Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'SENIOR HOUSING PROPERTIES TRUST | ' |
Entity Central Index Key | '0001075415 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 203,722,922 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate properties: | ' | ' |
Land | $623,810 | $623,756 |
Buildings and improvements | 4,659,525 | 4,639,869 |
Total real estate properties, gross | 5,283,335 | 5,263,625 |
Less accumulated depreciation | -873,157 | -840,760 |
Total real estate properties, net | 4,410,178 | 4,422,865 |
Cash and cash equivalents | 32,967 | 39,233 |
Restricted cash | 10,502 | 12,514 |
Deferred financing fees, net | 26,810 | 27,975 |
Acquired real estate leases and other intangible assets, net | 96,469 | 103,494 |
Other assets | 201,742 | 158,585 |
Total assets | 4,778,668 | 4,764,666 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Unsecured revolving credit facility | 145,000 | 100,000 |
Senior unsecured notes, net of discount | 1,093,658 | 1,093,337 |
Secured debt and capital leases | 695,668 | 699,427 |
Accrued interest | 21,899 | 15,839 |
Assumed real estate lease obligations, net | 11,773 | 12,528 |
Other liabilities | 69,952 | 66,546 |
Total liabilities | 2,037,950 | 1,987,677 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common shares of beneficial interest, $.01 par value: 199,700,000 shares authorized, 188,187,580 and 188,167,643 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 1,882 | 1,882 |
Additional paid in capital | 3,498,027 | 3,497,589 |
Cumulative net income | 1,233,562 | 1,194,985 |
Cumulative other comprehensive income | 6,511 | 8,412 |
Cumulative distributions | -1,999,264 | -1,925,879 |
Total shareholders' equity | 2,740,718 | 2,776,989 |
Total liabilities and shareholders' equity | $4,778,668 | $4,764,666 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares authorized | 199,700,000 | 199,700,000 |
Common shares of beneficial interest, shares issued | 188,187,580 | 188,167,643 |
Common shares of beneficial interest, shares outstanding | 188,187,580 | 188,167,643 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Rental income | $112,055 | $111,852 |
Residents fees and services | 79,442 | 75,056 |
Total revenues | 191,497 | 186,908 |
Expenses: | ' | ' |
Property operating expenses | 77,802 | 73,679 |
Depreciation | 38,355 | 37,703 |
General and administrative | 8,290 | 8,648 |
Acquisition related costs | 122 | 1,903 |
Impairment of assets | ' | 1,304 |
Total expenses | 124,569 | 123,237 |
Operating income | 66,928 | 63,671 |
Interest and other income | 105 | 173 |
Interest expense | -28,900 | -29,564 |
Income from continuing operations before income tax expense and equity in earnings of an investee | 38,133 | 34,280 |
Income tax expense | -191 | -140 |
Equity in (losses) / earnings of an investee | -97 | 76 |
Income from continuing operations | 37,845 | 34,216 |
Discontinued operations: | ' | ' |
Income from discontinued operations | 1,300 | 1,019 |
Impairment of assets from discontinued operations | -721 | ' |
Income before gain on sale of properties | 38,424 | 35,235 |
Gain on sale of properties | 156 | ' |
Net income | 38,580 | 35,235 |
Other comprehensive income: | ' | ' |
Change in net unrealized (loss) / gain on investments | -1,921 | 8,764 |
Share of comprehensive income (loss) of an investee | 19 | -8 |
Comprehensive income | $36,678 | $43,991 |
Weighted average shares outstanding (in shares) | 188,176 | 184,605 |
Income from continuing operations per share (in dollars per share) | $0.21 | $0.18 |
Income from discontinued operations per share (in dollars per share) | ' | $0.01 |
Net income per share (in dollars per share) | $0.21 | $0.19 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $38,580 | $35,235 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation | 38,355 | 38,302 |
Amortization of deferred financing fees and debt discounts | 1,456 | 1,065 |
Straight line rental income | -1,583 | -1,833 |
Amortization of acquired real estate leases and other intangible assets | 722 | 995 |
Impairment of assets | 721 | 1,304 |
Gain on sale of properties | -156 | ' |
Equity in losses / (earnings) of an investee | 97 | -76 |
Change in assets and liabilities: | ' | ' |
Restricted cash | 2,012 | -2,444 |
Other assets | 3,082 | -3,822 |
Accrued interest | 6,060 | 5,838 |
Other liabilities | 771 | -868 |
Cash provided by operating activities | 90,117 | 73,696 |
Cash flows from investing activities: | ' | ' |
Real estate acquisitions and deposits | -50,050 | -73,406 |
Real estate improvements | -17,101 | -3,265 |
Proceeds from sale of properties | 2,400 | ' |
Cash used for investing activities | -64,751 | -76,671 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common shares, net | ' | 261,859 |
Proceeds from borrowings on revolving credit facility | 90,000 | ' |
Repayments of borrowings on revolving credit facility | -45,000 | -190,000 |
Repayment of other debt | -3,246 | -3,199 |
Payment of deferred financing fees | ' | -221 |
Distributions to shareholders | -73,386 | -68,857 |
Cash used for financing activities | -31,632 | -418 |
Decrease in cash and cash equivalents | -6,266 | -3,393 |
Cash and cash equivalents at beginning of period | 39,233 | 42,382 |
Cash and cash equivalents at end of period | 32,967 | 38,989 |
Supplemental cash flow information: | ' | ' |
Interest paid | 21,384 | 22,660 |
Income taxes paid | 200 | 81 |
Non-cash investing activities: | ' | ' |
Acquisitions funded by assumed debt | ' | -12,266 |
Non-cash financing activities: | ' | ' |
Assumption of mortgage notes payable | ' | 12,266 |
Issuance of common shares | $438 | $582 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
The accompanying condensed consolidated financial statements of Senior Housing Properties Trust and its subsidiaries, or we, us, or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2013, or our Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. These reclassifications were made to conform the prior periods’ rental income, property operating expenses, discontinued operations, general and administrative expenses, interest and other income and impairment of assets to the current classification. These reclassifications had no effect on net income or shareholders’ equity. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
Note 2. Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update amends the criteria for reporting discontinued operations to, among other things, change the criteria for disposals to qualify as discontinued operations. This update is effective for interim and annual reporting periods, beginning after December 15, 2014, with early adoption permitted. We currently expect the adoption of this update to reduce the number of future property dispositions we make, if any, to be presented as discontinued operations in our condensed consolidated financial statements. |
Real_Estate_Properties
Real Estate Properties | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate Properties | ' | |||||||
Real Estate Properties | ' | |||||||
Note 3. Real Estate Properties | ||||||||
At March 31, 2014, we owned 374 properties (400 buildings) located in 40 states and Washington, D.C. We have accounted, or expect to account for the following acquisitions as business combinations unless otherwise noted. | ||||||||
MOB Acquisitions: | ||||||||
In April 2014, we acquired one property (one building) leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or an MOB, for approximately $32,658, including the assumption of approximately $15,630 of mortgage debt, and excluding closing costs. This MOB is located in Texas and includes 125,240 square feet of leasable space. We funded this acquisition using cash on hand and borrowings under our revolving credit facility. | ||||||||
In February 2014, we entered into an agreement to acquire one MOB (two buildings) for approximately $1,125,420, excluding closing costs. This MOB is located in Massachusetts and includes 1,651,037 gross building square feet. The closing of this acquisition is contingent upon various closing conditions; accordingly, we can provide no assurance that we will purchase this property, that this acquisition will not be delayed or that its terms will not change. | ||||||||
Impairment | ||||||||
We periodically evaluate our properties for impairments. Impairment indicators may include declining tenant occupancy, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life, and legislative, market or industry changes that could permanently reduce the value of a property. If indicators of impairment are present, we evaluate the carrying value of the affected property by comparing it to the expected future undiscounted net cash flows to be generated from that property. If the sum of these expected future net cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. During the three months ended March 31, 2013, we recorded an impairment of assets charge of $1,304 to reduce the carrying value of one of our properties held for use to its estimated net sale price. | ||||||||
As of March 31, 2014, we had nine senior living communities with 708 units and four MOBs (seven buildings) with 831,499 square feet categorized as properties held for sale. During the three months ended March 31, 2014, we recorded impairment of assets charges of $721 to reduce the carrying value of two MOBs included in discontinued operations to their aggregate estimated net sale price. The 13 properties are included in other assets in our condensed consolidated balance sheets and have a net book value (after impairment) of approximately $25,644 at March 31, 2014. As of December 31, 2013, we had 10 senior living communities with 744 units and four MOBs (seven buildings) with 831,499 square feet categorized as properties held for sale, which were similarly recorded and categorized at March 31, 2014, except that one of the senior living communities was sold in January 2014, as noted below. These properties are included in other assets in our condensed consolidated balance sheets and had a net book value (after impairment) of approximately $27,888 at December 31, 2013. We decided to sell these properties due to underlying conditions in the markets where these properties are located. We classify all properties that meet the criteria outlined in the Property, Plant and Equipment Topic of the FASB Accounting Standards Codification, or the Codification, as held for sale in our condensed consolidated balance sheets. | ||||||||
Results of operations for properties sold or held for sale are included in discontinued operations in our condensed consolidated statements of operations once the criteria for discontinued operations in the Presentation of Financial Statements Topic of the Codification are met. Summarized income statement information for the four MOBs (seven buildings) that meet the criteria for discontinued operations is included in discontinued operations as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 2,294 | $ | 2,521 | ||||
Property operating expenses | (994 | ) | (903 | ) | ||||
Depreciation and amortization | — | (599 | ) | |||||
Income from discontinued operations | $ | 1,300 | $ | 1,019 | ||||
In January 2014, we sold a senior living community with 36 units that was previously classified as held for sale for $2,400 and recorded a gain on the sale of this property of approximately $156. | ||||||||
In April 2014, we sold one MOB (one building) for approximately $5,000, excluding closing costs. We will record the gain or loss on this sale during the period ended June 30, 2014 when all of the costs of the sale are known. | ||||||||
The senior living properties which we are offering for sale do not meet the criteria for discontinued operations as they are included within combination leases with other properties that we expect to continue leasing. |
Unrealized_Gain_Loss_on_Invest
Unrealized Gain / Loss on Investments | 3 Months Ended |
Mar. 31, 2014 | |
Unrealized Gain / Loss on Investments | ' |
Unrealized Gain / Loss on Investments | ' |
Note 4. Unrealized Gain / Loss on Investments | |
As of March 31, 2014, we owned 250,000 common shares of CommonWealth REIT, or CWH, and 4,235,000 common shares of Five Star Quality Care, Inc., or Five Star, which are carried at fair market value in other assets on our condensed consolidated balance sheets. Cumulative other comprehensive income shown in our condensed consolidated balance sheets includes the net unrealized gain or loss on investments determined as the net difference between the value at quoted market prices of our CWH and Five Star shares as of March 31, 2014 ($26.30 and $4.86 per share, respectively) and our weighted average costs at the time we acquired these shares, as adjusted to reflect any share splits or combinations ($26.00 and $3.36 per share, respectively). |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2014 | |
Indebtedness | ' |
Indebtedness | ' |
Note 5. Indebtedness | |
Our principal debt obligations at March 31, 2014 were: (1) outstanding borrowings under our $750,000 unsecured revolving credit facility; (2) four public issuances of unsecured senior notes, including: (a) $250,000 principal amount at an annual interest rate of 4.30% due 2016, (b) $200,000 principal amount at an annual interest rate of 6.75% due 2020, (c) $300,000 principal amount at an annual interest rate of 6.75% due 2021 and (d) $350,000 principal amount at an annual interest rate of 5.625% due 2042; and (3) $678,514 aggregate principal amount of mortgages secured by 48 of our properties (51 buildings) with maturity dates from 2014 to 2043. The 48 mortgaged properties (51 buildings) had a carrying value of $941,064 at March 31, 2014. We also had two properties subject to capital leases totaling $13,181 at March 31, 2014; these two properties had a carrying value of $18,534 at March 31, 2014. | |
In September 2013, we amended the agreement governing our unsecured revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of other lenders. As a result of the amendment the stated maturity date of the revolving credit facility was extended from June 24, 2015 to January 15, 2018. Subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date by an additional one year. The revolving credit facility agreement provides that we can borrow, repay and reborrow funds available under the revolving credit facility agreement until maturity, and no principal repayment is due until maturity. The $750,000 maximum amount of our revolving credit facility remained unchanged by the amendment. The revolving credit facility agreement continues to include a feature under which maximum borrowings under the facility may be increased to up to $1,500,000 in certain circumstances. Under this amendment, the interest rate paid on borrowings under the revolving credit facility agreement is LIBOR plus a premium of 130 basis points, and the facility fee is 30 basis points per annum on the total amount of lending commitments. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. The weighted average interest rate for borrowings under our revolving credit facility was 1.42% for the three months ended March 31, 2014. We incurred interest expense and other associated costs related to our revolving credit facility of $425 for the three months ended March 31, 2014. As of March 31, 2014 and May 2, 2014, we had $145,000 and $0 outstanding and $605,000 and $750,000 available under our revolving credit facility, respectively. | |
Our revolving credit facility agreement provides for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes Reit Management & Research LLC, or RMR, ceasing to act as our business manager and property manager. | |
Our public debt indentures and related supplements and our credit facility agreement contain a number of financial and other covenants, including covenants that restrict our ability to incur indebtedness or to make distributions under certain circumstances and require us to maintain financial ratios and a minimum net worth. | |
In April 2014, we sold $400,000 of 3.25% senior unsecured notes due 2019 and $250,000 of 4.75% senior unsecured notes due 2024, raising net proceeds of approximately $644,889, after underwriting discounts but before expenses. We plan to use the net proceeds of this offering for general business purposes, including funding the pending acquisition described in Note 3. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Shareholders' Equity | ' |
Shareholders' Equity | ' |
Note 6. Shareholders’ Equity | |
On February 21, 2014, we paid a $0.39 per share, or $73,386, distribution to our common shareholders with respect to our operating results for the quarter ended December 31, 2013. On April 2, 2014, we declared a quarterly distribution of $0.39 per share, or $73,393, to our common shareholders of record on April 14, 2014, with respect to our operating results for the quarter ended March 31, 2014; we expect to pay this distribution on or about May 21, 2014. | |
We issued 19,937 common shares to RMR during the three months ended March 31, 2014 and 10,342 shares in April 2014, as part of its compensation under our business management agreement. See Note 10 for further information regarding this agreement. | |
In April 2014, we issued 15,525,000 common shares in a public offering, raising net proceeds of approximately $323,318, after underwriting discounts but before expenses. We used the net proceeds from this offering to repay borrowings outstanding under our revolving credit facility and for general business purposes, including the partial funding of the pending acquisition described in Note 3. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Note 7. Fair Value of Assets and Liabilities | ||||||||||||||
The following table presents certain of our assets and liabilities that are measured at fair value on a recurring and non recurring basis at March 31, 2014 categorized by the level of inputs used in the valuation of each asset or liability. | ||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||
Inputs | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets held for sale(1) | $ | 25,644 | $ | — | $ | 25,644 | $ | — | ||||||
Long-lived assets held and used(2) | $ | 653 | $ | — | $ | 653 | $ | — | ||||||
Investments in available for sale securities(3) | $ | 27,157 | $ | 27,157 | $ | — | $ | — | ||||||
Unsecured senior notes(4) | $ | 1,130,343 | $ | 1,130,343 | $ | — | $ | — | ||||||
Secured debt(5) | $ | 753,953 | $ | — | $ | — | $ | 753,953 | ||||||
(1) Assets held for sale consist of thirteen of our properties that we expect to sell that are reported at fair value less costs to sell. We used offers to purchase these properties made by third parties or comparable sales transactions (Level 2 inputs) to determine the fair value of these properties. We have recorded cumulative impairments of approximately $41,911 to these properties in order to reduce their book value to fair value. | ||||||||||||||
(2) Long-lived assets held and used consist of one of our properties for which we reduced the carrying value. We used broker information and comparable sales transactions (Level 2 inputs) to determine the fair value of this property. We previously recorded an impairment of assets charge of $1,304 for the three months ended March 31, 2013 for this property in order to reduce its carrying value to the amount stated. | ||||||||||||||
(3) Our investments in available for sale securities include our 250,000 common shares of CWH and 4,235,000 common shares of Five Star. The fair values of these shares are based on quoted prices at March 31, 2014 in active markets (Level 1 inputs). | ||||||||||||||
(4) We estimate the fair values of our unsecured senior notes using an average of the bid and ask price of our outstanding four issuances of senior notes (Level 1 inputs) on or about March 31, 2014. The fair values of these senior note obligations exceed their aggregate book values of $1,093,658 by $36,685 because these notes were trading at a premium to their face amounts. | ||||||||||||||
(5) We estimate the fair values of our secured debt by using discounted cash flow analyses and currently prevailing market terms at March 31, 2014 (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. | ||||||||||||||
In addition to the assets and liabilities described in the above table, our additional financial instruments include rents receivable, cash and cash equivalents, restricted cash, other unsecured debt and other liabilities. The fair values of these additional financial instruments approximate their carrying values at March 31, 2014 based upon their liquidity, short term maturity, variable rate pricing or our estimate of fair value using discounted cash flow analyses and prevailing interest rates. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 8. Segment Reporting | |||||||||||||||||
We have four operating segments, of which three are separately reportable operating segments: (i) triple net senior living communities that provide short term and long term residential care and dining services for residents, (ii) managed senior living communities that provide short term and long term residential care and dining services for residents and (iii) MOBs. Our triple net and managed senior living communities include independent living communities and assisted living communities and skilled nursing facilities, or SNFs. Properties in the MOB segment include medical office, clinic and biotech laboratory buildings. The “All Other” category in the following table includes amounts related to corporate business activities and the operating results of certain properties that offer fitness, wellness and spa services to members. | |||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||
Triple Net | Managed | MOBs | All Other | Consolidated | |||||||||||||
Senior Living | Senior Living | Operations | |||||||||||||||
Communities | Communities | ||||||||||||||||
Revenues: | |||||||||||||||||
Rental income | $ | 54,890 | $ | — | $ | 52,763 | $ | 4,402 | $ | 112,055 | |||||||
Residents fees and services | — | 79,442 | — | — | 79,442 | ||||||||||||
Total revenues | 54,890 | 79,442 | 52,763 | 4,402 | 191,497 | ||||||||||||
Expenses: | |||||||||||||||||
Property operating expenses | — | 60,788 | 17,014 | — | 77,802 | ||||||||||||
Depreciation | 15,637 | 8,155 | 13,615 | 948 | 38,355 | ||||||||||||
General and administrative | — | — | — | 8,290 | 8,290 | ||||||||||||
Acquisition related costs | — | — | — | 122 | 122 | ||||||||||||
Total expenses | 15,637 | 68,943 | 30,629 | 9,360 | 124,569 | ||||||||||||
Operating income (loss) | 39,253 | 10,499 | 22,134 | (4,958 | ) | 66,928 | |||||||||||
Interest and other income | — | — | — | 105 | 105 | ||||||||||||
Interest expense | (6,388 | ) | (2,988 | ) | (1,337 | ) | (18,187 | ) | (28,900 | ) | |||||||
Income (loss) before income tax expense and equity in earnings of an investee | 32,865 | 7,511 | 20,797 | (23,040 | ) | 38,133 | |||||||||||
Income tax expense | — | — | — | (191 | ) | (191 | ) | ||||||||||
Equity in losses of an investee | — | — | — | (97 | ) | (97 | ) | ||||||||||
Income (loss) from continuing operations | 32,865 | 7,511 | 20,797 | (23,328 | ) | 37,845 | |||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations | — | — | 1,300 | — | 1,300 | ||||||||||||
Impairment of assets from discontinued operations | — | — | (721 | ) | — | (721 | ) | ||||||||||
Income (loss) before gain on sale of properties | 32,865 | 7,511 | 21,376 | (23,328 | ) | 38,424 | |||||||||||
Gain on sale of properties | 156 | — | — | — | 156 | ||||||||||||
Net income (loss) | $ | 33,021 | $ | 7,511 | $ | 21,376 | $ | (23,328 | ) | $ | 38,580 | ||||||
Total assets | $ | 1,843,510 | $ | 949,468 | $ | 1,717,000 | $ | 268,689 | $ | 4,778,667 | |||||||
For the Three Months Ended March 31, 2013 | |||||||||||||||||
Triple Net | Managed | MOBs | All Other | Consolidated | |||||||||||||
Senior Living | Senior Living | Operations | |||||||||||||||
Communities | Communities | ||||||||||||||||
Revenues: | |||||||||||||||||
Rental income | $ | 56,765 | $ | — | $ | 50,683 | $ | 4,404 | $ | 111,852 | |||||||
Residents fees and services | — | 75,056 | — | — | 75,056 | ||||||||||||
Total revenues | 56,765 | 75,056 | 50,683 | 4,404 | 186,908 | ||||||||||||
Expenses: | |||||||||||||||||
Property operating expenses | — | 57,904 | 15,775 | — | 73,679 | ||||||||||||
Depreciation | 16,917 | 6,849 | 12,989 | 948 | 37,703 | ||||||||||||
General and administrative | — | — | — | 8,648 | 8,648 | ||||||||||||
Acquisition related costs | — | — | — | 1,903 | 1,903 | ||||||||||||
Impairment of assets | — | — | — | 1,304 | 1,304 | ||||||||||||
Total expenses | 16,917 | 64,753 | 28,764 | 12,803 | 123,237 | ||||||||||||
Operating income (loss) | 39,848 | 10,303 | 21,919 | (8,399 | ) | 63,671 | |||||||||||
Interest and other income | — | — | — | 173 | 173 | ||||||||||||
Interest expense | (6,463 | ) | (3,068 | ) | (1,348 | ) | (18,685 | ) | (29,564 | ) | |||||||
Income (loss) before income tax expense and equity in earnings of an investee | 33,385 | 7,235 | 20,571 | (26,911 | ) | 34,280 | |||||||||||
Income tax expense | — | — | — | (140 | ) | (140 | ) | ||||||||||
Equity in earnings of an investee | — | — | — | 76 | 76 | ||||||||||||
Income (loss) from continuing operations | 33,385 | 7,235 | 20,571 | (26,975 | ) | 34,216 | |||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations | — | — | 1,019 | — | 1,019 | ||||||||||||
Net income (loss) | $ | 33,385 | $ | 7,235 | $ | 21,590 | $ | (26,975 | ) | $ | 35,235 | ||||||
Total assets | $ | 1,937,795 | $ | 954,155 | $ | 1,728,516 | $ | 190,803 | $ | 4,811,269 |
Significant_Tenant
Significant Tenant | 3 Months Ended |
Mar. 31, 2014 | |
Significant Tenant | ' |
Significant Tenant | ' |
Note 9. Significant Tenant | |
Five Star is our former subsidiary. Rental income from Five Star represented 42.1% of our rental income for the three months ended March 31, 2014, and the properties Five Star leases from us represented 40.0% of our investments, at cost, as of March 31, 2014. As of March 31, 2014, Five Star also managed 44 senior living communities for our account. | |
Subject to the information in the following paragraph, financial information about Five Star may be found on the website of the Securities and Exchange Commission, or SEC, by entering Five Star’s name at http://www.sec.gov/edgar/searchedgar/companysearch.html. Reference to Five Star’s financial information on this external website is presented to comply with applicable accounting guidance of the SEC. Except for such financial information contained therein as is included herein under such guidance, Five Star’s public filings and other information located in external websites are not incorporated by reference into these financial statements. | |
In April 2014, Five Star filed with the SEC an amended Annual Report on Form 10-K for the year ended December 31, 2012 and amended Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 that restated its financial results for 2011, 2012 and the first and second quarters of 2013 to correct certain errors in the accounting for income taxes and other errors contained in its previously filed financial reports for those periods. In addition, in April 2014, Five Star filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. In those filings, Five Star disclosed that, as a result of the matters discussed above, Five Star has material weaknesses in its internal control over financial reporting, that Five Star is currently in the process of developing a remediation plan for the material weaknesses, and that Five Star expects the remediation of the material weaknesses to be completed before December 31, 2014. Five Star has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2013. Five Star has publicly disclosed that it is in the process of preparing its Annual Report on Form 10-K for the year ended December 31, 2013. However, there is no assurance as to when that report will be completed and filed with the SEC. | |
See Note 10 for further information relating to our leases and management arrangements with Five Star. |
Related_Person_Transactions
Related Person Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Person Transactions | ' |
Related Person Transactions | ' |
Note 10. Related Person Transactions | |
Five Star: Five Star was formerly our 100% owned subsidiary. Five Star is our largest tenant, we are Five Star’s largest stockholder and Five Star manages several senior living communities for us. In 2001, we distributed substantially all of Five Star’s then outstanding shares of common stock to our shareholders. As of March 31, 2014, we owned 4,235,000 shares of common stock of Five Star, or approximately 8.7% of Five Star’s outstanding shares of common stock. One of our Managing Trustees, Mr. Barry Portnoy, is a managing director of Five Star. RMR provides management services to both us and Five Star. Five Star’s President and Chief Executive Officer and its Chief Financial Officer and Treasurer are officers of RMR. | |
As of March 31, 2014, we leased 186 senior living communities to Five Star. Under Five Star’s leases with us, Five Star pays us rent consisting of minimum annual rent amounts plus percentage rent based on increases in gross revenues at certain properties. Five Star’s total minimum annual rent payable to us as of March 31, 2014 was $190,614, excluding percentage rent. We recognized total rental income from Five Star of $47,506 and $49,444 for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and 2013, our rents receivable from Five Star were $15,835 and $17,620, respectively, and those amounts are included in other assets in our condensed consolidated balance sheets. We had deferred estimated percentage rent under our Five Star leases of $1,416 and $1,254 for the three months ended March 31, 2014 and 2013, respectively. We determine percentage rent due under our Five Star leases annually and recognize it at year end when all contingencies are met. During the three months ended March 31, 2014 and 2013, pursuant to the terms of our leases with Five Star, we purchased $8,614 and $8,171, respectively, of improvements made to properties leased to Five Star, and, as a result, the annual rent payable to us by Five Star increased by approximately $689 and $654, respectively. | |
In June 2013, we and Five Star agreed to offer for sale 11 senior living communities we lease to Five Star. Five Star’s rent payable to us will be reduced if and as these sales may occur pursuant to terms set in our leases with Five Star. In August 2013, we sold one of these communities, a SNF, with 112 living units, for a sales price of $2,550, and as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $255, or 10% of the net proceeds of the sale to us, in accordance with the terms of the applicable lease. In January 2014, we sold one senior living community located in Texas with 36 assisted living units, for a sale price of $2,400, and as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $210, or 8.75% of the net proceeds of the sale to us, in accordance with the terms of the applicable lease. We can provide no assurance that the remaining nine senior living communities which we and Five Star have agreed to offer for sale will be sold, when any sales may occur or what the terms of any sales may provide. | |
Five Star began managing communities for our account in 2011 in connection with our acquisition of certain senior living communities at that time. We have since acquired additional communities that are being managed by Five Star. As of March 31, 2014, Five Star managed 44 senior living communities for our account. We lease our senior living communities that are managed by Five Star that include assisted living units or SNFs to our TRSs, and Five Star manages these communities pursuant to long term management agreements. | |
In connection with the management agreements, we and Five Star have entered into four combination agreements, or pooling agreements: three pooling agreements combine our management agreements for communities that include assisted living units, or the AL Pooling Agreements, and a fourth pooling agreement, combines our management agreements for communities consisting only of independent living units, or the IL Pooling Agreement. The management agreements that are included in each of our pooling agreements are on substantially similar terms. Each of our first and second AL Pooling Agreements includes 20 identified communities. The third AL Pooling Agreement currently includes the management agreement for a community we acquired in November 2013. The IL Pooling Agreement currently includes management agreements for two communities that have only independent living units. The senior living community in New York described below that Five Star manages for our account is not included in any of our pooling agreements. Each of the AL Pooling Agreements and the IL Pooling Agreement aggregates the determination of fees and expenses of the various communities that are subject to such pooling agreement, including determinations of our return on our invested capital and Five Star’s incentive fees. We incurred management fees of $2,425 and $2,295 for the three months ended March 31, 2014 and 2013, respectively, with respect to the communities Five Star manages. These amounts are included in property operating expenses in our condensed consolidated statements of income and comprehensive income. | |
We own a senior living community in New York with 310 living units, a portion of which is managed by Five Star pursuant to a long term management agreement with us with respect to the living units at this community that are not subject to the requirements of New York healthcare licensing laws. In order to accommodate certain requirements of New York healthcare licensing laws, one of our TRSs subleases the portion of this community that is subject to those requirements to an entity, D&R Yonkers LLC, which is owned by our President and Chief Operating Officer and Treasurer and Chief Financial Officer. Five Star manages this portion of the community pursuant to a long term management agreement with D&R Yonkers LLC. Under the sublease agreement, D&R Yonkers LLC is obligated to pay rent only from available revenues generated by the subleased community. Our TRS is obligated to advance any rent shortfalls to D&R Yonkers LLC, and D&R Yonkers LLC is obligated to repay one of our TRSs only from available revenues generated by the subleased community. | |
We may enter into additional management arrangements with Five Star for our senior living communities and we may add the management agreements to our existing pooling agreements or enter into additional pooling agreements with Five Star. | |
RMR: We have no employees. Personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management and administrative services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to the property level operations of our MOBs. | |
One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Our other Managing Trustee, Mr. Adam Portnoy, is the son of Mr. Barry Portnoy, and an owner, President, Chief Executive Officer and a director of RMR. Each of our executive officers is also an officer of RMR, and our President and Chief Operating Officer, Mr. David Hegarty, is a director of RMR. A majority of our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services. Mr. Barry Portnoy serves as a managing director or managing trustee of a majority of those companies and Mr. Adam Portnoy serves as a managing trustee of a majority of those companies. In addition, officers of RMR serve as officers of those companies. | |
Pursuant to our business management agreement with RMR, we recognized business management fees of $6,682 and $6,550 for the three months ended March 31, 2014 and 2013, respectively. These amounts are included in general and administrative expenses in our condensed consolidated financial statements. In accordance with the terms of our business management agreement, as amended in December 2013, we issued 30,279 of our common shares to RMR for the three months ended March 31, 2014 as payment for 10% of the base business management fee we recognized for such period. | |
In connection with our property management agreement with RMR, the aggregate property management and construction supervision fees we recognized were $1,638 and $1,600 for the three months ended March 31, 2014 and 2013, respectively. These amounts are included in property operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. | |
AIC: We, RMR, Five Star and four other companies to which RMR provides management services each currently own approximately 12.5% of Affiliates Insurance Company, or AIC, an Indiana insurance company. All of our Trustees and most of the trustees and directors of the other AIC shareholders currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. | |
We and the other shareholders of AIC have purchased property insurance providing $500,000 of coverage pursuant to an insurance program arranged by AIC and with respect to which AIC is a reinsurer of certain coverage amounts. This program currently expires in June 2014, and we may determine to renew our participation in this program at that time. As of March 31, 2014, we have invested $5,209 in AIC since its formation in 2008. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC as all of our Trustees are also directors of AIC. Our investment in AIC had a carrying value of $5,835 and $5,913 as of March 31, 2014 and December 31, 2013, respectively, which amounts are included in other assets on our condensed consolidated balance sheet. We recognized a loss of $97 and income of $76 related to our investment in AIC for the three months ended March 31, 2014 and 2013, respectively. | |
On March 25, 2014, as a result of the removal, without cause, of all of the trustees of CWH, CWH underwent a change in control, as defined in the shareholders agreement among us, the other shareholders of AIC and AIC. In April 2014, as a result of the change in control of CWH and in accordance with the terms of the shareholders agreement, we provided notice of exercise of our right to purchase shares of AIC CWH then owned. We expect that we and the other non-CWH shareholders will purchase pro rata all of the AIC shares CWH owns. As such, we expect to purchase 2,857 of those shares for $825, and that following these purchases, we and the other remaining six shareholders will then each own approximately 14.3% of AIC. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Note 11. Income Taxes | |
We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, and as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease certain managed senior living communities to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated federal corporate income tax return and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes we incur despite our REIT status. During the three months ended March 31, 2014 and 2013, we recognized income tax expense of $191 and $140, respectively. |
Real_Estate_Properties_Tables
Real Estate Properties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate Properties | ' | |||||||
Schedule of summarized income statement information for the seven MOBs that meet the criteria for discontinued operations included in discontinued operations | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 2,294 | $ | 2,521 | ||||
Property operating expenses | (994 | ) | (903 | ) | ||||
Depreciation and amortization | — | (599 | ) | |||||
Income from discontinued operations | $ | 1,300 | $ | 1,019 |
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Assets and liabilities measured at fair value | ' | |||||||||||||
The following table presents certain of our assets and liabilities that are measured at fair value on a recurring and non recurring basis at March 31, 2014 categorized by the level of inputs used in the valuation of each asset or liability. | ||||||||||||||
Quoted Prices in | Significant | Significant | ||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||
Inputs | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Assets held for sale(1) | $ | 25,644 | $ | — | $ | 25,644 | $ | — | ||||||
Long-lived assets held and used(2) | $ | 653 | $ | — | $ | 653 | $ | — | ||||||
Investments in available for sale securities(3) | $ | 27,157 | $ | 27,157 | $ | — | $ | — | ||||||
Unsecured senior notes(4) | $ | 1,130,343 | $ | 1,130,343 | $ | — | $ | — | ||||||
Secured debt(5) | $ | 753,953 | $ | — | $ | — | $ | 753,953 | ||||||
(1) Assets held for sale consist of thirteen of our properties that we expect to sell that are reported at fair value less costs to sell. We used offers to purchase these properties made by third parties or comparable sales transactions (Level 2 inputs) to determine the fair value of these properties. We have recorded cumulative impairments of approximately $41,911 to these properties in order to reduce their book value to fair value. | ||||||||||||||
(2) Long-lived assets held and used consist of one of our properties for which we reduced the carrying value. We used broker information and comparable sales transactions (Level 2 inputs) to determine the fair value of this property. We previously recorded an impairment of assets charge of $1,304 for the three months ended March 31, 2013 for this property in order to reduce its carrying value to the amount stated. | ||||||||||||||
(3) Our investments in available for sale securities include our 250,000 common shares of CWH and 4,235,000 common shares of Five Star. The fair values of these shares are based on quoted prices at March 31, 2014 in active markets (Level 1 inputs). | ||||||||||||||
(4) We estimate the fair values of our unsecured senior notes using an average of the bid and ask price of our outstanding four issuances of senior notes (Level 1 inputs) on or about March 31, 2014. The fair values of these senior note obligations exceed their aggregate book values of $1,093,658 by $36,685 because these notes were trading at a premium to their face amounts. | ||||||||||||||
(5) We estimate the fair values of our secured debt by using discounted cash flow analyses and currently prevailing market terms at March 31, 2014 (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Schedule of segment reporting information | ' | ||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||
Triple Net | Managed | MOBs | All Other | Consolidated | |||||||||||||
Senior Living | Senior Living | Operations | |||||||||||||||
Communities | Communities | ||||||||||||||||
Revenues: | |||||||||||||||||
Rental income | $ | 54,890 | $ | — | $ | 52,763 | $ | 4,402 | $ | 112,055 | |||||||
Residents fees and services | — | 79,442 | — | — | 79,442 | ||||||||||||
Total revenues | 54,890 | 79,442 | 52,763 | 4,402 | 191,497 | ||||||||||||
Expenses: | |||||||||||||||||
Property operating expenses | — | 60,788 | 17,014 | — | 77,802 | ||||||||||||
Depreciation | 15,637 | 8,155 | 13,615 | 948 | 38,355 | ||||||||||||
General and administrative | — | — | — | 8,290 | 8,290 | ||||||||||||
Acquisition related costs | — | — | — | 122 | 122 | ||||||||||||
Total expenses | 15,637 | 68,943 | 30,629 | 9,360 | 124,569 | ||||||||||||
Operating income (loss) | 39,253 | 10,499 | 22,134 | (4,958 | ) | 66,928 | |||||||||||
Interest and other income | — | — | — | 105 | 105 | ||||||||||||
Interest expense | (6,388 | ) | (2,988 | ) | (1,337 | ) | (18,187 | ) | (28,900 | ) | |||||||
Income (loss) before income tax expense and equity in earnings of an investee | 32,865 | 7,511 | 20,797 | (23,040 | ) | 38,133 | |||||||||||
Income tax expense | — | — | — | (191 | ) | (191 | ) | ||||||||||
Equity in losses of an investee | — | — | — | (97 | ) | (97 | ) | ||||||||||
Income (loss) from continuing operations | 32,865 | 7,511 | 20,797 | (23,328 | ) | 37,845 | |||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations | — | — | 1,300 | — | 1,300 | ||||||||||||
Impairment of assets from discontinued operations | — | — | (721 | ) | — | (721 | ) | ||||||||||
Income (loss) before gain on sale of properties | 32,865 | 7,511 | 21,376 | (23,328 | ) | 38,424 | |||||||||||
Gain on sale of properties | 156 | — | — | — | 156 | ||||||||||||
Net income (loss) | $ | 33,021 | $ | 7,511 | $ | 21,376 | $ | (23,328 | ) | $ | 38,580 | ||||||
Total assets | $ | 1,843,510 | $ | 949,468 | $ | 1,717,000 | $ | 268,689 | $ | 4,778,667 | |||||||
For the Three Months Ended March 31, 2013 | |||||||||||||||||
Triple Net | Managed | MOBs | All Other | Consolidated | |||||||||||||
Senior Living | Senior Living | Operations | |||||||||||||||
Communities | Communities | ||||||||||||||||
Revenues: | |||||||||||||||||
Rental income | $ | 56,765 | $ | — | $ | 50,683 | $ | 4,404 | $ | 111,852 | |||||||
Residents fees and services | — | 75,056 | — | — | 75,056 | ||||||||||||
Total revenues | 56,765 | 75,056 | 50,683 | 4,404 | 186,908 | ||||||||||||
Expenses: | |||||||||||||||||
Property operating expenses | — | 57,904 | 15,775 | — | 73,679 | ||||||||||||
Depreciation | 16,917 | 6,849 | 12,989 | 948 | 37,703 | ||||||||||||
General and administrative | — | — | — | 8,648 | 8,648 | ||||||||||||
Acquisition related costs | — | — | — | 1,903 | 1,903 | ||||||||||||
Impairment of assets | — | — | — | 1,304 | 1,304 | ||||||||||||
Total expenses | 16,917 | 64,753 | 28,764 | 12,803 | 123,237 | ||||||||||||
Operating income (loss) | 39,848 | 10,303 | 21,919 | (8,399 | ) | 63,671 | |||||||||||
Interest and other income | — | — | — | 173 | 173 | ||||||||||||
Interest expense | (6,463 | ) | (3,068 | ) | (1,348 | ) | (18,685 | ) | (29,564 | ) | |||||||
Income (loss) before income tax expense and equity in earnings of an investee | 33,385 | 7,235 | 20,571 | (26,911 | ) | 34,280 | |||||||||||
Income tax expense | — | — | — | (140 | ) | (140 | ) | ||||||||||
Equity in earnings of an investee | — | — | — | 76 | 76 | ||||||||||||
Income (loss) from continuing operations | 33,385 | 7,235 | 20,571 | (26,975 | ) | 34,216 | |||||||||||
Discontinued operations: | |||||||||||||||||
Income from discontinued operations | — | — | 1,019 | — | 1,019 | ||||||||||||
Net income (loss) | $ | 33,385 | $ | 7,235 | $ | 21,590 | $ | (26,975 | ) | $ | 35,235 | ||||||
Total assets | $ | 1,937,795 | $ | 954,155 | $ | 1,728,516 | $ | 190,803 | $ | 4,811,269 |
Real_Estate_Properties_Details
Real Estate Properties (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Mar. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Aug. 31, 2013 | Apr. 30, 2014 | Feb. 28, 2014 | Jan. 31, 2014 |
item | MOB | MOB | Senior living communities | Senior living communities | Senior living communities | Senior living communities | Sale | Sale | Sale | Acquisition | MA | Texas | ||
building | item | property | item | item | Five Star | Five Star | MOB | Senior living communities | Senior living communities | MOB | Agreement to acquire | Sale | ||
property | sqft | building | property | item | Subsequent event | Five Star | Five Star | Subsequent event | MOB | Senior living communities | ||||
state | building | sqft | item | property | property | item | building | property | Five Star | |||||
property | building | item | property | building | item | |||||||||
sqft | sqft | |||||||||||||
Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties owned | 374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings owned | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states in which properties are located | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired or agreed to be acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' |
Number of buildings acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' |
Number of living units | ' | ' | ' | ' | 708 | 744 | ' | ' | ' | 36 | 112 | ' | ' | ' |
Cash Paid plus Assumed Debt, excluding closing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32,658 | $1,125,420 | ' |
Mortgage debt assumed in connection with real estate acquisitions | ' | 12,266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,630 | ' | ' |
Area of real estate properties acquired (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,240 | 1,651,037 | ' |
Impairment of asset charges recorded | ' | 1,304 | 721 | ' | 721 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties classified as held for sale | 13 | ' | 4 | 4 | 9 | 10 | 10 | 9 | ' | ' | ' | ' | ' | ' |
Number of buildings classified as held for sale | ' | ' | 7 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property held for sale (in square feet) | ' | ' | 831,499 | 831,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties impaired | 1 | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties, held for sale | ' | ' | ' | ' | 25,644 | 27,888 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties to be sold | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | 1 | ' | ' | ' | 36 |
Sale price of property sold and agreed to be sold | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | 2,400 | 2,550 | ' | ' | 2,400 |
Gain on the sale of property | $156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $156 |
Number of buildings sold | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Real_Estate_Properties_Details1
Real Estate Properties (Details 2) (USD $) | 3 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
property | MOBs | MOBs | Discontinued operations, properties sold or held for sale | Discontinued operations, properties sold or held for sale | ||
building | property | MOBs | MOBs | |||
property | building | building | ||||
property | ||||||
Real estate properties | ' | ' | ' | ' | ' | ' |
Number of properties that met the criteria for discontinued operations | 13 | ' | 4 | 4 | 4 | ' |
Number of buildings that met the criteria for discontinued operations | ' | ' | 7 | 7 | 7 | ' |
Rental income | $112,055 | $111,852 | ' | ' | $2,294 | $2,521 |
Property operating expenses | -77,802 | -73,679 | ' | ' | -994 | -903 |
Depreciation and amortization | -38,355 | -37,703 | ' | ' | ' | -599 |
Income from discontinued operations | $1,300 | $1,019 | ' | ' | $1,300 | $1,019 |
Unrealized_Gain_Loss_on_Invest1
Unrealized Gain / Loss on Investments (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
CommonWealth REIT (CWH) | ' |
Unrealized gain on investments | ' |
Investment in common shares | 250,000 |
Quoted market prices (in dollars per share) | $26.30 |
Weighted average costs (in dollars per share) | $26 |
Five Star Quality Care, Inc. (Five Star) | ' |
Unrealized gain on investments | ' |
Investment in common shares | 4,235,000 |
Quoted market prices (in dollars per share) | $4.86 |
Weighted average costs (in dollars per share) | $3.36 |
Indebtedness_Details
Indebtedness (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | 2-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | item | Unsecured revolving credit facility | Unsecured revolving credit facility | Senior unsecured notes 4.30% | Senior unsecured notes 6.75% | Senior unsecured notes 6.75% maturing in 2021 | Senior unsecured notes 5.625% due in 2042 | Mortgages | Capital leases | Senior unsecured notes due 2019 | Senior unsecured notes due 2024 | |
Subsequent event | building | property | Subsequent event | Subsequent event | ||||||||
property | ||||||||||||
Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility, maximum borrowing capacity | $750 | ' | $750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of public issues of unsecured senior notes | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of unsecured senior notes | 1,093,658 | 1,093,337 | ' | ' | 250,000 | 200,000 | 300,000 | 350,000 | ' | ' | ' | ' |
Aggregate principal amount of mortgage debt | ' | ' | ' | ' | ' | ' | ' | ' | 678,514 | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 4.30% | 6.75% | 6.75% | 5.63% | ' | ' | 3.25% | 4.75% |
Number of buildings mortgaged | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' | ' | ' |
Number of properties mortgaged | ' | ' | ' | ' | ' | ' | ' | ' | 48 | ' | ' | ' |
Number of properties recorded under capital lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Carrying value of mortgaged properties | 4,410,178 | 4,422,865 | ' | ' | ' | ' | ' | ' | 941,064 | 18,534 | ' | ' |
Capital leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,181 | ' | ' |
Extension period of revolving credit facility | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayment due until maturity | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to increase the borrowing capacity under revolving credit facility | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, description | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to the base rate (as a percent) | ' | ' | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, facility fee (as a percent) | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on debt (as a percent) | ' | ' | 1.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense and other associated costs incurred | ' | ' | 425 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility, amount outstanding | ' | ' | 145,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, available amount | ' | ' | 605,000 | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 250,000 |
Net proceeds after underwriting discounts from sale of senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $644,889 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 21, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 14, 2014 | Apr. 02, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2014 |
Subsequent event | Subsequent event | Subsequent event | RMR | RMR | ||||
Subsequent event | ||||||||
Distributions | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution to common shareholders (in dollars per share) | $0.39 | ' | ' | ' | $0.39 | ' | ' | ' |
Distribution to common shareholders | $73,386 | $73,386 | $68,857 | $73,393 | ' | ' | ' | ' |
Common shares issued as a part of compensation under business management agreement | ' | ' | ' | ' | ' | ' | 19,937 | 10,342 |
Common shares issued in public offering | ' | ' | ' | ' | ' | 15,525,000 | ' | ' |
Net proceeds after underwriting discounts from issuance of common shares issued in public offering | ' | ' | $261,859 | ' | ' | $323,318 | ' | ' |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
property | |||
item | |||
Assets and liabilities measured at fair value | ' | ' | ' |
Number of properties classified as held for sale | ' | 13 | ' |
Cumulative impairments of properties held for sale | ' | $41,911 | ' |
Number of properties in long-lived assets held and used | ' | 1 | ' |
Impairment of assets charge related to long-lived assets held and used | 1,304 | ' | ' |
Number of public issues of unsecured senior notes | ' | 4 | ' |
Senior notes | ' | 1,093,658 | 1,093,337 |
Excess of fair value over aggregate book value | ' | 36,685 | ' |
CommonWealth REIT (CWH) | ' | ' | ' |
Assets and liabilities measured at fair value | ' | ' | ' |
Investment in common shares | ' | 250,000 | ' |
Five Star | ' | ' | ' |
Assets and liabilities measured at fair value | ' | ' | ' |
Investment in common shares | ' | 4,235,000 | ' |
Recurring and Nonrecurring | Total | ' | ' | ' |
Assets and liabilities measured at fair value | ' | ' | ' |
Assets held for sale | ' | 25,644 | ' |
Long-lived assets held and used | ' | 653 | ' |
Investments in available for sale securities | ' | 27,157 | ' |
Unsecured senior notes | ' | 1,130,343 | ' |
Secured debt | ' | 753,953 | ' |
Recurring and Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Assets and liabilities measured at fair value | ' | ' | ' |
Investments in available for sale securities | ' | 27,157 | ' |
Unsecured senior notes | ' | 1,130,343 | ' |
Recurring and Nonrecurring | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Assets and liabilities measured at fair value | ' | ' | ' |
Assets held for sale | ' | 25,644 | ' |
Long-lived assets held and used | ' | 653 | ' |
Recurring and Nonrecurring | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Assets and liabilities measured at fair value | ' | ' | ' |
Secured debt | ' | $753,953 | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
item | |||
Segment Reporting | ' | ' | ' |
Number of operating segments | 4 | ' | ' |
Number of reportable segments | 3 | ' | ' |
Revenues: | ' | ' | ' |
Rental income | $112,055 | $111,852 | ' |
Residents fees and services | 79,442 | 75,056 | ' |
Total revenues | 191,497 | 186,908 | ' |
Expenses: | ' | ' | ' |
Property operating expenses | 77,802 | 73,679 | ' |
Depreciation | 38,355 | 37,703 | ' |
General and administrative | 8,290 | 8,648 | ' |
Acquisition related costs | 122 | 1,903 | ' |
Impairment of assets | ' | 1,304 | ' |
Total expenses | 124,569 | 123,237 | ' |
Operating income | 66,928 | 63,671 | ' |
Interest and other income | 105 | 173 | ' |
Interest expense | -28,900 | -29,564 | ' |
Income from continuing operations before income tax expense and equity in earnings of an investee | 38,133 | 34,280 | ' |
Income tax expense | -191 | -140 | ' |
Equity in (losses) / earnings of an investee | -97 | 76 | ' |
Income from continuing operations | 37,845 | 34,216 | ' |
Discontinued Operations: | ' | ' | ' |
Income from discontinued operations | 1,300 | 1,019 | ' |
Impairment of assets from discontinued operations | -721 | ' | ' |
Income before gain on sale of properties | 38,424 | 35,235 | ' |
Gain on sale of properties | 156 | ' | ' |
Net income | 38,580 | 35,235 | ' |
Total assets | 4,778,668 | 4,811,269 | 4,764,666 |
Triple Net Senior Living Communities | ' | ' | ' |
Revenues: | ' | ' | ' |
Rental income | 54,890 | 56,765 | ' |
Total revenues | 54,890 | 56,765 | ' |
Expenses: | ' | ' | ' |
Depreciation | 15,637 | 16,917 | ' |
Total expenses | 15,637 | 16,917 | ' |
Operating income | 39,253 | 39,848 | ' |
Interest expense | -6,388 | -6,463 | ' |
Income from continuing operations before income tax expense and equity in earnings of an investee | 32,865 | 33,385 | ' |
Income from continuing operations | 32,865 | 33,385 | ' |
Discontinued Operations: | ' | ' | ' |
Income before gain on sale of properties | 32,865 | ' | ' |
Gain on sale of properties | 156 | ' | ' |
Net income | 33,021 | 33,385 | ' |
Total assets | 1,843,510 | 1,937,795 | ' |
Managed Senior Living Communities | ' | ' | ' |
Revenues: | ' | ' | ' |
Residents fees and services | 79,442 | 75,056 | ' |
Total revenues | 79,442 | 75,056 | ' |
Expenses: | ' | ' | ' |
Property operating expenses | 60,788 | 57,904 | ' |
Depreciation | 8,155 | 6,849 | ' |
Total expenses | 68,943 | 64,753 | ' |
Operating income | 10,499 | 10,303 | ' |
Interest expense | -2,988 | -3,068 | ' |
Income from continuing operations before income tax expense and equity in earnings of an investee | 7,511 | 7,235 | ' |
Income from continuing operations | 7,511 | 7,235 | ' |
Discontinued Operations: | ' | ' | ' |
Income before gain on sale of properties | 7,511 | ' | ' |
Net income | 7,511 | 7,235 | ' |
Total assets | 949,468 | 954,155 | ' |
MOBs | ' | ' | ' |
Revenues: | ' | ' | ' |
Rental income | 52,763 | 50,683 | ' |
Total revenues | 52,763 | 50,683 | ' |
Expenses: | ' | ' | ' |
Property operating expenses | 17,014 | 15,775 | ' |
Depreciation | 13,615 | 12,989 | ' |
Total expenses | 30,629 | 28,764 | ' |
Operating income | 22,134 | 21,919 | ' |
Interest expense | -1,337 | -1,348 | ' |
Income from continuing operations before income tax expense and equity in earnings of an investee | 20,797 | 20,571 | ' |
Income from continuing operations | 20,797 | 20,571 | ' |
Discontinued Operations: | ' | ' | ' |
Income from discontinued operations | 1,300 | 1,019 | ' |
Impairment of assets from discontinued operations | -721 | ' | ' |
Income before gain on sale of properties | 21,376 | ' | ' |
Net income | 21,376 | 21,590 | ' |
Total assets | 1,717,000 | 1,728,516 | ' |
All Other Operations | ' | ' | ' |
Revenues: | ' | ' | ' |
Rental income | 4,402 | 4,404 | ' |
Total revenues | 4,402 | 4,404 | ' |
Expenses: | ' | ' | ' |
Depreciation | 948 | 948 | ' |
General and administrative | 8,290 | 8,648 | ' |
Acquisition related costs | 122 | 1,903 | ' |
Impairment of assets | ' | 1,304 | ' |
Total expenses | 9,360 | 12,803 | ' |
Operating income | -4,958 | -8,399 | ' |
Interest and other income | 105 | 173 | ' |
Interest expense | -18,187 | -18,685 | ' |
Income from continuing operations before income tax expense and equity in earnings of an investee | -23,040 | -26,911 | ' |
Income tax expense | -191 | -140 | ' |
Equity in (losses) / earnings of an investee | -97 | 76 | ' |
Income from continuing operations | -23,328 | -26,975 | ' |
Discontinued Operations: | ' | ' | ' |
Income before gain on sale of properties | -23,328 | ' | ' |
Net income | -23,328 | -26,975 | ' |
Total assets | $268,689 | $190,803 | ' |
Significant_Tenant_Details
Significant Tenant (Details) (Five Star) | 3 Months Ended |
Mar. 31, 2014 | |
item | |
Senior living communities | ' |
Concentration of credit risk | ' |
Number of properties acquired, referred to as managed properties | 44 |
Rental income | Rents from significant lessee | ' |
Concentration of credit risk | ' |
Percentage of total rents leased or managed | 42.10% |
Investment | Rents from significant lessee | ' |
Concentration of credit risk | ' |
Percentage of total rents leased or managed | 40.00% |
Related_Person_Transactions_De
Related Person Transactions (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2001 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Aug. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2014 | |
item | item | Senior living communities | Senior living communities | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | Five Star | RMR | RMR | AIC | AIC | AIC | AIC | ||
property | item | item | item | AL Pooling Agreement | IL Pooling Agreement | Senior living communities | Senior living communities | Senior living communities | Acquisition | Sale | Sale | Sale | item | Subsequent event | |||||||||
item | item | property | property | item | Senior living communities | Senior living communities | Senior living communities | Senior living communities | |||||||||||||||
item | New York | property | item | Texas | |||||||||||||||||||
item | item | item | |||||||||||||||||||||
Related person transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership of common shares (as a percent) | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in common shares | ' | ' | ' | ' | ' | 4,235,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total shares outstanding | ' | ' | ' | ' | ' | 8.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum annual rent payable to entity | ' | ' | ' | ' | ' | $190,614,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total rental income recognized | ' | ' | ' | ' | ' | 47,506,000 | 49,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rents receivable | ' | ' | ' | ' | ' | 15,835,000 | 17,620,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred estimated percentage rent | ' | ' | ' | ' | ' | 1,416,000 | 1,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate improvements purchased | ' | ' | ' | ' | ' | 8,614,000 | 8,171,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase or decrease in annual lease rent payable | ' | ' | ' | ' | ' | 689,000 | 654,000 | ' | ' | ' | 255,000 | ' | ' | ' | 210,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties agreed to be offered for sale | 13 | ' | ' | 9 | 10 | ' | ' | ' | ' | ' | 10 | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price of properties under agreement to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,550,000 | 2,400,000 | ' | ' | ' | ' | ' | ' |
Number of properties sold or agreed to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | 36 | ' | ' | ' | ' | ' | ' |
Number of properties agreed to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase or decrease in annual lease rent payable as a percentage of net proceeds of the sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of combination or pooling agreements | ' | ' | ' | ' | ' | 4 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of communities that include assisted living units | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of communities that include independent living units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired, referred to as managed properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management agreement expense | ' | ' | ' | ' | ' | 2,425,000 | 2,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,638,000 | 1,600,000 | ' | ' | ' | ' |
Number of living units | ' | ' | ' | 708 | 744 | ' | ' | ' | ' | ' | ' | ' | ' | 310 | 36 | 112 | ' | ' | ' | ' | ' | ' | ' |
Number of employees | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of agreements to avail management and administrative services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Number of Managing Trustees also serving as managing trustee of Five Star | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business management agreement expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,682,000 | 6,550,000 | ' | ' | ' | ' |
Common shares issued as payment for base business management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,279 | ' | ' | ' | ' | ' |
Base business management fee payable in common shares (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Number of other shareholders in the equity method investee company | 4 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage held by the entity and other shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.30% | ' | ' | 14.30% |
The entity owns less than this percentage of an equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Amount invested in equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,209,000 | ' | ' | ' |
Equity method investments, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,835,000 | ' | 5,913,000 | ' |
Earnings and losses recognized arising from equity investments | -97,000 | 76,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -97,000 | 76,000 | ' | ' |
Coverage of property insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' |
Number of shares purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,857 |
Payments for share purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $825,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes | ' | ' |
Recognized income tax expense | $191 | $140 |