Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 15, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CNL Healthcare Properties, Inc. | ||
Entity Central Index Key | 0001496454 | ||
Entity Current Reporting Status | Yes | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 000-54685 | ||
Entity Tax Identification Number | 27-2876363 | ||
Entity Address, Address Line One | CNL Center at City Commons | ||
Entity Address, Address Line Two | 450 South Orange Avenue | ||
Entity Address, City or Town | Orlando | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32801 | ||
City Area Code | 407 | ||
Local Phone Number | 650-1000 | ||
Entity Common Stock, Shares Outstanding | 173,960,540 | ||
Entity Public Float | $ 1.4 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share | ||
No Trading Symbol Flag | true | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE None |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Real estate investment properties, net (including VIEs $43,890 and $45,329, respectively) | $ 1,392,860 | $ 1,432,655 |
Assets held for sale, net | 7,421 | 88,804 |
Cash (including VIEs $505 and $1,024, respectively) | 61,475 | 42,350 |
Restricted cash (including VIEs $102 and $76, respectively) | 4,536 | 6,021 |
Other assets (including VIEs $524 and $577, respectively) | 23,341 | 28,242 |
Deferred rent and lease incentives | 13,582 | 17,144 |
Intangibles, net | 826 | 1,220 |
Total assets | 1,504,041 | 1,616,436 |
Liabilities: | ||
Mortgages and other notes payable, net (including VIEs $29,158 and $29,148, respectively) | 336,685 | 375,928 |
Credit facilities | 263,423 | 302,950 |
Accounts payable and accrued liabilities (including VIEs $490 and $1,286, respectively) | 24,519 | 24,560 |
Other liabilities (including VIEs $242 and $219, respectively) | 8,255 | 9,001 |
Due to related parties | 1,780 | 2,275 |
Liabilities associated with assets held for sale | 10 | 691 |
Total liabilities | 634,672 | 715,405 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interest | 572 | 558 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued or outstanding | ||
Common stock, $0.01 par value per share, 1,120,000 shares authorized, 186,626 shares issued and 173,960 shares outstanding, respectively | 1,740 | 1,740 |
Capital in excess of par value | 1,516,926 | 1,516,926 |
Accumulated income | 124,743 | 120,831 |
Accumulated distributions | (775,866) | (740,239) |
Accumulated other comprehensive loss | (35) | (36) |
Total stockholders' equity | 867,508 | 899,222 |
Noncontrolling interest | 1,289 | 1,251 |
Total equity | 869,369 | 901,031 |
Total liabilities and equity | $ 1,504,041 | $ 1,616,436 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investment properties, net | $ 1,392,860 | $ 1,432,655 |
Cash | 61,475 | 42,350 |
Other assets | 23,341 | 28,242 |
Restricted cash | 4,536 | 6,021 |
Mortgages and other notes payable, net | 336,685 | 375,928 |
Accounts payable and accrued liabilities | 24,519 | 24,560 |
Other liabilities | $ 8,255 | $ 9,001 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Excess shares, par value | $ 0.01 | $ 0.01 |
Excess shares, shares authorized | 300,000,000 | 300,000,000 |
Excess shares, shares issued | 0 | 0 |
Excess shares, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,120,000,000 | 1,120,000,000 |
Common stock, shares issued | 186,626,000 | 186,626,000 |
Common stock, shares outstanding | 173,960,000 | 173,960,000 |
Variable Interest Entity, Primary Beneficiary | ||
Real estate investment properties, net | $ 43,890 | $ 45,329 |
Cash | 505 | 1,024 |
Other assets | 524 | 577 |
Restricted cash | 102 | 76 |
Mortgages and other notes payable, net | 29,158 | 29,148 |
Accounts payable and accrued liabilities | 490 | 1,286 |
Other liabilities | $ 242 | $ 219 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental income and related revenues | $ 26,287 | $ 37,786 | $ 37,449 |
Resident fees and services | $ 280,854 | $ 288,344 | $ 276,623 |
Type of revenue [extensible list] | us-gaap:HealthCareResidentServiceMember | us-gaap:HealthCareResidentServiceMember | us-gaap:HealthCareResidentServiceMember |
Total revenues | $ 307,141 | $ 326,130 | $ 314,072 |
Operating expenses: | |||
Property operating expenses | 193,427 | 188,578 | 182,663 |
General and administrative expenses | 9,413 | 13,217 | 12,877 |
Financing coordination fees | 1,878 | ||
Depreciation and amortization | 51,817 | 49,823 | 54,673 |
Impairment provision | 0 | 0 | 12,314 |
Total operating expenses | 286,480 | 284,929 | 295,286 |
Gain on sale of real estate | 1,074 | 432 | 1,049 |
Operating income | 21,735 | 41,633 | 19,835 |
Other income (expense): | |||
Interest and other income | 5,655 | 1,531 | 335 |
Interest expense and loan cost amortization | (24,285) | (39,618) | (42,806) |
Equity in earnings of unconsolidated entity | 1,050 | 731 | 489 |
Total other expense | (17,580) | (37,356) | (41,982) |
Income (loss) before income tax | 4,155 | 4,277 | (22,147) |
Income tax expense | (1,098) | (2,211) | (3,644) |
Income (loss) from continuing operations | 3,057 | 2,066 | (25,791) |
Income from discontinued operations | 954 | 349,730 | 640 |
Net income (loss) | 4,011 | 351,796 | (25,151) |
Less: Amounts attributable to noncontrolling interest | |||
Net income (loss) from continuing operations | 99 | 35 | (85) |
Net income from discontinued operations | 265 | 6 | |
Net income (loss) attributable to common stockholders | $ 3,912 | $ 351,496 | $ (25,072) |
Net income (loss) per share of common stock (basic and diluted) | |||
Continuing operations | $ 0.01 | $ 0.01 | $ (0.15) |
Discontinued operations | $ 0.01 | $ 2.01 | $ 0 |
Weighted average number of shares of common stock outstanding (basic and diluted) | 173,960 | 173,963 | 174,247 |
Asset Management Fees | |||
Operating expenses: | |||
Asset /Property management fees | $ 18,051 | $ 18,593 | $ 18,684 |
Property Management Fees | |||
Operating expenses: | |||
Asset /Property management fees | $ 13,772 | $ 12,840 | $ 14,075 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 4,011 | $ 351,796 | $ (25,151) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on derivative financial instruments, net | 11 | (980) | 1,909 |
Reclassification of interest rate swaps upon derecognition | (509) | 253 | |
Reclassification of interest rate caps upon derecognition | 2 | 265 | |
Unrealized (loss) gain on derivative financial instruments of equity method investments | (12) | 11 | |
Total other comprehensive income (loss) | 1 | (1,213) | 2,162 |
Comprehensive income (loss) | 4,012 | 350,583 | (22,989) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 99 | 300 | (79) |
Comprehensive income (loss) attributable to common stockholders | $ 3,913 | $ 350,283 | $ (22,910) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands | Total | Adoption of ASC 848 | Redeemable Noncontrolling Interest | Common Stock | Capital in Excess of Par Value | Accumulated (Loss) Income | Accumulated (Loss) IncomeAdoption of ASC 848 | Accumulated Distributions | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Total Stockholders' EquityAdoption of ASC 848 | Non- controlling Interest |
Beginning balance at Dec. 31, 2017 | $ 1,052,660 | $ 425 | $ 1,747 | $ 1,523,372 | $ (208,775) | $ (264,283) | $ (985) | $ 1,051,076 | $ 1,159 | |||
Beginning Balance (in shares) at Dec. 31, 2017 | 174,634 | |||||||||||
Subscriptions received for common stock through reinvestment plan | 22,013 | $ 21 | 21,992 | 22,013 | ||||||||
Subscriptions received for common stock through reinvestment plan (in shares) | 2,133 | |||||||||||
Redemptions of common stock | (28,443) | $ (28) | (28,415) | (28,443) | ||||||||
Redemptions of common stock, shares | (2,804) | |||||||||||
Net (loss) income | (25,151) | (16) | (25,072) | (25,072) | (63) | |||||||
Other comprehensive income (loss) | 2,162 | 2,162 | 2,162 | |||||||||
Distribution to noncontrolling interest | (30) | (15) | (15) | |||||||||
Distributions to holders of promoted interest | (406) | (406) | (406) | |||||||||
Cash distributions declared | (81,064) | (81,064) | (81,064) | |||||||||
Contribution from noncontrolling interests | 185 | 185 | ||||||||||
Ending Balance at Dec. 31, 2018 | 941,926 | 579 | $ 1,740 | 1,516,543 | (233,847) | (345,347) | 1,177 | 940,266 | 1,081 | |||
Ending Balance (in shares) at Dec. 31, 2018 | 173,963 | |||||||||||
Redemptions of common stock | (23) | (23) | (23) | |||||||||
Redemptions of common stock, shares | (3) | |||||||||||
Net (loss) income | 351,796 | 25 | 351,496 | 351,496 | 275 | |||||||
Other comprehensive income (loss) | (1,213) | (1,213) | (1,213) | |||||||||
Distribution to noncontrolling interest | (682) | (46) | (636) | |||||||||
Distributions to holders of promoted interest | 406 | 406 | 406 | |||||||||
Cash distributions declared | (394,892) | (394,892) | (394,892) | |||||||||
Contribution from noncontrolling interests | 531 | 531 | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 901,031 | 558 | $ 1,740 | 1,516,926 | 120,831 | (740,239) | (36) | 899,222 | 1,251 | |||
Ending Balance (in shares) at Dec. 31, 2019 | 173,960,000 | 173,960 | ||||||||||
Adoption of lease accounting standard | 2020-04 | $ 3,182 | $ 3,182 | $ 3,182 | |||||||||
Net (loss) income | $ 4,011 | 44 | 3,912 | 3,912 | 55 | |||||||
Other comprehensive income (loss) | 1 | 1 | 1 | |||||||||
Distribution to noncontrolling interest | (122) | (30) | (92) | |||||||||
Cash distributions declared | (35,627) | (35,627) | (35,627) | |||||||||
Contribution from noncontrolling interests | 75 | 75 | ||||||||||
Ending Balance at Dec. 31, 2020 | $ 869,369 | $ 572 | $ 1,740 | $ 1,516,926 | $ 124,743 | $ (775,866) | $ (35) | $ 867,508 | $ 1,289 | |||
Ending Balance (in shares) at Dec. 31, 2020 | 173,960,000 | 173,960 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash distributions, declared per share | $ 0.20480 | $ 2.26999 | $ 0.46556 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income (loss) | $ 4,011 | $ 351,796 | $ (25,151) |
Income from discontinued operations | 954 | 349,730 | 640 |
Net income (loss) from continuing operations | 3,057 | 2,066 | (25,791) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 51,817 | 49,823 | 54,673 |
Amortization of loan costs | 2,041 | 2,509 | 2,330 |
Amortization of premium for debt investments | (42) | (42) | (41) |
Straight-line rent adjustments | 1,697 | 733 | (2,329) |
Deferred income tax benefit | 553 | 1,682 | 3,267 |
Loss on extinguishment of debt | 35 | 804 | 96 |
Write-off of deferred rent and lease related costs | 2,468 | ||
Impairment provision | 12,314 | ||
Gain on sale of real estate | (1,074) | (432) | (1,049) |
Other non-cash operating activities | 1,212 | 2,189 | 1,819 |
Changes in operating assets and liabilities: | |||
Other assets | 1,299 | (5,789) | (2,619) |
Deferred rent and lease incentives | (12) | ||
Accounts payable and accrued liabilities | 505 | 2,198 | (3,739) |
Other liabilities | (1,003) | 42 | 459 |
Due to related parties | (495) | (977) | (688) |
Net cash flows provided by operating activities - continuing operations | 62,070 | 54,806 | 38,690 |
Depreciation and amortization | 31,418 | ||
Amortization of premium for debt investments | 431 | ||
Straight-line rent adjustments | (1,242) | 199 | |
Loss on extinguishment of debt | 2,547 | ||
Write-off of deferred rent and lease related intangibles | 103 | 67 | |
Gain on sale of real estate | (336,074) | ||
Accounts payable and accrued liabilities | 3 | (6,265) | 345 |
Other liabilities | 1 | (4,203) | (167) |
Other operating activities | (12) | 584 | (4,296) |
Net cash flows provided by operating activities – discontinued operations | 1,049 | 5,144 | 28,570 |
Net cash flows provided by operating activities | 63,119 | 59,950 | 67,260 |
Investing activities: | |||
Development of properties | (1,658) | ||
Proceeds from sale of real estate | 53,712 | 5,989 | 5,761 |
Capital expenditures | (12,231) | (6,409) | (10,106) |
Other investing activities | 41 | 1,676 | 173 |
Net cash provided by (used in) investing activities – continuing operations | 41,522 | 1,256 | (5,830) |
Proceeds from sale of real estate | 28,398 | 1,354,461 | |
Capital expenditures | (1,466) | (2,472) | |
Development properties | (3,487) | ||
Other investing activities | (723) | (2,593) | |
Net cash provided by (used in) investing activities – discontinued operations | 28,398 | 1,352,272 | (8,552) |
Net cash provided by (used in) investing activities | 69,920 | 1,353,528 | (14,382) |
Financing activities: | |||
Distributions to stockholders, net of distribution reinvestments | (35,627) | (394,892) | (59,051) |
Redemptions of common stock | (23) | (40,153) | |
Distribution to holder of promoted interest | (955) | ||
Draws under credit facilities | 40,000 | 95,000 | 102,000 |
Repayments on credit facilities | (80,000) | (464,125) | (59,875) |
Proceeds from mortgage and other notes payable | 21,452 | 65,878 | |
Principal payments on mortgage and other notes payable | (39,737) | (680,864) | (67,979) |
Payment of loan costs | (122) | (6,413) | (1,590) |
Other financing activities | (79) | (577) | (343) |
Net cash flows used in financing activities | (115,565) | (1,430,442) | (62,068) |
Net increase (decrease) in cash and restricted cash | 17,474 | (16,964) | (9,190) |
Cash and restricted cash at beginning of period, including assets held for sale | 48,537 | 65,501 | 74,691 |
Cash and restricted cash at end of period, including assets held for sale | 66,011 | 48,537 | 65,501 |
Supplemental disclosure of cash flow information (continuing operations): | |||
Cash paid for interest, net of capitalized interest of approximately $0.0 million, $0.0 million and $1.9 million, respectively | 23,181 | 39,250 | 48,589 |
Cash paid for income taxes, net | $ 737 | $ 641 | 807 |
Amounts incurred but not paid: | |||
Distribution to holder of promoted interest | $ 406 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Cash Flows [Abstract] | |||
Interest paid, capitalized | $ 0 | $ 0 | $ 1.9 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization CNL Healthcare Properties, Inc. (the “Company”) is a Maryland corporation that incorporated on June 8, 2010 and elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the year ended December 31, 2012. The Company has been and intends to continue to be organized and operate in a manner that allows it to remain qualified as a REIT for U.S. federal income tax purposes. The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP (“Operating Partnership”), in which the Company is the sole limited partner and its wholly-owned subsidiary, CHP GP, LLC, is the sole general partner; (2) a wholly-owned taxable REIT subsidiary (“TRS”), CHP TRS Holding, Inc.; (3) property owner and lender subsidiaries, which are single purpose entities; and (4) investments in joint ventures. The Company is externally managed and advised by CNL Healthcare Corp. (“Advisor”), which is an affiliate of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”). The Advisor is responsible for managing the Company’s day-to-day operations, serving as a consultant in connection with policy decisions to be made by the board of directors, and for identifying, recommending and executing on possible strategic alternatives and dispositions on the Company’s behalf pursuant to an advisory agreement among the Company, the Operating Partnership and the Advisor. Substantially all of the Company’s operating, administrative and certain property management services are provided by affiliates of the Advisor. In addition, certain property management services are provided by third-party property managers. On September 30, 2015, the Company completed its public offerings (“Offerings”) having received aggregate subscription proceeds of approximately $1.7 billion. In October 2015, the Company deregistered the unsold shares of its common stock under its previous registration statement on Form S-11, except for 20 million shares that it registered on Form S-3 under the Securities Exchange Act of 1933 with the Securities and Exchange Commission (“SEC”) for the sale of additional shares of common stock through its distribution reinvestment plan (“Reinvestment Plan”). Effective July 11, 2018, the Company suspended both its Reinvestment Plan and its stock redemption plan (“Redemption Plan”). In 2017, the Company began evaluating possible strategic alternatives to provide liquidity to the Company’s stockholders. In April 2018, the Company’s board of directors formed a special committee consisting solely of its independent directors (“Special Committee”) to consider possible strategic alternatives, including, but not limited to (i) the listing of the Company’s or one of its subsidiaries’ common stock on a national securities exchange, (ii) an orderly disposition of the Company’s assets or one or more of the Company’s asset classes and the distribution of the net sale proceeds thereof to the stockholders of the Company and (iii) a potential business combination or other transaction with a third party or parties that provides the stockholders of the Company with cash and/or securities of a publicly traded company (collectively, among other options, “Possible Strategic Alternatives”). Since 2018, the Special Committee has engaged KeyBanc Capital Markets Inc. to act as a financial advisor to the aforementioned Special Committee. As of December 2018, as part of executing on Possible Strategic Alternatives, the Company committed to a plan to sell 70 properties which included the sale of its 63 property MOB/Healthcare Portfolio (consisting of 53 medical office buildings (“MOBs”), five post-acute care facilities and five acute care hospitals across the US) plus seven skilled nursing facilities. During the year ended December 31, 2019, the Company sold 61 of the properties and during the year ended December 31, 2020, the Company sold seven additional properties. In September 2020, the Company decided to discontinue marketing for sale its Hurst Specialty Hospital due to financial difficulties experienced by the tenant of this property. As a result of discontinued marketing efforts, the Hurst Specialty Hospital no longer met the assets held for sale criteria. As of December 31, 2020, the Company had entered into a purchase and sale agreement with the existing tenant of this acute care property. The expected net sales proceeds approximated the net carrying value of the property. In January 1. Organization (continued) As of December 31, 2020, the Company’s investment portfolio was geographically diversified with properties in 27 states and consisted of interests in 74 properties, comprising 71 senior housing communities, one acute care hospital, one vacant land parcel and one acute care facility classified as held for sale (which was sold in January 2021). The Company has primarily leased its seniors housing properties to wholly-owned TRS entities and engaged independent third-party managers under management agreements to operate the properties under the RIDEA structures; however, the Company has also leased some of its properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases, for real estate taxes, utilities, insurance and ordinary repairs). In addition, most of the Company’s investments have been wholly owned, although, it has, to a lesser extent, invested through partnerships with other entities where it was believed to be appropriate and beneficial. The Company has and continues to invest in properties that have not reached full stabilization. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of VIEs in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of a VIE, the Company is required to identify entities for which control is achieved through means other than voting rights and to determine the primary beneficiary of its VIEs. The Company qualitatively assesses whether it is the primary beneficiary of a VIE and considers various factors including, but not limited to, the design of the entity, its organizational structure including decision-making ability and financial agreements, its ability and the rights of others to participate in policy making decisions, as well as its ability to replace the VIE manager and/or liquidate the entity. Risks and Uncertainties — The outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe continues to adversely impact commercial activity and has contributed to significant volatility in financial markets. Various states in which the Company owns properties have reacted by, among other things, instituting quarantines and move-in restrictions that have negatively impacted occupancy at seniors housing communities. While some of these restrictions have been relaxed, many of these restrictions remain in place. The pandemic has also resulted in the incurrence of costs related to disease control and containment. Such actions have and continue to create significant business disruption and have and continue to adversely impact the senior housing sector. COVID-19 has had a continued and prolonged adverse impact on economic and market conditions and has triggered a period of economic slowdown which could have a material adverse effect on the Company’s results and financial condition. The full impact of COVID-19 on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the outbreak, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic and (v) the timing and speed of economic recovery, including the availability of a treatment or vaccination for COVID-19. Government Grant Income — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which provided, among other things, for the establishment of a Provider Relief Fund under the direction of the Department of Health and Human Services (“HHS”). In September 2020, HHS announced that it expanded the eligibility to the Provider Relief Fund to include assisted living facilities as part of Phase 2 of the Provider Relief Fund. In October 2020, HHS announced that additional funds were made available for healthcare providers under Phase 3 of the Provider Relief Fund. 2. Summary of Significant Accounting Policies (continued) Grant income is recognized upon receipt of grant income and when all the conditions of the grant have been met. During the year ended December 31, 2020, the Company received and recorded $5.3 million in Provider Relief Funds as other income in the accompanying consolidated statements of operations as all conditions of the grant had been met. During the year ended December 31, 2020, the Company received $0.4 million under the Medicare Accelerated and Advance Payment Program and recorded the million advance in other liabilities in the accompanying consolidated balance sheet as of December 31, 2020. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor. Accordingly, actual results could differ from those estimates. Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively. Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to the unamortized lease-related costs not deemed to be recoverable. Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any impairment indicators. Management considers potential impairment indicators to primarily include (i) changes in a real estate asset’s operating performance, such as a current period net operating loss combined with a history of net operating losses, or changes in a lease which demonstrate potential future losses associated with the use of a real estate asset or (ii) a current expectation that, more likely than not, a real estate asset will be sold or otherwise disposed of significantly before the end of its previously estimated holding period. To assess if an asset group is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the asset group over its remaining useful life to the net carrying value of the asset group. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value. When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent fair value of the investment is less than the carrying value and the decline in value is determined to be other than a temporary decline. 2 . Summary of Significant Accounting Policies (continued) Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties that are classified as discontinued operations since these properties are included in the Credit Facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties. Assets Reclassified from Held for Sale to Held and Used — Upon management’s determination to discontinue marketing properties for sale, the properties will no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the properties prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the properties been continuously classified as held and used) or its fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up depreciation and/or amortization adjustment will be recorded. The depreciation and/or amortization expenses that would have been recognized had the properties been continuously classified as held and used will be included as a component of depreciation and amortization expense in the accompanying consolidated statements of operations. If fair value is determined to be lower, the Company will record a loss on reclassification which will be included in income or loss from continuing operations in the accompanying consolidated statements of operations. Capitalized Interest — Interest and loan cost amortization attributable to funds used to finance real estate under development is capitalized as additional costs of development. The Company capitalizes interest at the weighted average interest rate of the Company’s outstanding indebtedness and based on its weighted average expenditures for the period. Capitalization of interest on a specific project ceases when the project is substantially complete and ready for occupancy. During the years ended December 31, 2020, 2019 and 2018, the Company incurred interest expense and loan cost amortization of approximately $24.3 million, $54.3 million and $75.0 million, respectively, of which approximately $0.0 million, $0.03 million and $0.06 million, respectively, was capitalized according to this policy. Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less. As of December 31, 2020, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash. Restricted Cash — Certain amounts of cash are escrowed to fund capital expenditures, property taxes and/or insurance as required by loan or lease terms, and certain security deposits represent restricted use funds. Loan Costs — Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest method. As of December 31, 2020 and 2019, the accumulated amortization of loan costs was approximately $8.3 million and $8.1 million, respectively. 2. Summary of Significant Accounting Policies (continued) Deferred Lease-Related Costs — The Company deferred lease-related costs that it incurred to obtain new or extend existing leases. The Company amortizes these costs using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to any unamortized deferred lease-related costs not deemed to be recoverable. Revenue Recognition — Rental income and related revenues for operating leases are recognized based on the assessment of collectability of lease payments. When collectability is probable at commencement of the lease, lease income is recognized on an accrual basis and includes rental income that is recorded on the straight-line basis over the term of the lease. Collectability is reassessed during the lease term. When collectability of lease payments is no longer probable, lease income is recorded on a cash basis and limited to the amount of lease payments collected. In addition, lease related costs (the deferred rent from prior GAAP straight-line adjustments, unamortized lease costs and other lease related intangibles) are written-off when the Company determines that these assets are no longer realizable. Rental income and related revenues recorded on an accrual basis include rental income that is recorded on the straight-line basis over the terms of the leases. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The Company records the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to deferred rent and lease incentives in the accompanying consolidated balance sheets. Rental income and related revenues also include amounts for which tenants are required to reimburse the Company related to expenses incurred on behalf of the tenants, in accordance with the terms of the leases. Tenant reimbursements are recognized in the period in which the related reimbursable expenses are incurred, such as real estate taxes, common area maintenance, and similar items. Some of the Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time such amounts are earned and are included in rental income and related revenues in the accompanying consolidated statements of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation under ASC 606 given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services are performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancelable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay. Reclassifications — Certain amounts in the prior years’ consolidated balance sheet, statements of operations and statements of cash flows have been reclassified to conform to the current year’s presentation, primarily related to classification of certain properties as held for sale and/or discontinued operations, with no effect on the other previously reported consolidated financial statements. 2. Summary of Significant Accounting Policies (continued) Derivative Financial Instruments — The Company and an unconsolidated equity method investment held by the Company use or have used derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. Upon entry into a derivative, the Company or its unconsolidated equity method investment formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company or its unconsolidated equity method investment accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s or its unconsolidated equity method investment’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by either the Company or its unconsolidated equity method investment as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that are entered into by the Company’s equity method investment are reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications being included in equity in earnings (loss) of unconsolidated entity in the accompanying consolidated statements of operations. Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of December 31, 2020 and 2019 because of the relatively short maturities of the obligations. Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition. 2. Summary of Significant Accounting Policies (continued) Redemptions — Under the Company’s Redemption Plan, a stockholder’s shares were deemed to have been redeemed as of the date that the Company accepted the stockholder’s request for redemption. From and after such date, the stockholder by virtue of such redemption was no longer entitled to any rights as a stockholder in the Company. Shares redeemed were retired and not available for reissue. Net Income (Loss) per Share — Net income (loss) per share is calculated based upon the weighted average number of shares of common stock outstanding during the period in which the Company was operational. Share-Based Payments to Non-Employees — In connection with the expense support agreement described in Note 10. “Related Party Arrangements,” the Company may issue Restricted Stock to the Advisor on an annual basis in exchange for providing expense support in the event that cash distributions declared exceed MFFO as defined by the expense support agreement. The Restricted Stock is forfeited if shareholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to ASC 505-50. On the date in which the Advisor satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date. Pursuant to the expense support agreement, the Advisor shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Company’s articles of incorporation) and receive all distributions paid with respect to such shares. All distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the distributions on the Restricted Stock shares as declared. Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis, by tenant or by operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (seniors housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. Redeemable Noncontrolling Interest – The Company classifies redeemable equity securities in accordance with Accounting Standard Update (“ASU”) No. 2009-04, “Liabilities (Topic 480): Accounting for Redeemable Equity Instruments,” which requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable noncontrolling interest within the accompanying consolidated balance sheets and consolidated statements of stockholders’ equity and redeemable noncontrolling interest. The Company evaluates the probability that these equity securities will become redeemable at each reporting period and, if determined probable, the Company measures the redemption value and records an adjustment to the carrying value of the equity securities as a component of redeemable noncontrolling interest. 2. Summary of Significant Accounting Policies (continued) Promoted Interest — The Company accounts for promoted interests with third-party developers in a manner similar to redeemable noncontrolling interests discussed above. The Company records the initial carrying value of the promoted interest at its issuance date fair value. Subsequently, as the completed developments stabilize and it becomes probable that the promoted interest thresholds will be met, the Company records a liability equal to the estimated redemption value at the end of each reporting period based on the conditions that exist as of the balance sheet date. In connection with the measurement of this liability, the Company records, as a reduction to capital in excess of par value, an amount equal to the difference between the promoted interests’ carrying value and the consideration paid or payable. Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its annual REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the IRS grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. The Company has formed subsidiaries which elected to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. Investment in Unconsolidated Entity — The Company accounts for its investment in an unconsolidated joint venture under the equity method of accounting as the Company exercises significant influence, but does not maintain a controlling financial interest over these entities. The investment is recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entity. Based on the joint venture’s structure and any preference the Company receives on distributions and liquidation, the Company records its equity in earnings (loss) of the unconsolidated entity under the hypothetical liquidation at book value (“HLBV”) method of accounting. Under this method, the Company recognizes income or loss in each period as if the net book value of the assets in the venture were hypothetically liquidated at the end of each reporting period pursuant to the provisions of the joint venture agreement. In any given period, the Company could be recording more or less equity in earnings (loss) than actual cash distributions received or an investment balance that is more or less than what the Company may receive in the event of an actual liquidation. The Company determines whether distributions are classified as returns on investment or returns of investment based on the nature of the distribution. 2. Summary of Significant Accounting Policies (continued) Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments (Topic 326),” which requires a new forward-looking expected loss model to be used for receivables, held-to-maturity debt, loans and other financial instruments. Previously, when credit losses were measured under current GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments eliminate the probable initial threshold for recognition of credit losses in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. The ASU was effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019. The Company adopted this ASU on January 1, 2020, the adoption of which did not have a material impact on the Company’s consolidated results of operations or cash flows. Impact of Recent Accounting Pronouncements ― In Q1 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to ass |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue The following tables represent the disaggregated revenue for resident fees and services during the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, Number of Units Revenue (in millions) Percentage of Revenues Resident fees and services: 2020 2019 2018 2020 2019 2018 2020 2019 2018 Independent living 2,261 2,261 2,261 $ 72.6 $ 74.3 $ 71.7 25.9 % 25.8 % 25.9 % Assisted living 2,966 2,966 2,966 138.1 140.5 137.6 49.2 % 48.7 % 49.7 % Memory care 853 853 853 57.7 59.4 54.4 20.5 % 20.6 % 19.7 % Other revenues ― ― ― 12.5 14.1 12.9 4.4 % 4.9 % 4.7 % 6,080 6,080 6,080 $ 280.9 $ 288.3 $ 276.6 100.0 % 100.0 % 100.0 % |
Real Estate Assets, net
Real Estate Assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets, net | 4. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2020 and 2019 are as follows, excluding assets held for sale (in thousands): As of December 31, 2020 2019 Land and land improvements $ 132,663 $ 132,453 Building and building improvements 1,501,107 1,498,297 Furniture, fixtures and equipment 94,141 86,543 Less: accumulated depreciation (335,051 ) (284,638 ) Real estate investment properties, net $ 1,392,860 $ 1,432,655 As described in Note 1. “Organization,” as part of exploring Possible Strategic Alternatives, during the year ended December 31, 2018, the Company committed to a plan to sell 70 properties, which included seven skilled nursing facilities comprised of six properties (the “Perennial Communities”) and the Welbrook Grand Junction property. Management of the Company determined that the sale of these seven skilled nursing facilities would not cause a strategic shift in the Company’s operations and that the sale of these seven properties were not considered individually significant; therefore, these properties did not qualify as discontinued operations. Refer to Note 6. “Assets and Associated Liabilities Held For Sale and Discontinued Operations” for additional information on the remaining properties that qualified as discontinued operations. During the year ended December 31, 2019, the Company sold the Welbrook Grand Junction property and recorded no gain or loss from continuing operations for financial statement purposes related to the sale of this property. During the year ended December 31, 2020, the Company sold the six properties comprising the Perennial Communities and recorded a gain on sale from continuing operations of approximately $1.1 million for financial reporting purposes. In September 2020, the Company discontinued marketing efforts related to the sale of the Hurst Specialty Hospital, an acute care property that the Company had previously classified as assets held for sale, due to financial difficulties of the tenant and their inability to remain current under the terms of their triple net lease. As a result of discontinuing marketing efforts, the Hurst Specialty Hospital no longer met the assets held for sale criteria and the Company recorded an adjustment of $1.5 million in September 2020 , representing the catch up in depreciation expense that would have been recognized had the been continuously classified as held and used. In addition, the Company . The estimated fair value was higher than the adjusted carrying value of the property. The Company reclassified the as held and used at the adjusted carrying value, which was lower than its fair value, resulting in no loss on reclassification of this property. During the year ended December 31, 2020, the tenant of the Hurst Specialty Hospital was unable to remain current under its lease obligation and the Company established rent reserves of $0.8 million for uncollected rents as of December, 31, 2020. The Company assessed that collectability of lease payments was not probable and recorded rental income on a cash basis. The Company also recorded a write-off of $2.5 million, representing the deferred rent from prior GAAP straight-line adjustments and unamortized lease costs, . 4. Real Estate Assets, net (continued) During the year ended December 31, 2018, as part of committing to a plan to sell 70 properties, the Company evaluated each of the properties classified as held for sale to determine whether it was likely that the carrying value of the Company’s properties would be recoverable. The Level 3 unobservable inputs used in determining the fair value of the real estate properties included, but were not limited to, appraisal information from an independent third-party valuation firm engaged as a valuation advisor, comparable sales transactions and other information from financial advisors of the Company and/or potential brokers/buyers, as applicable. As a result of this analysis, the Company recorded impairment provisions during the year ended December 31, 2018 related to its Hurst Specialty Hospital and its Welbrook Grand Junction property of approximately $4.4 million and $7.9 million, respectively. These impairment provisions from continuing operations were recorded to write-off the associated assets in excess of the estimated net sales proceeds, as it was determined that the carrying value of these properties would not be recoverable. The Company did not record impairment provisions from continuing operations during the years ended December 31, 2020 and 2019. Depreciation expense on the Company’s real estate investment properties, net was approximately $51.4 million, $49.4 million and $51.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Depreciation expense for the year ended December 31, 2020 includes the $1.5 million depreciation catch up adjustment described above and depreciation through the determination date on the assets held for sale. |
Intangibles, net
Intangibles, net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangibles, net | 5 . Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2020 and 2019 are as follows (in thousands): As of December 31, 2020 2019 In-place lease intangibles $ 3,944 $ 83,275 Less: accumulated depreciation (3,118) (82,055) Intangible assets, net $ 826 $ 1,220 For the years ended December 31, 2020, 2019 and 2018, amortization on the Company’s intangible assets was approximately $0.4 million, $0.4 million and $2.5 million, respectively, all of which were included in depreciation and amortization. The weighted average remaining useful life of the Company’s intangibles as of December 31, 2020 is 2.1 years. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2020 is as follows (in thousands): 2021 $ 394 2022 253 2023 74 2024 74 2025 31 Thereafter ― $ 826 |
Assets and Associated Liabiliti
Assets and Associated Liabilities Held For Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract] | |
Assets and Associated Liabilities Held For Sale and Discontinued Operations | 6. Assets and Associated Liabilities Held For Sale and Discontinued Operations As described in Note 1. “Organization,” as part of executing on Possible Strategic Alternatives, during 2018, the Company committed to a plan to sell a total of 70 properties, including: (1) the 63 property MOB/Healthcare Portfolio, (2) the six properties comprising the Perennial Communities and (3) Welbrook Grand Junction. As of December 31, 2020, the Company had one acute care property classified as held for sale and had entered into a purchase and sale agreement for the sale of this property for a gross sales price of $7.75 million. The Company sold this property in January 2021. See Note 16 “Subsequent Events” for additional information. As of December 31, 2020, the one acute care property classified as assets held for sale and liabilities associated with those assets held for sale (which was sold in January 2021) consisted of the following (in thousands): As of December 31, 2020 MOB/Healthcare Portfolio Other Total Real estate held for sale, net $ 5,922 $ — $ 5,922 Intangibles, net 1,481 — 1,481 Other assets 18 — 18 Assets held for sale, net $ 7,421 $ — $ 7,421 Accounts payable and accrued liabilities $ 8 $ — $ 8 Other liabilities 2 — 2 Liabilities associated with assets held for sale $ 10 $ — $ 10 As of December 31, 2019, the eight properties classified as assets held for sale and liabilities associated with those assets held for sale consisted of the following (in thousands): As of December 31, 2019 MOB/Healthcare Portfolio Other Total Real estate held for sale, net $ 28,307 $ 46,908 $ 75,215 Intangibles, net 6,252 800 7,052 Deferred rent and lease incentives 1,345 4,952 6,297 Other assets 6 68 74 Restricted cash 94 72 166 Assets held for sale, net $ 36,004 $ 52,800 $ 88,804 Accounts payable and accrued liabilities $ 4 $ 3 $ 7 Other liabilities — 684 684 Liabilities associated with assets held for sale $ 4 $ 687 $ 691 6. Assets and Associated Liabilities Held For Sale and Discontinued Operations (continued) The Company classified the revenues and expenses related to the Company’s MOB/Healthcare Portfolio, which consisted of 62 properties, as discontinued operations in the accompanying consolidated statements of operations, as management believed the sale of these properties represented a strategic shift in the Company’s operations. The Company sold one property and 60 properties during the years ended December 31, 2020 and 2019, respectively. The following table is a summary of income from discontinued operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 Revenues: Rental income and related revenues $ 1,266 $ 46,073 $ 112,241 Operating expenses: Property operating expenses 7 11,333 29,174 General and administrative 138 411 1,253 Asset management fees 139 4,689 11,689 Property management fees 28 1,257 3,679 Financing coordination fees — — 2,326 Depreciation and amortization — — 31,418 Total operating expenses 312 17,690 79,539 Gain on sale of real estate ― 336,074 — Operating income 954 364,457 32,702 Other income (expense): Interest and other income (expense) — 56 109 Interest expense and loan cost amortization — (14,618 ) (32,178 ) Total other income (expense) — (14,562 ) (32,069 ) Income before income taxes 954 349,895 633 Income tax (expense) benefit — (165 ) 7 Income from discontinued operations $ 954 $ 349,730 $ 640 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | 7 . Operating Leases As of December 31, 2020, excluding the one remaining property classified as held for sale, the Company owned 15 seniors housing properties that have been leased to tenants under triple-net operating leases. Under the terms of the Company’s triple-net lease agreements, each tenant is responsible for the payment of property taxes, general liability insurance, utilities, repairs and maintenance, including structural and roof maintenance expenses. Each tenant is expected to pay real estate taxes directly to the taxing authorities and, therefore, such amounts are not included in the Company’s consolidated financial statements. However, if the tenant does not pay the real estate taxes, the Company would be liable for such amounts. As of December 31, 2020, the total annualized property tax assessed on these properties is approximately $3.2 million. As of December 31, 2020, excluding the one remaining property classified as held for sale, the Company’s triple-net operating leases had a weighted average remaining lease term of 4.5 years based on annualized base rents expiring between 2022 and 2031, subject to the tenants’ options to extend the lease terms by an additional five years. In addition, certain tenants hold options to extend the lease terms for multiple five-year periods, which are generally subject to similar terms and conditions provided under the initial lease term, including rent increases. The Company’s lease term is determined based on the non-cancellable lease term unless economic incentives make it reasonably certain that an extension option will be exercised, in which case the Company includes the extended lease term. 7 . Operating Leases (continued) The following are future minimum lease payments for the Company’s 15 senior housing properties and the Hurst Specialty Hospital to be received under non-cancellable operating leases for the five years and thereafter, in the aggregate, as of December 31, 2020, and excludes the one remaining property classified as held for sale (in thousands): 2021 $ 31,346 2022 23,804 2023 23,073 2024 23,445 2025 20,371 Thereafter 25,168 $ 147,207 The above future minimum lease payments to be received exclude straight-line rent adjustments and base rent attributable to any renewal options exercised by the tenants in the future. Several of our operating leases include options to extend the lease term. For purposes of determining the lease term, we exclude these extension periods unless it is reasonably certain at lease commencement that the extension options will be exercised. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 8. Variable Interest Entities As of December 31, 2020 and 2019, the Company had two subsidiaries classified as VIEs. These subsidiaries are joint ventures with completed real estate under development in which their equity interest consists of non-substantive protective voting rights. Additionally, one of the subsidiaries has insufficient equity at risk due to the development nature of the joint venture. The Company determined it is the primary beneficiary and holds a controlling financial interest in each of these subsidiaries due to its power to direct the activities that most significantly impact the economic performance of the entities, as well as its obligation to absorb the losses and its right to receive benefits from these entities that could potentially be significant to these entities. As such, the transactions and accounts of these VIEs are included in the accompanying consolidated financial statements. The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2020 and 2019 are as follows (in thousands): As of December 31, 2020 2019 Assets: Real estate investment properties, net $ 43,890 $ 45,329 Cash $ 505 $ 1,024 Other assets $ 524 $ 577 Restricted cash $ 102 $ 76 Liabilities: Mortgages and other notes payable, net $ 29,158 $ 29,148 Accounts payable and accrued liabilities $ 490 $ 1,286 Other liabilities $ 242 $ 219 The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its net investment in these entities which totaled approximately $13.3 million as of December 31, 2020. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness | 9 . Indebtedness The following table provides details of the Company’s indebtedness as of December 31, 2020 and 2019, (in thousands): As of December 31, 2020 2019 Mortgages payable and other notes payable: Fixed rate debt $ 337,519 $ 368,974 Variable rate debt (1) ― 8,282 Mortgages and other notes payable (2) 337,519 377,256 Premium (3) 101 142 Loan costs, net (935 ) (1,470 ) Total mortgages and other notes payable, net 336,685 375,928 Credit facilities: Revolving Credit Facility (1)(4) ― 40,000 Term Loan Facility (1) 265,000 265,000 Loan costs, net related to Term Loan Facilities (1,577 ) (2,050 ) Total credit facilities, net 263,423 302,950 Total indebtedness, net $ 600,108 $ 678,878 FOOTNOTES: (1) As of December 31, 2020 and 2019, the Company had entered into interest rate caps with notional amounts of approximately $225.0 million and $281.0 million, respectively. Refer to Note 11. “Derivative Financial Instruments” for additional information. (2) As of December 31, 2020 and 2019, the Company’s mortgages and other notes payable are collateralized by 29 and 32 properties, respectively, with total carrying value of approximately $497.4 million and $567.8 million, respectively. (3) Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (4) As of December 31, 2020 and 2019, the Company had undrawn availability under the applicable revolving credit facility of approximately $150.2 million and $181.7 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale. In May 2019, the Company completed the sale of the 55 properties (the “MOB Sale”) and used a portion of the net cash proceeds from the MOB Sale to repay the Company’s unsecured credit facilities which, including indebtedness allocated to certain of the 55 properties comprising the MOB Sale, resulted in total repayments on the Company’s unsecured credit facilities as follows: (1) approximately $229.1 million on the Company’s 2014 Revolving Credit Facility; (2) $175 million on the Company’s First Term Loan Facility; and (3) $275 million on the Company’s Second Term Loan Facility. Concurrently, in May 2019, the Company entered into new unsecured credit facilities, which included: (1) a $250 million senior unsecured revolving credit facility (“Revolving Credit Facility”) and (2) a $265 million senior unsecured term loan facility (“Term Loan Facility” and together with the Revolving Credit Facility, “Credit Facilities”). The Revolving Credit Facility has an initial four-year term through May 2023, plus one 12-month extension option, and the Term Loan Facility has an initial five-year term through May 2024. The Credit Facilities bear interest based on 30-day LIBOR plus a spread that varies with the Company’s leverage ratio. In connection with the refinancing of the 2014 Credit Facilities, the Company paid financing coordination fees to the Advisor of approximately $5.2 million; refer to Note 10. “Related Party Arrangements” for additional information. 9. Indebtedness (continued) During the year ended December 31, 2019, the Company repaid approximately $95.4 million in mortgage and construction loans related to several properties. In connection therewith, the Company wrote-off approximately $0.2 million in unamortized loan costs and paid exit fees of approximately $0.4 million, which are included in interest expense and loan cost amortization in the accompanying consolidated statements of operations for the year ended December 31, 2019. These loans were scheduled to mature during 2019 and 2020. In November 2019, the Company refinanced the construction loan related to Watercrest at Katy of approximately $21.3 million which was scheduled to mature in December 2019. The new mortgage loan matures in November 2024 with an interest rate of 3.25% per annum. During the year ended December 31, 2020, the Company repaid $39.7 million of indebtedness, which included the Primrose II Communities and the Fieldstone at Pear Orchard property, both of which matured during 2020. In April 2020, the Company borrowed $40 million under its Revolving Credit Facility as a precautionary measure to increase liquidity and preserve financial flexibility in light of COVID-19 and in September 2020 repaid $80 million under its Revolving Credit Facility. The following is a schedule of future principal payments and maturity for the Company’s total indebtedness for the next five years and thereafter, in the aggregate, as of December 31, 2020 (in thousands): 2021 $ 11,315 2022 282,121 2023 23,417 2024 285,666 2025 ― Thereafter ― $ 602,519 The Company had liquidity of $211.7 million as of December 31, 2020 (consisting of $61.5 million in cash and $150.2 million of availability under its Revolving Credit Facility) and is well positioned to manage its near-term debt maturities. The Company has $11.3 million of scheduled payments coming due during the year ended December 31, 2021 and has a material maturity in January of $236.4 million, consisting of debt collateralized by 22 properties. The Company has had early discussions with its lenders about repayment or refinancing options upon maturity. The Company has several other options, including but not limited to, refinancing the facility with the existing lender or another lending institution as a secured loan facility, liquidating all or a portion of the 22 properties to satisfy the obligation, or adding all or a portion of the 22 properties to the existing 2019 Credit Facilities and repaying the balance with a draw on the 2019 Revolving Credit Facility. The addition of all 22 properties to the borrowing base of the 2019 Credit Facilities would result in $100 million of additional availability under the 2019 Revolving Credit Facility. The Company could also use the accordion feature of its 2019 Credit Facilities to increase the current $515 million commitment to a higher amount. 9. Indebtedness (continued) The following table details the Company’s mortgages and other notes payable as of December 31, 2020 and 2019, (in thousands): Interest Rate at December 31, December 31, Property and Loan Type 2020 (1) Payment Terms Maturity Date (2) 2020 2019 Primrose II Communities; Mortgage Loan 3.81% per annum Monthly principal and interest payments based on a 30-year amortization schedule 6/1/20 $ — $ 20,533 Pacific Northwest Communities; Mortgage Loans 4.30% per annum Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 189,938 196,598 Capital Health Communities; Mortgage Loans (3) (3) Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 55,925 58,387 Primrose I Communities; Mortgage Loan (4) 4.11% per annum Monthly principal and interest payments based on a 30-year amortization schedule 9/1/22 46,317 47,557 Watercrest at Mansfield; Mortgage Loan (5) 4.68% per annum Monthly principal and interest payments based on a total payment of $143,330 6/1/23 24,065 24,625 Watercrest at Katy; Mortgage Loan 3.25% per annum Monthly interest only payments through November 2022; principal and interest payments thereafter based on a 25-year amortization schedule 11/15/24 21,274 21,274 Total fixed rate debt 337,519 368,974 Fieldstone at Pear Orchard; Construction Loan 30-day LIBOR plus 2.9% per annum Monthly interest only payments through September 2018; principal payments thereafter based on a 25-year amortization schedule 10/15/20 — 8,282 Total variable rate debt — 8,282 Total mortgages and other notes payable, net $ 337,519 $ 377,256 FOOTNOTES: (1) The 30-day was approximately 0.14% and 1.764%, respectively, as of December 31, 2020 and 2019. (2) Represents the initial maturity date (or, as applicable, the maturity date as extended). (3) Consists of a mortgage loan and a supplemental loan. The mortgage loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum. (4) If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 30, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between May 31, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval. (5) The balance for this loan excludes a remaining premium of $0.1 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. 9. Indebtedness (continued) The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 339.4 $ 336.7 $ 381.2 $ 375.9 Credit facilities $ 265.0 $ 263.4 $ 305.0 $ 303.0 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. Generally, the loan agreements for the Company’s mortgage loans contain customary financial covenants and ratios; including (but not limited to) the following: debt service coverage ratio, minimum occupancy levels, limitations on incurrence of additional indebtedness, etc. The loan agreements also contain customary events of default and remedies for the lenders. As of December 31, 2020, the Company’s 22 properties that are cross collateralized in a secured debt transaction did not achieve a minimum debt service coverage covenant. The missed covenant requires that the annual taxes and insurance premiums for each of the 22 properties (estimated at approximately $6.0 million in the aggregate for all 22 properties) be escrowed monthly, until such time that the covenant is achieved. In accordance with the cure provision under its loan agreement, the Company is working with its lender to establish the cash escrow accounts and anticipates escrowing the approximate $6.0 million over the next twelve months with its lender. The Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage, (viii) maximum unsecured indebtedness ratio and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of December 31, 2020, the Company was in compliance with all financial covenants related to its Credit Facilities. |
Related Party Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | 10. Related Party Arrangements The Company is externally advised and has no direct employees. Certain of the Company’s executive officers are executive officers of, or are on the board of managers of the Advisor. In connection with services provided to the Company, affiliates are entitled to the following fees: Advisor — The Advisor and certain affiliates are entitled to receive fees and compensation in connection with the acquisition, management and sale of the Company’s assets, as well as the refinancing of debt obligations of the Company or its subsidiaries. In addition, the Advisor and its affiliates are entitled to reimbursement of actual costs incurred on behalf of the Company in connection with the Company’s organizational, offering, acquisition and operating activities. Pursuant to the advisory agreement, as amended, the Advisor receives investment services fees equal to 1.85% of the purchase price of properties (including its proportionate share of properties acquired through joint ventures) for services rendered in connection with the selection, evaluation, structure and purchase of assets. In addition, the Advisor is entitled to receive a monthly asset management fee of 0.08334% of the average real estate asset value (as defined in the advisory agreement) of the Company’s properties, including its proportionate share of properties owned through joint ventures. The Advisor will also receive a financing coordination fee for services rendered with respect to refinancing of any debt obligations of the Company or its subsidiaries equal to 1.0% of the gross amount of the refinancing. The Company will pay the Advisor, if a substantial amount of services are provided as determined by the Company’s independent directors, a disposition fee in an amount equal to (a) 1% of the gross market capitalization of the Company upon the occurrence of a listing on a national securities exchange, or 1% of the gross consideration paid upon the occurrence of a liquidity event as a result of a merger, share exchange or acquisition or similar transaction pursuant to which the stockholders receive cash and/or listed or non-listed securities, or (b) 1% of the gross sales price upon the sale or transfer of one or more assets (including a sale of all the Company’s assets). The Company will not pay its Advisor a disposition fee in connection with the sale of investments that are securities. A disposition fee in the form of an usual and customary brokerage fee may be paid to an affiliate or related party of the Advisor, provided that when added to the sum of all brokerage and real estate fees and commissions paid unaffiliated parties, the disposition fee to the Advisor may not exceed the lesser of (i) a competitive real estate or brokerage commission or (ii) an amount equal to 6% of the gross sales price. Under the advisory agreement and the Company’s articles of incorporation, the Advisor will be entitled to receive certain subordinated incentive fees upon (a) sales of assets and/or (b) a listing (which would also include the receipt by the Company’s stockholders of securities that are approved for trading on a national securities exchange in exchange for shares of the Company’s common stock as a result of a merger, share acquisition or similar transaction). However, once a listing occurs, the Advisor will not be entitled to receive an incentive fee on subsequent sales of assets. The incentive fees are calculated pursuant to formulas set forth in the expense support agreement, the advisory agreement and the Company’s articles of incorporation. All incentive fees payable to the Advisor are subordinated to the return to investors of their invested capital plus a 6% cumulative, non-compounded annual return on their invested capital. Upon termination or non-renewal of the advisory agreement by the Advisor for good reason (as defined in the advisory agreement) or by the Company other than for cause (as defined in the advisory agreement), a listing or sale of assets after such termination or non-renewal will entitle the Advisor to receive a pro-rated portion of the applicable subordinated incentive fee. In addition, the Advisor or its affiliates may be entitled to receive fees that are usual and customary for comparable services in connection with the financing, development, construction or renovation of a property, subject to approval of the Company’s board of directors, including a majority of its independent directors. 10. Related Party Arrangements (continued) Pursuant to the advisory agreement, the Advisor shall reimburse the Company the amount by which the total operating expenses paid or incurred by the Company exceed, in any four consecutive fiscal quarters commencing with the Expense Year ending June 30, 2013, the greater of 2% of average invested assets or 25% of net income (as defined in the advisory agreement) (“Limitation”), unless a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors (“Expense Cap Test”). In performing the Expense Cap Test, the Company uses operating expenses on a GAAP basis after making adjustments for the benefit of expense support under the Expense Support Agreement. The Company did not incur operating expenses in excess of the Limitation during the Expense Years ended December 31, 2020, 2019 and 2018. Property Manager — Through June 2018, pursuant to a property management agreement, as amended, with the Property Manager which was not renewed and expired on June 28, 2018, the Property Manager received property management fees of (a) 2% of annual gross rental revenues from single tenant properties, and (b) 4% of annual gross rental revenues from multi-tenant properties. In the event that the Company contracted directly with a third-party property manager, the Company paid the Property Manager an oversight fee of up to 1% of annual gross revenues of the property managed; however, in no event would the Company have paid both a property management fee and an oversight fee with respect to the same property. The Company paid to the Property Manager a construction management fee equal to 5% of hard and soft costs associated with the initial construction or renovation of a property, or with the management and oversight of expansion projects and other capital improvements, in those cases in which the value of the construction, renovation, expansion or improvements exceeded (i) 10% of the initial purchase price of the property, and (ii) $1.0 million, which the fee was due and payable upon completion of such projects. Amended and Restated Expense Support Agreement — Pursuant to the Amended and Restated Expense Support Agreement, the Company’s Advisor agreed to forgo the payment of fees in cash and accept Restricted Stock for services in an amount equal to the positive excess, if any, of (a) Aggregate Stockholder Cash Distributions declared for the applicable year, over (b) aggregate MFFO, each as defined in the Amended and Restated Expense Support Agreement. The Restricted Stock is subordinated and forfeited to the extent that shareholders do not receive their invested capital plus a 6% cumulative non-compounded annual return upon ultimate liquidity of the Company. Any amounts settled, and for which restricted stock shares were issued pursuant to the Amended and Restated Expense Support Agreement, have been permanently settled and the Company has no further obligation to pay such amounts. Under the terms of the Amended and Restated Expense Support Agreement, for each quarter within a calendar expense support year, the Company will record a proportional estimate of the cumulative year-to-date period based on an estimate of expense support amounts for the calendar expense support year. Moreover, in exchange for services rendered and in consideration of the expense support provided under the expense support agreement, the Company will issue, within 90 days following the determination date, a number of shares of Restricted Stock equal to the quotient of the expense support amounts provided by the Advisor for the preceding calendar year divided by the Company’s then-current estimated NAV per share of common stock. The terms of the Amended and Restated Expense Support Agreement automatically renew for consecutive one-year periods, subject to the right of the Advisor to terminate their respective agreements upon 30 days’ written notice to the Company. CNL Capital Markets LLC — CNL Capital Markets LLC, an affiliate of CNL, receives a sliding flat annual rate (payable monthly) based on the average number of investor accounts that will be open over the term of the agreement. For each of the years ended December 31, 2020, 2019 and 2018, the Company incurred approximately $0.9 million in such fees. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations. Co-venture partners —The Company incurs operating expenses which, in general, relate to administration of the Company and its subsidiaries on an ongoing basis. 10. Related Party Arrangements (continued) The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in the loss from discontinued operations for the years ended December 31, 2020, 2019 and 2018, and related amounts unpaid as of December 31, 2020 and 2019 are as follows (in thousands): Unpaid amounts (1) Years Ended December 31, as of December 31, 2020 2019 2018 2020 2019 Reimbursable expenses: Operating expenses (2) $ 3,517 $ 5,066 $ 6,203 $ 275 $ 698 3,517 5,066 6,203 275 698 Investment services fees (3) — — 60 — ― Disposition fee (4) 143 3,031 58 — ― Financing coordination fees (5) 61 5,553 2,326 — ― Property management fees (6) — — 2,323 — — Asset management fees (7) 18,190 23,281 30,385 1,505 1,577 $ 21,911 $ 36,931 $ 41,355 $ 1,780 $ 2,275 FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. (3) For the year ended December 31, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. There were no investment service fees incurred for the years ended December 31, 2020 and 2019. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations. (4) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. (5) For the year ended December 31, 2019, the Company incurred approximately $5.6 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $3.7 million were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying consolidated balance sheets. For the years ended December 31, 2020 and 2018, the Company incurred approximately $0.1 million and $2.3 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties, all of which were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying consolidated balance sheets. (6) For the year ended December 31, 2018, the Company incurred approximately $2.3 million in property and construction management fees payable to the Property Manager of which approximately $5,000 in construction management fees were capitalized and included in real estate under development in the accompanying consolidated balance sheets. The Property Management Agreement was not renewed beyond its expiration date of June 2018. (7) For the years ended December 31, 2020, 2019 and 2018, the Company incurred approximately $18.2 million, $23.3 million and $30.4 million, respectively, in asset management fees payable to the Advisor. No expense support was received for the years ended December 31, 2020, 2019 and 2018. There was approximately $11,000 in asset management fees that were capitalized and included in real estate under development in the accompanying consolidated balance sheets for the year ended December 31, 2018. There were no asset management fees capitalized for the years ended December 31, 2020 and 2019 10. Related Party Arrangements (continued) No amounts were settled or paid in the form of Restricted Stock in accordance with the expense support agreements for the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, $13.57 million of asset management fees had been settled in exchange for 1.332 million shares of Restricted Stock. The number of Restricted Stock shares granted to the Advisor in lieu of payment in cash was determined by dividing the expense support amount for the respective determination date by the then-current NAV per share. At grant date, no fair value was assigned to the Restricted Stock shares as the shares were valued at zero, which represented the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2020. Cash distributions paid on Restricted Stock shares for the years ended December 31, 2020, 2019 and 2018 were $0.273 million, $3.027 million and $0.630 million, respectively. The cash distributions on Restricted Stock shares were recognized as compensation expense as declared and included in general and administrative expense in the accompanying consolidated statements of operations. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. Derivative Financial Instruments The following summarizes the terms of the Company’s, or its equity method investment’s, derivative financial instruments and the corresponding asset (liability) as of December 31, 2020 and 2019 (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date December 31, 2020 December 31, 2019 $ 10,500 (2) 3.3 % ― % 2/28/2019 3/1/2019 9/1/2021 $ ― $ ― $ 231,000 (2) 2.0 % ― % 12/12/2019 12/20/2019 12/31/2020 $ ― $ 2 $ 225,000 (2) 0.8 % ― % 8/12/2020 12/31/2020 12/31/2021 $ 2 $ ― FOOTNOTES: (1) The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. (2) Amounts related to the interest rate caps held by the Company, or its equity method investment, which are recorded at fair value and included in other assets in the accompanying consolidated balance sheets. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative financial instruments and has determined that the credit valuation adjustments on the overall valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company determined that its derivative financial instruments valuation in its entirety is classified in Level 2 of the fair value hierarchy. Determining fair value requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values of such instruments which could, in turn, impact the Company’s or its joint venture’s results of operations. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | 1 2 . Redeemable Noncontrolling Interest: In connection with the Watercrest at Katy joint venture, the Company’s joint venture partner acquired a 5% noncontrolling interest that includes a put option of its membership to the Company commencing in May 2016, when the Watercrest at Katy development opened to residents, and concluding in May 2021 when NOI is: (a) equal to or greater than the NOI threshold established in the joint venture agreement, and (b) has been equal to or greater than the NOI threshold established in the joint venture agreement for the three calendar months immediately preceding the calendar month during which the joint venture partner exercises the put option. The put option is redeemable for cash at a price equal to the appraised market value (less certain transaction-related costs) at the time the put option is exercised (“Put Price”). The Company’s maximum redemption exposure, as a result of these redeemable equity securities, is limited to the Put Price multiplied by the joint venture partner’s 5% membership interest. Stockholders’ Equity: Distribution Reinvestment Plan — In July 2018, as part of the Company’s decision to proceed with the exploration of Possible Strategic Alternatives, the Company suspended the Reinvestment Plan and the Redemption Plan. As a result of the suspension of the Reinvestment Plan in July 2018, the Company did not receive any proceeds through its Reinvestment Plan subsequent to June 2018. For the year ended December 31, 2018, the Company received proceeds through its Reinvestment Plan of approximately $22.0 million. 12 . Equity (continued) Distributions — For the years ended December 31, 2020, 2019 and 2018, the Company declared cash distributions of $35.6 million, $394.9 million and $81.1, respectively, which included a special cash distribution of $347.9 million funded in May 2019 with proceeds from the sale of real estate and all of which were paid in cash to stockholders. The tax composition of the Company’s distributions declared for the years ended December 31, 2020, 2019 and 2018 were as follows: Years Ended December 31, 2020 2019 2018 Ordinary income 21.88% 0.0% 0.0% Capital gain 0.62% 42.85% 0.0% Unrecaptured Sec. 1250 gain 11.15% 20.10% 0.0% Return of capital 66.35% 37.05% 100.0% Redemptions — In July 2018, as part of the Company’s decision to proceed with the exploration of Possible Strategic Alternatives, the Company suspended the Redemption Plan. No requests for redemptions have been accepted subsequent to suspension of the Redemption Plan. As such, there were no requests for the redemption of common stock during the years ended December 31, 2020 and 2019. For the year ended December 31, 2018, the Company received requests for the redemption of common stock under its Redemption Plan of approximately 4.4 million shares, of which 2.8 million were approved for redemption at an average price of $10.14, for a total of approximately $28.4 million. During the year ended December 31, 2018, as a result of the Redemption Plan being suspended, approximately $16.4 million in unsatisfied redemption requests were placed in a redemption queue and will remain there until such time, if at all, that the Company’s board of directors reinstates the Redemption Plan. Unless the Redemption Plan is reinstated by the Company’s board of directors, the Company will not as a general matter, accept or otherwise process any additional redemption requests received after July 11, 2018. There can be no guarantee that the Redemption Plan will be reinstated by the Company’s board of directors. Promoted Interest — In connection with the Company’s promoted interest agreements, certain operating targets have been established which, upon meeting such targets, result in the developer being entitled to additional payments based on enumerated percentages of the assumed net proceeds of a deemed sale, subject to achievement of an established internal rate of return on the Company’s investment in the development. For the years ended December 31, 2020, 2019 and 2018, the Company accrued, as a (reduction)/reversal to capital in excess of par value, the following distributions to holders of promoted interest (in thousands): Years Ended December 31, 2020 2019 2018 Dogwood Forest of Grayson ― 406 (406) $ ― $ 406 $ (406) 12. Equity (continued) Other comprehensive income (loss) — The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investment, and included in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings Years Ended Years Ended December 31, December 31, 2020 2019 2018 2020 2019 2018 Interest rate swaps $ — $ (846) $ 1,219 Interest expense and loan cost amortization $ — $ 921 $ 2,457 Interest rate caps 11 (134) 690 Interest expense and loan cost amortization (44) (361) (1,957) Reclassification of interest rate swaps upon derecognition — (509) 253 Interest expense and loan cost amortization — 509 (253) Reclassification of interest rate caps upon derecognition 2 265 — Interest expense and loan cost amortization (2) (265) — Interest rate cap held by unconsolidated joint venture (12) 11 — Not applicable (3) (11) — Total $ 1 $ (1,213) $ 2,162 $ (49) $ 793 $ 247 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 3 . Income Taxes For the years ended December 31, 2020, 2019 and 2018, the Company recorded net current tax expense and deferred tax assets related to deferred income at its TRS entities. The components of the income tax expense for the years ended December 31, 2020, 2019 and 2018, excluding amounts related to discontinued operations, were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ 51 $ 51 $ 113 State (596) (580) (490) Total current expense (545) (529) (377) Deferred: Federal (552) (1,562) (3,333) State (1) (120) 66 Total deferred expense (553) (1,682) (3,267) Income tax expense $ (1,098) $ (2,211) $ (3,644) Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are as follows: 2020 2019 Carryforwards of net operating loss $ 4,068 $ 3,653 Minimum tax credit carryforward ― 59 Prepaid rent 1,026 1,648 Valuation allowance (1,464) (1,096) Deferred tax assets, net $ 3,630 $ 4,264 A reconciliation of the income tax expense computed at the statutory federal tax rate on income before income taxes is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Tax (expense) benefit computed at federal statutory rate $ (873) (21.00) % $ (898) (21.00) % $ 4,651 21.00 % Impact of REIT election 303 7.28 % (675) (15.78) % (7,980) (36.03) % State income tax expense net of federal benefit (160) (3.84) % (488) (11.41) % (412) (1.86) % Effect of change in valuation allowance (368) (8.86) % (150) (3.51) % 97 0.44 % Income tax expense $ (1,098) (26.42) % $ (2,211) (51.70) % $ (3,644) (16.45) % 13. Income Taxes (continued) The Company’s TRS entities had net operating loss carryforwards for federal and state purposes of approximately $12.4 million and $12.3 million as of December 31, 2020 and 2019, respectively, to offset future taxable income. If not utilized, the federal net operating loss carryforwards will begin to expire in 2036, and the state net operating loss carryforwards will begin to expire in 2021. The Company has $0.4 million net operating loss carry-forwards with an indefinite carryforward period. The Company analyzed its material tax positions and determined that it has not taken any uncertain tax positions. The tax years 2016 and forward remain subject to examination by taxing authorities. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted into law. Although the CARES Act contains many income tax relief provisions, they are not estimated to have a material impact on the Company. As required under U.S. GAAP, the effects of tax law changes are recognized in the period of enactment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition. As a result of the Company’s completed seniors housing developments continuing to move towards or achieving stabilization, the Company monitors the lease-up of these properties to determine whether the established performance metrics have been met as of each reporting period. The Company has six remaining promoted interest agreements with third-party developers pursuant to which certain operating targets have been established that, upon meeting such targets, result in the developer being entitled to additional payments based on enumerated percentages of the assumed net proceeds of a deemed sale, subject to achievement of an established internal rate of return on the Company’s investment in the development. None of the established performance metrics were met or probable of being met as of December 31, 2020. The Company’s Advisor has approximately 1.3 million contingently issuable Restricted Stock shares for financial reporting purposes that were issued pursuant to the Advisor expense support agreement. Refer to Note 10. “Related Party Arrangements” for information on distributions declared related to these Restricted Stock shares. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | 15. Concentration of Credit Risk For the years ended December 31, 2020, 2019 and 2018, the Company had a geographical concentration accounting for 10% or more of its total revenues, excluding the properties classified as discontinued operations, as follows: Type of Years Ended December 31, Concentration 2020 2019 2018 State of Texas (1) Geographical 21.0 % 20.5 % 20.4 % FOOTNOTE: (1) Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events In January 2021, the Company sold the acute care property it had classified as held for sale as of December 31, 2020. The Company received net sales proceeds of $7.4 million and did not record any gain or loss on sale of this property in January 2021. |
SCHEDULE II-Valuation and Quali
SCHEDULE II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
SCHEDULE II-Valuation and Qualifying Accounts | CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (in thousands) Year Description Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Balance at End of Year 2018 Deferred tax asset valuation allowance $ (1,087) $ (829) $ ― $ (1,916) Allowance for doubtful accounts (2,350) (1,489) ― (3,839) $ (3,437) $ (2,318) $ ― $ (5,755) 2019 Deferred tax asset valuation allowance $ (1,916) $ ― $ 808 $ (1,108) Allowance for doubtful accounts (3,839) ― 1,912 (1,927) $ (5,755) $ ― $ 2,720 $ (3,035) 2020 Deferred tax asset valuation allowance $ (1,108) $ ― $ (357) $ (1,465) Allowance for doubtful account (1,927) (2,252) 1,156 (3,023) $ (3,035) $ (2,252) $ 799 $ (4,488) |
SCHEDULE III-Real Estate and Ac
SCHEDULE III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III-Real Estate and Accumulated Depreciation | CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES AS OF DECEMBER 31, 2020 (in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Property/Location Encum- brances Land & Land Improve- ments Building and Building Improve- ments Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Total Accumu-lated Depreci-ation Date of Construction Date Acquired Life on which depreciation in latest income statement is computed Primrose Retirement Community of Casper Casper, Wyoming $ 10,707 $ 1,910 $ 16,310 $ 30 $ 296 $ ― $ 1,940 $ 16,606 $ ― $ 18,546 $ (3,910) 2004 2/16/2012 (1) Primrose Retirement Community of Grand Island Grand Island, Nebraska $ 7,553 $ 719 $ 12,140 $ 56 $ — $ ― $ 775 $ 12,140 $ ― $ 12,915 $ (2,972) 2005 2/16/2012 (1) Primrose Retirement Community of Mansfield Mansfield, Ohio $ 10,276 $ 650 $ 16,720 $ 229 $ 71 $ ― $ 879 $ 16,791 $ ― $ 17,670 $ (4,133) 2007 2/16/2012 (1) Primrose Retirement Community of Marion Marion, Ohio $ 8,524 $ 889 $ 16,305 $ — $ — $ ― $ 889 $ 16,305 $ ― $ 17,194 $ (3,929) 2006 2/16/2012 (1) Sweetwater Retirement Community Billings, Montana $ 9,257 $ 1,578 $ 14,205 $ 19 $ — $ ― $ 1,597 $ 14,205 $ ― $ 15,802 $ (3,339) 2006 2/16/2012 (1) HarborChase of Villages Crossing Lady Lake, Florida ("The Villages") $ — $ 2,165 $ — $ 996 $ 15,452 $ ― $ 3,161 $ 15,452 $ ― $ 18,613 $ (2,952) 2013 8/29/2012 (1) Primrose Retirement Community Cottages Aberdeen, South Dakota $ — $ 311 $ 3,794 $ — $ — $ ― $ 311 $ 3,794 $ ― $ 4,105 $ (842) 2005 12/19/2012 (1) Primrose Retirement Community of Council Bluffs Council Bluffs, Iowa (“Omaha”) $ — $ 1,144 $ 11,117 $ 5 $ 3 $ ― $ 1,149 $ 11,120 $ ― $ 12,269 $ (2,537) 2008 12/19/2012 (1) Primrose Retirement Community of Decantur Decatur, Illinois $ — $ 513 $ 16,706 $ — $ 154 $ ― $ 513 $ 16,860 $ ― $ 17,373 $ (3,678) 2009 12/19/2012 (1) Primrose Retirement Community of Lima Lima, Ohio $ — $ 944 $ 17,115 $ 8 $ 4 $ ― $ 952 $ 17,119 $ ― $ 18,071 $ (3,728) 2006 12/19/2012 (1) Primrose Retirement Community of Zanesville Zanesville, Ohio $ — $ 1,184 $ 17,292 $ — $ 67 $ ― $ 1,184 $ 17,359 $ ― $ 18,543 $ (3,787) 2008 12/19/2012 (1) Capital Health of Symphony Manor Baltimore, Maryland $ 12,995 $ 2,319 $ 19,444 $ — $ 259 $ ― $ 2,319 $ 19,703 $ ― $ 22,022 $ (4,202) 2011 12/21/2012 (1) Curry House Assisted Living & Memory Care Cadillac, Michigan $ 6,498 $ 995 $ 11,072 $ 15 $ 2 $ ― $ 1,010 $ 11,074 $ ― $ 12,084 $ (2,407) 1966 12/21/2012 (1) Tranquillity at Fredericktowne Frederick, Maryland $ 19,150 $ 808 $ 14,291 $ — $ 6,110 $ ― $ 808 $ 20,401 $ ― $ 21,209 $ (4,272) 2000 12/21/2012 (1) Brookridge Heights Assisted Living & Memory Care Marquette, Michigan $ 11,464 $ 595 $ 11,339 $ (17) $ 4,766 $ ― $ 578 $ 16,105 $ ― $ 16,683 $ (3,525) 1998 12/21/2012 (1) Woodholme Gardens Assisted Living & Memory Care Pikesville, Maryland (“Baltimore”) $ 5,819 $ 1,603 $ 13,472 $ 54 $ 8 $ ― $ 1,657 $ 13,480 $ ― $ 15,137 $ (2,931) 2010 12/21/2012 (1) CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2020 (in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Property/Location Encum- brances Land & Land Improve- ments Building and Building Improve- ments Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Total Accumu-lated Depreci-ation Date of Construction Date Acquired Life on which depreciation in latest income statement is computed HarborChase of Jasper Jasper, Alabama $ — $ 355 $ 6,358 $ 7 $ 56 $ ― $ 362 $ 6,414 $ ― $ 6,776 $ (1,262) 1998 7/31/2013 (1) Doctor's Specialty Hospital Leawood, Kansas (“Kansas City”) $ — $ 924 $ 5,771 $ 69 $ — $ ― $ 993 $ 5,771 $ ― $ 6,764 $ (842) 2001 8/16/2013 (1) Raider Ranch Lubbock, Texas $ — $ 4,992 $ 48,818 $ 501 $ 12,655 $ ― $ 5,493 $ 61,473 $ ― $ 66,966 $ (11,232) 2009 8/29/2013 (1) Town Village Oklahoma City, Oklahoma $ ― $ 1,020 $ 19,847 $ 88 $ 1,616 $ ― $ 1,108 $ 21,463 $ ― $ 22,571 $ (4,199) 2004 8/29/2013 (1) Prestige Senior Living Beaverton Hills Beaverton, Oregon $ 8,178 $ 1,387 $ 10,324 $ 13 $ — $ ― $ 1,400 $ 10,324 $ ― $ 11,724 $ (1,970) 2000 12/2/2013 (1) Prestige Senior Living High Desert Bend, Oregon $ 7,164 $ 835 $ 11,252 $ 17 $ 53 $ ― $ 852 $ 11,305 $ ― $ 12,157 $ (2,240) 2003 12/2/2013 (1) MorningStar of Billings Billings, Montana $ 17,938 $ 4,067 $ 41,373 $ 54 $ 325 $ ― $ 4,121 $ 41,698 $ ― $ 45,819 $ (8,354) 2009 12/2/2013 (1) MorningStar of Boise Boise, Idaho $ 19,224 $ 1,663 $ 35,752 $ 18 $ 251 $ ― $ 1,681 $ 36,003 $ ― $ 37,684 $ (6,812) 2007 12/2/2013 (1) Prestige Senior Living Huntington Terrace Gresham, Oregon (“Portland”) $ 9,181 $ 1,236 $ 12,083 $ 2 $ 64 $ — $ 1,238 $ 12,147 $ — $ 13,385 $ (2,353) 2000 12/2/2013 (1) MorningStar of Idaho Falls Idaho Falls, Idaho $ 15,995 $ 2,006 $ 40,397 $ 64 $ 346 $ ― $ 2,070 $ 40,743 $ ― $ 42,813 $ (7,857) 2009 12/2/2013 (1) Prestige Senor Living Arbor Place Medford, Oregon $ 7,553 $ 355 $ 14,083 $ 11 $ 46 $ — $ 366 $ 14,129 $ — $ 14,495 $ (2,665) 2003 12/2/2013 (1) Prestige Senior Living Orchard Hills Salem, Oregon $ 11,006 $ 545 $ 15,544 $ 10 $ 187 $ ― $ 555 $ 15,731 $ ― $ 16,286 $ (2,945) 2002 12/2/2013 (1) Prestige Senior Living Southern Hills Salem, Oregon $ 6,874 $ 653 $ 10,753 $ 43 $ 8 $ ― $ 696 $ 10,761 $ ― $ 11,457 $ (2,069) 2001 12/2/2013 (1) MorningStar of Sparks Sparks, Nevada $ 21,282 $ 3,986 $ 47,968 $ 16 $ 86 $ ― $ 4,002 $ 48,054 $ ― $ 52,056 $ (9,363) 2009 12/2/2013 (1) Prestige Senior Living Five Rivers Tillamook, Oregon $ 7,047 $ 1,298 $ 14,064 $ 18 $ 251 $ ― $ 1,316 $ 14,315 $ ― $ 15,631 $ (2,866) 2002 12/2/2013 (1) Prestige Senior Living Riverwood Tualatin, Oregon (“Portland”) $ 4,163 $ 1,028 $ 7,429 $ 12 $ 87 $ ― $ 1,040 $ 7,516 $ ― $ 8,556 $ (1,489) 1999 12/2/2013 (1) Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") $ 9,610 $ 2,537 $ 17,261 $ — $ 186 $ ― $ 2,537 $ 17,447 $ ― $ 19,984 $ (3,306) 2003/2010 2/3/2014 (1) Prestige Senior Living Bridgewood Vancouver, Washington ("Portland") $ 12,100 $ 1,603 $ 18,172 $ 10 $ 40 $ ― $ 1,613 $ 18,212 $ ― $ 19,825 $ (3,415) 2001 2/3/2014 (1) CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2020 (in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Property/Location Encum- brances Land & Land Improve- ments Building and Building Improve- ments Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Total Accumu-lated Depreciation Date of Construction Date Acquired Life on which depreciation in latest income statement is computed Prestige Senior Living Monticello Park Longview, Washington $ 16,121 $ 1,981 $ 23,056 $ 1 $ 46 $ ― $ 1,982 $ 23,102 $ ― $ 25,084 $ (4,274) 2001/2010 2/3/2014 (1) Prestige Senior Living Rosemont Yelm, Washington $ 8,482 $ 668 $ 14,564 $ — $ 70 $ ― $ 668 $ 14,634 $ ― $ 15,302 $ (2,674) 2004 2/3/2014 (1) Wellmore of Tega Cay Tega Cay, South Carolina ("Charlotte") $ — $ 2,445 $ — $ 2,743 $ 23,451 $ ― $ 5,188 $ 23,451 $ ― $ 28,639 $ (4,313) 2015 2/7/2014 (1) Isle at Cedar Ridge Cedar Park, Texas ("Austin") $ — $ 1,525 $ 16,277 $ — $ 199 $ ― $ 1,525 $ 16,476 $ ― $ 18,001 $ (3,161) 2011 2/28/2014 (1) Prestige Senior Living West Hills Corvallis, Oregon $ 8,020 $ 842 $ 12,603 $ 11 $ 19 $ ― $ 853 $ 12,622 $ ― $ 13,475 $ (2,404) 2002 3/3/2014 (1) HarborChase of Plainfield Plainfield, Illinois $ — $ 1,596 $ 21,832 $ 9 $ 29 $ ― $ 1,605 $ 21,861 $ ― $ 23,466 $ (3,996) 2010 3/28/2014 (1) Legacy Ranch Alzheimer's Special Care Center Midland, Texas $ — $ 917 $ 9,982 $ — $ 10 $ ― $ 917 $ 9,992 $ ― $ 10,909 $ (1,863) 2012 3/28/2014 (1) The Springs Alzheimer's Special Care Center San Angelo, Texas $ — $ 595 $ 9,658 $ 9 $ 187 $ ― $ 604 $ 9,845 $ ― $ 10,449 $ (1,808) 2012 3/28/2014 (1) Isle at Watercrest - Bryan Bryan, Texas $ — $ 3,223 $ 40,581 $ 36 $ 987 $ ― $ 3,259 $ 41,568 $ ― $ 44,827 $ (7,803) 2011 4/21/2014 (1) Isle at Watercrest - Mansfield Mansfield, Texas ("Dallas/Fort Worth") $ — $ 997 $ 24,635 $ — $ 51 $ ― $ 997 $ 24,686 $ ― $ 25,683 $ (4,369) 2011 5/5/2014 (1) Watercrest at Katy Katy, Texas ("Houston") $ 21,274 $ 4,000 $ — $ 123 $ 32,375 $ ― $ 4,123 $ 32,375 $ ― $ 36,498 $ (3,838) 2016 6/27/2014 (1) Watercrest at Mansfield Mansfield, Texas ("Dallas/Fort Worth") $ 24,064 $ 2,191 $ 42,740 $ 16 $ 954 $ ― $ 2,207 $ 43,694 $ ― $ 45,901 $ (7,581) 2010 6/30/2014 (1) HarborChase of Shorewood Shorewood, Wisconsin ("Milwaukee") $ — $ 2,200 $ — $ 301 $ 19,862 $ ― $ 2,501 $ 19,862 $ ― $ 22,363 $ (2,689) 2015 7/8/2014 (1) Hurst Specialty Hospital Hurst, Texas ("Dallas/Fort Worth") $ — $ 2,082 $ 20,186 $ — $ — $ ― $ 2,082 $ 20,186 $ ― $ 22,268 $ (4,019) 2004/2012 8/15/2014 (1) Fairfield Village of Layton Layton, Utah ("Salt Lake City") $ — $ 5,217 $ 54,167 $ 66 $ 55 $ ― $ 5,283 $ 54,222 $ ― $ 59,505 $ (9,382) 2010 11/20/2014 (1) Fieldstone Memory Care Yakima, Washington $ — $ 1,297 $ 9,965 $ — $ 6 $ ― $ 1,297 $ 9,971 $ ― $ 11,268 $ (1,626) 2014 3/31/2015 (1) Primrose Retirement Center of Anderson Anderson, Indiana ("Muncie") $ — $ 1,342 $ 19,083 $ — $ 33 $ ― $ 1,342 $ 19,116 $ ― $ 20,458 $ (3,013) 2008 5/29/2015 (1) Primrose Retirement Center of Lancaster — Lancaster, Ohio ("Columbus") $ $ 2,840 $ 21,884 $ — $ — $ ― $ 2,840 $ 21,884 $ ― $ 24,724 $ (3,797) 2007 5/29/2015 (1) CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2020 (in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Property/Location Encum- brances Land & Land Improve- ments Building and Building Improve- ments Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Land & Land Improve- ments Building and Building Improve- ments Construc- tion in Process Total Accumu-lated Depreci-ation Date of Construction Date Acquired Life on which depreciation in latest income statement is computed Primrose Retirement Center of Wausau Wausau, Wisconsin ("Green Bay") $ — $ 1,089 $ 18,653 $ — $ — $ ― $ 1,089 $ 18,653 $ ― $ 19,742 $ (2,824) 2008 5/29/2015 (1) Superior Residences of Panama City Panama City Beach, Florida $ — $ 2,099 $ 19,367 $ 14 27 $ ― $ 2,113 $ 19,394 $ ― $ 21,507 $ (3,003) 2015 7/15/2015 (1) The Hampton at Meadows Place Fort Bend, Texas ("Houston") $ — $ 715 $ 24,281 $ — $ 320 $ ― $ 715 $ 24,601 $ ― $ 25,316 $ (3,475) 2007/2013/2014 7/31/2015 (1) The Pavilion at Great Hills Austin, Texas $ — $ 1,783 $ 29,318 $ 43 $ 240 $ ― $ 1,826 $ 29,558 $ ― $ 31,384 $ (4,222) 2010 7/31/2015 (1) The Beacon at Gulf Breeze Gulf Breeze, Florida ("Pensacola") $ — $ 824 $ 24,106 $ 84 $ 192 $ ― $ 908 $ 24,298 $ ― $ 25,206 $ (3,582) 2008 7/31/2015 (1) Parc at Piedmont Marietta, Georgia ("Atlanta") $ — $ 3,529 $ 43,080 $ 31 $ 483 $ ― $ 3,560 $ 43,563 $ ― $ 47,123 $ (6,404) 2001/2011 7/31/2015 (1) Parc at Duluth Duluth, Georgia ("Atlanta") $ — $ 5,951 $ 42,458 $ 67 $ 2,020 $ ― $ 6,018 $ 44,478 $ ― $ 50,496 $ (6,215) 2003/2012 7/31/2015 (1) Waterstone on Augusta Greenville, South Carolina $ — $ 2,253 $ — $ 2,116 $ 20,833 $ ― $ 4,369 $ 20,833 $ ― $ 25,202 $ (2,520) 2017 8/31/2015 (1) Wellmore of Lexington Lexington, South Carolina ("Columbia") $ — $ 2,300 $ — $ 3,168 $ 43,085 $ ― $ 5,468 $ 43,085 $ ― $ 48,553 $ (4,602) 2017 9/14/2015 (1) Palmilla Senior Living Albuquerque, New Mexico $ — $ 4,701 $ 38,321 $ 10 $ 113 $ ― $ 4,711 $ 38,434 $ ― $ 43,145 $ (5,524) 2013 9/30/2015 (1) Cedar Lake Assisted Living and Memory Care Lake Zurich, Illinois ("Chicago") $ — $ 2,412 $ 25,126 $ 16 $ 59 $ ― $ 2,428 $ 25,185 $ ― $ 27,613 $ (3,611) 2014 9/30/2015 (1) Fieldstone at Pear Orchard Yakima Washington $ — $ 1,035 $ — $ 102 $ 13,499 $ ― $ 1,137 $ 13,499 $ ― $ 14,636 $ (1,440) 2016 10/12/2015 (1) The Shores of Lake Phalen Maplewood, Minnesota ("St. Paul") $ — $ 2,724 $ 25,093 $ 10 $ 94 $ ― $ 2,734 $ 25,187 $ ― $ 27,921 $ (3,532) 2012 11/10/2015 (1) Dogwood Forrest of Grayson Grayson, Georgia $ — $ 1,788 $ — $ 109 $ 22,068 $ ― $ 1,897 $ 22,068 $ ― $ 23,965 $ (2,040) 2017 11/24/2015 (1) Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") $ — $ 1,283 $ 48,221 $ 134 $ 847 $ ― $ 1,417 $ 49,068 $ ― $ 50,485 $ (6,533) 2006/2014 12/17/2015 (1) Hearthside Senior Living of Collierville Collierville, Tennessee ("Memphis") $ — $ 1,756 $ 13,379 $ 16 $ 28 $ ― $ 1,772 $ 13,407 $ ― $ 15,179 $ (1,874) 2014 12/29/2015 (1) Albuquerque, New Mexico – Unimproved Land Albuquerque, New Mexico $ — $ 1,056 $ — $ — $ — $ ― $ 1,056 $ — $ ― $ 1,056 $ — — 9/7/2017 (1) $ 337,519 $ 122,073 $ 1,281,187 $ 11,583 $ 225,691 $ ― $ 133,656 $ 1,506,878 $ ― $ 1,640,534 $ (262,394) CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2020 (in thousands) Transactions in real estate and accumulated depreciation as of December 31, 2020 are as follows: Balance December 31, 2017 $ 2,721,805 Balance December 31, 2017 $ (219,457) 2018 Improvements 9,052 2018 Depreciation (60,821) 2018 Dispositions (5,359) 2018 Accumulated depreciation on dispositions 633 2018 Impairments (11,818) Balance December 31, 2018 (279,645) Balance December 31, 2018 2,713,680 2019 Depreciation (41,737) 2019 Improvements 4,039 2019 Accumulated depreciation on dispositions 94,853 2019 Impairments (1,004,892) Balance December 31, 2019 (226,529) Balance December 31, 2019 1,712,827 2020 Depreciation (42,430) 2020 Improvements 3,020 2020 Accumulated depreciation on dispositions 6,565 2020 Dispositions (75,313) Balance December 31, 2020 $ (262,394) Balance December 31, 2020 $ 1,640,534 _____________ FOOTNOTES: (1) Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases. (2) The aggregate cost for federal income tax purposes is approximately $1.8 billion . |
SCHEDULE IV-Mortgage Loans on R
SCHEDULE IV-Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans On Real Estate [Abstract] | |
SCHEDULE IV-Mortgage Loans on Real Estate | CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (in thousands) The following is a reconciliation of mortgages and other notes receivable on real estate for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Balance at beginning of year $ 482 $ 1,688 $ 1,179 Additions during period: New mortgage loans and additional advances — 531 432 Accrued and deferred interest 6 9 77 Deductions during period: Collection of principal (40) (1,746) ― Balance at end of year $ 448 $ 482 $ 1,688 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation — The accompanying consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of VIEs in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of a VIE, the Company is required to identify entities for which control is achieved through means other than voting rights and to determine the primary beneficiary of its VIEs. The Company qualitatively assesses whether it is the primary beneficiary of a VIE and considers various factors including, but not limited to, the design of the entity, its organizational structure including decision-making ability and financial agreements, its ability and the rights of others to participate in policy making decisions, as well as its ability to replace the VIE manager and/or liquidate the entity. |
Risks And Uncertainties | Risks and Uncertainties — The outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe continues to adversely impact commercial activity and has contributed to significant volatility in financial markets. Various states in which the Company owns properties have reacted by, among other things, instituting quarantines and move-in restrictions that have negatively impacted occupancy at seniors housing communities. While some of these restrictions have been relaxed, many of these restrictions remain in place. The pandemic has also resulted in the incurrence of costs related to disease control and containment. Such actions have and continue to create significant business disruption and have and continue to adversely impact the senior housing sector. COVID-19 has had a continued and prolonged adverse impact on economic and market conditions and has triggered a period of economic slowdown which could have a material adverse effect on the Company’s results and financial condition. The full impact of COVID-19 on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the outbreak, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic and (v) the timing and speed of economic recovery, including the availability of a treatment or vaccination for COVID-19. |
Government Grant Income | Government Grant Income — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law which provided, among other things, for the establishment of a Provider Relief Fund under the direction of the Department of Health and Human Services (“HHS”). In September 2020, HHS announced that it expanded the eligibility to the Provider Relief Fund to include assisted living facilities as part of Phase 2 of the Provider Relief Fund. In October 2020, HHS announced that additional funds were made available for healthcare providers under Phase 3 of the Provider Relief Fund. 2. Summary of Significant Accounting Policies (continued) Grant income is recognized upon receipt of grant income and when all the conditions of the grant have been met. During the year ended December 31, 2020, the Company received and recorded $5.3 million in Provider Relief Funds as other income in the accompanying consolidated statements of operations as all conditions of the grant had been met. During the year ended December 31, 2020, the Company received $0.4 million under the Medicare Accelerated and Advance Payment Program and recorded the million advance in other liabilities in the accompanying consolidated balance sheet as of December 31, 2020. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments, the valuation of contingent assets and liabilities, and the valuation of restricted stock shares issued to the Advisor. Accordingly, actual results could differ from those estimates. |
Depreciation and Amortization | Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively. Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to the unamortized lease-related costs not deemed to be recoverable. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any impairment indicators. Management considers potential impairment indicators to primarily include (i) changes in a real estate asset’s operating performance, such as a current period net operating loss combined with a history of net operating losses, or changes in a lease which demonstrate potential future losses associated with the use of a real estate asset or (ii) a current expectation that, more likely than not, a real estate asset will be sold or otherwise disposed of significantly before the end of its previously estimated holding period. To assess if an asset group is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the asset group over its remaining useful life to the net carrying value of the asset group. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value. When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent fair value of the investment is less than the carrying value and the decline in value is determined to be other than a temporary decline. |
Assets Held For Sale, net and Discontinued Operations | Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s Credit Facilities, which is allocated based on the value of the properties that are classified as discontinued operations since these properties are included in the Credit Facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties. |
Assets Reclassified from Held for Sale to Held and Used | Assets Reclassified from Held for Sale to Held and Used — Upon management’s determination to discontinue marketing properties for sale, the properties will no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the properties prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the properties been continuously classified as held and used) or its fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up depreciation and/or amortization adjustment will be recorded. The depreciation and/or amortization expenses that would have been recognized had the properties been continuously classified as held and used will be included as a component of depreciation and amortization expense in the accompanying consolidated statements of operations. If fair value is determined to be lower, the Company will record a loss on reclassification which will be included in income or loss from continuing operations in the accompanying consolidated statements of operations. |
Capitalized Interest | Capitalized Interest — Interest and loan cost amortization attributable to funds used to finance real estate under development is capitalized as additional costs of development. The Company capitalizes interest at the weighted average interest rate of the Company’s outstanding indebtedness and based on its weighted average expenditures for the period. Capitalization of interest on a specific project ceases when the project is substantially complete and ready for occupancy. During the years ended December 31, 2020, 2019 and 2018, the Company incurred interest expense and loan cost amortization of approximately $24.3 million, $54.3 million and $75.0 million, respectively, of which approximately $0.0 million, $0.03 million and $0.06 million, respectively, was capitalized according to this policy. |
Cash | Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less. As of December 31, 2020, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash. |
Restricted Cash | Restricted Cash — Certain amounts of cash are escrowed to fund capital expenditures, property taxes and/or insurance as required by loan or lease terms, and certain security deposits represent restricted use funds. |
Loan Costs | Loan Costs — Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest method. As of December 31, 2020 and 2019, the accumulated amortization of loan costs was approximately $8.3 million and $8.1 million, respectively. |
Deferred Lease-Related Costs | Deferred Lease-Related Costs — The Company deferred lease-related costs that it incurred to obtain new or extend existing leases. The Company amortizes these costs using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to any unamortized deferred lease-related costs not deemed to be recoverable. |
Revenue Recognition | Revenue Recognition — Rental income and related revenues for operating leases are recognized based on the assessment of collectability of lease payments. When collectability is probable at commencement of the lease, lease income is recognized on an accrual basis and includes rental income that is recorded on the straight-line basis over the term of the lease. Collectability is reassessed during the lease term. When collectability of lease payments is no longer probable, lease income is recorded on a cash basis and limited to the amount of lease payments collected. In addition, lease related costs (the deferred rent from prior GAAP straight-line adjustments, unamortized lease costs and other lease related intangibles) are written-off when the Company determines that these assets are no longer realizable. Rental income and related revenues recorded on an accrual basis include rental income that is recorded on the straight-line basis over the terms of the leases. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The Company records the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to deferred rent and lease incentives in the accompanying consolidated balance sheets. Rental income and related revenues also include amounts for which tenants are required to reimburse the Company related to expenses incurred on behalf of the tenants, in accordance with the terms of the leases. Tenant reimbursements are recognized in the period in which the related reimbursable expenses are incurred, such as real estate taxes, common area maintenance, and similar items. Some of the Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time such amounts are earned and are included in rental income and related revenues in the accompanying consolidated statements of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation under ASC 606 given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services are performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancelable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay. |
Reclassifications | Reclassifications — Certain amounts in the prior years’ consolidated balance sheet, statements of operations and statements of cash flows have been reclassified to conform to the current year’s presentation, primarily related to classification of certain properties as held for sale and/or discontinued operations, with no effect on the other previously reported consolidated financial statements. |
Derivative Financial Instruments | Derivative Financial Instruments — The Company and an unconsolidated equity method investment held by the Company use or have used derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. Upon entry into a derivative, the Company or its unconsolidated equity method investment formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company or its unconsolidated equity method investment accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s or its unconsolidated equity method investment’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by either the Company or its unconsolidated equity method investment as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that are entered into by the Company’s equity method investment are reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications being included in equity in earnings (loss) of unconsolidated entity in the accompanying consolidated statements of operations. |
Fair Value Measurements | Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of December 31, 2020 and 2019 because of the relatively short maturities of the obligations. |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition. |
Redemptions | Redemptions — Under the Company’s Redemption Plan, a stockholder’s shares were deemed to have been redeemed as of the date that the Company accepted the stockholder’s request for redemption. From and after such date, the stockholder by virtue of such redemption was no longer entitled to any rights as a stockholder in the Company. Shares redeemed were retired and not available for reissue. |
Net Loss per Share | Net Income (Loss) per Share — Net income (loss) per share is calculated based upon the weighted average number of shares of common stock outstanding during the period in which the Company was operational. |
Share Based Payments to Non-Employees | Share-Based Payments to Non-Employees — In connection with the expense support agreement described in Note 10. “Related Party Arrangements,” the Company may issue Restricted Stock to the Advisor on an annual basis in exchange for providing expense support in the event that cash distributions declared exceed MFFO as defined by the expense support agreement. The Restricted Stock is forfeited if shareholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to ASC 505-50. On the date in which the Advisor satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date. Pursuant to the expense support agreement, the Advisor shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Company’s articles of incorporation) and receive all distributions paid with respect to such shares. All distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the distributions on the Restricted Stock shares as declared. |
Segment Information | Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis, by tenant or by operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (seniors housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interest – The Company classifies redeemable equity securities in accordance with Accounting Standard Update (“ASU”) No. 2009-04, “Liabilities (Topic 480): Accounting for Redeemable Equity Instruments,” which requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable noncontrolling interest within the accompanying consolidated balance sheets and consolidated statements of stockholders’ equity and redeemable noncontrolling interest. The Company evaluates the probability that these equity securities will become redeemable at each reporting period and, if determined probable, the Company measures the redemption value and records an adjustment to the carrying value of the equity securities as a component of redeemable noncontrolling interest. |
Promoted Interest | Promoted Interest — The Company accounts for promoted interests with third-party developers in a manner similar to redeemable noncontrolling interests discussed above. The Company records the initial carrying value of the promoted interest at its issuance date fair value. Subsequently, as the completed developments stabilize and it becomes probable that the promoted interest thresholds will be met, the Company records a liability equal to the estimated redemption value at the end of each reporting period based on the conditions that exist as of the balance sheet date. In connection with the measurement of this liability, the Company records, as a reduction to capital in excess of par value, an amount equal to the difference between the promoted interests’ carrying value and the consideration paid or payable. |
Income Taxes | Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its annual REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the IRS grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. The Company has formed subsidiaries which elected to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. |
Investments in Unconsolidated Entities | Investment in Unconsolidated Entity — The Company accounts for its investment in an unconsolidated joint venture under the equity method of accounting as the Company exercises significant influence, but does not maintain a controlling financial interest over these entities. The investment is recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entity. Based on the joint venture’s structure and any preference the Company receives on distributions and liquidation, the Company records its equity in earnings (loss) of the unconsolidated entity under the hypothetical liquidation at book value (“HLBV”) method of accounting. Under this method, the Company recognizes income or loss in each period as if the net book value of the assets in the venture were hypothetically liquidated at the end of each reporting period pursuant to the provisions of the joint venture agreement. In any given period, the Company could be recording more or less equity in earnings (loss) than actual cash distributions received or an investment balance that is more or less than what the Company may receive in the event of an actual liquidation. The Company determines whether distributions are classified as returns on investment or returns of investment based on the nature of the distribution. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments (Topic 326),” which requires a new forward-looking expected loss model to be used for receivables, held-to-maturity debt, loans and other financial instruments. Previously, when credit losses were measured under current GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments eliminate the probable initial threshold for recognition of credit losses in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. The ASU was effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019. The Company adopted this ASU on January 1, 2020, the adoption of which did not have a material impact on the Company’s consolidated results of operations or cash flows. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements ― In Q1 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which the Company adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. The Company elected this option and therefore, to the extent that a rent concession is granted as a deferral of payments, but total payments are substantially the same, the Company will account for the concession as if no change has been made to the original lease. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following tables represent the disaggregated revenue for resident fees and services during the years ended December 31, 2020, 2019 and 2018: Years Ended December 31, Number of Units Revenue (in millions) Percentage of Revenues Resident fees and services: 2020 2019 2018 2020 2019 2018 2020 2019 2018 Independent living 2,261 2,261 2,261 $ 72.6 $ 74.3 $ 71.7 25.9 % 25.8 % 25.9 % Assisted living 2,966 2,966 2,966 138.1 140.5 137.6 49.2 % 48.7 % 49.7 % Memory care 853 853 853 57.7 59.4 54.4 20.5 % 20.6 % 19.7 % Other revenues ― ― ― 12.5 14.1 12.9 4.4 % 4.9 % 4.7 % 6,080 6,080 6,080 $ 280.9 $ 288.3 $ 276.6 100.0 % 100.0 % 100.0 % |
Real Estate Assets, net (Tables
Real Estate Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investment Properties Excluding Assets Held For Sale | The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2020 and 2019 are as follows, excluding assets held for sale (in thousands): As of December 31, 2020 2019 Land and land improvements $ 132,663 $ 132,453 Building and building improvements 1,501,107 1,498,297 Furniture, fixtures and equipment 94,141 86,543 Less: accumulated depreciation (335,051 ) (284,638 ) Real estate investment properties, net $ 1,392,860 $ 1,432,655 |
Intangibles, net (Tables)
Intangibles, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Net Book Value of Intangibles | The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2020 and 2019 are as follows (in thousands): As of December 31, 2020 2019 In-place lease intangibles $ 3,944 $ 83,275 Less: accumulated depreciation (3,118) (82,055) Intangible assets, net $ 826 $ 1,220 |
Schedule of Estimated Future Amortization | The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2020 is as follows (in thousands): 2021 $ 394 2022 253 2023 74 2024 74 2025 31 Thereafter ― $ 826 |
Assets and Associated Liabili_2
Assets and Associated Liabilities Held For Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract] | |
Schedule of Assets Classified as Held for Sale and Liabilities Associated with Those Assets Held for Sale | As of December 31, 2020, the one acute care property classified as assets held for sale and liabilities associated with those assets held for sale (which was sold in January 2021) consisted of the following (in thousands): As of December 31, 2020 MOB/Healthcare Portfolio Other Total Real estate held for sale, net $ 5,922 $ — $ 5,922 Intangibles, net 1,481 — 1,481 Other assets 18 — 18 Assets held for sale, net $ 7,421 $ — $ 7,421 Accounts payable and accrued liabilities $ 8 $ — $ 8 Other liabilities 2 — 2 Liabilities associated with assets held for sale $ 10 $ — $ 10 As of December 31, 2019, the eight properties classified as assets held for sale and liabilities associated with those assets held for sale consisted of the following (in thousands): As of December 31, 2019 MOB/Healthcare Portfolio Other Total Real estate held for sale, net $ 28,307 $ 46,908 $ 75,215 Intangibles, net 6,252 800 7,052 Deferred rent and lease incentives 1,345 4,952 6,297 Other assets 6 68 74 Restricted cash 94 72 166 Assets held for sale, net $ 36,004 $ 52,800 $ 88,804 Accounts payable and accrued liabilities $ 4 $ 3 $ 7 Other liabilities — 684 684 Liabilities associated with assets held for sale $ 4 $ 687 $ 691 |
Summary of Income (Loss) from Discontinued Operations | The following table is a summary of income from discontinued operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): Years Ended December 31, 2020 2019 2018 Revenues: Rental income and related revenues $ 1,266 $ 46,073 $ 112,241 Operating expenses: Property operating expenses 7 11,333 29,174 General and administrative 138 411 1,253 Asset management fees 139 4,689 11,689 Property management fees 28 1,257 3,679 Financing coordination fees — — 2,326 Depreciation and amortization — — 31,418 Total operating expenses 312 17,690 79,539 Gain on sale of real estate ― 336,074 — Operating income 954 364,457 32,702 Other income (expense): Interest and other income (expense) — 56 109 Interest expense and loan cost amortization — (14,618 ) (32,178 ) Total other income (expense) — (14,562 ) (32,069 ) Income before income taxes 954 349,895 633 Income tax (expense) benefit — (165 ) 7 Income from discontinued operations $ 954 $ 349,730 $ 640 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments to be Received Under Non-Cancellable Operating Leases Excluding Properties Classified as Discontinued Operations | The following are future minimum lease payments for the Company’s 15 senior housing properties and the Hurst Specialty Hospital to be received under non-cancellable operating leases for the five years and thereafter, in the aggregate, as of December 31, 2020, and excludes the one remaining property classified as held for sale (in thousands): 2021 $ 31,346 2022 23,804 2023 23,073 2024 23,445 2025 20,371 Thereafter 25,168 $ 147,207 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities | The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2020 and 2019 are as follows (in thousands): As of December 31, 2020 2019 Assets: Real estate investment properties, net $ 43,890 $ 45,329 Cash $ 505 $ 1,024 Other assets $ 524 $ 577 Restricted cash $ 102 $ 76 Liabilities: Mortgages and other notes payable, net $ 29,158 $ 29,148 Accounts payable and accrued liabilities $ 490 $ 1,286 Other liabilities $ 242 $ 219 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale | The following table provides details of the Company’s indebtedness as of December 31, 2020 and 2019, (in thousands): As of December 31, 2020 2019 Mortgages payable and other notes payable: Fixed rate debt $ 337,519 $ 368,974 Variable rate debt (1) ― 8,282 Mortgages and other notes payable (2) 337,519 377,256 Premium (3) 101 142 Loan costs, net (935 ) (1,470 ) Total mortgages and other notes payable, net 336,685 375,928 Credit facilities: Revolving Credit Facility (1)(4) ― 40,000 Term Loan Facility (1) 265,000 265,000 Loan costs, net related to Term Loan Facilities (1,577 ) (2,050 ) Total credit facilities, net 263,423 302,950 Total indebtedness, net $ 600,108 $ 678,878 FOOTNOTES: (1) As of December 31, 2020 and 2019, the Company had entered into interest rate caps with notional amounts of approximately $225.0 million and $281.0 million, respectively. Refer to Note 11. “Derivative Financial Instruments” for additional information. (2) As of December 31, 2020 and 2019, the Company’s mortgages and other notes payable are collateralized by 29 and 32 properties, respectively, with total carrying value of approximately $497.4 million and $567.8 million, respectively. (3) Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. (4) As of December 31, 2020 and 2019, the Company had undrawn availability under the applicable revolving credit facility of approximately $150.2 million and $181.7 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale. |
Schedule of Maturities of Indebtedness | The following is a schedule of future principal payments and maturity for the Company’s total indebtedness for the next five years and thereafter, in the aggregate, as of December 31, 2020 (in thousands): 2021 $ 11,315 2022 282,121 2023 23,417 2024 285,666 2025 ― Thereafter ― $ 602,519 |
Schedule of Indebtedness | The following table details the Company’s mortgages and other notes payable as of December 31, 2020 and 2019, (in thousands): Interest Rate at December 31, December 31, Property and Loan Type 2020 (1) Payment Terms Maturity Date (2) 2020 2019 Primrose II Communities; Mortgage Loan 3.81% per annum Monthly principal and interest payments based on a 30-year amortization schedule 6/1/20 $ — $ 20,533 Pacific Northwest Communities; Mortgage Loans 4.30% per annum Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 189,938 196,598 Capital Health Communities; Mortgage Loans (3) (3) Monthly principal and interest payments based on a 25-year amortization schedule 1/5/22 55,925 58,387 Primrose I Communities; Mortgage Loan (4) 4.11% per annum Monthly principal and interest payments based on a 30-year amortization schedule 9/1/22 46,317 47,557 Watercrest at Mansfield; Mortgage Loan (5) 4.68% per annum Monthly principal and interest payments based on a total payment of $143,330 6/1/23 24,065 24,625 Watercrest at Katy; Mortgage Loan 3.25% per annum Monthly interest only payments through November 2022; principal and interest payments thereafter based on a 25-year amortization schedule 11/15/24 21,274 21,274 Total fixed rate debt 337,519 368,974 Fieldstone at Pear Orchard; Construction Loan 30-day LIBOR plus 2.9% per annum Monthly interest only payments through September 2018; principal payments thereafter based on a 25-year amortization schedule 10/15/20 — 8,282 Total variable rate debt — 8,282 Total mortgages and other notes payable, net $ 337,519 $ 377,256 FOOTNOTES: (1) The 30-day was approximately 0.14% and 1.764%, respectively, as of December 31, 2020 and 2019. (2) Represents the initial maturity date (or, as applicable, the maturity date as extended). (3) Consists of a mortgage loan and a supplemental loan. The mortgage loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum. (4) If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 30, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between May 31, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval. (5) The balance for this loan excludes a remaining premium of $0.1 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. |
Schedule of Fair Market Value and Carrying Value of Indebtedness | The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Fair Value Carrying Value Fair Value Carrying Value Mortgages and other notes payable, net $ 339.4 $ 336.7 $ 381.2 $ 375.9 Credit facilities $ 265.0 $ 263.4 $ 305.0 $ 303.0 |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties | The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in the loss from discontinued operations for the years ended December 31, 2020, 2019 and 2018, and related amounts unpaid as of December 31, 2020 and 2019 are as follows (in thousands): Unpaid amounts (1) Years Ended December 31, as of December 31, 2020 2019 2018 2020 2019 Reimbursable expenses: Operating expenses (2) $ 3,517 $ 5,066 $ 6,203 $ 275 $ 698 3,517 5,066 6,203 275 698 Investment services fees (3) — — 60 — ― Disposition fee (4) 143 3,031 58 — ― Financing coordination fees (5) 61 5,553 2,326 — ― Property management fees (6) — — 2,323 — — Asset management fees (7) 18,190 23,281 30,385 1,505 1,577 $ 21,911 $ 36,931 $ 41,355 $ 1,780 $ 2,275 FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. (3) For the year ended December 31, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. There were no investment service fees incurred for the years ended December 31, 2020 and 2019. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations. (4) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. (5) For the year ended December 31, 2019, the Company incurred approximately $5.6 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $3.7 million were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying consolidated balance sheets. For the years ended December 31, 2020 and 2018, the Company incurred approximately $0.1 million and $2.3 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties, all of which were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying consolidated balance sheets. (6) For the year ended December 31, 2018, the Company incurred approximately $2.3 million in property and construction management fees payable to the Property Manager of which approximately $5,000 in construction management fees were capitalized and included in real estate under development in the accompanying consolidated balance sheets. The Property Management Agreement was not renewed beyond its expiration date of June 2018. (7) For the years ended December 31, 2020, 2019 and 2018, the Company incurred approximately $18.2 million, $23.3 million and $30.4 million, respectively, in asset management fees payable to the Advisor. No expense support was received for the years ended December 31, 2020, 2019 and 2018. There was approximately $11,000 in asset management fees that were capitalized and included in real estate under development in the accompanying consolidated balance sheets for the year ended December 31, 2018. There were no asset management fees capitalized for the years ended December 31, 2020 and 2019 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Corresponding Asset (Liability) | The following summarizes the terms of the Company’s, or its equity method investment’s, derivative financial instruments and the corresponding asset (liability) as of December 31, 2020 and 2019 (in thousands): Fair value asset (liability) as of Notional Amount Strike (1) Credit Spread (1) Trade date Forward date Maturity date December 31, 2020 December 31, 2019 $ 10,500 (2) 3.3 % ― % 2/28/2019 3/1/2019 9/1/2021 $ ― $ ― $ 231,000 (2) 2.0 % ― % 12/12/2019 12/20/2019 12/31/2020 $ ― $ 2 $ 225,000 (2) 0.8 % ― % 8/12/2020 12/31/2020 12/31/2021 $ 2 $ ― FOOTNOTES: (1) The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. (2) Amounts related to the interest rate caps held by the Company, or its equity method investment, which are recorded at fair value and included in other assets in the accompanying consolidated balance sheets. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Tax Components Of Dividends Declared | The tax composition of the Company’s distributions declared for the years ended December 31, 2020, 2019 and 2018 were as follows: Years Ended December 31, 2020 2019 2018 Ordinary income 21.88% 0.0% 0.0% Capital gain 0.62% 42.85% 0.0% Unrecaptured Sec. 1250 gain 11.15% 20.10% 0.0% Return of capital 66.35% 37.05% 100.0% |
Distribution Of Promoted Interest To Holder | For the years ended December 31, 2020, 2019 and 2018, the Company accrued, as a (reduction)/reversal to capital in excess of par value, the following distributions to holders of promoted interest (in thousands): Years Ended December 31, 2020 2019 2018 Dogwood Forest of Grayson ― 406 (406) $ ― $ 406 $ (406) |
Effect of Derivative Financial Instruments | The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investment, and included in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings Years Ended Years Ended December 31, December 31, 2020 2019 2018 2020 2019 2018 Interest rate swaps $ — $ (846) $ 1,219 Interest expense and loan cost amortization $ — $ 921 $ 2,457 Interest rate caps 11 (134) 690 Interest expense and loan cost amortization (44) (361) (1,957) Reclassification of interest rate swaps upon derecognition — (509) 253 Interest expense and loan cost amortization — 509 (253) Reclassification of interest rate caps upon derecognition 2 265 — Interest expense and loan cost amortization (2) (265) — Interest rate cap held by unconsolidated joint venture (12) 11 — Not applicable (3) (11) — Total $ 1 $ (1,213) $ 2,162 $ (49) $ 793 $ 247 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of the income tax expense for the years ended December 31, 2020, 2019 and 2018, excluding amounts related to discontinued operations, were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ 51 $ 51 $ 113 State (596) (580) (490) Total current expense (545) (529) (377) Deferred: Federal (552) (1,562) (3,333) State (1) (120) 66 Total deferred expense (553) (1,682) (3,267) Income tax expense $ (1,098) $ (2,211) $ (3,644) |
Significant Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are as follows: 2020 2019 Carryforwards of net operating loss $ 4,068 $ 3,653 Minimum tax credit carryforward ― 59 Prepaid rent 1,026 1,648 Valuation allowance (1,464) (1,096) Deferred tax assets, net $ 3,630 $ 4,264 |
Reconciliation of Income Tax (Expense) Benefit | A reconciliation of the income tax expense computed at the statutory federal tax rate on income before income taxes is as follows (in thousands): Years Ended December 31, 2020 2019 2018 Tax (expense) benefit computed at federal statutory rate $ (873) (21.00) % $ (898) (21.00) % $ 4,651 21.00 % Impact of REIT election 303 7.28 % (675) (15.78) % (7,980) (36.03) % State income tax expense net of federal benefit (160) (3.84) % (488) (11.41) % (412) (1.86) % Effect of change in valuation allowance (368) (8.86) % (150) (3.51) % 97 0.44 % Income tax expense $ (1,098) (26.42) % $ (2,211) (51.70) % $ (3,644) (16.45) % |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Geographical Concentrations that Individually Accounted for 10% or More of Total Revenues Excluding Assets Classified as Held for Sale | For the years ended December 31, 2020, 2019 and 2018, the Company had a geographical concentration accounting for 10% or more of its total revenues, excluding the properties classified as discontinued operations, as follows: Type of Years Ended December 31, Concentration 2020 2019 2018 State of Texas (1) Geographical 21.0 % 20.5 % 20.4 % FOOTNOTE: (1) Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders. |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Thousands | Sep. 30, 2015USD ($)shares | Dec. 31, 2018PropertyFacilityHospital | Dec. 31, 2020PropertyFacilityHospitalState | Dec. 31, 2019Property | Dec. 31, 2018USD ($)Property |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Entity incorporation, date of incorporation | Jun. 8, 2010 | ||||
Subscriptions received for common stock through reinvestment plan | $ | $ 1,700,000 | $ 22,013 | |||
Sale of additional share of common stock | shares | 20,000,000 | ||||
Number of properties | 70 | 8 | |||
Number of properties sold | 63 | 7 | 61 | ||
Number of skilled nursing facilities | Facility | 7 | ||||
MOB/Healthcare Portfolio | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of properties comprised in MOB sale | 63 | ||||
Investment Portfolio | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of properties | 74 | ||||
Number of post acute care facilities | Facility | 1 | ||||
Number of acute care hospitals | Hospital | 1 | ||||
Number of seniors housing properties | 71 | ||||
Number of states | State | 27 | ||||
Investment Portfolio | Vacant Land Parcel | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of properties | 1 | ||||
UNITED STATES | MOB/Healthcare Portfolio | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of properties comprised in MOB sale | 53 | ||||
Number of post acute care facilities | Facility | 5 | ||||
Number of acute care hospitals | Hospital | 5 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)OperatingSegment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Other liabilities (including VIEs $242 and $219, respectively) | $ 8,255 | $ 9,001 | |
Interest expense and loan cost amortization | 24,300 | 54,300 | $ 75,000 |
Capitalized amount of interest | 0 | 30 | $ 60 |
Accumulated amortization of loan costs | $ 8,300 | $ 8,100 | |
Annualized return of investment | 6.00% | ||
Number of segment | OperatingSegment | 1 | ||
Building [Member] | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Real estate assets, estimated useful life | 39 years | ||
Improvements [Member] | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Real estate assets, estimated useful life | 15 years | ||
Provider Relief Funds | COVID19 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Grant Income Received From P R F H S S | $ 5,300 | ||
Medicare Accelerated and Advance Payment Program | COVID19 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Grant Income Received From P R F H S S | 400 | ||
Other liabilities (including VIEs $242 and $219, respectively) | $ 400 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Facility | Dec. 31, 2019USD ($)Facility | Dec. 31, 2018USD ($)Facility | |
Disaggregation Of Revenue [Line Items] | |||
Number of Units | Facility | 6,080 | 6,080 | 6,080 |
Resident fees and services | $ 280,854 | $ 288,344 | $ 276,623 |
Percentage of Revenues | 100.00% | 100.00% | 100.00% |
Independent Living | |||
Disaggregation Of Revenue [Line Items] | |||
Number of Units | Facility | 2,261 | 2,261 | 2,261 |
Resident fees and services | $ 72,600 | $ 74,300 | $ 71,700 |
Percentage of Revenues | 25.90% | 25.80% | 25.90% |
Assisted Living | |||
Disaggregation Of Revenue [Line Items] | |||
Number of Units | Facility | 2,966 | 2,966 | 2,966 |
Resident fees and services | $ 138,100 | $ 140,500 | $ 137,600 |
Percentage of Revenues | 49.20% | 48.70% | 49.70% |
Memory Care | |||
Disaggregation Of Revenue [Line Items] | |||
Number of Units | Facility | 853 | 853 | 853 |
Resident fees and services | $ 57,700 | $ 59,400 | $ 54,400 |
Percentage of Revenues | 20.50% | 20.60% | 19.70% |
Other Revenues | |||
Disaggregation Of Revenue [Line Items] | |||
Resident fees and services | $ 12,500 | $ 14,100 | $ 12,900 |
Percentage of Revenues | 4.40% | 4.90% | 4.70% |
Real Estate Assets, Net - Sched
Real Estate Assets, Net - Schedule of Real Estate Investment Properties Excluding Assets Held For Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||
Land and land improvements | $ 132,663 | $ 132,453 |
Building and building improvements | 1,501,107 | 1,498,297 |
Furniture, fixtures and equipment | 94,141 | 86,543 |
Less: accumulated depreciation | (335,051) | (284,638) |
Real estate investment properties, net | $ 1,392,860 | $ 1,432,655 |
Real Estate Assets, Net - Addit
Real Estate Assets, Net - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020USD ($) | Dec. 31, 2018PropertyFacility | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | Dec. 31, 2018Property | Dec. 31, 2018Facility | |
Real Estate Properties [Line Items] | |||||||
Number of properties committed for sale | Property | 70 | ||||||
Number of skilled nursing facilities | Facility | 7 | ||||||
Number of properties sold | Property | 63 | 7 | 61 | ||||
Deferred rent write off | $ 2,500,000 | ||||||
Impairment provision | 0 | $ 0 | $ 12,314,000 | ||||
Real Estate Investment Properties | |||||||
Real Estate Properties [Line Items] | |||||||
Depreciation catch up adjustment if the property was held and used | $ 1,500,000 | 1,500,000 | |||||
Depreciation expense | 51,400,000 | 49,400,000 | 51,600,000 | ||||
Perennial Communities Sale Agreement | |||||||
Real Estate Properties [Line Items] | |||||||
Number of skilled nursing facilities | 6 | 6 | |||||
Aggregate gains on sale of properties | $ 1,100,000 | ||||||
Number of properties sold | Property | 6 | ||||||
Welbrook Grand Junction | |||||||
Real Estate Properties [Line Items] | |||||||
Number of properties committed for sale | Property | 70 | ||||||
Number of skilled nursing facilities | Facility | 7 | ||||||
Welbrook Senior Living Grand Junction | |||||||
Real Estate Properties [Line Items] | |||||||
Aggregate gains on sale of properties | $ 0 | ||||||
Impairment provision | 7,900 | ||||||
Hurst Specialty Hospital | |||||||
Real Estate Properties [Line Items] | |||||||
Rent reserves for uncollected rents | $ 800,000 | ||||||
Impairment provision | $ 4,400 |
Intangibles, net - Schedule of
Intangibles, net - Schedule of Net Book Value of Intangibles Excluding Assets Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Less: accumulated depreciation | $ (3,118) | $ (82,055) |
Intangible assets, net | 826 | 1,220 |
In-place lease intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount, assets | $ 3,944 | $ 83,275 |
Intangibles, net - Additional I
Intangibles, net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 0.4 | $ 0.4 | $ 2.5 |
Weighted average useful life | 2 years 1 month 6 days |
Intangible Assets, net - Schedu
Intangible Assets, net - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2021 | $ 394 | |
2022 | 253 | |
2023 | 74 | |
2024 | 74 | |
2025 | 31 | |
Intangible assets, net | $ 826 | $ 1,220 |
Assets and Associated Liabili_3
Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018PropertyFacility | Dec. 31, 2020USD ($)Property | Dec. 31, 2019Property | Dec. 31, 2018Property | Dec. 31, 2018Facility | |
Long Lived Assets Held For Sale [Line Items] | |||||
Number of properties committed for sale | 70 | ||||
Number of skilled nursing facilities | Facility | 7 | ||||
Number of properties held for sale | 61 | ||||
Number of other properties | 9 | ||||
Number of properties sold | 63 | 7 | 61 | ||
Number of acute care properties | 1 | ||||
Gross sales price of properties | $ | $ 7,750 | ||||
Number of properties | 70 | 8 | |||
MOB/Healthcare Portfolio | |||||
Long Lived Assets Held For Sale [Line Items] | |||||
Number of properties comprised in MOB sale | 63 | ||||
MOB/Healthcare Portfolio | |||||
Long Lived Assets Held For Sale [Line Items] | |||||
Number of properties sold | 1 | 60 | |||
Number of properties owned, discontinued operations | 62 | ||||
Perennial Communities Sale Agreement | |||||
Long Lived Assets Held For Sale [Line Items] | |||||
Number of skilled nursing facilities | 6 | 6 | |||
Number of properties sold | 6 | ||||
Perennial Communities Sale Agreement | MOB/Healthcare Portfolio | |||||
Long Lived Assets Held For Sale [Line Items] | |||||
Number of post-acute care properties | 1 |
Assets and Associated Liabili_4
Assets and Associated Liabilities Held for Sale and Discontinued Operations - Schedule of Assets Classified as Held for Sale and Liabilities Associated with Those Assets Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long Lived Assets Held For Sale [Line Items] | ||
Other assets | $ 23,341 | $ 28,242 |
Assets held for sale, net | 7,421 | 88,804 |
Liabilities associated with assets held for sale | 10 | 691 |
Deferred rent and lease incentives | 13,582 | 17,144 |
MOB/Healthcare Portfolio | ||
Long Lived Assets Held For Sale [Line Items] | ||
Real estate held for sale, net | 5,922 | 28,307 |
Intangibles, net | 1,481 | 6,252 |
Other assets | 18 | 6 |
Assets held for sale, net | 7,421 | 36,004 |
Accounts payable and accrued liabilities | 8 | 4 |
Other liabilities | 2 | |
Liabilities associated with assets held for sale | 10 | 4 |
Deferred rent and lease incentives | 1,345 | |
Restricted cash | 94 | |
Other Disposal Group | ||
Long Lived Assets Held For Sale [Line Items] | ||
Real estate held for sale, net | 46,908 | |
Intangibles, net | 800 | |
Other assets | 68 | |
Assets held for sale, net | 52,800 | |
Accounts payable and accrued liabilities | 3 | |
Other liabilities | 684 | |
Liabilities associated with assets held for sale | 687 | |
Deferred rent and lease incentives | 4,952 | |
Restricted cash | 72 | |
Disposal Groups Held For Sale | ||
Long Lived Assets Held For Sale [Line Items] | ||
Real estate held for sale, net | 5,922 | 75,215 |
Intangibles, net | 1,481 | 7,052 |
Other assets | 18 | 74 |
Assets held for sale, net | 7,421 | 88,804 |
Accounts payable and accrued liabilities | 8 | 7 |
Other liabilities | 2 | 684 |
Liabilities associated with assets held for sale | $ 10 | 691 |
Deferred rent and lease incentives | 6,297 | |
Restricted cash | $ 166 |
Assets and Associated Liabili_5
Assets and Associated Liabilities Held for Sale and Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | |||
Depreciation and amortization | $ 31,418 | ||
MOB/Healthcare Portfolio | |||
Revenues: | |||
Rental income and related revenues | $ 1,266 | $ 46,073 | 112,241 |
Operating expenses: | |||
Property operating expenses | 7 | 11,333 | 29,174 |
General and administrative | 138 | 411 | 1,253 |
Financing coordination fees | 2,326 | ||
Depreciation and amortization | 31,418 | ||
Total operating expenses | 312 | 17,690 | 79,539 |
Gain on sale of real estate | 336,074 | ||
Operating income | 954 | 364,457 | 32,702 |
Other income (expense): | |||
Interest and other income (expense) | 56 | 109 | |
Interest expense and loan cost amortization | (14,618) | (32,178) | |
Total other income (expense) | (14,562) | (32,069) | |
Income before income taxes | 954 | 349,895 | 633 |
Income tax (expense) benefit | (165) | 7 | |
Income from discontinued operations | 954 | 349,730 | 640 |
MOB/Healthcare Portfolio | Asset Management Fees | |||
Operating expenses: | |||
Asset / Property management fees | 139 | 4,689 | 11,689 |
MOB/Healthcare Portfolio | Property Management Fees | |||
Operating expenses: | |||
Asset / Property management fees | $ 28 | $ 1,257 | $ 3,679 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)Property | Dec. 31, 2019Property | |
Operating Leased Assets [Line Items] | ||
Number of properties held for sale | 61 | |
Lessor, Operating Lease, Existence of Option to Extend [true false] | true | |
Lessor, operating lease, option to extend | subject to the tenants’ options to extend the lease terms by an additional five years | |
Triple Net Lease Agreements | ||
Operating Leased Assets [Line Items] | ||
Number of seniors housing properties | 15 | |
Number of properties held for sale | 1 | |
Total annualized property tax | $ | $ 3.2 | |
Weighted average remaining lease term | 4 years 6 months | |
Extended lease period | 5 years | |
Triple Net Lease Agreements | Maximum | ||
Operating Leased Assets [Line Items] | ||
Lease, expiration year | 2031 | |
Triple Net Lease Agreements | Minimum | ||
Operating Leased Assets [Line Items] | ||
Lease, expiration year | 2022 |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Minimum Lease Payments to be Received Under Non-Cancellable Operating Leases Excluding Properties Classified as Discontinued Operations (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 31,346 |
2022 | 23,804 |
2023 | 23,073 |
2024 | 23,445 |
2025 | 20,371 |
Thereafter | 25,168 |
Operating Leases Future Minimum Payments Receivable | $ 147,207 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)Subsidiary | Dec. 31, 2019Subsidiary | |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss VIEs limits | $ | $ 13.3 | |
Variable Interest Entity, Primary Beneficiary | Joint Ventures Real Estate Under Development Entities | ||
Variable Interest Entity [Line Items] | ||
Number of subsidiaries | 2 | 2 |
Variable Interest Entity, Primary Beneficiary | Real Estate Under Development Entities | ||
Variable Interest Entity [Line Items] | ||
Number of subsidiaries | 1 | 1 |
Variable Interest Entities - Ag
Variable Interest Entities - Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Real estate investment properties, net (including VIEs $43,890 and $45,329, respectively) | $ 1,392,860 | $ 1,432,655 |
Cash (including VIEs $505 and $1,024, respectively) | 61,475 | 42,350 |
Other assets (including VIEs $524 and $577, respectively) | 23,341 | 28,242 |
Restricted cash (including VIEs $102 and $76, respectively) | 4,536 | 6,021 |
Mortgages and other notes payable, net (including VIEs $29,158 and $29,148, respectively) | 336,685 | 375,928 |
Accounts payable and accrued liabilities (including VIEs $490 and $1,286, respectively) | 24,519 | 24,560 |
Other liabilities (including VIEs $242 and $219, respectively) | 8,255 | 9,001 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Real estate investment properties, net (including VIEs $43,890 and $45,329, respectively) | 43,890 | 45,329 |
Cash (including VIEs $505 and $1,024, respectively) | 505 | 1,024 |
Other assets (including VIEs $524 and $577, respectively) | 524 | 577 |
Restricted cash (including VIEs $102 and $76, respectively) | 102 | 76 |
Mortgages and other notes payable, net (including VIEs $29,158 and $29,148, respectively) | 29,158 | 29,148 |
Accounts payable and accrued liabilities (including VIEs $490 and $1,286, respectively) | 490 | 1,286 |
Other liabilities (including VIEs $242 and $219, respectively) | $ 242 | $ 219 |
Indebtedness - Details of Indeb
Indebtedness - Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Premium (discount), net | [1] | $ 101 | $ 142 |
Loan costs, net | (935) | (1,470) | |
Total mortgages and other notes payable, net | 336,685 | 375,928 | |
Credit facilities | 263,423 | 302,950 | |
Total indebtedness, net | 600,108 | 678,878 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facilities | [2],[3] | 40,000 | |
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Loan costs, net | (1,577) | (2,050) | |
Credit facilities | [2] | 265,000 | 265,000 |
Mortgages payable and other notes payable | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | [4] | 337,519 | 377,256 |
Fixed rate debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | $ 337,519 | 368,974 | |
Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | [2] | $ 8,282 | |
[1] | Premium is reflective of the Company recording mortgage note payables assumed at fair value on the respective acquisition dates. | ||
[2] | As of December 31, 2020 and 2019, the Company had entered into interest rate caps with notional amounts of approximately $225.0 million and $281.0 million, respectively. Refer to Note 11. “Derivative Financial Instruments” for additional information. | ||
[3] | As of December 31, 2020 and 2019, the Company had undrawn availability under the applicable revolving credit facility of approximately $150.2 million and $181.7 million, respectively, based on the value of the properties in the unencumbered pool of assets supporting the loan, which includes certain assets held for sale. | ||
[4] | As of December 31, 2020 and 2019, the Company’s mortgages and other notes payable are collateralized by 29 and 32 properties, respectively, with total carrying value of approximately $497.4 million and $567.8 million, respectively. |
Indebtedness - Details of Ind_2
Indebtedness - Details of Indebtedness, Excluding Indebtedness Associated with Assets Held for Sale (Parenthetical) (Detail) $ in Millions | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Current borrowing capacity | $ 150.2 | $ 181.7 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Number of collateralized properties owned | Property | 29 | 32 |
Mortgages and other notes payable carrying value of collateral | $ 497.4 | $ 567.8 |
Interest Rate Cap | ||
Debt Instrument [Line Items] | ||
Notional amounts of derivative contract | $ 225 | $ 281 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2021USD ($) | Apr. 30, 2020USD ($) | Nov. 30, 2019USD ($) | May 31, 2019USD ($)PropertyExtension | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Debt Instrument [Line Items] | |||||||||
Financing coordination fees | $ 100,000 | $ 5,600,000 | $ 2,300,000 | ||||||
Repayments of outstanding mortgage or construction loans | 95,400,000 | ||||||||
Unamortized loan costs written-off | 200,000 | ||||||||
Payment for exit fees | 400,000 | ||||||||
Draws under credit facilities | 40,000,000 | 95,000,000 | 102,000,000 | ||||||
Repayment of loan borrowed | 80,000,000 | 464,125,000 | $ 59,875,000 | ||||||
Liquidity | 211,700,000 | ||||||||
Cash and cash equivalents | $ 61,500,000 | ||||||||
Number of Debt Collateralized Properties | Property | 22 | ||||||||
Annual taxes and insurance premiums | $ 6,000,000 | ||||||||
Maximum allowable distributions as a percentage of adjusted FFO | 95.00% | ||||||||
Description of covenants | The Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage, (viii) maximum unsecured indebtedness ratio and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the credit facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 95% of adjusted FFO (as defined per the credit facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. | ||||||||
Scenario Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Scheduled payments in future period | $ 11,300,000 | ||||||||
Material maturity amount | $ 236,400,000 | ||||||||
Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Construction loans scheduled maturity year | 2019 | ||||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Construction loans scheduled maturity year | 2020 | ||||||||
Construction Loans | Watercrest At Katy | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, refinanced amount | $ 21,300,000 | ||||||||
Construction loans scheduled maturity | 2019-12 | ||||||||
Mortgages | |||||||||
Debt Instrument [Line Items] | |||||||||
Mortgage loans scheduled maturity | 2024-11 | ||||||||
Interest rate | 3.25% | ||||||||
Mortgages | Watercrest At Katy | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | [1] | 3.25% | |||||||
Mortgages | Primrose Two Communities | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | [1] | 3.81% | |||||||
Mortgages payable and other notes payable | $ 39,700 | ||||||||
Maturity date | 2020 | ||||||||
2014 Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of indebtedness | $ 229,100,000 | ||||||||
First Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of indebtedness | 175,000,000 | ||||||||
Second Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of indebtedness | 275,000,000 | ||||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate maximum principal amount available for borrowing | $ 250,000,000 | ||||||||
Line of credit facility, initial maturity | 2023-05 | ||||||||
Number of extension options available | Extension | 1 | ||||||||
Line of credit facility extension period | 12 months | ||||||||
Line of credit facility, initial term | 4 years | ||||||||
Draws under credit facilities | $ 40,000 | ||||||||
Repayment of loan borrowed | $ 80,000 | ||||||||
Debt Instrument, Current borrowing capacity | $ 150,200,000 | $ 181,700,000 | |||||||
Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate maximum principal amount available for borrowing | $ 265,000,000 | ||||||||
Line of credit facility, initial maturity | 2024-05 | ||||||||
Line of credit facility, initial term | 5 years | ||||||||
Credit facility, interest description | The Credit Facilities bear interest based on 30-day LIBOR plus a spread that varies with the Company’s leverage ratio | ||||||||
2019 Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional availability | $ 100,000,000 | ||||||||
Credit facility commitment amount | $ 515,000 | ||||||||
Welltower Inc | MOB Sale Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of properties comprised in MOB sale | Property | 55 | ||||||||
Advisor | 2014 Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Financing coordination fees | $ 5,200,000 | ||||||||
[1] | The 30-day was approximately 0.14% and 1.764%, respectively, as of December 31, 2020 and 2019. |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities of Indebtedness (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 11,315 |
2022 | 282,121 |
2023 | 23,417 |
2024 | 285,666 |
Total borrowings | $ 602,519 |
Indebtedness - Schedule of Inde
Indebtedness - Schedule of Indebtedness (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | ||
Debt Instrument [Line Items] | ||||
Carrying Value | $ 602,519,000 | |||
Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | 337,519,000 | $ 368,974,000 | ||
Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | [1] | 8,282,000 | ||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | 3.25% | |||
Carrying Value | 337,519,000 | 377,256,000 | ||
Mortgages | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | $ 337,519,000 | 368,974,000 | ||
Mortgages | Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | 8,282,000 | |||
Mortgages | Primrose Two Communities | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [2] | 3.81% | ||
Payment Terms | Monthly principal and interest payments based on a 30-year amortization schedule | |||
Maturity Date | [3] | Jun. 1, 2020 | ||
Mortgages payable and other notes payable | $ 39,700 | |||
Mortgages | Primrose Two Communities | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | 20,533,000 | |||
Mortgages | Pacific Northwest Communities | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [2] | 4.30% | ||
Payment Terms | Monthly principal and interest payments based on a 25-year amortization schedule | |||
Maturity Date | [3] | Jan. 5, 2022 | ||
Mortgages | Pacific Northwest Communities | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | $ 189,938,000 | 196,598,000 | ||
Mortgages | Capital Health | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | 4.25% | |||
Payment Terms | [4] | Monthly principal and interest payments based on a 25-year amortization schedule | ||
Maturity Date | [3],[4] | Jan. 5, 2022 | ||
Mortgages | Capital Health | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | [4] | $ 55,925,000 | 58,387,000 | |
Mortgages | Primrose I Communities | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [2],[5] | 4.11% | ||
Payment Terms | [5] | Monthly principal and interest payments based on a 30-year amortization schedule | ||
Maturity Date | [3],[5] | Sep. 1, 2022 | ||
Mortgages | Primrose I Communities | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | [5] | $ 46,317,000 | 47,557,000 | |
Mortgages | Watercrest at Mansfield | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [2],[6] | 4.68% | ||
Payment Terms | [6] | Monthly principal and interest payments based on a total payment of $143,330 | ||
Maturity Date | [3],[6] | Jun. 1, 2023 | ||
Mortgages | Watercrest at Mansfield | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | [6] | $ 24,065,000 | 24,625,000 | |
Mortgages | Watercrest At Katy | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [2] | 3.25% | ||
Payment Terms | Monthly interest only payments through November 2022; principal and interest payments thereafter based on a 25-year amortization schedule | |||
Maturity Date | [3] | Nov. 15, 2024 | ||
Mortgages | Watercrest At Katy | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | $ 21,274,000 | 21,274,000 | ||
Construction Loans | Fieldstone at Pear Orchard | Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | $ 8,282,000 | |||
30-day LIBOR | Construction Loans | Fieldstone at Pear Orchard | ||||
Debt Instrument [Line Items] | ||||
Interest accrues on loan in addition to LIBOR | 2.90% | |||
Payment Terms | Monthly interest only payments through September 2018; principal payments thereafter based on a 25-year amortization schedule | |||
Maturity Date | [3] | Oct. 15, 2020 | ||
[1] | As of December 31, 2020 and 2019, the Company had entered into interest rate caps with notional amounts of approximately $225.0 million and $281.0 million, respectively. Refer to Note 11. “Derivative Financial Instruments” for additional information. | |||
[2] | The 30-day was approximately 0.14% and 1.764%, respectively, as of December 31, 2020 and 2019. | |||
[3] | Represents the initial maturity date (or, as applicable, the maturity date as extended). | |||
[4] | Consists of a mortgage loan and a supplemental loan. The mortgage loan accrues interest at a fixed rate equal to 4.25% per annum. The supplemental loan accrues interest at a fixed rate equal to 4.3% per annum. | |||
[5] | If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 30, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between May 31, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval. | |||
[6] | The balance for this loan excludes a remaining premium of $0.1 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. |
Indebtedness - Schedule of In_2
Indebtedness - Schedule of Indebtedness (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | ||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | 3.25% | |||
Capital Health | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | 4.25% | |||
Capital Health | Mortgage, Supplemental Loan | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | 4.30% | |||
Primrose I Communities | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [1],[2] | 4.11% | ||
Primrose I Communities | Mortgages | Minimum [Member] | Period One | ||||
Debt Instrument [Line Items] | ||||
Percentage of prepayment penalty on principal repaid | 1.00% | |||
Watercrest at Mansfield | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest on Loan accrues - Fixed rate | [2],[3] | 4.68% | ||
Watercrest at Mansfield | Mortgages | Fixed rate debt | ||||
Debt Instrument [Line Items] | ||||
Remaining loan premium | $ 0.1 | |||
30-day LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest accrues on loan, LIBOR | 0.14% | 1.764% | ||
[1] | If prepaid prior to March 1, 2022, the Primrose I Communities Mortgage Loan is subject to a prepayment penalty in an amount equal to the greater of (i) 1% of the principal being repaid, or (ii) an amount calculated on the principal being repaid, multiplied by the difference between the Primrose I Communities Mortgage Loan interest rate, and a calculated yield rate tied to the rates on applicable U.S. Treasuries. If prepayment is made between March 1, 2022, and May 30, 2022, the prepayment penalty will be 1% of the outstanding principal balance of the Primrose I Communities Mortgage Loan. No prepayment fee is required if the Primrose I Communities Mortgage Loan is prepaid between May 31, 2022 and maturity. Partial prepayment of a loan is not permitted. The loan is transferable upon sale of the assets subject to lender approval. | |||
[2] | The 30-day was approximately 0.14% and 1.764%, respectively, as of December 31, 2020 and 2019. | |||
[3] | The balance for this loan excludes a remaining premium of $0.1 million related to the mortgage note payable assumed being recorded at fair value on the acquisition date. |
Indebtedness - Schedule of Fair
Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 602,519,000 | |
Mortgages and other notes payable, net | ||
Debt Instrument [Line Items] | ||
December 31, 2020 | 339,400 | $ 381,200 |
Carrying Value | 336,700 | 375,900 |
Credit facilities | ||
Debt Instrument [Line Items] | ||
December 31, 2020 | 265,000 | 305,000 |
Carrying Value | $ 263,400 | $ 303,000 |
Related Party Arrangements - Ad
Related Party Arrangements - Additional Information (Detail) - USD ($) shares in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Annualized return of investment | 6.00% | |||
Oversight fee as percentage of gross revenues from property managed | 1.00% | |||
Construction management fee as percentage of hard and soft costs | 5.00% | |||
Initial purchase price of property percentage | 10.00% | |||
Investment services fees | $ 0 | $ 0 | $ 100,000 | |
Cash distributions on restricted stock | $ 347,900,000 | 35,627,000 | 394,892,000 | 59,051,000 |
Expense Support Agreements | ||||
Related Party Transaction [Line Items] | ||||
Investment services fees | 60,000 | |||
Restricted stock fair value | 0 | |||
Restricted Stock | ||||
Related Party Transaction [Line Items] | ||||
Cash distributions on restricted stock | 273,000 | 3,027,000 | 630,000 | |
Restricted Stock | Expense Support Agreements | ||||
Related Party Transaction [Line Items] | ||||
Restricted stock fair value | $ 13,570,000 | |||
Restricted Stock shares | 1,332 | |||
Single Tenant Properties | ||||
Related Party Transaction [Line Items] | ||||
Property management fees as percentage of annual gross rental revenue | 2.00% | |||
Multi Tenant Properties | ||||
Related Party Transaction [Line Items] | ||||
Property management fees as percentage of annual gross rental revenue | 4.00% | |||
Advisor | ||||
Related Party Transaction [Line Items] | ||||
Investment service fee as percentage of purchase price of properties | 1.85% | |||
Monthly asset management fee as Percentage of real estate value | 0.08334% | |||
Financing coordination fee as percentage of gross amount of refinancing | 1.00% | |||
Property disposition fee payable as percentage equals to gross market capitalization upon listing on national securities exchange | 1.00% | |||
Property disposition fee payable as percentage of gross consideration paid upon liquidity event | 1.00% | |||
Property disposition fee payable as percentage equals to gross sales price upon sale or transfer of assets | 1.00% | |||
Property disposition fee payable as percentage equals to gross sales price | 6.00% | |||
Annualized return of investment | 6.00% | |||
Operating expenses reimbursement as percentage average invested assets | 2.00% | |||
Operating expenses reimbursement percentage of net income | 25.00% | |||
Annualized return of investment | 6.00% | |||
Property Manager | ||||
Related Party Transaction [Line Items] | ||||
Property management agreement expire stated date | Jun. 28, 2018 | |||
Property management fees | $ 1,000,000 | |||
CNL Capital Markets Corp | ||||
Related Party Transaction [Line Items] | ||||
Investment services fees | $ 900,000 | $ 900,000 | $ 900,000 |
Related Party Arrangements - Sc
Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | ||||
Investment services fees | $ 0 | $ 0 | $ 100 | |
Financing coordination fees | 100 | 5,600 | 2,300 | |
Total related amount unpaid | 1,780 | 2,275 | ||
Expense Support Agreements | ||||
Related Party Transaction [Line Items] | ||||
Operating expenses | 3,517 | 5,066 | 6,203 | |
Total reimbursable expenses | 3,517 | 5,066 | 6,203 | |
Investment services fees | 60 | |||
Disposition fee | [1] | 143 | 3,031 | 58 |
Financing coordination fees | [2] | 61 | 5,553 | 2,326 |
Property management fees | [3] | 2,323 | ||
Asset management fees | [4] | 18,190 | 23,281 | 30,385 |
Related Party Transaction Expenses From Transactions With Related Party | 21,911 | 36,931 | $ 41,355 | |
Operating expenses, unpaid | [5] | 275 | 698 | |
Total reimbursable expenses due | 275 | 698 | ||
Asset management fees, unpaid | [4] | 1,505 | 1,577 | |
Total related amount unpaid | $ 1,780 | $ 2,275 | ||
[1] | (3)For the year ended December 31, 2018, the Company incurred approximately $0.1 million in investment services fees of which approximately $0.1 million was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. There were no investment service fees incurred for the years ended December 31, 2020 and 2019. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations. | |||
[2] | (4)Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. | |||
[3] | (5)For the year ended December 31, 2019, the Company incurred approximately $5.6 million in financing coordination fees related to the refinancing of the loans associated with certain operating properties of which approximately $3.7 million were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying consolidated balance sheets. For the years ended December 31, 2020 and 2018, the Company incurred approximately $0.1 million and $2.3 million, respectively, in financing coordination fees related to the refinancing of the loans associated with certain operating properties, all of which were capitalized as loan costs and reduced mortgages and other notes payable, net in the accompanying consolidated balance sheets. | |||
[4] | (7)For the years ended December 31, 2020, 2019 and 2018, the Company incurred approximately $18.2 million, $23.3 million and $30.4 million, respectively, in asset management fees payable to the Advisor. No expense support was received for the years ended December 31, 2020, 2019 and 2018. There was approximately $11,000 in asset management fees that were capitalized and included in real estate under development in the accompanying consolidated balance sheets for the year ended December 31, 2018. There were no asset management fees capitalized for the years ended December 31, 2020 and 2019 | |||
[5] | Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. |
Related Party Arrangements - _2
Related Party Arrangements - Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Investment services fees | $ 0 | $ 0 | $ 100,000 |
Investment service fees capitalized | 100,000 | ||
Financing coordination fees | 100,000 | 5,600,000 | 2,300,000 |
Loan costs capitalized | 3,700,000 | ||
Property Manager | |||
Related Party Transaction [Line Items] | |||
Property Management Fees | 2,300,000 | ||
Capitalized Amount Of Construction Management Fees | 5,000 | ||
Asset management fees | 18,200,000 | 23,300,000 | 30,400,000 |
Capitalized Amount Of Asset Management Fees | $ 0 | $ 0 | $ 11,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Derivative Financial Instruments and Corresponding Asset (Liability) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Derivative Financial Instruments One | |||
Derivative [Line Items] | |||
Notional amount of derivative contract | [1] | $ 10,500 | |
Strike | [2] | 3.30% | |
Trade date | Feb. 28, 2019 | ||
Forward date | Mar. 1, 2019 | ||
Maturity date | Sep. 1, 2021 | ||
Derivative Financial Instruments Two | |||
Derivative [Line Items] | |||
Notional amount of derivative contract | [1] | $ 231,000 | |
Strike | [2] | 2.00% | |
Trade date | Dec. 12, 2019 | ||
Forward date | Dec. 20, 2019 | ||
Maturity date | Dec. 31, 2020 | ||
Fair value asset (liability) | $ 2 | ||
Derivative Financial Instruments Three | |||
Derivative [Line Items] | |||
Notional amount of derivative contract | [1] | $ 225,000 | |
Strike | [2] | 0.80% | |
Trade date | Aug. 12, 2020 | ||
Forward date | Dec. 31, 2020 | ||
Maturity date | Dec. 31, 2021 | ||
Fair value asset (liability) | $ 2 | ||
[1] | Amounts related to the interest rate caps held by the Company, or its equity method investment, which are recorded at fair value and included in other assets in the accompanying consolidated balance sheets. | ||
[2] | The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2015 | May 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||||
Subscriptions received for common stock through reinvestment plan | $ 1,700,000 | $ 22,013 | |||
Cash distribution declared | $ 35,627 | $ 394,892 | 81,064 | ||
Cash paid to stockholders | $ 347,900 | 35,627 | 394,892 | 59,051 | |
Redemptions of common stock | $ 0 | 0 | 4,400 | ||
Common stock approved for redemption value | $ 2,800 | ||||
Redemption of common stock, per share | $ 10.14 | ||||
Redemptions of common stock | $ 23 | $ 28,443 | |||
Suspended redemption request common stock, value | $ 16,400 | ||||
Watercrest Katy | |||||
Class Of Stock [Line Items] | |||||
Redeemable noncontrolling interest in joint venture | 5.00% |
Equity - Tax Composition of Com
Equity - Tax Composition of Company's Distributions Declared (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Uncategorized [Abstract] | |||
Ordinary income | 21.88% | 0.00% | 0.00% |
Capital gain | 0.62% | 42.85% | 0.00% |
Unrecaptured Sec. 1250 gain | 11.15% | 20.10% | 0.00% |
Return of capital | 66.35% | 37.05% | 100.00% |
Equity - Distributions of promo
Equity - Distributions of promoted interest to share holders (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | ||
Distributions to holders of promoted interest | $ 406 | $ (406) |
Dogwood Forest of Grayson | ||
Class Of Stock [Line Items] | ||
Distributions to holders of promoted interest | $ 406 | $ (406) |
Equity - Effect of Derivative F
Equity - Effect of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | $ (49) | $ 793 | $ 247 |
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | 1 | (1,213) | 2,162 |
Interest Rate Swap | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | (846) | 1,219 | |
Interest Rate Swap | Interest Expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | 921 | 2,457 | |
Interest Rate Cap | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | 11 | (134) | 690 |
Interest Rate Cap | Interest Expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | (44) | (361) | (1,957) |
Reclassification of Interest Rate Swaps Upon Derecognition | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | (509) | 253 | |
Reclassification of Interest Rate Swaps Upon Derecognition | Interest Expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | 509 | $ (253) | |
Reclassification of Interest Rate Caps upon Derecognition | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | 2 | 265 | |
Reclassification of Interest Rate Caps upon Derecognition | Interest Expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | (2) | (265) | |
Interest Rate Cap Held by Unconsolidated Joint Venture | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | (3) | (11) | |
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | $ (12) | $ 11 |
Components of Income Tax Expens
Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 51 | $ 51 | $ 113 |
State | (596) | (580) | (490) |
Total current expense | (545) | (529) | (377) |
Deferred: | |||
Federal | (552) | (1,562) | (3,333) |
State | (1) | (120) | 66 |
Total deferred expense | (553) | (1,682) | (3,267) |
Income tax expense | $ (1,098) | $ (2,211) | $ (3,644) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Carryforwards of net operating loss | $ 4,068 | $ 3,653 |
Minimum tax credit carryforward | 59 | |
Prepaid rent | 1,026 | 1,648 |
Valuation allowance | (1,464) | (1,096) |
Deferred tax assets, net | $ 3,630 | $ 4,264 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax (Expense) Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Tax (expense) benefit computed at federal statutory rate | $ (873) | $ (898) | $ 4,651 |
Impact of REIT election | 303 | (675) | (7,980) |
State income tax expense net of federal benefit | (160) | (488) | (412) |
Effect of change in valuation allowance | (368) | (150) | 97 |
Income tax expense | $ (1,098) | $ (2,211) | $ (3,644) |
Tax (expense) benefit computed at federal statutory rate | 21.00% | 21.00% | 21.00% |
Impact of REIT election | 7.28% | (15.78%) | (36.03%) |
State income tax expense net of federal benefit | (3.84%) | (11.41%) | (1.86%) |
Effect of change in valuation allowance | (8.86%) | (3.51%) | 0.44% |
Income tax expense | (26.42%) | (51.70%) | (16.45%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||
Net operating loss carryforwards for federal and state | $ 12.4 | $ 12.3 |
Tax year subject to examination | 2016 | |
Operating loss carry forwards indefinite carry forward | $ 0.4 | |
Domestic Tax Authority | ||
Income Taxes [Line Items] | ||
Net Operating loss carryforwards, beginning of expiration year | 2036 | |
State and Local Jurisdiction | ||
Income Taxes [Line Items] | ||
Net Operating loss carryforwards, beginning of expiration year | 2021 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) shares in Millions | 12 Months Ended |
Dec. 31, 2020Agreementshares | |
Commitments And Contingencies [Line Items] | |
Number of promoted interest agreements | 6 |
Number of promoted interest agreements met established performance metrics | 0 |
Advisor Expense Support Agreement | Restricted Stock | |
Commitments And Contingencies [Line Items] | |
Contingently issuable restricted stock shares | shares | 1.3 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Geographical Concentration | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Geographical Concentrations tha
Geographical Concentrations that Individually Accounted for 10% or More of Total Revenues Excluding Assets Classified as Held for Sale (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Geographical | Total Revenue | State of Texas | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | [1] | 21.00% | 20.50% | 20.40% |
[1] | Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||||
Gain loss on sale of properties | $ 1,074 | $ 432 | $ 1,049 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Net sales price of properties | $ 7,400 | |||
Gain loss on sale of properties | $ 0 |
Schedule II-Valuation and Qua_2
Schedule II-Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ (3,035) | $ (5,755) | $ (3,437) |
Charged to Costs and Expenses | (2,252) | (2,318) | |
Charged to Other Accounts | 799 | 2,720 | |
Balance at End of Year | (4,488) | (3,035) | (5,755) |
Valuation Allowance of Deferred Tax Assets | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (1,108) | (1,916) | (1,087) |
Charged to Costs and Expenses | (829) | ||
Charged to Other Accounts | (357) | 808 | |
Balance at End of Year | (1,465) | (1,108) | (1,916) |
Allowance for Doubtful Accounts | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (1,927) | (3,839) | (2,350) |
Charged to Costs and Expenses | (2,252) | (1,489) | |
Charged to Other Accounts | 1,156 | 1,912 | |
Balance at End of Year | $ (3,023) | $ (1,927) | $ (3,839) |
Schedule III-Real Estate And _2
Schedule III-Real Estate And Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 337,519 | |||||
Initial Costs, Land & Land Improvements | 122,073 | |||||
Initial Costs, Building and Building Improvements | 1,281,187 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 11,583 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 225,691 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 133,656 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 1,506,878 | ||||
Total | 1,640,534 | [1] | $ 1,712,827 | $ 2,713,680 | $ 2,721,805 | |
Accumulated Depreciation | (262,394) | $ (226,529) | $ (279,645) | $ (219,457) | ||
Primrose Retirement Community Casper, Wyoming | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | 10,707 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,910 | ||||
Initial Costs, Building and Building Improvements | [2] | 16,310 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 30 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 296 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,940 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 16,606 | ||||
Total | [1],[2] | 18,546 | ||||
Accumulated Depreciation | [2] | $ (3,910) | ||||
Date of construction | [2] | 2004 | ||||
Date Acquired | [2] | Feb. 16, 2012 | ||||
Primrose Retirement Community Of Grand Island | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 7,553 | ||||
Initial Costs, Land & Land Improvements | [2] | 719 | ||||
Initial Costs, Building and Building Improvements | [2] | 12,140 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 56 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 775 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 12,140 | ||||
Total | [1],[2] | 12,915 | ||||
Accumulated Depreciation | [2] | $ (2,972) | ||||
Date of construction | [2] | 2005 | ||||
Date Acquired | [2] | Feb. 16, 2012 | ||||
Primrose Retirement Community Mansfield, Ohio | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 10,276 | ||||
Initial Costs, Land & Land Improvements | [2] | 650 | ||||
Initial Costs, Building and Building Improvements | [2] | 16,720 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 229 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 71 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 879 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 16,791 | ||||
Total | [1],[2] | 17,670 | ||||
Accumulated Depreciation | [2] | $ (4,133) | ||||
Date of construction | [2] | 2007 | ||||
Date Acquired | [2] | Feb. 16, 2012 | ||||
Primrose Retirement Community Marion, Ohio | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 8,524 | ||||
Initial Costs, Land & Land Improvements | [2] | 889 | ||||
Initial Costs, Building and Building Improvements | [2] | 16,305 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 889 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 16,305 | ||||
Total | [1],[2] | 17,194 | ||||
Accumulated Depreciation | [2] | $ (3,929) | ||||
Date of construction | [2] | 2006 | ||||
Date Acquired | [2] | Feb. 16, 2012 | ||||
Sweetwater Retirement Community Billings, Montana | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 9,257 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,578 | ||||
Initial Costs, Building and Building Improvements | [2] | 14,205 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 19 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,597 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 14,205 | ||||
Total | [1],[2] | 15,802 | ||||
Accumulated Depreciation | [2] | $ (3,339) | ||||
Date of construction | [2] | 2006 | ||||
Date Acquired | [2] | Feb. 16, 2012 | ||||
HarborChase Community Lady Lake, Florida | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 2,165 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 996 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 15,452 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 3,161 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 15,452 | ||||
Total | [1],[2] | 18,613 | ||||
Accumulated Depreciation | [2] | $ (2,952) | ||||
Date of construction | [2] | 2013 | ||||
Date Acquired | [2] | Aug. 29, 2012 | ||||
Primrose Retirement Community Aberdeen, South Dakota | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 311 | ||||
Initial Costs, Building and Building Improvements | [2] | 3,794 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 311 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 3,794 | ||||
Total | [1],[2] | 4,105 | ||||
Accumulated Depreciation | [2] | $ (842) | ||||
Date of construction | [2] | 2005 | ||||
Date Acquired | [2] | Dec. 19, 2012 | ||||
Primrose Retirement Community Council Bluffs, Iowa | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 1,144 | ||||
Initial Costs, Building and Building Improvements | [2] | 11,117 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 5 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 3 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,149 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 11,120 | ||||
Total | [1],[2] | 12,269 | ||||
Accumulated Depreciation | [2] | $ (2,537) | ||||
Date of construction | [2] | 2008 | ||||
Date Acquired | [2] | Dec. 19, 2012 | ||||
Primrose Retirement Community Decatur, Illinois | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 513 | ||||
Initial Costs, Building and Building Improvements | [2] | 16,706 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 154 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 513 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 16,860 | ||||
Total | [1],[2] | 17,373 | ||||
Accumulated Depreciation | [2] | $ (3,678) | ||||
Date of construction | [2] | 2009 | ||||
Date Acquired | [2] | Dec. 19, 2012 | ||||
Primrose Retirement Community Lima, Ohio | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 944 | ||||
Initial Costs, Building and Building Improvements | [2] | 17,115 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 8 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 4 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 952 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 17,119 | ||||
Total | [1],[2] | 18,071 | ||||
Accumulated Depreciation | [2] | $ (3,728) | ||||
Date of construction | [2] | 2006 | ||||
Date Acquired | [2] | Dec. 19, 2012 | ||||
Primrose Retirement Community Zanesville, Ohio | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 1,184 | ||||
Initial Costs, Building and Building Improvements | [2] | 17,292 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 67 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,184 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 17,359 | ||||
Total | [1],[2] | 18,543 | ||||
Accumulated Depreciation | [2] | $ (3,787) | ||||
Date of construction | [2] | 2008 | ||||
Date Acquired | [2] | Dec. 19, 2012 | ||||
Capital Health of Symphony Manor Baltimore, Maryland | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 12,995 | ||||
Initial Costs, Land & Land Improvements | [2] | 2,319 | ||||
Initial Costs, Building and Building Improvements | [2] | 19,444 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 259 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 2,319 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 19,703 | ||||
Total | [1],[2] | 22,022 | ||||
Accumulated Depreciation | [2] | $ (4,202) | ||||
Date of construction | [2] | 2011 | ||||
Date Acquired | [2] | Dec. 21, 2012 | ||||
Curry House Assisted Living & Memory Care Cadillac, Michigan | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 6,498 | ||||
Initial Costs, Land & Land Improvements | [2] | 995 | ||||
Initial Costs, Building and Building Improvements | [2] | 11,072 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 15 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 2 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,010 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 11,074 | ||||
Total | [1],[2] | 12,084 | ||||
Accumulated Depreciation | [2] | $ (2,407) | ||||
Date of construction | [2] | 1966 | ||||
Date Acquired | [2] | Dec. 21, 2012 | ||||
Tranquillity at Fredericktowne, Maryland | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 19,150 | ||||
Initial Costs, Land & Land Improvements | [2] | 808 | ||||
Initial Costs, Building and Building Improvements | [2] | 14,291 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 6,110 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 808 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 20,401 | ||||
Total | [1],[2] | 21,209 | ||||
Accumulated Depreciation | [2] | $ (4,272) | ||||
Date of construction | [2] | 2000 | ||||
Date Acquired | [2] | Dec. 21, 2012 | ||||
Brookridge Heights Assisted Living and Memory Care Marquette, Michigan | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 11,464 | ||||
Initial Costs, Land & Land Improvements | [2] | 595 | ||||
Initial Costs, Building and Building Improvements | [2] | 11,339 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | (17) | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 4,766 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 578 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 16,105 | ||||
Total | [1],[2] | 16,683 | ||||
Accumulated Depreciation | [2] | $ (3,525) | ||||
Date of construction | [2] | 1998 | ||||
Date Acquired | [2] | Dec. 21, 2012 | ||||
Woodholme Gardens Assisted Living and Memory Care Pikesville, Maryland | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 5,819 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,603 | ||||
Initial Costs, Building and Building Improvements | [2] | 13,472 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 54 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 8 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,657 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 13,480 | ||||
Total | [1],[2] | 15,137 | ||||
Accumulated Depreciation | [2] | $ (2,931) | ||||
Date of construction | [2] | 2010 | ||||
Date Acquired | [2] | Dec. 21, 2012 | ||||
HarborChase of Jasper Jasper, Alabama | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 355 | ||||
Initial Costs, Building and Building Improvements | [2] | 6,358 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 7 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 56 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 362 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 6,414 | ||||
Total | [1],[2] | 6,776 | ||||
Accumulated Depreciation | [2] | $ (1,262) | ||||
Date of construction | [2] | 1998 | ||||
Date Acquired | [2] | Jul. 31, 2013 | ||||
Doctor's Specialty Hospital Leawood, Kansas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 924 | ||||
Initial Costs, Building and Building Improvements | [2] | 5,771 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 69 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 993 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 5,771 | ||||
Total | [1],[2] | 6,764 | ||||
Accumulated Depreciation | [2] | $ (842) | ||||
Date of construction | [2] | 2001 | ||||
Date Acquired | [2] | Aug. 16, 2013 | ||||
Raider Ranch Lubbock, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 4,992 | ||||
Initial Costs, Building and Building Improvements | [2] | 48,818 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 501 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 12,655 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 5,493 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 61,473 | ||||
Total | [1],[2] | 66,966 | ||||
Accumulated Depreciation | [2] | $ (11,232) | ||||
Date of construction | [2] | 2009 | ||||
Date Acquired | [2] | Aug. 29, 2013 | ||||
Town Village Oklahoma City, Oklahoma | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | [2] | $ 1,020 | ||||
Initial Costs, Building and Building Improvements | [2] | 19,847 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 88 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 1,616 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,108 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 21,463 | ||||
Total | [1],[2] | 22,571 | ||||
Accumulated Depreciation | [2] | $ (4,199) | ||||
Date of construction | [2] | 2004 | ||||
Date Acquired | [2] | Aug. 29, 2013 | ||||
Prestige Senior Living Beaverton Hills | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 8,178 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,387 | ||||
Initial Costs, Building and Building Improvements | [2] | 10,324 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 13 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,400 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 10,324 | ||||
Total | [1],[2] | 11,724 | ||||
Accumulated Depreciation | [2] | $ (1,970) | ||||
Date of construction | [2] | 2000 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
MorningStar of Billings | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 17,938 | ||||
Initial Costs, Land & Land Improvements | [2] | 4,067 | ||||
Initial Costs, Building and Building Improvements | [2] | 41,373 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 54 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 325 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 4,121 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 41,698 | ||||
Total | [1],[2] | 45,819 | ||||
Accumulated Depreciation | [2] | $ (8,354) | ||||
Date of construction | [2] | 2009 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living High Desert | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 7,164 | ||||
Initial Costs, Land & Land Improvements | [2] | 835 | ||||
Initial Costs, Building and Building Improvements | [2] | 11,252 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 17 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 53 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 852 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 11,305 | ||||
Total | [1],[2] | 12,157 | ||||
Accumulated Depreciation | [2] | $ (2,240) | ||||
Date of construction | [2] | 2003 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
MorningStar of Boise | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 19,224 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,663 | ||||
Initial Costs, Building and Building Improvements | [2] | 35,752 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 18 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 251 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,681 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 36,003 | ||||
Total | [1],[2] | 37,684 | ||||
Accumulated Depreciation | [2] | $ (6,812) | ||||
Date of construction | [2] | 2007 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Huntington Terrace | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 9,181 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,236 | ||||
Initial Costs, Building and Building Improvements | [2] | 12,083 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 2 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 64 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,238 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 12,147 | ||||
Total | [1],[2] | 13,385 | ||||
Accumulated Depreciation | [2] | $ (2,353) | ||||
Date of construction | [2] | 2000 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
MorningStar of Idaho Falls | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 15,995 | ||||
Initial Costs, Land & Land Improvements | [2] | 2,006 | ||||
Initial Costs, Building and Building Improvements | [2] | 40,397 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 64 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 346 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 2,070 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 40,743 | ||||
Total | [1],[2] | 42,813 | ||||
Accumulated Depreciation | [2] | $ (7,857) | ||||
Date of construction | [2] | 2009 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Arbor Place | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 7,553 | ||||
Initial Costs, Land & Land Improvements | [2] | 355 | ||||
Initial Costs, Building and Building Improvements | [2] | 14,083 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 11 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 46 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 366 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 14,129 | ||||
Total | [1],[2] | 14,495 | ||||
Accumulated Depreciation | [2] | $ (2,665) | ||||
Date of construction | [2] | 2003 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Orchard Hills | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 11,006 | ||||
Initial Costs, Land & Land Improvements | [2] | 545 | ||||
Initial Costs, Building and Building Improvements | [2] | 15,544 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 10 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 187 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 555 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 15,731 | ||||
Total | [1],[2] | 16,286 | ||||
Accumulated Depreciation | [2] | $ (2,945) | ||||
Date of construction | [2] | 2002 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Southern Hills | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 6,874 | ||||
Initial Costs, Land & Land Improvements | [2] | 653 | ||||
Initial Costs, Building and Building Improvements | [2] | 10,753 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 43 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 8 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 696 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 10,761 | ||||
Total | [1],[2] | 11,457 | ||||
Accumulated Depreciation | [2] | $ (2,069) | ||||
Date of construction | [2] | 2001 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
MorningStar of Sparks | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 21,282 | ||||
Initial Costs, Land & Land Improvements | [2] | 3,986 | ||||
Initial Costs, Building and Building Improvements | [2] | 47,968 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 16 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 86 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 4,002 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 48,054 | ||||
Total | [1],[2] | 52,056 | ||||
Accumulated Depreciation | [2] | $ (9,363) | ||||
Date of construction | [2] | 2009 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Five Rivers | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 7,047 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,298 | ||||
Initial Costs, Building and Building Improvements | [2] | 14,064 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 18 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 251 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,316 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 14,315 | ||||
Total | [1],[2] | 15,631 | ||||
Accumulated Depreciation | [2] | $ (2,866) | ||||
Date of construction | [2] | 2002 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Riverwood | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 4,163 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,028 | ||||
Initial Costs, Building and Building Improvements | [2] | 7,429 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 12 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 87 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,040 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 7,516 | ||||
Total | [1],[2] | 8,556 | ||||
Accumulated Depreciation | [2] | $ (1,489) | ||||
Date of construction | [2] | 1999 | ||||
Date Acquired | [2] | Dec. 2, 2013 | ||||
Prestige Senior Living Auburn Meadows | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 9,610 | ||||
Initial Costs, Land & Land Improvements | [2] | 2,537 | ||||
Initial Costs, Building and Building Improvements | [2] | 17,261 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 186 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 2,537 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 17,447 | ||||
Total | [1],[2] | 19,984 | ||||
Accumulated Depreciation | [2] | $ (3,306) | ||||
Date Acquired | [2] | Feb. 3, 2014 | ||||
Prestige Senior Living Auburn Meadows One | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Date of construction | 2001 | |||||
Prestige Senior Living Auburn Meadows One | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Date of construction | 2004 | |||||
Prestige Senior Living Auburn Meadows Two | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Date of construction | 2010 | |||||
Prestige Senior Living Auburn Meadows Two | Maximum | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Date of construction | 2012 | |||||
Prestige Senior Living Bridgewood | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [2] | $ 12,100 | ||||
Initial Costs, Land & Land Improvements | [2] | 1,603 | ||||
Initial Costs, Building and Building Improvements | [2] | 18,172 | ||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | [2] | 10 | ||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | [2] | 40 | ||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1],[2] | 1,613 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1],[2] | 18,212 | ||||
Total | [1],[2] | 19,825 | ||||
Accumulated Depreciation | [2] | $ (3,415) | ||||
Date of construction | [2] | 2001 | ||||
Date Acquired | [2] | Feb. 3, 2014 | ||||
Prestige Senior Living Monticello Park Longview Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 16,121 | |||||
Initial Costs, Land & Land Improvements | 1,981 | |||||
Initial Costs, Building and Building Improvements | 23,056 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 1 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 46 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,982 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 23,102 | ||||
Total | [1] | 25,084 | ||||
Accumulated Depreciation | $ (4,274) | |||||
Date Acquired | Feb. 3, 2014 | |||||
Prestige Senior Living Rosemont Yelm Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 8,482 | |||||
Initial Costs, Land & Land Improvements | 668 | |||||
Initial Costs, Building and Building Improvements | 14,564 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 70 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 668 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 14,634 | ||||
Total | [1] | 15,302 | ||||
Accumulated Depreciation | $ (2,674) | |||||
Date of construction | 2004 | |||||
Date Acquired | Feb. 3, 2014 | |||||
Wellmore Of Tega Cay Tega Cay Charlotte | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,445 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 2,743 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 23,451 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 5,188 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 23,451 | ||||
Total | [1] | 28,639 | ||||
Accumulated Depreciation | $ (4,313) | |||||
Date of construction | 2015 | |||||
Date Acquired | Feb. 7, 2014 | |||||
Isle At Cedar Ridge Austin | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,525 | |||||
Initial Costs, Building and Building Improvements | 16,277 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 199 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,525 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 16,476 | ||||
Total | [1] | 18,001 | ||||
Accumulated Depreciation | $ (3,161) | |||||
Date of construction | 2011 | |||||
Date Acquired | Feb. 28, 2014 | |||||
Prestige Senior Living West Hills Oregon | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 8,020 | |||||
Initial Costs, Land & Land Improvements | 842 | |||||
Initial Costs, Building and Building Improvements | 12,603 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 11 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 19 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 853 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 12,622 | ||||
Total | [1] | 13,475 | ||||
Accumulated Depreciation | $ (2,404) | |||||
Date of construction | 2002 | |||||
Date Acquired | Mar. 3, 2014 | |||||
Harbor Chase Of Plainfield Illinois | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,596 | |||||
Initial Costs, Building and Building Improvements | 21,832 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 9 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 29 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,605 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 21,861 | ||||
Total | [1] | 23,466 | ||||
Accumulated Depreciation | $ (3,996) | |||||
Date of construction | 2010 | |||||
Date Acquired | Mar. 28, 2014 | |||||
Legacy Ranch Alzheimer S Special Care Center Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 917 | |||||
Initial Costs, Building and Building Improvements | 9,982 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 10 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 917 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 9,992 | ||||
Total | [1] | 10,909 | ||||
Accumulated Depreciation | $ (1,863) | |||||
Date of construction | 2012 | |||||
Date Acquired | Mar. 28, 2014 | |||||
The Springs Alzheimer S Special Care Center Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 595 | |||||
Initial Costs, Building and Building Improvements | 9,658 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 9 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 187 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 604 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 9,845 | ||||
Total | [1] | 10,449 | ||||
Accumulated Depreciation | $ (1,808) | |||||
Date of construction | 2012 | |||||
Date Acquired | Mar. 28, 2014 | |||||
Isle At Watercrest Bryan Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 3,223 | |||||
Initial Costs, Building and Building Improvements | 40,581 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 36 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 987 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 3,259 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 41,568 | ||||
Total | [1] | 44,827 | ||||
Accumulated Depreciation | $ (7,803) | |||||
Date of construction | 2011 | |||||
Date Acquired | Apr. 21, 2014 | |||||
Watercrest At Katy Houstan | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 21,274 | |||||
Initial Costs, Land & Land Improvements | 4,000 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 123 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 32,375 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 4,123 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 32,375 | ||||
Total | [1] | 36,498 | ||||
Accumulated Depreciation | $ (3,838) | |||||
Date of construction | 2016 | |||||
Date Acquired | Jun. 27, 2014 | |||||
Watercrest At Mansfield Dollas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 24,064 | |||||
Initial Costs, Land & Land Improvements | 2,191 | |||||
Initial Costs, Building and Building Improvements | 42,740 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 16 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 954 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,207 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 43,694 | ||||
Total | [1] | 45,901 | ||||
Accumulated Depreciation | $ (7,581) | |||||
Date of construction | 2010 | |||||
Date Acquired | Jun. 30, 2014 | |||||
Fieldstone Memory Care Yakima | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,297 | |||||
Initial Costs, Building and Building Improvements | 9,965 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 6 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,297 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 9,971 | ||||
Total | [1] | 11,268 | ||||
Accumulated Depreciation | $ (1,626) | |||||
Date of construction | 2014 | |||||
Date Acquired | Mar. 31, 2015 | |||||
Harbor Chase Of Shorewood Milwaukee | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,200 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 301 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 19,862 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,501 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 19,862 | ||||
Total | [1] | 22,363 | ||||
Accumulated Depreciation | $ (2,689) | |||||
Date of construction | 2015 | |||||
Date Acquired | Jul. 8, 2014 | |||||
Hurst Specialty Hospital Dollas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,082 | |||||
Initial Costs, Building and Building Improvements | 20,186 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,082 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 20,186 | ||||
Total | [1] | 22,268 | ||||
Accumulated Depreciation | $ (4,019) | |||||
Date Acquired | Aug. 15, 2014 | |||||
Fairfield Village Of Layton Lake City | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 5,217 | |||||
Initial Costs, Building and Building Improvements | 54,167 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 66 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 55 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 5,283 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 54,222 | ||||
Total | [1] | 59,505 | ||||
Accumulated Depreciation | $ (9,382) | |||||
Date of construction | 2010 | |||||
Date Acquired | Nov. 20, 2014 | |||||
Isle At Watercrest Mansfield Dollas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 997 | |||||
Initial Costs, Building and Building Improvements | 24,635 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 51 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 997 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 24,686 | ||||
Total | [1] | 25,683 | ||||
Accumulated Depreciation | $ (4,369) | |||||
Date of construction | 2011 | |||||
Date Acquired | May 5, 2014 | |||||
Primrose Retirement Center Of Anderson Muncie | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,342 | |||||
Initial Costs, Building and Building Improvements | 19,083 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 33 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,342 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 19,116 | ||||
Total | [1] | 20,458 | ||||
Accumulated Depreciation | $ (3,013) | |||||
Date of construction | 2008 | |||||
Date Acquired | May 29, 2015 | |||||
Primrose Retirement Center Of Lancaster Columbus | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,840 | |||||
Initial Costs, Building and Building Improvements | 21,884 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,840 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 21,884 | ||||
Total | [1] | 24,724 | ||||
Accumulated Depreciation | $ (3,797) | |||||
Date of construction | 2007 | |||||
Date Acquired | May 29, 2015 | |||||
Primrose Retirement Center Of Wausau Green Bay | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,089 | |||||
Initial Costs, Building and Building Improvements | 18,653 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,089 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 18,653 | ||||
Total | [1] | 19,742 | ||||
Accumulated Depreciation | $ (2,824) | |||||
Date of construction | 2008 | |||||
Date Acquired | May 29, 2015 | |||||
Superior Residences Of Panama City Florida | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,099 | |||||
Initial Costs, Building and Building Improvements | 19,367 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 14 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 27 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,113 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 19,394 | ||||
Total | [1] | 21,507 | ||||
Accumulated Depreciation | $ (3,003) | |||||
Date of construction | 2015 | |||||
Date Acquired | Jul. 15, 2015 | |||||
The Hampton At Meadows Place Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 715 | |||||
Initial Costs, Building and Building Improvements | 24,281 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 320 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 715 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 24,601 | ||||
Total | [1] | 25,316 | ||||
Accumulated Depreciation | $ (3,475) | |||||
Date Acquired | Jul. 31, 2015 | |||||
The Pavilion At Great Hills Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,783 | |||||
Initial Costs, Building and Building Improvements | 29,318 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 43 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 240 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,826 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 29,558 | ||||
Total | [1] | 31,384 | ||||
Accumulated Depreciation | $ (4,222) | |||||
Date of construction | 2010 | |||||
Date Acquired | Jul. 31, 2015 | |||||
The Beacon At Gulf Breeze Florida | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 824 | |||||
Initial Costs, Building and Building Improvements | 24,106 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 84 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 192 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 908 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 24,298 | ||||
Total | [1] | 25,206 | ||||
Accumulated Depreciation | $ (3,582) | |||||
Date of construction | 2008 | |||||
Date Acquired | Jul. 31, 2015 | |||||
Parc At Piedmont Atlanta | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 3,529 | |||||
Initial Costs, Building and Building Improvements | 43,080 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 31 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 483 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 3,560 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 43,563 | ||||
Total | [1] | 47,123 | ||||
Accumulated Depreciation | $ (6,404) | |||||
Date Acquired | Jul. 31, 2015 | |||||
Parc At Duluth Atlanta | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 5,951 | |||||
Initial Costs, Building and Building Improvements | 42,458 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 67 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 2,020 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 6,018 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 44,478 | ||||
Total | [1] | 50,496 | ||||
Accumulated Depreciation | $ (6,215) | |||||
Date Acquired | Jul. 31, 2015 | |||||
Waterstone On Augusta South Carolina | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,253 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 2,116 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 20,833 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 4,369 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 20,833 | ||||
Total | [1] | 25,202 | ||||
Accumulated Depreciation | $ (2,520) | |||||
Date of construction | 2017 | |||||
Date Acquired | Aug. 31, 2015 | |||||
Wellmore Of Lexington Lexington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,300 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 3,168 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 43,085 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 5,468 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 43,085 | ||||
Total | [1] | 48,553 | ||||
Accumulated Depreciation | $ (4,602) | |||||
Date of construction | 2017 | |||||
Date Acquired | Sep. 14, 2015 | |||||
Palmilla Senior Living Albuquerque | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 4,701 | |||||
Initial Costs, Building and Building Improvements | 38,321 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 10 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 113 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 4,711 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 38,434 | ||||
Total | [1] | 43,145 | ||||
Accumulated Depreciation | $ (5,524) | |||||
Date of construction | 2013 | |||||
Date Acquired | Sep. 30, 2015 | |||||
Cedar Lake Assisted Living And Memory Care Chicago | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,412 | |||||
Initial Costs, Building and Building Improvements | 25,126 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 16 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 59 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,428 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 25,185 | ||||
Total | [1] | 27,613 | ||||
Accumulated Depreciation | $ (3,611) | |||||
Date of construction | 2014 | |||||
Date Acquired | Sep. 30, 2015 | |||||
Fieldstone At Pear Orchard Yakima Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,035 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 102 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 13,499 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,137 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 13,499 | ||||
Total | [1] | 14,636 | ||||
Accumulated Depreciation | $ (1,440) | |||||
Date of construction | 2016 | |||||
Date Acquired | Oct. 12, 2015 | |||||
The Shores Of Lake Phalen St Paul | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 2,724 | |||||
Initial Costs, Building and Building Improvements | 25,093 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 10 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 94 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 2,734 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 25,187 | ||||
Total | [1] | 27,921 | ||||
Accumulated Depreciation | $ (3,532) | |||||
Date of construction | 2012 | |||||
Date Acquired | Nov. 10, 2015 | |||||
Dogwood Forrest Of Grayson Georgia | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,788 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 109 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 22,068 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,897 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 22,068 | ||||
Total | [1] | 23,965 | ||||
Accumulated Depreciation | $ (2,040) | |||||
Date of construction | 2017 | |||||
Date Acquired | Nov. 24, 2015 | |||||
Park Place Senior Living At Wing Haven St Louis | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,283 | |||||
Initial Costs, Building and Building Improvements | 48,221 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 134 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 847 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,417 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 49,068 | ||||
Total | [1] | 50,485 | ||||
Accumulated Depreciation | $ (6,533) | |||||
Date Acquired | Dec. 17, 2015 | |||||
Hearthside Senior Living Of Collierville Memphis | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,756 | |||||
Initial Costs, Building and Building Improvements | 13,379 | |||||
Costs Capitalized Subsequent to Acquisition, Land & Improvements | 16 | |||||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 28 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,772 | ||||
Gross Amounts at which Carried at Close of period, Building & Building Improvements | [1] | 13,407 | ||||
Total | [1] | 15,179 | ||||
Accumulated Depreciation | $ (1,874) | |||||
Date of construction | 2014 | |||||
Date Acquired | Dec. 29, 2015 | |||||
Albuquerque, New Mexico – Unimproved Land, Albuquerque, New Mexico | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Land & Land Improvements | $ 1,056 | |||||
Gross Amounts at which Carried at Close of period, Land & Land Improvements | [1] | 1,056 | ||||
Total | [1] | $ 1,056 | ||||
Date Acquired | Sep. 7, 2017 | |||||
[1] | The aggregate cost for federal income tax purposes is approximately $1.8 billion. | |||||
[2] | Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases. |
Schedule III-Real Estate And _3
Schedule III-Real Estate And Accumulated Depreciation Transactions in Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |||||
Total | $ 1,640,534 | [1] | $ 1,712,827 | $ 2,713,680 | $ 2,721,805 |
2018 Improvements | 3,020 | 4,039 | 9,052 | ||
2018 Dispositions | (75,313) | (5,359) | |||
2018 Impairments | (1,004,892) | (11,818) | |||
Balance December 31, 2017 | (226,529) | (279,645) | (219,457) | ||
2018 Depreciation | (42,430) | (41,737) | (60,821) | ||
2018 Accumulated depreciation on dispositions | 6,565 | 94,853 | 633 | ||
Balance December 31, 2018 | $ (262,394) | $ (226,529) | $ (279,645) | ||
[1] | The aggregate cost for federal income tax purposes is approximately $1.8 billion. |
Schedule III-Real Estate And _4
Schedule III-Real Estate And Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost for federal income tax purpose | $ 1.8 |
Building [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Buildings and improvements useful life | 39 years |
Building Improvements | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Buildings and improvements useful life | 15 years |
Schedule IV-Mortgage Loans On_2
Schedule IV-Mortgage Loans On Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Loans On Real Estate [Abstract] | |||
Balance at beginning of year | $ 482 | $ 1,688 | $ 1,179 |
New mortgage loans and additional advances | 531 | 432 | |
Accrued and deferred interest | 6 | 9 | 77 |
Collection of principal | (40) | (1,746) | |
Balance at end of year | $ 448 | $ 482 | $ 1,688 |