Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 11, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 88,846,942 | ||
Entity Public Float | $ 1.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Real estate investments, net | $ 1,216,237 | $ 1,152,261 |
Other real estate investments, net | 18,045 | 17,949 |
Cash and cash equivalents | 36,792 | 6,909 |
Accounts and other receivables, net | 11,387 | 5,254 |
Prepaid expenses and other assets | 8,668 | 895 |
Deferred financing costs, net | 633 | 1,718 |
Total assets | 1,291,762 | 1,184,986 |
Liabilities and Equity: | ||
Senior unsecured notes payable, net | 295,153 | 294,395 |
Senior unsecured term loan, net | 99,612 | 99,517 |
Unsecured revolving credit facility | 95,000 | 165,000 |
Accounts payable and accrued liabilities | 15,967 | 17,413 |
Dividends payable | 17,783 | 14,044 |
Total liabilities | 523,515 | 590,369 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 and 75,478,202 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 859 | 755 |
Additional paid-in capital | 965,578 | 783,237 |
Cumulative distributions in excess of earnings | (198,190) | (189,375) |
Total equity | 768,247 | 594,617 |
Total liabilities and equity | $ 1,291,762 | $ 1,184,986 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 85,867,044 | 75,478,202 |
Common stock, outstanding (shares) | 85,867,044 | 75,478,202 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Rental income | $ 140,073 | $ 117,633 | $ 93,126 | ||||||||
Tenant reimbursements | 11,924 | 10,254 | 7,846 | ||||||||
Independent living facilities | 3,379 | 3,228 | 2,970 | ||||||||
Interest and other income | 1,565 | 1,867 | 737 | ||||||||
Total revenues | $ 40,361 | $ 39,510 | $ 38,969 | $ 38,101 | $ 36,597 | $ 32,948 | $ 32,829 | $ 30,608 | 156,941 | 132,982 | 104,679 |
Expenses: | |||||||||||
Depreciation and amortization | 45,766 | 39,159 | 31,965 | ||||||||
Interest expense | 27,860 | 24,196 | 22,873 | ||||||||
Loss on the extinguishment of debt | 0 | 11,883 | 326 | ||||||||
Property taxes | 11,924 | 10,254 | 7,846 | ||||||||
Independent living facilities | 2,964 | 2,733 | 2,549 | ||||||||
Impairment of real estate investment | 0 | 890 | 0 | ||||||||
Acquisition costs | 0 | 0 | 205 | ||||||||
Reserve for advances and deferred rent | 0 | 10,414 | 0 | ||||||||
General and administrative | 12,555 | 11,117 | 9,297 | ||||||||
Total expenses | 101,069 | 110,646 | 75,061 | ||||||||
Other income: | |||||||||||
Gain (loss) on sale of real estate | 2,051 | 0 | (265) | ||||||||
Gain on disposition of other real estate investment | 0 | 3,538 | 0 | ||||||||
Net income | $ 15,539 | $ 14,510 | $ 13,267 | $ 14,607 | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 57,923 | $ 25,874 | $ 29,353 |
Earnings per common share: | |||||||||||
Basic (usd per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.73 | $ 0.35 | $ 0.52 |
Diluted (usd per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.72 | $ 0.35 | $ 0.52 |
Weighted-average number of common shares: | |||||||||||
Basic (shares) | 84,059 | 81,490 | 76,374 | 75,504 | 75,476 | 75,471 | 72,564 | 66,951 | 79,386 | 72,647 | 56,030 |
Diluted (shares) | 84,084 | 81,490 | 76,374 | 75,504 | 75,476 | 75,471 | 72,564 | 66,951 | 79,392 | 72,647 | 56,030 |
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, 2015 | $ 262,288 | $ 477 | $ 410,217 | $ (148,406) |
Beginning 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 ($0.82, $0.74 and $0.68 per share for the years ended 2018, 2017 and 2016, 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 ($0.82, $0.74 and $0.68 per share for the years ended 2018, 2017 and 2016, 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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Issuance of common stock, net | 179,886 | $ 103 | 179,783 | |
Issuance of common stock, net (shares) | 10,264,981 | |||
Vesting of restricted common stock, net of shares withheld for employee taxes | (1,289) | $ 1 | (1,290) | |
Vesting of restricted common stock, net of shares withheld for employee taxes (shares) | 123,861 | |||
Amortization of stock-based compensation | 3,848 | 3,848 | ||
Common dividends ($0.82, $0.74 and $0.68 per share for the years ended 2018, 2017 and 2016, respectively) | (66,738) | (66,738) | ||
Net income | 57,923 | 57,923 | ||
Ending balance at Dec. 31, 2018 | $ 768,247 | $ 859 | $ 965,578 | $ (198,190) |
Ending balance (shares) at Dec. 31, 2018 | 85,867,044 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Common dividend (usd per share) | $ 0.205 | $ 0.205 | $ 0.205 | $ 0.205 | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.82 | $ 0.74 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 57,923 | $ 25,874 | $ 29,353 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization (including a below-market ground lease) | 45,783 | 39,176 | 31,980 |
Amortization of deferred financing costs | 1,938 | 2,100 | 2,239 |
Loss on the extinguishment of debt | 0 | 11,883 | 326 |
Amortization of stock-based compensation | 3,848 | 2,416 | 1,546 |
Straight-line rental income | (2,333) | (344) | (150) |
Noncash interest income | (238) | (686) | (737) |
(Gain) loss on sale of real estate | (2,051) | 0 | 265 |
Interest income distribution from other real estate investment | 0 | 1,500 | 0 |
Reserve for advances and deferred rent | 0 | 10,414 | 0 |
Impairment of real estate investment | 0 | 890 | 0 |
Change in operating assets and liabilities: | |||
Accounts and other receivables, net | (3,800) | (9,428) | (3,404) |
Prepaid expenses and other assets | (270) | (273) | 84 |
Accounts payable and accrued liabilities | (1,443) | 5,278 | 2,929 |
Net cash provided by operating activities | 99,357 | 88,800 | 64,431 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (111,640) | (296,517) | (281,228) |
Improvements to real estate | (7,230) | (748) | (762) |
Purchases of equipment, furniture and fixtures | (1,782) | (403) | (151) |
Preferred equity investments | 0 | 0 | (4,656) |
Investment in real estate mortgage and other loans receivable | (5,648) | (12,416) | 0 |
Principal payments received on real estate mortgage and other loans receivable | 3,227 | 25 | 0 |
Sale of other real estate investment | 0 | 7,500 | 0 |
Escrow deposits for acquisitions of real estate | (5,000) | 0 | (700) |
Net proceeds from the sale of real estate | 13,004 | 0 | 2,855 |
Net cash used in investing activities | (115,069) | (302,559) | (284,642) |
Cash flows from financing activities: | |||
Proceeds from the issuance of common stock, net | 179,882 | 170,323 | 200,402 |
Proceeds from the issuance of senior unsecured notes payable | 0 | 300,000 | 0 |
Proceeds from the issuance of senior unsecured term loan | 0 | 0 | 100,000 |
Borrowings under unsecured revolving credit facility | 65,000 | 238,000 | 255,000 |
Payments on senior unsecured notes payable | 0 | (267,639) | 0 |
Payments on unsecured revolving credit facility | (135,000) | (168,000) | (205,000) |
Payments on the mortgage notes payable | 0 | 0 | (95,022) |
Payments of deferred financing costs | 0 | (6,063) | (1,352) |
Net-settle adjustment on restricted stock | (1,288) | (866) | (515) |
Dividends paid on common stock | (62,999) | (52,587) | (37,269) |
Net cash provided by financing activities | 45,595 | 213,168 | 216,244 |
Net increase (decrease) in cash and cash equivalents | 29,883 | (591) | (3,967) |
Cash and cash equivalents, beginning of period | 6,909 | 7,500 | 11,467 |
Cash and cash equivalents, end of period | 36,792 | 6,909 | 7,500 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 25,941 | 29,619 | 21,238 |
Supplemental schedule of noncash operating, investing and financing activities: | |||
Increase in dividends payable | 3,739 | 2,970 | 3,371 |
Application of escrow deposit to acquisition of real estate | $ 0 | $ 700 | $ 1,250 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , the Company owned and leased to independent operators, including The Ensign Group, Inc. (“Ensign”), 194 skilled nursing, multi-service campuses, assisted living and independent living facilities consisting of 19,086 operational beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Maryland, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Virginia, Washington, West Virginia and Wisconsin. The Company also owned and operated three independent living facilities which had a total of 264 units located in Texas and Utah. As of December 31, 2018 , the Company also had other real estate investments consisting of two preferred equity investments totaling $5.7 million and a mortgage loan receivable of $12.3 million . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, multi-service campuses, 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 the 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. 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. Management’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, net” 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 mortgage 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. Prepaid expenses and other assets —Prepaid expenses and other assets consist of prepaid expenses, deposits, pre-acquisition costs and other loans receivable. Included in other loans receivable at December 31, 2018 is a bridge loan to Priority Life Care, LLC (“Priority”) under which the Company agreed to fund up to $1.4 million until the earlier of (i) October 31, 2019 , (ii) the date that a new credit facility is established such that the borrower may submit draw requests to the applicable lender, or (iii) the date on which Priority’s lease is terminated with respect to any facility. Borrowings under the bridge loan accrue interest at a base rate of 8.0% . Additionally, included in other loans receivable at December 31, 2018 is a term loan to Eduro Healthcare, LLC (“Eduro”) of $1.2 million at a fixed interest rate of 8.0% and is set to mature on November 20, 2023. As of December 31, 2018 , approximately $2.6 million was outstanding under the loans receivable. Deferred Financing Costs —External costs incurred from placement of the Company’s 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 the 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 $5.1 million and $3.2 million at December 31, 2018 and December 31, 2017 , 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, 2018 , 2017 and 2016 , such tenant reimbursement revenues consisted of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. If the Company’s evaluation of applicable 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, 2018 and December 31, 2017 , “Accounts and other receivables, net” included $1.3 million and $0.8 million for unpaid cash rents and $11.6 million and $9.6 million for other tenant receivables, respectively, of which $10.4 million was reserved as of December 31, 2018 and December 31, 2017 , related to the properties previously net leased to subsidiaries of Pristine Senior Living, LLC (“Pristine”). See Note 3, Real Estate Investments, Net for further discussion. The Company evaluates the collectability of straight-line rent receivable balances on an ongoing basis and provides reserves against receivables it determines may not be fully recoverable. The Company recorded straight-line rental income of $2.3 million , $0.3 million and $0.2 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. Accounts and other receivables, net included $2.8 million and $0.5 million in straight-line rents receivable at December 31, 2018 and December 31, 2017 , 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 separation of Ensign’s healthcare business and its real estate business into two separate and independently publicly traded companies (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 $3.8 million , $2.4 million and $1.5 million for the years ended December 31, 2018 , 2017 and 2016 , 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 11, 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 and are not subject to audit by the Company’s independent auditors in accordance with the standards of the Public Company Accounting Oversight Board. Recent Accounting Pronouncements Lease accounting In February 2016, the FASB issued an Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Subsequently, the FASB issued additional ASUs that further clarified the original ASU. The ASUs became effective for the Company on January 1, 2019. Upon adoption of the lease ASUs on January 1, 2019, the Company elected the following practical expedients provided by these ASUs: • Package of practical expedients – requires the Company not to reevaluate its existing or expired leases as of January 1, 2019, under the new lease accounting ASUs. • Optional transition method practical expedient – requires the Company to apply the new lease ASUs prospectively from the adoption date of January 1, 2019. • Single component practical expedient – requires the Company to account for lease and nonlease components associated with that lease as a single component under the new lease ASUs, if certain criteria are met. • Short-term leases practical expedient – for the Company’s operating leases with a term of less than 12 months in which it is the lessee, this expedient requires the Company not to record on its balance sheet related lease liabilities and right-of-use assets. Overview related to both lessee and lessor accounting —The lease ASUs set new criteria for determining the classification of finance leases for lessees and sales-type leases for lessors. The criteria to determine whether a lease should be accounted for as a finance (sales-type) lease include the following: (i) ownership is transferred from lessor to lessee by the end of the lease term, (ii) an option to purchase is reasonably certain to be exercised, (iii) the lease term is for the major part of the underlying asset’s remaining economic life, (iv) the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset, and (v) the underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease is classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease is classified as an operating lease by the lessee, but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease is classified as an operating lease by the lessor. The new lease ASUs require the use of the modified retrospective transition method. On January 1, 2019, the Company adopted the new lease ASUs electing the package of practical expedients and the optional transition method permitting January 1, 2019, to be its initial application date. The election of the package of practical expedients and the optional transition method allowed the Company not to reassess: • Whether any expired or existing contracts as of January 1, 2019, were leases or contained leases. ◦ This practical expedient is primarily applicable to entities that have contracts containing embedded leases. As of December 31, 2018, the Company had no such contracts, therefore this practical expedient had no effect on the Company. • The lease classification for any leases expired or existing as of January 1, 2019. ◦ The election of the package of practical expedients required the Company not to revisit the classification of its leases existing as of January 1, 2019. For example, all of the Company leases that were classified as operating leases in accordance with the lease accounting standards in effect prior to January 1, 2019, continue to be classified as operating leases after adoption of the new lease ASUs. The Company applied the package of practical expedients consistently to all leases (i.e., in which the Company was the lessee or a lessor) that commenced before January 1, 2019. The election of this package permits the Company to “run off” its leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease ASUs to leases commencing or modified after January 1, 2019. Lessor Accounting —Under the new lease ASUs, each lease agreement is evaluated to identify the lease and nonlease components at lease inception. The total consideration in the lease agreement is allocated to the lease and nonlease components based on their relative stand-alone selling prices. The new lease ASUs govern the recognition of revenue for lease components, and revenue related to nonlease components is subject to the revenue recognition ASU. Tenant recoveries for utilities, repairs and maintenance, and common area expenses are considered nonlease components. The Company generates revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. As such, the Company has concluded its leases do not contain material nonlease components. Tenant reimbursements related to property taxes and insurance are neither lease nor nonlease components under the new lease ASUs. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in its income statements. On January 1, 2019, the Company elected the single component practical expedient, which requires a lessor, by class of underlying asset, not to allocate the total consideration to the lease and nonlease components based on their relative stand-alone selling prices. This single component practical expedient requires the Company to account for the lease component and nonlease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the nonlease component(s) associated with it are the same and (ii) the lease component would be classified as an operating lease if it were accounted for separately. If the Company determines that the lease component is the predominant component, the Company accounts for the single component as an operating lease in accordance with the new lease ASUs. Conversely, the Company is required to account for the combined component under the new revenue recognition ASU if the Company determines that the nonlease component is the predominant component. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets that qualify for this expedient are accounted for as a single component under the new lease ASUs, with tenant recoveries primarily as variable consideration. Tenant recoveries that do not qualify for the single component practical expedient and are considered nonlease components are accounted for under the revenue recognition ASUs. The Company’s operating leases commencing or modified after January 1, 2019, for which the Company is the lessor are expected to qualify for the single component practical expedient accounting under the new lease ASUs. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized tenant recoveries for real estate taxes of $11.9 million , $10.3 million , $7.8 million , respectively, which were classified as tenant reimbursements on the Company’s consolidated income statements. Prior to the adoption of ASC 842, the Company recognized tenant recoveries as tenant reimbursement revenues regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries will only be recognized to extent that the Company pays the third party directly and will be classified as rental income on the Company’s consolidated income statement. The new lease ASUs require that lessors and lessees capitalize, as initial direct costs, only incremental costs of a lease that would not have been incurred if the lease had not been obtained. Effective January 1, 2019, costs that the Company incurs to negotiate or arrange a lease regardless of its outcome, such as fixed employee compensation, tax, or legal advice to negotiate lease terms, and costs related to advertising or soliciting potential tenants will be expensed as incurred. For the years ended December 31, 2018 , 2017 and 2016 , the Company did not capitalize any initial direct costs that would be required to be expensed effective January 1, 2019. Lessee Accounting —Under the new lease ASUs, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether 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, which corresponds to a similar evaluation performed by lessors. In addition to this classification, a lessee is also required to recognize a right-of-use asset and a lease liability for all leases regardless of their classification, whereas a lessor is not required to recognize a right-of-use asset and a lease liability for any operating leases. As of December 31, 2018 , the remaining contractual payments under the Company’s ground and office lease arrangements for which it is the lessee aggregated approximately $0.2 million . While these leases are subject to this ASU application effective January 1, 2019, the lease liability and corresponding right-of-use asset do not have a material effect on the Company’s consolidated financial statements. Financial Instruments 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. Recent Accounting Standards Adopted by the Company On January 1, 2018, the Company adopted 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). Based on a 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, the adoption of ASC 606 did not have a material effect on the Company’s consolidated financial statements since the revenue recognition under ASC 606 is similar to the recognition pattern prior to the adoption of ASC 606. |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land $ 166,948 $ 151,879 Buildings and improvements 1,201,209 1,114,605 Integral equipment, furniture and fixtures 87,623 80,729 Identified intangible assets 2,382 2,382 Real estate investments 1,458,162 1,349,595 Accumulated depreciation and amortization (241,925 ) (197,334 ) Real estate investments, net $ 1,216,237 $ 1,152,261 As of December 31, 2018 , 92 of the Company’s 197 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, 2018 , annualized revenues from the Ensign Master Leases were $59.1 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, 2018 , 102 of the Company’s 197 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, 2018 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 80 years . As of December 31, 2018 , total future minimum rental revenues for the Company’s tenants were (dollars in thousands): Year Amount 2019 $ 146,010 2020 146,560 2021 147,132 2022 147,719 2023 148,169 Thereafter 1,055,012 $ 1,790,602 Recent Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the year ended December 31, 2018 (dollar amounts in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 85,814 $ 7,715 10 926 Multi-service campuses 27,520 (3) 2,240 2 177 Assisted living — — — — Total $ 113,334 $ 9,955 $ 12 1,103 (1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units consists of operating beds at acquisition date. (3) The Company has committed to fund approximately $1.4 million in revenue-producing capital expenditures over the next 24 months based on the in-place lease yield, which is included in the purchase price. Pristine Lease Termination On February 27, 2018, the Company announced that it entered into a Lease Termination Agreement (the “LTA”) with Pristine for its nine remaining properties, with a target completion date of April 30, 2018. Under the LTA, Pristine agreed to continue to operate the facilities until possession could be surrendered, and the operations therein transitioned, to operator(s) designated by the Company. Among other things, Pristine also agreed to amend certain pending agreements to sell the rights to certain Ohio Medicaid beds (the “Bed Sales Agreements”) and cooperate with the Company to turn over any claim or control it might have had with respect to the sale process and the proceeds thereof, if any, to the Company. The transactions were timely completed, and on May 1, 2018, Trio Healthcare, Inc (“Trio”) took over operations in the seven facilities based primarily in the Dayton, Ohio area under a new 15 -year master lease, while Hillstone Healthcare, Inc. (“Hillstone”) assumed the operation of the two facilities in Willard and Toledo, Ohio under a new 12 -year master lease. In addition, amendments to the Bed Sales Agreements were subsequently executed, confirming the Company as the sole seller of the bed rights and the sole recipient of any proceeds therefrom. The aggregate annual base rent due under the new master leases with Trio and Hillstone is approximately $10.0 million , subject to CPI-based or fixed escalators. Under the LTA, the Company agreed, upon Pristine’s full performance of the terms thereof, to terminate Pristine’s master lease and all future obligations of the tenant thereunder; however, under the terms of the master lease the Company’s security interest in Pristine’s accounts receivable has survived any such termination. Such security interest was 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 with its respect to the loan and lease collateral represented by Pristine’s accounts receivable and the Company’s respective security interests therein. Sale of Real Estate Investments During the year ended December 31, 2018 , the Company sold three assisted living facilities consisting of 102 units located in Idaho with an aggregate carrying value of $10.9 million for an aggregate price of $13.0 million . In connection with the sale, the Company recognized a gain of $2.1 million . 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. |
Other Real Estate Investments
Other Real Estate Investments | 12 Months Ended |
Dec. 31, 2018 | |
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 was completed in the fourth quarter of 2017 and began lease-up 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 was completed in the first quarter of 2018 and began lease-up during the second quarter of 2018. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $0.2 million , $1.7 million and $0.7 million , respectively, of interest income related to these preferred equity investments. In October 2017, the Company provided an affiliate of Providence Group, Inc. (“Providence”) 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 years ended December 31, 2018 and 2017, the Company recognized $1.2 million and $0.2 million , respectively, of interest income related to the mortgage loan. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 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, 2018 December 31, 2017 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,746 $ 6,246 $ 4,531 $ 5,550 $ 5,423 Mortgage loan receivable 12,375 12,299 12,375 12,517 12,399 12,517 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 295,153 $ 289,500 $ 300,000 $ 294,395 $ 307,500 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. Other loans receivable : The carrying amounts were accounted for at the unpaid loan balance. 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 Notes (as defined below) 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table summarizes the balance of the Company’s indebtedness as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 300,000 $ (4,847 ) $ 295,153 $ 300,000 $ (5,605 ) $ 294,395 Senior unsecured term loan 100,000 (388 ) 99,612 100,000 (483 ) 99,517 Unsecured revolving credit facility 95,000 — 95,000 165,000 — 165,000 $ 495,000 $ (5,235 ) $ 489,765 $ 565,000 $ (6,088 ) $ 558,912 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 12, 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, 2018 , 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 “Prior Credit Agreement”). The Prior Credit Agreement initially provided for an unsecured asset-based revolving credit facility (the “Prior 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 Prior 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 Prior Credit Agreement. Pursuant to the Amendment, (i) commitments in respect of the Prior Revolving Facility were increased by $100.0 million to $400.0 million , (ii) a new $100.0 million non-amortizing unsecured term loan (the “Prior Term Loan” and, together with the Prior Revolving Facility, the “Prior Credit Facility”) was funded, and (iii) the uncommitted incremental facility was increased by $50.0 million to $250.0 million . The Prior Revolving Facility continued to mature on August 5, 2019, subject to two , six -month extension options. The Prior Term Loan, was scheduled to mature on February 1, 2023, could 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 Prior 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. As of December 31, 2018 , the Company had a $100.0 million Prior Term Loan outstanding and there was $95.0 million outstanding under the Prior Revolving Facility. The interest rates applicable to loans under the Prior Revolving Facility were, 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 obtained certain specified investment grade ratings on its senior long term unsecured debt). In addition, the Company paid 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 obtained 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 would 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 Prior Term Loan were, 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 obtained certain specified investment grade ratings on its senior long term unsecured debt). The Prior Credit Facility was guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that were party to the Prior Credit Agreement (other than the Operating Partnership). The Prior Credit Agreement contained customary covenants that, among other things, restricted, 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 Prior Credit Agreement required 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 Prior Credit Agreement also contained certain customary events of default, including that the Company was required to operate in conformity with the requirements for qualification and taxation as a REIT. As of December 31, 2018 , the Company was in compliance with all applicable financial covenants under the Credit Agreement. On February 8, 2019, the Company amended and restated the Prior Credit Agreement. See Note 14, Subsequent Events for additional information. Interest Expense During the years ended December 31, 2018 , 2017 and 2016 , the Company incurred $27.9 million , $24.2 million and $22.9 million of interest expense, respectively. Included in interest expense for the years ended December 31, 2018 , 2017 and 2016 , was $1.9 million , $2.1 million and $2.2 million of amortization of deferred financing fees, respectively. As of December 31, 2018 and December 31, 2017 , the Company’s interest payable was $1.3 million and $1.4 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. Schedule of Debt Maturities As of December 31, 2018 , the Company’s debt maturities were (dollars in thousands): Year Amount 2019 $ 95,000 2020 — 2021 — 2022 — 2023 100,000 Thereafter 300,000 $ 495,000 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | EQUITY Common Stock Offerings of Common Stock - 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 an 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”). The following table summarizes the quarterly ATM Program activity for 2018 (in thousands, except per share amounts): For the Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Number of shares — 2,989 4,772 2,504 10,265 Average sales price per share $ — $ 16.13 $ 17.62 $ 19.98 $ 17.76 Gross proceeds* $ — $ 48,198 $ 84,077 $ 50,046 $ 182,321 *Total gross proceeds is before $0.6 million , $1.1 million and $0.6 million of commissions paid to the sales agents during the three months ended June 30, 2018, September 30, 2018 and December 31, 2018, respectively. As of December 31, 2018 , the Company had approximately $53.7 million available for future issuances under the ATM Program. Dividends on Common Stock — The following table summarizes the cash dividends per share of common stock declared by the Company’s Board of Directors for 2018 , 2017 and 2016 : For the Three Months Ended 2018 March 31 June 30 September 30 December 31 Dividends declared $ 0.205 $ 0.205 $ 0.205 $ 0.205 Dividends payment date April 13, 2018 July 13, 2018 October 15, 2018 January 15, 2019 2017 Dividends declared $ 0.185 $ 0.185 $ 0.185 $ 0.185 Dividends payment date April 14, 2017 July 14, 2017 October 13, 2017 January 16, 2018 2016 Dividends declared $ 0.17 $ 0.17 $ 0.17 $ 0.17 Dividends payment date April 15, 2016 July 15, 2016 October 14, 2016 January 13, 2017 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : Shares Weighted Average Share Price 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 Granted 287,982 15.25 Vested (191,287 ) 14.39 Forfeited (334 ) 15.21 Unvested balance at December 31, 2018 519,272 $ 14.69 The following table summarizes the stock-based compensation expense recognized (dollars in thousands): For Year Ended December 31, 2018 2017 2016 Stock-based compensation expense $ 3,848 $ 2,416 $ 1,546 As of December 31, 2018 , there was $4.3 million of unamortized stock-based compensation expense related to these unvested awards and the weighted-average remaining vesting period of such awards was 2.0 years . 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, 2018 , 13,220 shares vested or were forfeited. At December 31, 2018 , there were 1,760 unvested restricted stock awards outstanding. In February 2018, the Compensation Committee of the Company’s Board of Directors granted 141,060 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $15.13 per share, based on the market price of the Company’s common stock on that date, and the shares vest in four equal annual installments beginning on the first anniversary of the grant date. Additionally, the Compensation Committee granted 120,460 performance stock awards to officers and employees. Each share had a fair market value on the date of grant of $15.13 per share, based on the market price of the Company’s common stock on that date. Performance stock awards are subject to both time and performance based conditions and vest over a one - to four -year period. The amount of performance awards that will ultimately vest is dependent on the Company meeting or exceeding fiscal year over year Normalized Funds from Operations (“NFFO”) per share growth of 6.0% or greater. In May 2018, the Compensation Committee of the Company's Board of Directors granted 26,462 shares of restricted stock to members of the Board of Directors. Each share had a fair market value on the date of grant of $16.44 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 May 30, 2019 or when the Company holds its 2019 Annual Meeting. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 (amounts in thousands, except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 57,923 $ 25,874 $ 29,353 Less: Net income allocated to participating securities (364 ) (354 ) (260 ) Numerator for basic and diluted earnings available to common stockholders $ 57,559 $ 25,520 $ 29,093 Denominator: Weighted-average basic common shares outstanding 79,386 72,647 56,030 Weighted-average diluted common shares outstanding 79,392 72,647 56,030 Earnings per common share, basic $ 0.73 $ 0.35 $ 0.52 Earnings per common share, diluted $ 0.72 $ 0.35 $ 0.52 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, 2018 , 2017 and 2016 when their inclusion would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | CONCENTRATION OF RISK Major operator concentration – As of December 31, 2018 , Ensign leased 92 skilled nursing, assisted living and independent living facilities which had a total of 9,801 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, 2018 , Ensign represents $59.1 million , or 41% , 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, 2018 | |
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, 2018 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 887,921 $ 328,316 $ — $ 1,216,237 Other real estate investments, net — 12,299 5,746 — 18,045 Cash and cash equivalents — 36,792 — — 36,792 Accounts and other receivables, net — 9,359 2,028 — 11,387 Prepaid expenses and other assets — 8,666 2 — 8,668 Deferred financing costs, net — 633 — — 633 Investment in subsidiaries 786,030 484,955 — (1,270,985 ) — Intercompany — — 151,242 (151,242 ) — Total assets $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 295,153 $ — $ — $ 295,153 Senior unsecured term loan, net — 99,612 — — 99,612 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 13,588 2,379 — 15,967 Dividends payable 17,783 — — — 17,783 Intercompany — 151,242 — (151,242 ) — Total liabilities 17,783 654,595 2,379 (151,242 ) 523,515 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 shares issued and outstanding as of December 31, 2018 859 — — — 859 Additional paid-in capital 965,578 661,686 321,761 (983,447 ) 965,578 Cumulative distributions in excess of earnings (198,190 ) 124,344 163,194 (287,538 ) (198,190 ) Total equity 768,247 786,030 484,955 (1,270,985 ) 768,247 Total liabilities and equity $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 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, net — 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 INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 81,560 $ 58,513 $ — $ 140,073 Tenant reimbursements — 7,173 4,751 — 11,924 Independent living facilities — — 3,379 — 3,379 Interest and other income — 1,369 196 — 1,565 Total revenues — 90,102 66,839 — 156,941 Expenses: Depreciation and amortization — 27,553 18,213 — 45,766 Interest expense — 27,860 — — 27,860 Property taxes — 7,173 4,751 — 11,924 Independent living facilities — — 2,964 — 2,964 General and administrative 3,856 8,623 76 — 12,555 Total expenses 3,856 71,209 26,004 — 101,069 Gain on sale of real estate — 2,051 — — 2,051 Income in Subsidiary 61,779 40,835 — (102,614 ) — Net income $ 57,923 $ 61,779 $ 40,835 $ (102,614 ) $ 57,923 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 STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (10 ) $ 40,092 $ 59,275 $ — $ 99,357 Cash flows from investing activities: Acquisitions of real estate — (111,640 ) — — (111,640 ) Improvements to real estate — (7,204 ) (26 ) — (7,230 ) Purchases of equipment, furniture and fixtures — (1,713 ) (69 ) — (1,782 ) Investment in real estate mortgage and other loans receivable — (5,648 ) — — (5,648 ) Principal payments received on real estate mortgage and other loans receivable — 3,227 — — 3,227 Escrow deposits for acquisitions of real estate — (5,000 ) — — (5,000 ) Net proceeds from the sale of real estate — 13,004 — — 13,004 Distribution from subsidiary 62,999 — — (62,999 ) — Intercompany financing (178,584 ) 59,180 — 119,404 — Net cash used in investing activities (115,585 ) (55,794 ) (95 ) 56,405 (115,069 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 179,882 — — — 179,882 Borrowings under unsecured revolving credit facility — 65,000 — — 65,000 Payments on unsecured revolving credit facility — (135,000 ) — — (135,000 ) Net-settle adjustment on restricted stock (1,288 ) — — — (1,288 ) Dividends paid on common stock (62,999 ) — — — (62,999 ) Distribution to Parent — (62,999 ) — 62,999 — Intercompany financing — 178,584 (59,180 ) (119,404 ) — Net cash provided by (used in) financing activities 115,595 45,585 (59,180 ) (56,405 ) 45,595 Net increase in cash and cash equivalents — 29,883 — — 29,883 Cash and cash equivalents, beginning of period — 6,909 — — 6,909 Cash and cash equivalents, end of period $ — $ 36,792 $ — $ — $ 36,792 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 ) Distribution to Parent — (52,587 ) — 52,587 — Dividends paid on common stock (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: Acquisition 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 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 ) Net-settle adjustment on restricted stock (515 ) — — — (515 ) Payments of deferred financing costs — (1,352 ) — — (1,352 ) Dividends paid on common stock (37,269 ) — — — (37,269 ) Distribution to Parent — (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 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 First Second Third Fourth Operating data: Total revenues $ 38,101 $ 38,969 $ 39,510 $ 40,361 Net income 14,607 13,267 14,510 15,539 Earnings per common share, basic 0.19 0.17 0.18 0.18 Earnings per common share, diluted 0.19 0.17 0.18 0.18 Other data: Weighted-average number of common shares outstanding, basic 75,504 76,374 81,490 84,059 Weighted-average number of common shares outstanding, diluted 75,504 76,374 81,490 84,084 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
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. At-The-Market Offering of Common Stock During January 2019, the Company sold 2.5 million shares of common stock pursuant to the ATM program at an average price of $19.48 per share for $47.9 million in gross proceeds. At February 13, 2019 , we had approximately $5.8 million available for future issuances under the ATM Program. Recent and Pending Investments On January 27, 2019, the Company, through its operating partnership, CTR Partnership, L.P., a Delaware limited partnership, entered into a Membership Interest Purchase Agreement (“MIPA”) to acquire from BME Texas Holdings, LLC, in a single transaction, 100% of the membership interests in twelve separate, newly-formed special-purpose limited liability companies (the “SPEs”), each of which will own at closing a single real estate asset. The real estate assets include ten operating skilled nursing facilities and two operating skilled nursing/seniors housing campuses, primarily located in the southeastern United States. The aggregate purchase price for the acquisition is approximately $211.0 million , exclusive of transaction costs. Should the transaction contemplated by the MIPA ultimately close, the Company expects that the twelve real estate assets will be leased at closing to replacement operators, at least one of which is expected to be an existing Company tenant, under long-term master leases at an anticipated initial lease yield of approximately 8.9% , before taking into account transaction costs. The transaction contemplated by the MIPA is subject to multiple closing conditions, including without limitation the acquisition of the assets by the SPEs, the full performance of other agreements to which the Company and its subsidiaries are not a party, the execution and timely completion of separate transition agreements between the incoming and outgoing operators, and multiple third-party approvals. Subsequent to December 31, 2018, the Company acquired a multi-service campus and four skilled nursing facilities. The aggregate purchase price was approximately $52.9 million , which includes estimated capitalized acquisition costs, and was funded using cash on hand. The acquisitions will generate initial annual cash revenues of approximately $4.9 million . Additionally, the Company provided a term loan secured by first mortgages on five skilled nursing facilities for approximately $11.4 million inclusive of transaction costs, at an annual interest rate of 9.0% . The loan requires monthly principal and interest payments and is set to mature on February 11, 2020, and includes two , six -month extension options. Unsecured Credit Facility On February 8, 2019, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries entered into an amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender, and the lenders party thereto (the “Amended Credit Agreement”). The Amended Credit Agreement, which amends and restates the Prior Credit Agreement, now provides for (i) an unsecured revolving credit facility (the “New Revolving Facility”) with revolving commitments in an aggregate principal amount of $600.0 million , including a letter of credit subfacility for 10% of the then available revolving commitments and a swingline loan subfacility for 10% of the then available revolving commitments and (ii) an unsecured term loan credit facility (the “New Term Loan” and together with the New Revolving Facility, the “Amended Credit Facility”) in an aggregate principal amount of $200.0 million . Borrowing availability under the New Revolving Facility is subject to our compliance with certain financial covenants set forth in the Amended Credit Agreement governing the New Revolving Facility, including a consolidated leverage ratio that requires our ratio of Adjusted Consolidated Debt to Consolidated Total Asset Value (each as defined in the Amended Credit Agreement) be less than 60% . The proceeds of the New Term Loan have been used, in part, to repay in full all outstanding borrowings under the Prior Term Loan and Prior Revolving Facility under the Prior Credit Agreement, and the Company currently expects to use borrowings under the Amended Credit Facility for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes. The interest rates applicable to loans under the New Revolving Facility are, at the Company’s option, equal to either a base rate plus a margin ranging from 0.10% to 0.55% per annum or LIBOR plus a margin ranging from 1.10% to 1.55% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). The interest rates applicable to loans under the New Term Loan are, at the Company’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.20% per annum or LIBOR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Company will pay a facility fee on the revolving commitments under the New Revolving Facility ranging from 0.15% to 0.35% per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Company elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based off the credit ratings of the Company’s senior long-term unsecured debt). As of February 13, 2019, we had $200.0 million outstanding under the New Term Loan and there were no outstanding borrowings under the New Revolving Facility. The New Revolving Facility has a maturity date of February 8, 2023, and includes two , six -month extension options. The New Term Loan has a maturity date of February 8, 2026. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018 (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 $ 1,134 2013 2000 Meadowbrook Health Associates LLC Sabino Canyon Tucson, AZ — 425 3,716 1,940 425 5,656 6,081 2,672 2012 2000 Terrace Holdings AZ LLC Desert Terrace Phoenix, AZ — 113 504 971 113 1,475 1,588 701 2004 2002 Rillito Holdings LLC Catalina Tucson, AZ — 471 2,041 3,055 471 5,096 5,567 2,488 2013 2003 Valley Health Holdings LLC North Mountain Phoenix, AZ — 629 5,154 1,519 629 6,673 7,302 3,241 2009 2004 Cedar Avenue Holdings LLC Upland Upland, CA — 2,812 3,919 1,994 2,812 5,913 8,725 3,074 2011 2005 Granada Investments LLC Camarillo Camarillo, CA — 3,526 2,827 1,522 3,526 4,349 7,875 2,223 2010 2005 Plaza Health Holdings LLC Park Manor Walla Walla, WA — 450 5,566 1,055 450 6,621 7,071 3,343 2009 2006 Mountainview Communitycare LLC Park View Gardens Santa Rosa, CA — 931 2,612 653 931 3,265 4,196 1,845 1963 2006 CM Health Holdings LLC Carmel Mountain San Diego, CA — 3,028 3,119 2,071 3,028 5,190 8,218 2,522 2012 2006 Polk Health Holdings LLC Timberwood Livingston, TX — 60 4,391 1,167 60 5,558 5,618 2,699 2009 2006 Snohomish Health Holdings LLC Emerald Hills Lynnwood, WA — 741 1,663 1,998 741 3,661 4,402 2,256 2009 2006 Cherry Health Holdings LLC Pacific Care Hoquiam, WA — 171 1,828 2,038 171 3,866 4,037 2,100 2010 2006 Golfview Holdings LLC Cambridge SNF Richmond, TX — 1,105 3,110 1,067 1,105 4,177 5,282 1,929 2007 2006 Tenth East Holdings LLC Arlington Hills Salt Lake City, UT — 332 2,426 2,507 332 4,933 5,265 2,488 2013 2006 Trinity Mill Holdings LLC Carrollton Carrollton, TX — 664 2,294 902 664 3,196 3,860 1,947 2007 2006 Cottonwood Health Holdings LLC Holladay Salt Lake City, UT — 965 2,070 958 965 3,028 3,993 1,962 2008 2007 Verde Villa Holdings LLC Lake Village Lewisville, TX — 600 1,890 470 600 2,360 2,960 1,222 2011 2007 Mesquite Health Holdings LLC Willow Bend Mesquite, TX — 470 1,715 8,661 470 10,376 10,846 5,906 2012 2007 Arrow Tree Health Holdings LLC Arbor Glen Glendora, CA — 2,165 1,105 324 2,165 1,429 3,594 865 1965 2007 Fort Street Health Holdings LLC Draper Draper, UT — 443 2,394 759 443 3,153 3,596 1,364 2008 2007 Trousdale Health Holdings LLC Brookfield Downey, CA — 1,415 1,841 1,861 1,415 3,702 5,117 1,704 2013 2007 Ensign Bellflower LLC Rose Villa Bellflower, CA — 937 1,168 357 937 1,525 2,462 805 2009 2007 RB Heights Health Holdings LLC Osborn Scottsdale, AZ — 2,007 2,793 1,762 2,007 4,555 6,562 2,147 2009 2008 San Corrine Health Holdings LLC Salado Creek San Antonio, TX — 310 2,090 719 310 2,809 3,119 1,291 2005 2008 Temple Health Holdings LLC Wellington Temple, TX — 529 2,207 1,163 529 3,370 3,899 1,542 2008 2008 Anson Health Holdings LLC Northern Oaks Abilene, TX — 369 3,220 1,725 369 4,945 5,314 2,139 2012 2008 Willits Health Holdings LLC Northbrook Willits, CA — 490 1,231 500 490 1,731 2,221 731 2011 2008 Lufkin Health Holdings LLC Southland Lufkin, TX — 467 4,644 782 467 5,426 5,893 1,321 1988 2009 Lowell Health Holdings LLC Littleton Littleton, CO — 217 856 1,735 217 2,591 2,808 1,128 2012 2009 Jefferson Ralston Holdings LLC Arvada Arvada, CO — 280 1,230 834 280 2,064 2,344 744 2012 2009 Lafayette Health Holdings LLC Julia Temple Englewood, CO — 1,607 4,222 6,195 1,607 10,417 12,024 3,994 2012 2009 Hillendahl Health Holdings LLC Golden Acres Dallas, TX — 2,133 11,977 1,421 2,133 13,398 15,531 3,947 1984 2009 Price Health Holdings LLC Pinnacle Price, UT — 193 2,209 849 193 3,058 3,251 886 2012 2009 Silver Lake Health Holdings LLC Provo Provo, UT — 2,051 8,362 2,011 2,051 10,373 12,424 2,589 2011 2009 Jordan Health Properties LLC Copper Ridge West Jordan, UT — 2,671 4,244 1,507 2,671 5,751 8,422 1,437 2013 2009 Regal Road Health Holdings LLC Sunview Youngstown, AZ — 767 4,648 729 767 5,377 6,144 1,678 2012 2009 Paredes Health Holdings LLC Alta Vista Brownsville, TX — 373 1,354 190 373 1,544 1,917 379 1969 2009 Expressway Health Holdings LLC Veranda Harlingen, TX — 90 675 430 90 1,105 1,195 358 2011 2009 Rio Grande Health Holdings LLC Grand Terrace McAllen, TX — 642 1,085 870 642 1,955 2,597 722 2012 2009 Fifth East Holdings LLC Paramount Salt Lake City, UT — 345 2,464 1,065 345 3,529 3,874 1,099 2011 2009 Emmett Healthcare Holdings LLC River's Edge Emmet, ID — 591 2,383 69 591 2,452 3,043 651 1972 2010 Burley Healthcare Holdings LLC Parke View Burley, ID — 250 4,004 424 250 4,428 4,678 1,308 2011 2010 Josey Ranch Healthcare Holdings LLC Heritage Gardens Carrollton, TX — 1,382 2,293 478 1,382 2,771 4,153 749 1996 2010 Everglades Health Holdings LLC Victoria Ventura Ventura, CA — 1,847 5,377 682 1,847 6,059 7,906 1,414 1990 2011 Irving Health Holdings LLC Beatrice Manor Beatrice, NE — 60 2,931 245 60 3,176 3,236 836 2011 2011 Falls City Health Holdings LLC Careage Estates of Falls City Falls City, NE — 170 2,141 82 170 2,223 2,393 531 1972 2011 Gillette Park Health Holdings LLC Careage of Cherokee Cherokee, IA — 163 1,491 12 163 1,503 1,666 454 1967 2011 Gazebo Park Health Holdings LLC Careage of Clarion Clarion, IA — 80 2,541 97 80 2,638 2,718 831 1978 2011 Oleson Park Health Holdings LLC Careage of Ft. Dodge Ft. Dodge, IA — 90 2,341 759 90 3,100 3,190 1,189 2012 2011 Arapahoe Health Holdings LLC Oceanview Texas City, TX — 158 4,810 759 128 5,599 5,727 1,590 2012 2011 Dixie Health Holdings LLC Hurricane Hurricane, UT — 487 1,978 98 487 2,076 2,563 411 1978 2011 Memorial Health Holdings LLC Pocatello Pocatello, ID — 537 2,138 698 537 2,836 3,373 859 2007 2011 Bogardus Health Holdings LLC Whittier East Whittier, CA — 1,425 5,307 1,079 1,425 6,386 7,811 1,827 2011 2011 South Dora Health Holdings LLC Ukiah Ukiah, CA — 297 2,087 1,621 297 3,708 4,005 1,925 2013 2011 Silverada Health Holdings LLC Rosewood Reno, NV — 1,012 3,282 103 1,012 3,385 4,397 626 1970 2011 Orem Health Holdings LLC Orem Orem, UT — 1,689 3,896 3,235 1,689 7,131 8,820 2,367 2011 2011 Renee Avenue Health Holdings LLC Monte Vista Pocatello, ID — 180 2,481 966 180 3,447 3,627 920 2013 2012 Stillhouse Health Holdings LLC Stillhouse Paris, TX — 129 7,139 6 129 7,145 7,274 828 2009 2012 Fig Street Health Holdings LLC Palomar Vista Escondido, CA — 329 2,653 1,094 329 3,747 4,076 1,433 2007 2012 Lowell Lake Health Holdings LLC Owyhee Owyhee, ID — 49 1,554 29 49 1,583 1,632 237 1990 2012 Queensway Health Holdings LLC Atlantic Memorial Long Beach, CA — 999 4,237 2,331 999 6,568 7,567 2,657 2008 2012 Long Beach Health Associates LLC Shoreline Long Beach, CA — 1,285 2,343 2,172 1,285 4,515 5,800 1,619 2013 2012 Kings Court Health Holdings LLC Richland Hills Ft. Worth, TX — 193 2,311 318 193 2,629 2,822 480 1965 2012 51st Avenue Health Holdings LLC Legacy Amarillo, TX — 340 3,925 32 340 3,957 4,297 666 1970 2013 Ives Health Holdings LLC San Marcos San Marcos, TX — 371 2,951 274 371 3,225 3,596 513 1972 2013 Guadalupe Health Holdings LLC The Courtyard (Victoria East) Victoria, TX — 80 2,391 15 80 2,406 2,486 313 2013 2013 49th Street Health Holdings LLC Omaha Omaha, NE — 129 2,418 24 129 2,442 2,571 464 1960 2013 Willows Health Holdings LLC Cascade Vista Redmond, WA — 1,388 2,982 202 1,388 3,184 4,572 684 1970 2013 Tulalip Bay Health Holdings LLC Mountain View Marysville, WA — 1,722 2,642 (980 ) 742 2,642 3,384 484 1966 2013 CTR Partnership, L.P. Bethany Rehabilitation Center Lakewood, CO — 1,668 15,375 56 1,668 15,431 17,099 1,511 1989 2015 CTR Partnership, L.P. Mira Vista Care Center Mount Vernon, WA — 1,601 7,425 — 1,601 7,425 9,026 696 1989 2015 CTR Partnership, L.P. Shoreline Health and Rehabilitation Center Shoreline, WA — 1,462 5,034 — 1,462 5,034 6,496 451 1987 2015 CTR Partnership, L.P. Shamrock Nursing and Rehabilitation Center Dublin, GA — 251 7,855 — 251 7,855 8,106 687 2010 2015 CTR Partnership, L.P. BeaverCreek Health and Rehab Beavercreek, OH — 892 17,159 10 892 17,169 18,061 1,394 2014 2015 CTR Partnership, L.P. Premier Estates of Cincinnati-Riverside Cincinnati, OH — 284 11,104 148 284 11,252 11,536 902 2012 2015 CTR Partnership, L.P. Premier Estates of Cincinnati-Riverview Cincinnati, OH — 833 18,086 188 833 18,274 19,107 1,484 1992 2015 CTR Partnership, L.P. Premier Estates of Three Rivers Cincinnati, OH — 1,091 16,151 128 1,091 16,279 17,370 1,312 1967 2015 CTR Partnership, L.P. Englewood Health and Rehab Englewood, OH — 1,014 18,541 58 1,014 18,599 19,613 1,520 1962 2015 CTR Partnership, L.P. Portsmouth Health and Rehab Portsmouth, OH — 282 9,726 181 282 9,907 10,189 806 2008 2015 CTR Partnership, L.P. West Cove Care & Rehabilitation Center Toledo, OH — 93 10,365 — 93 10,365 10,458 842 2007 2015 CTR Partnership, L.P. Premier Estates of Oxford Oxford, OH — 211 8,772 52 211 8,824 9,035 719 1970 2015 CTR Partnership, L.P. BellBrook Health and Rehab Bellbrook, OH — 214 2,573 4 214 2,577 2,791 209 2003 2015 CTR Partnership, L.P. Xenia Health and Rehab Xenia, OH — 205 3,564 — 205 3,564 3,769 290 1981 2015 CTR Partnership, L.P. Jamestown Place Health and Rehab Jamestown, OH — 266 4,725 118 266 4,843 5,109 392 1967 2015 CTR Partnership, L.P. Casa de Paz Health Care Center Sioux City, IA — 119 7,727 — 119 7,727 7,846 563 1974 2016 CTR Partnership, L.P. Denison Care Center Denison, IA — 96 2,784 — 96 2,784 2,880 203 2015 2016 CTR Partnership, L.P. Garden View Care Center Shenandoah, IA — 105 3,179 — 105 3,179 3,284 232 2013 2016 CTR Partnership, L.P. Grandview Health Care Center Dayton, IA — 39 1,167 — 39 1,167 1,206 85 2014 2016 CTR Partnership, L.P. Grundy Care Center Grundy Center, IA — 65 1,935 — 65 1,935 2,000 141 2011 2016 CTR Partnership, L.P. Iowa City Rehab and Health Care Center Iowa City, IA — 522 5,690 — 522 5,690 6,212 415 2014 2016 CTR Partnership, L.P. Lenox Care Center Lenox, IA — 31 1,915 — 31 1,915 1,946 140 2012 2016 CTR Partnership, L.P. Osage Rehabilitation and Health Care Center Osage, IA — 126 2,255 — 126 2,255 2,381 164 2014 2016 CTR Partnership, L.P. Pleasant Acres Care Center Hull, IA — 189 2,544 — 189 2,544 2,733 186 2014 2016 CTR Partnership, L.P. Cedar Falls Health Care Center Cedar Falls, IA — 324 4,366 — 324 4,366 4,690 300 2015 2016 CTR Partnership, L.P. Premier Estates of Highlands Norwood, OH — 364 2,199 235 364 2,434 2,798 153 2012 2016 CTR Partnership, L.P. Shaw Mountain at Cascadia Boise, ID — 1,801 6,572 395 1,801 6,967 8,768 501 1989 2016 CTR Partnership, L.P. The Oaks Petaluma, CA — 3,646 2,873 110 3,646 2,983 6,629 187 2015 2016 CTR Partnership, L.P. Arbor Nursing Center Lodi, CA — 768 10,712 — 768 10,712 11,480 647 1982 2016 CTR Partnership, L.P. Broadmoor Medical Lodge - Rockwall Rockwall, TX — 1,232 22,152 — 1,232 22,152 23,384 1,154 1984 2016 CTR Partnership, L.P. Senior Care Health and Rehabilitation – Decatur Decatur, TX — 990 24,909 — 990 24,909 25,899 1,297 2013 2016 CTR Partnership, L.P. Royse City Health and Rehabilitation Center Royse City, TX — 606 14,660 — 606 14,660 15,266 764 2009 2016 CTR Partnership, L.P. Saline Care Nursing & Rehabilitation Center Harrisburg, IL — 1,022 5,713 — 1,022 5,713 6,735 262 1968 2017 CTR Partnership, L.P. Carrier Mills Nursing & Rehabilitation Center Carrier Mills, IL — 775 8,377 — 775 8,377 9,152 384 1968 2017 CTR Partnership, L.P. StoneBridge Nursing & Rehabilitation Center Benton, IL — 439 3,475 — 439 3,475 3,914 159 2014 2017 CTR Partnership, L.P. DuQuoin Nursing & Rehabilitation Center DuQuoin, IL — 511 3,662 — 511 3,662 4,173 168 2014 2017 CTR Partnership, L.P. Pinckneyville Nursing & Rehabilitation Center Pinckneyville, IL — 406 3,411 — 406 3,411 3,817 156 2014 2017 CTR Partnership, L.P. Wellspring Health and Rehabilitation of Cascadia Nampa, ID — 774 5,044 — 774 5,044 5,818 210 2011 2017 CTR Partnership, L.P. The Rio at Fox Hollow Brownsville, TX — 1,178 12,059 — 1,178 12,059 13,237 477 2016 2017 CTR Partnership, L.P. The Rio at Cabezon Albuquerque, NM — 2,055 9,749 — 2,055 9,749 11,804 386 2016 2017 CTR Partnership, L.P. Eldorado Rehab & Healthcare Eldorado, IL — 940 2,093 — 940 2,093 3,033 78 1993 2017 CTR Partnership, L.P. Mountain View Rehabiliation and Healthcare Center Portland, OR — 1,481 2,216 — 1,481 2,216 3,697 83 2012 2017 CTR Partnership, L.P. Mountain Valley of Cascadia Kellogg, ID — 916 7,874 — 916 7,874 8,790 262 1971 2017 CTR Partnership, L.P. Caldwell Care of Cascadia Caldwell, ID — 906 7,020 — 906 7,020 7,926 234 1947 2017 CTR Partnership, L.P. Canyon West of Cascadia Caldwell, ID — 312 10,410 — 312 10,410 10,722 347 1969 2017 CTR Partnership, L.P. Lewiston Transitional Care of Cascadia Lewiston, ID — 625 12,087 — 625 12,087 12,712 378 1964 2017 CTR Partnership, L.P. Orchards of Cascadia Nampa, ID — 785 8,923 — 785 8,923 9,708 279 1958 2017 CTR Partnership, L.P. Weiser Care of Cascadia Weiser, ID — 80 4,419 — 80 4,419 4,499 138 1964 2017 CTR Partnership, L.P. Aspen Park of Cascadia Moscow, ID — 698 5,092 — 698 5,092 5,790 159 1965 2017 CTR Partnership, L.P. Ridgmar Medical Lodge Fort Worth, TX — 681 6,587 1,604 681 8,191 8,872 220 2006 2017 CTR Partnership, L.P. Mansfield Medical Lodge Mansfield, TX — 607 4,801 1,001 607 5,802 6,409 160 2006 2017 CTR Partnership, L.P. Grapevine Medical Lodge Grapevine, TX — 1,602 4,536 1,265 1,602 5,801 7,403 151 2006 2017 CTR Partnership, L.P. Victory Rehabilitation and Healthcare Center Battle Ground, WA — 320 500 — 320 500 820 17 2012 2017 CTR Partnership, L.P. The Oaks at Forest Bay Seattle, WA — 6,347 815 — 6,347 815 7,162 25 1997 2017 CTR Partnership, L.P. The Oaks at Lakewood Tacoma, WA — 1,000 1,779 — 1,000 1,779 2,779 56 1989 2017 CTR Partnership, L.P. The Oaks at Timberline Vancouver, WA — 445 869 — 445 869 1,314 27 1972 2017 CTR Partnership, L.P. Providence Waterman Nursing Center San Bernardino, CA — 3,831 19,791 — 3,831 19,791 23,622 618 1967 2017 CTR Partnership, L.P. Providence Orange Tree Riverside, CA — 2,897 14,700 — 2,897 14,700 17,597 459 1969 2017 CTR Partnership, L.P. Providence Ontario Ontario, CA — 4,204 21,880 — 4,204 21,880 26,084 684 1980 2017 CTR Partnership, L.P. Greenville Nursing & Rehabilitation Center Greenville, IL — 188 3,972 — 188 3,972 4,160 129 1973 2017 CTR Partnership, L.P. Copper Ridge Health and Rehabilitation Center Butte, MT — 220 4,974 — 220 4,974 5,194 125 2010 2018 CTR Partnership, L.P. Metron of Belding Belding, MI — 253 7,769 — 253 7,769 8,022 175 1968 2018 CTR Partnership, L.P. Metron of Big Rapids Big Rapids, MI — 266 8,701 — 266 8,701 8,967 199 1970 2018 CTR Partnership, L.P. Metron of Cedar Springs Cedar Springs, MI — 733 8,398 — 733 8,398 9,131 209 1976 2018 CTR Partnership, L.P. Metron of Greenville Greenville, MI — 428 9,598 — 428 9,598 10,026 219 1972 2018 CTR Partnership, L.P. Metron of Lamont Lamont, MI — 65 3,023 — 65 3,023 3,088 75 1972 2018 CTR Partnership, L.P. Prairie Heights Healthcare Center Aberdeen, SD — 1,372 7,491 — 1,372 7,491 8,863 95 1965 2018 CTR Partnership, L.P. The Meadows on University Fargo, ND — 989 3,275 — 989 3,275 4,264 15 1966 2018 CTR Partnership, L.P. Metron of Forest Hills Grand Rapids, MI — 515 3,672 — 515 3,672 4,187 18 1976 2018 CTR Partnership, L.P. Avantara Crown Point Parker, CO — 1,178 17,857 — 1,178 17,857 19,035 38 2012 2018 — 119,117 747,573 85,739 118,107 834,322 952,429 135,709 Multi-Service Campus Properties: Ensign Southland LLC Southland Care Norwalk, CA — 966 5,082 2,213 966 7,295 8,261 4,678 2011 1999 Sky Holdings AZ LLC Bella Vita (Desert Sky) Glendale, AZ — 289 1,428 1,752 289 3,180 3,469 1,868 2004 2002 Lemon River Holdings LLC Plymouth Tower Riverside, CA — 494 1,159 4,853 494 6,012 6,506 2,980 2012 2009 Wisteria Health Holdings LLC Wisteria Abilene, TX — 746 9,903 290 746 10,193 10,939 1,887 2008 2011 Mission CCRC LLC St. Joseph's Villa Salt Lake City, UT — 1,962 11,035 464 1,962 11,499 13,461 2,705 1994 2011 Wayne Health Holdings LLC Careage of Wayne Wayne, NE — 130 3,061 122 130 3,183 3,313 783 1978 2011 4th Street Holdings LLC West Bend Care Center West Bend, IA — 180 3,352 — 180 3,352 3,532 782 2006 2011 Big Sioux River Health Holdings LLC Hillcrest Health Hawarden, IA — 110 3,522 75 110 3,597 3,707 785 1974 2011 Prairie Health Holdings LLC Colonial Manor of Randolph Randolph, NE — 130 1,571 22 130 1,593 1,723 598 2011 2011 Salmon River Health Holdings LLC Discovery Care Center Salmon, ID — 168 2,496 — 168 2,496 2,664 400 2012 2012 CTR Partnership, L.P. Centerville Senior Independent Living/Centerville Health and Rehab/Centerville Place Assisted Living Dayton, OH — 3,912 22,458 156 3,912 22,614 26,526 1,848 2007 2015 CTR Partnership, L.P. Liberty Nursing Center of Willard Willard, OH — 143 11,097 50 143 11,147 11,290 912 1985 2015 CTR Partnership, L.P. Premier Estates of Middletown/Premier Retirement Estates of Middletown Middletown, OH — 990 7,484 84 990 7,568 8,558 624 1985 2015 CTR Partnership, L.P. Premier Estates of Norwood Towers/Premier Retirement Estates of Norwood Towers Norwood, OH — 1,316 10,071 343 1,316 10,414 11,730 693 1991 2016 CTR Partnership, L.P. Turlock Nursing and Rehabilitation Center Turlock, CA — 1,258 16,526 — 1,258 16,526 17,784 998 1986 2016 CTR Partnership, L.P. Senior Care Health & The Residences Bridgeport, TX — 980 27,917 — 980 27,917 28,897 1,454 2014 2016 CTR Partnership, L.P. The Villas at Saratoga Saratoga, CA — 8,709 9,736 1,635 8,709 11,371 20,080 87 2004 2018 CTR Partnership, L.P. Madison Park Healthcare Huntington, WV — 601 6,385 — 601 6,385 6,986 28 1924 2018 — 23,084 154,283 12,059 23,084 166,342 189,426 24,110 Assisted and Independent Living Properties: Avenue N Holdings LLC Cambridge ALF Rosenburg, TX — 124 2,301 392 124 2,693 2,817 1,184 2007 2006 Moenium Holdings LLC Grand Court Mesa, AZ — 1,893 5,268 1,210 1,893 6,478 8,371 3,005 1986 2007 Lafayette Health Holdings LLC Chateau Des Mons Englewood, CO — 420 1,160 189 420 1,349 1,769 357 2011 2009 Expo Park Health Holdings LLC Canterbury Gardens Aurora, CO — 570 1,692 248 570 1,940 2,510 687 1986 2010 Wisteria Health Holdings LLC Wisteria IND Abilene, TX — 244 3,241 81 244 3,322 3,566 1,107 2008 2011 Everglades Health Holdings LLC Lexington Ventura, CA — 1,542 4,012 113 1,542 4,125 5,667 727 1990 2011 Flamingo Health Holdings LLC Desert Springs ALF Las Vegas, NV — 908 4,767 281 908 5,048 5,956 1,986 1986 2011 18th Place Health Holdings LLC Rose Court Phoenix, AZ — 1,011 2,053 490 1,011 2,543 3,554 726 1974 2011 Boardwalk Health Holdings LLC Park Place Reno, NV — 367 1,633 51 367 1,684 2,051 395 1993 2012 Willows Health Holdings LLC Cascade Plaza Redmond, WA — 2,835 3,784 395 2,835 4,179 7,014 896 2013 2013 Lockwood Health Holdings LLC Santa Maria Santa Maria, CA — 1,792 2,253 585 1,792 2,838 4,630 923 1967 2013 Saratoga Health Holdings LLC Lake Ridge Orem, UT — 444 2,265 176 444 2,441 2,885 352 1995 2013 CTR Partnership, L.P. Prelude Cottages of Woodbury Woodbury, MN — 430 6,714 — 430 6,714 7,144 672 2011 2014 CTR Partnership, L.P. English Meadows Senior Living Community Christiansburg, VA — 250 6,114 3 250 6,117 6,367 612 2011 2014 CTR Partnership, L.P. Bristol Court Assisted Living Saint Petersburg, FL — 645 7,322 13 645 7,335 7,980 641 2010 2015 CTR Partnership, L.P. Asbury Place Assisted Living Pensacola, FL — 212 4,992 — 212 4,992 5,204 416 1997 2015 CTR Partnership, L.P. New Haven Assisted Living of San Angelo San Angelo, TX — 284 4,478 — 284 4,478 4,762 327 2012 2016 CTR Partnership, L.P. Priority Life Care of Fort Wayne Fort Wayne, IN — 452 8,703 — 452 8,703 9,155 616 2015 2016 CTR Partnership, L.P. Priority Life Care of West Allis West Allis, WI — 97 6,102 — 97 6,102 6,199 432 2013 2016 CTR Partnership, L.P. Priority Life Care of Baltimore Baltimore, MD — — 3,697 — — 3,697 3,697 262 2014 2016 CTR Partnership, L.P. Fort Myers Assisted Living Fort Myers, FL — 1,489 3,531 82 1,489 3,613 5,102 255 1980 2016 CTR Partnership, L.P. English Meadows Elks Home Campus Bedford, VA — 451 9,023 142 451 9,165 9,616 626 2014 2016 CTR Partnership, L.P. Croatan Village New Bern, NC — 312 6,919 — 312 6,919 7,231 461 2010 2016 CTR Partnership, L.P. Countryside Village Pikeville, NC — 131 4,157 — 131 4,157 4,288 277 2011 2016 CTR Partnership, L.P. The Pines of Clarkston Village of Clarkston, MI — 603 9,326 — 603 9,326 9,929 602 2010 2016 CTR Partnership, L.P. The Pines of Goodrich Goodrich, MI — 241 4,112 — 241 4,112 4,353 266 2014 2016 CTR Partnership, L.P. The Pines of Burton Burton, MI — 492 9,199 — 492 9,199 9,691 594 2014 2016 CTR Partnership, L.P. The Pines of Lapeer Lapeer, MI — 302 5,773 — 302 5,773 6,075 373 2008 2016 CTR Partnership, L.P. Arbor Place Lodi, CA — 392 3,605 — 392 3,605 3,997 218 1984 2016 CTR Partnership, L.P. Applewood of Brookfield Brookfield, WI — 493 14,002 — 493 14,002 14,495 671 2013 2017 CTR Partnership, L.P. Applewood of New Berlin New Berlin, WI — 356 10,812 — 356 10,812 11,168 518 2016 2017 CTR Partnership, L.P. Tangerine Cove of Brooksville Brooksville, FL — 995 927 84 995 1,011 2,006 44 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 7,244 211 2016 2017 CTR Partnership, L.P. Amerisist of Culpeper Culpepper, VA — 318 3,897 69 318 3,966 4,284 140 1997 2017 CTR Partnership, L.P. Amerisist of Louisa Louisa, VA — 407 4,660 72 407 4,732 5,139 171 2002 2017 CTR Partnership, L.P. Amerisist of Warrenton Warrenton, VA — 1,238 7,247 85 1,238 7,332 8,570 254 1999 2017 — 24,351 185,374 4,761 24,351 190,135 214,486 22,004 Independent Living Properties: Hillendahl Health Holdings LLC Cottages at Golden Acres Dallas, TX — 315 1,769 319 315 2,088 2,403 1,174 1984 2009 Mission CCRC LLC St. Joseph's Villa IND Salt Lake City, UT — 411 2,312 158 411 2,470 2,881 1,071 1994 2011 Hillview Health Holdings LLC Lakeland Hills ALF Dallas, TX — 680 4,872 980 680 5,852 6,532 1,858 1996 2011 — 1,406 8,953 1,457 1,406 10,410 11,816 4,103 — $ 167,958 $ 1,096,183 $ 104,016 $ 166,948 $ 1,201,209 $ 1,368,157 $ 185,926 (1) The aggregate cost of real estate for federal income tax purposes was $1.4 billion . SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 (dollars in thousands) Year Ended December 31, Real estate: 2018 2017 2016 Balance at the beginning of the period $ 1,266,484 $ 986,215 $ 718,764 Acquisitions 106,208 280,477 270,601 Improvements 7,230 744 726 Sales of real estate (11,765 ) (952 ) (3,876 ) Balance at the end of the period $ 1,368,157 $ 1,266,484 $ 986,215 Accumulated depreciation: Balance at the beginning of the period $ (152,185 ) $ (121,797 ) $ (97,667 ) Depreciation expense (34,676 ) (30,493 ) (25,001 ) Sales of real estate 935 105 871 Balance at the end of the period $ (185,926 ) $ (152,185 ) $ (121,797 ) |
Schedule IV - Mortgage Loan on
Schedule IV - Mortgage Loan on Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loan on Real Estate | SCHEDULE IV MORTGAGE LOAN ON REAL ESTATE DECEMBER 31, 2018 (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) $ — $ 12,375 $ 12,299 Loan Loss Allowance — — — $ — $ 12,375 $ 12,299 (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, 2018 2017 2016 Balance at beginning of period $ 12,517 $ — $ — Additions during period: New mortgage loan — 12,542 — Interest income added to principal — — — Deductions during period: Paydowns/Repayments (142 ) (25 ) — Balance at end of the period $ 12,375 $ 12,517 $ — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, multi-service campuses, 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 the 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. |
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. Management’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, net” 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. |
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. |
Prepaid expenses and other assets | Prepaid expenses and other assets —Prepaid expenses and other assets consist of prepaid expenses, deposits, pre-acquisition costs and other loans receivable. |
Deferred Financing Costs | Deferred Financing Costs —External costs incurred from placement of the Company’s 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 the 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 $5.1 million and $3.2 million at December 31, 2018 and December 31, 2017 , 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 | 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, 2018 , 2017 and 2016 , such tenant reimbursement revenues consisted of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. If the Company’s evaluation of applicable 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, 2018 and December 31, 2017 , “Accounts and other receivables, net” included $1.3 million and $0.8 million for unpaid cash rents and $11.6 million and $9.6 million for other tenant receivables, respectively, of which $10.4 million was reserved as of December 31, 2018 and December 31, 2017 , related to the properties previously net leased to subsidiaries of Pristine Senior Living, LLC (“Pristine”). See Note 3, Real Estate Investments, Net for further discussion. The Company evaluates the collectability of straight-line rent receivable balances on an ongoing basis and provides reserves against receivables it determines may not be fully recoverable. |
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 separation of Ensign’s healthcare business and its real estate business into two separate and independently publicly traded companies (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 11, 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 Accounting Pronouncements | Recent Accounting Pronouncements Lease accounting In February 2016, the FASB issued an Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Subsequently, the FASB issued additional ASUs that further clarified the original ASU. The ASUs became effective for the Company on January 1, 2019. Upon adoption of the lease ASUs on January 1, 2019, the Company elected the following practical expedients provided by these ASUs: • Package of practical expedients – requires the Company not to reevaluate its existing or expired leases as of January 1, 2019, under the new lease accounting ASUs. • Optional transition method practical expedient – requires the Company to apply the new lease ASUs prospectively from the adoption date of January 1, 2019. • Single component practical expedient – requires the Company to account for lease and nonlease components associated with that lease as a single component under the new lease ASUs, if certain criteria are met. • Short-term leases practical expedient – for the Company’s operating leases with a term of less than 12 months in which it is the lessee, this expedient requires the Company not to record on its balance sheet related lease liabilities and right-of-use assets. Overview related to both lessee and lessor accounting —The lease ASUs set new criteria for determining the classification of finance leases for lessees and sales-type leases for lessors. The criteria to determine whether a lease should be accounted for as a finance (sales-type) lease include the following: (i) ownership is transferred from lessor to lessee by the end of the lease term, (ii) an option to purchase is reasonably certain to be exercised, (iii) the lease term is for the major part of the underlying asset’s remaining economic life, (iv) the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset, and (v) the underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease is classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease is classified as an operating lease by the lessee, but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease is classified as an operating lease by the lessor. The new lease ASUs require the use of the modified retrospective transition method. On January 1, 2019, the Company adopted the new lease ASUs electing the package of practical expedients and the optional transition method permitting January 1, 2019, to be its initial application date. The election of the package of practical expedients and the optional transition method allowed the Company not to reassess: • Whether any expired or existing contracts as of January 1, 2019, were leases or contained leases. ◦ This practical expedient is primarily applicable to entities that have contracts containing embedded leases. As of December 31, 2018, the Company had no such contracts, therefore this practical expedient had no effect on the Company. • The lease classification for any leases expired or existing as of January 1, 2019. ◦ The election of the package of practical expedients required the Company not to revisit the classification of its leases existing as of January 1, 2019. For example, all of the Company leases that were classified as operating leases in accordance with the lease accounting standards in effect prior to January 1, 2019, continue to be classified as operating leases after adoption of the new lease ASUs. The Company applied the package of practical expedients consistently to all leases (i.e., in which the Company was the lessee or a lessor) that commenced before January 1, 2019. The election of this package permits the Company to “run off” its leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease ASUs to leases commencing or modified after January 1, 2019. Lessor Accounting —Under the new lease ASUs, each lease agreement is evaluated to identify the lease and nonlease components at lease inception. The total consideration in the lease agreement is allocated to the lease and nonlease components based on their relative stand-alone selling prices. The new lease ASUs govern the recognition of revenue for lease components, and revenue related to nonlease components is subject to the revenue recognition ASU. Tenant recoveries for utilities, repairs and maintenance, and common area expenses are considered nonlease components. The Company generates revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. As such, the Company has concluded its leases do not contain material nonlease components. Tenant reimbursements related to property taxes and insurance are neither lease nor nonlease components under the new lease ASUs. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in its income statements. On January 1, 2019, the Company elected the single component practical expedient, which requires a lessor, by class of underlying asset, not to allocate the total consideration to the lease and nonlease components based on their relative stand-alone selling prices. This single component practical expedient requires the Company to account for the lease component and nonlease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the nonlease component(s) associated with it are the same and (ii) the lease component would be classified as an operating lease if it were accounted for separately. If the Company determines that the lease component is the predominant component, the Company accounts for the single component as an operating lease in accordance with the new lease ASUs. Conversely, the Company is required to account for the combined component under the new revenue recognition ASU if the Company determines that the nonlease component is the predominant component. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets that qualify for this expedient are accounted for as a single component under the new lease ASUs, with tenant recoveries primarily as variable consideration. Tenant recoveries that do not qualify for the single component practical expedient and are considered nonlease components are accounted for under the revenue recognition ASUs. The Company’s operating leases commencing or modified after January 1, 2019, for which the Company is the lessor are expected to qualify for the single component practical expedient accounting under the new lease ASUs. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized tenant recoveries for real estate taxes of $11.9 million , $10.3 million , $7.8 million , respectively, which were classified as tenant reimbursements on the Company’s consolidated income statements. Prior to the adoption of ASC 842, the Company recognized tenant recoveries as tenant reimbursement revenues regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries will only be recognized to extent that the Company pays the third party directly and will be classified as rental income on the Company’s consolidated income statement. The new lease ASUs require that lessors and lessees capitalize, as initial direct costs, only incremental costs of a lease that would not have been incurred if the lease had not been obtained. Effective January 1, 2019, costs that the Company incurs to negotiate or arrange a lease regardless of its outcome, such as fixed employee compensation, tax, or legal advice to negotiate lease terms, and costs related to advertising or soliciting potential tenants will be expensed as incurred. For the years ended December 31, 2018 , 2017 and 2016 , the Company did not capitalize any initial direct costs that would be required to be expensed effective January 1, 2019. Lessee Accounting —Under the new lease ASUs, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether 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, which corresponds to a similar evaluation performed by lessors. In addition to this classification, a lessee is also required to recognize a right-of-use asset and a lease liability for all leases regardless of their classification, whereas a lessor is not required to recognize a right-of-use asset and a lease liability for any operating leases. As of December 31, 2018 , the remaining contractual payments under the Company’s ground and office lease arrangements for which it is the lessee aggregated approximately $0.2 million . While these leases are subject to this ASU application effective January 1, 2019, the lease liability and corresponding right-of-use asset do not have a material effect on the Company’s consolidated financial statements. Financial Instruments 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. Recent Accounting Standards Adopted by the Company On January 1, 2018, the Company adopted 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). Based on a 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, the adoption of ASC 606 did not have a material effect on the Company’s consolidated financial statements since the revenue recognition under ASC 606 is similar to the recognition pattern prior to the adoption of ASC 606. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
Real Estate [Abstract] | |
Summary of Investment in Owned Properties | The following table summarizes the Company’s investment in owned properties at December 31, 2018 and December 31, 2017 (dollars in thousands): December 31, 2018 December 31, 2017 Land $ 166,948 $ 151,879 Buildings and improvements 1,201,209 1,114,605 Integral equipment, furniture and fixtures 87,623 80,729 Identified intangible assets 2,382 2,382 Real estate investments 1,458,162 1,349,595 Accumulated depreciation and amortization (241,925 ) (197,334 ) Real estate investments, net $ 1,216,237 $ 1,152,261 |
Schedule of Total Future Minimum Rental Revenues | As of December 31, 2018 , total future minimum rental revenues for the Company’s tenants were (dollars in thousands): Year Amount 2019 $ 146,010 2020 146,560 2021 147,132 2022 147,719 2023 148,169 Thereafter 1,055,012 $ 1,790,602 |
Schedule of Acquisitions | The following table summarizes the Company’s acquisitions for the year ended December 31, 2018 (dollar amounts in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 85,814 $ 7,715 10 926 Multi-service campuses 27,520 (3) 2,240 2 177 Assisted living — — — — Total $ 113,334 $ 9,955 $ 12 1,103 (1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units consists of operating beds at acquisition date. (3) The Company has committed to fund approximately $1.4 million in revenue-producing capital expenditures over the next 24 months based on the in-place lease yield, which is included in the purchase price. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and December 31, 2017 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, 2018 December 31, 2017 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,746 $ 6,246 $ 4,531 $ 5,550 $ 5,423 Mortgage loan receivable 12,375 12,299 12,375 12,517 12,399 12,517 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 295,153 $ 289,500 $ 300,000 $ 294,395 $ 307,500 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the balance of the Company’s indebtedness as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 300,000 $ (4,847 ) $ 295,153 $ 300,000 $ (5,605 ) $ 294,395 Senior unsecured term loan 100,000 (388 ) 99,612 100,000 (483 ) 99,517 Unsecured revolving credit facility 95,000 — 95,000 165,000 — 165,000 $ 495,000 $ (5,235 ) $ 489,765 $ 565,000 $ (6,088 ) $ 558,912 |
Schedule of Debt Maturities | As of December 31, 2018 , the Company’s debt maturities were (dollars in thousands): Year Amount 2019 $ 95,000 2020 — 2021 — 2022 — 2023 100,000 Thereafter 300,000 $ 495,000 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of the At-The-Market Equity Offering Program | The following table summarizes the quarterly ATM Program activity for 2018 (in thousands, except per share amounts): For the Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Total Number of shares — 2,989 4,772 2,504 10,265 Average sales price per share $ — $ 16.13 $ 17.62 $ 19.98 $ 17.76 Gross proceeds* $ — $ 48,198 $ 84,077 $ 50,046 $ 182,321 *Total gross proceeds is before $0.6 million , $1.1 million and $0.6 million of commissions paid to the sales agents during the three months ended June 30, 2018, September 30, 2018 and December 31, 2018, respectively. |
Summary of Dividends on Common Stock | The following table summarizes the cash dividends per share of common stock declared by the Company’s Board of Directors for 2018 , 2017 and 2016 : For the Three Months Ended 2018 March 31 June 30 September 30 December 31 Dividends declared $ 0.205 $ 0.205 $ 0.205 $ 0.205 Dividends payment date April 13, 2018 July 13, 2018 October 15, 2018 January 15, 2019 2017 Dividends declared $ 0.185 $ 0.185 $ 0.185 $ 0.185 Dividends payment date April 14, 2017 July 14, 2017 October 13, 2017 January 16, 2018 2016 Dividends declared $ 0.17 $ 0.17 $ 0.17 $ 0.17 Dividends payment date April 15, 2016 July 15, 2016 October 14, 2016 January 13, 2017 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Award Activity | The following table summarizes restricted stock award activity for the years ended December 31, 2018 and 2017 : Shares Weighted Average Share Price 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 Granted 287,982 15.25 Vested (191,287 ) 14.39 Forfeited (334 ) 15.21 Unvested balance at December 31, 2018 519,272 $ 14.69 |
Schedule of Stock-Based Compensation Expense | The following table summarizes the stock-based compensation expense recognized (dollars in thousands): For Year Ended December 31, 2018 2017 2016 Stock-based compensation expense $ 3,848 $ 2,416 $ 1,546 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 (amounts in thousands, except per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 57,923 $ 25,874 $ 29,353 Less: Net income allocated to participating securities (364 ) (354 ) (260 ) Numerator for basic and diluted earnings available to common stockholders $ 57,559 $ 25,520 $ 29,093 Denominator: Weighted-average basic common shares outstanding 79,386 72,647 56,030 Weighted-average diluted common shares outstanding 79,392 72,647 56,030 Earnings per common share, basic $ 0.73 $ 0.35 $ 0.52 Earnings per common share, diluted $ 0.72 $ 0.35 $ 0.52 |
Summarized Condensed Consolid_2
Summarized Condensed Consolidating Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summarized Condensed Consolidating And Combining Information [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2018 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 887,921 $ 328,316 $ — $ 1,216,237 Other real estate investments, net — 12,299 5,746 — 18,045 Cash and cash equivalents — 36,792 — — 36,792 Accounts and other receivables, net — 9,359 2,028 — 11,387 Prepaid expenses and other assets — 8,666 2 — 8,668 Deferred financing costs, net — 633 — — 633 Investment in subsidiaries 786,030 484,955 — (1,270,985 ) — Intercompany — — 151,242 (151,242 ) — Total assets $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 295,153 $ — $ — $ 295,153 Senior unsecured term loan, net — 99,612 — — 99,612 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 13,588 2,379 — 15,967 Dividends payable 17,783 — — — 17,783 Intercompany — 151,242 — (151,242 ) — Total liabilities 17,783 654,595 2,379 (151,242 ) 523,515 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 shares issued and outstanding as of December 31, 2018 859 — — — 859 Additional paid-in capital 965,578 661,686 321,761 (983,447 ) 965,578 Cumulative distributions in excess of earnings (198,190 ) 124,344 163,194 (287,538 ) (198,190 ) Total equity 768,247 786,030 484,955 (1,270,985 ) 768,247 Total liabilities and equity $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 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, net — 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 Income Statements | CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 81,560 $ 58,513 $ — $ 140,073 Tenant reimbursements — 7,173 4,751 — 11,924 Independent living facilities — — 3,379 — 3,379 Interest and other income — 1,369 196 — 1,565 Total revenues — 90,102 66,839 — 156,941 Expenses: Depreciation and amortization — 27,553 18,213 — 45,766 Interest expense — 27,860 — — 27,860 Property taxes — 7,173 4,751 — 11,924 Independent living facilities — — 2,964 — 2,964 General and administrative 3,856 8,623 76 — 12,555 Total expenses 3,856 71,209 26,004 — 101,069 Gain on sale of real estate — 2,051 — — 2,051 Income in Subsidiary 61,779 40,835 — (102,614 ) — Net income $ 57,923 $ 61,779 $ 40,835 $ (102,614 ) $ 57,923 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 Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (10 ) $ 40,092 $ 59,275 $ — $ 99,357 Cash flows from investing activities: Acquisitions of real estate — (111,640 ) — — (111,640 ) Improvements to real estate — (7,204 ) (26 ) — (7,230 ) Purchases of equipment, furniture and fixtures — (1,713 ) (69 ) — (1,782 ) Investment in real estate mortgage and other loans receivable — (5,648 ) — — (5,648 ) Principal payments received on real estate mortgage and other loans receivable — 3,227 — — 3,227 Escrow deposits for acquisitions of real estate — (5,000 ) — — (5,000 ) Net proceeds from the sale of real estate — 13,004 — — 13,004 Distribution from subsidiary 62,999 — — (62,999 ) — Intercompany financing (178,584 ) 59,180 — 119,404 — Net cash used in investing activities (115,585 ) (55,794 ) (95 ) 56,405 (115,069 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 179,882 — — — 179,882 Borrowings under unsecured revolving credit facility — 65,000 — — 65,000 Payments on unsecured revolving credit facility — (135,000 ) — — (135,000 ) Net-settle adjustment on restricted stock (1,288 ) — — — (1,288 ) Dividends paid on common stock (62,999 ) — — — (62,999 ) Distribution to Parent — (62,999 ) — 62,999 — Intercompany financing — 178,584 (59,180 ) (119,404 ) — Net cash provided by (used in) financing activities 115,595 45,585 (59,180 ) (56,405 ) 45,595 Net increase in cash and cash equivalents — 29,883 — — 29,883 Cash and cash equivalents, beginning of period — 6,909 — — 6,909 Cash and cash equivalents, end of period $ — $ 36,792 $ — $ — $ 36,792 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 ) Distribution to Parent — (52,587 ) — 52,587 — Dividends paid on common stock (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: Acquisition 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 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 ) Net-settle adjustment on restricted stock (515 ) — — — (515 ) Payments of deferred financing costs — (1,352 ) — — (1,352 ) Dividends paid on common stock (37,269 ) — — — (37,269 ) Distribution to Parent — (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 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 First Second Third Fourth Operating data: Total revenues $ 38,101 $ 38,969 $ 39,510 $ 40,361 Net income 14,607 13,267 14,510 15,539 Earnings per common share, basic 0.19 0.17 0.18 0.18 Earnings per common share, diluted 0.19 0.17 0.18 0.18 Other data: Weighted-average number of common shares outstanding, basic 75,504 76,374 81,490 84,059 Weighted-average number of common shares outstanding, diluted 75,504 76,374 81,490 84,084 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 |
Organization - Narrative (Detai
Organization - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)real_estate_investmentunitfacilitybed | |
Real Estate Properties [Line Items] | |
Number of living facilities | facility | 197 |
Number of other real estate investments | real_estate_investment | 2 |
Preferred equity investment | $ | $ 5.7 |
Mortgage loan | $ | 2.6 |
Mortgage Loan Receivable | |
Real Estate Properties [Line Items] | |
Mortgage loan | $ | $ 12.3 |
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign | |
Real Estate Properties [Line Items] | |
Number of living facilities | facility | 194 |
Number of units available in living facilities | bed | 19,086 |
Independent Living Facilities Owned and Operated by Company | |
Real Estate Properties [Line Items] | |
Number of living facilities | facility | 3 |
Number of units available in living facilities | unit | 264 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)facilitysegment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |||
Accumulated amortization of deferred financing costs | $ 5,100 | $ 3,200 | |
Straight-line rental income | 2,333 | 344 | $ 150 |
Deferred straight-line rent receivable | 2,800 | 500 | |
Stock-based compensation expense | $ 3,848 | 2,416 | 1,546 |
Number of reportable segments | segment | 1 | ||
Tenant reimbursements | $ 11,924 | 10,254 | $ 7,846 |
Accounting Policies [Line Items] | |||
Number of living facilities | facility | 197 | ||
Mortgage loan | $ 2,600 | ||
Lease Agreements | |||
Accounting Policies [Line Items] | |||
Remaining contractual payments as lessee | $ 200 | ||
Independent Living Facilities Owned and Operated by Company | |||
Accounting Policies [Line Items] | |||
Number of living facilities | facility | 3 | ||
Unpaid Base Rents | |||
Accounting Policies [Line Items] | |||
Reserve on receivables | $ 1,300 | 800 | |
Other Tenant Receivables | |||
Accounting Policies [Line Items] | |||
Reserve on receivables | $ 11,600 | 9,600 | |
Priority Life Care | Bridge Loan | |||
Accounting Policies [Line Items] | |||
Mortgage loan receivable interest rate (percent) | 8.00% | ||
Priority Life Care | Bridge Loan | Maximum | |||
Accounting Policies [Line Items] | |||
Funding commitment | $ 1,400 | ||
Eduro Healthcare LLC Loan | Term Loan | |||
Accounting Policies [Line Items] | |||
Mortgage loan receivable interest rate (percent) | 8.00% | ||
Mortgage loan | $ 1,200 | ||
Pristine Senior Living LLC | |||
Accounting Policies [Line Items] | |||
Reserve on receivables | $ 10,400 | $ 10,400 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)facilityintangible_assetunitlease | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($) | |
Investment [Line Items] | |||
Number of living facilities | facility | 197 | ||
Number of facilities not leased | facility | 3 | ||
Number of operating leases acquired | lease | 3 | ||
Remaining lease term (in years) | 80 years | ||
Real estate investments, net | $ 1,216,237 | $ 1,152,261 | |
Net proceeds from the sale of real estate | 13,004 | 0 | $ 2,855 |
Gain (loss) on sale of real estate | 2,051 | 0 | (265) |
Impairment of real estate investment | $ 0 | $ 890 | $ 0 |
Off-Market Favorable Lease | |||
Investment [Line Items] | |||
Number of identified intangible assets | intangible_asset | 2 | ||
Ensign Master Leases | |||
Investment [Line Items] | |||
Facilities subject to operating lease | facility | 92 | ||
Annualized revenues from master leases | $ 59,100 | ||
Escalation factor for calculating revenues after year two | 0.00% | ||
Percentage change in the consumer price index | 2.50% | ||
Various Other Operators | |||
Investment [Line Items] | |||
Facilities subject to operating lease | facility | 102 | ||
Assisted Living Facility | Idaho | |||
Investment [Line Items] | |||
Number of properties sold | facility | 3 | ||
Number pf units in properties sold | unit | 102 | ||
Real estate investments, net | $ 10,900 | ||
Net proceeds from the sale of real estate | $ 13,000 |
Real Estate Investments, Net _2
Real Estate Investments, Net - Investment in Owned Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Abstract] | ||
Land | $ 166,948 | $ 151,879 |
Buildings and improvements | 1,201,209 | 1,114,605 |
Integral equipment, furniture and fixtures | 87,623 | 80,729 |
Identified intangible assets | 2,382 | 2,382 |
Real estate investments | 1,458,162 | 1,349,595 |
Accumulated depreciation and amortization | (241,925) | (197,334) |
Real estate investments, net | $ 1,216,237 | $ 1,152,261 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Future Minimum Rental Revenues (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future Minimum Rental Revenues | |
2,019 | $ 146,010 |
2,020 | 146,560 |
2,021 | 147,132 |
2,022 | 147,719 |
2,023 | 148,169 |
Thereafter | 1,055,012 |
Total | $ 1,790,602 |
Real Estate Investments, Net _4
Real Estate Investments, Net - Recent Real Estate Acquisitions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)propertyunit | |
Business Acquisition [Line Items] | |
Purchase Price | $ 113,334 |
Initial Annual Cash Rent | $ 9,955 |
Number of Properties | property | 12 |
Number of Beds/Units | unit | 1,103 |
Skilled Nursing Properties | |
Business Acquisition [Line Items] | |
Purchase Price | $ 85,814 |
Initial Annual Cash Rent | $ 7,715 |
Number of Properties | property | 10 |
Number of Beds/Units | unit | 926 |
Multi-Service Campus Properties | |
Business Acquisition [Line Items] | |
Purchase Price | $ 27,520 |
Initial Annual Cash Rent | $ 2,240 |
Number of Properties | property | 2 |
Number of Beds/Units | unit | 177 |
Funding commitment for revenue-producing capital expenditures | $ 1,400 |
Assisted Living Facility | |
Business Acquisition [Line Items] | |
Purchase Price | 0 |
Initial Annual Cash Rent | $ 0 |
Number of Properties | property | 0 |
Number of Beds/Units | unit | 0 |
Real Estate Investments, Net _5
Real Estate Investments, Net - Pristine Lease Termination (Details) $ in Millions | May 01, 2018USD ($)facility | Feb. 27, 2018property |
Pristine Lease Termination Agreement | ||
Real Estate [Line Items] | ||
Number of properties | property | 9 | |
Pristine Lease Termination Agreement | Trio Healthcare | ||
Real Estate [Line Items] | ||
Number of transitioned facilities | 7 | |
Pristine Lease Termination Agreement | Hillstone Healthcare | ||
Real Estate [Line Items] | ||
Number of transitioned facilities | 2 | |
Trio and Hillstone Master Lease | ||
Real Estate [Line Items] | ||
Aggregate annual base rent due under master lease | $ | $ 10 | |
Trio Healthcare Master Lease | ||
Real Estate [Line Items] | ||
Lease period (in years) | 15 years | |
Hillstone Healthcare Master Lease | ||
Real Estate [Line Items] | ||
Lease period (in years) | 12 years |
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 ($)bed | Dec. 31, 2014USD ($)unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | ||||||||
Preferred equity investment | $ 5,700 | |||||||
Proceeds from sale of real estate investment | 0 | $ 7,500 | $ 0 | |||||
Return of preferred return | 0 | 0 | 0 | |||||
Gain on disposition of other real estate investment | 0 | 3,538 | 0 | |||||
Interest income distribution from other real estate investment | 0 | 1,500 | 0 | |||||
Mortgage loan | 2,600 | |||||||
Mortgage Loan Receivable | ||||||||
Real Estate Properties [Line Items] | ||||||||
Mortgage loan | 12,300 | |||||||
Providence Group | Mortgage Loan Receivable | ||||||||
Real Estate Properties [Line Items] | ||||||||
Interest income | 1,200 | 200 | ||||||
Mortgage loan | $ 12,500 | |||||||
Mortgage loan receivable interest rate (percent) | 9.00% | |||||||
Preferred Equity Investment | ||||||||
Real Estate Properties [Line Items] | ||||||||
Interest income | $ 200 | 1,700 | $ 700 | |||||
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 | |||||||
Initial lease yield (percent) | 8.00% | |||||||
Proceeds from sale of real estate investment | $ 7,500 | |||||||
Return 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 | 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, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Preferred equity investments - face value | $ 4,531,000 | $ 4,531,000 |
Mortgage Loan Receivable | ||
Financial assets: | ||
Mortgage loan receivable - face value | 12,375,000 | 12,517,000 |
Senior unsecured notes payable | ||
Financial liabilities: | ||
Senior unsecured notes payable - face value | 300,000,000 | 300,000,000 |
Carrying Amount | Level 2 | Senior unsecured notes payable | ||
Financial liabilities: | ||
Senior unsecured notes payable | 295,153,000 | 294,395,000 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Preferred equity investments | 5,746,000 | 5,550,000 |
Carrying Amount | Level 3 | Mortgage Loan Receivable | ||
Financial assets: | ||
Mortgage loan receivable | 12,299,000 | 12,399,000 |
Fair Value | Level 2 | Senior unsecured notes payable | ||
Financial liabilities: | ||
Senior unsecured notes payable | 289,500,000 | 307,500,000 |
Fair Value | Level 3 | ||
Financial assets: | ||
Preferred equity investments | 6,246,000 | 5,423,000 |
Fair Value | Level 3 | Mortgage Loan Receivable | ||
Financial assets: | ||
Mortgage loan receivable | $ 12,375,000 | $ 12,517,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal Amount | $ 495,000 | $ 565,000 |
Deferred Loan Fees | (5,235) | (6,088) |
Carrying Value | 489,765 | 558,912 |
Senior unsecured notes payable | ||
Debt Instrument [Line Items] | ||
Principal Amount | 300,000 | 300,000 |
Deferred Loan Fees | (4,847) | (5,605) |
Carrying Value | 295,153 | 294,395 |
Senior unsecured term loan | ||
Debt Instrument [Line Items] | ||
Principal Amount | 100,000 | 100,000 |
Deferred Loan Fees | (388) | (483) |
Carrying Value | 99,612 | 99,517 |
Unsecured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Principal Amount | 95,000 | 165,000 |
Deferred Loan Fees | 0 | 0 |
Carrying Value | $ 95,000 | $ 165,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | May 10, 2017USD ($) | Feb. 01, 2016USD ($)extension_option | Aug. 05, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | ||||||
Gross proceeds from issuance of senior notes | $ 0 | $ 0 | $ 100,000,000 | |||
Payments on the mortgage notes payable | 0 | 0 | 95,022,000 | |||
Principal outstanding | 495,000,000 | 565,000,000 | ||||
Carrying value | 489,765,000 | 558,912,000 | ||||
Interest expense | 27,860,000 | 24,196,000 | 22,873,000 | |||
Amortization of deferred financing costs | 1,900,000 | 2,100,000 | 2,200,000 | |||
Interest payable | 1,300,000 | 1,400,000 | ||||
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 | ||||
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% | 5.875% | ||||
Payments for redemption of senior notes | $ 260,000,000 | |||||
Debt instrument, redemption price, percentage | 102.938% | 102.938% | ||||
Revolving Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal outstanding | 95,000,000 | $ 165,000,000 | ||||
Carrying value | 95,000,000 | 165,000,000 | ||||
Revolving Facility | Prior Revolving Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, borrowing capacity | $ 300,000,000 | |||||
Revolving Facility | Prior Revolving 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 | |||||
Revolving Facility | Prior Revolving 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% | |||||
Revolving Facility | Prior Revolving Facility as Amended | Maximum | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 1.60% | 1.40% | ||||
Revolving Facility | Prior Revolving Facility as Amended | Maximum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 2.60% | 2.40% | ||||
Revolving Facility | Prior Revolving 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% | |||||
Revolving Facility | Prior Revolving Facility as Amended | Minimum | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 0.95% | 0.75% | ||||
Revolving Facility | Prior Revolving Facility as Amended | Minimum | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread | 1.95% | 1.75% | ||||
Mortgage Notes Payable | ||||||
Line of Credit Facility [Line Items] | ||||||
Payments on the mortgage notes payable | $ 95,000,000 | |||||
Senior Unsecured Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face amount | $ 100,000,000 | |||||
Line of credit facility, prepayment premium in first year | 2.00% | |||||
Line of credit facility, prepayment premium in second year | 1.00% | |||||
Principal outstanding | 100,000,000 | 100,000,000 | ||||
Carrying value | $ 99,612,000 | $ 99,517,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 95,000 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 100,000 | |
Thereafter | 300,000 | |
Total debt | $ 495,000 | $ 565,000 |
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 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||
Issuance of common stock, net (shares) | 6,330 | 9,780 | |||
Proceeds from the issuance of common stock, net | $ 80,900 | $ 105,800 | $ 179,882 | $ 170,323 | $ 200,402 |
Share price to the public (usd per share) | $ 13.35 | $ 11.35 | |||
Over-Allotment Option | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock, net (shares) | 830 | 1,280 |
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 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
ATM Program Activity | ||||||||||
Number of shares | 6,330 | 9,780 | ||||||||
Gross proceeds | $ 80,900 | $ 105,800 | $ 179,882 | $ 170,323 | $ 200,402 | |||||
Maximum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Authorized aggregate offering price of common stock | $ 300,000 | |||||||||
At-The-Market Offering | ||||||||||
Class of Stock [Line Items] | ||||||||||
Remaining offering amount available | $ 53,700 | $ 53,700 | ||||||||
ATM Program Activity | ||||||||||
Number of shares | 2,504 | 4,772 | 2,989 | 0 | 10,265 | |||||
Average sales price per share (usd per share) | $ 19.98 | $ 17.62 | $ 16.13 | $ 0 | $ 17.76 | |||||
Gross proceeds | $ 50,046 | $ 84,077 | $ 48,198 | $ 0 | $ 182,321 | |||||
Commissions paid on stock issuance | $ 600 | $ 1,100 | $ 600 |
Equity - Dividends on Common St
Equity - Dividends on Common Stock (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||||||||||||||
Dividends declared (usd per share) | $ 0.205 | $ 0.205 | $ 0.205 | $ 0.205 | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.82 | $ 0.74 | $ 0.68 |
Dividends payment date | Jan. 15, 2019 | Oct. 15, 2018 | Jul. 13, 2018 | Apr. 13, 2018 | Jan. 16, 2018 | Oct. 13, 2017 | Jul. 14, 2017 | Apr. 14, 2017 | Jan. 13, 2017 | Oct. 14, 2016 | Jul. 15, 2016 | Apr. 15, 2016 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock Award - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | ||
Unvested, beginning balance (shares) | 422,911 | 286,068 |
Granted (shares) | 287,982 | 254,534 |
Vested (shares) | (191,287) | (111,024) |
Forfeited (shares) | (334) | (6,667) |
Unvested, ending balance (shares) | 519,272 | 422,911 |
Weighted Average Share Price | ||
Unvested, beginning balance (usd per share) | $ 14.19 | $ 12.63 |
Granted (usd per share) | 15.25 | 15.46 |
Vested (usd per share) | 14.39 | 12.82 |
Forfeited (usd per share) | 15.21 | 15.21 |
Unvested, ending balance (usd per share) | $ 14.69 | $ 14.19 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation expense | $ 3,848 | $ 2,416 | $ 1,546 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | Jun. 01, 2014shares | May 31, 2018$ / sharesshares | Feb. 28, 2018$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Feb. 28, 2017installment | Dec. 31, 2016shares |
Restricted Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unamortized stock-based compensation expense related to unvested awards | $ | $ 4.3 | ||||||
Weighted average remaining vesting period related to expense recognition | 1 year 11 months 15 days | ||||||
Shares vested (shares) | 191,287 | 111,024 | |||||
Unvested stock awards outstanding (shares) | 519,272 | 422,911 | 286,068 | ||||
Number of awards granted (shares) | 287,982 | 254,534 | |||||
Restricted Stock Award | 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) | 13,220 | ||||||
Unvested stock awards outstanding (shares) | 1,760 | ||||||
Restricted Stock Award | Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (shares) | 141,060 | ||||||
Award grant date fair value (usd per share) | $ / shares | $ 15.13 | ||||||
Restricted Stock Award | Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (shares) | 26,462 | ||||||
Award grant date fair value (usd per share) | $ / shares | $ 16.44 | ||||||
Number of equal annual vesting installments | installment | 4 | ||||||
Performance Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting condition, minimum NFFO per share growth (percent) | 6.00% | ||||||
Performance Stock Award | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 1 year | ||||||
Performance Stock Award | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period (in years) | 4 years | ||||||
Performance Stock Award | Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of awards granted (shares) | 120,460 | ||||||
Award grant date fair value (usd per share) | $ / shares | $ 15.13 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income | $ 15,539 | $ 14,510 | $ 13,267 | $ 14,607 | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 57,923 | $ 25,874 | $ 29,353 |
Less: Net income allocated to participating securities | (364) | (354) | (260) | ||||||||
Numerator for basic and diluted earnings available to common stockholders | $ 57,559 | $ 25,520 | $ 29,093 | ||||||||
Denominator: | |||||||||||
Weighted-average basic common shares outstanding (shares) | 84,059 | 81,490 | 76,374 | 75,504 | 75,476 | 75,471 | 72,564 | 66,951 | 79,386 | 72,647 | 56,030 |
Weighted-average diluted common shares outstanding (shares) | 84,084 | 81,490 | 76,374 | 75,504 | 75,476 | 75,471 | 72,564 | 66,951 | 79,392 | 72,647 | 56,030 |
Earnings per common share, basic (usd per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.73 | $ 0.35 | $ 0.52 |
Earnings per common share, diluted (usd per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.72 | $ 0.35 | $ 0.52 |
Concentration of Risk - Narrati
Concentration of Risk - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)statefacilitybed | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Concentration Risk [Line Items] | |||
Number of living facilities | 197 | ||
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 | $ | $ 140,073 | $ 117,633 | $ 93,126 |
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign | |||
Concentration Risk [Line Items] | |||
Number of living facilities | 194 | ||
Number of units available in living facilities | bed | 19,086 | ||
Ensign | |||
Concentration Risk [Line Items] | |||
Number of states where Ensign leases the highest concentration of properties | state | 4 | ||
Ensign | Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign | |||
Concentration Risk [Line Items] | |||
Number of living facilities | 92 | ||
Number of units available in living facilities | bed | 9,801 | ||
Customer Concentration Risk | Revenue, exclusive of tenant reimbursements | |||
Concentration Risk [Line Items] | |||
Rental income | $ | $ 59,100 | ||
Concentration risk (percent) | 41.00% |
Summarized Condensed Consolid_3
Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Real estate investments, net | $ 1,216,237 | $ 1,152,261 | ||
Other real estate investments, net | 18,045 | 17,949 | ||
Cash and cash equivalents | 36,792 | 6,909 | $ 7,500 | $ 11,467 |
Accounts and other receivables, net | 11,387 | 5,254 | ||
Prepaid expenses and other assets | 8,668 | 895 | ||
Deferred financing costs, net | 633 | 1,718 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,291,762 | 1,184,986 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 295,153 | 294,395 | ||
Senior unsecured term loan, net | 99,612 | 99,517 | ||
Unsecured revolving credit facility | 95,000 | 165,000 | ||
Accounts payable and accrued liabilities | 15,967 | 17,413 | ||
Dividends payable | 17,783 | 14,044 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 523,515 | 590,369 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 and 75,478,202 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 859 | 755 | ||
Additional paid-in capital | 965,578 | 783,237 | ||
Cumulative distributions in excess of earnings | (198,190) | (189,375) | ||
Total equity | 768,247 | 594,617 | 452,430 | 262,288 |
Total liabilities and equity | 1,291,762 | 1,184,986 | ||
Reportable Legal Entities | Parent Guarantor | ||||
Assets: | ||||
Real estate investments, net | 0 | 0 | ||
Other real estate investments, net | 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 | 786,030 | 619,075 | ||
Intercompany | 0 | 0 | ||
Total assets | 786,030 | 619,075 | ||
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 | 17,783 | 14,044 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 17,783 | 14,044 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 and 75,478,202 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 859 | 755 | ||
Additional paid-in capital | 965,578 | 783,237 | ||
Cumulative distributions in excess of earnings | (198,190) | (178,961) | ||
Total equity | 768,247 | 605,031 | ||
Total liabilities and equity | 786,030 | 619,075 | ||
Reportable Legal Entities | Issuers | ||||
Assets: | ||||
Real estate investments, net | 887,921 | 805,826 | ||
Other real estate investments, net | 12,299 | 12,399 | ||
Cash and cash equivalents | 36,792 | 6,909 | 7,500 | 11,467 |
Accounts and other receivables, net | 9,359 | 2,945 | ||
Prepaid expenses and other assets | 8,666 | 893 | ||
Deferred financing costs, net | 633 | 1,718 | ||
Investment in subsidiaries | 484,955 | 444,120 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,440,625 | 1,274,810 | ||
Liabilities and Equity: | ||||
Senior unsecured notes payable, net | 295,153 | 294,395 | ||
Senior unsecured term loan, net | 99,612 | 99,517 | ||
Unsecured revolving credit facility | 95,000 | 165,000 | ||
Accounts payable and accrued liabilities | 13,588 | 15,176 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 151,242 | 92,061 | ||
Total liabilities | 654,595 | 666,149 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 and 75,478,202 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 0 | 0 | ||
Additional paid-in capital | 661,686 | 546,097 | ||
Cumulative distributions in excess of earnings | 124,344 | 62,564 | ||
Total equity | 786,030 | 608,661 | ||
Total liabilities and equity | 1,440,625 | 1,274,810 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||
Assets: | ||||
Real estate investments, net | 328,316 | 346,435 | ||
Other real estate investments, net | 5,746 | 5,550 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and other receivables, net | 2,028 | 2,309 | ||
Prepaid expenses and other assets | 2 | 2 | ||
Deferred financing costs, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Intercompany | 151,242 | 92,061 | ||
Total assets | 487,334 | 446,357 | ||
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 | 2,379 | 2,237 | ||
Dividends payable | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,379 | 2,237 | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 and 75,478,202 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 0 | 0 | ||
Additional paid-in capital | 321,761 | 321,761 | ||
Cumulative distributions in excess of earnings | 163,194 | 122,359 | ||
Total equity | 484,955 | 444,120 | ||
Total liabilities and equity | 487,334 | 446,357 | ||
Elimination | ||||
Assets: | ||||
Real estate investments, net | 0 | 0 | ||
Other real estate investments, net | 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 | (1,270,985) | (1,063,195) | ||
Intercompany | (151,242) | (92,061) | ||
Total assets | (1,422,227) | (1,155,256) | ||
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 | (151,242) | (92,061) | ||
Total liabilities | (151,242) | (92,061) | ||
Equity: | ||||
Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 and 75,478,202 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 0 | 0 | ||
Additional paid-in capital | (983,447) | (867,858) | ||
Cumulative distributions in excess of earnings | (287,538) | (195,337) | ||
Total equity | (1,270,985) | (1,063,195) | ||
Total liabilities and equity | $ (1,422,227) | $ (1,155,256) |
Summarized Condensed Consolid_4
Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets Share Data (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 85,867,044 | 75,478,202 |
Common stock, outstanding (shares) | 85,867,044 | 75,478,202 |
Summarized Condensed Consolid_5
Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||||||
Rental income | $ 140,073 | $ 117,633 | $ 93,126 | ||||||||
Tenant reimbursements | 11,924 | 10,254 | 7,846 | ||||||||
Independent living facilities | 3,379 | 3,228 | 2,970 | ||||||||
Interest and other income | 1,565 | 1,867 | 737 | ||||||||
Total revenues | $ 40,361 | $ 39,510 | $ 38,969 | $ 38,101 | $ 36,597 | $ 32,948 | $ 32,829 | $ 30,608 | 156,941 | 132,982 | 104,679 |
Expenses: | |||||||||||
Depreciation and amortization | 45,766 | 39,159 | 31,965 | ||||||||
Interest expense | 27,860 | 24,196 | 22,873 | ||||||||
Loss on the extinguishment of debt | 0 | 11,883 | 326 | ||||||||
Property taxes | 11,924 | 10,254 | 7,846 | ||||||||
Acquisition costs | 0 | 0 | 205 | ||||||||
Independent living facilities | 2,964 | 2,733 | 2,549 | ||||||||
Impairment of real estate investment | 0 | 890 | 0 | ||||||||
Reserve for advances and deferred rent | 0 | 10,414 | 0 | ||||||||
General and administrative | 12,555 | 11,117 | 9,297 | ||||||||
Total expenses | 101,069 | 110,646 | 75,061 | ||||||||
Gain (loss) on sale of real estate | 2,051 | 0 | (265) | ||||||||
Gain on disposition of other real estate investment | 0 | 3,538 | 0 | ||||||||
Income in Subsidiary | 0 | 0 | 0 | ||||||||
Net income | $ 15,539 | $ 14,510 | $ 13,267 | $ 14,607 | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | 57,923 | 25,874 | 29,353 |
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 | |||||||||
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 | 3,856 | 2,638 | 1,637 | ||||||||
Total expenses | 3,856 | 2,638 | 1,637 | ||||||||
Gain (loss) on sale of real estate | 0 | 0 | |||||||||
Gain on disposition of other real estate investment | 0 | ||||||||||
Income in Subsidiary | 61,779 | 28,512 | 30,990 | ||||||||
Net income | 57,923 | 25,874 | 29,353 | ||||||||
Reportable Legal Entities | Issuers | |||||||||||
Revenues: | |||||||||||
Rental income | 81,560 | 60,464 | 36,855 | ||||||||
Tenant reimbursements | 7,173 | 5,493 | 2,978 | ||||||||
Independent living facilities | 0 | 0 | 0 | ||||||||
Interest and other income | 1,369 | 215 | 0 | ||||||||
Total revenues | 90,102 | 66,172 | 39,833 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 27,553 | 20,048 | 11,651 | ||||||||
Interest expense | 27,860 | 24,196 | 22,375 | ||||||||
Loss on the extinguishment of debt | 11,883 | 0 | |||||||||
Property taxes | 7,173 | 5,493 | 2,978 | ||||||||
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 | 8,623 | 8,417 | 7,594 | ||||||||
Total expenses | 71,209 | 80,451 | 44,803 | ||||||||
Gain (loss) on sale of real estate | 2,051 | 0 | |||||||||
Gain on disposition of other real estate investment | 0 | ||||||||||
Income in Subsidiary | 40,835 | 42,791 | 35,960 | ||||||||
Net income | 61,779 | 28,512 | 30,990 | ||||||||
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||||||||
Revenues: | |||||||||||
Rental income | 58,513 | 57,169 | 56,271 | ||||||||
Tenant reimbursements | 4,751 | 4,761 | 4,868 | ||||||||
Independent living facilities | 3,379 | 3,228 | 2,970 | ||||||||
Interest and other income | 196 | 1,652 | 737 | ||||||||
Total revenues | 66,839 | 66,810 | 64,846 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 18,213 | 19,111 | 20,314 | ||||||||
Interest expense | 0 | 0 | 498 | ||||||||
Loss on the extinguishment of debt | 0 | 326 | |||||||||
Property taxes | 4,751 | 4,761 | 4,868 | ||||||||
Acquisition costs | 0 | ||||||||||
Independent living facilities | 2,964 | 2,733 | 2,549 | ||||||||
Impairment of real estate investment | 890 | ||||||||||
Reserve for advances and deferred rent | 0 | ||||||||||
General and administrative | 76 | 62 | 66 | ||||||||
Total expenses | 26,004 | 27,557 | 28,621 | ||||||||
Gain (loss) on sale of real estate | 0 | (265) | |||||||||
Gain on disposition of other real estate investment | 3,538 | ||||||||||
Income in Subsidiary | 0 | 0 | 0 | ||||||||
Net income | 40,835 | 42,791 | 35,960 | ||||||||
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 | |||||||||
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 | ||||||||
Gain (loss) on sale of real estate | 0 | 0 | |||||||||
Gain on disposition of other real estate investment | 0 | ||||||||||
Income in Subsidiary | (102,614) | (71,303) | (66,950) | ||||||||
Net income | $ (102,614) | $ (71,303) | $ (66,950) |
Summarized Condensed Consolid_6
Summarized Condensed Consolidating Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | Nov. 18, 2016 | Mar. 28, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | $ 99,357 | $ 88,800 | $ 64,431 | ||
Cash flows from investing activities: | |||||
Acquisitions of real estate | (111,640) | (296,517) | (281,228) | ||
Improvements to real estate | (7,230) | (748) | (762) | ||
Purchases of equipment, furniture and fixtures | (1,782) | (403) | (151) | ||
Investment in real estate mortgage and other loans receivable | (5,648) | (12,416) | 0 | ||
Preferred equity investments | 0 | 0 | (4,656) | ||
Sale of other real estate investment | 0 | 7,500 | 0 | ||
Principal payments received on real estate mortgage and other loans receivable | 3,227 | 25 | 0 | ||
Escrow deposits for acquisitions of real estate | (5,000) | 0 | (700) | ||
Net proceeds from the sale of real estate | 13,004 | 0 | 2,855 | ||
Distribution from subsidiary | 0 | 0 | 0 | ||
Intercompany financing | 0 | 0 | 0 | ||
Net cash used in investing activities | (115,069) | (302,559) | (284,642) | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of common stock, net | $ 80,900 | $ 105,800 | 179,882 | 170,323 | 200,402 |
Proceeds from the issuance of senior unsecured notes payable | 0 | 300,000 | 0 | ||
Proceeds from the issuance of senior unsecured term loan | 0 | 0 | 100,000 | ||
Borrowings under unsecured revolving credit facility | 65,000 | 238,000 | 255,000 | ||
Payments on senior unsecured notes payable | 0 | (267,639) | 0 | ||
Payments on unsecured revolving credit facility | (135,000) | (168,000) | (205,000) | ||
Payments on the mortgage notes payable | 0 | 0 | (95,022) | ||
Payments of deferred financing costs | 0 | (6,063) | (1,352) | ||
Net-settle adjustment on restricted stock | (1,288) | (866) | (515) | ||
Dividends paid on common stock | (62,999) | (52,587) | (37,269) | ||
Distribution to Parent | 0 | 0 | 0 | ||
Intercompany financing | 0 | 0 | 0 | ||
Net cash provided by financing activities | 45,595 | 213,168 | 216,244 | ||
Net increase (decrease) in cash and cash equivalents | 29,883 | (591) | (3,967) | ||
Cash and cash equivalents, beginning of period | 6,909 | 7,500 | 11,467 | ||
Cash and cash equivalents, end of period | 36,792 | 6,909 | 7,500 | ||
Reportable Legal Entities | Parent Guarantor | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | (10) | (222) | (91) | ||
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 | ||
Investment in real estate mortgage and other loans receivable | 0 | 0 | |||
Preferred equity investments | 0 | ||||
Sale of other real estate investment | 0 | ||||
Principal payments received on real estate mortgage and other loans receivable | 0 | 0 | |||
Escrow deposits for acquisitions of real estate | 0 | 0 | |||
Net proceeds from the sale of real estate | 0 | 0 | |||
Distribution from subsidiary | 62,999 | 52,587 | 37,269 | ||
Intercompany financing | (178,584) | (169,235) | (199,796) | ||
Net cash used in investing activities | (115,585) | (116,648) | (162,527) | ||
Cash flows from financing activities: | |||||
Proceeds from the issuance of common stock, net | 179,882 | 170,323 | 200,402 | ||
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 | 0 | ||
Payments on the mortgage notes payable | 0 | ||||
Payments of deferred financing costs | 0 | 0 | |||
Net-settle adjustment on restricted stock | (1,288) | (866) | (515) | ||
Dividends paid on common stock | (62,999) | (52,587) | (37,269) | ||
Distribution to Parent | 0 | 0 | 0 | ||
Intercompany financing | 0 | 0 | 0 | ||
Net cash provided by financing activities | 115,595 | 116,870 | 162,618 | ||
Net increase (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 | 40,092 | 25,745 | 9,253 | ||
Cash flows from investing activities: | |||||
Acquisitions of real estate | (111,640) | (296,517) | (281,228) | ||
Improvements to real estate | (7,204) | (681) | (485) | ||
Purchases of equipment, furniture and fixtures | (1,713) | (309) | (81) | ||
Investment in real estate mortgage and other loans receivable | (5,648) | (12,416) | |||
Preferred equity investments | 0 | ||||
Sale of other real estate investment | 0 | ||||
Principal payments received on real estate mortgage and other loans receivable | 3,227 | 25 | |||
Escrow deposits for acquisitions of real estate | (5,000) | (700) | |||
Net proceeds from the sale of real estate | 13,004 | 0 | |||
Distribution from subsidiary | 0 | 0 | 0 | ||
Intercompany financing | 59,180 | 70,616 | (41,901) | ||
Net cash used in investing activities | (55,794) | (239,282) | (324,395) | ||
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 | 65,000 | 238,000 | 255,000 | ||
Payments on senior unsecured notes payable | (267,639) | ||||
Payments on unsecured revolving credit facility | (135,000) | (168,000) | (205,000) | ||
Payments on the mortgage notes payable | 0 | ||||
Payments of deferred financing costs | (6,063) | (1,352) | |||
Net-settle adjustment on restricted stock | 0 | 0 | 0 | ||
Dividends paid on common stock | 0 | 0 | 0 | ||
Distribution to Parent | (62,999) | (52,587) | (37,269) | ||
Intercompany financing | 178,584 | 169,235 | 199,796 | ||
Net cash provided by financing activities | 45,585 | 212,946 | 311,175 | ||
Net increase (decrease) in cash and cash equivalents | 29,883 | (591) | (3,967) | ||
Cash and cash equivalents, beginning of period | 6,909 | 7,500 | 11,467 | ||
Cash and cash equivalents, end of period | 36,792 | 6,909 | 7,500 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | 59,275 | 63,277 | 55,269 | ||
Cash flows from investing activities: | |||||
Acquisitions of real estate | 0 | 0 | 0 | ||
Improvements to real estate | (26) | (67) | (277) | ||
Purchases of equipment, furniture and fixtures | (69) | (94) | (70) | ||
Investment in real estate mortgage and other loans receivable | 0 | 0 | |||
Preferred equity investments | (4,656) | ||||
Sale of other real estate investment | 7,500 | ||||
Principal payments received on real estate mortgage and other loans receivable | 0 | 0 | |||
Escrow deposits for acquisitions of real estate | 0 | 0 | |||
Net proceeds from the sale of real estate | 0 | 2,855 | |||
Distribution from subsidiary | 0 | 0 | 0 | ||
Intercompany financing | 0 | 0 | 0 | ||
Net cash used in investing activities | (95) | 7,339 | (2,148) | ||
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 | 0 | ||
Payments on the mortgage notes payable | (95,022) | ||||
Payments of deferred financing costs | 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 | (59,180) | (70,616) | 41,901 | ||
Net cash provided by financing activities | (59,180) | (70,616) | (53,121) | ||
Net increase (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 | ||
Investment in real estate mortgage and other loans receivable | 0 | 0 | |||
Preferred equity investments | 0 | ||||
Sale of other real estate investment | 0 | ||||
Principal payments received on real estate mortgage and other loans receivable | 0 | 0 | |||
Escrow deposits for acquisitions of real estate | 0 | 0 | |||
Net proceeds from the sale of real estate | 0 | 0 | |||
Distribution from subsidiary | (62,999) | (52,587) | (37,269) | ||
Intercompany financing | 119,404 | 98,619 | 241,697 | ||
Net cash used in investing activities | 56,405 | 46,032 | 204,428 | ||
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 | 0 | ||
Payments on the mortgage notes payable | 0 | ||||
Payments of deferred financing costs | 0 | 0 | |||
Net-settle adjustment on restricted stock | 0 | 0 | 0 | ||
Dividends paid on common stock | 0 | 0 | 0 | ||
Distribution to Parent | 62,999 | 52,587 | 37,269 | ||
Intercompany financing | (119,404) | (98,619) | (241,697) | ||
Net cash provided by financing activities | (56,405) | (46,032) | (204,428) | ||
Net increase (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 _3
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 40,361 | $ 39,510 | $ 38,969 | $ 38,101 | $ 36,597 | $ 32,948 | $ 32,829 | $ 30,608 | $ 156,941 | $ 132,982 | $ 104,679 |
Net income | $ 15,539 | $ 14,510 | $ 13,267 | $ 14,607 | $ 2,252 | $ 11,311 | $ 2,030 | $ 10,281 | $ 57,923 | $ 25,874 | $ 29,353 |
Earnings per common share, basic (usd per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.73 | $ 0.35 | $ 0.52 |
Earnings per common share, diluted (usd per share) | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.15 | $ 0.72 | $ 0.35 | $ 0.52 |
Weighted-average number of common shares outstanding, basic (shares) | 84,059 | 81,490 | 76,374 | 75,504 | 75,476 | 75,471 | 72,564 | 66,951 | 79,386 | 72,647 | 56,030 |
Weighted-average number of common shares outstanding, diluted (shares) | 84,084 | 81,490 | 76,374 | 75,504 | 75,476 | 75,471 | 72,564 | 66,951 | 79,392 | 72,647 | 56,030 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) $ / shares in Units, shares in Thousands | Feb. 08, 2019USD ($) | Nov. 18, 2016USD ($)shares | Mar. 28, 2016USD ($)shares | Jan. 31, 2019USD ($)$ / sharesshares | Feb. 13, 2019USD ($)extension_optionfacilitycampus | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($)property$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 27, 2019USD ($)facilitycompanycampus |
Subsequent Event [Line Items] | |||||||||||||
Issuance of common stock, net (shares) | shares | 6,330 | 9,780 | |||||||||||
Proceeds from the issuance of common stock, net | $ 80,900,000 | $ 105,800,000 | $ 179,882,000 | $ 170,323,000 | $ 200,402,000 | ||||||||
Number of properties acquired | property | 12 | ||||||||||||
Aggregate purchase price for facilities acquired | $ 113,334,000 | ||||||||||||
Initial annual cash rents expected to be generated from acquisition | 9,955,000 | ||||||||||||
Mortgage loan | $ 2,600,000 | 2,600,000 | |||||||||||
Principal outstanding | 495,000,000 | 495,000,000 | 565,000,000 | ||||||||||
Line of credit facility, outstanding borrowings | $ 95,000,000 | $ 95,000,000 | 165,000,000 | ||||||||||
At-The-Market Offering | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Issuance of common stock, net (shares) | shares | 2,504 | 4,772 | 2,989 | 0 | 10,265 | ||||||||
Average sales price per share (usd per share) | $ / shares | $ 19.98 | $ 17.62 | $ 16.13 | $ 0 | $ 17.76 | ||||||||
Proceeds from the issuance of common stock, net | $ 50,046,000 | $ 84,077,000 | $ 48,198,000 | $ 0 | $ 182,321,000 | ||||||||
Remaining offering amount available | 53,700,000 | $ 53,700,000 | |||||||||||
Multi-service campus | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of properties acquired | property | 2 | ||||||||||||
Aggregate purchase price for facilities acquired | $ 27,520,000 | ||||||||||||
Initial annual cash rents expected to be generated from acquisition | 2,240,000 | ||||||||||||
Mortgage Loan Receivable | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Mortgage loan | 12,300,000 | 12,300,000 | |||||||||||
Unsecured Debt | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument, face amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Membership Interest Purchase Agreement, membership interest acquired (percent) | 100.00% | ||||||||||||
Membership Interest Purchase Agreement, special-purpose LLC companies acquired | company | 12 | ||||||||||||
Membership Interest Purchase Agreement, contract purchase price | $ 211,000,000 | ||||||||||||
Membership Interest Purchase Agreement, anticipated initial lease yield (percent) | 8.90% | ||||||||||||
Aggregate purchase price for facilities acquired | $ 52,900,000 | ||||||||||||
Initial annual cash rents expected to be generated from acquisition | $ 4,900,000 | ||||||||||||
Number of facilities used to secure mortgage loan | facility | 5 | ||||||||||||
Subsequent Event | At-The-Market Offering | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Issuance of common stock, net (shares) | shares | 2,500 | ||||||||||||
Average sales price per share (usd per share) | $ / shares | $ 19.48 | ||||||||||||
Proceeds from the issuance of common stock, net | $ 47,900,000 | ||||||||||||
Remaining offering amount available | $ 5,800,000 | ||||||||||||
Subsequent Event | Skilled nursing facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Membership Interest Purchase Agreement, special-purpose LLC companies acquired | facility | 10 | ||||||||||||
Number of properties acquired | facility | 4 | ||||||||||||
Subsequent Event | Skilled nursing / senior housing campuses | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Membership Interest Purchase Agreement, special-purpose LLC companies acquired | campus | 2 | ||||||||||||
Subsequent Event | Multi-service campus | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of properties acquired | campus | 1 | ||||||||||||
Subsequent Event | Mortgage Loan Receivable | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Mortgage loan | $ 11,400,000 | ||||||||||||
Mortgage loan receivable interest rate (percent) | 9.00% | ||||||||||||
Loan agreement, number of extension options | extension_option | 2 | ||||||||||||
Loan agreement, extension option term | 6 months | ||||||||||||
Subsequent Event | Letter of Credit | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Subfacility capacity as percentage of available revolving commitments (percent) | 10.00% | ||||||||||||
Subsequent Event | Swingline Loan | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Subfacility capacity as percentage of available revolving commitments (percent) | 10.00% | ||||||||||||
Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Line of credit facility, borrowing capacity | $ 600,000,000 | ||||||||||||
Maximum Adjusted Consolidated Debt to Consolidated Total Asst Value ratio per covenant | 60.00% | ||||||||||||
Line of credit facility, outstanding borrowings | $ 0 | ||||||||||||
Number of extension options | 2 | ||||||||||||
Extension option term | 6 months | ||||||||||||
Subsequent Event | New Term Loan Feb 2019 | Unsecured Debt | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||||||
Principal outstanding | $ 200,000,000 | ||||||||||||
Minimum | Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Facility fee on revolving commitments (percent) | 0.15% | ||||||||||||
Facility fee on revolving commitments based on investment grade ratings (percent) | 0.125% | ||||||||||||
Minimum | Base Rate | Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 0.10% | ||||||||||||
Minimum | Base Rate | Subsequent Event | New Term Loan Feb 2019 | Unsecured Debt | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 0.50% | ||||||||||||
Minimum | LIBOR | Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 1.10% | ||||||||||||
Minimum | LIBOR | Subsequent Event | New Term Loan Feb 2019 | Unsecured Debt | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 1.50% | ||||||||||||
Maximum | Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Facility fee on revolving commitments (percent) | 0.35% | ||||||||||||
Facility fee on revolving commitments based on investment grade ratings (percent) | 0.30% | ||||||||||||
Maximum | Base Rate | Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 0.55% | ||||||||||||
Maximum | Base Rate | Subsequent Event | New Term Loan Feb 2019 | Unsecured Debt | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 1.20% | ||||||||||||
Maximum | LIBOR | Subsequent Event | New Revolving Facility | Revolving Credit Facility | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 1.55% | ||||||||||||
Maximum | LIBOR | Subsequent Event | New Term Loan Feb 2019 | Unsecured Debt | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Basis spread on variable rate (percent) | 2.20% |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation - by Property (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 167,958 | |||
Initial Cost to Company, Buildings and Improvements | 1,096,183 | |||
Costs Capitalized Since Acquisition | 104,016 | |||
Gross Carrying Value, Land | 166,948 | |||
Gross Carrying Value, Buildings and Improvements | 1,201,209 | |||
Gross Carrying Value, Total | 1,368,157 | $ 1,266,484 | $ 986,215 | $ 718,764 |
Accumulated Depreciation | 185,926 | $ 152,185 | $ 121,797 | $ 97,667 |
Real estate, federal income tax purposes | 1,400,000 | |||
Skilled Nursing Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 119,117 | |||
Initial Cost to Company, Buildings and Improvements | 747,573 | |||
Costs Capitalized Since Acquisition | 85,739 | |||
Gross Carrying Value, Land | 118,107 | |||
Gross Carrying Value, Buildings and Improvements | 834,322 | |||
Gross Carrying Value, Total | 952,429 | |||
Accumulated Depreciation | 135,709 | |||
Skilled Nursing Properties | Ensign Highland LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 257 | |||
Initial Cost to Company, Buildings and Improvements | 976 | |||
Costs Capitalized Since Acquisition | 926 | |||
Gross Carrying Value, Land | 257 | |||
Gross Carrying Value, Buildings and Improvements | 1,902 | |||
Gross Carrying Value, Total | 2,159 | |||
Accumulated Depreciation | $ 1,134 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,000 | |||
Skilled Nursing Properties | Meadowbrook Health Associates LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425 | |||
Initial Cost to Company, Buildings and Improvements | 3,716 | |||
Costs Capitalized Since Acquisition | 1,940 | |||
Gross Carrying Value, Land | 425 | |||
Gross Carrying Value, Buildings and Improvements | 5,656 | |||
Gross Carrying Value, Total | 6,081 | |||
Accumulated Depreciation | $ 2,672 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,000 | |||
Skilled Nursing Properties | Terrace Holdings AZ LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 113 | |||
Initial Cost to Company, Buildings and Improvements | 504 | |||
Costs Capitalized Since Acquisition | 971 | |||
Gross Carrying Value, Land | 113 | |||
Gross Carrying Value, Buildings and Improvements | 1,475 | |||
Gross Carrying Value, Total | 1,588 | |||
Accumulated Depreciation | $ 701 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,002 | |||
Skilled Nursing Properties | Rillito Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 471 | |||
Initial Cost to Company, Buildings and Improvements | 2,041 | |||
Costs Capitalized Since Acquisition | 3,055 | |||
Gross Carrying Value, Land | 471 | |||
Gross Carrying Value, Buildings and Improvements | 5,096 | |||
Gross Carrying Value, Total | 5,567 | |||
Accumulated Depreciation | $ 2,488 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,003 | |||
Skilled Nursing Properties | Valley Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 629 | |||
Initial Cost to Company, Buildings and Improvements | 5,154 | |||
Costs Capitalized Since Acquisition | 1,519 | |||
Gross Carrying Value, Land | 629 | |||
Gross Carrying Value, Buildings and Improvements | 6,673 | |||
Gross Carrying Value, Total | 7,302 | |||
Accumulated Depreciation | $ 3,241 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,004 | |||
Skilled Nursing Properties | Cedar Avenue Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,812 | |||
Initial Cost to Company, Buildings and Improvements | 3,919 | |||
Costs Capitalized Since Acquisition | 1,994 | |||
Gross Carrying Value, Land | 2,812 | |||
Gross Carrying Value, Buildings and Improvements | 5,913 | |||
Gross Carrying Value, Total | 8,725 | |||
Accumulated Depreciation | $ 3,074 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,005 | |||
Skilled Nursing Properties | Granada Investments LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,526 | |||
Initial Cost to Company, Buildings and Improvements | 2,827 | |||
Costs Capitalized Since Acquisition | 1,522 | |||
Gross Carrying Value, Land | 3,526 | |||
Gross Carrying Value, Buildings and Improvements | 4,349 | |||
Gross Carrying Value, Total | 7,875 | |||
Accumulated Depreciation | $ 2,223 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,005 | |||
Skilled Nursing Properties | Plaza Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 450 | |||
Initial Cost to Company, Buildings and Improvements | 5,566 | |||
Costs Capitalized Since Acquisition | 1,055 | |||
Gross Carrying Value, Land | 450 | |||
Gross Carrying Value, Buildings and Improvements | 6,621 | |||
Gross Carrying Value, Total | 7,071 | |||
Accumulated Depreciation | $ 3,343 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Mountainview Community Care LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 931 | |||
Initial Cost to Company, Buildings and Improvements | 2,612 | |||
Costs Capitalized Since Acquisition | 653 | |||
Gross Carrying Value, Land | 931 | |||
Gross Carrying Value, Buildings and Improvements | 3,265 | |||
Gross Carrying Value, Total | 4,196 | |||
Accumulated Depreciation | $ 1,845 | |||
Construction/Renovation Date | 1,963 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | CM Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,028 | |||
Initial Cost to Company, Buildings and Improvements | 3,119 | |||
Costs Capitalized Since Acquisition | 2,071 | |||
Gross Carrying Value, Land | 3,028 | |||
Gross Carrying Value, Buildings and Improvements | 5,190 | |||
Gross Carrying Value, Total | 8,218 | |||
Accumulated Depreciation | $ 2,522 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Polk Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 60 | |||
Initial Cost to Company, Buildings and Improvements | 4,391 | |||
Costs Capitalized Since Acquisition | 1,167 | |||
Gross Carrying Value, Land | 60 | |||
Gross Carrying Value, Buildings and Improvements | 5,558 | |||
Gross Carrying Value, Total | 5,618 | |||
Accumulated Depreciation | $ 2,699 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Snohomish Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 741 | |||
Initial Cost to Company, Buildings and Improvements | 1,663 | |||
Costs Capitalized Since Acquisition | 1,998 | |||
Gross Carrying Value, Land | 741 | |||
Gross Carrying Value, Buildings and Improvements | 3,661 | |||
Gross Carrying Value, Total | 4,402 | |||
Accumulated Depreciation | $ 2,256 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Cherry Health Holdings, Inc. [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 171 | |||
Initial Cost to Company, Buildings and Improvements | 1,828 | |||
Costs Capitalized Since Acquisition | 2,038 | |||
Gross Carrying Value, Land | 171 | |||
Gross Carrying Value, Buildings and Improvements | 3,866 | |||
Gross Carrying Value, Total | 4,037 | |||
Accumulated Depreciation | $ 2,100 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Golfview Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,105 | |||
Initial Cost to Company, Buildings and Improvements | 3,110 | |||
Costs Capitalized Since Acquisition | 1,067 | |||
Gross Carrying Value, Land | 1,105 | |||
Gross Carrying Value, Buildings and Improvements | 4,177 | |||
Gross Carrying Value, Total | 5,282 | |||
Accumulated Depreciation | $ 1,929 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Tenth East Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 332 | |||
Initial Cost to Company, Buildings and Improvements | 2,426 | |||
Costs Capitalized Since Acquisition | 2,507 | |||
Gross Carrying Value, Land | 332 | |||
Gross Carrying Value, Buildings and Improvements | 4,933 | |||
Gross Carrying Value, Total | 5,265 | |||
Accumulated Depreciation | $ 2,488 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Trinity Mill Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 664 | |||
Initial Cost to Company, Buildings and Improvements | 2,294 | |||
Costs Capitalized Since Acquisition | 902 | |||
Gross Carrying Value, Land | 664 | |||
Gross Carrying Value, Buildings and Improvements | 3,196 | |||
Gross Carrying Value, Total | 3,860 | |||
Accumulated Depreciation | $ 1,947 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Skilled Nursing Properties | Cottonwood Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 965 | |||
Initial Cost to Company, Buildings and Improvements | 2,070 | |||
Costs Capitalized Since Acquisition | 958 | |||
Gross Carrying Value, Land | 965 | |||
Gross Carrying Value, Buildings and Improvements | 3,028 | |||
Gross Carrying Value, Total | 3,993 | |||
Accumulated Depreciation | $ 1,962 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Verde Villa Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 600 | |||
Initial Cost to Company, Buildings and Improvements | 1,890 | |||
Costs Capitalized Since Acquisition | 470 | |||
Gross Carrying Value, Land | 600 | |||
Gross Carrying Value, Buildings and Improvements | 2,360 | |||
Gross Carrying Value, Total | 2,960 | |||
Accumulated Depreciation | $ 1,222 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Mesquite Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 470 | |||
Initial Cost to Company, Buildings and Improvements | 1,715 | |||
Costs Capitalized Since Acquisition | 8,661 | |||
Gross Carrying Value, Land | 470 | |||
Gross Carrying Value, Buildings and Improvements | 10,376 | |||
Gross Carrying Value, Total | 10,846 | |||
Accumulated Depreciation | $ 5,906 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Arrow Tree Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,165 | |||
Initial Cost to Company, Buildings and Improvements | 1,105 | |||
Costs Capitalized Since Acquisition | 324 | |||
Gross Carrying Value, Land | 2,165 | |||
Gross Carrying Value, Buildings and Improvements | 1,429 | |||
Gross Carrying Value, Total | 3,594 | |||
Accumulated Depreciation | $ 865 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Fort Street Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 443 | |||
Initial Cost to Company, Buildings and Improvements | 2,394 | |||
Costs Capitalized Since Acquisition | 759 | |||
Gross Carrying Value, Land | 443 | |||
Gross Carrying Value, Buildings and Improvements | 3,153 | |||
Gross Carrying Value, Total | 3,596 | |||
Accumulated Depreciation | $ 1,364 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Trousdale Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,415 | |||
Initial Cost to Company, Buildings and Improvements | 1,841 | |||
Costs Capitalized Since Acquisition | 1,861 | |||
Gross Carrying Value, Land | 1,415 | |||
Gross Carrying Value, Buildings and Improvements | 3,702 | |||
Gross Carrying Value, Total | 5,117 | |||
Accumulated Depreciation | $ 1,704 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | Ensign Bellflower LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 937 | |||
Initial Cost to Company, Buildings and Improvements | 1,168 | |||
Costs Capitalized Since Acquisition | 357 | |||
Gross Carrying Value, Land | 937 | |||
Gross Carrying Value, Buildings and Improvements | 1,525 | |||
Gross Carrying Value, Total | 2,462 | |||
Accumulated Depreciation | $ 805 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,007 | |||
Skilled Nursing Properties | RB Heights Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,007 | |||
Initial Cost to Company, Buildings and Improvements | 2,793 | |||
Costs Capitalized Since Acquisition | 1,762 | |||
Gross Carrying Value, Land | 2,007 | |||
Gross Carrying Value, Buildings and Improvements | 4,555 | |||
Gross Carrying Value, Total | 6,562 | |||
Accumulated Depreciation | $ 2,147 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | San Corrine Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 310 | |||
Initial Cost to Company, Buildings and Improvements | 2,090 | |||
Costs Capitalized Since Acquisition | 719 | |||
Gross Carrying Value, Land | 310 | |||
Gross Carrying Value, Buildings and Improvements | 2,809 | |||
Gross Carrying Value, Total | 3,119 | |||
Accumulated Depreciation | $ 1,291 | |||
Construction/Renovation Date | 2,005 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Temple Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 529 | |||
Initial Cost to Company, Buildings and Improvements | 2,207 | |||
Costs Capitalized Since Acquisition | 1,163 | |||
Gross Carrying Value, Land | 529 | |||
Gross Carrying Value, Buildings and Improvements | 3,370 | |||
Gross Carrying Value, Total | 3,899 | |||
Accumulated Depreciation | $ 1,542 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Anson Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 369 | |||
Initial Cost to Company, Buildings and Improvements | 3,220 | |||
Costs Capitalized Since Acquisition | 1,725 | |||
Gross Carrying Value, Land | 369 | |||
Gross Carrying Value, Buildings and Improvements | 4,945 | |||
Gross Carrying Value, Total | 5,314 | |||
Accumulated Depreciation | $ 2,139 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Willits Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 490 | |||
Initial Cost to Company, Buildings and Improvements | 1,231 | |||
Costs Capitalized Since Acquisition | 500 | |||
Gross Carrying Value, Land | 490 | |||
Gross Carrying Value, Buildings and Improvements | 1,731 | |||
Gross Carrying Value, Total | 2,221 | |||
Accumulated Depreciation | $ 731 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,008 | |||
Skilled Nursing Properties | Lufkin Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 467 | |||
Initial Cost to Company, Buildings and Improvements | 4,644 | |||
Costs Capitalized Since Acquisition | 782 | |||
Gross Carrying Value, Land | 467 | |||
Gross Carrying Value, Buildings and Improvements | 5,426 | |||
Gross Carrying Value, Total | 5,893 | |||
Accumulated Depreciation | $ 1,321 | |||
Construction/Renovation Date | 1,988 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Lowell Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 217 | |||
Initial Cost to Company, Buildings and Improvements | 856 | |||
Costs Capitalized Since Acquisition | 1,735 | |||
Gross Carrying Value, Land | 217 | |||
Gross Carrying Value, Buildings and Improvements | 2,591 | |||
Gross Carrying Value, Total | 2,808 | |||
Accumulated Depreciation | $ 1,128 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Jefferson Ralston Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 280 | |||
Initial Cost to Company, Buildings and Improvements | 1,230 | |||
Costs Capitalized Since Acquisition | 834 | |||
Gross Carrying Value, Land | 280 | |||
Gross Carrying Value, Buildings and Improvements | 2,064 | |||
Gross Carrying Value, Total | 2,344 | |||
Accumulated Depreciation | $ 744 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Lafayette Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,607 | |||
Initial Cost to Company, Buildings and Improvements | 4,222 | |||
Costs Capitalized Since Acquisition | 6,195 | |||
Gross Carrying Value, Land | 1,607 | |||
Gross Carrying Value, Buildings and Improvements | 10,417 | |||
Gross Carrying Value, Total | 12,024 | |||
Accumulated Depreciation | $ 3,994 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Hillendahl Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,133 | |||
Initial Cost to Company, Buildings and Improvements | 11,977 | |||
Costs Capitalized Since Acquisition | 1,421 | |||
Gross Carrying Value, Land | 2,133 | |||
Gross Carrying Value, Buildings and Improvements | 13,398 | |||
Gross Carrying Value, Total | 15,531 | |||
Accumulated Depreciation | $ 3,947 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Price Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 193 | |||
Initial Cost to Company, Buildings and Improvements | 2,209 | |||
Costs Capitalized Since Acquisition | 849 | |||
Gross Carrying Value, Land | 193 | |||
Gross Carrying Value, Buildings and Improvements | 3,058 | |||
Gross Carrying Value, Total | 3,251 | |||
Accumulated Depreciation | $ 886 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Silver Lake Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,051 | |||
Initial Cost to Company, Buildings and Improvements | 8,362 | |||
Costs Capitalized Since Acquisition | 2,011 | |||
Gross Carrying Value, Land | 2,051 | |||
Gross Carrying Value, Buildings and Improvements | 10,373 | |||
Gross Carrying Value, Total | 12,424 | |||
Accumulated Depreciation | $ 2,589 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Jordan Health Properties LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,671 | |||
Initial Cost to Company, Buildings and Improvements | 4,244 | |||
Costs Capitalized Since Acquisition | 1,507 | |||
Gross Carrying Value, Land | 2,671 | |||
Gross Carrying Value, Buildings and Improvements | 5,751 | |||
Gross Carrying Value, Total | 8,422 | |||
Accumulated Depreciation | $ 1,437 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Regal Road Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 767 | |||
Initial Cost to Company, Buildings and Improvements | 4,648 | |||
Costs Capitalized Since Acquisition | 729 | |||
Gross Carrying Value, Land | 767 | |||
Gross Carrying Value, Buildings and Improvements | 5,377 | |||
Gross Carrying Value, Total | 6,144 | |||
Accumulated Depreciation | $ 1,678 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Paredes Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 373 | |||
Initial Cost to Company, Buildings and Improvements | 1,354 | |||
Costs Capitalized Since Acquisition | 190 | |||
Gross Carrying Value, Land | 373 | |||
Gross Carrying Value, Buildings and Improvements | 1,544 | |||
Gross Carrying Value, Total | 1,917 | |||
Accumulated Depreciation | $ 379 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Expressway Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 90 | |||
Initial Cost to Company, Buildings and Improvements | 675 | |||
Costs Capitalized Since Acquisition | 430 | |||
Gross Carrying Value, Land | 90 | |||
Gross Carrying Value, Buildings and Improvements | 1,105 | |||
Gross Carrying Value, Total | 1,195 | |||
Accumulated Depreciation | $ 358 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Rio Grande Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 642 | |||
Initial Cost to Company, Buildings and Improvements | 1,085 | |||
Costs Capitalized Since Acquisition | 870 | |||
Gross Carrying Value, Land | 642 | |||
Gross Carrying Value, Buildings and Improvements | 1,955 | |||
Gross Carrying Value, Total | 2,597 | |||
Accumulated Depreciation | $ 722 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Fifth East Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 345 | |||
Initial Cost to Company, Buildings and Improvements | 2,464 | |||
Costs Capitalized Since Acquisition | 1,065 | |||
Gross Carrying Value, Land | 345 | |||
Gross Carrying Value, Buildings and Improvements | 3,529 | |||
Gross Carrying Value, Total | 3,874 | |||
Accumulated Depreciation | $ 1,099 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Skilled Nursing Properties | Emmett Healthcare Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 591 | |||
Initial Cost to Company, Buildings and Improvements | 2,383 | |||
Costs Capitalized Since Acquisition | 69 | |||
Gross Carrying Value, Land | 591 | |||
Gross Carrying Value, Buildings and Improvements | 2,452 | |||
Gross Carrying Value, Total | 3,043 | |||
Accumulated Depreciation | $ 651 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,010 | |||
Skilled Nursing Properties | Burley Healthcare Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 250 | |||
Initial Cost to Company, Buildings and Improvements | 4,004 | |||
Costs Capitalized Since Acquisition | 424 | |||
Gross Carrying Value, Land | 250 | |||
Gross Carrying Value, Buildings and Improvements | 4,428 | |||
Gross Carrying Value, Total | 4,678 | |||
Accumulated Depreciation | $ 1,308 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,010 | |||
Skilled Nursing Properties | Josey Ranch Healthcare Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,382 | |||
Initial Cost to Company, Buildings and Improvements | 2,293 | |||
Costs Capitalized Since Acquisition | 478 | |||
Gross Carrying Value, Land | 1,382 | |||
Gross Carrying Value, Buildings and Improvements | 2,771 | |||
Gross Carrying Value, Total | 4,153 | |||
Accumulated Depreciation | $ 749 | |||
Construction/Renovation Date | 1,996 | |||
Acquisition Date | 2,010 | |||
Skilled Nursing Properties | Everglades Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,847 | |||
Initial Cost to Company, Buildings and Improvements | 5,377 | |||
Costs Capitalized Since Acquisition | 682 | |||
Gross Carrying Value, Land | 1,847 | |||
Gross Carrying Value, Buildings and Improvements | 6,059 | |||
Gross Carrying Value, Total | 7,906 | |||
Accumulated Depreciation | $ 1,414 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Irving Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 60 | |||
Initial Cost to Company, Buildings and Improvements | 2,931 | |||
Costs Capitalized Since Acquisition | 245 | |||
Gross Carrying Value, Land | 60 | |||
Gross Carrying Value, Buildings and Improvements | 3,176 | |||
Gross Carrying Value, Total | 3,236 | |||
Accumulated Depreciation | $ 836 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Falls City Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 170 | |||
Initial Cost to Company, Buildings and Improvements | 2,141 | |||
Costs Capitalized Since Acquisition | 82 | |||
Gross Carrying Value, Land | 170 | |||
Gross Carrying Value, Buildings and Improvements | 2,223 | |||
Gross Carrying Value, Total | 2,393 | |||
Accumulated Depreciation | $ 531 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Gillette Park Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 163 | |||
Initial Cost to Company, Buildings and Improvements | 1,491 | |||
Costs Capitalized Since Acquisition | 12 | |||
Gross Carrying Value, Land | 163 | |||
Gross Carrying Value, Buildings and Improvements | 1,503 | |||
Gross Carrying Value, Total | 1,666 | |||
Accumulated Depreciation | $ 454 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Gazebo Park Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 80 | |||
Initial Cost to Company, Buildings and Improvements | 2,541 | |||
Costs Capitalized Since Acquisition | 97 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 2,638 | |||
Gross Carrying Value, Total | 2,718 | |||
Accumulated Depreciation | $ 831 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Oleson Park Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 90 | |||
Initial Cost to Company, Buildings and Improvements | 2,341 | |||
Costs Capitalized Since Acquisition | 759 | |||
Gross Carrying Value, Land | 90 | |||
Gross Carrying Value, Buildings and Improvements | 3,100 | |||
Gross Carrying Value, Total | 3,190 | |||
Accumulated Depreciation | $ 1,189 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Arapahoe Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 158 | |||
Initial Cost to Company, Buildings and Improvements | 4,810 | |||
Costs Capitalized Since Acquisition | 759 | |||
Gross Carrying Value, Land | 128 | |||
Gross Carrying Value, Buildings and Improvements | 5,599 | |||
Gross Carrying Value, Total | 5,727 | |||
Accumulated Depreciation | $ 1,590 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Dixie Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 487 | |||
Initial Cost to Company, Buildings and Improvements | 1,978 | |||
Costs Capitalized Since Acquisition | 98 | |||
Gross Carrying Value, Land | 487 | |||
Gross Carrying Value, Buildings and Improvements | 2,076 | |||
Gross Carrying Value, Total | 2,563 | |||
Accumulated Depreciation | $ 411 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Memorial Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 537 | |||
Initial Cost to Company, Buildings and Improvements | 2,138 | |||
Costs Capitalized Since Acquisition | 698 | |||
Gross Carrying Value, Land | 537 | |||
Gross Carrying Value, Buildings and Improvements | 2,836 | |||
Gross Carrying Value, Total | 3,373 | |||
Accumulated Depreciation | $ 859 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Bogardus Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,425 | |||
Initial Cost to Company, Buildings and Improvements | 5,307 | |||
Costs Capitalized Since Acquisition | 1,079 | |||
Gross Carrying Value, Land | 1,425 | |||
Gross Carrying Value, Buildings and Improvements | 6,386 | |||
Gross Carrying Value, Total | 7,811 | |||
Accumulated Depreciation | $ 1,827 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | South Dora Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 297 | |||
Initial Cost to Company, Buildings and Improvements | 2,087 | |||
Costs Capitalized Since Acquisition | 1,621 | |||
Gross Carrying Value, Land | 297 | |||
Gross Carrying Value, Buildings and Improvements | 3,708 | |||
Gross Carrying Value, Total | 4,005 | |||
Accumulated Depreciation | $ 1,925 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Silverada Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,012 | |||
Initial Cost to Company, Buildings and Improvements | 3,282 | |||
Costs Capitalized Since Acquisition | 103 | |||
Gross Carrying Value, Land | 1,012 | |||
Gross Carrying Value, Buildings and Improvements | 3,385 | |||
Gross Carrying Value, Total | 4,397 | |||
Accumulated Depreciation | $ 626 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Orem Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,689 | |||
Initial Cost to Company, Buildings and Improvements | 3,896 | |||
Costs Capitalized Since Acquisition | 3,235 | |||
Gross Carrying Value, Land | 1,689 | |||
Gross Carrying Value, Buildings and Improvements | 7,131 | |||
Gross Carrying Value, Total | 8,820 | |||
Accumulated Depreciation | $ 2,367 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Skilled Nursing Properties | Renne Avenue Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 180 | |||
Initial Cost to Company, Buildings and Improvements | 2,481 | |||
Costs Capitalized Since Acquisition | 966 | |||
Gross Carrying Value, Land | 180 | |||
Gross Carrying Value, Buildings and Improvements | 3,447 | |||
Gross Carrying Value, Total | 3,627 | |||
Accumulated Depreciation | $ 920 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Stillhouse Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 129 | |||
Initial Cost to Company, Buildings and Improvements | 7,139 | |||
Costs Capitalized Since Acquisition | 6 | |||
Gross Carrying Value, Land | 129 | |||
Gross Carrying Value, Buildings and Improvements | 7,145 | |||
Gross Carrying Value, Total | 7,274 | |||
Accumulated Depreciation | $ 828 | |||
Construction/Renovation Date | 2,009 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Fig Street Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 329 | |||
Initial Cost to Company, Buildings and Improvements | 2,653 | |||
Costs Capitalized Since Acquisition | 1,094 | |||
Gross Carrying Value, Land | 329 | |||
Gross Carrying Value, Buildings and Improvements | 3,747 | |||
Gross Carrying Value, Total | 4,076 | |||
Accumulated Depreciation | $ 1,433 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Lowell Lake Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 49 | |||
Initial Cost to Company, Buildings and Improvements | 1,554 | |||
Costs Capitalized Since Acquisition | 29 | |||
Gross Carrying Value, Land | 49 | |||
Gross Carrying Value, Buildings and Improvements | 1,583 | |||
Gross Carrying Value, Total | 1,632 | |||
Accumulated Depreciation | $ 237 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Queensway Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 999 | |||
Initial Cost to Company, Buildings and Improvements | 4,237 | |||
Costs Capitalized Since Acquisition | 2,331 | |||
Gross Carrying Value, Land | 999 | |||
Gross Carrying Value, Buildings and Improvements | 6,568 | |||
Gross Carrying Value, Total | 7,567 | |||
Accumulated Depreciation | $ 2,657 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Long Beach Health Associates Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,285 | |||
Initial Cost to Company, Buildings and Improvements | 2,343 | |||
Costs Capitalized Since Acquisition | 2,172 | |||
Gross Carrying Value, Land | 1,285 | |||
Gross Carrying Value, Buildings and Improvements | 4,515 | |||
Gross Carrying Value, Total | 5,800 | |||
Accumulated Depreciation | $ 1,619 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Kings Court Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 193 | |||
Initial Cost to Company, Buildings and Improvements | 2,311 | |||
Costs Capitalized Since Acquisition | 318 | |||
Gross Carrying Value, Land | 193 | |||
Gross Carrying Value, Buildings and Improvements | 2,629 | |||
Gross Carrying Value, Total | 2,822 | |||
Accumulated Depreciation | $ 480 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,012 | |||
Skilled Nursing Properties | Fifty One Avenue Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 340 | |||
Initial Cost to Company, Buildings and Improvements | 3,925 | |||
Costs Capitalized Since Acquisition | 32 | |||
Gross Carrying Value, Land | 340 | |||
Gross Carrying Value, Buildings and Improvements | 3,957 | |||
Gross Carrying Value, Total | 4,297 | |||
Accumulated Depreciation | $ 666 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Ives Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 371 | |||
Initial Cost to Company, Buildings and Improvements | 2,951 | |||
Costs Capitalized Since Acquisition | 274 | |||
Gross Carrying Value, Land | 371 | |||
Gross Carrying Value, Buildings and Improvements | 3,225 | |||
Gross Carrying Value, Total | 3,596 | |||
Accumulated Depreciation | $ 513 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Guadalupe Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 80 | |||
Initial Cost to Company, Buildings and Improvements | 2,391 | |||
Costs Capitalized Since Acquisition | 15 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 2,406 | |||
Gross Carrying Value, Total | 2,486 | |||
Accumulated Depreciation | $ 313 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Forty Nine Street Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 129 | |||
Initial Cost to Company, Buildings and Improvements | 2,418 | |||
Costs Capitalized Since Acquisition | 24 | |||
Gross Carrying Value, Land | 129 | |||
Gross Carrying Value, Buildings and Improvements | 2,442 | |||
Gross Carrying Value, Total | 2,571 | |||
Accumulated Depreciation | $ 464 | |||
Construction/Renovation Date | 1,960 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Willows Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,388 | |||
Initial Cost to Company, Buildings and Improvements | 2,982 | |||
Costs Capitalized Since Acquisition | 202 | |||
Gross Carrying Value, Land | 1,388 | |||
Gross Carrying Value, Buildings and Improvements | 3,184 | |||
Gross Carrying Value, Total | 4,572 | |||
Accumulated Depreciation | $ 684 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | Tulalip Bay Holdings [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,722 | |||
Initial Cost to Company, Buildings and Improvements | 2,642 | |||
Costs Capitalized Since Acquisition | (980) | |||
Gross Carrying Value, Land | 742 | |||
Gross Carrying Value, Buildings and Improvements | 2,642 | |||
Gross Carrying Value, Total | 3,384 | |||
Accumulated Depreciation | $ 484 | |||
Construction/Renovation Date | 1,966 | |||
Acquisition Date | 2,013 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Bethany Rehabilitation Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,668 | |||
Initial Cost to Company, Buildings and Improvements | 15,375 | |||
Costs Capitalized Since Acquisition | 56 | |||
Gross Carrying Value, Land | 1,668 | |||
Gross Carrying Value, Buildings and Improvements | 15,431 | |||
Gross Carrying Value, Total | 17,099 | |||
Accumulated Depreciation | $ 1,511 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Mira Vista Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,601 | |||
Initial Cost to Company, Buildings and Improvements | 7,425 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,601 | |||
Gross Carrying Value, Buildings and Improvements | 7,425 | |||
Gross Carrying Value, Total | 9,026 | |||
Accumulated Depreciation | $ 696 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,462 | |||
Initial Cost to Company, Buildings and Improvements | 5,034 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,462 | |||
Gross Carrying Value, Buildings and Improvements | 5,034 | |||
Gross Carrying Value, Total | 6,496 | |||
Accumulated Depreciation | $ 451 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 251 | |||
Initial Cost to Company, Buildings and Improvements | 7,855 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 251 | |||
Gross Carrying Value, Buildings and Improvements | 7,855 | |||
Gross Carrying Value, Total | 8,106 | |||
Accumulated Depreciation | $ 687 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | BeaverCreek Health And Rehab [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 892 | |||
Initial Cost to Company, Buildings and Improvements | 17,159 | |||
Costs Capitalized Since Acquisition | 10 | |||
Gross Carrying Value, Land | 892 | |||
Gross Carrying Value, Buildings and Improvements | 17,169 | |||
Gross Carrying Value, Total | 18,061 | |||
Accumulated Depreciation | $ 1,394 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 284 | |||
Initial Cost to Company, Buildings and Improvements | 11,104 | |||
Costs Capitalized Since Acquisition | 148 | |||
Gross Carrying Value, Land | 284 | |||
Gross Carrying Value, Buildings and Improvements | 11,252 | |||
Gross Carrying Value, Total | 11,536 | |||
Accumulated Depreciation | $ 902 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 833 | |||
Initial Cost to Company, Buildings and Improvements | 18,086 | |||
Costs Capitalized Since Acquisition | 188 | |||
Gross Carrying Value, Land | 833 | |||
Gross Carrying Value, Buildings and Improvements | 18,274 | |||
Gross Carrying Value, Total | 19,107 | |||
Accumulated Depreciation | $ 1,484 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,091 | |||
Initial Cost to Company, Buildings and Improvements | 16,151 | |||
Costs Capitalized Since Acquisition | 128 | |||
Gross Carrying Value, Land | 1,091 | |||
Gross Carrying Value, Buildings and Improvements | 16,279 | |||
Gross Carrying Value, Total | 17,370 | |||
Accumulated Depreciation | $ 1,312 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Englewood Health And Rehab [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,014 | |||
Initial Cost to Company, Buildings and Improvements | 18,541 | |||
Costs Capitalized Since Acquisition | 58 | |||
Gross Carrying Value, Land | 1,014 | |||
Gross Carrying Value, Buildings and Improvements | 18,599 | |||
Gross Carrying Value, Total | 19,613 | |||
Accumulated Depreciation | $ 1,520 | |||
Construction/Renovation Date | 1,962 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Portsmouth Health And Rehab [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 282 | |||
Initial Cost to Company, Buildings and Improvements | 9,726 | |||
Costs Capitalized Since Acquisition | 181 | |||
Gross Carrying Value, Land | 282 | |||
Gross Carrying Value, Buildings and Improvements | 9,907 | |||
Gross Carrying Value, Total | 10,189 | |||
Accumulated Depreciation | $ 806 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | West Cove Care & Rehabilitation Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 93 | |||
Initial Cost to Company, Buildings and Improvements | 10,365 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 93 | |||
Gross Carrying Value, Buildings and Improvements | 10,365 | |||
Gross Carrying Value, Total | 10,458 | |||
Accumulated Depreciation | $ 842 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Oxford [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 211 | |||
Initial Cost to Company, Buildings and Improvements | 8,772 | |||
Costs Capitalized Since Acquisition | 52 | |||
Gross Carrying Value, Land | 211 | |||
Gross Carrying Value, Buildings and Improvements | 8,824 | |||
Gross Carrying Value, Total | 9,035 | |||
Accumulated Depreciation | $ 719 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | BellBrook Health And Rehab [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 214 | |||
Initial Cost to Company, Buildings and Improvements | 2,573 | |||
Costs Capitalized Since Acquisition | 4 | |||
Gross Carrying Value, Land | 214 | |||
Gross Carrying Value, Buildings and Improvements | 2,577 | |||
Gross Carrying Value, Total | 2,791 | |||
Accumulated Depreciation | $ 209 | |||
Construction/Renovation Date | 2,003 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Xenia Health And Rehab [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 205 | |||
Initial Cost to Company, Buildings and Improvements | 3,564 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 205 | |||
Gross Carrying Value, Buildings and Improvements | 3,564 | |||
Gross Carrying Value, Total | 3,769 | |||
Accumulated Depreciation | $ 290 | |||
Construction/Renovation Date | 1,981 | |||
Acquisition Date | 2,015 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Jamestown Place Health And Rehab [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 266 | |||
Initial Cost to Company, Buildings and Improvements | 4,725 | |||
Costs Capitalized Since Acquisition | 118 | |||
Gross Carrying Value, Land | 266 | |||
Gross Carrying Value, Buildings and Improvements | 4,843 | |||
Gross Carrying Value, Total | 5,109 | |||
Accumulated Depreciation | $ 392 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 119 | |||
Initial Cost to Company, Buildings and Improvements | 7,727 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 119 | |||
Gross Carrying Value, Buildings and Improvements | 7,727 | |||
Gross Carrying Value, Total | 7,846 | |||
Accumulated Depreciation | $ 563 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Denison Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 96 | |||
Initial Cost to Company, Buildings and Improvements | 2,784 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 96 | |||
Gross Carrying Value, Buildings and Improvements | 2,784 | |||
Gross Carrying Value, Total | 2,880 | |||
Accumulated Depreciation | $ 203 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Garden View Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 105 | |||
Initial Cost to Company, Buildings and Improvements | 3,179 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 105 | |||
Gross Carrying Value, Buildings and Improvements | 3,179 | |||
Gross Carrying Value, Total | 3,284 | |||
Accumulated Depreciation | $ 232 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Grandview Health Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 39 | |||
Initial Cost to Company, Buildings and Improvements | 1,167 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 39 | |||
Gross Carrying Value, Buildings and Improvements | 1,167 | |||
Gross Carrying Value, Total | 1,206 | |||
Accumulated Depreciation | $ 85 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Grundy Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 65 | |||
Initial Cost to Company, Buildings and Improvements | 1,935 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 65 | |||
Gross Carrying Value, Buildings and Improvements | 1,935 | |||
Gross Carrying Value, Total | 2,000 | |||
Accumulated Depreciation | $ 141 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 522 | |||
Initial Cost to Company, Buildings and Improvements | 5,690 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 522 | |||
Gross Carrying Value, Buildings and Improvements | 5,690 | |||
Gross Carrying Value, Total | 6,212 | |||
Accumulated Depreciation | $ 415 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Lenox Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 31 | |||
Initial Cost to Company, Buildings and Improvements | 1,915 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 31 | |||
Gross Carrying Value, Buildings and Improvements | 1,915 | |||
Gross Carrying Value, Total | 1,946 | |||
Accumulated Depreciation | $ 140 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 126 | |||
Initial Cost to Company, Buildings and Improvements | 2,255 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 126 | |||
Gross Carrying Value, Buildings and Improvements | 2,255 | |||
Gross Carrying Value, Total | 2,381 | |||
Accumulated Depreciation | $ 164 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Pleasant Acres Care Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 189 | |||
Initial Cost to Company, Buildings and Improvements | 2,544 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 189 | |||
Gross Carrying Value, Buildings and Improvements | 2,544 | |||
Gross Carrying Value, Total | 2,733 | |||
Accumulated Depreciation | $ 186 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 324 | |||
Initial Cost to Company, Buildings and Improvements | 4,366 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 324 | |||
Gross Carrying Value, Buildings and Improvements | 4,366 | |||
Gross Carrying Value, Total | 4,690 | |||
Accumulated Depreciation | $ 300 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Premier Estates of Highlands [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 364 | |||
Initial Cost to Company, Buildings and Improvements | 2,199 | |||
Costs Capitalized Since Acquisition | 235 | |||
Gross Carrying Value, Land | 364 | |||
Gross Carrying Value, Buildings and Improvements | 2,434 | |||
Gross Carrying Value, Total | 2,798 | |||
Accumulated Depreciation | $ 153 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Shaw Mountain at Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,801 | |||
Initial Cost to Company, Buildings and Improvements | 6,572 | |||
Costs Capitalized Since Acquisition | 395 | |||
Gross Carrying Value, Land | 1,801 | |||
Gross Carrying Value, Buildings and Improvements | 6,967 | |||
Gross Carrying Value, Total | 8,768 | |||
Accumulated Depreciation | $ 501 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,646 | |||
Initial Cost to Company, Buildings and Improvements | 2,873 | |||
Costs Capitalized Since Acquisition | 110 | |||
Gross Carrying Value, Land | 3,646 | |||
Gross Carrying Value, Buildings and Improvements | 2,983 | |||
Gross Carrying Value, Total | 6,629 | |||
Accumulated Depreciation | $ 187 | |||
Construction/Renovation Date | 2,015 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Arbor Nursing Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 768 | |||
Initial Cost to Company, Buildings and Improvements | 10,712 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 768 | |||
Gross Carrying Value, Buildings and Improvements | 10,712 | |||
Gross Carrying Value, Total | 11,480 | |||
Accumulated Depreciation | $ 647 | |||
Construction/Renovation Date | 1,982 | |||
Acquisition Date | 2,016 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Broadmoor Medical Lodge - Rockwall [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,232 | |||
Initial Cost to Company, Buildings and Improvements | 22,152 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,232 | |||
Gross Carrying Value, Buildings and Improvements | 22,152 | |||
Gross Carrying Value, Total | 23,384 | |||
Accumulated Depreciation | $ 1,154 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 990 | |||
Initial Cost to Company, Buildings and Improvements | 24,909 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 990 | |||
Gross Carrying Value, Buildings and Improvements | 24,909 | |||
Gross Carrying Value, Total | 25,899 | |||
Accumulated Depreciation | $ 1,297 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 606 | |||
Initial Cost to Company, Buildings and Improvements | 14,660 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 606 | |||
Gross Carrying Value, Buildings and Improvements | 14,660 | |||
Gross Carrying Value, Total | 15,266 | |||
Accumulated Depreciation | $ 764 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,022 | |||
Initial Cost to Company, Buildings and Improvements | 5,713 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,022 | |||
Gross Carrying Value, Buildings and Improvements | 5,713 | |||
Gross Carrying Value, Total | 6,735 | |||
Accumulated Depreciation | $ 262 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 775 | |||
Initial Cost to Company, Buildings and Improvements | 8,377 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 775 | |||
Gross Carrying Value, Buildings and Improvements | 8,377 | |||
Gross Carrying Value, Total | 9,152 | |||
Accumulated Depreciation | $ 384 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 439 | |||
Initial Cost to Company, Buildings and Improvements | 3,475 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 439 | |||
Gross Carrying Value, Buildings and Improvements | 3,475 | |||
Gross Carrying Value, Total | 3,914 | |||
Accumulated Depreciation | $ 159 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 511 | |||
Initial Cost to Company, Buildings and Improvements | 3,662 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 511 | |||
Gross Carrying Value, Buildings and Improvements | 3,662 | |||
Gross Carrying Value, Total | 4,173 | |||
Accumulated Depreciation | $ 168 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 406 | |||
Initial Cost to Company, Buildings and Improvements | 3,411 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 406 | |||
Gross Carrying Value, Buildings and Improvements | 3,411 | |||
Gross Carrying Value, Total | 3,817 | |||
Accumulated Depreciation | $ 156 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Wellspring Health and Rehabilitation of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 774 | |||
Initial Cost to Company, Buildings and Improvements | 5,044 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 774 | |||
Gross Carrying Value, Buildings and Improvements | 5,044 | |||
Gross Carrying Value, Total | 5,818 | |||
Accumulated Depreciation | $ 210 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,178 | |||
Initial Cost to Company, Buildings and Improvements | 12,059 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,178 | |||
Gross Carrying Value, Buildings and Improvements | 12,059 | |||
Gross Carrying Value, Total | 13,237 | |||
Accumulated Depreciation | $ 477 | |||
Construction/Renovation Date | 2,016 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Rio at Cabezon [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,055 | |||
Initial Cost to Company, Buildings and Improvements | 9,749 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 2,055 | |||
Gross Carrying Value, Buildings and Improvements | 9,749 | |||
Gross Carrying Value, Total | 11,804 | |||
Accumulated Depreciation | $ 386 | |||
Construction/Renovation Date | 2,016 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Eldorado Rehab & Healthcare [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 940 | |||
Initial Cost to Company, Buildings and Improvements | 2,093 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 940 | |||
Gross Carrying Value, Buildings and Improvements | 2,093 | |||
Gross Carrying Value, Total | 3,033 | |||
Accumulated Depreciation | $ 78 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,481 | |||
Initial Cost to Company, Buildings and Improvements | 2,216 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,481 | |||
Gross Carrying Value, Buildings and Improvements | 2,216 | |||
Gross Carrying Value, Total | 3,697 | |||
Accumulated Depreciation | $ 83 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Mountain Valley of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 916 | |||
Initial Cost to Company, Buildings and Improvements | 7,874 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 916 | |||
Gross Carrying Value, Buildings and Improvements | 7,874 | |||
Gross Carrying Value, Total | 8,790 | |||
Accumulated Depreciation | $ 262 | |||
Construction/Renovation Date | 1,971 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Caldwell Care of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 906 | |||
Initial Cost to Company, Buildings and Improvements | 7,020 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 906 | |||
Gross Carrying Value, Buildings and Improvements | 7,020 | |||
Gross Carrying Value, Total | 7,926 | |||
Accumulated Depreciation | $ 234 | |||
Construction/Renovation Date | 1,947 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Canyon West of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 312 | |||
Initial Cost to Company, Buildings and Improvements | 10,410 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 312 | |||
Gross Carrying Value, Buildings and Improvements | 10,410 | |||
Gross Carrying Value, Total | 10,722 | |||
Accumulated Depreciation | $ 347 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Lewiston Transitional Care of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 625 | |||
Initial Cost to Company, Buildings and Improvements | 12,087 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 625 | |||
Gross Carrying Value, Buildings and Improvements | 12,087 | |||
Gross Carrying Value, Total | 12,712 | |||
Accumulated Depreciation | $ 378 | |||
Construction/Renovation Date | 1,964 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Orchards of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 785 | |||
Initial Cost to Company, Buildings and Improvements | 8,923 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 785 | |||
Gross Carrying Value, Buildings and Improvements | 8,923 | |||
Gross Carrying Value, Total | 9,708 | |||
Accumulated Depreciation | $ 279 | |||
Construction/Renovation Date | 1,958 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Weiser Care of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 80 | |||
Initial Cost to Company, Buildings and Improvements | 4,419 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 80 | |||
Gross Carrying Value, Buildings and Improvements | 4,419 | |||
Gross Carrying Value, Total | 4,499 | |||
Accumulated Depreciation | $ 138 | |||
Construction/Renovation Date | 1,964 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Aspen Park of Cascadia [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 698 | |||
Initial Cost to Company, Buildings and Improvements | 5,092 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 698 | |||
Gross Carrying Value, Buildings and Improvements | 5,092 | |||
Gross Carrying Value, Total | 5,790 | |||
Accumulated Depreciation | $ 159 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Ridgmar Medical Lodge [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 681 | |||
Initial Cost to Company, Buildings and Improvements | 6,587 | |||
Costs Capitalized Since Acquisition | 1,604 | |||
Gross Carrying Value, Land | 681 | |||
Gross Carrying Value, Buildings and Improvements | 8,191 | |||
Gross Carrying Value, Total | 8,872 | |||
Accumulated Depreciation | $ 220 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Mansfield Medical Lodge [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 607 | |||
Initial Cost to Company, Buildings and Improvements | 4,801 | |||
Costs Capitalized Since Acquisition | 1,001 | |||
Gross Carrying Value, Land | 607 | |||
Gross Carrying Value, Buildings and Improvements | 5,802 | |||
Gross Carrying Value, Total | 6,409 | |||
Accumulated Depreciation | $ 160 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Grapevine Medical Lodge [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,602 | |||
Initial Cost to Company, Buildings and Improvements | 4,536 | |||
Costs Capitalized Since Acquisition | 1,265 | |||
Gross Carrying Value, Land | 1,602 | |||
Gross Carrying Value, Buildings and Improvements | 5,801 | |||
Gross Carrying Value, Total | 7,403 | |||
Accumulated Depreciation | $ 151 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 320 | |||
Initial Cost to Company, Buildings and Improvements | 500 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 320 | |||
Gross Carrying Value, Buildings and Improvements | 500 | |||
Gross Carrying Value, Total | 820 | |||
Accumulated Depreciation | $ 17 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,347 | |||
Initial Cost to Company, Buildings and Improvements | 815 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 6,347 | |||
Gross Carrying Value, Buildings and Improvements | 815 | |||
Gross Carrying Value, Total | 7,162 | |||
Accumulated Depreciation | $ 25 | |||
Construction/Renovation Date | 1,997 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks at Lakewood [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,000 | |||
Initial Cost to Company, Buildings and Improvements | 1,779 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,000 | |||
Gross Carrying Value, Buildings and Improvements | 1,779 | |||
Gross Carrying Value, Total | 2,779 | |||
Accumulated Depreciation | $ 56 | |||
Construction/Renovation Date | 1,989 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Oaks at Timberline [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 445 | |||
Initial Cost to Company, Buildings and Improvements | 869 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 445 | |||
Gross Carrying Value, Buildings and Improvements | 869 | |||
Gross Carrying Value, Total | 1,314 | |||
Accumulated Depreciation | $ 27 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Providence Waterman Nursing Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,831 | |||
Initial Cost to Company, Buildings and Improvements | 19,791 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 3,831 | |||
Gross Carrying Value, Buildings and Improvements | 19,791 | |||
Gross Carrying Value, Total | 23,622 | |||
Accumulated Depreciation | $ 618 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Providence Orange Tree [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,897 | |||
Initial Cost to Company, Buildings and Improvements | 14,700 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 2,897 | |||
Gross Carrying Value, Buildings and Improvements | 14,700 | |||
Gross Carrying Value, Total | 17,597 | |||
Accumulated Depreciation | $ 459 | |||
Construction/Renovation Date | 1,969 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Providence Ontario [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,204 | |||
Initial Cost to Company, Buildings and Improvements | 21,880 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 4,204 | |||
Gross Carrying Value, Buildings and Improvements | 21,880 | |||
Gross Carrying Value, Total | 26,084 | |||
Accumulated Depreciation | $ 684 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 188 | |||
Initial Cost to Company, Buildings and Improvements | 3,972 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 188 | |||
Gross Carrying Value, Buildings and Improvements | 3,972 | |||
Gross Carrying Value, Total | 4,160 | |||
Accumulated Depreciation | $ 129 | |||
Construction/Renovation Date | 1,973 | |||
Acquisition Date | 2,017 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Copper Ridge Health and Rehabilitation Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 220 | |||
Initial Cost to Company, Buildings and Improvements | 4,974 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 220 | |||
Gross Carrying Value, Buildings and Improvements | 4,974 | |||
Gross Carrying Value, Total | 5,194 | |||
Accumulated Depreciation | $ 125 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Metron of Belding [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 253 | |||
Initial Cost to Company, Buildings and Improvements | 7,769 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 253 | |||
Gross Carrying Value, Buildings and Improvements | 7,769 | |||
Gross Carrying Value, Total | 8,022 | |||
Accumulated Depreciation | $ 175 | |||
Construction/Renovation Date | 1,968 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Metron of Big Rapids [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 266 | |||
Initial Cost to Company, Buildings and Improvements | 8,701 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 266 | |||
Gross Carrying Value, Buildings and Improvements | 8,701 | |||
Gross Carrying Value, Total | 8,967 | |||
Accumulated Depreciation | $ 199 | |||
Construction/Renovation Date | 1,970 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Metron of Cedar Springs [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 733 | |||
Initial Cost to Company, Buildings and Improvements | 8,398 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 733 | |||
Gross Carrying Value, Buildings and Improvements | 8,398 | |||
Gross Carrying Value, Total | 9,131 | |||
Accumulated Depreciation | $ 209 | |||
Construction/Renovation Date | 1,976 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Metron of Greenville [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 428 | |||
Initial Cost to Company, Buildings and Improvements | 9,598 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 428 | |||
Gross Carrying Value, Buildings and Improvements | 9,598 | |||
Gross Carrying Value, Total | 10,026 | |||
Accumulated Depreciation | $ 219 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Metron of Lamont [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 65 | |||
Initial Cost to Company, Buildings and Improvements | 3,023 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 65 | |||
Gross Carrying Value, Buildings and Improvements | 3,023 | |||
Gross Carrying Value, Total | 3,088 | |||
Accumulated Depreciation | $ 75 | |||
Construction/Renovation Date | 1,972 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Prairie Heights Healthcare Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,372 | |||
Initial Cost to Company, Buildings and Improvements | 7,491 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,372 | |||
Gross Carrying Value, Buildings and Improvements | 7,491 | |||
Gross Carrying Value, Total | 8,863 | |||
Accumulated Depreciation | $ 95 | |||
Construction/Renovation Date | 1,965 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | The Meadows on University [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 989 | |||
Initial Cost to Company, Buildings and Improvements | 3,275 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 989 | |||
Gross Carrying Value, Buildings and Improvements | 3,275 | |||
Gross Carrying Value, Total | 4,264 | |||
Accumulated Depreciation | $ 15 | |||
Construction/Renovation Date | 1,966 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Metron of Forest Hills [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 515 | |||
Initial Cost to Company, Buildings and Improvements | 3,672 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 515 | |||
Gross Carrying Value, Buildings and Improvements | 3,672 | |||
Gross Carrying Value, Total | 4,187 | |||
Accumulated Depreciation | $ 18 | |||
Construction/Renovation Date | 1,976 | |||
Acquisition Date | 2,018 | |||
Skilled Nursing Properties | CTR Partnership, L.P. [Member] | Avantara Crown Point [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,178 | |||
Initial Cost to Company, Buildings and Improvements | 17,857 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,178 | |||
Gross Carrying Value, Buildings and Improvements | 17,857 | |||
Gross Carrying Value, Total | 19,035 | |||
Accumulated Depreciation | $ 38 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,018 | |||
Multi-Service Campus Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 23,084 | |||
Initial Cost to Company, Buildings and Improvements | 154,283 | |||
Costs Capitalized Since Acquisition | 12,059 | |||
Gross Carrying Value, Land | 23,084 | |||
Gross Carrying Value, Buildings and Improvements | 166,342 | |||
Gross Carrying Value, Total | 189,426 | |||
Accumulated Depreciation | 24,110 | |||
Multi-Service Campus Properties | Ensign Southland LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 966 | |||
Initial Cost to Company, Buildings and Improvements | 5,082 | |||
Costs Capitalized Since Acquisition | 2,213 | |||
Gross Carrying Value, Land | 966 | |||
Gross Carrying Value, Buildings and Improvements | 7,295 | |||
Gross Carrying Value, Total | 8,261 | |||
Accumulated Depreciation | $ 4,678 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 1,999 | |||
Multi-Service Campus Properties | Sky Holdings AZ LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 289 | |||
Initial Cost to Company, Buildings and Improvements | 1,428 | |||
Costs Capitalized Since Acquisition | 1,752 | |||
Gross Carrying Value, Land | 289 | |||
Gross Carrying Value, Buildings and Improvements | 3,180 | |||
Gross Carrying Value, Total | 3,469 | |||
Accumulated Depreciation | $ 1,868 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,002 | |||
Multi-Service Campus Properties | Lemon River Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 494 | |||
Initial Cost to Company, Buildings and Improvements | 1,159 | |||
Costs Capitalized Since Acquisition | 4,853 | |||
Gross Carrying Value, Land | 494 | |||
Gross Carrying Value, Buildings and Improvements | 6,012 | |||
Gross Carrying Value, Total | 6,506 | |||
Accumulated Depreciation | $ 2,980 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,009 | |||
Multi-Service Campus Properties | Wisteria Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 746 | |||
Initial Cost to Company, Buildings and Improvements | 9,903 | |||
Costs Capitalized Since Acquisition | 290 | |||
Gross Carrying Value, Land | 746 | |||
Gross Carrying Value, Buildings and Improvements | 10,193 | |||
Gross Carrying Value, Total | 10,939 | |||
Accumulated Depreciation | $ 1,887 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Mission CCRC LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,962 | |||
Initial Cost to Company, Buildings and Improvements | 11,035 | |||
Costs Capitalized Since Acquisition | 464 | |||
Gross Carrying Value, Land | 1,962 | |||
Gross Carrying Value, Buildings and Improvements | 11,499 | |||
Gross Carrying Value, Total | 13,461 | |||
Accumulated Depreciation | $ 2,705 | |||
Construction/Renovation Date | 1,994 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Wayne Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 130 | |||
Initial Cost to Company, Buildings and Improvements | 3,061 | |||
Costs Capitalized Since Acquisition | 122 | |||
Gross Carrying Value, Land | 130 | |||
Gross Carrying Value, Buildings and Improvements | 3,183 | |||
Gross Carrying Value, Total | 3,313 | |||
Accumulated Depreciation | $ 783 | |||
Construction/Renovation Date | 1,978 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Fourth Street Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 180 | |||
Initial Cost to Company, Buildings and Improvements | 3,352 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 180 | |||
Gross Carrying Value, Buildings and Improvements | 3,352 | |||
Gross Carrying Value, Total | 3,532 | |||
Accumulated Depreciation | $ 782 | |||
Construction/Renovation Date | 2,006 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Big Sioux River Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 110 | |||
Initial Cost to Company, Buildings and Improvements | 3,522 | |||
Costs Capitalized Since Acquisition | 75 | |||
Gross Carrying Value, Land | 110 | |||
Gross Carrying Value, Buildings and Improvements | 3,597 | |||
Gross Carrying Value, Total | 3,707 | |||
Accumulated Depreciation | $ 785 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Prairie Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 130 | |||
Initial Cost to Company, Buildings and Improvements | 1,571 | |||
Costs Capitalized Since Acquisition | 22 | |||
Gross Carrying Value, Land | 130 | |||
Gross Carrying Value, Buildings and Improvements | 1,593 | |||
Gross Carrying Value, Total | 1,723 | |||
Accumulated Depreciation | $ 598 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,011 | |||
Multi-Service Campus Properties | Salmon River Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 168 | |||
Initial Cost to Company, Buildings and Improvements | 2,496 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 168 | |||
Gross Carrying Value, Buildings and Improvements | 2,496 | |||
Gross Carrying Value, Total | 2,664 | |||
Accumulated Depreciation | $ 400 | |||
Construction/Renovation Date | 2,012 | |||
Acquisition Date | 2,012 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Centerville Senior Independent Living/Centerville Health and Rehab/Centerville Place Assisted Living [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,912 | |||
Initial Cost to Company, Buildings and Improvements | 22,458 | |||
Costs Capitalized Since Acquisition | 156 | |||
Gross Carrying Value, Land | 3,912 | |||
Gross Carrying Value, Buildings and Improvements | 22,614 | |||
Gross Carrying Value, Total | 26,526 | |||
Accumulated Depreciation | $ 1,848 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,015 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Liberty Nursing Center of Willard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 143 | |||
Initial Cost to Company, Buildings and Improvements | 11,097 | |||
Costs Capitalized Since Acquisition | 50 | |||
Gross Carrying Value, Land | 143 | |||
Gross Carrying Value, Buildings and Improvements | 11,147 | |||
Gross Carrying Value, Total | 11,290 | |||
Accumulated Depreciation | $ 912 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 990 | |||
Initial Cost to Company, Buildings and Improvements | 7,484 | |||
Costs Capitalized Since Acquisition | 84 | |||
Gross Carrying Value, Land | 990 | |||
Gross Carrying Value, Buildings and Improvements | 7,568 | |||
Gross Carrying Value, Total | 8,558 | |||
Accumulated Depreciation | $ 624 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,316 | |||
Initial Cost to Company, Buildings and Improvements | 10,071 | |||
Costs Capitalized Since Acquisition | 343 | |||
Gross Carrying Value, Land | 1,316 | |||
Gross Carrying Value, Buildings and Improvements | 10,414 | |||
Gross Carrying Value, Total | 11,730 | |||
Accumulated Depreciation | $ 693 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,258 | |||
Initial Cost to Company, Buildings and Improvements | 16,526 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,258 | |||
Gross Carrying Value, Buildings and Improvements | 16,526 | |||
Gross Carrying Value, Total | 17,784 | |||
Accumulated Depreciation | $ 998 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 980 | |||
Initial Cost to Company, Buildings and Improvements | 27,917 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 980 | |||
Gross Carrying Value, Buildings and Improvements | 27,917 | |||
Gross Carrying Value, Total | 28,897 | |||
Accumulated Depreciation | $ 1,454 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | The Villas at Saratoga [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,709 | |||
Initial Cost to Company, Buildings and Improvements | 9,736 | |||
Costs Capitalized Since Acquisition | 1,635 | |||
Gross Carrying Value, Land | 8,709 | |||
Gross Carrying Value, Buildings and Improvements | 11,371 | |||
Gross Carrying Value, Total | 20,080 | |||
Accumulated Depreciation | $ 87 | |||
Construction/Renovation Date | 2,004 | |||
Acquisition Date | 2,018 | |||
Multi-Service Campus Properties | CTR Partnership, L.P. [Member] | Madison Park Healthcare [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 601 | |||
Initial Cost to Company, Buildings and Improvements | 6,385 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 601 | |||
Gross Carrying Value, Buildings and Improvements | 6,385 | |||
Gross Carrying Value, Total | 6,986 | |||
Accumulated Depreciation | $ 28 | |||
Construction/Renovation Date | 1,924 | |||
Acquisition Date | 2,018 | |||
Assisted and Independent Living Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 24,351 | |||
Initial Cost to Company, Buildings and Improvements | 185,374 | |||
Costs Capitalized Since Acquisition | 4,761 | |||
Gross Carrying Value, Land | 24,351 | |||
Gross Carrying Value, Buildings and Improvements | 190,135 | |||
Gross Carrying Value, Total | 214,486 | |||
Accumulated Depreciation | 22,004 | |||
Assisted and Independent Living Properties | Lafayette Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 420 | |||
Initial Cost to Company, Buildings and Improvements | 1,160 | |||
Costs Capitalized Since Acquisition | 189 | |||
Gross Carrying Value, Land | 420 | |||
Gross Carrying Value, Buildings and Improvements | 1,349 | |||
Gross Carrying Value, Total | 1,769 | |||
Accumulated Depreciation | $ 357 | |||
Construction/Renovation Date | 2,011 | |||
Acquisition Date | 2,009 | |||
Assisted and Independent Living Properties | Everglades Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,542 | |||
Initial Cost to Company, Buildings and Improvements | 4,012 | |||
Costs Capitalized Since Acquisition | 113 | |||
Gross Carrying Value, Land | 1,542 | |||
Gross Carrying Value, Buildings and Improvements | 4,125 | |||
Gross Carrying Value, Total | 5,667 | |||
Accumulated Depreciation | $ 727 | |||
Construction/Renovation Date | 1,990 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Willows Health Holdings Llc [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,835 | |||
Initial Cost to Company, Buildings and Improvements | 3,784 | |||
Costs Capitalized Since Acquisition | 395 | |||
Gross Carrying Value, Land | 2,835 | |||
Gross Carrying Value, Buildings and Improvements | 4,179 | |||
Gross Carrying Value, Total | 7,014 | |||
Accumulated Depreciation | $ 896 | |||
Construction/Renovation Date | 2,013 | |||
Acquisition Date | 2,013 | |||
Assisted and Independent Living Properties | Wisteria Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 244 | |||
Initial Cost to Company, Buildings and Improvements | 3,241 | |||
Costs Capitalized Since Acquisition | 81 | |||
Gross Carrying Value, Land | 244 | |||
Gross Carrying Value, Buildings and Improvements | 3,322 | |||
Gross Carrying Value, Total | 3,566 | |||
Accumulated Depreciation | $ 1,107 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Avenue N- Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 124 | |||
Initial Cost to Company, Buildings and Improvements | 2,301 | |||
Costs Capitalized Since Acquisition | 392 | |||
Gross Carrying Value, Land | 124 | |||
Gross Carrying Value, Buildings and Improvements | 2,693 | |||
Gross Carrying Value, Total | 2,817 | |||
Accumulated Depreciation | $ 1,184 | |||
Construction/Renovation Date | 2,007 | |||
Acquisition Date | 2,006 | |||
Assisted and Independent Living Properties | Moenium Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,893 | |||
Initial Cost to Company, Buildings and Improvements | 5,268 | |||
Costs Capitalized Since Acquisition | 1,210 | |||
Gross Carrying Value, Land | 1,893 | |||
Gross Carrying Value, Buildings and Improvements | 6,478 | |||
Gross Carrying Value, Total | 8,371 | |||
Accumulated Depreciation | $ 3,005 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,007 | |||
Assisted and Independent Living Properties | Expo Park Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 570 | |||
Initial Cost to Company, Buildings and Improvements | 1,692 | |||
Costs Capitalized Since Acquisition | 248 | |||
Gross Carrying Value, Land | 570 | |||
Gross Carrying Value, Buildings and Improvements | 1,940 | |||
Gross Carrying Value, Total | 2,510 | |||
Accumulated Depreciation | $ 687 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,010 | |||
Assisted and Independent Living Properties | Flamingo Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 908 | |||
Initial Cost to Company, Buildings and Improvements | 4,767 | |||
Costs Capitalized Since Acquisition | 281 | |||
Gross Carrying Value, Land | 908 | |||
Gross Carrying Value, Buildings and Improvements | 5,048 | |||
Gross Carrying Value, Total | 5,956 | |||
Accumulated Depreciation | $ 1,986 | |||
Construction/Renovation Date | 1,986 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Eighteenth Place Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,011 | |||
Initial Cost to Company, Buildings and Improvements | 2,053 | |||
Costs Capitalized Since Acquisition | 490 | |||
Gross Carrying Value, Land | 1,011 | |||
Gross Carrying Value, Buildings and Improvements | 2,543 | |||
Gross Carrying Value, Total | 3,554 | |||
Accumulated Depreciation | $ 726 | |||
Construction/Renovation Date | 1,974 | |||
Acquisition Date | 2,011 | |||
Assisted and Independent Living Properties | Boardwalk Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 367 | |||
Initial Cost to Company, Buildings and Improvements | 1,633 | |||
Costs Capitalized Since Acquisition | 51 | |||
Gross Carrying Value, Land | 367 | |||
Gross Carrying Value, Buildings and Improvements | 1,684 | |||
Gross Carrying Value, Total | 2,051 | |||
Accumulated Depreciation | $ 395 | |||
Construction/Renovation Date | 1,993 | |||
Acquisition Date | 2,012 | |||
Assisted and Independent Living Properties | Lockwood Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,792 | |||
Initial Cost to Company, Buildings and Improvements | 2,253 | |||
Costs Capitalized Since Acquisition | 585 | |||
Gross Carrying Value, Land | 1,792 | |||
Gross Carrying Value, Buildings and Improvements | 2,838 | |||
Gross Carrying Value, Total | 4,630 | |||
Accumulated Depreciation | $ 923 | |||
Construction/Renovation Date | 1,967 | |||
Acquisition Date | 2,013 | |||
Assisted and Independent Living Properties | Saratoga Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 444 | |||
Initial Cost to Company, Buildings and Improvements | 2,265 | |||
Costs Capitalized Since Acquisition | 176 | |||
Gross Carrying Value, Land | 444 | |||
Gross Carrying Value, Buildings and Improvements | 2,441 | |||
Gross Carrying Value, Total | 2,885 | |||
Accumulated Depreciation | $ 352 | |||
Construction/Renovation Date | 1,995 | |||
Acquisition Date | 2,013 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Prelude Cottages of Woodbury [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 430 | |||
Initial Cost to Company, Buildings and Improvements | 6,714 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 430 | |||
Gross Carrying Value, Buildings and Improvements | 6,714 | |||
Gross Carrying Value, Total | 7,144 | |||
Accumulated Depreciation | $ 672 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 250 | |||
Initial Cost to Company, Buildings and Improvements | 6,114 | |||
Costs Capitalized Since Acquisition | 3 | |||
Gross Carrying Value, Land | 250 | |||
Gross Carrying Value, Buildings and Improvements | 6,117 | |||
Gross Carrying Value, Total | 6,367 | |||
Accumulated Depreciation | $ 612 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 645 | |||
Initial Cost to Company, Buildings and Improvements | 7,322 | |||
Costs Capitalized Since Acquisition | 13 | |||
Gross Carrying Value, Land | 645 | |||
Gross Carrying Value, Buildings and Improvements | 7,335 | |||
Gross Carrying Value, Total | 7,980 | |||
Accumulated Depreciation | $ 641 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 212 | |||
Initial Cost to Company, Buildings and Improvements | 4,992 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 212 | |||
Gross Carrying Value, Buildings and Improvements | 4,992 | |||
Gross Carrying Value, Total | 5,204 | |||
Accumulated Depreciation | $ 416 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 284 | |||
Initial Cost to Company, Buildings and Improvements | 4,478 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 284 | |||
Gross Carrying Value, Buildings and Improvements | 4,478 | |||
Gross Carrying Value, Total | 4,762 | |||
Accumulated Depreciation | $ 327 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 452 | |||
Initial Cost to Company, Buildings and Improvements | 8,703 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 452 | |||
Gross Carrying Value, Buildings and Improvements | 8,703 | |||
Gross Carrying Value, Total | 9,155 | |||
Accumulated Depreciation | $ 616 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 97 | |||
Initial Cost to Company, Buildings and Improvements | 6,102 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 97 | |||
Gross Carrying Value, Buildings and Improvements | 6,102 | |||
Gross Carrying Value, Total | 6,199 | |||
Accumulated Depreciation | $ 432 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 3,697 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 0 | |||
Gross Carrying Value, Buildings and Improvements | 3,697 | |||
Gross Carrying Value, Total | 3,697 | |||
Accumulated Depreciation | $ 262 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,489 | |||
Initial Cost to Company, Buildings and Improvements | 3,531 | |||
Costs Capitalized Since Acquisition | 82 | |||
Gross Carrying Value, Land | 1,489 | |||
Gross Carrying Value, Buildings and Improvements | 3,613 | |||
Gross Carrying Value, Total | 5,102 | |||
Accumulated Depreciation | $ 255 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 451 | |||
Initial Cost to Company, Buildings and Improvements | 9,023 | |||
Costs Capitalized Since Acquisition | 142 | |||
Gross Carrying Value, Land | 451 | |||
Gross Carrying Value, Buildings and Improvements | 9,165 | |||
Gross Carrying Value, Total | 9,616 | |||
Accumulated Depreciation | $ 626 | |||
Construction/Renovation Date | 2,014 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Croatan Village [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 312 | |||
Initial Cost to Company, Buildings and Improvements | 6,919 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 312 | |||
Gross Carrying Value, Buildings and Improvements | 6,919 | |||
Gross Carrying Value, Total | 7,231 | |||
Accumulated Depreciation | $ 461 | |||
Construction/Renovation Date | 2,010 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Countryside Village [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 131 | |||
Initial Cost to Company, Buildings and Improvements | 4,157 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 131 | |||
Gross Carrying Value, Buildings and Improvements | 4,157 | |||
Gross Carrying Value, Total | 4,288 | |||
Accumulated Depreciation | $ 277 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 603 | |||
Initial Cost to Company, Buildings and Improvements | 9,326 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 603 | |||
Gross Carrying Value, Buildings and Improvements | 9,326 | |||
Gross Carrying Value, Total | 9,929 | |||
Accumulated Depreciation | $ 602 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 241 | |||
Initial Cost to Company, Buildings and Improvements | 4,112 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 241 | |||
Gross Carrying Value, Buildings and Improvements | 4,112 | |||
Gross Carrying Value, Total | 4,353 | |||
Accumulated Depreciation | $ 266 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 492 | |||
Initial Cost to Company, Buildings and Improvements | 9,199 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 492 | |||
Gross Carrying Value, Buildings and Improvements | 9,199 | |||
Gross Carrying Value, Total | 9,691 | |||
Accumulated Depreciation | $ 594 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 302 | |||
Initial Cost to Company, Buildings and Improvements | 5,773 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 302 | |||
Gross Carrying Value, Buildings and Improvements | 5,773 | |||
Gross Carrying Value, Total | 6,075 | |||
Accumulated Depreciation | $ 373 | |||
Construction/Renovation Date | 2,008 | |||
Acquisition Date | 2,016 | |||
Assisted and Independent Living Properties | CTR Partnership, L.P. [Member] | Arbor Place [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 392 | |||
Initial Cost to Company, Buildings and Improvements | 3,605 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 392 | |||
Gross Carrying Value, Buildings and Improvements | 3,605 | |||
Gross Carrying Value, Total | 3,997 | |||
Accumulated Depreciation | $ 218 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 493 | |||
Initial Cost to Company, Buildings and Improvements | 14,002 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 493 | |||
Gross Carrying Value, Buildings and Improvements | 14,002 | |||
Gross Carrying Value, Total | 14,495 | |||
Accumulated Depreciation | $ 671 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 356 | |||
Initial Cost to Company, Buildings and Improvements | 10,812 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 356 | |||
Gross Carrying Value, Buildings and Improvements | 10,812 | |||
Gross Carrying Value, Total | 11,168 | |||
Accumulated Depreciation | $ 518 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 995 | |||
Initial Cost to Company, Buildings and Improvements | 927 | |||
Costs Capitalized Since Acquisition | 84 | |||
Gross Carrying Value, Land | 995 | |||
Gross Carrying Value, Buildings and Improvements | 1,011 | |||
Gross Carrying Value, Total | 2,006 | |||
Accumulated Depreciation | $ 44 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,611 | |||
Initial Cost to Company, Buildings and Improvements | 5,633 | |||
Costs Capitalized Since Acquisition | 0 | |||
Gross Carrying Value, Land | 1,611 | |||
Gross Carrying Value, Buildings and Improvements | 5,633 | |||
Gross Carrying Value, Total | 7,244 | |||
Accumulated Depreciation | $ 211 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 318 | |||
Initial Cost to Company, Buildings and Improvements | 3,897 | |||
Costs Capitalized Since Acquisition | 69 | |||
Gross Carrying Value, Land | 318 | |||
Gross Carrying Value, Buildings and Improvements | 3,966 | |||
Gross Carrying Value, Total | 4,284 | |||
Accumulated Depreciation | $ 140 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 407 | |||
Initial Cost to Company, Buildings and Improvements | 4,660 | |||
Costs Capitalized Since Acquisition | 72 | |||
Gross Carrying Value, Land | 407 | |||
Gross Carrying Value, Buildings and Improvements | 4,732 | |||
Gross Carrying Value, Total | 5,139 | |||
Accumulated Depreciation | $ 171 | |||
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, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,238 | |||
Initial Cost to Company, Buildings and Improvements | 7,247 | |||
Costs Capitalized Since Acquisition | 85 | |||
Gross Carrying Value, Land | 1,238 | |||
Gross Carrying Value, Buildings and Improvements | 7,332 | |||
Gross Carrying Value, Total | 8,570 | |||
Accumulated Depreciation | $ 254 | |||
Construction/Renovation Date | 1,999 | |||
Acquisition Date | 2,017 | |||
Independent Living Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,406 | |||
Initial Cost to Company, Buildings and Improvements | 8,953 | |||
Costs Capitalized Since Acquisition | 1,457 | |||
Gross Carrying Value, Land | 1,406 | |||
Gross Carrying Value, Buildings and Improvements | 10,410 | |||
Gross Carrying Value, Total | 11,816 | |||
Accumulated Depreciation | 4,103 | |||
Independent Living Properties | Hillendahl Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 315 | |||
Initial Cost to Company, Buildings and Improvements | 1,769 | |||
Costs Capitalized Since Acquisition | 319 | |||
Gross Carrying Value, Land | 315 | |||
Gross Carrying Value, Buildings and Improvements | 2,088 | |||
Gross Carrying Value, Total | 2,403 | |||
Accumulated Depreciation | $ 1,174 | |||
Construction/Renovation Date | 1,984 | |||
Acquisition Date | 2,009 | |||
Independent Living Properties | Mission CCRC LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 411 | |||
Initial Cost to Company, Buildings and Improvements | 2,312 | |||
Costs Capitalized Since Acquisition | 158 | |||
Gross Carrying Value, Land | 411 | |||
Gross Carrying Value, Buildings and Improvements | 2,470 | |||
Gross Carrying Value, Total | 2,881 | |||
Accumulated Depreciation | $ 1,071 | |||
Construction/Renovation Date | 1,994 | |||
Acquisition Date | 2,011 | |||
Independent Living Properties | Hillview Health Holdings LLC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 680 | |||
Initial Cost to Company, Buildings and Improvements | 4,872 | |||
Costs Capitalized Since Acquisition | 980 | |||
Gross Carrying Value, Land | 680 | |||
Gross Carrying Value, Buildings and Improvements | 5,852 | |||
Gross Carrying Value, Total | 6,532 | |||
Accumulated Depreciation | $ 1,858 | |||
Construction/Renovation Date | 1,996 | |||
Acquisition Date | 2,011 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate: | |||
Balance at the beginning of the period | $ 1,266,484 | $ 986,215 | $ 718,764 |
Acquisitions | 106,208 | 280,477 | 270,601 |
Improvements | 7,230 | 744 | 726 |
Sales of real estate | (11,765) | (952) | (3,876) |
Balance at the end of the period | 1,368,157 | 1,266,484 | 986,215 |
Accumulated depreciation: | |||
Balance at the beginning of the period | (152,185) | (121,797) | (97,667) |
Depreciation expense | (34,676) | (30,493) | (25,001) |
Sales of real estate | 935 | 105 | 871 |
Balance at the end of the period | $ (185,926) | $ (152,185) | $ (121,797) |
Schedule IV - Mortgage Loan o_2
Schedule IV - Mortgage Loan on Real Estate - Mortgage Loan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Principal Balance | 12,375 | $ 12,517 | $ 0 | $ 0 |
Book Value | 12,299 | |||
Loan Loss Allowance | $ 0 | |||
Skilled Nursing Facility | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Contractual Interest Rate | 9.00% | |||
Maturity Date | Dec. 31, 2020 | |||
Prior Liens | $ 0 | |||
Principal Balance | 12,375 | |||
Book Value | $ 12,299 |
Schedule IV - Mortgage Loan o_3
Schedule IV - Mortgage Loan on Real Estate - Mortgage Loan Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Mortgage loans, beginning of period | $ 12,517 | $ 0 | $ 0 |
Additions during period: | |||
New mortgage loan | 0 | 12,542 | 0 |
Interest income added to principal | 0 | 0 | 0 |
Deductions during period: | |||
Paydowns/Repayments | (142) | (25) | 0 |
Mortgage loans, end of period | $ 12,375 | $ 12,517 | $ 0 |