Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Summit Healthcare REIT, Inc | |
Entity Central Index Key | 1,310,383 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 23,027,978 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 8,851,000 | $ 10,757,000 |
Restricted cash | 3,991,000 | 3,806,000 |
Real estate properties, net | 58,040,000 | 58,739,000 |
Notes receivable | 4,793,000 | 4,801,000 |
Deferred costs and deposits | 26,000 | 240,000 |
Tenant and other receivables, net | 4,226,000 | 4,262,000 |
Deferred leasing commissions, net | 1,378,000 | 1,413,000 |
Other assets, net | 215,000 | 290,000 |
Equity-method investments | 6,834,000 | 5,095,000 |
Total assets | 88,354,000 | 89,403,000 |
LIABILITIES AND EQUITY | ||
Accounts payable and accrued liabilities | 2,712,000 | 2,979,000 |
Accrued salaries and benefits | 166,000 | 256,000 |
Security deposits | 1,208,000 | 1,208,000 |
Loans payable, net of debt issuance costs | 51,508,000 | 51,717,000 |
Total liabilities | 55,594,000 | 56,160,000 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $0.001 par value; 290,000,000 shares authorized; 23,027,978 shares issued and outstanding at March 31, 2017 and December 31, 2016 | 23,000 | 23,000 |
Additional paid-in capital | 117,274,000 | 117,243,000 |
Accumulated deficit | (85,279,000) | (84,767,000) |
Total stockholders’ equity | 32,018,000 | 32,499,000 |
Noncontrolling interest | 742,000 | 744,000 |
Total equity | 32,760,000 | 33,243,000 |
Total liabilities and equity | $ 88,354,000 | $ 89,403,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 290,000,000 | 290,000,000 |
Common stock, shares issued | 23,027,978 | 23,027,978 |
Common stock, shares outstanding | 23,027,978 | 23,027,978 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Rental revenues | $ 1,423,000 | $ 1,842,000 |
Resident services and fee income, net | 2,304,000 | 2,143,000 |
Tenant reimbursements and other income | 190,000 | 225,000 |
Acquisition and asset management fees | 178,000 | 54,000 |
Interest income from notes receivable | 44,000 | 30,000 |
Revenues, Total | 4,139,000 | 4,294,000 |
Expenses: | ||
Property operating costs | 431,000 | 485,000 |
Resident services costs | 1,630,000 | 1,757,000 |
General and administrative | 1,249,000 | 927,000 |
Depreciation and amortization | 743,000 | 973,000 |
Costs and Expenses, Total | 4,053,000 | 4,142,000 |
Operating income | 86,000 | 152,000 |
Income from equity-method investees | 84,000 | 46,000 |
Other income | 19,000 | 31,000 |
Interest expense | (689,000) | (815,000) |
Net loss | (500,000) | (586,000) |
Noncontrolling interests’ share in net income | (12,000) | (17,000) |
Net loss applicable to common stockholders | $ (512,000) | $ (603,000) |
Basic and diluted loss per common share: | ||
Net loss applicable to common stockholders | $ (0.02) | $ (0.03) |
Weighted average shares used to calculate basic and diluted net loss per common share | 23,027,978 | 23,027,978 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2017 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2016 | $ 33,243,000 | $ 23,000 | $ 117,243,000 | $ (84,767,000) | $ 32,499,000 | $ 744,000 |
Balance (in shares) at Dec. 31, 2016 | 23,027,978 | |||||
Stock-based compensation | 31,000 | $ 0 | 31,000 | 0 | 31,000 | 0 |
Distributions paid to noncontrolling interests | (14,000) | 0 | 0 | 0 | 0 | (14,000) |
Net (loss) income | (500,000) | 0 | 0 | (512,000) | (512,000) | 12,000 |
Balance at Mar. 31, 2017 | $ 32,760,000 | $ 23,000 | $ 117,274,000 | $ (85,279,000) | $ 32,018,000 | $ 742,000 |
Balance (in shares) at Mar. 31, 2017 | 23,027,978 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (500,000) | $ (586,000) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities: | ||
Amortization of debt issuance costs | 34,000 | 34,000 |
Depreciation and amortization | 743,000 | 973,000 |
Straight-line rents | (106,000) | (176,000) |
Bad debt expense | 46,000 | 35,000 |
Stock-based compensation expense | 31,000 | 8,000 |
Income from equity-method investees | (84,000) | (46,000) |
Change in operating assets and liabilities: | ||
Restricted cash related to current activities | (5,000) | (90,000) |
Tenant and other receivables, net | 154,000 | 27,000 |
Other assets | 133,000 | 133,000 |
Accounts payable and accrued liabilities | (214,000) | 235,000 |
Accrued salaries and benefits | (90,000) | (203,000) |
Net cash and cash equivalents provided by operating activities | 142,000 | 344,000 |
Cash flows from investing activities | ||
Restricted cash | (233,000) | 25,000 |
Deferred costs and deposits | (3,000) | (224,000) |
Real estate improvements | (5,000) | (55,000) |
Investment in equity-method investees | (1,725,000) | 6,000 |
Distributions received from equity-method investees | 167,000 | 60,000 |
Payments from notes receivable | 8,000 | 8,000 |
Net cash and cash equivalents used in investing activities | (1,791,000) | (180,000) |
Cash flows from financing activities: | ||
Payments of loans payable | (243,000) | (233,000) |
Distributions paid to non-controlling interests | (14,000) | (21,000) |
Refunds of deferred financing costs | 0 | 34,000 |
Net cash and cash equivalents used in financing activities | (257,000) | (220,000) |
Net decrease in cash and cash equivalents | (1,906,000) | (56,000) |
Cash and cash equivalents - beginning of period | 10,757,000 | 6,603,000 |
Cash and cash equivalents - end of period | 8,851,000 | 6,547,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 587,000 | $ 734,000 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization Summit Healthcare REIT, Inc. (“Summit”) is a real estate investment trust that owns 100 95 10 20 We conduct substantially all of our operations through Summit Healthcare Operating Partnership, L.P. (the “Operating Partnership”), which is a Delaware limited partnership. As of March 31, 2017, we own a 99.88 0.12 Cornerstone Healthcare Partners LLC We own 95 5 As of March 31, 2017, we own a 95.3 4.7 95 5 Summit Union Life Holdings, LLC On April 29, 2015, through our Operating Partnership, we entered into a limited liability company agreement (amended, the “SUL LLC Agreement”) with Best Years, LLC (“Best Years”), an unrelated entity and a U.S.-based affiliate of Union Life Insurance Co, Ltd. (a Chinese corporation), and formed Summit Union Life Holdings, LLC (the “SUL JV”). The SUL JV is not consolidated in our condensed consolidated financial statements and is accounted for under the equity-method in our condensed consolidated financial statements (see Note 5). As of March 31, 2017 and December 31, 2016, we have a 10 Summit Fantasia Holdings, LLC On September 27, 2016, through our Operating Partnership, we entered into a limited liability company agreement (the “Fantasia LLC Agreement”) with Fantasia Investment III LLC (“Fantasia”), an unrelated entity and a U.S.-based affiliate of Fantasia Holdings Group Co., Limited (a Chinese corporation listed on the Stock Exchange of Hong Kong (HKEX)), and formed Summit Fantasia Holdings, LLC (the “Fantasia JV”). The Fantasia JV is not consolidated in our condensed consolidated financial statements and is accounted for under the equity-method in our condensed consolidated financial statements. As of March 31, 2017 and December 31, 2016, we have a 20 Summit Fantasia Holdings II, LLC On December 23, 2016, through our Operating Partnership, we entered into a limited liability company agreement (the “Fantasia II LLC Agreement”) with Fantasia, and formed Summit Fantasia Holdings II, LLC (the “Fantasia II JV”). The Fantasia II JV is not consolidated in our condensed consolidated financial statements and is accounted for under the equity-method in our condensed consolidated financial statements. As of March 31, 2017, we have a 20 Summit Healthcare Asset Management, LLC (TRS) Summit Healthcare Asset Management, LLC (“SAM TRS”) is our wholly-owned taxable REIT subsidiary (“TRS”). We serve as the manager of the SUL JV, Fantasia JV and Fantasia II JV, (collectively, our “Equity-Method Investments”), and provide management services in exchange for fees and reimbursements. All acquisition fees and asset management fees earned by us are paid to SAM TRS and expenses incurred by us, as the manager, are reimbursed from SAM TRS. See Notes 5 and 7 for further information. Friendswood TRS Friendswood TRS (“Friendswood TRS”) is our wholly-owned TRS and the licensed operator and tenant of Friendship Haven Healthcare and Rehabilitation Center (“Friendship Haven”) (see Note 3). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies For more information regarding our significant accounting policies and estimates, please refer to “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission (“SEC”) on March 29, 2017. There have been no material changes to our policies since that filing. The accompanying condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements at that date. We assume that users of these condensed consolidated financial statements have read or have access to the audited December 31, 2016 consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 29, 2017 and that the adequacy of additional disclosure needed for a fair presentation, except in regard to material contingencies, may be determined in that context. Accordingly, footnotes and other disclosures which would substantially duplicate those contained in our most recent Annual Report on Form 10-K for the year ended December 31, 2016 have been omitted in this report. The accompanying condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and CHP LLC (of which the Company owns 95 The accompanying financial information reflects all adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied using a retrospective transition method to each period presented. We are currently evaluating the impact this guidance will have on our condensed consolidated financial statements; however, once adopted, restricted cash will be presented with cash and cash equivalents in our condensed consolidated statements of cash flows and, at March 31, 2017, that amount was approximately $ 4.0 In February 2016, the FASB issued ASU No. 2016-02, Leases 0.3 The FASB has issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. Revenue from Contracts with Customers (Topic 606). |
Investments in Real Estate Prop
Investments in Real Estate Properties | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 3. Investments in Real Estate Properties 10 March 31, December 31, 2017 2016 Land $ 5,548,000 $ 5,548,000 Buildings and improvements 58,455,000 58,450,000 Less: accumulated depreciation (7,486,000) (7,011,000) Buildings and improvements, net 50,969,000 51,439,000 Furniture and fixtures 6,165,000 6,165,000 Less: accumulated depreciation (4,642,000) (4,413,000) Furniture and fixtures, net 1,523,000 1,752,000 Real estate properties, net $ 58,040,000 $ 58,739,000 For the three months ended March 31, 2017 and 2016, depreciation and amortization expense (excluding leasing commission amortization) was approximately $ 0.7 0.9 As of March 31, 2017, our portfolio consisted of 10 real estate properties which were 100 Loans Purchase Payable, excluding debt issuance Number of Property Location Date Purchased Type (2) Price costs Beds Sheridan Care Center Sheridan, OR August 3, 2012 SNF $ 4,100,000 $ 4,882,000 51 Fernhill Care Center Portland, OR August 3, 2012 SNF 4,500,000 4,282,000 63 Friendship Haven Healthcare Galveston County, September 14, 2012 and Rehabilitation Center (1) TX SNF 15,000,000 6,952,000 150 Pacific Health and Tigard, OR December 24, 2012 Rehabilitation Center SNF 8,140,000 7,139,000 73 Danby House Winston-Salem, NC January 31, 2013 AL/MC 9,700,000 7,728,000 100 Brookstone of Aledo Aledo, IL July 2, 2013 AL 8,625,000 7,299,000 66 The Shelby House Shelby, NC October 4, 2013 AL 4,500,000 4,778,000 72 The Hamlet House Hamlet, NC October 4, 2013 AL 6,500,000 4,037,000 60 The Carteret House Newport, NC October 4, 2013 AL 4,300,000 3,406,000 64 Sundial Assisted Living Redding, CA December 18, 2013 AL 3,500,000 2,800,000 65 Total: $ 68,865,000 $ 53,303,000 764 (1) We became the licensed operator and tenant of the facility on May 1, 2014 through Friendswood TRS. Upon becoming the licensed operator and tenant of the facility, we entered into a management agreement with an affiliate of Stonegate Senior Living (“Stonegate”). As of December 31, 2016, we terminated the management agreement with Stonegate and entered into a new three-year management agreement with HMG Services, L.L.C. (“HMG”), whereby HMG will receive a management fee up to 5 (2) SNF is an abbreviation for skilled nursing facility. AL is an abbreviation for assisted living facility. MC is an abbreviation for memory care facility. Future Minimum Lease Payments (1) Years ending December 31, April 1, 2017 to December 31, 2017 $ 3,917,000 2018 5,326,000 2019 5,440,000 2020 5,556,000 2021 5,674,000 Thereafter 39,017,000 $ 64,930,000 (1) This schedule does not reflect future rental revenues from the potential renewal or replacement of existing and future leases, tenant reimbursements, and the rental revenues for the tenant (Friendswood TRS) of Friendship Haven. Leasing Commissions As a self-managed REIT, we no longer pay leasing commissions. Leasing commissions are capitalized at cost and amortized on a straight-line basis over the related lease term. As of March 31, 2017 and December 31, 2016, total costs incurred were $ 2.2 1.4 35,000 40,000 |
Loans Payable
Loans Payable | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 4. Loans Payable March 31, 2017 December 31, 2016 Loan payable to Healthcare Financial Solutions, LLC in monthly installments of approximately $15,000, including interest at LIBOR (floor of 0.50%) plus 4.0% (5.0% at March 31, 2017 and December 31, 2016, respectively), due in October 2018, and collateralized by Sundial Assisted Living. $ 2,800,000 $ 2,800,000 Loan payable to Oxford Finance, LLC in monthly installments of approximately $51,000, including interest at LIBOR (floor of 0.75%) plus 6.50% (7.25% as of March 31, 2017 and December 31, 2016, respectively) due in October 2019, collateralized by Friendship Haven. 6,952,000 6,978,000 Loans payable to Lancaster Pollard (insured by HUD) in monthly installments of approximately $209,000, including interest, ranging from a fixed rate of 3.70% to 3.78%, due in September 2039 through January 2051, and collateralized by Sheridan, Fernhill, Pacific Health, Shelby, Hamlet, Carteret, Aledo and Danby. 43,551,000 43,768,000 53,303,000 53,546,000 Less debt issuance costs (1,795,000) (1,829,000) Total loans payable $ 51,508,000 $ 51,717,000 As of March 31, 2017, we have total debt obligations of approximately $ 53.3 mature between 2018 and 2051 In connection with our loans payable, we incurred debt issuance costs. The unamortized balance of the debt issuance costs was approximately $ 1.8 34,000 34,000 During the three months ended March 31, 2017 and 2016, we incurred approximately $ 0.7 0.8 Principal Year Amount April 1, 2017 to December 31, 2017 $ 737,000 2018 3,820,000 2019 7,725,000 2020 986,000 2021 1,024,000 Thereafter 39,011,000 $ 53,303,000 The following information describes the loan activity for the three months ended March 31, 2017 and as of March 31, 2017 and December 31, 2016: Healthcare Financial Solutions, LLC We have an amended loan agreement for the Sundial Assisted Living property located in Redding with Healthcare Financial Solutions, LLC (“HFS”). See table above for further information. The loan was interest only through January 2017 and then the loan payments increased to approximately $ 15,000 Lancaster Pollard Mortgage Company, LLC We have several properties with HUD insured loans from the Lancaster Pollard Mortgage Company, LLC (“Lancaster Pollard”). See table above for further information. All of the HUD insured loans are subject to customary representations, warranties and ongoing covenants and agreements with respect to the operation of the facilities, including the provision for certain maintenance and other reserve accounts for property tax, insurance, and capital expenditures, with respect to the facilities all as described in the HUD agreements. These reserves are included in restricted cash on our condensed consolidated balance sheets. Oxford Finance, LLC We have a secured term loan agreement with Oxford Finance, LLC collateralized by the Friendship Haven facility. See table above for further information. Prior to the maturity date, we may prepay the loan, in whole, subject to certain terms and by paying an exit fee as further described in the loan agreement. |
Equity-Method Investments
Equity-Method Investments | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Equity-Method Investments As of March 31, 2017 and December 31, 2016, the balance of our Equity-Method Investments were approximately $ 6.8 5.1 Summit Union Life Holdings, LLC In April 2015, we formed the SUL JV, which is owned 10 90 During 2015, we contributed our limited liability company interests in six properties (“JV 2 Properties”) to the SUL JV and retained a 10% interest in those six properties. Concurrent with this contribution, the Operating Partnership recorded a receivable for approximately $ 362,000 362,000 122,000 Under the SUL LLC Agreement, as amended, net operating cash flow of the SUL JV will be distributed monthly, first to the Operating Partnership and Best Years pari passu pari passu As of March 31, 2017 and December 31, 2016, the Operating Partnership has recorded distributions receivable from the SUL JV of approximately $ 353,000 365,000 206,000 106,000 63,000 46,000 143,000 60,000 As of March 31, 2017, the balance of our equity-method investment related to the SUL JV was approximately $ 3.7 Summit Fantasia Holdings, LLC In September 2016, we formed the Fantasia JV, which is owned 20 80 Under the Fantasia LLC Agreement, net operating cash flow of the Fantasia JV will be distributed quarterly, first to the Operating Partnership and Fantasia pari passu pari passu As of March 31, 2017 and December 31, 2016, the Operating Partnership has recorded distributions receivable from Fantasia JV of approximately $ 46,000 31,000 31,000 7,000 24,000 As of March 31, 2017, the balance of our equity-method investment related to Fantasia JV was approximately $ 1.2 Summit Fantasia II Holdings, LLC In December 2016, we formed the Fantasia II JV, which is owned 20 80 On February 28, 2017, through the Fantasia II JV, we acquired a 20 27 1.9 0.2 Under the Fantasia II LLC Agreement, net operating cash flow of the Fantasia JV will be distributed quarterly, first to the Operating Partnership and Fantasia pari passu pari passu As of March 31, 2017, the Operating Partnership has recorded distributions receivable from Fantasia II JV of approximately $ 29,000 As of March 31, 2017, the balance of our equity-method investment related to Fantasia II JV was approximately $ 1.9 Acquisition and Asset Management Fees We serve as the manager of our Equity-Method Investments and provide management services in exchange for fees and reimbursements. As the manager, we are paid an acquisition fee, as defined in the agreements. Additionally, we are paid an annual asset management fee for managing the properties held by our Equity-Method Investments, as defined in the agreements. During the three months ended March 31, 2017 and 2016, we recorded approximately $ 0.2 54,000 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. Receivables Notes Receivable Fernhill Note In September 2014, we loaned approximately $ 140,000 6 Nantucket Note On January 7, 2015, through our Operating Partnership, we sold Sherburne Commons to The Residences at Sherburne Commons, Inc. (“Sherburne Buyer”), an unaffiliated Massachusetts non-profit corporation, in exchange for $ 5.0 The $5.0 million purchase money note is collateralized by the Sherburne Commons property, bears an annual interest rate of 3.5 December 31, 2017 As of March 31, 2017, we have not collected any funds related to the principal on the note and the net carrying amount of the note receivable was approximately $4.7 million. For the three months ended March 31, 2017 and 2016, we received interest payments from the note of approximately $44,000 and $30,000, which is recorded as interest income from notes receivable in our condensed consolidated statements of operations. Tenant and Other Receivables, net Tenant and other receivables, net consists of: March 31, December 31, 2017 2016 Accounts receivable from resident services, net of allowance for doubtful accounts of $313,000 and $233,000, respectively $ 737,000 $ 866,000 Straight-line rent receivables 2,490,000 2,384,000 Distribution receivables from the Equity-Method Investments 428,000 396,000 Receivable from JV 2 properties 362,000 362,000 Other receivables 209,000 254,000 Total $ 4,226,000 $ 4,262,000 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 7. Related Party Transactions CRA Prior to the termination of our advisory agreement on April 1, 2014 with CRA (our former advisor, a related party), we incurred costs related to fees paid and costs reimbursed for services rendered to us by CRA through March 31, 2014. Some of the fees we had paid to CRA were considered to be in excess of allowed amounts and, therefore, CRA was required to reimburse us for the amount of the excess costs we paid to them. As of March 31, 2017 and December 31, 2016, the receivables from CRA are fully reserved due to the uncertainty of collectability and are included in tenant and other receivables in our condensed consolidated balance sheets. Receivables Reserves Balance Organizational and offering costs $ 738,000 $ (738,000) $ - Asset management fees and expenses 32,000 (32,000) - Operating expenses (direct and indirect) 189,000 (189,000) - Operating expenses (2%/25% Test) 1,717,000 (1,717,000) - Total Real Estate Properties $ 2,676,000 $ (2,676,000) $ - Equity-Method Investments See Note 5 for further discussion of distributions and acquisition and asset management fees related to our Equity-Method Investments. |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 8. Concentration of Risk Our cash is generally invested in investment-grade short-term instruments. As of March 31, 2017, we had cash and cash equivalent accounts in excess of FDIC-insured limits. However, we do not believe the risk associated with this excess is significant. As of March 31, 2017, we owned one property in California, three properties in Oregon, four properties in North Carolina, one property in Texas, and one property in Illinois. Accordingly, there is a geographic concentration of risk subject to economic conditions in certain states. Additionally, for the three months ended March 31, 2017, we leased our 10 real estate properties to four different tenants under long-term triple net leases, two of which comprise 58% and 34% percent of our tenant rental revenue. For the three months ended March 31, 2016, we leased our 12 healthcare properties to six different tenants under long-term triple net leases, two of which comprised 44% and 26% of our tenant rental revenue. As of March 31, 2017 and December 31, 2016, we have one tenant that constitutes a significant asset concentration, as the net assets of the tenant exceeds 20% of our total assets. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurements of Financial Instruments Our condensed consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, notes receivable, deposits, tenant and other receivables, certain other assets, accounts payable and accrued liabilities, accrued salaries and benefits, security deposits and loans payable. With the exception of the Nantucket note receivable (see Note 6) and loans payable discussed below, we consider the carrying values to approximate fair value for such financial instruments because of the short period of time between origination of the instruments and their expected payment. As of March 31, 2017 and December 31, 2016, the fair value of the Nantucket note receivable (see Note 6) was approximately $ 4.9 4.7 As of March 31, 2017 and December 31, 2016, the fair value of loans payable was approximately $ 54.1 54.3 53.3 53.5 4.4 7.3 4.8 As a result of our ongoing analysis for potential impairment of our investments in real estate, we may be required to adjust the carrying value of certain assets to their estimated fair values, or estimated fair value less selling costs, under certain circumstances. No impairments were recorded during the three months ended March 31, 2017 and 2016. At March 31, 2017 and December 31, 2016, we do not have any financial assets or financial liabilities that are measured at fair value on a recurring basis in our condensed consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies We conduct a Phase I assessment for each of our properties at acquisition to evaluate whether hazardous or toxic substances are present on the properties. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liability with respect to the properties that would have a material effect on our consolidated financial condition, results of operations and cash flows. Further, we are not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. Our commitments and contingencies include the usual obligations of real estate owners and licensed operators in the normal course of business. In the opinion of management, these matters are not expected to have a material impact on our consolidated financial condition, results of operations and cash flows. We are also subject to contingent losses resulting from litigation against the Company. On April 1, 2014, CRA and Cornerstone Ventures, Inc. filed a complaint in the Superior Court of California for the County of Orange-Central Justice Center, Case No. 30-2014-00714004-CU-BT-CJC, naming the Company, its directors and two of its officers as defendants, seeking declaratory and injunctive relief and compensatory and punitive damages. On April 17, 2014, Judge Nakamura denied in its entirety plaintiffs’ ex parte application for a temporary restraining order to show cause why a preliminary injunction against the defendants should not issue. On May 19, 2014, the Company filed a counter claim against plaintiffs and certain individuals affiliated with CRA and affiliated entities. The Company continues to believe that all of plaintiffs’ claims are without merit and will continue to vigorously defend itself. Plaintiffs and defendants are conducting discovery. We have filed motions for summary adjudication on CRA’s claims against us and the other defendants and our claims against CRA. The court has heard oral argument on the motions for summary adjudication and taken the motions under submission. A trial is scheduled to start August 28, 2017. A bankruptcy petition was filed against Healthcare Real Estate Partners, LLC (“HCRE”) by the investors in Healthcare Real Estate Fund, LLC or Healthcare Real Estate Qualified Purchasers Fund, LLC. Following the dismissal of the involuntary bankruptcy petition filed against it, in the United States Bankruptcy Court of the District of Delaware HCRE filed a motion for attorneys’ fees and damages and a separate complaint for violation of the automatic stay against the petitioning creditors and the Company. At a status hearing, the Bankruptcy Court expressed concern about HCRE commencing this litigation and urged the parties to mediate the issues. A mediation was held but the parties did not reach a settlement. The Company believes that all of HCRE’s claims are without merit and will vigorously defend itself. Friendship Haven and HMG Services Management Agreement Under our three-year management agreement with HMG (see Note 3), dated January 1, 2017, either party may terminate the agreement by written notice to the other party. However, if we terminate the agreement within one year, we are obligated to pay a termination fee up to three times the highest monthly management fee paid to HMG prior to the termination. For 2017, we expect the termination fee could be approximately $ 92,000 Indemnification and Employment Agreements We have entered into indemnification agreements with certain of our executive officers and directors against all judgments, penalties, fines and amounts paid in settlement and all expenses actually and reasonably incurred by him or her in connection with any proceeding. Additionally, in September 2015, we entered into three-year employment agreements with our officers which include customary terms relating to salary, bonus, position, duties and benefits (including eligibility for equity compensation), as well as a cash payment following a change in control of the Company, as defined in such agreements. Management of our Equity-Method Investments As the manager of our Equity-Method Investments, we are responsible for managing the day-to-day operations and are, thus, subject to contingencies that may arise in the normal course of their operations. Additionally, we could be subject to a capital call from our Equity-Method Investments. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Equity Upon the grant of stock options, we determine the exercise price by using our estimated per-share value, which is calculated by aggregating the estimated fair value of our investments in real estate and the estimated fair value of our other assets, subtracting the estimated fair value of our liabilities, which approximate book value, utilizing a discount for the fact that the shares are not currently traded on a national securities exchange and a control premium, and divided by the total by the number of our common shares outstanding at the time the options were granted. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. Assumptions required by the model include the risk-free interest rate, the expected life of the options, and the expected stock price volatility over the expected life of the options, and the expected distribution yield. Compensation expense for employee stock options is recognized ratably over the vesting term. The expected life of the options was based on evaluations of expected future exercise behavior. The risk-free interest rate was based on the U.S. Treasury yield curve at the date of grant with maturity dates approximating the expected term of the options at the date of grant. Volatility was based on historical volatility of the stock prices for a sample of publicly traded companies with risk profiles similar to ours. The valuation model applied in this calculation utilizes highly subjective assumptions that could potentially change over time, including the expected stock price volatility and the expected life of an option. On January 1, 2017, the Compensation Committee of the Board of Directors approved the issuance of 99,000 2.02 10 0.35 In March 2017, 182,796 2.02 33 67 10 0.29 2017 Stock options granted 281,796 Expected Volatility 23.4% Expected lives 2.4 years Risk-free interest rate 1.24% Dividends 0% Fair value per share $0.31 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Options outstanding at January 1, 2017 400,000 $ 1.72 Granted 281,796 2.02 Exercised Cancelled/forfeited Options outstanding at March 31, 2017 681,796 $ 1.84 9.13 $ 468,000 Options exercisable at March 31, 2017 380,332 $ 1.78 8.93 $ 284,000 For our outstanding non-vested options as of March 31, 2017, the weighted average grant date fair value per share was $ 0.28 84,000 Year April 1, 2017 to December 31, 2017 $ 42,000 2018 29,000 2019 12,000 2020 1,000 84,000 The stock-based compensation expense reported for the three months ended March 31, 2017 and 2016 was approximately $ 31,000 8,000 |
Dispositions
Dispositions | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. Dispositions In accordance with ASC 360, Property, Plant & Equipment Disposal of Real Estate On April 29, 2016, we contributed Riverglen to the SUL JV (see Note 5) and therefore, Riverglen is no longer consolidated in our condensed consolidated financial statements. The aggregate net value of Riverglen at the date of the contribution was approximately $ 3.9 9.2 5.3 4.7 Medford Purchase Option and Sale In September 2016, the option holder for our Medford property provided notice to us to exercise its option to purchase the property. On October 31, 2016, we sold the Medford property. The total sale price was $10.8 million, of which we received approximately $3.8 million in cash. The aggregate carrying value of Medford at the date of the sale was approximately $1.3 million, (total assets were approximately $8.0 million less liabilities of approximately $6.7 million, which included approximately $6.7 million in a HUD insured loan payable). As a result of the sale, as of November 1, 2016, Medford is no longer consolidated in our consolidated financial statements. Additionally, in October 2016, we recorded a net gain of approximately $2.8 million related to the sale. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 13. Subsequent Events On April 3, 2017, the Compensation Committee of the Board of Directors approved the issuance of 170,000 2.04 33 67 10 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and CHP LLC (of which the Company owns 95 The accompanying financial information reflects all adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied using a retrospective transition method to each period presented. We are currently evaluating the impact this guidance will have on our condensed consolidated financial statements; however, once adopted, restricted cash will be presented with cash and cash equivalents in our condensed consolidated statements of cash flows and, at March 31, 2017, that amount was approximately $ 4.0 In February 2016, the FASB issued ASU No. 2016-02, Leases 0.3 The FASB has issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. Revenue from Contracts with Customers (Topic 606). |
Investments in Real Estate Pr21
Investments in Real Estate Properties (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | As of March 31, 2017 and December 31, 2016, our investments in our 10 March 31, December 31, 2017 2016 Land $ 5,548,000 $ 5,548,000 Buildings and improvements 58,455,000 58,450,000 Less: accumulated depreciation (7,486,000) (7,011,000) Buildings and improvements, net 50,969,000 51,439,000 Furniture and fixtures 6,165,000 6,165,000 Less: accumulated depreciation (4,642,000) (4,413,000) Furniture and fixtures, net 1,523,000 1,752,000 Real estate properties, net $ 58,040,000 $ 58,739,000 |
Schedule of Real Estate Properties [Table Text Block] | The following table provides summary information regarding our portfolio (excluding the 21 properties owned by our unconsolidated Equity-Method Investments) as of March 31, 2017: Loans Purchase Payable, excluding debt issuance Number of Property Location Date Purchased Type (2) Price costs Beds Sheridan Care Center Sheridan, OR August 3, 2012 SNF $ 4,100,000 $ 4,882,000 51 Fernhill Care Center Portland, OR August 3, 2012 SNF 4,500,000 4,282,000 63 Friendship Haven Healthcare Galveston County, September 14, 2012 and Rehabilitation Center (1) TX SNF 15,000,000 6,952,000 150 Pacific Health and Tigard, OR December 24, 2012 Rehabilitation Center SNF 8,140,000 7,139,000 73 Danby House Winston-Salem, NC January 31, 2013 AL/MC 9,700,000 7,728,000 100 Brookstone of Aledo Aledo, IL July 2, 2013 AL 8,625,000 7,299,000 66 The Shelby House Shelby, NC October 4, 2013 AL 4,500,000 4,778,000 72 The Hamlet House Hamlet, NC October 4, 2013 AL 6,500,000 4,037,000 60 The Carteret House Newport, NC October 4, 2013 AL 4,300,000 3,406,000 64 Sundial Assisted Living Redding, CA December 18, 2013 AL 3,500,000 2,800,000 65 Total: $ 68,865,000 $ 53,303,000 764 (1) We became the licensed operator and tenant of the facility on May 1, 2014 through Friendswood TRS. Upon becoming the licensed operator and tenant of the facility, we entered into a management agreement with an affiliate of Stonegate Senior Living (“Stonegate”). As of December 31, 2016, we terminated the management agreement with Stonegate and entered into a new three-year management agreement with HMG Services, L.L.C. (“HMG”), whereby HMG will receive a management fee up to 5 (2) SNF is an abbreviation for skilled nursing facility. AL is an abbreviation for assisted living facility. MC is an abbreviation for memory care facility. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments to be received under existing operating leases for our 10 real estate properties, which include those acquired through our subsidiaries and CHP, LLC, but excluding the 21 properties owned by our unconsolidated Equity-Method Investments, for the period from April 1, 2017 to December 31, 2017 and for each of the four following years and thereafter ending December 31 are as follows (1) Years ending December 31, April 1, 2017 to December 31, 2017 $ 3,917,000 2018 5,326,000 2019 5,440,000 2020 5,556,000 2021 5,674,000 Thereafter 39,017,000 $ 64,930,000 (1) This schedule does not reflect future rental revenues from the potential renewal or replacement of existing and future leases, tenant reimbursements, and the rental revenues for the tenant (Friendswood TRS) of Friendship Haven. |
Loans Payable (Tables)
Loans Payable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | As of March 31, 2017 and December 31, 2016, loans payable consisted of the following: March 31, 2017 December 31, 2016 Loan payable to Healthcare Financial Solutions, LLC in monthly installments of approximately $15,000, including interest at LIBOR (floor of 0.50%) plus 4.0% (5.0% at March 31, 2017 and December 31, 2016, respectively), due in October 2018, and collateralized by Sundial Assisted Living. $ 2,800,000 $ 2,800,000 Loan payable to Oxford Finance, LLC in monthly installments of approximately $51,000, including interest at LIBOR (floor of 0.75%) plus 6.50% (7.25% as of March 31, 2017 and December 31, 2016, respectively) due in October 2019, collateralized by Friendship Haven. 6,952,000 6,978,000 Loans payable to Lancaster Pollard (insured by HUD) in monthly installments of approximately $209,000, including interest, ranging from a fixed rate of 3.70% to 3.78%, due in September 2039 through January 2051, and collateralized by Sheridan, Fernhill, Pacific Health, Shelby, Hamlet, Carteret, Aledo and Danby. 43,551,000 43,768,000 53,303,000 53,546,000 Less debt issuance costs (1,795,000) (1,829,000) Total loans payable $ 51,508,000 $ 51,717,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The principal payments due on the loans payable (excluding debt issuance costs) for the period from April 1, 2017 to December 31, 2017 and for each of the four following years and thereafter ending December 31 are as follows: Principal Year Amount April 1, 2017 to December 31, 2017 $ 737,000 2018 3,820,000 2019 7,725,000 2020 986,000 2021 1,024,000 Thereafter 39,011,000 $ 53,303,000 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Tenant and other receivables, net consists of: March 31, December 31, 2017 2016 Accounts receivable from resident services, net of allowance for doubtful accounts of $313,000 and $233,000, respectively $ 737,000 $ 866,000 Straight-line rent receivables 2,490,000 2,384,000 Distribution receivables from the Equity-Method Investments 428,000 396,000 Receivable from JV 2 properties 362,000 362,000 Other receivables 209,000 254,000 Total $ 4,226,000 $ 4,262,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | As of March 31, 2017 and December 31, 2016, we had the following receivables and reserves: Receivables Reserves Balance Organizational and offering costs $ 738,000 $ (738,000) $ - Asset management fees and expenses 32,000 (32,000) - Operating expenses (direct and indirect) 189,000 (189,000) - Operating expenses (2%/25% Test) 1,717,000 (1,717,000) - Total Real Estate Properties $ 2,676,000 $ (2,676,000) $ - |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The estimated fair value using the Black-Scholes option-pricing model with the following weighted average assumptions: 2017 Stock options granted 281,796 Expected Volatility 23.4% Expected lives 2.4 years Risk-free interest rate 1.24% Dividends 0% Fair value per share $0.31 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes our stock options as of March 31, 2017: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Options outstanding at January 1, 2017 400,000 $ 1.72 Granted 281,796 2.02 Exercised Cancelled/forfeited Options outstanding at March 31, 2017 681,796 $ 1.84 9.13 $ 468,000 Options exercisable at March 31, 2017 380,332 $ 1.78 8.93 $ 284,000 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | As of March 31, 2017, we have approximately $ 84,000 Year April 1, 2017 to December 31, 2017 $ 42,000 2018 29,000 2019 12,000 2020 1,000 84,000 |
Organization (Details Textual)
Organization (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 20.00% | ||
Real Estate Investment Trust [Member] | |||
Organization [Line Items] | |||
Equity Method Investment, Ownership Percentage | 10.00% | ||
Cornerstone Operating Partnership [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.88% | ||
Cornerstone Operating Partnership [Member] | Cornerstone Realty Advisors, LLC [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest by Affiliates | 0.12% | ||
Cornerstone Healthcare Partners [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 95.00% | ||
Cornerstone Healthcare Real Estate Fund [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest by Affiliates | 5.00% | ||
JV Properties [Member] | Chref Two [Member] | |||
Organization [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | ||
JV Properties [Member] | Chref One [Member] | |||
Organization [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 4.70% | ||
Summit Union Life Holding [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 10.00% | 10.00% | |
Five JV Propertie [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 95.30% | ||
Sixth JV Properties [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 95.00% | ||
Summit Healthcare Six Properties [Member] | |||
Organization [Line Items] | |||
Real Estate Investment Trust Own Percentage | 95.00% | ||
Summit Healthcare Five Properties [Member] | |||
Organization [Line Items] | |||
Real Estate Investment Trust Own Percentage | 100.00% | ||
Summit Health Care Two Properties [Member] | |||
Organization [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Summit Fantasia Holdings, LLC [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 20.00% | ||
Equity Method Investment, Ownership Percentage | 80.00% | ||
Summit Fantasia Holdings II LLC [Member] | |||
Organization [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 20.00% |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Line Items] | |||
Restricted Cash and Cash Equivalents | $ 3,991,000 | $ 3,806,000 | |
Operating Leases, Future Minimum Payments Receivable, Total | [1] | $ 64,930,000 | |
Cornerstone Healthcare Partners LLC [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% | ||
Accounting Standards Update 2016-02 [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Operating Leases, Future Minimum Payments Receivable, Total | $ 300,000 | ||
[1] | This schedule does not reflect future rental revenues from the potential renewal or replacement of existing and future leases, tenant reimbursements, and the rental revenues for the tenant (Friendswood TRS) of Friendship Haven. |
Investments in Real Estate Pr28
Investments in Real Estate Properties (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Real estate properties, net | $ 58,040,000 | $ 58,739,000 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate properties, net | 5,548,000 | 5,548,000 |
Building Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 58,455,000 | 58,450,000 |
Less: accumulated depreciation | (7,486,000) | (7,011,000) |
Real estate properties, net | 50,969,000 | 51,439,000 |
Furniture and Fixture [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 6,165,000 | 6,165,000 |
Less: accumulated depreciation | (4,642,000) | (4,413,000) |
Real estate properties, net | $ 1,523,000 | $ 1,752,000 |
Investments in Real Estate Pr29
Investments in Real Estate Properties (Details 1) | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Real Estate Properties [Line Items] | ||
Purchase Price | $ 68,865,000 | |
Loans Payable, excluding debt issuance costs | $ 53,303,000 | |
Number of Beds | 764 | |
Sheridan Care Center [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Sheridan, OR | |
Date Purchased | Aug. 3, 2012 | |
Type of Property | SNF | [1] |
Purchase Price | $ 4,100,000 | |
Loans Payable, excluding debt issuance costs | $ 4,882,000 | |
Number of Beds | 51 | |
Fern Hill Care Center [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Portland, OR | |
Date Purchased | Aug. 3, 2012 | |
Type of Property | SNF | [1] |
Purchase Price | $ 4,500,000 | |
Loans Payable, excluding debt issuance costs | $ 4,282,000 | |
Number of Beds | 63 | |
Friendship Haven Healthcare and Rehabilitation Center [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Galveston County, TX | [2] |
Date Purchased | Sep. 14, 2012 | [2] |
Type of Property | SNF | [1],[2] |
Purchase Price | $ 15,000,000 | [2] |
Loans Payable, excluding debt issuance costs | $ 6,952,000 | [2] |
Number of Beds | 150 | [2] |
Pacific Health and Rehabilitation Center [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Tigard, OR | |
Date Purchased | Dec. 24, 2012 | |
Type of Property | SNF | [1] |
Purchase Price | $ 8,140,000 | |
Loans Payable, excluding debt issuance costs | $ 7,139,000 | |
Number of Beds | 73 | |
Danby House [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Winston-Salem, NC | |
Date Purchased | Jan. 31, 2013 | |
Type of Property | AL/MC | [1] |
Purchase Price | $ 9,700,000 | |
Loans Payable, excluding debt issuance costs | $ 7,728,000 | |
Number of Beds | 100 | |
Brookstone of Aledo [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Aledo, IL | |
Date Purchased | Jul. 2, 2013 | |
Type of Property | AL | [1] |
Purchase Price | $ 8,625,000 | |
Loans Payable, excluding debt issuance costs | $ 7,299,000 | |
Number of Beds | 66 | |
The Shelby House [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Shelby, NC | |
Date Purchased | Oct. 4, 2013 | |
Type of Property | AL | [1] |
Purchase Price | $ 4,500,000 | |
Loans Payable, excluding debt issuance costs | $ 4,778,000 | |
Number of Beds | 72 | |
The Hamlet House [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Hamlet, NC | |
Date Purchased | Oct. 4, 2013 | |
Type of Property | AL | [1] |
Purchase Price | $ 6,500,000 | |
Loans Payable, excluding debt issuance costs | $ 4,037,000 | |
Number of Beds | 60 | |
The Carteret House [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Newport, NC | |
Date Purchased | Oct. 4, 2013 | |
Type of Property | AL | [1] |
Purchase Price | $ 4,300,000 | |
Loans Payable, excluding debt issuance costs | $ 3,406,000 | |
Number of Beds | 64 | |
Sundial Assisted Living [Member] | ||
Real Estate Properties [Line Items] | ||
Location | Redding, CA | |
Date Purchased | Dec. 18, 2013 | |
Type of Property | AL | [1] |
Purchase Price | $ 3,500,000 | |
Loans Payable, excluding debt issuance costs | $ 2,800,000 | |
Number of Beds | 65 | |
[1] | SNF is an abbreviation for skilled nursing facility. AL is an abbreviation for assisted living facility. MC is an abbreviation for memory care facility. | |
[2] | We became the licensed operator and tenant of the facility on May 1, 2014 through Friendswood TRS. Upon becoming the licensed operator and tenant of the facility, we entered into a management agreement with an affiliate of Stonegate Senior Living (“Stonegate”). As of December 31, 2016, we terminated the management agreement with Stonegate and entered into a new three-year management agreement with HMG Services, L.L.C. (“HMG”), whereby HMG will receive a management fee up to 5% of the adjusted gross revenues, as defined, from operations of the facility (see Note 10). |
Investments in Real Estate Pr30
Investments in Real Estate Properties (Details 2) | Mar. 31, 2017USD ($) | [1] |
Real Estate Properties [Line Items] | ||
April 1, 2017 to December 31, 2017 | $ 3,917,000 | |
2,018 | 5,326,000 | |
2,019 | 5,440,000 | |
2,020 | 5,556,000 | |
2,021 | 5,674,000 | |
Thereafter | 39,017,000 | |
Operating Leases, Future Minimum Payments Receivable | $ 64,930,000 | |
[1] | This schedule does not reflect future rental revenues from the potential renewal or replacement of existing and future leases, tenant reimbursements, and the rental revenues for the tenant (Friendswood TRS) of Friendship Haven. |
Investments in Real Estate Pr31
Investments in Real Estate Properties (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 10 | 10 | |
Percentage of Real Estate Properties | 100.00% | ||
Depreciation and amortization | $ 743,000 | $ 973,000 | |
Deferred Costs, Total | 2,200,000 | ||
Deferred Costs, Leasing, Net, Total | 1,378,000 | $ 1,413,000 | |
Amortization of Deferred Leasing Commissions | $ 35,000 | $ 40,000 | |
Stonegate [Member] | |||
Real Estate Properties [Line Items] | |||
Management Fee Rate | 5.00% |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 53,303,000 | $ 53,546,000 |
Less debt discounts | (1,795,000) | (1,829,000) |
Total loans payable | 51,508,000 | 51,717,000 |
Healthcare Financial Solutions, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 2,800,000 | 2,800,000 |
Oxford Finance, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 6,952,000 | 6,978,000 |
Lancaster Pollard Mortgage Company, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 43,551,000 | $ 43,768,000 |
Loans Payable (Details 1)
Loans Payable (Details 1) | Mar. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
April 1, 2017 to December 31, 2017 | $ 737,000 |
2,018 | 3,820,000 |
2,019 | 7,725,000 |
2,020 | 986,000 |
2,021 | 1,024,000 |
Thereafter | 39,011,000 |
Total | $ 53,303,000 |
Loans Payable (Details Textual)
Loans Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date, Description | mature between 2018 and 2051 | |||
Interest Expense, Debt | $ 700,000 | $ 800,000 | ||
Long-term Debt, Gross | 53,303,000 | $ 53,546,000 | ||
Debt Instrument, Unamortized Discount | 1,795,000 | $ 1,829,000 | ||
Amortization of Debt Discount (Premium) | $ 34,000 | $ 34,000 | ||
Oxford Finance, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||
Debt Instrument, Periodic Payment | $ 51,000 | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR (floor of 0.75%) plus 6.50% | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||
Debt Instrument, Maturity Date, Description | due in October 2019 | |||
Debt Instrument, Collateral | collateralized by Friendship Haven | |||
Long-term Debt, Gross | $ 6,952,000 | $ 6,978,000 | ||
Lancaster Pollard Mortgage Company, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||
Debt Instrument, Periodic Payment | $ 209,000 | |||
Debt Instrument, Maturity Date, Description | due in September 2039 through January 2051 | |||
Debt Instrument, Collateral | collateralized by Sheridan, Fernhill, Pacific Health, Shelby, Hamlet, Carteret, Aledo and Danby | |||
Long-term Debt, Gross | $ 43,551,000 | 43,768,000 | ||
Lancaster Pollard Mortgage Company, LLC [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
Lancaster Pollard Mortgage Company, LLC [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.78% | |||
Healthcare Financial Solutions, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Frequency of Periodic Payment | monthly | |||
Debt Instrument, Periodic Payment | $ 15,000 | $ 15,000 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR (floor of 0.50%) plus 4.0% | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Debt Instrument, Maturity Date, Description | due in October 2018 | |||
Debt Instrument, Collateral | collateralized by Sundial Assisted Living | |||
Long-term Debt, Gross | $ 2,800,000 | $ 2,800,000 |
Equity-Method Investments (Deta
Equity-Method Investments (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Apr. 30, 2015 | |
Equity Method Investments | $ 6,834,000 | $ 5,095,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 167,000 | $ 60,000 | ||||||
Dividends Receivable | 428,000 | 396,000 | ||||||
Increase (Decrease) in Accounts and Other Receivables | (154,000) | (27,000) | ||||||
Payments to Acquire Businesses, Gross | 68,865,000 | |||||||
Operating Partnership Llc [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 10.00% | |||||||
Distribution receivable from the SULJV | 353,000 | 365,000 | ||||||
Investment Income, Dividend | 206,000 | 106,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 63,000 | 46,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 143,000 | 60,000 | ||||||
Summit Healthcare Asset Management Llc [Member] | ||||||||
Limited Liability Company or Limited Partnership, Managing Member or General Partner, Compensation | Under the SUL LLC Agreement, as amended, net operating cash flow of the SUL JV will be distributed monthly, first to the Operating Partnership and Best Years pari passu up to a 9% to 10% annual return, as defined, and thereafter to Best Years 75% and the Operating Partnership 25%. All capital proceeds from the sale of the properties held by the SUL JV, a refinancing or another capital event will be paid first to the Operating Partnership and Best Years pari passu until each has received an amount equal to its accrued but unpaid 9% to 10% return plus its total contribution, and thereafter to Best Years 75% and the Operating Partnership 25%. | |||||||
Best Years Llc [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 90.00% | |||||||
JV 2 Properties [Member] | ||||||||
Dividends Receivable | $ 362,000 | 362,000 | $ 362,000 | |||||
Proceeds from Dividends Received | $ 122,000 | |||||||
SUL JV acquired [Member] | ||||||||
Equity Method Investments | $ 3,700,000 | |||||||
Summit Fantasia Holdings, LLC [Member] | ||||||||
Limited Liability Company or Limited Partnership, Managing Member or General Partner, Compensation | Under the Fantasia LLC Agreement, net operating cash flow of the Fantasia JV will be distributed quarterly, first to the Operating Partnership and Fantasia pari passu until each member has received an amount equal to its accrued, but unpaid 8% return, and thereafter 70% to Fantasia and 30% to the Operating Partnership. All capital proceeds from the sale of the properties held by the Fantasia JV, a refinancing or another capital event, will be paid first to the Operating Partnership and Fantasia pari passu until each has received an amount equal to its accrued but unpaid 8% return plus its total capital contribution, and thereafter 70% to Fantasia and 30% to the Operating Partnership. | |||||||
Equity Method Investment, Ownership Percentage | 80.00% | |||||||
Equity Method Investments | $ 1,200,000 | |||||||
Distribution receivable from the SULJV | 46,000 | $ 31,000 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 24,000 | |||||||
Proceeds from Dividends Received | 31,000 | |||||||
Noncontrolling Interest, Ownership Percentage By Parent | 20.00% | |||||||
Increase (Decrease) in Accounts and Other Receivables | $ 7,000 | |||||||
Summit Fantasia II Holdings, LLC [Member] | ||||||||
Limited Liability Company or Limited Partnership, Managing Member or General Partner, Compensation | Under the Fantasia II LLC Agreement, net operating cash flow of the Fantasia JV will be distributed quarterly, first to the Operating Partnership and Fantasia pari passu until each member has received an amount equal to its accrued, but unpaid 8% return, and thereafter 70% to Fantasia and 30% to the Operating Partnership. All capital proceeds from the sale of the properties held by the Fantasia II JV, a refinancing or another capital event, will be paid first to the Operating Partnership and Fantasia pari passu until each has received an amount equal to its accrued but unpaid 8% return plus its total capital contribution, and thereafter 70% to Fantasia and 30% to the Operating Partnership. | |||||||
Equity Method Investment, Ownership Percentage | 20.00% | 80.00% | ||||||
Asset Management Fees | $ 200,000 | $ 54,000 | ||||||
Equity Method Investments | 1,900,000 | |||||||
Distribution receivable from the SULJV | $ 29,000 | |||||||
Noncontrolling Interest, Ownership Percentage By Parent | 20.00% | |||||||
Business Acquisition Contribution Amount | $ 1,900,000 | |||||||
Payments to Acquire Businesses, Gross | 27,000,000 | |||||||
Other Payments to Acquire Businesses | $ 200,000 |
Receivables (Details)
Receivables (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable from resident services, net of allowance for doubtful accounts of $313,000 and $233,000, respectively | $ 737,000 | $ 866,000 |
Straight-line rent receivables | 2,490,000 | 2,384,000 |
Distribution receivables from the Equity-Method Investments | 428,000 | 396,000 |
Receivable from JV 2 properties | 362,000 | 362,000 |
Other receivables | 209,000 | 254,000 |
Total | $ 4,226,000 | $ 4,262,000 |
Receivables (Details Textual)
Receivables (Details Textual) - USD ($) | Jan. 07, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest Income Note Receivable | $ 44,000 | $ 30,000 | |||
Financing Receivable, Net | 4,793,000 | $ 4,801,000 | |||
Resident Services [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for Doubtful Accounts Receivable | 313,000 | 233,000 | |||
Nantucket Note [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts and Notes Receivable, Net | $ 4,700,000 | ||||
Sherburne Commons, Inc., Money Note [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 3.50% | ||||
Receivable with Imputed Interest, Face Amount | $ 5,000,000 | ||||
Receivable with Imputed Interest, Description | We may also participate in additional interest of up to $1 million from 50% of the net proceeds of cottage sales through December 31, 2018. | ||||
Receivable with Imputed Interest, Due Date | Dec. 31, 2017 | ||||
Operator [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Net | $ 63,000 | $ 71,000 | $ 140,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Receivable [Line Items] | ||
Balance | $ 737,000 | $ 866,000 |
Cornerstone Realty Advisors, LLC [Member] | ||
Receivable [Line Items] | ||
Receivables | 2,676,000 | |
Reserves | (2,676,000) | |
Balance | 0 | |
Organizational and offering costs [Member] | Cornerstone Realty Advisors, LLC [Member] | ||
Receivable [Line Items] | ||
Receivables | 738,000 | |
Reserves | (738,000) | |
Balance | 0 | |
Asset management fees and expenses [Member] | Cornerstone Realty Advisors, LLC [Member] | ||
Receivable [Line Items] | ||
Receivables | 32,000 | |
Reserves | (32,000) | |
Balance | 0 | |
Operating expenses (direct and indirect) [Member] | Cornerstone Realty Advisors, LLC [Member] | ||
Receivable [Line Items] | ||
Receivables | 189,000 | |
Reserves | (189,000) | |
Balance | 0 | |
Operating expenses (2%/25% Test) [Member] | Cornerstone Realty Advisors, LLC [Member] | ||
Receivable [Line Items] | ||
Receivables | 1,717,000 | |
Reserves | (1,717,000) | |
Balance | $ 0 |
Related Party Transactions (D39
Related Party Transactions (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum [Member] | |
Related Party Transaction [Line Items] | |
Percentage Of Restricted Operating Expenses | 2.00% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Percentage Of Restricted Operating Expenses | 25.00% |
Concentration of Risk (Details
Concentration of Risk (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Tenant one, Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 58.00% | 44.00% | |
Tenant two, Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 34.00% | 26.00% | |
Assets, Total [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 20.00% |
Fair Value Measurements of Fi41
Fair Value Measurements of Financial Instruments (Details Textual) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable, Fair Value Disclosure | $ 4,900,000 | |
Fair Value Inputs Discount Rate Notes Payable | 4.80% | |
Financing Receivable, Net | $ 4,793,000 | $ 4,801,000 |
Loans Payable, Fair Value Disclosure | 54,100,000 | 54,300,000 |
Long-term Debt, Gross | $ 53,303,000 | $ 53,546,000 |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Inputs Discount Rate Notes Payable | 4.40% | |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Inputs Discount Rate Notes Payable | 7.30% |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | Dec. 31, 2017USD ($) |
Hmg Services Llc [Member] | Scenario, Forecast [Member] | |
Operating Lease, Termination Fee | $ 92,000 |
Equity (Details)
Equity (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted | shares | 281,796 |
Expected Volatility | 23.40% |
Expected lives | 2 years 4 months 24 days |
Risk-free interest rate | 1.24% |
Dividends | 0.00% |
Fair value per share | $ / shares | $ 0.31 |
Equity (Details 1)
Equity (Details 1) - USD ($) | 3 Months Ended |
Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding at January 1, 2017 | 400,000 |
Options, Granted | 281,796 |
Options, Exercised | 0 |
Options, Cancelled/forfeited | 0 |
Options outstanding at March 31, 2017 | 681,796 |
Options exercisable at March 31, 2017 | 380,332 |
Weighted Average Exercise Price, Options outstanding at January 1, 2017 | $ 1.72 |
Weighted Average Exercise Price, Granted | 2.02 |
Weighted Average Exercise Price, Options outstanding at March 31, 2017 | 1.84 |
Weighted Average Exercise Price, Options exercisable at March 31, 2017 | $ 1.78 |
Weighted Average Remaining Contractual Term, Options outstanding at March 31, 2017 | 9 years 1 month 17 days |
Weighted Average Remaining Contractual Term, Options exercisable at March 31, 2017 | 8 years 11 months 5 days |
Aggregate Intrinsic Value, Options outstanding at March 31, 2017 | $ 468,000 |
Aggregate Intrinsic Value, Options exercisable at March 31, 2017 | $ 284,000 |
Equity (Details 2)
Equity (Details 2) | Mar. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 84,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost To Be Recognized, April 1, 2017 to December 31, 2017 [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 42,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost To Be Recognized, in 2018 [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 29,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost To Be Recognized, in 2019 [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 12,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost To Be Recognized, in 2020 [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,000 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2017 | Jan. 02, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 281,796 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.31 | |||
Share-based Compensation, Total | $ 31,000 | $ 8,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 1 month 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Exercise Price, Beginning Balance | $ 0.28 | $ 0.28 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 84,000 | $ 84,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.02 | |||
General and Administrative Expense [Member] | ||||
Schedule of Equity [Line Items] | ||||
Share-based Compensation, Total | $ 31,000 | $ 8,000 | ||
Executive Management [Member] | ||||
Schedule of Equity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 182,796 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.02 | |||
Executive Management [Member] | Vest in Equal Monthly Installment [Member] | ||||
Schedule of Equity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 67.00% | |||
Omnibus Incentive Plan [Member] | ||||
Schedule of Equity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.29 | |||
Omnibus Incentive Plan [Member] | Directors And Employees [Member] | ||||
Schedule of Equity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 99,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.02 | |||
Director Incentive Stock Plan [Member] | ||||
Schedule of Equity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years |
Dispositions (Details Textual)
Dispositions (Details Textual) - USD ($) | 1 Months Ended | ||||
Oct. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 29, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans Payable, Total | $ 51,508,000 | $ 51,717,000 | |||
Gain (Loss) on Sale of Properties | $ 2,800,000 | ||||
Assets, Total | $ 88,354,000 | $ 89,403,000 | |||
Medford property [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Right to Purchase the Property, Value | $ 10,800,000 | ||||
Cash | 3,800,000 | ||||
Loans Payable Transferred Upon Disposition Of Properties | 6,700,000 | ||||
Property, Plant and Equipment, Net | 1,300,000 | ||||
Assets, Total | $ 8,000,000 | ||||
Operating Partnership [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loans Payable, Total | $ 4,700,000 | ||||
Equity Method Investment, Summarized Financial Information, Assets | 9,200,000 | ||||
Equity Method Investment, Summarized Financial Information, Liabilities | 5,300,000 | ||||
Riverglen [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Value Of Properties | $ 3,900,000 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - $ / shares | Apr. 03, 2017 | Mar. 31, 2017 | Mar. 31, 2017 |
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 281,796 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.02 | ||
Executive Management [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 182,796 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.02 | ||
Subsequent Event [Member] | Omnibus Incentive Plan [Member] | Executive Management [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 170,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.04 | ||
Subsequent Event [Member] | Vest in Equal Monthly Installment [Member] | Omnibus Incentive Plan [Member] | Executive Management [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 67.00% |