Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CSU | ||
Entity Registrant Name | CAPITAL SENIOR LIVING CORP | ||
Entity Central Index Key | 1,043,000 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 30,500,800 | ||
Entity Public Float | $ 366.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 17,646 | $ 34,026 |
Restricted cash | 13,378 | 13,297 |
Accounts receivable, net | 12,307 | 13,675 |
Property tax and insurance deposits | 14,386 | 14,665 |
Prepaid expenses and other | 6,332 | 6,365 |
Total current assets | 64,049 | 82,028 |
Property and equipment, net | 1,099,786 | 1,032,430 |
Other assets, net | 18,836 | 31,323 |
Total assets | 1,182,671 | 1,145,781 |
Current liabilities: | ||
Accounts payable | 7,801 | 5,051 |
Accrued expenses | 40,751 | 39,064 |
Current portion of notes payable, net of deferred loan costs | 19,728 | 17,889 |
Current portion of deferred income | 13,840 | 16,284 |
Current portion of capital lease and financing obligations | 3,106 | 1,339 |
Federal and state income taxes payable | 383 | 218 |
Customer deposits | 1,394 | 1,545 |
Total current liabilities | 87,003 | 81,390 |
Deferred income | 10,033 | 12,205 |
Capital lease and financing obligations, net of current portion | 48,805 | 37,439 |
Deferred taxes | 1,941 | |
Other long-term liabilities | 16,250 | 15,325 |
Notes payable, net of deferred loan costs and current portion | 938,206 | 882,504 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $.01 par value: Authorized shares - 15,000; no shares issued or outstanding | ||
Common stock, $.01 par value: Authorized shares – 65,000; issued and outstanding shares – 30,505 and 30,012 in 2017 and 2016, respectively | 310 | 305 |
Additional paid-in capital | 179,459 | 171,599 |
Retained deficit | (95,906) | (51,556) |
Treasury stock, at cost – 494 shares in 2017 and 2016 | (3,430) | (3,430) |
Total shareholders’ equity | 80,433 | 116,918 |
Total liabilities and shareholders’ equity | $ 1,182,671 | $ 1,145,781 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | 30,505,000 | 30,012,000 |
Common stock, shares outstanding | 30,505,000 | 30,012,000 |
Treasury stock, shares | 494,000 | 494,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Resident revenue | $ 466,997 | $ 447,448 | $ 412,177 |
Expenses: | |||
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below) | 290,662 | 273,899 | 248,736 |
General and administrative expenses | 23,574 | 23,671 | 20,351 |
Facility lease expense | 56,432 | 61,718 | 61,213 |
Loss on facility lease termination | 12,858 | ||
Provision for bad debts | 1,748 | 1,727 | 1,192 |
Stock-based compensation expense | 7,682 | 11,645 | 8,833 |
Depreciation and amortization expense | 66,199 | 60,398 | 53,017 |
Total expenses | 459,155 | 433,058 | 393,342 |
Income from operations | 7,842 | 14,390 | 18,835 |
Other income (expense): | |||
Interest income | 73 | 67 | 53 |
Interest expense | (49,471) | (42,207) | (35,732) |
Write-off of deferred loan costs and prepayment premiums | (2,766) | ||
(Loss) Gain on disposition of assets, net | (123) | (65) | 6,225 |
Other income | 7 | 233 | 1 |
Loss before provision for income taxes | (41,672) | (27,582) | (13,384) |
Provision for income taxes | (2,496) | (435) | (900) |
Net loss | $ (44,168) | $ (28,017) | $ (14,284) |
Per share data: | |||
Basic net loss per share | $ (1.50) | $ (0.97) | $ (0.50) |
Diluted net loss per share | $ (1.50) | $ (0.97) | $ (0.50) |
Weighted average shares outstanding — basic | 29,453 | 28,909 | 28,688 |
Weighted average shares outstanding — diluted | 29,453 | 28,909 | 28,688 |
Comprehensive loss | $ (44,168) | $ (28,017) | $ (14,284) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Deficit [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2014 | $ 141,174 | $ 294 | $ 151,069 | $ (9,255) | $ (934) |
Beginning Balance, Shares at Dec. 31, 2014 | 29,097,000 | ||||
Exercise of stock options | $ 38 | $ 1 | 37 | ||
Exercise of stock options, Shares | 3,000 | 3,000 | |||
Restricted stock awards | $ 4 | $ 4 | |||
Restricted stock awards, Shares | 439,000 | ||||
Stock-based compensation | 8,833 | 8,833 | |||
Excess tax benefits on stock options exercised | (19) | (19) | |||
Net loss | (14,284) | (14,284) | |||
Ending Balance at Dec. 31, 2015 | 135,746 | $ 299 | 159,920 | (23,539) | (934) |
Ending Balance, Shares at Dec. 31, 2015 | 29,539,000 | ||||
Exercise of stock options | $ 60 | 60 | |||
Exercise of stock options, Shares | 3,000 | 6,000 | |||
Restricted stock awards | $ 7 | $ 6 | 1 | ||
Restricted stock awards, Shares | 611,000 | ||||
Stock-based compensation | 11,645 | 11,645 | |||
Excess tax benefits on stock options exercised | (27) | (27) | |||
Treasury stock | $ (2,496) | (2,496) | |||
Treasury stock, Shares | (144,315) | (144,000) | |||
Net loss | $ (28,017) | (28,017) | |||
Ending Balance at Dec. 31, 2016 | 116,918 | $ 305 | 171,599 | (51,556) | (3,430) |
Ending Balance, Shares at Dec. 31, 2016 | 30,012,000 | ||||
Restricted stock unit conversions, Shares | 3,000 | ||||
Restricted stock awards | 1 | $ 5 | (4) | ||
Restricted stock awards, Shares | 490,000 | ||||
Stock-based compensation | $ 7,682 | 7,864 | (182) | ||
Treasury stock, Shares | 0 | ||||
Net loss | $ (44,168) | (44,168) | |||
Ending Balance at Dec. 31, 2017 | $ 80,433 | $ 310 | $ 179,459 | $ (95,906) | $ (3,430) |
Ending Balance, Shares at Dec. 31, 2017 | 30,505,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net loss | $ (44,168) | $ (28,017) | $ (14,284) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 66,199 | 60,398 | 53,017 |
Amortization of deferred financing charges | 1,626 | 1,193 | 1,029 |
Amortization of deferred lease costs and lease intangibles, net | 859 | 679 | 1,555 |
Amortization of lease incentives | (1,336) | (710) | (134) |
Deferred income | (1,397) | (414) | (677) |
Deferred taxes | 1,941 | ||
Lease incentives | 5,673 | 7,530 | 2,464 |
Loss on facility lease termination | 12,858 | ||
Write-off of deferred loan costs and prepayment premiums | 2,766 | ||
Loss (Gain) on disposition of assets, net | 123 | 65 | (6,225) |
Provision for bad debts | 1,748 | 1,727 | 1,192 |
Stock-based compensation expense | 7,682 | 11,645 | 8,833 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (8,159) | (14,519) | (6,605) |
Property tax and insurance deposits | 279 | (267) | (2,200) |
Prepaid expenses and other | 33 | (1,995) | 2,427 |
Other assets | 4,061 | (2,228) | (1,289) |
Accounts payable | 2,750 | 1,695 | 815 |
Accrued expenses | 1,689 | 4,798 | 2,146 |
Other liabilities | 5,017 | 12,014 | 3,677 |
Federal and state income taxes receivable/payable | 165 | 107 | (108) |
Deferred resident revenue | (1,898) | (1,148) | 176 |
Customer deposits | (151) | (274) | 320 |
Net cash provided by operating activities | 55,594 | 52,279 | 48,895 |
Investing Activities | |||
Capital expenditures | (39,959) | (62,371) | (42,430) |
Cash paid for acquisitions | (85,000) | (138,750) | (162,460) |
Proceeds from disposition of assets | 19 | 72 | 43,463 |
Net cash used in investing activities | (124,940) | (201,049) | (161,427) |
Financing Activities | |||
Proceeds from notes payable | 77,197 | 150,798 | 250,944 |
Repayments of notes payable | (20,099) | (17,680) | (115,896) |
Cash payments for capital lease and financing obligations | (2,869) | (1,314) | (978) |
Increase in restricted cash | (81) | (138) | (918) |
Cash proceeds from the issuance of common stock | 67 | 42 | |
Excess tax benefits on stock options exercised | (27) | (19) | |
Purchases of treasury stock | (2,496) | ||
Deferred financing charges paid | (1,182) | (2,501) | (3,765) |
Net cash provided by financing activities | 52,966 | 126,709 | 129,410 |
(Decrease) Increase in cash and cash equivalents | (16,380) | (22,061) | 16,878 |
Cash and cash equivalents at beginning of year | 34,026 | 56,087 | 39,209 |
Cash and cash equivalents at end of year | 17,646 | 34,026 | 56,087 |
Cash paid during the year for: | |||
Interest | 47,022 | 40,585 | 33,642 |
Income taxes | $ 543 | $ 582 | 1,039 |
Non-cash operating, investing, and financing activities: | |||
Notes payable assumed by purchaser through disposition of assets | $ 6,764 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Capital Senior Living Corporation, a Delaware corporation (together with its subsidiaries, the “Company”), is one of the largest operators of senior housing communities in the United States in terms of resident capacity. The Company owns, operates, develops and manages senior housing communities throughout the United States. As of December 31, 2017, the Company operated 129 senior housing communities in 23 states with an aggregate capacity of approximately 16,500 residents, including 83 senior housing communities which the Company owned and 46 senior housing communities that the Company leased. The accompanying consolidated financial statements include the financial statements of Capital Senior Living Corporation and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company has deposits in banks that exceed Federal Deposit Insurance Corporation insurance limits. Management believes that credit risk related to these deposits is minimal. Restricted cash consists of deposits required by certain lenders as collateral pursuant to letters of credit. The deposit must remain so long as the letter of credit is outstanding which is subject to renewal annually. Long-Lived Assets Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. At each balance sheet date, the Company reviews the carrying value of its property and equipment to determine if facts and circumstances suggest that they may be impaired or that the depreciation period may need to be changed. The Company considers internal factors such as net operating losses along with external factors relating to each asset, including contract changes, local market developments, and other publicly available information. If an indicator of impairment is identified, the carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flows from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount the carrying value exceeds the fair market value, generally based on discounted cash flows, of the long-lived asset. The Company does not believe there are any indicators of impairment that would require an adjustment to the carrying value of the property and equipment or their remaining useful lives as of December 31, 2017 and 2016. Off-Balance Sheet Arrangements The Company had no material off-balance sheet arrangements at December 31, 2017. Income Taxes Income taxes are computed using the asset and liability method and current income taxes are recorded based on amounts refundable or payable in the current year. Deferred income taxes are recorded based on the estimated future tax effects of loss carryforwards and temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which we expect those carryforwards and temporary differences to be recovered or settled. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. The Company evaluates uncertain tax positions through consideration of accounting and reporting guidance on criteria, measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial-statement comparability among different companies. The Company is required to recognize a tax benefit in its financial statements for an uncertain tax position only if management’s assessment is that its position is “more likely than not” (i.e., a greater than 50 percent likelihood) to be upheld on audit based only on the technical merits of the tax position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expense. Revenue Recognition Resident revenue is recognized at estimated net realizable amounts, based on historical experiences, due from residents in the period in which the rental and other services are provided. Additionally, substantially all community fees received from residents are non-refundable and are recorded initially by the Company as deferred revenue. The deferred amounts are amortized over the respective residents’ initial lease term which is consistent with the contractual obligation associated with the estimated stay of the resident. Revenues from the Medicaid program accounted for approximately 5.6% of the Company’s revenue in fiscal 2017, 5.5% of the Company’s revenue in fiscal 2016, and 4.6% of the Company’s revenue in fiscal 2015. During fiscal 2017, 2016, and 2015, 41, 40, and 34, respectively, of the Company’s communities were providers of services under the Medicaid program. Accordingly, these communities were entitled to reimbursement under the foregoing program at established rates that were lower than private pay rates. Patient service revenue for Medicaid patients was recorded at the reimbursement rates as the rates were set prospectively by the applicable state upon the filing of an annual cost report. None of the Company’s communities were providers of services under the Medicare program during fiscal 2017, 2016, or 2015. Laws and regulations governing the Medicaid program are complex and subject to interpretation. The Company believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing. While no such regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicaid program. Purchase Accounting In determining the allocation of the purchase price of senior housing communities acquired to net tangible and identified intangible assets acquired and liabilities assumed, if any, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, leasing activities and/or independent appraisals. The Company assigns the purchase price for senior living communities to assets acquired and liabilities assumed based on their estimated fair values which are determined in accordance with the provisions of ASC 805, Business Combinations The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company The fair value of acquired lease-related intangibles reflects the estimated fair value of existing resident in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the property acquired was vacant. The Company amortizes any acquired resident in-place lease intangibles to depreciation and amortization expense over the estimated remaining useful life of the respective resident operating leases. Credit Risk and Allowance for Doubtful Accounts The Company’s resident receivables are generally due within 30 days from the date billed. Accounts receivable are reported net of an allowance for doubtful accounts of $4.9 million and $4.3 million at December 31, 2017 and 2016, respectively, and represent the Company’s estimate of the amount that ultimately will be collected. The adequacy of the Company’s allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary. Credit losses on resident receivables have historically been within management’s estimates, and management believes that the allowance for doubtful accounts adequately provides for expected losses. Lease Accounting The Company determines whether to account for its leases as operating, capital or financing leases depending on the underlying terms of the lease agreement. This determination of classification requires significant judgment relating to certain information, including the estimated fair value and remaining economic life of the community, the Company’s cost of funds, minimum lease payments and other lease terms. The lease rates under the Company’s lease agreements are subject to certain conditional escalation clauses which are recognized when probable or incurred and are based on changes in the consumer price index or certain operational performance measures. As of December 31, 2017 and 2016, the Company leased 46 and 50 communities, respectively, two of which the Company classified as capital lease and financing obligations with the remaining classified as operating leases. The Company incurs lease acquisition costs and amortizes these costs over the term of the lease agreement. Certain leases entered into by the Company qualified as sale/leaseback transactions, and as such, any related gains have been deferred and are being amortized over the respective lease term. No new communities were leased by the Company during fiscal 2017 or 2016. Effective January 31, 2017, the Company acquired from Ventas the underlying real estate associated with four of its operating leases. For additional information refer to Note 3, “Acquisitions”. Facility lease expense in the Company’s Consolidated Statements of Operations and Comprehensive loss includes rent expense plus amortization expense relating to leasehold acquisition costs offset by the amortization of deferred gains and lease incentives. Employee Health and Dental Benefits, Workers’ Compensation, and Insurance Reserves The Company offers certain full-time employees an option to participate in its health and dental plans. The Company is self-insured up to certain limits and is insured if claims in excess of these limits are incurred. The cost of employee health and dental benefits, net of employee contributions, is shared between the corporate office and the senior housing communities based on the respective number of plan participants. Funds collected are used to pay the actual program costs, including estimated annual claims, third-party administrative fees, network provider fees, communication costs, and other related administrative costs incurred by the plans. Claims are paid as they are submitted to the Company’s third-party administrator. The Company records a liability for outstanding claims and claims that have been incurred but not yet reported. This liability is based on the historical claim reporting lag and payment trends of health insurance claims. Management believes that the liability for outstanding losses and expenses is adequate to cover the ultimate cost of losses and expenses incurred at December 31, 2017; however, actual claims and expenses may differ. Any subsequent changes in estimates are recorded in the period in which they are determined. The Company uses a combination of insurance and self-insurance for workers’ compensation. Determining the reserve for workers’ compensation losses and costs that the Company has incurred as of the end of a reporting period involves significant judgments based on projected future events, including potential settlements for pending claims, known incidents which may result in claims, estimates of incurred but not yet reported claims, changes in insurance premiums, estimated litigation costs and other factors. The Company regularly adjusts these estimates to reflect changes in the foregoing factors. However, since this reserve is based on estimates, the actual expenses incurred may differ from the amounts reserved. Any subsequent changes in estimates are recorded in the period in which they are determined. Advertising Advertising is expensed as incurred. Advertising expenses for the years ended December 31, 2017, 2016, and 2015 were $16.7 million, $15.0 million, and $13.9 million, respectively, and are included as a component of operating expenses within the Consolidated Statements of Operations and Comprehensive Loss. Net Loss Per Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Potentially dilutive securities consist of unvested restricted shares and shares that could be issued under outstanding stock options. Potentially dilutive securities are excluded from the computation of net loss per common share if their effect is antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except for per share amounts): Year Ended December 31, 2017 2016 2015 Net loss $ (44,168 ) $ (28,017 ) $ (14,284 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (44,168 ) $ (28,017 ) $ (14,284 ) Weighted average shares outstanding — basic 29,453 28,909 28,688 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 29,453 28,909 28,688 Basic net loss per share $ (1.50 ) $ (0.97 ) $ (0.50 ) Diluted net loss per share $ (1.50 ) $ (0.97 ) $ (0.50 ) Awards of unvested restricted stock representing approximately 0.9 million, 0.8 million, and 0.8 million shares were outstanding for the fiscal years ended December 31, 2017, 2016, and 2015, respectively, and are antidilutive. Beginning in fiscal 2015, the unvested restricted stock did not meet all of the requirements to be deemed participating securities and therefore, are calculated under the treasury method. Treasury Stock The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity until it is canceled. There were no repurchases of the Company’s common stock during fiscal 2017. The Company repurchased 144,315 shares of its common stock during fiscal 2016, pursuant to a share repurchase program approved by the Company’s board of directors. All shares acquired by the Company have been purchased in open-market transactions. Stock-Based Compensation The Company recognizes compensation expense for share-based payment awards to certain employees and directors, including grants of stock options and awards of restricted stock, in the Consolidated Statements of Operations and Comprehensive Loss based on their fair values. On May 8, 2007, the Company’s stockholders approved the 2007 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (as amended, the “2007 Plan”) which provides for, among other things, the grant of restricted stock awards and stock options to purchase shares of the Company’s common stock. The 2007 Plan authorizes the Company to issue up to 4.6 million shares of common stock and the Company currently has 1.1 million shares of common stock reserved for future issuance pursuant to awards under the 2007 Plan. Segment Information The Company evaluates the performance and allocates resources of its senior living facilities based on current operations and market assessments on a property-by-property basis. The Company does not have a concentration of operations geographically or by product or service as its management functions are integrated at the property level. The Company has determined that all of its operating units meet the criteria in Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting Recently Issued Accounting Guidance In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations – Clarifying the Definition of a Business In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Use of Estimates and Critical Accounting Policies The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and related footnotes. Management bases its estimates and assumptions on historical experience, observance of industry trends and various other sources of information and factors, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially could result in materially different results under different assumptions and conditions. The Company believes revenue recognition, purchase accounting, credit risk and allowance for doubtful accounts, lease accounting, employee health and dental benefits, workers’ compensation and insurance reserves, long-lived assets, and income taxes are its most critical accounting policies and/or require management’s most difficult and subjective judgments. Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 3 . Acquisitions Fiscal 2017 Effective January 31, 2017 (the “Closing Date”), the Company acquired the underlying real estate through an asset acquisition associated with four of the senior housing communities previously leased from Ventas, Inc. (“Ventas”) for an acquisition price of $85.0 million (the “Four Property Lease Transaction”). The Company obtained interest only, bridge financing from Berkadia Commercial Mortgage LLC (“Berkadia”) for $65.0 million of the acquisition price with an initial variable interest rate of LIBOR plus 4.0% and a 36-month term, with the balance of the acquisition price paid from the Company’s existing cash resources. Additionally, the Company agreed to continue paying $2.3 million of the annual rents associated with the four communities acquired over the remaining lease term of the seven communities remaining in the Ventas Lease Portfolio. As such, the total additional lease payments to be paid over the remaining lease term were discounted back to the Closing Date utilizing a credit-adjusted risk-free rate to determine the fair value of the lease termination financing obligation of $16.0 million. The fair value of the four communities acquired was determined to approximate $88.1 million. The fair values of the property, plant, and equipment of the acquired communities were determined utilizing a direct capitalization method considering facility net operating income and market capitalization rates. These fair value measurements were based on current market conditions as of the acquisition date and are considered Level 3 measurements (fair value measurements using significant unobservable inputs) within the fair value hierarchy of ASC 820-10, Fair Value Measurement As a result of this asset acquisition, the Company recorded additions to property and equipment of approximately $88.1 million within the Company’s Consolidated Balance Sheets which will be depreciated or amortized over the estimated useful lives. The purchase accounting for the Springfield Transaction and Cincinnati Transaction, as defined below, which closed during fiscal 2016, was finalized during the first quarter of fiscal 2017 and valuation adjustments resulted in the Company reclassifying approximately $1.3 million from property and equipment to other assets to reflect the final purchase price allocation. Fiscal 2016 Effective November 2, 2016, the Company closed the acquisition of one senior housing community located in Cincinnati, Ohio, for $29.0 million (the “Cincinnati Acquisition”). The community consists of 45 independent living units and 77 assisted living units. The Company incurred approximately $0.2 million in transaction costs related to this acquisition which have been included in general and administrative expenses within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company obtained financing from Fannie Mae for approximately $22.0 million of the acquisition price at a fixed interest rate of 4.24% with a 10-year term with the balance of the acquisition price paid from the Company’s existing cash resources. Effective September 30, 2016, the Company closed the acquisition of one senior housing community located in Springfield, Massachusetts, for $27.0 million (the “Springfield Transaction”). The community consists of 97 independent living units and 90 assisted living units. The Company incurred approximately $0.3 million in transaction costs related to this acquisition which have been included in general and administrative expenses within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company obtained financing from Fannie Mae for $20.3 million of the acquisition price at a fixed interest rate of 4.10% with a 10-year term with the balance of the acquisition price paid from the Company’s existing cash resources. Effective September 27, 2016, the Company closed the acquisition of one senior housing community located in Kingwood, Texas for $18.0 million (the “Kingwood Transaction”). The community consists of 96 assisted living units. The Company incurred approximately $0.2 million in transaction costs related to this acquisition which have been included in general and administrative expenses within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company obtained financing from Protective Life Insurance Company (“Protective Life”) for $13.0 million of the acquisition price at a fixed interest rate of 4.13% with a 15-year term with the balance of the acquisition price paid from the Company’s existing cash resources. Effective February 16, 2016, the Company closed the acquisition of two senior housing communities located in Pensacola, Florida, for $48.0 million (the “Pensacola Transaction”). The two communities consist of 179 assisted living units. The Company incurred approximately $0.3 million in transaction costs related to this acquisition which have been included in general and administrative expenses within the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company obtained financing from Protective Life for $35.0 million of the acquisition price at a fixed interest rate of 4.38% with a 10-year term with the balance of the acquisition price paid from the Company’s existing cash resources. Effective January 26, 2016, the Company closed the acquisition of three senior housing communities located in Colby, Park Falls, and Wisconsin Rapids, Wisconsin, for approximately $16.8 million (the “Pine As a result of these acquisitions, the Company recorded additions to property and equipment of approximately $126.0 million and other assets of approximately $12.8 million, primarily consisting of in-place lease intangibles, within the Company’s Consolidated Balance Sheets which will be depreciated or amortized over the estimated useful lives. During fiscal 2016, final valuation adjustments associated with 2015 senior housing community acquisitions resulted in the Company reclassifying approximately $1.3 million from other assets to property and equipment. As a result of adoption of ASU 2015-16, prior periods were not adjusted and recast to reflect this reclassification within the Company’s Consolidated Balance Sheets. During fiscal 2016, these acquisitions generated $15.5 million of revenue and $(7.7) million of losses before income taxes which are included in the Company’s Consolidated Statements of Operations and Comprehensive Loss from the dates of acquisition. Losses before income taxes primarily result from the amortization of in-place lease intangibles associated with acquisitions during fiscal 2016 and 2015. The unaudited pro forma combined results of operations have been prepared as if the acquisitions had occurred on January 1, 2015, as follows (in thousands): December 31, 2016 2015 Total revenues $ 461,653 $ 434,967 Loss before income taxes $ (19,389 ) $ (27,374 ) The unaudited pro forma consolidated amounts are presented for informational purposes only and do not necessarily reflect the results of operations of the Company that would have actually resulted had the acquisitions occurred on January 1, 2015. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4 . Property and Equipment Property and equipment consists of the following (in thousands): December 31, Asset Lives 2017 2016 Land $ 69,842 $ 66,755 Land improvements 5 to 20 years 24,665 21,644 Buildings and building improvements 10 to 40 years 1,148,816 1,030,676 Furniture and equipment 5 to 10 years 62,614 51,471 Automobiles 5 to 7 years 6,236 5,776 Leasehold improvements (1) 85,384 77,364 Construction in progress NA 5,711 23,906 1,403,268 1,277,592 Less accumulated depreciation and amortization (303,482 ) (245,162 ) Property and equipment, net $ 1,099,786 $ 1,032,430 (1) Leasehold improvements are amortized over the shorter of the useful life of the asset or the remaining lease term. At December 31, 2017 and 2016, furniture and equipment included $3.2 million of capitalized computer software development costs of which $3.0 million and $2.8 million, respectively, has been amortized and is included as a component of accumulated depreciation and amortization. During fiscal 2017, final valuation adjustments associated with senior housing community acquisitions in fiscal 2016 resulted in the Company reclassifying approximately $1.3 million from property and equipment to other assets; however, as a result of adoption of ASU 2015-16, the Consolidated Balance Sheet for the year ended December 31, 2016, has not been adjusted and recast to reflect these reclassification adjustments. Property and equipment includes $31.8 million of assets under capital lease in connection with the Ventas Lease Transaction, as discussed at Note 15, “Leases,” of which $15.4 million and $14.6 million has been amortized and is included as a component of accumulated depreciation and amortization at December 31, 2017 and 2016, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 5 . Other Assets Other assets consist of the following (in thousands): December 31, 2017 2016 Deferred lease costs, net $ 5,555 $ 7,538 Security and other deposits 10,234 14,274 In-place lease intangibles, net — 6,301 Other 3,047 3,210 $ 18,836 $ 31,323 In connection with the Company’s acquisitions and certain of its lease transactions, subject to final valuation adjustments, the Company records additions to in-place lease intangibles in order to reflect the value associated with the resident operating leases acquired. In-place lease intangibles are being amortized over the estimated remaining useful life of the respective resident operating leases. The value of in-place leases includes lost revenue that would be realized if the resident operating leases were to be replaced by the Company. During fiscal 2017, final valuation adjustments associated with senior housing community acquisitions in 2016 resulted in the Company reclassifying approximately $1.3 million from property and equipment to other assets; however, as a result of adoption of ASU 2015-16, the Consolidated Balance Sheet for the year ended December 31, 2016, has not been adjusted and recast to reflect these reclassification adjustments. At December 31, 2016, the Company had gross in-place lease intangibles of approximately $86.5 million of which approximately $80.2 million had been amortized. The unamortized ending balance of approximately $6.3 million at December 31, 2016, was fully amortized during fiscal 2017. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Accrued Expenses | 6 . Accrued expenses consist of the following (in thousands): December 31, 2017 2016 Accrued salaries, bonuses and related expenses $ 13,015 $ 12,465 Accrued property taxes 14,208 14,244 Accrued interest 3,757 3,288 Accrued health claims and workers comp 4,547 3,998 Accrued professional fees 763 792 Other 4,461 4,277 $ 40,751 $ 39,064 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | 7 . Notes Payable Notes payable consists of the following (in thousands): Average Monthly Net Book Value Interest Maturity Notes Payable December 31, Lender Payment Of Collateral(1) Rate Date 2017 2016 Fannie Mae $ 78 $ 14,534 5.69 August 2021 $ 12,283 $ 12,507 Fannie Mae 26 5,675 4.97 October 2021 4,331 4,419 Fannie Mae 101 20,586 4.92 October 2021 17,097 17,448 Fannie Mae 27 20,586 5.19 October 2021 4,839 4,911 Fannie Mae 117 22,981 4.92 November 2021 19,886 20,291 Fannie Mae 27 5,990 4.38 March 2022 4,831 4,936 Fannie Mae 60 11,700 4.76 April 2022 10,403 10,614 Fannie Mae 19 11,700 4.85 April 2022 3,470 3,522 Fannie Mae 135 26,638 4.69 April 2022 23,637 24,123 Fannie Mae 11 4,178 4.97 April 2022 2,022 2,051 Fannie Mae 60 15,214 4.48 May 2022 10,699 10,926 Fannie Mae 20 15,214 4.85 May 2022 3,697 3,752 Fannie Mae 144 34,196 4.34 November 2022 26,382 26,935 Fannie Mae 33 7,384 4.50 November 2022 5,881 6,000 Fannie Mae 43 26,135 5.49 November 2022 7,403 7,504 Fannie Mae 84 17,197 4.32 January 2023 15,532 15,856 Fannie Mae 49 17,197 5.39 January 2023 8,453 8,572 Fannie Mae 39 8,311 4.58 January 2023 6,953 7,092 Fannie Mae 17 8,311 5.49 January 2023 3,029 — Fannie Mae 85 17,613 4.66 April 2023 15,131 15,423 Fannie Mae 18 5,242 5.46 April 2023 3,068 3,110 Fannie Mae 45 8,560 5.93 October 2023 7,205 7,312 Fannie Mae 67 13,398 5.50 November 2023 11,180 11,359 Fannie Mae 67 12,634 5.38 November 2023 11,236 11,419 Fannie Mae 282 52,384 5.56 January 2024 46,662 47,390 Fannie Mae 632 113,697 4.24 July 2024 121,141 123,465 Fannie Mae 120 26,087 4.48 July 2024 22,394 22,806 Fannie Mae 81 20,645 4.30 July 2024 15,462 15,756 Fannie Mae 91 68,299 4.98 July 2024 16,579 16,822 Fannie Mae 134 27,541 4.59 September 2024 24,805 25,247 Fannie Mae 22 13,867 5.72 September 2024 3,682 3,724 Fannie Mae 54 10,711 4.70 September 2024 9,864 10,037 Fannie Mae 53 12,277 4.50 January 2025 9,915 10,091 Fannie Mae 95 6,313 4.46 January 2025 18,023 18,345 Fannie Mae 70 15,660 4.35 February 2025 13,434 13,678 Fannie Mae 109 8,913 3.85 March 2025 22,086 22,522 Fannie Mae 102 24,411 3.84 April 2025 20,749 21,157 Fannie Mae 31 24,411 5.53 April 2025 5,372 5,435 Fannie Mae 47 9,822 4.55 June 2025 8,794 8,944 Fannie Mae 59 12,332 4.79 June 2025 10,753 10,929 Fannie Mae 81 15,898 5.30 June 2025 13,580 13,811 Fannie Mae 24 12,332 5.71 June 2025 4,079 — Fannie Mae 58 12,968 4.69 October 2025 10,780 10,956 Fannie Mae 44 9,648 4.70 October 2025 8,147 8,280 Fannie Mae 273 39,692 4.68 December 2025 51,163 51,991 Fannie Mae 9 9,229 5.81 December 2025 1,445 1,461 Fannie Mae 62 11,382 5.43 April 2026 10,443 10,607 Fannie Mae 29 11,382 5.84 April 2026 4,903 4,957 Fannie Mae 98 22,563 4.10 October 2026 19,854 20,195 Fannie Mae 108 25,235 4.24 December 2026 21,617 21,975 Protective Life 96 24,806 3.55 April 2025 20,234 20,665 Protective Life 49 11,429 4.25 August 2025 9,535 9,713 Protective Life 78 18,092 4.25 September 2025 15,163 15,444 Protective Life 138 33,301 4.25 November 2025 26,993 27,447 Protective Life 57 14,070 4.50 February 2026 10,959 11,149 Protective Life 187 42,753 4.38 March 2026 33,705 34,396 Protective Life 70 15,505 4.13 October 2031 12,645 12,950 Berkadia 78 19,476 (3 ) April 2019(5) 11,505 11,742 Berkadia 298 96,952 (4 ) February 2020 65,000 — HUD 16 5,622 4.48 September 2045 2,989 3,042 Insurance Financing 146 — 2.76 May 2018 725 — Insurance Financing 324 — 3.04 November 2018 3,505 — Insurance Financing — — 1.73 October 2017 — 756 Insurance Financing — — 1.73 May 2017 — 691 Insurance Financing — — 1.79 September 2017 — 1,576 $ 5,677 4.60%(2) $ 967,332 $ 910,234 Less deferred loan costs, net 9,398 9,841 $ 957,934 $ 900,393 Less current portion 19,728 17,889 $ 938,206 $ 882,504 (1) 81 of the facilities owned by the Company are encumbered by mortgage debt and are provided as collateral under their respective loan agreements. (2) Weighted average interest rate on current fixed interest rate debt outstanding. (3) Variable interest rate of LIBOR plus 4.50%, which was 5.93% at December 31, 2017. (4) Variable interest rate of LIBOR plus 4.00%, which was 5.43% at December 31, 2017. (5) Effective July 31, 2017, the Company extended the maturity date with Berkadia to April 1, 2019. The aggregate scheduled maturities of notes payable at December 31, 2017 are as follows (in thousands): 2018 $ 21,421 2019 28,994 2020 83,482 2021 72,706 2022 106,161 Thereafter 654,568 $ 967,332 On December 15, 2017, the Company completed supplemental mortgage financing of approximately $4.1 million from Fannie Mae at a fixed interest rate of 5.71% on one community located in Oneonta, New York. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in June 2025. The Company incurred approximately $0.2 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On December 1, 2017, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $3.5 million. The finance agreement has a fixed interest rate of 3.04% with the principal being repaid over an 11-month term. On November 30, 2017, the Company completed supplemental mortgage financing of approximately $3.0 million from Fannie Mae at a fixed interest rate of 5.49% on one community located in Rocky River, Ohio. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in January 2023. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On May 31, 2017, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $1.6 million. The finance agreement has a fixed interest rate of 2.76% with the principal being repaid over an 11-month term. On January 31, 2017, in conjunction with the Four Property Lease Transaction, the Company obtained $65.0 million of mortgage debt from Berkadia. The new mortgage loan is interest-only and has a three-year term with an initial variable interest rate of LIBOR plus 4.00%. The Company incurred approximately $0.9 million in deferred financing costs related to this loan, which are being amortized over three years. On December 22, 2016, the Company completed supplemental mortgage financing of approximately $5.0 million from Fannie Mae at a fixed interest rate of 5.84% on one community located in Lamberville, Michigan. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in April 2026. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On December 22, 2016, the Company completed supplemental mortgage financing of approximately $1.5 million from Fannie Mae at a fixed interest rate of 5.81% on one community located in Mishawaka, Indiana. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in December 2025. The Company incurred approximately $45,000 in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On December 22, 2016, the Company completed supplemental mortgage financing of approximately $3.7 million from Fannie Mae at a fixed interest rate of 5.72% on one community located in Roanoke, Virginia. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in September 2024. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On December 15, 2016, the Company completed supplemental mortgage financing of approximately $5.4 million from Fannie Mae at a fixed interest rate of 5.53% on one community located in Toledo, Ohio. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in April 2025. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On December 1, 2016, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $0.8 million. The finance agreement has a fixed interest rate of 1.66% with principal amortized over a 10-month term. On November 2, 2016, in conjunction with the Cincinnati Transaction, the Company obtained $22.0 million of mortgage debt from Fannie Mae. The new mortgage loan has a 10-year term with a 4.24% fixed interest rate and the principal amortized over a 30-year term. The Company incurred approximately $0.2 million in deferred financing costs related to this loan, which are being amortized over 10 years. On September 30, 2016, in conjunction with the Springfield Transaction, the Company obtained $20.3 million of mortgage debt from Fannie Mae. The new mortgage loan has a 10-year term with a 4.10% fixed interest rate and the principal amortized over a 30-year term. The Company incurred approximately $0.2 million in deferred financing costs related to this loan, which are being amortized over 10 years. On September 27, 2016, in conjunction with the Kingwood Transaction, the Company obtained $13.0 million of mortgage debt from Protective Life. The new mortgage loan has a 15-year term with a 4.13% fixed interest rate and the principal amortized over a 30-year term. The Company incurred approximately $0.2 million in deferred financing costs related to this loan, which are being amortized over 15 years. On September 23, 2016, the Company completed supplemental mortgage financing of approximately $3.5 million from Fannie Mae at a fixed interest rate of 4.85% on one community located in Jeffersonville, Indiana, with existing mortgage debt maturing in April 2022. The supplemental mortgage loan is cross-collateralized and cross-defaulted with the original mortgage debt. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On September 23, 2016, the Company completed supplemental mortgage financing of approximately $3.8 million from Fannie Mae at a fixed interest rate of 4.85% on one community located in Irving, Texas, with existing mortgage debt maturing in May 2022. The supplemental mortgage loan is cross-collateralized and cross-defaulted with the original mortgage debt. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. On August 2, 2016, the Company completed supplemental mortgage financing of approximately $2.1 million from Fannie Mae at a fixed interest rate of 4.97% on one senior housing community located in Conroe, Texas. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original mortgage debt maturing in April 2022. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. Effective July 31, 2016, the Company extended the maturity of its mortgage loan with Berkadia on one of its senior housing communities located in Canton, Ohio. The maturity date was extended from July 10, 2017 to July 10, 2018 with an initial variable interest rate of LIBOR plus 4.50% with principal amortized over 25 years. In conjunction with the loan extension, the Company incurred an extension fee of approximately $30,000 which will be amortized over the new loan term. On June 15, 2016, the Company completed supplemental mortgage financing of approximately $16.9 million from Fannie Mae at a fixed interest rate of 4.98% on four senior housing communities located in Texas, two senior housing communities located in Ohio, and one senior housing community located in Missouri. The supplemental mortgage loans are coterminous, cross-collateralized and cross-defaulted with the original mortgage debt maturing in July 2024. The Company incurred approximately $0.5 million in deferred financing costs related to these loans, which are being amortized over the remaining initial loan terms. On May 31, 2016, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $2.6 million. The finance agreement has a fixed interest rate of 2.16% with principal amortized over a 15-month term. On May 31, 2016, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $1.5 million. The finance agreement has a fixed interest rate of 2.16% with principal amortize over an 11-month term. On May 3, 2016, the Company drew down approximately $2.6 million of supplemental funding proceeds from Protective Life associated with the previous acquisition of one senior housing community located in Indianapolis, Indiana, during fiscal 2015, at a fixed interest rate of 4.25% with a 10-year term and principal amortized over a 30-year term. The loan commitment was based on certain funding requirements being met and was available to the Company through February 28, 2018. On February 16, 2016, in conjunction with the Pensacola Transaction, the Company obtained $35.0 million of mortgage debt from Protective Life. The new mortgage loan has a 10-year term with a 4.38% fixed interest rate and the principal amortized over a 30-year term. The Company incurred approximately $0.4 million in deferred financing costs related to this loan, which are being amortized over 10 years. On January 26, 2016, in conjunction with the Pine Ridge Transaction, the Company obtained approximately $11.3 million of mortgage debt from Protective Life. The new mortgage loan has a 10-year term with a 4.50% fixed interest rate and the principal amortized over a 30-year term. The Company incurred approximately $0.2 million in deferred financing costs related to this loan, which are being amortized over 10 years. The Company issued standby letters of credit with Wells Fargo Bank (“Wells Fargo”), totaling approximately $3.9 million, for the benefit of Hartford Financial Services (“Hartford”) associated with the administration of workers compensation which remain outstanding as of December 31, 2017. The Company issued standby letters of credit with JPMorgan Chase Bank (“Chase”), totaling approximately $6.7 million, for the benefit of Welltower, Inc. (“Welltower”), formerly Healthcare REIT, Inc. on certain leases between Welltower and the Company which remain outstanding as of December 31, 2017. The Company issued standby letters of credit with Chase, totaling approximately $2.9 million, for the benefit of HCP, Inc. (“HCP”) on certain leases between HCP and the Company which remain outstanding as of December 31, 2017. In connection with the Company’s loan commitments described above, the Company incurred financing charges that were deferred and amortized over the life of the notes. At December 31, 2017 and 2016, the Company had gross deferred loan costs of $14.0 million and $12.8 million, respectively. Accumulated amortization was $4.6 million and $3.0 million at December 31, 2017 and 2016, respectively. Amortization expense is expected to be approximately $1.7 million in each of the next five fiscal years. The Company was in compliance with all aspects of its outstanding indebtedness at December 31, 2017 and 2016. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | 8 . Equity Preferred Stock The Company is authorized to issue preferred stock in series and to fix and state the voting powers and such designations, preferences and relative participating, optional or other special rights of the shares of each such series and the qualifications, limitations and restrictions thereof. Such action may be taken by the Board without stockholder approval. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of preferred stock. No preferred stock was outstanding as of December 31, 2017 and 2016. Share Repurchases On January 22, 2009, the Company’s board of directors approved a share repurchase program that authorized the Company to purchase up to $10.0 million of the Company’s common stock. Purchases may be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the share repurchase authorization has no stated expiration date. Shares of stock repurchased under the program will be held as treasury shares. Pursuant to this authorization, during fiscal 2009, the Company purchased 349,800 shares at an average cost of $2.67 per share for a total cost to the Company of approximately $0.9 million. On January 14, 2016, the Company announced that its board of directors approved a continuation of the share repurchase program. Pursuant to this authorization, during fiscal 2016, the Company purchased 144,315 shares of its common stock at an average cost of $17.29 per share for a total cost to the Company of approximately $2.5 million. All such purchases were made in open market transactions. There were no repurchases of the Company’s common stock during fiscal 2017. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9 . Stock-Based Compensation Stock Options Although the Company has not granted stock options in recent years, the Company’s stock option program is a long-term retention program that is intended to attract, retain and provide incentives for employees, officers and directors and to more closely align stockholder and employee interests. The Company’s stock options generally vest over one to five years and the related expense is amortized on a straight-line basis over the vesting period. A summary of the Company’s stock option activity and related information for the years ended December 31, 2017, 2016, and 2015 is presented below: Outstanding at Beginning of Year Granted Exercised Forfeited Outstanding End of Year Options Exercisable December 31, 2017 Shares — — — — — — Weighted average price $ — — $ — — $ — $ — December 31, 2016 Shares 3,000 — 3,000 — — — Weighted average price $ 10.97 — $ 10.97 — $ — $ — December 31, 2015 Shares 6,000 — 3,000 — 3,000 3,000 Weighted average price $ 8.44 — $ 5.90 — $ 10.97 $ 10.97 No stock options were outstanding at December 31, 2017 and 2016, as all outstanding options have fully vested and have been exercised or forfeited. The options outstanding and the options exercisable at December 31, 2015 had an aggregate intrinsic value of $30,000. Restricted Stock The Company may grant restricted stock awards and units to employees, officers, and directors in order to attract, retain, and provide incentives for such individuals and to more closely align stockholder and employee interests. For restricted stock awards and units without performance and market-based vesting conditions, the Company records compensation expense for the entire award on a straight-line basis over the requisite service period, which is generally a period of one to four years, unless the award is subject to certain accelerated vesting requirements. Restricted stock awards are considered outstanding at the time of grant since the holders thereof are entitled to dividends, upon vesting, and voting rights. For restricted stock awards with performance and market-based vesting conditions, total compensation expense is recognized over the requisite service period once the performance target is deemed probable of achievement. Performance goals are evaluated periodically and if such goals are not ultimately met or it is not probable the goals will be achieved, no compensation expense is recognized and any previously recognized compensation expense is reversed. If the achievement of a market condition varies from initial estimates on the date of grant, compensation expense will not be adjusted to reflect the difference since the grant date fair value of the performance award gave consideration to the probability of market condition achievement. The Company recognizes compensation expense of a restricted stock award over its respective vesting or performance period based on the fair value of the award on the grant date, net of actual forfeitures. A summary of the Company’s restricted common stock awards activity and related information for the years ended December 31, 2017, 2016, and 2015 is presented below: Outstanding at Beginning of Year Issued Vested Forfeited Outstanding End of Year December 31, 2017 Shares 829,766 565,745 (355,400 ) (75,627 ) 964,484 December 31, 2016 Shares 783,310 666,883 (565,224 ) (55,203 ) 829,766 December 31, 2015 Shares 702,718 467,944 (358,716 ) (28,636 ) 783,310 The restricted stock outstanding at December 31, 2017, 2016, and 2015, had an aggregate intrinsic value of $13.0 million, $13.3 million, and $16.3 million, respectively. During fiscal 2017, the Company awarded 565,745 shares of restricted common stock to certain employees and directors of the Company, of which 194,652 shares were subject to performance and market-based vesting conditions. The average market value of the common stock on the date of grant was $13.75. These awards of restricted shares vest over a one to four-year period, unless the award is subject to certain accelerated vesting requirements, and had an intrinsic value of $7.8 million on the date of grant. Additionally, during fiscal 2017, the Company awarded 26,787 restricted stock units to certain directors of the Company with average market value of $13.44 on the date of grant. These awards of restricted units vest over a one-year period and had an intrinsic value of approximately $0.4 million on the date of grant. Stock Based Compensation The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options. The Black-Scholes model requires the input of certain assumptions including expected volatility, expected dividend yield, expected life of the option and the risk free interest rate. The expected volatility used by the Company is based primarily on an analysis of historical prices of the Company’s common stock. The expected term of options granted is based primarily on historical exercise patterns on the Company’s outstanding stock options. The risk free rate is based on zero-coupon U.S. Treasury yields in effect at the date of grant with the same period as the expected option life. The Company does not expect to pay dividends on its common stock and therefore has used a dividend yield of zero in determining the fair value of its awards. The option forfeiture rate assumption used by the Company is based primarily on the Company’s historical option forfeiture patterns. The Company currently has no stock options outstanding. The Company uses the Monte-Carlo simulation model to determine the fair value of performance awards which include market-based vesting conditions. The Monte-Carlo simulation model uses the same input assumptions as the Black-Scholes model, however, it also further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. Compensation costs related to awards with a market-based condition are recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. During fiscal 2017, in accordance with the Company’s long-term incentive compensation plan, the Company granted 194,652 shares of restricted common stock with performance and market-based vesting conditions to certain employees of the Company. These performance awards are subject to a market-based condition that may increase or decrease the number of shares vested if the Company’s 2019 Total Stockholder Return (“TSR”) exceeds or falls below certain achievement level parameters when ranked against the Company’s designated Peer Group. These restricted performance shares vest over a three-year period based on the Company’s Earnings before Interest, Taxes, Depreciation, Amortization, and Rent (“EBITDAR”) financial performance target set by the Company’s compensation committee for the fiscal year ending December 31, 2019. The number of shares of restricted common stock ultimately issued will be prorated between performance level targets achieved. The Company recognized $7.7 million, $11.6 million, and $8.8 million in stock-based compensation expense during fiscal 2017, 2016, and 2015, respectively. Unrecognized stock-based compensation expense is $9.1 million for the year ended December 31, 2017. The Company expects stock-based compensation expense to be recognized over a one to three-year period for performance restricted stock awards and a one to four-year period for nonperformance-based restricted stock awards and units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 0 . Income Taxes The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 6 $ — $ — State 550 435 900 Deferred: Federal 1,940 — — State — — — $ 2,496 $ 435 $ 900 The provision (benefit) for income taxes differed from the amounts of income tax provision (benefit) determined by applying the U.S. federal statutory income tax rate to income before provision (benefit) for income taxes as a result of the following (in thousands): Year Ended December 31, 2017 2016 2015 Tax (benefit) provision at federal statutory rates $ (14,168 ) $ (9,335 ) $ (4,515 ) State income tax expense, net of federal effects (648 ) (550 ) 64 Change in deferred tax asset valuation allowance 7,857 8,569 4,986 Tax reform impact on deferred income taxes 13,959 — — Share based compensation ASU 2016-09 adoption (5,326 ) — — Other 822 1,751 365 $ 2,496 $ 435 $ 900 A summary of the Company’s deferred tax assets and liabilities, are as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Deferred gains on sale/leaseback transactions $ 2,890 $ 5,416 Net operating loss carryforward (expiring up to 2037) 25,441 23,206 Compensation costs 2,245 3,707 Depreciation and amortization 4,367 — Other 2,099 3,221 Total deferred tax assets 37,042 35,550 Deferred tax asset valuation allowance (36,737 ) (30,821 ) Total deferred tax assets, net 305 4,729 Deferred tax liabilities: Depreciation and amortization (2,246 ) (4,729 ) Total deferred tax liabilities $ (2,246 ) $ (4,729 ) Net deferred tax (liabilities) assets $ (1,941 ) $ — Income taxes are computed using the asset and liability method and current income taxes are recorded based on amounts refundable or payable in the current year. Deferred income taxes are recorded based on the estimated future tax effects of loss carryforwards and temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which we expect those carryforwards and temporary differences to be recovered or settled. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. Based upon this evaluation, a valuation allowance has been recorded to reduce the Company’s net deferred tax assets to the amount that is more likely than not to be realized. A significant component of objective evidence evaluated was the cumulative losses before income taxes incurred by the Company over the past several fiscal years. Such objective evidence severely limits the ability to consider other subjective evidence such as the Company’s ability to generate sufficient taxable income in future periods to fully recover the deferred tax assets. However, in the event that we were to determine that it would be more likely than not that the Company would realize the benefit of deferred tax assets in the future in excess of their net recorded amounts, adjustments to deferred tax assets would increase net income in the period we made such a determination . The Company completed an analysis determining its best estimate for provisional tax adjustments based on the revised tax legislation associated with the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017. Additionally, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 (“SAB 118”), to address the accounting and reporting of the Act. SAB 118 allows companies to take a reasonable period, which should not extent beyond one year from enactment of the TCJA, to measure and recognize the effects of the new tax law. The Company is still analyzing certain aspects of the TCJA and refining its calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts; however, based upon the Company’s analysis of the TCJA and consideration of SAB 118, the Company remeasured its deferred income taxes on a provisional basis as of December 31, 2017, which resulted in a net $14.0 million reduction in the Company’s deferred tax assets and liabilities. The remeasurement consisted of a $15.9 million reduction to the Company’s deferred tax assets for the change in the corporate statutory tax rate from 34% to 21% and a $0.3 million reduction to the Company’s deferred tax asset valuation allowance for the repeal of the corporate Alternative Minimum Tax (“AMT”), partially offset by a $2.2 million increase to the Company’s deferred tax asset valuation allowance for maximum deduction limits for future net operating loss (“NOL”) carryforwards to 80% of taxable income for losses arising in tax years beginning after December 31, 2017. As of December 31, 2017, the Company has federal and state NOL carryforwards of $108.5 million and $91.6 million and related deferred tax assets of $22.8 million and $5.3 million, respectively, and a federal AMT credit carryforward of $0.3 million. The federal and state NOL carryforwards in the income tax returns filed included unrecognized tax benefits. The deferred tax assets recognized for those NOLs are presented net of the unrecognized benefits. If not used, the federal NOL will expire during fiscal 2033 to 2037 and state NOL’s will expire during fiscal 2018 to 2037. The Company evaluates uncertain tax positions through consideration of accounting and reporting guidance on criteria, measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial-statement comparability among different companies. The Company is required to recognize a tax benefit in its financial statements for an uncertain tax position only if management’s assessment is that its position is “more likely than not” (i.e., a greater than 50 percent likelihood) to be upheld on audit based only on the technical merits of the tax position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expense. As of December 31, 2017, the Company has unrecognized tax benefits of $3.4 million for an uncertain tax position associated with a change in accounting method. The unrecognized tax benefits as of December 31, 2017 are timing-related uncertainties that if recognized would not impact the effective tax rate of the Company. A summary of the Company’s unrecognized tax benefits activity and related information for the years ended December 31, 2017, 2016, and 2015 is presented below (in thousands): 2017 2016 2015 Beginning balance, January 1 $ 3,786 $ — $ — Gross increases – tax positions in prior period — 2,451 — Gross decreases – tax positions in prior period (370 ) — — Gross increases – tax positions in current period — 1,335 — Settlements — — — Lapse of statute of limitations — — — Ending balance, December 31 $ 3,416 $ 3,786 $ — The effective tax rates for fiscal 2017 and 2016 differ from the statutory tax rates due to state income taxes, permanent tax differences, and changes in the deferred tax asset valuation allowance. The Company is impacted by the Texas Margin Tax (“TMT”), which effectively imposes tax on modified gross revenues for communities within the State of Texas and accounts for the majority of the Company’s current state tax expense. During each of fiscal 2017 and 2016 the Company consolidated 38 Texas communities and the TMT increased the overall provision for income taxes. The Company is generally no longer subject to federal and state tax audits for years before 2014. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 1 1 . Employee Benefit Plans The Company has a 401(k) salary deferral plan (the “Plan”) in which all employees of the Company meeting minimum service and age requirements are eligible to participate. Contributions to the Plan are in the form of employee salary deferrals, which are subject to employer matching contributions of 50% of up to 4% of the employee’s annual salary. The Company’s contributions are funded semi-monthly to the Plan administrator. Matching contributions of $0.5 million were contributed to the Plan in each of fiscal 2017, 2016 and 2015. The Company incurred administrative expenses related to the Plan of $21,300, $24,600, and $20,900 in fiscal 2017, 2016, and 2015, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 1 2 . Contingencies The Company has claims incurred in the normal course of its business. Most of these claims are believed by management to be covered by insurance, subject to normal reservations of rights by the insurance companies and possibly subject to certain exclusions in the applicable insurance policies. Whether or not covered by insurance, these claims, in the opinion of management, based on advice of legal counsel, should not have a material effect on the consolidated financial statements of the Company if determined adversely to the Company. The Company had two of its senior housing communities located in southeast Texas impacted by Hurricane Harvey during the third quarter of fiscal 2017. Both of these communities remain fully vacated and are undergoing repairs. We maintain insurance coverage on these communities which includes damage caused by flooding. The insurance claim for this incident required a deductible of $100,000 that was expensed as a component of operating expenses in the Company’s Consolidated Statement of Operations and Comprehensive Loss in the third quarter of fiscal 2017. Through December 31, 2017, we have incurred approximately $3.9 million in clean-up and physical repair costs and we expect to incur additional repair costs which we believe are probable of being recovered through insurance proceeds. In addition to the repairs of physical damage to the buildings, the Company’s insurance coverage includes loss of business income (“Business Interruption”). Business Interruption includes reimbursement for lost revenue as well as incremental expenses incurred as a result of the hurricane. The Company received payments from our insurance underwriters during fiscal 2017 totaling approximately $2.7 million of which approximately $2.2 million related to Business Interruption through December 31, 2017, which has been included as a reduction to operating expenses in the Company’s Consolidated Statement of Operations and Comprehensive Loss in fiscal 2017. Based upon our initial assessment of the physical damages and insurance coverage, the Company currently estimates insurance proceeds will be sufficient to reimburse the Company for all damages and repair costs to fully restore the communities to their condition prior to the incident. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 1 3 . Fair Value of Financial Instruments The carrying amounts and fair values of financial instruments at December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 17,646 $ 17,646 $ 34,026 $ 34,026 Restricted cash 13,378 13,378 13,297 13,297 Notes payable, excluding deferred loan costs 967,332 929,000 910,234 879,448 The following methods and assumptions were used in estimating its fair value disclosures for financial instruments: Cash and cash equivalents and Restricted cash: The carrying amounts reported in the balance sheet for cash and cash equivalents and restricted cash equal fair value, which represent level 1 inputs as defined in the accounting standards codification. Notes payable: The fair value of notes payable is estimated using discounted cash flow analysis, based on current incremental borrowing rates for similar types of borrowing arrangements, which represent level 2 inputs as defined in the accounting standards codification. The estimated fair value of these assets and liabilities could be affected by market changes and this effect could be material. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Allowance for Doubtful Accounts | 1 4 . Allowance for Doubtful Accounts The components of the allowance for doubtful accounts are as follows (in thousands): December 31, 2017 2016 2015 Balance at beginning of year $ 4,253 $ 3,188 $ 2,321 Provision for bad debts, net of recoveries 1,748 1,727 1,192 Write-offs and other (1,120 ) (662 ) (325 ) Balance at end of year $ 4,881 $ 4,253 $ 3,188 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | 15. Leases As of December 31, 2017, the Company leased 46 senior housing communities from certain real estate investment trusts (“REITs”). The lease terms are generally for 10-15 years with renewal options for 5-20 years at the Company’s option. Under these lease agreements, the Company is responsible for all operating costs, maintenance and repairs, insurance and property taxes. No new facility leases were entered into by the Company during fiscal 2017. The following table summarizes each of the Company’s facility lease agreements as of December 31, 2017 (dollars in millions): Landlord Initial Date of Lease Number of Communities Value of Transaction Current Expiration and Renewal Term Initial Lease Rate (1) Lease Acquisition and Modification Costs (2) Deferred Gains /Lease Concessions (3) Ventas September 30, 2005 4 $ 61.4 September 30, 2025 (4) (Two five-year renewals) 8 % $ 7.7 $ 4.2 Ventas January 31, 2008 1 5.0 September 30, 2025 (4) (Two five-year renewals) 7.75 % 0.2 — Ventas June 27, 2012 2 43.3 September 30, 2025 (4) (Two five-year renewals) 6.75 % 0.8 — HCP May 1, 2006 3 54.0 October 31, 2020 (5) (Two 10-year renewals) 8 % 0.3 12.8 HCP May 31, 2006 6 43.0 April 30, 2026 (6) (One 10-year renewal) 8 % 0.2 0.6 HCP December 1, 2006 4 51.0 October 31, 2020 (5) (Two 10-year renewals) 8 % 0.7 — HCP December 14, 2006 1 18.0 October 31, 2020 (5) (Two 10-year renewals) 7.75 % 0.3 — HCP April 11, 2007 1 8.0 October 31, 2020 (5) (Two 10-year renewals) 7.25 % 0.1 — Welltower April 16, 2010 5 48.5 April 30, 2025 (15 years) (One 15-year renewal) 8.25 % 0.6 0.8 Welltower May 1, 2010 3 36.0 April 30, 2025 (15 years) (One 15-year renewal) 8.25 % 0.2 0.4 Welltower September 10, 2010 12 104.6 September 30, 2025 (15 years) (One 15-year renewal) 8.50 % 0.4 2.0 Welltower April 8, 2011 4 141.0 April 30, 2026 (15 years) (One 15-year renewal) 7.25 % 0.9 16.3 Subtotal 12.4 37.1 Accumulated amortization through December 31, 2017 (7.2 ) — Accumulated deferred gains / lease concessions recognized through December 31, 2017 — (24.2 ) Net lease acquisition costs / deferred gains / lease concessions as of December 31, 2017 $ 5.2 $ 12.9 (1) Initial lease rates are measured against agreed upon fair market values and are subject to conditional lease escalation provisions as set forth in each respective lease agreement. (2) Lease acquisition and modification costs are being amortized over the respective lease terms. (3) Deferred gains of $34.5 million and lease concessions of $2.6 million are being recognized in the Company’s Consolidated Statements of Operations and Comprehensive Loss as a reduction in facility lease expense over the respective initial lease terms. Lease concessions of $0.6 million relate to the transaction with HCP on May 31, 2006, and $2.0 million relate to the transaction with Welltower on September 10, 2010. (4) Effective June 17, 2015, the Company executed amendments to the master lease agreements with Ventas to facilitate leasehold improvements for 10 of the leased communities, of which the underlying real estate associated with four of its operating leases was acquired by the Company upon closing the Four Property Lease Transaction on January 31, 2017, and extend the lease terms through September 30, 2025, with two five-year renewal extensions available at the Company’s option. (5) On November 11, 2013, the Company executed a third amendment to the master lease agreement associated with nine of its leased communities with HCP to facilitate leasehold improvements for one of the leased communities and extend the respective lease terms through October 31, 2020, with two 10-year renewal extensions available at the Company’s option. (6) On April 24, 2015, the Company exercised its right to extend the lease term with HCP through April 30, 2026, with one 10-year renewal extension remaining available at the Company’s option. Ventas As of December 31, 2017, the Company leased 7 senior housing communities from Ventas. Effective January 31, 2017, the Company closed the Four Property Lease Transaction and acquired four of the senior housing communities leased from Ventas for a total acquisition price of $85.0 million. The Company obtained interim, interest only, bridge financing from Berkadia for $65.0 million of the acquisition price with an initial variable interest rate of LIBOR plus 4.0% and a 36-month term, with the balance of the acquisition price paid from the Company’s existing cash resources. For additional information refer to Note 3, “Acquisitions.” Prior to the Four Property Lease Transaction, the Company previously leased 11 senior housing communities from Ventas. During the second quarter of fiscal 2015, the Company executed amendments to the master lease agreements with Ventas to facilitate up to $24.5 million of leasehold improvements for 10 communities within the Ventas lease portfolio and extend the lease terms until September 30, 2025, with two five-year renewal extension available at the Company’s option. Additionally, during the second quarter of fiscal 2016, the Company executed amendments to the master lease agreements with Ventas to increase the Special Project Funds for leasehold improvements from $24.5 million to $28.5 million and extend the date for completion of the leasehold improvements to June 30, 2017. During fiscal 2017, the Company executed amendments to the master lease agreements with Ventas to decrease the Special Project Funds for leasehold improvements from $28.5 million to approximately $17.0 million due to the Four Property Lease Transaction and extend the date for completion of the leasehold improvements to June 30, 2018. The initial lease rates under each of the Ventas Lease Agreements range from 6.75% to 8% and are subject to certain conditional escalation clauses that will be recognized when probable or incurred. The Company initially incurred $11.4 million in lease acquisition and modification costs related to the Ventas Lease Agreements, of which a portion of these costs were written-off upon closing the Four Property Lease Transaction leaving $8.7 million in lease acquisition and modification costs associated with the remaining properties. These deferred lease acquisition and modification costs are being amortized over the lease terms and are included in facility lease expense in the Company’s Consolidated Statement of Operations and Comprehensive loss. The Company accounts for five of the Ventas Lease Agreements as an operating lease and two as a Capital lease and financing obligation. Effective June 27, 2012, the Company closed a lease modification transaction with Ventas which resulted in the Company exchanging two of its owned communities for one of the communities in the existing Ventas lease portfolio and simultaneously leasing back the two communities exchanged (the “Ventas Lease Transaction”). This transaction was the result of negotiations for a solution to the anticipation of the Company not meeting certain lease coverage ratio requirements for its lease portfolio of ten properties with Ventas. The two communities previously owned by the Company are located in East Lansing, Michigan (the “East Lansing Community”) and Raleigh, North Carolina (the “Raleigh Community”) and were exchanged for a community located in Merrillville, Indiana (the “Towne Centre Community”). All three communities continue to be operated by the Company. In conjunction with this transaction, Ventas assumed approximately $18.3 million of existing mortgage debt from Berkadia and the Company received the Towne Centre Community unencumbered. All of the leased communities in the Ventas lease portfolio were modified to be coterminous with the East Lansing and Raleigh Community leases expiring on September 30, 2020, which were extended to September 30, 2025 during fiscal 2015, with two 5-year renewal extensions available at the Company’s option, eliminate property-level lease covenants, and contain substantially similar terms and conditions. These leases were re-evaluated by the Company at the modification date and continue to be treated as operating leases. Under the terms of the original lease agreements with Ventas, the Company had previously deposited additional cash collateral of approximately $3.4 million, which was returnable to the Company once certain performance targets were reached. However, due to the rebalanced lease portfolio meeting the lease coverage ratio requirements, the Company negotiated the return of these deposits as a condition to the lease modification. Additionally, due to the extension of the lease terms for the Ventas lease portfolio to fiscal 2020, the rights of Ventas to reset the underlying values of the leased communities were deferred for five years. Pursuant to ASC 840, Leases HCP As of December 31, 2017, the Company leased 15 senior housing communities from HCP. During the fourth quarter of fiscal 2013, the Company executed an amendment to the master lease agreement with HCP to facilitate up to $3.3 million of leasehold improvements for one community within the HCP lease portfolio and extend the initial lease terms for nine communities until October 31, 2020, with two 10-year renewal extensions available at the Company’s option. During the second quarter of fiscal 2015, the Company exercised its right to extend the lease term with HCP for the remaining six communities in the HCP lease portfolio until April 30, 2026, with one 10-year renewal extension available at the Company’s option. The initial lease rates under the HCP Lease Agreements range from 7.25% to 8% and are subject to certain conditional escalation clauses, which will be recognized when probable or incurred. The Company incurred $1.6 million in lease acquisition and modification costs related to the HCP Lease Agreements. These deferred lease acquisition and modification costs are being amortized over the lease terms and are included in facility lease expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company accounts for each of the HCP Lease Agreements as an operating lease. Welltower As of December 31, 2017, the Company leased 24 senior housing communities from Welltower. The Welltower Lease Agreements each have an initial term of 15 years, with one 15-year renewal extension available at the Company’s option. The initial lease rates under the Welltower Lease Agreements range from 7.25% to 8.5% and are subject to certain conditional escalation clauses, which will be recognized when probable or incurred. The initial terms on the Welltower Lease Agreements expire on various dates through April 2026. The Company incurred $2.1 million in lease acquisition costs related to the Welltower Lease Agreements. These deferred lease acquisition costs are being amortized over the lease terms and are included in facility lease expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company accounts for each of the Welltower Lease Agreements as an operating lease. Facility lease expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss includes rent expense plus amortization expense relating to leasehold acquisition costs offset by the amortization of deferred gains and lease incentives. The Company leases its corporate headquarters in Dallas, Texas, and an office in New York City and has various lease contracts for a duration of 5 years or less on automobiles, buses and office equipment. The lease on the corporate headquarters currently expires on September 30, 2020. The Company incurred $59.7 million, $64.5 million, and $62.8 million in lease expense during fiscal 2017, 2016, and 2015, respectively. Future minimum lease commitments as of December 31, 2017, are as follows (in thousands): 2018 $ 64,391 2019 64,366 2020 61,880 2021 50,307 2022 50,277 Thereafter 144,241 $ 435,462 At December 31, 2017 and 2016, the Company had gross deferred lease costs of $12.4 million and $15.1 million, respectively. Accumulated amortization at December 31, 2017 and 2016 was $7.2 million and $8.0 million, respectively, and amortization expense is expected to be approximately $0.9 million in each of the next five fiscal years. The reduction in deferred lease costs and corresponding accumulated amortization was due to the Four Property Lease Transaction that closed on January 31, 2017. There are various financial covenants and other restrictions in the Company’s lease agreements. The Company was in compliance with all of its lease covenants at December 31, 2017 and 2016. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 1 6 . Quarterly Financial Information (Unaudited) The following table presents certain unaudited quarterly financial information for each of the four quarters ended December 31, 2017 and 2016. This information has been prepared on the same basis as the audited consolidated financial statements of the Company and include, in the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the quarterly results when read in conjunction with the audited consolidated financial statements of the Company. 2017 Calendar Quarters First Second Third Fourth (In thousands, except per share amounts) Total revenues $ 115,990 $ 116,718 $ 117,318 $ 116,971 (Loss) Income from operations (9,610 ) 4,691 4,513 8,248 Net loss and comprehensive loss (21,842 ) (7,835 ) (8,132 ) (6,359 ) Net loss per share, basic $ (0.75 ) $ (0.27 ) $ (0.28 ) $ (0.22 ) Net loss per share, diluted $ (0.75 ) $ (0.27 ) $ (0.28 ) $ (0.22 ) Weighted average shares outstanding, basic 29,288 29,478 29,512 29,531 Weighted average shares outstanding, fully diluted 29,288 29,478 29,512 29,531 2016 Calendar Quarters First Second Third Fourth (In thousands, except per share amounts) Total revenues $ 109,173 $ 111,034 $ 111,436 $ 115,805 Income from operations 4,153 5,793 3,686 758 Net loss and comprehensive loss (5,984 ) (4,446 ) (7,077 ) (10,510 ) Net loss per share, basic $ (0.21 ) $ (0.15 ) $ (0.24 ) $ (0.36 ) Net loss per share, diluted $ (0.21 ) $ (0.15 ) $ (0.24 ) $ (0.36 ) Weighted average shares outstanding, basic 28,751 28,926 28,959 29,000 Weighted average shares outstanding, fully diluted 28,751 28,926 28,959 29,000 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company has deposits in banks that exceed Federal Deposit Insurance Corporation insurance limits. Management believes that credit risk related to these deposits is minimal. Restricted cash consists of deposits required by certain lenders as collateral pursuant to letters of credit. The deposit must remain so long as the letter of credit is outstanding which is subject to renewal annually. |
Long-Lived Assets | Long-Lived Assets Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. At each balance sheet date, the Company reviews the carrying value of its property and equipment to determine if facts and circumstances suggest that they may be impaired or that the depreciation period may need to be changed. The Company considers internal factors such as net operating losses along with external factors relating to each asset, including contract changes, local market developments, and other publicly available information. If an indicator of impairment is identified, the carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flows from such asset is separately identifiable and is less than its carrying value. In that event, a loss is recognized based on the amount the carrying value exceeds the fair market value, generally based on discounted cash flows, of the long-lived asset. The Company does not believe there are any indicators of impairment that would require an adjustment to the carrying value of the property and equipment or their remaining useful lives as of December 31, 2017 and 2016. |
Off-Balance Sheet Arrangements | Off-Balance Sheet Arrangements The Company had no material off-balance sheet arrangements at December 31, 2017. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method and current income taxes are recorded based on amounts refundable or payable in the current year. Deferred income taxes are recorded based on the estimated future tax effects of loss carryforwards and temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which we expect those carryforwards and temporary differences to be recovered or settled. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. The Company evaluates uncertain tax positions through consideration of accounting and reporting guidance on criteria, measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial-statement comparability among different companies. The Company is required to recognize a tax benefit in its financial statements for an uncertain tax position only if management’s assessment is that its position is “more likely than not” (i.e., a greater than 50 percent likelihood) to be upheld on audit based only on the technical merits of the tax position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expense. |
Revenue Recognition | Revenue Recognition Resident revenue is recognized at estimated net realizable amounts, based on historical experiences, due from residents in the period in which the rental and other services are provided. Additionally, substantially all community fees received from residents are non-refundable and are recorded initially by the Company as deferred revenue. The deferred amounts are amortized over the respective residents’ initial lease term which is consistent with the contractual obligation associated with the estimated stay of the resident. Revenues from the Medicaid program accounted for approximately 5.6% of the Company’s revenue in fiscal 2017, 5.5% of the Company’s revenue in fiscal 2016, and 4.6% of the Company’s revenue in fiscal 2015. During fiscal 2017, 2016, and 2015, 41, 40, and 34, respectively, of the Company’s communities were providers of services under the Medicaid program. Accordingly, these communities were entitled to reimbursement under the foregoing program at established rates that were lower than private pay rates. Patient service revenue for Medicaid patients was recorded at the reimbursement rates as the rates were set prospectively by the applicable state upon the filing of an annual cost report. None of the Company’s communities were providers of services under the Medicare program during fiscal 2017, 2016, or 2015. Laws and regulations governing the Medicaid program are complex and subject to interpretation. The Company believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing. While no such regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicaid program. |
Purchase Accounting | Purchase Accounting In determining the allocation of the purchase price of senior housing communities acquired to net tangible and identified intangible assets acquired and liabilities assumed, if any, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, leasing activities and/or independent appraisals. The Company assigns the purchase price for senior living communities to assets acquired and liabilities assumed based on their estimated fair values which are determined in accordance with the provisions of ASC 805, Business Combinations The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company The fair value of acquired lease-related intangibles reflects the estimated fair value of existing resident in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the property acquired was vacant. The Company amortizes any acquired resident in-place lease intangibles to depreciation and amortization expense over the estimated remaining useful life of the respective resident operating leases. |
Credit Risk and Allowance for Doubtful Accounts | Credit Risk and Allowance for Doubtful Accounts The Company’s resident receivables are generally due within 30 days from the date billed. Accounts receivable are reported net of an allowance for doubtful accounts of $4.9 million and $4.3 million at December 31, 2017 and 2016, respectively, and represent the Company’s estimate of the amount that ultimately will be collected. The adequacy of the Company’s allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary. Credit losses on resident receivables have historically been within management’s estimates, and management believes that the allowance for doubtful accounts adequately provides for expected losses. |
Lease Accounting | Lease Accounting The Company determines whether to account for its leases as operating, capital or financing leases depending on the underlying terms of the lease agreement. This determination of classification requires significant judgment relating to certain information, including the estimated fair value and remaining economic life of the community, the Company’s cost of funds, minimum lease payments and other lease terms. The lease rates under the Company’s lease agreements are subject to certain conditional escalation clauses which are recognized when probable or incurred and are based on changes in the consumer price index or certain operational performance measures. As of December 31, 2017 and 2016, the Company leased 46 and 50 communities, respectively, two of which the Company classified as capital lease and financing obligations with the remaining classified as operating leases. The Company incurs lease acquisition costs and amortizes these costs over the term of the lease agreement. Certain leases entered into by the Company qualified as sale/leaseback transactions, and as such, any related gains have been deferred and are being amortized over the respective lease term. No new communities were leased by the Company during fiscal 2017 or 2016. Effective January 31, 2017, the Company acquired from Ventas the underlying real estate associated with four of its operating leases. For additional information refer to Note 3, “Acquisitions”. Facility lease expense in the Company’s Consolidated Statements of Operations and Comprehensive loss includes rent expense plus amortization expense relating to leasehold acquisition costs offset by the amortization of deferred gains and lease incentives. |
Employee Health and Dental Benefits, Workers' Compensation, and Insurance Reserves | Employee Health and Dental Benefits, Workers’ Compensation, and Insurance Reserves The Company offers certain full-time employees an option to participate in its health and dental plans. The Company is self-insured up to certain limits and is insured if claims in excess of these limits are incurred. The cost of employee health and dental benefits, net of employee contributions, is shared between the corporate office and the senior housing communities based on the respective number of plan participants. Funds collected are used to pay the actual program costs, including estimated annual claims, third-party administrative fees, network provider fees, communication costs, and other related administrative costs incurred by the plans. Claims are paid as they are submitted to the Company’s third-party administrator. The Company records a liability for outstanding claims and claims that have been incurred but not yet reported. This liability is based on the historical claim reporting lag and payment trends of health insurance claims. Management believes that the liability for outstanding losses and expenses is adequate to cover the ultimate cost of losses and expenses incurred at December 31, 2017; however, actual claims and expenses may differ. Any subsequent changes in estimates are recorded in the period in which they are determined. The Company uses a combination of insurance and self-insurance for workers’ compensation. Determining the reserve for workers’ compensation losses and costs that the Company has incurred as of the end of a reporting period involves significant judgments based on projected future events, including potential settlements for pending claims, known incidents which may result in claims, estimates of incurred but not yet reported claims, changes in insurance premiums, estimated litigation costs and other factors. The Company regularly adjusts these estimates to reflect changes in the foregoing factors. However, since this reserve is based on estimates, the actual expenses incurred may differ from the amounts reserved. Any subsequent changes in estimates are recorded in the period in which they are determined. |
Advertising | Advertising Advertising is expensed as incurred. Advertising expenses for the years ended December 31, 2017, 2016, and 2015 were $16.7 million, $15.0 million, and $13.9 million, respectively, and are included as a component of operating expenses within the Consolidated Statements of Operations and Comprehensive Loss. |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Potentially dilutive securities consist of unvested restricted shares and shares that could be issued under outstanding stock options. Potentially dilutive securities are excluded from the computation of net loss per common share if their effect is antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except for per share amounts): Year Ended December 31, 2017 2016 2015 Net loss $ (44,168 ) $ (28,017 ) $ (14,284 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (44,168 ) $ (28,017 ) $ (14,284 ) Weighted average shares outstanding — basic 29,453 28,909 28,688 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 29,453 28,909 28,688 Basic net loss per share $ (1.50 ) $ (0.97 ) $ (0.50 ) Diluted net loss per share $ (1.50 ) $ (0.97 ) $ (0.50 ) Awards of unvested restricted stock representing approximately 0.9 million, 0.8 million, and 0.8 million shares were outstanding for the fiscal years ended December 31, 2017, 2016, and 2015, respectively, and are antidilutive. Beginning in fiscal 2015, the unvested restricted stock did not meet all of the requirements to be deemed participating securities and therefore, are calculated under the treasury method. |
Treasury Stock | Treasury Stock The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity until it is canceled. There were no repurchases of the Company’s common stock during fiscal 2017. The Company repurchased 144,315 shares of its common stock during fiscal 2016, pursuant to a share repurchase program approved by the Company’s board of directors. All shares acquired by the Company have been purchased in open-market transactions. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for share-based payment awards to certain employees and directors, including grants of stock options and awards of restricted stock, in the Consolidated Statements of Operations and Comprehensive Loss based on their fair values. On May 8, 2007, the Company’s stockholders approved the 2007 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (as amended, the “2007 Plan”) which provides for, among other things, the grant of restricted stock awards and stock options to purchase shares of the Company’s common stock. The 2007 Plan authorizes the Company to issue up to 4.6 million shares of common stock and the Company currently has 1.1 million shares of common stock reserved for future issuance pursuant to awards under the 2007 Plan. |
Segment Information | Segment Information The Company evaluates the performance and allocates resources of its senior living facilities based on current operations and market assessments on a property-by-property basis. The Company does not have a concentration of operations geographically or by product or service as its management functions are integrated at the property level. The Company has determined that all of its operating units meet the criteria in Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations – Clarifying the Definition of a Business In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Use of Estimates and Critical Accounting Policies | Use of Estimates and Critical Accounting Policies The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and related footnotes. Management bases its estimates and assumptions on historical experience, observance of industry trends and various other sources of information and factors, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially could result in materially different results under different assumptions and conditions. The Company believes revenue recognition, purchase accounting, credit risk and allowance for doubtful accounts, lease accounting, employee health and dental benefits, workers’ compensation and insurance reserves, long-lived assets, and income taxes are its most critical accounting policies and/or require management’s most difficult and subjective judgments. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except for per share amounts): Year Ended December 31, 2017 2016 2015 Net loss $ (44,168 ) $ (28,017 ) $ (14,284 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (44,168 ) $ (28,017 ) $ (14,284 ) Weighted average shares outstanding — basic 29,453 28,909 28,688 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 29,453 28,909 28,688 Basic net loss per share $ (1.50 ) $ (0.97 ) $ (0.50 ) Diluted net loss per share $ (1.50 ) $ (0.97 ) $ (0.50 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
January 1, 2015 Acquisition [Member] | |
Schedule of Pro Forma Combined Results of Operations | The unaudited pro forma combined results of operations have been prepared as if the acquisitions had occurred on January 1, 2015, as follows (in thousands): December 31, 2016 2015 Total revenues $ 461,653 $ 434,967 Loss before income taxes $ (19,389 ) $ (27,374 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following (in thousands): December 31, Asset Lives 2017 2016 Land $ 69,842 $ 66,755 Land improvements 5 to 20 years 24,665 21,644 Buildings and building improvements 10 to 40 years 1,148,816 1,030,676 Furniture and equipment 5 to 10 years 62,614 51,471 Automobiles 5 to 7 years 6,236 5,776 Leasehold improvements (1) 85,384 77,364 Construction in progress NA 5,711 23,906 1,403,268 1,277,592 Less accumulated depreciation and amortization (303,482 ) (245,162 ) Property and equipment, net $ 1,099,786 $ 1,032,430 (1) Leasehold improvements are amortized over the shorter of the useful life of the asset or the remaining lease term. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2017 2016 Deferred lease costs, net $ 5,555 $ 7,538 Security and other deposits 10,234 14,274 In-place lease intangibles, net — 6,301 Other 3,047 3,210 $ 18,836 $ 31,323 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): December 31, 2017 2016 Accrued salaries, bonuses and related expenses $ 13,015 $ 12,465 Accrued property taxes 14,208 14,244 Accrued interest 3,757 3,288 Accrued health claims and workers comp 4,547 3,998 Accrued professional fees 763 792 Other 4,461 4,277 $ 40,751 $ 39,064 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consists of the following (in thousands): Average Monthly Net Book Value Interest Maturity Notes Payable December 31, Lender Payment Of Collateral(1) Rate Date 2017 2016 Fannie Mae $ 78 $ 14,534 5.69 August 2021 $ 12,283 $ 12,507 Fannie Mae 26 5,675 4.97 October 2021 4,331 4,419 Fannie Mae 101 20,586 4.92 October 2021 17,097 17,448 Fannie Mae 27 20,586 5.19 October 2021 4,839 4,911 Fannie Mae 117 22,981 4.92 November 2021 19,886 20,291 Fannie Mae 27 5,990 4.38 March 2022 4,831 4,936 Fannie Mae 60 11,700 4.76 April 2022 10,403 10,614 Fannie Mae 19 11,700 4.85 April 2022 3,470 3,522 Fannie Mae 135 26,638 4.69 April 2022 23,637 24,123 Fannie Mae 11 4,178 4.97 April 2022 2,022 2,051 Fannie Mae 60 15,214 4.48 May 2022 10,699 10,926 Fannie Mae 20 15,214 4.85 May 2022 3,697 3,752 Fannie Mae 144 34,196 4.34 November 2022 26,382 26,935 Fannie Mae 33 7,384 4.50 November 2022 5,881 6,000 Fannie Mae 43 26,135 5.49 November 2022 7,403 7,504 Fannie Mae 84 17,197 4.32 January 2023 15,532 15,856 Fannie Mae 49 17,197 5.39 January 2023 8,453 8,572 Fannie Mae 39 8,311 4.58 January 2023 6,953 7,092 Fannie Mae 17 8,311 5.49 January 2023 3,029 — Fannie Mae 85 17,613 4.66 April 2023 15,131 15,423 Fannie Mae 18 5,242 5.46 April 2023 3,068 3,110 Fannie Mae 45 8,560 5.93 October 2023 7,205 7,312 Fannie Mae 67 13,398 5.50 November 2023 11,180 11,359 Fannie Mae 67 12,634 5.38 November 2023 11,236 11,419 Fannie Mae 282 52,384 5.56 January 2024 46,662 47,390 Fannie Mae 632 113,697 4.24 July 2024 121,141 123,465 Fannie Mae 120 26,087 4.48 July 2024 22,394 22,806 Fannie Mae 81 20,645 4.30 July 2024 15,462 15,756 Fannie Mae 91 68,299 4.98 July 2024 16,579 16,822 Fannie Mae 134 27,541 4.59 September 2024 24,805 25,247 Fannie Mae 22 13,867 5.72 September 2024 3,682 3,724 Fannie Mae 54 10,711 4.70 September 2024 9,864 10,037 Fannie Mae 53 12,277 4.50 January 2025 9,915 10,091 Fannie Mae 95 6,313 4.46 January 2025 18,023 18,345 Fannie Mae 70 15,660 4.35 February 2025 13,434 13,678 Fannie Mae 109 8,913 3.85 March 2025 22,086 22,522 Fannie Mae 102 24,411 3.84 April 2025 20,749 21,157 Fannie Mae 31 24,411 5.53 April 2025 5,372 5,435 Fannie Mae 47 9,822 4.55 June 2025 8,794 8,944 Fannie Mae 59 12,332 4.79 June 2025 10,753 10,929 Fannie Mae 81 15,898 5.30 June 2025 13,580 13,811 Fannie Mae 24 12,332 5.71 June 2025 4,079 — Fannie Mae 58 12,968 4.69 October 2025 10,780 10,956 Fannie Mae 44 9,648 4.70 October 2025 8,147 8,280 Fannie Mae 273 39,692 4.68 December 2025 51,163 51,991 Fannie Mae 9 9,229 5.81 December 2025 1,445 1,461 Fannie Mae 62 11,382 5.43 April 2026 10,443 10,607 Fannie Mae 29 11,382 5.84 April 2026 4,903 4,957 Fannie Mae 98 22,563 4.10 October 2026 19,854 20,195 Fannie Mae 108 25,235 4.24 December 2026 21,617 21,975 Protective Life 96 24,806 3.55 April 2025 20,234 20,665 Protective Life 49 11,429 4.25 August 2025 9,535 9,713 Protective Life 78 18,092 4.25 September 2025 15,163 15,444 Protective Life 138 33,301 4.25 November 2025 26,993 27,447 Protective Life 57 14,070 4.50 February 2026 10,959 11,149 Protective Life 187 42,753 4.38 March 2026 33,705 34,396 Protective Life 70 15,505 4.13 October 2031 12,645 12,950 Berkadia 78 19,476 (3 ) April 2019(5) 11,505 11,742 Berkadia 298 96,952 (4 ) February 2020 65,000 — HUD 16 5,622 4.48 September 2045 2,989 3,042 Insurance Financing 146 — 2.76 May 2018 725 — Insurance Financing 324 — 3.04 November 2018 3,505 — Insurance Financing — — 1.73 October 2017 — 756 Insurance Financing — — 1.73 May 2017 — 691 Insurance Financing — — 1.79 September 2017 — 1,576 $ 5,677 4.60%(2) $ 967,332 $ 910,234 Less deferred loan costs, net 9,398 9,841 $ 957,934 $ 900,393 Less current portion 19,728 17,889 $ 938,206 $ 882,504 (1) 81 of the facilities owned by the Company are encumbered by mortgage debt and are provided as collateral under their respective loan agreements. (2) Weighted average interest rate on current fixed interest rate debt outstanding. (3) Variable interest rate of LIBOR plus 4.50%, which was 5.93% at December 31, 2017. (4) Variable interest rate of LIBOR plus 4.00%, which was 5.43% at December 31, 2017. (5) Effective July 31, 2017, the Company extended the maturity date with Berkadia to April 1, 2019. |
Summary of Aggregate Scheduled Maturities of Notes Payable | The aggregate scheduled maturities of notes payable at December 31, 2017 are as follows (in thousands): 2018 $ 21,421 2019 28,994 2020 83,482 2021 72,706 2022 106,161 Thereafter 654,568 $ 967,332 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for the years ended December 31, 2017, 2016, and 2015 is presented below: Outstanding at Beginning of Year Granted Exercised Forfeited Outstanding End of Year Options Exercisable December 31, 2017 Shares — — — — — — Weighted average price $ — — $ — — $ — $ — December 31, 2016 Shares 3,000 — 3,000 — — — Weighted average price $ 10.97 — $ 10.97 — $ — $ — December 31, 2015 Shares 6,000 — 3,000 — 3,000 3,000 Weighted average price $ 8.44 — $ 5.90 — $ 10.97 $ 10.97 |
Restricted Common Stock Awards Activity and Related Information | A summary of the Company’s restricted common stock awards activity and related information for the years ended December 31, 2017, 2016, and 2015 is presented below: Outstanding at Beginning of Year Issued Vested Forfeited Outstanding End of Year December 31, 2017 Shares 829,766 565,745 (355,400 ) (75,627 ) 964,484 December 31, 2016 Shares 783,310 666,883 (565,224 ) (55,203 ) 829,766 December 31, 2015 Shares 702,718 467,944 (358,716 ) (28,636 ) 783,310 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 6 $ — $ — State 550 435 900 Deferred: Federal 1,940 — — State — — — $ 2,496 $ 435 $ 900 |
Provision (Benefit) for Income Taxes Differed from Amounts of Income Tax Provision (Benefit) Determined by Applying Federal Statutory Income Tax Rate to Income Before Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes differed from the amounts of income tax provision (benefit) determined by applying the U.S. federal statutory income tax rate to income before provision (benefit) for income taxes as a result of the following (in thousands): Year Ended December 31, 2017 2016 2015 Tax (benefit) provision at federal statutory rates $ (14,168 ) $ (9,335 ) $ (4,515 ) State income tax expense, net of federal effects (648 ) (550 ) 64 Change in deferred tax asset valuation allowance 7,857 8,569 4,986 Tax reform impact on deferred income taxes 13,959 — — Share based compensation ASU 2016-09 adoption (5,326 ) — — Other 822 1,751 365 $ 2,496 $ 435 $ 900 |
Summary of Deferred Tax Assets and Liabilities | A summary of the Company’s deferred tax assets and liabilities, are as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Deferred gains on sale/leaseback transactions $ 2,890 $ 5,416 Net operating loss carryforward (expiring up to 2037) 25,441 23,206 Compensation costs 2,245 3,707 Depreciation and amortization 4,367 — Other 2,099 3,221 Total deferred tax assets 37,042 35,550 Deferred tax asset valuation allowance (36,737 ) (30,821 ) Total deferred tax assets, net 305 4,729 Deferred tax liabilities: Depreciation and amortization (2,246 ) (4,729 ) Total deferred tax liabilities $ (2,246 ) $ (4,729 ) Net deferred tax (liabilities) assets $ (1,941 ) $ — |
Schedule of Unrecognized Tax Benefits Activity and Related Information | A summary of the Company’s unrecognized tax benefits activity and related information for the years ended December 31, 2017, 2016, and 2015 is presented below (in thousands): 2017 2016 2015 Beginning balance, January 1 $ 3,786 $ — $ — Gross increases – tax positions in prior period — 2,451 — Gross decreases – tax positions in prior period (370 ) — — Gross increases – tax positions in current period — 1,335 — Settlements — — — Lapse of statute of limitations — — — Ending balance, December 31 $ 3,416 $ 3,786 $ — |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments at December 31, 2017 and 2016 are as follows (in thousands): 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 17,646 $ 17,646 $ 34,026 $ 34,026 Restricted cash 13,378 13,378 13,297 13,297 Notes payable, excluding deferred loan costs 967,332 929,000 910,234 879,448 |
Allowance for Doubtful Accoun33
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The components of the allowance for doubtful accounts are as follows (in thousands): December 31, 2017 2016 2015 Balance at beginning of year $ 4,253 $ 3,188 $ 2,321 Provision for bad debts, net of recoveries 1,748 1,727 1,192 Write-offs and other (1,120 ) (662 ) (325 ) Balance at end of year $ 4,881 $ 4,253 $ 3,188 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Summary of Company's Facility Lease Agreements | The following table summarizes each of the Company’s facility lease agreements as of December 31, 2017 (dollars in millions): Landlord Initial Date of Lease Number of Communities Value of Transaction Current Expiration and Renewal Term Initial Lease Rate (1) Lease Acquisition and Modification Costs (2) Deferred Gains /Lease Concessions (3) Ventas September 30, 2005 4 $ 61.4 September 30, 2025 (4) (Two five-year renewals) 8 % $ 7.7 $ 4.2 Ventas January 31, 2008 1 5.0 September 30, 2025 (4) (Two five-year renewals) 7.75 % 0.2 — Ventas June 27, 2012 2 43.3 September 30, 2025 (4) (Two five-year renewals) 6.75 % 0.8 — HCP May 1, 2006 3 54.0 October 31, 2020 (5) (Two 10-year renewals) 8 % 0.3 12.8 HCP May 31, 2006 6 43.0 April 30, 2026 (6) (One 10-year renewal) 8 % 0.2 0.6 HCP December 1, 2006 4 51.0 October 31, 2020 (5) (Two 10-year renewals) 8 % 0.7 — HCP December 14, 2006 1 18.0 October 31, 2020 (5) (Two 10-year renewals) 7.75 % 0.3 — HCP April 11, 2007 1 8.0 October 31, 2020 (5) (Two 10-year renewals) 7.25 % 0.1 — Welltower April 16, 2010 5 48.5 April 30, 2025 (15 years) (One 15-year renewal) 8.25 % 0.6 0.8 Welltower May 1, 2010 3 36.0 April 30, 2025 (15 years) (One 15-year renewal) 8.25 % 0.2 0.4 Welltower September 10, 2010 12 104.6 September 30, 2025 (15 years) (One 15-year renewal) 8.50 % 0.4 2.0 Welltower April 8, 2011 4 141.0 April 30, 2026 (15 years) (One 15-year renewal) 7.25 % 0.9 16.3 Subtotal 12.4 37.1 Accumulated amortization through December 31, 2017 (7.2 ) — Accumulated deferred gains / lease concessions recognized through December 31, 2017 — (24.2 ) Net lease acquisition costs / deferred gains / lease concessions as of December 31, 2017 $ 5.2 $ 12.9 (1) Initial lease rates are measured against agreed upon fair market values and are subject to conditional lease escalation provisions as set forth in each respective lease agreement. (2) Lease acquisition and modification costs are being amortized over the respective lease terms. (3) Deferred gains of $34.5 million and lease concessions of $2.6 million are being recognized in the Company’s Consolidated Statements of Operations and Comprehensive Loss as a reduction in facility lease expense over the respective initial lease terms. Lease concessions of $0.6 million relate to the transaction with HCP on May 31, 2006, and $2.0 million relate to the transaction with Welltower on September 10, 2010. (4) Effective June 17, 2015, the Company executed amendments to the master lease agreements with Ventas to facilitate leasehold improvements for 10 of the leased communities, of which the underlying real estate associated with four of its operating leases was acquired by the Company upon closing the Four Property Lease Transaction on January 31, 2017, and extend the lease terms through September 30, 2025, with two five-year renewal extensions available at the Company’s option. (5) On November 11, 2013, the Company executed a third amendment to the master lease agreement associated with nine of its leased communities with HCP to facilitate leasehold improvements for one of the leased communities and extend the respective lease terms through October 31, 2020, with two 10-year renewal extensions available at the Company’s option. (6) On April 24, 2015, the Company exercised its right to extend the lease term with HCP through April 30, 2026, with one 10-year renewal extension remaining available at the Company’s option. |
Summary of Future Minimum Lease Commitments | Future minimum lease commitments as of December 31, 2017, are as follows (in thousands): 2018 $ 64,391 2019 64,366 2020 61,880 2021 50,307 2022 50,277 Thereafter 144,241 $ 435,462 |
Quarterly Financial Informati35
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents certain unaudited quarterly financial information for each of the four quarters ended December 31, 2017 and 2016. This information has been prepared on the same basis as the audited consolidated financial statements of the Company and include, in the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the quarterly results when read in conjunction with the audited consolidated financial statements of the Company. 2017 Calendar Quarters First Second Third Fourth (In thousands, except per share amounts) Total revenues $ 115,990 $ 116,718 $ 117,318 $ 116,971 (Loss) Income from operations (9,610 ) 4,691 4,513 8,248 Net loss and comprehensive loss (21,842 ) (7,835 ) (8,132 ) (6,359 ) Net loss per share, basic $ (0.75 ) $ (0.27 ) $ (0.28 ) $ (0.22 ) Net loss per share, diluted $ (0.75 ) $ (0.27 ) $ (0.28 ) $ (0.22 ) Weighted average shares outstanding, basic 29,288 29,478 29,512 29,531 Weighted average shares outstanding, fully diluted 29,288 29,478 29,512 29,531 2016 Calendar Quarters First Second Third Fourth (In thousands, except per share amounts) Total revenues $ 109,173 $ 111,034 $ 111,436 $ 115,805 Income from operations 4,153 5,793 3,686 758 Net loss and comprehensive loss (5,984 ) (4,446 ) (7,077 ) (10,510 ) Net loss per share, basic $ (0.21 ) $ (0.15 ) $ (0.24 ) $ (0.36 ) Net loss per share, diluted $ (0.21 ) $ (0.15 ) $ (0.24 ) $ (0.36 ) Weighted average shares outstanding, basic 28,751 28,926 28,959 29,000 Weighted average shares outstanding, fully diluted 28,751 28,926 28,959 29,000 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Dec. 31, 2017CommunityStateResident | Dec. 31, 2016Community |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Senior housing communities operated by company | 129 | |
Number of states in which senior housing communities operated | State | 23 | |
Aggregate capacity of residents in company operated senior housing communities | Resident | 16,500 | |
Senior housing communities owned by company | 83 | |
Senior housing communities on lease by company | 46 | 50 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017USD ($)CommunitySegmentshares | Dec. 31, 2016USD ($)Communityshares | Dec. 31, 2015USD ($)Communityshares | Dec. 31, 2009shares | Jan. 31, 2017Community | Dec. 31, 2014USD ($) | |
Accounting Policies [Line Items] | ||||||
Uncertain tax position maximum percentage | 50.00% | |||||
Percentage of revenue from Medicare and Medicaid programs | 5.60% | 5.50% | 4.60% | |||
Provider of services under Medicaid program, number of communities | 41 | 40 | 34 | |||
Provider of services under Medicare program, number of communities | 0 | 0 | 0 | |||
Resident receivables due period | 30 days | |||||
Allowance for doubtful accounts | $ | $ 4,881 | $ 4,253 | $ 3,188 | $ 2,321 | ||
Senior housing communities on lease by company | 46 | 50 | ||||
Communities on operating lease | 44 | 48 | ||||
Senior housing communities on capital lease and financing obligations | 2 | 2 | ||||
Advertising expenses | $ | $ 16,700 | $ 15,000 | $ 13,900 | |||
Outstanding unvested restricted stock | shares | 900,000 | 800,000 | 800,000 | |||
Repurchase of common stock | shares | 0 | 144,315 | 349,800 | |||
Number of reporting segment | Segment | 1 | |||||
Number of operating segment | Segment | 1 | |||||
Adjustments to valuation allowance | $ | $ 2,200 | |||||
Deferred Compensation, Share-based Payments [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Adjustments to valuation allowance | $ | 5,300 | |||||
ASU 2016-09 [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Cumulative tax effect adjustment to retained earnings | $ | $ 200 | |||||
2007 Omnibus Stock and Incentive Plan [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Authorized shares of common stock | shares | 4,600,000 | |||||
Number of shares of common stock reserved for future issuance | shares | 1,100,000 | |||||
Ventas [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Acquisition of senior housing community | 4 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||
Net loss | $ (6,359) | $ (8,132) | $ (7,835) | $ (21,842) | $ (10,510) | $ (7,077) | $ (4,446) | $ (5,984) | $ (44,168) | $ (28,017) | $ (14,284) |
Net loss allocated to unvested restricted shares | 0 | 0 | 0 | ||||||||
Undistributed net loss allocated to common shares | $ (44,168) | $ (28,017) | $ (14,284) | ||||||||
Weighted average shares outstanding — basic | 29,531 | 29,512 | 29,478 | 29,288 | 29,000 | 28,959 | 28,926 | 28,751 | 29,453 | 28,909 | 28,688 |
Effects of dilutive securities: | |||||||||||
Employee equity compensation plans | 0 | 0 | 0 | ||||||||
Weighted average shares outstanding — diluted | 29,531 | 29,512 | 29,478 | 29,288 | 29,000 | 28,959 | 28,926 | 28,751 | 29,453 | 28,909 | 28,688 |
Basic net loss per share | $ (0.22) | $ (0.28) | $ (0.27) | $ (0.75) | $ (0.36) | $ (0.24) | $ (0.15) | $ (0.21) | $ (1.50) | $ (0.97) | $ (0.50) |
Diluted net loss per share | $ (0.22) | $ (0.28) | $ (0.27) | $ (0.75) | $ (0.36) | $ (0.24) | $ (0.15) | $ (0.21) | $ (1.50) | $ (0.97) | $ (0.50) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | Jan. 31, 2017USD ($)Community | Nov. 02, 2016USD ($)CommunityIndependent_Living_UnitAssisted_Living_Unit | Sep. 30, 2016USD ($)CommunityIndependent_Living_UnitAssisted_Living_Unit | Sep. 27, 2016USD ($)CommunityAssisted_Living_Unit | Feb. 16, 2016USD ($)CommunityAssisted_Living_Unit | Jan. 26, 2016USD ($)CommunityAssisted_Living_Unit | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||
Additions to property and equipment | $ 126 | ||||||||
Valuation adjustments | $ 1.3 | ||||||||
Revenue generated from acquisition | 15.5 | ||||||||
Losses before income taxes due to acquisition | $ (7.7) | ||||||||
Other Asset [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite lived intangible asset acquired in place leases during period | $ 12.8 | ||||||||
Ventas [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 85 | ||||||||
Number of acquisition closed | Community | 4 | ||||||||
Payments for rent | $ 2.3 | ||||||||
Number of remaining lease communities | Community | 7 | ||||||||
Lease termination obligation | $ 16 | ||||||||
Estimated fair value of the acquired entities | 88.1 | ||||||||
Business acquisition, aggregate consideration | 101 | ||||||||
Loss on facility lease termination | $ 12.9 | ||||||||
Transaction cost related to acquisition | $ 0.4 | ||||||||
Additions to property and equipment | 88.1 | ||||||||
Reclassification of property and equipment to other assets | $ 1.3 | ||||||||
Ventas [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Long term fixed interest rate | 7.25% | ||||||||
Ventas [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Long term fixed interest rate | 8.50% | ||||||||
Cincinnati, Ohio [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 29 | ||||||||
Number of acquisition closed | Community | 1 | ||||||||
Long term fixed interest rate | 4.24% | ||||||||
Transaction cost related to acquisition | $ 0.2 | ||||||||
Number of independent living units | Independent_Living_Unit | 45 | ||||||||
Number of assisted living units | Assisted_Living_Unit | 77 | ||||||||
Long term finance | $ 22 | ||||||||
Maximum period for expansion of permanent financing | 10 years | ||||||||
Springfield Massachusetts [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 27 | ||||||||
Number of acquisition closed | Community | 1 | ||||||||
Long term fixed interest rate | 4.10% | ||||||||
Transaction cost related to acquisition | $ 0.3 | ||||||||
Number of independent living units | Independent_Living_Unit | 97 | ||||||||
Number of assisted living units | Assisted_Living_Unit | 90 | ||||||||
Long term finance | $ 20.3 | ||||||||
Maximum period for expansion of permanent financing | 10 years | ||||||||
Kingwood Texas [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 18 | ||||||||
Number of acquisition closed | Community | 1 | ||||||||
Long term fixed interest rate | 4.13% | ||||||||
Transaction cost related to acquisition | $ 0.2 | ||||||||
Number of assisted living units | Assisted_Living_Unit | 96 | ||||||||
Long term finance | $ 13 | ||||||||
Maximum period for expansion of permanent financing | 15 years | ||||||||
Pensacola Florida [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 48 | ||||||||
Number of acquisition closed | Community | 2 | ||||||||
Long term fixed interest rate | 4.38% | ||||||||
Transaction cost related to acquisition | $ 0.3 | ||||||||
Number of assisted living units | Assisted_Living_Unit | 179 | ||||||||
Long term finance | $ 35 | ||||||||
Maximum period for expansion of permanent financing | 10 years | ||||||||
Colby Park Falls [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 16.8 | ||||||||
Number of acquisition closed | Community | 3 | ||||||||
Long term fixed interest rate | 4.50% | ||||||||
Transaction cost related to acquisition | $ 0.1 | ||||||||
Number of assisted living units | Assisted_Living_Unit | 138 | ||||||||
Long term finance | $ 11.3 | ||||||||
Maximum period for expansion of permanent financing | 10 years | ||||||||
Bridge Loan [Member] | Ventas [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition cost | $ 65 | ||||||||
Initial variable interest rate | 4.00% | ||||||||
Bridge loan period | 36 months |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Combined Results of Operations (Detail) - January 1, 2015 Acquisition [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans At Acquisition Date [Line Items] | ||
Total revenues | $ 461,653 | $ 434,967 |
Loss before income taxes | $ (19,389) | $ (27,374) |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,403,268 | $ 1,277,592 |
Less accumulated depreciation and amortization | (303,482) | (245,162) |
Property and equipment, net | 1,099,786 | 1,032,430 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 69,842 | 66,755 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 24,665 | 21,644 |
Land Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 20 years | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,148,816 | 1,030,676 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 40 years | |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 62,614 | 51,471 |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 5 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 10 years | |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 6,236 | 5,776 |
Automobiles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 5 years | |
Automobiles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 85,384 | 77,364 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,711 | $ 23,906 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized computer software development costs | $ 3,200 | $ 3,200 |
Capitalized computer software development costs, accumulated depreciation and amortization | 3,000 | 2,800 |
Valuation adjustments, amounts reclassified from property and equipment to other assets | 1,300 | |
Assets under capital lease included in Property and Equipment | 1,403,268 | 1,277,592 |
Assets under capital lease, accumulated amortization | 303,482 | 245,162 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets under capital lease included in Property and Equipment | 31,800 | 31,800 |
Assets under capital lease, accumulated amortization | 15,400 | $ 14,600 |
ASU 2015-16 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Valuation adjustments, amounts reclassified from property and equipment to other assets | $ 1,300 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Deferred lease costs, net | $ 5,555 | $ 7,538 |
Security and other deposits | 10,234 | 14,274 |
In-place lease intangibles, net | 6,301 | |
Other | 3,047 | 3,210 |
Other assets, net | $ 18,836 | $ 31,323 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Assets [Line Items] | ||
Valuation adjustments, amounts reclassified from property and equipment to other assets | $ 1.3 | |
Leases, Acquired-in-Place [Member] | ||
Other Assets [Line Items] | ||
Gross in-place lease intangibles | 86.5 | |
Accumulated amortization | 80.2 | |
Net in-place lease intangibles | $ 6.3 | |
ASU 2015-16 [Member] | ||
Other Assets [Line Items] | ||
Valuation adjustments, amounts reclassified from property and equipment to other assets | $ 1.3 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Income And Expenses [Abstract] | ||
Accrued salaries, bonuses and related expenses | $ 13,015 | $ 12,465 |
Accrued property taxes | 14,208 | 14,244 |
Accrued interest | 3,757 | 3,288 |
Accrued health claims and workers comp | 4,547 | 3,998 |
Accrued professional fees | 763 | 792 |
Other | 4,461 | 4,277 |
Accrued Expenses, Current, Total | $ 40,751 | $ 39,064 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Detail) - Notes Payable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 5,677 | |
Interest rate | 4.60% | |
Notes Payable | $ 967,332 | $ 910,234 |
Less deferred loan costs, net | 9,398 | 9,841 |
Deferred loan costs, Total | 957,934 | 900,393 |
Less current portion | 19,728 | 17,889 |
Notes payable, Noncurrent, Total | 938,206 | 882,504 |
Fannie Mae Maturing on August 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 78 | |
Net Book Value Of Collateral | $ 14,534 | |
Interest rate | 5.69% | |
Maturity Date | 2021-08 | |
Notes Payable | $ 12,283 | 12,507 |
Fannie Mae Maturing on October 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 26 | |
Net Book Value Of Collateral | $ 5,675 | |
Interest rate | 4.97% | |
Maturity Date | 2021-10 | |
Notes Payable | $ 4,331 | 4,419 |
Fannie Mae Two Maturing on October 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 101 | |
Net Book Value Of Collateral | $ 20,586 | |
Interest rate | 4.92% | |
Maturity Date | 2021-10 | |
Notes Payable | $ 17,097 | 17,448 |
Fannie Mae Three Maturing on October 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 27 | |
Net Book Value Of Collateral | $ 20,586 | |
Interest rate | 5.19% | |
Maturity Date | 2021-10 | |
Notes Payable | $ 4,839 | 4,911 |
Fannie Mae Maturing on November 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 117 | |
Net Book Value Of Collateral | $ 22,981 | |
Interest rate | 4.92% | |
Maturity Date | 2021-11 | |
Notes Payable | $ 19,886 | 20,291 |
Fannie Mae Maturing on March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 27 | |
Net Book Value Of Collateral | $ 5,990 | |
Interest rate | 4.38% | |
Maturity Date | 2022-03 | |
Notes Payable | $ 4,831 | 4,936 |
Fannie Mae Maturing on April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 60 | |
Net Book Value Of Collateral | $ 11,700 | |
Interest rate | 4.76% | |
Maturity Date | 2022-04 | |
Notes Payable | $ 10,403 | 10,614 |
Fannie Mae Two Maturing on April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 19 | |
Net Book Value Of Collateral | $ 11,700 | |
Interest rate | 4.85% | |
Maturity Date | 2022-04 | |
Notes Payable | $ 3,470 | 3,522 |
Fannie Mae Three Maturing on April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 135 | |
Net Book Value Of Collateral | $ 26,638 | |
Interest rate | 4.69% | |
Maturity Date | 2022-04 | |
Notes Payable | $ 23,637 | 24,123 |
Fannie Mae Four Maturing on April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 11 | |
Net Book Value Of Collateral | $ 4,178 | |
Interest rate | 4.97% | |
Maturity Date | 2022-04 | |
Notes Payable | $ 2,022 | 2,051 |
Fannie Mae Maturing on May 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 60 | |
Net Book Value Of Collateral | $ 15,214 | |
Interest rate | 4.48% | |
Maturity Date | 2022-05 | |
Notes Payable | $ 10,699 | 10,926 |
Fannie Mae Two Maturing on May 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 20 | |
Net Book Value Of Collateral | $ 15,214 | |
Interest rate | 4.85% | |
Maturity Date | 2022-05 | |
Notes Payable | $ 3,697 | 3,752 |
Fannie Mae Maturing on November 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 144 | |
Net Book Value Of Collateral | $ 34,196 | |
Interest rate | 4.34% | |
Maturity Date | 2022-11 | |
Notes Payable | $ 26,382 | 26,935 |
Fannie Mae Two Maturing on November 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 33 | |
Net Book Value Of Collateral | $ 7,384 | |
Interest rate | 4.50% | |
Maturity Date | 2022-11 | |
Notes Payable | $ 5,881 | 6,000 |
Fannie Mae Three Maturing on November 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 43 | |
Net Book Value Of Collateral | $ 26,135 | |
Interest rate | 5.49% | |
Maturity Date | 2022-11 | |
Notes Payable | $ 7,403 | 7,504 |
Fannie Mae Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 84 | |
Net Book Value Of Collateral | $ 17,197 | |
Interest rate | 4.32% | |
Maturity Date | 2023-01 | |
Notes Payable | $ 15,532 | 15,856 |
Fannie Mae Two Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 49 | |
Net Book Value Of Collateral | $ 17,197 | |
Interest rate | 5.39% | |
Maturity Date | 2023-01 | |
Notes Payable | $ 8,453 | 8,572 |
Fannie Mae Three Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 39 | |
Net Book Value Of Collateral | $ 8,311 | |
Interest rate | 4.58% | |
Maturity Date | 2023-01 | |
Notes Payable | $ 6,953 | 7,092 |
Fannie Mae Four Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 17 | |
Net Book Value Of Collateral | $ 8,311 | |
Interest rate | 5.49% | |
Maturity Date | 2023-01 | |
Notes Payable | $ 3,029 | |
Fannie Mae Maturing on April 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 85 | |
Net Book Value Of Collateral | $ 17,613 | |
Interest rate | 4.66% | |
Maturity Date | 2023-04 | |
Notes Payable | $ 15,131 | 15,423 |
Fannie Mae Two Maturing on April 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 18 | |
Net Book Value Of Collateral | $ 5,242 | |
Interest rate | 5.46% | |
Maturity Date | 2023-04 | |
Notes Payable | $ 3,068 | 3,110 |
Fannie Mae Maturing on October 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 45 | |
Net Book Value Of Collateral | $ 8,560 | |
Interest rate | 5.93% | |
Maturity Date | 2023-10 | |
Notes Payable | $ 7,205 | 7,312 |
Fannie Mae Maturing on November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 67 | |
Net Book Value Of Collateral | $ 13,398 | |
Interest rate | 5.50% | |
Maturity Date | 2023-11 | |
Notes Payable | $ 11,180 | 11,359 |
Fannie Mae Two Maturing on November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 67 | |
Net Book Value Of Collateral | $ 12,634 | |
Interest rate | 5.38% | |
Maturity Date | 2023-11 | |
Notes Payable | $ 11,236 | 11,419 |
Fannie Mae Maturing on January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 282 | |
Net Book Value Of Collateral | $ 52,384 | |
Interest rate | 5.56% | |
Maturity Date | 2024-01 | |
Notes Payable | $ 46,662 | 47,390 |
Fannie Mae Maturing on July 2024[Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 632 | |
Net Book Value Of Collateral | $ 113,697 | |
Interest rate | 4.24% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 121,141 | 123,465 |
Fannie Mae Two Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 120 | |
Net Book Value Of Collateral | $ 26,087 | |
Interest rate | 4.48% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 22,394 | 22,806 |
Fannie Mae Three Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 81 | |
Net Book Value Of Collateral | $ 20,645 | |
Interest rate | 4.30% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 15,462 | 15,756 |
Fannie Mae Four Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 91 | |
Net Book Value Of Collateral | $ 68,299 | |
Interest rate | 4.98% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 16,579 | 16,822 |
Fannie Mae Maturing on September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 134 | |
Net Book Value Of Collateral | $ 27,541 | |
Interest rate | 4.59% | |
Maturity Date | 2024-09 | |
Notes Payable | $ 24,805 | 25,247 |
Fannie Mae Two Maturing on September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 22 | |
Net Book Value Of Collateral | $ 13,867 | |
Interest rate | 5.72% | |
Maturity Date | 2024-09 | |
Notes Payable | $ 3,682 | 3,724 |
Fannie Mae Three Maturing on September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 54 | |
Net Book Value Of Collateral | $ 10,711 | |
Interest rate | 4.70% | |
Maturity Date | 2024-09 | |
Notes Payable | $ 9,864 | 10,037 |
Fannie Mae Maturing on January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 53 | |
Net Book Value Of Collateral | $ 12,277 | |
Interest rate | 4.50% | |
Maturity Date | 2025-01 | |
Notes Payable | $ 9,915 | 10,091 |
Fannie Mae Two Maturing on January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 95 | |
Net Book Value Of Collateral | $ 6,313 | |
Interest rate | 4.46% | |
Maturity Date | 2025-01 | |
Notes Payable | $ 18,023 | 18,345 |
Fannie Mae Maturing on February 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 70 | |
Net Book Value Of Collateral | $ 15,660 | |
Interest rate | 4.35% | |
Maturity Date | 2025-02 | |
Notes Payable | $ 13,434 | 13,678 |
Fannie Mae Maturing on March 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 109 | |
Net Book Value Of Collateral | $ 8,913 | |
Interest rate | 3.85% | |
Maturity Date | 2025-03 | |
Notes Payable | $ 22,086 | 22,522 |
Fannie Mae Maturing on April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 102 | |
Net Book Value Of Collateral | $ 24,411 | |
Interest rate | 3.84% | |
Maturity Date | 2025-04 | |
Notes Payable | $ 20,749 | 21,157 |
Fannie Mae Two Maturing on April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 31 | |
Net Book Value Of Collateral | $ 24,411 | |
Interest rate | 5.53% | |
Maturity Date | 2025-04 | |
Notes Payable | $ 5,372 | 5,435 |
Fannie Mae Maturing on June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 47 | |
Net Book Value Of Collateral | $ 9,822 | |
Interest rate | 4.55% | |
Maturity Date | 2025-06 | |
Notes Payable | $ 8,794 | 8,944 |
Fannie Mae Two Maturing on June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 59 | |
Net Book Value Of Collateral | $ 12,332 | |
Interest rate | 4.79% | |
Maturity Date | 2025-06 | |
Notes Payable | $ 10,753 | 10,929 |
Fannie Mae Three Maturing on June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 81 | |
Net Book Value Of Collateral | $ 15,898 | |
Interest rate | 5.30% | |
Maturity Date | 2025-06 | |
Notes Payable | $ 13,580 | 13,811 |
Fannie Mae Four Maturing on June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 24 | |
Net Book Value Of Collateral | $ 12,332 | |
Interest rate | 5.71% | |
Maturity Date | 2025-06 | |
Notes Payable | $ 4,079 | |
Fannie Mae Maturing on October 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 58 | |
Net Book Value Of Collateral | $ 12,968 | |
Interest rate | 4.69% | |
Maturity Date | 2025-10 | |
Notes Payable | $ 10,780 | 10,956 |
Fannie Mae Two Maturing on October 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 44 | |
Net Book Value Of Collateral | $ 9,648 | |
Interest rate | 4.70% | |
Maturity Date | 2025-10 | |
Notes Payable | $ 8,147 | 8,280 |
Fannie Mae Maturing on December 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 273 | |
Net Book Value Of Collateral | $ 39,692 | |
Interest rate | 4.68% | |
Maturity Date | 2025-12 | |
Notes Payable | $ 51,163 | 51,991 |
Fannie Mae Two Maturing on December 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 9 | |
Net Book Value Of Collateral | $ 9,229 | |
Interest rate | 5.81% | |
Maturity Date | 2025-12 | |
Notes Payable | $ 1,445 | 1,461 |
Fannie Mae Maturing on April 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 62 | |
Net Book Value Of Collateral | $ 11,382 | |
Interest rate | 5.43% | |
Maturity Date | 2026-04 | |
Notes Payable | $ 10,443 | 10,607 |
Fannie Mae Two Maturing on April 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 29 | |
Net Book Value Of Collateral | $ 11,382 | |
Interest rate | 5.84% | |
Maturity Date | 2026-04 | |
Notes Payable | $ 4,903 | 4,957 |
Fannie Mae Maturing on October 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 98 | |
Net Book Value Of Collateral | $ 22,563 | |
Interest rate | 4.10% | |
Maturity Date | 2026-10 | |
Notes Payable | $ 19,854 | 20,195 |
Fannie Mae Maturing on December 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 108 | |
Net Book Value Of Collateral | $ 25,235 | |
Interest rate | 4.24% | |
Maturity Date | 2026-12 | |
Notes Payable | $ 21,617 | 21,975 |
Protective Life Maturing on April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 96 | |
Net Book Value Of Collateral | $ 24,806 | |
Interest rate | 3.55% | |
Maturity Date | 2025-04 | |
Notes Payable | $ 20,234 | 20,665 |
Protective Life Maturing on August 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 49 | |
Net Book Value Of Collateral | $ 11,429 | |
Interest rate | 4.25% | |
Maturity Date | 2025-08 | |
Notes Payable | $ 9,535 | 9,713 |
Protective Life Maturing on September 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 78 | |
Net Book Value Of Collateral | $ 18,092 | |
Interest rate | 4.25% | |
Maturity Date | 2025-09 | |
Notes Payable | $ 15,163 | 15,444 |
Protective Life Maturing on November 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 138 | |
Net Book Value Of Collateral | $ 33,301 | |
Interest rate | 4.25% | |
Maturity Date | 2025-11 | |
Notes Payable | $ 26,993 | 27,447 |
Protective Life Maturing on February 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 57 | |
Net Book Value Of Collateral | $ 14,070 | |
Interest rate | 4.50% | |
Maturity Date | 2026-02 | |
Notes Payable | $ 10,959 | 11,149 |
Protective Life Maturing on March 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 187 | |
Net Book Value Of Collateral | $ 42,753 | |
Interest rate | 4.38% | |
Maturity Date | 2026-03 | |
Notes Payable | $ 33,705 | 34,396 |
Protective Life Maturing on October 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 70 | |
Net Book Value Of Collateral | $ 15,505 | |
Interest rate | 4.13% | |
Maturity Date | 2031-10 | |
Notes Payable | $ 12,645 | 12,950 |
Berkadia Maturing on April 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 78 | |
Net Book Value Of Collateral | $ 19,476 | |
Maturity Date | 2019-04 | |
Notes Payable | $ 11,505 | 11,742 |
Berkadia Maturing on February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 298 | |
Net Book Value Of Collateral | $ 96,952 | |
Maturity Date | 2020-02 | |
Notes Payable | $ 65,000 | |
HUD Maturing on September 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 16 | |
Net Book Value Of Collateral | $ 5,622 | |
Interest rate | 4.48% | |
Maturity Date | 2045-09 | |
Notes Payable | $ 2,989 | 3,042 |
Insurance Financing Maturing on May 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 146 | |
Interest rate | 2.76% | |
Maturity Date | 2018-05 | |
Notes Payable | $ 725 | |
Insurance Financing Maturing on November 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 324 | |
Interest rate | 3.04% | |
Maturity Date | 2018-11 | |
Notes Payable | $ 3,505 | |
Insurance Financing Maturing on October 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.73% | |
Maturity Date | 2017-10 | |
Notes Payable | 756 | |
Insurance Financing Maturing on May 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.73% | |
Maturity Date | 2017-05 | |
Notes Payable | 691 | |
Insurance Financing Maturing on September 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.79% | |
Maturity Date | 2017-09 | |
Notes Payable | $ 1,576 |
Notes Payable - Schedule of N47
Notes Payable - Schedule of Notes Payable (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017Facility | |
Debt Instrument [Line Items] | |
Number of facilities owned | 81 |
Notes Payable [Member] | Berkadia Maturing on April 2019 [Member] | |
Debt Instrument [Line Items] | |
Basis on variable rate | 4.50% |
Interest Rate | 5.93% |
Notes Payable [Member] | Berkadia Maturing on February 2020 [Member] | |
Debt Instrument [Line Items] | |
Basis on variable rate | 4.00% |
Interest Rate | 5.43% |
Notes Payable - Summary of Aggr
Notes Payable - Summary of Aggregate Scheduled Maturities of Notes (Detail) - Notes Payable [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 21,421 |
2,019 | 28,994 |
2,020 | 83,482 |
2,021 | 72,706 |
2,022 | 106,161 |
Thereafter | 654,568 |
Total | $ 967,332 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) $ in Thousands | Dec. 15, 2017USD ($)Community | Dec. 01, 2017USD ($) | Nov. 30, 2017USD ($)Community | May 31, 2017USD ($) | Jan. 31, 2017USD ($)Community | Dec. 22, 2016USD ($)Community | Dec. 15, 2016USD ($)Community | Nov. 02, 2016USD ($)Community | Sep. 30, 2016USD ($)Community | Sep. 27, 2016USD ($)Community | Sep. 23, 2016USD ($)Community | Aug. 02, 2016USD ($)Community | Jun. 15, 2016USD ($)Community | May 31, 2016USD ($) | May 03, 2016USD ($) | Feb. 16, 2016USD ($) | Jan. 26, 2016USD ($) | Jul. 31, 2016USD ($)Community | Dec. 31, 2017USD ($)Community | Dec. 31, 2016USD ($) | Dec. 31, 2015Community |
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior housing communities operated by company | Community | 129 | ||||||||||||||||||||
Deferred financing cost | $ 14,000 | $ 12,800 | |||||||||||||||||||
Accumulated amortization | 4,600 | $ 3,000 | |||||||||||||||||||
Amortization expense | 1,700 | ||||||||||||||||||||
Hartford Financial Services [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Letters of credit remain outstanding | 3,900 | ||||||||||||||||||||
Welltower, Inc. [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Letters of credit remain outstanding | 6,700 | ||||||||||||||||||||
HCP, Inc. [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Letters of credit remain outstanding | $ 2,900 | ||||||||||||||||||||
Ventas [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Acquisition of senior housing community | Community | 4 | ||||||||||||||||||||
Cincinnati, Ohio [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Fixed interest rate | 4.24% | ||||||||||||||||||||
Acquisition of senior housing community | Community | 1 | ||||||||||||||||||||
Springfield Massachusetts [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Fixed interest rate | 4.10% | ||||||||||||||||||||
Acquisition of senior housing community | Community | 1 | ||||||||||||||||||||
Kingwood Texas [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Fixed interest rate | 4.13% | ||||||||||||||||||||
Acquisition of senior housing community | Community | 1 | ||||||||||||||||||||
3.04% Insurance Financing Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Insurance finance agreement, outstanding amount | $ 3,500 | ||||||||||||||||||||
Debt instrument, fixed interest rate | 3.04% | ||||||||||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||||||||||
2.76% Insurance Financing Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Insurance finance agreement, outstanding amount | $ 1,600 | ||||||||||||||||||||
Debt instrument, fixed interest rate | 2.76% | ||||||||||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||||||||||
1.66%,10-Month Term Financing Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Insurance finance agreement, outstanding amount | $ 800 | ||||||||||||||||||||
Debt instrument, fixed interest rate | 1.66% | ||||||||||||||||||||
Debt instrument, repayment term | 10 months | ||||||||||||||||||||
2.16%,15-Month Term Financing Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Insurance finance agreement, outstanding amount | $ 2,600 | ||||||||||||||||||||
Debt instrument, fixed interest rate | 2.16% | ||||||||||||||||||||
Debt instrument, repayment term | 15 months | ||||||||||||||||||||
2.16%,11-Month Term Financing Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Insurance finance agreement, outstanding amount | $ 1,500 | ||||||||||||||||||||
Debt instrument, fixed interest rate | 2.16% | ||||||||||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||||||||||
5.71% [Member] | New York [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 4,100 | ||||||||||||||||||||
Fixed interest rate | 5.71% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2025-06 | ||||||||||||||||||||
Deferred financing cost | $ 200 | ||||||||||||||||||||
5.49% [Member] | Ohio [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 3,000 | ||||||||||||||||||||
Fixed interest rate | 5.49% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2023-01 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
Mortgage Loan [Member] | Ventas [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 65,000 | ||||||||||||||||||||
Deferred financing cost | $ 900 | ||||||||||||||||||||
Debt instrument, repayment term | 3 years | ||||||||||||||||||||
Acquisition price at a variable rate | LIBOR | ||||||||||||||||||||
Deferred financing costs amortization period | 3 years | ||||||||||||||||||||
Mortgage Loan [Member] | LIBOR [Member] | Ventas [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument variable interest rate | 4.00% | ||||||||||||||||||||
5.84% [Member] | Michigan [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 5,000 | ||||||||||||||||||||
Fixed interest rate | 5.84% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2026-04 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
5.81% [Member] | Indiana [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 1,500 | ||||||||||||||||||||
Fixed interest rate | 5.81% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2025-12 | ||||||||||||||||||||
Deferred financing cost | $ 45,000 | ||||||||||||||||||||
5.72% [Member] | Virginia [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 3,700 | ||||||||||||||||||||
Fixed interest rate | 5.72% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2024-09 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
5.53% [Member] | Ohio [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 5,400 | ||||||||||||||||||||
Fixed interest rate | 5.53% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2025-04 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
4.24% [Member] | Cincinnati, Ohio [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 22,000 | ||||||||||||||||||||
Fixed interest rate | 4.24% | ||||||||||||||||||||
Deferred financing cost | $ 200 | ||||||||||||||||||||
Deferred financing costs amortization period | 10 years | ||||||||||||||||||||
Term period of mortgage loans | 10 years | ||||||||||||||||||||
Term period of principal amortized | 30 years | ||||||||||||||||||||
4.10% [Member] | Springfield Massachusetts [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 20,300 | ||||||||||||||||||||
Fixed interest rate | 4.10% | ||||||||||||||||||||
Deferred financing cost | $ 200 | ||||||||||||||||||||
Deferred financing costs amortization period | 10 years | ||||||||||||||||||||
Term period of mortgage loans | 10 years | ||||||||||||||||||||
Term period of principal amortized | 30 years | ||||||||||||||||||||
4.13% [Member] | Kingwood Texas [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 13,000 | ||||||||||||||||||||
Fixed interest rate | 4.13% | ||||||||||||||||||||
Deferred financing cost | $ 200 | ||||||||||||||||||||
Deferred financing costs amortization period | 15 years | ||||||||||||||||||||
Term period of mortgage loans | 15 years | ||||||||||||||||||||
Term period of principal amortized | 30 years | ||||||||||||||||||||
4.85% [Member] | Indiana [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 3,500 | ||||||||||||||||||||
Fixed interest rate | 4.85% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2022-04 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
4.85% [Member] | Texas [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 3,800 | ||||||||||||||||||||
Fixed interest rate | 4.85% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2022-05 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
4.97% [Member] | Texas [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 2,100 | ||||||||||||||||||||
Fixed interest rate | 4.97% | ||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Mortgage debt maturity | 2022-04 | ||||||||||||||||||||
Deferred financing cost | $ 100 | ||||||||||||||||||||
Variable Interest Rate LIBOR Plus 4.50% Loan [Member] | Berkadia Commercial Mortgage LLC [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
Deferred financing cost | $ 30,000 | ||||||||||||||||||||
Acquisition price at a variable rate | LIBOR plus 4.50% | ||||||||||||||||||||
Debt instrument variable interest rate | 4.50% | ||||||||||||||||||||
Deferred financing costs amortization period | 25 years | ||||||||||||||||||||
Debt instrument maturity date | Jul. 10, 2018 | ||||||||||||||||||||
4.98% [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 16,900 | ||||||||||||||||||||
Fixed interest rate | 4.98% | ||||||||||||||||||||
Mortgage debt maturity | 2024-07 | ||||||||||||||||||||
Deferred financing cost | $ 500 | ||||||||||||||||||||
4.98% [Member] | Ohio [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior housing communities operated by company | Community | 2 | ||||||||||||||||||||
4.98% [Member] | Texas [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior housing communities operated by company | Community | 4 | ||||||||||||||||||||
4.98% [Member] | Missouri [Member] | Fannie Mae [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||||||||||
4.25% [Member] | Indianapolis Transaction [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 2,600 | ||||||||||||||||||||
Fixed interest rate | 4.25% | ||||||||||||||||||||
Term period of mortgage loans | 10 years | ||||||||||||||||||||
Term period of principal amortized | 30 years | ||||||||||||||||||||
Acquisition of senior housing community | Community | 1 | ||||||||||||||||||||
4.38% [Member] | Pensacola Transaction [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 35,000 | ||||||||||||||||||||
Fixed interest rate | 4.38% | ||||||||||||||||||||
Deferred financing cost | $ 400 | ||||||||||||||||||||
Deferred financing costs amortization period | 10 years | ||||||||||||||||||||
Term period of mortgage loans | 10 years | ||||||||||||||||||||
Term period of principal amortized | 30 years | ||||||||||||||||||||
4.50% [Member] | Pine Ridge Transaction [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage debt | $ 11,300 | ||||||||||||||||||||
Fixed interest rate | 4.50% | ||||||||||||||||||||
Deferred financing cost | $ 200 | ||||||||||||||||||||
Deferred financing costs amortization period | 10 years | ||||||||||||||||||||
Term period of mortgage loans | 10 years | ||||||||||||||||||||
Term period of principal amortized | 30 years |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2009 | Jan. 22, 2009 | |
Equity [Abstract] | ||||
Preferred stock, shares outstanding | 0 | 0 | ||
Authorization for purchase of company's common stock | $ 10,000,000 | |||
Purchase common stock shares | 0 | 144,315 | 349,800 | |
Average cost of per share | $ 17.29 | $ 2.67 | ||
Purchase common stock value | $ 2,496,000 | $ 900,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, Minimum | 1 year | ||
Stock options vesting period, Maximum | 5 years | ||
Number of stock options outstanding | 0 | 0 | |
Intrinsic value of stock options outstanding and exercisable | $ 30,000,000 | ||
Period of recognition for compensation expense, Minimum | 1 year | ||
Period of recognition for compensation expense, Maximum | 4 years | ||
Compensation expense recognized | $ 7,700,000 | $ 11,600,000 | 8,800,000 |
Unrecognized stock based compensation expense, net of estimated forfeitures | 9,100,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense recognized | 0 | ||
Restricted stock outstanding, intrinsic value | $ 13,000,000 | $ 13,300,000 | $ 16,300,000 |
Restricted common stock, Granted | 565,745 | 666,883 | 467,944 |
Performance and market based restricted stock, Granted | 194,652 | ||
Average market value of common stock awarded to certain employees and directors of company | $ 13.75 | ||
Restricted stock award vesting period, Minimum | 1 year | ||
Restricted stock award vesting period, Maximum | 4 years | ||
Restricted stock outstanding | $ 7,800,000 | ||
Restricted Stock [Member] | Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted common stock, Granted | 26,787 | ||
Average market value of common stock awarded to certain employees and directors of company | $ 13.44 | ||
Restricted stock outstanding | $ 400,000 | ||
Restricted stock award vesting period | 1 year | ||
Performance and Market Based Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award vesting period | 3 years | ||
Performance and Market Based Stock Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected period of expenses | 1 year | ||
Performance and Market Based Stock Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected period of expenses | 3 years | ||
Nonperformance Based Stock Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected period of expenses | 1 year | ||
Nonperformance Based Stock Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected period of expenses | 4 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Shares, Outstanding at Beginning of Year | 3,000 | 6,000 | |
Shares, Granted | 0 | 0 | 0 |
Shares, Exercised | 3,000 | 3,000 | |
Shares, Forfeited | 0 | 0 | 0 |
Shares, Outstanding End of Year | 3,000 | ||
Shares, Options Exercisable | 3,000 | ||
Weighted average exercise price per share, Outstanding at Beginning of Year | $ 10.97 | $ 8.44 | |
Weighted average exercise price per share, Granted | $ 0 | 0 | 0 |
Weighted average exercise price per share, Exercised | 10.97 | 5.90 | |
Weighted average exercise price per share, Forfeited | $ 0 | $ 0 | 0 |
Weighted average exercise price per share, Outstanding End of Year | 10.97 | ||
Weighted average exercise price per share, Options Exercisable | $ 10.97 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Awards Activity and Related Information (Detail) - Restricted Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding at Beginning of Year | 829,766 | 783,310 | 702,718 |
Shares, Issued | 565,745 | 666,883 | 467,944 |
Shares, Vested | (355,400) | (565,224) | (358,716) |
Shares, Forfeited | (75,627) | (55,203) | (28,636) |
Shares, Outstanding End of Year | 964,484 | 829,766 | 783,310 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 6 | $ 0 | $ 0 |
State | 550 | 435 | 900 |
Deferred: | |||
Federal | 1,940 | 0 | 0 |
State | 0 | 0 | 0 |
Income Tax Continuing Operations, Total | $ 2,496 | $ 435 | $ 900 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes Differed from Amounts of Income Tax Provision (Benefit) Determined by Applying Federal Statutory Income Tax Rate to Income Before Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax (benefit) provision at federal statutory rates | $ (14,168) | $ (9,335) | $ (4,515) |
State income tax expense, net of federal effects | (648) | (550) | 64 |
Change in deferred tax asset valuation allowance | 7,857 | 8,569 | 4,986 |
Tax reform impact on deferred income taxes | 13,959 | ||
Share based compensation ASU 2016-09 adoption | (5,326) | ||
Other | 822 | 1,751 | 365 |
Income Tax Continuing Operations, Total | $ 2,496 | $ 435 | $ 900 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Deferred gains on sale/leaseback transactions | $ 2,890 | $ 5,416 |
Net operating loss carryforward (expiring up to 2037) | 25,441 | 23,206 |
Compensation costs | 2,245 | 3,707 |
Depreciation and amortization | 4,367 | |
Other | 2,099 | 3,221 |
Total deferred tax assets | 37,042 | 35,550 |
Deferred tax asset valuation allowance | (36,737) | (30,821) |
Total deferred tax assets, net | 305 | 4,729 |
Deferred tax liabilities: | ||
Depreciation and amortization | (2,246) | (4,729) |
Total deferred tax liabilities | (2,246) | $ (4,729) |
Net deferred tax (liabilities) assets | $ (1,941) |
Income Taxes - Summary of Def57
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Operating loss carryforward, expiration year | 2,037 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017USD ($)Community | Dec. 31, 2016USD ($)Community | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Taxes [Line Items] | |||||
Corporate statutory tax rate | 34.00% | ||||
TCJA, provisional remeasurement, net reduction in value of deferred tax assets and liabilities | $ 14,000,000 | ||||
TCJA, remeasurement, net reduction in value of deferred tax assets | 15,900,000 | ||||
TCJA, Alternative Minimum Tax, provisional income tax benefit | $ 300,000 | ||||
TCJA, reduction of maximum deduction for net operating loss carryforwards, percentage of taxable income for losses arising in future tax years | 80.00% | ||||
Adjustments to valuation allowance | $ 2,200,000 | ||||
Deferred tax assets related to federal Net operating loss carry forwards | 22,800,000 | ||||
Deferred tax assets related to state Net operating loss carry forwards | $ 5,300,000 | ||||
Uncertain tax position maximum percentage | 50.00% | ||||
Unrecognized tax benefits | $ 3,416,000 | $ 3,786,000 | $ 0 | $ 0 | |
Texas [Member] | |||||
Income Taxes [Line Items] | |||||
Number of communities consolidated | Community | 38 | 38 | |||
Latest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
NOL expiration year | 2,037 | ||||
Domestic Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carry forwards | $ 108,500,000 | ||||
AMT credit carryforward | $ 300,000 | ||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
NOL expiration year | 2,033 | ||||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
NOL expiration year | 2,037 | ||||
State and Local Jurisdiction [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carry forwards | $ 91,600,000 | ||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
NOL expiration year | 2,018 | ||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||||
Income Taxes [Line Items] | |||||
NOL expiration year | 2,037 | ||||
Scenario, Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Corporate statutory tax rate | 21.00% |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Activity and Related Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance, January 1 | $ 3,786 | $ 0 | $ 0 |
Gross increases – tax positions in prior period | 2,451 | ||
Gross decreases – tax positions in prior period | (370) | 0 | 0 |
Gross increases – tax positions in current period | 1,335 | ||
Settlements | 0 | 0 | 0 |
Lapse of statute of limitations | 0 | 0 | 0 |
Ending balance, December 31 | $ 3,416 | $ 3,786 | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |||
Employer matching contributions from annual salary | 4.00% | ||
Percentage of employer match | 50.00% | ||
Contributed to the Plan annually | $ 500,000 | $ 500,000 | $ 500,000 |
Administrative expenses | $ 21,300 | $ 24,600 | $ 20,900 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)Community | Dec. 31, 2017USD ($)Community | Dec. 31, 2017USD ($)Community | |
Loss Contingencies [Line Items] | |||
Senior housing communities owned by company | Community | 83 | 83 | |
Hurricane related expenses deductible for insurance claim | $ 100,000 | ||
Clean-up and physical repair costs | $ 3,900,000 | ||
Payments received from insurance underwriters | $ 2,700,000 | ||
Business interruption insurance recoveries | $ 2,200,000 | ||
Texas [Member] | |||
Loss Contingencies [Line Items] | |||
Senior housing communities owned by company | Community | 2 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ 13,378 | $ 13,297 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,646 | 34,026 |
Restricted cash | 13,378 | 13,297 |
Notes payable, excluding deferred loan costs | 967,332 | 910,234 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,646 | 34,026 |
Restricted cash | 13,378 | 13,297 |
Notes payable, excluding deferred loan costs | $ 929,000 | $ 879,448 |
Allowance for Doubtful Accoun63
Allowance for Doubtful Accounts - Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 4,253 | $ 3,188 | $ 2,321 |
Provision for bad debts, net of recoveries | 1,748 | 1,727 | 1,192 |
Write-offs and other | (1,120) | (662) | (325) |
Balance at end of year | $ 4,881 | $ 4,253 | $ 3,188 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Jan. 31, 2017USD ($)Community | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)Property | Dec. 31, 2017USD ($)CommunityLeaseProperty | Dec. 31, 2016USD ($)Community | Dec. 31, 2015USD ($) |
Loans And Leases [Line Items] | ||||||
Number of new facility leases | Lease | 0 | |||||
Number of leased senior housing communities | Community | 46 | |||||
Period of Initial lease terms in which deferred lease acquisition costs are being amortized | 5 years | |||||
Lease contracts period | 5 years | |||||
Incurred lease expense | $ 59.7 | $ 64.5 | $ 62.8 | |||
Deferred lease costs, Gross | 12.4 | 15.1 | ||||
Accumulated amortization cost | 7.2 | $ 8 | ||||
Expected amortization expense next 12 months | 0.9 | |||||
Expected amortization expense year two | 0.9 | |||||
Expected amortization expense year three | 0.9 | |||||
Expected amortization expense year four | 0.9 | |||||
Expected amortization expense year five | $ 0.9 | |||||
HCP [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Number of leased senior housing communities | Community | 15 | |||||
Capital improvement project | $ 3.3 | |||||
Number of Lease Extension Available | Property | 1 | 2 | ||||
Lease agreements initial terms | 10 years | |||||
Available renewal extension period | 10 years | |||||
Lease acquisition costs incurred | $ 1.6 | |||||
Period of Initial lease terms in which deferred lease acquisition costs are being amortized | 10 years | |||||
Welltower [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Number of leased senior housing communities | Community | 24 | |||||
Number of Lease Extension Available | Property | 1 | |||||
Lease agreements initial terms | 15 years | |||||
Available renewal extension period | 15 years | |||||
Lease acquisition costs incurred | $ 2.1 | |||||
Period of Initial lease terms in which deferred lease acquisition costs are being amortized | 15 years | |||||
Lease expiration year and month | 2026-04 | |||||
Minimum [Member] | HCP [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Lease agreements range | 7.25% | |||||
Minimum [Member] | Welltower [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Interim financing variable rate | 7.25% | |||||
Maximum [Member] | HCP [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Lease agreements range | 8.00% | |||||
Maximum [Member] | Welltower [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Interim financing variable rate | 8.50% | |||||
Ventas [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Number of leased senior housing communities | Community | 7 | 11 | ||||
Acquisition of senior housing community | Community | 4 | |||||
Number of senior housing communities closed | Community | 4 | |||||
Acquisition cost | $ 85 | |||||
Capital improvement project | $ 24.5 | $ 24.5 | $ 28.5 | |||
Lease expiration date | Sep. 30, 2025 | |||||
Number of Lease Extension Available | Property | 1 | |||||
Lease agreements initial terms | 5 years | |||||
Available renewal extension period | 5 years | |||||
Capital improvement project, amended amount | $ 28.5 | |||||
Capital improvement project, decrease in amount | $ 17 | |||||
Lease expiration extended date | Jun. 30, 2018 | |||||
Lease acquisition costs incurred | $ 11.4 | |||||
Lease acquisition costs incurred with remaining property | $ 8.7 | |||||
Number of properties accounts as operating lease | Property | 5 | |||||
Number of properties accounts as financing obligation | Property | 2 | |||||
Mortgage debt assumed | $ 18.3 | |||||
Additional Cash collateral Deposits | $ 3.4 | |||||
Lease period | 5 years | |||||
Property and equipment amortized | $ 11.8 | |||||
Additions to property and equipment | 13.2 | |||||
Unamortized portion of the deferred gain | $ 4.9 | |||||
Lease portfolio period | 5 years | |||||
Ventas [Member] | Minimum [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Lease agreements range | 6.75% | |||||
Ventas [Member] | Maximum [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Lease agreements range | 8.00% | |||||
Ventas [Member] | Bridge Loan [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Acquisition cost | $ 65 | |||||
Bridge loan period | 36 months | |||||
Initial variable interest rate | 4.00% | |||||
Ventas [Member] | Bridge Loan [Member] | LIBOR [Member] | ||||||
Loans And Leases [Line Items] | ||||||
Initial variable interest rate | 4.00% | |||||
Interim financing variable rate description | LIBOR plus 4.0% |
Leases - Summary of Company's F
Leases - Summary of Company's Facility Lease Agreements (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)Community | |
Schedule Of Operating Leases [Line Items] | |
Lease Acquisition and Modification Costs | $ 12.4 |
Deferred Gains / Lease Concessions | 37.1 |
Accumulated deferred gains / lease concessions recognized through December 31, 2017 | (24.2) |
Net lease acquisition costs as of December 31, 2017 | 5.2 |
Net deferred gains / lease concessions as of December 31, 2017 | 12.9 |
Property Subject to Operating Lease [Member] | |
Schedule Of Operating Leases [Line Items] | |
Accumulated amortization through December 31, 2017 | $ (7.2) |
Ventas September 30, 2005 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Sep. 30, 2005 |
Number of Communities | Community | 4 |
Value of Transaction | $ 61.4 |
Current Expiration | Sep. 30, 2025 |
Renewal Term | 10 years |
Initial Lease Rate | 8.00% |
Lease Acquisition and Modification Costs | $ 7.7 |
Deferred Gains / Lease Concessions | $ 4.2 |
Ventas January 31, 2008 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Jan. 31, 2008 |
Number of Communities | Community | 1 |
Value of Transaction | $ 5 |
Current Expiration | Sep. 30, 2025 |
Renewal Term | 10 years |
Initial Lease Rate | 7.75% |
Lease Acquisition and Modification Costs | $ 0.2 |
Ventas June 27, 2012 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Jun. 27, 2012 |
Number of Communities | Community | 2 |
Value of Transaction | $ 43.3 |
Current Expiration | Sep. 30, 2025 |
Renewal Term | 10 years |
Initial Lease Rate | 6.75% |
Lease Acquisition and Modification Costs | $ 0.8 |
HCP May 1, 2006 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | May 1, 2006 |
Number of Communities | Community | 3 |
Value of Transaction | $ 54 |
Current Expiration | Oct. 31, 2020 |
Renewal Term | 20 years |
Initial Lease Rate | 8.00% |
Lease Acquisition and Modification Costs | $ 0.3 |
Deferred Gains / Lease Concessions | $ 12.8 |
HCP May 31, 2006 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | May 31, 2006 |
Number of Communities | Community | 6 |
Value of Transaction | $ 43 |
Current Expiration | Apr. 30, 2026 |
Renewal Term | 10 years |
Initial Lease Rate | 8.00% |
Lease Acquisition and Modification Costs | $ 0.2 |
Deferred Gains / Lease Concessions | $ 0.6 |
HCP December 1, 2006 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Dec. 1, 2006 |
Number of Communities | Community | 4 |
Value of Transaction | $ 51 |
Current Expiration | Oct. 31, 2020 |
Renewal Term | 20 years |
Initial Lease Rate | 8.00% |
Lease Acquisition and Modification Costs | $ 0.7 |
HCP December 14, 2006 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Dec. 14, 2006 |
Number of Communities | Community | 1 |
Value of Transaction | $ 18 |
Current Expiration | Oct. 31, 2020 |
Renewal Term | 20 years |
Initial Lease Rate | 7.75% |
Lease Acquisition and Modification Costs | $ 0.3 |
HCP April 11, 2007 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Apr. 11, 2007 |
Number of Communities | Community | 1 |
Value of Transaction | $ 8 |
Current Expiration | Oct. 31, 2020 |
Renewal Term | 20 years |
Initial Lease Rate | 7.25% |
Lease Acquisition and Modification Costs | $ 0.1 |
Welltower April 16, 2010 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Apr. 16, 2010 |
Number of Communities | Community | 5 |
Value of Transaction | $ 48.5 |
Current Expiration | Apr. 30, 2025 |
Renewal Term | 15 years |
Initial Lease Rate | 8.25% |
Lease Acquisition and Modification Costs | $ 0.6 |
Deferred Gains / Lease Concessions | $ 0.8 |
Welltower May 1, 2010 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | May 1, 2010 |
Number of Communities | Community | 3 |
Value of Transaction | $ 36 |
Current Expiration | Apr. 30, 2025 |
Renewal Term | 15 years |
Initial Lease Rate | 8.25% |
Lease Acquisition and Modification Costs | $ 0.2 |
Deferred Gains / Lease Concessions | $ 0.4 |
Welltower September 10, 2010 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Sep. 10, 2010 |
Number of Communities | Community | 12 |
Value of Transaction | $ 104.6 |
Current Expiration | Sep. 30, 2025 |
Renewal Term | 15 years |
Initial Lease Rate | 8.50% |
Lease Acquisition and Modification Costs | $ 0.4 |
Deferred Gains / Lease Concessions | $ 2 |
Welltower April 8, 2011 [Member] | |
Schedule Of Operating Leases [Line Items] | |
Initial Date of Lease | Apr. 8, 2011 |
Number of Communities | Community | 4 |
Value of Transaction | $ 141 |
Current Expiration | Apr. 30, 2026 |
Renewal Term | 15 years |
Initial Lease Rate | 7.25% |
Lease Acquisition and Modification Costs | $ 0.9 |
Deferred Gains / Lease Concessions | $ 16.3 |
Leases - Summary of Company's66
Leases - Summary of Company's Facility Lease Agreements (Parenthetical) (Detail) $ in Millions | Jan. 31, 2017Community | Apr. 24, 2015Property | Nov. 11, 2013LeaseProperty | Dec. 31, 2017USD ($)Property |
Schedule Of Operating Leases [Line Items] | ||||
Deferred gains | $ 34.5 | |||
Lease concessions | $ 2.6 | |||
HCP [Member] | ||||
Schedule Of Operating Leases [Line Items] | ||||
Available renewal extension period | 10 years | |||
Lease expiration date | Apr. 30, 2026 | Oct. 31, 2020 | ||
Number of Lease Extension Available | Property | 1 | 2 | ||
Number of operating lease remaining | Lease | 9 | |||
Ventas [Member] | ||||
Schedule Of Operating Leases [Line Items] | ||||
Available renewal extension period | 5 years | |||
Lease agreements initial terms | 5 years | |||
Lease expiration date | Sep. 30, 2025 | |||
Number of senior housing communities acquired | Community | 4 | |||
Number of senior housing communities closed | Community | 4 | |||
Number of Lease Extension Available | Property | 1 | |||
HCP May 31, 2006 [Member] | ||||
Schedule Of Operating Leases [Line Items] | ||||
Lease concessions | $ 0.6 | |||
Lease expiration date | Apr. 30, 2026 | |||
Welltower September 10, 2010 [Member] | ||||
Schedule Of Operating Leases [Line Items] | ||||
Lease concessions | $ 2 | |||
Lease expiration date | Sep. 30, 2025 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Commitments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 64,391 |
2,019 | 64,366 |
2,020 | 61,880 |
2,021 | 50,307 |
2,022 | 50,277 |
Thereafter | 144,241 |
Total | $ 435,462 |
Quarterly Financial Informati68
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 116,971 | $ 117,318 | $ 116,718 | $ 115,990 | $ 115,805 | $ 111,436 | $ 111,034 | $ 109,173 | |||
(Loss) Income from operations | 8,248 | 4,513 | 4,691 | (9,610) | 758 | 3,686 | 5,793 | 4,153 | |||
Net loss and comprehensive loss | $ (6,359) | $ (8,132) | $ (7,835) | $ (21,842) | $ (10,510) | $ (7,077) | $ (4,446) | $ (5,984) | $ (44,168) | $ (28,017) | $ (14,284) |
Net loss per share, basic | $ (0.22) | $ (0.28) | $ (0.27) | $ (0.75) | $ (0.36) | $ (0.24) | $ (0.15) | $ (0.21) | $ (1.50) | $ (0.97) | $ (0.50) |
Net loss per share, diluted | $ (0.22) | $ (0.28) | $ (0.27) | $ (0.75) | $ (0.36) | $ (0.24) | $ (0.15) | $ (0.21) | $ (1.50) | $ (0.97) | $ (0.50) |
Weighted average shares outstanding, basic | 29,531 | 29,512 | 29,478 | 29,288 | 29,000 | 28,959 | 28,926 | 28,751 | 29,453 | 28,909 | 28,688 |
Weighted average shares outstanding, fully diluted | 29,531 | 29,512 | 29,478 | 29,288 | 29,000 | 28,959 | 28,926 | 28,751 | 29,453 | 28,909 | 28,688 |