Commitments 2,305 (538) — 1,767 4 Off-Balance Sheet Mortgage Commitments 24 38 — 62 Sub-total 2,445 (495) — 1,950 Total $ 67,841 $ (1,024) $ (95) $ 66,722 |
Schedule by segment balance by vintage and credit quality indicator | A summary of our amortized cost basis by year of origination and credit quality indicator is as follows: Rating Financial Statement Line Item 2022 2021 2020 2019 2018 2017 2016 & older Revolving Loans Balance as of March 31, 2022 (in thousands) 1 Mortgage notes receivable $ — $ — $ — $ — $ — $ — $ 65,054 $ — $ 65,054 2 Mortgage notes receivable — — 21,325 — — — — — 21,325 3 Mortgage notes receivable — 72,420 — — — — — — 72,420 4 Mortgage notes receivable — 19,204 89,397 5,084 44,274 46,349 430,373 — 634,681 5 Mortgage notes receivable — — — — — — 6,929 — 6,929 6 Mortgage notes receivable — — — — — — 88,394 — 88,394 Sub-total — 91,624 110,722 5,084 44,274 46,349 590,750 — 888,803 3 Investment in direct financing leases — — — — — — 11,384 — 11,384 Sub-total — — — — — — 11,384 — 11,384 2 Other investments — — — — — — — 32,800 32,800 3 Other investments — — — 17,341 26,224 — 2,482 249,893 295,940 4 Other investments 25,000 4,749 — 8,525 92,613 — 38,797 — 169,684 5 Other investments — — — — 29,498 — — — 29,498 6 Other investments — 19,296 — — 4,463 — 31,243 — 55,002 Sub-total 25,000 24,045 — 25,866 152,798 — 72,522 282,693 582,924 Total $ 25,000 $ 115,669 $ 110,722 $ 30,950 $ 197,072 $ 46,349 $ 674,656 $ 282,693 $ 1,483,111 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | Below is a summary of our assets, liabilities and collateral associated with these unconsolidated VIEs as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 (in thousands) Assets Real estate assets – net $ 1,136,095 $ 1,144,851 Assets held for sale — 191,016 Other investments – net 236,334 230,768 Contractual receivables – net 1,310 1,227 Straight-line rent receivables (37,888) (41,512) Lease inducement 62,967 64,307 Other assets 732 — Total assets 1,399,550 1,590,657 Liabilities Net in-place lease liability (299) (305) Security deposit (4,743) (4,715) Contingent liability (43,915) (43,915) Other liabilities (732) — Total liabilities (49,689) (48,935) Collateral Letters of credit — — Personal guarantee (48,000) (48,000) Other collateral (1) (1,136,095) (1,335,867) Total collateral (1,184,095) (1,383,867) Maximum exposure to loss $ 165,766 $ 157,855 (1) Amount excludes accounts receivable that Omega has a security interest in as collateral under the two working capital loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $23.7 million and $29.2 million as of March 31, 2022 and December 31, 2021, respectively. |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from the operators that are considered unconsolidated VIEs for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands) Revenue Rental income $ 20,863 $ 30,524 Other investment income 3,766 3,945 Total $ 24,629 $ 34,469 |
INVESTMENT IN JOINT VENTURES (T
INVESTMENT IN JOINT VENTURES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
Schedule of equity method investments | Omega owns an interest in a number of joint ventures that are accounted for under the equity method. These entities and their subsidiaries are not consolidated by the Company because it does not control, through voting rights or other means, the joint venture. The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Initial Investment Facility Facilities at March 31, December 31, Entity % Date Investment (1) Type 3/31/2022 2022 2021 Second Spring Healthcare Investments 15% 11/1/2016 $ 50,032 SNF — $ 11,565 $ 11,355 Second Spring II LLC 15% 3/10/2021 10,330 SNF — 5 8 Lakeway Realty, L.L.C. 51% 5/17/2019 73,834 Specialty facility 1 71,014 71,286 Cindat Joint Venture 49% 12/18/2019 105,688 ALF 65 109,381 111,792 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 900 N/A N/A 273 246 $ 240,784 $ 192,238 $ 194,687 (1) Our initial investment includes our transaction costs, if any. Three Months Ended March 31, Entity 2022 2021 (in thousands) Second Spring Healthcare Investments (1) $ 285 $ 11,411 Second Spring II LLC (2) (457) Lakeway Realty, L.L.C. 661 645 Cindat Joint Venture 735 486 OMG Senior Housing, LLC (83) (101) OH CHS SNP, Inc. 27 (154) Total $ 1,623 $ 11,830 (1) The income from this unconsolidated joint venture for the three months ended March 31, 2021 includes a $14.9 million gain on sale of real estate investments. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill as of March 31, 2022 and December 31, 2021: (in thousands) Balance as of December 31, 2021 $ 651,417 Foreign currency translation (393) Balance as of March 31, 2022 $ 651,024 |
Schedule of Intangibles | The following is a summary of our intangibles as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 (in thousands) Assets: Above market leases $ 5,929 $ 5,929 Accumulated amortization (4,365) (4,313) Net above market leases $ 1,564 $ 1,616 Liabilities: Below market leases $ 71,072 $ 66,324 Accumulated amortization (45,060) (38,091) Net below market leases $ 26,012 $ 28,233 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders Equity [Abstract] | |
Schedule of shares issued under ATM Programs | The following is a summary of the shares issued under our former $500 million 2015 At-The-Market Offering Program (“2015 ATM Program”) and our current $1.0 billion 2021 At-The-Market Offering Program (“2021 ATM Program”) for the three months ended March 31, 2022 and 2021 (in millions except average price per share): Average Net Price Three Months Ended Shares issued Per Share (1) Gross Proceeds Commissions Net Proceeds March 31, 2021 1.6 $ 37.16 $ 61.4 $ 1.3 $ 60.1 March 31, 2022 — — — — — (1) Represents the average price per share after commissions. |
Schedule of dividend reinvestment and common stock purchase plan | The following is a summary of the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three months ended March 31, 2022 and 2021 (in millions): Three Months Ended Shares issued Gross Proceeds March 31, 2021 0.4 $ 15.5 March 31, 2022 0.1 2.3 |
Schedule of common stock dividends | The following is a summary of our declared cash dividends on common stock: Record Payment Dividend per Date Date Common Share February 7, 2022 February 15, 2022 $ 0.67 May 2, 2022 May 13, 2022 0.67 |
Schedule of accumulated other comprehensive income (loss) | The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: As of and for the Three Months Ended March 2022 2021 (in thousands) Foreign Currency Translation: Beginning balance $ (24,012) $ (18,427) Translation (loss) gain (14,630) 3,530 Realized (loss) gain (26) 666 Ending balance (38,668) (14,231) Derivative Instruments: Cash flow hedges: Beginning balance 30,407 17,718 Unrealized gain 18,612 35,191 Realized gain (1) 966 610 Ending balance 49,985 53,519 Net investment hedges: Beginning balance (9,588) (13,331) Unrealized gain (loss) 3,847 (3,010) Ending balance (5,741) (16,341) Total accumulated other comprehensive income before noncontrolling interest 5,576 22,947 Add: portion included in noncontrolling interest 742 283 Total accumulated other comprehensive income for Omega $ 6,318 $ 23,230 (1) Recorded in interest expense on the Consolidated Statements of Operations. |
TAXES (Tables)
TAXES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Taxes [Abstract] | |
Schedule of components of income tax expense | The following is a summary of our provision for income taxes: Three Months Ended March 31, 2022 2021 (in millions) Provision for federal, state and local income taxes $ 0.3 $ 0.3 Provision for foreign income taxes 0.9 0.7 Total provision for income taxes (1) $ 1.2 $ 1.0 (1) The above amounts do not include gross receipts or franchise taxes payable to certain states and municipalities. |
Schedule of deferred tax assets and liabilities | The following is a summary of deferred tax assets and liabilities (which are recorded in other assets and accrued expenses and other liabilities, respectively, in our Consolidated Balance Sheets): March 31, December 31, 2022 2021 (in thousands) Deferred tax assets: U.S. Federal net operating loss carryforward $ 2,156 $ 2,221 Foreign net operating loss carryforward 13,374 — 15,530 2,221 Deferred tax liability: Foreign deferred tax liability (1) (7,883) (8,200) Valuation allowance on deferred tax asset (2,156) (2,221) Net deferred tax asset (liability) $ 5,491 $ (8,200) (1) The deferred tax liability primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. |
BORROWING ACTIVITIES AND ARRA_2
BORROWING ACTIVITIES AND ARRANGEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | The following is a summary of our borrowings: Annual Interest Rate as of March 31, March 31, December 31, Maturity 2022 2022 2021 (in thousands) Secured borrowings: HUD mortgages (1)(2) 2046 - 2052 3.01 % $ 357,910 $ 359,806 2022 term loan (3) 2022 4.00 % 2,275 2,275 2024 term loan (4) 2024 6.00 % 19,459 — Total secured borrowings 379,644 362,081 Unsecured borrowings: Revolving credit facility (5)(6) 2025 1.82 % 354,888 — Senior notes and other unsecured borrowings: 2023 notes (5) 2023 4.375 % 350,000 350,000 2024 notes (5) 2024 4.950 % 400,000 400,000 2025 notes (5) 2025 4.500 % 400,000 400,000 2026 notes (5) 2026 5.250 % 600,000 600,000 2027 notes (5) 2027 4.500 % 700,000 700,000 2028 notes (5) 2028 4.750 % 550,000 550,000 2029 notes (5) 2029 3.625 % 500,000 500,000 2031 notes (5) 2031 3.375 % 700,000 700,000 2033 notes (5) 2033 3.250 % 700,000 700,000 OP term loan (7)(8) 2025 1.91 % 50,000 50,000 Deferred financing costs – net (25,804) (26,980) Discount – net (30,357) (31,565) Total senior notes and other unsecured borrowings – net 4,893,839 4,891,455 Total unsecured borrowings – net 5,248,727 4,891,455 Total secured and unsecured borrowings – net (9)(10) $ 5,628,371 $ 5,253,536 (1) Reflects the weighted average annual contractual interest rate on the mortgages at March 31, 2022. Secured by real estate assets with a net carrying value of $537.8 million as of March 31, 2022. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Borrowing is the debt of a consolidated joint venture. (4) Borrowing is the debt of the consolidated joint venture discussed in Note 8 – Variable Interest Entities which was formed in the first quarter of 2022. The borrowing is secured by two ALFs which are owned by the joint venture. (5) Guaranteed by Omega OP. (6) As of March 31, 2022, borrowings under Omega’s $1.45 billion senior unsecured multicurrency revolving credit facility consisted of $110.0 million U.S. dollars (“USD”) and £186.0 million British Pounds Sterling (“GBP”). The interest rate presented reflects the weighted average interest rate on the borrowings under the revolving credit facility denominated in USD and GBP. (7) Omega OP is the obligor on this borrowing. (8) The interest rate swaps, that were cash flow hedges of Omega OP’s $50.0 million senior unsecured term loan facility (the “OP term loan”) interest payments and that effectively fixed the interest rate at 3.29% , matured on February 10, 2022 . (9) All borrowings are direct borrowings of Parent unless otherwise noted. (10) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of March 31, 2022 and December 31, 2021, we were in compliance with all applicable covenants for our borrowings . |
DERIVATIVES AND HEDGING (Tables
DERIVATIVES AND HEDGING (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
DERIVATIVES AND HEDGING [Abstract] | |
Location and the fair value of derivative instruments designated as hedges | The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: March 31, December 31, 2022 2021 Cash flow hedges: (in thousands) Other assets $ 53,394 $ 32,849 Accrued expenses and other liabilities $ — $ 96 Net investment hedges: Other assets $ 10,601 $ 6,754 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | At March 31, 2022 and December 31, 2021, the net carrying amounts and fair values of our other financial instruments were as follows: March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,849 $ 10,849 $ 10,873 $ 10,873 Mortgage notes receivable – net 819,577 841,432 835,086 869,715 Other investments – net 506,942 516,639 469,884 476,664 Total $ 1,337,368 $ 1,368,920 $ 1,315,843 $ 1,357,252 Liabilities: Revolving credit facility $ 354,888 $ 354,888 $ — $ — 2022 term loan 2,275 2,275 2,275 2,275 2024 term loan 19,459 19,750 — — OP term loan 49,686 50,000 49,661 50,000 4.375% notes due 2023 – net 349,242 355,534 349,100 365,243 4.95% notes due 2024 – net 397,978 408,984 397,725 427,184 4.50% notes due 2025 – net 397,875 406,980 397,685 427,440 5.25% notes due 2026 – net 597,319 622,896 597,142 667,524 4.50% notes due 2027 – net 692,739 714,903 692,374 766,003 4.75% notes due 2028 – net 544,160 559,916 543,908 607,249 3.625% notes due 2029 – net 490,983 472,485 490,681 519,430 3.375% notes due 2031 – net 684,040 641,347 683,592 705,810 3.25% notes due 2033 – net 689,817 610,575 689,587 683,151 HUD mortgages – net 357,910 344,769 359,806 394,284 Total $ 5,628,371 $ 5,565,302 $ 5,253,536 $ 5,615,593 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of remaining commitments | We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at March 31, 2022, are outlined in the table below (in thousands): Total commitments $ 752,891 Amounts funded to date (1) (532,002) Remaining commitments (2) $ 220,889 (1) Includes finance costs. (2) This amount excludes our remaining commitments to fund under our other investments of approximately $41.2 million. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended March 2022 2021 (in thousands, except per share amounts) Numerator: Net income $ 195,156 $ 164,366 Deduct: net income attributable to noncontrolling interests (5,549) (4,388) Net income available to common stockholders $ 189,607 $ 159,978 Denominator: Denominator for basic earnings per share 239,527 232,572 Effect of dilutive securities: Common stock equivalents 963 944 Noncontrolling interest – Omega OP Units 7,066 6,391 Denominator for diluted earnings per share 247,556 239,907 Earnings per share - basic: Net income available to common stockholders $ 0.79 $ 0.69 Earnings per share – diluted: Net income $ 0.79 $ 0.69 |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Cash Flow Supplemental Disclosures | The following are supplemental disclosures to the Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 491,247 $ 51,376 Restricted cash 3,534 4,522 Cash, cash equivalents and restricted cash at end of period $ 494,781 $ 55,898 Supplemental information: Interest paid during the period, net of amounts capitalized $ 60,478 $ 67,538 Taxes paid during the period $ 1,716 $ 1,509 Non-cash investing activities: Non-cash acquisition of real estate $ (11,133) $ — Non-cash financing activities: Non-cash contribution from noncontrolling interest holder in consolidated joint venture $ 2,903 $ — Change in fair value of cash flow hedges $ 24,489 $ 36,672 Remeasurement of debt denominated in a foreign currency $ (320) $ 3,010 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022USD ($)segmentfacility$ / shares | Dec. 31, 2021USD ($)$ / shares | Mar. 31, 2021USD ($)$ / shares | Oct. 31, 2021USD ($) | Apr. 30, 2021USD ($) | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Number of reportable segment | segment | 1 | ||||
Number of Operating Segments | segment | 1 | ||||
Impairment of Real Estate | $ 3,511 | $ 28,689 | |||
Cash dividend (per share) | $ / shares | $ 0.67 | $ 0.67 | $ 0.67 | ||
Rental income | $ 216,883 | $ 237,761 | |||
Real estate tax expense | $ 3,603 | $ 2,729 | |||
Number of real estate properties | facility | 962 | ||||
Real estate assets - net | $ 6,796,950 | $ 6,789,091 | |||
Interest receivable | $ 9,127 | $ 9,590 | |||
Unsecured Debt [Member] | Omega OP Term Loan Facility | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Other Loans Payable, Current | $ 50,000 | ||||
Revolving Credit Facility | Unsecured Debt [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Credit facility, borrowing capacity | $ 1,450,000 | ||||
Facilities Intended To Sell Per Agreement [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Number of real estate properties | facility | 19 | ||||
Omega OP Units | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Ownership by parent | 97.00% | ||||
Ownership by noncontrolling interest | 3.00% | ||||
Gulf Coast LLC [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | ||||
Gulf Coast LLC [Member] | Scenario, Total Committed [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 |
REAL ESTATE ASSETS (Narrative)
REAL ESTATE ASSETS (Narrative) (Detail) | Mar. 31, 2022facilityproperty |
Real Estate Properties [Line Items] | |
Number of Facilities | 962 |
Skilled Nursing Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 675 |
Assisted Living Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 163 |
Independent Living Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 20 |
Specialty Facility | |
Real Estate Properties [Line Items] | |
Number of Facilities | property | 16 |
Medical Office Building [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 2 |
Facilities Leased | Skilled Nursing Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 674 |
Facilities Leased | Assisted Living Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 163 |
Facilities Leased | Independent Living Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 20 |
Facilities Leased | Specialty Facility | |
Real Estate Properties [Line Items] | |
Number of Facilities | 16 |
Facilities Leased | Medical Office Building [Member] | |
Real Estate Properties [Line Items] | |
Number of Facilities | 2 |
REAL ESTATE ASSETS (Schedule of
REAL ESTATE ASSETS (Schedule of operating lease income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease, Lease Income [Abstract] | ||
Rental income - operating leases | $ 213,597 | $ 235,062 |
Variable lease income - operating leases | 3,286 | 2,699 |
Total rental income | $ 216,883 | $ 237,761 |
REAL ESTATE ASSETS (Schedule _2
REAL ESTATE ASSETS (Schedule of Significant Acquisitions) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)facility | Dec. 31, 2021USD ($) | |
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 962 | |
Total Value of Real Estate Assets Acquired | $ 108,500 | |
Deferred tax assets related to net operating loss carryforwards | 13,374 | |
Deferred income tax liability | 7,883 | $ 8,200 |
UNITED KINGDOM One [Member] | ||
Real Estate Properties [Line Items] | ||
Total Value of Real Estate Assets Acquired | $ 8,700 | |
Initial Annual Cash Yield (%) | 8.00% | |
UNITED KINGDOM Two [Member] | ||
Real Estate Properties [Line Items] | ||
Real Estate Assets Acquired | $ 5,000 | |
Initial Annual Cash Yield (%) | 8.00% | |
UNITED KINGDOM Three [Member] | ||
Real Estate Properties [Line Items] | ||
Total Value of Real Estate Assets Acquired | $ 86,600 | |
Initial Annual Cash Yield (%) | 8.00% | |
Maryland | ||
Real Estate Properties [Line Items] | ||
Real Estate Assets Acquired | $ 8,200 | |
Initial Annual Cash Yield (%) | 9.50% | |
Skilled Nursing Facilities [Member] | Maryland | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 1 | |
Assisted Living Facilities [Member] | UNITED KINGDOM One [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 1 | |
Facilities Acquired | Skilled Nursing Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 1 | |
Facilities Acquired | Skilled Nursing Facilities [Member] | Maryland | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 1 | |
Facilities Acquired | Assisted Living Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 29 | |
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM One [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 1 | |
Real Estate Assets Acquired | $ 8,200 | |
Deferred tax liability | $ 500 | |
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM Two [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 1 | |
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM Three [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 27 | |
Real Estate Assets Acquired | $ 100,000 | |
Deferred tax asset, net | $ 13,400 | |
Facilities Transitioned to Other Operators [Member] | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | facility | 6 |
ASSETS HELD FOR SALE, DISPOSI_3
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Narrative) (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | ||
Apr. 30, 2022USD ($)facility | Mar. 31, 2022USD ($)facility | Mar. 31, 2021USD ($) | Dec. 31, 2021facility | |
Number of real estate properties | facility | 962 | |||
Impairment on real estate properties | $ 3,511 | $ 28,689 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Total proceeds | 7,700 | |||
Guardian [Member] | ||||
Total proceeds | 3,000 | |||
Amount of gain (loss) from sale of facilities | $ 500 | |||
Facilities Sold | ||||
Number of real estate properties | facility | 27 | |||
Facilities Sold | Guardian [Member] | ||||
Number of real estate properties | facility | 2 | |||
Facilities Classified to Asset Held for Sale [Member] | Gulf Coast LLC [Member] | ||||
Number of real estate properties | facility | 22 | |||
Facilities Classified to Asset Held for Sale [Member] | Guardian [Member] | ||||
Number of real estate properties | facility | 7 | |||
Facilities Intended To Sell Per Agreement [Member] | ||||
Number of real estate properties | facility | 19 | |||
Facilities Intended To Sell Per Agreement [Member] | Guardian [Member] | Subsequent Event [Member] | ||||
Number of real estate properties | facility | 7 | |||
2 Facilities | ||||
Impairment on real estate properties | $ 3,500 | |||
2 Facilities | Facilities With Impairment Charges [Member] | ||||
Number of real estate properties | facility | 2 | |||
7 Facilities | Facilities Intended To Sell Per Agreement [Member] | Guardian [Member] | Subsequent Event [Member] | ||||
Total proceeds | $ 36,500 | |||
19 Facilities | ||||
Total proceeds | $ 83,100 | |||
22 Facilities | Gulf Coast LLC [Member] | ||||
Total proceeds | 304,000 | |||
Amount of gain (loss) from sale of facilities | 113,500 | |||
Potential earnout amount per sales agreement | 18,700 | |||
27 Facilities | ||||
Total proceeds | 332,600 | |||
Amount of gain (loss) from sale of facilities | $ 113,600 | |||
Assisted Living Facilities [Member] | ||||
Number of real estate properties | facility | 163 | |||
Assisted Living Facilities [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Number of real estate properties | facility | 2 | |||
Assisted Living Facilities [Member] | Facilities Sold | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Number of real estate properties | facility | 1 |
ASSETS HELD FOR SALE, DISPOSI_4
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | Mar. 31, 2022USD ($)facility | Dec. 31, 2021USD ($)facility |
Number of real estate properties | 962 | |
Amount of Assets Held for Sale | $ | $ 92,762 | $ 261,151 |
Facilities Held for Sale [Member] | ||
Number of real estate properties | 26 | 41 |
CONTRACTUAL RECEIVABLES AND O_3
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |||||
Apr. 30, 2022USD ($)facility | Mar. 31, 2022USD ($)contractfacilityitem | Mar. 31, 2021USD ($) | Apr. 01, 2022USD ($) | Feb. 15, 2022facility | Dec. 31, 2021USD ($)facility | Oct. 31, 2021USD ($) | |
Contractual receivables - net | $ 13,172,000 | $ 11,259,000 | |||||
Number of real estate properties | facility | 962 | ||||||
Straight-line rent receivables | $ 169,028,000 | 148,455,000 | |||||
Revenues | 249,315,000 | $ 273,768,000 | |||||
Rental income | 216,883,000 | 237,761,000 | |||||
Other investments, gross | 1,483,111,000 | ||||||
Real estate tax expense | 3,603,000 | $ 2,729,000 | |||||
Lease inducements | $ 91,837,000 | 93,770,000 | |||||
Number of operators | contract | 65 | ||||||
Mortgage Receivable [Member] | |||||||
Other investments, gross | $ 888,803,000 | 908,687,000 | |||||
6 Facilities | |||||||
Provision of of straight-line rent and contractual receivables | 3,200,000 | ||||||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | |||||||
Other investments, gross | $ 82,017,000 | $ 103,762,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 11.02% | ||||||
Three Operators [Member] | |||||||
Security deposit used against uncollected receivables | $ 1,300,000 | ||||||
Operator One [Member] | |||||||
Letter of Credit held as collateral | $ 1,000,000 | ||||||
Potential deferred rent payments percentage | 5.00% | ||||||
Operator One [Member] | Lease and Mortgage Security Deposits [Member] | |||||||
Security deposit | $ 150,000 | ||||||
Operator One [Member] | Financing Receivable Revolving Credit Facility [Member] | |||||||
Other investments, gross | 16,000,000 | ||||||
Financing receivable, face amount | $ 20,000,000 | ||||||
Operator One [Member] | Subsequent Event [Member] | Financing Receivable Revolving Credit Facility [Member] | |||||||
Additional draw on revolving credit facility | $ 1,800,000 | ||||||
Operator Two [Member] | Subsequent Event [Member] | |||||||
Security deposit used against uncollected receivables | $ 2,000,000 | ||||||
Facilities Transitioned to Other Operators [Member] | |||||||
Number of real estate properties | facility | 6 | ||||||
Facilities Sold | |||||||
Number of real estate properties | facility | 27 | ||||||
Facilities Intended To Sell Per Agreement [Member] | |||||||
Number of real estate properties | facility | 19 | ||||||
Facilities Intended To Sell Per Agreement [Member] | Subsequent Event [Member] | 6 Facilities | Financing Restructuring Agreement And Amendments [Member] | |||||||
Percentage of reduction in base rent | 9.50% | ||||||
Percentage of Reduction in Base Rent | 9.50% | ||||||
Facilities Held for Sale [Member] | |||||||
Number of real estate properties | facility | 26 | 41 | |||||
Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||
Number of real estate properties | facility | 3 | ||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Three Operators [Member] | |||||||
Concentration risk, percentage | 2.50% | 2.70% | |||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Operator One [Member] | |||||||
Concentration risk, percentage | 3.80% | 3.30% | |||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Operator Two [Member] | |||||||
Concentration risk, percentage | 2.30% | 2.10% | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||
Contractual receivables - net | $ 1,310,000 | $ 1,227,000 | |||||
Revenues | 24,629,000 | $ 34,469,000 | |||||
Lease inducements | 62,967,000 | $ 64,307,000 | |||||
Agemo Holdings LLC [Member] | |||||||
Revenues | 0 | ||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||
Potential accumulated deferred rent payments | 1,600,000 | ||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||
Concentration risk, percentage | 4.60% | ||||||
Gulf Coast LLC [Member] | |||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000,000 | ||||||
Gulf Coast LLC [Member] | Scenario, Total Committed [Member] | |||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000,000 | ||||||
Guardian [Member] | |||||||
Revenues | 0 | ||||||
Letter of Credit held as collateral | $ 7,400,000 | ||||||
Guardian [Member] | Subsequent Event [Member] | |||||||
Lease and loan maturity date | Dec. 31, 2031 | ||||||
Guardian [Member] | Subsequent Event [Member] | Financing Restructuring Agreement And Amendments [Member] | |||||||
Potential accumulated deferred rent payments | $ 18,000,000 | ||||||
Deferred aggregate rent and interest | $ 18,000,000 | ||||||
Guardian [Member] | Forecast [Member] | |||||||
Lease and loan maturity date | Sep. 30, 2034 | ||||||
Guardian [Member] | Scenario, Selling of 6 Leased Facilities and Repurchase of One Leased Facility [Member] | Financing Restructuring Agreement And Amendments [Member] | |||||||
Reduced combined rent and interest following restructuring activities | $ 24,000,000 | ||||||
Guardian [Member] | Facilities Transitioned to Other Operators [Member] | |||||||
Number of real estate properties | facility | 8 | ||||||
Guardian [Member] | Facilities Transitioned to Other Operators [Member] | 8 Facilities | |||||||
Number of operators | item | 2 | ||||||
Guardian [Member] | Facilities Sold | |||||||
Number of real estate properties | facility | 2 | ||||||
Guardian [Member] | Facilities Intended To Sell Per Agreement [Member] | Subsequent Event [Member] | |||||||
Number of real estate properties | facility | 7 | ||||||
Guardian [Member] | Facilities Intended To Sell Per Agreement [Member] | Subsequent Event [Member] | Financing Restructuring Agreement And Amendments [Member] | |||||||
Number of real estate properties | facility | 6 | ||||||
Guardian [Member] | Facilities to Purchase from Lease [Member] | Subsequent Event [Member] | Financing Restructuring Agreement And Amendments [Member] | |||||||
Number of real estate properties | facility | 1 | ||||||
Percentage of reduction in base rent | 9.50% | ||||||
Purchase price of leased property | $ 3,500,000 | ||||||
Percentage of Reduction in Base Rent | 9.50% | ||||||
Guardian [Member] | Facilities Held for Sale [Member] | Financing Restructuring Agreement And Amendments [Member] | |||||||
Number of real estate properties | facility | 7 | ||||||
Guardian [Member] | Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||
Number of real estate properties | facility | 3 | ||||||
Guardian [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||
Concentration risk, percentage | 3.20% |
CONTRACTUAL RECEIVABLES AND O_4
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Schedule of Net Accounts Receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | ||
Contractual receivables - net | $ 13,172 | $ 11,259 |
Effective yield interest receivables | 9,127 | 9,590 |
Straight-line rent receivables | 169,028 | 148,455 |
Lease inducements | 91,837 | 93,770 |
Other receivables and lease inducements | $ 269,992 | $ 251,815 |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2022itemstatefacilityentity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 962 |
Number of states | state | 42 |
Skilled Nursing Facilities [Member] | Maryland | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 1 |
Facilities Under Fixed Rate Mortgage Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 60 |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of fixed rate mortgage | item | 7 |
Number of states | state | 6 |
Number of independent healthcare operating companies operating under mortgage notes receivable | entity | 6 |
MORTGAGE NOTES RECEIVABLE (Sche
MORTGAGE NOTES RECEIVABLE (Schedule of Receivables) (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)facility | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 1,483,111 | |||
Allowance for credit losses | (146,290) | $ (144,466) | $ (66,722) | $ (67,841) |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | $ 819,577 | 835,086 | ||
Number of real estate properties | facility | 962 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 888,803 | 908,687 | ||
Allowance for credit losses | (69,226) | (73,601) | $ (32,142) | $ (33,245) |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total | 819,577 | 835,086 | ||
Mortgage Receivable [Member] | Mortgage Note Due 2027 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 82,017 | 103,762 | ||
Mortgage loans on real estate, interest rate | 11.02% | |||
Maturity year | 2027 | |||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 656,007 | 653,564 | ||
Maturity year | 2029 | |||
Mortgage Receivable [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 150,779 | $ 151,361 | ||
Minimum [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity year | 2023 | |||
Maximum [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity year | 2032 | |||
Weighted Average [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, interest rate | 8.84% | |||
Weighted Average [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, interest rate | 10.81% | |||
Facilities Used in Weighted Average Interest Rate [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 45 |
MORTGAGE NOTES RECEIVABLE (Note
MORTGAGE NOTES RECEIVABLE (Notes Due 2027 Narrative) (Detail) $ in Thousands | Feb. 15, 2022USD ($)facility | Mar. 31, 2022USD ($)facility | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 1,483,111 | |||
Number of real estate properties | facility | 962 | |||
Additional reserve through provision for credit losses | $ | $ 1,824 | $ (1,024) | ||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | 888,803 | $ 908,687 | ||
Additional reserve through provision for credit losses | $ | $ (4,375) | $ (1,103) | ||
Facilities Acquired | Skilled Nursing Facilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 1 | |||
Facilities Acquired | Assisted Living Facilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 29 | |||
Facilities Sold | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 27 | |||
Facilities Sold | Guardian [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 2 | |||
Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 3 | |||
Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | Guardian [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 3 | |||
Additional reserve through provision for credit losses | $ | $ (5,100) | |||
Partial paydown received from the sale of facilities in exchange for release of mortgage liens | $ | $ 21,700 | |||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 82,017 | $ 103,762 | ||
Maturity year | 2027 | |||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | Guardian [Member] | 3 SNFs and 1 ALF [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable-net | $ | $ 40,000 | |||
Reserve related to mortgage loan | $ | $ 42,000 | |||
Mortgage Note Due 2027 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Skilled Nursing Facilities [Member] | Guardian [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 3 | |||
Mortgage Note Due 2027 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Assisted Living Facilities [Member] | Guardian [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 1 |
OTHER INVESTMENTS (Schedule of
OTHER INVESTMENTS (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 1,483,111 | |||
Allowance for credit losses | (146,290) | $ (144,466) | $ (66,722) | $ (67,841) |
Total other investments | 506,942 | 469,884 | ||
Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | 362,642 | 354,673 | ||
Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | 220,282 | 184,605 | ||
Other Investment Receivables [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | 582,924 | 539,278 | ||
Allowance for credit losses | (75,982) | (69,394) | $ (31,942) | $ (31,457) |
Other Investment Note Due 2024 [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 92,613 | 90,752 | ||
Maturity year | 2024 | |||
Other Investment Note Due 2024 Through 2025 [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 55,791 | 55,791 | ||
Other Investment Note Due 2023 [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 37,797 | 40,232 | ||
Interest rate | 12.00% | |||
Maturity year | 2023 | |||
Other Investments Note Due 2030 [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 212,633 | 201,613 | ||
Interest rate | 7.00% | |||
Maturity year | 2030 | |||
Other investment notes outstanding [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 19,599 | 22,076 | ||
Other investment notes outstanding [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | 164,491 | 128,814 | ||
Other investment notes outstanding maturing in 2022 [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 10,400 | 10,400 | ||
Maturity year | 2022 | |||
Other investment notes outstanding maturing in 2022 [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 70,500 | $ 70,500 | ||
Maturity year | 2022 | |||
Minimum [Member] | Other Investment Note Due 2024 Through 2025 [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Maturity year | 2024 | |||
Minimum [Member] | Other investment notes outstanding [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Maturity year | 2022 | |||
Minimum [Member] | Other investment notes outstanding [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Maturity year | 2022 | |||
Maximum [Member] | Other Investment Note Due 2024 Through 2025 [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Maturity year | 2025 | |||
Maximum [Member] | Other investment notes outstanding [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Maturity year | 2023 | |||
Maximum [Member] | Other investment notes outstanding [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Maturity year | 2032 | |||
Weighted Average [Member] | Other Investment Note Due 2024 [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Interest rate | 13.15% | |||
Weighted Average [Member] | Other Investment Note Due 2024 Through 2025 [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Interest rate | 8.12% | |||
Weighted Average [Member] | Other investment notes outstanding [Member] | Other Investment Type Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Interest rate | 11.20% | |||
Weighted Average [Member] | Other investment notes outstanding [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Schedule of Investments [Line Items] | ||||
Interest rate | 8.08% |
OTHER INVESTMENTS (Summary of o
OTHER INVESTMENTS (Summary of other investments income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other investment income | $ 10,594 | $ 11,652 |
Other Investment Type Real Estate Related Loans [Member] | ||
Other investment income | 8,379 | 7,706 |
Other Investment Type Non Real Estate Related Loans [Member] | ||
Other investment income | $ 2,215 | $ 3,946 |
OTHER INVESTMENTS (Other invest
OTHER INVESTMENTS (Other investments notes due 2024-2025) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | May 07, 2018 | |
Other investments, gross | $ 1,483,111 | |||
Provision (Recovery) for Credit Losses | 1,824 | $ (1,024) | ||
Other Investment Type Real Estate Related Loans [Member] | ||||
Other investments, gross | 362,642 | $ 354,673 | ||
Other Investment Type Non Real Estate Related Loans [Member] | ||||
Other investments, gross | 220,282 | 184,605 | ||
Other Investment Receivables [Member] | ||||
Other investments, gross | 582,924 | 539,278 | ||
Provision (Recovery) for Credit Losses | 6,588 | $ 580 | ||
Other Investment Note Due 2024 Through 2025 [Member] | Other Investment Type Non Real Estate Related Loans [Member] | ||||
Other investments, gross | 55,791 | $ 55,791 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investment Note Due 2025 Working Capital Loan [Member] | Agemo Holdings LLC [Member] | ||||
Other investments, gross | $ 25,000 | |||
Provision (Recovery) for Credit Losses | $ 4,700 |
OTHER INVESTMENTS (Other Inve_2
OTHER INVESTMENTS (Other Investment Note Narrative) (Detail) $ in Thousands | Mar. 25, 2022USD ($) | Mar. 31, 2022USD ($)itemcontractfacilityloan | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Oct. 31, 2021USD ($) |
Number of operators | contract | 65 | ||||
Other investments, gross | $ 1,483,111 | ||||
Additional reserve through provision for credit losses | $ 1,824 | $ (1,024) | |||
Number of real estate properties | facility | 962 | ||||
Number of other investment notes or loans outstanding | loan | 37 | ||||
Payments To Acquire Mortgage Notes Receivable | $ 2,801 | 4,717 | |||
Gulf Coast LLC [Member] | |||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | ||||
Additional reserve through provision for credit losses | (700) | ||||
Gulf Coast LLC [Member] | Scenario, Total Committed [Member] | |||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | ||||
Other Investment Receivables [Member] | |||||
Other investments, gross | 582,924 | $ 539,278 | |||
Additional reserve through provision for credit losses | 6,588 | $ 580 | |||
Other Investment Receivables [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||
Investment Maturity Date | Mar. 31, 2032 | ||||
Other investment notes outstanding [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||
Financing receivable, face amount | $ 25,000 | ||||
Interest rate | 8.50% | ||||
Other investments, gross | $ 25,000 | ||||
Other investment expected monthly loan payments | $ 1,300 | ||||
Other Investment Notes Outstanding With Operators [Member] | |||||
Number of operators | item | 18 |
ALLOWANCE FOR CREDIT LOSSES (Na
ALLOWANCE FOR CREDIT LOSSES (Narrative) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accrued investment income receivable | $ 11,300,000 | ||
Write off of interest receivable | $ 95,000 | ||
Effective yield interest receivables | 9,127,000 | $ 9,590,000 | |
Interest income related to loans on non-accrual status | 0 | ||
Additional reserve through provision for credit losses | 1,824,000 | (1,024,000) | |
Other Investment Receivables [Member] | |||
Write off of interest receivable | 95,000 | ||
Additional reserve through provision for credit losses | $ 6,588,000 | $ 580,000 |
ALLOWANCE FOR CREDIT LOSSES (Sc
ALLOWANCE FOR CREDIT LOSSES (Schedule of expected credit loss per segment) (Detail) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022USD ($)facility | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Oct. 31, 2021USD ($) | May 07, 2018USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | $ 144,466 | $ 67,841 | |||
Provision (Recovery) for Credit Losses | 1,824 | (1,024) | |||
Write-offs charged against allowance for the period ended | (95) | ||||
ECL Ending balance | 146,290 | 66,722 | |||
Mortgage notes receivable | $ 1,483,111 | ||||
Number of real estate properties | facility | 962 | ||||
Gulf Coast LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | $ (700) | ||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | ||||
Off Balance Financing Receivable Segment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 941 | 2,445 | |||
Provision (Recovery) for Credit Losses | (394) | (495) | |||
ECL Ending balance | 547 | 1,950 | |||
Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 73,601 | 33,245 | |||
Provision (Recovery) for Credit Losses | (4,375) | (1,103) | |||
ECL Ending balance | 69,226 | 32,142 | |||
Mortgage notes receivable | 888,803 | $ 908,687 | |||
Mortgage Receivable [Member] | Mortgage Note Due 2027 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 82,017 | 103,762 | |||
Direct Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 11,384 | ||||
Direct Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 530 | 694 | |||
Provision (Recovery) for Credit Losses | 5 | (6) | |||
ECL Ending balance | 535 | 688 | |||
Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 69,394 | 31,457 | |||
Provision (Recovery) for Credit Losses | 6,588 | 580 | |||
Write-offs charged against allowance for the period ended | (95) | ||||
ECL Ending balance | 75,982 | 31,942 | |||
Mortgage notes receivable | 582,924 | $ 539,278 | |||
Other Investment Note Due 2025 Working Capital Loan [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | 4,700 | ||||
Mortgage notes receivable | $ 25,000 | ||||
Internal Credit Rating One [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 65,054 | ||||
Internal Credit Rating Two [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 7 | 116 | |||
Provision (Recovery) for Credit Losses | 3 | 5 | |||
ECL Ending balance | 10 | 121 | |||
Internal Credit Rating Two [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 15 | 88 | |||
Provision (Recovery) for Credit Losses | 47 | (45) | |||
ECL Ending balance | 62 | 43 | |||
Mortgage notes receivable | 21,325 | ||||
Internal Credit Rating Two [Member] | Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 29 | 94 | |||
Provision (Recovery) for Credit Losses | 53 | (40) | |||
ECL Ending balance | 82 | 54 | |||
Mortgage notes receivable | 32,800 | ||||
Internal Credit Rating Three [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 458 | 2,305 | |||
Provision (Recovery) for Credit Losses | (132) | (538) | |||
ECL Ending balance | 326 | 1,767 | |||
Internal Credit Rating Three [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 1,973 | 954 | |||
Provision (Recovery) for Credit Losses | 126 | (38) | |||
ECL Ending balance | 2,099 | 916 | |||
Mortgage notes receivable | 72,420 | ||||
Internal Credit Rating Three [Member] | Direct Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 11,384 | ||||
Internal Credit Rating Three [Member] | Direct Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 530 | 694 | |||
Provision (Recovery) for Credit Losses | 5 | (6) | |||
ECL Ending balance | 535 | 688 | |||
Internal Credit Rating Three [Member] | Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 4,600 | 5,113 | |||
Provision (Recovery) for Credit Losses | 1,063 | 217 | |||
ECL Ending balance | 5,663 | 5,330 | |||
Mortgage notes receivable | 295,940 | ||||
Internal Credit Rating Four [Member] | Off Balance Sheet Financing Receivable Segment Mortgage Commitment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 117 | 24 | |||
Provision (Recovery) for Credit Losses | (106) | 38 | |||
ECL Ending balance | 11 | 62 | |||
Internal Credit Rating Four [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 216 | ||||
Provision (Recovery) for Credit Losses | (78) | ||||
ECL Ending balance | 138 | ||||
Internal Credit Rating Four [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 19,461 | 26,865 | |||
Provision (Recovery) for Credit Losses | 610 | (913) | |||
ECL Ending balance | 20,071 | 25,952 | |||
Mortgage notes receivable | 634,681 | ||||
Internal Credit Rating Four [Member] | Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 1,172 | 24,397 | |||
Provision (Recovery) for Credit Losses | 1,499 | 413 | |||
ECL Ending balance | 2,671 | 24,810 | |||
Mortgage notes receivable | 169,684 | ||||
Internal Credit Rating Five [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 135 | 433 | |||
Provision (Recovery) for Credit Losses | (23) | (107) | |||
ECL Ending balance | 112 | 326 | |||
Mortgage notes receivable | 6,929 | ||||
Internal Credit Rating Five [Member] | Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 7,861 | 1,853 | |||
Provision (Recovery) for Credit Losses | 4,704 | (10) | |||
Write-offs charged against allowance for the period ended | (95) | ||||
ECL Ending balance | 12,565 | 1,748 | |||
Mortgage notes receivable | 29,498 | ||||
Internal Credit Rating Six [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 143 | ||||
Provision (Recovery) for Credit Losses | (81) | ||||
ECL Ending balance | 62 | ||||
Internal Credit Rating Six [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 52,017 | 4,905 | |||
Provision (Recovery) for Credit Losses | (5,135) | ||||
ECL Ending balance | 46,882 | $ 4,905 | |||
Mortgage notes receivable | 88,394 | ||||
Internal Credit Rating Six [Member] | Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 55,732 | ||||
Provision (Recovery) for Credit Losses | (731) | ||||
ECL Ending balance | 55,001 | ||||
Mortgage notes receivable | $ 55,002 |
ALLOWANCE FOR CREDIT LOSSES (_2
ALLOWANCE FOR CREDIT LOSSES (Schedule by segment balance by vintage and credit quality indicator) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
2022 | $ 25,000 | |
2021 | 115,669 | |
2020 | 110,722 | |
2019 | 30,950 | |
2018 | 197,072 | |
2017 | 46,349 | |
2016 & older | 674,656 | |
Revolving Loans | 282,693 | |
Total Balance at March 31, 2022 | 1,483,111 | |
Mortgage Receivable [Member] | ||
2021 | 91,624 | |
2020 | 110,722 | |
2019 | 5,084 | |
2018 | 44,274 | |
2017 | 46,349 | |
2016 & older | 590,750 | |
Total Balance at March 31, 2022 | 888,803 | $ 908,687 |
Mortgage Receivable [Member] | Internal Credit Rating One [Member] | ||
2016 & older | 65,054 | |
Total Balance at March 31, 2022 | 65,054 | |
Mortgage Receivable [Member] | Internal Credit Rating Two [Member] | ||
2020 | 21,325 | |
Total Balance at March 31, 2022 | 21,325 | |
Mortgage Receivable [Member] | Internal Credit Rating Three [Member] | ||
2021 | 72,420 | |
Total Balance at March 31, 2022 | 72,420 | |
Mortgage Receivable [Member] | Internal Credit Rating Four [Member] | ||
2021 | 19,204 | |
2020 | 89,397 | |
2019 | 5,084 | |
2018 | 44,274 | |
2017 | 46,349 | |
2016 & older | 430,373 | |
Total Balance at March 31, 2022 | 634,681 | |
Mortgage Receivable [Member] | Internal Credit Rating Five [Member] | ||
2016 & older | 6,929 | |
Total Balance at March 31, 2022 | 6,929 | |
Mortgage Receivable [Member] | Internal Credit Rating Six [Member] | ||
2016 & older | 88,394 | |
Total Balance at March 31, 2022 | 88,394 | |
Direct Financing Receivable [Member] | ||
2016 & older | 11,384 | |
Total Balance at March 31, 2022 | 11,384 | |
Direct Financing Receivable [Member] | Internal Credit Rating Three [Member] | ||
2016 & older | 11,384 | |
Total Balance at March 31, 2022 | 11,384 | |
Other Investment Receivables [Member] | ||
2022 | 25,000 | |
2021 | 24,045 | |
2019 | 25,866 | |
2018 | 152,798 | |
2016 & older | 72,522 | |
Revolving Loans | 282,693 | |
Total Balance at March 31, 2022 | 582,924 | $ 539,278 |
Other Investment Receivables [Member] | Internal Credit Rating Two [Member] | ||
Revolving Loans | 32,800 | |
Total Balance at March 31, 2022 | 32,800 | |
Other Investment Receivables [Member] | Internal Credit Rating Three [Member] | ||
2019 | 17,341 | |
2018 | 26,224 | |
2016 & older | 2,482 | |
Revolving Loans | 249,893 | |
Total Balance at March 31, 2022 | 295,940 | |
Other Investment Receivables [Member] | Internal Credit Rating Four [Member] | ||
2022 | 25,000 | |
2021 | 4,749 | |
2019 | 8,525 | |
2018 | 92,613 | |
2016 & older | 38,797 | |
Total Balance at March 31, 2022 | 169,684 | |
Other Investment Receivables [Member] | Internal Credit Rating Five [Member] | ||
2018 | 29,498 | |
Total Balance at March 31, 2022 | 29,498 | |
Other Investment Receivables [Member] | Internal Credit Rating Six [Member] | ||
2021 | 19,296 | |
2018 | 4,463 | |
2016 & older | 31,243 | |
Total Balance at March 31, 2022 | $ 55,002 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of variable interest entities) (Detail) | 3 Months Ended | ||
Mar. 31, 2022USD ($)facility | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Assets | |||
Real estate assets - net | $ 6,796,950,000 | $ 6,789,091,000 | |
Assets held for sale | 92,762,000 | 261,151,000 | |
Other investments - net | 506,942,000 | 469,884,000 | |
Contractual receivables - net | 13,172,000 | 11,259,000 | |
Lease inducements | 91,837,000 | 93,770,000 | |
Other assets | 166,318,000 | 138,804,000 | |
Total assets | 10,014,605,000 | 9,638,478,000 | |
Liabilities | |||
Total Liabilities | (5,884,761,000) | (5,530,252,000) | |
Rental income | 216,883,000 | $ 237,761,000 | |
Other investment income | 10,594,000 | 11,652,000 | |
Total revenues | $ 249,315,000 | 273,768,000 | |
Number of Facilities | facility | 962 | ||
Assisted Living Facilities [Member] | |||
Liabilities | |||
Number of Facilities | facility | 163 | ||
Facilities Sold | |||
Liabilities | |||
Number of Facilities | facility | 27 | ||
Agemo Holdings LLC [Member] | |||
Liabilities | |||
Total revenues | $ 0 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Assets | |||
Real estate assets - net | 1,136,095,000 | 1,144,851,000 | |
Assets held for sale | 191,016,000 | ||
Other investments - net | 236,334,000 | 230,768,000 | |
Contractual receivables - net | 1,310,000 | 1,227,000 | |
Straight-line rent receivables | (37,888,000) | (41,512,000) | |
Lease inducements | 62,967,000 | 64,307,000 | |
Other assets | 732,000 | ||
Total assets | 1,399,550,000 | 1,590,657,000 | |
Liabilities | |||
Net in-place lease liability | (299,000) | (305,000) | |
Security deposit | (4,743,000) | (4,715,000) | |
Contingent liability | (43,915,000) | (43,915,000) | |
Other liabilities | (732,000) | ||
Total Liabilities | (49,689,000) | (48,935,000) | |
Amount of other collateral | (1,184,095,000) | (1,383,867,000) | |
Maximum exposure to loss | 165,766,000 | 157,855,000 | |
Total revenues | 24,629,000 | 34,469,000 | |
Pledged accounts receivable with second priority security interest | 23,700,000 | 29,200,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Rental Income [Member] | |||
Liabilities | |||
Rental income | 20,863,000 | 30,524,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investment Income [Member] | |||
Liabilities | |||
Other investment income | 3,766,000 | $ 3,945,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Personal Guarantee Collateral [Member] | |||
Liabilities | |||
Amount of other collateral | (48,000,000) | (48,000,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Collateral [Member] | |||
Liabilities | |||
Amount of other collateral | (1,136,095,000) | $ (1,335,867,000) | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | |||
Total assets | 25,600,000 | ||
Liabilities | |||
Total Liabilities | $ (19,600,000) | ||
Equity Method Investment, Ownership Percentage | 52.40% | ||
Noncontrolling Interest in Joint Ventures | $ 2,900,000 | ||
Total proceeds | $ 7,700,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Assisted Living Facilities [Member] | |||
Liabilities | |||
Number of Facilities | facility | 2 | ||
Payment for interest in consolidate joint venture | $ 3,200,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Facilities Sold | Assisted Living Facilities [Member] | |||
Liabilities | |||
Number of Facilities | facility | 1 |
INVESTMENT IN JOINT VENTURES (N
INVESTMENT IN JOINT VENTURES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | ||
Assets management fees recognized | $ 0.2 | $ 0.2 |
INVESTMENT IN JOINT VENTURES (S
INVESTMENT IN JOINT VENTURES (Schedule of equity method investments) (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)facilitycontract | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | May 17, 2019 | |
Number of real estate properties | facility | 962 | |||
Investments in unconsolidated joint ventures | $ 192,238 | $ 194,687 | ||
Financing Receivable, Gross | $ 1,483,111 | |||
Number of operators | contract | 65 | |||
Income (loss) from unconsolidated joint ventures | $ 1,623 | $ 11,830 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Investment | 240,784 | |||
Investments in unconsolidated joint ventures | 192,238 | 194,687 | ||
Income (loss) from unconsolidated joint ventures | 1,623 | 11,830 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||
Income (loss) from unconsolidated joint ventures | 285 | 11,411 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||
Income (loss) from unconsolidated joint ventures | (2) | (457) | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | ||||
Ownership % | 51.00% | |||
Income (loss) from unconsolidated joint ventures | 661 | 645 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | ||||
Income (loss) from unconsolidated joint ventures | 735 | 486 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | ||||
Income (loss) from unconsolidated joint ventures | $ (83) | (101) | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OH CHS SNP Inc [Member] | ||||
Ownership % | 9.00% | |||
Initial Investment Date | Dec. 20, 2019 | |||
Investment | $ 900 | |||
Investments in unconsolidated joint ventures | 273 | 246 | ||
Income (loss) from unconsolidated joint ventures | $ 27 | (154) | ||
Skilled Nursing Facilities [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||
Ownership % | 15.00% | |||
Initial Investment Date | Nov. 1, 2016 | |||
Investment | $ 50,032 | |||
Investments in unconsolidated joint ventures | $ 11,565 | 11,355 | ||
Skilled Nursing Facilities [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||
Ownership % | 15.00% | |||
Initial Investment Date | Mar. 10, 2021 | |||
Investment | $ 10,330 | |||
Investments in unconsolidated joint ventures | $ 5 | 8 | ||
Specialty [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | ||||
Ownership % | 51.00% | |||
Initial Investment Date | May 17, 2019 | |||
Investment | $ 73,834 | |||
Number of real estate properties | facility | 1 | |||
Investments in unconsolidated joint ventures | $ 71,014 | 71,286 | ||
Assisted Living Facilities [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | ||||
Ownership % | 49.00% | |||
Initial Investment Date | Dec. 18, 2019 | |||
Investment | $ 105,688 | |||
Number of real estate properties | facility | 65 | |||
Investments in unconsolidated joint ventures | $ 109,381 | 111,792 | ||
Specialty Facility | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | ||||
Ownership % | 50.00% | |||
Initial Investment Date | Dec. 6, 2019 | |||
Number of real estate properties | facility | 1 | |||
16 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||
Amount of gain (loss) from sale of facilities | $ 14,900 | |||
Other Investment Receivables [Member] | ||||
Financing Receivable, Gross | $ 582,924 | 539,278 | ||
Mortgage Receivable [Member] | ||||
Financing Receivable, Gross | $ 888,803 | $ 908,687 | ||
Facilities Sold | ||||
Number of real estate properties | facility | 27 | |||
Facilities Acquired | Skilled Nursing Facilities [Member] | ||||
Number of real estate properties | facility | 1 | |||
Facilities Acquired | Assisted Living Facilities [Member] | ||||
Number of real estate properties | facility | 29 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net amortization of intangible assets | $ 1.6 | $ 6.2 |
Remainder 2022 | 3 | |
2023 | 3.9 | |
2024 | 3.8 | |
2025 | 3.5 | |
2026 | $ 2.8 | |
Below market leases, weighted average remaining amortization, period | 7 years | |
Above market leases | ||
Weighted average remaining amortization | 10 years |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES (Schedule of Reconciliation of Goodwill) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Balance | $ 651,417 |
Foreign currency translation | (393) |
Balance | $ 651,024 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Gross intangible assets | $ 5,929 | $ 5,929 |
Accumulated amortization | (4,365) | (4,313) |
Net intangible assets | 1,564 | 1,616 |
Liabilities: | ||
Below market leases | 71,072 | 66,324 |
Accumulated amortization | (45,060) | (38,091) |
Net intangible liabilities | $ 26,012 | $ 28,233 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)facilitycontractitemstateproperty | Mar. 31, 2021 | Dec. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |||
Number of real estate properties | 962 | ||
Number of operators that met or exceeded ten percent of investments | item | 2 | ||
Number of states | state | 42 | ||
Number of operators | contract | 65 | ||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 9,900,000 | ||
Other investments | $ | 506,942 | $ 469,884 | |
Investment in unconsolidated joint venture | $ | $ 192,238 | 194,687 | |
Number of unconsolidated joint ventures | item | 6 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Concentration Risk [Line Items] | |||
Other investments | $ | $ 236,334 | $ 230,768 | |
Skilled Nursing Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 675 | ||
Assisted Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 163 | ||
Independent Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 20 | ||
Specialty Facility | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | property | 16 | ||
Medical Office Building [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 2 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 11.30% | 9.10% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Maplewood Real Estate Holdings | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 9.00% | 7.50% | |
Assets, Total [Member] | Geographic Concentration Risk [Member] | Florida | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 13.00% | ||
Assets, Total [Member] | Geographic Concentration Risk [Member] | Texas | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 10.00% | ||
Assets, Total [Member] | Geographic Concentration Risk [Member] | Michigan | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 7.00% | ||
Assets, Total [Member] | Product Concentration Risk [Member] | Real Estate Investment | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 97.00% | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 60 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | property | 56 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | property | 2 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty Facility | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 2 | ||
Facilities Held for Sale or Closed [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 26 |
STOCKHOLDERS EQUITY (Common Sto
STOCKHOLDERS EQUITY (Common Stock Repurchase) (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Jan. 27, 2022 | |
Stockholders Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 500 | |
Stock repurchased during period, shares | 980,530 | |
Average per share amount of common stock repurchased | $ 27.84 |
STOCKHOLDERS EQUITY (Schedule o
STOCKHOLDERS EQUITY (Schedule of Common Stock Dividends) (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Stockholders Equity [Abstract] | |||
Dividends Declared, Date Of Record | May 2, 2022 | Feb. 7, 2022 | |
Dividends Payable, Date to be Paid | May 13, 2022 | Feb. 15, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.67 | $ 0.67 | $ 0.67 |
STOCKHOLDERS EQUITY (Schedule_2
STOCKHOLDERS EQUITY (Schedule of dividend reinvestment and common stock purchase plan) (Detail) - Dividend Reinvestment And Common Stock Purchase Plan [Member] - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Shares issued | 0.1 | 0.4 |
Gross Proceeds | $ 2.3 | $ 15.5 |
STOCKHOLDERS EQUITY (At The Mar
STOCKHOLDERS EQUITY (At The Market Program Schedule and Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2015 | |
$500 Million and $1 Billion ATM Programs | |||
Issuance of common stock (in shares) | 1.6 | ||
Average issue price per share | $ 37.16 | ||
Gross proceeds | $ 61.4 | ||
Commissions | 1.3 | ||
Proceeds from issuance of common stock | $ 60.1 | ||
$500 Million ATM Program | |||
Sales price, equity distribution agreement | $ 500 | ||
$1 Billion ATM Program | |||
Sales price, equity distribution agreement | $ 1,000 |
STOCKHOLDERS EQUITY (Schedule_3
STOCKHOLDERS EQUITY (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,108,226 | $ 4,036,607 | |
Balance ending | 4,129,844 | 4,148,330 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Stockholders Equity/AOCI | 3,917,831 | $ 3,906,838 | |
Add: portion included in noncontrolling interest | 212,013 | 201,388 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,129,844 | 4,148,330 | 4,108,226 |
Foreign Currency Translation [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (24,012) | (18,427) | |
Translation (loss) gain | (14,630) | 3,530 | |
Realized (loss) gain | (26) | 666 | |
Balance ending | (38,668) | (14,231) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (38,668) | (14,231) | (24,012) |
Cash Flow Hedges [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 30,407 | 17,718 | |
Unrealized gain (loss) | 18,612 | 35,191 | |
Realized gain (loss) | 966 | 610 | |
Balance ending | 49,985 | 53,519 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 49,985 | 53,519 | 30,407 |
Net Investment Hedges [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (9,588) | (13,331) | |
Unrealized gain (loss) | 3,847 | (3,010) | |
Balance ending | (5,741) | (16,341) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (5,741) | (16,341) | (9,588) |
Accumulated Other Comprehensive Loss. [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (2,200) | (12,768) | |
Balance ending | 6,318 | 23,230 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Stockholders Equity/AOCI | 5,576 | 22,947 | |
Add: portion included in noncontrolling interest | 742 | 283 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,318 | $ 23,230 | $ (2,200) |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)subsidiary | |
Taxes [Line Items] | |
Minimum number of subsequent years the company may not be able to qualify as a REIT | 4 years |
Percentage of income subject to federal taxation | 100.00% |
Number of TSRs subject to federal, state and local income taxes with net operating loss carryforwards | subsidiary | 1 |
Deferred tax assets related to net operating loss carryforwards | $ 13,374 |
Taxable REIT Subsidiaries [Member] | |
Taxes [Line Items] | |
Net operating loss carry-forward | 10,300 |
Foreign Tax Authority | |
Taxes [Line Items] | |
Net operating loss carry-forward | $ 55,000 |
Net operating loss carryforwards period | no |
TAXES (Schedule of components o
TAXES (Schedule of components of income tax expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Taxes [Abstract] | ||
Provision for federal, state and local income taxes | $ 0.3 | $ 0.3 |
Provision for foreign income taxes | 0.9 | 0.7 |
Total provision for income taxes | $ 1.2 | $ 1 |
TAXES (Schedule of deferred tax
TAXES (Schedule of deferred tax assets and liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 2,156 | $ 2,221 |
Foreign net operating loss carryforward | 13,374 | |
Total deferred assets | 15,530 | 2,221 |
Deferred tax liability: | ||
Foreign deferred tax liability | (7,883) | (8,200) |
Valuation allowance on deferred tax asset | (2,156) | (2,221) |
Net deferred tax (liability) | $ (8,200) | |
Net deferred tax asset | $ 5,491 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | $ 6.9 | $ 5.4 |
Performance Based Profit Interest Units [Member] | ||
Vesting period, years | 4 years | |
Performance Based Profit Interest Units [Member] | Certain Officers and Key Employees [Member] | ||
Shares awarded, other than options | 1,545,070 | |
Performance period used for performance based awards | 3 years | |
Time Based Restricted Equity Awards | Certain Officers and Key Employees [Member] | ||
Shares awarded, other than options | 31,685 | |
Time Based Profit Interest Units [Member] | Certain Officers and Key Employees [Member] | ||
Shares awarded, other than options | 170,294 | |
Vesting period, years | 3 years |
BORROWING ACTIVITIES AND ARRA_3
BORROWING ACTIVITIES AND ARRANGEMENTS (Schedule of Borrowings) (Details) $ in Thousands, £ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022USD ($)facility | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2022GBP (£)facility | Feb. 10, 2022 | Apr. 30, 2021USD ($) | |
Debt Instrument [Line Items] | ||||||
Total secured borrowings | $ 379,644 | $ 362,081 | ||||
Revolving credit facility | 354,888 | |||||
Total senior notes and other unsecured borrowings - net | 4,893,839 | 4,891,455 | ||||
Total secured and unsecured borrowings - net | 5,628,371 | $ 5,253,536 | ||||
Loss on extinguishment of debt | $ 6 | $ 29,670 | ||||
Debt instrument, covenant compliance | As of March 31, 2022 and December 31, 2021, we were in compliance with all applicable covenants for our borrowings | As of March 31, 2022 and December 31, 2021, we were in compliance with all applicable covenants for our borrowings | ||||
Number of Facilities | facility | 962 | 962 | ||||
Assisted Living Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of Facilities | facility | 163 | 163 | ||||
Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Assets pledged as collateral, fair value | $ 537,800 | |||||
4.375% notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.375% | 4.375% | 4.375% | |||
4.950% notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.95% | 4.95% | 4.95% | |||
4.50% notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.50% | 4.50% | 4.50% | |||
5.25% notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 5.25% | 5.25% | 5.25% | |||
4.50% notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.50% | 4.50% | 4.50% | |||
4.75% notes due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.75% | 4.75% | 4.75% | |||
3.625% notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.625% | 3.625% | 3.625% | |||
3.375% notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.375% | 3.375% | 3.375% | |||
3.25% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.25% | 3.25% | 3.25% | |||
Secured Debt [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.01% | 3.01% | ||||
Total secured borrowings | $ 357,910 | $ 359,806 | ||||
Secured Debt [Member] | Term Loan Maturity 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2022 | |||||
Rate | 4.00% | 4.00% | ||||
Total secured borrowings | $ 2,275 | 2,275 | ||||
Secured Debt [Member] | Term Loan Maturity 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2024 | |||||
Rate | 6.00% | 6.00% | ||||
Total secured borrowings | $ 19,459 | |||||
Secured Debt [Member] | Term Loan Maturity 2024 [Member] | Assisted Living Facilities [Member] | Facilities Related to Joint Venture [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of Facilities | facility | 2 | 2 | ||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs - net | $ (25,804) | (26,980) | ||||
Discount - net | (30,357) | (31,565) | ||||
Total senior notes and other unsecured borrowings - net | 4,893,839 | 4,891,455 | ||||
Total unsecured borrowings - net | $ 5,248,727 | 4,891,455 | ||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 1.91% | 1.91% | ||||
Total term loans - net | $ 50,000 | 50,000 | ||||
Debt instrument, interest rate, effective percentage | 3.29% | |||||
Senior Notes [Member] | 4.375% notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2023 | |||||
Rate | 4.375% | 4.375% | ||||
Long-term debt, gross | $ 350,000 | 350,000 | ||||
Senior Notes [Member] | 4.950% notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2024 | |||||
Rate | 4.95% | 4.95% | ||||
Long-term debt, gross | $ 400,000 | 400,000 | ||||
Senior Notes [Member] | 4.50% notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 4.50% | 4.50% | ||||
Long-term debt, gross | $ 400,000 | 400,000 | ||||
Senior Notes [Member] | 5.25% notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2026 | |||||
Rate | 5.25% | 5.25% | ||||
Long-term debt, gross | $ 600,000 | 600,000 | ||||
Senior Notes [Member] | 4.50% notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2027 | |||||
Rate | 4.50% | 4.50% | ||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||
Senior Notes [Member] | 4.75% notes due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2028 | |||||
Rate | 4.75% | 4.75% | ||||
Long-term debt, gross | $ 550,000 | 550,000 | ||||
Senior Notes [Member] | 3.625% notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2029 | |||||
Rate | 3.625% | 3.625% | ||||
Long-term debt, gross | $ 500,000 | 500,000 | ||||
Senior Notes [Member] | 3.375% notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2031 | |||||
Rate | 3.375% | 3.375% | ||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||
Senior Notes [Member] | 3.25% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2033 | |||||
Rate | 3.25% | 3.25% | ||||
Long-term debt, gross | $ 700,000 | $ 700,000 | ||||
Omega OP | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 50,000 | |||||
Debt instrument, maturity date | Feb. 10, 2022 | |||||
Minimum [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2046 | |||||
Maximum [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2052 | |||||
Revolving Credit Facility | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 110,000 | £ 186 | ||||
Maximum borrowing capacity | $ 1,450,000 | |||||
Revolving Credit Facility | Unsecured Debt [Member] | Revolving Credit Facility Due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 1.82% | 1.82% | ||||
Revolving credit facility | $ 354,888 |
DERIVATIVES AND HEDGING (Narrat
DERIVATIVES AND HEDGING (Narrative) (Details) $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | ||
May 31, 2019USD ($)contract | Mar. 31, 2022USD ($)contract | Mar. 31, 2022GBP (£)contract | Dec. 31, 2021USD ($) | |
3.375% notes due 2031 | ||||
Interest rate | 3.375% | 3.375% | 3.375% | |
3.375% notes due 2031 | Senior Notes [Member] | ||||
Interest rate | 3.375% | 3.375% | ||
Maturity | 2031 | |||
3.25% notes due 2033 | ||||
Interest rate | 3.25% | 3.25% | 3.25% | |
3.25% notes due 2033 | Senior Notes [Member] | ||||
Interest rate | 3.25% | 3.25% | ||
Maturity | 2033 | |||
Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||
Term loans - net | $ | $ 50,000 | $ 50,000 | ||
Interest rate | 1.91% | 1.91% | ||
Maturity | 2025 | |||
Interest Rate Swap | Cash Flow Hedging [Member] | Forward Starting Swaps [Member] | ||||
Derivative, notional amount | $ | $ 400,000 | |||
Derivative, Number of Instruments Held | contract | 5 | 5 | ||
Interest Rate Swap | Cash Flow Hedging [Member] | Omega OP Term Loan Facility | ||||
Derivative, notional amount | $ | $ 50,000 | |||
Derivative, maturity Date | Feb. 10, 2022 | |||
Derivative, Number of Instruments Held | contract | 2 | |||
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | ||||
Derivative, notional amount | £ | £ 174 | |||
Derivative, Number of Instruments Held | contract | 4 | 4 |
DERIVATIVES AND HEDGING (Locati
DERIVATIVES AND HEDGING (Location and the fair value of derivative instruments designated as hedges) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, asset | $ 53,394 | $ 32,849 |
Other Assets [Member] | Net Investment Hedging [Member] | ||
Cash flow hedges recorded at fair value, asset | $ 10,601 | 6,754 |
Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, liability | $ 96 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
4.375% notes due 2023 | ||
Liabilities: | ||
Notes issued, interest rate | 4.375% | 4.375% |
4.950% notes due 2024 | ||
Liabilities: | ||
Notes issued, interest rate | 4.95% | 4.95% |
4.50% notes due 2025 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | 4.50% |
5.25% notes due 2026 | ||
Liabilities: | ||
Notes issued, interest rate | 5.25% | 5.25% |
4.50% notes due 2027 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | 4.50% |
4.75% notes due 2028 | ||
Liabilities: | ||
Notes issued, interest rate | 4.75% | 4.75% |
3.625% notes due 2029 | ||
Liabilities: | ||
Notes issued, interest rate | 3.625% | 3.625% |
3.375% notes due 2031 | ||
Liabilities: | ||
Notes issued, interest rate | 3.375% | 3.375% |
3.25% notes due 2033 | ||
Liabilities: | ||
Notes issued, interest rate | 3.25% | 3.25% |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 10,849 | $ 10,873 |
Mortgage notes receivable - net | 819,577 | 835,086 |
Other investments - net | 506,942 | 469,884 |
Total | 1,337,368 | 1,315,843 |
Liabilities: | ||
Revolving line of credit | 354,888 | |
Omega OP term loan | 49,686 | 49,661 |
Total | 5,628,371 | 5,253,536 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 349,242 | 349,100 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.950% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 397,978 | 397,725 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 397,875 | 397,685 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 597,319 | 597,142 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 692,739 | 692,374 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 544,160 | 543,908 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 490,983 | 490,681 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 684,040 | 683,592 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 689,817 | 689,587 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 357,910 | 359,806 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Term Loan Maturity 2022 [Member] | ||
Liabilities: | ||
Term loan | 2,275 | 2,275 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Term Loan Maturity 2024 [Member] | ||
Liabilities: | ||
Term loan | 19,459 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 10,849 | 10,873 |
Mortgage notes receivable - net | 841,432 | 869,715 |
Other investments - net | 516,639 | 476,664 |
Total | 1,368,920 | 1,357,252 |
Liabilities: | ||
Revolving line of credit | 354,888 | |
Omega OP term loan | 50,000 | 50,000 |
Total | 5,565,302 | 5,615,593 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 355,534 | 365,243 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.950% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 408,984 | 427,184 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 406,980 | 427,440 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 622,896 | 667,524 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 714,903 | 766,003 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 559,916 | 607,249 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 472,485 | 519,430 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 641,347 | 705,810 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 610,575 | 683,151 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 344,769 | 394,284 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Term Loan Maturity 2022 [Member] | ||
Liabilities: | ||
Term loan | 2,275 | $ 2,275 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Term Loan Maturity 2024 [Member] | ||
Liabilities: | ||
Term loan | $ 19,750 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands | Sep. 29, 2020 | Mar. 31, 2022 | May 17, 2019 |
Total commitments | $ 752,891 | ||
Indemnification Agreement [Member] | |||
Total commitments | $ 5,600 | ||
Lakeway Realty LLC [Member] | |||
Litigation settlement, amount awarded to other party | $ 1,100 | ||
Minimum [Member] | Indemnification Agreement [Member] | |||
Indemnification agreement occurrence period | 18 months | ||
Maximum [Member] | Indemnification Agreement [Member] | |||
Indemnification agreement occurrence period | 72 months | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||
Percentage of ownership interest | 51.00% |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of remaining commitments) (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Total commitments | $ 752,891 |
Amounts funded to date | (532,002) |
Remaining commitments | 220,889 |
Other Investment Committed [Member] | |
Remaining commitments | $ 41,200 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Earnings per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income | $ 195,156 | $ 164,366 |
Deduct: net income attributable to noncontrolling interests | (5,549) | (4,388) |
Net income available to common stockholders | $ 189,607 | $ 159,978 |
Denominator: | ||
Denominator for basic earnings per share | 239,527 | 232,572 |
Effect of dilutive securities: | ||
Common stock equivalents | 963 | 944 |
Noncontrolling interest - Omega OP Units | 7,066 | 6,391 |
Denominator for diluted earnings per share | 247,556 | 239,907 |
Earnings per share - basic: | ||
Net income available to common stockholders | $ 0.79 | $ 0.69 |
Earnings per share - diluted: | ||
Net income | $ 0.79 | $ 0.69 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 491,247 | $ 51,376 | $ 20,534 | |
Restricted cash | 3,534 | 4,522 | 3,877 | |
Cash, cash equivalents and restricted cash at end of period | 494,781 | 55,898 | $ 24,411 | $ 167,558 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 60,478 | 67,538 | ||
Taxes paid during the period | 1,716 | 1,509 | ||
Non cash investing activities | ||||
Non cash acquisition of real estate | (11,133) | |||
Non cash financing activities | ||||
Non-cash contribution from noncontrolling interest holder in consolidated joint venture | 2,903 | |||
Change in fair value of cash flow hedges | 24,489 | 36,672 | ||
Remeasurement of debt denominated in a foreign currency | $ (320) | $ 3,010 |