Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 10, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CTRE | ||
Entity Registrant Name | CareTrust REIT, Inc. | ||
Entity Central Index Key | 1,590,717 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 48,146,549 | ||
Entity Public Float | $ 392 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Real estate investments, net | $ 645,614 | $ 436,215 |
Other real estate investments | 8,477 | 7,532 |
Cash and cash equivalents | 11,467 | 25,320 |
Accounts receivable (related party receivables of $0 at December 31, 2015 and $2,275 at December 31, 2014 - Note 6) | 2,342 | 2,291 |
Prepaid expenses and other assets | 2,083 | 809 |
Deferred financing costs, net | 3,183 | 2,973 |
Total assets | 673,166 | 475,140 |
Liabilities and Equity: | ||
Senior unsecured notes payable, net | 254,229 | 253,165 |
Unsecured revolving credit facility | 45,000 | 0 |
Mortgage notes payable, net | 94,676 | 97,608 |
Accounts payable and accrued liabilities | 9,269 | 6,959 |
Dividends payable | 7,704 | 3,946 |
Total liabilities | $ 410,878 | $ 361,678 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and 2014 | $ 0 | $ 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,664,742 and 31,251,157 shares issued and outstanding as of December 31, 2015 and 2014, respectively | 477 | 313 |
Additional paid-in capital | 410,217 | 246,041 |
Cumulative distributions in excess of earnings | (148,406) | (132,892) |
Total equity | 262,288 | 113,462 |
Total liabilities and equity | $ 673,166 | $ 475,140 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Related party receivables | $ 0 | $ 2,275 |
Preferred stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred stock, Shares Issued | 0 | 0 |
Preferred stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 47,664,742 | 31,251,157 |
Common Stock, Shares Outstanding | 47,664,742 | 31,251,157 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Rental income (related party rental income of $16,308, $32,667 and $0 for the year ended December 31, 2015, 2014 and 2013, respectively – Note 6) | $ 65,979 | $ 51,367 | $ 41,242 | ||||||||
Tenant reimbursements (related party tenant reimbursements of $1,406, $2,842 and $0 for the year ended December 31, 2015, 2014 and 2013, respectively – Note 6) | 5,497 | 4,956 | 5,168 | ||||||||
Independent living facilities | 2,510 | 2,519 | 2,386 | ||||||||
Interest and other income | 965 | 55 | 0 | ||||||||
Total revenues | $ 22,632 | $ 17,985 | $ 17,376 | $ 16,958 | $ 16,077 | $ 15,884 | $ 14,065 | $ 12,871 | 74,951 | 58,897 | 48,796 |
Expenses: | |||||||||||
Depreciation and amortization | 24,133 | 23,000 | 23,418 | ||||||||
Interest expense | 25,256 | 21,622 | 12,647 | ||||||||
Loss on extinguishment of debt | 0 | 4,067 | 0 | ||||||||
Property taxes | 5,497 | 4,956 | 5,168 | ||||||||
Acquisition costs | 0 | 47 | 255 | ||||||||
Independent living facilities | 2,376 | 2,243 | 2,138 | ||||||||
General and administrative | 7,655 | 11,105 | 5,442 | ||||||||
Total expenses | 64,917 | 67,040 | 49,068 | ||||||||
Income (loss) before provision for income taxes | 5,003 | 727 | 2,266 | 2,038 | 630 | 1,967 | (10,325) | (362) | 10,034 | (8,143) | (272) |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 17 | 36 | 0 | 0 | 123 |
Net income (loss) | $ 5,003 | $ 727 | $ 2,266 | $ 2,038 | $ 630 | $ 1,967 | $ (10,342) | $ (398) | $ 10,034 | $ (8,143) | $ (395) |
Earnings (loss) per common share: | |||||||||||
Basic (in usd per share) | $ 0.10 | $ 0.02 | $ 0.07 | $ 0.06 | $ 0.03 | $ 0.09 | $ (0.47) | $ (0.02) | $ 0.26 | $ (0.36) | $ (0.02) |
Diluted (in usd per share) | $ 0.10 | $ 0.02 | $ 0.07 | $ 0.06 | $ 0.03 | $ 0.09 | $ (0.47) | $ (0.02) | $ 0.26 | $ (0.36) | $ (0.02) |
Weighted-average number of common shares: | |||||||||||
Basic (in shares) | 47,660 | 39,125 | 31,278 | 31,257 | 24,419 | 22,255 | 22,231 | 22,228 | 37,380 | 22,788 | 22,228 |
Diluted (in shares) | 47,660 | 39,125 | 31,278 | 31,257 | 24,586 | 22,436 | 22,231 | 22,228 | 37,380 | 22,788 | 22,228 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Related party rental income | $ 16,308 | $ 32,667 | $ 0 |
Related party tenant reimbursements | $ 1,406 | $ 2,842 | $ 0 |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 5,003 | $ 727 | $ 2,266 | $ 2,038 | $ 630 | $ 1,967 | $ (10,342) | $ (398) | $ 10,034 | $ (8,143) | $ (395) |
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 0 | 167 | 1,038 | ||||||||
Reclassification adjustment on interest rate swap | 0 | 1,661 | 0 | ||||||||
Comprehensive income (loss) | $ 10,034 | $ (6,315) | $ 643 |
Consolidated and Combined Stat7
Consolidated and Combined Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions in Excess of Earnings [Member] | Invested Equity [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2012 | $ 184,548 | $ 0 | $ 0 | $ 0 | $ 187,414 | $ (2,866) |
Beginning balance, shares at Dec. 31, 2012 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain on interest rate swap | 1,038 | 1,038 | ||||
Net capital distribution to Ensign | (22,502) | (22,502) | ||||
Issuance of common stock, net | 0 | $ 0 | 0 | |||
Issuance of common stock, net, shares | 1,000 | |||||
Reclassification adjustment on interest rate swap | 0 | |||||
Net income (loss) | (395) | (395) | ||||
Ending balance at Dec. 31, 2013 | 162,689 | $ 0 | 0 | 0 | 164,517 | (1,828) |
Ending balance, shares at Dec. 31, 2013 | 1,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net capital contribution from Ensign | 4,356 | 4,356 | ||||
Unrealized gain on interest rate swap | 167 | 167 | ||||
Net capital distribution to Ensign | (10,475) | (10,475) | ||||
Reclassification adjustment on interest rate swap | 1,661 | 1,661 | ||||
Reclassification of invested equity to common stock and additional paid-in capital in conjunction with the Spin-Off | 0 | $ 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 | 0 | $ 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 | |||||
Common dividend ($0.125 and $0.64 per share for the twelve months ended 12/31/2014 and 12/31/2015, respectively) | (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) | 0 | 0 |
Ending balance, shares at Dec. 31, 2014 | 31,251,157 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Unrealized gain on interest rate swap | 0 | |||||
Issuance of common stock, net | 162,963 | $ 163 | 162,800 | |||
Issuance of common stock, net, shares | 16,330,000 | |||||
Reclassification adjustment on interest rate swap | 0 | |||||
Amortization of stock-based compensation | 1,522 | 1,522 | ||||
Common dividend ($0.125 and $0.64 per share for the twelve months ended 12/31/2014 and 12/31/2015, respectively) | (25,548) | (25,548) | ||||
Vesting of restricted common stock, net of shares withheld for employee taxes | (145) | $ 1 | (146) | |||
Vesting of restricted common stock, net of shares withheld for employee taxes, shares | 83,585 | |||||
Net income (loss) | 10,034 | 10,034 | ||||
Ending balance at Dec. 31, 2015 | $ 262,288 | $ 477 | $ 410,217 | $ (148,406) | $ 0 | $ 0 |
Ending balance, shares at Dec. 31, 2015 | 47,664,742 |
Consolidated and Combined Stat8
Consolidated and Combined Statements of Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2014$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Special dividend (in usd per share) | $ 5.88 |
Common dividend (in usd per share) | $ 0.125 |
Consolidated and Combined Stat9
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 10,034 | $ (8,143) | $ (395) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 24,133 | 23,000 | 23,418 |
Amortization of deferred financing costs and debt discount | 2,200 | 1,603 | 821 |
Write-off of deferred financing costs | 1,208 | 0 | 0 |
Amortization of stock-based compensation | 1,522 | 154 | 0 |
Noncash interest income | (945) | (32) | 0 |
Loss on extinguishment of debt | 0 | 1,998 | 0 |
Loss on settlement of interest rate swap | 0 | 1,661 | 0 |
Loss on disposition of equipment, furniture and fixtures | 0 | 0 | 206 |
Change in operating assets and liabilities: | |||
Accounts receivable | (2,326) | 4 | 5 |
Accounts receivable due from related party | 2,275 | (2,275) | 0 |
Prepaid expenses and other assets | (86) | 445 | 266 |
Interest rate swap | 0 | (1,661) | 0 |
Accounts payable and accrued liabilities | 2,239 | 5,152 | 2,311 |
Net cash provided by operating activities | 40,254 | 21,906 | 26,632 |
Cash flows from investing activities: | |||
Acquisition of real estate | (232,466) | (25,742) | (35,656) |
Improvements to real estate | (187) | (579) | 0 |
Purchases of equipment, furniture and fixtures | (276) | (19,275) | (19,931) |
Preferred equity investment | 0 | (7,500) | 0 |
Escrow deposits for acquisition of real estate | (1,750) | (500) | 0 |
Net proceeds from the sale of vacant land | 30 | 0 | 0 |
Cash proceeds from sale of equipment, furniture and fixtures | 0 | 0 | 854 |
Net cash used in investing activities | (234,649) | (53,596) | (54,733) |
Cash flows from financing activities: | |||
Proceeds from the issuance of common stock, net | 162,963 | 0 | 0 |
Proceeds from the issuance of senior unsecured notes payable | 0 | 260,000 | 0 |
Borrowings under unsecured credit facility | 45,000 | 0 | 0 |
Borrowings under senior secured revolving credit facility | 35,000 | 10,000 | 58,700 |
Proceeds from the issuance of mortgage notes payable | 0 | 50,676 | 0 |
Repayments of borrowings under senior secured revolving credit facility | (35,000) | (88,701) | 0 |
Payments on the mortgage notes payable | (3,183) | (68,155) | (3,457) |
Payments on senior secured term loan | 0 | (65,624) | (3,750) |
Payments of deferred financing costs | (2,303) | (13,436) | (730) |
Net-settle adjustment on restricted stock | (145) | 0 | 0 |
Dividends paid on common stock | (21,790) | (33,001) | 0 |
Net contribution from (distribution to) Ensign (Note 6) | 0 | 4,356 | (22,502) |
Net cash provided by financing activities | 180,542 | 56,115 | 28,261 |
Net (decrease) increase in cash and cash equivalents | (13,853) | 24,425 | 160 |
Cash and cash equivalents, beginning of period | 25,320 | 895 | 735 |
Cash and cash equivalents, end of period | 11,467 | 25,320 | 895 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 21,687 | 17,243 | 12,657 |
Income taxes paid | 0 | 104 | 100 |
Supplemental schedule of noncash operating, investing and financing activities: | |||
Increase in dividends payable | 3,758 | 3,946 | 0 |
Application of escrow deposit to acquisition of real estate | 500 | 0 | 0 |
Distributions paid to common stockholders through common stock issuances | 0 | 98,998 | 0 |
Holdback of purchase price to acquire real estate | 0 | 300 | 0 |
Operating assets and liabilities that were not transferred to CareTrust | 0 | 1,042 | 0 |
Equipment, furniture and fixtures that were not transferred to CareTrust | 0 | (11,684) | 0 |
Net capital distribution to Ensign | $ 0 | $ 10,475 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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, 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. 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, 2015 , the Company owned and leased to independent operators, including Ensign, 119 skilled nursing, assisted living and independent living facilities which had a total of 12,144 beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Iowa, Minnesota, Nebraska, Nevada, Ohio, Texas, Utah, Virginia and Washington. The Company also owns and operates three independent living facilities which had a total of 264 units located in Texas and Utah. As of December 31, 2015 , the Company also had one other real estate investment, consisting of an $8.5 million preferred equity investment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 and (ii) the operations of the three independent living facilities that the Company operated immediately following the Spin-Off. The consolidated and combined financial statements included in this report also reflect the new investments that the Company has made after the Spin-Off. For the periods prior to the Spin-Off, the Company’s financial statements 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”). For the periods prior to the Spin-Off, the combined statements of operations 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 for the periods prior to June 1, 2014, 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 those periods presented. The historical financial information prior to June 1, 2014, 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 for the Company. All intercompany transactions and account balances within the Company have been eliminated. 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. Reclassifications —Certain amounts in the Company’s consolidated and combined financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. 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: Building 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 asset acquisitions, 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 —At least annually, management 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 are accounted for at unpaid principal balance, plus accrued return, net of reserves. The Company recognizes return income on a quarterly basis based on the outstanding investment including any accrued and unpaid return. As the preferred member of the joint venture, the Company is not entitled to share in the joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return is added to the balance of the preferred equity investment up to the estimated economic outcome assuming a hypothetical liquidation of the book value of the joint venture. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be repaid upon redemption. The Company periodically evaluates each of its other real estate 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. Cash and Cash Equivalents —Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of 3 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. For our senior unsecured notes payable and our mortgage notes payable, deferred financing costs are netted against the outstanding debt amounts on the balance sheet. For our unsecured revolving credit facility, deferred financing costs are shown gross and are included in assets on our balance sheet, as discussed further in the Recently Adopted Accounting Standards section below. See Note 7, Debt , for the new presentation of deferred financing costs. Amortization of deferred financing costs is classified as interest expense in our consolidated and combined statements of operations. Accumulated amortization of deferred financing costs was $3.3 million and $2.2 million at December 31, 2015 and December 31, 2014 , 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 operations. 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, 2015, 2014 and 2013, 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, 2015 or December 31, 2014 . Income Taxes —The Company’s operations prior to the Spin-Off were historically included in Ensign’s U.S. federal and state income tax returns and all income taxes for periods prior to the Spin-Off were 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 for all periods. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the consolidated and combined 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 prior to the Spin-Off. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2014 . The Company believes it has been organized and has operated, and the Company intends to continue to operate, in a manner to qualify for taxation as a REIT under the Code. 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 on 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 secured credit facility in place prior to the Spin-Off. 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 operations during the year ended December 31, 2014. There was no outstanding interest rate swap contract as of December 31, 2015 . 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 directors, officers and employees except for equity instruments held by employee share ownership plans. Net income (loss) reflects stock-based compensation expense of $1.5 million and $0.2 million for the years ended December 31, 2015 and 2014, respectively. 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 and 2013 were retroactively restated for the number of basic and diluted shares outstanding immediately following the Spin-Off. Beds, Units, Occupancy and Other Measures —Beds, units, occupancy and other non-financial measures used to describe real estate investments included in these Notes to the Consolidated and Combined Financial Statements are presented on an unaudited basis. Recently Issued Accounting Standards Update — 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). In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of its new revenue recognition standard by one year. The standard will be effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company is currently assessing the impact of adopting ASU No. 2014-09 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU No. 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU No. 2015-02 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of ASU No. 2015-02 to have a significant impact on its consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU No. 2015-16”). ASU No. 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU No. 2015-16 to have a significant impact on its consolidated financial statements. Recently Adopted Accounting Standards —On December 31, 2015, the Company retrospectively early adopted, for all comparative periods presented, ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The adoption of ASU No. 2015-03 resulted in a change to the location where debt issuance costs are presented in the balance sheet and did not have any other material impact on the Company's financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) (“ASU No. 2015-15”). ASU No. 2015-15 was issued by the FASB in response to questions that arose after the issuance of ASU No. 2015-03, to incorporate an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. ASU No. 2015-15 was effective upon announcement. |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | REAL ESTATE INVESTMENTS, NET The following tables summarize our investment in owned properties at December 31, 2015 , and December 31, 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Land $ 91,311 $ 75,072 Buildings and improvements 627,453 417,414 Integral equipment, furniture and fixtures 54,388 47,134 Real estate investments 773,152 539,620 Accumulated depreciation (127,538 ) (103,405 ) Real estate investments, net $ 645,614 $ 436,215 As of December 31, 2015 , all but 25 of the Company’s net-leased facilities were leased to subsidiaries of Ensign under the Ensign Master Leases which commenced on June 1, 2014. 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 on June 1, 2016, 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 (“CPI”) (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, 2015 , our total future minimum rental revenues for all of our tenants were (dollars in thousands): Year Amount 2016 $ 80,439 2017 80,439 2018 80,439 2019 80,439 2020 80,439 Thereafter 753,620 $ 1,155,815 Recent Real Estate Acquisitions The following recent real estate acquisitions were accounted for as asset acquisitions: Bethany Rehabilitation Center In January 2015, the Company acquired the Bethany Rehabilitation Center, a skilled nursing facility located in Lakewood, Colorado, for $18.1 million , which includes capitalized acquisition costs of $0.1 million . In connection with the acquisition, the Company entered into a triple-net master lease with Eduro Healthcare LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $1.7 million . Mira Vista Care Center In April 2015, the Company acquired the Mira Vista Care Center, a skilled nursing facility located in Mount Vernon, Washington, for $9.3 million , which includes capitalized acquisition costs of $0.2 million . In connection with the acquisition, the Company entered into a triple-net master lease with Five Oaks Healthcare, LLC (the "Five Oaks Master Lease"). The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $ 0.9 million . Shoreline Health & Rehabilitation Center In June 2015, the Company acquired the Shoreline Health & Rehabilitation Center, a skilled nursing facility located in Shoreline, Washington, for $6.8 million , which includes capitalized acquisition costs of $0.2 million . In connection with the acquisition, the Company amended the Five Oaks Master Lease to include the Shoreline Health & Rehabilitation Center and anticipates additional annual lease revenues of $0.7 million as a result of the amendment. Bristol Court Assisted Living In July 2015, the Company acquired Bristol Court Assisted Living, a memory care facility located in St. Petersburg, Florida, for $8.5 million , which includes capitalized acquisition costs of $72,000 . In connection with the acquisition, the Company entered into a triple-net master lease with Better Senior Living Consulting, LLC (the "BSLC Master Lease"). The BSLC Master Lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $0.7 million . Shamrock Nursing and Rehabilitation Center In July 2015, the Company acquired the Shamrock Nursing and Rehabilitation Center, a skilled nursing facility located in Dublin, Georgia, for $8.3 million , which includes capitalized acquisition costs of $49,000 . In connection with the acquisition, the Company entered into a triple-net master lease with Trillium Healthcare Group, LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $0.8 million . Asbury Place Assisted Living In September 2015, the Company acquired Asbury Place Assisted Living, an assisted living and memory care facility located in Pensacola, Florida, for $5.4 million , which includes capitalized acquisition costs of $49,000 . In connection with the acquisition, the Company amended the BSLC Master Lease to include Asbury Place Assisted Living and anticipates additional annual lease revenues of $0.5 million as a result of the amendment. Liberty Healthcare Portfolio On October 1, 2015, the Company acquired the Liberty Healthcare Portfolio, a 14 facility skilled nursing and assisted living portfolio in Ohio, for $176.5 million inclusive of transaction costs. The acquisition was primarily funded with the net proceeds from the Company's common stock offering of $163.0 million in August 2015, with the remainder funded by a draw on the unsecured revolving credit facility. Prior to the acquisition, the Liberty Healthcare Portfolio was owner-occupied and unaffiliated with the Company or the current tenant. In connection with the acquisition, the Company entered into a triple-net master lease with Pristine Senior Living, LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $17.0 million . |
Other Real Estate Investments
Other Real Estate Investments | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Other Real Estate Investments | 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 yields 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. 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 mid 2016 . During the years ended December 31, 2015 and 2014, the Company recognized $0.9 million and $32,000 of interest income and this unpaid amount was added to the outstanding carrying value of the investment. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 3 -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. 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, 2015 and December 31, 2014 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, 2015 December 31, 2014 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investment $ 7,500 $ 8,477 $ 8,477 $ 7,500 $ 7,532 $ 7,532 Financial liabilities: Senior unsecured notes payable $ 260,000 $ 254,229 $ 263,575 $ 260,000 $ 253,165 $ 265,200 Mortgage notes payable $ 95,022 $ 94,676 $ 97,067 $ 98,205 $ 97,608 $ 101,822 Cash and cash equivalents, accounts receivable, and 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 is estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value and other credit enhancements. Senior unsecured notes payable : The fair value of the senior unsecured notes payable was determined using third-party quotes derived from orderly trades. Unsecured revolving credit facility: The fair value approximates its carrying value as the interest rate is variable and approximates prevailing market interest rates for similar debt arrangements. Mortgage notes payable: The fair value of the Company’s notes payable is 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. The Company classifies these inputs as Level 3 inputs. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Allocation of corporate expenses —For the years ended December 31, 2014 and 2013, the consolidated and combined statements of operations of the Company include Ensign revenues and expenses that are specifically identifiable or otherwise attributable to the Company. The specific identification methodology was utilized for all of the items on the statements of operations excluding general corporate expenses. For the periods prior to the Spin-Off, 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. Allocated expenses for these general and administrative services of $7.4 million and $5.4 million for the years ended December 31, 2014 and 2013 are reflected in general and administrative expense, in addition to direct expenses which are included in total expenses. There was no allocation for the year ended December 31, 2015. 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 years ended December 31, 2014 and 2013. Rental income from Ensign —The Company derives a majority 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 from June 1, 2014 through April 15, 2015, serves as the chief executive officer of Ensign as well as a member of Ensign’s board of directors. As such, all rental income and tenant reimbursements earned related to the Ensign Master Leases during Mr. Christensen's tenure on our board are considered related party in nature. For the years ended December 31, 2015 and 2014, the Company recognized $16.3 million and $32.7 million in rental income, respectively, from Ensign while Mr. Christensen sat on the Board of Directors of the Company as well as $1.4 million and $2.8 million of tenant reimbursements, respectively. As of December 31, 2014 , the Company also had accounts receivable totaling $2.3 million due from Ensign for tenant reimbursements. After April 15, 2015, the effective date of Mr. Christensen's resignation from our board of directors, rental income and tenant reimbursements related to the Ensign Master Leases, and any related accounts receivable, are not considered earned or due from a related party. 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. The “Net contribution (distribution) from/to Ensign” was $4.4 million and $(22.5) million for the years ended December 31, 2014 and 2013, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table summarizes the balance of our indebtedness as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 260,000 $ (5,771 ) $ 254,229 $ 260,000 $ (6,835 ) $ 253,165 Mortgage notes payable 95,022 (346 ) 94,676 98,205 (597 ) 97,608 Unsecured revolving credit facility 45,000 — 45,000 — — — $ 400,022 $ (6,117 ) $ 393,905 $ 358,205 $ (7,432 ) $ 350,773 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. (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 subsequently exchanged the Notes for substantially identical notes registered under the Securities Act of 1933. 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. As of December 31, 2015 , the Company was in compliance with all applicable financial covenants under the indenture. Unsecured Revolving Credit Facility On August 5, 2015, the Company, CareTrust GP, LLC, the Operating Partnership, as the borrower, and certain of its wholly owned subsidiaries entered into a credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender, and the lenders party thereto (the “Credit Agreement”). The Credit Agreement provides for an unsecured asset-based revolving credit facility (the “Revolving Facility”) with commitments in an aggregate principal amount of $300.0 million from a syndicate of banks and other financial institutions, and an accordion feature that allows the Operating Partnership to increase the borrowing availability by up to an additional $200.0 million . A portion of the proceeds of the Revolving Facility were used to pay off and terminate the Company’s existing secured asset-based revolving credit facility under a credit agreement dated May 30, 2014, with SunTrust Bank, as administrative agent, and the lenders party thereto (the “SunTrust Refinancing”). As of December 31, 2015, there was $45.0 million outstanding under the Credit Facility. The Credit Agreement has a maturity date of August 5, 2019, and includes two , six -month extension options. The Credit Agreement also provides that, subject to customary conditions, including obtaining lender commitments and pro forma compliance with financial maintenance covenants under the Credit Agreement, the Operating Partnership may seek to increase the aggregate principal amount of the revolving commitments and/or establish one or more new tranches of incremental revolving or term loans under the Credit Agreement in an aggregate amount not to exceed $200.0 million . The Company does not currently have any commitments for such increased loans. The interest rates applicable to loans under the Revolving Facility are, at the Company’s option, equal to either a base rate plus a margin ranging from 0.75% to 1.40% per annum or applicable LIBOR plus a margin ranging from 1.75% to 2.40% per annum based on the debt to asset value ratio of the Company and its subsidiaries (subject to decrease at the Company’s election if the Company obtains certain specified investment grade ratings on its senior long term unsecured debt). In addition, the Company will pay a commitment fee on the unused portion of the commitments under the Revolving Facility of 0.15% or 0.25% per annum, based upon usage of the Revolving Facility (unless the Company obtains certain specified investment grade ratings on its senior long term unsecured debt and elects to decrease the applicable margin as described above, in which case the Company will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based upon the credit ratings of its senior long term unsecured debt). The Obligations under the Credit Agreement are guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Credit Agreement (other than the Operating Partnership). The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend certain material agreements and pay certain dividends and other restricted payments. The Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum cash distributions to operating income ratio, a maximum secured debt to asset value ratio and a maximum secured recourse debt to asset value ratio. The Credit Agreement also contains certain customary events of default, including that the Company is required to operate in conformity with the requirements for qualification and taxation as a REIT. As of December 31, 2015 , the Company was in compliance with all applicable financial covenants under the Credit Agreement. Senior Secured Revolving Credit Facility On May 30, 2014, the Operating Partnership entered into a credit and guaranty agreement (the “Secured Credit Agreement”), which governed our senior secured revolving credit facility (the “Secured 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 Secured Credit Agreement provided for a borrowing capacity of $150.0 million and included an accordion feature that allowed the Operating Partnership to increase the borrowing availability by up to an additional $75.0 million , subject to terms and conditions. The Secured Credit Facility was secured by mortgages on certain of the real properties owned by the Company’s subsidiaries and the amount available to be borrowed under the Secured Credit Agreement was 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 Secured Credit Agreement. The Secured Credit Facility was 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 Secured Credit Agreement. The Secured Credit Agreement was paid off and terminated as a part of the SunTrust Refinancing. GECC Loan As of December 31, 2015, ten of our properties were 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 $95.0 million as of December 31, 2015 , 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 3 -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 $46.2 million as of December 31, 2015 , is prepayable without penalty, in whole but not in part, after January 31, 2016. The new portion of the GECC Loan, approximately $48.9 million as of December 31, 2015 , 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, 2015 , the Company was in compliance with all applicable financial covenants under the GECC Loan. Promissory Notes with Johnson Land Enterprises, LLC 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. This promissory note was paid off in July 2015. Interest Expense During the years ended December 31, 2015, 2014 and 2013, the Company incurred $25.3 million , $21.6 million and $12.6 million of interest expense, respectively. Included in interest expense for the year ended December 31, 2015 was $2.2 million of amortization of deferred financing costs and a $1.2 million write-off of deferred financing fees associated with the SunTrust Refinancing. Included in interest expense for the year ended December 31, 2014 was $1.6 million of amortization of deferred financing costs, $0.1 million of amortization of debt discount and a $1.7 million loss on settlement of interest rate swap. Included in interest expense for the year ended December 31, 2013 was $0.7 million of amortization of deferred financing costs and $0.1 million of amortization of debt discount. As of December 31, 2015 and December 31, 2014 , the Company’s interest payable was $1.9 million and $1.7 million , respectively. Schedule of Debt Maturities As of December 31, 2015, our debt maturities were (dollars in thousands): Year Amount 2016 $ 2,765 2017 92,257 2018 — 2019 45,000 2020 — Thereafter 260,000 $ 400,022 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | EQUITY Common Stock Offering of Common Stock - On August 18, 2015, the Company completed an underwritten public offering of 16.33 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before offering costs, of $163.7 million from the offering, after giving effect to the issuance and sale of all 16.33 million shares of common stock (which included 2.13 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $10.50 per share. 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 of 2014, 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 . During the first quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on April 15, 2015 to stockholders of record as of March 31, 2015 . During the second quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on July 15, 2015 to stockholders of record as of June 30, 2015. During the third quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on October 15, 2015 to stockholders of record as of September 30, 2015. During the fourth quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on January 15, 2016 to stockholders of record as of December 31, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 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. The following table summarizes our restricted stock awards at December 31, 2015: Shares Weighted Average Share Price Unvested balance at December 31, 2014 155,040 $ 12.23 Granted 272,300 12.70 Vested (32,643 ) 12.23 Unvested balance at December 31, 2015 394,697 $ 12.56 The Company recognized $1.5 million and $0.2 million of compensation expense associated with all grants for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015 , there was $3.7 million of unamortized stock-based compensation expense related to these unvested awards and the weighted-average remaining vesting period of such awards was 3.2 years. 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. During the year ended December 31, 2015 , 70,200 shares vested or were forfeited. At December 31, 2015 , there were 88,830 unvested restricted stock awards outstanding. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2015, 2014 and 2013, 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 years ended December 31, 2015, 2014 and 2013 (amounts in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Net income (loss) $ 10,034 $ (8,143 ) $ (395 ) Less: Net income allocated to participating securities (286 ) — — Numerator for basic and diluted earnings (loss) available to common stockholders $ 9,748 $ (8,143 ) $ (395 ) Denominator: Weighted-average basic common shares outstanding 37,380 22,788 22,228 Weighted-average diluted common shares outstanding 37,380 22,788 22,228 Earnings (loss) per common share, basic $ 0.26 $ (0.36 ) $ (0.02 ) Earnings (loss) per common share, diluted $ 0.26 $ (0.36 ) $ (0.02 ) The Company’s unvested restricted shares associated with its incentive award plan and unvested restricted shares issued to employees of Ensign at the Spin-Off have been excluded from the above calculation of earnings (loss) per share for the years ended December 31, 2015, 2014 and 2013, as their inclusion would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 resolved 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 certain ancillary claims. 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 denied engaging in any illegal conduct and agreed to the settlement amount without any admission of wrongdoing in order to resolve the allegations and 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, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | CONCENTRATION OF RISK Major operator concentration – The Company has one major tenant, Ensign , from which the Company derived the majority of its overall revenue during the years ended December 31, 2015 , 2014 and 2013. As of December 31, 2015 , Ensign leased 94 skilled nursing, assisted living and independent living facilities which had a total of 10,121 beds and units 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. Additionally, on October 1, 2015, the Company acquired the Liberty Healthcare Portfolio, a 14 facility skilled nursing and assisted living portfolio in Ohio, for $176.5 million inclusive of transaction costs. The Company has leased these 14 facilities to subsidiaries of Pristine Senior Living ("Pristine") pursuant to a triple-net master lease entered into effective as of October 1, 2015, which has an initial term of 15 years , two five year renewal options and no purchase options. The annual revenues from the Pristine master lease are $17.0 million and 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 3.0% , and (2) the prior year’s rent. The Pristine master lease is guaranteed by Pristine and two of its principals. Ensign’s financial statements can be found at Ensign’s website http://www.ensigngroup.net. |
Summarized Condensed Consolidat
Summarized Condensed Consolidating and Combining Information | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Condensed Consolidating And Combining Information [Abstract] | |
Summarized Condensed Consolidating and Combining Information | 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 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 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 DECEMBER 31, 2015 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Assets: Real estate investments, net $ — $ 256,209 $ 348,454 $ 40,951 $ — $ 645,614 Other real estate investments — — 8,477 — — 8,477 Cash and cash equivalents — 11,467 — — — 11,467 Accounts receivable — 519 1,695 128 — 2,342 Prepaid expenses and other assets — 2,079 4 — — 2,083 Deferred financing costs, net — 3,183 — — — 3,183 Investment in subsidiaries 269,992 365,368 — — (635,360 ) — Intercompany — — 59,160 4,186 (63,346 ) — Total assets $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 254,229 $ — $ — $ — $ 254,229 Mortgage notes payable, net — — — 94,676 — 94,676 Unsecured revolving credit facility — 45,000 — — — 45,000 Accounts payable and accrued liabilities — 6,258 2,433 578 — 9,269 Dividends payable 7,704 — — — — 7,704 Intercompany — 63,346 — — (63,346 ) — Total liabilities 7,704 368,833 2,433 95,254 (63,346 ) 410,878 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 47,664,742 shares issued and outstanding as of December 31, 2015 477 — — — — 477 Additional paid-in capital 410,217 266,929 374,660 (52,899 ) (588,690 ) 410,217 Cumulative distributions in excess of earnings (148,406 ) 3,063 40,697 2,910 (46,670 ) (148,406 ) Total equity 262,288 269,992 415,357 (49,989 ) (635,360 ) 262,288 Total liabilities and equity $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2014 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated 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 — 2,973 — — — 2,973 Investment in subsidiaries 117,408 335,020 — — (452,428 ) — Intercompany — — 15,262 1,323 (16,585 ) — Total assets $ 117,408 $ 390,225 $ 391,164 $ 45,356 $ (469,013 ) $ 475,140 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 253,165 $ — $ — $ — $ 253,165 Mortgage notes payable, net — — 557 97,051 — 97,608 Accounts payable and accrued liabilities — 3,067 3,308 584 — 6,959 Dividends payable 3,946 — — — — 3,946 Intercompany — 16,585 — — (16,585 ) — Total liabilities 3,946 272,817 3,865 97,635 (16,585 ) 361,678 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 $ 390,225 $ 391,164 $ 45,356 $ (469,013 ) $ 475,140 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 9,979 $ 45,100 $ 10,900 $ — $ 65,979 Tenant reimbursements — 655 4,375 467 — 5,497 Independent living facilities — — 2,510 — — 2,510 Interest and other income — 19 946 — — 965 Total revenues — 10,653 52,931 11,367 — 74,951 Expenses: Depreciation and amortization — 3,165 18,007 2,961 — 24,133 Interest expense — 19,616 18 5,622 — 25,256 Property taxes — 655 4,375 467 — 5,497 Independent living facilities — — 2,376 — — 2,376 General and administrative 1,171 6,360 97 27 — 7,655 Total expenses 1,171 29,796 24,873 9,077 — 64,917 Income in Subsidiary 11,205 30,348 — — (41,553 ) — Net income $ 10,034 $ 11,205 $ 28,058 $ 2,290 $ (41,553 ) $ 10,034 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 139 $ 42,337 $ 8,891 $ — $ 51,367 Tenant reimbursements — 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 OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2013 (in thousands) Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Combined Revenues: Rental income $ 35,730 $ 5,512 $ 41,242 Tenant reimbursements 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 CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (15 ) $ (9,894 ) $ 44,675 $ 5,488 $ — $ 40,254 Cash flows from investing activities: Acquisition of real estate — (232,466 ) — — — (232,466 ) Improvements to real estate — (19 ) (168 ) — — (187 ) Purchases of equipment, furniture, and fixtures — (195 ) (81 ) — — (276 ) Escrow deposits for acquisition of real estate — (1,750 ) — — — (1,750 ) Net proceeds from sale of vacant land — — 30 — — 30 Distribution from subsidiary 21,790 — — — (21,790 ) — Intercompany financing (162,803 ) 46,761 — — 116,042 — Net cash used in investing activities (141,013 ) (187,669 ) (219 ) — 94,252 (234,649 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 162,963 — — — — 162,963 Borrowings under unsecured revolving credit facility — 45,000 — — — 45,000 Borrowings under senior secured revolving credit facility — 35,000 — — — 35,000 Repayments of borrowings under senior secured revolving credit facility — (35,000 ) — — — (35,000 ) Payments on the mortgage notes payable — — (558 ) (2,625 ) — (3,183 ) Net-settle adjustment on restricted stock (145 ) — — — — (145 ) Payments of deferred financing costs — (2,303 ) — — — (2,303 ) Dividends paid on common stock (21,790 ) — — — — (21,790 ) Distribution to Parent — (21,790 ) — — 21,790 — Intercompany financing — 162,803 (43,898 ) (2,863 ) (116,042 ) — Net cash provided by (used in) financing activities 141,028 183,710 (44,456 ) (5,488 ) (94,252 ) 180,542 Net decrease in cash and cash equivalents — (13,853 ) — — — (13,853 ) Cash and cash equivalents, beginning of period — 25,320 — — — 25,320 Cash and cash equivalents, end of period of period $ — $ 11,467 $ — $ — $ — $ 11,467 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated 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 (in thousands) Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Combined 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 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 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, 2015 First Second Third Fourth Operating data: Total revenues $ 16,958 $ 17,376 $ 17,985 $ 22,632 Income before provision for income taxes 2,038 2,266 727 5,003 Provision for income taxes — — — — Net income 2,038 2,266 727 5,003 Earnings per common share, basic 0.06 0.07 0.02 0.10 Earnings per common share, diluted 0.06 0.07 0.02 0.10 Other data: Weighted-average number of common shares outstanding, basic 31,257 31,278 39,125 47,660 Weighted-average number of common shares outstanding, diluted 31,257 31,278 39,125 47,660 For the Year Ended December 31, 2014 First Second Third Fourth 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 common share, basic (0.02 ) (0.47 ) 0.09 0.03 (Loss) earnings per common 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events . The Company evaluates subsequent events up until the date the consolidated and combined financial statements are issued. On February 1, 2016, the Company, CareTrust GP, LLC, the Operating Partnership, as the borrower, and certain of its wholly owned subsidiaries entered into the First Amendment (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, (i) commitments in respect of the Revolving Facility were increased by $100.0 million to $400.0 million total, (ii) a new $100.0 million non-amortizing unsecured term loan (the “Term Loan” and, together with the Revolving Facility, the "Credit Facility") was funded and (iii) the uncommitted incremental facility was increased by $50.0 million to $250.0 million . The Credit Facility continues to mature on August 5, 2019. The Term Loan, which matures on February 1, 2023, may be prepaid at any time subject to a 2% premium in the first year after issuance and a 1% premium in the second year after issuance. Approximately $95.0 million of the proceeds of the Term Loan were used to pay off and terminate the Company’s existing secured mortgage indebtedness under the GECC Loan (the “GECC Refinancing”). Pursuant to the Amendment, the interest rates applicable to the Term Loan are, at the Company’s option, equal to either a base rate plus a margin ranging from 0.95% to 1.60% per annum or LIBOR plus a margin ranging from 1.95% to 2.60% per annum based on the debt to asset value ratio of the Company and its subsidiaries (subject to decrease at the Company’s election if the Company obtains certain specified investment grade ratings on its senior long term unsecured debt). Interest rates and commitment fees applicable to loans under the Revolving Facility were unchanged. On February 1, 2016, in connection with the Amendment, the GECC Loan was paid off and terminated as part of the GECC Refinancing. On February 1, 2016, the Company acquired a portfolio of nine skilled nursing facilities in Iowa which includes 518 skilled nursing beds and intends to account for this investment as an asset acquisition. The portfolio is leased to Trillium Healthcare Group, LLC through an amendment to their existing master lease. The purchase price, inclusive of estimated transaction costs, was approximately $32.7 million , with initial annual rental revenue of approximately $3.2 million . The amended master lease has a remaining term of 15.0 years with two five -year renewal options and CPI-based rent escalators. On February 1, 2016, the Company acquired New Haven of San Angelo, a 30 -unit assisted living and memory care facility in San Angelo, Texas and intends to account for this investment as an asset acquisition. The facility will be operated by New Haven Assisted Living under a triple-net master lease arrangement. The purchase price, inclusive of estimated transaction costs, was approximately $4.9 million , with initial annual rental revenue of approximately $0.4 million . The master lease carries an initial term of 12.5 years with two five -year renewal options and CPI-based rent escalators. The 30 -unit facility includes land for potential future expansions to up to 60 units. On February 5, 2016, the Company entered into an agreement with Ensign allowing them to voluntarily close and decertify from the Medicare program its operations at one of the 94 properties the Company leases to Ensign operating subsidiaries, a facility located in Texas, pursuant to one of the Master Leases (“Master Lease No. 2”). Under the agreement, Ensign will continue to pay 100% of the indivisible master rent due under Master Lease No. 2 throughout the term of that lease and any renewals, and will continue to maintain and pay all expenses related to the closed property on a triple-net basis as required by the lease for up to five years . The Company estimates that the planned closure will reduce the approximate lease coverage ratio for Master Lease No. 2 from 2.10 x to 2.03 x, and for the overall Ensign portfolio from 2.07 x to 2.06 x. The Company also believes that the fair value of the assets after closure will exceed our net book value therefor, and accordingly does not anticipate any impairment of value now or in the future. In addition, under the agreement the Company has the right to unilaterally extricate the property and the Texas licenses and Medicaid bed rights attached thereto from Master Lease No. 2 at our discretion, and to redeploy or dispose of such assets free and clear of the lease without any obligation to Ensign. The Company intends to use this right to monetize the recovered assets in due course. The Company believes that Ensign’s voluntary closure plan for this property was based on unique and isolated concerns about this particular property’s operations, and the Company has no reason to anticipate any similar plans or requests in the future with respect to any of the other properties leased to Ensign. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
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 DECEMBER 31, 2015 (dollars in thousands) Initial Cost to Company Gross Carrying Value Description Facility Location Encum. Land Building Costs Land Building Total Accum. Depr. Const./Ren. Date Acq. Skilled Nursing Properties: Ensign Highland LLC Highland Manor Phoenix, AZ $ 5,476 $ 257 $ 976 $ 926 $ 257 $ 1,902 $ 2,159 $ 846 2013 2000 Meadowbrook Health Associates LLC Sabino Canyon Tucson, AZ 6,059 425 3,716 1,940 425 5,656 6,081 1,964 2012 2000 Terrace Holdings AZ LLC Desert Terrace Phoenix, AZ 7,324 113 504 971 113 1,475 1,588 450 2004 2002 Rillito Holdings LLC Catalina Tucson, AZ 8,850 471 2,041 3,055 471 5,096 5,567 1,664 2013 2003 Valley Health Holdings LLC North Mountain Phoenix, AZ 15,692 629 5,154 1,519 629 6,673 7,302 2,315 2009 2004 Cedar Avenue Holdings LLC Upland Upland, CA 13,387 2,812 3,919 1,994 2,812 5,913 8,725 2,458 2011 2005 Granada Investments LLC Camarillo Camarillo, CA 11,289 3,526 2,827 1,522 3,526 4,349 7,875 1,653 2010 2005 Plaza Health Holdings LLC Park Manor Walla Walla, WA 6,756 450 5,566 1,055 450 6,621 7,071 2,532 2009 2006 Mountainview Community Care LLC Park View Gardens Santa Rosa, CA 7,439 931 2,612 653 931 3,265 4,196 1,470 1963 2006 CM Health Holdings LLC Carmel Mountain San Diego, CA — 3,028 3,119 2,071 3,028 5,190 8,218 1,785 2012 2006 Polk Health Holdings LLC Timberwood Livingston, TX — 60 4,391 1,167 60 5,558 5,618 2,058 2009 2006 Snohomish Health Holdings LLC Emerald Hills Lynnwood, WA — 741 1,663 1,998 741 3,661 4,402 1,725 2009 2006 Cherry Health Holdings, Inc. Pacific Care Hoquiam, WA — 171 1,828 2,038 171 3,866 4,037 1,448 2010 2006 Golfview Holdings LLC Cambridge SNF Richmond, TX — 1,105 3,110 1,067 1,105 4,177 5,282 1,421 2007 2006 Tenth East Holdings LLC Arlington Hills Salt Lake City, UT — 332 2,426 2,507 332 4,933 5,265 1,624 2013 2006 Trinity Mill Holdings LLC Carrollton Carrollton, TX — 664 2,294 902 664 3,196 3,860 1,456 2007 2006 Cottonwood Health Holdings LLC Holladay Salt Lake City, UT — 965 2,070 958 965 3,028 3,993 1,484 2008 2007 Verde Villa Holdings LLC Lake Village Lewisville, TX — 600 1,890 470 600 2,360 2,960 888 2011 2007 Mesquite Health Holdings LLC Willow Bend Mesquite, TX — 470 1,715 8,661 470 10,376 10,846 3,914 2012 2007 Arrow Tree Health Holdings LLC Arbor Glen Glendora, CA — 2,165 1,105 324 2,165 1,429 3,594 646 1965 2007 Fort Street Health Holdings LLC Draper Draper, UT — 443 2,394 759 443 3,153 3,596 975 2008 2007 Trousdale Health Holdings LLC Brookfield Downey, CA — 1,415 1,841 1,861 1,415 3,702 5,117 1,140 2013 2007 Ensign Bellflower LLC Rose Villa Bellflower, CA — 937 1,168 357 937 1,525 2,462 583 2009 2007 RB Heights Health Holdings LLC Osborn Scottsdale, AZ — 2,007 2,793 1,762 2,007 4,555 6,562 1,522 2009 2008 San Corrine Health Holdings LLC Salado Creek San Antonio, TX — 310 2,090 719 310 2,809 3,119 956 2005 2008 Temple Health Holdings LLC Wellington Temple, TX — 529 2,207 1,163 529 3,370 3,899 1,076 2008 2008 Anson Health Holdings LLC Northern Oaks Abilene, TX — 369 3,220 1,725 369 4,945 5,314 1,458 2012 2008 Willits Health Holdings LLC Northbrook Willits, CA — 490 1,231 500 490 1,731 2,221 491 2011 2008 Lufkin Health Holdings LLC Southland Lufkin, TX — 467 4,644 782 467 5,426 5,893 853 1988 2009 Lowell Health Holdings LLC Littleton Littleton, CO — 217 856 1,735 217 2,591 2,808 677 2012 2009 Jefferson Ralston Holdings LLC Arvada Arvada, CO — 280 1,230 834 280 2,064 2,344 469 2012 2009 Lafayette Health Holdings LLC Julia Temple Englewood, CO — 1,607 4,222 6,195 1,607 10,417 12,024 2,453 2012 2009 Hillendahl Health Holdings LLC Golden Acres Dallas, TX — 2,133 11,977 1,421 2,133 13,398 15,531 2,698 1984 2009 Price Health Holdings LLC Pinnacle Price, UT — 193 2,209 849 193 3,058 3,251 561 2012 2009 Silver Lake Health Holdings LLC Provo Provo, UT — 2,051 8,362 2,011 2,051 10,373 12,424 1,644 2011 2009 Jordan Health Properties LLC Copper Ridge West Jordan, UT — 2,671 4,244 1,507 2,671 5,751 8,422 858 2013 2009 Regal Road Health Holdings LLC Sunview Youngstown, AZ — 767 4,648 729 767 5,377 6,144 1,041 2012 2009 Paredes Health Holdings LLC Alta Vista Brownsville, TX — 373 1,354 190 373 1,544 1,917 249 1969 2009 Expressway Health Holdings LLC Veranda Harlingen, TX — 90 675 430 90 1,105 1,195 208 2011 2009 Rio Grande Health Holdings LLC Grand Terrace McAllen, TX — 642 1,085 870 642 1,955 2,597 400 2012 2009 Fifth East Holdings LLC Paramount Salt Lake City, UT — 345 2,464 1,065 345 3,529 3,874 712 2011 2009 Emmett Healthcare Holdings LLC River's Edge Emmet, ID — 591 2,383 69 591 2,452 3,043 425 1972 2010 Burley Healthcare Holdings LLC Parke View Burley, ID — 250 4,004 424 250 4,428 4,678 859 2011 2010 Northshore Healthcare Holdings LLC Montebello (Silver Springs) Houston, TX — 486 2,349 1,041 486 3,390 3,876 727 2012 2010 Josey Ranch Healthcare Holdings LLC Heritage Gardens Carrollton, TX — 1,382 2,293 478 1,382 2,771 4,153 438 1996 2010 Everglades Health Holdings LLC Victoria Ventura Ventura, CA — 1,847 5,377 682 1,847 6,059 7,906 1,025 1990 2011 Irving Health Holdings LLC Beatrice Manor Beatrice, NE — 60 2,931 245 60 3,176 3,236 493 2011 2011 Falls City Health Holdings LLC Careage Estates of Falls City Falls City, NE — 170 2,141 82 170 2,223 2,393 313 1972 2011 Gillette Park Health Holdings LLC Careage of Cherokee Cherokee, IA — 163 1,491 12 163 1,503 1,666 272 1967 2011 Gazebo Park Health Holdings LLC Careage of Clarion Clarion, IA — 80 2,541 97 80 2,638 2,718 496 1978 2011 Oleson Park Health Holdings LLC Careage of Ft. Dodge Ft. Dodge, IA — 90 2,341 759 90 3,100 3,190 680 2012 2011 Arapahoe Health Holdings LLC Oceanview Texas City, TX — 158 4,810 759 128 5,599 5,727 912 2012 2011 Dixie Health Holdings LLC Hurricane Hurricane, UT — 487 1,978 98 487 2,076 2,563 239 1978 2011 Memorial Health Holdings LLC Pocatello Pocatello, ID — 537 2,138 698 537 2,836 3,373 525 2007 2011 Bogardus Health Holdings LLC Whittier East Whittier, CA — 1,425 5,307 1,079 1,425 6,386 7,811 1,179 2011 2011 South Dora Health Holdings LLC Ukiah Ukiah, CA — 297 2,087 1,621 297 3,708 4,005 1,534 2013 2011 Silverada Health Holdings LLC Rosewood Reno, NV — 1,012 3,282 103 1,012 3,385 4,397 359 1970 2011 Orem Health Holdings LLC Orem Orem, UT — 1,689 3,896 3,235 1,689 7,131 8,820 1,502 2011 2011 Renne Avenue Health Holdings LLC Monte Vista Pocatello, ID — 180 2,481 966 180 3,447 3,627 469 2013 2012 Stillhouse Health Holdings LLC Stillhouse Paris, TX — 129 7,139 6 129 7,145 7,274 450 2009 2012 Fig Street Health Holdings LLC Palomar Vista Escondido, CA — 329 2,653 1,094 329 3,747 4,076 1,133 2007 2012 Lowell Lake Health Holdings LLC Owyhee Owyhee, ID — 49 1,554 29 49 1,583 1,632 125 1990 2012 Queensway Health Holdings LLC Atlantic Memorial Long Beach, CA — 999 4,237 2,331 999 6,568 7,567 2,062 2008 2012 Long Beach Health Associates LLC Shoreline Long Beach, CA — 1,285 2,343 2,172 1,285 4,515 5,800 938 2013 2012 Kings Court Health Holdings LLC Richland Hills Ft. Worth, TX — 193 2,311 318 193 2,629 2,822 229 1965 2012 51st Avenue Health Holdings LLC Legacy Amarillo, TX — 340 3,925 32 340 3,957 4,297 323 1970 2013 Ives Health Holdings LLC San Marcos San Marcos, TX — 371 2,951 274 371 3,225 3,596 236 1972 2013 Guadalupe Health Holdings LLC The Courtyard (Victoria East) Victoria, TX — 80 2,391 15 80 2,406 2,486 149 2013 2013 Queens City Health Holdings LLC La Villa (Victoria West) Victoria, TX — 212 732 8 212 740 952 69 1960 2013 49th Street Health Holdings LLC Omaha Omaha, NE — 129 2,418 24 129 2,442 2,571 218 1970 2013 Willows Health Holdings LLC Cascade Vista Redmond, WA — 1,388 2,982 202 1,388 3,184 4,572 319 1966 2013 Tulalip Bay Holdings Mountain View Marysville, WA — 1,722 2,642 (980 ) 742 2,642 3,384 220 1989 2013 CTR Partnership, L.P. Bethany Rehabilitation Center Lakewood, CO — 1,668 15,375 — 1,668 15,375 17,043 352 1989 2015 CTR Partnership, L.P. Mira Vista Care Center Mount Vernon, WA — 1,601 7,425 — 1,601 7,425 9,026 139 1987 2015 CTR Partnership, L.P. Shoreline Health and Rehabilitation Center Shoreline, WA — 1,462 5,034 — 1,462 5,034 6,496 73 2010 2015 CTR Partnership, L.P. Shamrock Nursing and Rehabilitation Center Dublin GA — 251 7,855 — 251 7,855 8,106 98 2014 2015 CTR Partnership, L.P. Pristine Senior Living of Beavercreek Beavercreek, OH — 892 17,159 — 892 17,159 18,051 107 2012 2015 CTR Partnership, L.P. Pristine Senior Living of Cincinnati-Delhi Cincinnati, OH — 284 11,104 — 284 11,104 11,388 70 1992 2015 CTR Partnership, L.P. Pristine Senior Living of Cincinnati-Riverview Cincinnati, OH — 833 18,086 — 833 18,086 18,919 113 1967 2015 CTR Partnership, L.P. Pristine Senior Living of Cincinnati-Three Rivers Cincinnati, OH — 1,091 16,151 — 1,091 16,151 17,242 101 1962 2015 CTR Partnership, L.P. Pristine Senior Living of Englewood Englewood, OH — 1,014 18,541 — 1,014 18,541 19,555 116 2008 2015 CTR Partnership, L.P. Pristine Senior Living of Portsmouth Portsmouth, OH — 282 9,726 — 282 9,726 10,008 61 2007 2015 CTR Partnership, L.P. Pristine Senior Living of Toledo Toledo, OH — 93 10,365 — 93 10,365 10,458 65 1970 2015 CTR Partnership, L.P. Pristine Senior Living of Oxford Oxford, OH — 211 8,772 — 211 8,772 8,983 55 2003 2015 CTR Partnership, L.P. Pristine Senior Living of Bellbrook Bellbrook, OH — 214 2,573 — 214 2,573 2,787 16 1981 2015 CTR Partnership, L.P. Pristine Senior Living of Xenia Xenia, OH — 205 3,564 — 205 3,564 3,769 22 1967 2015 CTR Partnership, L.P. Pristine Senior Living of Jamestown Jamestown, OH — 266 4,725 — 266 4,725 4,991 30 1974 2015 82,272 66,748 366,403 81,235 65,738 448,648 514,386 75,161 Skilled Nursing Campus Properties: Ensign Southland LLC Southland Care Norwalk, CA — 966 5,082 2,213 966 7,295 8,261 3,725 2011 1999 Sky Holdings AZ LLC Bella Vita (Desert Sky) Glendale, AZ 12,750 289 1,428 1,752 289 3,180 3,469 1,295 2004 2002 Lemon River Holdings LLC Plymouth Tower Riverside, CA — 494 1,159 4,853 494 6,012 6,506 1,773 2012 2009 Wisteria Health Holdings LLC Wisteria Abilene, TX — 746 9,903 290 746 10,193 10,939 1,249 2008 2011 Mission CCRC LLC St. Joseph's Villa Salt Lake City, UT — 1,962 11,035 464 1,962 11,499 13,461 1,769 1994 2011 Wayne Health Holdings LLC Careage of Wayne Wayne, NE — 130 3,061 122 130 3,183 3,313 463 1978 2011 4th Street Health Holdings LLC West Bend Care Center West Bend, IA — 180 3,352 — 180 3,352 3,532 469 2006 2011 Big Sioux River Health Holdings LLC Hillcrest Health Hawarden, IA — 110 3,522 75 110 3,597 3,707 466 1974 2011 Prairie Health Holdings LLC Colonial Manor of Randolph Randolph, NE — 130 1,571 22 130 1,593 1,723 358 2011 2011 Salmon River Health Holdings LLC Discovery Care Center Salmon, ID — 168 2,496 — 168 2,496 2,664 213 2012 2012 CTR Partnership, L.P. Pristine Senior Living of Dayton-Centerville Dayton, OH — 3,912 22,458 — 3,912 22,458 26,370 140 2007 2015 CTR Partnership, L.P. Pristine Senior Living of Willard Willard, OH — 143 11,097 — 143 11,097 11,240 69 1985 2015 CTR Partnership, L.P. Pristine Senior Living of Middletown Middletown, OH — 990 7,484 — 990 7,484 8,474 47 1985 2015 12,750 10,220 83,648 9,791 10,220 93,439 103,659 12,036 Assisted and Independent Living Properties: Avenue N Holdings LLC Cambridge ALF Rosenburg, TX — 124 2,301 392 124 2,693 2,817 905 2007 2006 Moenium Holdings LLC Grand Court Mesa, AZ — 1,893 5,268 1,210 1,893 6,478 8,371 2,202 1986 2007 Lafayette Health Holdings LLC Chateau Des Mons Englewood, CO — 420 1,160 189 420 1,349 1,769 230 2011 2009 Expo Park Health Holdings LLC Canterbury Gardens Aurora, CO — 570 1,692 248 570 1,940 2,510 429 1986 2010 Wisteria Health Holdings LLC Wisteria IND Abilene, TX — 244 3,241 81 244 3,322 3,566 603 2008 2011 Everglades Health Holdings LLC Lexington Ventura, CA — 1,542 4,012 113 1,542 4,125 5,667 444 1990 2011 Flamingo Health Holdings LLC Desert Springs ALF Las Vegas, NV — 908 4,767 281 908 5,048 5,956 1,187 1986 2011 18th Place Health Holdings LLC Rose Court Phoenix, AZ — 1,011 2,053 490 1,011 2,543 3,554 396 1974 2011 Boardwalk Health Holdings LLC Park Place Reno, NV — 367 1,633 51 367 1,684 2,051 221 1993 2012 Willows Health Holdings LLC Cascade Plaza Redmond, WA — 2,835 3,784 395 2,835 4,179 7,014 415 2013 2013 Lockwood Health Holdings LLC Santa Maria Santa Maria, CA — 1,792 2,253 585 1,792 2,838 4,630 408 1967 2013 Saratoga Health Holdings LLC Lake Ridge Orem, UT — 444 2,265 176 444 2,441 2,885 157 1995 2013 CTR Partnership, L.P. Lily & Syringa ALF Idaho Falls, ID — 70 2,674 — 70 2,674 2,744 72 1995 2014 CTR Partnership, L.P. Caring Hearts Pocatello, ID — 80 3,404 — 80 3,404 3,484 93 2008 2014 CTR Partnership, L.P. Turtle & Crain ALF Idaho Falls, ID — 110 5,427 — 110 5,427 5,537 147 2013 2014 CTR Partnership, L.P. Prelude Cottages of Woodbury Woodbury, MN — 430 6,714 — 430 6,714 7,144 168 2011 2014 CTR Partnership, L.P. English Meadows Senior Living Community Christiansburg, VA — 250 6,114 — 250 6,114 6,364 153 2011 2014 CTR Partnership, L.P. Bristol Court Assisted Living Saint Petersburg, FL — 645 7,322 — 645 7,322 7,967 92 2010 2015 CTR Partnership, L.P. Asbury Place Assisted Living Pensacola, FL — 212 4,992 — 212 4,992 5,204 41 1997 2015 — 13,947 71,076 4,211 13,947 75,287 89,234 8,363 Independent Living Properties: Hillendahl Health Holdings LLC Cottages at Golden Acres Dallas, TX — 315 1,769 271 315 2,040 2,355 596 1984 2009 Mission CCRC LLC St. Joseph's Villa IND Salt Lake City, UT — 411 2,312 125 411 2,437 2,848 532 1994 2011 Hillview Health Holdings LLC Lakeland Hills ALF Dallas, TX — 680 4,872 730 680 5,602 6,282 979 1996 2011 — 1,406 8,953 1,126 1,406 10,079 11,485 2,107 $ 95,022 $ 92,321 $ 530,080 $ 96,363 $ 91,311 $ 627,453 $ 718,764 $ 97,667 SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (dollars in thousands) Year Ended December 31, Real estate: 2015 2014 2013 Balance at the beginning of the period $ 492,486 $ 456,052 $ 410,009 Acquisitions 226,078 25,252 35,656 Improvements 230 12,162 10,387 Assets not transferred to CareTrust — (980 ) — Sales of vacant land (30 ) — — Balance at the end of the period $ 718,764 $ 492,486 $ 456,052 Accumulated depreciation: Balance at the beginning of the period $ (78,897 ) $ (62,572 ) $ (47,877 ) Depreciation expense (18,770 ) (16,325 ) (14,695 ) Balance at the end of the period $ (97,667 ) $ (78,897 ) $ (62,572 ) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | 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 and (ii) the operations of the three independent living facilities that the Company operated immediately following the Spin-Off. The consolidated and combined financial statements included in this report also reflect the new investments that the Company has made after the Spin-Off. For the periods prior to the Spin-Off, the Company’s financial statements 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”). For the periods prior to the Spin-Off, the combined statements of operations 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 for the periods prior to June 1, 2014, 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 those periods presented. The historical financial information prior to June 1, 2014, 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 for the Company. All intercompany transactions and account balances within the Company have been eliminated. |
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. |
Reclassifications | Reclassifications —Certain amounts in the Company’s consolidated and combined financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. |
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: Building 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 asset acquisitions, 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 —At least annually, management 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 are accounted for at unpaid principal balance, plus accrued return, net of reserves. The Company recognizes return income on a quarterly basis based on the outstanding investment including any accrued and unpaid return. As the preferred member of the joint venture, the Company is not entitled to share in the joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return is added to the balance of the preferred equity investment up to the estimated economic outcome assuming a hypothetical liquidation of the book value of the joint venture. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be repaid upon redemption. The Company periodically evaluates each of its other real estate 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. |
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 3 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. |
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. For our senior unsecured notes payable and our mortgage notes payable, deferred financing costs are netted against the outstanding debt amounts on the balance sheet. For our unsecured revolving credit facility, deferred financing costs are shown gross and are included in assets on our balance sheet, as discussed further in the Recently Adopted Accounting Standards section below. See Note 7, Debt , for the new presentation of deferred financing costs. Amortization of deferred financing costs is classified as interest expense in our consolidated and combined statements of operations. Accumulated amortization of deferred financing costs was $3.3 million and $2.2 million at December 31, 2015 and December 31, 2014 , 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 operations. |
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, 2015, 2014 and 2013, 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. |
Income Taxes | Income Taxes —The Company’s operations prior to the Spin-Off were historically included in Ensign’s U.S. federal and state income tax returns and all income taxes for periods prior to the Spin-Off were 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 for all periods. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the consolidated and combined 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 prior to the Spin-Off. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ended December 31, 2014 . The Company believes it has been organized and has operated, and the Company intends to continue to operate, in a manner to qualify for taxation as a REIT under the Code. 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. |
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. |
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 directors, officers and employees except for equity instruments held by employee share ownership plans. |
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 and 2013 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 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). In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of its new revenue recognition standard by one year. The standard will be effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company is currently assessing the impact of adopting ASU No. 2014-09 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU No. 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU No. 2015-02 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of ASU No. 2015-02 to have a significant impact on its consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU No. 2015-16”). ASU No. 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU No. 2015-16 to have a significant impact on its consolidated financial statements. Recently Adopted Accounting Standards —On December 31, 2015, the Company retrospectively early adopted, for all comparative periods presented, ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The adoption of ASU No. 2015-03 resulted in a change to the location where debt issuance costs are presented in the balance sheet and did not have any other material impact on the Company's financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) (“ASU No. 2015-15”). ASU No. 2015-15 was issued by the FASB in response to questions that arose after the issuance of ASU No. 2015-03, to incorporate an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. ASU No. 2015-15 was effective upon announcement. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: Building 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 (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Summary of Investment in Owned Properties | The following tables summarize our investment in owned properties at December 31, 2015 , and December 31, 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Land $ 91,311 $ 75,072 Buildings and improvements 627,453 417,414 Integral equipment, furniture and fixtures 54,388 47,134 Real estate investments 773,152 539,620 Accumulated depreciation (127,538 ) (103,405 ) Real estate investments, net $ 645,614 $ 436,215 |
Schedule of Total Future Minimum Rental Revenues | As of December 31, 2015 , our total future minimum rental revenues for all of our tenants were (dollars in thousands): Year Amount 2016 $ 80,439 2017 80,439 2018 80,439 2019 80,439 2020 80,439 Thereafter 753,620 $ 1,155,815 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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, 2015 and December 31, 2014 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, 2015 December 31, 2014 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investment $ 7,500 $ 8,477 $ 8,477 $ 7,500 $ 7,532 $ 7,532 Financial liabilities: Senior unsecured notes payable $ 260,000 $ 254,229 $ 263,575 $ 260,000 $ 253,165 $ 265,200 Mortgage notes payable $ 95,022 $ 94,676 $ 97,067 $ 98,205 $ 97,608 $ 101,822 |
Debt Debt (Tables)
Debt Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of the Balance of Indebtedness | The following table summarizes the balance of our indebtedness as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 260,000 $ (5,771 ) $ 254,229 $ 260,000 $ (6,835 ) $ 253,165 Mortgage notes payable 95,022 (346 ) 94,676 98,205 (597 ) 97,608 Unsecured revolving credit facility 45,000 — 45,000 — — — $ 400,022 $ (6,117 ) $ 393,905 $ 358,205 $ (7,432 ) $ 350,773 |
Schedule of Debt Maturities | As of December 31, 2015, our debt maturities were (dollars in thousands): Year Amount 2016 $ 2,765 2017 92,257 2018 — 2019 45,000 2020 — Thereafter 260,000 $ 400,022 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Awards | The following table summarizes our restricted stock awards at December 31, 2015: Shares Weighted Average Share Price Unvested balance at December 31, 2014 155,040 $ 12.23 Granted 272,300 12.70 Vested (32,643 ) 12.23 Unvested balance at December 31, 2015 394,697 $ 12.56 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 years ended December 31, 2015, 2014 and 2013, 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 years ended December 31, 2015, 2014 and 2013 (amounts in thousands, except per share amounts): Year Ended December 31, 2015 2014 2013 Numerator: Net income (loss) $ 10,034 $ (8,143 ) $ (395 ) Less: Net income allocated to participating securities (286 ) — — Numerator for basic and diluted earnings (loss) available to common stockholders $ 9,748 $ (8,143 ) $ (395 ) Denominator: Weighted-average basic common shares outstanding 37,380 22,788 22,228 Weighted-average diluted common shares outstanding 37,380 22,788 22,228 Earnings (loss) per common share, basic $ 0.26 $ (0.36 ) $ (0.02 ) Earnings (loss) per common share, diluted $ 0.26 $ (0.36 ) $ (0.02 ) |
Summarized Condensed Consolid34
Summarized Condensed Consolidating and Combining Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Condensed Consolidating And Combining Information [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2015 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Assets: Real estate investments, net $ — $ 256,209 $ 348,454 $ 40,951 $ — $ 645,614 Other real estate investments — — 8,477 — — 8,477 Cash and cash equivalents — 11,467 — — — 11,467 Accounts receivable — 519 1,695 128 — 2,342 Prepaid expenses and other assets — 2,079 4 — — 2,083 Deferred financing costs, net — 3,183 — — — 3,183 Investment in subsidiaries 269,992 365,368 — — (635,360 ) — Intercompany — — 59,160 4,186 (63,346 ) — Total assets $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 254,229 $ — $ — $ — $ 254,229 Mortgage notes payable, net — — — 94,676 — 94,676 Unsecured revolving credit facility — 45,000 — — — 45,000 Accounts payable and accrued liabilities — 6,258 2,433 578 — 9,269 Dividends payable 7,704 — — — — 7,704 Intercompany — 63,346 — — (63,346 ) — Total liabilities 7,704 368,833 2,433 95,254 (63,346 ) 410,878 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 47,664,742 shares issued and outstanding as of December 31, 2015 477 — — — — 477 Additional paid-in capital 410,217 266,929 374,660 (52,899 ) (588,690 ) 410,217 Cumulative distributions in excess of earnings (148,406 ) 3,063 40,697 2,910 (46,670 ) (148,406 ) Total equity 262,288 269,992 415,357 (49,989 ) (635,360 ) 262,288 Total liabilities and equity $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2014 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated 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 — 2,973 — — — 2,973 Investment in subsidiaries 117,408 335,020 — — (452,428 ) — Intercompany — — 15,262 1,323 (16,585 ) — Total assets $ 117,408 $ 390,225 $ 391,164 $ 45,356 $ (469,013 ) $ 475,140 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 253,165 $ — $ — $ — $ 253,165 Mortgage notes payable, net — — 557 97,051 — 97,608 Accounts payable and accrued liabilities — 3,067 3,308 584 — 6,959 Dividends payable 3,946 — — — — 3,946 Intercompany — 16,585 — — (16,585 ) — Total liabilities 3,946 272,817 3,865 97,635 (16,585 ) 361,678 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 $ 390,225 $ 391,164 $ 45,356 $ (469,013 ) $ 475,140 |
Condensed Consolidating and Combining Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 9,979 $ 45,100 $ 10,900 $ — $ 65,979 Tenant reimbursements — 655 4,375 467 — 5,497 Independent living facilities — — 2,510 — — 2,510 Interest and other income — 19 946 — — 965 Total revenues — 10,653 52,931 11,367 — 74,951 Expenses: Depreciation and amortization — 3,165 18,007 2,961 — 24,133 Interest expense — 19,616 18 5,622 — 25,256 Property taxes — 655 4,375 467 — 5,497 Independent living facilities — — 2,376 — — 2,376 General and administrative 1,171 6,360 97 27 — 7,655 Total expenses 1,171 29,796 24,873 9,077 — 64,917 Income in Subsidiary 11,205 30,348 — — (41,553 ) — Net income $ 10,034 $ 11,205 $ 28,058 $ 2,290 $ (41,553 ) $ 10,034 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 139 $ 42,337 $ 8,891 $ — $ 51,367 Tenant reimbursements — 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 OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2013 (in thousands) Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Combined Revenues: Rental income $ 35,730 $ 5,512 $ 41,242 Tenant reimbursements 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 Consolidating and Combining Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (15 ) $ (9,894 ) $ 44,675 $ 5,488 $ — $ 40,254 Cash flows from investing activities: Acquisition of real estate — (232,466 ) — — — (232,466 ) Improvements to real estate — (19 ) (168 ) — — (187 ) Purchases of equipment, furniture, and fixtures — (195 ) (81 ) — — (276 ) Escrow deposits for acquisition of real estate — (1,750 ) — — — (1,750 ) Net proceeds from sale of vacant land — — 30 — — 30 Distribution from subsidiary 21,790 — — — (21,790 ) — Intercompany financing (162,803 ) 46,761 — — 116,042 — Net cash used in investing activities (141,013 ) (187,669 ) (219 ) — 94,252 (234,649 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 162,963 — — — — 162,963 Borrowings under unsecured revolving credit facility — 45,000 — — — 45,000 Borrowings under senior secured revolving credit facility — 35,000 — — — 35,000 Repayments of borrowings under senior secured revolving credit facility — (35,000 ) — — — (35,000 ) Payments on the mortgage notes payable — — (558 ) (2,625 ) — (3,183 ) Net-settle adjustment on restricted stock (145 ) — — — — (145 ) Payments of deferred financing costs — (2,303 ) — — — (2,303 ) Dividends paid on common stock (21,790 ) — — — — (21,790 ) Distribution to Parent — (21,790 ) — — 21,790 — Intercompany financing — 162,803 (43,898 ) (2,863 ) (116,042 ) — Net cash provided by (used in) financing activities 141,028 183,710 (44,456 ) (5,488 ) (94,252 ) 180,542 Net decrease in cash and cash equivalents — (13,853 ) — — — (13,853 ) Cash and cash equivalents, beginning of period — 25,320 — — — 25,320 Cash and cash equivalents, end of period of period $ — $ 11,467 $ — $ — $ — $ 11,467 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated 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 (in thousands) Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Combined 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 |
Selected Quarterly Financial 35
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | 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, 2015 First Second Third Fourth Operating data: Total revenues $ 16,958 $ 17,376 $ 17,985 $ 22,632 Income before provision for income taxes 2,038 2,266 727 5,003 Provision for income taxes — — — — Net income 2,038 2,266 727 5,003 Earnings per common share, basic 0.06 0.07 0.02 0.10 Earnings per common share, diluted 0.06 0.07 0.02 0.10 Other data: Weighted-average number of common shares outstanding, basic 31,257 31,278 39,125 47,660 Weighted-average number of common shares outstanding, diluted 31,257 31,278 39,125 47,660 For the Year Ended December 31, 2014 First Second Third Fourth 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 common share, basic (0.02 ) (0.47 ) 0.09 0.03 (Loss) earnings per common 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 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | Jun. 01, 2014company | Dec. 31, 2015USD ($)bed | Dec. 31, 2015real_estate_investment | Dec. 31, 2015property | Dec. 31, 2015unit | Dec. 31, 2015facility | Dec. 31, 2015lease |
Real Estate Properties [Line Items] | |||||||
Date of incorporation | Oct. 29, 2013 | ||||||
Number of other real estate investments | real_estate_investment | 1 | ||||||
Preferred equity investment | $ | $ 8.5 | ||||||
Ensign [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of publicly traded companies into which Ensign split after the Spin-Off | company | 2 | ||||||
Ensign for CareTrust share exchange ratio to affect the Spin-Off | 1 | ||||||
Number of long-term leases | lease | 8 | ||||||
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of living facilities | facility | 119 | ||||||
Number of units available in living facilities | bed | 12,144 | ||||||
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 | 94 | |||||
Number of units available in living facilities | bed | 10,121 | ||||||
Independent Living Facilities Owned and Operated by Company [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of living facilities | facility | 3 | ||||||
Number of units available in living facilities | unit | 264 |
Organization - Schedule of Asse
Organization - Schedule of Assets and Liabilities Contributed to the Company from Ensign or Incurred in Connection with Spin-Off (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Real estate investments, net | $ 645,614 | $ 436,215 |
Deferred financing costs, net | 3,183 | 2,973 |
Debt | (393,905) | $ (350,773) |
Ensign [Member] | ||
Real Estate Properties [Line Items] | ||
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 Accoun38
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Minimum [Member] | Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) | Aug. 18, 2015shares | Dec. 10, 2014USD ($)shares | Oct. 31, 2014 | Oct. 17, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)facilitysegment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Property, Plant and Equipment [Line Items] | |||||||
Number of independent living facilities operated immediately following the Spin-Off | facility | 3 | ||||||
Accumulated amortization of deferred financing costs | $ 3,300,000 | $ 2,200,000 | |||||
Reserve against receivables | $ 0 | 0 | |||||
REIT taxable income to its stockholders, percentage - at least 90% | 90.00% | ||||||
REIT non qualifying period | 4 years | ||||||
Dividend declared | $ 7,704,000 | 3,946,000 | |||||
Dividend, payable date | Jan. 15, 2015 | ||||||
Dividend, record date | Dec. 31, 2014 | ||||||
Issuance of common stock, net, shares | shares | 16,330,000 | ||||||
Stock-based compensation expense | $ 1,522,000 | $ 154,000 | $ 0 | ||||
Number of reportable segments | segment | 1 | ||||||
Interest Rate Swap [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Interest rate swap outstanding | $ 0 | ||||||
Special Dividend [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Dividend, declared date | Oct. 17, 2014 | Oct. 17, 2014 | |||||
Dividend declared | $ 132,000,000 | ||||||
Dividend payable per share (in usd per share) | $ / shares | $ 5.88 | ||||||
Dividend, payable date | Dec. 10, 2014 | Dec. 10, 2014 | |||||
Dividend, record date | Oct. 31, 2014 | Oct. 31, 2014 | |||||
Cash portion of dividend | $ 33,000,000 | ||||||
Stock portion of dividend | $ 99,000,000 | ||||||
Issuance of common stock, net, shares | shares | 8,974,249 |
Real Estate Investments, Net -
Real Estate Investments, Net - Summary of Investment in Owned Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Land | $ 91,311 | $ 75,072 |
Buildings and improvements | 627,453 | 417,414 |
Integral equipment, furniture and fixtures | 54,388 | 47,134 |
Real estate investments | 773,152 | 539,620 |
Accumulated depreciation | (127,538) | (103,405) |
Real estate investments, net | $ 645,614 | $ 436,215 |
Real Estate Investments, Net 41
Real Estate Investments, Net - Additional Information (Detail) $ in Thousands | Oct. 01, 2015USD ($)renewal_optionfacility | Sep. 30, 2015USD ($) | Aug. 31, 2015USD ($) | Jul. 31, 2015USD ($)renewal_option | Jun. 30, 2015USD ($) | Apr. 30, 2015USD ($)renewal_option | Jan. 31, 2015USD ($)renewal_option | Dec. 31, 2015USD ($)facility | Dec. 31, 2013USD ($) |
Investment [Line Items] | |||||||||
Net proceeds from common stock offering | $ 163,000 | $ 162,963 | $ 0 | ||||||
Bethany Rehabilitation Center [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | $ 18,100 | ||||||||
Acquisition costs capitalized | $ 100 | ||||||||
Leases period | 15 years | ||||||||
Leases renewal options | renewal_option | 2 | ||||||||
Leases renewal term | 5 years | ||||||||
Anticipated annual lease revenues | $ 1,700 | ||||||||
Mira Vista Care Center [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | $ 9,300 | ||||||||
Acquisition costs capitalized | $ 200 | ||||||||
Leases period | 15 years | ||||||||
Leases renewal options | renewal_option | 2 | ||||||||
Leases renewal term | 5 years | ||||||||
Anticipated annual lease revenues | $ 900 | ||||||||
Shoreline Health And Rehabilitation Center [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | $ 6,800 | ||||||||
Acquisition costs capitalized | 200 | ||||||||
Anticipated annual lease revenues | $ 700 | ||||||||
Bristol Court Assisted Living [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | $ 8,500 | ||||||||
Acquisition costs capitalized | $ 72 | ||||||||
Leases period | 15 years | ||||||||
Leases renewal options | renewal_option | 2 | ||||||||
Leases renewal term | 5 years | ||||||||
Anticipated annual lease revenues | $ 700 | ||||||||
Shamrock Nursing and Rehabilitation Center [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | 8,300 | ||||||||
Acquisition costs capitalized | $ 49 | ||||||||
Leases period | 15 years | ||||||||
Leases renewal options | renewal_option | 2 | ||||||||
Leases renewal term | 5 years | ||||||||
Anticipated annual lease revenues | $ 800 | ||||||||
Asbury Place Assisted Living [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | $ 5,400 | ||||||||
Acquisition costs capitalized | 49 | ||||||||
Anticipated annual lease revenues | $ 500 | ||||||||
Liberty Healthcare Portfolio [Member] | |||||||||
Investment [Line Items] | |||||||||
Acquisition consideration | $ 176,500 | ||||||||
Leases period | 15 years | ||||||||
Leases renewal options | renewal_option | 2 | ||||||||
Leases renewal term | 5 years | ||||||||
Anticipated annual lease revenues | $ 17,000 | ||||||||
Number of facilities acquired | facility | 14 | ||||||||
Ensign Master Leases [Member] | |||||||||
Investment [Line Items] | |||||||||
Number of facilities not leased | facility | 25 | ||||||||
Annual revenues from Master Leases during first year | $ 56,000 | ||||||||
Lease term for fixed contractual annual revenues | 2 years | ||||||||
Escalation factor for calculating revenues after year two | 0.00% | ||||||||
Percentage change in the consumer price index | 2.50% |
Real Estate Investments, Net 42
Real Estate Investments, Net - Schedule of Total Future Minimum Rental Revenues (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Real Estate [Abstract] | |
2,016 | $ 80,439 |
2,017 | 80,439 |
2,018 | 80,439 |
2,019 | 80,439 |
2,020 | 80,439 |
Thereafter | 753,620 |
Total | $ 1,155,815 |
Other Real Estate Investments -
Other Real Estate Investments - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014USD ($)abed | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Preferred equity investment | $ 8,500 | ||
Recognized interest income | $ 900 | $ 32 | |
Signature Senior Living [Member] | |||
Real Estate Properties [Line Items] | |||
Preferred equity investment | $ 7,500 | $ 7,500 | |
Return from preferred equity investment | 12.00% | ||
Number of beds planned for construction | bed | 134 | ||
Area under construction | a | 5 | ||
Initial lease yield | 8.00% | ||
Project construction completion year | 2,016 |
Fair Value Measurements - Summa
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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Preferred equity investment - face value | $ 7,500 | $ 7,500 |
Preferred equity investment | 8,500 | |
Financial liabilities: | ||
Senior unsecured notes payable, net | 254,229 | 253,165 |
Mortgage notes payable, net | 94,676 | 97,608 |
Level 2 | Senior unsecured notes payable | ||
Financial liabilities: | ||
Financial liabilities - face value | 260,000 | 260,000 |
Level 3 | Mortgage notes payable | ||
Financial liabilities: | ||
Financial liabilities - face value | 95,022 | 98,205 |
Fair Value | ||
Financial assets: | ||
Preferred equity investment | 8,477 | 7,532 |
Fair Value | Level 2 | ||
Financial liabilities: | ||
Senior unsecured notes payable, net | 263,575 | 265,200 |
Fair Value | Level 3 | ||
Financial liabilities: | ||
Mortgage notes payable, net | 97,067 | 101,822 |
Carrying Amount | ||
Financial assets: | ||
Preferred equity investment | 8,477 | 7,532 |
Carrying Amount | Level 2 | ||
Financial liabilities: | ||
Senior unsecured notes payable, net | 254,229 | 253,165 |
Carrying Amount | Level 3 | ||
Financial liabilities: | ||
Mortgage notes payable, net | $ 94,676 | $ 97,608 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Rental income from related party | $ 16,308,000 | $ 32,667,000 | $ 0 |
Tenant reimbursements from related party | 1,406,000 | 2,842,000 | 0 |
Account receivable due from related party for tenant reimbursement | 0 | 2,275,000 | |
Net contribution from (distribution to) Ensign | 0 | 4,356,000 | (22,502,000) |
Allocation Of Corporate Expenses [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Allocations of expenses for general and administrative services | 0 | 7,400,000 | 5,400,000 |
Rental Income From Affiliate [Member] | Director [Member] | |||
Related Party Transaction [Line Items] | |||
Rental income from related party | 16,300,000 | 32,700,000 | |
Tenant reimbursements from related party | $ 1,400,000 | 2,800,000 | |
Account receivable due from related party for tenant reimbursement | 2,300,000 | ||
Centralized Cash Management System [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Net contribution from (distribution to) Ensign | $ 4,400,000 | $ (22,500,000) |
Debt - Summary of the Balance o
Debt - Summary of the Balance of Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Principal Amount | $ 400,022 | $ 358,205 |
Deferred Loan Fees | (6,117) | (7,432) |
Total debt | 393,905 | 350,773 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 260,000 | 260,000 |
Deferred Loan Fees | (5,771) | (6,835) |
Total debt | 254,229 | 253,165 |
Mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Principal Amount | 95,022 | 98,205 |
Deferred Loan Fees | (346) | (597) |
Total debt | 94,676 | 97,608 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Principal Amount | 45,000 | 0 |
Deferred Loan Fees | 0 | 0 |
Total debt | $ 45,000 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Aug. 05, 2015USD ($)extension_option | May. 30, 2014USD ($)promissory_note | Dec. 31, 2015USD ($)extension_optionproperty | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 01, 2009USD ($)promissory_note |
Line of Credit Facility [Line Items] | ||||||
Debt outstanding | $ 393,905,000 | $ 350,773,000 | ||||
Unsecured revolving credit facility | 45,000,000 | 0 | ||||
Mortgage notes payable, net | 94,676,000 | 97,608,000 | ||||
Interest expense | 25,256,000 | 21,622,000 | $ 12,647,000 | |||
Amortization of deferred financing costs | 2,200,000 | 1,600,000 | 700,000 | |||
Write-off of deferred financing costs | 1,208,000 | 0 | 0 | |||
Amortization of debt discount | 100,000 | $ 100,000 | ||||
Interest payable | 1,900,000 | 1,700,000 | ||||
Interest Rate Swap [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loss on settlement of interest rate swap | 1,700,000 | |||||
Ensign [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt outstanding | 359,512,000 | |||||
General Electric Capital Corporation [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Advances included in mortgage note payable | 48,900,000 | |||||
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face amount | $ 46,200,000 | |||||
Debt instrument, maturity date | May 30, 2017 | |||||
Number of properties subject to mortgage loans | property | 10 | |||||
Mortgage notes payable, net | $ 95,000,000 | |||||
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 payment amortization period | 25 years | |||||
Debt instrument blended interest rate | 7.25% | |||||
Debt instrument, number of extension options | extension_option | 2 | |||||
Debt instrument, extension options period | 12 months | |||||
Extension fees equal percent on outstanding principal balance | 0.25% | |||||
Notice period for prepayments without penalty | 30 days | |||||
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | Base Rate [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% | |||||
Johnson Land Enterprises, LLC [Member] | Promissory Notes September 30, 2019 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face amount | $ 10,000,000 | |||||
Number of promissory notes | promissory_note | 4 | |||||
Number of promissory notes repaid | promissory_note | 3 | |||||
Senior Unsecured Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face amount | $ 260,000,000 | |||||
Debt instrument, interest rate | 5.875% | 5.875% | ||||
Proceeds from the issuance of senior unsecured notes payable | $ 260,000,000 | |||||
Net proceeds from issuance of notes | $ 253,000,000 | |||||
Debt instrument, maturity date | Jun. 1, 2021 | |||||
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, early redeemable date | Jun. 1, 2017 | |||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Debt instrument, redemption price, percentage upon change of control | 101.00% | |||||
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] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Redeemable percentage of aggregate principal amount of notes | 35.00% | |||||
Senior Unsecured Notes [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage of aggregate principal amount of notes outstanding | 65.00% | |||||
Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt outstanding | $ 45,000,000 | $ 0 | ||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, borrowing capacity | $ 300,000,000 | |||||
Unsecured revolving credit facility | $ 45,000,000 | |||||
Number of extension options | extension_option | 2 | |||||
Line of credit facility, extension period | 6 months | |||||
Line of credit facility, additional borrowing capacity | $ 200,000,000 | |||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, commitment fee percentage | 0.15% | |||||
Line of credit facility, facility fee percentage | 0.125% | |||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 1.75% | |||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 0.75% | |||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, commitment fee percentage | 0.25% | |||||
Line of credit facility, facility fee percentage | 0.30% | |||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 2.40% | |||||
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 1.40% | |||||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, accordion feature, increase limit | $ 200,000,000 | |||||
Line of Credit [Member] | 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 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 2,765 | |
2,017 | 92,257 | |
2,018 | 0 | |
2,019 | 45,000 | |
2,020 | 0 | |
Thereafter | 260,000 | |
Total debt | $ 400,022 | $ 358,205 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 18, 2015 | Dec. 10, 2014 | Oct. 31, 2014 | Oct. 17, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock, net, shares | 16,330,000 | |||||||||||
Proceeds from the issuance of common stock, net | $ 163,700 | $ 162,963 | $ 0 | $ 0 | ||||||||
Share price to the public (in usd per share) | $ 10.50 | |||||||||||
Dividends payable | $ 7,704 | $ 3,946 | $ 7,704 | $ 3,946 | ||||||||
Dividend, payable date | Jan. 15, 2015 | |||||||||||
Dividend, record date | Dec. 31, 2014 | |||||||||||
Dividends declared per common share (in usd per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.125 | $ 0.64 | $ 0.125 | |||||
Over-Allotment Option [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock, net, shares | 2,130,000 | |||||||||||
Special Dividend [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock, net, shares | 8,974,249 | |||||||||||
Dividend, declared date | Oct. 17, 2014 | Oct. 17, 2014 | ||||||||||
Dividends payable | $ 132,000 | |||||||||||
Dividend payable per share (in usd per share) | $ 5.88 | |||||||||||
Dividend, payable date | Dec. 10, 2014 | Dec. 10, 2014 | ||||||||||
Dividend, record date | Oct. 31, 2014 | Oct. 31, 2014 | ||||||||||
Cash portion of dividend | $ 33,000 | |||||||||||
Stock portion of dividend | $ 99,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Restricted Stock Awards (Details) - Restricted Stock Awards [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Shares | |
Unvested balance at beginning of period | shares | 155,040 |
Granted | shares | 272,300 |
Vested | shares | (32,643) |
Unvested balance at end of period | shares | 394,697 |
Weighted-Average Exercise Price (in usd per share) | |
Beginning balance | $ / shares | $ 12.23 |
Granted | $ / shares | 12.70 |
Vested | $ / shares | 12.23 |
Ending balance | $ / shares | $ 12.56 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Thousands | Jun. 01, 2014 | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense associated with grants | $ | $ 1,522 | $ 154 | $ 0 | |
Ensign Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock award conversion ratio related to the spin-off | 1 | |||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense associated with grants | $ | 1,500 | $ 200 | ||
Unamortized stock-based compensation expense related to unvested awards | $ | $ 3,700 | |||
Weighted-average remaining vesting period | 3 years 2 months | |||
Shares vested | 32,643 | |||
Unvested stock awards outstanding (in shares) | 394,697 | 155,040 | ||
Restricted Stock Awards [Member] | Ensign Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards unvested during spin-off (in shares) | 207,580 | |||
Shares vested | 70,200 | |||
Unvested stock awards outstanding (in shares) | 88,830 |
Earnings Per Common Share - Rec
Earnings Per Common Share - Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income (loss) | $ 5,003 | $ 727 | $ 2,266 | $ 2,038 | $ 630 | $ 1,967 | $ (10,342) | $ (398) | $ 10,034 | $ (8,143) | $ (395) |
Less: Net income allocated to participating securities | (286) | 0 | 0 | ||||||||
Numerator for basic and diluted earnings (loss) available to common stockholders | $ 9,748 | $ (8,143) | $ (395) | ||||||||
Denominator: | |||||||||||
Weighted-average basic common shares outstanding (in shares) | 47,660 | 39,125 | 31,278 | 31,257 | 24,419 | 22,255 | 22,231 | 22,228 | 37,380 | 22,788 | 22,228 |
Weighted-average diluted common shares outstanding (in shares) | 47,660 | 39,125 | 31,278 | 31,257 | 24,586 | 22,436 | 22,231 | 22,228 | 37,380 | 22,788 | 22,228 |
Earnings (loss) per common share, basic (in usd per share) | $ 0.10 | $ 0.02 | $ 0.07 | $ 0.06 | $ 0.03 | $ 0.09 | $ (0.47) | $ (0.02) | $ 0.26 | $ (0.36) | $ (0.02) |
Earnings (loss) per common share, diluted (in usd per share) | $ 0.10 | $ 0.02 | $ 0.07 | $ 0.06 | $ 0.03 | $ 0.09 | $ (0.47) | $ (0.02) | $ 0.26 | $ (0.36) | $ (0.02) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Ensign [Member] - USD ($) $ in Millions | Oct. 01, 2013 | Oct. 31, 2013 |
Loss Contingencies [Line Items] | ||
Single lump-sum remittance to the government | $ 48 | |
Corporate integrity agreement period | 5 years |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) $ in Millions | Oct. 01, 2015USD ($)principalrenewal_optionfacility | Dec. 31, 2015propertytenantstatebed | Dec. 31, 2014tenant | Dec. 31, 2013tenant | Dec. 31, 2015facility |
Concentration Risk [Line Items] | |||||
Number of major tenants | tenant | 1 | 1 | 1 | ||
Description of highest concentration of properties | The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona. | ||||
Liberty Healthcare Portfolio [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of facilities acquired | facility | 14 | ||||
Acquisition consideration | $ 176.5 | ||||
Leases period | 15 years | ||||
Leases renewal options | renewal_option | 2 | ||||
Leases renewal term | 5 years | ||||
Anticipated annual lease revenues | $ 17 | ||||
Liberty Healthcare Portfolio [Member] | Pristine Master Lease [Member] | |||||
Concentration Risk [Line Items] | |||||
Leases period | 15 years | ||||
Leases renewal options | renewal_option | 2 | ||||
Leases renewal term | 5 years | ||||
Anticipated annual lease revenues | $ 17 | ||||
Escalation factor for calculating revenues after year two | 0.00% | ||||
Percentage change in the consumer price index | 3.00% | ||||
Number of affiliate's principals guaranteeing lease | principal | 2 | ||||
Assets Leased to Ensign [Member] | Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of living facilities | facility | 119 | ||||
Number of units available in living facilities | bed | 12,144 | ||||
Ensign [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of states where Ensign leases the highest concentration of properties | state | 4 | ||||
Ensign [Member] | Assets Leased to Ensign [Member] | Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of living facilities | 94 | 94 | |||
Number of units available in living facilities | bed | 10,121 | ||||
Revenue [Member] | |||||
Concentration Risk [Line Items] | |||||
Tenant description | The Company has one major tenant, Ensign |
Summarized Condensed Consolid56
Summarized Condensed Consolidating and Combining Information - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015 | May. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Date of incorporation | Oct. 29, 2013 | |
Senior Unsecured Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt instrument, interest rate | 5.875% | 5.875% |
CTR Partnership, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of formation | May 8, 2014 | |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Date of incorporation | Oct. 29, 2013 | |
CareTrust Capital Corp. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of formation | May 9, 2014 | |
Combined Subsidiary Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Ownership percentage | 100.00% | |
Date of formation | May 8, 2014 |
Summarized Condensed Consolid57
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Real estate investments, net | $ 645,614 | $ 436,215 | ||
Other real estate investments | 8,477 | 7,532 | ||
Cash and cash equivalents | 11,467 | 25,320 | $ 895 | $ 735 |
Accounts receivable | 2,342 | 2,291 | ||
Prepaid expenses and other assets | 2,083 | 809 | ||
Deferred financing costs, net | 3,183 | 2,973 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 673,166 | 475,140 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 254,229 | 253,165 | ||
Mortgage notes payable, net | 94,676 | 97,608 | ||
Unsecured revolving credit facility | 45,000 | 0 | ||
Accounts payable and accrued liabilities | 9,269 | 6,959 | ||
Dividends payable | 7,704 | 3,946 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 410,878 | 361,678 | ||
Equity: | ||||
Common stock | 477 | 313 | ||
Additional paid-in capital | 410,217 | 246,041 | ||
Cumulative distributions in excess of earnings | (148,406) | (132,892) | ||
Total equity | 262,288 | 113,462 | 162,689 | 184,548 |
Total liabilities and equity | 673,166 | 475,140 | ||
Reportable Legal Entities [Member] | Parent Guarantor [Member] | ||||
Assets: | ||||
Real estate investments, net | 0 | 0 | ||
Other real estate investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable | 0 | 0 | ||
Prepaid expenses and other assets | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | 269,992 | 117,408 | ||
Intercompany | 0 | 0 | ||
Total assets | 269,992 | 117,408 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Mortgage notes payable, net | 0 | 0 | ||
Unsecured revolving credit facility | 0 | |||
Accounts payable and accrued liabilities | 0 | 0 | ||
Dividends payable | 7,704 | 3,946 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 7,704 | 3,946 | ||
Equity: | ||||
Common stock | 477 | 313 | ||
Additional paid-in capital | 410,217 | 246,041 | ||
Cumulative distributions in excess of earnings | (148,406) | (132,892) | ||
Total equity | 262,288 | 113,462 | ||
Total liabilities and equity | 269,992 | 117,408 | ||
Reportable Legal Entities [Member] | Issuers [Member] | ||||
Assets: | ||||
Real estate investments, net | 256,209 | 26,104 | ||
Other real estate investments | 0 | 0 | ||
Cash and cash equivalents | 11,467 | 25,320 | 0 | |
Accounts receivable | 519 | 0 | ||
Prepaid expenses and other assets | 2,079 | 808 | ||
Deferred financing costs, net | 3,183 | 2,973 | ||
Investment in subsidiaries | 365,368 | 335,020 | ||
Intercompany | 0 | 0 | ||
Total assets | 638,825 | 390,225 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 254,229 | 253,165 | ||
Mortgage notes payable, net | 0 | 0 | ||
Unsecured revolving credit facility | 45,000 | |||
Accounts payable and accrued liabilities | 6,258 | 3,067 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 63,346 | 16,585 | ||
Total liabilities | 368,833 | 272,817 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 266,929 | 125,551 | ||
Cumulative distributions in excess of earnings | 3,063 | (8,143) | ||
Total equity | 269,992 | 117,408 | ||
Total liabilities and equity | 638,825 | 390,225 | ||
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member] | ||||
Assets: | ||||
Real estate investments, net | 348,454 | 366,199 | ||
Other real estate investments | 8,477 | 7,532 | ||
Cash and cash equivalents | 0 | 0 | 895 | 735 |
Accounts receivable | 1,695 | 2,170 | ||
Prepaid expenses and other assets | 4 | 1 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 59,160 | 15,262 | ||
Total assets | 417,790 | 391,164 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Mortgage notes payable, net | 0 | 557 | ||
Unsecured revolving credit facility | 0 | |||
Accounts payable and accrued liabilities | 2,433 | 3,308 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,433 | 3,865 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 374,660 | 374,660 | ||
Cumulative distributions in excess of earnings | 40,697 | 12,639 | ||
Total equity | 415,357 | 387,299 | ||
Total liabilities and equity | 417,790 | 391,164 | ||
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | ||||
Assets: | ||||
Real estate investments, net | 40,951 | 43,912 | ||
Other real estate investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | $ 0 |
Accounts receivable | 128 | 121 | ||
Prepaid expenses and other assets | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 4,186 | 1,323 | ||
Total assets | 45,265 | 45,356 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Mortgage notes payable, net | 94,676 | 97,051 | ||
Unsecured revolving credit facility | 0 | |||
Accounts payable and accrued liabilities | 578 | 584 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 95,254 | 97,635 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | (52,899) | (52,899) | ||
Cumulative distributions in excess of earnings | 2,910 | 620 | ||
Total equity | (49,989) | (52,279) | ||
Total liabilities and equity | 45,265 | 45,356 | ||
Elimination [Member] | ||||
Assets: | ||||
Real estate investments, net | 0 | 0 | ||
Other real estate investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | $ 0 | |
Accounts receivable | 0 | 0 | ||
Prepaid expenses and other assets | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | (635,360) | (452,428) | ||
Intercompany | (63,346) | (16,585) | ||
Total assets | (698,706) | (469,013) | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Mortgage notes payable, net | 0 | 0 | ||
Unsecured revolving credit facility | 0 | |||
Accounts payable and accrued liabilities | 0 | 0 | ||
Dividends payable | 0 | 0 | ||
Intercompany | (63,346) | (16,585) | ||
Total liabilities | (63,346) | (16,585) | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | (588,690) | (447,312) | ||
Cumulative distributions in excess of earnings | (46,670) | (5,116) | ||
Total equity | (635,360) | (452,428) | ||
Total liabilities and equity | $ (698,706) | $ (469,013) |
Summarized Condensed Consolid58
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating Balance Sheets - Shares Information (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Summarized Condensed Consolidating And Combining Information [Abstract] | ||
Common Stock, Par Value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 47,664,742 | 31,251,157 |
Common Stock, Shares Outstanding | 47,664,742 | 31,251,157 |
Summarized Condensed Consolid59
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Rental income | $ 65,979 | $ 51,367 | $ 41,242 | ||||||||
Tenant reimbursements | 5,497 | 4,956 | 5,168 | ||||||||
Independent living facilities | 2,510 | 2,519 | 2,386 | ||||||||
Interest and other income | 965 | 55 | 0 | ||||||||
Total revenues | $ 22,632 | $ 17,985 | $ 17,376 | $ 16,958 | $ 16,077 | $ 15,884 | $ 14,065 | $ 12,871 | 74,951 | 58,897 | 48,796 |
Expenses: | |||||||||||
Depreciation and amortization | 24,133 | 23,000 | 23,418 | ||||||||
Interest expense | 25,256 | 21,622 | 12,647 | ||||||||
Loss on extinguishment of debt | 0 | 4,067 | 0 | ||||||||
Property taxes | 5,497 | 4,956 | 5,168 | ||||||||
Acquisition costs | 0 | 47 | 255 | ||||||||
Independent living facilities | 2,376 | 2,243 | 2,138 | ||||||||
General and administrative | 7,655 | 11,105 | 5,442 | ||||||||
Total expenses | 64,917 | 67,040 | 49,068 | ||||||||
Income (loss) in Subsidiary | 0 | 0 | |||||||||
Income (loss) before provision for income taxes | 5,003 | 727 | 2,266 | 2,038 | 630 | 1,967 | (10,325) | (362) | 10,034 | (8,143) | (272) |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 17 | 36 | 0 | 0 | 123 |
Net income (loss) | $ 5,003 | $ 727 | $ 2,266 | $ 2,038 | $ 630 | $ 1,967 | $ (10,342) | $ (398) | 10,034 | (8,143) | (395) |
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 0 | 167 | 1,038 | ||||||||
Reclassification adjustment on interest rate swap | 0 | 1,661 | 0 | ||||||||
Comprehensive income (loss) | 10,034 | (6,315) | 643 | ||||||||
Reportable Legal Entities [Member] | Parent Guarantor [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 0 | 0 | |||||||||
Tenant reimbursements | 0 | 0 | |||||||||
Independent living facilities | 0 | 0 | |||||||||
Interest and other income | 0 | 0 | |||||||||
Total revenues | 0 | 0 | |||||||||
Expenses: | |||||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Interest expense | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property taxes | 0 | 0 | |||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 0 | 0 | |||||||||
General and administrative | 1,171 | 0 | |||||||||
Total expenses | 1,171 | 0 | |||||||||
Income (loss) in Subsidiary | 11,205 | (8,143) | |||||||||
Net income (loss) | 10,034 | (8,143) | |||||||||
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 0 | ||||||||||
Reclassification adjustment on interest rate swap | 0 | ||||||||||
Comprehensive income (loss) | (8,143) | ||||||||||
Reportable Legal Entities [Member] | Issuers [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 9,979 | 139 | |||||||||
Tenant reimbursements | 655 | 11 | |||||||||
Independent living facilities | 0 | 0 | |||||||||
Interest and other income | 19 | 23 | |||||||||
Total revenues | 10,653 | 173 | |||||||||
Expenses: | |||||||||||
Depreciation and amortization | 3,165 | 34 | |||||||||
Interest expense | 19,616 | 10,425 | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property taxes | 655 | 11 | |||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 0 | 0 | |||||||||
General and administrative | 6,360 | 11,105 | |||||||||
Total expenses | 29,796 | 21,575 | |||||||||
Income (loss) in Subsidiary | 30,348 | 13,259 | |||||||||
Net income (loss) | 11,205 | (8,143) | |||||||||
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 0 | ||||||||||
Reclassification adjustment on interest rate swap | 0 | ||||||||||
Comprehensive income (loss) | (8,143) | ||||||||||
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 45,100 | 42,337 | 35,730 | ||||||||
Tenant reimbursements | 4,375 | 4,460 | 4,602 | ||||||||
Independent living facilities | 2,510 | 2,519 | 2,386 | ||||||||
Interest and other income | 946 | 32 | |||||||||
Total revenues | 52,931 | 49,348 | 42,718 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 18,007 | 19,577 | 20,031 | ||||||||
Interest expense | 18 | 6,315 | 8,898 | ||||||||
Loss on extinguishment of debt | 4,067 | ||||||||||
Property taxes | 4,375 | 4,460 | 4,602 | ||||||||
Acquisition costs | 47 | 255 | |||||||||
Independent living facilities | 2,376 | 2,243 | 2,007 | ||||||||
General and administrative | 97 | 0 | 5,442 | ||||||||
Total expenses | 24,873 | 36,709 | 41,235 | ||||||||
Income (loss) in Subsidiary | 0 | 0 | |||||||||
Income (loss) before provision for income taxes | 1,483 | ||||||||||
Provision for income taxes | 109 | ||||||||||
Net income (loss) | 28,058 | 12,639 | 1,374 | ||||||||
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 167 | 1,038 | |||||||||
Reclassification adjustment on interest rate swap | 1,661 | ||||||||||
Comprehensive income (loss) | 14,467 | 2,412 | |||||||||
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 10,900 | 8,891 | 5,512 | ||||||||
Tenant reimbursements | 467 | 485 | 566 | ||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Interest and other income | 0 | 0 | |||||||||
Total revenues | 11,367 | 9,376 | 6,078 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 2,961 | 3,389 | 3,387 | ||||||||
Interest expense | 5,622 | 4,882 | 3,749 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property taxes | 467 | 485 | 566 | ||||||||
Acquisition costs | 0 | 0 | |||||||||
Independent living facilities | 0 | 0 | 131 | ||||||||
General and administrative | 27 | 0 | 0 | ||||||||
Total expenses | 9,077 | 8,756 | 7,833 | ||||||||
Income (loss) in Subsidiary | 0 | 0 | |||||||||
Income (loss) before provision for income taxes | (1,755) | ||||||||||
Provision for income taxes | 14 | ||||||||||
Net income (loss) | 2,290 | 620 | (1,769) | ||||||||
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 0 | 0 | |||||||||
Reclassification adjustment on interest rate swap | 0 | ||||||||||
Comprehensive income (loss) | 620 | $ (1,769) | |||||||||
Elimination [Member] | |||||||||||
Revenues: | |||||||||||
Rental income | 0 | 0 | |||||||||
Tenant reimbursements | 0 | 0 | |||||||||
Independent living facilities | 0 | 0 | |||||||||
Interest and other income | 0 | 0 | |||||||||
Total revenues | 0 | 0 | |||||||||
Expenses: | |||||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Interest expense | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Property taxes | 0 | 0 | |||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 0 | 0 | |||||||||
General and administrative | 0 | 0 | |||||||||
Total expenses | 0 | 0 | |||||||||
Income (loss) in Subsidiary | (41,553) | (5,116) | |||||||||
Net income (loss) | $ (41,553) | (5,116) | |||||||||
Other comprehensive income: | |||||||||||
Unrealized gain on interest rate swap | 0 | ||||||||||
Reclassification adjustment on interest rate swap | 0 | ||||||||||
Comprehensive income (loss) | $ (5,116) |
Summarized Condensed Consolid60
Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Statements of Cash Flows (Detail) - USD ($) $ in Thousands | Aug. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||||
Net cash (used in) provided by operating activities | $ 40,254 | $ 21,906 | $ 26,632 | |
Cash flows from investing activities: | ||||
Acquisition of real estate | (232,466) | (25,742) | (35,656) | |
Improvements to real estate | (187) | (579) | 0 | |
Purchases of equipment, furniture and fixtures | (276) | (19,275) | (19,931) | |
Preferred equity investment | 0 | (7,500) | 0 | |
Escrow deposits for acquisition of real estate | (1,750) | (500) | 0 | |
Net proceeds from the sale of vacant land | 30 | 0 | 0 | |
Distribution from subsidiary | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Cash proceeds from sale of equipment, furniture and fixtures | 0 | 0 | 854 | |
Net cash used in investing activities | (234,649) | (53,596) | (54,733) | |
Cash flows from financing activities: | ||||
Proceeds from the issuance of common stock, net | $ 163,700 | 162,963 | 0 | 0 |
Proceeds from the issuance of senior unsecured notes payable | 0 | 260,000 | 0 | |
Borrowings under unsecured revolving credit facility | 45,000 | 0 | 0 | |
Borrowings under senior secured revolving credit facility | 35,000 | 10,000 | 58,700 | |
Proceeds from the issuance of mortgage notes payable | 0 | 50,676 | 0 | |
Repayments of borrowings under senior secured revolving credit facility | (35,000) | (88,701) | 0 | |
Payments on the mortgage notes payable | (3,183) | (68,155) | (3,457) | |
Net-settle adjustment on restricted stock | (145) | 0 | 0 | |
Payments on senior secured term loan | 0 | (65,624) | (3,750) | |
Payments of deferred financing costs | (2,303) | (13,436) | (730) | |
Net contribution from Ensign | 4,356 | (22,502) | ||
Dividends paid on common stock | (21,790) | (33,001) | 0 | |
Distribution to Parent | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash provided by financing activities | 180,542 | 56,115 | 28,261 | |
Net (decrease) increase in cash and cash equivalents | (13,853) | 24,425 | 160 | |
Cash and cash equivalents, beginning of period | 25,320 | 895 | 735 | |
Cash and cash equivalents, end of period | 11,467 | 25,320 | 895 | |
Reportable Legal Entities [Member] | Parent Guarantor [Member] | ||||
Cash flows from operating activities: | ||||
Net cash (used in) provided by operating activities | (15) | 0 | ||
Cash flows from investing activities: | ||||
Acquisition of real estate | 0 | 0 | ||
Improvements to real estate | 0 | 0 | ||
Purchases of equipment, furniture and fixtures | 0 | 0 | ||
Preferred equity investment | 0 | |||
Escrow deposits for acquisition of real estate | 0 | 0 | ||
Net proceeds from the sale of vacant land | 0 | |||
Distribution from subsidiary | 21,790 | 33,001 | ||
Intercompany financing | (162,803) | 0 | ||
Net cash used in investing activities | (141,013) | 33,001 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of common stock, net | 162,963 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||
Borrowings under unsecured revolving credit facility | 0 | |||
Borrowings under senior secured revolving credit facility | 0 | 0 | ||
Proceeds from the issuance of mortgage notes payable | 0 | |||
Repayments of borrowings under senior secured revolving credit facility | 0 | 0 | ||
Payments on the mortgage notes payable | 0 | 0 | ||
Net-settle adjustment on restricted stock | (145) | |||
Payments on senior secured term loan | 0 | |||
Payments of deferred financing costs | 0 | 0 | ||
Net contribution from Ensign | 0 | |||
Dividends paid on common stock | (21,790) | (33,001) | ||
Distribution to Parent | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash provided by financing activities | 141,028 | (33,001) | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | 0 | 0 | 0 | |
Reportable Legal Entities [Member] | Issuers [Member] | ||||
Cash flows from operating activities: | ||||
Net cash (used in) provided by operating activities | (9,894) | (21,185) | ||
Cash flows from investing activities: | ||||
Acquisition of real estate | (232,466) | (25,742) | ||
Improvements to real estate | (19) | 0 | ||
Purchases of equipment, furniture and fixtures | (195) | (95) | ||
Preferred equity investment | 0 | |||
Escrow deposits for acquisition of real estate | (1,750) | (500) | ||
Net proceeds from the sale of vacant land | 0 | |||
Distribution from subsidiary | 0 | 0 | ||
Intercompany financing | 46,761 | (141,231) | ||
Net cash used in investing activities | (187,669) | (167,568) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of common stock, net | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 260,000 | |||
Borrowings under unsecured revolving credit facility | 45,000 | |||
Borrowings under senior secured revolving credit facility | 35,000 | 0 | ||
Proceeds from the issuance of mortgage notes payable | 0 | |||
Repayments of borrowings under senior secured revolving credit facility | (35,000) | 0 | ||
Payments on the mortgage notes payable | 0 | 0 | ||
Net-settle adjustment on restricted stock | 0 | |||
Payments on senior secured term loan | 0 | |||
Payments of deferred financing costs | (2,303) | (12,926) | ||
Net contribution from Ensign | 0 | |||
Dividends paid on common stock | 0 | 0 | ||
Distribution to Parent | (21,790) | (33,001) | ||
Intercompany financing | 162,803 | 0 | ||
Net cash provided by financing activities | 183,710 | 214,073 | ||
Net (decrease) increase in cash and cash equivalents | (13,853) | 25,320 | ||
Cash and cash equivalents, beginning of period | 25,320 | 0 | ||
Cash and cash equivalents, end of period | 11,467 | 25,320 | 0 | |
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member] | ||||
Cash flows from operating activities: | ||||
Net cash (used in) provided by operating activities | 44,675 | 38,955 | 24,793 | |
Cash flows from investing activities: | ||||
Acquisition of real estate | 0 | 0 | (35,656) | |
Improvements to real estate | (168) | (579) | ||
Purchases of equipment, furniture and fixtures | (81) | (14,819) | (15,728) | |
Preferred equity investment | (7,500) | |||
Escrow deposits for acquisition of real estate | 0 | 0 | ||
Net proceeds from the sale of vacant land | 30 | |||
Distribution from subsidiary | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Cash proceeds from sale of equipment, furniture and fixtures | 854 | |||
Net cash used in investing activities | (219) | (22,898) | (50,530) | |
Cash flows from financing activities: | ||||
Proceeds from the issuance of common stock, net | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||
Borrowings under unsecured revolving credit facility | 0 | |||
Borrowings under senior secured revolving credit facility | 0 | 10,000 | 58,700 | |
Proceeds from the issuance of mortgage notes payable | 0 | |||
Repayments of borrowings under senior secured revolving credit facility | 0 | (88,701) | ||
Payments on the mortgage notes payable | (558) | (66,905) | (2,249) | |
Net-settle adjustment on restricted stock | 0 | |||
Payments on senior secured term loan | (65,624) | (3,750) | ||
Payments of deferred financing costs | 0 | 0 | (730) | |
Net contribution from Ensign | 52,385 | (26,074) | ||
Dividends paid on common stock | 0 | 0 | ||
Distribution to Parent | 0 | 0 | ||
Intercompany financing | (43,898) | 141,893 | ||
Net cash provided by financing activities | (44,456) | (16,952) | 25,897 | |
Net (decrease) increase in cash and cash equivalents | 0 | (895) | 160 | |
Cash and cash equivalents, beginning of period | 0 | 895 | 735 | |
Cash and cash equivalents, end of period | 0 | 0 | 895 | |
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash (used in) provided by operating activities | 5,488 | 4,136 | 1,839 | |
Cash flows from investing activities: | ||||
Acquisition of real estate | 0 | 0 | 0 | |
Improvements to real estate | 0 | 0 | ||
Purchases of equipment, furniture and fixtures | 0 | (4,361) | (4,203) | |
Preferred equity investment | 0 | |||
Escrow deposits for acquisition of real estate | 0 | 0 | ||
Net proceeds from the sale of vacant land | 0 | |||
Distribution from subsidiary | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Cash proceeds from sale of equipment, furniture and fixtures | 0 | |||
Net cash used in investing activities | 0 | (4,361) | (4,203) | |
Cash flows from financing activities: | ||||
Proceeds from the issuance of common stock, net | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||
Borrowings under unsecured revolving credit facility | 0 | |||
Borrowings under senior secured revolving credit facility | 0 | 0 | 0 | |
Proceeds from the issuance of mortgage notes payable | 50,676 | |||
Repayments of borrowings under senior secured revolving credit facility | 0 | 0 | ||
Payments on the mortgage notes payable | (2,625) | (1,250) | (1,208) | |
Net-settle adjustment on restricted stock | 0 | |||
Payments on senior secured term loan | 0 | 0 | ||
Payments of deferred financing costs | 0 | (510) | 0 | |
Net contribution from Ensign | (48,029) | 3,572 | ||
Dividends paid on common stock | 0 | 0 | ||
Distribution to Parent | 0 | 0 | ||
Intercompany financing | (2,863) | (662) | ||
Net cash provided by financing activities | (5,488) | 225 | 2,364 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents, end of period | 0 | 0 | 0 | |
Elimination [Member] | ||||
Cash flows from operating activities: | ||||
Net cash (used in) provided by operating activities | 0 | 0 | ||
Cash flows from investing activities: | ||||
Acquisition of real estate | 0 | 0 | ||
Improvements to real estate | 0 | 0 | ||
Purchases of equipment, furniture and fixtures | 0 | 0 | ||
Preferred equity investment | 0 | |||
Escrow deposits for acquisition of real estate | 0 | 0 | ||
Net proceeds from the sale of vacant land | 0 | |||
Distribution from subsidiary | (21,790) | (33,001) | ||
Intercompany financing | 116,042 | 141,231 | ||
Net cash used in investing activities | 94,252 | 108,230 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of common stock, net | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||
Borrowings under unsecured revolving credit facility | 0 | |||
Borrowings under senior secured revolving credit facility | 0 | 0 | ||
Proceeds from the issuance of mortgage notes payable | 0 | |||
Repayments of borrowings under senior secured revolving credit facility | 0 | 0 | ||
Payments on the mortgage notes payable | 0 | 0 | ||
Net-settle adjustment on restricted stock | 0 | |||
Payments on senior secured term loan | 0 | |||
Payments of deferred financing costs | 0 | 0 | ||
Net contribution from Ensign | 0 | |||
Dividends paid on common stock | 0 | 0 | ||
Distribution to Parent | 21,790 | 33,001 | ||
Intercompany financing | (116,042) | (141,231) | ||
Net cash provided by financing activities | (94,252) | (108,230) | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | ||
Cash and cash equivalents, end of period | $ 0 | $ 0 | $ 0 |
Selected Quarterly Financial 61
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 22,632 | $ 17,985 | $ 17,376 | $ 16,958 | $ 16,077 | $ 15,884 | $ 14,065 | $ 12,871 | $ 74,951 | $ 58,897 | $ 48,796 |
Income (loss) before provision for income taxes | 5,003 | 727 | 2,266 | 2,038 | 630 | 1,967 | (10,325) | (362) | 10,034 | (8,143) | (272) |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 17 | 36 | 0 | 0 | 123 |
Net income (loss) | $ 5,003 | $ 727 | $ 2,266 | $ 2,038 | $ 630 | $ 1,967 | $ (10,342) | $ (398) | $ 10,034 | $ (8,143) | $ (395) |
Earnings (loss) per common share, basic (in usd per share) | $ 0.10 | $ 0.02 | $ 0.07 | $ 0.06 | $ 0.03 | $ 0.09 | $ (0.47) | $ (0.02) | $ 0.26 | $ (0.36) | $ (0.02) |
Earnings (loss) per common share, diluted (in usd per share) | $ 0.10 | $ 0.02 | $ 0.07 | $ 0.06 | $ 0.03 | $ 0.09 | $ (0.47) | $ (0.02) | $ 0.26 | $ (0.36) | $ (0.02) |
Weighted-average number of common shares outstanding, basic (in shares) | 47,660 | 39,125 | 31,278 | 31,257 | 24,419 | 22,255 | 22,231 | 22,228 | 37,380 | 22,788 | 22,228 |
Weighted-average number of common shares outstanding, diluted (in shares) | 47,660 | 39,125 | 31,278 | 31,257 | 24,586 | 22,436 | 22,231 | 22,228 | 37,380 | 22,788 | 22,228 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) | Feb. 05, 2016property | Feb. 01, 2016USD ($)renewal_optionunitfacilitybed | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 04, 2016 | Dec. 31, 2015facility |
Subsequent Event [Line Items] | |||||||
Repayment of mortgage notes payable | $ 3,183,000 | $ 68,155,000 | $ 3,457,000 | ||||
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of living facilities | facility | 119 | ||||||
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Ensign [Member] | Assets Leased to Ensign [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of living facilities | 94 | 94 | |||||
Subsequent Event [Member] | Trillium Healthcare Group, LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of facilities acquired | facility | 9 | ||||||
Number of beds in a facility | bed | 518 | ||||||
Acquisition consideration | $ 32,700,000 | ||||||
Anticipated annual lease revenues | $ 3,200,000 | ||||||
Leases period | 15 years | ||||||
Leases renewal options | renewal_option | 2 | ||||||
Leases renewal term | 5 years | ||||||
Subsequent Event [Member] | New Haven of San Angelo [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Acquisition consideration | $ 4,900,000 | ||||||
Anticipated annual lease revenues | $ 400,000 | ||||||
Leases period | 12 years 6 months | ||||||
Leases renewal options | renewal_option | 2 | ||||||
Leases renewal term | 5 years | ||||||
Number of units available in living facilities | unit | 30 | ||||||
Number of potential units after future expansions | unit | 60 | ||||||
Subsequent Event [Member] | Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Ensign [Member] | Assets Leased to Ensign [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of living facilities to close and decertify | property | 1 | ||||||
Subsequent Event [Member] | Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Ensign [Member] | Assets Leased to Ensign [Member] | Master Lease No. 2 [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Leases period | 5 years | ||||||
Percent of lease to paid paid by affiliate | 100.00% | ||||||
Lease coverage ratio | 2.03 | 2.10 | |||||
Subsequent Event [Member] | Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Ensign [Member] | Assets Leased to Ensign [Member] | Ensign Master Leases [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Lease coverage ratio | 2.06 | 2.07 | |||||
Subsequent Event [Member] | Mortgage notes payable | |||||||
Subsequent Event [Line Items] | |||||||
Repayment of mortgage notes payable | $ 95,000,000 | ||||||
Subsequent Event [Member] | Revolving Credit Facility as Amended [Member] | Line of Credit [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of credit facility, increase to borrowing capacity | 100,000,000 | ||||||
Line of credit facility, borrowing capacity | 400,000,000 | ||||||
Increase to uncommitted incremental facility | 50,000,000 | ||||||
Uncommitted incremental facility, borrowing capacity | $ 250,000,000 | ||||||
Subsequent Event [Member] | Revolving Credit Facility as Amended [Member] | Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, basis spread | 0.95% | ||||||
Subsequent Event [Member] | Revolving Credit Facility as Amended [Member] | Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, basis spread | 1.60% | ||||||
Subsequent Event [Member] | Revolving Credit Facility as Amended [Member] | Line of Credit [Member] | LIBOR [Member] | Minimum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, basis spread | 1.95% | ||||||
Subsequent Event [Member] | Revolving Credit Facility as Amended [Member] | Line of Credit [Member] | LIBOR [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt instrument, basis spread | 2.60% | ||||||
Subsequent Event [Member] | Term Loan [Member] | Line of Credit [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of credit facility, borrowing capacity | $ 100,000,000 | ||||||
Prepayment premium in first year after issuance | 2.00% | ||||||
Prepayment premium in second year after issuance | 1.00% |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation, by Property (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 95,022 | |||
Initial Cost to Company, Land | 92,321 | |||
Initial Cost to Company, Buildings and Improvements | 530,080 | |||
Costs Capitalized Since Acquisition | 96,363 | |||
Gross Carrying Value, Land | 91,311 | |||
Gross Carrying Value, Buildings and Improvements | 627,453 | |||
Gross Carrying Value, Total | 718,764 | $ 492,486 | $ 456,052 | $ 410,009 |
Accumulated Depreciation | 97,667 | $ 78,897 | $ 62,572 | $ 47,877 |
Skilled Nursing Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 82,272 | |||
Initial Cost to Company, Land | 66,748 | |||
Initial Cost to Company, Buildings and Improvements | 366,403 | |||
Costs Capitalized Since Acquisition | 81,235 | |||
Gross Carrying Value, Land | 65,738 | |||
Gross Carrying Value, Buildings and Improvements | 448,648 | |||
Gross Carrying Value, Total | 514,386 | |||
Accumulated Depreciation | 75,161 | |||
Skilled Nursing Properties [Member] | Ensign Highland LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,476 | |||
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 | $ 846 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,000 | |||
Skilled Nursing Properties [Member] | Meadowbrook Health Associates LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,059 | |||
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 | $ 1,964 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,000 | |||
Skilled Nursing Properties [Member] | Terrace Holdings AZ LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,324 | |||
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 | $ 450 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,002 | |||
Skilled Nursing Properties [Member] | Rillito Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,850 | |||
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 | $ 1,664 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,003 | |||
Skilled Nursing Properties [Member] | Valley Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,692 | |||
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 | $ 2,315 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,004 | |||
Skilled Nursing Properties [Member] | Cedar Avenue Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,387 | |||
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 | $ 2,458 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,005 | |||
Skilled Nursing Properties [Member] | Granada Investments LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,289 | |||
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 | $ 1,653 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,005 | |||
Skilled Nursing Properties [Member] | Plaza Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,756 | |||
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 | $ 2,532 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties [Member] | Mountainview Community Care LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,439 | |||
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 | $ 1,470 | |||
Construction/Renovation Date | 1,963 | |||
Acquisition Date | 2,006 | |||
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 | $ 1,785 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,006 | |||
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 | $ 2,058 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
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 | $ 1,725 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
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 | $ 1,448 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,006 | |||
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 | $ 1,421 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties [Member] | Tenth East Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | $ 1,624 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,006 | |||
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 | $ 1,456 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
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 | $ 1,484 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,007 | |||
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 | $ 888 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,007 | |||
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 | $ 3,914 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,007 | |||
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 | $ 646 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,007 | |||
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 | $ 975 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,007 | |||
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 | $ 1,140 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,007 | |||
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 | $ 583 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,007 | |||
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 | $ 1,522 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,008 | |||
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 | $ 956 | |||
Construction/Renovation Date | 2,005 | |||
Acquisition Date | 2,008 | |||
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 | $ 1,076 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,008 | |||
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 | $ 1,458 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,008 | |||
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 | $ 491 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,008 | |||
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 | $ 853 | |||
Construction/Renovation Date | 1,988 | |||
Acquisition Date | 2,009 | |||
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 | $ 677 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 469 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 2,453 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 2,698 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,009 | |||
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 | $ 561 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 1,644 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
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 | $ 858 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,009 | |||
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 | $ 1,041 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 249 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,009 | |||
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 | $ 208 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
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 | $ 400 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 712 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
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 | $ 425 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,010 | |||
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 | $ 859 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,010 | |||
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 | $ 727 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,010 | |||
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 | $ 438 | |||
Construction/Renovation Date | 1,996 | |||
Acquisition Date | 2,010 | |||
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 | $ 1,025 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,011 | |||
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 | $ 493 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
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 | $ 313 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,011 | |||
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 | $ 272 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,011 | |||
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 | $ 496 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
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 | $ 680 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,011 | |||
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 | 759 | |||
Gross Carrying Value, Land | 128 | |||
Gross Carrying Value, Buildings and Improvements | 5,599 | |||
Gross Carrying Value, Total | 5,727 | |||
Accumulated Depreciation | $ 912 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,011 | |||
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 | $ 239 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
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 | $ 525 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,011 | |||
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 | $ 1,179 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
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 | $ 1,534 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,011 | |||
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 | $ 359 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,011 | |||
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 | $ 1,502 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
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 | $ 469 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,012 | |||
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 | $ 450 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,012 | |||
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 | $ 1,133 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,012 | |||
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 | $ 125 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,012 | |||
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 | $ 2,062 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,012 | |||
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 | $ 938 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,012 | |||
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 | $ 229 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,012 | |||
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 | $ 323 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,013 | |||
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 | $ 236 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,013 | |||
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 | $ 149 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,013 | |||
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 | $ 69 | |||
Construction/Renovation Date | 1,960 | |||
Acquisition Date | 2,013 | |||
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 | $ 218 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,013 | |||
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 | $ 319 | |||
Construction/Renovation Date | 1,966 | |||
Acquisition Date | 2,013 | |||
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 | $ 220 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,462 | |||
Initial Cost to Company, Buildings and Improvements | 5,034 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,462 | |||
Gross Carrying Value, Buildings and Improvements | 5,034 | |||
Gross Carrying Value, Total | 6,496 | |||
Accumulated Depreciation | $ 73 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Bethany Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,668 | |||
Initial Cost to Company, Buildings and Improvements | 15,375 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,668 | |||
Gross Carrying Value, Buildings and Improvements | 15,375 | |||
Gross Carrying Value, Total | 17,043 | |||
Accumulated Depreciation | $ 352 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Mira Vista Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,601 | |||
Initial Cost to Company, Buildings and Improvements | 7,425 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,601 | |||
Gross Carrying Value, Buildings and Improvements | 7,425 | |||
Gross Carrying Value, Total | 9,026 | |||
Accumulated Depreciation | $ 139 | |||
Construction/Renovation Date | 1,987 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Shamrock Nursing and Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 251 | |||
Initial Cost to Company, Buildings and Improvements | 7,855 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 251 | |||
Gross Carrying Value, Buildings and Improvements | 7,855 | |||
Gross Carrying Value, Total | 8,106 | |||
Accumulated Depreciation | $ 98 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Beavercreek [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 892 | |||
Initial Cost to Company, Buildings and Improvements | 17,159 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 892 | |||
Gross Carrying Value, Buildings and Improvements | 17,159 | |||
Gross Carrying Value, Total | 18,051 | |||
Accumulated Depreciation | $ 107 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Cincinnati-Delhi [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 284 | |||
Initial Cost to Company, Buildings and Improvements | 11,104 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 284 | |||
Gross Carrying Value, Buildings and Improvements | 11,104 | |||
Gross Carrying Value, Total | 11,388 | |||
Accumulated Depreciation | $ 70 | |||
Construction/Renovation Date | 1,992 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Cincinnati-Riverview [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 833 | |||
Initial Cost to Company, Buildings and Improvements | 18,086 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 833 | |||
Gross Carrying Value, Buildings and Improvements | 18,086 | |||
Gross Carrying Value, Total | 18,919 | |||
Accumulated Depreciation | $ 113 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Cincinnati-Three Rivers [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,091 | |||
Initial Cost to Company, Buildings and Improvements | 16,151 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,091 | |||
Gross Carrying Value, Buildings and Improvements | 16,151 | |||
Gross Carrying Value, Total | 17,242 | |||
Accumulated Depreciation | $ 101 | |||
Construction/Renovation Date | 1,962 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Englewood [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,014 | |||
Initial Cost to Company, Buildings and Improvements | 18,541 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,014 | |||
Gross Carrying Value, Buildings and Improvements | 18,541 | |||
Gross Carrying Value, Total | 19,555 | |||
Accumulated Depreciation | $ 116 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Portsmouth [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 282 | |||
Initial Cost to Company, Buildings and Improvements | 9,726 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 282 | |||
Gross Carrying Value, Buildings and Improvements | 9,726 | |||
Gross Carrying Value, Total | 10,008 | |||
Accumulated Depreciation | $ 61 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Toledo [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 93 | |||
Initial Cost to Company, Buildings and Improvements | 10,365 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 93 | |||
Gross Carrying Value, Buildings and Improvements | 10,365 | |||
Gross Carrying Value, Total | 10,458 | |||
Accumulated Depreciation | $ 65 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Oxford [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 211 | |||
Initial Cost to Company, Buildings and Improvements | 8,772 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 211 | |||
Gross Carrying Value, Buildings and Improvements | 8,772 | |||
Gross Carrying Value, Total | 8,983 | |||
Accumulated Depreciation | $ 55 | |||
Construction/Renovation Date | 2,003 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Bellbrook [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 214 | |||
Initial Cost to Company, Buildings and Improvements | 2,573 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 214 | |||
Gross Carrying Value, Buildings and Improvements | 2,573 | |||
Gross Carrying Value, Total | 2,787 | |||
Accumulated Depreciation | $ 16 | |||
Construction/Renovation Date | 1,981 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Xenia [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 205 | |||
Initial Cost to Company, Buildings and Improvements | 3,564 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 205 | |||
Gross Carrying Value, Buildings and Improvements | 3,564 | |||
Gross Carrying Value, Total | 3,769 | |||
Accumulated Depreciation | $ 22 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Jamestown [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 266 | |||
Initial Cost to Company, Buildings and Improvements | 4,725 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 266 | |||
Gross Carrying Value, Buildings and Improvements | 4,725 | |||
Gross Carrying Value, Total | 4,991 | |||
Accumulated Depreciation | $ 30 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Campus Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,750 | |||
Initial Cost to Company, Land | 10,220 | |||
Initial Cost to Company, Buildings and Improvements | 83,648 | |||
Costs Capitalized Since Acquisition | 9,791 | |||
Gross Carrying Value, Land | 10,220 | |||
Gross Carrying Value, Buildings and Improvements | 93,439 | |||
Gross Carrying Value, Total | 103,659 | |||
Accumulated Depreciation | 12,036 | |||
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 | $ 3,725 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 1,999 | |||
Skilled Nursing Campus Properties [Member] | Sky Holdings AZ LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,750 | |||
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 | $ 1,295 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,002 | |||
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 | $ 1,773 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
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 | $ 1,249 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,011 | |||
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 | $ 1,769 | |||
Construction/Renovation Date | 1,994 | |||
Acquisition Date | 2,011 | |||
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 | $ 463 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
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 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 180 | |||
Gross Carrying Value, Buildings and Improvements | 3,352 | |||
Gross Carrying Value, Total | 3,532 | |||
Accumulated Depreciation | $ 469 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,011 | |||
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 | $ 466 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,011 | |||
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 | $ 358 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
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 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 168 | |||
Gross Carrying Value, Buildings and Improvements | 2,496 | |||
Gross Carrying Value, Total | 2,664 | |||
Accumulated Depreciation | $ 213 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Campus Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Dayton-Centerville [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,912 | |||
Initial Cost to Company, Buildings and Improvements | 22,458 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 3,912 | |||
Gross Carrying Value, Buildings and Improvements | 22,458 | |||
Gross Carrying Value, Total | 26,370 | |||
Accumulated Depreciation | $ 140 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Campus Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Willard [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 143 | |||
Initial Cost to Company, Buildings and Improvements | 11,097 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 143 | |||
Gross Carrying Value, Buildings and Improvements | 11,097 | |||
Gross Carrying Value, Total | 11,240 | |||
Accumulated Depreciation | $ 69 | |||
Construction/Renovation Date | 1,985 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Campus Properties [Member] | CTR Partnership, L.P. [Member] | Pristine Senior Living of Middletown [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 990 | |||
Initial Cost to Company, Buildings and Improvements | 7,484 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 990 | |||
Gross Carrying Value, Buildings and Improvements | 7,484 | |||
Gross Carrying Value, Total | 8,474 | |||
Accumulated Depreciation | $ 47 | |||
Construction/Renovation Date | 1,985 | |||
Acquisition Date | 2,015 | |||
Assisted and Independent Living Properties [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 13,947 | |||
Initial Cost to Company, Buildings and Improvements | 71,076 | |||
Costs Capitalized Since Acquisition | 4,211 | |||
Gross Carrying Value, Land | 13,947 | |||
Gross Carrying Value, Buildings and Improvements | 75,287 | |||
Gross Carrying Value, Total | 89,234 | |||
Accumulated Depreciation | 8,363 | |||
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 | $ 230 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
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 | $ 444 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,011 | |||
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 | $ 415 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,013 | |||
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 | $ 603 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,011 | |||
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 | $ 905 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
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 | $ 2,202 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,007 | |||
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 | $ 429 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,010 | |||
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 | $ 1,187 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,011 | |||
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 | $ 396 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,011 | |||
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 | $ 221 | |||
Construction/Renovation Date | 1,993 | |||
Acquisition Date | 2,012 | |||
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 | $ 408 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,013 | |||
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 | $ 157 | |||
Construction/Renovation Date | 1,995 | |||
Acquisition Date | 2,013 | |||
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 | 2,674 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 70 | |||
Gross Carrying Value, Buildings and Improvements | 2,674 | |||
Gross Carrying Value, Total | 2,744 | |||
Accumulated Depreciation | $ 72 | |||
Construction/Renovation Date | 1,995 | |||
Acquisition Date | 2,014 | |||
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 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 3,404 | |||
Gross Carrying Value, Total | 3,484 | |||
Accumulated Depreciation | $ 93 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,014 | |||
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 | 5,427 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 110 | |||
Gross Carrying Value, Buildings and Improvements | 5,427 | |||
Gross Carrying Value, Total | 5,537 | |||
Accumulated Depreciation | $ 147 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,014 | |||
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 | 6,714 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 430 | |||
Gross Carrying Value, Buildings and Improvements | 6,714 | |||
Gross Carrying Value, Total | 7,144 | |||
Accumulated Depreciation | $ 168 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,014 | |||
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 | 6,114 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 250 | |||
Gross Carrying Value, Buildings and Improvements | 6,114 | |||
Gross Carrying Value, Total | 6,364 | |||
Accumulated Depreciation | $ 153 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,014 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | Bristol Court Assisted Living [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 645 | |||
Initial Cost to Company, Buildings and Improvements | 7,322 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 645 | |||
Gross Carrying Value, Buildings and Improvements | 7,322 | |||
Gross Carrying Value, Total | 7,967 | |||
Accumulated Depreciation | $ 92 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,015 | |||
Assisted and Independent Living Properties [Member] | CTR Partnership, L.P. [Member] | Asbury Place Assisted Living [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 212 | |||
Initial Cost to Company, Buildings and Improvements | 4,992 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 212 | |||
Gross Carrying Value, Buildings and Improvements | 4,992 | |||
Gross Carrying Value, Total | 5,204 | |||
Accumulated Depreciation | $ 41 | |||
Construction/Renovation Date | 1,997 | |||
Acquisition Date | 2,015 | |||
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 | 1,126 | |||
Gross Carrying Value, Land | 1,406 | |||
Gross Carrying Value, Buildings and Improvements | 10,079 | |||
Gross Carrying Value, Total | 11,485 | |||
Accumulated Depreciation | 2,107 | |||
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 | 271 | |||
Gross Carrying Value, Land | 315 | |||
Gross Carrying Value, Buildings and Improvements | 2,040 | |||
Gross Carrying Value, Total | 2,355 | |||
Accumulated Depreciation | $ 596 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,009 | |||
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 | 125 | |||
Gross Carrying Value, Land | 411 | |||
Gross Carrying Value, Buildings and Improvements | 2,437 | |||
Gross Carrying Value, Total | 2,848 | |||
Accumulated Depreciation | $ 532 | |||
Construction/Renovation Date | 1,994 | |||
Acquisition Date | 2,011 | |||
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 | 730 | |||
Gross Carrying Value, Land | 680 | |||
Gross Carrying Value, Buildings and Improvements | 5,602 | |||
Gross Carrying Value, Total | 6,282 | |||
Accumulated Depreciation | $ 979 | |||
Construction/Renovation Date | 1,996 | |||
Acquisition Date | 2,011 |
Schedule III- Real Estate and A
Schedule III- Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real estate: | |||
Balance at the beginning of the period | $ 492,486 | $ 456,052 | $ 410,009 |
Acquisitions | 226,078 | 25,252 | 35,656 |
Improvements | 230 | 12,162 | 10,387 |
Assets not transferred to CareTrust | 0 | (980) | 0 |
Sales of vacant land | (30) | 0 | 0 |
Balance at the end of the period | 718,764 | 492,486 | 456,052 |
Accumulated depreciation: | |||
Balance at the beginning of the period | (78,897) | (62,572) | (47,877) |
Depreciation expense | (18,770) | (16,325) | (14,695) |
Balance at the end of the period | $ (97,667) | $ (78,897) | $ (62,572) |