Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 76,138,202 | ||
Entity Public Float | $ 1.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Real estate investments, net | $ 1,152,261 | $ 893,918 |
Other real estate investments | 17,949 | 13,872 |
Cash and cash equivalents | 6,909 | 7,500 |
Accounts and other receivables, net | 5,254 | 5,896 |
Prepaid expenses and other assets | 895 | 1,369 |
Deferred financing costs, net | 1,718 | 2,803 |
Total assets | 1,184,986 | 925,358 |
Liabilities and Equity: | ||
Senior unsecured notes payable, net | 294,395 | 255,294 |
Senior unsecured term loan, net | 99,517 | 99,422 |
Unsecured revolving credit facility | 165,000 | 95,000 |
Accounts payable and accrued liabilities | 17,413 | 12,137 |
Dividends payable | 14,044 | 11,075 |
Total liabilities | 590,369 | 472,928 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 and 64,816,350 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 755 | 648 |
Additional paid-in capital | 783,237 | 611,475 |
Cumulative distributions in excess of earnings | (189,375) | (159,693) |
Total equity | 594,617 | 452,430 |
Total liabilities and equity | $ 1,184,986 | $ 925,358 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, issued (shares) | 0 | 0 |
Preferred stock, outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, issued (shares) | 75,478,202 | 64,816,350 |
Common stock, outstanding (shares) | 75,478,202 | 64,816,350 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Rental income | $ 117,633 | $ 93,126 | $ 65,979 | ||||||||
Tenant reimbursements | 10,254 | 7,846 | 5,497 | ||||||||
Independent living facilities | 3,228 | 2,970 | 2,510 | ||||||||
Interest and other income | 1,867 | 737 | 965 | ||||||||
Total revenues | $ 36,597 | $ 32,948 | $ 32,829 | $ 30,608 | $ 28,243 | $ 27,106 | $ 25,701 | $ 23,629 | 132,982 | 104,679 | 74,951 |
Expenses: | |||||||||||
Depreciation and amortization | 39,159 | 31,965 | 24,133 | ||||||||
Interest expense | 24,196 | 22,873 | 24,048 | ||||||||
Loss on the extinguishment of debt | 11,883 | 326 | 1,208 | ||||||||
Property taxes | 10,254 | 7,846 | 5,497 | ||||||||
Independent living facilities | 2,733 | 2,549 | 2,376 | ||||||||
Impairment of real estate investment | 890 | 0 | 0 | ||||||||
Acquisition costs | 0 | 205 | 0 | ||||||||
Reserve for advances and deferred rent | 10,414 | 0 | 0 | ||||||||
General and administrative | 11,117 | 9,297 | 7,655 | ||||||||
Total expenses | 110,646 | 75,061 | 64,917 | ||||||||
Other income (expense): | |||||||||||
Loss on sale of asset | 0 | (265) | 0 | ||||||||
Gain on disposition of other real estate investment | 3,538 | 0 | 0 | ||||||||
Net income | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 8,388 | $ 7,832 | $ 7,631 | $ 5,502 | $ 25,874 | $ 29,353 | $ 10,034 |
Earnings per common share: | |||||||||||
Basic (usd per share) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.35 | $ 0.52 | $ 0.26 |
Diluted (usd per share) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.35 | $ 0.52 | $ 0.26 |
Weighted-average number of common shares: | |||||||||||
Basic (shares) | 75,476 | 75,471 | 72,564 | 66,951 | 60,875 | 57,595 | 57,478 | 48,101 | 72,647 | 56,030 | 37,380 |
Diluted (shares) | 75,476 | 75,471 | 72,564 | 66,951 | 60,875 | 57,595 | 57,478 | 48,101 | 72,647 | 56,030 | 37,380 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Cumulative Distributions in Excess of Earnings |
Beginning balance at Dec. 31, 2014 | $ 113,462 | $ 313 | $ 246,041 | $ (132,892) |
Beginning balance (shares) at Dec. 31, 2014 | 31,251,157 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net | 162,963 | $ 163 | 162,800 | |
Issuance of common stock, net (shares) | 16,330,000 | |||
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 | |||
Amortization of stock-based compensation | 1,522 | 1,522 | ||
Common dividends ($0.74, $0.68 and $0.64 per share for the years ended 2017, 2016 and 2015, respectively) | (25,548) | (25,548) | ||
Net income | 10,034 | 10,034 | ||
Ending balance at Dec. 31, 2015 | 262,288 | $ 477 | 410,217 | (148,406) |
Ending balance (shares) at Dec. 31, 2015 | 47,664,742 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net | 200,398 | $ 170 | 200,228 | |
Issuance of common stock, net (shares) | 17,023,824 | |||
Vesting of restricted common stock, net of shares withheld for employee taxes | (515) | $ 1 | (516) | |
Vesting of restricted common stock, net of shares withheld for employee taxes (shares) | 127,784 | |||
Amortization of stock-based compensation | 1,546 | 1,546 | ||
Common dividends ($0.74, $0.68 and $0.64 per share for the years ended 2017, 2016 and 2015, respectively) | (40,640) | (40,640) | ||
Net income | 29,353 | 29,353 | ||
Ending balance at Dec. 31, 2016 | 452,430 | $ 648 | 611,475 | (159,693) |
Ending balance (shares) at Dec. 31, 2016 | 64,816,350 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net | 170,319 | $ 106 | 170,213 | |
Issuance of common stock, net (shares) | 10,573,089 | |||
Vesting of restricted common stock, net of shares withheld for employee taxes | (866) | $ 1 | (867) | |
Vesting of restricted common stock, net of shares withheld for employee taxes (shares) | 88,763 | |||
Amortization of stock-based compensation | 2,416 | 2,416 | ||
Common dividends ($0.74, $0.68 and $0.64 per share for the years ended 2017, 2016 and 2015, respectively) | (55,556) | (55,556) | ||
Net income | 25,874 | 25,874 | ||
Ending balance at Dec. 31, 2017 | $ 594,617 | $ 755 | $ 783,237 | $ (189,375) |
Ending balance (shares) at Dec. 31, 2017 | 75,478,202 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Common dividend (usd per share) | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.74 | $ 0.68 | $ 0.64 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 25,874 | $ 29,353 | $ 10,034 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization (including a below-market ground lease) | 39,176 | 31,980 | 24,133 |
Amortization of deferred financing costs | 2,100 | 2,239 | 2,200 |
Loss on the extinguishment of debt | 11,883 | 326 | 1,208 |
Amortization of stock-based compensation | 2,416 | 1,546 | 1,522 |
Straight-line rental income | (344) | (150) | 0 |
Noncash interest income | (686) | (737) | (945) |
Interest income distribution from other real estate investment | 1,500 | 0 | 0 |
Reserve for advances and deferred rent | 10,414 | 0 | 0 |
Impairment of real estate investment | 890 | 0 | 0 |
Loss on sale of real estate | 0 | 265 | 0 |
Change in operating assets and liabilities: | |||
Accounts and other receivables, net | (9,428) | (3,404) | (2,326) |
Accounts receivable due from related party | 0 | 0 | 2,275 |
Prepaid expenses and other assets | (273) | 84 | (86) |
Accounts payable and accrued liabilities | 5,278 | 2,929 | 2,239 |
Net cash provided by operating activities | 88,800 | 64,431 | 40,254 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (296,517) | (281,228) | (232,466) |
Improvements to real estate | (748) | (762) | (187) |
Purchases of equipment, furniture and fixtures | (403) | (151) | (276) |
Preferred equity investments | 0 | (4,656) | 0 |
Investment in real estate mortgage loan receivable | (12,416) | 0 | 0 |
Sale of other real estate investment | 7,500 | 0 | 0 |
Principal payments received on mortgage loan receivable | 25 | 0 | 0 |
Escrow deposits for acquisition of real estate | 0 | (700) | (1,750) |
Net proceeds from the sale of real estate | 0 | 2,855 | 30 |
Net cash used in investing activities | (302,559) | (284,642) | (234,649) |
Cash flows from financing activities: | |||
Proceeds from the issuance of common stock, net | 170,323 | 200,402 | 162,963 |
Proceeds from the issuance of senior unsecured notes payable | 300,000 | 0 | 0 |
Proceeds from the issuance of senior unsecured term loan | 0 | 100,000 | 0 |
Borrowings under unsecured revolving credit facility | 238,000 | 255,000 | 45,000 |
Payments on senior unsecured notes payable | (267,639) | 0 | 0 |
Payments on unsecured revolving credit facility | (168,000) | (205,000) | 0 |
Borrowings under senior secured revolving credit facility | 0 | 0 | 35,000 |
Repayments of borrowings under senior secured revolving credit facility | 0 | 0 | (35,000) |
Payments on the mortgage notes payable | 0 | (95,022) | (3,183) |
Payments of deferred financing costs | (6,063) | (1,352) | (2,303) |
Net-settle adjustment on restricted stock | (866) | (515) | (145) |
Dividends paid on common stock | (52,587) | (37,269) | (21,790) |
Net cash provided by financing activities | 213,168 | 216,244 | 180,542 |
Net decrease in cash and cash equivalents | (591) | (3,967) | (13,853) |
Cash and cash equivalents, beginning of period | 7,500 | 11,467 | 25,320 |
Cash and cash equivalents, end of period | 6,909 | 7,500 | 11,467 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 29,619 | 21,238 | 21,687 |
Supplemental schedule of noncash operating, investing and financing activities: | |||
Increase in dividends payable | 2,970 | 3,371 | 3,758 |
Application of escrow deposit to acquisition of real estate | $ 700 | $ 1,250 | $ 500 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Description of Business— CareTrust REIT, Inc.’s (“CareTrust REIT” or the “Company”) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of December 31, 2017 , the Company owned and leased to independent operators, including The Ensign Group, Inc. (“Ensign”), 185 skilled nursing, multi-service campuses, assisted living and independent living facilities consisting of 18,064 operational beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Maryland, Michigan, Minnesota, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oregon, Texas, Utah, Virginia, Washington and Wisconsin. The Company also owns and operates three independent living facilities which have a total of 264 units located in Texas and Utah. As of December 31, 2017 , the Company also had other real estate investments consisting of two preferred equity investments totaling $5.5 million and a mortgage loan receivable of $12.5 million . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The accompanying consolidated financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of (i) the net-leased skilled nursing, assisted living and independent living facilities; (ii) the operations of the three independent living facilities that the Company owns and operates; and (iii) the preferred equity investments and mortgage loan receivable. The accompanying consolidated 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. Management believes that the assumptions and estimates used in preparation of the underlying consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions. Reclassifications —Prior period results reflect reclassifications, for comparative purposes, in the Company’s consolidated financial statements, including a $0.3 million and $1.2 million write-off of deferred financing costs reclassified from interest expense to loss on the extinguishment of debt in the consolidated income statements for the years ended December 31, 2016 and 2015 , respectively. 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 Identified intangible assets Shorter of lease term or expected useful life Real Estate Acquisition Valuation — In accordance with Accounting Standard Codification (“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. As part of the Company’s asset acquisitions, the Company may commit to provide contingent payments to a seller or lessee (e.g., an earn-out payable upon the applicable property achieving certain financial metrics). Typically, when the contingent payments are funded, cash rent is increased by the amount funded multiplied by a rate stipulated in the agreement. Generally, if the contingent payment is an earn-out provided to the seller, the payment is capitalized to the property’s basis. If the contingent payment is an earn-out provided to the lessee, the payment is recorded as a lease incentive and is amortized as a yield adjustment over the life of the lease. Impairment of Long-Lived Assets —At each reporting period, management evaluates the Company’s real estate investments for impairment indicators, including the evaluation of the useful lives of the Company’s assets. 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, it evaluates 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 — Included in Other Real Estate Investments are preferred equity investments and a mortgage loan receivable. 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, to the extent there is outside contributed equity or cumulative earnings from operations. 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 the Company, will be repaid upon redemption or as available cash flow is distributed from the joint venture. The Company’s mortgage loan receivable is recorded at amortized cost, which consists of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Interest income on the Company’s mortgage loan receivable is recognized over the life of the investment using the interest method. Origination costs and fees directly related to loans receivable are amortized over the term of the loan as an adjustment to interest income. The Company evaluates at each reporting period 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 the Company 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 three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and short-term investments with high credit quality financial institutions. The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Deferred Financing Costs —External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. For senior unsecured notes payable and senior unsecured term loan, deferred financing costs are netted against the outstanding debt amounts on the balance sheet. For the unsecured revolving credit facility, deferred financing costs are included in assets on the Company’s balance sheet. Amortization of deferred financing costs is classified as interest expense in the consolidated income statements. Accumulated amortization of deferred financing costs was $3.2 million and $4.2 million at December 31, 2017 and December 31, 2016 , 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 the Company’s consolidated income statements. 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. 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. 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, 2017 , 2016 and 2015 , such tenant reimbursement revenues consist of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, the Company provides a reserve against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company 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. As of December 31, 2017 , accounts and other receivables, net included a $0.8 million reserve for unpaid cash rents and a $9.6 million reserve for other tenant receivables related to the properties now and previously net leased to subsidiaries of Pristine Senior Living, LLC (“Pristine”). See Note 3, “Real Estate Investments, Net” for further discussion. The Company had no reserves at December 31, 2016 . The Company evaluates the collectability of the straight-line rent receivable balances on an ongoing basis and provides reserves against receivables it determines may not be fully recoverable. The Company recorded $0.3 million , $0.2 million and $0.0 million of revenues in excess of cash received during the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company had straight-line rent receivables recorded under the caption “Accounts and other receivables, net” on the Company’s consolidated balance sheets of $0.5 million and $0.2 million at December 31, 2017 and December 31, 2016 , respectively. Income Taxes —Income tax expense and other income tax related information contained in these consolidated 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 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 to its stockholders at least 90% of the Company’s annual REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). 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. 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 reflects stock-based compensation expense of $2.4 million , $1.5 million and $1.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Concentration of Credit Risk —The Company is subject to concentrations of credit risk consisting primarily of operating leases on its owned properties. See Note 12, Concentration of Risk , for a discussion of major operator concentration. Segment Disclosures —The Financial Accounting Standard Board (“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. 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 Financial Statements are presented on an unaudited basis. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). ASC 606 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. ASC 606 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the ASC. ASC 606 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 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. Entities can use either a full retrospective or modified retrospective method to adopt the ASU. Under the full retrospective method, all periods presented will be restated upon adoption to conform to the new standard and a cumulative adjustment for effects on periods prior to 2016 will be recorded to retained earnings as of January 1, 2016. Under the modified retrospective approach, prior periods are not restated to conform to the new standard. Instead, a cumulative adjustment for effects of applying the new standard to periods prior to 2018 is recorded to retained earnings as of January 1, 2018. The Company has elected the modified retrospective approach. Based on review of the Company’s revenue streams from independent living facilities, the Company’s consolidated financial statements include revenues generated through services provided to residents of independent living facilities that are ancillary to the residents’ contractual rights to occupy living and common-area space at the communities, such as meals, transportation and activities. While these revenue streams are subject to the application of Topic 606, the revenues associated with these services are generally recognized on a monthly basis, the period in which the related services are performed. Therefore, revenue recognition under the new revenue recognition ASU is expected to be similar to the recognition pattern under existing accounting standards. During the year ended December 31, 2017 , the Company recognized $3.2 million of revenue from its independent living facilities. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10) (“ASU 2016-01”). ASU 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASC 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations for which it is the lessee. As of December 31, 2017 , the remaining contractual payments under the Company’s lease agreements aggregated $0.3 million . Additionally, ASC 842 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASC 842, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. During the year ended December 31, 2017 , the Company did not capitalize any allocated payroll costs. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. ASC 842 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The standard permits the use of the modified retrospective transition method. The Company continues to assess the potential effect that the adoption of ASC 842 will have on the Company’s consolidated financial statements; however, the Company expects that its tenant recoveries will be separated into lease and non-lease components. Tenant recoveries that qualify as lease components, which relate to the right to use the leased asset (e.g., property taxes, insurance), will be accounted for under ASC 842. Tenant recoveries that qualify as non-lease components, which relate to payments for goods or services that are transferred separately from the right to use the underlying asset, including tenant recoveries related to payments for maintenance activities and common area expenses, will be accounted for under the new revenue recognition ASC 606 upon adoption of the new lease ASC 842 on January 1, 2019 for any new lease or any modified lease. In January 2018, the FASB issued a proposed amendment to the lease ASC 842 that would allow lessors to elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling price. If adopted, this practical expedient will allow lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. ASU 2016-13 will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (e.g., loan commitments). ASU 2016-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted, and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently assessing the potential effect the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provided guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) (“ASU 2016-18”) that will require companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. As of December 31, 2017 and December 31, 2016 , the Company did not have any restricted cash. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. Recent Accounting Standards Adopted by the Company On January 1, 2017, the Company early adopted ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805) (“ASU 2017-01”) that clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update will be applied on a prospective basis and the Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), that simplifies several aspects of employee share-based payment accounting, including the accounting for forfeitures. ASU 2016-09 allows an entity to make an accounting policy election either to continue to estimate the total number of awards that are expected to vest (current method) or to account for forfeitures when they occur. This entity-wide accounting policy election only applies to service conditions; for performance conditions, the entity continues to assess the probability that such conditions will be achieved. If an entity elects to account for forfeitures when they occur, all nonforfeitable dividends paid on share-based payment awards are initially charged to retained earnings and reclassified to compensation cost only when forfeitures of the underlying awards occur. Under current guidance, nonforfeitable dividends paid on share-based payment awards that are not expected to vest are recognized as additional compensation cost. The adoption of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. The Company has elected to account for forfeitures when they occur. |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | REAL ESTATE INVESTMENTS, NET The following table summarizes the Company’s investment in owned properties at December 31, 2017 and December 31, 2016 (dollars in thousands): December 31, 2017 December 31, 2016 Land $ 151,879 $ 110,648 Buildings and improvements 1,114,605 875,567 Integral equipment, furniture and fixtures 80,729 64,120 Identified intangible assets 2,382 1,914 Real estate investments 1,349,595 1,052,249 Accumulated depreciation (197,334 ) (158,331 ) Real estate investments, net $ 1,152,261 $ 893,918 As of December 31, 2017 , 92 of the Company’s 188 facilities were leased to subsidiaries of Ensign on a triple-net basis under multiple long-term leases (each, an “Ensign Master Lease” and, collectively, 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. As of December 31, 2017 , annualized revenues from the Ensign Master Leases were $57.7 million and are 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, 2017 , 93 of the Company’s 188 facilities were leased to various other operators under triple-net leases. All of these leases contain annual escalators based on CPI some of which are subject to a cap, or fixed rent escalators. The Company’s three remaining properties as of December 31, 2017 are the independent living facilities that the Company owns and operates. The Company has only two identified intangible assets which relate to a below-market ground lease and three acquired operating leases. The ground lease has a remaining term of 81 years . As of December 31, 2017 , total future minimum rental revenues for the Company’s tenants were (dollars in thousands): Year Amount 2018 $ 132,652 2019 132,102 2020 131,030 2021 131,283 2022 131,541 Thereafter 1,068,611 $ 1,727,219 Recent Real Estate Acquisitions The following recent real estate acquisitions were accounted for as asset acquisitions: Premier Senior Living, LLC In February 2017, the Company acquired two assisted living and memory care facilities with 96 beds in the Milwaukee metropolitan area for $26.1 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Premier Senior Living, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $2.2 million . WLC Management Firm, LLC In March 2017, the Company acquired a five facility 455 -bed skilled nursing portfolio in Illinois for $29.2 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company entered into a triple-net master lease with affiliates of WLC Management Firm, LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. Initial annual cash rent is $2.9 million under the lease. In July 2017, the Company acquired a skilled nursing facility with 99 beds in Eldorado, Illinois for $3.7 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with affiliates of WLC Management Firm, LLC. The amended lease has a remaining initial term of approximately 14 years with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.4 million . In December 2017, the Company acquired a skilled nursing facility with 86 beds in Greenville, Illinois for $4.6 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with affiliates of WLC Management Firm, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.4 million . Better Senior Living Consulting, LLC In May 2017, the Company acquired an assisted living and memory care facility with 170 beds in Brooksville, Florida for $2.0 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Better Senior Living Consulting, LLC. The amended lease has a remaining initial term of approximately 13 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.3 million . Cascadia Healthcare, LLC In May 2017, the Company acquired a skilled nursing facility with 119 units in Nampa, Idaho valued at $6.5 million , which includes capitalized acquisition costs. This facility acquisition was part of a three -skilled nursing facility portfolio acquisition that was completed in the third quarter of 2017. The remaining two skilled nursing facilities with 129 units in Oregon and Washington were valued at $4.9 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Cascadia Healthcare, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $1.1 million . In September 2017, the Company acquired three skilled nursing facilities with 236 beds in Idaho for $29.8 million , which includes capitalized acquisition costs. The acquisition was a part of a staged seven -facility portfolio transaction that was completed in October 2017. The portfolio transaction, including capitalized acquisition costs, was valued at a total of $65.5 million . In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Cascadia Healthcare, LLC. The amended lease has a remaining initial term of approximately 13 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $5.9 million . OnPointe Health, LLC In June 2017, the Company acquired a skilled nursing facility in Brownsville, Texas with 126 units and a skilled nursing facility in Albuquerque, New Mexico with 136 units for $27.3 million , which includes capitalized acquisition costs. The two facilities are leased to affiliates of OnPointe Health, LLC under two leases. Current contractual annual cash rent totals $2.5 million under the leases. The leases carry remaining terms of approximately 17 and 19 years, respectively, with CPI-based rent escalators. The tenant has an option to purchase the Brownsville, Texas facility at a fixed price of $14.3 million that becomes exercisable on a periodic basis beginning in 2024. Prelude Homes & Services, LLC In July 2017, the Company acquired an assisted living and memory care facility with 30 units in White Bear Lake, Minnesota for $7.8 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with affiliates of Prelude Homes & Services, LLC. The amended lease has a remaining initial term of approximately 12.5 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.6 million . Priority Management Group, LLC In September 2017, the Company acquired a three facility 405 -bed skilled nursing portfolio in the greater Dallas-Fort Worth, Texas area for $20.3 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Priority Management Group, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $1.9 million . Five Oaks In October 2017, the Company acquired a three facility 268 -bed skilled nursing portfolio in Washington for $12.1 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Five Oaks. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $1.1 million . Twenty/20 Management, Inc. In October 2017, the Company acquired a three assisted living and memory care facility with 91 units in Virginia for $18.2 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Twenty/20 Management, LLC. The amended lease has a remaining initial term of approximately 12 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $1.5 million . Providence Group In October 2017, the Company acquired a three facility 528 -bed skilled nursing portfolio in the California for $69.2 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Providence Group. The lease has an initial term of approximately 15 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the lease is $6.1 million . Lease Amendments and Related Agreements Pristine Amendment . On November 2, 2017 (the “Pristine Amendment Date”), the Company entered into a fourth amendment to the master lease (the “Pristine Amendment”) with affiliates of Pristine. Under the Pristine Amendment, the Company agreed that seven facilities selected by the Company (the “Transitioned Facilities”) would be transferred to a new operator or operators designated by the Company in its sole and absolute discretion. As described below under “Trillium Amendment,” the Company concurrently entered into a third amendment to the master lease (the “Trillium Amendment”) with affiliates of Trillium Healthcare Group, LLC (“Trillium”) to lease the Transitioned Facilities to affiliates of Trillium. The Trillium Amendment and the operational transfers of the Transitioned Facilities became effective on December 1, 2017 (such date, the “Transition Effective Date”). Pursuant to the Pristine Amendment, commencing on October 1, 2017, initial base rent under the Pristine master lease, as amended (as amended, the “Lease”) was $15.6 million per annum, payable in equal monthly installments. On the Transition Effective Date, annual base rent was reduced by $6.5 million . Commencing on March 1, 2018, annual base rent will increase to $9.5 million . Commencing on July 1, 2018 annual base rent would increase to $9.8 million , and beginning on July 1, 2019 and increasing annually thereafter, annual base rent would increase by the greater of (i) 2% or (ii) the adjusted CPI increase not to exceed 3% . Under the Lease, Pristine is required to make scheduled deposits as additional rent into a landlord-managed impound account from which the Company pays certain property taxes and franchise permit fees related to the properties now and previously net leased by Pristine from the Company. Under the Pristine Amendment, Pristine deposited into the impound account an additional $0.3 million in November 2017 and an additional $0.2 million in December 2017, and in December 2017 the Company made a scheduled additional advance of $1.0 million to the impound account, bringing the total outstanding balance to approximately $6.4 million in deferred rent. The Company used impound funds deposited both by Pristine and the Company to pay franchise permit fees due with respect to the facilities retained by Pristine under the Lease (the “Retained Facilities”) and the Transitioned Facilities for the period July 1, 2017 through September 30, 2017, which were due in December 2017. Pristine agreed to repay the total outstanding balance of the deferred rent in the impound account, plus the portion of the September 2017 base rent the Company allowed Pristine to defer, totaling $0.8 million , over time with interest. These scheduled payments of additional rent in the amount of $0.1 million per month would be made beginning on October 15, 2018 and continuing monthly thereafter, with any outstanding balance due in full on January 15, 2023. The outstanding balance on the rent deferral would incur interest charges at a rate of 6.25% per annum. Under the Pristine Amendment, Pristine remains obligated to pay certain additional obligations related to the operation of the Transitioned Facilities prior to the Transition Effective Date which were not yet due as of the Transition Effective Date, including depositing into the impound account its full prorata share of the incurred but unpaid property taxes and franchise permit fees for the Transitioned Facilities attributable to the period from October 1, 2017 to the Transition Effective Date, as well as ongoing obligations with respect to the Retained Facilities. Although Pristine has paid $4.4 million of the $4.9 million in base rent due from the execution of the Pristine Amendment through the date hereof, Pristine has only paid $0.5 million of the $2.8 million in additional payments due under the Lease for the same period. Accordingly, on February 27, 2018 (the “LTA Effective Date”) the Company entered into a Lease Termination Agreement (the “LTA”) with Pristine under which Pristine and its affiliates will surrender the Retained Facilities to an operator or operators designated by the Company in its sole and absolute discretion, in transactions similar to those effected in December 2017. Pursuant to the LTA, the operational transfers of the Retained Facilities are to occur within 180 days of the LTA Effective Date, and the Company and Pristine have agreed to make commercially reasonable efforts to facilitate such transfers. Until the date or dates upon which such operational transfers occur (each an “LTA Transition Date”), Pristine will continue to operate the Retained Facilities, and will collect revenues, pay payroll and other current operating expenses, pay the scheduled base rent and, to the extent of funds available, will pay additional rent thereon. The Company will continue to fund the impound account as needed to meet current real property tax and franchise permit fee liabilities accruing, if any, through the LTA Transition Date(s). The Company has therefore determined that it will (i) recognize Pristine rental revenues on a cash basis, and (ii) reserve all outstanding obligations of Pristine to the Company consisting of $6.3 million in property tax reimbursements and advances of 2016 and 2017 franchise permit fees made during the year ended December 31, 2017, $3.3 million of 2017 property tax reimbursements and franchise permit fees expected to be advanced after December 31, 2017 and $0.8 million of unpaid base rent from September 2017. Such reserve is presented in “Reserve for advances and deferred rent” within the consolidated income statements. Under the LTA the Company will, upon Pristine’s full performance of the terms thereof, terminate the Lease and all future obligations of the tenant thereunder; however, under the terms of the Lease our security interest in Pristine’s accounts receivable will survive any such termination. Such security interest is subject to the prior lien and security interest of Pristine’s working capital lender, Capital One, National Association (“CONA”), with whom the Company has an existing intercreditor agreement that defines the relative rights and responsibilities of CONA and the Company with respect to the loan and lease collateral represented by Pristine’s accounts receivable and the Company’s respective security interests therein. Trillium Amendment. On November 2, 2017 , the Company entered into the Trillium Amendment with Trillium to lease the Transitioned Facilities to affiliates of Trillium. Under the Trillium Amendment, on the Transition Effective Date, annual base rent increased by approximately $6.9 million , from $4.5 million to $11.5 million . On February 1, 2018, annual base rent increased to $11.6 million . On the first anniversary of the Transition Effective Date, annual base rent will increase to $12.1 million . On February 1, 2019, annual base rent will increase to $12.2 million . Following the second anniversary of the Transition Effective Date, annual base rent will increase by the lesser of (i) the CPI increase or (ii) 3% . Impairment of Real Estate Investment During the year ended December 31, 2017 , the Company recorded an impairment loss of $0.9 million related to its investment in La Villa Rehab & Healthcare Center (“La Villa”). In April 2017, the Company and Ensign mutually determined that La Villa had reached the natural end of its useful life as a skilled nursing facility and that the facility was no longer economically viable, the improvements thereon could not be economically repurposed to any other use, and the cost to remove the obsolete improvements and reclaim the underlying land for redevelopment was expected to exceed the market value of the land. Ensign agreed to wind up and terminate the operations of the facility and the Company transferred title to the property to Ensign. There was no adjustment to the contractual rent under the applicable master lease. Additionally, the Company and Ensign agreed that the licensed beds will be transferred to another facility included in the Ensign Master Leases. |
Other Real Estate Investments
Other Real Estate Investments | 12 Months Ended |
Dec. 31, 2017 | |
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 yielded 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment was used to develop Signature Senior Living at Arvada, a planned 134 -unit upscale assisted living and memory care community in Arvada, Colorado constructed on a five -acre site. In connection with its investment, CareTrust REIT 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 was completed in the second quarter of 2016 and began lease-up in the third quarter of 2016. In May 2017, the property was sold to a third party. In connection with the sale, the Company received back in cash its initial investment of $7.5 million , a cumulative contractual preferred return of $2.5 million , and an additional cash payment of $3.5 million , which the Company recognized as a gain on the sale of other real estate investment during the year ended December 31, 2017 . The Company also recognized interest income of $1.0 million during the year ended December 31, 2017 , which included a previously unrecognized preferred return of $0.5 million related to prior periods. In July 2016, the Company completed a $2.2 million preferred equity investment with an affiliate of Cascadia Development, LLC. The preferred equity investment yields a return equal to prime plus 9.5% but in no event less than 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment is being used to develop a 99 -bed skilled nursing facility in Nampa, Idaho. In connection with its investment, CareTrust REIT obtained an option to purchase the development at a fixed-formula price upon stabilization, with an initial lease yield of at least 9.0% . The project is expected to be completed during the first quarter of 2018. In September 2016, the Company completed a $2.3 million preferred equity investment with an affiliate of Cascadia Development, LLC. The preferred equity investment yields a return equal to prime plus 9.5% but in no event less than 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment is being used to develop a 99 -bed skilled nursing facility in Boise, Idaho. In connection with its investment, CareTrust REIT obtained an option to purchase the development at a fixed-formula price upon stabilization, with an initial lease yield of at least 9.0% . The project is expected to be completed by early 2018. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized $1.7 million , $0.7 million and $0.9 million , respectively, of interest income related to these preferred equity investments of which the portion of these amounts were added to the outstanding carrying values. In October 2017, the Company provided the Providence Group a mortgage loan secured by a skilled nursing facility for approximately $12.5 million inclusive of transaction costs, which bears a fixed interest rate of 9% . The mortgage loan requires Providence Group to make monthly principal and interest payments and is set to mature on October 26, 2020. During the year ended December 31, 2017 , the Company recognized $0.2 million of interest income related to the mortgage loan. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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., impairment of long-lived assets). Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The GAAP fair value framework uses a three -tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. 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, 2017 and December 31, 2016 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, 2017 December 31, 2016 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,550 $ 5,423 $ 12,031 $ 13,872 $ 14,289 Mortgage loan receivable 12,517 12,399 12,517 — — — Financial liabilities: Senior unsecured notes payable $ 300,000 $ 294,395 $ 307,500 $ 260,000 $ 255,294 $ 265,850 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 investments : The carrying amounts were accounted for at the unpaid principal balance, plus accrued return, net of reserves, assuming a hypothetical liquidation of the book values of the joint ventures. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value and other credit enhancements. Mortgage loan receivable : The mortgage loan receivable is recorded at amortized cost, which consists of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. The fair values of the mortgage loan receivable were 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 and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates for similar debt arrangements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS 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 the board of directors of the Company were considered related party in nature. For the year ended December 31, 2015, the Company recognized $16.3 million in rental income from Ensign while Mr. Christensen sat on the board of directors of the Company as well as $1.4 million of tenant reimbursements. After April 15, 2015, the effective date of Mr. Christensen’s resignation from the Company’s 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table summarizes the balance of the Company’s indebtedness as of December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 300,000 $ (5,605 ) $ 294,395 $ 260,000 $ (4,706 ) $ 255,294 Senior unsecured term loan 100,000 (483 ) 99,517 100,000 (578 ) 99,422 Unsecured revolving credit facility 165,000 — 165,000 95,000 — 95,000 $ 565,000 $ (6,088 ) $ 558,912 $ 455,000 $ (5,284 ) $ 449,716 Senior Unsecured Notes Payable On May 10, 2017, 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 an underwritten public offering of $300.0 million aggregate principal amount of 5.25% Senior Notes due 2025 (the “Notes”). The Notes were issued at par, resulting in gross proceeds of $300.0 million and net proceeds of approximately $294.0 million after deducting underwriting fees and other offering expenses. The Company used the net proceeds from the offering of the Notes to redeem all $260.0 million aggregate principal amount outstanding of its 5.875% Senior Notes due 2021, including payment of the redemption price at 102.938% and all accrued and unpaid interest thereon. The Company used the remaining portion of the net proceeds of the Notes offering to pay borrowings outstanding under its senior unsecured revolving credit facility. The Notes mature on June 1, 2025 and bear interest at a rate of 5.25% per year. Interest on the Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2017. The Issuers may redeem the Notes any time before June 1, 2020 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, 2020, at the redemption prices set forth in the indenture. At any time on or before June 1, 2020, up to 40% of the aggregate principal amount of the Notes may be redeemed with the net proceeds of certain equity offerings if at least 60% of the originally issued aggregate principal amount of the Notes remains outstanding. In such case, the redemption price will be equal to 105.25% of the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, to, but not including, the redemption date. 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 Information . The indenture contains customary covenants such as 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, 2017 , the Company was in compliance with all applicable financial covenants under the indenture. Unsecured Revolving Credit Facility and Term Loan 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 initially provided 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. 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. On February 1, 2016, the Company 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 , (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 Revolving Facility continues to mature on August 5, 2019, subject to two , six -month extension options. 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 with General Electric Capital Corporation (the “GECC Loan”), as agent and lender, and the other lenders party thereto. The Company expects to use borrowings under the Credit Facility for working capital purposes, to fund acquisitions and for general corporate purposes. As of December 31, 2017 , the Company had a $100.0 million Term Loan outstanding and there was $165.0 million outstanding under the Revolving Facility. 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 pays 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). 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 applicable 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). The Credit Facility is 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, 2017 , the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense During the years ended December 31, 2017 , 2016 and 2015 , the Company incurred $24.2 million , $22.9 million and $24.0 million of interest expense, respectively. Included in interest expense for the year ended December 31, 2017 , 2016 and 2015 , was $2.1 million , $2.2 million and $2.2 million of amortization of deferred financing fees, respectively. As of December 31, 2017 and December 31, 2016 , the Company’s interest payable was $1.4 million and $1.3 million , respectively. Loss on the Extinguishment of Debt During the year ended December 31, 2017 , the loss on the extinguishment of debt included $7.6 million related to the redemption of the Company’s 5.875% Senior Notes due 2021 at a redemption price of 102.938% and a $4.2 million write-off of deferred financing costs associated with the redemption. During the year ended December 31, 2016 , the loss on the extinguishment of debt included a $0.3 million write-off of deferred financing costs associated with the payoff of the GECC Loan. During the year ended December 31, 2015 , the loss on the extinguishment of debt included a $1.2 million write-off of deferred financing fees associated with the payoff and termination of the Company’s senior secured revolving credit facility. Schedule of Debt Maturities As of December 31, 2017 , the Company’s debt maturities were (dollars in thousands): Year Amount 2018 $ — 2019 165,000 2020 — 2021 — 2022 — Thereafter 400,000 $ 565,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | EQUITY Common Stock Offerings 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 of $163.0 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. On March 28, 2016, the Company completed an underwritten public offering of 9.78 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds of $105.8 million from the offering, after giving effect to the issuance and sale of all 9.78 million shares of common stock (which included 1.28 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $11.35 per share. On November 18, 2016, the Company completed an underwritten public offering of 6.33 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds of $80.9 million from the offering, after giving effect to the issuance and sale of all 6.33 million shares of common stock (which included 0.83 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $13.35 per share. At-The-Market Offering of Common Stock - During the second quarter of 2017, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $300.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “ATM Program”). At the time the ATM Program commenced in May 2017, the Company’s at-the-market equity offering program entered into during 2016 (the “Prior ATM Program”), which had been substantially depleted, was permanently discontinued. As of December 31, 2017 , the Company had approximately $236.1 million available for future issuances under the ATM Program. The following table summarizes the ATM Program and Prior ATM Program activity for 2017 (shares and dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total Number of shares 7,175 3,399 — — 10,574 Average sales price per share $ 15.31 $ 18.82 $ — $ — $ 16.43 Gross proceeds $ 109,813 $ 63,947 $ — $ — $ 173,760 Dividends on Common Stock — During the first quarter of 2015, the board of directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on April 15, 2015 to common stockholders of record as of March 31, 2015 . During the second quarter of 2015, the board of directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on July 15, 2015 to common stockholders of record as of June 30, 2015 . During the third quarter of 2015, the board of directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on October 15, 2015 to common stockholders of record as of September 30, 2015 . During the fourth quarter of 2015, the board of directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on January 15, 2016 to common stockholders of record as of December 31, 2015 . During the first quarter of 2016, the board of directors declared a quarterly cash dividend of $0.17 per share of common stock, payable on April 15, 2016 to common stockholders of record as of March 31, 2016 . During the second quarter of 2016, the board of directors declared a quarterly cash dividend of $ 0.17 per share of common stock, payable on July 15, 2016 to common stockholders of record as of June 30, 2016 . During the third quarter of 2016, the board of directors declared a quarterly cash dividend of $ 0.17 per share of common stock, payable on October 14, 2016 to common stockholders of record as of September 30, 2016 . During the fourth quarter of 2016, the board of directors declared a quarterly cash dividend of $ 0.17 per share of common stock, payable on January 13, 2017 to common stockholders of record as of December 31, 2016 . During the first quarter of 2017, the Company’s board of directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on April 14, 2017 to common stockholders of record as of March 31, 2017 . During the second quarter of 2017, the Company’s board of directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on July 14, 2017 to common stockholders of record as of June 30, 2017 . During the third quarter of 2017, the Company’s board of directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on October 13, 2017 to common stockholders of record as of September 29, 2017 . During the fourth quarter of 2017, the Company’s board of directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on January 16, 2018 to common stockholders of record as of December 29, 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
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 restricted stock award activity for the years ended December 31, 2017 and 2016 : Shares Weighted Average Share Price Unvested balance at December 31, 2015 394,697 $ 12.56 Granted 20,770 13.13 Vested (121,899 ) 12.60 Forfeited (7,500 ) 10.87 Unvested balance at December 31, 2016 286,068 12.63 Granted 254,534 15.46 Vested (111,024 ) 12.82 Forfeited (6,667 ) 15.21 Unvested balance at December 31, 2017 422,911 $ 14.19 The Company recognized $2.4 million , $1.5 million and $1.5 million of compensation expense associated with all grants for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , there was $3.8 million of unamortized stock-based compensation expense related to these unvested awards and the weighted-average remaining vesting period of such awards was 1.8 years . 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 (the “Spin-Off”). In connection with the Spin-Off, employees of Ensign who had unvested shares of restricted stock were given one share of CareTrust REIT 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, 2017 , 27,200 shares vested or were forfeited. At December 31, 2017 , there were 14,980 unvested restricted stock awards outstanding. In February 2017, the Compensation Committee of the Company’s board of directors granted 233,768 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $15.21 per share, based on the market price of the Company’s common stock on that date, and the shares vest in three equal annual installments beginning on the first anniversary of the grant date. In July 2017, the Compensation Committee of the Company's board of directors granted 20,766 shares of restricted stock to members of the board of directors. Each share had a fair market value on the date of grant of $18.30 per share, based on the market price of the Company's common stock on that date, and the shares vest in full on the earlier to occur of June 30, 2018 or when the Company holds its 2018 Annual Meeting. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , 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, 2017 , 2016 and 2015 (amounts in thousands, except per share amounts): Year Ended December 31, 2017 2016 2015 Numerator: Net income $ 25,874 $ 29,353 $ 10,034 Less: Net income allocated to participating securities (354 ) (260 ) (286 ) Numerator for basic and diluted earnings available to common stockholders $ 25,520 $ 29,093 $ 9,748 Denominator: Weighted-average basic common shares outstanding 72,647 56,030 37,380 Weighted-average diluted common shares outstanding 72,647 56,030 37,380 Earnings per common share, basic $ 0.35 $ 0.52 $ 0.26 Earnings per common share, diluted $ 0.35 $ 0.52 $ 0.26 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 per share for the years ended December 31, 2017 , 2016 and 2015 , as their inclusion would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 (the “CIA”) with the Office of Inspector General-Health and Human Serivces. 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 —The Company and its subsidiaries are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which are not individually or in the aggregate anticipated to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Claims and lawsuits may include matters involving general or professional liability asserted against the Company’s tenants, which are the responsibility of the Company’s tenants and for which the Company is entitled to be indemnified by its tenants under the insurance and indemnification provisions in the applicable leases. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | CONCENTRATION OF RISK Major operator concentration – As of December 31, 2017 , Ensign leased 92 skilled nursing, assisted living and independent living facilities which had a total of 9,698 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. As of December 31, 2017, Ensign represents $57.7 million , or 44% , of the Company’s revenues, exclusive of tenant reimbursements, on an annualized run-rate basis. Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at Ensign’s website http://www.ensigngroup.net. |
Summarized Condensed Consolidat
Summarized Condensed Consolidating Information | 12 Months Ended |
Dec. 31, 2017 | |
Summarized Condensed Consolidating And Combining Information [Abstract] | |
Summarized Condensed Consolidating Information | SUMMARIZED CONDENSED CONSOLIDATING INFORMATION The Notes issued by the Operating Partnership and CareTrust Capital Corp. on May 10, 2017 are jointly and severally, fully and unconditionally, guaranteed by CareTrust REIT, Inc., as the parent guarantor (the “Parent Guarantor”), and the wholly 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 the consummation of the Spin-Off related transactions. CTR Partnership, L.P. and CareTrust Capital Corp. – The Issuers, each of which is a wholly 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 the consummation of the Spin-Off related transactions. Subsidiary Guarantors – The Subsidiary Guarantors consist of all of the subsidiaries of the Parent Guarantor other than the Issuers. Pursuant to Rule 3-10 of Regulation S-X, the following summarized consolidating information is provided for the Parent Guarantor, the Issuers, and the Subsidiary Guarantors. There are no subsidiaries of the Company other than the Issuers and the Subsidiary Guarantors. This summarized financial information has been prepared from the financial statements of the Company and the books and records maintained by the Company. The Company has conformed prior period presentation in the Combined Subsidiary Guarantor designation, due to the issuance of the Notes. CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2017 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 805,826 $ 346,435 $ — $ 1,152,261 Other real estate investments — 12,399 5,550 — 17,949 Cash and cash equivalents — 6,909 — — 6,909 Accounts and other receivables, net — 2,945 2,309 — 5,254 Prepaid expenses and other assets — 893 2 — 895 Deferred financing costs, net — 1,718 — — 1,718 Investment in subsidiaries 619,075 444,120 — (1,063,195 ) — Intercompany — — 92,061 (92,061 ) — Total assets $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,395 $ — $ — $ 294,395 Senior unsecured term loan, net — 99,517 — — 99,517 Unsecured revolving credit facility — 165,000 — — 165,000 Accounts payable and accrued liabilities — 15,176 2,237 — 17,413 Dividends payable 14,044 — — — 14,044 Intercompany — 92,061 — (92,061 ) — Total liabilities 14,044 666,149 2,237 (92,061 ) 590,369 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 shares issued and outstanding as of December 31, 2017 755 — — — 755 Additional paid-in capital 783,237 546,097 321,761 (867,858 ) 783,237 Cumulative distributions in excess of earnings (178,961 ) 62,564 122,359 (195,337 ) (189,375 ) Total equity 605,031 608,661 444,120 (1,063,195 ) 594,617 Total liabilities and equity $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2016 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 527,639 $ 366,279 $ — $ 893,918 Other real estate investments — — 13,872 — 13,872 Cash and cash equivalents — 7,500 — — 7,500 Accounts and other receivables, net — 3,743 2,153 — 5,896 Prepaid expenses and other assets — 1,366 3 — 1,369 Deferred financing costs, net — 2,803 — — 2,803 Investment in subsidiaries 463,505 401,328 — (864,833 ) — Intercompany — — 102,273 (102,273 ) — Total assets $ 463,505 $ 944,379 $ 484,580 $ (967,106 ) $ 925,358 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 255,294 $ — $ — $ 255,294 Senior unsecured term loan, net — 99,422 — — 99,422 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 9,713 2,424 — 12,137 Dividends payable 11,075 — — — 11,075 Intercompany — 21,445 80,828 (102,273 ) — Total liabilities 11,075 480,874 83,252 (102,273 ) 472,928 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 64,816,350 shares issued and outstanding as of December 31, 2016 648 — — — 648 Additional paid-in capital 611,475 429,453 321,761 (751,214 ) 611,475 Cumulative distributions in excess of earnings (159,693 ) 34,052 79,567 (113,619 ) (159,693 ) Total equity 452,430 463,505 401,328 (864,833 ) 452,430 Total liabilities and equity $ 463,505 $ 944,379 $ 484,580 $ (967,106 ) $ 925,358 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 60,464 $ 57,169 $ — $ 117,633 Tenant reimbursements — 5,493 4,761 — 10,254 Independent living facilities — — 3,228 — 3,228 Interest and other income — 215 1,652 — 1,867 Total revenues — 66,172 66,810 — 132,982 Expenses: Depreciation and amortization — 20,048 19,111 — 39,159 Interest expense — 24,196 — — 24,196 Loss on the extinguishment of debt — 11,883 — — 11,883 Property taxes — 5,493 4,761 — 10,254 Independent living facilities — — 2,733 — 2,733 Impairment of real estate investment — — 890 — 890 Reserve for advances and deferred rent — 10,414 — — 10,414 General and administrative 2,638 8,417 62 — 11,117 Total expenses 2,638 80,451 27,557 — 110,646 Gain on disposition of other real estate investment — — 3,538 — 3,538 Income in Subsidiary 28,512 42,791 — (71,303 ) — Net income $ 25,874 $ 28,512 $ 42,791 $ (71,303 ) $ 25,874 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 36,855 $ 56,271 $ — $ 93,126 Tenant reimbursements — 2,978 4,868 — 7,846 Independent living facilities — — 2,970 — 2,970 Interest and other income — — 737 — 737 Total revenues — 39,833 64,846 — 104,679 Expenses: Depreciation and amortization — 11,651 20,314 — 31,965 Interest expense — 22,375 498 — 22,873 Loss on the extinguishment of debt — — 326 — 326 Property taxes — 2,978 4,868 — 7,846 Acquisition costs — 205 — — 205 Independent living facilities — — 2,549 — 2,549 General and administrative 1,637 7,594 66 — 9,297 Total expenses 1,637 44,803 28,621 — 75,061 Loss on sale of real estate — — (265 ) — (265 ) Income in Subsidiary 30,990 35,960 — (66,950 ) — Net income $ 29,353 $ 30,990 $ 35,960 $ (66,950 ) $ 29,353 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 9,979 $ 56,000 $ — $ 65,979 Tenant reimbursements — 655 4,842 — 5,497 Independent living facilities — — 2,510 — 2,510 Interest and other income — 19 946 — 965 Total revenues — 10,653 64,298 — 74,951 Expenses: Depreciation and amortization — 3,165 20,968 — 24,133 Interest expense — 19,616 4,432 — 24,048 Loss on the extinguishment of debt — — 1,208 — 1,208 Property taxes — 655 4,842 — 5,497 Independent living facilities — — 2,376 — 2,376 General and administrative 1,171 6,360 124 — 7,655 Total expenses 1,171 29,796 33,950 — 64,917 Income in Subsidiary 11,205 30,348 — (41,553 ) — Net income $ 10,034 $ 11,205 $ 30,348 $ (41,553 ) $ 10,034 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (222 ) $ 25,745 $ 63,277 $ — $ 88,800 Cash flows from investing activities: Acquisitions of real estate — (296,517 ) — — (296,517 ) Improvements to real estate — (681 ) (67 ) — (748 ) Purchases of equipment, furniture and fixtures — (309 ) (94 ) — (403 ) Investment in real estate mortgage loan receivable — (12,416 ) — — (12,416 ) Sale of other real estate investment — — 7,500 — 7,500 Principal payments received on mortgage loan receivable — 25 — — 25 Distribution from subsidiary 52,587 — — (52,587 ) — Intercompany financing (169,235 ) 70,616 — 98,619 — Net cash (used in) provided by investing activities (116,648 ) (239,282 ) 7,339 46,032 (302,559 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 170,323 — — — 170,323 Proceeds from the issuance of senior unsecured notes payable — 300,000 — — 300,000 Borrowings under unsecured revolving credit facility — 238,000 — — 238,000 Payments on senior unsecured notes payable — (267,639 ) — — (267,639 ) Payments on unsecured revolving credit facility — (168,000 ) — — (168,000 ) Payments of deferred financing costs — (6,063 ) — — (6,063 ) Net-settle adjustment on restricted stock (866 ) — — — (866 ) Dividends paid on common stock (52,587 ) — — — (52,587 ) Distribution to Parent — (52,587 ) — 52,587 — Intercompany financing — 169,235 (70,616 ) (98,619 ) — Net cash provided by (used in) financing activities 116,870 212,946 (70,616 ) (46,032 ) 213,168 Net decrease in cash and cash equivalents — (591 ) — — (591 ) Cash and cash equivalents beginning of period — 7,500 — — 7,500 Cash and cash equivalents end of period $ — $ 6,909 $ — $ — $ 6,909 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (91 ) $ 9,253 $ 55,269 $ — $ 64,431 Cash flows from investing activities: Acquisitions of real estate — (281,228 ) — — (281,228 ) Improvements to real estate — (485 ) (277 ) — (762 ) Purchases of equipment, furniture and fixtures — (81 ) (70 ) — (151 ) Preferred equity investments — — (4,656 ) — (4,656 ) Escrow deposits for acquisition of real estate — (700 ) — — (700 ) Net proceeds from the sale of real estate — — 2,855 — 2,855 Distribution from subsidiary 37,269 — — (37,269 ) — Intercompany financing (199,796 ) (41,901 ) — 241,697 — Net cash (used in) provided by investing activities (162,527 ) (324,395 ) (2,148 ) 204,428 (284,642 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 200,402 — — — 200,402 Proceeds from the issuance of senior unsecured term loan — 100,000 — — 100,000 Borrowings under unsecured revolving credit facility — 255,000 — — 255,000 Payments on unsecured revolving credit facility — (205,000 ) — — (205,000 ) Payments on the mortgage notes payable — — (95,022 ) — (95,022 ) Payments of deferred financing costs — (1,352 ) — — (1,352 ) Net-settle adjustment on restricted stock (515 ) — — — (515 ) Distribution to Parent — (37,269 ) — 37,269 — Dividends paid on common stock (37,269 ) — — — (37,269 ) Intercompany financing — 199,796 41,901 (241,697 ) — Net cash provided by (used in) financing activities 162,618 311,175 (53,121 ) (204,428 ) 216,244 Net decrease in cash and cash equivalents — (3,967 ) — — (3,967 ) Cash and cash equivalents beginning of period — 11,467 — — 11,467 Cash and cash equivalents end of period $ — $ 7,500 $ — $ — $ 7,500 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (15 ) $ (9,894 ) $ 50,163 $ — $ 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 the sale of real estate — — 30 — 30 Distribution from subsidiary 21,790 — — (21,790 ) — Intercompany financing (162,803 ) 46,761 — 116,042 — Net cash (used in) provided by 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 — — (3,183 ) — (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 (46,761 ) (116,042 ) — Net cash provided by (used in) financing activities 141,028 183,710 (49,944 ) (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 $ — $ 11,467 $ — $ — $ 11,467 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following table presents selected quarterly financial data for the Company. This information has been prepared on a basis consistent with that of the Company’s audited consolidated financial statements. The Company’s quarterly results of operations for the periods presented are not necessarily indicative of future results of operations. This unaudited quarterly data should be read together with the accompanying consolidated financial statements and related notes thereto (in thousands, except per share amounts): For the Year Ended December 31, 2017 First Second Third Fourth Operating data: Total revenues $ 30,608 $ 32,829 $ 32,948 $ 36,597 Net income 10,281 2,030 11,311 2,252 Earnings per common share, basic 0.15 0.03 0.15 0.03 Earnings per common share, diluted 0.15 0.03 0.15 0.03 Other data: Weighted-average number of common shares outstanding, basic 66,951 72,564 75,471 75,476 Weighted-average number of common shares outstanding, diluted 66,951 72,564 75,471 75,476 For the Year Ended December 31, 2016 First Second Third Fourth Operating data: Total revenues $ 23,629 $ 25,701 $ 27,106 $ 28,243 Net income 5,502 7,631 7,832 8,388 Earnings per common share, basic 0.11 0.13 0.13 0.14 Earnings per common share, diluted 0.11 0.13 0.13 0.14 Other data: Weighted-average number of common shares outstanding, basic 48,101 57,478 57,595 60,875 Weighted-average number of common shares outstanding, diluted 48,101 57,478 57,595 60,875 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
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 financial statements are issued. In connection with its lease of the Transitioned Facilities, Trillium is completing negotiations to upsize its working line of credit to fund day-to-day cash requirements associated with the new operations. As such, on January 2, 2018, the Company agreed to fund a bridge loan to Trillium of up to $11.0 million until the earlier of (i) March 31, 2018, (ii) the date that Trillium enters into a new credit facility such that Trillium may submit draw requests to the applicable lender, and (iii) the date on which the master lease with Trillium is terminated with respect to any facility incorporated in the borrowing base. Borrowings under the bridge loan accrue interest at a base rate of 8.0% . The bridge loan is collateralized by the accounts receivable of each borrower entity that is party to the bridge loan agreement. As of February 27, 2018, $10.9 million was outstanding under the bridge loan. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation | SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (dollars in thousands) Initial Cost to Company Gross Carrying Value Description Facility Location Encum. Land Building Costs Land Building Total (1) Accum. Depr. Const./Ren. Date Acq. Skilled Nursing Properties: Ensign Highland LLC Highland Manor Phoenix, AZ — 257 976 926 257 1,902 2,159 1,040 2013 2000 Meadowbrook Health Associates LLC Sabino Canyon Tucson, AZ — 425 3,716 1,940 425 5,656 6,081 2,443 2012 2000 Terrace Holdings AZ LLC Desert Terrace Phoenix, AZ — 113 504 971 113 1,475 1,588 618 2004 2002 Rillito Holdings LLC Catalina Tucson, AZ — 471 2,041 3,055 471 5,096 5,567 2,217 2013 2003 Valley Health Holdings LLC North Mountain Phoenix, AZ — 629 5,154 1,519 629 6,673 7,302 2,935 2009 2004 Cedar Avenue Holdings LLC Upland Upland, CA — 2,812 3,919 1,994 2,812 5,913 8,725 2,872 2011 2005 Granada Investments LLC Camarillo Camarillo, CA — 3,526 2,827 1,522 3,526 4,349 7,875 2,034 2010 2005 Plaza Health Holdings LLC Park Manor Walla Walla, WA — 450 5,566 1,055 450 6,621 7,071 3,074 2009 2006 Mountainview Communitycare LLC Park View Gardens Santa Rosa, CA — 931 2,612 653 931 3,265 4,196 1,724 1963 2006 CM Health Holdings LLC Carmel Mountain San Diego, CA — 3,028 3,119 2,071 3,028 5,190 8,218 2,285 2012 2006 Polk Health Holdings LLC Timberwood Livingston, TX — 60 4,391 1,167 60 5,558 5,618 2,486 2009 2006 Snohomish Health Holdings LLC Emerald Hills Lynnwood, WA — 741 1,663 1,998 741 3,661 4,402 2,085 2009 2006 Cherry Health Holdings LLC Pacific Care Hoquiam, WA — 171 1,828 2,038 171 3,866 4,037 1,884 2010 2006 Golfview Holdings LLC Cambridge SNF Richmond, TX — 1,105 3,110 1,067 1,105 4,177 5,282 1,764 2007 2006 Tenth East Holdings LLC Arlington Hills Salt Lake City, UT — 332 2,426 2,507 332 4,933 5,265 2,201 2013 2006 Trinity Mill Holdings LLC Carrollton Carrollton, TX — 664 2,294 902 664 3,196 3,860 1,785 2007 2006 Cottonwood Health Holdings LLC Holladay Salt Lake City, UT — 965 2,070 958 965 3,028 3,993 1,804 2008 2007 Verde Villa Holdings LLC Lake Village Lewisville, TX — 600 1,890 470 600 2,360 2,960 1,113 2011 2007 Mesquite Health Holdings LLC Willow Bend Mesquite, TX — 470 1,715 8,661 470 10,376 10,846 5,276 2012 2007 Arrow Tree Health Holdings LLC Arbor Glen Glendora, CA — 2,165 1,105 324 2,165 1,429 3,594 792 1965 2007 Fort Street Health Holdings LLC Draper Draper, UT — 443 2,394 759 443 3,153 3,596 1,238 2008 2007 Trousdale Health Holdings LLC Brookfield Downey, CA — 1,415 1,841 1,861 1,415 3,702 5,117 1,524 2013 2007 Ensign Bellflower LLC Rose Villa Bellflower, CA — 937 1,168 357 937 1,525 2,462 735 2009 2007 RB Heights Health Holdings LLC Osborn Scottsdale, AZ — 2,007 2,793 1,762 2,007 4,555 6,562 1,940 2009 2008 San Corrine Health Holdings LLC Salado Creek San Antonio, TX — 310 2,090 719 310 2,809 3,119 1,181 2005 2008 Temple Health Holdings LLC Wellington Temple, TX — 529 2,207 1,163 529 3,370 3,899 1,391 2008 2008 Anson Health Holdings LLC Northern Oaks Abilene, TX — 369 3,220 1,725 369 4,945 5,314 1,914 2012 2008 Willits Health Holdings LLC Northbrook Willits, CA — 490 1,231 500 490 1,731 2,221 652 2011 2008 Lufkin Health Holdings LLC Southland Lufkin, TX — 467 4,644 782 467 5,426 5,893 1,166 1988 2009 Lowell Health Holdings LLC Littleton Littleton, CO — 217 856 1,735 217 2,591 2,808 979 2012 2009 Jefferson Ralston Holdings LLC Arvada Arvada, CO — 280 1,230 834 280 2,064 2,344 653 2012 2009 Lafayette Health Holdings LLC Julia Temple Englewood, CO — 1,607 4,222 6,195 1,607 10,417 12,024 3,480 2012 2009 Hillendahl Health Holdings LLC Golden Acres Dallas, TX — 2,133 11,977 1,421 2,133 13,398 15,531 3,531 1984 2009 Price Health Holdings LLC Pinnacle Price, UT — 193 2,209 849 193 3,058 3,251 778 2012 2009 Silver Lake Health Holdings LLC Provo Provo, UT — 2,051 8,362 2,011 2,051 10,373 12,424 2,275 2011 2009 Jordan Health Properties LLC Copper Ridge West Jordan, UT — 2,671 4,244 1,507 2,671 5,751 8,422 1,246 2013 2009 Regal Road Health Holdings LLC Sunview Youngstown, AZ — 767 4,648 729 767 5,377 6,144 1,466 2012 2009 Paredes Health Holdings LLC Alta Vista Brownsville, TX — 373 1,354 190 373 1,544 1,917 335 1969 2009 Expressway Health Holdings LLC Veranda Harlingen, TX — 90 675 430 90 1,105 1,195 308 2011 2009 Rio Grande Health Holdings LLC Grand Terrace McAllen, TX — 642 1,085 870 642 1,955 2,597 615 2012 2009 Fifth East Holdings LLC Paramount Salt Lake City, UT — 345 2,464 1,065 345 3,529 3,874 970 2011 2009 Emmett Healthcare Holdings LLC River's Edge Emmet, ID — 591 2,383 69 591 2,452 3,043 576 1972 2010 Burley Healthcare Holdings LLC Parke View Burley, ID — 250 4,004 424 250 4,428 4,678 1,159 2011 2010 Josey Ranch Healthcare Holdings LLC Heritage Gardens Carrollton, TX — 1,382 2,293 478 1,382 2,771 4,153 650 1996 2010 Everglades Health Holdings LLC Victoria Ventura Ventura, CA — 1,847 5,377 682 1,847 6,059 7,906 1,285 1990 2011 Irving Health Holdings LLC Beatrice Manor Beatrice, NE — 60 2,931 245 60 3,176 3,236 723 2011 2011 Falls City Health Holdings LLC Careage Estates of Falls City Falls City, NE — 170 2,141 82 170 2,223 2,393 459 1972 2011 Gillette Park Health Holdings LLC Careage of Cherokee Cherokee, IA — 163 1,491 12 163 1,503 1,666 393 1967 2011 Gazebo Park Health Holdings LLC Careage of Clarion Clarion, IA — 80 2,541 97 80 2,638 2,718 719 1978 2011 Oleson Park Health Holdings LLC Careage of Ft. Dodge Ft. Dodge, IA — 90 2,341 759 90 3,100 3,190 1,020 2012 2011 Arapahoe Health Holdings LLC Oceanview Texas City, TX — 158 4,810 759 128 5,599 5,727 1,366 2012 2011 Dixie Health Holdings LLC Hurricane Hurricane, UT — 487 1,978 98 487 2,076 2,563 353 1978 2011 Memorial Health Holdings LLC Pocatello Pocatello, ID — 537 2,138 698 537 2,836 3,373 750 2007 2011 Bogardus Health Holdings LLC Whittier East Whittier, CA — 1,425 5,307 1,079 1,425 6,386 7,811 1,611 2011 2011 South Dora Health Holdings LLC Ukiah Ukiah, CA — 297 2,087 1,621 297 3,708 4,005 1,840 2013 2011 Silverada Health Holdings LLC Rosewood Reno, NV — 1,012 3,282 103 1,012 3,385 4,397 537 1970 2011 Orem Health Holdings LLC Orem Orem, UT — 1,689 3,896 3,235 1,689 7,131 8,820 2,079 2011 2011 Renee Avenue Health Holdings LLC Monte Vista Pocatello, ID — 180 2,481 966 180 3,447 3,627 770 2013 2012 Stillhouse Health Holdings LLC Stillhouse Paris, TX — 129 7,139 6 129 7,145 7,274 702 2009 2012 Fig Street Health Holdings LLC Palomar Vista Escondido, CA — 329 2,653 1,094 329 3,747 4,076 1,334 2007 2012 Lowell Lake Health Holdings LLC Owyhee Owyhee, ID — 49 1,554 29 49 1,583 1,632 200 1990 2012 Queensway Health Holdings LLC Atlantic Memorial Long Beach, CA — 999 4,237 2,331 999 6,568 7,567 2,542 2008 2012 Long Beach Health Associates LLC Shoreline Long Beach, CA — 1,285 2,343 2,172 1,285 4,515 5,800 1,410 2013 2012 Kings Court Health Holdings LLC Richland Hills Ft. Worth, TX — 193 2,311 318 193 2,629 2,822 396 1965 2012 51st Avenue Health Holdings LLC Legacy Amarillo, TX — 340 3,925 32 340 3,957 4,297 552 1970 2013 Ives Health Holdings LLC San Marcos San Marcos, TX — 371 2,951 274 371 3,225 3,596 421 1972 2013 Guadalupe Health Holdings LLC The Courtyard (Victoria East) Victoria, TX — 80 2,391 15 80 2,406 2,486 258 2013 2013 49th Street Health Holdings LLC Omaha Omaha, NE — 129 2,418 24 129 2,442 2,571 382 1960 2013 Willows Health Holdings LLC Cascade Vista Redmond, WA — 1,388 2,982 202 1,388 3,184 4,572 565 1970 2013 Tulalip Bay Health Holdings LLC Mountain View Marysville, WA — 1,722 2,642 (980 ) 742 2,642 3,384 396 1966 2013 CTR Partnership, L.P. Bethany Rehabilitation Center Lakewood, CO — 1,668 15,375 56 1,668 15,431 17,099 1,125 1989 2015 CTR Partnership, L.P. Mira Vista Care Center Mount Vernon, WA — 1,601 7,425 — 1,601 7,425 9,026 510 1989 2015 CTR Partnership, L.P. Shoreline Health and Rehabilitation Center Shoreline, WA — 1,462 5,034 — 1,462 5,034 6,496 325 1987 2015 CTR Partnership, L.P. Shamrock Nursing and Rehabilitation Center Dublin, GA — 251 7,855 — 251 7,855 8,106 491 2010 2015 CTR Partnership, L.P. Pristine Senior Living of Beavercreek Beavercreek, OH — 892 17,159 — 892 17,159 18,051 965 2014 2015 CTR Partnership, L.P. Premier Estates of Cincinnati-Riverside Cincinnati, OH — 284 11,104 — 284 11,104 11,388 625 2012 2015 CTR Partnership, L.P. Premier Estates of Cincinnati-Riverview Cincinnati, OH — 833 18,086 68 833 18,154 18,987 1,025 1992 2015 CTR Partnership, L.P. Premier Estates of Three Rivers Cincinnati, OH — 1,091 16,151 — 1,091 16,151 17,242 908 1967 2015 CTR Partnership, L.P. Pristine Senior Living of Englewood Englewood, OH — 1,014 18,541 57 1,014 18,598 19,612 1,051 1962 2015 CTR Partnership, L.P. Pristine Senior Living of Portsmouth Portsmouth, OH — 282 9,726 63 282 9,789 10,071 555 2008 2015 CTR Partnership, L.P. Pristine Senior Living of Toledo Toledo, OH — 93 10,365 — 93 10,365 10,458 583 2007 2015 CTR Partnership, L.P. Premier Estates of Oxford Oxford, OH — 211 8,772 27 211 8,799 9,010 497 1970 2015 CTR Partnership, L.P. Pristine Senior Living of Bellbrook Bellbrook, OH — 214 2,573 — 214 2,573 2,787 145 2003 2015 CTR Partnership, L.P. Pristine Senior Living of Xenia Xenia, OH — 205 3,564 — 205 3,564 3,769 200 1981 2015 CTR Partnership, L.P. Pristine Senior Living of Jamestown Jamestown, OH — 266 4,725 22 266 4,747 5,013 269 1967 2015 CTR Partnership, L.P. Casa de Paz Health Care Center Sioux City, IA — 119 7,727 — 119 7,727 7,846 370 1974 2016 CTR Partnership, L.P. Denison Care Center Denison, IA — 96 2,784 — 96 2,784 2,880 133 2015 2016 CTR Partnership, L.P. Garden View Care Center Shenandoah, IA — 105 3,179 — 105 3,179 3,284 152 2013 2016 CTR Partnership, L.P. Grandview Health Care Center Dayton, IA — 39 1,167 — 39 1,167 1,206 56 2014 2016 CTR Partnership, L.P. Grundy Care Center Grundy Center, IA — 65 1,935 — 65 1,935 2,000 93 2011 2016 CTR Partnership, L.P. Iowa City Rehab and Health Care Center Iowa City, IA — 522 5,690 — 522 5,690 6,212 273 2014 2016 CTR Partnership, L.P. Lenox Care Center Lenox, IA — 31 1,915 — 31 1,915 1,946 92 2012 2016 CTR Partnership, L.P. Osage Rehabilitation and Health Care Center Osage, IA — 126 2,255 — 126 2,255 2,381 108 2014 2016 CTR Partnership, L.P. Pleasant Acres Care Center Hull, IA — 189 2,544 — 189 2,544 2,733 122 2014 2016 CTR Partnership, L.P. Cedar Falls Health Care Center Cedar Falls, IA — 324 4,366 — 324 4,366 4,690 191 2015 2016 CTR Partnership, L.P. Premier Estates of Highlands Norwood, OH — 364 2,199 12 364 2,211 2,575 97 2012 2016 CTR Partnership, L.P. Shaw Mountain at Cascadia Boise, ID — 1,801 6,572 395 1,801 6,967 8,768 297 1989 2016 CTR Partnership, L.P. The Oaks Petaluma, CA — 3,646 2,873 110 3,646 2,983 6,629 105 2015 2016 CTR Partnership, L.P. Arbor Nursing Center Lodi, CA — 768 10,712 — 768 10,712 11,480 379 1982 2016 CTR Partnership, L.P. Broadmoor Medical Lodge - Rockwall Rockwall, TX — 1,232 22,152 — 1,232 22,152 23,384 600 1984 2016 CTR Partnership, L.P. Senior Care Health and Rehabilitation – Decatur Decatur, TX — 990 24,909 — 990 24,909 25,899 675 2013 2016 CTR Partnership, L.P. Royse City Health and Rehabilitation Center Royse City, TX — 606 14,660 — 606 14,660 15,266 397 2009 2016 CTR Partnership, L.P. Saline Care Nursing & Rehabilitation Center Harrisburg, IL — 1,022 5,713 — 1,022 5,713 6,735 119 1968 2017 CTR Partnership, L.P. Carrier Mills Nursing & Rehabilitation Center Carrier Mills, IL — 775 8,377 — 775 8,377 9,152 175 1968 2017 CTR Partnership, L.P. StoneBridge Nursing & Rehabilitation Center Benton, IL — 439 3,475 — 439 3,475 3,914 72 2014 2017 CTR Partnership, L.P. DuQuoin Nursing & Rehabilitation Center DuQuoin, IL — 511 3,662 — 511 3,662 4,173 76 2014 2017 CTR Partnership, L.P. Pinckneyville Nursing & Rehabilitation Center Pinckneyville, IL — 406 3,411 — 406 3,411 3,817 71 2014 2017 CTR Partnership, L.P. HOLLY LANE REHABILITATION AND HEALTHCARE CENTER Nampa, ID — 774 5,044 — 774 5,044 5,818 84 2011 2017 CTR Partnership, L.P. THE RIO AT FOX HOLLOW Brownsville, TX — 1,178 12,059 — 1,178 12,059 13,237 176 2016 2017 CTR Partnership, L.P. THE RIO AT CABEZON Albuquerque, NM — 2,055 9,749 — 2,055 9,749 11,804 142 2016 2017 CTR Partnership, L.P. Eldorado Rehab & Healthcare Eldorado, IL — 940 2,093 — 940 2,093 3,033 26 1993 2017 CTR Partnership, L.P. Mountain View Rehabiliation and Healthcare Center Portland, OR — 1,481 2,216 — 1,481 2,216 3,697 27 2012 2017 CTR Partnership, L.P. Kindred Nursing and Rehabilitation – Mountain Valley Kellogg, ID — 916 7,874 — 916 7,874 8,790 65 1971 2017 CTR Partnership, L.P. Kindred Nursing and Rehabilitation – Caldwell Caldwell, ID — 906 7,020 — 906 7,020 7,926 59 1947 2017 CTR Partnership, L.P. Kindred Nursing and Rehabilitation – Canyon West Caldwell, ID — 312 10,410 — 312 10,410 10,722 87 1969 2017 CTR Partnership, L.P. Kindred Transitional Care and Rehabilitation - Lewiston Lewiston, ID — 625 12,087 — 625 12,087 12,712 75 1964 2017 CTR Partnership, L.P. Kindred Nursing and Rehabilitation - Nampa Nampa, ID — 785 8,923 — 785 8,923 9,708 56 1958 2017 CTR Partnership, L.P. Kindred Nursing and Rehabilitation - Weiser Weiser, ID — 80 4,419 — 80 4,419 4,499 28 1964 2017 CTR Partnership, L.P. Kindred Nursing and Rehabilitation – Aspen Park Moscow, ID — 698 5,092 — 698 5,092 5,790 32 1965 2017 CTR Partnership, L.P. Ridgmar Medical Lodge Fort Worth, TX — 681 6,587 — 681 6,587 7,268 55 2006 2017 CTR Partnership, L.P. Mansfield Medical Lodge Mansfield, TX — 607 4,801 — 607 4,801 5,408 40 2006 2017 CTR Partnership, L.P. Grapevine Medical Lodge Grapevine, TX — 1,602 4,536 — 1,602 4,536 6,138 38 2006 2017 CTR Partnership, L.P. Victory Rehabilitation and Healthcare Center Battle Ground, WA — 320 500 — 320 500 820 4 2012 2017 CTR Partnership, L.P. The Oaks at Forest Bay Seattle, WA — 6,347 815 — 6,347 815 7,162 5 1997 2017 CTR Partnership, L.P. The Oaks at Lakewood Tacoma, WA — 1,000 1,779 — 1,000 1,779 2,779 11 1989 2017 CTR Partnership, L.P. The Oaks at Timberline Vancouver, WA — 445 869 — 445 869 1,314 5 1972 2017 CTR Partnership, L.P. Providence Waterman Nursing Center San Bernardino, CA — 3,831 19,791 — 3,831 19,791 23,622 124 1967 2017 CTR Partnership, L.P. Providence Orange Tree Riverside, CA — 2,897 14,700 — 2,897 14,700 17,597 92 1969 2017 CTR Partnership, L.P. Providence Ontario Ontario, CA — 4,204 21,880 — 4,204 21,880 26,084 136 1980 2017 CTR Partnership, L.P. Greenville Nursing & Rehabilitation Center Greenville, IL — 188 3,972 — 188 3,972 4,160 10 1973 2017 — 113,098 672,815 80,996 112,088 754,821 866,909 111,561 Multi-Service Campus Properties: Ensign Southland LLC Southland Care Norwalk, CA — 966 5,082 2,213 966 7,295 8,261 4,366 2011 1999 Sky Holdings AZ LLC Bella Vita (Desert Sky) Glendale, AZ — 289 1,428 1,752 289 3,180 3,469 1,678 2004 2002 Lemon River Holdings LLC Plymouth Tower Riverside, CA — 494 1,159 4,853 494 6,012 6,506 2,580 2012 2009 Wisteria Health Holdings LLC Wisteria Abilene, TX — 746 9,903 290 746 10,193 10,939 1,696 2008 2011 Mission CCRC LLC St. Joseph's Villa Salt Lake City, UT — 1,962 11,035 464 1,962 11,499 13,461 2,394 1994 2011 Wayne Health Holdings LLC Careage of Wayne Wayne, NE — 130 3,061 122 130 3,183 3,313 677 1978 2011 4th Street Holdings LLC West Bend Care Center West Bend, IA — 180 3,352 — 180 3,352 3,532 678 2006 2011 Big Sioux River Health Holdings LLC Hillcrest Health Hawarden, IA — 110 3,522 75 110 3,597 3,707 679 1974 2011 Prairie Health Holdings LLC Colonial Manor of Randolph Randolph, NE — 130 1,571 22 130 1,593 1,723 518 2011 2011 Salmon River Health Holdings LLC Discovery Care Center Salmon, ID — 168 2,496 — 168 2,496 2,664 338 2012 2012 CTR Partnership, L.P. Pristine Senior Living of Dayton-Centerville Dayton, OH — 3,912 22,458 90 3,912 22,548 26,460 1,275 2007 2015 CTR Partnership, L.P. Pristine Senior Living of Willard Willard, OH — 143 11,097 50 143 11,147 11,290 630 1985 2015 CTR Partnership, L.P. Premier Estates of Middletown/Premier Retirement Estates of Middletown Middletown, OH — 990 7,484 67 990 7,551 8,541 430 1985 2015 CTR Partnership, L.P. Premier Estates of Norwood Towers/Premier Retirement Estates of Norwood Towers Norwood, OH — 1,316 10,071 4 1,316 10,075 11,391 441 1991 2016 CTR Partnership, L.P. Turlock Nursing and Rehabilitation Center Turlock, CA — 1,258 16,526 — 1,258 16,526 17,784 585 1986 2016 CTR Partnership, L.P. Senior Care Health & The Residences Bridgeport, TX — 980 27,917 — 980 27,917 28,897 756 2014 2016 — 13,774 138,162 10,002 13,774 148,164 161,938 19,721 Assisted and Independent Living Properties: Avenue N Holdings LLC Cambridge ALF Rosenburg, TX — 124 2,301 392 124 2,693 2,817 1,092 2007 2006 Moenium Holdings LLC Grand Court Mesa, AZ — 1,893 5,268 1,210 1,893 6,478 8,371 2,768 1986 2007 Lafayette Health Holdings LLC Chateau Des Mons Englewood, CO — 420 1,160 189 420 1,349 1,769 315 2011 2009 Expo Park Health Holdings LLC Canterbury Gardens Aurora, CO — 570 1,692 248 570 1,940 2,510 601 1986 2010 Wisteria Health Holdings LLC Wisteria IND Abilene, TX — 244 3,241 81 244 3,322 3,566 916 2008 2011 Everglades Health Holdings LLC Lexington Ventura, CA — 1,542 4,012 113 1,542 4,125 5,667 636 1990 2011 Flamingo Health Holdings LLC Desert Springs ALF Las Vegas, NV — 908 4,767 281 908 5,048 5,956 1,722 1986 2011 18th Place Health Holdings LLC Rose Court Phoenix, AZ — 1,011 2,053 490 1,011 2,543 3,554 621 1974 2011 Boardwalk Health Holdings LLC Park Place Reno, NV — 367 1,633 51 367 1,684 2,051 337 1993 2012 Willows Health Holdings LLC Cascade Plaza Redmond, WA — 2,835 3,784 395 2,835 4,179 7,014 740 2013 2013 Lockwood Health Holdings LLC Santa Maria Santa Maria, CA — 1,792 2,253 585 1,792 2,838 4,630 753 1967 2013 Saratoga Health Holdings LLC Lake Ridge Orem, UT — 444 2,265 176 444 2,441 2,885 287 1995 2013 CTR Partnership, L.P. Lily & Syringa ALF Idaho Falls, ID — 70 2,674 — 70 2,674 2,744 206 1995 2014 CTR Partnership, L.P. Caring Hearts Pocatello, ID — 80 3,404 — 80 3,404 3,484 263 2008 2014 CTR Partnership, L.P. Turtle & Crain ALF Idaho Falls, ID — 110 5,427 — 110 5,427 5,537 418 2013 2014 CTR Partnership, L.P. Prelude Cottages of Woodbury Woodbury, MN — 430 6,714 — 430 6,714 7,144 504 2011 2014 CTR Partnership, L.P. English Meadows Senior Living Community Christiansburg, VA — 250 6,114 3 250 6,117 6,367 459 2011 2014 CTR Partnership, L.P. Bristol Court Assisted Living Saint Petersburg, FL — 645 7,322 — 645 7,322 7,967 458 2010 2015 CTR Partnership, L.P. Asbury Place Assisted Living Pensacola, FL — 212 4,992 — 212 4,992 5,204 291 1997 2015 CTR Partnership, L.P. New Haven Assisted Living of San Angelo San Angelo, TX — 284 4,478 — 284 4,478 4,762 215 2012 2016 CTR Partnership, L.P. Priority Life Care of Fort Wayne Fort Wayne, IN — 452 8,703 — 452 8,703 9,155 399 2015 2016 CTR Partnership, L.P. Priority Life Care of West Allis West Allis, WI — 97 6,102 — 97 6,102 6,199 279 2013 2016 CTR Partnership, L.P. Priority Life Care of Baltimore Baltimore, MD — — 3,697 — — 3,697 3,697 169 2014 2016 CTR Partnership, L.P. Fort Myers Assisted Living Fort Myers, FL — 1,489 3,531 — 1,489 3,531 5,020 162 1980 2016 CTR Partnership, L.P. English Meadows Elks Home Campus Bedford, VA — 451 9,023 142 451 9,165 9,616 386 2014 2016 CTR Partnership, L.P. Croatan Village New Bern, NC — 312 6,919 — 312 6,919 7,231 288 2010 2016 CTR Partnership, L.P. Countryside Village Pikeville, NC — 131 4,157 — 131 4,157 4,288 173 2011 2016 CTR Partnership, L.P. The Pines of Clarkston Village of Clarkston, MI — 603 9,326 — 603 9,326 9,929 369 2010 2016 CTR Partnership, L.P. The Pines of Goodrich Goodrich, MI — 241 4,112 — 241 4,112 4,353 162 2014 2016 CTR Partnership, L.P. The Pines of Burton Burton, MI — 492 9,199 — 492 9,199 9,691 364 2014 2016 CTR Partnership, L.P. The Pines of Lapeer Lapeer, MI — 302 5,773 — 302 5,773 6,075 228 2008 2016 CTR Partnership, L.P. Arbor Place Lodi, CA — 392 3,605 — 392 3,605 3,997 128 1984 2016 CTR Partnership, L.P. Applewood of Brookfield Brookfield, WI — 493 14,002 — 493 14,002 14,495 321 2013 2017 CTR Partnership, L.P. Applewood of New Berlin New Berlin, WI — 356 10,812 — 356 10,812 11,168 248 2016 2017 CTR Partnership, L.P. Tangerine Cove of Brooksville Brooksville, FL — 995 927 — 995 927 1,922 15 1984 2017 CTR Partnership, L.P. Memory Care Cottages in White Bear Lake White Bear Lake, MN — 1,611 5,633 — 1,611 5,633 7,244 70 2016 2017 CTR Partnership, L.P. Amerisist of Culpeper Culpepper, VA — 318 3,897 — 318 3,897 4,215 27 1997 2017 CTR Partnership, L.P. Amerisist of Louisa Louisa, VA — 407 4,660 — 407 4,660 5,067 33 2002 2017 CTR Partnership, L.P. Amerisist of Warrenton Warrenton, VA — 1,238 7,247 — 1,238 7,247 8,485 50 1999 2017 — 24,611 196,879 4,356 24,611 201,235 225,846 17,473 Independent Living Properties: Hillendahl Health Holdings LLC Cottages at Golden Acres Dallas, TX — 315 1,769 302 315 2,071 2,386 979 1984 2009 Mission CCRC LLC St. Joseph's Villa IND Salt Lake City, UT — 411 2,312 158 411 2,470 2,881 891 1994 2011 Hillview Health Holdings LLC Lakeland Hills ALF Dallas, TX — 680 4,872 972 680 5,844 6,524 1,560 1996 2011 — 1,406 8,953 1,432 1,406 10,385 11,791 3,430 — $ 152,889 $ 1,016,809 $ 96,786 $ 151,879 $ 1,114,605 $ 1,266,484 $ 152,185 (1) The aggregate cost of real estate for federal income tax purposes was $1.3 billion . SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (dollars in thousands) Year Ended December 31, Real estate: 2017 2016 2015 Balance at the beginning of the period $ 986,215 $ 718,764 $ 492,486 Acquisitions 280,477 270,601 226,078 Improvements 744 726 230 Sales of real estate (952 ) (3,876 ) (30 ) Balance at the end of the period $ 1,266,484 $ 986,215 $ 718,764 Accumulated depreciation: Balance at the beginning of the period $ (121,797 ) $ (97,667 ) $ (78,897 ) Depreciation expense (30,493 ) (25,001 ) (18,770 ) Sales of real estate 105 871 — Balance at the end of the period $ (152,185 ) $ (121,797 ) $ (97,667 ) |
Schedule IV - Mortgage Loan on
Schedule IV - Mortgage Loan on Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loan on Real Estate | SCHEDULE IV MORTGAGE LOAN ON REAL ESTATE DECEMBER 31, 2017 (dollars in thousands) Description Contractual Interest Rate Maturity Date Periodic Payment Terms Prior Liens Principal Balance Book Value Mortgage: Providence Group 9.0 % 2020 (1) $ — $ 12,517 $ 12,399 Loan Loss Allowance — — — $ — $ 12,517 $ 12,399 (1) Commencing on November 1, 2017 and on the first day of each calendar month thereafter. Changes in mortgage loans are summarized as follows: Year Ended December 31, 2017 2016 2015 Balance at beginning of period $ — $ — $ — Additions during period: New mortgage loan 12,542 — — Interest income added to principal — — Deductions during period: Paydowns/Repayments (25 ) — — Balance at end of the period $ 12,517 $ — $ — |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation —The accompanying consolidated financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of (i) the net-leased skilled nursing, assisted living and independent living facilities; (ii) the operations of the three independent living facilities that the Company owns and operates; and (iii) the preferred equity investments and mortgage loan receivable. The accompanying consolidated 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. Management believes that the assumptions and estimates used in preparation of the underlying consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions. |
Reclassifications | Reclassifications —Prior period results reflect reclassifications, for comparative purposes, in the Company’s consolidated financial statements, including a $0.3 million and $1.2 million write-off of deferred financing costs reclassified from interest expense to loss on the extinguishment of debt in the consolidated income statements for the years ended December 31, 2016 and 2015 , respectively. 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 Identified intangible assets Shorter of lease term or expected useful life |
Real Estate Acquisition Valuation | Real Estate Acquisition Valuation — In accordance with Accounting Standard Codification (“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. As part of the Company’s asset acquisitions, the Company may commit to provide contingent payments to a seller or lessee (e.g., an earn-out payable upon the applicable property achieving certain financial metrics). Typically, when the contingent payments are funded, cash rent is increased by the amount funded multiplied by a rate stipulated in the agreement. Generally, if the contingent payment is an earn-out provided to the seller, the payment is capitalized to the property’s basis. If the contingent payment is an earn-out provided to the lessee, the payment is recorded as a lease incentive and is amortized as a yield adjustment over the life of the lease. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets —At each reporting period, management evaluates the Company’s real estate investments for impairment indicators, including the evaluation of the useful lives of the Company’s assets. 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, it evaluates 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 — Included in Other Real Estate Investments are preferred equity investments and a mortgage loan receivable. 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, to the extent there is outside contributed equity or cumulative earnings from operations. 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 the Company, will be repaid upon redemption or as available cash flow is distributed from the joint venture. The Company’s mortgage loan receivable is recorded at amortized cost, which consists of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Interest income on the Company’s mortgage loan receivable is recognized over the life of the investment using the interest method. Origination costs and fees directly related to loans receivable are amortized over the term of the loan as an adjustment to interest income. The Company evaluates at each reporting period 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 the Company 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 three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and short-term investments with high credit quality financial institutions. The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. |
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 senior unsecured notes payable and senior unsecured term loan, deferred financing costs are netted against the outstanding debt amounts on the balance sheet. For the unsecured revolving credit facility, deferred financing costs are included in assets on the Company’s balance sheet. Amortization of deferred financing costs is classified as interest expense in the consolidated income statements. Accumulated amortization of deferred financing costs was $3.2 million and $4.2 million at December 31, 2017 and December 31, 2016 , 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 |
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. 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. 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, 2017 , 2016 and 2015 , such tenant reimbursement revenues consist of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, the Company provides a reserve against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company 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 —Income tax expense and other income tax related information contained in these consolidated 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 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 to its stockholders at least 90% of the Company’s annual REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). 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. |
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 its owned properties. See Note 12, Concentration of Risk , for a discussion of major operator concentration. |
Segment Disclosures | Segment Disclosures —The Financial Accounting Standard Board (“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. |
Recently Issued Accounting Standards | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). ASC 606 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. ASC 606 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the ASC. ASC 606 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 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. Entities can use either a full retrospective or modified retrospective method to adopt the ASU. Under the full retrospective method, all periods presented will be restated upon adoption to conform to the new standard and a cumulative adjustment for effects on periods prior to 2016 will be recorded to retained earnings as of January 1, 2016. Under the modified retrospective approach, prior periods are not restated to conform to the new standard. Instead, a cumulative adjustment for effects of applying the new standard to periods prior to 2018 is recorded to retained earnings as of January 1, 2018. The Company has elected the modified retrospective approach. Based on review of the Company’s revenue streams from independent living facilities, the Company’s consolidated financial statements include revenues generated through services provided to residents of independent living facilities that are ancillary to the residents’ contractual rights to occupy living and common-area space at the communities, such as meals, transportation and activities. While these revenue streams are subject to the application of Topic 606, the revenues associated with these services are generally recognized on a monthly basis, the period in which the related services are performed. Therefore, revenue recognition under the new revenue recognition ASU is expected to be similar to the recognition pattern under existing accounting standards. During the year ended December 31, 2017 , the Company recognized $3.2 million of revenue from its independent living facilities. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10) (“ASU 2016-01”). ASU 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASC 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations for which it is the lessee. As of December 31, 2017 , the remaining contractual payments under the Company’s lease agreements aggregated $0.3 million . Additionally, ASC 842 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASC 842, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. During the year ended December 31, 2017 , the Company did not capitalize any allocated payroll costs. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. ASC 842 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The standard permits the use of the modified retrospective transition method. The Company continues to assess the potential effect that the adoption of ASC 842 will have on the Company’s consolidated financial statements; however, the Company expects that its tenant recoveries will be separated into lease and non-lease components. Tenant recoveries that qualify as lease components, which relate to the right to use the leased asset (e.g., property taxes, insurance), will be accounted for under ASC 842. Tenant recoveries that qualify as non-lease components, which relate to payments for goods or services that are transferred separately from the right to use the underlying asset, including tenant recoveries related to payments for maintenance activities and common area expenses, will be accounted for under the new revenue recognition ASC 606 upon adoption of the new lease ASC 842 on January 1, 2019 for any new lease or any modified lease. In January 2018, the FASB issued a proposed amendment to the lease ASC 842 that would allow lessors to elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling price. If adopted, this practical expedient will allow lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. ASU 2016-13 will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (e.g., loan commitments). ASU 2016-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted, and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently assessing the potential effect the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provided guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) (“ASU 2016-18”) that will require companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. As of December 31, 2017 and December 31, 2016 , the Company did not have any restricted cash. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. Recent Accounting Standards Adopted by the Company On January 1, 2017, the Company early adopted ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805) (“ASU 2017-01”) that clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update will be applied on a prospective basis and the Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), that simplifies several aspects of employee share-based payment accounting, including the accounting for forfeitures. ASU 2016-09 allows an entity to make an accounting policy election either to continue to estimate the total number of awards that are expected to vest (current method) or to account for forfeitures when they occur. This entity-wide accounting policy election only applies to service conditions; for performance conditions, the entity continues to assess the probability that such conditions will be achieved. If an entity elects to account for forfeitures when they occur, all nonforfeitable dividends paid on share-based payment awards are initially charged to retained earnings and reclassified to compensation cost only when forfeitures of the underlying awards occur. Under current guidance, nonforfeitable dividends paid on share-based payment awards that are not expected to vest are recognized as additional compensation cost. The adoption of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. The Company has elected to account for forfeitures when they occur. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Identified intangible assets Shorter of lease term or expected useful life |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Summary of Investment in Owned Properties | The following table summarizes the Company’s investment in owned properties at December 31, 2017 and December 31, 2016 (dollars in thousands): December 31, 2017 December 31, 2016 Land $ 151,879 $ 110,648 Buildings and improvements 1,114,605 875,567 Integral equipment, furniture and fixtures 80,729 64,120 Identified intangible assets 2,382 1,914 Real estate investments 1,349,595 1,052,249 Accumulated depreciation (197,334 ) (158,331 ) Real estate investments, net $ 1,152,261 $ 893,918 |
Schedule of Total Future Minimum Rental Revenues | As of December 31, 2017 , total future minimum rental revenues for the Company’s tenants were (dollars in thousands): Year Amount 2018 $ 132,652 2019 132,102 2020 131,030 2021 131,283 2022 131,541 Thereafter 1,068,611 $ 1,727,219 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Financial Instruments | A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of December 31, 2017 and December 31, 2016 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, 2017 December 31, 2016 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,550 $ 5,423 $ 12,031 $ 13,872 $ 14,289 Mortgage loan receivable 12,517 12,399 12,517 — — — Financial liabilities: Senior unsecured notes payable $ 300,000 $ 294,395 $ 307,500 $ 260,000 $ 255,294 $ 265,850 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the balance of the Company’s indebtedness as of December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 300,000 $ (5,605 ) $ 294,395 $ 260,000 $ (4,706 ) $ 255,294 Senior unsecured term loan 100,000 (483 ) 99,517 100,000 (578 ) 99,422 Unsecured revolving credit facility 165,000 — 165,000 95,000 — 95,000 $ 565,000 $ (6,088 ) $ 558,912 $ 455,000 $ (5,284 ) $ 449,716 |
Schedule of Debt Maturities | As of December 31, 2017 , the Company’s debt maturities were (dollars in thousands): Year Amount 2018 $ — 2019 165,000 2020 — 2021 — 2022 — Thereafter 400,000 $ 565,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of the At-The-Market Equity Offering Program | The following table summarizes the ATM Program and Prior ATM Program activity for 2017 (shares and dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 Total Number of shares 7,175 3,399 — — 10,574 Average sales price per share $ 15.31 $ 18.82 $ — $ — $ 16.43 Gross proceeds $ 109,813 $ 63,947 $ — $ — $ 173,760 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Awards | The following table summarizes restricted stock award activity for the years ended December 31, 2017 and 2016 : Shares Weighted Average Share Price Unvested balance at December 31, 2015 394,697 $ 12.56 Granted 20,770 13.13 Vested (121,899 ) 12.60 Forfeited (7,500 ) 10.87 Unvested balance at December 31, 2016 286,068 12.63 Granted 254,534 15.46 Vested (111,024 ) 12.82 Forfeited (6,667 ) 15.21 Unvested balance at December 31, 2017 422,911 $ 14.19 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , 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, 2017 , 2016 and 2015 (amounts in thousands, except per share amounts): Year Ended December 31, 2017 2016 2015 Numerator: Net income $ 25,874 $ 29,353 $ 10,034 Less: Net income allocated to participating securities (354 ) (260 ) (286 ) Numerator for basic and diluted earnings available to common stockholders $ 25,520 $ 29,093 $ 9,748 Denominator: Weighted-average basic common shares outstanding 72,647 56,030 37,380 Weighted-average diluted common shares outstanding 72,647 56,030 37,380 Earnings per common share, basic $ 0.35 $ 0.52 $ 0.26 Earnings per common share, diluted $ 0.35 $ 0.52 $ 0.26 |
Summarized Condensed Consolid33
Summarized Condensed Consolidating Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summarized Condensed Consolidating And Combining Information [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2017 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 805,826 $ 346,435 $ — $ 1,152,261 Other real estate investments — 12,399 5,550 — 17,949 Cash and cash equivalents — 6,909 — — 6,909 Accounts and other receivables, net — 2,945 2,309 — 5,254 Prepaid expenses and other assets — 893 2 — 895 Deferred financing costs, net — 1,718 — — 1,718 Investment in subsidiaries 619,075 444,120 — (1,063,195 ) — Intercompany — — 92,061 (92,061 ) — Total assets $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,395 $ — $ — $ 294,395 Senior unsecured term loan, net — 99,517 — — 99,517 Unsecured revolving credit facility — 165,000 — — 165,000 Accounts payable and accrued liabilities — 15,176 2,237 — 17,413 Dividends payable 14,044 — — — 14,044 Intercompany — 92,061 — (92,061 ) — Total liabilities 14,044 666,149 2,237 (92,061 ) 590,369 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 shares issued and outstanding as of December 31, 2017 755 — — — 755 Additional paid-in capital 783,237 546,097 321,761 (867,858 ) 783,237 Cumulative distributions in excess of earnings (178,961 ) 62,564 122,359 (195,337 ) (189,375 ) Total equity 605,031 608,661 444,120 (1,063,195 ) 594,617 Total liabilities and equity $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2016 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 527,639 $ 366,279 $ — $ 893,918 Other real estate investments — — 13,872 — 13,872 Cash and cash equivalents — 7,500 — — 7,500 Accounts and other receivables, net — 3,743 2,153 — 5,896 Prepaid expenses and other assets — 1,366 3 — 1,369 Deferred financing costs, net — 2,803 — — 2,803 Investment in subsidiaries 463,505 401,328 — (864,833 ) — Intercompany — — 102,273 (102,273 ) — Total assets $ 463,505 $ 944,379 $ 484,580 $ (967,106 ) $ 925,358 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 255,294 $ — $ — $ 255,294 Senior unsecured term loan, net — 99,422 — — 99,422 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 9,713 2,424 — 12,137 Dividends payable 11,075 — — — 11,075 Intercompany — 21,445 80,828 (102,273 ) — Total liabilities 11,075 480,874 83,252 (102,273 ) 472,928 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 64,816,350 shares issued and outstanding as of December 31, 2016 648 — — — 648 Additional paid-in capital 611,475 429,453 321,761 (751,214 ) 611,475 Cumulative distributions in excess of earnings (159,693 ) 34,052 79,567 (113,619 ) (159,693 ) Total equity 452,430 463,505 401,328 (864,833 ) 452,430 Total liabilities and equity $ 463,505 $ 944,379 $ 484,580 $ (967,106 ) $ 925,358 |
Condensed Consolidating Income Statements | CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 60,464 $ 57,169 $ — $ 117,633 Tenant reimbursements — 5,493 4,761 — 10,254 Independent living facilities — — 3,228 — 3,228 Interest and other income — 215 1,652 — 1,867 Total revenues — 66,172 66,810 — 132,982 Expenses: Depreciation and amortization — 20,048 19,111 — 39,159 Interest expense — 24,196 — — 24,196 Loss on the extinguishment of debt — 11,883 — — 11,883 Property taxes — 5,493 4,761 — 10,254 Independent living facilities — — 2,733 — 2,733 Impairment of real estate investment — — 890 — 890 Reserve for advances and deferred rent — 10,414 — — 10,414 General and administrative 2,638 8,417 62 — 11,117 Total expenses 2,638 80,451 27,557 — 110,646 Gain on disposition of other real estate investment — — 3,538 — 3,538 Income in Subsidiary 28,512 42,791 — (71,303 ) — Net income $ 25,874 $ 28,512 $ 42,791 $ (71,303 ) $ 25,874 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 36,855 $ 56,271 $ — $ 93,126 Tenant reimbursements — 2,978 4,868 — 7,846 Independent living facilities — — 2,970 — 2,970 Interest and other income — — 737 — 737 Total revenues — 39,833 64,846 — 104,679 Expenses: Depreciation and amortization — 11,651 20,314 — 31,965 Interest expense — 22,375 498 — 22,873 Loss on the extinguishment of debt — — 326 — 326 Property taxes — 2,978 4,868 — 7,846 Acquisition costs — 205 — — 205 Independent living facilities — — 2,549 — 2,549 General and administrative 1,637 7,594 66 — 9,297 Total expenses 1,637 44,803 28,621 — 75,061 Loss on sale of real estate — — (265 ) — (265 ) Income in Subsidiary 30,990 35,960 — (66,950 ) — Net income $ 29,353 $ 30,990 $ 35,960 $ (66,950 ) $ 29,353 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 9,979 $ 56,000 $ — $ 65,979 Tenant reimbursements — 655 4,842 — 5,497 Independent living facilities — — 2,510 — 2,510 Interest and other income — 19 946 — 965 Total revenues — 10,653 64,298 — 74,951 Expenses: Depreciation and amortization — 3,165 20,968 — 24,133 Interest expense — 19,616 4,432 — 24,048 Loss on the extinguishment of debt — — 1,208 — 1,208 Property taxes — 655 4,842 — 5,497 Independent living facilities — — 2,376 — 2,376 General and administrative 1,171 6,360 124 — 7,655 Total expenses 1,171 29,796 33,950 — 64,917 Income in Subsidiary 11,205 30,348 — (41,553 ) — Net income $ 10,034 $ 11,205 $ 30,348 $ (41,553 ) $ 10,034 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (222 ) $ 25,745 $ 63,277 $ — $ 88,800 Cash flows from investing activities: Acquisitions of real estate — (296,517 ) — — (296,517 ) Improvements to real estate — (681 ) (67 ) — (748 ) Purchases of equipment, furniture and fixtures — (309 ) (94 ) — (403 ) Investment in real estate mortgage loan receivable — (12,416 ) — — (12,416 ) Sale of other real estate investment — — 7,500 — 7,500 Principal payments received on mortgage loan receivable — 25 — — 25 Distribution from subsidiary 52,587 — — (52,587 ) — Intercompany financing (169,235 ) 70,616 — 98,619 — Net cash (used in) provided by investing activities (116,648 ) (239,282 ) 7,339 46,032 (302,559 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 170,323 — — — 170,323 Proceeds from the issuance of senior unsecured notes payable — 300,000 — — 300,000 Borrowings under unsecured revolving credit facility — 238,000 — — 238,000 Payments on senior unsecured notes payable — (267,639 ) — — (267,639 ) Payments on unsecured revolving credit facility — (168,000 ) — — (168,000 ) Payments of deferred financing costs — (6,063 ) — — (6,063 ) Net-settle adjustment on restricted stock (866 ) — — — (866 ) Dividends paid on common stock (52,587 ) — — — (52,587 ) Distribution to Parent — (52,587 ) — 52,587 — Intercompany financing — 169,235 (70,616 ) (98,619 ) — Net cash provided by (used in) financing activities 116,870 212,946 (70,616 ) (46,032 ) 213,168 Net decrease in cash and cash equivalents — (591 ) — — (591 ) Cash and cash equivalents beginning of period — 7,500 — — 7,500 Cash and cash equivalents end of period $ — $ 6,909 $ — $ — $ 6,909 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (91 ) $ 9,253 $ 55,269 $ — $ 64,431 Cash flows from investing activities: Acquisitions of real estate — (281,228 ) — — (281,228 ) Improvements to real estate — (485 ) (277 ) — (762 ) Purchases of equipment, furniture and fixtures — (81 ) (70 ) — (151 ) Preferred equity investments — — (4,656 ) — (4,656 ) Escrow deposits for acquisition of real estate — (700 ) — — (700 ) Net proceeds from the sale of real estate — — 2,855 — 2,855 Distribution from subsidiary 37,269 — — (37,269 ) — Intercompany financing (199,796 ) (41,901 ) — 241,697 — Net cash (used in) provided by investing activities (162,527 ) (324,395 ) (2,148 ) 204,428 (284,642 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 200,402 — — — 200,402 Proceeds from the issuance of senior unsecured term loan — 100,000 — — 100,000 Borrowings under unsecured revolving credit facility — 255,000 — — 255,000 Payments on unsecured revolving credit facility — (205,000 ) — — (205,000 ) Payments on the mortgage notes payable — — (95,022 ) — (95,022 ) Payments of deferred financing costs — (1,352 ) — — (1,352 ) Net-settle adjustment on restricted stock (515 ) — — — (515 ) Distribution to Parent — (37,269 ) — 37,269 — Dividends paid on common stock (37,269 ) — — — (37,269 ) Intercompany financing — 199,796 41,901 (241,697 ) — Net cash provided by (used in) financing activities 162,618 311,175 (53,121 ) (204,428 ) 216,244 Net decrease in cash and cash equivalents — (3,967 ) — — (3,967 ) Cash and cash equivalents beginning of period — 11,467 — — 11,467 Cash and cash equivalents end of period $ — $ 7,500 $ — $ — $ 7,500 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (15 ) $ (9,894 ) $ 50,163 $ — $ 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 the sale of real estate — — 30 — 30 Distribution from subsidiary 21,790 — — (21,790 ) — Intercompany financing (162,803 ) 46,761 — 116,042 — Net cash (used in) provided by 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 — — (3,183 ) — (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 (46,761 ) (116,042 ) — Net cash provided by (used in) financing activities 141,028 183,710 (49,944 ) (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 $ — $ 11,467 $ — $ — $ 11,467 |
Selected Quarterly Financial 34
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | This unaudited quarterly data should be read together with the accompanying consolidated financial statements and related notes thereto (in thousands, except per share amounts): For the Year Ended December 31, 2017 First Second Third Fourth Operating data: Total revenues $ 30,608 $ 32,829 $ 32,948 $ 36,597 Net income 10,281 2,030 11,311 2,252 Earnings per common share, basic 0.15 0.03 0.15 0.03 Earnings per common share, diluted 0.15 0.03 0.15 0.03 Other data: Weighted-average number of common shares outstanding, basic 66,951 72,564 75,471 75,476 Weighted-average number of common shares outstanding, diluted 66,951 72,564 75,471 75,476 For the Year Ended December 31, 2016 First Second Third Fourth Operating data: Total revenues $ 23,629 $ 25,701 $ 27,106 $ 28,243 Net income 5,502 7,631 7,832 8,388 Earnings per common share, basic 0.11 0.13 0.13 0.14 Earnings per common share, diluted 0.11 0.13 0.13 0.14 Other data: Weighted-average number of common shares outstanding, basic 48,101 57,478 57,595 60,875 Weighted-average number of common shares outstanding, diluted 48,101 57,478 57,595 60,875 |
Organization - Narrative (Detai
Organization - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)real_estate_investmentunitfacilitybed | |
Real Estate Properties [Line Items] | |
Number of living facilities | 188 |
Preferred equity investment | $ | $ 5.5 |
Number of other real estate investments | real_estate_investment | 2 |
Mortgage Loan Receivable | |
Real Estate Properties [Line Items] | |
Mortgage loan | $ | $ 12.5 |
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign | |
Real Estate Properties [Line Items] | |
Number of living facilities | 185 |
Number of units available in living facilities | bed | 18,064 |
Independent Living Facilities Owned and Operated by Company | |
Real Estate Properties [Line Items] | |
Number of living facilities | 3 |
Number of units available in living facilities | unit | 264 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)facilitysegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Accumulated amortization of deferred financing costs | $ 3,200,000 | $ 4,200,000 | |
Straight-line rental income | 344,000 | 150,000 | $ 0 |
Deferred straight-line rent receivable | 500,000 | 200,000 | |
Stock-based compensation expense | $ 2,416,000 | 1,546,000 | 1,522,000 |
Number of reportable segments | segment | 1 | ||
Independent living facilities revenue | $ 3,228,000 | 2,970,000 | $ 2,510,000 |
Restricted cash | $ 0 | 0 | |
Accounting Policies [Line Items] | |||
Number of living facilities | facility | 188 | ||
Reserve on receivables | $ 0 | ||
Unpaid Base Rents | |||
Accounting Policies [Line Items] | |||
Reserve on receivables | $ 800,000 | ||
Other Tenant Receivables | |||
Accounting Policies [Line Items] | |||
Reserve on receivables | 9,600,000 | ||
Lease Agreements | |||
Accounting Policies [Line Items] | |||
Remaining contractual payments as lessee | $ 300,000 | ||
Independent Living Facilities Owned and Operated by Company | |||
Accounting Policies [Line Items] | |||
Number of living facilities | facility | 3 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Interest expense | $ 24,196 | $ 22,873 | $ 24,048 |
Loss on the extinguishment of debt | $ 11,883 | 326 | 1,208 |
Reclassification | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Interest expense | (300) | (1,200) | |
Loss on the extinguishment of debt | $ 300 | $ 1,200 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Integral Equipment, Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Real Estate Investments, Net -
Real Estate Investments, Net - Summary of Investment in Owned Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 151,879 | $ 110,648 |
Buildings and improvements | 1,114,605 | 875,567 |
Integral equipment, furniture and fixtures | 80,729 | 64,120 |
Identified intangible assets | 2,382 | 1,914 |
Escrowed cash for acquisitions | 1,349,595 | 1,052,249 |
Real estate investments | (197,334) | (158,331) |
Accumulated depreciation | $ 1,152,261 | $ 893,918 |
Real Estate Investments, Net 40
Real Estate Investments, Net - Schedule of Total Future Minimum Rental Revenues (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future Minimum Rental Revenues | |
2,018 | $ 132,652 |
2,019 | 132,102 |
2,020 | 131,030 |
2,021 | 131,283 |
2,022 | 131,541 |
Thereafter | 1,068,611 |
Total | $ 1,727,219 |
Real Estate Investments, Net 41
Real Estate Investments, Net - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($)facilityrenewal_optionbed | Oct. 31, 2017USD ($)unitrenewal_optionfacilitybed | Sep. 30, 2017USD ($)unitrenewal_optionfacilitybed | Jul. 31, 2017USD ($)unitrenewal_optionbed | Jun. 30, 2017USD ($)unit | May 31, 2017USD ($)unitrenewal_optionbed | Mar. 31, 2017USD ($)renewal_optionfacilitybed | Feb. 28, 2017USD ($)renewal_optionfacilitybed | Sep. 30, 2017USD ($)unitfacilitybed | Dec. 31, 2017USD ($)facilityintangible_assetleasebed | Dec. 31, 2016facility | |
Investment [Line Items] | |||||||||||
Number of living facilities | facility | 188 | 188 | |||||||||
Number of facilities not leased | facility | 3 | ||||||||||
Number of operating leases acquired | lease | 3 | ||||||||||
Remaining term of ground lease | 81 years | ||||||||||
Off-Market Favorable Lease | |||||||||||
Investment [Line Items] | |||||||||||
Number of identified intangible assets | intangible_asset | 2 | ||||||||||
Premier Senior Living, LLC | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 2 | ||||||||||
Number of beds acquired | bed | 96 | ||||||||||
Acquisition consideration | $ 26.1 | ||||||||||
Leases period | 14 years | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 2.2 | ||||||||||
WLC Management Firm LLC | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 5 | ||||||||||
Number of beds acquired | bed | 86 | 99 | 455 | 86 | |||||||
Acquisition consideration | $ 4.6 | $ 3.7 | $ 29.2 | ||||||||
Leases period | 14 years | 14 years | 15 years | ||||||||
Lease renewal options | renewal_option | 2 | 2 | 2 | ||||||||
Lease renewal term | 5 years | 5 years | 5 years | ||||||||
Anticipated initial annual lease revenues | $ 0.4 | $ 0.4 | $ 2.9 | ||||||||
Better Senior Living Consulting LLC | |||||||||||
Investment [Line Items] | |||||||||||
Number of beds acquired | bed | 170 | ||||||||||
Acquisition consideration | $ 2 | ||||||||||
Leases period | 13 years | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 0.3 | ||||||||||
Cascadia Healthcare LLC | |||||||||||
Investment [Line Items] | |||||||||||
Total number of facilities in staged transaction | facility | 7 | 3 | 3 | ||||||||
Acquisition consideration | $ 65.5 | ||||||||||
Leases period | 13 years | 14 years | |||||||||
Lease renewal options | renewal_option | 2 | 2 | |||||||||
Lease renewal term | 5 years | 5 years | |||||||||
Anticipated initial annual lease revenues | $ 5.9 | $ 1.1 | |||||||||
Cascadia Healthcare LLC | Nampa ID | |||||||||||
Investment [Line Items] | |||||||||||
Number of units available in living facilities | unit | 119 | ||||||||||
Acquisition consideration | $ 6.5 | ||||||||||
Cascadia Healthcare LLC | Oregon and Washington | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 2 | 2 | |||||||||
Number of units available in living facilities | unit | 129 | 129 | |||||||||
Acquisition consideration | $ 4.9 | ||||||||||
Cascadia Healthcare LLC | Idaho | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 3 | 3 | |||||||||
Number of beds acquired | bed | 236 | 236 | |||||||||
Acquisition consideration | $ 29.8 | ||||||||||
OnPointe Health LLC | |||||||||||
Investment [Line Items] | |||||||||||
Acquisition consideration | $ 27.3 | ||||||||||
Anticipated initial annual lease revenues | 2.5 | ||||||||||
Tenant purchase option | $ 14.3 | ||||||||||
OnPointe Health LLC | Minimum | |||||||||||
Investment [Line Items] | |||||||||||
Leases period | 17 years | ||||||||||
OnPointe Health LLC | Maximum | |||||||||||
Investment [Line Items] | |||||||||||
Leases period | 19 years | ||||||||||
OnPointe Health LLC | Brownsville TX | |||||||||||
Investment [Line Items] | |||||||||||
Number of units available in living facilities | unit | 126 | ||||||||||
OnPointe Health LLC | Albuquerque NM | |||||||||||
Investment [Line Items] | |||||||||||
Number of units available in living facilities | unit | 136 | ||||||||||
Prelude Home & Services LLC | |||||||||||
Investment [Line Items] | |||||||||||
Number of units available in living facilities | unit | 30 | ||||||||||
Acquisition consideration | $ 7.8 | ||||||||||
Leases period | 12 years 6 months | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 0.6 | ||||||||||
Priority Management Group LLC | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 3 | 3 | |||||||||
Number of beds acquired | bed | 405 | 405 | |||||||||
Acquisition consideration | $ 20.3 | ||||||||||
Leases period | 14 years | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 1.9 | ||||||||||
Five Oaks | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 3 | ||||||||||
Number of beds acquired | bed | 268 | ||||||||||
Acquisition consideration | $ 12.1 | ||||||||||
Leases period | 14 years | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 1.1 | ||||||||||
Twenty/20 Management Inc | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 3 | ||||||||||
Number of units available in living facilities | unit | 91 | ||||||||||
Acquisition consideration | $ 18.2 | ||||||||||
Leases period | 12 years | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 1.5 | ||||||||||
Providence Group | |||||||||||
Investment [Line Items] | |||||||||||
Number of facilities acquired | facility | 3 | ||||||||||
Number of beds acquired | bed | 528 | ||||||||||
Acquisition consideration | $ 69.2 | ||||||||||
Leases period | 15 years | ||||||||||
Lease renewal options | renewal_option | 2 | ||||||||||
Lease renewal term | 5 years | ||||||||||
Anticipated initial annual lease revenues | $ 6.1 | ||||||||||
Ensign Master Leases | |||||||||||
Investment [Line Items] | |||||||||||
Facilities subject to operating lease | facility | 92 | 92 | |||||||||
Annualized revenues from master leases | $ 57.7 | $ 57.7 | |||||||||
Escalation factor for calculating revenues after year two | 0.00% | 0.00% | |||||||||
Percentage change in the consumer price index | 2.50% | 2.50% | |||||||||
Various Other Operators | |||||||||||
Investment [Line Items] | |||||||||||
Facilities subject to operating lease | facility | 93 | 93 |
Real Estate Investments, Net 42
Real Estate Investments, Net - Lease Amendments, Related Agreements and Impairments Narrative (Details) $ in Thousands | Dec. 01, 2019 | Jul. 01, 2019 | Feb. 01, 2019USD ($) | Dec. 01, 2018USD ($) | Oct. 15, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 01, 2018USD ($) | Feb. 27, 2018 | Feb. 01, 2018USD ($) | Dec. 01, 2017USD ($) | Nov. 30, 2017USD ($) | Nov. 02, 2017USD ($)facility | Oct. 01, 2017USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | Feb. 27, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Real Estate [Line Items] | |||||||||||||||||||
Increase in deferred rent receivables | $ 800 | ||||||||||||||||||
Future rent receivable | $ 1,727,219 | $ 1,727,219 | |||||||||||||||||
Reserve for advances and deferred rent | 10,414 | $ 0 | $ 0 | ||||||||||||||||
Impairment of real estate investment | 890 | $ 0 | $ 0 | ||||||||||||||||
Other Tenant Receivables | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Reserve for advances and deferred rent | 6,300 | ||||||||||||||||||
Accrued Property Taxes and Franchise Permit Fees | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Reserve for advances and deferred rent | 3,300 | ||||||||||||||||||
Unpaid Base Rents | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Reserve for advances and deferred rent | 800 | ||||||||||||||||||
Pristine Amendment | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Number of transitioned facilities | facility | 7 | ||||||||||||||||||
Initial base rent expected to be received annually | $ 15,600 | ||||||||||||||||||
Rental income, increase (decrease) in expected annual base rent | $ 6,500 | ||||||||||||||||||
Proceeds from deposit payments to impound account under agreement | 200 | $ 300 | |||||||||||||||||
Receivable for additional payments due per agreement | $ 2,800 | ||||||||||||||||||
Payment of deposit into impound account | 1,000 | ||||||||||||||||||
Deposit balance in impound account | $ 6,400 | $ 6,400 | |||||||||||||||||
Future rent receivable | $ 4,900 | ||||||||||||||||||
Pristine Amendment | Subsequent Event | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Proceeds from deposit payments to impound account under agreement | $ 500 | ||||||||||||||||||
Proceeds from base rent received | $ 4,400 | ||||||||||||||||||
Pristine Amendment | Forecast | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Initial base rent expected to be received annually | $ 9,500 | ||||||||||||||||||
Rental income, expected annual base rent contingent on transfer of facilities | $ 9,800 | ||||||||||||||||||
Annual base rent increase (percent) | 2.00% | ||||||||||||||||||
Rental income, expected additional monthly rent | $ 0 | ||||||||||||||||||
Interest rate on deferred rent payable | 6.25% | ||||||||||||||||||
Pristine Amendment | Forecast | Maximum | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Annual base rent increase (percent) | 3.00% | ||||||||||||||||||
Lease Termination Agreement | Subsequent Event | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Time period for transfer of facilities | 180 days | ||||||||||||||||||
Trillium Amendment | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Initial base rent expected to be received annually | 11,500 | $ 4,500 | |||||||||||||||||
Rental income, increase (decrease) in expected annual base rent | $ 6,900 | ||||||||||||||||||
Trillium Amendment | Forecast | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Initial base rent expected to be received annually | $ 12,200 | $ 12,100 | $ 11,600 | ||||||||||||||||
Trillium Amendment | Forecast | Maximum | |||||||||||||||||||
Real Estate [Line Items] | |||||||||||||||||||
Annual base rent increase (percent) | 3.00% |
Other Real Estate Investments -
Other Real Estate Investments - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2017USD ($) | Sep. 30, 2016USD ($)bed | Jul. 31, 2016USD ($) | Dec. 31, 2014USD ($)aunit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2017 | |
Real Estate Properties [Line Items] | ||||||||
Preferred equity investment | $ 5,500 | |||||||
Proceeds from sale of real estate investment | 7,500 | $ 0 | $ 0 | |||||
Receipt of preferred return | 0 | 0 | 0 | |||||
Gain on disposition of other real estate investment | 3,538 | 0 | 0 | |||||
Interest income distribution from other real estate investment | 1,500 | 0 | 0 | |||||
Mortgage Loan Receivable | ||||||||
Real Estate Properties [Line Items] | ||||||||
Mortgage loan | 12,500 | |||||||
Providence Group | Mortgage Loan Receivable | ||||||||
Real Estate Properties [Line Items] | ||||||||
Interest income | 200 | |||||||
Mortgage loan | 12,500 | |||||||
Mortgage loan receivable interest rate (percent) | 9.00% | |||||||
Preferred Equity Investment | ||||||||
Real Estate Properties [Line Items] | ||||||||
Interest income | 1,700 | $ 700 | $ 900 | |||||
Signature Senior Living | ||||||||
Real Estate Properties [Line Items] | ||||||||
Preferred equity investment | $ 7,500 | |||||||
Return from preferred equity investment (percent) | 12.00% | |||||||
Number of units planned for construction | unit | 134 | |||||||
Area under construction | a | 5 | |||||||
Initial lease yield (percent) | 8.00% | |||||||
Proceeds from sale of real estate investment | $ 7,500 | |||||||
Receipt of preferred return | $ 2,500 | |||||||
Gain on disposition of other real estate investment | 3,500 | |||||||
Interest income | 1,000 | |||||||
Interest income distribution from other real estate investment | $ 500 | |||||||
Cascadia Development, LLC | ||||||||
Real Estate Properties [Line Items] | ||||||||
Preferred equity investment | $ 2,300 | $ 2,200 | ||||||
Initial lease yield (percent) | 9.00% | 9.00% | ||||||
Preferred equity instrument minimum yield | 12.00% | 12.00% | ||||||
Number of beds planned for construction | bed | 99 | |||||||
Cascadia Development, LLC | Prime Rate | ||||||||
Real Estate Properties [Line Items] | ||||||||
Basis spread on preferred equity investment yield | 9.50% | 9.50% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Preferred equity investments - face value | $ 4,531,000 | $ 12,031,000 |
Mortgage loan receivable - face value | 12,399,000 | |
Mortgage Loan Receivable | ||
Financial assets: | ||
Mortgage loan receivable - face value | 12,517,000 | 0 |
Senior Unsecured Notes Payable | ||
Financial liabilities: | ||
Senior unsecured notes payable - face value | 300,000,000 | 260,000,000 |
Carrying Amount | Level 2 | Senior Unsecured Notes Payable | ||
Financial liabilities: | ||
Senior unsecured notes payable | 294,395,000 | 255,294,000 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Preferred equity investments | 5,550,000 | 13,872,000 |
Carrying Amount | Level 3 | Mortgage Loan Receivable | ||
Financial assets: | ||
Mortgage loan receivable | 12,399,000 | 0 |
Fair Value | Level 2 | Senior Unsecured Notes Payable | ||
Financial liabilities: | ||
Senior unsecured notes payable | 307,500,000 | 265,850,000 |
Fair Value | Level 3 | ||
Financial assets: | ||
Preferred equity investments | 5,423,000 | 14,289,000 |
Fair Value | Level 3 | Mortgage Loan Receivable | ||
Financial assets: | ||
Mortgage loan receivable | $ 12,517,000 | $ 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Income From Affiliate - Director $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |
Rental income from related party | $ 16.3 |
Tenant reimbursements from related party | $ 1.4 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 01, 2016 |
Debt Instrument [Line Items] | |||
Principal Amount | $ 565,000 | $ 455,000 | |
Deferred Loan Fees | (6,088) | (5,284) | |
Carrying Value | 558,912 | 449,716 | |
Senior unsecured notes payable | |||
Debt Instrument [Line Items] | |||
Principal Amount | 300,000 | 260,000 | |
Deferred Loan Fees | (5,605) | (4,706) | |
Carrying Value | 294,395 | 255,294 | |
Senior unsecured term loan | |||
Debt Instrument [Line Items] | |||
Principal Amount | 100,000 | 100,000 | $ 100,000 |
Deferred Loan Fees | (483) | (578) | |
Carrying Value | 99,517 | 99,422 | |
Unsecured revolving credit facility | |||
Debt Instrument [Line Items] | |||
Principal Amount | 165,000 | 95,000 | |
Deferred Loan Fees | 0 | 0 | |
Carrying Value | $ 165,000 | $ 95,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | May 10, 2017USD ($) | Feb. 01, 2016USD ($)extension_option | Aug. 05, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||||
Gross proceeds from issuance of senior notes | $ 0 | $ 100,000,000 | $ 0 | |||
Payments on the mortgage notes payable | 0 | 95,022,000 | 3,183,000 | |||
Amount outstanding | 565,000,000 | 455,000,000 | ||||
Amount outstanding | 558,912,000 | 449,716,000 | ||||
Interest expense | 24,196,000 | 22,873,000 | 24,048,000 | |||
Amortization of deferred financing costs | 2,100,000 | 2,200,000 | 2,200,000 | |||
Interest payable | 1,400,000 | 1,300,000 | ||||
Loss on extinguishment of debt before write-off of deferred financing costs | (7,600,000) | |||||
Write-off of deferred financing costs | 4,200,000 | 300,000 | ||||
Loss on the extinguishment of debt | 11,883,000 | 326,000 | $ 1,208,000 | |||
Senior Unsecured Notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount outstanding | 300,000,000 | 260,000,000 | ||||
Amount outstanding | 294,395,000 | 255,294,000 | ||||
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face amount | $ 300,000,000 | |||||
Interest rate, stated percentage | 5.25% | |||||
Gross proceeds from issuance of senior notes | $ 300,000,000 | |||||
Net proceeds from issuance of senior notes | $ 294,000,000 | |||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Debt instrument, redemption price, percentage upon change of control | 101.00% | |||||
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, redemption price, percentage | 105.25% | |||||
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, redemption price, percentage of principal amount | 40.00% | |||||
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage of aggregate principal amount of notes outstanding | 60.00% | |||||
Senior Unsecured Notes | 5.875% Senior Notes due 2021 | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate, stated percentage | 5.875% | |||||
Payments for redemption of senior notes | $ 260,000,000 | |||||
Debt instrument, redemption price, percentage | 102.938% | |||||
Credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount outstanding | 165,000,000 | 95,000,000 | ||||
Amount outstanding | 165,000,000 | 95,000,000 | ||||
Credit facility | Unsecured Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, borrowing capacity | $ 300,000,000 | |||||
Credit facility | Revolving Credit Facility as Amended | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, borrowing capacity | $ 400,000,000 | |||||
Line of credit facility, increase to borrowing capacity | 100,000,000 | |||||
Line of credit facility, increase to uncommitted incremental facility | 50,000,000 | |||||
Line of credit facility, uncommitted incremental facility limit | $ 250,000,000 | |||||
Number of extension options | extension_option | 2 | |||||
Extension option term | 6 months | |||||
Credit facility | Revolving Credit Facility as Amended | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, commitment fee percentage | 0.25% | |||||
Line of credit facility, facility fee percentage | 0.30% | |||||
Credit facility | Revolving Credit Facility as Amended | Maximum | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 1.60% | 1.40% | ||||
Credit facility | Revolving Credit Facility as Amended | Maximum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 2.60% | 2.40% | ||||
Credit facility | Revolving Credit Facility as Amended | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, commitment fee percentage | 0.15% | |||||
Line of credit facility, facility fee percentage | 0.125% | |||||
Credit facility | Revolving Credit Facility as Amended | Minimum | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 0.95% | 0.75% | ||||
Credit facility | Revolving Credit Facility as Amended | Minimum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 1.95% | 1.75% | ||||
Senior Unsecured Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, prepayment premium in first year | 2.00% | |||||
Line of credit facility, prepayment premium in second year | 1.00% | |||||
Amount outstanding | $ 100,000,000 | 100,000,000 | 100,000,000 | |||
Amount outstanding | $ 99,517,000 | $ 99,422,000 | ||||
Mortgage Notes Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Payments on the mortgage notes payable | $ 95,000,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt, Fiscal Year Maturity [Abstract] | ||
2,018 | $ 0 | |
2,019 | 165,000 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 400,000 | |
Total debt | $ 565,000 | $ 455,000 |
Equity - Offerings of Common St
Equity - Offerings of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 18, 2016 | Mar. 28, 2016 | Aug. 18, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||||
Issuance of common stock, net (shares) | 6,330 | 9,780 | 16,330 | |||
Proceeds from the issuance of common stock, net | $ 80,900 | $ 105,800 | $ 163,000 | $ 170,323 | $ 200,402 | $ 162,963 |
Share price to the public (usd per share) | $ 13.35 | $ 11.35 | $ 10.50 | |||
Over-Allotment Option | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock, net (shares) | 830 | 1,280 | 2,130 |
Equity - At-The-Market Offering
Equity - At-The-Market Offerings of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 18, 2016 | Mar. 28, 2016 | Aug. 18, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||||||||
Remaining offering amount available | $ 236,100 | $ 236,100 | ||||||||
Number of shares (shares) | 6,330 | 9,780 | 16,330 | |||||||
Gross proceeds | $ 80,900 | $ 105,800 | $ 163,000 | $ 170,323 | $ 200,402 | $ 162,963 | ||||
Maximum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Authorized aggregate offering price of common stock | $ 300,000 | |||||||||
At-The-Market Offering | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares (shares) | 0 | 0 | 3,399 | 7,175 | 10,574 | |||||
Average sales price per share (usd per share) | $ 0 | $ 0 | $ 18.82 | $ 15.31 | $ 16.43 | |||||
Gross proceeds | $ 0 | $ 0 | $ 63,947 | $ 109,813 | $ 173,760 |
Equity - Dividends on Common St
Equity - Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||||||||||||||
Common dividend (usd per share) | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.74 | $ 0.68 | $ 0.64 |
Dividend, payable date | Jan. 16, 2018 | Oct. 13, 2017 | Jul. 14, 2017 | Apr. 14, 2017 | Jan. 13, 2017 | Oct. 14, 2016 | Jul. 15, 2016 | Apr. 15, 2016 | Oct. 15, 2015 | Jul. 15, 2015 | Apr. 15, 2015 | Jan. 15, 2016 | |||
Dividend, date of record | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Restricted Stock Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | ||
Granted (shares) | 254,534 | |
Restricted Stock Awards | ||
Shares | ||
Unvested, beginning balance (shares) | 286,068 | 394,697 |
Granted (shares) | 20,770 | |
Vested (shares) | (111,024) | (121,899) |
Forfeited (shares) | (6,667) | (7,500) |
Unvested, ending balance (shares) | 422,911 | 286,068 |
Weighted Average Share Price | ||
Unvested, beginning balance (usd per share) | $ 12.63 | $ 12.56 |
Granted (usd per share) | 15.46 | 13.13 |
Vested (usd per share) | 12.82 | 12.60 |
Forfeited (usd per share) | 15.21 | 10.87 |
Unvested, ending balance (usd per share) | $ 14.19 | $ 12.63 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2014shares | Jul. 31, 2017$ / sharesshares | Feb. 28, 2017installment$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense associated with grants | $ | $ 2,416 | $ 1,546 | $ 1,522 | ||||
Number of restricted stock awards granted (shares) | 254,534 | ||||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense associated with grants | $ | $ 2,400 | $ 1,500 | $ 1,500 | ||||
Unamortized stock-based compensation expense related to unvested awards | $ | $ 3,800 | $ 3,800 | |||||
Weighted average remaining vesting period related to expense recognition | 1 year 9 months 18 days | ||||||
Shares vested (shares) | 111,024 | 121,899 | |||||
Unvested stock awards outstanding (shares) | 422,911 | 422,911 | 286,068 | 394,697 | |||
Number of restricted stock awards granted (shares) | 20,770 | ||||||
Restricted Stock Awards | Ensign Employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock award conversion ratio related to the spin-off | 1 | ||||||
Stock awards unvested during spin-off (shares) | 207,580 | ||||||
Shares vested (shares) | 27,200 | ||||||
Unvested stock awards outstanding (shares) | 14,980 | 14,980 | |||||
Restricted Stock Awards | Board of Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of restricted stock awards granted (shares) | 20,766 | 233,768 | |||||
Restricted stock awards grant date fair value (usd per share) | $ / shares | $ 18.30 | $ 15.21 | |||||
Number of equal annual vesting installments | installment | 3 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation of basic and diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 8,388 | $ 7,832 | $ 7,631 | $ 5,502 | $ 25,874 | $ 29,353 | $ 10,034 |
Less: Net income allocated to participating securities | (354) | (260) | (286) | ||||||||
Numerator for basic and diluted earnings available to common stockholders | $ 25,520 | $ 29,093 | $ 9,748 | ||||||||
Denominator: | |||||||||||
Weighted-average basic common shares outstanding (shares) | 75,476 | 75,471 | 72,564 | 66,951 | 60,875 | 57,595 | 57,478 | 48,101 | 72,647 | 56,030 | 37,380 |
Weighted-average diluted common shares outstanding (shares) | 75,476 | 75,471 | 72,564 | 66,951 | 60,875 | 57,595 | 57,478 | 48,101 | 72,647 | 56,030 | 37,380 |
Earnings per common share, basic (usd per share) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.35 | $ 0.52 | $ 0.26 |
Earnings per common share, diluted (usd per share) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.35 | $ 0.52 | $ 0.26 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - Ensign - 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 - Narrati
Concentration of Risk - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)facilitybedstate | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Concentration Risk [Line Items] | |||
Number of living facilities | 188 | ||
Description of highest concentration of properties | The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona. | ||
Rental income | $ | $ 117,633 | $ 93,126 | $ 65,979 |
Assets Leased to Ensign | Skilled Nursing, Assisted Living and Independent Living Facilities | |||
Concentration Risk [Line Items] | |||
Number of living facilities | 185 | ||
Number of units available in living facilities | bed | 18,064 | ||
Ensign | |||
Concentration Risk [Line Items] | |||
Number of states where Ensign leases the highest concentration of properties | state | 4 | ||
Ensign | Assets Leased to Ensign | Skilled Nursing, Assisted Living and Independent Living Facilities | |||
Concentration Risk [Line Items] | |||
Number of living facilities | 92 | ||
Number of units available in living facilities | bed | 9,698 | ||
Customer Concentration Risk | Revenue, exclusive of tenant reimbursements | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 44.00% | ||
Customer Concentration Risk | Revenue, exclusive of tenant reimbursements | Ensign | |||
Concentration Risk [Line Items] | |||
Rental income | $ | $ 57,700 |
Summarized Condensed Consolid57
Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||||
Real estate investments, net | $ 1,152,261 | $ 893,918 | ||
Other real estate investments | 17,949 | 13,872 | ||
Cash and cash equivalents | 6,909 | 7,500 | $ 11,467 | $ 25,320 |
Accounts and other receivables, net | 5,254 | 5,896 | ||
Prepaid expenses and other assets | 895 | 1,369 | ||
Deferred financing costs, net | 1,718 | 2,803 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,184,986 | 925,358 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 294,395 | 255,294 | ||
Senior unsecured term loan, net | 99,517 | 99,422 | ||
Unsecured revolving credit facility | 165,000 | 95,000 | ||
Accounts payable and accrued liabilities | 17,413 | 12,137 | ||
Dividends payable | 14,044 | 11,075 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 590,369 | 472,928 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 and 64,816,350 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 755 | 648 | ||
Additional paid-in capital | 783,237 | 611,475 | ||
Cumulative distributions in excess of earnings | (189,375) | (159,693) | ||
Total equity | 594,617 | 452,430 | 262,288 | 113,462 |
Total liabilities and equity | 1,184,986 | 925,358 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets: | ||||
Real estate investments, net | 0 | 0 | ||
Other real estate investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and other receivables, net | 0 | 0 | ||
Prepaid expenses and other assets | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | 619,075 | 463,505 | ||
Intercompany | 0 | 0 | ||
Total assets | 619,075 | 463,505 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Senior unsecured term loan, net | 0 | 0 | ||
Unsecured revolving credit facility | 0 | 0 | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Dividends payable | 14,044 | 11,075 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 14,044 | 11,075 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 and 64,816,350 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 755 | 648 | ||
Additional paid-in capital | 783,237 | 611,475 | ||
Cumulative distributions in excess of earnings | (178,961) | (159,693) | ||
Total equity | 605,031 | 452,430 | ||
Total liabilities and equity | 619,075 | 463,505 | ||
Reportable Legal Entities | Issuers | ||||
Assets: | ||||
Real estate investments, net | 805,826 | 527,639 | ||
Other real estate investments | 12,399 | 0 | ||
Cash and cash equivalents | 6,909 | 7,500 | 11,467 | 25,320 |
Accounts and other receivables, net | 2,945 | 3,743 | ||
Prepaid expenses and other assets | 893 | 1,366 | ||
Deferred financing costs, net | 1,718 | 2,803 | ||
Investment in subsidiaries | 444,120 | 401,328 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,274,810 | 944,379 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 294,395 | 255,294 | ||
Senior unsecured term loan, net | 99,517 | 99,422 | ||
Unsecured revolving credit facility | 165,000 | 95,000 | ||
Accounts payable and accrued liabilities | 15,176 | 9,713 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 92,061 | 21,445 | ||
Total liabilities | 666,149 | 480,874 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 and 64,816,350 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 0 | 0 | ||
Additional paid-in capital | 546,097 | 429,453 | ||
Cumulative distributions in excess of earnings | 62,564 | 34,052 | ||
Total equity | 608,661 | 463,505 | ||
Total liabilities and equity | 1,274,810 | 944,379 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||
Assets: | ||||
Real estate investments, net | 346,435 | 366,279 | ||
Other real estate investments | 5,550 | 13,872 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and other receivables, net | 2,309 | 2,153 | ||
Prepaid expenses and other assets | 2 | 3 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 92,061 | 102,273 | ||
Total assets | 446,357 | 484,580 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Senior unsecured term loan, net | 0 | 0 | ||
Unsecured revolving credit facility | 0 | 0 | ||
Accounts payable and accrued liabilities | 2,237 | 2,424 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 0 | 80,828 | ||
Total liabilities | 2,237 | 83,252 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 and 64,816,350 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 0 | 0 | ||
Additional paid-in capital | 321,761 | 321,761 | ||
Cumulative distributions in excess of earnings | 122,359 | 79,567 | ||
Total equity | 444,120 | 401,328 | ||
Total liabilities and equity | 446,357 | 484,580 | ||
Elimination | ||||
Assets: | ||||
Real estate investments, net | 0 | 0 | ||
Other real estate investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and other receivables, net | 0 | 0 | ||
Prepaid expenses and other assets | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | (1,063,195) | (864,833) | ||
Intercompany | (92,061) | (102,273) | ||
Total assets | (1,155,256) | (967,106) | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 0 | 0 | ||
Senior unsecured term loan, net | 0 | 0 | ||
Unsecured revolving credit facility | 0 | 0 | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Dividends payable | 0 | 0 | ||
Intercompany | (92,061) | (102,273) | ||
Total liabilities | (92,061) | (102,273) | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 and 64,816,350 shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 0 | 0 | ||
Additional paid-in capital | (867,858) | (751,214) | ||
Cumulative distributions in excess of earnings | (195,337) | (113,619) | ||
Total equity | (1,063,195) | (864,833) | ||
Total liabilities and equity | $ (1,155,256) | $ (967,106) |
Summarized Condensed Consolid58
Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets Share Data (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Summarized Condensed Consolidating And Combining Information [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 500,000,000 | 500,000,000 |
Common stock, issued (shares) | 75,478,202 | 64,816,350 |
Common stock, outstanding (shares) | 75,478,202 | 64,816,350 |
Summarized Condensed Consolid59
Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Rental income | $ 117,633 | $ 93,126 | $ 65,979 | ||||||||
Tenant reimbursements | 10,254 | 7,846 | 5,497 | ||||||||
Independent living facilities | 3,228 | 2,970 | 2,510 | ||||||||
Interest and other income | 1,867 | 737 | 965 | ||||||||
Total revenues | $ 36,597 | $ 32,948 | $ 32,829 | $ 30,608 | $ 28,243 | $ 27,106 | $ 25,701 | $ 23,629 | 132,982 | 104,679 | 74,951 |
Expenses: | |||||||||||
Depreciation and amortization | 39,159 | 31,965 | 24,133 | ||||||||
Interest expense | 24,196 | 22,873 | 24,048 | ||||||||
Loss on the extinguishment of debt | 11,883 | 326 | 1,208 | ||||||||
Property taxes | 10,254 | 7,846 | 5,497 | ||||||||
Acquisition costs | 0 | 205 | 0 | ||||||||
Independent living facilities | 2,733 | 2,549 | 2,376 | ||||||||
Impairment of real estate investment | 890 | 0 | 0 | ||||||||
Reserve for advances and deferred rent | 10,414 | 0 | 0 | ||||||||
General and administrative | 11,117 | 9,297 | 7,655 | ||||||||
Total expenses | 110,646 | 75,061 | 64,917 | ||||||||
Loss on sale of real estate | 0 | (265) | 0 | ||||||||
Gain on disposition of other real estate investment | 3,538 | 0 | 0 | ||||||||
Income in Subsidiary | 0 | 0 | 0 | ||||||||
Net income | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 8,388 | $ 7,832 | $ 7,631 | $ 5,502 | 25,874 | 29,353 | 10,034 |
Reportable Legal Entities | Parent Guarantor | |||||||||||
Revenues: | |||||||||||
Rental income | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Interest and other income | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Loss on the extinguishment of debt | 0 | 0 | 0 | ||||||||
Property taxes | 0 | 0 | 0 | ||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Impairment of real estate investment | 0 | ||||||||||
Reserve for advances and deferred rent | 0 | ||||||||||
General and administrative | 2,638 | 1,637 | 1,171 | ||||||||
Total expenses | 2,638 | 1,637 | 1,171 | ||||||||
Loss on sale of real estate | 0 | ||||||||||
Gain on disposition of other real estate investment | 0 | ||||||||||
Income in Subsidiary | 28,512 | 30,990 | 11,205 | ||||||||
Net income | 25,874 | 29,353 | 10,034 | ||||||||
Reportable Legal Entities | Issuers | |||||||||||
Revenues: | |||||||||||
Rental income | 60,464 | 36,855 | 9,979 | ||||||||
Tenant reimbursements | 5,493 | 2,978 | 655 | ||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Interest and other income | 215 | 0 | 19 | ||||||||
Total revenues | 66,172 | 39,833 | 10,653 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 20,048 | 11,651 | 3,165 | ||||||||
Interest expense | 24,196 | 22,375 | 19,616 | ||||||||
Loss on the extinguishment of debt | 11,883 | 0 | 0 | ||||||||
Property taxes | 5,493 | 2,978 | 655 | ||||||||
Acquisition costs | 205 | ||||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Impairment of real estate investment | 0 | ||||||||||
Reserve for advances and deferred rent | 10,414 | ||||||||||
General and administrative | 8,417 | 7,594 | 6,360 | ||||||||
Total expenses | 80,451 | 44,803 | 29,796 | ||||||||
Loss on sale of real estate | 0 | ||||||||||
Gain on disposition of other real estate investment | 0 | ||||||||||
Income in Subsidiary | 42,791 | 35,960 | 30,348 | ||||||||
Net income | 28,512 | 30,990 | 11,205 | ||||||||
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||||||||
Revenues: | |||||||||||
Rental income | 57,169 | 56,271 | 56,000 | ||||||||
Tenant reimbursements | 4,761 | 4,868 | 4,842 | ||||||||
Independent living facilities | 3,228 | 2,970 | 2,510 | ||||||||
Interest and other income | 1,652 | 737 | 946 | ||||||||
Total revenues | 66,810 | 64,846 | 64,298 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 19,111 | 20,314 | 20,968 | ||||||||
Interest expense | 0 | 498 | 4,432 | ||||||||
Loss on the extinguishment of debt | 0 | 326 | (1,208) | ||||||||
Property taxes | 4,761 | 4,868 | 4,842 | ||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 2,733 | 2,549 | 2,376 | ||||||||
Impairment of real estate investment | 890 | ||||||||||
Reserve for advances and deferred rent | 0 | ||||||||||
General and administrative | 62 | 66 | 124 | ||||||||
Total expenses | 27,557 | 28,621 | 33,950 | ||||||||
Loss on sale of real estate | (265) | ||||||||||
Gain on disposition of other real estate investment | 3,538 | ||||||||||
Income in Subsidiary | 0 | 0 | 0 | ||||||||
Net income | 42,791 | 35,960 | 30,348 | ||||||||
Elimination | |||||||||||
Revenues: | |||||||||||
Rental income | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Interest and other income | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Loss on the extinguishment of debt | 0 | 0 | 0 | ||||||||
Property taxes | 0 | 0 | 0 | ||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Impairment of real estate investment | 0 | ||||||||||
Reserve for advances and deferred rent | 0 | ||||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Total expenses | 0 | 0 | 0 | ||||||||
Loss on sale of real estate | 0 | ||||||||||
Gain on disposition of other real estate investment | 0 | ||||||||||
Income in Subsidiary | (71,303) | (66,950) | (41,553) | ||||||||
Net income | $ (71,303) | $ (66,950) | $ (41,553) |
Summarized Condensed Consolid60
Summarized Condensed Consolidating Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | Nov. 18, 2016 | Mar. 28, 2016 | Aug. 18, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash flows from operating activities: | ||||||
Net cash (used in) provided by operating activities | $ 88,800 | $ 64,431 | $ 40,254 | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | (296,517) | (281,228) | (232,466) | |||
Improvements to real estate | (748) | (762) | (187) | |||
Purchases of equipment, furniture and fixtures | (403) | (151) | (276) | |||
Preferred equity investments | 0 | (4,656) | 0 | |||
Investment in real estate mortgage loan receivable | (12,416) | 0 | 0 | |||
Sale of other real estate investment | 7,500 | 0 | 0 | |||
Principal payments received on mortgage loan receivable | 25 | 0 | 0 | |||
Escrow deposits for acquisition of real estate | 0 | (700) | (1,750) | |||
Net proceeds from the sale of real estate | 0 | 2,855 | 30 | |||
Distribution from subsidiary | 0 | 0 | 0 | |||
Intercompany financing | 0 | 0 | 0 | |||
Net cash used in investing activities | (302,559) | (284,642) | (234,649) | |||
Cash flows from financing activities: | ||||||
Proceeds from the issuance of common stock, net | $ 80,900 | $ 105,800 | $ 163,000 | 170,323 | 200,402 | 162,963 |
Proceeds from the issuance of senior unsecured notes payable | 300,000 | 0 | 0 | |||
Proceeds from the issuance of senior unsecured term loan | 0 | 100,000 | 0 | |||
Borrowings under unsecured revolving credit facility | 238,000 | 255,000 | 45,000 | |||
Payments on senior unsecured notes payable | (267,639) | 0 | 0 | |||
Payments on unsecured revolving credit facility | (168,000) | (205,000) | 0 | |||
Borrowings under senior secured revolving credit facility | 0 | 0 | 35,000 | |||
Repayments of borrowings under senior secured revolving credit facility | 0 | 0 | (35,000) | |||
Payments on the mortgage notes payable | 0 | (95,022) | (3,183) | |||
Payments of deferred financing costs | (6,063) | (1,352) | (2,303) | |||
Net-settle adjustment on restricted stock | (866) | (515) | (145) | |||
Dividends paid on common stock | (52,587) | (37,269) | (21,790) | |||
Distribution to Parent | 0 | 0 | 0 | |||
Intercompany financing | 0 | 0 | 0 | |||
Net cash provided by financing activities | 213,168 | 216,244 | 180,542 | |||
Net decrease in cash and cash equivalents | (591) | (3,967) | (13,853) | |||
Cash and cash equivalents, beginning of period | 7,500 | 11,467 | 25,320 | |||
Cash and cash equivalents, end of period | 6,909 | 7,500 | 11,467 | |||
Reportable Legal Entities | Parent Guarantor | ||||||
Cash flows from operating activities: | ||||||
Net cash (used in) provided by operating activities | (222) | (91) | (15) | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | 0 | 0 | 0 | |||
Improvements to real estate | 0 | 0 | 0 | |||
Purchases of equipment, furniture and fixtures | 0 | 0 | 0 | |||
Preferred equity investments | 0 | |||||
Investment in real estate mortgage loan receivable | 0 | |||||
Sale of other real estate investment | 0 | |||||
Principal payments received on mortgage loan receivable | 0 | |||||
Escrow deposits for acquisition of real estate | 0 | 0 | ||||
Net proceeds from the sale of real estate | 0 | 0 | ||||
Distribution from subsidiary | 52,587 | 37,269 | 21,790 | |||
Intercompany financing | (169,235) | (199,796) | (162,803) | |||
Net cash used in investing activities | (116,648) | (162,527) | (141,013) | |||
Cash flows from financing activities: | ||||||
Proceeds from the issuance of common stock, net | 170,323 | 200,402 | 162,963 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||||
Proceeds from the issuance of senior unsecured term loan | 0 | |||||
Borrowings under unsecured revolving credit facility | 0 | 0 | 0 | |||
Payments on senior unsecured notes payable | 0 | |||||
Payments on unsecured revolving credit facility | 0 | 0 | ||||
Borrowings under senior secured revolving credit facility | 0 | |||||
Repayments of borrowings under senior secured revolving credit facility | 0 | |||||
Payments on the mortgage notes payable | 0 | 0 | ||||
Payments of deferred financing costs | 0 | 0 | 0 | |||
Net-settle adjustment on restricted stock | (866) | (515) | (145) | |||
Dividends paid on common stock | (52,587) | (37,269) | (21,790) | |||
Distribution to Parent | 0 | 0 | 0 | |||
Intercompany financing | 0 | 0 | 0 | |||
Net cash provided by financing activities | 116,870 | 162,618 | 141,028 | |||
Net decrease 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 | |||
Reportable Legal Entities | Issuers | ||||||
Cash flows from operating activities: | ||||||
Net cash (used in) provided by operating activities | 25,745 | 9,253 | (9,894) | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | (296,517) | (281,228) | (232,466) | |||
Improvements to real estate | (681) | (485) | (19) | |||
Purchases of equipment, furniture and fixtures | (309) | (81) | (195) | |||
Preferred equity investments | 0 | |||||
Investment in real estate mortgage loan receivable | (12,416) | |||||
Sale of other real estate investment | 0 | |||||
Principal payments received on mortgage loan receivable | 25 | |||||
Escrow deposits for acquisition of real estate | (700) | (1,750) | ||||
Net proceeds from the sale of real estate | 0 | 0 | ||||
Distribution from subsidiary | 0 | 0 | 0 | |||
Intercompany financing | 70,616 | (41,901) | 46,761 | |||
Net cash used in investing activities | (239,282) | (324,395) | (187,669) | |||
Cash flows from financing activities: | ||||||
Proceeds from the issuance of common stock, net | 0 | 0 | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 300,000 | |||||
Proceeds from the issuance of senior unsecured term loan | 100,000 | |||||
Borrowings under unsecured revolving credit facility | 238,000 | 255,000 | 45,000 | |||
Payments on senior unsecured notes payable | (267,639) | |||||
Payments on unsecured revolving credit facility | (168,000) | (205,000) | ||||
Borrowings under senior secured revolving credit facility | 35,000 | |||||
Repayments of borrowings under senior secured revolving credit facility | (35,000) | |||||
Payments on the mortgage notes payable | 0 | 0 | ||||
Payments of deferred financing costs | (6,063) | (1,352) | (2,303) | |||
Net-settle adjustment on restricted stock | 0 | 0 | 0 | |||
Dividends paid on common stock | 0 | 0 | 0 | |||
Distribution to Parent | (52,587) | (37,269) | (21,790) | |||
Intercompany financing | 169,235 | 199,796 | 162,803 | |||
Net cash provided by financing activities | 212,946 | 311,175 | 183,710 | |||
Net decrease in cash and cash equivalents | (591) | (3,967) | (13,853) | |||
Cash and cash equivalents, beginning of period | 7,500 | 11,467 | 25,320 | |||
Cash and cash equivalents, end of period | 6,909 | 7,500 | 11,467 | |||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||||
Cash flows from operating activities: | ||||||
Net cash (used in) provided by operating activities | 63,277 | 55,269 | 50,163 | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | 0 | 0 | 0 | |||
Improvements to real estate | (67) | (277) | (168) | |||
Purchases of equipment, furniture and fixtures | (94) | (70) | (81) | |||
Preferred equity investments | (4,656) | |||||
Investment in real estate mortgage loan receivable | 0 | |||||
Sale of other real estate investment | 7,500 | |||||
Principal payments received on mortgage loan receivable | 0 | |||||
Escrow deposits for acquisition of real estate | 0 | 0 | ||||
Net proceeds from the sale of real estate | 2,855 | 30 | ||||
Distribution from subsidiary | 0 | 0 | 0 | |||
Intercompany financing | 0 | 0 | 0 | |||
Net cash used in investing activities | 7,339 | (2,148) | (219) | |||
Cash flows from financing activities: | ||||||
Proceeds from the issuance of common stock, net | 0 | 0 | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||||
Proceeds from the issuance of senior unsecured term loan | 0 | |||||
Borrowings under unsecured revolving credit facility | 0 | 0 | 0 | |||
Payments on senior unsecured notes payable | 0 | |||||
Payments on unsecured revolving credit facility | 0 | 0 | ||||
Borrowings under senior secured revolving credit facility | 0 | |||||
Repayments of borrowings under senior secured revolving credit facility | 0 | |||||
Payments on the mortgage notes payable | (95,022) | (3,183) | ||||
Payments of deferred financing costs | 0 | 0 | 0 | |||
Net-settle adjustment on restricted stock | 0 | 0 | 0 | |||
Dividends paid on common stock | 0 | 0 | 0 | |||
Distribution to Parent | 0 | 0 | 0 | |||
Intercompany financing | (70,616) | 41,901 | (46,761) | |||
Net cash provided by financing activities | (70,616) | (53,121) | (49,944) | |||
Net decrease 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 | ||||||
Cash flows from operating activities: | ||||||
Net cash (used in) provided by operating activities | 0 | 0 | 0 | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | 0 | 0 | 0 | |||
Improvements to real estate | 0 | 0 | 0 | |||
Purchases of equipment, furniture and fixtures | 0 | 0 | 0 | |||
Preferred equity investments | 0 | |||||
Investment in real estate mortgage loan receivable | 0 | |||||
Sale of other real estate investment | 0 | |||||
Principal payments received on mortgage loan receivable | 0 | |||||
Escrow deposits for acquisition of real estate | 0 | 0 | ||||
Net proceeds from the sale of real estate | 0 | 0 | ||||
Distribution from subsidiary | (52,587) | (37,269) | (21,790) | |||
Intercompany financing | 98,619 | 241,697 | 116,042 | |||
Net cash used in investing activities | 46,032 | 204,428 | 94,252 | |||
Cash flows from financing activities: | ||||||
Proceeds from the issuance of common stock, net | 0 | 0 | 0 | |||
Proceeds from the issuance of senior unsecured notes payable | 0 | |||||
Proceeds from the issuance of senior unsecured term loan | 0 | |||||
Borrowings under unsecured revolving credit facility | 0 | 0 | 0 | |||
Payments on senior unsecured notes payable | 0 | |||||
Payments on unsecured revolving credit facility | 0 | 0 | ||||
Borrowings under senior secured revolving credit facility | 0 | |||||
Repayments of borrowings under senior secured revolving credit facility | 0 | |||||
Payments on the mortgage notes payable | 0 | 0 | ||||
Payments of deferred financing costs | 0 | 0 | 0 | |||
Net-settle adjustment on restricted stock | 0 | 0 | 0 | |||
Dividends paid on common stock | 0 | 0 | 0 | |||
Distribution to Parent | 52,587 | 37,269 | 21,790 | |||
Intercompany financing | (98,619) | (241,697) | (116,042) | |||
Net cash provided by financing activities | (46,032) | (204,428) | (94,252) | |||
Net decrease 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 |
Selected Quarterly Financial 61
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 36,597 | $ 32,948 | $ 32,829 | $ 30,608 | $ 28,243 | $ 27,106 | $ 25,701 | $ 23,629 | $ 132,982 | $ 104,679 | $ 74,951 |
Net income | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 8,388 | $ 7,832 | $ 7,631 | $ 5,502 | $ 25,874 | $ 29,353 | $ 10,034 |
Earnings per common share, basic (usd per share) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.35 | $ 0.52 | $ 0.26 |
Earnings per common share, diluted (usd per share) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.11 | $ 0.35 | $ 0.52 | $ 0.26 |
Weighted-average number of common shares outstanding, basic (shares) | 75,476 | 75,471 | 72,564 | 66,951 | 60,875 | 57,595 | 57,478 | 48,101 | 72,647 | 56,030 | 37,380 |
Weighted-average number of common shares outstanding, diluted (shares) | 75,476 | 75,471 | 72,564 | 66,951 | 60,875 | 57,595 | 57,478 | 48,101 | 72,647 | 56,030 | 37,380 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event - Bridge Loan - USD ($) | Jan. 02, 2018 | Feb. 27, 2018 |
Subsequent Event [Line Items] | ||
Interest rate on loan | 8.00% | |
Maximum | ||
Subsequent Event [Line Items] | ||
Funding of loan | $ 11,000,000 | |
Loan receivable | $ 10,900,000 |
Schedule III - Real Estate As63
Schedule III - Real Estate Assets and Accumulated Depreciation by Property (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 152,889,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,016,809,000 | |||
Costs Capitalized Since Acquisition | 96,786,000 | |||
Gross Carrying Value, Land | 151,879,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,114,605,000 | |||
Gross Carrying Value, Total | 1,266,484,000 | $ 986,215,000 | $ 718,764,000 | $ 492,486,000 |
Accumulated Depreciation | 152,185,000 | 121,797,000 | $ 97,667,000 | $ 78,897,000 |
Real estate, federal income tax purposes | 1,300,000,000 | |||
Skilled Nursing Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 113,098,000 | |||
Initial Cost to Company, Buildings and Improvements | 672,815,000 | |||
Costs Capitalized Since Acquisition | 80,996,000 | |||
Gross Carrying Value, Land | 112,088,000 | |||
Gross Carrying Value, Buildings and Improvements | 754,821,000 | |||
Gross Carrying Value, Total | 866,909,000 | |||
Accumulated Depreciation | 111,561,000 | |||
Skilled Nursing Properties | Ensign Highland LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 257,000 | |||
Initial Cost to Company, Buildings and Improvements | 976,000 | |||
Costs Capitalized Since Acquisition | 926,000 | |||
Gross Carrying Value, Land | 257,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,902,000 | |||
Gross Carrying Value, Total | 2,159,000 | |||
Accumulated Depreciation | $ 1,040,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,000 | |||
Skilled Nursing Properties | Meadowbrook Health Associates LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,716,000 | |||
Costs Capitalized Since Acquisition | 1,940,000 | |||
Gross Carrying Value, Land | 425,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,656,000 | |||
Gross Carrying Value, Total | 6,081,000 | |||
Accumulated Depreciation | $ 2,443,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,000 | |||
Skilled Nursing Properties | Terrace Holdings AZ LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 113,000 | |||
Initial Cost to Company, Buildings and Improvements | 504,000 | |||
Costs Capitalized Since Acquisition | 971,000 | |||
Gross Carrying Value, Land | 113,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,475,000 | |||
Gross Carrying Value, Total | 1,588,000 | |||
Accumulated Depreciation | $ 618,000 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,002 | |||
Skilled Nursing Properties | Rillito Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 471,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,041,000 | |||
Costs Capitalized Since Acquisition | 3,055,000 | |||
Gross Carrying Value, Land | 471,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,096,000 | |||
Gross Carrying Value, Total | 5,567,000 | |||
Accumulated Depreciation | $ 2,217,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,003 | |||
Skilled Nursing Properties | Valley Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 629,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,154,000 | |||
Costs Capitalized Since Acquisition | 1,519,000 | |||
Gross Carrying Value, Land | 629,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,673,000 | |||
Gross Carrying Value, Total | 7,302,000 | |||
Accumulated Depreciation | $ 2,935,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,004 | |||
Skilled Nursing Properties | Cedar Avenue Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,812,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,919,000 | |||
Costs Capitalized Since Acquisition | 1,994,000 | |||
Gross Carrying Value, Land | 2,812,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,913,000 | |||
Gross Carrying Value, Total | 8,725,000 | |||
Accumulated Depreciation | $ 2,872,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,005 | |||
Skilled Nursing Properties | Granada Investments LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,526,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,827,000 | |||
Costs Capitalized Since Acquisition | 1,522,000 | |||
Gross Carrying Value, Land | 3,526,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,349,000 | |||
Gross Carrying Value, Total | 7,875,000 | |||
Accumulated Depreciation | $ 2,034,000 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,005 | |||
Skilled Nursing Properties | Plaza Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 450,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,566,000 | |||
Costs Capitalized Since Acquisition | 1,055,000 | |||
Gross Carrying Value, Land | 450,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,621,000 | |||
Gross Carrying Value, Total | 7,071,000 | |||
Accumulated Depreciation | $ 3,074,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Mountainview Community Care LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 931,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,612,000 | |||
Costs Capitalized Since Acquisition | 653,000 | |||
Gross Carrying Value, Land | 931,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,265,000 | |||
Gross Carrying Value, Total | 4,196,000 | |||
Accumulated Depreciation | $ 1,724,000 | |||
Construction/Renovation Date | 1,963 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | CM Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,028,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,119,000 | |||
Costs Capitalized Since Acquisition | 2,071,000 | |||
Gross Carrying Value, Land | 3,028,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,190,000 | |||
Gross Carrying Value, Total | 8,218,000 | |||
Accumulated Depreciation | $ 2,285,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Polk Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 60,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,391,000 | |||
Costs Capitalized Since Acquisition | 1,167,000 | |||
Gross Carrying Value, Land | 60,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,558,000 | |||
Gross Carrying Value, Total | 5,618,000 | |||
Accumulated Depreciation | $ 2,486,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Snohomish Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 741,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,663,000 | |||
Costs Capitalized Since Acquisition | 1,998,000 | |||
Gross Carrying Value, Land | 741,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,661,000 | |||
Gross Carrying Value, Total | 4,402,000 | |||
Accumulated Depreciation | $ 2,085,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Cherry Health Holdings, Inc. [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 171,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,828,000 | |||
Costs Capitalized Since Acquisition | 2,038,000 | |||
Gross Carrying Value, Land | 171,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,866,000 | |||
Gross Carrying Value, Total | 4,037,000 | |||
Accumulated Depreciation | $ 1,884,000 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Golfview Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,105,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,110,000 | |||
Costs Capitalized Since Acquisition | 1,067,000 | |||
Gross Carrying Value, Land | 1,105,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,177,000 | |||
Gross Carrying Value, Total | 5,282,000 | |||
Accumulated Depreciation | $ 1,764,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Tenth East Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,426,000 | |||
Costs Capitalized Since Acquisition | 2,507,000 | |||
Gross Carrying Value, Land | 332,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,933,000 | |||
Gross Carrying Value, Total | 5,265,000 | |||
Accumulated Depreciation | $ 2,201,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Trinity Mill Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 664,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,294,000 | |||
Costs Capitalized Since Acquisition | 902,000 | |||
Gross Carrying Value, Land | 664,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,196,000 | |||
Gross Carrying Value, Total | 3,860,000 | |||
Accumulated Depreciation | $ 1,785,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Cottonwood Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 965,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,070,000 | |||
Costs Capitalized Since Acquisition | 958,000 | |||
Gross Carrying Value, Land | 965,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,028,000 | |||
Gross Carrying Value, Total | 3,993,000 | |||
Accumulated Depreciation | $ 1,804,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Verde Villa Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 600,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,890,000 | |||
Costs Capitalized Since Acquisition | 470,000 | |||
Gross Carrying Value, Land | 600,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,360,000 | |||
Gross Carrying Value, Total | 2,960,000 | |||
Accumulated Depreciation | $ 1,113,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Mesquite Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 470,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,715,000 | |||
Costs Capitalized Since Acquisition | 8,661,000 | |||
Gross Carrying Value, Land | 470,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,376,000 | |||
Gross Carrying Value, Total | 10,846,000 | |||
Accumulated Depreciation | $ 5,276,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Arrow Tree Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 2,165,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,105,000 | |||
Costs Capitalized Since Acquisition | 324,000 | |||
Gross Carrying Value, Land | 2,165,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,429,000 | |||
Gross Carrying Value, Total | 3,594,000 | |||
Accumulated Depreciation | $ 792,000 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Fort Street Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 443,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,394,000 | |||
Costs Capitalized Since Acquisition | 759,000 | |||
Gross Carrying Value, Land | 443,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,153,000 | |||
Gross Carrying Value, Total | 3,596,000 | |||
Accumulated Depreciation | $ 1,238,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Trousdale Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,415,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,841,000 | |||
Costs Capitalized Since Acquisition | 1,861,000 | |||
Gross Carrying Value, Land | 1,415,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,702,000 | |||
Gross Carrying Value, Total | 5,117,000 | |||
Accumulated Depreciation | $ 1,524,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Ensign Bellflower LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 937,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,168,000 | |||
Costs Capitalized Since Acquisition | 357,000 | |||
Gross Carrying Value, Land | 937,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,525,000 | |||
Gross Carrying Value, Total | 2,462,000 | |||
Accumulated Depreciation | $ 735,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | RB Heights Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 2,007,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,793,000 | |||
Costs Capitalized Since Acquisition | 1,762,000 | |||
Gross Carrying Value, Land | 2,007,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,555,000 | |||
Gross Carrying Value, Total | 6,562,000 | |||
Accumulated Depreciation | $ 1,940,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | San Corrine Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 310,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,090,000 | |||
Costs Capitalized Since Acquisition | 719,000 | |||
Gross Carrying Value, Land | 310,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,809,000 | |||
Gross Carrying Value, Total | 3,119,000 | |||
Accumulated Depreciation | $ 1,181,000 | |||
Construction/Renovation Date | 2,005 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Temple Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 529,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,207,000 | |||
Costs Capitalized Since Acquisition | 1,163,000 | |||
Gross Carrying Value, Land | 529,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,370,000 | |||
Gross Carrying Value, Total | 3,899,000 | |||
Accumulated Depreciation | $ 1,391,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Anson Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 369,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,220,000 | |||
Costs Capitalized Since Acquisition | 1,725,000 | |||
Gross Carrying Value, Land | 369,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,945,000 | |||
Gross Carrying Value, Total | 5,314,000 | |||
Accumulated Depreciation | $ 1,914,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Willits Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 490,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,231,000 | |||
Costs Capitalized Since Acquisition | 500,000 | |||
Gross Carrying Value, Land | 490,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,731,000 | |||
Gross Carrying Value, Total | 2,221,000 | |||
Accumulated Depreciation | $ 652,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Lufkin Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 467,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,644,000 | |||
Costs Capitalized Since Acquisition | 782,000 | |||
Gross Carrying Value, Land | 467,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,426,000 | |||
Gross Carrying Value, Total | 5,893,000 | |||
Accumulated Depreciation | $ 1,166,000 | |||
Construction/Renovation Date | 1,988 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Lowell Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 217,000 | |||
Initial Cost to Company, Buildings and Improvements | 856,000 | |||
Costs Capitalized Since Acquisition | 1,735,000 | |||
Gross Carrying Value, Land | 217,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,591,000 | |||
Gross Carrying Value, Total | 2,808,000 | |||
Accumulated Depreciation | $ 979,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Jefferson Ralston Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 280,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,230,000 | |||
Costs Capitalized Since Acquisition | 834,000 | |||
Gross Carrying Value, Land | 280,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,064,000 | |||
Gross Carrying Value, Total | 2,344,000 | |||
Accumulated Depreciation | $ 653,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Lafayette Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,607,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,222,000 | |||
Costs Capitalized Since Acquisition | 6,195,000 | |||
Gross Carrying Value, Land | 1,607,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,417,000 | |||
Gross Carrying Value, Total | 12,024,000 | |||
Accumulated Depreciation | $ 3,480,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Hillendahl Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 2,133,000 | |||
Initial Cost to Company, Buildings and Improvements | 11,977,000 | |||
Costs Capitalized Since Acquisition | 1,421,000 | |||
Gross Carrying Value, Land | 2,133,000 | |||
Gross Carrying Value, Buildings and Improvements | 13,398,000 | |||
Gross Carrying Value, Total | 15,531,000 | |||
Accumulated Depreciation | $ 3,531,000 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Price Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 193,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,209,000 | |||
Costs Capitalized Since Acquisition | 849,000 | |||
Gross Carrying Value, Land | 193,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,058,000 | |||
Gross Carrying Value, Total | 3,251,000 | |||
Accumulated Depreciation | $ 778,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Silver Lake Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 2,051,000 | |||
Initial Cost to Company, Buildings and Improvements | 8,362,000 | |||
Costs Capitalized Since Acquisition | 2,011,000 | |||
Gross Carrying Value, Land | 2,051,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,373,000 | |||
Gross Carrying Value, Total | 12,424,000 | |||
Accumulated Depreciation | $ 2,275,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Jordan Health Properties LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 2,671,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,244,000 | |||
Costs Capitalized Since Acquisition | 1,507,000 | |||
Gross Carrying Value, Land | 2,671,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,751,000 | |||
Gross Carrying Value, Total | 8,422,000 | |||
Accumulated Depreciation | $ 1,246,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Regal Road Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 767,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,648,000 | |||
Costs Capitalized Since Acquisition | 729,000 | |||
Gross Carrying Value, Land | 767,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,377,000 | |||
Gross Carrying Value, Total | 6,144,000 | |||
Accumulated Depreciation | $ 1,466,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Paredes Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 373,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,354,000 | |||
Costs Capitalized Since Acquisition | 190,000 | |||
Gross Carrying Value, Land | 373,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,544,000 | |||
Gross Carrying Value, Total | 1,917,000 | |||
Accumulated Depreciation | $ 335,000 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Expressway Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 90,000 | |||
Initial Cost to Company, Buildings and Improvements | 675,000 | |||
Costs Capitalized Since Acquisition | 430,000 | |||
Gross Carrying Value, Land | 90,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,105,000 | |||
Gross Carrying Value, Total | 1,195,000 | |||
Accumulated Depreciation | $ 308,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Rio Grande Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 642,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,085,000 | |||
Costs Capitalized Since Acquisition | 870,000 | |||
Gross Carrying Value, Land | 642,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,955,000 | |||
Gross Carrying Value, Total | 2,597,000 | |||
Accumulated Depreciation | $ 615,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Fifth East Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 345,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,464,000 | |||
Costs Capitalized Since Acquisition | 1,065,000 | |||
Gross Carrying Value, Land | 345,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,529,000 | |||
Gross Carrying Value, Total | 3,874,000 | |||
Accumulated Depreciation | $ 970,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Emmett Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 591,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,383,000 | |||
Costs Capitalized Since Acquisition | 69,000 | |||
Gross Carrying Value, Land | 591,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,452,000 | |||
Gross Carrying Value, Total | 3,043,000 | |||
Accumulated Depreciation | $ 576,000 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,010 | |||
Skilled Nursing Properties | Burley Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 250,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,004,000 | |||
Costs Capitalized Since Acquisition | 424,000 | |||
Gross Carrying Value, Land | 250,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,428,000 | |||
Gross Carrying Value, Total | 4,678,000 | |||
Accumulated Depreciation | $ 1,159,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,010 | |||
Skilled Nursing Properties | Josey Ranch Healthcare Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,382,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,293,000 | |||
Costs Capitalized Since Acquisition | 478,000 | |||
Gross Carrying Value, Land | 1,382,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,771,000 | |||
Gross Carrying Value, Total | 4,153,000 | |||
Accumulated Depreciation | $ 650,000 | |||
Construction/Renovation Date | 1,996 | |||
Acquisition Date | 2,010 | |||
Skilled Nursing Properties | Everglades Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,847,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,377,000 | |||
Costs Capitalized Since Acquisition | 682,000 | |||
Gross Carrying Value, Land | 1,847,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,059,000 | |||
Gross Carrying Value, Total | 7,906,000 | |||
Accumulated Depreciation | $ 1,285,000 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Irving Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 60,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,931,000 | |||
Costs Capitalized Since Acquisition | 245,000 | |||
Gross Carrying Value, Land | 60,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,176,000 | |||
Gross Carrying Value, Total | 3,236,000 | |||
Accumulated Depreciation | $ 723,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Falls City Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 170,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,141,000 | |||
Costs Capitalized Since Acquisition | 82,000 | |||
Gross Carrying Value, Land | 170,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,223,000 | |||
Gross Carrying Value, Total | 2,393,000 | |||
Accumulated Depreciation | $ 459,000 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Gillette Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 163,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,491,000 | |||
Costs Capitalized Since Acquisition | 12,000 | |||
Gross Carrying Value, Land | 163,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,503,000 | |||
Gross Carrying Value, Total | 1,666,000 | |||
Accumulated Depreciation | $ 393,000 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Gazebo Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 80,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,541,000 | |||
Costs Capitalized Since Acquisition | 97,000 | |||
Gross Carrying Value, Land | 80,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,638,000 | |||
Gross Carrying Value, Total | 2,718,000 | |||
Accumulated Depreciation | $ 719,000 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Oleson Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 90,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,341,000 | |||
Costs Capitalized Since Acquisition | 759,000 | |||
Gross Carrying Value, Land | 90,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,100,000 | |||
Gross Carrying Value, Total | 3,190,000 | |||
Accumulated Depreciation | $ 1,020,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Arapahoe Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 158,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,810,000 | |||
Costs Capitalized Since Acquisition | 759,000 | |||
Gross Carrying Value, Land | 128,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,599,000 | |||
Gross Carrying Value, Total | 5,727,000 | |||
Accumulated Depreciation | $ 1,366,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Dixie Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 487,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,978,000 | |||
Costs Capitalized Since Acquisition | 98,000 | |||
Gross Carrying Value, Land | 487,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,076,000 | |||
Gross Carrying Value, Total | 2,563,000 | |||
Accumulated Depreciation | $ 353,000 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Memorial Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 537,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,138,000 | |||
Costs Capitalized Since Acquisition | 698,000 | |||
Gross Carrying Value, Land | 537,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,836,000 | |||
Gross Carrying Value, Total | 3,373,000 | |||
Accumulated Depreciation | $ 750,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Bogardus Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,425,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,307,000 | |||
Costs Capitalized Since Acquisition | 1,079,000 | |||
Gross Carrying Value, Land | 1,425,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,386,000 | |||
Gross Carrying Value, Total | 7,811,000 | |||
Accumulated Depreciation | $ 1,611,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | South Dora Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 297,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,087,000 | |||
Costs Capitalized Since Acquisition | 1,621,000 | |||
Gross Carrying Value, Land | 297,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,708,000 | |||
Gross Carrying Value, Total | 4,005,000 | |||
Accumulated Depreciation | $ 1,840,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Silverada Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,012,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,282,000 | |||
Costs Capitalized Since Acquisition | 103,000 | |||
Gross Carrying Value, Land | 1,012,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,385,000 | |||
Gross Carrying Value, Total | 4,397,000 | |||
Accumulated Depreciation | $ 537,000 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Orem Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,689,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,896,000 | |||
Costs Capitalized Since Acquisition | 3,235,000 | |||
Gross Carrying Value, Land | 1,689,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,131,000 | |||
Gross Carrying Value, Total | 8,820,000 | |||
Accumulated Depreciation | $ 2,079,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Renne Avenue Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 180,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,481,000 | |||
Costs Capitalized Since Acquisition | 966,000 | |||
Gross Carrying Value, Land | 180,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,447,000 | |||
Gross Carrying Value, Total | 3,627,000 | |||
Accumulated Depreciation | $ 770,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Stillhouse Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 129,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,139,000 | |||
Costs Capitalized Since Acquisition | 6,000 | |||
Gross Carrying Value, Land | 129,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,145,000 | |||
Gross Carrying Value, Total | 7,274,000 | |||
Accumulated Depreciation | $ 702,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Fig Street Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 329,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,653,000 | |||
Costs Capitalized Since Acquisition | 1,094,000 | |||
Gross Carrying Value, Land | 329,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,747,000 | |||
Gross Carrying Value, Total | 4,076,000 | |||
Accumulated Depreciation | $ 1,334,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Lowell Lake Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 49,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,554,000 | |||
Costs Capitalized Since Acquisition | 29,000 | |||
Gross Carrying Value, Land | 49,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,583,000 | |||
Gross Carrying Value, Total | 1,632,000 | |||
Accumulated Depreciation | $ 200,000 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Queensway Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 999,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,237,000 | |||
Costs Capitalized Since Acquisition | 2,331,000 | |||
Gross Carrying Value, Land | 999,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,568,000 | |||
Gross Carrying Value, Total | 7,567,000 | |||
Accumulated Depreciation | $ 2,542,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Long Beach Health Associates Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,285,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,343,000 | |||
Costs Capitalized Since Acquisition | 2,172,000 | |||
Gross Carrying Value, Land | 1,285,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,515,000 | |||
Gross Carrying Value, Total | 5,800,000 | |||
Accumulated Depreciation | $ 1,410,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Kings Court Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 193,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,311,000 | |||
Costs Capitalized Since Acquisition | 318,000 | |||
Gross Carrying Value, Land | 193,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,629,000 | |||
Gross Carrying Value, Total | 2,822,000 | |||
Accumulated Depreciation | $ 396,000 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Fifty One Avenue Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 340,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,925,000 | |||
Costs Capitalized Since Acquisition | 32,000 | |||
Gross Carrying Value, Land | 340,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,957,000 | |||
Gross Carrying Value, Total | 4,297,000 | |||
Accumulated Depreciation | $ 552,000 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Ives Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 371,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,951,000 | |||
Costs Capitalized Since Acquisition | 274,000 | |||
Gross Carrying Value, Land | 371,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,225,000 | |||
Gross Carrying Value, Total | 3,596,000 | |||
Accumulated Depreciation | $ 421,000 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Guadalupe Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 80,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,391,000 | |||
Costs Capitalized Since Acquisition | 15,000 | |||
Gross Carrying Value, Land | 80,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,406,000 | |||
Gross Carrying Value, Total | 2,486,000 | |||
Accumulated Depreciation | $ 258,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Forty Nine Street Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 129,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,418,000 | |||
Costs Capitalized Since Acquisition | 24,000 | |||
Gross Carrying Value, Land | 129,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,442,000 | |||
Gross Carrying Value, Total | 2,571,000 | |||
Accumulated Depreciation | $ 382,000 | |||
Construction/Renovation Date | 1,960 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Willows Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,388,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,982,000 | |||
Costs Capitalized Since Acquisition | 202,000 | |||
Gross Carrying Value, Land | 1,388,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,184,000 | |||
Gross Carrying Value, Total | 4,572,000 | |||
Accumulated Depreciation | $ 565,000 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Tulalip Bay Holdings [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,722,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,642,000 | |||
Costs Capitalized Since Acquisition | (980,000) | |||
Gross Carrying Value, Land | 742,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,642,000 | |||
Gross Carrying Value, Total | 3,384,000 | |||
Accumulated Depreciation | $ 396,000 | |||
Construction/Renovation Date | 1,966 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Bethany Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,668,000 | |||
Initial Cost to Company, Buildings and Improvements | 15,375,000 | |||
Costs Capitalized Since Acquisition | 56,000 | |||
Gross Carrying Value, Land | 1,668,000 | |||
Gross Carrying Value, Buildings and Improvements | 15,431,000 | |||
Gross Carrying Value, Total | 17,099,000 | |||
Accumulated Depreciation | $ 1,125,000 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Mira Vista Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,601,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,425,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,601,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,425,000 | |||
Gross Carrying Value, Total | 9,026,000 | |||
Accumulated Depreciation | $ 510,000 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Shoreline Health And Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,462,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,034,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,462,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,034,000 | |||
Gross Carrying Value, Total | 6,496,000 | |||
Accumulated Depreciation | $ 325,000 | |||
Construction/Renovation Date | 1,987 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Shamrock Nursing and Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 251,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,855,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 251,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,855,000 | |||
Gross Carrying Value, Total | 8,106,000 | |||
Accumulated Depreciation | $ 491,000 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Beavercreek [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 892,000 | |||
Initial Cost to Company, Buildings and Improvements | 17,159,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 892,000 | |||
Gross Carrying Value, Buildings and Improvements | 17,159,000 | |||
Gross Carrying Value, Total | 18,051,000 | |||
Accumulated Depreciation | $ 965,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Cincinnati-Riverside [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 284,000 | |||
Initial Cost to Company, Buildings and Improvements | 11,104,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 284,000 | |||
Gross Carrying Value, Buildings and Improvements | 11,104,000 | |||
Gross Carrying Value, Total | 11,388,000 | |||
Accumulated Depreciation | $ 625,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Cincinnati-Riverview [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 833,000 | |||
Initial Cost to Company, Buildings and Improvements | 18,086,000 | |||
Costs Capitalized Since Acquisition | 68,000 | |||
Gross Carrying Value, Land | 833,000 | |||
Gross Carrying Value, Buildings and Improvements | 18,154,000 | |||
Gross Carrying Value, Total | 18,987,000 | |||
Accumulated Depreciation | $ 1,025,000 | |||
Construction/Renovation Date | 1,992 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Cincinnati-Three Rivers [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,091,000 | |||
Initial Cost to Company, Buildings and Improvements | 16,151,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,091,000 | |||
Gross Carrying Value, Buildings and Improvements | 16,151,000 | |||
Gross Carrying Value, Total | 17,242,000 | |||
Accumulated Depreciation | $ 908,000 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Englewood [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,014,000 | |||
Initial Cost to Company, Buildings and Improvements | 18,541,000 | |||
Costs Capitalized Since Acquisition | 57,000 | |||
Gross Carrying Value, Land | 1,014,000 | |||
Gross Carrying Value, Buildings and Improvements | 18,598,000 | |||
Gross Carrying Value, Total | 19,612,000 | |||
Accumulated Depreciation | $ 1,051,000 | |||
Construction/Renovation Date | 1,962 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Portsmouth [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 282,000 | |||
Initial Cost to Company, Buildings and Improvements | 9,726,000 | |||
Costs Capitalized Since Acquisition | 63,000 | |||
Gross Carrying Value, Land | 282,000 | |||
Gross Carrying Value, Buildings and Improvements | 9,789,000 | |||
Gross Carrying Value, Total | 10,071,000 | |||
Accumulated Depreciation | $ 555,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Toledo [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 93,000 | |||
Initial Cost to Company, Buildings and Improvements | 10,365,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 93,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,365,000 | |||
Gross Carrying Value, Total | 10,458,000 | |||
Accumulated Depreciation | $ 583,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Oxford [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 211,000 | |||
Initial Cost to Company, Buildings and Improvements | 8,772,000 | |||
Costs Capitalized Since Acquisition | 27,000 | |||
Gross Carrying Value, Land | 211,000 | |||
Gross Carrying Value, Buildings and Improvements | 8,799,000 | |||
Gross Carrying Value, Total | 9,010,000 | |||
Accumulated Depreciation | $ 497,000 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Bellbrook [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 214,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,573,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 214,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,573,000 | |||
Gross Carrying Value, Total | 2,787,000 | |||
Accumulated Depreciation | $ 145,000 | |||
Construction/Renovation Date | 2,003 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Xenia [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 205,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,564,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 205,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,564,000 | |||
Gross Carrying Value, Total | 3,769,000 | |||
Accumulated Depreciation | $ 200,000 | |||
Construction/Renovation Date | 1,981 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Jamestown [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 266,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,725,000 | |||
Costs Capitalized Since Acquisition | 22,000 | |||
Gross Carrying Value, Land | 266,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,747,000 | |||
Gross Carrying Value, Total | 5,013,000 | |||
Accumulated Depreciation | $ 269,000 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Casa de Paz Health Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 119,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,727,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 119,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,727,000 | |||
Gross Carrying Value, Total | 7,846,000 | |||
Accumulated Depreciation | $ 370,000 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Denison Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 96,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,784,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 96,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,784,000 | |||
Gross Carrying Value, Total | 2,880,000 | |||
Accumulated Depreciation | $ 133,000 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Garden View Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 105,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,179,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 105,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,179,000 | |||
Gross Carrying Value, Total | 3,284,000 | |||
Accumulated Depreciation | $ 152,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Grandview Health Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 39,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,167,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 39,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,167,000 | |||
Gross Carrying Value, Total | 1,206,000 | |||
Accumulated Depreciation | $ 56,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Grundy Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 65,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,935,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 65,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,935,000 | |||
Gross Carrying Value, Total | 2,000,000 | |||
Accumulated Depreciation | $ 93,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Iowa City Rehab and Health Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 522,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,690,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 522,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,690,000 | |||
Gross Carrying Value, Total | 6,212,000 | |||
Accumulated Depreciation | $ 273,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Lenox Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 31,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,915,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 31,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,915,000 | |||
Gross Carrying Value, Total | 1,946,000 | |||
Accumulated Depreciation | $ 92,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Osage Rehabilitation and Health Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 126,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,255,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 126,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,255,000 | |||
Gross Carrying Value, Total | 2,381,000 | |||
Accumulated Depreciation | $ 108,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pleasant Acres Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 189,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,544,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 189,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,544,000 | |||
Gross Carrying Value, Total | 2,733,000 | |||
Accumulated Depreciation | $ 122,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Cedar Falls Health Care Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 324,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,366,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 324,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,366,000 | |||
Gross Carrying Value, Total | 4,690,000 | |||
Accumulated Depreciation | $ 191,000 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Highlands [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 364,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,199,000 | |||
Costs Capitalized Since Acquisition | 12,000 | |||
Gross Carrying Value, Land | 364,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,211,000 | |||
Gross Carrying Value, Total | 2,575,000 | |||
Accumulated Depreciation | $ 97,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Shaw Mountain at Cascadia [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,801,000 | |||
Initial Cost to Company, Buildings and Improvements | 6,572,000 | |||
Costs Capitalized Since Acquisition | 395,000 | |||
Gross Carrying Value, Land | 1,801,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,967,000 | |||
Gross Carrying Value, Total | 8,768,000 | |||
Accumulated Depreciation | $ 297,000 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 3,646,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,873,000 | |||
Costs Capitalized Since Acquisition | 110,000 | |||
Gross Carrying Value, Land | 3,646,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,983,000 | |||
Gross Carrying Value, Total | 6,629,000 | |||
Accumulated Depreciation | $ 105,000 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Arbor Nursing Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 768,000 | |||
Initial Cost to Company, Buildings and Improvements | 10,712,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 768,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,712,000 | |||
Gross Carrying Value, Total | 11,480,000 | |||
Accumulated Depreciation | $ 379,000 | |||
Construction/Renovation Date | 1,982 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Broadmoor Medical Lodge - Rockwall [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,232,000 | |||
Initial Cost to Company, Buildings and Improvements | 22,152,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,232,000 | |||
Gross Carrying Value, Buildings and Improvements | 22,152,000 | |||
Gross Carrying Value, Total | 23,384,000 | |||
Accumulated Depreciation | $ 600,000 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Senior Care Health and Rehabilitation - Decatur [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 990,000 | |||
Initial Cost to Company, Buildings and Improvements | 24,909,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 990,000 | |||
Gross Carrying Value, Buildings and Improvements | 24,909,000 | |||
Gross Carrying Value, Total | 25,899,000 | |||
Accumulated Depreciation | $ 675,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Royse City Health and Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 606,000 | |||
Initial Cost to Company, Buildings and Improvements | 14,660,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 606,000 | |||
Gross Carrying Value, Buildings and Improvements | 14,660,000 | |||
Gross Carrying Value, Total | 15,266,000 | |||
Accumulated Depreciation | $ 397,000 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Saline Care Nursing And Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | $ 1,022,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,713,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,022,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,713,000 | |||
Gross Carrying Value, Total | 6,735,000 | |||
Accumulated Depreciation | $ 119,000 | |||
Construction/Renovation Date | 1,968 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Carrier Mills Nursing And Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 775,000 | |||
Initial Cost to Company, Buildings and Improvements | 8,377,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 775,000 | |||
Gross Carrying Value, Buildings and Improvements | 8,377,000 | |||
Gross Carrying Value, Total | 9,152,000 | |||
Accumulated Depreciation | $ 175,000 | |||
Construction/Renovation Date | 1,968 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | StoneBridge Nursing And Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 439,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,475,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 439,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,475,000 | |||
Gross Carrying Value, Total | 3,914,000 | |||
Accumulated Depreciation | $ 72,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | DuQuoin Nursing And Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 511,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,662,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 511,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,662,000 | |||
Gross Carrying Value, Total | 4,173,000 | |||
Accumulated Depreciation | $ 76,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pinckneyville Nursing And Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 406,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,411,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 406,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,411,000 | |||
Gross Carrying Value, Total | 3,817,000 | |||
Accumulated Depreciation | $ 71,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Holly Lane Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 774,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,044,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 774,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,044,000 | |||
Gross Carrying Value, Total | 5,818,000 | |||
Accumulated Depreciation | $ 84,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Rio At Fox Hollow [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,178,000 | |||
Initial Cost to Company, Buildings and Improvements | 12,059,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,178,000 | |||
Gross Carrying Value, Buildings and Improvements | 12,059,000 | |||
Gross Carrying Value, Total | 13,237,000 | |||
Accumulated Depreciation | $ 176,000 | |||
Construction/Renovation Date | 2,016 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Rio At Cabezon [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,055,000 | |||
Initial Cost to Company, Buildings and Improvements | 9,749,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 2,055,000 | |||
Gross Carrying Value, Buildings and Improvements | 9,749,000 | |||
Gross Carrying Value, Total | 11,804,000 | |||
Accumulated Depreciation | $ 142,000 | |||
Construction/Renovation Date | 2,016 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Eldorado Rehab And Healthcare [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 940,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,093,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 940,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,093,000 | |||
Gross Carrying Value, Total | 3,033,000 | |||
Accumulated Depreciation | $ 26,000 | |||
Construction/Renovation Date | 1,993 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Mountain View Rehabilitation And Healthcare Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,481,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,216,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,481,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,216,000 | |||
Gross Carrying Value, Total | 3,697,000 | |||
Accumulated Depreciation | $ 27,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Nursing and Rehabilitation - Mountain Valley [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 916,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,874,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 916,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,874,000 | |||
Gross Carrying Value, Total | 8,790,000 | |||
Accumulated Depreciation | $ 65,000 | |||
Construction/Renovation Date | 1,971 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Nursing and Rehabilitation - Caldwell [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 906,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,020,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 906,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,020,000 | |||
Gross Carrying Value, Total | 7,926,000 | |||
Accumulated Depreciation | $ 59,000 | |||
Construction/Renovation Date | 1,947 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Nursing and Rehabilitation - Canyon West [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 312,000 | |||
Initial Cost to Company, Buildings and Improvements | 10,410,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 312,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,410,000 | |||
Gross Carrying Value, Total | 10,722,000 | |||
Accumulated Depreciation | $ 87,000 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Transitional Care and Rehabilitation - Lewiston [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 625,000 | |||
Initial Cost to Company, Buildings and Improvements | 12,087,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 625,000 | |||
Gross Carrying Value, Buildings and Improvements | 12,087,000 | |||
Gross Carrying Value, Total | 12,712,000 | |||
Accumulated Depreciation | $ 75,000 | |||
Construction/Renovation Date | 1,964 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Nursing and Rehabilitation - Nampa [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 785,000 | |||
Initial Cost to Company, Buildings and Improvements | 8,923,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 785,000 | |||
Gross Carrying Value, Buildings and Improvements | 8,923,000 | |||
Gross Carrying Value, Total | 9,708,000 | |||
Accumulated Depreciation | $ 56,000 | |||
Construction/Renovation Date | 1,958 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Nursing and Rehabilitation - Weiser [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 80,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,419,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 80,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,419,000 | |||
Gross Carrying Value, Total | 4,499,000 | |||
Accumulated Depreciation | $ 28,000 | |||
Construction/Renovation Date | 1,964 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Kindred Nursing and Rehabilitation - Aspen Park [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 698,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,092,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 698,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,092,000 | |||
Gross Carrying Value, Total | 5,790,000 | |||
Accumulated Depreciation | $ 32,000 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Ridgmar Medical Lodge [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 681,000 | |||
Initial Cost to Company, Buildings and Improvements | 6,587,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 681,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,587,000 | |||
Gross Carrying Value, Total | 7,268,000 | |||
Accumulated Depreciation | $ 55,000 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Mansfield Medical Lodge [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 607,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,801,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 607,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,801,000 | |||
Gross Carrying Value, Total | 5,408,000 | |||
Accumulated Depreciation | $ 40,000 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Grapevine Medical Lodge [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,602,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,536,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,602,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,536,000 | |||
Gross Carrying Value, Total | 6,138,000 | |||
Accumulated Depreciation | $ 38,000 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Victory Rehabilitation and Healthcare Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 320,000 | |||
Initial Cost to Company, Buildings and Improvements | 500,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 320,000 | |||
Gross Carrying Value, Buildings and Improvements | 500,000 | |||
Gross Carrying Value, Total | 820,000 | |||
Accumulated Depreciation | $ 4,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks at Forest Bay [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,347,000 | |||
Initial Cost to Company, Buildings and Improvements | 815,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 6,347,000 | |||
Gross Carrying Value, Buildings and Improvements | 815,000 | |||
Gross Carrying Value, Total | 7,162,000 | |||
Accumulated Depreciation | $ 5,000 | |||
Construction/Renovation Date | 1,997 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks at Lakewood [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,000,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,779,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,000,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,779,000 | |||
Gross Carrying Value, Total | 2,779,000 | |||
Accumulated Depreciation | $ 11,000 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks at Timberline [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 445,000 | |||
Initial Cost to Company, Buildings and Improvements | 869,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 445,000 | |||
Gross Carrying Value, Buildings and Improvements | 869,000 | |||
Gross Carrying Value, Total | 1,314,000 | |||
Accumulated Depreciation | $ 5,000 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Providence Waterman Nursing Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,831,000 | |||
Initial Cost to Company, Buildings and Improvements | 19,791,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 3,831,000 | |||
Gross Carrying Value, Buildings and Improvements | 19,791,000 | |||
Gross Carrying Value, Total | 23,622,000 | |||
Accumulated Depreciation | $ 124,000 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Providence Orange Tree [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,897,000 | |||
Initial Cost to Company, Buildings and Improvements | 14,700,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 2,897,000 | |||
Gross Carrying Value, Buildings and Improvements | 14,700,000 | |||
Gross Carrying Value, Total | 17,597,000 | |||
Accumulated Depreciation | $ 92,000 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Providence Ontario [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,204,000 | |||
Initial Cost to Company, Buildings and Improvements | 21,880,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 4,204,000 | |||
Gross Carrying Value, Buildings and Improvements | 21,880,000 | |||
Gross Carrying Value, Total | 26,084,000 | |||
Accumulated Depreciation | $ 136,000 | |||
Construction/Renovation Date | 1,980 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Greenville Nursing and Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 188,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,972,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 188,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,972,000 | |||
Gross Carrying Value, Total | 4,160,000 | |||
Accumulated Depreciation | $ 10,000 | |||
Construction/Renovation Date | 1,973 | |||
Acquisition Date | 2,017 | |||
Multi-Service Campus Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,774,000 | |||
Initial Cost to Company, Buildings and Improvements | 138,162,000 | |||
Costs Capitalized Since Acquisition | 10,002,000 | |||
Gross Carrying Value, Land | 13,774,000 | |||
Gross Carrying Value, Buildings and Improvements | 148,164,000 | |||
Gross Carrying Value, Total | 161,938,000 | |||
Accumulated Depreciation | 19,721,000 | |||
Multi-Service Campus Properties | Ensign Southland LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 966,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,082,000 | |||
Costs Capitalized Since Acquisition | 2,213,000 | |||
Gross Carrying Value, Land | 966,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,295,000 | |||
Gross Carrying Value, Total | 8,261,000 | |||
Accumulated Depreciation | $ 4,366,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 1,999 | |||
Multi-Service Campus Properties | Sky Holdings AZ LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 289,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,428,000 | |||
Costs Capitalized Since Acquisition | 1,752,000 | |||
Gross Carrying Value, Land | 289,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,180,000 | |||
Gross Carrying Value, Total | 3,469,000 | |||
Accumulated Depreciation | $ 1,678,000 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,002 | |||
Multi-Service Campus Properties | Lemon River Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,159,000 | |||
Costs Capitalized Since Acquisition | 4,853,000 | |||
Gross Carrying Value, Land | 494,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,012,000 | |||
Gross Carrying Value, Total | 6,506,000 | |||
Accumulated Depreciation | $ 2,580,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Multi-Service Campus Properties | Wisteria Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 746,000 | |||
Initial Cost to Company, Buildings and Improvements | 9,903,000 | |||
Costs Capitalized Since Acquisition | 290,000 | |||
Gross Carrying Value, Land | 746,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,193,000 | |||
Gross Carrying Value, Total | 10,939,000 | |||
Accumulated Depreciation | $ 1,696,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Mission CCRC LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,962,000 | |||
Initial Cost to Company, Buildings and Improvements | 11,035,000 | |||
Costs Capitalized Since Acquisition | 464,000 | |||
Gross Carrying Value, Land | 1,962,000 | |||
Gross Carrying Value, Buildings and Improvements | 11,499,000 | |||
Gross Carrying Value, Total | 13,461,000 | |||
Accumulated Depreciation | $ 2,394,000 | |||
Construction/Renovation Date | 1,994 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Wayne Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 130,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,061,000 | |||
Costs Capitalized Since Acquisition | 122,000 | |||
Gross Carrying Value, Land | 130,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,183,000 | |||
Gross Carrying Value, Total | 3,313,000 | |||
Accumulated Depreciation | $ 677,000 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Fourth Street Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 180,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,352,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 180,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,352,000 | |||
Gross Carrying Value, Total | 3,532,000 | |||
Accumulated Depreciation | $ 678,000 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Big Sioux River Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 110,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,522,000 | |||
Costs Capitalized Since Acquisition | 75,000 | |||
Gross Carrying Value, Land | 110,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,597,000 | |||
Gross Carrying Value, Total | 3,707,000 | |||
Accumulated Depreciation | $ 679,000 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Prairie Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 130,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,571,000 | |||
Costs Capitalized Since Acquisition | 22,000 | |||
Gross Carrying Value, Land | 130,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,593,000 | |||
Gross Carrying Value, Total | 1,723,000 | |||
Accumulated Depreciation | $ 518,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Salmon River Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 168,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,496,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 168,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,496,000 | |||
Gross Carrying Value, Total | 2,664,000 | |||
Accumulated Depreciation | $ 338,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,012 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Dayton-Centerville [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,912,000 | |||
Initial Cost to Company, Buildings and Improvements | 22,458,000 | |||
Costs Capitalized Since Acquisition | 90,000 | |||
Gross Carrying Value, Land | 3,912,000 | |||
Gross Carrying Value, Buildings and Improvements | 22,548,000 | |||
Gross Carrying Value, Total | 26,460,000 | |||
Accumulated Depreciation | $ 1,275,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,015 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Pristine Senior Living of Willard [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 143,000 | |||
Initial Cost to Company, Buildings and Improvements | 11,097,000 | |||
Costs Capitalized Since Acquisition | 50,000 | |||
Gross Carrying Value, Land | 143,000 | |||
Gross Carrying Value, Buildings and Improvements | 11,147,000 | |||
Gross Carrying Value, Total | 11,290,000 | |||
Accumulated Depreciation | $ 630,000 | |||
Construction/Renovation Date | 1,985 | |||
Acquisition Date | 2,015 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Premier Estates of Middletown/Premier Retirement Estates of Middletown [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 990,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,484,000 | |||
Costs Capitalized Since Acquisition | 67,000 | |||
Gross Carrying Value, Land | 990,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,551,000 | |||
Gross Carrying Value, Total | 8,541,000 | |||
Accumulated Depreciation | $ 430,000 | |||
Construction/Renovation Date | 1,985 | |||
Acquisition Date | 2,015 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Premier Estates of Norwood Towers/Premier Retirement Estates of Norwood Towers [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,316,000 | |||
Initial Cost to Company, Buildings and Improvements | 10,071,000 | |||
Costs Capitalized Since Acquisition | 4,000 | |||
Gross Carrying Value, Land | 1,316,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,075,000 | |||
Gross Carrying Value, Total | 11,391,000 | |||
Accumulated Depreciation | $ 441,000 | |||
Construction/Renovation Date | 1,991 | |||
Acquisition Date | 2,016 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Turlock Nursing and Rehabilitation Center [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,258,000 | |||
Initial Cost to Company, Buildings and Improvements | 16,526,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,258,000 | |||
Gross Carrying Value, Buildings and Improvements | 16,526,000 | |||
Gross Carrying Value, Total | 17,784,000 | |||
Accumulated Depreciation | $ 585,000 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,016 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Senior Care Health & The Residences [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 980,000 | |||
Initial Cost to Company, Buildings and Improvements | 27,917,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 980,000 | |||
Gross Carrying Value, Buildings and Improvements | 27,917,000 | |||
Gross Carrying Value, Total | 28,897,000 | |||
Accumulated Depreciation | $ 756,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 24,611,000 | |||
Initial Cost to Company, Buildings and Improvements | 196,879,000 | |||
Costs Capitalized Since Acquisition | 4,356,000 | |||
Gross Carrying Value, Land | 24,611,000 | |||
Gross Carrying Value, Buildings and Improvements | 201,235,000 | |||
Gross Carrying Value, Total | 225,846,000 | |||
Accumulated Depreciation | 17,473,000 | |||
Assisted and Independent Living Properties | Lafayette Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 420,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,160,000 | |||
Costs Capitalized Since Acquisition | 189,000 | |||
Gross Carrying Value, Land | 420,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,349,000 | |||
Gross Carrying Value, Total | 1,769,000 | |||
Accumulated Depreciation | $ 315,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Assisted and Independent Living Properties | Everglades Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,542,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,012,000 | |||
Costs Capitalized Since Acquisition | 113,000 | |||
Gross Carrying Value, Land | 1,542,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,125,000 | |||
Gross Carrying Value, Total | 5,667,000 | |||
Accumulated Depreciation | $ 636,000 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Willows Health Holdings Llc [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,835,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,784,000 | |||
Costs Capitalized Since Acquisition | 395,000 | |||
Gross Carrying Value, Land | 2,835,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,179,000 | |||
Gross Carrying Value, Total | 7,014,000 | |||
Accumulated Depreciation | $ 740,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,013 | |||
Assisted and Independent Living Properties | Wisteria Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 244,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,241,000 | |||
Costs Capitalized Since Acquisition | 81,000 | |||
Gross Carrying Value, Land | 244,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,322,000 | |||
Gross Carrying Value, Total | 3,566,000 | |||
Accumulated Depreciation | $ 916,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Avenue N- Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 124,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,301,000 | |||
Costs Capitalized Since Acquisition | 392,000 | |||
Gross Carrying Value, Land | 124,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,693,000 | |||
Gross Carrying Value, Total | 2,817,000 | |||
Accumulated Depreciation | $ 1,092,000 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Assisted and Independent Living Properties | Moenium Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,893,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,268,000 | |||
Costs Capitalized Since Acquisition | 1,210,000 | |||
Gross Carrying Value, Land | 1,893,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,478,000 | |||
Gross Carrying Value, Total | 8,371,000 | |||
Accumulated Depreciation | $ 2,768,000 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,007 | |||
Assisted and Independent Living Properties | Expo Park Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 570,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,692,000 | |||
Costs Capitalized Since Acquisition | 248,000 | |||
Gross Carrying Value, Land | 570,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,940,000 | |||
Gross Carrying Value, Total | 2,510,000 | |||
Accumulated Depreciation | $ 601,000 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,010 | |||
Assisted and Independent Living Properties | Flamingo Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 908,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,767,000 | |||
Costs Capitalized Since Acquisition | 281,000 | |||
Gross Carrying Value, Land | 908,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,048,000 | |||
Gross Carrying Value, Total | 5,956,000 | |||
Accumulated Depreciation | $ 1,722,000 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Eighteenth Place Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,011,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,053,000 | |||
Costs Capitalized Since Acquisition | 490,000 | |||
Gross Carrying Value, Land | 1,011,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,543,000 | |||
Gross Carrying Value, Total | 3,554,000 | |||
Accumulated Depreciation | $ 621,000 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Boardwalk Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 367,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,633,000 | |||
Costs Capitalized Since Acquisition | 51,000 | |||
Gross Carrying Value, Land | 367,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,684,000 | |||
Gross Carrying Value, Total | 2,051,000 | |||
Accumulated Depreciation | $ 337,000 | |||
Construction/Renovation Date | 1,993 | |||
Acquisition Date | 2,012 | |||
Assisted and Independent Living Properties | Lockwood Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,792,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,253,000 | |||
Costs Capitalized Since Acquisition | 585,000 | |||
Gross Carrying Value, Land | 1,792,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,838,000 | |||
Gross Carrying Value, Total | 4,630,000 | |||
Accumulated Depreciation | $ 753,000 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,013 | |||
Assisted and Independent Living Properties | Saratoga Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 444,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,265,000 | |||
Costs Capitalized Since Acquisition | 176,000 | |||
Gross Carrying Value, Land | 444,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,441,000 | |||
Gross Carrying Value, Total | 2,885,000 | |||
Accumulated Depreciation | $ 287,000 | |||
Construction/Renovation Date | 1,995 | |||
Acquisition Date | 2,013 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Lily And Syringa ALF [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 70,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,674,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 70,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,674,000 | |||
Gross Carrying Value, Total | 2,744,000 | |||
Accumulated Depreciation | $ 206,000 | |||
Construction/Renovation Date | 1,995 | |||
Acquisition Date | 2,014 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Caring Hearts [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 80,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,404,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 80,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,404,000 | |||
Gross Carrying Value, Total | 3,484,000 | |||
Accumulated Depreciation | $ 263,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,014 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Turtle And Crain ALF [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 110,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,427,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 110,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,427,000 | |||
Gross Carrying Value, Total | 5,537,000 | |||
Accumulated Depreciation | $ 418,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,014 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Prelude Cottages of Woodbury [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 430,000 | |||
Initial Cost to Company, Buildings and Improvements | 6,714,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 430,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,714,000 | |||
Gross Carrying Value, Total | 7,144,000 | |||
Accumulated Depreciation | $ 504,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,014 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | English Meadows Senior Living Community [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 250,000 | |||
Initial Cost to Company, Buildings and Improvements | 6,114,000 | |||
Costs Capitalized Since Acquisition | 3,000 | |||
Gross Carrying Value, Land | 250,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,117,000 | |||
Gross Carrying Value, Total | 6,367,000 | |||
Accumulated Depreciation | $ 459,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,014 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Bristol Court Assisted Living [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 645,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,322,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 645,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,322,000 | |||
Gross Carrying Value, Total | 7,967,000 | |||
Accumulated Depreciation | $ 458,000 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,015 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Asbury Place Assisted Living [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 212,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,992,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 212,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,992,000 | |||
Gross Carrying Value, Total | 5,204,000 | |||
Accumulated Depreciation | $ 291,000 | |||
Construction/Renovation Date | 1,997 | |||
Acquisition Date | 2,015 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | New Haven Assisted Living of San Angelo [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 284,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,478,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 284,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,478,000 | |||
Gross Carrying Value, Total | 4,762,000 | |||
Accumulated Depreciation | $ 215,000 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Priority Life Care of Fort Wayne [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 452,000 | |||
Initial Cost to Company, Buildings and Improvements | 8,703,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 452,000 | |||
Gross Carrying Value, Buildings and Improvements | 8,703,000 | |||
Gross Carrying Value, Total | 9,155,000 | |||
Accumulated Depreciation | $ 399,000 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Priority Life Care of West Allis [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 97,000 | |||
Initial Cost to Company, Buildings and Improvements | 6,102,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 97,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,102,000 | |||
Gross Carrying Value, Total | 6,199,000 | |||
Accumulated Depreciation | $ 279,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Priority Life Care of Baltimore [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 3,697,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 0 | |||
Gross Carrying Value, Buildings and Improvements | 3,697,000 | |||
Gross Carrying Value, Total | 3,697,000 | |||
Accumulated Depreciation | $ 169,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Fort Myers Assisted Living [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,489,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,531,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,489,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,531,000 | |||
Gross Carrying Value, Total | 5,020,000 | |||
Accumulated Depreciation | $ 162,000 | |||
Construction/Renovation Date | 1,980 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | English Meadows Elks Home Campus [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 451,000 | |||
Initial Cost to Company, Buildings and Improvements | 9,023,000 | |||
Costs Capitalized Since Acquisition | 142,000 | |||
Gross Carrying Value, Land | 451,000 | |||
Gross Carrying Value, Buildings and Improvements | 9,165,000 | |||
Gross Carrying Value, Total | 9,616,000 | |||
Accumulated Depreciation | $ 386,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Croatan Village [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 312,000 | |||
Initial Cost to Company, Buildings and Improvements | 6,919,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 312,000 | |||
Gross Carrying Value, Buildings and Improvements | 6,919,000 | |||
Gross Carrying Value, Total | 7,231,000 | |||
Accumulated Depreciation | $ 288,000 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Countryside Village [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 131,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,157,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 131,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,157,000 | |||
Gross Carrying Value, Total | 4,288,000 | |||
Accumulated Depreciation | $ 173,000 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | The Pines of Clarkston [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 603,000 | |||
Initial Cost to Company, Buildings and Improvements | 9,326,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 603,000 | |||
Gross Carrying Value, Buildings and Improvements | 9,326,000 | |||
Gross Carrying Value, Total | 9,929,000 | |||
Accumulated Depreciation | $ 369,000 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | The Pines of Goodrich [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 241,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,112,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 241,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,112,000 | |||
Gross Carrying Value, Total | 4,353,000 | |||
Accumulated Depreciation | $ 162,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | The Pines of Burton [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 492,000 | |||
Initial Cost to Company, Buildings and Improvements | 9,199,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 492,000 | |||
Gross Carrying Value, Buildings and Improvements | 9,199,000 | |||
Gross Carrying Value, Total | 9,691,000 | |||
Accumulated Depreciation | $ 364,000 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | The Pines of Lapeer [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 302,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,773,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 302,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,773,000 | |||
Gross Carrying Value, Total | 6,075,000 | |||
Accumulated Depreciation | $ 228,000 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Arbor Place [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 392,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,605,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 392,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,605,000 | |||
Gross Carrying Value, Total | 3,997,000 | |||
Accumulated Depreciation | $ 128,000 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Applewood of Brookfield [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 493,000 | |||
Initial Cost to Company, Buildings and Improvements | 14,002,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 493,000 | |||
Gross Carrying Value, Buildings and Improvements | 14,002,000 | |||
Gross Carrying Value, Total | 14,495,000 | |||
Accumulated Depreciation | $ 321,000 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,017 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Applewood of New Berlin [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 356,000 | |||
Initial Cost to Company, Buildings and Improvements | 10,812,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 356,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,812,000 | |||
Gross Carrying Value, Total | 11,168,000 | |||
Accumulated Depreciation | $ 248,000 | |||
Construction/Renovation Date | 2,016 | |||
Acquisition Date | 2,017 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Tangerine Cove Of Brooksville [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 995,000 | |||
Initial Cost to Company, Buildings and Improvements | 927,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 995,000 | |||
Gross Carrying Value, Buildings and Improvements | 927,000 | |||
Gross Carrying Value, Total | 1,922,000 | |||
Accumulated Depreciation | $ 15,000 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,017 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Memory Care Cottages in White Bear Lake [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,611,000 | |||
Initial Cost to Company, Buildings and Improvements | 5,633,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,611,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,633,000 | |||
Gross Carrying Value, Total | 7,244,000 | |||
Accumulated Depreciation | $ 70,000 | |||
Construction/Renovation Date | 2,016 | |||
Acquisition Date | 2,017 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Amerisist Of Culpeper [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 318,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,897,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 318,000 | |||
Gross Carrying Value, Buildings and Improvements | 3,897,000 | |||
Gross Carrying Value, Total | 4,215,000 | |||
Accumulated Depreciation | $ 27,000 | |||
Construction/Renovation Date | 1,997 | |||
Acquisition Date | 2,017 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Amerisist Of Louisa [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,660,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 407,000 | |||
Gross Carrying Value, Buildings and Improvements | 4,660,000 | |||
Gross Carrying Value, Total | 5,067,000 | |||
Accumulated Depreciation | $ 33,000 | |||
Construction/Renovation Date | 2,002 | |||
Acquisition Date | 2,017 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Amerisist Of Warrenton [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,238,000 | |||
Initial Cost to Company, Buildings and Improvements | 7,247,000 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,238,000 | |||
Gross Carrying Value, Buildings and Improvements | 7,247,000 | |||
Gross Carrying Value, Total | 8,485,000 | |||
Accumulated Depreciation | $ 50,000 | |||
Construction/Renovation Date | 1,999 | |||
Acquisition Date | 2,017 | |||
Independent Living Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,406,000 | |||
Initial Cost to Company, Buildings and Improvements | 8,953,000 | |||
Costs Capitalized Since Acquisition | 1,432,000 | |||
Gross Carrying Value, Land | 1,406,000 | |||
Gross Carrying Value, Buildings and Improvements | 10,385,000 | |||
Gross Carrying Value, Total | 11,791,000 | |||
Accumulated Depreciation | 3,430,000 | |||
Independent Living Properties | Hillendahl Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 315,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,769,000 | |||
Costs Capitalized Since Acquisition | 302,000 | |||
Gross Carrying Value, Land | 315,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,071,000 | |||
Gross Carrying Value, Total | 2,386,000 | |||
Accumulated Depreciation | $ 979,000 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,009 | |||
Independent Living Properties | Mission CCRC LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 411,000 | |||
Initial Cost to Company, Buildings and Improvements | 2,312,000 | |||
Costs Capitalized Since Acquisition | 158,000 | |||
Gross Carrying Value, Land | 411,000 | |||
Gross Carrying Value, Buildings and Improvements | 2,470,000 | |||
Gross Carrying Value, Total | 2,881,000 | |||
Accumulated Depreciation | $ 891,000 | |||
Construction/Renovation Date | 1,994 | |||
Acquisition Date | 2,011 | |||
Independent Living Properties | Hillview Health Holdings LLC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 680,000 | |||
Initial Cost to Company, Buildings and Improvements | 4,872,000 | |||
Costs Capitalized Since Acquisition | 972,000 | |||
Gross Carrying Value, Land | 680,000 | |||
Gross Carrying Value, Buildings and Improvements | 5,844,000 | |||
Gross Carrying Value, Total | 6,524,000 | |||
Accumulated Depreciation | $ 1,560,000 | |||
Construction/Renovation Date | 1,996 | |||
Acquisition Date | 2,011 |
Schedule III- Real Estate Asset
Schedule III- Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate: | |||
Balance at the beginning of the period | $ 986,215 | $ 718,764 | $ 492,486 |
Acquisitions | 280,477 | 270,601 | 226,078 |
Improvements | 744 | 726 | 230 |
Sales of real estate | (952) | (3,876) | (30) |
Balance at the end of the period | 1,266,484 | 986,215 | 718,764 |
Accumulated depreciation: | |||
Balance at the beginning of the period | (121,797) | (97,667) | (78,897) |
Depreciation expense | (30,493) | (25,001) | (18,770) |
Sales of real estate | 105 | 871 | 0 |
Balance at the end of the period | $ (152,185) | $ (121,797) | $ (97,667) |
Schedule IV - Mortgage Loan o65
Schedule IV - Mortgage Loan on Real Estate - Mortgage Loan (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | $ 0 |
Principal Balance | 12,517 |
Book Value | 12,399 |
Loan Loss Allowance | $ 0 |
Skilled Nursing Facility | |
Mortgage Loans on Real Estate [Line Items] | |
Contractual Interest Rate | 9.00% |
Maturity Date | Dec. 31, 2020 |
Prior Liens | $ 0 |
Principal Balance | 12,517 |
Book Value | $ 12,399 |
Schedule IV - Mortgage Loan o66
Schedule IV - Mortgage Loan on Real Estate - Mortgage Loan Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Mortgage loans, beginning of period | $ 0 | $ 0 | $ 0 | |
Additions during period: | ||||
New mortgage loan | 12,542 | 0 | 0 | |
Interest income added to principal | 0 | 0 | ||
Deductions during period: | ||||
Paydowns/Repayments | (25) | 0 | 0 | |
Mortgage loans, end of period | $ 0 | $ 0 | $ 0 | $ 12,517 |