Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 09, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CTRE | ||
Entity Registrant Name | CareTrust REIT, Inc. | ||
Entity Central Index Key | 1590717 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 31,565,227 | ||
Entity Public Float | $416.50 |
Consolidated_and_Combined_Bala
Consolidated and Combined Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Real estate investments, net | $436,215 | $425,003 |
Other real estate investments | 7,532 | |
Cash and cash equivalents | 25,320 | 895 |
Accounts receivable (related party receivables of $2,275 at December 31, 2014 - Note 6) | 2,291 | 20 |
Prepaid expenses and other assets | 809 | 888 |
Deferred tax assets | 859 | |
Deferred financing costs, net | 10,405 | 2,801 |
Total assets | 482,572 | 430,466 |
Liabilities and Equity: | ||
Senior unsecured notes payable | 260,000 | |
Senior secured revolving credit facility | 78,701 | |
Mortgage notes payable | 98,205 | 114,982 |
Senior secured term loan | 65,624 | |
Interest rate swap | 1,828 | |
Accounts payable and accrued liabilities | 10,905 | 5,783 |
Deferred tax liabilities | 859 | |
Total liabilities | 369,110 | 267,777 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2014 | ||
Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 | 313 | |
Additional paid-in capital | 246,041 | |
Cumulative distributions in excess of earnings | -132,892 | |
Invested equity | 164,517 | |
Accumulated other comprehensive loss | -1,828 | |
Total equity | 113,462 | 162,689 |
Total liabilities and equity | $482,572 | $430,466 |
Consolidated_and_Combined_Bala1
Consolidated and Combined Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | |
Statement of Financial Position [Abstract] | |
Related party receivables | $2,275 |
Preferred stock, Par Value | $0.01 |
Preferred stock, Shares Authorized | 100,000,000 |
Preferred stock, Shares Issued | 0 |
Preferred stock, Shares Outstanding | 0 |
Common Stock, Par Value | $0.01 |
Common Stock, Shares authorized | 500,000,000 |
Common Stock, Shares Issued | 31,251,157 |
Common Stock, Shares Outstanding | 31,251,157 |
Consolidated_and_Combined_Stat
Consolidated and Combined Statements of Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Rental income (related party rental income of $32,667 for the year ended December 31, 2014 - Note 6) | $51,367 | $41,242 | $35,048 | ||||||||
Tenant reimbursement (related party tenant reimbursements of $2,842 for the year ended December 31, 2014 - Note 6) | 4,956 | 5,168 | 4,470 | ||||||||
Independent living facilities | 2,519 | 2,386 | 2,545 | ||||||||
Interest and other income | 55 | ||||||||||
Total revenues | 16,077 | 15,884 | 14,065 | 12,871 | 12,850 | 12,558 | 12,052 | 11,336 | 58,897 | 48,796 | 42,063 |
Expenses: | |||||||||||
Depreciation and amortization | 23,000 | 23,418 | 21,103 | ||||||||
Interest expense | 21,622 | 12,647 | 12,207 | ||||||||
Loss on extinguishment of debt | 4,100 | 4,067 | |||||||||
Property taxes | 4,956 | 5,168 | 4,470 | ||||||||
Acquisition costs | 47 | 255 | 189 | ||||||||
Independent living facilities | 2,243 | 2,138 | 2,074 | ||||||||
General and administrative | 11,105 | 5,442 | 1,788 | ||||||||
Total expenses | 67,040 | 49,068 | 41,831 | ||||||||
(Loss) income before provision for income taxes | 630 | 1,967 | -10,325 | -362 | -1,212 | -210 | 560 | 590 | -8,143 | -272 | 232 |
Provision for income taxes | 17 | 36 | -24 | 63 | 62 | 22 | 123 | 122 | |||
Net (loss) income | $630 | $1,967 | ($10,342) | ($398) | ($1,188) | ($273) | $498 | $568 | ($8,143) | ($395) | $110 |
Earnings (loss) per common share: | |||||||||||
Basic | $0.03 | $0.09 | ($0.47) | ($0.02) | ($0.05) | ($0.01) | $0.02 | $0.03 | ($0.36) | ($0.02) | $0 |
Diluted | $0.03 | $0.09 | ($0.47) | ($0.02) | ($0.05) | ($0.01) | $0.02 | $0.03 | ($0.36) | ($0.02) | $0 |
Weighted-average number of common shares: | |||||||||||
Basic | 24,419 | 22,255 | 22,231 | 22,228 | 22,228 | 22,228 | 22,228 | 22,228 | 22,788 | 22,228 | 22,228 |
Diluted | 24,586 | 22,436 | 22,231 | 22,228 | 22,228 | 22,228 | 22,436 | 22,436 | 22,788 | 22,228 | 22,436 |
Consolidated_and_Combined_Stat1
Consolidated and Combined Statements of Income (Loss) (Parenthetical) (USD $) | 5 Months Ended | 7 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 | Dec. 31, 2014 | Dec. 31, 2014 |
Income Statement [Abstract] | |||
Related party rental income | $18,600 | $32,700 | $32,667 |
Related party tenant reimbursements | $2,100 | $2,800 | $2,842 |
Consolidated_and_Combined_Stat2
Consolidated and Combined Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net (loss) income | $630 | $1,967 | ($10,342) | ($398) | ($1,188) | ($273) | $498 | $568 | ($8,143) | ($395) | $110 |
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on interest rate swap | 167 | 1,038 | -723 | ||||||||
Reclassification adjustment on interest rate swap | 1,661 | ||||||||||
Comprehensive (loss) income | ($6,315) | $643 | ($613) |
Consolidated_and_Combined_Stat3
Consolidated and Combined Statements of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions in Excess of Earnings [Member] | Invested Equity [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2011 | $179,609 | $181,752 | ($2,143) | |||
Unrealized gain (loss) on interest rate swap | -723 | -723 | ||||
Net capital contribution from Ensign | 5,552 | 5,552 | ||||
Net income (loss) | 110 | 110 | ||||
Ending balance at Dec. 31, 2012 | 184,548 | 187,414 | -2,866 | |||
Unrealized gain (loss) on interest rate swap | 1,038 | 1,038 | ||||
Net capital distribution to Ensign | -22,502 | -22,502 | ||||
Issuance of common stock | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock, shares | 1,000 | |||||
Net income (loss) | -395 | -395 | ||||
Ending balance at Dec. 31, 2013 | 162,689 | 164,517 | -1,828 | |||
Ending balance, shares at Dec. 31, 2013 | 1,000 | |||||
Unrealized gain (loss) on interest rate swap | 167 | 167 | ||||
Net capital contribution from Ensign | 4,356 | 4,356 | ||||
Reclassification adjustment on interest rate swap | 1,661 | 1,661 | ||||
Net capital distribution to Ensign | -10,475 | -10,475 | ||||
Reclassification of invested equity to common stock and additional paid-in capital in conjunction with the Spin-Off (Note 1) | 222 | 146,980 | -147,202 | |||
Reclassification of invested equity to common stock and additional paid in capital in conjunction with the Spin-Off, shares | 22,227,358 | |||||
Vesting of restricted common stock | 1 | -1 | ||||
Vesting of restricted common stock, shares | 48,550 | |||||
Amortization of stock-based compensation | 154 | 154 | ||||
Special dividend at $5.88 per share | -33,001 | 90 | 98,908 | -131,999 | ||
Special dividend, shares | 8,974,249,000 | |||||
Common dividend at $0.125 per share | -3,946 | -3,946 | ||||
Net income (loss) | -8,143 | 3,053 | -11,196 | |||
Ending balance at Dec. 31, 2014 | $113,462 | $313 | $246,041 | ($132,892) | ||
Ending balance, shares at Dec. 31, 2014 | 31,251,157 |
Consolidated_and_Combined_Stat4
Consolidated and Combined Statements of Equity (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Special dividend per share | $5.88 |
Common dividend per share | $0.13 |
Consolidated_and_Combined_Stat5
Consolidated and Combined Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net (loss) income | ($8,143) | ($395) | $110 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 23,000 | 23,418 | 21,103 |
Amortization of deferred financing costs and debt discount | 1,603 | 821 | 826 |
Amortization of stock-based compensation | 154 | ||
Non-cash interest income adjustments | -32 | ||
Loss on extinguishment of debt | 1,998 | ||
Loss on settlement of interest rate swap | 1,661 | ||
Loss on disposition of equipment, furniture and fixtures | 206 | 127 | |
Change in operating assets and liabilities: | |||
Accounts receivable | 4 | 5 | -4 |
Accounts receivable due from related party | -2,275 | ||
Prepaid expenses and other assets | 445 | 266 | 2,911 |
Interest rate swap | -1,661 | ||
Accounts payable and accrued liabilities | 5,152 | 2,311 | -937 |
Net cash provided by operating activities | 21,906 | 26,632 | 24,136 |
Cash flows from investing activities: | |||
Acquisition of real estate | -25,742 | -35,656 | -29,997 |
Improvements to real estate | -579 | ||
Purchases of equipment, furniture and fixtures | -19,275 | -19,931 | -19,757 |
Preferred equity investment | -7,500 | ||
Escrow deposit for acquisition of real estate | -500 | ||
Cash proceeds from the sale of equipment, furniture and fixtures | 854 | 249 | |
Net cash used in investing activities | -53,596 | -54,733 | -49,505 |
Cash flows from financing activities: | |||
Proceeds from the issuance of senior unsecured notes payable | 260,000 | ||
Borrowings under senior secured revolving credit facility | 10,000 | 58,700 | 15,000 |
Proceeds from the issuance of mortgage notes payable | 50,676 | 21,525 | |
Repayments of borrowings under senior secured revolving credit facility | -88,701 | -10,000 | |
Payments on the mortgage notes payable | -68,155 | -3,457 | -3,075 |
Payments on the senior secured term loan | -65,624 | -3,750 | -3,750 |
Payments of deferred financing costs | -13,436 | -730 | -244 |
Net capital contribution from (distribution to) Ensign (Note 6) | 4,356 | -22,502 | 5,552 |
Dividends paid on common stock | -33,001 | ||
Net cash provided by financing activities | 56,115 | 28,261 | 25,008 |
Net increase (decrease) in cash and cash equivalents | 24,425 | 160 | -361 |
Cash and cash equivalents beginning of period | 895 | 735 | 1,096 |
Cash and cash equivalents end of period | 25,320 | 895 | 735 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 17,243 | 12,657 | 12,275 |
Income taxes paid | 104 | 100 | 111 |
Supplemental schedule of noncash operating, investing and financing activities: | |||
Operating assets and liabilities that were not transferred to CareTrust | 1,042 | ||
Holdback of purchase price to acquire real estate | 300 | ||
Equipment, furniture and fixtures that were not transferred to CareTrust | -11,684 | ||
Net capital distribution to Ensign | 10,475 | ||
Distributions payable | 3,946 | ||
Distributions paid to common stockholders through common stock issuances | $98,998 |
Organization
Organization | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Organization | 1 | ORGANIZATION | |||
Separation from Ensign — Prior to June 1, 2014, CareTrust REIT, Inc. (“CareTrust” or the “Company”) was a wholly owned subsidiary of The Ensign Group, Inc. (“Ensign”). On June 1, 2014, Ensign completed the separation of its healthcare business and its real estate business into two separate and independent publicly traded companies through the distribution of all of the outstanding shares of common stock of CareTrust to Ensign stockholders on a pro rata basis (the “Spin-Off”). Ensign stockholders received one share of CareTrust common stock for each share of Ensign common stock held at the close of business on May 22, 2014, the record date for the Spin-Off. The Spin-Off was effective from and after June 1, 2014, with shares of CareTrust common stock distributed by Ensign on June 2, 2014. The Company was formed on October 29, 2013 and had minimal activity prior to the Spin-Off. | |||||
Prior to the Spin-Off, the Company and Ensign entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”), setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of the Company and Ensign. The Company and Ensign or their respective subsidiaries, as applicable, also entered into a number of other agreements to govern the relationship between Ensign and the Company after the Spin-Off, including eight long-term leases (the “Ensign Master Leases”), under which Ensign leases 94 healthcare facilities on a triple-net basis. | |||||
The Company and Ensign also entered into an Opportunities Agreement, which grants the Company the right to match any offer from a third party to finance the acquisition or development of any healthcare or senior living facility by Ensign or any of its affiliates for a period of one year following the Spin-Off. In addition, this agreement grants Ensign, subject to certain exceptions, the right to either purchase and operate, or lease and operate, the facilities included in any portfolio of five or fewer healthcare or senior living facilities presented to the Company during the first year following the Spin-Off; provided that the portfolio is not subject to an existing lease with an operator or manager that has a remaining term of more than one year, and is not presented to the Company by or on behalf of another operator seeking lease or other financing. If Ensign elects to lease and operate such a property or portfolio, the lease would be on substantially the same terms as the Ensign Master Leases. | |||||
In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 505-60, Equity — Spinoffs and Reverse Spinoffs, the accounting for the separation of the Company follows its legal form, with Ensign as the legal and accounting spinnor and the Company as the legal and accounting spinnee, due to the relative significance of Ensign’s healthcare business, the relative fair values of the respective companies, the retention of all senior management (except Mr. Gregory K. Stapley) by Ensign, and other relevant indicators. The assets and liabilities contributed to the Company from Ensign, or incurred in connection with the Spin-Off in the case of certain debt, were as follows (dollars in thousands): | |||||
Real estate investments, net | $ | 421,846 | |||
Cash | 78,731 | ||||
Accounts receivable and prepaid assets and other current assets | 1,900 | ||||
Deferred financing costs, net | 11,088 | ||||
Debt | (359,512 | ) | |||
Other liabilities | (6,838 | ) | |||
Net contribution | $ | 147,215 | |||
Description of Business — The Company’s primary business consists of acquiring, financing and owning real property to be leased to third-party tenants in the healthcare sector. As of December 31, 2014, the 102 skilled nursing, assisted living and independent living facilities owned by the Company and leased to independent operators including Ensign had a total of 10,292 operational beds/units located in Arizona, California, Colorado, Idaho, Iowa, Minnesota, Nebraska, Nevada, Texas, Utah, Virginia and Washington. The three independent living facilities owned and operated by the Company had a total of 264 units located in Texas and Utah. As of December 31, 2014, the Company also had one other real estate investment, consisting of a $7.5 million preferred equity investment. | |||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation — The accompanying consolidated and combined financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of (i) the skilled nursing, assisted living and independent living facilities that Ensign contributed to the Company immediately prior to the Spin-Off, (ii) the operations of the three independent living facilities that the Company operated immediately following the Spin-Off, and (iii) the new investments that the Company has made after the Spin-Off. The Company’s financial statements, prior to the Spin-Off, have been prepared on a “carve-out” basis from Ensign’s consolidated financial statements using the historical results of operations, cash flows, assets and liabilities attributable to such skilled nursing, assisted living and independent living facilities (the “Ensign Properties”). | |||
The combined balance sheet of the Company at December 31, 2013 includes Ensign assets and liabilities that are specifically identifiable or otherwise attributable to the Company. The combined statements of income, prior to the Spin-Off, reflect allocations of general corporate expenses from Ensign including, but not limited to, executive management, finance, legal, information technology, human resources, employee benefits administration, treasury, risk management, procurement, and other shared services. See further discussion in Note 6, Related Party Transactions. | |||
Management believes that the assumptions and estimates used in preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Company’s financial position, results of operations or cash flows would have been if the Company had been a stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of the Company’s future results of operations, financial position or cash flows. | |||
The accompanying consolidated and combined financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect the financial position, results of operations and cash flows of the Company. All intercompany transactions and account balances within the Company have been eliminated. | |||
Invested Capital — Invested capital in the consolidated and combined balance sheets represents Ensign’s historical investment in the Company, the net effect of cost allocations from transactions with Ensign, net transfers of cash and assets to Ensign and the Company’s accumulated earnings. See further discussion of transactions with Ensign in Note 6, Related Party Transactions. | |||
Estimates and Assumptions — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. | |||
Real Estate Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments 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. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: | |||
Buildings | 25-40 years | ||
Building improvements | 10-25 years | ||
Tenant improvements | Shorter of lease term or expected useful life | ||
Integral equipment, furniture and fixtures | 5 years | ||
Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations, the Company records the acquisition of income-producing real estate as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions that are business combinations, acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date. For transactions that are an asset acquisition, acquisition costs are capitalized as incurred. | |||
The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. | |||
Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income. | |||
Impairment of Long-Lived Assets — Management periodically evaluates the Company’s real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. Management also assesses the carrying value of the Company’s real estate investments whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. All impairments are taken as a period cost at that time and depreciation is adjusted going forward to reflect the new value assigned to the asset. | |||
If the Company decides to sell real estate properties, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. | |||
In the event of impairment, the fair value of the real estate investment is determined by market research, which includes valuing the property in its current use as well as other alternative uses, and involves significant judgment. The Company’s estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results. | |||
Other Real Estate Investments — Preferred equity investments with characteristics of debt instruments are accounted for as acquisition, development and construction loans held for investment, stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses and accrued interest, net of reserves. The Company recognizes interest income on a quarterly basis based on the outstanding investment including any accrued and unpaid interest. | |||
The Company periodically evaluates each of its investments for indicators of impairment. An investment is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. A reserve is established for the excess of the carrying value of the investment over its fair value, or, as a practical expedient, the value of the collateral if the loan is collateral dependent. | |||
Cash and Cash Equivalents — Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and short-term investments with high credit quality financial institutions. | |||
The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. | |||
Deferred Financing Costs — External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. Amortization of deferred financing costs is classified as interest expense in our consolidated and combined statements of income (loss). Accumulated amortization of deferred financing costs was $2.2 million and $2.4 million at December 31, 2014 and December 31, 2013, respectively. | |||
When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within income from continuing operations in our consolidated and combined statements of income (loss). | |||
Revenue Recognition — The Company recognizes rental revenue, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight-line basis over the non-cancellable term of the related leases when collectability is reasonably assured. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For the years ended December 31, 2014, 2013 and 2012, such tenant reimbursement revenues consist of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. | |||
The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, the operations, the asset type and current economic conditions. If our evaluation of these factors indicates we may not recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. This analysis requires us to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. We did not reserve any receivables as of December 31, 2014 and 2013. | |||
Income Taxes — The Company’s operations have historically been included in Ensign’s U.S. federal and state income tax returns and all income taxes have been paid by Ensign. Income tax expense and other income tax related information contained in these consolidated and combined financial statements are presented on a separate tax return basis as if the Company filed its own tax returns. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the consolidated financial statements herein may not necessarily reflect the Company’s income tax expense or tax payments in the future, or what its tax amounts would have been if the Company had been a stand-alone company during the periods presented. | |||
The Company expects to elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and intends to operate as such beginning with its taxable year ended December 31, 2014. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (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). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to 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 Internal Revenue Service grants the Company relief under certain statutory provisions. | |||
In connection with the Company’s intention to qualify as a real estate investment trust in 2014, on October 17, 2014, the Company’s board of directors declared a special dividend (the “Special Dividend”) of $132.0 million, or approximately $5.88 per common share, which represents the amount of accumulated earnings and profits, or “E&P,” allocated to the Company as a result of the Spin-Off. The Special Dividend was intended to purge the Company of accumulated E&P attributable to the period prior to the Company’s first taxable year as a REIT. The Special Dividend was paid on December 10, 2014, to stockholders of record as of October 31, 2014, in a combination of both cash and stock. The cash portion totaled $33.0 million and the stock portion totaled $99.0 million. The Company issued 8,974,249 shares of common stock in connection with the stock portion of the Special Dividend. | |||
Derivatives and Hedging Activities — The Company evaluates variable and fixed interest rate risk exposure on a routine basis and to the extent the Company believes that it is appropriate, it will offset most of its variable rate risk exposure by entering into interest rate swap agreements. It is the Company’s policy to only utilize derivative instruments for hedging purposes (i.e., not for speculation). The Company formally designates its interest rate swap agreements as hedges and documents all relationships between hedging instruments and hedged items. The Company formally assesses effectiveness of its hedging relationships, both at the hedge inception and on an ongoing basis, then measures and records ineffectiveness. The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated or exercised, (iii) if it is no longer probable that the forecasted transaction will occur, or (iv) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. | |||
Effective May 30, 2014, the Company de-designated its interest rate swap contract that historically qualified for cash flow hedge accounting. This was due to the termination of the interest rate swap agreement related to the early retirement of the Senior Credit Facility (as defined below). As a result, the loss previously recorded in accumulated other comprehensive loss related to the interest rate swap was recognized in interest expense in the consolidated and combined statements of income (loss). There was no outstanding interest rate swap contract as of December 31, 2014. | |||
Stock-Based Compensation — The Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. Net income (loss) reflects stock-based compensation expense of $154,000 for the year ended December 31, 2014. | |||
Concentration of Credit Risk — The Company is subject to concentrations of credit risk consisting primarily of operating leases on our owned properties. See Note 12, Concentration of Risk, for a discussion of major operator concentration. | |||
Segment Disclosures — The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Company has one reportable segment consisting of investments in healthcare-related real estate assets. | |||
Earnings (Loss) Per Share — The Company calculates earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings Per Share. Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. Basic and diluted EPS for the years ended December 31, 2014, 2013 and 2012 were retroactively restated for the number of basic and diluted shares outstanding immediately following the Spin-Off. | |||
Recently Issued Accounting Standards Update — In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”). ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale. ASU No. 2014-08 also requires additional disclosures about discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated and combined statements of income, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be presented, on the consolidated and combined statements of operations, below income from continuing operations and income from discontinued operations. | |||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of adopting the new guidance but does not believe it will have a material effect on income from operations or the Company’s financial position. | |||
In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU No. 2014-12”). The amendments in ASU No. 2014-12 require that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Compensation — Stock Compensation (Topic 718) as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU No. 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU No. 2014-12 either (a) prospectively to all awards that are granted or modified on or after the effective date; or (b) on a modified retrospective basis to all awards with performance targets that are outstanding on or after the beginning of the first annual period presented as of the adoption date. The Company is currently assessing the impact of adopting the new guidance but does not believe it will have a material effect on income from operations or the Company’s financial position. | |||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. We believe the adoption of this guidance will not have a material effect on income from operations or the Company’s financial position. | |||
In January 2015, the FASB issued ASU No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. |
Real_Estate_Investments_Net
Real Estate Investments, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Real Estate Investments, Net | 3 | REAL ESTATE INVESTMENTS, NET | |||||||
The following tables summarize our investment in owned properties at December 31, 2014 and 2013 (dollars in thousands): | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 75,072 | $ | 75,112 | |||||
Buildings and improvements | 417,414 | 380,940 | |||||||
Integral equipment, furniture and fixtures | 47,134 | 66,932 | |||||||
Real estate investments | 539,620 | 522,984 | |||||||
Accumulated depreciation | (103,405 | ) | (97,981 | ) | |||||
Real estate investments, net | $ | 436,215 | $ | 425,003 | |||||
As of December 31, 2014, all but eight of the Company’s facilities were leased to subsidiaries of Ensign under the Ensign Master Leases. The obligations under the Ensign Master Leases are guaranteed by Ensign. A default by any subsidiary of Ensign with regard to any facility leased pursuant to an Ensign Master Lease will result in a default under all of the Ensign Master Leases. The annual revenues from the Ensign Master Leases are $56.0 million during each of the first two years of the Ensign Master Leases. Commencing in the third year under the Ensign Master Leases, the annual revenues from the Ensign Master Leases will be escalated annually by an amount equal to the product of (1) the lesser of the percentage change in the Consumer Price Index (but not less than zero) or 2.5%, and (2) the prior year’s rent. In addition to rent, the subsidiaries of Ensign that are tenants under the Ensign Master Leases are solely responsible for the costs related to the leased properties (including property taxes, insurance, and maintenance and repair costs). | |||||||||
As of December 31, 2014, our total future minimum rental revenues for all of our tenants were (dollars in thousands): | |||||||||
Year | Amount | ||||||||
2015 | $ | 58,176 | |||||||
2016 | 58,176 | ||||||||
2017 | 58,176 | ||||||||
2018 | 58,176 | ||||||||
2019 | 58,176 | ||||||||
Thereafter | 597,146 | ||||||||
$ | 888,026 | ||||||||
Recent Real Estate Acquisitions | |||||||||
The following recent real estate acquisitions were accounted for as asset acquisitions: | |||||||||
Cross Healthcare Portfolio | |||||||||
In November 2014, the Company acquired the Cross Healthcare portfolio, a three-facility assisted living and memory care portfolio located in Pocatello and Idaho Falls, Idaho, for $12.0 million. | |||||||||
In connection with the acquisition, the Company entered into a triple-net master lease with Cross Healthcare LLC (“Cross”). The lease carries an initial term of 12 years with two five-year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $1.0 million. The Company also received the option to acquire three additional Cross assets, two of which are currently undergoing renovation, lease-up and stabilization. | |||||||||
Prelude at Woodbury | |||||||||
In December 2014, the Company acquired Prelude at Woodbury, a 30-bed upscale assisted living and memory care facility in Woodbury, Minnesota, for $7.2 million. | |||||||||
In connection with the acquisition, the Company entered into a triple-net master lease with Prelude Homes & Services, LLC (“Prelude”). The lease has an initial term of 15 years with two five-year renewal options and CPI-based rent escalators. The Company anticipates the Woodbury facility will generate initial annual lease revenue of $0.6 million. The Company also secured an option to purchase and lease back Prelude’s next senior housing project, which is currently under development in White Bear Lake, Minnesota. | |||||||||
English Meadows at Christiansburg | |||||||||
In December 2014, the Company acquired English Meadows at Christiansburg, a 39-unit assisted living facility in Christiansburg, Virginia, from Twenty/20 Management, Inc. (“Twenty/20”), for $6.6 million. | |||||||||
In connection with the acquisition, the Company entered into a triple-net master lease with Twenty/20. The lease has an initial term of 15 years with two five-year renewal options and CPI-based rent escalators. The Company anticipates the English Meadows facility will generate initial annual lease revenue of $0.6 million. | |||||||||
Contemporaneously with the English Meadows transaction, CareTrust also entered into an agreement with a Twenty/20 affiliate to purchase and lease back Twenty/20’s recently-acquired English Meadows Elks’ Home, a 169-unit independent and assisted living campus located in Bedford, Virginia. The Elks’ Home transaction is expected to close in mid-2015. | |||||||||
Other_Real_Estate_Investments
Other Real Estate Investments | 12 Months Ended | |
Dec. 31, 2014 | ||
Real Estate [Abstract] | ||
Other Real Estate Investments | 4 | OTHER REAL ESTATE INVESTMENTS |
In December 2014, the Company completed a $7.5 million preferred equity investment with Signature Senior Living, LLC and Milestone Retirement Communities. The preferred equity investment delivers a 12.0% annual preferred return to CareTrust. The investment will be used to develop Signature Senior Living at Arvada, a planned 134-unit upscale assisted living and memory care community in Arvada, Colorado that will be constructed on a five-acre site. In connection with its investment, CareTrust obtained an option to purchase the Arvada development at a fixed-formula price upon stabilization, with an initial lease yield of at least 8.0%. The project is expected to be completed in early 2016. | ||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair Value Measurements | 5 | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired long-lived assets). Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: | |||||||||||||||||||||||||||||||||
• | Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; | ||||||||||||||||||||||||||||||||
• | Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||||||||||||||||||||||||
• | Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||||||||||||||||||
During the years ended December 31, 2014 and 2013, the Company measured the following assets and liabilities at fair value (dollars in thousands): | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||||||
Recurring basis: | |||||||||||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | — | $ | 1,828 | $ | — | $ | 1,828 | $ | — | |||||||||||||||||
Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated and combined balance sheets. The valuation of these instruments is determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit risks to the contracts, are incorporated in the fair values to account for potential nonperformance risk. | |||||||||||||||||||||||||||||||||
In connection with the Senior Credit Facility with a six-bank lending consortium arranged by SunTrust and Wells Fargo (the “Senior Credit Facility”), in July 2011, Ensign entered into an interest rate swap agreement in accordance with its policy to reduce risk from volatility in the statement of operations due to changes in the LIBOR interest rate. The swap agreement, with a notional amount of $75.0 million, amortized concurrently with the related term loan portion of the Senior Credit Facility, was five years in length and set to mature on July 15, 2016. The interest rate swap was designated as a cash flow hedge and, as such, changes in fair value are reported in other comprehensive income in accordance with hedge accounting. Under the terms of this swap agreement, the net effect of the hedge was to record swap interest expense at a fixed rate of approximately 4.3%, exclusive of fees. Net interest paid under the swap was $0.4 million, $1.0 million and $1.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Effective May 30, 2014, the Company de-designated its interest rate swap agreement that historically qualified for cash flow hedge accounting. This was due to the termination of the interest rate swap agreement related to the early retirement of the Senior Credit Facility. As a result, the Company recognized a loss of $1.7 million to interest expense from accumulated other comprehensive loss. See Note 7, Debt, for additional information. | |||||||||||||||||||||||||||||||||
There was no outstanding interest rate swap agreement as of December 31, 2014. | |||||||||||||||||||||||||||||||||
Financial instruments: Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2014 and December 31, 2013 using Level 2 inputs, for the senior unsecured notes payable, and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands): | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Face | Carrying | Fair | Face | Carrying | Fair | ||||||||||||||||||||||||||||
Value | Amount | Value | Value | Amount | Value | ||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||
Preferred equity investment | $ | 7,500 | $ | 7,532 | $ | 7,532 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||
Senior unsecured notes payable | $ | 260,000 | $ | 260,000 | $ | 265,200 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Senior secured revolving credit facility | — | — | — | 78,701 | 78,701 | 78,701 | |||||||||||||||||||||||||||
Mortgage notes payable | 98,205 | 98,205 | 101,822 | 115,682 | 114,982 | 114,982 | |||||||||||||||||||||||||||
Senior secured term loan | — | — | — | 65,624 | 65,624 | 65,624 | |||||||||||||||||||||||||||
Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities: These balances approximate their fair values due to the short-term nature of these instruments. | |||||||||||||||||||||||||||||||||
Preferred equity investment: The fair value of the preferred equity investment was determined using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value and other credit enhancements and has been determined to approximate its carrying value. | |||||||||||||||||||||||||||||||||
Senior unsecured notes payable: The fair value of the senior unsecured notes payable was determined using third-party quotes derived from orderly trades. | |||||||||||||||||||||||||||||||||
Senior secured revolving credit facility, mortgage notes payable and senior secured term loan: The fair value of the Company’s notes payable was estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | 6 | RELATED PARTY TRANSACTIONS |
Allocation of corporate expenses — The consolidated and combined balance sheets and statements of income (loss) of the Company include Ensign assets and liabilities that are specifically identifiable or otherwise attributable to the Company. The specific identification methodology was utilized for all of the items on the consolidated and combined statements of income excluding general corporate expenses. For each of the periods presented, Ensign Properties’ operations were fully integrated with Ensign, including executive management, finance, treasury, corporate income tax, human resources, legal services and other shared services. These costs were allocated to the Company on a systematic basis utilizing a direct usage basis when identifiable, with the remainder allocated on time study, or percentage of the total revenues. The primary allocation method was a time study based on time devoted to Ensign Properties’ activities. | ||
Allocations of expenses for these general and administrative services of $7.4 million, $5.4 million, and $1.8 million for the years ended December 31, 2014, 2013 and 2012, respectively, are reflected in general and administrative expense, in addition to direct expenses which are included in total expenses. The Company’s financial statements may not be indicative of future performance and do not necessarily reflect what the results of operations, financial position and cash flows would have been had the Company operated as an independent, publicly-traded company during the periods presented. | ||
Rental income from Ensign — The Company derives almost all of its rental income through operating lease agreements with Ensign. Ensign is a holding company with no direct operating assets, employees or revenue. All of Ensign’s operations are conducted by separate independent subsidiaries, each of which has its own management, employees and assets. See Note 12, Concentration of Risk, for a discussion of major operator concentration. | ||
Christopher R. Christensen, one of the Company’s directors, serves as the chief executive officer of Ensign as well as a member of Ensign’s board of directors. Prior to June 1, 2014, all rental income and tenant reimbursement revenue were derived from intercompany leases between Ensign and Ensign Properties. From June 1, 2014 through December 31, 2014, the Company recognized $32.7 million in rental income from Ensign related to the Ensign Master Leases and $2.8 million of tenant reimbursements. For the period January 1, 2014 through May 31, 2014, the Company recognized $18.6 million in rental income and $2.1 million in tenant reimbursements from the intercompany leases between Ensign Properties and Ensign. For the years ended December 31, 2013 and 2012, all of the Company’s rental income and tenant reimbursements were from the intercompany leases between Ensign Properties and Ensign. As of December 31, 2014, the Company also had accounts receivable totaling $2.3 million due from Ensign for tenant reimbursements. | ||
Centralized cash management system — Prior to the Spin-Off, the Company participated in Ensign’s centralized cash management system. In conjunction therewith, the intercompany transactions between the Company and Ensign had been considered to be effectively settled in cash in these financial statements. The net effect of the settlement of these intercompany transactions, in addition to cash transfers to and from Ensign, are reflected in “Net contribution from Ensign” on the consolidated and combined statements of cash flows and “Invested capital” on the consolidated and combined balance sheets. The “Net contribution from (distribution to) Ensign” was $4.4 million, $(22.5) million and $5.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Debt
Debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Debt | 7 | DEBT | |||
The Company had debt outstanding of $358.2 million as of December 31, 2014. Debt, net of discount, as of December 31, 2013 of $259.3 million represents the balance from Ensign that is directly attributable to the Company. In addition to the attribution of debt, Ensign has also attributed the corresponding interest rate swap agreement on the Senior Credit Facility to the Company. | |||||
Senior Unsecured Notes Payable | |||||
On May 30, 2014, the Company’s wholly owned subsidiary, CTR Partnership, L.P. (the “Operating Partnership”), and its wholly owned subsidiary, CareTrust Capital Corp. (“Capital Corp.” and, together with the Operating Partnership, the “Issuers”), completed a private offering of $260.0 million aggregate principal amount of 5.875% Senior Notes due 2021 (the “Notes”). The Notes were issued at par, resulting in gross proceeds of $260.0 million and net proceeds of approximately $253.0 million after deducting underwriting fees and other offering expenses. We transferred approximately $220.8 million of the net proceeds of the offering of the Notes to Ensign, and used the remaining portion of the net proceeds of the offering to pay the cash portion of the Special Dividend. The Notes mature on June 1, 2021 and bear interest at a rate of 5.875% per year. Interest on the Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2014. | |||||
The Issuers may redeem the Notes any time prior to June 1, 2017 at a redemption price of 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, plus a “make whole” premium described in the indenture governing the Notes and, at any time on or after June 1, 2017, at the redemption prices set forth in the indenture. In addition, at any time on or prior to June 1, 2017, up to 35% of the aggregate principal amount of the Notes may be redeemed with the net proceeds of certain equity offerings if at least 65% of the originally issued aggregate principal amount of the Notes remains outstanding. If certain changes of control of the Company occur, holders of the Notes will have the right to require the Issuers to repurchase their Notes at 101% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date. | |||||
The obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by the Company and certain of the Company’s wholly owned existing and, subject to certain exceptions, future material subsidiaries (other than the Issuers); provided, however, that such guarantees are subject to automatic release under certain customary circumstances, including if the subsidiary guarantor is sold or sells all or substantially all of its assets, the subsidiary guarantor is designated “unrestricted” for covenant purposes under the indenture, the subsidiary guarantor’s guarantee of other indebtedness which resulted in the creation of the guarantee of the Notes is terminated or released, or the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied. See Note 13,Summarized Condensed Consolidating and Combining Information. | |||||
The indenture contains covenants limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture also contains customary events of default. | |||||
The Issuers subsequently exchanged the Notes for substantially identical notes registered under the Securities Act of 1933, as amended. | |||||
As of December 31, 2014, the Company was in compliance with all applicable financial covenants under the indenture. | |||||
Senior Secured Revolving Credit Facility | |||||
On May 30, 2014, the Operating Partnership entered into a credit and guaranty agreement (the “Credit Agreement”), which governs our senior secured revolving credit facility (the “Credit Facility”), with several banks and other financial institutions and lenders (the “Lenders”) and Suntrust Bank, in its capacity as administrative agent for the Lenders, as an issuing bank and swingline lender. The Credit Agreement provides for a borrowing capacity of $150.0 million and includes an accordion feature that allows the Operating Partnership to increase the borrowing availability by up to an additional $75.0 million, subject to terms and conditions. The Credit Facility is secured by mortgages on certain of the real properties owned by the Company’s subsidiaries and the amount available to be borrowed under the Credit Agreement is based on a borrowing base calculation relating to the mortgaged properties, determined according to, among other factors, the mortgageability cash flow as such term is defined in the Credit Agreement. The Credit Facility is also secured by certain personal property of the Company’s subsidiaries that have provided mortgages, the Company’s interests in the Operating Partnership and the Company’s and its subsidiaries’ equity interests in the Company’s subsidiaries that have guaranteed the Operating Partnership’s obligations under the Credit Agreement. The Credit Agreement has a maturity date of May 30, 2018, and includes a one year extension option. As of December 31, 2014, there were no amounts outstanding under the Credit Agreement. | |||||
Borrowings under the Credit Agreement bear interest on the outstanding principal amount at a rate equal to the applicable percentage plus, at the Operating Partnership’s option, either (a) LIBOR or (b) a base rate determined as the greater of (i) the prime lending rate, (ii) the Federal Funds Rate plus 0.5%, and (iii) one-month LIBOR plus 1.0% (referred to as the “Base Rate”). The applicable percentage for borrowings varies based on the Consolidated Leverage Ratio, as defined in the Credit Agreement, and ranges from 2.0% to 2.5% per annum for LIBOR based borrowings and from 1.0% to 1.5% per annum for borrowings at the Base Rate. In addition, the Operating Partnership is required to pay a commitment fee to the lenders equal to between 0.35% and 0.50% per annum based on the amount of unused borrowings under the Credit Agreement. During the year ended December 31, 2014, the Company incurred $0.4 million of commitment fees. | |||||
The obligations of the Operating Partnership under the Credit Agreement are guaranteed by the Company and certain subsidiaries of the Company. | |||||
The Credit Agreement contains customary covenants that include restrictions or limitations on the ability to make acquisitions and other investments, make distributions, incur additional indebtedness, engage in non-healthcare related business activities, enter into transactions with affiliates and sell or otherwise transfer certain assets as well as customary events of default. The Credit Agreement also requires the Company, through the Operating Partnership, to comply with specified financial covenants, which include a maximum debt to asset value ratio, a maximum secured debt to asset value ratio, a maximum secured recourse debt to asset value ratio, a minimum fixed charge coverage ratio and a minimum tangible net worth requirement. As of December 31, 2014, the Company was in compliance with all applicable financial covenants under the Credit Agreement. | |||||
GECC Loan | |||||
Ten of our properties are subject to secured mortgage indebtedness to General Electric Capital Corporation (the “GECC Loan”), which we assumed in connection with the Spin-Off. The outstanding amount of this mortgage indebtedness was approximately $97.6 million as of December 31, 2014, including an advance of approximately $50.7 million that was made on May 30, 2014. This advance bears interest at a floating rate equal to three month LIBOR plus 3.35%, reset monthly and subject to a LIBOR floor of 0.50%, with monthly principal and interest payments based on a 25 year amortization. The remaining indebtedness under the GECC Loan bears interest at a blended rate of 7.25% per annum until, but not including, June 29, 2016, and then converts to the floating rate described above. The GECC Loan matures on May 30, 2017, subject to two 12-month extension options, the exercise of which is conditioned, in each case, on the absence of any then-existing default and the payment of an extension fee equal to 0.25% of the then-outstanding principal balance. Provided there is no then-existing default and upon 30 days written notice, the original portion of the GECC Loan, approximately $47.5 million as of December 31, 2014, is prepayable without penalty, in whole but not in part, after January 31, 2016. The new portion of the GECC Loan, approximately $50.1 million as of December 31, 2014, is prepayable without penalty, in whole but not in part, after January 31, 2016. | |||||
The GECC Loan is guaranteed by the Company, contains customary affirmative and negative covenants, as well as customary events of default, and requires us to comply with specified financial maintenance covenants. As of December 31, 2014, the Company was in compliance with all applicable covenants under the GECC Loan. | |||||
Promissory Notes with Johnson Land Enterprises, Inc. | |||||
On October 1, 2009, Ensign entered into four separate promissory notes with Johnson Land Enterprises, LLC, for an aggregate of $10.0 million. On May 30, 2014, in connection with the Spin-Off, three of the promissory notes were paid in full and the remaining promissory note was assumed by the Company. The remaining promissory note bears interest at 6.0%, with principal and interest payable monthly through September 30, 2019. The promissory note is collateralized by a deed of trust on real property, an assignment of rent and a security agreement. At December 31, 2014, the outstanding principal balance on the promissory note was $0.6 million and is included in mortgage notes payable on the consolidated and combined balance sheets. | |||||
Senior Credit Facility | |||||
On July 15, 2011, Ensign entered into the Senior Credit Facility in an aggregate principal amount of up to $150.0 million comprised of a $75.0 million revolving credit facility and a $75.0 million term loan advanced in one drawing on July 15, 2011. Borrowings under the term loan portion of the Senior Credit Facility amortized in equal quarterly installments commencing on September 30, 2011, in an aggregate annual amount equal to 5.0% per annum of the original principal amount. Amounts borrowed pursuant to the Senior Credit Facility were guaranteed by certain of Ensign’s wholly-owned subsidiaries and secured by substantially all of their personal property. To reduce the risk related to interest rate fluctuations, Ensign, on behalf of the subsidiaries, entered into an interest rate swap agreement to effectively fix the interest rate on the term loan portion of the Senior Credit Facility. See further details of the interest rate swap at Note 5, Fair Value Measurements. | |||||
On May 30, 2014, the Senior Credit Facility was terminated and the outstanding obligations with respect to the Senior Credit Facility were paid in full in connection with the Spin-Off. | |||||
Promissory Note with RBS Asset Finance, Inc. | |||||
On February 17, 2012, two of Ensign’s real estate holding subsidiaries executed a promissory note in favor of RBS Asset Finance, Inc. (“RBS”) for an aggregate of $21.5 million (the “2012 RBS Loan”). The 2012 RBS Loan was secured by a Commercial Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filings on the properties owned by the borrowers and other related instruments and agreements, including without limitation a promissory note and an Ensign guaranty. The 2012 RBS Loan had a fixed interest rate of 4.75%. | |||||
On May 30, 2014, the 2012 RBS Loan was paid in full in connection with the Spin-Off. | |||||
Promissory Note with RBS Asset Finance, Inc. | |||||
On December 31, 2010, four of Ensign’s real estate holding subsidiaries executed a promissory note with RBS for an aggregate of $35.0 million (the “RBS Loan”). The RBS Loan was secured by Commercial Deeds of Trust, Security Agreements, Assignment of Leases and Rents and Fixture Fillings on the four properties and other related instruments and agreements, including without limitation a promissory note and an Ensign guaranty. The RBS Loan had a fixed interest rate of 6.04%. | |||||
On May 30, 2014, the RBS Loan was paid in full in connection with the Spin-Off. | |||||
Mortgage Loan with Continental Wingate Associates, Inc. | |||||
Ensign entered into a mortgage loan on January 30, 2001 with Continental Wingate Associates, Inc. The mortgage loan was insured with the U.S. Department of Housing and Urban Development (“HUD”), which subjected the facility to HUD oversight and periodic inspections. The mortgage loan was secured by the real property comprising the Southland Care Center facility and the rents, issues and profits thereof, as well as all personal property used in the operation of the facility. | |||||
On May 30, 2014, the mortgage loan was paid in full in connection with the Spin-Off. | |||||
In connection with the debt retirements, the Company incurred losses of $5.7 million consisting of $4.1 million in repayment penalty and write-off of unamortized debt discount and deferred financing costs and $1.6 million of recognized loss due to the discontinuance of cash flow hedge accounting for the related interest rate swap agreement. The charges and loss were recognized in the second quarter of 2014. | |||||
Interest Expense | |||||
During the three years ended December 31, 2014, 2013 and 2012, the Company incurred $21.6 million, $12.6 million and $12.2 million of interest expense, respectively. Included in interest expense for the three years ended December 31, 2014, 2013 and 2012, was $1.6 million, $0.7 million and $0.7 million of amortization of deferred financing costs, respectively. Also included in interest expense for the three years ended December 31, 2014, 2013 and 2012, was $0.1 million, $0.1 million and $0.1 million, of amortization of debt discount, respectively. The Company also incurred $1.6 million of loss on settlement of interest rate swap and it is included in interest expense for the year ended December 31, 2014. As of December 31, 2014 and 2013, the Company’s interest payable was $1.7 million and $0.6 million, respectively. | |||||
Schedule of Debt Maturities | |||||
As of December 31, 2014, our debt maturities were (dollars in thousands): | |||||
Year | Amount | ||||
2015 | $ | 2,728 | |||
2016 | 2,874 | ||||
2017 | 92,372 | ||||
2018 | 123 | ||||
2019 | 108 | ||||
Thereafter | 260,000 | ||||
$ | 358,205 | ||||
Equity
Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Equity | 8 | EQUITY |
Common Stock | ||
Special Dividend — In connection with the Company’s intention to qualify as a real estate investment trust in 2014, on October 17, 2014, the Company’s Board of Directors declared the Special Dividend of $132.0 million, or approximately $5.88 per common share, which represents the amount of accumulated E&P allocated to the Company as a result of the Spin-Off. The Special Dividend was paid on December 10, 2014, to stockholders of record as of October 31, 2014, in a combination of both cash and stock. The cash portion totaled $33.0 million and the stock portion totaled $99.0 million. The Company issued 8,974,249 shares of common stock in connection with the stock portion of the Special Dividend. | ||
Dividends on Common Stock — During the fourth quarter, our Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock, payable on January 15, 2015 to stockholders of record as of December 31, 2014. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |
Dec. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-Based Compensation | 9 | STOCK-BASED COMPENSATION |
All stock-based awards are subject to the terms of the CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (the “Plan”). The Plan provides for the granting of stock-based compensation, including stock options, restricted stock, performance awards, restricted stock units and other incentive awards to officers, employees and directors in connection with their employment with or services provided to the Company. | ||
Restricted Stock Awards — In connection with the Spin-Off, employees of Ensign who had unvested shares of restricted stock were given one share of CareTrust unvested restricted stock totaling 207,580 shares at the Spin-Off. These restricted shares are subject to a time vesting provision only and the Company does not recognize any stock compensation expense associated with these awards. From the Spin-Off until December 31, 2014, 48,550 restricted stock awards vested. At December 31, 2014, there were 159,030 unvested restricted stock awards outstanding. In December 2014, the Compensation Committee of the Company’s Board of Directors granted 12,270 shares of restricted stock to members of the Board of Directors. Each share had a fair market value on the date of grant of $12.23 per share, based on the market price of the Company’s common stock on that date, and the shares vest ratably over three years beginning on May 31, 2015. Additionally, the Compensation Committee granted 142,770 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $12.23 per share, based on the market price of the Company’s common stock on that date, and the shares vest ratably over five years beginning on May 31, 2015. The Company recognized $154,000 of compensation expense associated with these grants for the year ended December 31, 2014. The Company had no unvested restricted stock awards as of December 31, 2013. During the year ended December 31, 2014, 155,040 restricted stock awards with a weighted-average grant date fair value of $12.23 per share were granted to the Company’s Board of Directors and employees, as described above, and no restricted stock awards vested or were forfeited, resulting in 155,040 unvested restricted stock awards as of December 31, 2014. As of December 31, 2014, there was $1.8 million of unamortized stock-based compensation expense related to these unvested awards and the weighted-average remaining vesting period of such awards was 2.3 years. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Common Share | 10 | EARNINGS PER COMMON SHARE | |||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three years ended December 31, 2014, 2013 and 2012, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three years ended December 31, 2014, 2013 and 2012 (amounts in thousands, except per share amounts): | |||||||||||||
For the Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net (loss) income | $ | (8,143 | ) | $ | (395 | ) | $ | 110 | |||||
(Loss) earnings per common share: | |||||||||||||
Basic | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0 | |||||
Diluted | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0 | |||||
Determination of shares: | |||||||||||||
Weighted-average common shares outstanding, basic | 22,788 | 22,228 | 22,228 | ||||||||||
Assumed conversion of restricted stock awards | — | — | 208 | ||||||||||
Weighted-average common shares outstanding, diluted | 22,788 | 22,228 | 22,436 | ||||||||||
During the years ended December 31, 2014 and 2013, approximately 190,000 and 208,000 shares of restricted stock were not included in the weighted-average shares of common stock outstanding because they were anti-dilutive. | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 11 | COMMITMENTS AND CONTINGENCIES |
U.S. Government Settlement — In October 2013, Ensign completed and executed a settlement agreement (the “Settlement Agreement”) with the U.S. Department of Justice (“DOJ”). This settlement agreement fully and finally resolves a DOJ investigation of Ensign related primarily to claims submitted to the Medicare program for rehabilitation services provided at skilled nursing facilities in California and any ancillary claims which have been pending since 2006. Pursuant to the settlement agreement, Ensign made a single lump-sum remittance to the government in the amount of $48.0 million in October 2013. Ensign has denied engaging in any illegal conduct, and has agreed to the settlement amount without any admission of wrongdoing in order to resolve the allegations and to avoid the uncertainty and expense of protracted litigation. | ||
In connection with the settlement and effective as of October 1, 2013, Ensign entered into a five-year corporate integrity agreement with the Office of Inspector General-HHS (the “CIA”). The CIA acknowledges the existence of Ensign’s current compliance program, and requires that Ensign continue during the term of the CIA to maintain a compliance program designed to promote compliance with the statutes, regulations, and written directives of Medicare, Medicaid, and all other Federal health care programs. Ensign is also required to maintain several elements of its existing program during the term of the CIA, including maintaining a compliance officer, a compliance committee of the board of directors, and a code of conduct. The CIA requires that Ensign conduct certain additional compliance-related activities during the term of the CIA, including various training and monitoring procedures, and maintaining a disciplinary process for compliance obligations. | ||
Participation in federal healthcare programs by Ensign is not affected by the Settlement Agreement or the CIA. In the event of an uncured material breach of the CIA, Ensign could be excluded from participation in federal healthcare programs and/or subject to prosecution. The Company is subject to certain continuing operational obligations as part of Ensign’s compliance program pursuant to the CIA, but otherwise has no liability related to the DOJ investigation. | ||
Legal Matters — None of the Company or any of its subsidiaries is a party to, and none of their respective properties are the subject of, any material legal proceedings. | ||
Concentration_of_Risk
Concentration of Risk | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
Concentration of Risk | 12 | CONCENTRATION OF RISK |
Major operator concentration — The Company has one major tenant, Ensign, from which the Company has derived substantially all of its overall revenue during the years ended December 31, 2014, 2013 and 2012. As of December 31, 2014, Ensign leased 94 skilled nursing and assisted living facilities from the Company which had a total of 10,121 licensed beds and are located in Arizona, California, Colorado, Idaho, Iowa, Nebraska, Nevada, Texas, Utah and Washington. The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona. | ||
Ensign’s financial statements can be found at Ensign’s website http://www.ensigngroup.net. | ||
Summarized_Condensed_Consolida
Summarized Condensed Consolidating and Combining Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Summarized Condensed Consolidating and Combining Information | 13 | SUMMARIZED CONDENSED CONSOLIDATING AND COMBINING INFORMATION | |||||||||||||||||||||||
The 5.875% Senior Notes due 2021 issued by the Issuers on May 30, 2014 are jointly and severally, fully and unconditionally, guaranteed by CareTrust REIT, Inc., as the parent guarantor (the “Parent Guarantor”), and certain 100% owned subsidiaries of the Parent Guarantor other than the Issuers (collectively, the “Subsidiary Guarantors” and, together with the Parent Guarantor, the “Guarantors”), subject to automatic release under certain customary circumstances, including if the Subsidiary Guarantor is sold or sells all or substantially all of its assets, the Subsidiary Guarantor is designated “unrestricted” for covenant purposes under the indenture governing the Notes, the Subsidiary Guarantor’s guarantee of other indebtedness which resulted in the creation of the guarantee of the Notes is terminated or released, or the requirements for legal defeasance or covenant defeasance or to discharge the Indenture have been satisfied. | |||||||||||||||||||||||||
The following provides information regarding the entity structure of the Parent Guarantor, the Issuers and the Subsidiary Guarantors: | |||||||||||||||||||||||||
CareTrust REIT, Inc. — The Parent Guarantor was formed on October 29, 2013 in anticipation of the Spin-Off and the related transactions and was a wholly owned subsidiary of Ensign prior to the effective date of the Spin-Off on June 1, 2014. The Parent Guarantor did not conduct any operations or have any business prior to the date of issuance of the Notes and the consummation of the Spin-Off related transactions. | |||||||||||||||||||||||||
CTR Partnership, L.P. and CareTrust Capital Corp. — The Issuers, each of which is a 100% owned subsidiary of the Parent Guarantor, were formed on May 8, 2014 and May 9, 2014, respectively, in anticipation of the Spin-Off and the related transactions. The Issuers did not conduct any operations or have any business prior to the date of issuance of the Notes and the consummation of the Spin-Off related transactions. | |||||||||||||||||||||||||
Subsidiary Guarantors — Each of the Subsidiary Guarantors is a 100% owned subsidiary of the Parent Guarantor. Prior to the consummation of the Spin-Off, each of the Subsidiary Guarantors was a wholly owned subsidiary of Ensign. The Ensign Properties entities consist of the Subsidiary Guarantors (other than the general partner of the Operating Partnership which was formed on May 8, 2014 in anticipation of the Spin-Off and the related transactions) and the subsidiaries of the Parent Guarantor that are not Subsidiary Guarantors or Issuers (collectively, the “Non-Guarantor Subsidiaries”). | |||||||||||||||||||||||||
Pursuant to Rule 3-10 of Regulation S-X, the following summarized condensed consolidating information is provided for the Parent Guarantor, the Issuers, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries with respect to the Notes. This summarized financial information has been prepared from the financial statements of the Company and Ensign Properties and the books and records maintained by the Company and Ensign Properties. As described above, the Parent Guarantor and the Issuers did not conduct any operations or have any business during the periods prior to June 1, 2014. | |||||||||||||||||||||||||
The summarized condensed financial information may not necessarily be indicative of the results of operations or financial position had the Parent Guarantor, the Issuers, the Subsidiary Guarantors or the Non-Guarantor Subsidiaries all been in existence or operated as independent entities during the relevant period or had the Ensign Properties entities been operated as subsidiaries of the Parent Guarantor during such period. | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Parent | Issuers | Combined | Combined | Elimination | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiary | Non- | |||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 26,104 | $ | 366,199 | $ | 43,912 | $ | — | $ | 436,215 | |||||||||||||
Other real estate investments | — | — | 7,532 | — | — | 7,532 | |||||||||||||||||||
Cash and cash equivalents | — | 25,320 | — | — | — | 25,320 | |||||||||||||||||||
Accounts receivable | — | — | 2,170 | 121 | — | 2,291 | |||||||||||||||||||
Prepaid expenses and other assets | — | 808 | 1 | — | — | 809 | |||||||||||||||||||
Deferred financing costs, net | — | 9,808 | — | 597 | — | 10,405 | |||||||||||||||||||
Investment in subsidiaries | 117,408 | 335,020 | — | — | (452,428 | ) | — | ||||||||||||||||||
Intercompany | — | — | 15,262 | 1,323 | (16,585 | ) | — | ||||||||||||||||||
Total assets | $ | 117,408 | $ | 397,060 | $ | 391,164 | $ | 45,953 | $ | (469,013 | ) | $ | 482,572 | ||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||
Senior unsecured notes payable | $ | — | $ | 260,000 | $ | — | $ | — | $ | — | $ | 260,000 | |||||||||||||
Mortgage notes payable | — | — | 557 | 97,648 | — | 98,205 | |||||||||||||||||||
Accounts payable and accrued liabilities | 3,946 | 3,067 | 3,308 | 584 | — | 10,905 | |||||||||||||||||||
Intercompany | — | 16,585 | — | — | (16,585 | ) | — | ||||||||||||||||||
Total liabilities | 3,946 | 279,652 | 3,865 | 98,232 | (16,585 | ) | 369,110 | ||||||||||||||||||
Equity: | |||||||||||||||||||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 | 313 | — | — | — | — | 313 | |||||||||||||||||||
Additional paid-in capital | 246,041 | 125,551 | 374,660 | (52,899 | ) | (447,312 | ) | 246,041 | |||||||||||||||||
Cumulative distributions in excess of earnings | (132,892 | ) | (8,143 | ) | 12,639 | 620 | (5,116 | ) | (132,892 | ) | |||||||||||||||
Total equity | 113,462 | 117,408 | 387,299 | (52,279 | ) | (452,428 | ) | 113,462 | |||||||||||||||||
Total liabilities and equity | $ | 117,408 | $ | 397,060 | $ | 391,164 | $ | 45,953 | $ | (469,013 | ) | $ | 482,572 | ||||||||||||
CONDENSED COMBINING BALANCE SHEETS | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Real estate investments, net | $ | 379,754 | $ | 45,249 | $ | 425,003 | |||||||||||||||||||
Cash and cash equivalents | 895 | — | 895 | ||||||||||||||||||||||
Accounts receivable | 20 | — | 20 | ||||||||||||||||||||||
Prepaid expenses and other assets | 367 | 521 | 888 | ||||||||||||||||||||||
Deferred tax assets | 705 | 154 | 859 | ||||||||||||||||||||||
Deferred financing costs, net | 2,511 | 290 | 2,801 | ||||||||||||||||||||||
Total assets | $ | 384,252 | $ | 46,214 | $ | 430,466 | |||||||||||||||||||
Liabilities and Invested Equity: | |||||||||||||||||||||||||
Senior secured revolving credit facility | $ | 78,701 | $ | — | $ | 78,701 | |||||||||||||||||||
Mortgage notes payable | 66,117 | 48,865 | 114,982 | ||||||||||||||||||||||
Senior secured term loan | 65,624 | — | 65,624 | ||||||||||||||||||||||
Interest rate swap | 1,828 | — | 1,828 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | 5,316 | 467 | 5,783 | ||||||||||||||||||||||
Deferred tax liabilities | 705 | 154 | 859 | ||||||||||||||||||||||
Total liabilities | 218,291 | 49,486 | 267,777 | ||||||||||||||||||||||
Invested Equity: | |||||||||||||||||||||||||
Invested equity | 167,789 | (3,272 | ) | 164,517 | |||||||||||||||||||||
Accumulated other comprehensive loss | (1,828 | ) | — | (1,828 | ) | ||||||||||||||||||||
Total invested equity | 165,961 | (3,272 | ) | 162,689 | |||||||||||||||||||||
Total liabilities and invested equity | $ | 384,252 | $ | 46,214 | $ | 430,466 | |||||||||||||||||||
CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Combined | Combined | Elimination | Consolidated and | ||||||||||||||||||||
Guarantor | Subsidiary | Non- | Combined | ||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | — | $ | 139 | $ | 42,337 | $ | 8,891 | $ | — | $ | 51,367 | |||||||||||||
Tenant reimbursement | — | 11 | 4,460 | 485 | — | 4,956 | |||||||||||||||||||
Independent living facilities | — | — | 2,519 | — | — | 2,519 | |||||||||||||||||||
Interest and other income | — | 23 | 32 | — | — | 55 | |||||||||||||||||||
Total revenues | — | 173 | 49,348 | 9,376 | — | 58,897 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Depreciation and amortization | — | 34 | 19,577 | 3,389 | — | 23,000 | |||||||||||||||||||
Interest expense | — | 10,425 | 6,315 | 4,882 | — | 21,622 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 4,067 | — | — | 4,067 | |||||||||||||||||||
Property taxes | — | 11 | 4,460 | 485 | — | 4,956 | |||||||||||||||||||
Acquisition costs | — | — | 47 | — | — | 47 | |||||||||||||||||||
Independent living facilities | — | — | 2,243 | — | — | 2,243 | |||||||||||||||||||
General and administrative | — | 11,105 | — | — | — | 11,105 | |||||||||||||||||||
Total expenses | — | 21,575 | 36,709 | 8,756 | — | 67,040 | |||||||||||||||||||
(Loss) income in subsidiary | (8,143 | ) | 13,259 | — | — | (5,116 | ) | — | |||||||||||||||||
Net (loss) income | (8,143 | ) | (8,143 | ) | 12,639 | 620 | (5,116 | ) | (8,143 | ) | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | — | — | 167 | — | — | 167 | |||||||||||||||||||
Reclassification adjustment on interest rate swap | — | — | 1,661 | — | — | 1,661 | |||||||||||||||||||
Comprehensive (loss) income | $ | (8,143 | ) | $ | (8,143 | ) | $ | 14,467 | $ | 620 | $ | (5,116 | ) | $ | (6,315 | ) | |||||||||
CONDENSED COMBINING STATEMENTS OF INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | 35,730 | $ | 5,512 | $ | 41,242 | |||||||||||||||||||
Tenant reimbursement | 4,602 | 566 | 5,168 | ||||||||||||||||||||||
Independent living facilities | 2,386 | — | 2,386 | ||||||||||||||||||||||
Total revenues | 42,718 | 6,078 | 48,796 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Depreciation and amortization | 20,031 | 3,387 | 23,418 | ||||||||||||||||||||||
Interest expense | 8,898 | 3,749 | 12,647 | ||||||||||||||||||||||
Property taxes | 4,602 | 566 | 5,168 | ||||||||||||||||||||||
Acquisition costs | 255 | — | 255 | ||||||||||||||||||||||
Independent living facilities | 2,007 | 131 | 2,138 | ||||||||||||||||||||||
General and administrative | 5,442 | — | 5,442 | ||||||||||||||||||||||
Total expenses | 41,235 | 7,833 | 49,068 | ||||||||||||||||||||||
Income (loss) before provision for income taxes | 1,483 | (1,755 | ) | (272 | ) | ||||||||||||||||||||
Provision for income taxes | 109 | 14 | 123 | ||||||||||||||||||||||
Net income (loss) | 1,374 | (1,769 | ) | (395 | ) | ||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 1,038 | — | 1,038 | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 2,412 | $ | (1,769 | ) | $ | 643 | ||||||||||||||||||
CONDENSED COMBINING STATEMENTS OF INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | 29,800 | $ | 5,248 | $ | 35,048 | |||||||||||||||||||
Tenant reimbursement | 3,901 | 569 | 4,470 | ||||||||||||||||||||||
Independent living facilities | 2,545 | — | 2,545 | ||||||||||||||||||||||
Total revenues | 36,246 | 5,817 | 42,063 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Depreciation and amortization | 17,844 | 3,259 | 21,103 | ||||||||||||||||||||||
Interest expense | 8,362 | 3,845 | 12,207 | ||||||||||||||||||||||
Property taxes | 3,901 | 569 | 4,470 | ||||||||||||||||||||||
Acquisition costs | 189 | — | 189 | ||||||||||||||||||||||
Independent living facilities | 2,056 | 18 | 2,074 | ||||||||||||||||||||||
General and administrative | 1,788 | — | 1,788 | ||||||||||||||||||||||
Total expenses | 34,140 | 7,691 | 41,831 | ||||||||||||||||||||||
Income (loss) before provision for income taxes | 2,106 | (1,874 | ) | 232 | |||||||||||||||||||||
Provision for income taxes | 110 | 12 | 122 | ||||||||||||||||||||||
Net income (loss) | 1,996 | (1,886 | ) | 110 | |||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | (723 | ) | — | (723 | ) | ||||||||||||||||||||
Comprehensive income (loss) | $ | 1,273 | $ | (1,886 | ) | $ | (613 | ) | |||||||||||||||||
CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Combined | Combined | Elimination | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiary | Non- | and | ||||||||||||||||||||||
Guarantors | Guarantor | Combined | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (21,185 | ) | $ | 38,955 | $ | 4,136 | $ | — | $ | 21,906 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Acquisition of real estate | — | (25,742 | ) | — | — | — | (25,742 | ) | |||||||||||||||||
Improvements to real estate | — | — | (579 | ) | — | — | (579 | ) | |||||||||||||||||
Purchases of equipment, furniture and fixtures | — | (95 | ) | (14,819 | ) | (4,361 | ) | — | (19,275 | ) | |||||||||||||||
Preferred equity investment | — | — | (7,500 | ) | — | — | (7,500 | ) | |||||||||||||||||
Escrow deposit for acquisition of real estate | — | (500 | ) | — | — | — | (500 | ) | |||||||||||||||||
Distribution from subsidiary | 33,001 | — | — | — | (33,001 | ) | — | ||||||||||||||||||
Intercompany financing | — | (141,231 | ) | — | — | 141,231 | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | 33,001 | (167,568 | ) | (22,898 | ) | (4,361 | ) | 108,230 | (53,596 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from the issuance of senior unsecured notes payable | — | 260,000 | — | — | — | 260,000 | |||||||||||||||||||
Proceeds from the senior secured revolving credit facility | — | — | 10,000 | — | — | 10,000 | |||||||||||||||||||
Proceeds from the issuance of mortgage notes payable | — | — | — | 50,676 | — | 50,676 | |||||||||||||||||||
Payments on the senior secured revolving credit facility | — | (88,701 | ) | — | — | (88,701 | ) | ||||||||||||||||||
Payments on the mortgage notes payable | — | — | (66,905 | ) | (1,250 | ) | — | (68,155 | ) | ||||||||||||||||
Payments on the senior secured term loan | — | — | (65,624 | ) | — | — | (65,624 | ) | |||||||||||||||||
Payments of deferred financing costs | (12,926 | ) | — | (510 | ) | — | (13,436 | ) | |||||||||||||||||
Net contribution from Ensign | — | — | 52,385 | (48,029 | ) | — | 4,356 | ||||||||||||||||||
Dividends paid on common stock | (33,001 | ) | — | — | — | — | (33,001 | ) | |||||||||||||||||
Distribution to Parent | — | (33,001 | ) | — | — | 33,001 | — | ||||||||||||||||||
Intercompany financing | — | — | 141,893 | (662 | ) | (141,231 | ) | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (33,001 | ) | 214,073 | (16,952 | ) | 225 | (108,230 | ) | 56,115 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 25,320 | (895 | ) | — | — | 24,425 | ||||||||||||||||||
Cash and cash equivalents beginning of period | — | — | 895 | — | — | 895 | |||||||||||||||||||
Cash and cash equivalents end of period | $ | — | $ | 25,320 | $ | — | $ | — | $ | — | $ | 25,320 | |||||||||||||
CONDENSED COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 24,793 | $ | 1,839 | $ | 26,632 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Acquisition of real estate | (35,656 | ) | — | (35,656 | ) | ||||||||||||||||||||
Purchases of equipment, furniture and fixtures | (15,728 | ) | (4,203 | ) | (19,931 | ) | |||||||||||||||||||
Cash proceeds from the sale of equipment, furniture and fixtures | 854 | — | 854 | ||||||||||||||||||||||
Net cash used in investing activities | (50,530 | ) | (4,203 | ) | (54,733 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from the senior secured revolving credit facility | 58,700 | — | 58,700 | ||||||||||||||||||||||
Payments on the mortgage notes payable | (2,249 | ) | (1,208 | ) | (3,457 | ) | |||||||||||||||||||
Payments on the senior secured term loan | (3,750 | ) | — | (3,750 | ) | ||||||||||||||||||||
Payments of deferred financing costs | (730 | ) | — | (730 | ) | ||||||||||||||||||||
Net (distribution to) contribution from Ensign | (26,074 | ) | 3,572 | (22,502 | ) | ||||||||||||||||||||
Net cash provided by financing activities | 25,897 | 2,364 | 28,261 | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 160 | — | 160 | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 735 | — | 735 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 895 | $ | — | $ | 895 | |||||||||||||||||||
CONDENSED COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 19,796 | $ | 4,340 | $ | 24,136 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Acquisition of real estate | (29,997 | ) | — | (29,997 | ) | ||||||||||||||||||||
Purchases of equipment, furniture and fixtures | (17,955 | ) | (1,802 | ) | (19,757 | ) | |||||||||||||||||||
Cash proceeds from the sale of equipment, furniture and fixtures | 224 | 25 | 249 | ||||||||||||||||||||||
Net cash used in investing activities | (47,728 | ) | (1,777 | ) | (49,505 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from the senior secured revolving credit facility | 15,000 | — | 15,000 | ||||||||||||||||||||||
Proceeds from mortgage notes | 21,525 | — | 21,525 | ||||||||||||||||||||||
Payments on credit facility | (10,000 | ) | — | (10,000 | ) | ||||||||||||||||||||
Payments on the mortgage notes payable | (1,963 | ) | (1,112 | ) | (3,075 | ) | |||||||||||||||||||
Payments on the senior secured term loan | (3,750 | ) | — | (3,750 | ) | ||||||||||||||||||||
Payments of deferred financing costs | (244 | ) | — | (244 | ) | ||||||||||||||||||||
Net contribution from Ensign | 7,003 | (1,451 | ) | 5,552 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 27,571 | (2,563 | ) | 25,008 | |||||||||||||||||||||
Net decrease in cash and cash equivalents | (361 | ) | — | (361 | ) | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,096 | — | 1,096 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 735 | $ | — | $ | 735 | |||||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | 14 | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
The following table presents our quarterly financial data. This information has been prepared on a basis consistent with that of our audited consolidated and combined financial statements. Our quarterly results of operations for the periods presented are not necessarily indicative of future results of operations. Our quarterly financial data, for periods prior to the Spin-Off, has been prepared on a “carve-out” basis from Ensign’s combined financial statements using the historical results of operations, cash flows, assets and liabilities attributable to the Company. This unaudited quarterly data should be read together with the accompanying consolidated and combined financial statements and related notes thereto (in thousands, except per share amounts): | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Operating data: | |||||||||||||||||
Total revenues | $ | 12,871 | $ | 14,065 | $ | 15,884 | $ | 16,077 | |||||||||
(Loss) income before provision for income taxes | (362 | ) | (10,325 | ) | 1,967 | 630 | |||||||||||
Provision for income taxes | 36 | 17 | — | — | |||||||||||||
Net (loss) income | (398 | ) | (10,342 | ) | 1,967 | 630 | |||||||||||
(Loss) earnings per share, basic | (0.02 | ) | (0.47 | ) | 0.09 | 0.03 | |||||||||||
(Loss) earnings per share, diluted | (0.02 | ) | (0.47 | ) | 0.09 | 0.03 | |||||||||||
Other data: | |||||||||||||||||
Weighted-average number of common shares outstanding, basic | 22,228 | 22,231 | 22,255 | 24,419 | |||||||||||||
Weighted-average number of common shares outstanding, diluted | 22,228 | 22,231 | 22,436 | 24,586 | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Operating data: | |||||||||||||||||
Total revenues | $ | 11,336 | $ | 12,052 | $ | 12,558 | $ | 12,850 | |||||||||
Income (loss) before provision for income taxes | 590 | 560 | (210 | ) | (1,212 | ) | |||||||||||
Provision (benefit) for income taxes | 22 | 62 | 63 | (24 | ) | ||||||||||||
Net income (loss) | 568 | 498 | (273 | ) | (1,188 | ) | |||||||||||
Earnings (loss) per share, basic | 0.03 | 0.02 | (0.01 | ) | (0.05 | ) | |||||||||||
Earnings (loss) per share, diluted | 0.03 | 0.02 | (0.01 | ) | (0.05 | ) | |||||||||||
Other data: | |||||||||||||||||
Weighted-average number of common shares outstanding, basic | 22,228 | 22,228 | 22,228 | 22,228 | |||||||||||||
Weighted-average number of common shares outstanding, diluted | 22,436 | 22,436 | 22,228 | 22,228 |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 15 | SUBSEQUENT EVENTS |
In January 2015, the Company acquired Bethany Rehabilitation Center, a 170-bed skilled nursing facility located in Lakewood, Colorado, for $18.0 million and intends to account for this investment as an asset acquisition. | ||
The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events. The Company evaluates subsequent events up until the consolidated and combined financial statements are issued. |
Schedule_III_Real_Estate_Asset
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate Assets and Accumulated Depreciation | SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Description | Facility | Location | Encum- | Initial Cost to Company | Gross Carrying Value | Accumulated | Construction/ | Acquisition | |||||||||||||||||||||||||||||||||||||
brances | Depreciation | Renovation | Date | ||||||||||||||||||||||||||||||||||||||||||
Land | Building and | Costs | Land | Building | Total | Date | |||||||||||||||||||||||||||||||||||||||
Improvements | Capitalized | Improve- | |||||||||||||||||||||||||||||||||||||||||||
Since | ments | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Skilled Nursing Properties: | |||||||||||||||||||||||||||||||||||||||||||||
Ensign Highland LLC | Highland Manor | Phoenix, AZ | 5,628 | 257 | 976 | 926 | 257 | 1,902 | 2,159 | 749 | 2013 | 2000 | |||||||||||||||||||||||||||||||||
Meadowbrook Health Associates LLC | Sabino Canyon | Tucson, AZ | 6,226 | 425 | 3,716 | 1,940 | 425 | 5,656 | 6,081 | 1,705 | 2012 | 2000 | |||||||||||||||||||||||||||||||||
Terrace Holdings AZ LLC | Desert Terrace | Phoenix, AZ | 7,527 | 113 | 504 | 971 | 113 | 1,475 | 1,588 | 366 | 2004 | 2002 | |||||||||||||||||||||||||||||||||
Rillito Holdings LLC | Catalina | Tucson, AZ | 9,094 | 471 | 2,041 | 3,055 | 471 | 5,096 | 5,567 | 1,384 | 2013 | 2003 | |||||||||||||||||||||||||||||||||
Valley Health Holdings LLC | North Mountain | Phoenix, AZ | 16,125 | 629 | 5,154 | 1,519 | 629 | 6,673 | 7,302 | 2,006 | 2009 | 2004 | |||||||||||||||||||||||||||||||||
Cedar Avenue Holdings LLC | Upland | Upland, CA | 13,757 | 2,812 | 3,919 | 1,994 | 2,812 | 5,913 | 8,725 | 2,221 | 2011 | 2005 | |||||||||||||||||||||||||||||||||
Granada Investments LLC | Camarillo | Camarillo, CA | 11,601 | 3,526 | 2,827 | 1,522 | 3,526 | 4,349 | 7,875 | 1,461 | 2010 | 2005 | |||||||||||||||||||||||||||||||||
Plaza Health Holdings LLC | Park Manor | Walla Walla, WA | 6,943 | 450 | 5,566 | 1,055 | 450 | 6,621 | 7,071 | 2,247 | 2009 | 2006 | |||||||||||||||||||||||||||||||||
Mountainview Community Care LLC | Park View Gardens | Santa Rosa, CA | 7,644 | 931 | 2,612 | 653 | 931 | 3,265 | 4,196 | 1,331 | 1963 | 2006 | |||||||||||||||||||||||||||||||||
CM Health Holdings LLC | Carmel Mountain | San Diego, CA | — | 3,028 | 3,119 | 2,071 | 3,028 | 5,190 | 8,218 | 1,533 | 2012 | 2006 | |||||||||||||||||||||||||||||||||
Polk Health Holdings LLC | Timberwood | Livingston, TX | — | 60 | 4,391 | 1,167 | 60 | 5,558 | 5,618 | 1,844 | 2009 | 2006 | |||||||||||||||||||||||||||||||||
Snohomish Health Holdings LLC | Emerald Hills | Lynnwood, WA | — | 741 | 1,663 | 1,998 | 741 | 3,661 | 4,402 | 1,533 | 2009 | 2006 | |||||||||||||||||||||||||||||||||
Cherry Health Holdings, Inc. | Pacific Care | Hoquiam, WA | — | 171 | 1,828 | 2,038 | 171 | 3,866 | 4,037 | 1,229 | 2010 | 2006 | |||||||||||||||||||||||||||||||||
Golfview Holdings LLC | Cambridge SNF | Richmond, TX | — | 1,105 | 3,110 | 1,067 | 1,105 | 4,177 | 5,282 | 1,245 | 2007 | 2006 | |||||||||||||||||||||||||||||||||
Tenth East Holdings LLC | Arlington Hills | Salt Lake City, UT | 558 | 332 | 2,426 | 2,507 | 332 | 4,933 | 5,265 | 1,334 | 2013 | 2006 | |||||||||||||||||||||||||||||||||
Trinity Mill Holdings LLC | Carrollton | Carrollton, TX | — | 664 | 2,294 | 902 | 664 | 3,196 | 3,860 | 1,286 | 2007 | 2006 | |||||||||||||||||||||||||||||||||
Cottonwood Health Holdings LLC | Holladay | Salt Lake City, UT | — | 965 | 2,070 | 958 | 965 | 3,028 | 3,993 | 1,324 | 2008 | 2007 | |||||||||||||||||||||||||||||||||
Verde Villa Holdings LLC | Lake Village | Lewisville, TX | — | 600 | 1,890 | 470 | 600 | 2,360 | 2,960 | 774 | 2011 | 2007 | |||||||||||||||||||||||||||||||||
Mesquite Health Holdings LLC | Willow Bend | Mesquite, TX | — | 470 | 1,715 | 8,661 | 470 | 10,376 | 10,846 | 3,221 | 2012 | 2007 | |||||||||||||||||||||||||||||||||
Arrow Tree Health Holdings LLC | Arbor Glen | Glendora, CA | — | 2,165 | 1,105 | 324 | 2,165 | 1,429 | 3,594 | 563 | 1965 | 2007 | |||||||||||||||||||||||||||||||||
Fort Street Health Holdings LLC | Draper | Draper, UT | — | 443 | 2,394 | 759 | 443 | 3,153 | 3,596 | 844 | 2008 | 2007 | |||||||||||||||||||||||||||||||||
Trousdale Health Holdings LLC | Brookfield | Downey, CA | — | 1,415 | 1,841 | 1,861 | 1,415 | 3,702 | 5,117 | 946 | 2013 | 2007 | |||||||||||||||||||||||||||||||||
Ensign Bellflower LLC | Rose Villa | Bellflower, CA | — | 937 | 1,168 | 357 | 937 | 1,525 | 2,462 | 507 | 2009 | 2007 | |||||||||||||||||||||||||||||||||
RB Heights Health Holdings LLC | Osborn | Scottsdale, AZ | — | 2,007 | 2,793 | 1,762 | 2,007 | 4,555 | 6,562 | 1,312 | 2009 | 2008 | |||||||||||||||||||||||||||||||||
San Corrine Health Holdings LLC | Salado Creek | San Antonio, TX | — | 310 | 2,090 | 719 | 310 | 2,809 | 3,119 | 840 | 2005 | 2008 | |||||||||||||||||||||||||||||||||
Temple Health Holdings LLC | Wellington | Temple, TX | — | 529 | 2,207 | 1,163 | 529 | 3,370 | 3,899 | 917 | 2008 | 2008 | |||||||||||||||||||||||||||||||||
Anson Health Holdings LLC | Northern Oaks | Abilene, TX | — | 369 | 3,220 | 1,725 | 369 | 4,945 | 5,314 | 1,228 | 2012 | 2008 | |||||||||||||||||||||||||||||||||
Willits Health Holdings LLC | Northbrook | Willits, CA | — | 490 | 1,231 | 500 | 490 | 1,731 | 2,221 | 411 | 2011 | 2008 | |||||||||||||||||||||||||||||||||
Lufkin Health Holdings LLC | Southland | Lufkin, TX | — | 467 | 4,644 | 782 | 467 | 5,426 | 5,893 | 695 | 1988 | 2009 | |||||||||||||||||||||||||||||||||
Lowell Health Holdings LLC | Littleton | Littleton, CO | — | 217 | 856 | 1,735 | 217 | 2,591 | 2,808 | 524 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Jefferson Ralston Holdings LLC | Arvada | Arvada, CO | — | 280 | 1,230 | 834 | 280 | 2,064 | 2,344 | 377 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Lafayette Health Holdings LLC | Julia Temple | Englewood, CO | — | 1,607 | 4,222 | 6,195 | 1,607 | 10,417 | 12,024 | 1,939 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Hillendahl Health Holdings LLC | Golden Acres | Dallas, TX | — | 2,133 | 11,977 | 1,421 | 2,133 | 13,398 | 15,531 | 2,276 | 1984 | 2009 | |||||||||||||||||||||||||||||||||
Price Health Holdings LLC | Pinnacle | Price, UT | — | 193 | 2,209 | 849 | 193 | 3,058 | 3,251 | 453 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Silver Lake Health Holdings LLC | Provo | Provo, UT | — | 2,051 | 8,362 | 2,011 | 2,051 | 10,373 | 12,424 | 1,325 | 2011 | 2009 | |||||||||||||||||||||||||||||||||
Jordan Health Properties LLC | Copper Ridge | West Jordan, UT | — | 2,671 | 4,244 | 1,507 | 2,671 | 5,751 | 8,422 | 658 | 2013 | 2009 | |||||||||||||||||||||||||||||||||
Regal Road Health Holdings LLC | Sunview | Youngstown, AZ | — | 767 | 4,648 | 729 | 767 | 5,377 | 6,144 | 829 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Paredes Health Holdings LLC | Alta Vista | Brownsville, TX | — | 373 | 1,354 | 190 | 373 | 1,544 | 1,917 | 206 | 1969 | 2009 | |||||||||||||||||||||||||||||||||
Expressway Health Holdings LLC | Veranda | Harlingen, TX | — | 90 | 675 | 430 | 90 | 1,105 | 1,195 | 157 | 2011 | 2009 | |||||||||||||||||||||||||||||||||
Rio Grande Health Holdings LLC | Grand Terrace | McAllen, TX | — | 642 | 1,085 | 870 | 642 | 1,955 | 2,597 | 291 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Fifth East Holdings LLC | Paramount | Salt Lake City, UT | — | 345 | 2,464 | 1,065 | 345 | 3,529 | 3,874 | 583 | 2011 | 2009 | |||||||||||||||||||||||||||||||||
Emmett Healthcare Holdings LLC | River's Edge | Emmet, ID | — | 591 | 2,383 | 69 | 591 | 2,452 | 3,043 | 350 | 1972 | 2010 | |||||||||||||||||||||||||||||||||
Burley Healthcare Holdings LLC | Parke View | Burley, ID | — | 250 | 4,004 | 424 | 250 | 4,428 | 4,678 | 708 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Northshore Healthcare Holdings LLC | Montebello (Silver Springs) | Houston, TX | — | 486 | 2,349 | 1,041 | 486 | 3,390 | 3,876 | 576 | 2012 | 2010 | |||||||||||||||||||||||||||||||||
Josey Ranch Healthcare Holdings LLC | Heritage Gardens | Carrollton, TX | — | 1,382 | 2,293 | 478 | 1,382 | 2,771 | 4,153 | 332 | 1996 | 2010 | |||||||||||||||||||||||||||||||||
Everglades Health Holdings LLC | Victoria Ventura | Ventura, CA | — | 1,847 | 5,377 | 682 | 1,847 | 6,059 | 7,906 | 894 | 1990 | 2011 | |||||||||||||||||||||||||||||||||
Irving Health Holdings LLC | Beatrice Manor | Beatrice, NE | — | 60 | 2,931 | 245 | 60 | 3,176 | 3,236 | 378 | 2011 | 2011 | |||||||||||||||||||||||||||||||||
Falls City Health Holdings LLC | Careage Estates of Falls City | Falls City, NE | — | 170 | 2,141 | 82 | 170 | 2,223 | 2,393 | 240 | 1972 | 2011 | |||||||||||||||||||||||||||||||||
Gillette Park Health Holdings LLC | Careage of Cherokee | Cherokee, IA | — | 163 | 1,491 | 12 | 163 | 1,503 | 1,666 | 211 | 1967 | 2011 | |||||||||||||||||||||||||||||||||
Gazebo Park Health Holdings LLC | Careage of Clarion | Clarion, IA | — | 80 | 2,541 | 97 | 80 | 2,638 | 2,718 | 385 | 1978 | 2011 | |||||||||||||||||||||||||||||||||
Oleson Park Health Holdings LLC | Careage of Ft. Dodge | Ft. Dodge, IA | — | 90 | 2,341 | 759 | 90 | 3,100 | 3,190 | 510 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Arapahoe Health Holdings LLC | Oceanview | Texas City, TX | — | 158 | 4,810 | 789 | 158 | 5,599 | 5,757 | 685 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Dixie Health Holdings LLC | Hurricane | Hurricane, UT | — | 487 | 1,978 | 98 | 487 | 2,076 | 2,563 | 182 | 1978 | 2011 | |||||||||||||||||||||||||||||||||
Memorial Health Holdings LLC | Pocatello | Pocatello, ID | — | 537 | 2,138 | 698 | 537 | 2,836 | 3,373 | 406 | 2007 | 2011 | |||||||||||||||||||||||||||||||||
Bogardus Health Holdings LLC | Whittier East | Whittier, CA | — | 1,425 | 5,307 | 1,079 | 1,425 | 6,386 | 7,811 | 947 | 2011 | 2011 | |||||||||||||||||||||||||||||||||
South Dora Health Holdings LLC | Ukiah | Ukiah, CA | — | 297 | 2,087 | 1,621 | 297 | 3,708 | 4,005 | 1,274 | 2013 | 2011 | |||||||||||||||||||||||||||||||||
Silverada Health Holdings LLC | Rosewood | Reno, NV | — | 1,012 | 3,282 | 103 | 1,012 | 3,385 | 4,397 | 270 | 1970 | 2011 | |||||||||||||||||||||||||||||||||
Orem Health Holdings LLC | Orem | Orem, UT | — | 1,689 | 3,896 | 3,235 | 1,689 | 7,131 | 8,820 | 1,213 | 2011 | 2011 | |||||||||||||||||||||||||||||||||
Renne Avenue Health Holdings LLC | Monte Vista | Pocatello, ID | — | 180 | 2,481 | 966 | 180 | 3,447 | 3,627 | 318 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Stillhouse Health Holdings LLC | Stillhouse | Paris, TX | — | 129 | 7,139 | 6 | 129 | 7,145 | 7,274 | 324 | 2009 | 2012 | |||||||||||||||||||||||||||||||||
Fig Street Health Holdings LLC | Palomar Vista | Escondido, CA | — | 329 | 2,653 | 1,094 | 329 | 3,747 | 4,076 | 1,032 | 2007 | 2012 | |||||||||||||||||||||||||||||||||
Lowell Lake Health Holdings LLC | Owyhee | Owyhee, ID | — | 49 | 1,554 | 29 | 49 | 1,583 | 1,632 | 87 | 1990 | 2012 | |||||||||||||||||||||||||||||||||
Queensway Health Holdings LLC | Atlantic Memorial | Long Beach, CA | — | 999 | 4,237 | 2,331 | 999 | 6,568 | 7,567 | 1,762 | 2008 | 2012 | |||||||||||||||||||||||||||||||||
Long Beach Health Associates LLC | Shoreline | Long Beach, CA | — | 1,285 | 2,343 | 2,172 | 1,285 | 4,515 | 5,800 | 694 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Kings Court Health Holdings LLC | Richland Hills | Ft. Worth, TX | — | 193 | 2,311 | 318 | 193 | 2,629 | 2,822 | 145 | 1965 | 2012 | |||||||||||||||||||||||||||||||||
51st Avenue Health Holdings LLC | Legacy | Amarillo, TX | — | 340 | 3,925 | 32 | 340 | 3,957 | 4,297 | 208 | 1970 | 2013 | |||||||||||||||||||||||||||||||||
Ives Health Holdings LLC | San Marcos | San Marcos, TX | — | 371 | 2,951 | 274 | 371 | 3,225 | 3,596 | 144 | 1972 | 2013 | |||||||||||||||||||||||||||||||||
Guadalupe Health Holdings LLC | The Courtyard (Victoria East) | Victoria, TX | — | 80 | 2,391 | 15 | 80 | 2,406 | 2,486 | 94 | 2013 | 2013 | |||||||||||||||||||||||||||||||||
Queens City Health Holdings LLC | La Villa (Victoria West) | Victoria, TX | — | 212 | 732 | 8 | 212 | 740 | 952 | 44 | 1960 | 2013 | |||||||||||||||||||||||||||||||||
49th Street Health Holdings LLC | Omaha | Omaha, NE | — | 129 | 2,418 | 24 | 129 | 2,442 | 2,571 | 136 | 1970 | 2013 | |||||||||||||||||||||||||||||||||
Willows Health Holdings LLC | Cascade Vista | Redmond, WA | — | 1,388 | 2,982 | 202 | 1,388 | 3,184 | 4,572 | 196 | 1966 | 2013 | |||||||||||||||||||||||||||||||||
Tulalip Bay Holdings | Mountain View | Marysville, WA | — | 1,722 | 2,642 | (980 | ) | 742 | 2,642 | 3,384 | 132 | 1989 | 2013 | ||||||||||||||||||||||||||||||||
85,103 | 56,381 | 209,948 | 81,265 | 55,401 | 292,193 | 347,594 | 61,551 | ||||||||||||||||||||||||||||||||||||||
Skilled Nursing Campus Properties: | |||||||||||||||||||||||||||||||||||||||||||||
Ensign Southland LLC | Southland Care | Norwalk, CA | — | 966 | 5,082 | 2,213 | 966 | 7,295 | 8,261 | 3,400 | 2011 | 1999 | |||||||||||||||||||||||||||||||||
Sky Holdings AZ LLC | Bella Vita (Desert Sky) | Glendale, AZ | 13,102 | 289 | 1,428 | 1,752 | 289 | 3,180 | 3,469 | 1,101 | 2004 | 2002 | |||||||||||||||||||||||||||||||||
Lemon River Holdings LLC | Plymouth Tower | Riverside, CA | — | 494 | 1,159 | 4,853 | 494 | 6,012 | 6,506 | 1,369 | 2012 | 2009 | |||||||||||||||||||||||||||||||||
Wisteria Health Holdings LLC | Wisteria | Abilene, TX | — | 746 | 9,903 | 290 | 746 | 10,193 | 10,939 | 1,058 | 2008 | 2011 | |||||||||||||||||||||||||||||||||
Mission CCRC LLC | St. Joseph's Villa | Salt Lake City, UT | — | 1,962 | 11,035 | 464 | 1,962 | 11,499 | 13,461 | 1,449 | 1994 | 2011 | |||||||||||||||||||||||||||||||||
Wayne Health Holdings LLC | Careage of Wayne | Wayne, NE | — | 130 | 3,061 | 122 | 130 | 3,183 | 3,313 | 357 | 1978 | 2011 | |||||||||||||||||||||||||||||||||
4th Street Health Holdings LLC | West Bend Care Center | West Bend, IA | — | 180 | 3,352 | — | 180 | 3,352 | 3,532 | 365 | 2006 | 2011 | |||||||||||||||||||||||||||||||||
Big Sioux River Health Holdings LLC | Hillcrest Health | Hawarden, IA | — | 110 | 3,522 | 75 | 110 | 3,597 | 3,707 | 359 | 1974 | 2011 | |||||||||||||||||||||||||||||||||
Prairie Health Holdings LLC | Colonial Manor of Randolph | Randolph, NE | — | 130 | 1,571 | 22 | 130 | 1,593 | 1,723 | 278 | 2011 | 2011 | |||||||||||||||||||||||||||||||||
Salmon River Health Holdings LLC | Discovery Care Center | Salmon, ID | — | 168 | 2,496 | — | 168 | 2,496 | 2,664 | 151 | 2012 | 2012 | |||||||||||||||||||||||||||||||||
13,102 | 5,175 | 42,609 | 9,791 | 5,175 | 52,400 | 57,575 | 9,887 | ||||||||||||||||||||||||||||||||||||||
Assisted and Indpendent Living Properties: | |||||||||||||||||||||||||||||||||||||||||||||
Avenue N Holdings LLC | Cambridge ALF | Rosenburg, TX | — | 124 | 2,301 | 392 | 124 | 2,693 | 2,817 | 811 | 2007 | 2006 | |||||||||||||||||||||||||||||||||
Moenium Holdings LLC | Grand Court | Mesa, AZ | — | 1,893 | 5,268 | 1,210 | 1,893 | 6,478 | 8,371 | 1,913 | 1986 | 2007 | |||||||||||||||||||||||||||||||||
Lafayette Health Holdings LLC | Chateau Des Mons | Englewood, CO | — | 420 | 1,160 | 189 | 420 | 1,349 | 1,769 | 188 | 2011 | 2009 | |||||||||||||||||||||||||||||||||
Expo Park Health Holdings LLC | Canterbury Gardens | Aurora, CO | — | 570 | 1,692 | 248 | 570 | 1,940 | 2,510 | 341 | 1986 | 2010 | |||||||||||||||||||||||||||||||||
Wisteria Health Holdings LLC | Wisteria IND | Abilene, TX | — | 244 | 3,241 | 81 | 244 | 3,322 | 3,566 | 413 | 2008 | 2011 | |||||||||||||||||||||||||||||||||
Everglades Health Holdings LLC | Lexington | Ventura, CA | — | 1,542 | 4,012 | 113 | 1,542 | 4,125 | 5,667 | 345 | 1990 | 2011 | |||||||||||||||||||||||||||||||||
Flamingo Health Holdings LLC | Desert Springs ALF | Las Vegas, NV | — | 908 | 4,767 | 281 | 908 | 5,048 | 5,956 | 916 | 1986 | 2011 | |||||||||||||||||||||||||||||||||
18th Place Health Holdings LLC | Rose Court | Phoenix, AZ | — | 1,011 | 2,053 | 490 | 1,011 | 2,543 | 3,554 | 281 | 1974 | 2011 | |||||||||||||||||||||||||||||||||
Boardwalk Health Holdings LLC | Park Place | Reno, NV | — | 367 | 1,633 | 51 | 367 | 1,684 | 2,051 | 163 | 1993 | 2012 | |||||||||||||||||||||||||||||||||
Willows Health Holdings LLC | Cascade Plaza | Redmond, WA | — | 2,835 | 3,784 | 395 | 2,835 | 4,179 | 7,014 | 253 | 2013 | 2013 | |||||||||||||||||||||||||||||||||
Lockwood Health Holdings LLC | Santa Maria | Santa Maria, CA | — | 1,792 | 2,253 | 585 | 1,792 | 2,838 | 4,630 | 236 | 1967 | 2013 | |||||||||||||||||||||||||||||||||
Saratoga Health Holdings LLC | Lake Ridge | Orem, UT | — | 444 | 2,265 | 176 | 444 | 2,441 | 2,885 | 92 | 1995 | 2013 | |||||||||||||||||||||||||||||||||
CTR Partnership, L.P. | Lily & Syringa ALF | Idaho Falls, ID | — | 70 | 2,673 | — | 70 | 2,673 | 2,743 | 5 | 1995 | 2014 | |||||||||||||||||||||||||||||||||
CTR Partnership, L.P. | Caring Hearts | Pocatello, ID | — | 80 | 3,404 | — | 80 | 3,404 | 3,484 | 8 | 2008 | 2014 | |||||||||||||||||||||||||||||||||
CTR Partnership, L.P. | Turtle & Crain ALF | Idaho Falls, ID | — | 110 | 5,426 | — | 110 | 5,426 | 5,536 | 11 | 2013 | 2014 | |||||||||||||||||||||||||||||||||
CTR Partnership, L.P. | Prelude Cottages of Woodbury | Woodbury, MN | — | 430 | 6,708 | — | 430 | 6,708 | 7,138 | — | 2011 | 2014 | |||||||||||||||||||||||||||||||||
CTR Partnership, L.P. | English Meadows Senior Living Community | Christiansburg, VA | — | 250 | 6,101 | — | 250 | 6,101 | 6,351 | — | 2011 | 2014 | |||||||||||||||||||||||||||||||||
— | 13,090 | 58,741 | 4,211 | 13,090 | 62,952 | 76,042 | 5,976 | ||||||||||||||||||||||||||||||||||||||
Independent Living Properties: | |||||||||||||||||||||||||||||||||||||||||||||
Hillendahl Health Holdings LLC | Cottages at Golden Acres | Dallas, TX | — | 315 | 1,769 | 176 | 315 | 1,945 | 2,260 | 415 | 1984 | 2009 | |||||||||||||||||||||||||||||||||
Mission CCRC LLC | St. Joseph's Villa IND | Salt Lake City, UT | — | 411 | 2,312 | 119 | 411 | 2,431 | 2,842 | 360 | 1994 | 2011 | |||||||||||||||||||||||||||||||||
Hillview Health Holdings LLC | Lakeland Hills ALF | Dallas, TX | — | 680 | 4,872 | 621 | 680 | 5,493 | 6,173 | 708 | 1996 | 2011 | |||||||||||||||||||||||||||||||||
— | 1,406 | 8,953 | 916 | 1,406 | 9,869 | 11,275 | 1,483 | ||||||||||||||||||||||||||||||||||||||
98,205 | 76,052 | 320,251 | 96,183 | 75,072 | 417,414 | 492,486 | 78,897 | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Real estate: | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | 456,052 | 410,009 | 358,707 | ||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 25,252 | 35,656 | 30,549 | ||||||||||||||||||||||||||||||||||||||||||
Improvements | 12,162 | 10,387 | 20,753 | ||||||||||||||||||||||||||||||||||||||||||
Assets not transferred to CareTrust | (980 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance at the end of the period | 492,486 | 456,052 | 410,009 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | (62,572 | ) | (47,877 | ) | (32,900 | ) | |||||||||||||||||||||||||||||||||||||||
Depreciation expense | (16,325 | ) | (14,695 | ) | (14,977 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at the end of the period | (78,897 | ) | (62,572 | ) | (47,877 | ) |
Organization_Policies
Organization (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ASC 505-60, Equity - Spinoffs and Reverse Spinoffs | In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 505-60, Equity — Spinoffs and Reverse Spinoffs, the accounting for the separation of the Company follows its legal form, with Ensign as the legal and accounting spinnor and the Company as the legal and accounting spinnee, due to the relative significance of Ensign’s healthcare business, the relative fair values of the respective companies, the retention of all senior management (except Mr. Gregory K. Stapley) by Ensign, and other relevant indicators. | ||
Basis of Presentation | Basis of Presentation — The accompanying consolidated and combined financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of (i) the skilled nursing, assisted living and independent living facilities that Ensign contributed to the Company immediately prior to the Spin-Off, (ii) the operations of the three independent living facilities that the Company operated immediately following the Spin-Off, and (iii) the new investments that the Company has made after the Spin-Off. The Company’s financial statements, prior to the Spin-Off, have been prepared on a “carve-out” basis from Ensign’s consolidated financial statements using the historical results of operations, cash flows, assets and liabilities attributable to such skilled nursing, assisted living and independent living facilities (the “Ensign Properties”). | ||
The combined balance sheet of the Company at December 31, 2013 includes Ensign assets and liabilities that are specifically identifiable or otherwise attributable to the Company. The combined statements of income, prior to the Spin-Off, reflect allocations of general corporate expenses from Ensign including, but not limited to, executive management, finance, legal, information technology, human resources, employee benefits administration, treasury, risk management, procurement, and other shared services. See further discussion in Note 6, Related Party Transactions. | |||
Management believes that the assumptions and estimates used in preparation of the underlying consolidated and combined financial statements are reasonable. However, the consolidated and combined financial statements herein do not necessarily reflect what the Company’s financial position, results of operations or cash flows would have been if the Company had been a stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of the Company’s future results of operations, financial position or cash flows. | |||
The accompanying consolidated and combined financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect the financial position, results of operations and cash flows of the Company. All intercompany transactions and account balances within the Company have been eliminated. | |||
Invested Capital | Invested Capital — Invested capital in the consolidated and combined balance sheets represents Ensign’s historical investment in the Company, the net effect of cost allocations from transactions with Ensign, net transfers of cash and assets to Ensign and the Company’s accumulated earnings. See further discussion of transactions with Ensign in Note 6, Related Party Transactions. | ||
Estimates and Assumptions | Estimates and Assumptions — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. | ||
Real Estate Depreciation and Amortization | Real Estate Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments 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. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: | ||
Buildings | 25-40 years | ||
Building improvements | 10-25 years | ||
Tenant improvements | Shorter of lease term or expected useful life | ||
Integral equipment, furniture and fixtures | 5 years | ||
Real Estate Acquisition Valuation | Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations, the Company records the acquisition of income-producing real estate as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions that are business combinations, acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date. For transactions that are an asset acquisition, acquisition costs are capitalized as incurred. | ||
The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. | |||
Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income. | |||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — Management periodically evaluates the Company’s real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. Management also assesses the carrying value of the Company’s real estate investments whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. All impairments are taken as a period cost at that time and depreciation is adjusted going forward to reflect the new value assigned to the asset. | ||
If the Company decides to sell real estate properties, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. | |||
In the event of impairment, the fair value of the real estate investment is determined by market research, which includes valuing the property in its current use as well as other alternative uses, and involves significant judgment. The Company’s estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results. | |||
Other Real Estate Investments | Other Real Estate Investments — Preferred equity investments with characteristics of debt instruments are accounted for as acquisition, development and construction loans held for investment, stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses and accrued interest, net of reserves. The Company recognizes interest income on a quarterly basis based on the outstanding investment including any accrued and unpaid interest. | ||
The Company periodically evaluates each of its investments for indicators of impairment. An investment is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. A reserve is established for the excess of the carrying value of the investment over its fair value, or, as a practical expedient, the value of the collateral if the loan is collateral dependent. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and short-term investments with high credit quality financial institutions. | ||
The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. | |||
Deferred Financing Costs | Deferred Financing Costs — External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. Amortization of deferred financing costs is classified as interest expense in our consolidated and combined statements of income (loss). Accumulated amortization of deferred financing costs was $2.2 million and $2.4 million at December 31, 2014 and December 31, 2013, respectively. | ||
When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within income from continuing operations in our consolidated and combined statements of income (loss). | |||
Revenue Recognition | Revenue Recognition — The Company recognizes rental revenue, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight-line basis over the non-cancellable term of the related leases when collectability is reasonably assured. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For the years ended December 31, 2014, 2013 and 2012, such tenant reimbursement revenues consist of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. | ||
The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, the operations, the asset type and current economic conditions. If our evaluation of these factors indicates we may not recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. This analysis requires us to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. We did not reserve any receivables as of December 31, 2014 and 2013. | |||
Income Taxes | Income Taxes — The Company’s operations have historically been included in Ensign’s U.S. federal and state income tax returns and all income taxes have been paid by Ensign. Income tax expense and other income tax related information contained in these consolidated and combined financial statements are presented on a separate tax return basis as if the Company filed its own tax returns. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the consolidated financial statements herein may not necessarily reflect the Company’s income tax expense or tax payments in the future, or what its tax amounts would have been if the Company had been a stand-alone company during the periods presented. | ||
The Company expects to elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and intends to operate as such beginning with its taxable year ended December 31, 2014. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (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). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to 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 Internal Revenue Service grants the Company relief under certain statutory provisions. | |||
In connection with the Company’s intention to qualify as a real estate investment trust in 2014, on October 17, 2014, the Company’s board of directors declared a special dividend (the “Special Dividend”) of $132.0 million, or approximately $5.88 per common share, which represents the amount of accumulated earnings and profits, or “E&P,” allocated to the Company as a result of the Spin-Off. The Special Dividend was intended to purge the Company of accumulated E&P attributable to the period prior to the Company’s first taxable year as a REIT. The Special Dividend was paid on December 10, 2014, to stockholders of record as of October 31, 2014, in a combination of both cash and stock. The cash portion totaled $33.0 million and the stock portion totaled $99.0 million. The Company issued 8,974,249 shares of common stock in connection with the stock portion of the Special Dividend. | |||
Derivatives and Hedging Activities | Derivatives and Hedging Activities — The Company evaluates variable and fixed interest rate risk exposure on a routine basis and to the extent the Company believes that it is appropriate, it will offset most of its variable rate risk exposure by entering into interest rate swap agreements. It is the Company’s policy to only utilize derivative instruments for hedging purposes (i.e., not for speculation). The Company formally designates its interest rate swap agreements as hedges and documents all relationships between hedging instruments and hedged items. The Company formally assesses effectiveness of its hedging relationships, both at the hedge inception and on an ongoing basis, then measures and records ineffectiveness. The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated or exercised, (iii) if it is no longer probable that the forecasted transaction will occur, or (iv) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. | ||
Effective May 30, 2014, the Company de-designated its interest rate swap contract that historically qualified for cash flow hedge accounting. This was due to the termination of the interest rate swap agreement related to the early retirement of the Senior Credit Facility (as defined below). As a result, the loss previously recorded in accumulated other comprehensive loss related to the interest rate swap was recognized in interest expense in the consolidated and combined statements of income (loss). There was no outstanding interest rate swap contract as of December 31, 2014. | |||
Stock-Based Compensation | Stock-Based Compensation — The Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation — Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. Net income (loss) reflects stock-based compensation expense of $154,000 for the year ended December 31, 2014. | ||
Concentration of Credit Risk | Concentration of Credit Risk — The Company is subject to concentrations of credit risk consisting primarily of operating leases on our owned properties. See Note 12, Concentration of Risk, for a discussion of major operator concentration. | ||
Segment Disclosures | Segment Disclosures — The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Company has one reportable segment consisting of investments in healthcare-related real estate assets. | ||
Earnings (Loss) Per Share | Earnings (Loss) Per Share — The Company calculates earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings Per Share. Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. Basic and diluted EPS for the years ended December 31, 2014, 2013 and 2012 were retroactively restated for the number of basic and diluted shares outstanding immediately following the Spin-Off. | ||
Recently Issued Accounting Standards Update | Recently Issued Accounting Standards Update — In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”). ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale. ASU No. 2014-08 also requires additional disclosures about discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated and combined statements of income, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. Additionally, any gain or loss on sale of real estate that does not meet the criteria for classification as a discontinued operation would be presented, on the consolidated and combined statements of operations, below income from continuing operations and income from discontinued operations. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of adopting the new guidance but does not believe it will have a material effect on income from operations or the Company’s financial position. | |||
In June 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU No. 2014-12”). The amendments in ASU No. 2014-12 require that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Compensation — Stock Compensation (Topic 718) as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU No. 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU No. 2014-12 either (a) prospectively to all awards that are granted or modified on or after the effective date; or (b) on a modified retrospective basis to all awards with performance targets that are outstanding on or after the beginning of the first annual period presented as of the adoption date. The Company is currently assessing the impact of adopting the new guidance but does not believe it will have a material effect on income from operations or the Company’s financial position. | |||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”). The amendments in ASU No. 2014-15 require management to evaluate, for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued when applicable) and, if so, provide related disclosures. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. We believe the adoption of this guidance will not have a material effect on income from operations or the Company’s financial position. | |||
In January 2015, the FASB issued ASU No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU No. 2015-01”). The amendments in ASU No. 2015-01 eliminate from GAAP the concept of extraordinary items. Although the amendments will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. ASU No. 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU No. 2015-01 to have a significant impact on its financial statements. | |||
Organization_Tables
Organization (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Schedule of Assets and Liabilities Contributed to the Company from Ensign or Incurred in Connection with Spin-Off | The assets and liabilities contributed to the Company from Ensign, or incurred in connection with the Spin-Off in the case of certain debt, were as follows (dollars in thousands): | ||||
Real estate investments, net | $ | 421,846 | |||
Cash | 78,731 | ||||
Accounts receivable and prepaid assets and other current assets | 1,900 | ||||
Deferred financing costs, net | 11,088 | ||||
Debt | (359,512 | ) | |||
Other liabilities | (6,838 | ) | |||
Net contribution | $ | 147,215 | |||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Summary of Estimated Useful Lives | The Company anticipates the estimated useful lives of its assets by class to be generally as follows: | ||
Buildings | 25-40 years | ||
Building improvements | 10-25 years | ||
Tenant improvements | Shorter of lease term or expected useful life | ||
Integral equipment, furniture and fixtures | 5 years |
Real_Estate_Investments_Net_Ta
Real Estate Investments, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Summary of Investment in Owned Properties | The following tables summarize our investment in owned properties at December 31, 2014 and 2013 (dollars in thousands): | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 75,072 | $ | 75,112 | |||||
Buildings and improvements | 417,414 | 380,940 | |||||||
Integral equipment, furniture and fixtures | 47,134 | 66,932 | |||||||
Real estate investments | 539,620 | 522,984 | |||||||
Accumulated depreciation | (103,405 | ) | (97,981 | ) | |||||
Real estate investments, net | $ | 436,215 | $ | 425,003 | |||||
Schedule of Total Future Minimum Rental Revenues | As of December 31, 2014, our total future minimum rental revenues for all of our tenants were (dollars in thousands): | ||||||||
Year | Amount | ||||||||
2015 | $ | 58,176 | |||||||
2016 | 58,176 | ||||||||
2017 | 58,176 | ||||||||
2018 | 58,176 | ||||||||
2019 | 58,176 | ||||||||
Thereafter | 597,146 | ||||||||
$ | 888,026 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value | During the years ended December 31, 2014 and 2013, the Company measured the following assets and liabilities at fair value (dollars in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair | Level 1 | Level 2 | Level 3 | Fair | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||||||
Recurring basis: | |||||||||||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | — | $ | 1,828 | $ | — | $ | 1,828 | $ | — | |||||||||||||||||
Summary of Fair Value of Financial Instruments Measured on Recurring Basis Using Unobservable Inputs | A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2014 and December 31, 2013 using Level 2 inputs, for the senior unsecured notes payable, and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Face | Carrying | Fair | Face | Carrying | Fair | ||||||||||||||||||||||||||||
Value | Amount | Value | Value | Amount | Value | ||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||
Preferred equity investment | $ | 7,500 | $ | 7,532 | $ | 7,532 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||
Senior unsecured notes payable | $ | 260,000 | $ | 260,000 | $ | 265,200 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Senior secured revolving credit facility | — | — | — | 78,701 | 78,701 | 78,701 | |||||||||||||||||||||||||||
Mortgage notes payable | 98,205 | 98,205 | 101,822 | 115,682 | 114,982 | 114,982 | |||||||||||||||||||||||||||
Senior secured term loan | — | — | — | 65,624 | 65,624 | 65,624 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Debt Maturities | As of December 31, 2014, our debt maturities were (dollars in thousands): | ||||
Year | Amount | ||||
2015 | $ | 2,728 | |||
2016 | 2,874 | ||||
2017 | 92,372 | ||||
2018 | 123 | ||||
2019 | 108 | ||||
Thereafter | 260,000 | ||||
$ | 358,205 | ||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS | The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three years ended December 31, 2014, 2013 and 2012, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three years ended December 31, 2014, 2013 and 2012 (amounts in thousands, except per share amounts): | ||||||||||||
For the Year Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net (loss) income | $ | (8,143 | ) | $ | (395 | ) | $ | 110 | |||||
(Loss) earnings per common share: | |||||||||||||
Basic | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0 | |||||
Diluted | $ | (0.36 | ) | $ | (0.02 | ) | $ | 0 | |||||
Determination of shares: | |||||||||||||
Weighted-average common shares outstanding, basic | 22,788 | 22,228 | 22,228 | ||||||||||
Assumed conversion of restricted stock awards | — | — | 208 | ||||||||||
Weighted-average common shares outstanding, diluted | 22,788 | 22,228 | 22,436 | ||||||||||
Summarized_Condensed_Consolida1
Summarized Condensed Consolidating and Combining Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Condensed Consolidating and Combining Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Parent | Issuers | Combined | Combined | Elimination | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiary | Non- | |||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 26,104 | $ | 366,199 | $ | 43,912 | $ | — | $ | 436,215 | |||||||||||||
Other real estate investments | — | — | 7,532 | — | — | 7,532 | |||||||||||||||||||
Cash and cash equivalents | — | 25,320 | — | — | — | 25,320 | |||||||||||||||||||
Accounts receivable | — | — | 2,170 | 121 | — | 2,291 | |||||||||||||||||||
Prepaid expenses and other assets | — | 808 | 1 | — | — | 809 | |||||||||||||||||||
Deferred financing costs, net | — | 9,808 | — | 597 | — | 10,405 | |||||||||||||||||||
Investment in subsidiaries | 117,408 | 335,020 | — | — | (452,428 | ) | — | ||||||||||||||||||
Intercompany | — | — | 15,262 | 1,323 | (16,585 | ) | — | ||||||||||||||||||
Total assets | $ | 117,408 | $ | 397,060 | $ | 391,164 | $ | 45,953 | $ | (469,013 | ) | $ | 482,572 | ||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||
Senior unsecured notes payable | $ | — | $ | 260,000 | $ | — | $ | — | $ | — | $ | 260,000 | |||||||||||||
Mortgage notes payable | — | — | 557 | 97,648 | — | 98,205 | |||||||||||||||||||
Accounts payable and accrued liabilities | 3,946 | 3,067 | 3,308 | 584 | — | 10,905 | |||||||||||||||||||
Intercompany | — | 16,585 | — | — | (16,585 | ) | — | ||||||||||||||||||
Total liabilities | 3,946 | 279,652 | 3,865 | 98,232 | (16,585 | ) | 369,110 | ||||||||||||||||||
Equity: | |||||||||||||||||||||||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 | 313 | — | — | — | — | 313 | |||||||||||||||||||
Additional paid-in capital | 246,041 | 125,551 | 374,660 | (52,899 | ) | (447,312 | ) | 246,041 | |||||||||||||||||
Cumulative distributions in excess of earnings | (132,892 | ) | (8,143 | ) | 12,639 | 620 | (5,116 | ) | (132,892 | ) | |||||||||||||||
Total equity | 113,462 | 117,408 | 387,299 | (52,279 | ) | (452,428 | ) | 113,462 | |||||||||||||||||
Total liabilities and equity | $ | 117,408 | $ | 397,060 | $ | 391,164 | $ | 45,953 | $ | (469,013 | ) | $ | 482,572 | ||||||||||||
CONDENSED COMBINING BALANCE SHEETS | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Real estate investments, net | $ | 379,754 | $ | 45,249 | $ | 425,003 | |||||||||||||||||||
Cash and cash equivalents | 895 | — | 895 | ||||||||||||||||||||||
Accounts receivable | 20 | — | 20 | ||||||||||||||||||||||
Prepaid expenses and other assets | 367 | 521 | 888 | ||||||||||||||||||||||
Deferred tax assets | 705 | 154 | 859 | ||||||||||||||||||||||
Deferred financing costs, net | 2,511 | 290 | 2,801 | ||||||||||||||||||||||
Total assets | $ | 384,252 | $ | 46,214 | $ | 430,466 | |||||||||||||||||||
Liabilities and Invested Equity: | |||||||||||||||||||||||||
Senior secured revolving credit facility | $ | 78,701 | $ | — | $ | 78,701 | |||||||||||||||||||
Mortgage notes payable | 66,117 | 48,865 | 114,982 | ||||||||||||||||||||||
Senior secured term loan | 65,624 | — | 65,624 | ||||||||||||||||||||||
Interest rate swap | 1,828 | — | 1,828 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | 5,316 | 467 | 5,783 | ||||||||||||||||||||||
Deferred tax liabilities | 705 | 154 | 859 | ||||||||||||||||||||||
Total liabilities | 218,291 | 49,486 | 267,777 | ||||||||||||||||||||||
Invested Equity: | |||||||||||||||||||||||||
Invested equity | 167,789 | (3,272 | ) | 164,517 | |||||||||||||||||||||
Accumulated other comprehensive loss | (1,828 | ) | — | (1,828 | ) | ||||||||||||||||||||
Total invested equity | 165,961 | (3,272 | ) | 162,689 | |||||||||||||||||||||
Total liabilities and invested equity | $ | 384,252 | $ | 46,214 | $ | 430,466 | |||||||||||||||||||
Condensed Consolidating and Combining Statements of Income | CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF INCOME | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Combined | Combined | Elimination | Consolidated and | ||||||||||||||||||||
Guarantor | Subsidiary | Non- | Combined | ||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | — | $ | 139 | $ | 42,337 | $ | 8,891 | $ | — | $ | 51,367 | |||||||||||||
Tenant reimbursement | — | 11 | 4,460 | 485 | — | 4,956 | |||||||||||||||||||
Independent living facilities | — | — | 2,519 | — | — | 2,519 | |||||||||||||||||||
Interest and other income | — | 23 | 32 | — | — | 55 | |||||||||||||||||||
Total revenues | — | 173 | 49,348 | 9,376 | — | 58,897 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Depreciation and amortization | — | 34 | 19,577 | 3,389 | — | 23,000 | |||||||||||||||||||
Interest expense | — | 10,425 | 6,315 | 4,882 | — | 21,622 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 4,067 | — | — | 4,067 | |||||||||||||||||||
Property taxes | — | 11 | 4,460 | 485 | — | 4,956 | |||||||||||||||||||
Acquisition costs | — | — | 47 | — | — | 47 | |||||||||||||||||||
Independent living facilities | — | — | 2,243 | — | — | 2,243 | |||||||||||||||||||
General and administrative | — | 11,105 | — | — | — | 11,105 | |||||||||||||||||||
Total expenses | — | 21,575 | 36,709 | 8,756 | — | 67,040 | |||||||||||||||||||
(Loss) income in subsidiary | (8,143 | ) | 13,259 | — | — | (5,116 | ) | — | |||||||||||||||||
Net (loss) income | (8,143 | ) | (8,143 | ) | 12,639 | 620 | (5,116 | ) | (8,143 | ) | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | — | — | 167 | — | — | 167 | |||||||||||||||||||
Reclassification adjustment on interest rate swap | — | — | 1,661 | — | — | 1,661 | |||||||||||||||||||
Comprehensive (loss) income | $ | (8,143 | ) | $ | (8,143 | ) | $ | 14,467 | $ | 620 | $ | (5,116 | ) | $ | (6,315 | ) | |||||||||
CONDENSED COMBINING STATEMENTS OF INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | 35,730 | $ | 5,512 | $ | 41,242 | |||||||||||||||||||
Tenant reimbursement | 4,602 | 566 | 5,168 | ||||||||||||||||||||||
Independent living facilities | 2,386 | — | 2,386 | ||||||||||||||||||||||
Total revenues | 42,718 | 6,078 | 48,796 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Depreciation and amortization | 20,031 | 3,387 | 23,418 | ||||||||||||||||||||||
Interest expense | 8,898 | 3,749 | 12,647 | ||||||||||||||||||||||
Property taxes | 4,602 | 566 | 5,168 | ||||||||||||||||||||||
Acquisition costs | 255 | — | 255 | ||||||||||||||||||||||
Independent living facilities | 2,007 | 131 | 2,138 | ||||||||||||||||||||||
General and administrative | 5,442 | — | 5,442 | ||||||||||||||||||||||
Total expenses | 41,235 | 7,833 | 49,068 | ||||||||||||||||||||||
Income (loss) before provision for income taxes | 1,483 | (1,755 | ) | (272 | ) | ||||||||||||||||||||
Provision for income taxes | 109 | 14 | 123 | ||||||||||||||||||||||
Net income (loss) | 1,374 | (1,769 | ) | (395 | ) | ||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 1,038 | — | 1,038 | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 2,412 | $ | (1,769 | ) | $ | 643 | ||||||||||||||||||
CONDENSED COMBINING STATEMENTS OF INCOME | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rental income | $ | 29,800 | $ | 5,248 | $ | 35,048 | |||||||||||||||||||
Tenant reimbursement | 3,901 | 569 | 4,470 | ||||||||||||||||||||||
Independent living facilities | 2,545 | — | 2,545 | ||||||||||||||||||||||
Total revenues | 36,246 | 5,817 | 42,063 | ||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Depreciation and amortization | 17,844 | 3,259 | 21,103 | ||||||||||||||||||||||
Interest expense | 8,362 | 3,845 | 12,207 | ||||||||||||||||||||||
Property taxes | 3,901 | 569 | 4,470 | ||||||||||||||||||||||
Acquisition costs | 189 | — | 189 | ||||||||||||||||||||||
Independent living facilities | 2,056 | 18 | 2,074 | ||||||||||||||||||||||
General and administrative | 1,788 | — | 1,788 | ||||||||||||||||||||||
Total expenses | 34,140 | 7,691 | 41,831 | ||||||||||||||||||||||
Income (loss) before provision for income taxes | 2,106 | (1,874 | ) | 232 | |||||||||||||||||||||
Provision for income taxes | 110 | 12 | 122 | ||||||||||||||||||||||
Net income (loss) | 1,996 | (1,886 | ) | 110 | |||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | (723 | ) | — | (723 | ) | ||||||||||||||||||||
Comprehensive income (loss) | $ | 1,273 | $ | (1,886 | ) | $ | (613 | ) | |||||||||||||||||
Condensed Consolidating and Combining Statements of Cash Flows | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Combined | Combined | Elimination | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiary | Non- | and | ||||||||||||||||||||||
Guarantors | Guarantor | Combined | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (21,185 | ) | $ | 38,955 | $ | 4,136 | $ | — | $ | 21,906 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Acquisition of real estate | — | (25,742 | ) | — | — | — | (25,742 | ) | |||||||||||||||||
Improvements to real estate | — | — | (579 | ) | — | — | (579 | ) | |||||||||||||||||
Purchases of equipment, furniture and fixtures | — | (95 | ) | (14,819 | ) | (4,361 | ) | — | (19,275 | ) | |||||||||||||||
Preferred equity investment | — | — | (7,500 | ) | — | — | (7,500 | ) | |||||||||||||||||
Escrow deposit for acquisition of real estate | — | (500 | ) | — | — | — | (500 | ) | |||||||||||||||||
Distribution from subsidiary | 33,001 | — | — | — | (33,001 | ) | — | ||||||||||||||||||
Intercompany financing | — | (141,231 | ) | — | — | 141,231 | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | 33,001 | (167,568 | ) | (22,898 | ) | (4,361 | ) | 108,230 | (53,596 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from the issuance of senior unsecured notes payable | — | 260,000 | — | — | — | 260,000 | |||||||||||||||||||
Proceeds from the senior secured revolving credit facility | — | — | 10,000 | — | — | 10,000 | |||||||||||||||||||
Proceeds from the issuance of mortgage notes payable | — | — | — | 50,676 | — | 50,676 | |||||||||||||||||||
Payments on the senior secured revolving credit facility | — | (88,701 | ) | — | — | (88,701 | ) | ||||||||||||||||||
Payments on the mortgage notes payable | — | — | (66,905 | ) | (1,250 | ) | — | (68,155 | ) | ||||||||||||||||
Payments on the senior secured term loan | — | — | (65,624 | ) | — | — | (65,624 | ) | |||||||||||||||||
Payments of deferred financing costs | (12,926 | ) | — | (510 | ) | — | (13,436 | ) | |||||||||||||||||
Net contribution from Ensign | — | — | 52,385 | (48,029 | ) | — | 4,356 | ||||||||||||||||||
Dividends paid on common stock | (33,001 | ) | — | — | — | — | (33,001 | ) | |||||||||||||||||
Distribution to Parent | — | (33,001 | ) | — | — | 33,001 | — | ||||||||||||||||||
Intercompany financing | — | — | 141,893 | (662 | ) | (141,231 | ) | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (33,001 | ) | 214,073 | (16,952 | ) | 225 | (108,230 | ) | 56,115 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 25,320 | (895 | ) | — | — | 24,425 | ||||||||||||||||||
Cash and cash equivalents beginning of period | — | — | 895 | — | — | 895 | |||||||||||||||||||
Cash and cash equivalents end of period | $ | — | $ | 25,320 | $ | — | $ | — | $ | — | $ | 25,320 | |||||||||||||
CONDENSED COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 24,793 | $ | 1,839 | $ | 26,632 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Acquisition of real estate | (35,656 | ) | — | (35,656 | ) | ||||||||||||||||||||
Purchases of equipment, furniture and fixtures | (15,728 | ) | (4,203 | ) | (19,931 | ) | |||||||||||||||||||
Cash proceeds from the sale of equipment, furniture and fixtures | 854 | — | 854 | ||||||||||||||||||||||
Net cash used in investing activities | (50,530 | ) | (4,203 | ) | (54,733 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from the senior secured revolving credit facility | 58,700 | — | 58,700 | ||||||||||||||||||||||
Payments on the mortgage notes payable | (2,249 | ) | (1,208 | ) | (3,457 | ) | |||||||||||||||||||
Payments on the senior secured term loan | (3,750 | ) | — | (3,750 | ) | ||||||||||||||||||||
Payments of deferred financing costs | (730 | ) | — | (730 | ) | ||||||||||||||||||||
Net (distribution to) contribution from Ensign | (26,074 | ) | 3,572 | (22,502 | ) | ||||||||||||||||||||
Net cash provided by financing activities | 25,897 | 2,364 | 28,261 | ||||||||||||||||||||||
Net increase in cash and cash equivalents | 160 | — | 160 | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 735 | — | 735 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 895 | $ | — | $ | 895 | |||||||||||||||||||
CONDENSED COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||
Combined | Combined | Combined | |||||||||||||||||||||||
Subsidiary | Non- | ||||||||||||||||||||||||
Guarantors | Guarantor | ||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 19,796 | $ | 4,340 | $ | 24,136 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Acquisition of real estate | (29,997 | ) | — | (29,997 | ) | ||||||||||||||||||||
Purchases of equipment, furniture and fixtures | (17,955 | ) | (1,802 | ) | (19,757 | ) | |||||||||||||||||||
Cash proceeds from the sale of equipment, furniture and fixtures | 224 | 25 | 249 | ||||||||||||||||||||||
Net cash used in investing activities | (47,728 | ) | (1,777 | ) | (49,505 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Proceeds from the senior secured revolving credit facility | 15,000 | — | 15,000 | ||||||||||||||||||||||
Proceeds from mortgage notes | 21,525 | — | 21,525 | ||||||||||||||||||||||
Payments on credit facility | (10,000 | ) | — | (10,000 | ) | ||||||||||||||||||||
Payments on the mortgage notes payable | (1,963 | ) | (1,112 | ) | (3,075 | ) | |||||||||||||||||||
Payments on the senior secured term loan | (3,750 | ) | — | (3,750 | ) | ||||||||||||||||||||
Payments of deferred financing costs | (244 | ) | — | (244 | ) | ||||||||||||||||||||
Net contribution from Ensign | 7,003 | (1,451 | ) | 5,552 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 27,571 | (2,563 | ) | 25,008 | |||||||||||||||||||||
Net decrease in cash and cash equivalents | (361 | ) | — | (361 | ) | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,096 | — | 1,096 | ||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 735 | $ | — | $ | 735 | |||||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Selected Quarterly Financial Data | The following table presents our quarterly financial data. This information has been prepared on a basis consistent with that of our audited consolidated and combined financial statements. Our quarterly results of operations for the periods presented are not necessarily indicative of future results of operations. Our quarterly financial data, for periods prior to the Spin-Off, has been prepared on a “carve-out” basis from Ensign’s combined financial statements using the historical results of operations, cash flows, assets and liabilities attributable to the Company. This unaudited quarterly data should be read together with the accompanying consolidated and combined financial statements and related notes thereto (in thousands, except per share amounts): | ||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Operating data: | |||||||||||||||||
Total revenues | $ | 12,871 | $ | 14,065 | $ | 15,884 | $ | 16,077 | |||||||||
(Loss) income before provision for income taxes | (362 | ) | (10,325 | ) | 1,967 | 630 | |||||||||||
Provision for income taxes | 36 | 17 | — | — | |||||||||||||
Net (loss) income | (398 | ) | (10,342 | ) | 1,967 | 630 | |||||||||||
(Loss) earnings per share, basic | (0.02 | ) | (0.47 | ) | 0.09 | 0.03 | |||||||||||
(Loss) earnings per share, diluted | (0.02 | ) | (0.47 | ) | 0.09 | 0.03 | |||||||||||
Other data: | |||||||||||||||||
Weighted-average number of common shares outstanding, basic | 22,228 | 22,231 | 22,255 | 24,419 | |||||||||||||
Weighted-average number of common shares outstanding, diluted | 22,228 | 22,231 | 22,436 | 24,586 | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Operating data: | |||||||||||||||||
Total revenues | $ | 11,336 | $ | 12,052 | $ | 12,558 | $ | 12,850 | |||||||||
Income (loss) before provision for income taxes | 590 | 560 | (210 | ) | (1,212 | ) | |||||||||||
Provision (benefit) for income taxes | 22 | 62 | 63 | (24 | ) | ||||||||||||
Net income (loss) | 568 | 498 | (273 | ) | (1,188 | ) | |||||||||||
Earnings (loss) per share, basic | 0.03 | 0.02 | (0.01 | ) | (0.05 | ) | |||||||||||
Earnings (loss) per share, diluted | 0.03 | 0.02 | (0.01 | ) | (0.05 | ) | |||||||||||
Other data: | |||||||||||||||||
Weighted-average number of common shares outstanding, basic | 22,228 | 22,228 | 22,228 | 22,228 | |||||||||||||
Weighted-average number of common shares outstanding, diluted | 22,436 | 22,436 | 22,228 | 22,228 |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | 22-May-14 |
Real Estate Properties [Line Items] | ||
Common stock exchange ratio | 1 | |
Date of incorporation | 29-Oct-13 | |
Preferred equity investment | $7,500 | |
Ensign [Member] | ||
Real Estate Properties [Line Items] | ||
Number of long-term leases | 8 | |
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | ||
Real Estate Properties [Line Items] | ||
Number of living facilities | 102 | |
Number of units available in living facilities | 10,292 | |
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | Ensign [Member] | ||
Real Estate Properties [Line Items] | ||
Number of living facilities | 94 | |
Number of units available in living facilities | 10,121 | |
Independent Living Facilities Owned and Operated by Company [Member] | ||
Real Estate Properties [Line Items] | ||
Number of living facilities | 3 | |
Number of units available in living facilities | 264 |
Organization_Schedule_of_Asset
Organization - Schedule of Assets and Liabilities Contributed to the Company from Ensign or Incurred in Connection with Spin-Off (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Properties [Line Items] | ||
Real estate investments, net | $436,215,000 | $425,003,000 |
Deferred financing costs, net | 10,405,000 | 2,801,000 |
Debt | -358,205,000 | -259,300,000 |
Ensign [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investments, net | 421,846,000 | |
Cash | 78,731,000 | |
Accounts receivable and prepaid assets and other current assets | 1,900,000 | |
Deferred financing costs, net | 11,088,000 | |
Debt | -359,512,000 | |
Other liabilities | -6,838,000 | |
Net contribution | $147,215,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | Shorter of lease term or expected useful life |
Integral Equipment, Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Oct. 17, 2014 | |
Segment | ||||
Property, Plant and Equipment [Line Items] | ||||
Accumulated amortization of deferred financing costs | $2,200,000 | $2,400,000 | $2,200,000 | |
Reserve against receivables | 0 | 0 | ||
REIT taxable income to its stockholders, percentage | 90.00% | |||
REIT non qualifying period | 4 years | |||
Dividend declared | 3,946,000 | 3,946,000 | ||
Dividend, record date | 31-Dec-14 | |||
Dividend, payable date | 15-Jan-15 | |||
Stock-based compensation expense | 154,000 | |||
Number of reportable segments | 1 | |||
Special Dividend [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Dividend declared | 132,000,000 | 132,000,000 | 132,000,000 | |
Cash portion of dividend | 33,000,000 | 33,000,000 | ||
Stock portion of dividend | 99,000,000 | 99,000,000 | ||
Common stock shares issued | 8,974,249 | 8,974,249 | ||
Dividend payable per share | $5.88 | $5.88 | $5.88 | |
Dividend, declared date | 17-Oct-14 | |||
Dividend, record date | 31-Oct-14 | |||
Dividend, payable date | 10-Dec-14 | |||
Interest Rate Swap [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Interest rate swap outstanding | $0 | $0 |
Real_Estate_Investments_Net_Su
Real Estate Investments, Net - Summary of Investment in Owned Properties (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ||
Land | $75,072 | $75,112 |
Buildings and improvements | 417,414 | 380,940 |
Integral equipment, furniture and fixtures | 47,134 | 66,932 |
Real estate investments | 539,620 | 522,984 |
Accumulated depreciation | -103,405 | -97,981 |
Real estate investments, net | $436,215 | $425,003 |
Real_Estate_Investments_Net_Ad
Real Estate Investments, Net - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2014 | Dec. 31, 2014 | |
Option | Option | ||||
Facility | Beds | ||||
Investment [Line Items] | |||||
Annual revenues from Master Leases during first year | $58,176,000 | $58,176,000 | |||
Annual revenues from Master Leases during second year | 58,176,000 | 58,176,000 | |||
Percentage change in the consumer price index | 2.50% | 2.50% | |||
Lease income | 51,367,000 | 41,242,000 | 35,048,000 | ||
Cross Healthcare Portfolio [Member] | |||||
Investment [Line Items] | |||||
Number of assisted living facilities | 3 | ||||
Business acquisition cost | 12,000,000 | ||||
Leases period | 12 years | ||||
Leases renewal options | 2 | ||||
Leases renewal term | 5 years | ||||
Lease income | 1,000,000 | ||||
Prelude Homes & Services, LLC [Member] | |||||
Investment [Line Items] | |||||
Leases period | 15 years | ||||
Leases renewal options | 2 | ||||
Leases renewal term | 5 years | ||||
Lease income | 600,000 | ||||
Number of beds upscale in assisted living | 30 | 30 | |||
Business acquisition cost | 7,200,000 | 7,200,000 | |||
English Meadows [Member] | |||||
Investment [Line Items] | |||||
Leases period | 15 years | ||||
Leases renewal options | 2 | ||||
Leases renewal term | 5 years | ||||
Lease income | 600,000 | ||||
Number of beds upscale in assisted living | 39 | 39 | |||
Business acquisition cost | $6,600,000 | $6,600,000 | |||
English Meadows Elks' Home [Member] | |||||
Investment [Line Items] | |||||
Number of beds upscale in assisted living | 169 | 169 | |||
Independent Living Facilities Owned and Operated by Company [Member] | |||||
Investment [Line Items] | |||||
Number of living facilities | 3 | 3 |
Real_Estate_Investments_Net_Sc
Real Estate Investments, Net - Schedule of Total Future Minimum Rental Revenues (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $58,176 |
2016 | 58,176 |
2017 | 58,176 |
2018 | 58,176 |
2019 | 58,176 |
Thereafter | 597,146 |
Total | $888,026 |
Other_Real_Estate_Investments_
Other Real Estate Investments - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Beds | ||
acre | ||
Real Estate Properties [Line Items] | ||
Equity method investments | $7,500 | $7,500 |
Signature Senior Living [Member] | ||
Real Estate Properties [Line Items] | ||
Equity method investments | $7,500 | $7,500 |
Return from preferred equity investment | 12.00% | |
Number of beds planned for construction | 134 | |
Area under construction | 5 | |
Initial lease yield | 8.00% | |
Project construction completion year | 2016 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Recurring basis: | |
Interest rate swap | $1,828 |
Fair Value Measurements Recurring [Member] | |
Recurring basis: | |
Interest rate swap | 1,828 |
Fair Value Measurements Recurring [Member] | Level 2 [Member] | |
Recurring basis: | |
Interest rate swap | $1,828 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
30-May-14 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Interest paid | $17,243,000 | $12,657,000 | $12,275,000 | ||
Loss on settlement of interest rate swap | 1,700,000 | -1,600,000 | -1,661,000 | ||
Fair value measurement, description | The Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. | ||||
Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | 75,000,000 | ||||
Length of agreement | 5 years | ||||
Maturity date of agreement | 15-Jul-16 | ||||
Interest expense, fixed rate | 4.30% | ||||
Interest paid | 400,000 | 1,000,000 | 1,000,000 | ||
Interest rate swap outstanding | $0 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of the Face Values, Carrying Amounts and Fair Values of Company's Financial Instruments Using Level 2 Inputs, for Senior Unsecured Notes Payable, and Level 3 Inputs, for all Other Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ||
Preferred equity investment | $7,500 | |
Financial liabilities: | ||
Senior unsecured notes payable | 260,000 | |
Senior secured revolving credit facility | 78,701 | |
Mortgage notes payable | 98,205 | 114,982 |
Senior secured term loan | 65,624 | |
Face Value [Member] | ||
Financial assets: | ||
Preferred equity investment | 7,500 | |
Face Value [Member] | Level 2 [Member] | ||
Financial liabilities: | ||
Senior unsecured notes payable | 260,000 | |
Face Value [Member] | Level 3 [Member] | ||
Financial liabilities: | ||
Senior secured revolving credit facility | 78,701 | |
Mortgage notes payable | 98,205 | 115,682 |
Senior secured term loan | 65,624 | |
Carrying Amount [Member] | ||
Financial assets: | ||
Preferred equity investment | 7,532 | |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial liabilities: | ||
Senior unsecured notes payable | 260,000 | |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial liabilities: | ||
Senior secured revolving credit facility | 78,701 | |
Mortgage notes payable | 98,205 | 114,982 |
Senior secured term loan | 65,624 | |
Fair Value [Member] | ||
Financial assets: | ||
Preferred equity investment | 7,532 | |
Fair Value [Member] | Level 2 [Member] | ||
Financial liabilities: | ||
Senior unsecured notes payable | 265,200 | |
Fair Value [Member] | Level 3 [Member] | ||
Financial liabilities: | ||
Senior secured revolving credit facility | 78,701 | |
Mortgage notes payable | 101,822 | 114,982 |
Senior secured term loan | $65,624 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
31-May-14 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | |||||
Allocations of expenses for general and administrative services | $7,400,000 | $5,400,000 | $1,800,000 | ||
Rental income from related party | 18,600,000 | 32,700,000 | 32,667,000 | ||
Tenant reimbursements from related party | 2,100,000 | 2,800,000 | 2,842,000 | ||
Account receivable due from related party for tenant reimbursement | 2,275,000 | 2,275,000 | |||
Net contribution from (distribution to) Ensign | $4,356,000 | ($22,502,000) | $5,552,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
30-May-14 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2012 | Dec. 31, 2010 | Jul. 15, 2011 | Oct. 01, 2009 | |
Subsidiary | Subsidiary | Promissory_Notes | |||||||
Line of Credit Facility [Line Items] | |||||||||
Debt outstanding, net of discount | $358,205,000 | $259,300,000 | |||||||
Mortgage notes payable | 98,205,000 | 114,982,000 | |||||||
Losses incurred on debt retirements | 5,700,000 | ||||||||
Loss on extinguishment of debt | 4,100,000 | 4,067,000 | |||||||
Loss on settlement of interest rate swap | -1,700,000 | 1,600,000 | 1,661,000 | ||||||
Interest expense | 21,622,000 | 12,647,000 | 12,207,000 | ||||||
Amortization of deferred financing costs | 1,600,000 | 700,000 | 700,000 | ||||||
Amortization of debt discount | 100,000 | 100,000 | 100,000 | ||||||
Interest payable | 1,700,000 | 600,000 | |||||||
Senior Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, borrowing capacity | 150,000,000 | ||||||||
Line of credit facility, terms | Borrowings under the term loan portion of the Senior Credit Facility amortized in equal quarterly installments commencing on September 30, 2011, in an aggregate annual amount equal to 5.0% per annum of the original principal amount. | ||||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, borrowing capacity | 75,000,000 | ||||||||
Term Loan [Member] | Senior Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, borrowing capacity | 75,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 5.00% | ||||||||
Johnson Land Enterprises, LLC [Member] | Promissory Notes September 30, 2019 [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | 10,000,000 | ||||||||
Mortgage notes payable | 600,000 | ||||||||
Number of promissory notes | 4 | ||||||||
Debt instrument, interest rate, stated percentage | 6.00% | ||||||||
Ensign [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt outstanding, net of discount | 359,512,000 | ||||||||
General Electric Capital Corporation [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Advances included in mortgage note payable | 50,100,000 | ||||||||
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | 47,500,000 | ||||||||
Debt instrument, maturity date | 30-May-17 | ||||||||
Mortgage notes payable | 97,600,000 | ||||||||
Advances included in mortgage note payable | 50,700,000 | ||||||||
Debt instrument interest rate , terms | This advance bears interest at a floating rate equal to three month LIBOR plus 3.35%, reset monthly and subject to a LIBOR floor of 0.50%, with monthly principal and interest payments based on a 25 year amortization. | ||||||||
Debt instrument blended interest rate | 7.25% | ||||||||
Debt instrument payment amortization period | 25 years | ||||||||
Debt instrument, extension options period | 12 months | ||||||||
Debt instrument, number of extension options | 2 | ||||||||
Extension fees equal percent on outstanding principal balance | 0.25% | ||||||||
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | Floor [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, basis spread | 0.50% | ||||||||
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | Floating Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, basis spread | 3.35% | ||||||||
2012 RBS Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | 21,500,000 | ||||||||
Debt instrument, interest rate, stated percentage | 4.75% | ||||||||
Number of subsidiaries | 2 | ||||||||
Promissory Note RBS [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | 35,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 6.04% | ||||||||
Number of subsidiaries | 4 | ||||||||
Senior Unsecured Notes [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | 260,000,000 | ||||||||
Debt instrument, interest rate | 5.88% | ||||||||
Gross proceeds from issuance notes | 260,000,000 | ||||||||
Net proceeds from issuance of notes | 253,000,000 | ||||||||
Debt instrument, maturity date | 1-Jun-21 | ||||||||
Frequency of interest payable on notes | Interest on the Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2014. | ||||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||||
Debt instrument, redemption price, percentage upon change of control | 101.00% | ||||||||
Debt instrument, early redeemable date | 1-Jun-17 | ||||||||
Senior Unsecured Notes [Member] | Ensign [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Approximate amount transferred from net proceeds | 220,800,000 | ||||||||
Senior Unsecured Notes [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Redeemable percentage of aggregate principal amount of notes | 35.00% | ||||||||
Senior Unsecured Notes [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Percentage of aggregate principal amount of notes outstanding | 65.00% | ||||||||
Senior Secured Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, borrowing capacity | 150,000,000 | ||||||||
Line of credit facility, additional borrowing capacity | 75,000,000 | ||||||||
Line of credit facility, maturity date | 30-May-18 | ||||||||
Line of credit facility, extension period | 1 year | ||||||||
Line of credit amount outstanding | 0 | ||||||||
Line of credit facility, commitment fee | $400,000 | ||||||||
Senior Secured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, interest rate effective percentage rate minimum | 2.00% | ||||||||
Debt instrument, interest rate effective percentage rate maximum | 2.50% | ||||||||
Debt instrument, basis spread | 1.00% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Floor [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, interest rate effective percentage rate minimum | 1.00% | ||||||||
Debt instrument, interest rate effective percentage rate maximum | 1.50% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Federal Funds Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, basis spread | 0.50% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment fee percentage | 0.50% | ||||||||
Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment fee percentage | 0.35% |
Debt_Schedule_of_Debt_Maturiti
Debt - Schedule of Debt Maturities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity Method Investments And Cost Method Investments [Abstract] | ||
2015 | $2,728,000 | |
2016 | 2,874,000 | |
2017 | 92,372,000 | |
2018 | 123,000 | |
2019 | 108,000 | |
Thereafter | 260,000,000 | |
Total debt | $358,205,000 | $259,300,000 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 17, 2014 | |
Disclosure Of Dividends [Line Items] | ||||
Dividend declared | $3,946,000 | $3,946,000 | $3,946,000 | |
Dividend, payable date | 15-Jan-15 | |||
Dividend, record date | 31-Dec-14 | |||
Common Stock Cash Dividend Per Share | $0.13 | $0.13 | ||
Special Dividend [Member] | ||||
Disclosure Of Dividends [Line Items] | ||||
Dividend declared | 132,000,000 | 132,000,000 | 132,000,000 | 132,000,000 |
Dividend payable per share | $5.88 | $5.88 | $5.88 | $5.88 |
Cash portion of dividend | 33,000,000 | 33,000,000 | ||
Stock portion of dividend | $99,000,000 | $99,000,000 | ||
Common stock shares issued | 8,974,249 | 8,974,249 | ||
Dividend, payable date | 10-Dec-14 | |||
Dividend, record date | 31-Oct-14 | |||
Dividend, declared date | 17-Oct-14 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense associated with grants | $154,000 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested stock awards outstanding | 159,030 | 0 |
Shares granted | 155,040 | |
Stock awards unvested during spin-off | 207,580 | |
Stock awards vested during spin-off | 48,550 | |
Stock awards vested | 0 | |
Compensation expense associated with grants | 154,000 | |
Unamortized stock-based compensation expense related to unvested awards | $1,800,000 | |
Weighted-average remaining vesting period | 2 years 3 months 18 days | |
Restricted Stock Awards [Member] | Board Of Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 12,270 | |
Shares granted, fair market value | $12.23 | |
Shares granted, vesting period | 3 years | |
Shares granted, vesting period, start date | 31-May-15 | |
Restricted Stock Awards [Member] | Officers and Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 142,770 | |
Shares granted, fair market value | $12.23 | |
Shares granted, vesting period | 5 years | |
Shares granted, vesting period, start date | 31-May-15 |
Earnings_Per_Common_Share_Reco
Earnings Per Common Share - Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net (loss) income | $630 | $1,967 | ($10,342) | ($398) | ($1,188) | ($273) | $498 | $568 | ($8,143) | ($395) | $110 |
(Loss) earnings per common share: | |||||||||||
Basic | $0.03 | $0.09 | ($0.47) | ($0.02) | ($0.05) | ($0.01) | $0.02 | $0.03 | ($0.36) | ($0.02) | $0 |
Diluted | $0.03 | $0.09 | ($0.47) | ($0.02) | ($0.05) | ($0.01) | $0.02 | $0.03 | ($0.36) | ($0.02) | $0 |
Determination of shares: | |||||||||||
Weighted-average common shares outstanding, basic | 24,419 | 22,255 | 22,231 | 22,228 | 22,228 | 22,228 | 22,228 | 22,228 | 22,788 | 22,228 | 22,228 |
Assumed conversion of restricted stock awards | 208 | ||||||||||
Weighted-average common shares outstanding, diluted | 24,586 | 22,436 | 22,231 | 22,228 | 22,228 | 22,228 | 22,436 | 22,436 | 22,788 | 22,228 | 22,436 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) (Restricted Stock Awards [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Awards [Member] | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive stock options excluded from computation of diluted earnings per share | 190,000 | 208,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Ensign [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 01, 2013 | Oct. 31, 2013 |
Ensign [Member] | ||
Loss Contingencies [Line Items] | ||
Single lump-sum remittance to the government | $48 | |
Corporate integrity agreement period | 5 years |
Concentration_of_Risk_Addition
Concentration of Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Concentration Risk [Line Items] | |
Description of highest concentration of properties | The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona. |
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | |
Concentration Risk [Line Items] | |
Number of living facilities | 102 |
Number of units available in living facilities | 10,292 |
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | Ensign [Member] | |
Concentration Risk [Line Items] | |
Number of living facilities | 94 |
Number of units available in living facilities | 10,121 |
Revenue [Member] | |
Concentration Risk [Line Items] | |
Tenant description | The Company has one major tenant, Ensign |
Summarized_Condensed_Consolida2
Summarized Condensed Consolidating and Combining Information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | 30-May-14 | |
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of incorporation | 29-Oct-13 | |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Date of incorporation | 29-Oct-13 | |
CTR Partnership, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of formation | 8-May-14 | |
CareTrust Capital Corp. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of formation | 9-May-14 | |
Combined Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of formation | 8-May-14 | |
Senior Unsecured Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt instrument, interest rate | 5.88% |
Summarized_Condensed_Consolida3
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Real estate investments, net | $436,215 | $425,003 | ||
Other real estate investments | 7,532 | |||
Cash and cash equivalents | 25,320 | 895 | 735 | 1,096 |
Accounts receivable | 2,291 | 20 | ||
Prepaid expenses and other assets | 809 | 888 | ||
Deferred tax assets | 859 | |||
Deferred financing costs, net | 10,405 | 2,801 | ||
Total assets | 482,572 | 430,466 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable | 260,000 | |||
Senior secured revolving credit facility | 78,701 | |||
Mortgage notes payable | 98,205 | 114,982 | ||
Senior secured term loan | 65,624 | |||
Interest rate swap | 1,828 | |||
Accounts payable and accrued liabilities | 10,905 | 5,783 | ||
Deferred tax liabilities | 859 | |||
Total liabilities | 369,110 | 267,777 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 | 313 | |||
Invested equity | 164,517 | |||
Additional paid-in capital | 246,041 | |||
Accumulated other comprehensive loss | -1,828 | |||
Cumulative distributions in excess of earnings | -132,892 | |||
Total equity | 113,462 | 162,689 | 184,548 | 179,609 |
Total liabilities and equity | 482,572 | 430,466 | ||
Total liabilities and invested equity | 482,572 | 430,466 | ||
Elimination [Member] | ||||
Assets: | ||||
Investment in subsidiaries | -452,428 | |||
Intercompany | -16,585 | |||
Total assets | -469,013 | |||
Liabilities and Equity: | ||||
Intercompany | -16,585 | |||
Total liabilities | -16,585 | |||
Equity: | ||||
Additional paid-in capital | -447,312 | |||
Cumulative distributions in excess of earnings | -5,116 | |||
Total equity | -452,428 | |||
Total liabilities and equity | -469,013 | |||
Total liabilities and invested equity | -469,013 | |||
Parent Guarantor [Member] | Reportable Legal Entities [Member] | ||||
Assets: | ||||
Investment in subsidiaries | 117,408 | |||
Total assets | 117,408 | |||
Liabilities and Equity: | ||||
Accounts payable and accrued liabilities | 3,946 | |||
Total liabilities | 3,946 | |||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 | 313 | |||
Additional paid-in capital | 246,041 | |||
Cumulative distributions in excess of earnings | -132,892 | |||
Total equity | 113,462 | |||
Total liabilities and equity | 117,408 | |||
Total liabilities and invested equity | 117,408 | |||
Issuers [Member] | Reportable Legal Entities [Member] | ||||
Assets: | ||||
Real estate investments, net | 26,104 | |||
Cash and cash equivalents | 25,320 | |||
Prepaid expenses and other assets | 808 | |||
Deferred financing costs, net | 9,808 | |||
Investment in subsidiaries | 335,020 | |||
Total assets | 397,060 | |||
Liabilities and Equity: | ||||
Senior unsecured notes payable | 260,000 | |||
Accounts payable and accrued liabilities | 3,067 | |||
Intercompany | 16,585 | |||
Total liabilities | 279,652 | |||
Equity: | ||||
Additional paid-in capital | 125,551 | |||
Cumulative distributions in excess of earnings | -8,143 | |||
Total equity | 117,408 | |||
Total liabilities and equity | 397,060 | |||
Total liabilities and invested equity | 397,060 | |||
Combined Subsidiary Guarantors [Member] | Reportable Legal Entities [Member] | ||||
Assets: | ||||
Real estate investments, net | 366,199 | 379,754 | ||
Other real estate investments | 7,532 | |||
Cash and cash equivalents | 895 | 735 | 1,096 | |
Accounts receivable | 2,170 | 20 | ||
Prepaid expenses and other assets | 1 | 367 | ||
Deferred tax assets | 705 | |||
Deferred financing costs, net | 2,511 | |||
Intercompany | 15,262 | |||
Total assets | 391,164 | 384,252 | ||
Liabilities and Equity: | ||||
Senior secured revolving credit facility | 78,701 | |||
Mortgage notes payable | 557 | 66,117 | ||
Senior secured term loan | 65,624 | |||
Interest rate swap | 1,828 | |||
Accounts payable and accrued liabilities | 3,308 | 5,316 | ||
Deferred tax liabilities | 705 | |||
Total liabilities | 3,865 | 218,291 | ||
Equity: | ||||
Invested equity | 167,789 | |||
Additional paid-in capital | 374,660 | |||
Accumulated other comprehensive loss | -1,828 | |||
Cumulative distributions in excess of earnings | 12,639 | |||
Total equity | 387,299 | 165,961 | ||
Total liabilities and equity | 391,164 | 384,252 | ||
Total liabilities and invested equity | 391,164 | 384,252 | ||
Combined Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Assets: | ||||
Real estate investments, net | 43,912 | 45,249 | ||
Accounts receivable | 121 | |||
Prepaid expenses and other assets | 521 | |||
Deferred tax assets | 154 | |||
Deferred financing costs, net | 597 | 290 | ||
Intercompany | 1,323 | |||
Total assets | 45,953 | 46,214 | ||
Liabilities and Equity: | ||||
Mortgage notes payable | 97,648 | 48,865 | ||
Accounts payable and accrued liabilities | 584 | 467 | ||
Deferred tax liabilities | 154 | |||
Total liabilities | 98,232 | 49,486 | ||
Equity: | ||||
Invested equity | -3,272 | |||
Additional paid-in capital | -52,899 | |||
Cumulative distributions in excess of earnings | 620 | |||
Total equity | -52,279 | -3,272 | ||
Total liabilities and equity | 45,953 | 46,214 | ||
Total liabilities and invested equity | $45,953 | $46,214 |
Summarized_Condensed_Consolida4
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Common Stock, Par Value | $0.01 |
Common Stock, Shares authorized | 500,000,000 |
Common Stock, Shares Issued | 31,251,157 |
Common Stock, Shares Outstanding | 31,251,157 |
Summarized_Condensed_Consolida5
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Rental income | $51,367 | $41,242 | $35,048 | ||||||||
Tenant reimbursement | 4,956 | 5,168 | 4,470 | ||||||||
Independent living facilities | 2,519 | 2,386 | 2,545 | ||||||||
Interest and other income | 55 | ||||||||||
Total revenues | 16,077 | 15,884 | 14,065 | 12,871 | 12,850 | 12,558 | 12,052 | 11,336 | 58,897 | 48,796 | 42,063 |
Expenses: | |||||||||||
Depreciation and amortization | 23,000 | 23,418 | 21,103 | ||||||||
Interest expense | 21,622 | 12,647 | 12,207 | ||||||||
Loss on extinguishment of debt | 4,100 | 4,067 | |||||||||
Property taxes | 4,956 | 5,168 | 4,470 | ||||||||
Acquisition costs | 47 | 255 | 189 | ||||||||
Independent living facilities | 2,243 | 2,138 | 2,074 | ||||||||
General and administrative | 11,105 | 5,442 | 1,788 | ||||||||
Total expenses | 67,040 | 49,068 | 41,831 | ||||||||
Income (loss) before provision for income taxes | 630 | 1,967 | -10,325 | -362 | -1,212 | -210 | 560 | 590 | -8,143 | -272 | 232 |
Provision for income taxes | 17 | 36 | -24 | 63 | 62 | 22 | 123 | 122 | |||
Net income (loss) | 630 | 1,967 | -10,342 | -398 | -1,188 | -273 | 498 | 568 | -8,143 | -395 | 110 |
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on interest rate swap | 167 | 1,038 | -723 | ||||||||
Comprehensive income (loss) | -6,315 | 643 | -613 | ||||||||
Reclassification adjustment on interest rate swap | 1,661 | ||||||||||
Comprehensive income (loss) | -6,315 | 643 | -613 | ||||||||
Elimination [Member] | |||||||||||
Expenses: | |||||||||||
(Loss) income in subsidiary | -5,116 | ||||||||||
Net income (loss) | -5,116 | ||||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | -5,116 | ||||||||||
Comprehensive income (loss) | -5,116 | ||||||||||
Combined Subsidiary Guarantors [Member] | Reportable Legal Entities [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 42,337 | 35,730 | 29,800 | ||||||||
Tenant reimbursement | 4,460 | 4,602 | 3,901 | ||||||||
Independent living facilities | 2,519 | 2,386 | 2,545 | ||||||||
Interest and other income | 32 | ||||||||||
Total revenues | 49,348 | 42,718 | 36,246 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 19,577 | 20,031 | 17,844 | ||||||||
Interest expense | 6,315 | 8,898 | 8,362 | ||||||||
Loss on extinguishment of debt | 4,067 | ||||||||||
Property taxes | 4,460 | 4,602 | 3,901 | ||||||||
Acquisition costs | 47 | 255 | 189 | ||||||||
Independent living facilities | 2,243 | 2,007 | 2,056 | ||||||||
General and administrative | 5,442 | 1,788 | |||||||||
Total expenses | 36,709 | 41,235 | 34,140 | ||||||||
Income (loss) before provision for income taxes | 1,483 | 2,106 | |||||||||
Provision for income taxes | 109 | 110 | |||||||||
Net income (loss) | 12,639 | 1,374 | 1,996 | ||||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on interest rate swap | 167 | 1,038 | -723 | ||||||||
Comprehensive income (loss) | 14,467 | 2,412 | 1,273 | ||||||||
Reclassification adjustment on interest rate swap | 1,661 | ||||||||||
Comprehensive income (loss) | 14,467 | 2,412 | 1,273 | ||||||||
Combined Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 8,891 | 5,512 | 5,248 | ||||||||
Tenant reimbursement | 485 | 566 | 569 | ||||||||
Total revenues | 9,376 | 6,078 | 5,817 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 3,389 | 3,387 | 3,259 | ||||||||
Interest expense | 4,882 | 3,749 | 3,845 | ||||||||
Property taxes | 485 | 566 | 569 | ||||||||
Independent living facilities | 131 | 18 | |||||||||
Total expenses | 8,756 | 7,833 | 7,691 | ||||||||
Income (loss) before provision for income taxes | -1,755 | -1,874 | |||||||||
Provision for income taxes | 14 | 12 | |||||||||
Net income (loss) | 620 | -1,769 | -1,886 | ||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | 620 | -1,769 | -1,886 | ||||||||
Comprehensive income (loss) | 620 | -1,769 | -1,886 | ||||||||
Parent Guarantor [Member] | Reportable Legal Entities [Member] | |||||||||||
Expenses: | |||||||||||
(Loss) income in subsidiary | -8,143 | ||||||||||
Net income (loss) | -8,143 | ||||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | -8,143 | ||||||||||
Comprehensive income (loss) | -8,143 | ||||||||||
Issuers [Member] | Reportable Legal Entities [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 139 | ||||||||||
Tenant reimbursement | 11 | ||||||||||
Interest and other income | 23 | ||||||||||
Total revenues | 173 | ||||||||||
Expenses: | |||||||||||
Depreciation and amortization | 34 | ||||||||||
Interest expense | 10,425 | ||||||||||
Property taxes | 11 | ||||||||||
General and administrative | 11,105 | ||||||||||
Total expenses | 21,575 | ||||||||||
(Loss) income in subsidiary | 13,259 | ||||||||||
Net income (loss) | -8,143 | ||||||||||
Other comprehensive income (loss): | |||||||||||
Comprehensive income (loss) | -8,143 | ||||||||||
Comprehensive income (loss) | ($8,143) |
Summarized_Condensed_Consolida6
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net cash provided by operating activities | $21,906 | $26,632 | $24,136 |
Cash flows from investing activities: | |||
Acquisition of real estate | -25,742 | -35,656 | -29,997 |
Improvements to real estate | -579 | ||
Purchases of equipment, furniture and fixtures | -19,275 | -19,931 | -19,757 |
Preferred equity investment | -7,500 | ||
Cash proceeds from the sale of equipment, furniture and fixtures | 854 | 249 | |
Escrow deposit for acquisition of real estate | -500 | ||
Net cash used in investing activities | -53,596 | -54,733 | -49,505 |
Cash flows from financing activities: | |||
Proceeds from the issuance of senior unsecured notes payable | 260,000 | ||
Proceeds from the senior secured revolving credit facility | 10,000 | 58,700 | 15,000 |
Proceeds from mortgage notes | 50,676 | 21,525 | |
Payments on credit facility | -88,701 | -10,000 | |
Payments on the mortgage notes payable | -68,155 | -3,457 | -3,075 |
Payments on the senior secured term loan | -65,624 | -3,750 | -3,750 |
Payments of deferred financing costs | -13,436 | -730 | -244 |
Net (distribution to) contribution from Ensign | 4,356 | -22,502 | 5,552 |
Dividends paid on common stock | -33,001 | ||
Net cash provided by financing activities | 56,115 | 28,261 | 25,008 |
Net increase (decrease) in cash and cash equivalents | 24,425 | 160 | -361 |
Cash and cash equivalents beginning of period | 895 | 735 | 1,096 |
Cash and cash equivalents end of period | 25,320 | 895 | 735 |
Elimination [Member] | |||
Cash flows from investing activities: | |||
Distribution from subsidiary | -33,001 | ||
Intercompany financing | 141,231 | ||
Net cash used in investing activities | 108,230 | ||
Cash flows from financing activities: | |||
Distribution to Parent | 33,001 | ||
Intercompany financing | -141,231 | ||
Net cash provided by financing activities | -108,230 | ||
Parent Guarantor [Member] | Reportable Legal Entities [Member] | |||
Cash flows from investing activities: | |||
Distribution from subsidiary | 33,001 | ||
Net cash used in investing activities | 33,001 | ||
Cash flows from financing activities: | |||
Dividends paid on common stock | -33,001 | ||
Net cash provided by financing activities | -33,001 | ||
Issuers [Member] | Reportable Legal Entities [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by operating activities | -21,185 | ||
Cash flows from investing activities: | |||
Acquisition of real estate | -25,742 | ||
Purchases of equipment, furniture and fixtures | -95 | ||
Escrow deposit for acquisition of real estate | -500 | ||
Intercompany financing | -141,231 | ||
Net cash used in investing activities | -167,568 | ||
Cash flows from financing activities: | |||
Proceeds from the issuance of senior unsecured notes payable | 260,000 | ||
Payments of deferred financing costs | -12,926 | ||
Distribution to Parent | -33,001 | ||
Net cash provided by financing activities | 214,073 | ||
Net increase (decrease) in cash and cash equivalents | 25,320 | ||
Cash and cash equivalents end of period | 25,320 | ||
Combined Subsidiary Guarantors [Member] | Reportable Legal Entities [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by operating activities | 38,955 | 24,793 | 19,796 |
Cash flows from investing activities: | |||
Acquisition of real estate | -35,656 | -29,997 | |
Improvements to real estate | -579 | ||
Purchases of equipment, furniture and fixtures | -14,819 | -15,728 | -17,955 |
Preferred equity investment | -7,500 | ||
Cash proceeds from the sale of equipment, furniture and fixtures | 854 | 224 | |
Net cash used in investing activities | -22,898 | -50,530 | -47,728 |
Cash flows from financing activities: | |||
Proceeds from the senior secured revolving credit facility | 10,000 | 58,700 | 15,000 |
Proceeds from mortgage notes | 21,525 | ||
Payments on credit facility | -88,701 | -10,000 | |
Payments on the mortgage notes payable | -66,905 | -2,249 | -1,963 |
Payments on the senior secured term loan | -65,624 | -3,750 | -3,750 |
Payments of deferred financing costs | -730 | -244 | |
Net (distribution to) contribution from Ensign | 52,385 | -26,074 | 7,003 |
Intercompany financing | 141,893 | ||
Net cash provided by financing activities | -16,952 | 25,897 | 27,571 |
Net increase (decrease) in cash and cash equivalents | -895 | 160 | -361 |
Cash and cash equivalents beginning of period | 895 | 735 | 1,096 |
Cash and cash equivalents end of period | 895 | 735 | |
Combined Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by operating activities | 4,136 | 1,839 | 4,340 |
Cash flows from investing activities: | |||
Purchases of equipment, furniture and fixtures | -4,361 | -4,203 | -1,802 |
Cash proceeds from the sale of equipment, furniture and fixtures | 25 | ||
Net cash used in investing activities | -4,361 | -4,203 | -1,777 |
Cash flows from financing activities: | |||
Proceeds from mortgage notes | 50,676 | ||
Payments on the mortgage notes payable | -1,250 | -1,208 | -1,112 |
Payments of deferred financing costs | -510 | ||
Net (distribution to) contribution from Ensign | -48,029 | 3,572 | -1,451 |
Intercompany financing | -662 | ||
Net cash provided by financing activities | $225 | $2,364 | ($2,563) |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $16,077 | $15,884 | $14,065 | $12,871 | $12,850 | $12,558 | $12,052 | $11,336 | $58,897 | $48,796 | $42,063 |
(Loss) income before provision for income taxes | 630 | 1,967 | -10,325 | -362 | -1,212 | -210 | 560 | 590 | -8,143 | -272 | 232 |
Provision for income taxes | 17 | 36 | -24 | 63 | 62 | 22 | 123 | 122 | |||
Net (loss) income | $630 | $1,967 | ($10,342) | ($398) | ($1,188) | ($273) | $498 | $568 | ($8,143) | ($395) | $110 |
(Loss) earnings per share, basic | $0.03 | $0.09 | ($0.47) | ($0.02) | ($0.05) | ($0.01) | $0.02 | $0.03 | ($0.36) | ($0.02) | $0 |
(Loss) earnings per share, diluted | $0.03 | $0.09 | ($0.47) | ($0.02) | ($0.05) | ($0.01) | $0.02 | $0.03 | ($0.36) | ($0.02) | $0 |
Weighted-average number of common shares outstanding, basic | 24,419 | 22,255 | 22,231 | 22,228 | 22,228 | 22,228 | 22,228 | 22,228 | 22,788 | 22,228 | 22,228 |
Weighted-average number of common shares outstanding, diluted | 24,586 | 22,436 | 22,231 | 22,228 | 22,228 | 22,228 | 22,436 | 22,436 | 22,788 | 22,228 | 22,436 |
Subsequent_Events_Additional_i
Subsequent Events - Additional information (Detail) (Bethany Rehabilitation Center [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Bethany Rehabilitation Center [Member] | |
Subsequent Event [Line Items] | |
Business acquisition cost | $18 |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation, by Property (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $98,205 | |||
Initial Cost to Company, Land | 76,052 | |||
Initial Cost to Company, Buildings and Improvements | 320,251 | |||
Costs Capitalized Since Acquisition | 96,183 | |||
Gross Carrying Value, Land | 75,072 | |||
Gross Carrying Value, Buildings and Improvements | 417,414 | |||
Gross Carrying Value, Total | 492,486 | 456,052 | 410,009 | 358,707 |
Accumulated Depreciation | 78,897 | 62,572 | 47,877 | 32,900 |
Skilled Nursing Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 85,103 | |||
Initial Cost to Company, Land | 56,381 | |||
Initial Cost to Company, Buildings and Improvements | 209,948 | |||
Costs Capitalized Since Acquisition | 81,265 | |||
Gross Carrying Value, Land | 55,401 | |||
Gross Carrying Value, Buildings and Improvements | 292,193 | |||
Gross Carrying Value, Total | 347,594 | |||
Accumulated Depreciation | 61,551 | |||
Skilled Nursing Properties [Member] | Ensign Highland LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,628 | |||
Initial Cost to Company, Land | 257 | |||
Initial Cost to Company, Buildings and Improvements | 976 | |||
Costs Capitalized Since Acquisition | 926 | |||
Gross Carrying Value, Land | 257 | |||
Gross Carrying Value, Buildings and Improvements | 1,902 | |||
Gross Carrying Value, Total | 2,159 | |||
Accumulated Depreciation | 749 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2000 | |||
Skilled Nursing Properties [Member] | Meadowbrook Health Associates LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,226 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Buildings and Improvements | 3,716 | |||
Costs Capitalized Since Acquisition | 1,940 | |||
Gross Carrying Value, Land | 425 | |||
Gross Carrying Value, Buildings and Improvements | 5,656 | |||
Gross Carrying Value, Total | 6,081 | |||
Accumulated Depreciation | 1,705 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2000 | |||
Skilled Nursing Properties [Member] | Terrace Holdings AZ LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,527 | |||
Initial Cost to Company, Land | 113 | |||
Initial Cost to Company, Buildings and Improvements | 504 | |||
Costs Capitalized Since Acquisition | 971 | |||
Gross Carrying Value, Land | 113 | |||
Gross Carrying Value, Buildings and Improvements | 1,475 | |||
Gross Carrying Value, Total | 1,588 | |||
Accumulated Depreciation | 366 | |||
Construction/Renovation Date | 2004 | |||
Acquisition Date | 2002 | |||
Skilled Nursing Properties [Member] | Rillito Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,094 | |||
Initial Cost to Company, Land | 471 | |||
Initial Cost to Company, Buildings and Improvements | 2,041 | |||
Costs Capitalized Since Acquisition | 3,055 | |||
Gross Carrying Value, Land | 471 | |||
Gross Carrying Value, Buildings and Improvements | 5,096 | |||
Gross Carrying Value, Total | 5,567 | |||
Accumulated Depreciation | 1,384 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2003 | |||
Skilled Nursing Properties [Member] | Valley Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,125 | |||
Initial Cost to Company, Land | 629 | |||
Initial Cost to Company, Buildings and Improvements | 5,154 | |||
Costs Capitalized Since Acquisition | 1,519 | |||
Gross Carrying Value, Land | 629 | |||
Gross Carrying Value, Buildings and Improvements | 6,673 | |||
Gross Carrying Value, Total | 7,302 | |||
Accumulated Depreciation | 2,006 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2004 | |||
Skilled Nursing Properties [Member] | Cedar Avenue Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,757 | |||
Initial Cost to Company, Land | 2,812 | |||
Initial Cost to Company, Buildings and Improvements | 3,919 | |||
Costs Capitalized Since Acquisition | 1,994 | |||
Gross Carrying Value, Land | 2,812 | |||
Gross Carrying Value, Buildings and Improvements | 5,913 | |||
Gross Carrying Value, Total | 8,725 | |||
Accumulated Depreciation | 2,221 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2005 | |||
Skilled Nursing Properties [Member] | Granada Investments LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,601 | |||
Initial Cost to Company, Land | 3,526 | |||
Initial Cost to Company, Buildings and Improvements | 2,827 | |||
Costs Capitalized Since Acquisition | 1,522 | |||
Gross Carrying Value, Land | 3,526 | |||
Gross Carrying Value, Buildings and Improvements | 4,349 | |||
Gross Carrying Value, Total | 7,875 | |||
Accumulated Depreciation | 1,461 | |||
Construction/Renovation Date | 2010 | |||
Acquisition Date | 2005 | |||
Skilled Nursing Properties [Member] | Plaza Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,943 | |||
Initial Cost to Company, Land | 450 | |||
Initial Cost to Company, Buildings and Improvements | 5,566 | |||
Costs Capitalized Since Acquisition | 1,055 | |||
Gross Carrying Value, Land | 450 | |||
Gross Carrying Value, Buildings and Improvements | 6,621 | |||
Gross Carrying Value, Total | 7,071 | |||
Accumulated Depreciation | 2,247 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Mountainview Community Care LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,644 | |||
Initial Cost to Company, Land | 931 | |||
Initial Cost to Company, Buildings and Improvements | 2,612 | |||
Costs Capitalized Since Acquisition | 653 | |||
Gross Carrying Value, Land | 931 | |||
Gross Carrying Value, Buildings and Improvements | 3,265 | |||
Gross Carrying Value, Total | 4,196 | |||
Accumulated Depreciation | 1,331 | |||
Construction/Renovation Date | 1963 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | CM Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 3,028 | |||
Initial Cost to Company, Buildings and Improvements | 3,119 | |||
Costs Capitalized Since Acquisition | 2,071 | |||
Gross Carrying Value, Land | 3,028 | |||
Gross Carrying Value, Buildings and Improvements | 5,190 | |||
Gross Carrying Value, Total | 8,218 | |||
Accumulated Depreciation | 1,533 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Polk Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 60 | |||
Initial Cost to Company, Buildings and Improvements | 4,391 | |||
Costs Capitalized Since Acquisition | 1,167 | |||
Gross Carrying Value, Land | 60 | |||
Gross Carrying Value, Buildings and Improvements | 5,558 | |||
Gross Carrying Value, Total | 5,618 | |||
Accumulated Depreciation | 1,844 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Snohomish Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 741 | |||
Initial Cost to Company, Buildings and Improvements | 1,663 | |||
Costs Capitalized Since Acquisition | 1,998 | |||
Gross Carrying Value, Land | 741 | |||
Gross Carrying Value, Buildings and Improvements | 3,661 | |||
Gross Carrying Value, Total | 4,402 | |||
Accumulated Depreciation | 1,533 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Cherry Health Holdings, Inc. [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 171 | |||
Initial Cost to Company, Buildings and Improvements | 1,828 | |||
Costs Capitalized Since Acquisition | 2,038 | |||
Gross Carrying Value, Land | 171 | |||
Gross Carrying Value, Buildings and Improvements | 3,866 | |||
Gross Carrying Value, Total | 4,037 | |||
Accumulated Depreciation | 1,229 | |||
Construction/Renovation Date | 2010 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Golfview Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,105 | |||
Initial Cost to Company, Buildings and Improvements | 3,110 | |||
Costs Capitalized Since Acquisition | 1,067 | |||
Gross Carrying Value, Land | 1,105 | |||
Gross Carrying Value, Buildings and Improvements | 4,177 | |||
Gross Carrying Value, Total | 5,282 | |||
Accumulated Depreciation | 1,245 | |||
Construction/Renovation Date | 2007 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Tenth East Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 558 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Buildings and Improvements | 2,426 | |||
Costs Capitalized Since Acquisition | 2,507 | |||
Gross Carrying Value, Land | 332 | |||
Gross Carrying Value, Buildings and Improvements | 4,933 | |||
Gross Carrying Value, Total | 5,265 | |||
Accumulated Depreciation | 1,334 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Trinity Mill Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 664 | |||
Initial Cost to Company, Buildings and Improvements | 2,294 | |||
Costs Capitalized Since Acquisition | 902 | |||
Gross Carrying Value, Land | 664 | |||
Gross Carrying Value, Buildings and Improvements | 3,196 | |||
Gross Carrying Value, Total | 3,860 | |||
Accumulated Depreciation | 1,286 | |||
Construction/Renovation Date | 2007 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Properties [Member] | Cottonwood Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 965 | |||
Initial Cost to Company, Buildings and Improvements | 2,070 | |||
Costs Capitalized Since Acquisition | 958 | |||
Gross Carrying Value, Land | 965 | |||
Gross Carrying Value, Buildings and Improvements | 3,028 | |||
Gross Carrying Value, Total | 3,993 | |||
Accumulated Depreciation | 1,324 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | Verde Villa Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 600 | |||
Initial Cost to Company, Buildings and Improvements | 1,890 | |||
Costs Capitalized Since Acquisition | 470 | |||
Gross Carrying Value, Land | 600 | |||
Gross Carrying Value, Buildings and Improvements | 2,360 | |||
Gross Carrying Value, Total | 2,960 | |||
Accumulated Depreciation | 774 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | Mesquite Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 470 | |||
Initial Cost to Company, Buildings and Improvements | 1,715 | |||
Costs Capitalized Since Acquisition | 8,661 | |||
Gross Carrying Value, Land | 470 | |||
Gross Carrying Value, Buildings and Improvements | 10,376 | |||
Gross Carrying Value, Total | 10,846 | |||
Accumulated Depreciation | 3,221 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | Arrow Tree Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,165 | |||
Initial Cost to Company, Buildings and Improvements | 1,105 | |||
Costs Capitalized Since Acquisition | 324 | |||
Gross Carrying Value, Land | 2,165 | |||
Gross Carrying Value, Buildings and Improvements | 1,429 | |||
Gross Carrying Value, Total | 3,594 | |||
Accumulated Depreciation | 563 | |||
Construction/Renovation Date | 1965 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | Fort Street Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 443 | |||
Initial Cost to Company, Buildings and Improvements | 2,394 | |||
Costs Capitalized Since Acquisition | 759 | |||
Gross Carrying Value, Land | 443 | |||
Gross Carrying Value, Buildings and Improvements | 3,153 | |||
Gross Carrying Value, Total | 3,596 | |||
Accumulated Depreciation | 844 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | Trousdale Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,415 | |||
Initial Cost to Company, Buildings and Improvements | 1,841 | |||
Costs Capitalized Since Acquisition | 1,861 | |||
Gross Carrying Value, Land | 1,415 | |||
Gross Carrying Value, Buildings and Improvements | 3,702 | |||
Gross Carrying Value, Total | 5,117 | |||
Accumulated Depreciation | 946 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | Ensign Bellflower LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 937 | |||
Initial Cost to Company, Buildings and Improvements | 1,168 | |||
Costs Capitalized Since Acquisition | 357 | |||
Gross Carrying Value, Land | 937 | |||
Gross Carrying Value, Buildings and Improvements | 1,525 | |||
Gross Carrying Value, Total | 2,462 | |||
Accumulated Depreciation | 507 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2007 | |||
Skilled Nursing Properties [Member] | RB Heights Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,007 | |||
Initial Cost to Company, Buildings and Improvements | 2,793 | |||
Costs Capitalized Since Acquisition | 1,762 | |||
Gross Carrying Value, Land | 2,007 | |||
Gross Carrying Value, Buildings and Improvements | 4,555 | |||
Gross Carrying Value, Total | 6,562 | |||
Accumulated Depreciation | 1,312 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2008 | |||
Skilled Nursing Properties [Member] | San Corrine Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 310 | |||
Initial Cost to Company, Buildings and Improvements | 2,090 | |||
Costs Capitalized Since Acquisition | 719 | |||
Gross Carrying Value, Land | 310 | |||
Gross Carrying Value, Buildings and Improvements | 2,809 | |||
Gross Carrying Value, Total | 3,119 | |||
Accumulated Depreciation | 840 | |||
Construction/Renovation Date | 2005 | |||
Acquisition Date | 2008 | |||
Skilled Nursing Properties [Member] | Temple Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 529 | |||
Initial Cost to Company, Buildings and Improvements | 2,207 | |||
Costs Capitalized Since Acquisition | 1,163 | |||
Gross Carrying Value, Land | 529 | |||
Gross Carrying Value, Buildings and Improvements | 3,370 | |||
Gross Carrying Value, Total | 3,899 | |||
Accumulated Depreciation | 917 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2008 | |||
Skilled Nursing Properties [Member] | Anson Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 369 | |||
Initial Cost to Company, Buildings and Improvements | 3,220 | |||
Costs Capitalized Since Acquisition | 1,725 | |||
Gross Carrying Value, Land | 369 | |||
Gross Carrying Value, Buildings and Improvements | 4,945 | |||
Gross Carrying Value, Total | 5,314 | |||
Accumulated Depreciation | 1,228 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2008 | |||
Skilled Nursing Properties [Member] | Willits Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 490 | |||
Initial Cost to Company, Buildings and Improvements | 1,231 | |||
Costs Capitalized Since Acquisition | 500 | |||
Gross Carrying Value, Land | 490 | |||
Gross Carrying Value, Buildings and Improvements | 1,731 | |||
Gross Carrying Value, Total | 2,221 | |||
Accumulated Depreciation | 411 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2008 | |||
Skilled Nursing Properties [Member] | Lufkin Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 467 | |||
Initial Cost to Company, Buildings and Improvements | 4,644 | |||
Costs Capitalized Since Acquisition | 782 | |||
Gross Carrying Value, Land | 467 | |||
Gross Carrying Value, Buildings and Improvements | 5,426 | |||
Gross Carrying Value, Total | 5,893 | |||
Accumulated Depreciation | 695 | |||
Construction/Renovation Date | 1988 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Lowell Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 217 | |||
Initial Cost to Company, Buildings and Improvements | 856 | |||
Costs Capitalized Since Acquisition | 1,735 | |||
Gross Carrying Value, Land | 217 | |||
Gross Carrying Value, Buildings and Improvements | 2,591 | |||
Gross Carrying Value, Total | 2,808 | |||
Accumulated Depreciation | 524 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Jefferson Ralston Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 280 | |||
Initial Cost to Company, Buildings and Improvements | 1,230 | |||
Costs Capitalized Since Acquisition | 834 | |||
Gross Carrying Value, Land | 280 | |||
Gross Carrying Value, Buildings and Improvements | 2,064 | |||
Gross Carrying Value, Total | 2,344 | |||
Accumulated Depreciation | 377 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Lafayette Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,607 | |||
Initial Cost to Company, Buildings and Improvements | 4,222 | |||
Costs Capitalized Since Acquisition | 6,195 | |||
Gross Carrying Value, Land | 1,607 | |||
Gross Carrying Value, Buildings and Improvements | 10,417 | |||
Gross Carrying Value, Total | 12,024 | |||
Accumulated Depreciation | 1,939 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Hillendahl Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,133 | |||
Initial Cost to Company, Buildings and Improvements | 11,977 | |||
Costs Capitalized Since Acquisition | 1,421 | |||
Gross Carrying Value, Land | 2,133 | |||
Gross Carrying Value, Buildings and Improvements | 13,398 | |||
Gross Carrying Value, Total | 15,531 | |||
Accumulated Depreciation | 2,276 | |||
Construction/Renovation Date | 1984 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Price Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 193 | |||
Initial Cost to Company, Buildings and Improvements | 2,209 | |||
Costs Capitalized Since Acquisition | 849 | |||
Gross Carrying Value, Land | 193 | |||
Gross Carrying Value, Buildings and Improvements | 3,058 | |||
Gross Carrying Value, Total | 3,251 | |||
Accumulated Depreciation | 453 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Silver Lake Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,051 | |||
Initial Cost to Company, Buildings and Improvements | 8,362 | |||
Costs Capitalized Since Acquisition | 2,011 | |||
Gross Carrying Value, Land | 2,051 | |||
Gross Carrying Value, Buildings and Improvements | 10,373 | |||
Gross Carrying Value, Total | 12,424 | |||
Accumulated Depreciation | 1,325 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Jordan Health Properties LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,671 | |||
Initial Cost to Company, Buildings and Improvements | 4,244 | |||
Costs Capitalized Since Acquisition | 1,507 | |||
Gross Carrying Value, Land | 2,671 | |||
Gross Carrying Value, Buildings and Improvements | 5,751 | |||
Gross Carrying Value, Total | 8,422 | |||
Accumulated Depreciation | 658 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Regal Road Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 767 | |||
Initial Cost to Company, Buildings and Improvements | 4,648 | |||
Costs Capitalized Since Acquisition | 729 | |||
Gross Carrying Value, Land | 767 | |||
Gross Carrying Value, Buildings and Improvements | 5,377 | |||
Gross Carrying Value, Total | 6,144 | |||
Accumulated Depreciation | 829 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Paredes Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 373 | |||
Initial Cost to Company, Buildings and Improvements | 1,354 | |||
Costs Capitalized Since Acquisition | 190 | |||
Gross Carrying Value, Land | 373 | |||
Gross Carrying Value, Buildings and Improvements | 1,544 | |||
Gross Carrying Value, Total | 1,917 | |||
Accumulated Depreciation | 206 | |||
Construction/Renovation Date | 1969 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Expressway Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 90 | |||
Initial Cost to Company, Buildings and Improvements | 675 | |||
Costs Capitalized Since Acquisition | 430 | |||
Gross Carrying Value, Land | 90 | |||
Gross Carrying Value, Buildings and Improvements | 1,105 | |||
Gross Carrying Value, Total | 1,195 | |||
Accumulated Depreciation | 157 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Rio Grande Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 642 | |||
Initial Cost to Company, Buildings and Improvements | 1,085 | |||
Costs Capitalized Since Acquisition | 870 | |||
Gross Carrying Value, Land | 642 | |||
Gross Carrying Value, Buildings and Improvements | 1,955 | |||
Gross Carrying Value, Total | 2,597 | |||
Accumulated Depreciation | 291 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Fifth East Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 345 | |||
Initial Cost to Company, Buildings and Improvements | 2,464 | |||
Costs Capitalized Since Acquisition | 1,065 | |||
Gross Carrying Value, Land | 345 | |||
Gross Carrying Value, Buildings and Improvements | 3,529 | |||
Gross Carrying Value, Total | 3,874 | |||
Accumulated Depreciation | 583 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Properties [Member] | Emmett Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 591 | |||
Initial Cost to Company, Buildings and Improvements | 2,383 | |||
Costs Capitalized Since Acquisition | 69 | |||
Gross Carrying Value, Land | 591 | |||
Gross Carrying Value, Buildings and Improvements | 2,452 | |||
Gross Carrying Value, Total | 3,043 | |||
Accumulated Depreciation | 350 | |||
Construction/Renovation Date | 1972 | |||
Acquisition Date | 2010 | |||
Skilled Nursing Properties [Member] | Burley Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 250 | |||
Initial Cost to Company, Buildings and Improvements | 4,004 | |||
Costs Capitalized Since Acquisition | 424 | |||
Gross Carrying Value, Land | 250 | |||
Gross Carrying Value, Buildings and Improvements | 4,428 | |||
Gross Carrying Value, Total | 4,678 | |||
Accumulated Depreciation | 708 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2010 | |||
Skilled Nursing Properties [Member] | Northshore Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 486 | |||
Initial Cost to Company, Buildings and Improvements | 2,349 | |||
Costs Capitalized Since Acquisition | 1,041 | |||
Gross Carrying Value, Land | 486 | |||
Gross Carrying Value, Buildings and Improvements | 3,390 | |||
Gross Carrying Value, Total | 3,876 | |||
Accumulated Depreciation | 576 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2010 | |||
Skilled Nursing Properties [Member] | Josey Ranch Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,382 | |||
Initial Cost to Company, Buildings and Improvements | 2,293 | |||
Costs Capitalized Since Acquisition | 478 | |||
Gross Carrying Value, Land | 1,382 | |||
Gross Carrying Value, Buildings and Improvements | 2,771 | |||
Gross Carrying Value, Total | 4,153 | |||
Accumulated Depreciation | 332 | |||
Construction/Renovation Date | 1996 | |||
Acquisition Date | 2010 | |||
Skilled Nursing Properties [Member] | Everglades Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,847 | |||
Initial Cost to Company, Buildings and Improvements | 5,377 | |||
Costs Capitalized Since Acquisition | 682 | |||
Gross Carrying Value, Land | 1,847 | |||
Gross Carrying Value, Buildings and Improvements | 6,059 | |||
Gross Carrying Value, Total | 7,906 | |||
Accumulated Depreciation | 894 | |||
Construction/Renovation Date | 1990 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Irving Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 60 | |||
Initial Cost to Company, Buildings and Improvements | 2,931 | |||
Costs Capitalized Since Acquisition | 245 | |||
Gross Carrying Value, Land | 60 | |||
Gross Carrying Value, Buildings and Improvements | 3,176 | |||
Gross Carrying Value, Total | 3,236 | |||
Accumulated Depreciation | 378 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Falls City Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 170 | |||
Initial Cost to Company, Buildings and Improvements | 2,141 | |||
Costs Capitalized Since Acquisition | 82 | |||
Gross Carrying Value, Land | 170 | |||
Gross Carrying Value, Buildings and Improvements | 2,223 | |||
Gross Carrying Value, Total | 2,393 | |||
Accumulated Depreciation | 240 | |||
Construction/Renovation Date | 1972 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Gillette Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 163 | |||
Initial Cost to Company, Buildings and Improvements | 1,491 | |||
Costs Capitalized Since Acquisition | 12 | |||
Gross Carrying Value, Land | 163 | |||
Gross Carrying Value, Buildings and Improvements | 1,503 | |||
Gross Carrying Value, Total | 1,666 | |||
Accumulated Depreciation | 211 | |||
Construction/Renovation Date | 1967 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Gazebo Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 80 | |||
Initial Cost to Company, Buildings and Improvements | 2,541 | |||
Costs Capitalized Since Acquisition | 97 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 2,638 | |||
Gross Carrying Value, Total | 2,718 | |||
Accumulated Depreciation | 385 | |||
Construction/Renovation Date | 1978 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Oleson Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 90 | |||
Initial Cost to Company, Buildings and Improvements | 2,341 | |||
Costs Capitalized Since Acquisition | 759 | |||
Gross Carrying Value, Land | 90 | |||
Gross Carrying Value, Buildings and Improvements | 3,100 | |||
Gross Carrying Value, Total | 3,190 | |||
Accumulated Depreciation | 510 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Arapahoe Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 158 | |||
Initial Cost to Company, Buildings and Improvements | 4,810 | |||
Costs Capitalized Since Acquisition | 789 | |||
Gross Carrying Value, Land | 158 | |||
Gross Carrying Value, Buildings and Improvements | 5,599 | |||
Gross Carrying Value, Total | 5,757 | |||
Accumulated Depreciation | 685 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Dixie Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 487 | |||
Initial Cost to Company, Buildings and Improvements | 1,978 | |||
Costs Capitalized Since Acquisition | 98 | |||
Gross Carrying Value, Land | 487 | |||
Gross Carrying Value, Buildings and Improvements | 2,076 | |||
Gross Carrying Value, Total | 2,563 | |||
Accumulated Depreciation | 182 | |||
Construction/Renovation Date | 1978 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Memorial Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 537 | |||
Initial Cost to Company, Buildings and Improvements | 2,138 | |||
Costs Capitalized Since Acquisition | 698 | |||
Gross Carrying Value, Land | 537 | |||
Gross Carrying Value, Buildings and Improvements | 2,836 | |||
Gross Carrying Value, Total | 3,373 | |||
Accumulated Depreciation | 406 | |||
Construction/Renovation Date | 2007 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Bogardus Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,425 | |||
Initial Cost to Company, Buildings and Improvements | 5,307 | |||
Costs Capitalized Since Acquisition | 1,079 | |||
Gross Carrying Value, Land | 1,425 | |||
Gross Carrying Value, Buildings and Improvements | 6,386 | |||
Gross Carrying Value, Total | 7,811 | |||
Accumulated Depreciation | 947 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | South Dora Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 297 | |||
Initial Cost to Company, Buildings and Improvements | 2,087 | |||
Costs Capitalized Since Acquisition | 1,621 | |||
Gross Carrying Value, Land | 297 | |||
Gross Carrying Value, Buildings and Improvements | 3,708 | |||
Gross Carrying Value, Total | 4,005 | |||
Accumulated Depreciation | 1,274 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Silverada Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,012 | |||
Initial Cost to Company, Buildings and Improvements | 3,282 | |||
Costs Capitalized Since Acquisition | 103 | |||
Gross Carrying Value, Land | 1,012 | |||
Gross Carrying Value, Buildings and Improvements | 3,385 | |||
Gross Carrying Value, Total | 4,397 | |||
Accumulated Depreciation | 270 | |||
Construction/Renovation Date | 1970 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Orem Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,689 | |||
Initial Cost to Company, Buildings and Improvements | 3,896 | |||
Costs Capitalized Since Acquisition | 3,235 | |||
Gross Carrying Value, Land | 1,689 | |||
Gross Carrying Value, Buildings and Improvements | 7,131 | |||
Gross Carrying Value, Total | 8,820 | |||
Accumulated Depreciation | 1,213 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Properties [Member] | Renne Avenue Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 180 | |||
Initial Cost to Company, Buildings and Improvements | 2,481 | |||
Costs Capitalized Since Acquisition | 966 | |||
Gross Carrying Value, Land | 180 | |||
Gross Carrying Value, Buildings and Improvements | 3,447 | |||
Gross Carrying Value, Total | 3,627 | |||
Accumulated Depreciation | 318 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Stillhouse Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 129 | |||
Initial Cost to Company, Buildings and Improvements | 7,139 | |||
Costs Capitalized Since Acquisition | 6 | |||
Gross Carrying Value, Land | 129 | |||
Gross Carrying Value, Buildings and Improvements | 7,145 | |||
Gross Carrying Value, Total | 7,274 | |||
Accumulated Depreciation | 324 | |||
Construction/Renovation Date | 2009 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Fig Street Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 329 | |||
Initial Cost to Company, Buildings and Improvements | 2,653 | |||
Costs Capitalized Since Acquisition | 1,094 | |||
Gross Carrying Value, Land | 329 | |||
Gross Carrying Value, Buildings and Improvements | 3,747 | |||
Gross Carrying Value, Total | 4,076 | |||
Accumulated Depreciation | 1,032 | |||
Construction/Renovation Date | 2007 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Lowell Lake Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 49 | |||
Initial Cost to Company, Buildings and Improvements | 1,554 | |||
Costs Capitalized Since Acquisition | 29 | |||
Gross Carrying Value, Land | 49 | |||
Gross Carrying Value, Buildings and Improvements | 1,583 | |||
Gross Carrying Value, Total | 1,632 | |||
Accumulated Depreciation | 87 | |||
Construction/Renovation Date | 1990 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Queensway Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 999 | |||
Initial Cost to Company, Buildings and Improvements | 4,237 | |||
Costs Capitalized Since Acquisition | 2,331 | |||
Gross Carrying Value, Land | 999 | |||
Gross Carrying Value, Buildings and Improvements | 6,568 | |||
Gross Carrying Value, Total | 7,567 | |||
Accumulated Depreciation | 1,762 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Long Beach Health Associates Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,285 | |||
Initial Cost to Company, Buildings and Improvements | 2,343 | |||
Costs Capitalized Since Acquisition | 2,172 | |||
Gross Carrying Value, Land | 1,285 | |||
Gross Carrying Value, Buildings and Improvements | 4,515 | |||
Gross Carrying Value, Total | 5,800 | |||
Accumulated Depreciation | 694 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Kings Court Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 193 | |||
Initial Cost to Company, Buildings and Improvements | 2,311 | |||
Costs Capitalized Since Acquisition | 318 | |||
Gross Carrying Value, Land | 193 | |||
Gross Carrying Value, Buildings and Improvements | 2,629 | |||
Gross Carrying Value, Total | 2,822 | |||
Accumulated Depreciation | 145 | |||
Construction/Renovation Date | 1965 | |||
Acquisition Date | 2012 | |||
Skilled Nursing Properties [Member] | Fifty One Avenue Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 340 | |||
Initial Cost to Company, Buildings and Improvements | 3,925 | |||
Costs Capitalized Since Acquisition | 32 | |||
Gross Carrying Value, Land | 340 | |||
Gross Carrying Value, Buildings and Improvements | 3,957 | |||
Gross Carrying Value, Total | 4,297 | |||
Accumulated Depreciation | 208 | |||
Construction/Renovation Date | 1970 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Properties [Member] | Ives Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 371 | |||
Initial Cost to Company, Buildings and Improvements | 2,951 | |||
Costs Capitalized Since Acquisition | 274 | |||
Gross Carrying Value, Land | 371 | |||
Gross Carrying Value, Buildings and Improvements | 3,225 | |||
Gross Carrying Value, Total | 3,596 | |||
Accumulated Depreciation | 144 | |||
Construction/Renovation Date | 1972 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Properties [Member] | Guadalupe Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 80 | |||
Initial Cost to Company, Buildings and Improvements | 2,391 | |||
Costs Capitalized Since Acquisition | 15 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 2,406 | |||
Gross Carrying Value, Total | 2,486 | |||
Accumulated Depreciation | 94 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Properties [Member] | Queens City Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 212 | |||
Initial Cost to Company, Buildings and Improvements | 732 | |||
Costs Capitalized Since Acquisition | 8 | |||
Gross Carrying Value, Land | 212 | |||
Gross Carrying Value, Buildings and Improvements | 740 | |||
Gross Carrying Value, Total | 952 | |||
Accumulated Depreciation | 44 | |||
Construction/Renovation Date | 1960 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Properties [Member] | Forty Nine Street Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 129 | |||
Initial Cost to Company, Buildings and Improvements | 2,418 | |||
Costs Capitalized Since Acquisition | 24 | |||
Gross Carrying Value, Land | 129 | |||
Gross Carrying Value, Buildings and Improvements | 2,442 | |||
Gross Carrying Value, Total | 2,571 | |||
Accumulated Depreciation | 136 | |||
Construction/Renovation Date | 1970 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Properties [Member] | Willows Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,388 | |||
Initial Cost to Company, Buildings and Improvements | 2,982 | |||
Costs Capitalized Since Acquisition | 202 | |||
Gross Carrying Value, Land | 1,388 | |||
Gross Carrying Value, Buildings and Improvements | 3,184 | |||
Gross Carrying Value, Total | 4,572 | |||
Accumulated Depreciation | 196 | |||
Construction/Renovation Date | 1966 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Properties [Member] | Tulalip Bay Holdings [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,722 | |||
Initial Cost to Company, Buildings and Improvements | 2,642 | |||
Costs Capitalized Since Acquisition | -980 | |||
Gross Carrying Value, Land | 742 | |||
Gross Carrying Value, Buildings and Improvements | 2,642 | |||
Gross Carrying Value, Total | 3,384 | |||
Accumulated Depreciation | 132 | |||
Construction/Renovation Date | 1989 | |||
Acquisition Date | 2013 | |||
Skilled Nursing Campus Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,102 | |||
Initial Cost to Company, Land | 5,175 | |||
Initial Cost to Company, Buildings and Improvements | 42,609 | |||
Costs Capitalized Since Acquisition | 9,791 | |||
Gross Carrying Value, Land | 5,175 | |||
Gross Carrying Value, Buildings and Improvements | 52,400 | |||
Gross Carrying Value, Total | 57,575 | |||
Accumulated Depreciation | 9,887 | |||
Construction/Renovation Date | 2007 | |||
Acquisition Date | 2006 | |||
Skilled Nursing Campus Properties [Member] | Ensign Southland LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 966 | |||
Initial Cost to Company, Buildings and Improvements | 5,082 | |||
Costs Capitalized Since Acquisition | 2,213 | |||
Gross Carrying Value, Land | 966 | |||
Gross Carrying Value, Buildings and Improvements | 7,295 | |||
Gross Carrying Value, Total | 8,261 | |||
Accumulated Depreciation | 3,400 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 1999 | |||
Skilled Nursing Campus Properties [Member] | Sky Holdings AZ LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,102 | |||
Initial Cost to Company, Land | 289 | |||
Initial Cost to Company, Buildings and Improvements | 1,428 | |||
Costs Capitalized Since Acquisition | 1,752 | |||
Gross Carrying Value, Land | 289 | |||
Gross Carrying Value, Buildings and Improvements | 3,180 | |||
Gross Carrying Value, Total | 3,469 | |||
Accumulated Depreciation | 1,101 | |||
Construction/Renovation Date | 2004 | |||
Acquisition Date | 2002 | |||
Skilled Nursing Campus Properties [Member] | Lemon River Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Buildings and Improvements | 1,159 | |||
Costs Capitalized Since Acquisition | 4,853 | |||
Gross Carrying Value, Land | 494 | |||
Gross Carrying Value, Buildings and Improvements | 6,012 | |||
Gross Carrying Value, Total | 6,506 | |||
Accumulated Depreciation | 1,369 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2009 | |||
Skilled Nursing Campus Properties [Member] | Wisteria Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 746 | |||
Initial Cost to Company, Buildings and Improvements | 9,903 | |||
Costs Capitalized Since Acquisition | 290 | |||
Gross Carrying Value, Land | 746 | |||
Gross Carrying Value, Buildings and Improvements | 10,193 | |||
Gross Carrying Value, Total | 10,939 | |||
Accumulated Depreciation | 1,058 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Campus Properties [Member] | Mission CCRC LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,962 | |||
Initial Cost to Company, Buildings and Improvements | 11,035 | |||
Costs Capitalized Since Acquisition | 464 | |||
Gross Carrying Value, Land | 1,962 | |||
Gross Carrying Value, Buildings and Improvements | 11,499 | |||
Gross Carrying Value, Total | 13,461 | |||
Accumulated Depreciation | 1,449 | |||
Construction/Renovation Date | 1994 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Campus Properties [Member] | Wayne Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 130 | |||
Initial Cost to Company, Buildings and Improvements | 3,061 | |||
Costs Capitalized Since Acquisition | 122 | |||
Gross Carrying Value, Land | 130 | |||
Gross Carrying Value, Buildings and Improvements | 3,183 | |||
Gross Carrying Value, Total | 3,313 | |||
Accumulated Depreciation | 357 | |||
Construction/Renovation Date | 1978 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Campus Properties [Member] | Fourth Street Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 180 | |||
Initial Cost to Company, Buildings and Improvements | 3,352 | |||
Gross Carrying Value, Land | 180 | |||
Gross Carrying Value, Buildings and Improvements | 3,352 | |||
Gross Carrying Value, Total | 3,532 | |||
Accumulated Depreciation | 365 | |||
Construction/Renovation Date | 2006 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Campus Properties [Member] | Big Sioux River Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 110 | |||
Initial Cost to Company, Buildings and Improvements | 3,522 | |||
Costs Capitalized Since Acquisition | 75 | |||
Gross Carrying Value, Land | 110 | |||
Gross Carrying Value, Buildings and Improvements | 3,597 | |||
Gross Carrying Value, Total | 3,707 | |||
Accumulated Depreciation | 359 | |||
Construction/Renovation Date | 1974 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Campus Properties [Member] | Prairie Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 130 | |||
Initial Cost to Company, Buildings and Improvements | 1,571 | |||
Costs Capitalized Since Acquisition | 22 | |||
Gross Carrying Value, Land | 130 | |||
Gross Carrying Value, Buildings and Improvements | 1,593 | |||
Gross Carrying Value, Total | 1,723 | |||
Accumulated Depreciation | 278 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2011 | |||
Skilled Nursing Campus Properties [Member] | Salmon River Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 168 | |||
Initial Cost to Company, Buildings and Improvements | 2,496 | |||
Gross Carrying Value, Land | 168 | |||
Gross Carrying Value, Buildings and Improvements | 2,496 | |||
Gross Carrying Value, Total | 2,664 | |||
Accumulated Depreciation | 151 | |||
Construction/Renovation Date | 2012 | |||
Acquisition Date | 2012 | |||
Assisted and Independent Living Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 13,090 | |||
Initial Cost to Company, Buildings and Improvements | 58,741 | |||
Costs Capitalized Since Acquisition | 4,211 | |||
Gross Carrying Value, Land | 13,090 | |||
Gross Carrying Value, Buildings and Improvements | 62,952 | |||
Gross Carrying Value, Total | 76,042 | |||
Accumulated Depreciation | 5,976 | |||
Construction/Renovation Date | 1984 | |||
Acquisition Date | 2009 | |||
Assisted and Independent Living Properties [Member] | Lafayette Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 420 | |||
Initial Cost to Company, Buildings and Improvements | 1,160 | |||
Costs Capitalized Since Acquisition | 189 | |||
Gross Carrying Value, Land | 420 | |||
Gross Carrying Value, Buildings and Improvements | 1,349 | |||
Gross Carrying Value, Total | 1,769 | |||
Accumulated Depreciation | 188 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2009 | |||
Assisted and Independent Living Properties [Member] | Everglades Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,542 | |||
Initial Cost to Company, Buildings and Improvements | 4,012 | |||
Costs Capitalized Since Acquisition | 113 | |||
Gross Carrying Value, Land | 1,542 | |||
Gross Carrying Value, Buildings and Improvements | 4,125 | |||
Gross Carrying Value, Total | 5,667 | |||
Accumulated Depreciation | 345 | |||
Construction/Renovation Date | 1990 | |||
Acquisition Date | 2011 | |||
Assisted and Independent Living Properties [Member] | Willows Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 2,835 | |||
Initial Cost to Company, Buildings and Improvements | 3,784 | |||
Costs Capitalized Since Acquisition | 395 | |||
Gross Carrying Value, Land | 2,835 | |||
Gross Carrying Value, Buildings and Improvements | 4,179 | |||
Gross Carrying Value, Total | 7,014 | |||
Accumulated Depreciation | 253 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2013 | |||
Assisted and Independent Living Properties [Member] | Wisteria Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 244 | |||
Initial Cost to Company, Buildings and Improvements | 3,241 | |||
Costs Capitalized Since Acquisition | 81 | |||
Gross Carrying Value, Land | 244 | |||
Gross Carrying Value, Buildings and Improvements | 3,322 | |||
Gross Carrying Value, Total | 3,566 | |||
Accumulated Depreciation | 413 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2011 | |||
Assisted and Independent Living Properties [Member] | Avenue N- Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 124 | |||
Initial Cost to Company, Buildings and Improvements | 2,301 | |||
Costs Capitalized Since Acquisition | 392 | |||
Gross Carrying Value, Land | 124 | |||
Gross Carrying Value, Buildings and Improvements | 2,693 | |||
Gross Carrying Value, Total | 2,817 | |||
Accumulated Depreciation | 811 | |||
Construction/Renovation Date | 2007 | |||
Acquisition Date | 2006 | |||
Assisted and Independent Living Properties [Member] | Moenium Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,893 | |||
Initial Cost to Company, Buildings and Improvements | 5,268 | |||
Costs Capitalized Since Acquisition | 1,210 | |||
Gross Carrying Value, Land | 1,893 | |||
Gross Carrying Value, Buildings and Improvements | 6,478 | |||
Gross Carrying Value, Total | 8,371 | |||
Accumulated Depreciation | 1,913 | |||
Construction/Renovation Date | 1986 | |||
Acquisition Date | 2007 | |||
Assisted and Independent Living Properties [Member] | Expo Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 570 | |||
Initial Cost to Company, Buildings and Improvements | 1,692 | |||
Costs Capitalized Since Acquisition | 248 | |||
Gross Carrying Value, Land | 570 | |||
Gross Carrying Value, Buildings and Improvements | 1,940 | |||
Gross Carrying Value, Total | 2,510 | |||
Accumulated Depreciation | 341 | |||
Construction/Renovation Date | 1986 | |||
Acquisition Date | 2010 | |||
Assisted and Independent Living Properties [Member] | Flamingo Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 908 | |||
Initial Cost to Company, Buildings and Improvements | 4,767 | |||
Costs Capitalized Since Acquisition | 281 | |||
Gross Carrying Value, Land | 908 | |||
Gross Carrying Value, Buildings and Improvements | 5,048 | |||
Gross Carrying Value, Total | 5,956 | |||
Accumulated Depreciation | 916 | |||
Construction/Renovation Date | 1986 | |||
Acquisition Date | 2011 | |||
Assisted and Independent Living Properties [Member] | Eighteenth Place Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,011 | |||
Initial Cost to Company, Buildings and Improvements | 2,053 | |||
Costs Capitalized Since Acquisition | 490 | |||
Gross Carrying Value, Land | 1,011 | |||
Gross Carrying Value, Buildings and Improvements | 2,543 | |||
Gross Carrying Value, Total | 3,554 | |||
Accumulated Depreciation | 281 | |||
Construction/Renovation Date | 1974 | |||
Acquisition Date | 2011 | |||
Assisted and Independent Living Properties [Member] | Boardwalk Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 367 | |||
Initial Cost to Company, Buildings and Improvements | 1,633 | |||
Costs Capitalized Since Acquisition | 51 | |||
Gross Carrying Value, Land | 367 | |||
Gross Carrying Value, Buildings and Improvements | 1,684 | |||
Gross Carrying Value, Total | 2,051 | |||
Accumulated Depreciation | 163 | |||
Construction/Renovation Date | 1993 | |||
Acquisition Date | 2012 | |||
Assisted and Independent Living Properties [Member] | Lockwood Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,792 | |||
Initial Cost to Company, Buildings and Improvements | 2,253 | |||
Costs Capitalized Since Acquisition | 585 | |||
Gross Carrying Value, Land | 1,792 | |||
Gross Carrying Value, Buildings and Improvements | 2,838 | |||
Gross Carrying Value, Total | 4,630 | |||
Accumulated Depreciation | 236 | |||
Construction/Renovation Date | 1967 | |||
Acquisition Date | 2013 | |||
Assisted and Independent Living Properties [Member] | Saratoga Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 444 | |||
Initial Cost to Company, Buildings and Improvements | 2,265 | |||
Costs Capitalized Since Acquisition | 176 | |||
Gross Carrying Value, Land | 444 | |||
Gross Carrying Value, Buildings and Improvements | 2,441 | |||
Gross Carrying Value, Total | 2,885 | |||
Accumulated Depreciation | 92 | |||
Construction/Renovation Date | 1995 | |||
Acquisition Date | 2013 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | Lily And Syringa ALF [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 70 | |||
Initial Cost to Company, Buildings and Improvements | 2,673 | |||
Gross Carrying Value, Land | 70 | |||
Gross Carrying Value, Buildings and Improvements | 2,673 | |||
Gross Carrying Value, Total | 2,743 | |||
Accumulated Depreciation | 5 | |||
Construction/Renovation Date | 1995 | |||
Acquisition Date | 2014 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | Caring Hearts [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 80 | |||
Initial Cost to Company, Buildings and Improvements | 3,404 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 3,404 | |||
Gross Carrying Value, Total | 3,484 | |||
Accumulated Depreciation | 8 | |||
Construction/Renovation Date | 2008 | |||
Acquisition Date | 2014 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | Turtle And Crain ALF [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 110 | |||
Initial Cost to Company, Buildings and Improvements | 5,426 | |||
Gross Carrying Value, Land | 110 | |||
Gross Carrying Value, Buildings and Improvements | 5,426 | |||
Gross Carrying Value, Total | 5,536 | |||
Accumulated Depreciation | 11 | |||
Construction/Renovation Date | 2013 | |||
Acquisition Date | 2014 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | Prelude Cottages of Woodbury [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 430 | |||
Initial Cost to Company, Buildings and Improvements | 6,708 | |||
Gross Carrying Value, Land | 430 | |||
Gross Carrying Value, Buildings and Improvements | 6,708 | |||
Gross Carrying Value, Total | 7,138 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2014 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | English Meadows Senior Living Community [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 250 | |||
Initial Cost to Company, Buildings and Improvements | 6,101 | |||
Gross Carrying Value, Land | 250 | |||
Gross Carrying Value, Buildings and Improvements | 6,101 | |||
Gross Carrying Value, Total | 6,351 | |||
Construction/Renovation Date | 2011 | |||
Acquisition Date | 2014 | |||
Independent Living Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,406 | |||
Initial Cost to Company, Buildings and Improvements | 8,953 | |||
Costs Capitalized Since Acquisition | 916 | |||
Gross Carrying Value, Land | 1,406 | |||
Gross Carrying Value, Buildings and Improvements | 9,869 | |||
Gross Carrying Value, Total | 11,275 | |||
Accumulated Depreciation | 1,483 | |||
Independent Living Properties [Member] | Hillendahl Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 315 | |||
Initial Cost to Company, Buildings and Improvements | 1,769 | |||
Costs Capitalized Since Acquisition | 176 | |||
Gross Carrying Value, Land | 315 | |||
Gross Carrying Value, Buildings and Improvements | 1,945 | |||
Gross Carrying Value, Total | 2,260 | |||
Accumulated Depreciation | 415 | |||
Construction/Renovation Date | 1984 | |||
Acquisition Date | 2009 | |||
Independent Living Properties [Member] | Mission CCRC LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 411 | |||
Initial Cost to Company, Buildings and Improvements | 2,312 | |||
Costs Capitalized Since Acquisition | 119 | |||
Gross Carrying Value, Land | 411 | |||
Gross Carrying Value, Buildings and Improvements | 2,431 | |||
Gross Carrying Value, Total | 2,842 | |||
Accumulated Depreciation | 360 | |||
Construction/Renovation Date | 1994 | |||
Acquisition Date | 2011 | |||
Independent Living Properties [Member] | Hillview Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 680 | |||
Initial Cost to Company, Buildings and Improvements | 4,872 | |||
Costs Capitalized Since Acquisition | 621 | |||
Gross Carrying Value, Land | 680 | |||
Gross Carrying Value, Buildings and Improvements | 5,493 | |||
Gross Carrying Value, Total | 6,173 | |||
Accumulated Depreciation | $708 | |||
Construction/Renovation Date | 1996 | |||
Acquisition Date | 2011 |
Schedule_III_Real_Estate_and_A1
Schedule III- Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate: | |||
Balance at the beginning of the period | $456,052 | $410,009 | $358,707 |
Acquisitions | 25,252 | 35,656 | 30,549 |
Improvements | 12,162 | 10,387 | 20,753 |
Assets not transferred to CareTrust | -980 | ||
Balance at the end of the period | 492,486 | 456,052 | 410,009 |
Accumulated depreciation: | |||
Balance at the beginning of the period | -62,572 | -47,877 | -32,900 |
Depreciation expense | -16,325 | -14,695 | -14,977 |
Balance at the end of the period | ($78,897) | ($62,572) | ($47,877) |