Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Sabra Health Care REIT, Inc. | ' |
Entity Central Index Key | '0001492298 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 54,527,984 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Real estate investments, net of accumulated depreciation of $179,301 and $151,078 as of September 30, 2014 and December 31, 2013, respectively | $1,568,268 | $915,418 |
Loans receivable and other investments, net | 250,674 | 185,293 |
Cash and cash equivalents | 25,479 | 4,308 |
Restricted cash | 6,537 | 5,352 |
Deferred tax assets | 24,212 | 24,212 |
Prepaid expenses, deferred financing costs and other assets | 142,196 | 63,252 |
Total assets | 2,017,366 | 1,197,835 |
Liabilities | ' | ' |
Mortgage notes | 124,714 | 141,328 |
Secured revolving credit facility | 614,000 | 135,500 |
Senior unsecured notes | 550,000 | 414,402 |
Accounts payable and accrued liabilities | 40,719 | 22,229 |
Tax liability | 24,212 | 24,212 |
Total liabilities | 1,353,645 | 737,671 |
Commitments and contingencies (Note 12) | ' | ' |
Equity | ' | ' |
Preferred stock, $.01 par value; 10,000,000 shares authorized, 5,750,000 issued and outstanding as of September 30, 2014 and December 31, 2013 | 58 | 58 |
Common stock, $.01 par value; 125,000,000 shares authorized, 47,627,984 and 38,788,745 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 476 | 388 |
Additional paid-in capital | 771,844 | 534,639 |
Cumulative distributions in excess of net income | -108,628 | -74,921 |
Total Sabra Health Care REIT. Inc. stockholders’ equity | 663,750 | 460,164 |
Noncontrolling interests | -29 | 0 |
Total equity | 663,721 | 460,164 |
Total liabilities and equity | $2,017,366 | $1,197,835 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Accumulated depreciation | $179,301 | $151,078 |
Equity | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,750,000 | 5,750,000 |
Preferred stock, shares outstanding | 5,750,000 | 5,750,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 47,627,984 | 38,788,745 |
Common stock, shares outstanding | 47,627,984 | 38,788,745 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income | $38,165 | $31,699 | $111,743 | $94,692 |
Interest and other income | 5,819 | 1,227 | 16,064 | 2,531 |
Total revenues | 43,984 | 32,926 | 127,807 | 97,223 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 9,762 | 8,258 | 28,867 | 24,726 |
Interest | 10,540 | 9,739 | 32,668 | 29,884 |
General and administrative | 6,226 | 3,057 | 20,005 | 11,196 |
Total expenses | 26,528 | 21,054 | 81,540 | 65,806 |
Loss on extinguishment of debt | -158 | -351 | -22,454 | -10,101 |
Other income (expense) | -100 | 300 | 860 | -600 |
Total other income (expense) | -258 | -51 | -21,594 | -10,701 |
Net income | 17,198 | 11,821 | 24,673 | 20,716 |
Net loss attributable to noncontrolling interests | 6 | 0 | 29 | 0 |
Net income attributable to Sabra Health Care REIT, Inc | 17,204 | 11,821 | 24,702 | 20,716 |
Preferred stock dividends | -2,561 | -2,579 | -7,682 | -5,406 |
Net income attributable to common stockholders | $14,643 | $9,242 | $17,020 | $15,310 |
Basic common share | $0.31 | $0.25 | $0.39 | $0.41 |
Diluted common share | $0.31 | $0.24 | $0.39 | $0.41 |
Weighted-average number of common shares outstanding, basic | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 |
Weighted-average number of common shares outstanding, diluted | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions in Excess of Net Income [Member] | Total Stockholders' Equity Before Noncontrolling Interests [Member] | Noncontrolling Interest [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] |
In Thousands, except Share data, unless otherwise specified | Additional Paid-in Capital [Member] | Total Stockholders' Equity Before Noncontrolling Interests [Member] | Additional Paid-in Capital [Member] | Total Stockholders' Equity Before Noncontrolling Interests [Member] | ||||||||||
Beginning balance at Dec. 31, 2012 | $305,488 | $0 | $371 | $353,861 | ($48,744) | $305,488 | $0 | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (shares) at Dec. 31, 2012 | ' | 0 | 37,099,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 20,716 | ' | ' | ' | 20,716 | 20,716 | 0 | ' | ' | ' | ' | ' | ' | ' |
Amortization of stock based compensation | 5,693 | ' | ' | 5,693 | ' | 5,693 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issuance, Value | ' | 58 | ' | ' | ' | ' | ' | 138,257 | 138,199 | 138,257 | -2,949 | 2 | -2,951 | -2,949 |
Stock issuance, Shares | ' | 5,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,734 | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | -5,406 | -5,406 | ' | ' | ' | ' | ' | ' | ' | ' |
Common dividends | -38,609 | ' | ' | ' | -38,609 | -38,609 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Sep. 30, 2013 | 423,190 | 58 | 373 | 494,802 | -72,043 | 423,190 | 0 | ' | ' | ' | ' | ' | ' | ' |
Ending balance (shares) at Sep. 30, 2013 | ' | 5,750,000 | 37,333,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 460,164 | 58 | 388 | 534,639 | -74,921 | 460,164 | 0 | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (shares) at Dec. 31, 2013 | ' | 5,750,000 | 38,788,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 24,673 | ' | ' | ' | 24,702 | 24,702 | -29 | ' | ' | ' | ' | ' | ' | ' |
Amortization of stock based compensation | 7,092 | ' | ' | 7,092 | ' | 7,092 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issuance, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,201 | 88 | 230,113 | 230,201 |
Stock issuance, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,839,239 | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | -7,682 | -7,682 | ' | ' | ' | ' | ' | ' | ' | ' |
Common dividends | -50,727 | ' | ' | ' | -50,727 | -50,727 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Sep. 30, 2014 | $663,721 | $58 | $476 | $771,844 | ($108,628) | $663,750 | ($29) | ' | ' | ' | ' | ' | ' | ' |
Ending balance (shares) at Sep. 30, 2014 | ' | 5,750,000 | 47,627,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Equity (Parenthetical) (USD $) | 0 Months Ended | 9 Months Ended | |||
Jul. 30, 2014 | 5-May-14 | Jan. 23, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Common dividends | $0.38 | $0.38 | $0.36 | $1.12 | $1.02 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $24,673 | $20,716 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 28,867 | 24,726 |
Non-cash interest income adjustments | 217 | 29 |
Amortization of deferred financing costs | 2,812 | 2,395 |
Stock-based compensation expense | 6,337 | 5,209 |
Amortization of premium | -33 | -535 |
Loss on extinguishment of debt | 1,576 | 858 |
Straight-line rental income adjustments | -13,074 | -10,836 |
Write-off of straight-line rental income | 2,994 | 0 |
Change in fair value of contingent consideration | -860 | 600 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other assets | -2,529 | -1,494 |
Accounts payable and accrued liabilities | 22,607 | 10,413 |
Restricted cash | -2,348 | -2,870 |
Net cash provided by operating activities | 71,239 | 49,211 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | -721,879 | -6,175 |
Origination and fundings of loans receivable | -59,256 | -26,393 |
Preferred equity investment | -11,300 | -6,624 |
Additions to real estate | -1,151 | -388 |
Repayment of loans receivable | 287 | 0 |
Net proceeds from the sale of real estate | 0 | 2,208 |
Net cash used in investing activities | -793,299 | -37,372 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 350,000 | 200,000 |
Principal payments on senior unsecured notes | -211,250 | -113,750 |
Proceeds from revolving credit facility | 699,000 | 0 |
Payments on revolving credit facility | -220,500 | -92,500 |
Proceeds from mortgage notes | 57,703 | 0 |
Principal payments on mortgage notes | -88,419 | -10,081 |
Payments of deferred financing costs | -15,474 | -8,598 |
Issuance of preferred stock | 0 | 138,257 |
Issuance of common stock | 229,825 | -2,950 |
Dividends paid on common and preferred stock | -57,654 | -42,677 |
Net cash provided by financing activities | 743,231 | 67,701 |
Net increase in cash and cash equivalents | 21,171 | 79,540 |
Cash and cash equivalents, beginning of period | 4,308 | 17,101 |
Cash and cash equivalents, end of period | 25,479 | 96,641 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 26,705 | 21,937 |
Assumption of mortgage indebtedness | 14,102 | 0 |
Repayment of preferred equity investments | $6,949 | $0 |
BUSINESS
BUSINESS | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business | ' |
BUSINESS | |
Overview | |
Sabra Health Care REIT, Inc. (“Sabra” or the “Company”) was incorporated on May 10, 2010 as a wholly owned subsidiary of Sun Healthcare Group, Inc. (“Old Sun”) and commenced operations on November 15, 2010. Sabra elected to be treated as a real estate investment trust (“REIT”) with the filing of its U.S. federal income tax return for the taxable year beginning January 1, 2011. Sabra believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. Sabra’s primary business consists of acquiring, financing and owning real estate property to be leased to third party tenants in the healthcare sector. Sabra owns substantially all of its assets and properties and conducts its operations through Sabra Health Care Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), of which Sabra is the sole general partner, or by subsidiaries of the Operating Partnership. The Company’s investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing facilities, acute care hospitals, debt investments and preferred equity investments. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation and Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Sabra, its wholly owned subsidiaries and a consolidated variable interest entity (“VIEs”). All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). | |
GAAP requires the Company to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of VIEs. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity's activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity's equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. | |
The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. | |
As of September 30, 2014, the Company determined it was the primary beneficiary of one senior housing facility and has consolidated the operations of the facility in the accompanying condensed consolidated financial statements. As of September 30, 2014, the operations of the facility were not material to the Company’s results of operations, financial condition or cash flows. | |
As it relates to investments in loans, in addition to the Company's assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine if the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower's expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At September 30, 2014, none of the Company's investments in loans are accounted for as real estate joint ventures. | |
As it relates to investments in joint ventures, based on the type of rights held by the limited partner(s), GAAP may preclude consolidation by the sole general partner in certain circumstances in which the general partner would otherwise consolidate the joint venture. The Company assesses limited partners' rights and their impact on the presumption of control of the limited partnership by the sole general partner when an investor becomes the sole general partner, and the Company reassesses if: there is a change to the terms or in the exercisability of the rights of the limited partners; the sole general partner increases or decreases its ownership of limited partnership interests; or there is an increase or decrease in the number of outstanding limited partnership interests. The Company also applies this guidance to managing member interests in limited liability companies. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s 2013 Annual Report on Form 10-K filed with the SEC. | |
Use of Estimates | |
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. | |
Recently Issued Accounting Standards Update | |
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”), which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The standard no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or (ii) there is significant continuing involvement with a component after its disposal. ASU No. 2014-08 is effective for public entities for interim and annual periods beginning after December 15, 2014, and will be applied prospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance specifically notes that lease contracts with customers are a scope exception. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. |
RECENT_REAL_ESTATE_ACQUISITION
RECENT REAL ESTATE ACQUISITIONS (Notes) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
RECENT REAL ESTATE ACQUISITIONS [Abstract] | ' | ||||||||||||||
Recent Real Estate Acquisitions | ' | ||||||||||||||
RECENT REAL ESTATE ACQUISITIONS | |||||||||||||||
During the nine months ended September 30, 2014, the Company acquired six skilled nursing/transitional care facilities and 27 senior housing facilities for consideration totaling $690.8 million. The consideration was allocated as follows (in thousands): | |||||||||||||||
Intangibles | |||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption Costs | Tenant Relationship | Total Consideration | |||||||||||
$ | 54,387 | $ | 625,536 | $ | 7,924 | $ | 2,991 | $ | 690,838 | ||||||
As of September 30, 2014, the purchase price allocations for the acquisitions completed during the three months ended September 30, 2014 are preliminary pending the receipt of information necessary to complete the valuation of certain tangible and intangible assets and liabilities and therefore are subject to change. | |||||||||||||||
The tenant origination and absorption costs intangible assets and tenant relationship intangible assets acquired in connection with these acquisitions have weighted-average amortization periods as of the date of acquisition of 14 years and 24 years, respectively. | |||||||||||||||
For the three and nine months ended September 30, 2014, the Company recognized $3.9 million and $8.3 million, respectively, of total revenues and $1.0 million and $3.3 million, respectively, of net income attributable to common stockholders from these properties. | |||||||||||||||
Holiday Portfolio | |||||||||||||||
On September 25, 2014, the Company acquired a portfolio of 21 independent living facilities (the “Holiday Portfolio”), located in 15 states, from affiliates of Holiday Acquisition Holdings Corp. (“Holiday”) for a total cash purchase price of $550.0 million. Concurrently with the acquisition, certain wholly owned subsidiaries of the Company entered into a triple-net master lease agreement with certain wholly-owned subsidiaries of Holiday AL Holdings LP (collectively, “Holiday Tenant”), an affiliate of Holiday. The master lease has an initial term of 15 years with two five-year renewal options and provides for base rent in the first year of approximately $30.3 million, with annual rent increases of 4.0% in years two and three and the greater of 3.5% or the change in the Consumer Price Index during the remainder of the lease term. The master lease is expected to generate annual lease revenues determined in accordance with GAAP, of $39.3 million. The closing of the acquisition of one facility was deferred until October 7, 2014 and Holiday Tenant agreed to pay the full rental amount due under the lease notwithstanding the delay in the closing of the acquisition of this facility. | |||||||||||||||
Acquisition Earn-Out | |||||||||||||||
On February 14, 2014, the Company acquired four skilled nursing facilities and two senior housing facilities (the “Nye Portfolio”) for $90.0 million. The Company may pay an earn-out based on incremental portfolio value created through the improvement of current operations as well as through expansion and conversion projects associated with these facilities. The earn-out amount will be determined based on portfolio performance following the third anniversary of the master lease. To determine the value of the contingent consideration, the Company used significant inputs not observable in the market to estimate the earn-out, made assumptions regarding the probability of the portfolio achieving the incremental value and then applied an appropriate discount rate. The Company estimated a contingent consideration liability of $3.2 million at the time of purchase. As of September 30, 2014, based on the potential future performance of the Nye Portfolio, the contingent consideration liability is estimated at $3.4 million and is included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheet. During the three and nine months ended September 30, 2014, the Company recorded an adjustment to the contingent consideration liability of $0.1 million and $0.2 million, respectively, and included this amount in Other (expense) income on the accompanying condensed consolidated statements of income. |
REAL_ESTATE_INVESTMENTS
REAL ESTATE INVESTMENTS | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Real Estate Investments, Net [Abstract] | ' | ||||||||||||||||||
Real Estate Investments | ' | ||||||||||||||||||
REAL ESTATE PROPERTIES HELD FOR INVESTMENT | |||||||||||||||||||
The Company’s real estate properties held for investment consisted of the following (dollars in thousands): | |||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||
Property Type | Number of | Number of | Total | Accumulated | Total | ||||||||||||||
Properties | Beds/Units | Real Estate | Depreciation | Real Estate | |||||||||||||||
at Cost | Investments, Net | ||||||||||||||||||
Skilled Nursing/Transitional Care | 102 | 11,460 | $ | 825,378 | $ | (151,842 | ) | $ | 673,536 | ||||||||||
Senior Housing | 50 | 4,818 | 746,130 | (17,395 | ) | 728,735 | |||||||||||||
Acute Care Hospitals | 2 | 124 | 175,807 | (9,873 | ) | 165,934 | |||||||||||||
154 | 16,402 | 1,747,315 | (179,110 | ) | 1,568,205 | ||||||||||||||
Corporate Level | 254 | (191 | ) | 63 | |||||||||||||||
$ | 1,747,569 | $ | (179,301 | ) | $ | 1,568,268 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Property Type | Number of | Number of | Total | Accumulated | Total | ||||||||||||||
Properties | Beds/Units | Real Estate | Depreciation | Real Estate | |||||||||||||||
at Cost | Investments, Net | ||||||||||||||||||
Skilled Nursing/Transitional Care | 96 | 10,826 | $ | 737,188 | $ | (132,068 | ) | $ | 605,120 | ||||||||||
Senior Housing | 23 | 1,518 | 153,247 | (13,337 | ) | 139,910 | |||||||||||||
Acute Care Hospitals | 2 | 124 | 175,807 | (5,520 | ) | 170,287 | |||||||||||||
121 | 12,468 | 1,066,242 | (150,925 | ) | 915,317 | ||||||||||||||
Corporate Level | 254 | (153 | ) | 101 | |||||||||||||||
$ | 1,066,496 | $ | (151,078 | ) | $ | 915,418 | |||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Building and improvements | $ | 1,476,202 | $ | 879,926 | |||||||||||||||
Furniture and equipment | 80,977 | 50,567 | |||||||||||||||||
Land improvements | 4,392 | 4,392 | |||||||||||||||||
Land | 185,998 | 131,611 | |||||||||||||||||
1,747,569 | 1,066,496 | ||||||||||||||||||
Accumulated depreciation | (179,301 | ) | (151,078 | ) | |||||||||||||||
$ | 1,568,268 | $ | 915,418 | ||||||||||||||||
Operating Leases | |||||||||||||||||||
As of September 30, 2014, all of the Company’s real estate properties were leased under triple-net operating leases with expirations ranging from six to 18 years. As of September 30, 2014, the leases had a weighted-average remaining term of 11 years. The leases include provisions to extend the lease terms and other negotiated terms and conditions. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. In addition, the Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee or other related parties. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets and totaled $15.6 million and $1.6 million as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014, 81 of the Company's 154 real estate properties held for investment were leased to subsidiaries of Genesis. | |||||||||||||||||||
The Company monitors the creditworthiness of its tenants by reviewing credit ratings (if available) and evaluating the ability of the tenants to meet their lease obligations to the Company based on the tenants’ financial performance, including the evaluation of any parent guarantees (or the guarantees of other related parties) of tenant lease obligations. Because formal credit ratings may not be available for most of the Company’s tenants, the primary basis for the Company’s evaluation of the credit quality of its tenants (and more specifically the tenants’ ability to pay their rent obligations to the Company) is the tenants’ lease coverage ratios. These coverage ratios include earnings before interest, taxes, depreciation, amortization and rent (“EBITDAR”) to rent coverage and earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) to rent coverage at the facility level and consolidated EBITDAR to total fixed charge coverage at the parent guarantor level when such a guarantee exists. The Company obtains various financial and operational information from its tenants each month and reviews this information in conjunction with the above-described coverage metrics to determine trends and the operational and financial impact of the environment in the industry (including the impact of government reimbursement) and the management of the tenant’s operations. These metrics help the Company identify potential areas of concern relative to its tenants’ credit quality and ultimately the tenants’ ability to generate sufficient liquidity to meet its obligations, including its obligation to continue to pay the rent due to the Company. | |||||||||||||||||||
As of September 30, 2014, the future minimum rental payments from the Company’s properties under non-cancelable operating leases were as follows (in thousands): | |||||||||||||||||||
October 1, 2014 through December 31, 2014 | $ | 41,907 | |||||||||||||||||
2015 | 171,645 | ||||||||||||||||||
2016 | 175,883 | ||||||||||||||||||
2017 | 180,825 | ||||||||||||||||||
2018 | 185,817 | ||||||||||||||||||
Thereafter | 1,410,600 | ||||||||||||||||||
$ | 2,166,677 | ||||||||||||||||||
LOANS_RECEIVABLE_AND_OTHER_INV
LOANS RECEIVABLE AND OTHER INVESTMENTS (Notes) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Loans Receivable and Other Investments [Abstract] | ' | |||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |||||||||||||||||||||
LOANS RECEIVABLE AND OTHER INVESTMENTS | ||||||||||||||||||||||
As of September 30, 2014, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): | ||||||||||||||||||||||
Investment | Quantity | Facility Type | Principal Balance as of September 30, 2014 | Book Value as of September 30, 2014 | Weighted Average Contractual Rate | Weighted Average Annualized Effective Rate | Maturity Date | |||||||||||||||
Loans Receivable: | ||||||||||||||||||||||
Mortgage | 4 | Skilled Nursing / Senior Housing / Acute Care Hospital | $ | 150,112 | $ | 150,515 | 8.2 | % | 8.1 | % | 10/31/16 - 1/31/18 | |||||||||||
Construction | 3 | Acute Care Hospital / Memory Care | 62,541 | 62,845 | 7.5 | % | 7.3 | % | 9/30/16 - 10/31/18 | |||||||||||||
Mezzanine | 2 | Skilled Nursing / Senior Housing | 21,730 | 21,797 | 11.3 | % | 11.1 | % | 12/27/14 - 08/31/17 | |||||||||||||
Pre-development | 5 | Senior Housing | 3,572 | 3,696 | 9 | % | 8.2 | % | 8/16/15 - 09/09/17 | |||||||||||||
14 | 237,955 | 238,853 | 8.3 | % | 8.2 | % | ||||||||||||||||
Other Investments: | ||||||||||||||||||||||
Preferred Equity | 4 | Senior Housing | 11,631 | 11,821 | 11.9 | % | 11.9 | % | NA | |||||||||||||
Total | 18 | $ | 249,586 | $ | 250,674 | 8.5 | % | 8.4 | % | |||||||||||||
Meridian Mezzanine Loan | ||||||||||||||||||||||
On August 15, 2014, the Company originated a $15.5 million mezzanine loan (the “Meridian Mezzanine Loan”) with affiliates of Meridian ALZ Investors, LLC (“Meridian”) in connection with the Company’s previously announced pipeline agreement with Meridian. The proceeds of the mezzanine loan were used to repay the Company's existing preferred equity investment in an affiliate of Meridian totaling $8.3 million (including accrued and unpaid preferred returns), resulting in a net investment by the Company of $7.2 million. The Meridian Mezzanine Loan has a three-year term and bears interest at a fixed rate of 11.0% per annum. It is secured by Meridian's equity interest in two memory care facilities and a skilled nursing facility. | ||||||||||||||||||||||
Chai Acquisition Option Exercise | ||||||||||||||||||||||
On March 5, 2014, the Company exercised its option to purchase two skilled nursing facilities indirectly securing a related mezzanine loan for $24.5 million. | ||||||||||||||||||||||
At the closing of the acquisition, $5.8 million of the sales proceeds were used to repay a portion of the mezzanine loan, resulting in the Company funding an additional $18.7 million for the acquisition and leaving $6.5 million outstanding under the mezzanine loan. The Company continues to have an option to purchase up to an additional $25.5 million of the remaining ten properties securing the mezzanine loan. |
DEBT
DEBT | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
DEBT | |||||||||||||||||
Mortgage Indebtedness | |||||||||||||||||
The Company’s mortgage notes payable consisted of the following (dollars in thousands): | |||||||||||||||||
Interest Rate Type | Book Value as of | Book Value as of | Weighted Average | Maturity | |||||||||||||
30-Sep-14 | December 31, 2013 | Effective Interest Rate at | Date | ||||||||||||||
30-Sep-14 | |||||||||||||||||
Fixed Rate | $ | 124,714 | $ | 54,688 | 3.96 | % | May 2031 - August 2051 | ||||||||||
Variable Rate | — | 86,640 | NA | NA | |||||||||||||
$ | 124,714 | $ | 141,328 | 3.96 | % | ||||||||||||
Mortgage Debt Refinancing. On January 21, 2014, the Company refinanced $44.8 million of existing variable rate mortgage indebtedness due August 2015 with mortgages guaranteed by the United States Department of Housing and Urban Development (“HUD”) at an interest rate of 4.25% with maturities between 2039 and 2044. In addition, on April 8, 2014, the Company refinanced of $11.6 million of variable rate mortgage indebtedness that was previously repaid with funds from its Revolving Credit Facility (defined below). This new $11.6 million mortgage loan is guaranteed by HUD, has an interest rate of 4.10% and matures in 2044. In connection with these refinancings, the Company wrote off $0.5 million in unamortized deferred financing costs during the nine months ended September 30, 2014 and included this amount in loss on extinguishment of debt on the accompanying condensed consolidated statements of income. | |||||||||||||||||
Mortgage Debt Repayment. On May 1, 2014, the Company repaid $29.8 million of existing variable rate mortgage indebtedness, having an interest rate of 5.0% per annum, with proceeds from its Revolving Credit Facility. In connection with this repayment, the Company wrote off $0.1 million in unamortized deferred financing costs during the nine months ended September 30, 2014 and included this amount in loss on extinguishment of debt on the accompanying condensed consolidated statements of income. | |||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||
5.5% Notes due 2021. On January 23, 2014, the Operating Partnership and Sabra Capital Corporation, wholly owned subsidiaries of the Company (the “Issuers”), completed an underwritten public offering of $350.0 million aggregate principal amount of 5.5% senior unsecured notes (the “2021 Notes”). The 2021 Notes were sold at par, resulting in gross proceeds of $350.0 million and net proceeds of approximately $340.8 million after deducting underwriting discounts and other offering expenses. The 2021 Notes accrue interest at a rate of 5.5% per annum payable semiannually on February 1 and August 1 of each year. | |||||||||||||||||
On October 10, 2014, the Issuers issued an additional $150.0 million aggregate principal amount of 2021 Notes, which are treated as a single class with, and have the same terms as, the existing 2021 Notes. The notes were issued at 99.5% providing net proceeds of approximately $145.8 million (not including pre-issuance accrued interest), after deducting underwriting discounts and other offering expenses and a yield-to-maturity of 5.593%. The Company used the proceeds from this offering to repay borrowings outstanding under the Revolving Credit Facility. | |||||||||||||||||
The 2021 Notes are redeemable at the option of the Issuers, in whole or in part, at any time, and from time to time, on or after February 1, 2017, at the redemption prices set forth in the supplemental indenture governing the 2021 Notes (the “2021 Notes Indenture”), plus accrued and unpaid interest to the applicable redemption date. In addition, prior to February 1, 2017, the Issuers may redeem all or a portion of the 2021 Notes at a redemption price equal to 100% of the principal amount of the 2021 Notes redeemed, plus a “make-whole” premium, plus accrued and unpaid interest to the applicable redemption date. At any time, or from time to time, on or prior to February 1, 2017, the Issuers may redeem up to 35% of the principal amount of the 2021 Notes, using the proceeds of specific kinds of equity offerings, at a redemption price of 105.5% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to the applicable redemption date. Assuming the 2021 Notes are not redeemed, the 2021 Notes mature on February 1, 2021. | |||||||||||||||||
5.375% Notes Due 2023. On May 23, 2013, the Issuers completed an underwritten public offering of $200.0 million aggregate principal amount of 5.375% senior unsecured notes (the “2023 Notes”). The 2023 Notes were sold at par, resulting in gross proceeds of $200.0 million and net proceeds of approximately $194.6 million after deducting underwriting discounts and other offering expenses. The 2023 Notes accrue interest at a rate of 5.375% per annum payable semiannually on June 1 and December 1 of each year. | |||||||||||||||||
The 2023 Notes are redeemable at the option of the Issuers, in whole or in part, at any time, and from time to time, on or after June 1, 2018, at the redemption prices set forth in the supplemental indenture governing the 2023 Notes (the “2023 Notes Indenture”), plus accrued and unpaid interest to the applicable redemption date. In addition, prior to June 1, 2018, the Issuers may redeem all or a portion of the 2023 Notes at a redemption price equal to 100% of the principal amount of the 2023 Notes redeemed, plus a “make-whole” premium, plus accrued and unpaid interest to the applicable redemption date. At any time, or from time to time, on or prior to June 1, 2016, the Issuers may redeem up to 35% of the principal amount of the 2023 Notes, using the proceeds of specific kinds of equity offerings, at a redemption price of 105.375% of the principal amount to be redeemed, plus accrued and unpaid interest, if any, to the applicable redemption date. Assuming the 2023 Notes are not redeemed, the 2023 Notes mature on June 1, 2023. | |||||||||||||||||
8.125% Notes due 2018. On October 27, 2010 and July 26, 2012, the Issuers issued $225.0 million and $100.0 million aggregate principal amount of 8.125% senior unsecured notes (the “2018 Notes”), respectively. Pursuant to exchange offers completed on March 14, 2011 and November 14, 2012, the Issuers exchanged the 2018 Notes that were issued in October 2010 and July 2012 for substantially identical 2018 Notes registered under the Securities Act of 1933, as amended. The 2018 Notes accrued interest at a rate of 8.125% per annum payable semiannually on May 1 and November 1 of each year. | |||||||||||||||||
On June 24, 2013, pursuant to the terms of the indenture governing the 2018 Notes (the “2018 Notes Indenture”), the Issuers redeemed $113.8 million in aggregate principal amount of the then-outstanding 2018 Notes, representing 35% of the aggregate principal amount of the 2018 Notes outstanding. The 2018 Notes were redeemed at a redemption price of 108.125% of the principal amount redeemed, plus accrued and unpaid interest up to the redemption date. The redemption resulted in a $9.8 million loss on extinguishment of debt, including $9.3 million in payments made to noteholders for early redemption and $0.5 million of write-offs associated with unamortized deferred financing costs and issuance premium. | |||||||||||||||||
On January 8, 2014, the Company commenced a cash tender offer with respect to any and all of the outstanding $211.3 million of the 2018 Notes. Pursuant to the tender offer, the Company retired $210.9 million of the 2018 Notes at a premium of 109.837%, plus accrued and unpaid interest, on January 23, 2014. Pursuant to the terms of the 2018 Notes Indenture, the remaining $0.4 million of the 2018 Notes were called and were retired on February 11, 2014 at a redemption price of 109.485% plus accrued and unpaid interest. The tender offer and redemption resulted in $21.6 million of tender offer and redemption related costs and write-offs for the nine months ended September 30, 2014, including $20.8 million in payments made to noteholders for early redemption and $0.8 million of write-offs associated with unamortized deferred financing and premium costs. These amounts are included in loss on extinguishment of debt on the accompanying condensed consolidated statements of income. | |||||||||||||||||
The obligations under the 2021 Notes and 2023 Notes (collectively, the “Senior Notes”) are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and certain of Sabra’s other existing and, subject to certain exceptions, future material subsidiaries; provided, however, that such guarantees are subject to release under certain customary circumstances. See Note 10, “Summarized Condensed Consolidating Information” for additional information concerning the circumstances pursuant to which the guarantors will be automatically and unconditionally released from their obligations under the guarantees. | |||||||||||||||||
The indentures governing the Senior Notes (the “Senior Notes Indentures”) contain restrictive covenants that, among other things, restrict the ability of Sabra, the Issuers and their restricted subsidiaries to: (i) incur or guarantee additional indebtedness; (ii) incur or guarantee secured indebtedness; (iii) pay dividends or distributions on, or redeem or repurchase, their capital stock; (iv) make certain investments or other restricted payments; (v) sell assets; (vi) create liens on their assets; (vii) enter into transactions with affiliates; (viii) merge or consolidate or sell all or substantially all of their assets; and (ix) create restrictions on the ability of Sabra’s restricted subsidiaries to pay dividends or other amounts to Sabra. Such limitations on distributions also include a limitation on the extent of allowable cumulative distributions made not to exceed the greater of (a) the sum of (x) 95% of cumulative Adjusted Funds from Operations and (y) the net proceeds from the issuance of common and preferred equity and (b) the minimum amount of distributions required for the Company to maintain its REIT status. The Senior Notes Indentures also provide for customary events of default, including, but not limited to, the failure to make payments of interest or premium, if any, on, or principal of, the Senior Notes, the failure to comply with certain covenants and agreements specified in the Senior Notes Indentures for a period of time after notice has been provided, the acceleration of other indebtedness resulting from the failure to pay principal on such other indebtedness prior to its maturity, and certain events of insolvency. If any event of default occurs, the principal of, premium, if any, and accrued interest on all the then-outstanding Senior Notes may become due and payable immediately. The Company was in compliance with all applicable financial covenants under the Senior Notes Indentures related to the Senior Notes outstanding as of September 30, 2014. | |||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
On September 10, 2014, the Operating Partnership entered into a second amended and restated unsecured revolving credit facility (the “Revolving Credit Facility”) with certain lenders as set forth in the related credit agreement and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (each as defined in such credit agreement). The Revolving Credit Facility amends and restates the amended and restated secured revolving credit facility (the “Prior Revolving Credit Facility”) that the Operating Partnership and certain subsidiaries of the Operating Partnership entered into on July 29, 2013 and amended on October 15, 2013. | |||||||||||||||||
The Revolving Credit Facility provides for a borrowing capacity of $650.0 million and provides an accordion feature allowing for an additional $100.0 million of capacity, subject to terms and conditions, resulting in a maximum borrowing capacity of $750.0 million. The Operating Partnership also has an option to convert up to $200.0 million of the Revolving Credit Facility to a term loan subject to terms and conditions. On October 10, 2014, the Operating Partnership converted $200.0 million of the outstanding borrowings under the Revolving Credit Facility to a term loan. Concurrent with the term loan conversion, the Company entered into a five-year interest rate cap contract that caps LIBOR at 2.0%. | |||||||||||||||||
While the Prior Revolving Credit Facility was secured by pledges of equity by the Company’s wholly-owned subsidiaries that own certain of the Company's real estate assets, the Revolving Credit Facility is unsecured. The Revolving Credit Facility, including amounts that are converted into a term loan, has a maturity date of September 10, 2018, and includes a one year extension option. As of September 30, 2014, there was $614.0 million outstanding under the Company’s Revolving Credit Facility. | |||||||||||||||||
In connection with the Revolving Credit Facility, the Company wrote off $0.2 million of unamortized deferred financing costs during the nine months ended September 30, 2014. These amounts are included in loss on extinguishment of debt on the accompanying condensed consolidated statements of income. | |||||||||||||||||
Borrowings under the Revolving Credit Facility bear interest on the outstanding principal amount at a rate equal to an applicable percentage plus, at the Operating Partnership's option, either (a) LIBOR or (b) a base rate determined as the greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) one-month LIBOR plus 1.0% (referred to as the “Base Rate”). The applicable percentage for borrowings will vary based on the Consolidated Leverage Ratio, as defined in the Revolving Credit Facility, and will range from 2.00% to 2.60% per annum for LIBOR based borrowings and 1.00% to 1.60% per annum for borrowings at the Base Rate. As of September 30, 2014, the interest rate on the Revolving Credit Facility was 2.46%. In addition, the Operating Partnership is required to pay an unused fee to the lenders equal to 0.25% or 0.35% per annum based on the amount of unused borrowings under the Revolving Credit Facility. During the three and nine months ended September 30, 2014, the Company incurred $0.3 million and $2.3 million, respectively, in interest expense on amounts outstanding under the Revolving Credit Facility. During the three and nine months ended September 30, 2014, the Company incurred $0.5 million and $1.1 million, respectively, of unused facility fees. | |||||||||||||||||
In the event that Sabra achieves at least two investment grade ratings from S&P, Moody’s and/or Fitch, the Operating Partnership can elect to reduce the applicable percentage for LIBOR or Base Rate borrowings. If the Operating Partnership makes this election, the applicable percentage for borrowings will vary based on the Debt Ratings at each Pricing Level, as defined in the credit agreement, and will range from 0.90% to 1.70% per annum for LIBOR based borrowings and 0.00% to 0.70% per annum for borrowings at the Base Rate. In addition, should the Operating Partnership elect this option, the unused fee will no longer apply and a facility fee ranging between 0.125% and 0.300% per annum will take effect based on the borrowing capacity regardless of amounts outstanding under the Revolving Credit Facility. | |||||||||||||||||
The obligations of the Operating Partnership under the Revolving Credit Facility are guaranteed by Sabra and certain subsidiaries of Sabra. | |||||||||||||||||
The Revolving Credit Facility contains customary covenants that include restrictions or limitations on the ability to make acquisitions and other investments, make distributions, incur additional indebtedness, engage in non-healthcare related business activities, enter into transactions with affiliates and sell or otherwise transfer certain assets as well as customary events of default. The Revolving Credit Facility also requires Sabra, through the Operating Partnership, to comply with specified financial covenants, which include a maximum leverage ratio, a minimum fixed charge coverage ratio and a minimum tangible net worth requirement. As of September 30, 2014, the Company was in compliance with all applicable financial covenants under the Revolving Credit Facility. | |||||||||||||||||
Interest Expense | |||||||||||||||||
The Company incurred interest expense of $10.5 million and $32.7 million during the three and nine months ended September 30, 2014, respectively, and $9.7 million and $29.9 million during the three and nine months ended September 30, 2013, respectively. Interest expense includes deferred financing costs amortization of $0.9 million and $2.8 million for the three and nine months ended September 30, 2014, respectively, and $0.8 million and $2.4 million for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014 and December 31, 2013, the Company had $7.9 million and $4.7 million, respectively, of accrued interest included in accounts payable and accrued liabilities on the accompanying condensed consolidated balance sheets. | |||||||||||||||||
Maturities | |||||||||||||||||
The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2014 (in thousands): | |||||||||||||||||
Mortgage | Senior Notes | Revolving Credit Facility (1) (2) | Total | ||||||||||||||
Indebtedness | |||||||||||||||||
October 1, 2014 through December 31, 2014 | $ | 691 | $ | — | $ | — | $ | 691 | |||||||||
2015 | 2,823 | — | — | 2,823 | |||||||||||||
2016 | 2,917 | — | — | 2,917 | |||||||||||||
2017 | 3,013 | — | — | 3,013 | |||||||||||||
2018 | 3,114 | — | 614,000 | 617,114 | |||||||||||||
Thereafter | 112,156 | 550,000 | — | 662,156 | |||||||||||||
$ | 124,714 | $ | 550,000 | $ | 614,000 | $ | 1,288,714 | ||||||||||
(1) Subject to a one-year extension option. | |||||||||||||||||
(2) On October 10, 2014, the Operating Partnership converted $200.0 million of the outstanding borrowings under the Revolving Credit Facility to a term loan. |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||||||||
FAIR VALUE DISCLOSURES | ||||||||||||||||||||||||
The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. | ||||||||||||||||||||||||
Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, the Revolving Credit Facility, accounts payable and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows: | ||||||||||||||||||||||||
Loans receivable: These instruments are presented in the accompanying condensed consolidated balance sheets at their amortized cost and not at fair value. The fair value of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, the underlying collateral value and other credit enhancements. | ||||||||||||||||||||||||
Preferred equity investments: These instruments are presented in the accompanying condensed consolidated balance sheets at their cost and not at fair value. The fair value of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investment, the underlying collateral value and other credit enhancements. | ||||||||||||||||||||||||
Senior Notes: The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. | ||||||||||||||||||||||||
Mortgage indebtedness: The fair values of the Company’s mortgage notes payable were estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. | ||||||||||||||||||||||||
The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2014 and December 31, 2013 whose carrying amounts do not approximate their fair value (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Face | Carrying | Fair | Face | Carrying | Fair | |||||||||||||||||||
Value (1) | Amount (2) | Value | Value (1) | Amount (2) | Value | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||
Loans receivable | $ | 237,955 | $ | 238,853 | $ | 237,385 | $ | 176,558 | $ | 177,509 | $ | 176,985 | ||||||||||||
Preferred equity investments | 11,631 | 11,821 | 12,268 | 7,695 | 7,784 | 7,950 | ||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||
Senior Notes | 550,000 | 550,000 | 547,000 | 411,250 | 414,402 | 421,122 | ||||||||||||||||||
Mortgage indebtedness | 124,714 | 124,714 | 108,467 | 141,328 | 141,328 | 130,622 | ||||||||||||||||||
(1) Face value represents amounts contractually due under the terms of the respective agreements. | ||||||||||||||||||||||||
(2) Carrying amounts represent the book value of financial instruments and include unamortized premiums (discounts). | ||||||||||||||||||||||||
The Company determined the fair value of financial instruments as of September 30, 2014 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands): | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||
Loans receivable | $ | 237,385 | $ | — | $ | — | $ | 237,385 | ||||||||||||||||
Preferred equity investments | 12,268 | — | — | 12,268 | ||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||
Senior Notes | 547,000 | — | 547,000 | — | ||||||||||||||||||||
Mortgage indebtedness | 108,467 | — | — | 108,467 | ||||||||||||||||||||
Disclosure of the fair value of financial instruments is based on pertinent information available to the Company at the applicable dates and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of fair value at a future date could be materially different. | ||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company recorded the following amounts measured at fair value (in thousands): | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Recurring Basis: | ||||||||||||||||||||||||
Contingent consideration liability | $ | 4,600 | $ | — | $ | — | $ | 4,600 | ||||||||||||||||
The Company’s contingent consideration liability is the result of two acquisitions of real estate properties (see Note 3, “Recent Real Estate Acquisitions” for further details regarding the new contingent liability). In order to determine the fair value of the Company’s contingent consideration liability, the Company used significant inputs not observable in the market to estimate the liability, then developed probability-weighted scenarios of the potential future performance of the tenant and the resulting payout from these scenarios. As of September 30, 2014, the total contingent consideration liability was valued at $4.6 million. The following reconciliation provides the details of activity during the nine months ended September 30, 2014 for contingent consideration liability recorded at fair value using Level 3 inputs: | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 7,500 | ||||||||||||||||||||||
New contingent liability | 3,200 | |||||||||||||||||||||||
Decrease in contingent liability | (860 | ) | ||||||||||||||||||||||
Payment of contingent liability | (5,240 | ) | ||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 4,600 | ||||||||||||||||||||||
A corresponding amount equal to the decrease in contingent liability was included as other income on the accompanying condensed consolidated statements of income for the three and nine months ended September 30, 2014. |
EQUITY
EQUITY | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Equity | ' | ||||||||
EQUITY | |||||||||
Preferred Stock | |||||||||
On March 21, 2013, the Company completed an underwritten public offering of 5.8 million shares of 7.125% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a price of $25.00 per share, pursuant to an effective registration statement. The Company received net proceeds of $138.3 million from the offering, after deducting underwriting discounts and other offering expenses. The Company classified the par value as preferred equity on its condensed consolidated balance sheets with the balance of the liquidation preference, net of any issuance costs, recorded as an increase in paid-in capital. | |||||||||
The holders of the Company’s Series A Preferred Stock rank senior to the Company’s common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. At September 30, 2014, there were no dividends in arrears. | |||||||||
The Series A Preferred Stock does not have a stated maturity date, but the Company may redeem the Series A Preferred Stock on or after March 21, 2018, for $25.00 per share, plus any accrued and unpaid dividends. The Company may redeem the Series A Preferred Stock prior to March 21, 2018, in limited circumstances to preserve its status as a REIT or pursuant to a specified change of control. Upon the occurrence of a specified change of control, each holder of Series A Preferred Stock will have the right to convert some or all of the shares of Series A Preferred Stock held by such holder into a number of shares of the Company’s common stock equivalent to $25.00 plus accrued and unpaid dividends, but not to exceed a cap of 1.7864 shares of common stock per share of Series A Preferred Stock (subject to certain adjustments). | |||||||||
Common Stock | |||||||||
The following table lists the cash dividends on common stock declared and paid by the Company during the nine months ended September 30, 2014: | |||||||||
Declaration Date | Record Date | Amount Per Share | Dividend Payable Date | ||||||
23-Jan-14 | 15-Feb-14 | $ | 0.36 | 28-Feb-14 | |||||
5-May-14 | 15-May-14 | 0.38 | 30-May-14 | ||||||
30-Jul-14 | 15-Aug-14 | 0.38 | 29-Aug-14 | ||||||
On May 12, 2014, the Company completed an underwritten public offering of 8.1 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $219.1 million from the offering, after giving effect to the issuance and sale of all 8.1 million shares of common stock (which included 1.1 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $28.35 per share. | |||||||||
On October 3, 2014, the Company completed an underwritten public offering of 6.9 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $160.6 million from the offering, after giving effect to the issuance and sale of all 6.9 million shares of common stock (which included 0.9 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $24.25 per share. | |||||||||
During the nine months ended September 30, 2014, the Company issued 0.2 million shares of common stock as a result of restricted stock unit vestings and in connection with amounts payable under the Company's 2013 Bonus Plan pursuant to an election by certain participants to receive their bonus payment in shares of the Company's common stock. During the nine months ended September 30, 2014, the Company issued 11,515 shares of common stock as a result of stock options exercised. | |||||||||
Upon any payment of shares as a result of restricted stock unit vestings, the participant is required to satisfy the related tax withholding obligation. The 2009 Performance Incentive Plan provides that the Company has the right at its option to (a) require the participant to pay such tax withholding or (b) reduce the number of shares to be delivered by a number of shares necessary to satisfy the related minimum applicable statutory tax withholding obligation. During the nine months ended September 30, 2014, pursuant to advance elections made by certain participants, the Company paid $5.1 million in tax withholding obligations that were satisfied through a reduction in the number of shares delivered to those participants. | |||||||||
At-The-Market Common Stock Offering Program (“ATM Program”) | |||||||||
On March 18, 2013, the Company entered into a sales agreement (each, a “Sales Agreement”) with each of Barclays Capital Inc., Cantor Fitzgerald & Co., Credit Agricole Securities (USA) Inc., RBC Capital Markets, LLC, RBS Securities Inc. and Wells Fargo Securities, LLC (individually, a “Sales Agent” and together, the “Sales Agents”) to sell shares of its common stock having aggregate gross proceeds of up to $100.0 million (the “ATM Shares”) from time to time through the Sales Agents. | |||||||||
Pursuant to the terms of the Sales Agreements, the ATM Shares may be sold by any method permitted by law deemed to be an “at-the-market” offering, including, without limitation, sales made directly on the NASDAQ Global Select Market, on any other existing trading market for the Company's common stock or to or through a market maker. In addition, with the Company's prior consent, the Sales Agents may also sell the ATM Shares in privately negotiated transactions. The Company will pay each Sales Agent a commission of up to 2% of the gross proceeds from the sales of ATM Shares sold pursuant to the applicable Sales Agreement. | |||||||||
During the three months ended September 30, 2014, the Company sold 0.4 million ATM Shares, at an average price of $28.28 per share, generating gross proceeds of approximately $10.3 million, before $0.2 million of commissions. During the nine months ended September 30, 2014, the Company sold 0.6 million ATM Shares, at an average price of $28.05 per share, generating gross proceeds of approximately $16.9 million, before $0.3 million of commissions. As of September 30, 2014, the Company had $44.8 million available under the ATM Program. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||
EARNINGS PER COMMON SHARE | |||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except share and per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator | |||||||||||||||||
Net income attributable to common stockholders | $ | 14,643 | $ | 9,242 | $ | 17,020 | $ | 15,310 | |||||||||
Denominator | |||||||||||||||||
Basic weighted average common shares | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 | |||||||||||||
Dilutive stock options and restricted stock units | 517,253 | 470,239 | 481,930 | 443,338 | |||||||||||||
Diluted weighted average common shares | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 | |||||||||||||
Net income attributable to common stockholders, per: | |||||||||||||||||
Basic common share | $ | 0.31 | $ | 0.25 | $ | 0.39 | $ | 0.41 | |||||||||
Diluted common share | $ | 0.31 | $ | 0.24 | $ | 0.39 | $ | 0.41 | |||||||||
Certain of our outstanding restricted stock units are considered participating securities because dividend payments are not forfeited even if the underlying award does not vest. Accordingly, the Company uses the two-class method when computing basic and diluted earnings per share. During the three months ended September 30, 2014 and 2013, no restricted stock units were considered anti-dilutive. During the nine months ended September 30, 2014, approximately 5,000 restricted stock units were not included because they were considered anti-dilutive. During the nine months ended September 30, 2013, approximately 3,000 restricted stock units were not included because they were anti-dilutive. No stock options were considered anti-dilutive during the three and nine months ended September 30, 2014 and 2013. |
SUMMARIZED_CONDENSED_CONSOLIDA
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract] | ' | |||||||||||||||||||||||||
Summarized Condensed Consolidating Information | ' | |||||||||||||||||||||||||
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION | ||||||||||||||||||||||||||
In connection with the offerings of the Senior Notes by the Issuers and the Issuers’ previous offerings of the 2018 Notes (which were no longer outstanding as of September 30, 2014), the Company and certain 100% owned subsidiaries of the Company (the “Guarantors”) have, jointly and severally, fully and unconditionally guaranteed the Senior Notes, subject to release under certain customary circumstances as described below. These guarantees are subordinated to all existing and future senior debt and senior guarantees of the Guarantors and are unsecured. The Company conducts all of its business through and derives virtually all of its income from its subsidiaries. Therefore, the Company’s ability to make required payments with respect to its indebtedness (including the Senior Notes) and other obligations depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries. | ||||||||||||||||||||||||||
A Guarantor will be automatically and unconditionally released from its obligations under the guarantees with respect to the Senior Notes in the event of: | ||||||||||||||||||||||||||
• | Any sale of the subsidiary Guarantor or of all or substantially all of its assets; | |||||||||||||||||||||||||
• | A merger or consolidation of a subsidiary Guarantor with an issuer of the Senior Notes or another Guarantor, provided that the surviving entity remains a Guarantor; | |||||||||||||||||||||||||
• | A subsidiary Guarantor is declared “unrestricted” for covenant purposes under the Senior Notes Indentures; | |||||||||||||||||||||||||
• | The requirements for legal defeasance or covenant defeasance or to discharge the Senior Notes Indentures have been satisfied; | |||||||||||||||||||||||||
• | A liquidation or dissolution, to the extent permitted under the Senior Notes Indentures, of a subsidiary Guarantor; and | |||||||||||||||||||||||||
• | The release or discharge of the guaranty that resulted in the creation of the subsidiary guaranty, except a discharge or release by or as a result of payment under such guaranty. | |||||||||||||||||||||||||
Pursuant to Rule 3-10 of Regulation S-X, the following summarized condensed consolidating information is provided for the Company (the “Parent Company”), the Issuers, the Guarantors, and the Company’s non-Guarantor subsidiaries with respect to the Senior Notes. This summarized financial information has been prepared from the books and records maintained by the Company, the Issuers, the Guarantors and the non-Guarantor subsidiaries. The summarized financial information may not necessarily be indicative of the results of operations or financial position had the Issuers, the Guarantors or non-Guarantor subsidiaries operated as independent entities. Sabra’s investments in its consolidated subsidiaries are presented based upon Sabra's proportionate share of each subsidiary's net assets. The Guarantor subsidiaries’ investments in the non-Guarantor subsidiaries and non-Guarantor subsidiaries’ investments in Guarantor subsidiaries are presented under the equity method of accounting. Intercompany activities between subsidiaries and the Parent Company are presented within operating activities on the condensed consolidating statement of cash flows. | ||||||||||||||||||||||||||
Condensed consolidating financial statements for the Company and its subsidiaries, including the Parent Company only, the Issuers, the combined Guarantor subsidiaries and the combined non-Guarantor subsidiaries, are as follows: | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Company | Guarantor | Guarantor | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 63 | $ | — | $ | 1,426,998 | $ | 141,207 | $ | — | $ | 1,568,268 | ||||||||||||||
Loans receivable and other investments, net | — | — | 250,674 | — | — | 250,674 | ||||||||||||||||||||
Cash and cash equivalents | 21,475 | — | — | 4,004 | — | 25,479 | ||||||||||||||||||||
Restricted cash | — | — | 160 | 6,377 | — | 6,537 | ||||||||||||||||||||
Deferred tax assets | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Prepaid expenses, deferred financing costs and other assets | 977 | 20,920 | 112,615 | 7,684 | — | 142,196 | ||||||||||||||||||||
Intercompany | 230,614 | 965,828 | — | — | (1,196,442 | ) | — | |||||||||||||||||||
Investment in subsidiaries | 417,157 | 602,179 | 24,887 | — | (1,044,223 | ) | — | |||||||||||||||||||
Total assets | $ | 694,498 | $ | 1,588,927 | $ | 1,815,334 | $ | 159,272 | $ | (2,240,665 | ) | $ | 2,017,366 | |||||||||||||
Liabilities | ||||||||||||||||||||||||||
Mortgage notes | $ | — | $ | — | $ | — | $ | 124,714 | $ | — | $ | 124,714 | ||||||||||||||
Revolving credit facility | — | 614,000 | — | — | — | 614,000 | ||||||||||||||||||||
Senior unsecured notes | — | 550,000 | — | — | — | 550,000 | ||||||||||||||||||||
Accounts payable and accrued liabilities | 6,536 | 7,770 | 24,864 | 1,549 | — | 40,719 | ||||||||||||||||||||
Tax liability | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Intercompany | — | — | 1,191,119 | 5,323 | (1,196,442 | ) | — | |||||||||||||||||||
Total liabilities | 30,748 | 1,171,770 | 1,215,983 | 131,586 | (1,196,442 | ) | 1,353,645 | |||||||||||||||||||
Total equity | 663,750 | 417,157 | 599,351 | 27,686 | (1,044,223 | ) | 663,721 | |||||||||||||||||||
Total liabilities and equity | $ | 694,498 | $ | 1,588,927 | $ | 1,815,334 | $ | 159,272 | $ | (2,240,665 | ) | $ | 2,017,366 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Parent | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Company | Guarantor | Guarantor | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 101 | $ | — | $ | 751,771 | $ | 163,546 | $ | — | $ | 915,418 | ||||||||||||||
Loans receivable and other investments, net | — | — | 185,293 | — | — | 185,293 | ||||||||||||||||||||
Cash and cash equivalents | 3,551 | — | — | 757 | — | 4,308 | ||||||||||||||||||||
Restricted cash | — | — | 121 | 5,231 | — | 5,352 | ||||||||||||||||||||
Deferred tax assets | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Prepaid expenses, deferred financing costs and other assets | 1,217 | 9,207 | 46,694 | 6,134 | — | 63,252 | ||||||||||||||||||||
Intercompany | 63,125 | 270,194 | — | 42,637 | (375,956 | ) | — | |||||||||||||||||||
Investment in subsidiaries | 398,640 | 537,505 | 25,205 | — | (961,350 | ) | — | |||||||||||||||||||
Total assets | $ | 490,846 | $ | 816,906 | $ | 1,009,084 | $ | 218,305 | $ | (1,337,306 | ) | $ | 1,197,835 | |||||||||||||
Liabilities | ||||||||||||||||||||||||||
Mortgage notes | $ | — | $ | — | $ | — | $ | 141,328 | $ | — | $ | 141,328 | ||||||||||||||
Secured revolving credit facility | — | — | 135,500 | — | — | 135,500 | ||||||||||||||||||||
Senior unsecured notes | — | 414,402 | — | — | — | 414,402 | ||||||||||||||||||||
Accounts payable and accrued liabilities | 6,470 | 3,864 | 11,008 | 887 | — | 22,229 | ||||||||||||||||||||
Tax liability | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Intercompany | — | — | 375,956 | — | (375,956 | ) | — | |||||||||||||||||||
Total liabilities | 30,682 | 418,266 | 522,464 | 142,215 | (375,956 | ) | 737,671 | |||||||||||||||||||
Total equity | 460,164 | 398,640 | 486,620 | 76,090 | (961,350 | ) | 460,164 | |||||||||||||||||||
Total liabilities and equity | $ | 490,846 | $ | 816,906 | $ | 1,009,084 | $ | 218,305 | $ | (1,337,306 | ) | $ | 1,197,835 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 33,290 | $ | 4,875 | $ | — | $ | 38,165 | ||||||||||||||
Interest and other income | 2 | — | 5,141 | 676 | — | 5,819 | ||||||||||||||||||||
Total revenues | 2 | — | 38,431 | 5,551 | — | 43,984 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 13 | — | 8,288 | 1,461 | — | 9,762 | ||||||||||||||||||||
Interest | — | 8,435 | 749 | 1,356 | — | 10,540 | ||||||||||||||||||||
General and administrative | 3,573 | — | 2,133 | 520 | — | 6,226 | ||||||||||||||||||||
Total expenses | 3,586 | 8,435 | 11,170 | 3,337 | — | 26,528 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (158 | ) | — | — | (158 | ) | ||||||||||||||||||
Other income (expense) | — | — | (100 | ) | — | — | (100 | ) | ||||||||||||||||||
Total other (expense) income | — | — | (258 | ) | — | — | (258 | ) | ||||||||||||||||||
Income in subsidiary | 20,788 | 29,223 | 1,304 | — | (51,315 | ) | — | |||||||||||||||||||
Net income | 17,204 | 20,788 | 28,307 | 2,214 | (51,315 | ) | 17,198 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 6 | — | 6 | ||||||||||||||||||||
Net income attributable to Sabra Health Care REIT, Inc. | 17,204 | 20,788 | 28,307 | 2,220 | (51,315 | ) | 17,204 | |||||||||||||||||||
Preferred stock dividends | (2,561 | ) | — | — | — | — | (2,561 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 14,643 | $ | 20,788 | $ | 28,307 | $ | 2,220 | $ | (51,315 | ) | $ | 14,643 | |||||||||||||
Net income attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.31 | ||||||||||||||||||||||||
Diluted common share | $ | 0.31 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 47,359,949 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 47,877,202 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 24,380 | $ | 7,319 | $ | — | $ | 31,699 | ||||||||||||||
Interest and other income | 13 | — | 1,214 | — | — | 1,227 | ||||||||||||||||||||
Total revenues | 13 | — | 25,594 | 7,319 | — | 32,926 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 13 | — | 6,365 | 1,880 | — | 8,258 | ||||||||||||||||||||
Interest | — | 7,147 | 817 | 1,775 | — | 9,739 | ||||||||||||||||||||
General and administrative | 2,996 | — | 41 | 20 | — | 3,057 | ||||||||||||||||||||
Total expenses | 3,009 | 7,147 | 7,223 | 3,675 | — | 21,054 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (351 | ) | — | — | (351 | ) | ||||||||||||||||||
Other income (expense) | — | — | 300 | — | — | 300 | ||||||||||||||||||||
Total other (expense) income | — | — | (51 | ) | — | — | (51 | ) | ||||||||||||||||||
Income in subsidiary | 14,817 | 21,964 | 982 | — | (37,763 | ) | — | |||||||||||||||||||
Net income | 11,821 | 14,817 | 19,302 | 3,644 | (37,763 | ) | 11,821 | |||||||||||||||||||
Preferred dividends | (2,579 | ) | — | — | — | — | (2,579 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 9,242 | $ | 14,817 | $ | 19,302 | $ | 3,644 | $ | (37,763 | ) | $ | 9,242 | |||||||||||||
Net loss attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.25 | ||||||||||||||||||||||||
Diluted common share | $ | 0.24 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 37,358,334 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 37,828,573 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 97,384 | $ | 14,359 | $ | — | $ | 111,743 | ||||||||||||||
Interest and other income | 9 | — | 14,039 | 2,016 | — | 16,064 | ||||||||||||||||||||
Total revenues | 9 | — | 111,423 | 16,375 | — | 127,807 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 38 | — | 24,642 | 4,187 | — | 28,867 | ||||||||||||||||||||
Interest | — | 24,189 | 4,642 | 3,837 | — | 32,668 | ||||||||||||||||||||
General and administrative | 12,133 | 2 | 6,142 | 1,728 | — | 20,005 | ||||||||||||||||||||
Total expenses | 12,171 | 24,191 | 35,426 | 9,752 | — | 81,540 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (21,846 | ) | (472 | ) | (136 | ) | — | (22,454 | ) | ||||||||||||||||
Other income (expense) | — | — | 860 | — | — | 860 | ||||||||||||||||||||
Total other (expense) income | — | (21,846 | ) | 388 | (136 | ) | — | (21,594 | ) | |||||||||||||||||
Income in subsidiary | 36,864 | 82,901 | 4,368 | — | (124,133 | ) | — | |||||||||||||||||||
Net income | 24,702 | 36,864 | 80,753 | 6,487 | (124,133 | ) | 24,673 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 29 | — | 29 | ||||||||||||||||||||
Net income attributable to Sabra Health Care REIT, Inc. | 24,702 | 36,864 | 80,753 | 6,516 | (124,133 | ) | 24,702 | |||||||||||||||||||
Preferred dividends | (7,682 | ) | — | — | — | — | (7,682 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 17,020 | — | $ | 36,864 | $ | 80,753 | — | $ | 6,516 | $ | (124,133 | ) | $ | 17,020 | |||||||||||
Net income attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.39 | ||||||||||||||||||||||||
Diluted common share | $ | 0.39 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 43,358,620 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 43,840,550 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 72,733 | $ | 21,959 | $ | — | $ | 94,692 | ||||||||||||||
Interest and other income | 82 | — | 2,449 | — | — | 2,531 | ||||||||||||||||||||
Total revenues | 82 | — | 75,182 | 21,959 | — | 97,223 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 38 | — | 18,983 | 5,705 | — | 24,726 | ||||||||||||||||||||
Interest | — | 21,585 | 2,797 | 5,502 | — | 29,884 | ||||||||||||||||||||
General and administrative | 10,671 | 4 | 453 | 68 | — | 11,196 | ||||||||||||||||||||
Total expenses | 10,709 | 21,589 | 22,233 | 11,275 | — | 65,806 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (9,750 | ) | (351 | ) | — | — | (10,101 | ) | |||||||||||||||||
Other income (expense) | — | — | (600 | ) | — | — | (600 | ) | ||||||||||||||||||
Total other (expense) income | — | (9,750 | ) | (951 | ) | — | — | (10,701 | ) | |||||||||||||||||
Income in subsidiary | 31,343 | 62,682 | 2,892 | — | (96,917 | ) | — | |||||||||||||||||||
Net income | 20,716 | 31,343 | 54,890 | 10,684 | (96,917 | ) | 20,716 | |||||||||||||||||||
Preferred dividends | (5,406 | ) | — | — | — | — | (5,406 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 15,310 | $ | 31,343 | $ | 54,890 | $ | 10,684 | $ | (96,917 | ) | $ | 15,310 | |||||||||||||
Net income attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.41 | ||||||||||||||||||||||||
Diluted common share | $ | 0.41 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 37,334,120 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 37,777,458 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | 40,289 | $ | — | $ | — | $ | 30,950 | $ | — | $ | 71,239 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Acquisitions of real estate | — | — | (713,778 | ) | (8,101 | ) | — | (721,879 | ) | |||||||||||||||||
Origination of loans receivable | — | — | (59,256 | ) | — | — | (59,256 | ) | ||||||||||||||||||
Preferred equity investment | — | — | (11,300 | ) | — | — | (11,300 | ) | ||||||||||||||||||
Additions to real estate | — | — | (1,128 | ) | (23 | ) | — | (1,151 | ) | |||||||||||||||||
Repayment of loans receivable | — | — | 287 | — | — | 287 | ||||||||||||||||||||
Investment in subsidiaries | (12,288 | ) | (12,288 | ) | — | — | 24,576 | — | ||||||||||||||||||
Intercompany financing | (182,248 | ) | (915,786 | ) | — | — | 1,098,034 | — | ||||||||||||||||||
Net cash used in investing activities | (194,536 | ) | (928,074 | ) | (785,175 | ) | (8,124 | ) | 1,122,610 | (793,299 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of senior unsecured notes | — | 350,000 | — | — | — | — | 350,000 | |||||||||||||||||||
Principal payments on senior unsecured notes | — | (211,250 | ) | — | — | — | (211,250 | ) | ||||||||||||||||||
Proceeds from revolving credit facility | — | 604,000 | 95,000 | — | — | 699,000 | ||||||||||||||||||||
Payments on revolving credit facility | — | — | (220,500 | ) | — | — | (220,500 | ) | ||||||||||||||||||
Proceeds from mortgage notes | — | — | — | 57,703 | — | 57,703 | ||||||||||||||||||||
Principal payments on mortgage notes | — | — | — | (88,419 | ) | — | (88,419 | ) | ||||||||||||||||||
Payments of deferred financing costs | — | (9,212 | ) | (5,111 | ) | (1,151 | ) | — | (15,474 | ) | ||||||||||||||||
Issuance of common stock | 229,825 | — | — | — | — | 229,825 | ||||||||||||||||||||
Dividends paid on common and preferred stock | (57,654 | ) | — | — | — | — | (57,654 | ) | ||||||||||||||||||
Contribution from Parent | — | 12,288 | — | 12,288 | (24,576 | ) | — | |||||||||||||||||||
Intercompany financing | — | 182,248 | 915,786 | — | (1,098,034 | ) | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | 172,171 | 928,074 | 785,175 | (19,579 | ) | (1,122,610 | ) | 743,231 | ||||||||||||||||||
Net increase in cash and cash equivalents | 17,924 | — | — | 3,247 | — | 21,171 | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 3,551 | — | — | 757 | — | 4,308 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 21,475 | $ | — | $ | — | $ | 4,004 | $ | — | $ | 25,479 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 36,878 | $ | — | $ | — | $ | 12,333 | $ | — | $ | 49,211 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Acquisitions of real estate | — | — | (6,175 | ) | — | — | (6,175 | ) | ||||||||||||||||||
Origination of note receivable | — | — | (26,393 | ) | — | — | (26,393 | ) | ||||||||||||||||||
Preferred equity investment | — | — | (6,624 | ) | — | — | (6,624 | ) | ||||||||||||||||||
Additions to real estate | — | — | (388 | ) | — | — | (388 | ) | ||||||||||||||||||
Net proceeds from the sale of real estate | — | — | — | 2,208 | — | 2,208 | ||||||||||||||||||||
Distribution from subsidiaries | 3,345 | 3,345 | — | — | (6,690 | ) | — | |||||||||||||||||||
Intercompany financing | (52,041 | ) | (132,883 | ) | — | — | 184,924 | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (48,696 | ) | (129,538 | ) | (39,580 | ) | 2,208 | 178,234 | (37,372 | ) | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of senior unsecured notes | — | 200,000 | — | — | — | 200,000 | ||||||||||||||||||||
Principal payments on senior unsecured notes | — | (113,750 | ) | — | — | — | (113,750 | ) | ||||||||||||||||||
Payments on secured revolving credit facility | — | — | (92,500 | ) | — | — | (92,500 | ) | ||||||||||||||||||
Principal payments on mortgage notes | — | — | — | (10,081 | ) | — | (10,081 | ) | ||||||||||||||||||
Payments of deferred financing costs | — | (5,408 | ) | (3,011 | ) | (179 | ) | — | (8,598 | ) | ||||||||||||||||
Issuance of common stock | (2,950 | ) | — | — | — | — | (2,950 | ) | ||||||||||||||||||
Issuance of preferred stock | 138,257 | — | — | — | — | 138,257 | ||||||||||||||||||||
Dividends paid | (42,677 | ) | — | — | — | — | (42,677 | ) | ||||||||||||||||||
Distribution to Parent | — | (3,345 | ) | — | (3,345 | ) | 6,690 | — | ||||||||||||||||||
Intercompany financing | — | 52,041 | 135,091 | (2,208 | ) | (184,924 | ) | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 92,630 | 129,538 | 39,580 | (15,813 | ) | (178,234 | ) | 67,701 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 80,812 | — | — | (1,272 | ) | — | 79,540 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 15,075 | — | — | 2,026 | — | 17,101 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 95,887 | $ | — | $ | — | $ | 754 | $ | — | $ | 96,641 | ||||||||||||||
PRO_FORMA_FINANCIAL_INFORMATIO
PRO FORMA FINANCIAL INFORMATION (Notes) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
PRO FORMA FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||
Pro Forma Financial Information [Text Block] | ' | ||||||||||||||||
PRO FORMA FINANCIAL INFORMATION | |||||||||||||||||
The following table summarizes, on an unaudited pro forma basis, the consolidated results of operations of the Company for the three and nine months ended September 30, 2014 and 2013. The Company acquired six skilled nursing facilities and 27 senior housing facilities during the nine months ended September 30, 2014. The following unaudited pro forma information has been prepared to give effect to these acquisitions as if these acquisitions occurred on January 1, 2013. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on January 1, 2013, nor does it purport to predict the results of operations for future periods. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||
Revenues | $ | 53,706 | $ | 46,572 | $ | 160,491 | $ | 138,159 | |||||||||
Depreciation and amortization | 13,483 | 13,004 | 40,573 | 38,933 | |||||||||||||
Net income attributable to common stockholders | 22,456 | 16,328 | 40,221 | 39,818 | |||||||||||||
Net income attributable to common stockholders, per: | |||||||||||||||||
Basic common share | $ | 0.47 | $ | 0.44 | $ | 0.93 | $ | 1.07 | |||||||||
Diluted common share | $ | 0.47 | $ | 0.43 | $ | 0.92 | $ | 1.05 | |||||||||
Weighted-average number of common shares outstanding, basic | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 | |||||||||||||
Weighted-average number of common shares outstanding, diluted | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 | |||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosures [Text Block] | ' |
COMMITMENTS AND CONTINGENCIES | |
Environmental | |
As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Compliance with existing environmental laws is not expected to have a material adverse effect on the Company’s financial condition and results of operations as of September 30, 2014. | |
Income Taxes | |
As a result of the Company’s separation from Sun Healthcare Group, Inc. (“Sun”) effective November 15, 2010 (the “Separation Date”), the Company is the surviving taxpayer for income tax purposes. Accordingly, tax positions taken prior to the Separation Date remained the Company’s obligations after the Separation Date. Sun agreed to indemnify the Company against, among other things, federal, state and local taxes (including penalties and interest) related to periods prior to the Separation Date to the extent the deferred tax assets allocated to the Company are not sufficient and/or cannot be utilized to satisfy these taxes. | |
Effective December 1, 2012, Sun was acquired by Genesis HealthCare LLC (“Genesis”). As a result of its acquisition of Sun, Genesis became successor to the obligations of Sun described above. | |
Legal Matters | |
From time to time, the Company is party to legal proceedings that arise in the ordinary course of its business, including claims made before the Separation Date. Management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to the Company's results of operations, financial condition or cash flows. |
SUBSEQUENT_EVENTS_Notes
SUBSEQUENT EVENTS (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued. | |
Dividend Declaration | |
On November 3, 2014, the Company announced that its board of directors declared a quarterly cash dividend of $0.39 per share of common stock. The dividend will be paid on November 26, 2014 to common stockholders of record as of the close of business on November 14, 2014. | |
On November 3, 2014, the Company also announced that its board of directors declared a quarterly cash dividend of $0.4453125 per share of Series A Preferred Stock. The dividend will be paid on November 26, 2014 to preferred stockholders of record as of the close of business on November 14, 2014. | |
Investments | |
Subsequent to September 30, 2014, the Company invested $81.7 million in four skilled nursing/transitional care facilities, four senior housing facilities and one debt investment. | |
Debt and Equity Offering | |
See Note 6, “Debt” and Note 8, “Equity” for details regarding the Company's October 2014 offering of an additional $150.0 million aggregate principal amount of 2021 Notes and the Company's October 2014 equity offering. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Standards Update | |
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”), which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The standard no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations, or (ii) there is significant continuing involvement with a component after its disposal. ASU No. 2014-08 is effective for public entities for interim and annual periods beginning after December 15, 2014, and will be applied prospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance specifically notes that lease contracts with customers are a scope exception. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. |
RECENT_REAL_ESTATE_ACQUISITION1
RECENT REAL ESTATE ACQUISITIONS (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
RECENT REAL ESTATE ACQUISITIONS [Abstract] | ' | ||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||
The consideration was allocated as follows (in thousands): | |||||||||||||||
Intangibles | |||||||||||||||
Land | Building and Improvements | Tenant Origination and Absorption Costs | Tenant Relationship | Total Consideration | |||||||||||
$ | 54,387 | $ | 625,536 | $ | 7,924 | $ | 2,991 | $ | 690,838 | ||||||
REAL_ESTATE_INVESTMENTS_Tables
REAL ESTATE INVESTMENTS (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Real Estate Investments, Net [Abstract] | ' | ||||||||||||||||||
Schedule of Real Estate Properties | ' | ||||||||||||||||||
REAL ESTATE PROPERTIES HELD FOR INVESTMENT | |||||||||||||||||||
The Company’s real estate properties held for investment consisted of the following (dollars in thousands): | |||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||
Property Type | Number of | Number of | Total | Accumulated | Total | ||||||||||||||
Properties | Beds/Units | Real Estate | Depreciation | Real Estate | |||||||||||||||
at Cost | Investments, Net | ||||||||||||||||||
Skilled Nursing/Transitional Care | 102 | 11,460 | $ | 825,378 | $ | (151,842 | ) | $ | 673,536 | ||||||||||
Senior Housing | 50 | 4,818 | 746,130 | (17,395 | ) | 728,735 | |||||||||||||
Acute Care Hospitals | 2 | 124 | 175,807 | (9,873 | ) | 165,934 | |||||||||||||
154 | 16,402 | 1,747,315 | (179,110 | ) | 1,568,205 | ||||||||||||||
Corporate Level | 254 | (191 | ) | 63 | |||||||||||||||
$ | 1,747,569 | $ | (179,301 | ) | $ | 1,568,268 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Property Type | Number of | Number of | Total | Accumulated | Total | ||||||||||||||
Properties | Beds/Units | Real Estate | Depreciation | Real Estate | |||||||||||||||
at Cost | Investments, Net | ||||||||||||||||||
Skilled Nursing/Transitional Care | 96 | 10,826 | $ | 737,188 | $ | (132,068 | ) | $ | 605,120 | ||||||||||
Senior Housing | 23 | 1,518 | 153,247 | (13,337 | ) | 139,910 | |||||||||||||
Acute Care Hospitals | 2 | 124 | 175,807 | (5,520 | ) | 170,287 | |||||||||||||
121 | 12,468 | 1,066,242 | (150,925 | ) | 915,317 | ||||||||||||||
Corporate Level | 254 | (153 | ) | 101 | |||||||||||||||
$ | 1,066,496 | $ | (151,078 | ) | $ | 915,418 | |||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||
Building and improvements | $ | 1,476,202 | $ | 879,926 | |||||||||||||||
Furniture and equipment | 80,977 | 50,567 | |||||||||||||||||
Land improvements | 4,392 | 4,392 | |||||||||||||||||
Land | 185,998 | 131,611 | |||||||||||||||||
1,747,569 | 1,066,496 | ||||||||||||||||||
Accumulated depreciation | (179,301 | ) | (151,078 | ) | |||||||||||||||
$ | 1,568,268 | $ | 915,418 | ||||||||||||||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | ' | ||||||||||||||||||
As of September 30, 2014, the future minimum rental payments from the Company’s properties under non-cancelable operating leases were as follows (in thousands): | |||||||||||||||||||
October 1, 2014 through December 31, 2014 | $ | 41,907 | |||||||||||||||||
2015 | 171,645 | ||||||||||||||||||
2016 | 175,883 | ||||||||||||||||||
2017 | 180,825 | ||||||||||||||||||
2018 | 185,817 | ||||||||||||||||||
Thereafter | 1,410,600 | ||||||||||||||||||
$ | 2,166,677 | ||||||||||||||||||
LOANS_RECEIVABLE_AND_OTHER_INV1
LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Loans Receivable and Other Investments [Abstract] | ' | |||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||||||||||
As of September 30, 2014, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): | ||||||||||||||||||||||
Investment | Quantity | Facility Type | Principal Balance as of September 30, 2014 | Book Value as of September 30, 2014 | Weighted Average Contractual Rate | Weighted Average Annualized Effective Rate | Maturity Date | |||||||||||||||
Loans Receivable: | ||||||||||||||||||||||
Mortgage | 4 | Skilled Nursing / Senior Housing / Acute Care Hospital | $ | 150,112 | $ | 150,515 | 8.2 | % | 8.1 | % | 10/31/16 - 1/31/18 | |||||||||||
Construction | 3 | Acute Care Hospital / Memory Care | 62,541 | 62,845 | 7.5 | % | 7.3 | % | 9/30/16 - 10/31/18 | |||||||||||||
Mezzanine | 2 | Skilled Nursing / Senior Housing | 21,730 | 21,797 | 11.3 | % | 11.1 | % | 12/27/14 - 08/31/17 | |||||||||||||
Pre-development | 5 | Senior Housing | 3,572 | 3,696 | 9 | % | 8.2 | % | 8/16/15 - 09/09/17 | |||||||||||||
14 | 237,955 | 238,853 | 8.3 | % | 8.2 | % | ||||||||||||||||
Other Investments: | ||||||||||||||||||||||
Preferred Equity | 4 | Senior Housing | 11,631 | 11,821 | 11.9 | % | 11.9 | % | NA | |||||||||||||
Total | 18 | $ | 249,586 | $ | 250,674 | 8.5 | % | 8.4 | % | |||||||||||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Mortgage Indebtness | ' | ||||||||||||||||
The Company’s mortgage notes payable consisted of the following (dollars in thousands): | |||||||||||||||||
Interest Rate Type | Book Value as of | Book Value as of | Weighted Average | Maturity | |||||||||||||
30-Sep-14 | December 31, 2013 | Effective Interest Rate at | Date | ||||||||||||||
30-Sep-14 | |||||||||||||||||
Fixed Rate | $ | 124,714 | $ | 54,688 | 3.96 | % | May 2031 - August 2051 | ||||||||||
Variable Rate | — | 86,640 | NA | NA | |||||||||||||
$ | 124,714 | $ | 141,328 | 3.96 | % | ||||||||||||
Schedule of Maturities of Debt | ' | ||||||||||||||||
The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2014 (in thousands): | |||||||||||||||||
Mortgage | Senior Notes | Revolving Credit Facility (1) (2) | Total | ||||||||||||||
Indebtedness | |||||||||||||||||
October 1, 2014 through December 31, 2014 | $ | 691 | $ | — | $ | — | $ | 691 | |||||||||
2015 | 2,823 | — | — | 2,823 | |||||||||||||
2016 | 2,917 | — | — | 2,917 | |||||||||||||
2017 | 3,013 | — | — | 3,013 | |||||||||||||
2018 | 3,114 | — | 614,000 | 617,114 | |||||||||||||
Thereafter | 112,156 | 550,000 | — | 662,156 | |||||||||||||
$ | 124,714 | $ | 550,000 | $ | 614,000 | $ | 1,288,714 | ||||||||||
(1) Subject to a one-year extension option. | |||||||||||||||||
(2) On October 10, 2014, the Operating Partnership converted $200.0 million of the outstanding borrowings under the Revolving Credit Facility to a term loan. |
FAIR_VALUE_DISCLOSURES_Tables
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2014 and December 31, 2013 whose carrying amounts do not approximate their fair value (in thousands): | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Face | Carrying | Fair | Face | Carrying | Fair | |||||||||||||||||||
Value (1) | Amount (2) | Value | Value (1) | Amount (2) | Value | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||
Loans receivable | $ | 237,955 | $ | 238,853 | $ | 237,385 | $ | 176,558 | $ | 177,509 | $ | 176,985 | ||||||||||||
Preferred equity investments | 11,631 | 11,821 | 12,268 | 7,695 | 7,784 | 7,950 | ||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||
Senior Notes | 550,000 | 550,000 | 547,000 | 411,250 | 414,402 | 421,122 | ||||||||||||||||||
Mortgage indebtedness | 124,714 | 124,714 | 108,467 | 141,328 | 141,328 | 130,622 | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company recorded the following amounts measured at fair value (in thousands): | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Recurring Basis: | ||||||||||||||||||||||||
Contingent consideration liability | $ | 4,600 | $ | — | $ | — | $ | 4,600 | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 7,500 | ||||||||||||||||||||||
New contingent liability | 3,200 | |||||||||||||||||||||||
Decrease in contingent liability | (860 | ) | ||||||||||||||||||||||
Payment of contingent liability | (5,240 | ) | ||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 4,600 | ||||||||||||||||||||||
Recurring [Member] | ' | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||||||||||
The Company determined the fair value of financial instruments as of September 30, 2014 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands): | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||
Loans receivable | $ | 237,385 | $ | — | $ | — | $ | 237,385 | ||||||||||||||||
Preferred equity investments | 12,268 | — | — | 12,268 | ||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||
Senior Notes | 547,000 | — | 547,000 | — | ||||||||||||||||||||
Mortgage indebtedness | 108,467 | — | — | 108,467 | ||||||||||||||||||||
EQUITY_Tables
EQUITY (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of Dividends Paid | ' | ||||||||
The following table lists the cash dividends on common stock declared and paid by the Company during the nine months ended September 30, 2014: | |||||||||
Declaration Date | Record Date | Amount Per Share | Dividend Payable Date | ||||||
23-Jan-14 | 15-Feb-14 | $ | 0.36 | 28-Feb-14 | |||||
5-May-14 | 15-May-14 | 0.38 | 30-May-14 | ||||||
30-Jul-14 | 15-Aug-14 | 0.38 | 29-Aug-14 | ||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 (in thousands, except share and per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator | |||||||||||||||||
Net income attributable to common stockholders | $ | 14,643 | $ | 9,242 | $ | 17,020 | $ | 15,310 | |||||||||
Denominator | |||||||||||||||||
Basic weighted average common shares | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 | |||||||||||||
Dilutive stock options and restricted stock units | 517,253 | 470,239 | 481,930 | 443,338 | |||||||||||||
Diluted weighted average common shares | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 | |||||||||||||
Net income attributable to common stockholders, per: | |||||||||||||||||
Basic common share | $ | 0.31 | $ | 0.25 | $ | 0.39 | $ | 0.41 | |||||||||
Diluted common share | $ | 0.31 | $ | 0.24 | $ | 0.39 | $ | 0.41 | |||||||||
SUMMARIZED_CONDENSED_CONSOLIDA1
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Company | Guarantor | Guarantor | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 63 | $ | — | $ | 1,426,998 | $ | 141,207 | $ | — | $ | 1,568,268 | ||||||||||||||
Loans receivable and other investments, net | — | — | 250,674 | — | — | 250,674 | ||||||||||||||||||||
Cash and cash equivalents | 21,475 | — | — | 4,004 | — | 25,479 | ||||||||||||||||||||
Restricted cash | — | — | 160 | 6,377 | — | 6,537 | ||||||||||||||||||||
Deferred tax assets | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Prepaid expenses, deferred financing costs and other assets | 977 | 20,920 | 112,615 | 7,684 | — | 142,196 | ||||||||||||||||||||
Intercompany | 230,614 | 965,828 | — | — | (1,196,442 | ) | — | |||||||||||||||||||
Investment in subsidiaries | 417,157 | 602,179 | 24,887 | — | (1,044,223 | ) | — | |||||||||||||||||||
Total assets | $ | 694,498 | $ | 1,588,927 | $ | 1,815,334 | $ | 159,272 | $ | (2,240,665 | ) | $ | 2,017,366 | |||||||||||||
Liabilities | ||||||||||||||||||||||||||
Mortgage notes | $ | — | $ | — | $ | — | $ | 124,714 | $ | — | $ | 124,714 | ||||||||||||||
Revolving credit facility | — | 614,000 | — | — | — | 614,000 | ||||||||||||||||||||
Senior unsecured notes | — | 550,000 | — | — | — | 550,000 | ||||||||||||||||||||
Accounts payable and accrued liabilities | 6,536 | 7,770 | 24,864 | 1,549 | — | 40,719 | ||||||||||||||||||||
Tax liability | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Intercompany | — | — | 1,191,119 | 5,323 | (1,196,442 | ) | — | |||||||||||||||||||
Total liabilities | 30,748 | 1,171,770 | 1,215,983 | 131,586 | (1,196,442 | ) | 1,353,645 | |||||||||||||||||||
Total equity | 663,750 | 417,157 | 599,351 | 27,686 | (1,044,223 | ) | 663,721 | |||||||||||||||||||
Total liabilities and equity | $ | 694,498 | $ | 1,588,927 | $ | 1,815,334 | $ | 159,272 | $ | (2,240,665 | ) | $ | 2,017,366 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Parent | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Company | Guarantor | Guarantor | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 101 | $ | — | $ | 751,771 | $ | 163,546 | $ | — | $ | 915,418 | ||||||||||||||
Loans receivable and other investments, net | — | — | 185,293 | — | — | 185,293 | ||||||||||||||||||||
Cash and cash equivalents | 3,551 | — | — | 757 | — | 4,308 | ||||||||||||||||||||
Restricted cash | — | — | 121 | 5,231 | — | 5,352 | ||||||||||||||||||||
Deferred tax assets | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Prepaid expenses, deferred financing costs and other assets | 1,217 | 9,207 | 46,694 | 6,134 | — | 63,252 | ||||||||||||||||||||
Intercompany | 63,125 | 270,194 | — | 42,637 | (375,956 | ) | — | |||||||||||||||||||
Investment in subsidiaries | 398,640 | 537,505 | 25,205 | — | (961,350 | ) | — | |||||||||||||||||||
Total assets | $ | 490,846 | $ | 816,906 | $ | 1,009,084 | $ | 218,305 | $ | (1,337,306 | ) | $ | 1,197,835 | |||||||||||||
Liabilities | ||||||||||||||||||||||||||
Mortgage notes | $ | — | $ | — | $ | — | $ | 141,328 | $ | — | $ | 141,328 | ||||||||||||||
Secured revolving credit facility | — | — | 135,500 | — | — | 135,500 | ||||||||||||||||||||
Senior unsecured notes | — | 414,402 | — | — | — | 414,402 | ||||||||||||||||||||
Accounts payable and accrued liabilities | 6,470 | 3,864 | 11,008 | 887 | — | 22,229 | ||||||||||||||||||||
Tax liability | 24,212 | — | — | — | — | 24,212 | ||||||||||||||||||||
Intercompany | — | — | 375,956 | — | (375,956 | ) | — | |||||||||||||||||||
Total liabilities | 30,682 | 418,266 | 522,464 | 142,215 | (375,956 | ) | 737,671 | |||||||||||||||||||
Total equity | 460,164 | 398,640 | 486,620 | 76,090 | (961,350 | ) | 460,164 | |||||||||||||||||||
Total liabilities and equity | $ | 490,846 | $ | 816,906 | $ | 1,009,084 | $ | 218,305 | $ | (1,337,306 | ) | $ | 1,197,835 | |||||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 33,290 | $ | 4,875 | $ | — | $ | 38,165 | ||||||||||||||
Interest and other income | 2 | — | 5,141 | 676 | — | 5,819 | ||||||||||||||||||||
Total revenues | 2 | — | 38,431 | 5,551 | — | 43,984 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 13 | — | 8,288 | 1,461 | — | 9,762 | ||||||||||||||||||||
Interest | — | 8,435 | 749 | 1,356 | — | 10,540 | ||||||||||||||||||||
General and administrative | 3,573 | — | 2,133 | 520 | — | 6,226 | ||||||||||||||||||||
Total expenses | 3,586 | 8,435 | 11,170 | 3,337 | — | 26,528 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (158 | ) | — | — | (158 | ) | ||||||||||||||||||
Other income (expense) | — | — | (100 | ) | — | — | (100 | ) | ||||||||||||||||||
Total other (expense) income | — | — | (258 | ) | — | — | (258 | ) | ||||||||||||||||||
Income in subsidiary | 20,788 | 29,223 | 1,304 | — | (51,315 | ) | — | |||||||||||||||||||
Net income | 17,204 | 20,788 | 28,307 | 2,214 | (51,315 | ) | 17,198 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 6 | — | 6 | ||||||||||||||||||||
Net income attributable to Sabra Health Care REIT, Inc. | 17,204 | 20,788 | 28,307 | 2,220 | (51,315 | ) | 17,204 | |||||||||||||||||||
Preferred stock dividends | (2,561 | ) | — | — | — | — | (2,561 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 14,643 | $ | 20,788 | $ | 28,307 | $ | 2,220 | $ | (51,315 | ) | $ | 14,643 | |||||||||||||
Net income attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.31 | ||||||||||||||||||||||||
Diluted common share | $ | 0.31 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 47,359,949 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 47,877,202 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 24,380 | $ | 7,319 | $ | — | $ | 31,699 | ||||||||||||||
Interest and other income | 13 | — | 1,214 | — | — | 1,227 | ||||||||||||||||||||
Total revenues | 13 | — | 25,594 | 7,319 | — | 32,926 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 13 | — | 6,365 | 1,880 | — | 8,258 | ||||||||||||||||||||
Interest | — | 7,147 | 817 | 1,775 | — | 9,739 | ||||||||||||||||||||
General and administrative | 2,996 | — | 41 | 20 | — | 3,057 | ||||||||||||||||||||
Total expenses | 3,009 | 7,147 | 7,223 | 3,675 | — | 21,054 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (351 | ) | — | — | (351 | ) | ||||||||||||||||||
Other income (expense) | — | — | 300 | — | — | 300 | ||||||||||||||||||||
Total other (expense) income | — | — | (51 | ) | — | — | (51 | ) | ||||||||||||||||||
Income in subsidiary | 14,817 | 21,964 | 982 | — | (37,763 | ) | — | |||||||||||||||||||
Net income | 11,821 | 14,817 | 19,302 | 3,644 | (37,763 | ) | 11,821 | |||||||||||||||||||
Preferred dividends | (2,579 | ) | — | — | — | — | (2,579 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 9,242 | $ | 14,817 | $ | 19,302 | $ | 3,644 | $ | (37,763 | ) | $ | 9,242 | |||||||||||||
Net loss attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.25 | ||||||||||||||||||||||||
Diluted common share | $ | 0.24 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 37,358,334 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 37,828,573 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 97,384 | $ | 14,359 | $ | — | $ | 111,743 | ||||||||||||||
Interest and other income | 9 | — | 14,039 | 2,016 | — | 16,064 | ||||||||||||||||||||
Total revenues | 9 | — | 111,423 | 16,375 | — | 127,807 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 38 | — | 24,642 | 4,187 | — | 28,867 | ||||||||||||||||||||
Interest | — | 24,189 | 4,642 | 3,837 | — | 32,668 | ||||||||||||||||||||
General and administrative | 12,133 | 2 | 6,142 | 1,728 | — | 20,005 | ||||||||||||||||||||
Total expenses | 12,171 | 24,191 | 35,426 | 9,752 | — | 81,540 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (21,846 | ) | (472 | ) | (136 | ) | — | (22,454 | ) | ||||||||||||||||
Other income (expense) | — | — | 860 | — | — | 860 | ||||||||||||||||||||
Total other (expense) income | — | (21,846 | ) | 388 | (136 | ) | — | (21,594 | ) | |||||||||||||||||
Income in subsidiary | 36,864 | 82,901 | 4,368 | — | (124,133 | ) | — | |||||||||||||||||||
Net income | 24,702 | 36,864 | 80,753 | 6,487 | (124,133 | ) | 24,673 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 29 | — | 29 | ||||||||||||||||||||
Net income attributable to Sabra Health Care REIT, Inc. | 24,702 | 36,864 | 80,753 | 6,516 | (124,133 | ) | 24,702 | |||||||||||||||||||
Preferred dividends | (7,682 | ) | — | — | — | — | (7,682 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 17,020 | — | $ | 36,864 | $ | 80,753 | — | $ | 6,516 | $ | (124,133 | ) | $ | 17,020 | |||||||||||
Net income attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.39 | ||||||||||||||||||||||||
Diluted common share | $ | 0.39 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 43,358,620 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 43,840,550 | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental income | $ | — | $ | — | $ | 72,733 | $ | 21,959 | $ | — | $ | 94,692 | ||||||||||||||
Interest and other income | 82 | — | 2,449 | — | — | 2,531 | ||||||||||||||||||||
Total revenues | 82 | — | 75,182 | 21,959 | — | 97,223 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Depreciation and amortization | 38 | — | 18,983 | 5,705 | — | 24,726 | ||||||||||||||||||||
Interest | — | 21,585 | 2,797 | 5,502 | — | 29,884 | ||||||||||||||||||||
General and administrative | 10,671 | 4 | 453 | 68 | — | 11,196 | ||||||||||||||||||||
Total expenses | 10,709 | 21,589 | 22,233 | 11,275 | — | 65,806 | ||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (9,750 | ) | (351 | ) | — | — | (10,101 | ) | |||||||||||||||||
Other income (expense) | — | — | (600 | ) | — | — | (600 | ) | ||||||||||||||||||
Total other (expense) income | — | (9,750 | ) | (951 | ) | — | — | (10,701 | ) | |||||||||||||||||
Income in subsidiary | 31,343 | 62,682 | 2,892 | — | (96,917 | ) | — | |||||||||||||||||||
Net income | 20,716 | 31,343 | 54,890 | 10,684 | (96,917 | ) | 20,716 | |||||||||||||||||||
Preferred dividends | (5,406 | ) | — | — | — | — | (5,406 | ) | ||||||||||||||||||
Net income attributable to common stockholders | $ | 15,310 | $ | 31,343 | $ | 54,890 | $ | 10,684 | $ | (96,917 | ) | $ | 15,310 | |||||||||||||
Net income attributable to common stockholders, per: | ||||||||||||||||||||||||||
Basic common share | $ | 0.41 | ||||||||||||||||||||||||
Diluted common share | $ | 0.41 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding, basic | 37,334,120 | |||||||||||||||||||||||||
Weighted-average number of common shares outstanding, diluted | 37,777,458 | |||||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | 40,289 | $ | — | $ | — | $ | 30,950 | $ | — | $ | 71,239 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Acquisitions of real estate | — | — | (713,778 | ) | (8,101 | ) | — | (721,879 | ) | |||||||||||||||||
Origination of loans receivable | — | — | (59,256 | ) | — | — | (59,256 | ) | ||||||||||||||||||
Preferred equity investment | — | — | (11,300 | ) | — | — | (11,300 | ) | ||||||||||||||||||
Additions to real estate | — | — | (1,128 | ) | (23 | ) | — | (1,151 | ) | |||||||||||||||||
Repayment of loans receivable | — | — | 287 | — | — | 287 | ||||||||||||||||||||
Investment in subsidiaries | (12,288 | ) | (12,288 | ) | — | — | 24,576 | — | ||||||||||||||||||
Intercompany financing | (182,248 | ) | (915,786 | ) | — | — | 1,098,034 | — | ||||||||||||||||||
Net cash used in investing activities | (194,536 | ) | (928,074 | ) | (785,175 | ) | (8,124 | ) | 1,122,610 | (793,299 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of senior unsecured notes | — | 350,000 | — | — | — | — | 350,000 | |||||||||||||||||||
Principal payments on senior unsecured notes | — | (211,250 | ) | — | — | — | (211,250 | ) | ||||||||||||||||||
Proceeds from revolving credit facility | — | 604,000 | 95,000 | — | — | 699,000 | ||||||||||||||||||||
Payments on revolving credit facility | — | — | (220,500 | ) | — | — | (220,500 | ) | ||||||||||||||||||
Proceeds from mortgage notes | — | — | — | 57,703 | — | 57,703 | ||||||||||||||||||||
Principal payments on mortgage notes | — | — | — | (88,419 | ) | — | (88,419 | ) | ||||||||||||||||||
Payments of deferred financing costs | — | (9,212 | ) | (5,111 | ) | (1,151 | ) | — | (15,474 | ) | ||||||||||||||||
Issuance of common stock | 229,825 | — | — | — | — | 229,825 | ||||||||||||||||||||
Dividends paid on common and preferred stock | (57,654 | ) | — | — | — | — | (57,654 | ) | ||||||||||||||||||
Contribution from Parent | — | 12,288 | — | 12,288 | (24,576 | ) | — | |||||||||||||||||||
Intercompany financing | — | 182,248 | 915,786 | — | (1,098,034 | ) | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | 172,171 | 928,074 | 785,175 | (19,579 | ) | (1,122,610 | ) | 743,231 | ||||||||||||||||||
Net increase in cash and cash equivalents | 17,924 | — | — | 3,247 | — | 21,171 | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 3,551 | — | — | 757 | — | 4,308 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 21,475 | $ | — | $ | — | $ | 4,004 | $ | — | $ | 25,479 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Parent Company | Issuers | Combined | Combined Non- | Elimination | Consolidated | |||||||||||||||||||||
Guarantor | Guarantor | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 36,878 | $ | — | $ | — | $ | 12,333 | $ | — | $ | 49,211 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Acquisitions of real estate | — | — | (6,175 | ) | — | — | (6,175 | ) | ||||||||||||||||||
Origination of note receivable | — | — | (26,393 | ) | — | — | (26,393 | ) | ||||||||||||||||||
Preferred equity investment | — | — | (6,624 | ) | — | — | (6,624 | ) | ||||||||||||||||||
Additions to real estate | — | — | (388 | ) | — | — | (388 | ) | ||||||||||||||||||
Net proceeds from the sale of real estate | — | — | — | 2,208 | — | 2,208 | ||||||||||||||||||||
Distribution from subsidiaries | 3,345 | 3,345 | — | — | (6,690 | ) | — | |||||||||||||||||||
Intercompany financing | (52,041 | ) | (132,883 | ) | — | — | 184,924 | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (48,696 | ) | (129,538 | ) | (39,580 | ) | 2,208 | 178,234 | (37,372 | ) | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of senior unsecured notes | — | 200,000 | — | — | — | 200,000 | ||||||||||||||||||||
Principal payments on senior unsecured notes | — | (113,750 | ) | — | — | — | (113,750 | ) | ||||||||||||||||||
Payments on secured revolving credit facility | — | — | (92,500 | ) | — | — | (92,500 | ) | ||||||||||||||||||
Principal payments on mortgage notes | — | — | — | (10,081 | ) | — | (10,081 | ) | ||||||||||||||||||
Payments of deferred financing costs | — | (5,408 | ) | (3,011 | ) | (179 | ) | — | (8,598 | ) | ||||||||||||||||
Issuance of common stock | (2,950 | ) | — | — | — | — | (2,950 | ) | ||||||||||||||||||
Issuance of preferred stock | 138,257 | — | — | — | — | 138,257 | ||||||||||||||||||||
Dividends paid | (42,677 | ) | — | — | — | — | (42,677 | ) | ||||||||||||||||||
Distribution to Parent | — | (3,345 | ) | — | (3,345 | ) | 6,690 | — | ||||||||||||||||||
Intercompany financing | — | 52,041 | 135,091 | (2,208 | ) | (184,924 | ) | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 92,630 | 129,538 | 39,580 | (15,813 | ) | (178,234 | ) | 67,701 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 80,812 | — | — | (1,272 | ) | — | 79,540 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 15,075 | — | — | 2,026 | — | 17,101 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 95,887 | $ | — | $ | — | $ | 754 | $ | — | $ | 96,641 | ||||||||||||||
PRO_FORMA_FINANCIAL_INFORMATIO1
PRO FORMA FINANCIAL INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
PRO FORMA FINANCIAL INFORMATION [Abstract] | ' | ||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||
This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on January 1, 2013, nor does it purport to predict the results of operations for future periods. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||
Revenues | $ | 53,706 | $ | 46,572 | $ | 160,491 | $ | 138,159 | |||||||||
Depreciation and amortization | 13,483 | 13,004 | 40,573 | 38,933 | |||||||||||||
Net income attributable to common stockholders | 22,456 | 16,328 | 40,221 | 39,818 | |||||||||||||
Net income attributable to common stockholders, per: | |||||||||||||||||
Basic common share | $ | 0.47 | $ | 0.44 | $ | 0.93 | $ | 1.07 | |||||||||
Diluted common share | $ | 0.47 | $ | 0.43 | $ | 0.92 | $ | 1.05 | |||||||||
Weighted-average number of common shares outstanding, basic | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 | |||||||||||||
Weighted-average number of common shares outstanding, diluted | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 | |||||||||||||
RECENT_REAL_ESTATE_ACQUISITION2
RECENT REAL ESTATE ACQUISITIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 25, 2014 | Feb. 14, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 14, 2014 | Sep. 30, 2014 | Sep. 25, 2014 | Feb. 14, 2014 | |
Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Holiday Portfolio [Member] | Nye Portfolio [Member] | Nye Portfolio [Member] | Nye Portfolio [Member] | Tenant Origination and Absorption Costs [Member] | Tenant Relationship [Member] | Skilled Nursing/Transitional Care Facilities [Member] | Skilled Nursing/Transitional Care Facilities [Member] | Senior Housing Facilities [Member] | Senior Housing Facilities [Member] | Senior Housing Facilities [Member] | |||||
Renewal_Options | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Nye Portfolio [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Holiday Portfolio [Member] | Nye Portfolio [Member] | ||||||||||
States | Facilities | unit | Facilities | unit | unit | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of contingent consideration | ' | ' | $860,000 | ' | ' | ' | ' | ' | $100,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' |
Number of acquired properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 4 | 27 | 21 | 2 |
Number of states where entity operates | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | 690,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | 54,387,000 | 54,387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Building and Improvements | ' | ' | ' | ' | 625,536,000 | 625,536,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,924,000 | 2,991,000 | ' | ' | ' | ' | ' |
Total Consideration | ' | ' | ' | ' | 690,838,000 | 690,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired finite-lived intangible assets, weighted average useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '14 years | '24 years | ' | ' | ' | ' | ' |
Revenues | 43,984,000 | 32,926,000 | 127,807,000 | 97,223,000 | 3,900,000 | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Attributable to Parent | 17,204,000 | 11,821,000 | 24,702,000 | 20,716,000 | 1,000,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | 550,000,000 | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Number of Lease Renewal Options | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Renewal Term | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Annual Rent Expense | ' | ' | ' | ' | ' | ' | 30,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessor Leasing Arrangements, Operating Leases, Annual Rent Escalator | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum annual rent escalator for remainder of the lease term | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Expected Annual Lease Revenue | ' | ' | ' | ' | ' | ' | 39,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | $3,400,000 | $3,400,000 | ' | ' | ' | ' | ' | ' | ' |
REAL_ESTATE_INVESTMENTS_Detail
REAL ESTATE INVESTMENTS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Buildings and improvements | $1,476,202 | $879,926 |
Furniture and equipment | 80,977 | 50,567 |
Land improvements | 4,392 | 4,392 |
Land | 185,998 | 131,611 |
Total Real Estate at Cost | 1,747,569 | 1,066,496 |
Accumulated Depreciation | -179,301 | -151,078 |
Total Real Estate Investments, Net | 1,568,268 | 915,418 |
Operating Segments [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of Properties | 154 | 121 |
Number of Beds/Units | 16,402 | 12,468 |
Total Real Estate at Cost | 1,747,315 | 1,066,242 |
Accumulated Depreciation | -179,110 | -150,925 |
Total Real Estate Investments, Net | 1,568,205 | 915,317 |
Skilled Nursing/Transitional Care Facilities [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of Properties | 102 | 96 |
Number of Beds/Units | 11,460 | 10,826 |
Total Real Estate at Cost | 825,378 | 737,188 |
Accumulated Depreciation | -151,842 | -132,068 |
Total Real Estate Investments, Net | 673,536 | 605,120 |
Senior Housing [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of Properties | 50 | 23 |
Number of Beds/Units | 4,818 | 1,518 |
Total Real Estate at Cost | 746,130 | 153,247 |
Accumulated Depreciation | -17,395 | -13,337 |
Total Real Estate Investments, Net | 728,735 | 139,910 |
Acute Care Hospital [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of Properties | 2 | 2 |
Number of Beds/Units | 124 | 124 |
Total Real Estate at Cost | 175,807 | 175,807 |
Accumulated Depreciation | -9,873 | -5,520 |
Total Real Estate Investments, Net | 165,934 | 170,287 |
Corporate [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Total Real Estate at Cost | 254 | 254 |
Accumulated Depreciation | -191 | -153 |
Total Real Estate Investments, Net | $63 | $101 |
REAL_ESTATE_INVESTMENTS_Operat
REAL ESTATE INVESTMENTS Operating Lease (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Security Deposit Liability | $15,600,000 | $1,600,000 |
Operating Leases, Weighted Average Lease Expiration Period | '11 years | ' |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' |
October 1, 2014 through December 31, 2014 | 41,907,000 | ' |
2015 | 171,645,000 | ' |
2016 | 175,883,000 | ' |
2017 | 180,825,000 | ' |
2018 | 185,817,000 | ' |
Thereafter | 1,410,600,000 | ' |
Total | $2,166,677,000 | ' |
Minimum [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Operating Leases, Lease Expiration Period | '6 years | ' |
Maximum [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Operating Leases, Lease Expiration Period | '18 years | ' |
Operating Segments [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Number of Real Estate Properties | 154 | 121 |
Operating Segments [Member] | Genesis Healthcare, Inc [Member] | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Number of Real Estate Properties | 81 | ' |
LOANS_RECEIVABLE_AND_OTHER_INV2
LOANS RECEIVABLE AND OTHER INVESTMENTS (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Aug. 15, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 05, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 15, 2014 | |
Investment | Meridian Mezzanine Loan [Member] | Meridian Mezzanine Loan [Member] | Mortgage Loans Receivable [Member] | Construction Mortgage Loans [Member] | Mezzanine Investments [Member] | Mezzanine Investments [Member] | Chai Mezzanine Loan Portfolio [Member] | Pre-Development Loans [Member] | Affiliated Entity [Member] | |||
Facilities | Facilities | Facilities | Facilities | loan | Wholly Owned Subsidiary [Member] | loan | ||||||
unit | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Facilities, Option to Purchase Exercised | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Acquisition of Real Estate Held-for-investment | ' | ' | ' | ' | ' | ' | ' | $24,500,000 | ' | ' | ' | ' |
Proceeds from Collection of Loans Receivable | ' | ' | ' | ' | ' | ' | ' | 5,800,000 | ' | ' | ' | ' |
Payments to Acquire Real Estate Held-for-investment | ' | ' | ' | ' | ' | ' | ' | 18,700,000 | ' | ' | ' | ' |
Loans and Leases Receivable, Number of Loans | 14 | ' | ' | ' | ' | 4 | 3 | ' | 2 | ' | 5 | ' |
Loans and Leases Receivable, Gross | 237,955,000 | ' | ' | ' | 15,500,000 | 150,112,000 | 62,541,000 | ' | 21,730,000 | 6,500,000 | 3,572,000 | ' |
Repayment of preferred equity investments | 6,949,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 |
Loans and Leases Receivable, Net Amount | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Lease Term | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable and other investments, net | 238,853,000 | ' | ' | ' | ' | 150,515,000 | 62,845,000 | ' | 21,797,000 | ' | 3,696,000 | ' |
Loans and Leases Receivable, Fixed Interest Rate | 8.30% | ' | ' | ' | 11.00% | 8.20% | 7.50% | ' | 11.30% | ' | 9.00% | ' |
Loans And Leases Receiavble, Effective Interest Rate | 8.16% | ' | ' | ' | ' | 8.10% | 7.30% | ' | 11.10% | ' | 8.20% | ' |
Loans and Leases Receivable, Number of Units in Real Estate Property Used as Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Loans and Leases Receivable, Option to Purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | ' | ' |
Preferred Equity Investments, Number | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred equity investment, Face Value | 11,631,000 | ' | 7,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Equity Investment, Carrying Amount | 11,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Equity Investment, Weighted Average Contractual Rate | 11.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Equity Investment, Weighted Average Effective Rate | 11.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Investments | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Owned, Balance, Principal Amount | 249,586,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | $250,674,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, Weighted Average Contractual Rate | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, Weighted Average Effective Rate | 8.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Details
DEBT (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 23, 2014 | 23-May-13 | 23-May-13 | 23-May-13 | Feb. 11, 2014 | Jan. 08, 2014 | Jun. 24, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 27, 2010 | Jun. 24, 2013 | Sep. 30, 2014 | Sep. 10, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 26, 2012 | 1-May-14 | Sep. 30, 2014 | Apr. 08, 2014 | Jan. 21, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 23, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 10, 2014 | Oct. 10, 2014 | Oct. 10, 2014 | Oct. 10, 2014 | Oct. 10, 2014 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Unsecured Notes due 2021 [Member] | Senior Unsecured Notes Due 2023 [Member] | Senior Unsecured Notes Due 2023 [Member] | Senior Unsecured Notes Due 2023 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | Senior Notes due 2018 [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | Additional Senior Notes [Member] | Mortgage Indebtedness [Member] | Mortgage Indebtedness [Member] | Mortgage Indebtedness [Member] | Mortgage Indebtedness [Member] | Mortgage Indebtedness [Member] | Mortgage Indebtedness [Member] | Debt Instrument, Redemption, Period One [Member] | Investment Grade Credit Rating [Member] | Investment Grade Credit Rating [Member] | Investment Grade Credit Rating [Member] | Investment Grade Credit Rating [Member] | Investment Grade Credit Rating [Member] | Investment Grade Credit Rating [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Prior to June 2018 [Member] | Prior to June 2016 [Member] | Prior to November 2013 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Fixed Rate Mortgages [Member] | Senior Unsecured Notes due 2021 [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | Additional Senior Unsecured Notes due 2021 [Member] | Additional Senior Unsecured Notes due 2021 [Member] | 2014 Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Federal Funds Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 2014 Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Outstaning, Fixed Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $124,714,000 | ' | ' | $54,688,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Outstaning, Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 86,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Principal Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,714,000 | ' | ' | 141,328,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'federal funds rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.38% | ' | ' | ' | ' | ' | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.10% | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 11,600,000 | 44,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Debt Instrument, Issued Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.50% | ' | ' | ' |
Debt Instrument, Redemption Price, Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage, Using Proceeds of Specific Kinds of Equity Offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Debt, Net of Issuance Costs | ' | ' | ' | ' | ' | ' | ' | 340,800,000 | 194,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,800,000 | ' | ' | ' | ' |
Debt Instrument, Yield-to-Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.59% | ' | ' | ' |
Debt Instrument, Redeemable, Redemption Price of Principal Amount, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.38% | ' | ' | ' | ' | ' | ' | 108.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Line of Credit Facility, Accordion Feature, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Optional Extension Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured revolving credit facility | 614,000,000 | ' | 614,000,000 | ' | 135,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 614,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Refianced, Write-off of Unamortized Financing Costs | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.60% | 1.00% | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | 1.70% | 0.00% | 0.70% | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | 10,540,000 | 9,739,000 | 32,668,000 | 29,884,000 | ' | 300,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Amount | ' | ' | ' | ' | ' | 500,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | 900,000 | 800,000 | 2,812,000 | 2,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Payable | 7,900,000 | ' | 7,900,000 | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on extinguishment of debt | -158,000 | -351,000 | -22,454,000 | -10,101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,600,000 | -9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,800,000 | 9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 3.96% | ' | ' | ' | 3.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 1,288,714,000 | ' | 1,288,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | $210,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 109.49% | 109.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_Schedule_of_Debt_Maturiti
DEBT Schedule of Debt Maturities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 08, 2014 |
In Thousands, unless otherwise specified | Mortgage Indebtedness [Member] | Senior Notes [Member] | Line of Credit [Member] | Senior Notes due 2018 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
October 1, 2014 through December 31, 2014 | $691 | $691 | $0 | $0 | ' |
2015 | 2,823 | 2,823 | 0 | 0 | ' |
2016 | 2,917 | 2,917 | 0 | 0 | ' |
2017 | 3,013 | 3,013 | 0 | 0 | ' |
2018 | 617,114 | 3,114 | 0 | 614,000 | ' |
Thereafter | 662,156 | 112,156 | 550,000 | 0 | ' |
Total | $1,288,714 | $124,714 | $550,000 | $614,000 | $211,300 |
FAIR_VALUE_DISCLOSURES_Details
FAIR VALUE DISCLOSURES (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Contingent consideration liability | ' | $7,500 | ||
New contingent liability | 3,200 | ' | ||
Change in fair value of contingent consideration | -860 | ' | ||
Payment of contingent consideration | -5,240 | ' | ||
Loans receivable, Face Value | 237,955 | [1] | 176,558 | [1] |
Preferred equity investment, Face Value | 11,631 | 7,695 | ||
Preferred equity investments | 12,268 | ' | ||
Carrying Amount [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans receivable | 238,853 | [2] | 177,509 | [2] |
Preferred equity investments | 11,821 | 7,784 | ||
Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans receivable | 237,385 | 176,985 | ||
Preferred equity investments | 12,268 | 7,950 | ||
Senior Notes [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial liabilities, Face Value | 550,000 | [1] | 411,250 | [1] |
Senior Notes [Member] | Carrying Amount [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial liabilities | 550,000 | [2] | 414,402 | [2] |
Senior Notes [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial liabilities | 547,000 | 421,122 | ||
Mortgage indebtedness [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial liabilities, Face Value | 124,714 | [1] | 141,328 | [1] |
Mortgage indebtedness [Member] | Carrying Amount [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial liabilities | 124,714 | [2] | 141,328 | [2] |
Mortgage indebtedness [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Financial liabilities | $108,467 | $130,622 | ||
[1] | (1) Face value represents amounts contractually due under the terms of the respective agreements. | |||
[2] | (2) Carrying amounts represent the book value of financial instruments and include unamortized premiums (discounts). |
FAIR_VALUE_DISCLOSURES_Assets_
FAIR VALUE DISCLOSURES (Assets and Liabilities Measured on a Recurring and Nonrecurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Preferred equity investments | $12,268 | ' |
Contingent consideration liability | ' | 7,500 |
Recurring [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable | 237,385 | ' |
Preferred equity investments | 12,268 | ' |
Contingent consideration liability | 4,600 | ' |
Recurring [Member] | Total [Member] | Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 547,000 | ' |
Recurring [Member] | Total [Member] | Mortgage indebtedness [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 108,467 | ' |
Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable | 0 | ' |
Preferred equity investments | 0 | ' |
Contingent consideration liability | 0 | ' |
Recurring [Member] | Level 1 [Member] | Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 0 | ' |
Recurring [Member] | Level 1 [Member] | Mortgage indebtedness [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 0 | ' |
Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable | 0 | ' |
Preferred equity investments | 0 | ' |
Contingent consideration liability | 0 | ' |
Recurring [Member] | Level 2 [Member] | Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 547,000 | ' |
Recurring [Member] | Level 2 [Member] | Mortgage indebtedness [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 0 | ' |
Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivable | 237,385 | ' |
Contingent consideration liability | 4,600 | ' |
Recurring [Member] | Level 3 [Member] | Senior Notes [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | 0 | ' |
Recurring [Member] | Level 3 [Member] | Mortgage indebtedness [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial liabilities | $108,467 | ' |
EQUITY_Details
EQUITY (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||
Jul. 30, 2014 | 12-May-14 | 5-May-14 | Jan. 23, 2014 | Mar. 21, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 03, 2014 | |
Restricted Stock Units (RSUs) [Member] | Stock Options [Member] | At-the-Market Offering, Sales Agents [Member] | At-the-Market Offering, Sales Agents [Member] | Subsequent Event [Member] | ||||||||||
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issuance, Shares | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 |
Stock issuance, Shares, Underwriters option | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 |
Preferred stock, shares issued | ' | ' | ' | ' | 5,800,000 | 5,750,000 | 5,750,000 | ' | 5,750,000 | ' | ' | ' | ' | ' |
Common dividends, declared | $0.38 | ' | $0.38 | $0.36 | ' | ' | $1.12 | $1.02 | ' | ' | ' | ' | ' | ' |
Stock-based compensation, issued during period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 11,515 | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock | ' | ' | ' | ' | $138,300,000 | ' | $0 | $138,257,000 | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Terms of Conversion | ' | ' | ' | ' | ' | ' | '1.7864 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, At The Market Stock Offering, Max Possible Gross Proceeds | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, At the Market Stock Offering, Sales Commision | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Common Stock, At the Market Stock Offering, Number of Shares Sold | ' | ' | ' | ' | ' | 400,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | $28.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.25 |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28.28 | $28.05 | ' |
Proceeds from Issuance of Common Stock | ' | 219,100,000 | ' | ' | ' | ' | 229,825,000 | -2,950,000 | ' | ' | ' | 10,300,000 | 16,900,000 | 160,600,000 |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 300,000 | ' |
Common Stock, Amount Available for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44,800,000 | ' |
EARNINGS_PER_COMMON_SHARE_Deta
EARNINGS PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator | ' | ' | ' | ' |
Net Income Available to Common Stockholders, Basic | $14,643 | $9,242 | $17,020 | $15,310 |
Denominator | ' | ' | ' | ' |
Weighted-average number of common shares outstanding, basic | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 |
Dilutive stock options and restricted stock units (in shares) | 517,253 | 470,239 | 481,930 | 443,338 |
Weighted-average number of common shares outstanding, diluted (in shares) | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 |
Basic common share | $0.31 | $0.25 | $0.39 | $0.41 |
Diluted common share | $0.31 | $0.24 | $0.39 | $0.41 |
EARNINGS_PER_COMMON_SHARE_Anti
EARNINGS PER COMMON SHARE Anti-dulitve Securities excluded from Calculation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 5,000 | 3,000 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
SUMMARIZED_CONDENSED_CONSOLIDA2
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Real estate investments, net of accumulated depreciation | $1,568,268 | $915,418 | ' | ' |
Loans receivable and other investments, net | 250,674 | 185,293 | ' | ' |
Cash and cash equivalents | 25,479 | 4,308 | 96,641 | 17,101 |
Restricted cash | 6,537 | 5,352 | ' | ' |
Deferred tax assets | 24,212 | 24,212 | ' | ' |
Prepaid expenses, deferred financing costs and other assets | 142,196 | 63,252 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Total assets | 2,017,366 | 1,197,835 | ' | ' |
Liabilities | ' | ' | ' | ' |
Mortgage notes | 124,714 | 141,328 | ' | ' |
Secured revolving credit facility | 614,000 | 135,500 | ' | ' |
Senior unsecured notes | 550,000 | 414,402 | ' | ' |
Accounts payable and accrued liabilities | 40,719 | 22,229 | ' | ' |
Tax liability | 24,212 | 24,212 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Total liabilities | 1,353,645 | 737,671 | ' | ' |
Equity | ' | ' | ' | ' |
Total equity | 663,721 | 460,164 | 423,190 | 305,488 |
Total liabilities and equity | 2,017,366 | 1,197,835 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Real estate investments, net of accumulated depreciation | 63 | 101 | ' | ' |
Loans receivable and other investments, net | 0 | 0 | ' | ' |
Cash and cash equivalents | 21,475 | 3,551 | 95,887 | 15,075 |
Restricted cash | 0 | 0 | ' | ' |
Deferred tax assets | 24,212 | 24,212 | ' | ' |
Prepaid expenses, deferred financing costs and other assets | 977 | 1,217 | ' | ' |
Intercompany | 230,614 | 63,125 | ' | ' |
Investment in subsidiaries | 417,157 | 398,640 | ' | ' |
Total assets | 694,498 | 490,846 | ' | ' |
Liabilities | ' | ' | ' | ' |
Mortgage notes | 0 | 0 | ' | ' |
Secured revolving credit facility | 0 | 0 | ' | ' |
Senior unsecured notes | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 6,536 | 6,470 | ' | ' |
Tax liability | 24,212 | 24,212 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Total liabilities | 30,748 | 30,682 | ' | ' |
Equity | ' | ' | ' | ' |
Total equity | 663,750 | 460,164 | ' | ' |
Total liabilities and equity | 694,498 | 490,846 | ' | ' |
Issuers [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Real estate investments, net of accumulated depreciation | 0 | 0 | ' | ' |
Loans receivable and other investments, net | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Prepaid expenses, deferred financing costs and other assets | 20,920 | 9,207 | ' | ' |
Intercompany | 965,828 | 270,194 | ' | ' |
Investment in subsidiaries | 602,179 | 537,505 | ' | ' |
Total assets | 1,588,927 | 816,906 | ' | ' |
Liabilities | ' | ' | ' | ' |
Mortgage notes | 0 | 0 | ' | ' |
Secured revolving credit facility | 614,000 | 0 | ' | ' |
Senior unsecured notes | 550,000 | 414,402 | ' | ' |
Accounts payable and accrued liabilities | 7,770 | 3,864 | ' | ' |
Tax liability | 0 | 0 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Total liabilities | 1,171,770 | 418,266 | ' | ' |
Equity | ' | ' | ' | ' |
Total equity | 417,157 | 398,640 | ' | ' |
Total liabilities and equity | 1,588,927 | 816,906 | ' | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Real estate investments, net of accumulated depreciation | 1,426,998 | 751,771 | ' | ' |
Loans receivable and other investments, net | 250,674 | 185,293 | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 160 | 121 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Prepaid expenses, deferred financing costs and other assets | 112,615 | 46,694 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Investment in subsidiaries | 24,887 | 25,205 | ' | ' |
Total assets | 1,815,334 | 1,009,084 | ' | ' |
Liabilities | ' | ' | ' | ' |
Mortgage notes | 0 | 0 | ' | ' |
Secured revolving credit facility | 0 | 135,500 | ' | ' |
Senior unsecured notes | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 24,864 | 11,008 | ' | ' |
Tax liability | 0 | 0 | ' | ' |
Intercompany | 1,191,119 | 375,956 | ' | ' |
Total liabilities | 1,215,983 | 522,464 | ' | ' |
Equity | ' | ' | ' | ' |
Total equity | 599,351 | 486,620 | ' | ' |
Total liabilities and equity | 1,815,334 | 1,009,084 | ' | ' |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Real estate investments, net of accumulated depreciation | 141,207 | 163,546 | ' | ' |
Loans receivable and other investments, net | 0 | 0 | ' | ' |
Cash and cash equivalents | 4,004 | 757 | 754 | 2,026 |
Restricted cash | 6,377 | 5,231 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Prepaid expenses, deferred financing costs and other assets | 7,684 | 6,134 | ' | ' |
Intercompany | 0 | 42,637 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Total assets | 159,272 | 218,305 | ' | ' |
Liabilities | ' | ' | ' | ' |
Mortgage notes | 124,714 | 141,328 | ' | ' |
Secured revolving credit facility | 0 | 0 | ' | ' |
Senior unsecured notes | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 1,549 | 887 | ' | ' |
Tax liability | 0 | 0 | ' | ' |
Intercompany | 5,323 | 0 | ' | ' |
Total liabilities | 131,586 | 142,215 | ' | ' |
Equity | ' | ' | ' | ' |
Total equity | 27,686 | 76,090 | ' | ' |
Total liabilities and equity | 159,272 | 218,305 | ' | ' |
Elimination [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Real estate investments, net of accumulated depreciation | 0 | 0 | ' | ' |
Loans receivable and other investments, net | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Prepaid expenses, deferred financing costs and other assets | 0 | 0 | ' | ' |
Intercompany | -1,196,442 | -375,956 | ' | ' |
Investment in subsidiaries | -1,044,223 | -961,350 | ' | ' |
Total assets | -2,240,665 | -1,337,306 | ' | ' |
Liabilities | ' | ' | ' | ' |
Mortgage notes | 0 | 0 | ' | ' |
Secured revolving credit facility | 0 | 0 | ' | ' |
Senior unsecured notes | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 0 | 0 | ' | ' |
Tax liability | 0 | 0 | ' | ' |
Intercompany | -1,196,442 | -375,956 | ' | ' |
Total liabilities | -1,196,442 | -375,956 | ' | ' |
Equity | ' | ' | ' | ' |
Total equity | -1,044,223 | -961,350 | ' | ' |
Total liabilities and equity | ($2,240,665) | ($1,337,306) | ' | ' |
SUMMARIZED_CONDENSED_CONSOLIDA3
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Condensed Consolidating Statement of Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income | $38,165 | $31,699 | $111,743 | $94,692 |
Interest and other income | 5,819 | 1,227 | 16,064 | 2,531 |
Total revenues | 43,984 | 32,926 | 127,807 | 97,223 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 9,762 | 8,258 | 28,867 | 24,726 |
Interest | 10,540 | 9,739 | 32,668 | 29,884 |
General and administrative | 6,226 | 3,057 | 20,005 | 11,196 |
Total expenses | 26,528 | 21,054 | 81,540 | 65,806 |
Loss on extinguishment of debt | -158 | -351 | -22,454 | -10,101 |
Other income (expense) | -100 | 300 | 860 | -600 |
Total other income (expense) | -258 | -51 | -21,594 | -10,701 |
(Income) loss in subsidiary | 0 | 0 | 0 | 0 |
Net income | 17,198 | 11,821 | 24,673 | 20,716 |
Net Income (Loss) Attributable to Noncontrolling Interest | -6 | 0 | -29 | 0 |
Net income attributable to Sabra Health Care REIT, Inc | 17,204 | 11,821 | 24,702 | 20,716 |
Preferred stock dividends | -2,561 | -2,579 | -7,682 | -5,406 |
Net income attributable to common stockholders | 14,643 | 9,242 | 17,020 | 15,310 |
Basic common share | $0.31 | $0.25 | $0.39 | $0.41 |
Diluted common share | $0.31 | $0.24 | $0.39 | $0.41 |
Weighted-average number of common shares outstanding, basic | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 |
Weighted-average number of common shares outstanding, diluted | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 |
Parent Company [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 |
Interest and other income | 2 | 13 | 9 | 82 |
Total revenues | 2 | 13 | 9 | 82 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 13 | 13 | 38 | 38 |
Interest | 0 | 0 | 0 | 0 |
General and administrative | 3,573 | 2,996 | 12,133 | 10,671 |
Total expenses | 3,586 | 3,009 | 12,171 | 10,709 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | 0 | 0 |
(Income) loss in subsidiary | 20,788 | 14,817 | 36,864 | 31,343 |
Net income | 17,204 | ' | 24,702 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' |
Net income attributable to Sabra Health Care REIT, Inc | 17,204 | 11,821 | 24,702 | 20,716 |
Preferred stock dividends | -2,561 | -2,579 | -7,682 | -5,406 |
Net income attributable to common stockholders | 14,643 | 9,242 | 17,020 | 15,310 |
Issuers [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 |
Interest and other income | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Interest | 8,435 | 7,147 | 24,189 | 21,585 |
General and administrative | 0 | 0 | 2 | 4 |
Total expenses | 8,435 | 7,147 | 24,191 | 21,589 |
Loss on extinguishment of debt | 0 | 0 | -21,846 | -9,750 |
Other income (expense) | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | -21,846 | -9,750 |
(Income) loss in subsidiary | 29,223 | 21,964 | 82,901 | 62,682 |
Net income | 20,788 | ' | 36,864 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' |
Net income attributable to Sabra Health Care REIT, Inc | 20,788 | 14,817 | 36,864 | 31,343 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net income attributable to common stockholders | 20,788 | 14,817 | 36,864 | 31,343 |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 33,290 | 24,380 | 97,384 | 72,733 |
Interest and other income | 5,141 | 1,214 | 14,039 | 2,449 |
Total revenues | 38,431 | 25,594 | 111,423 | 75,182 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 8,288 | 6,365 | 24,642 | 18,983 |
Interest | 749 | 817 | 4,642 | 2,797 |
General and administrative | 2,133 | 41 | 6,142 | 453 |
Total expenses | 11,170 | 7,223 | 35,426 | 22,233 |
Loss on extinguishment of debt | -158 | -351 | -472 | -351 |
Other income (expense) | -100 | 300 | 860 | -600 |
Total other income (expense) | -258 | -51 | 388 | -951 |
(Income) loss in subsidiary | 1,304 | 982 | 4,368 | 2,892 |
Net income | 28,307 | ' | 80,753 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' |
Net income attributable to Sabra Health Care REIT, Inc | 28,307 | 19,302 | 80,753 | 54,890 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net income attributable to common stockholders | 28,307 | 19,302 | 80,753 | 54,890 |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 4,875 | 7,319 | 14,359 | 21,959 |
Interest and other income | 676 | 0 | 2,016 | 0 |
Total revenues | 5,551 | 7,319 | 16,375 | 21,959 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 1,461 | 1,880 | 4,187 | 5,705 |
Interest | 1,356 | 1,775 | 3,837 | 5,502 |
General and administrative | 520 | 20 | 1,728 | 68 |
Total expenses | 3,337 | 3,675 | 9,752 | 11,275 |
Loss on extinguishment of debt | 0 | 0 | -136 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | -136 | 0 |
(Income) loss in subsidiary | 0 | 0 | 0 | 0 |
Net income | 2,214 | ' | 6,487 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -6 | ' | -29 | ' |
Net income attributable to Sabra Health Care REIT, Inc | 2,220 | 3,644 | 6,516 | 10,684 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net income attributable to common stockholders | 2,220 | 3,644 | 6,516 | 10,684 |
Elimination [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 |
Interest and other income | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Expenses: | ' | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Interest | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | 0 | 0 |
(Income) loss in subsidiary | -51,315 | -37,763 | -124,133 | -96,917 |
Net income | -51,315 | ' | -124,133 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ' | 0 | ' |
Net income attributable to Sabra Health Care REIT, Inc | -51,315 | -37,763 | -124,133 | -96,917 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net income attributable to common stockholders | ($51,315) | ($37,763) | ($124,133) | ($96,917) |
SUMMARIZED_CONDENSED_CONSOLIDA4
SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $71,239 | $49,211 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | -721,879 | -6,175 |
Acquisition of note receivable | -59,256 | -26,393 |
Preferred equity investment | -11,300 | -6,624 |
Additions to real estate | -1,151 | -388 |
Repayment of loans receivable | 287 | 0 |
Net proceeds from the sale of real estate | 0 | 2,208 |
Distribution from subsidiaries | ' | 0 |
Investment in subsidiaries | 0 | ' |
Intercompany financing | 0 | 0 |
Net cash used in investing activities | -793,299 | -37,372 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 350,000 | 200,000 |
Principal payments on senior unsecured notes | -211,250 | -113,750 |
Proceeds from revolving credit facility | 699,000 | 0 |
Payments on revolving credit facility | -220,500 | -92,500 |
Proceeds from mortgage notes | 57,703 | 0 |
Principal payments on mortgage notes | -88,419 | -10,081 |
Payments of deferred financing costs | -15,474 | -8,598 |
Issuance of preferred stock | 0 | 138,257 |
Issuance of common stock | 229,825 | -2,950 |
Dividends paid on common and preferred stock | -57,654 | -42,677 |
Contributions from Parent | 0 | ' |
Distributions to Parent | ' | 0 |
Intercompany financing | 0 | 0 |
Net cash provided by financing activities | 743,231 | 67,701 |
Net increase in cash and cash equivalents | 21,171 | 79,540 |
Cash and cash equivalents, beginning of period | 4,308 | 17,101 |
Cash and cash equivalents, end of period | 25,479 | 96,641 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 40,289 | 36,878 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | 0 | 0 |
Acquisition of note receivable | 0 | 0 |
Preferred equity investment | 0 | 0 |
Additions to real estate | 0 | 0 |
Repayment of loans receivable | 0 | ' |
Net proceeds from the sale of real estate | ' | 0 |
Distribution from subsidiaries | ' | 3,345 |
Investment in subsidiaries | -12,288 | ' |
Intercompany financing | -182,248 | -52,041 |
Net cash used in investing activities | -194,536 | -48,696 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 0 | 0 |
Principal payments on senior unsecured notes | 0 | 0 |
Proceeds from revolving credit facility | 0 | ' |
Payments on revolving credit facility | 0 | 0 |
Proceeds from mortgage notes | 0 | ' |
Principal payments on mortgage notes | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Issuance of preferred stock | ' | 138,257 |
Issuance of common stock | 229,825 | -2,950 |
Dividends paid on common and preferred stock | -57,654 | -42,677 |
Contributions from Parent | 0 | ' |
Distributions to Parent | ' | 0 |
Intercompany financing | 0 | 0 |
Net cash provided by financing activities | 172,171 | 92,630 |
Net increase in cash and cash equivalents | 17,924 | 80,812 |
Cash and cash equivalents, beginning of period | 3,551 | 15,075 |
Cash and cash equivalents, end of period | 21,475 | 95,887 |
Issuers [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | 0 | 0 |
Acquisition of note receivable | 0 | 0 |
Preferred equity investment | 0 | 0 |
Additions to real estate | 0 | 0 |
Repayment of loans receivable | 0 | ' |
Net proceeds from the sale of real estate | ' | 0 |
Distribution from subsidiaries | ' | 3,345 |
Investment in subsidiaries | -12,288 | ' |
Intercompany financing | -915,786 | -132,883 |
Net cash used in investing activities | -928,074 | -129,538 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 350,000 | 200,000 |
Principal payments on senior unsecured notes | -211,250 | -113,750 |
Proceeds from revolving credit facility | 604,000 | ' |
Payments on revolving credit facility | 0 | 0 |
Proceeds from mortgage notes | 0 | ' |
Principal payments on mortgage notes | 0 | 0 |
Payments of deferred financing costs | -9,212 | -5,408 |
Issuance of preferred stock | ' | 0 |
Issuance of common stock | 0 | 0 |
Dividends paid on common and preferred stock | 0 | 0 |
Contributions from Parent | 12,288 | ' |
Distributions to Parent | ' | -3,345 |
Intercompany financing | 182,248 | 52,041 |
Net cash provided by financing activities | 928,074 | 129,538 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Combined Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | -713,778 | -6,175 |
Acquisition of note receivable | -59,256 | -26,393 |
Preferred equity investment | -11,300 | -6,624 |
Additions to real estate | -1,128 | -388 |
Repayment of loans receivable | 287 | ' |
Net proceeds from the sale of real estate | ' | 0 |
Distribution from subsidiaries | ' | 0 |
Investment in subsidiaries | 0 | ' |
Intercompany financing | 0 | 0 |
Net cash used in investing activities | -785,175 | -39,580 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 0 | 0 |
Principal payments on senior unsecured notes | 0 | 0 |
Proceeds from revolving credit facility | 95,000 | ' |
Payments on revolving credit facility | -220,500 | -92,500 |
Proceeds from mortgage notes | 0 | ' |
Principal payments on mortgage notes | 0 | 0 |
Payments of deferred financing costs | -5,111 | -3,011 |
Issuance of preferred stock | ' | 0 |
Issuance of common stock | 0 | 0 |
Dividends paid on common and preferred stock | 0 | 0 |
Contributions from Parent | 0 | ' |
Distributions to Parent | ' | 0 |
Intercompany financing | 915,786 | 135,091 |
Net cash provided by financing activities | 785,175 | 39,580 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 30,950 | 12,333 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | -8,101 | 0 |
Acquisition of note receivable | 0 | 0 |
Preferred equity investment | 0 | 0 |
Additions to real estate | -23 | 0 |
Repayment of loans receivable | 0 | ' |
Net proceeds from the sale of real estate | ' | 2,208 |
Distribution from subsidiaries | ' | 0 |
Investment in subsidiaries | 0 | ' |
Intercompany financing | 0 | 0 |
Net cash used in investing activities | -8,124 | 2,208 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 0 | 0 |
Principal payments on senior unsecured notes | 0 | 0 |
Proceeds from revolving credit facility | 0 | ' |
Payments on revolving credit facility | 0 | 0 |
Proceeds from mortgage notes | 57,703 | ' |
Principal payments on mortgage notes | -88,419 | -10,081 |
Payments of deferred financing costs | -1,151 | -179 |
Issuance of preferred stock | ' | 0 |
Issuance of common stock | 0 | 0 |
Dividends paid on common and preferred stock | 0 | 0 |
Contributions from Parent | 12,288 | ' |
Distributions to Parent | ' | -3,345 |
Intercompany financing | 0 | -2,208 |
Net cash provided by financing activities | -19,579 | -15,813 |
Net increase in cash and cash equivalents | 3,247 | -1,272 |
Cash and cash equivalents, beginning of period | 757 | 2,026 |
Cash and cash equivalents, end of period | 4,004 | 754 |
Elimination [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | 0 | 0 |
Acquisition of note receivable | 0 | 0 |
Preferred equity investment | 0 | 0 |
Additions to real estate | 0 | 0 |
Repayment of loans receivable | 0 | ' |
Net proceeds from the sale of real estate | ' | 0 |
Distribution from subsidiaries | ' | -6,690 |
Investment in subsidiaries | 24,576 | ' |
Intercompany financing | 1,098,034 | 184,924 |
Net cash used in investing activities | 1,122,610 | 178,234 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of senior unsecured notes | 0 | 0 |
Principal payments on senior unsecured notes | ' | 0 |
Proceeds from revolving credit facility | 0 | ' |
Payments on revolving credit facility | 0 | 0 |
Proceeds from mortgage notes | 0 | ' |
Principal payments on mortgage notes | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Issuance of preferred stock | ' | 0 |
Issuance of common stock | 0 | 0 |
Dividends paid on common and preferred stock | 0 | 0 |
Contributions from Parent | -24,576 | ' |
Distributions to Parent | ' | 6,690 |
Intercompany financing | -1,098,034 | -184,924 |
Net cash provided by financing activities | -1,122,610 | -178,234 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 |
PRO_FORMA_FINANCIAL_INFORMATIO2
PRO FORMA FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Weighted-average number of common shares outstanding, basic | 47,359,949 | 37,358,334 | 43,358,620 | 37,334,120 |
Weighted-average number of common shares outstanding, diluted | 47,877,202 | 37,828,573 | 43,840,550 | 37,777,458 |
Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | 53,706 | 46,572 | 160,491 | 138,159 |
Business Acquisition, Pro Forma Depreciation and Amortization | 13,483 | 13,004 | 40,573 | 38,933 |
Business Acquisition, Pro Forma Net Income (Loss) | 22,456 | 16,328 | 40,221 | 39,818 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | 0.47 | 0.44 | 0.93 | 1.07 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | 0.47 | 0.43 | 0.92 | 1.05 |
Skilled Nursing Transitional Care Facilities [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquired properties | ' | ' | 6 | ' |
Senior Housing Facilities [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquired properties | ' | ' | 27 | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 0 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Jul. 30, 2014 | 5-May-14 | Jan. 23, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 03, 2014 | Nov. 03, 2014 |
Investment | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Investment | Dividend Declared [Member] | ||||||
Facilities | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common dividends, declared | $0.38 | $0.38 | $0.36 | $1.12 | $1.02 | ' | $0.39 |
Preferred stock dividends, declared | ' | ' | ' | ' | ' | ' | $0.45 |
Payments to Acquire Real Estate Held-for-investment | ' | ' | ' | ' | ' | $81.70 | ' |
Number of Facilities in Investment | ' | ' | ' | ' | ' | 4 | ' |
Number of Investments | ' | ' | ' | 18 | ' | 1 | ' |