Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | New Senior Investment Group Inc. | ||
Entity Central Index Key | 1,610,114 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 600 | ||
Entity Common Stock, Shares Outstanding | 82,209,844 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate investments: | ||
Land | $ 177,956,000 | $ 182,238,000 |
Buildings, improvements and other | 2,335,813,000 | 2,329,524,000 |
Accumulated depreciation | (358,368,000) | (275,794,000) |
Net real estate property | 2,155,401,000 | 2,235,968,000 |
Acquired lease and other intangible assets | 8,638,000 | 264,438,000 |
Accumulated amortization | (2,877,000) | (249,198,000) |
Net real estate intangibles | 5,761,000 | 15,240,000 |
Net real estate investments | 2,161,162,000 | 2,251,208,000 |
Cash and cash equivalents | 72,422,000 | 137,327,000 |
Straight-line rent receivables | 3,494,000 | 82,445,000 |
Receivables and other assets, net | 49,180,000 | 37,047,000 |
Total Assets | 2,286,258,000 | 2,508,027,000 |
Liabilities | ||
Mortgage notes payable, net | 1,884,882,000 | 1,907,928,000 |
Due to affiliates | 26,245,000 | 9,550,000 |
Accrued expenses and other liabilities | 52,679,000 | 84,664,000 |
Total Liabilities | 1,963,806,000 | 2,002,142,000 |
Commitments and contingencies (Note 14) | ||
Redeemable Preferred Stock | 40,000,000 | 0 |
Equity | ||
Preferred Stock $0.01 par value, 100,000,000 shares authorized and none issued or outstanding as of both December 31, 2017 and 2016 | 0 | 0 |
Common stock $0.01 par value, 2,000,000,000 shares authorized, 82,148,869 and 82,127,247 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 821,000 | 821,000 |
Additional paid-in capital | 898,135,000 | 898,132,000 |
Accumulated deficit | (616,504,000) | (393,068,000) |
Total Equity | 282,452,000 | 505,885,000 |
Total Liabilities and Equity | $ 2,286,258,000 | $ 2,508,027,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 82,148,869 | 82,127,247 |
Common stock, shares outstanding (in shares) | 82,148,869 | 82,127,247 |
CONSOLIDATED AND COMBINED STATE
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) | 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 | |||||||||||
Resident fees and services | $ 404,891,000 | $ 336,739,000 | $ 359,472,000 | ||||||||
Rental revenue | 39,407,000 | 112,391,000 | 112,966,000 | ||||||||
Total revenues | $ 118,468,000 | $ 117,760,000 | $ 108,852,000 | $ 99,218,000 | $ 106,916,000 | $ 112,955,000 | $ 114,286,000 | $ 114,973,000 | 444,298,000 | 449,130,000 | 472,438,000 |
Expenses | |||||||||||
Property operating expense | 267,785,000 | 230,045,000 | 243,027,000 | ||||||||
Depreciation and amortization | 95,950,000 | 139,942,000 | 184,546,000 | ||||||||
Interest expense | 101,176,000 | 93,597,000 | 91,780,000 | ||||||||
Acquisition, transaction, and integration expense | 15,919,000 | 2,453,000 | 3,942,000 | ||||||||
Termination fee to affiliate | 50,000,000 | 0 | 0 | 0 | 50,000,000 | 0 | 0 | ||||
Management fees and incentive compensation to affiliate | 14,814,000 | 18,225,000 | 18,143,000 | ||||||||
General and administrative expense | 13,387,000 | 15,307,000 | 15,194,000 | ||||||||
Loss on extinguishment of debt | 66,219,000 | 3,902,000 | 245,000 | ||||||||
Impairment of real estate held for sale | 8,725,000 | 0 | 0 | ||||||||
Other expense | 3,974,000 | 1,702,000 | 727,000 | ||||||||
Total expenses | 637,949,000 | 505,173,000 | 557,604,000 | ||||||||
Gain on sale of real estate | 0 | 71,763,000 | 13,356,000 | ||||||||
Income (loss) before income taxes | (81,135,000) | (20,195,000) | (38,930,000) | (13,301,000) | 36,760,000 | (14,619,000) | 3,268,000 | (9,689,000) | (153,561,000) | 15,720,000 | (71,810,000) |
Income tax expense (benefit) | 5,491,000 | 104,000 | 151,000 | 48,000 | 3,239,000 | (80,000) | 147,000 | 206,000 | 5,794,000 | 3,512,000 | 439,000 |
Net income (loss) | $ (86,626,000) | $ (20,299,000) | $ (39,081,000) | $ (13,349,000) | $ 33,521,000 | $ (14,539,000) | $ 3,121,000 | $ (9,895,000) | $ (159,355,000) | $ 12,208,000 | $ (72,249,000) |
Net income (loss) per share of common stock | |||||||||||
Earnings per share, Basic | $ (1.05) | $ (0.25) | $ (0.48) | $ (0.16) | $ (1.94) | $ 0.15 | $ (0.88) | ||||
Earnings per share, Diluted | $ (1.05) | $ (0.25) | $ (0.48) | $ (0.16) | $ (1.94) | $ 0.15 | $ (0.88) | ||||
Weighted average number of shares of common stock outstanding | |||||||||||
Weighted average number of shares outstanding, Basic | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,145,295 | 82,357,349 | ||||
Weighted average number of shares outstanding, Diluted | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,632,232 | 82,778,761 | 82,148,869 | 82,741,322 | 82,357,349 | ||
Dividends declared per share of common stock (in dollars per share) | $ 0.78 | $ 1.04 | $ 1.04 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Deficit [Member] | Additional Paid in Capital [Member] |
Equity, Beginning Balance at Dec. 31, 2015 | $ 767,325 | $ 854 | $ (162,183) | $ 928,654 |
Equity, Beginning Balance ( in shares) at Dec. 31, 2015 | 85,447,551 | |||
Increase (Decrease) in Equity [Roll Forward] | ||||
Director's shares issued | $ 139 | 139 | ||
Director’s shares issued | 13,029 | |||
Repurchase of common stock (in shares) | (3,333,333) | |||
Repurchase of common stock | $ (30,913) | $ (33) | (30,880) | |
Fair value of stock options issued | 5 | 5 | ||
Dividends declared | (85,412) | (85,412) | ||
Net loss | (72,249) | (72,249) | ||
Equity, Ending Balance at Dec. 31, 2016 | 578,895 | $ 821 | (319,844) | 897,918 |
Equity, Ending Balance ( in shares) at Dec. 31, 2016 | 82,127,247 | |||
Increase (Decrease) in Equity [Roll Forward] | ||||
Director's shares issued | 214 | 214 | ||
Director’s shares issued | 21,622 | |||
Dividends declared | (85,432) | (85,432) | ||
Net loss | 12,208 | 12,208 | 0 | |
Equity, Ending Balance at Dec. 31, 2017 | $ 505,885 | $ 821 | (393,068) | 898,132 |
Equity, Ending Balance ( in shares) at Dec. 31, 2017 | 82,127,247 | 82,148,869 | ||
Increase (Decrease) in Equity [Roll Forward] | ||||
Fair value of stock options issued | $ 3 | 3 | ||
Dividends declared | (64,081) | (64,081) | ||
Net loss | (159,355) | (159,355) | ||
Equity, Ending Balance at Dec. 31, 2018 | $ 282,452 | $ 821 | $ (616,504) | $ 898,135 |
Equity, Ending Balance ( in shares) at Dec. 31, 2018 | 82,148,869 | 82,148,869 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||||
Cash Flows From Operating Activities | ||||||
Net loss | $ (159,355,000) | $ 12,208,000 | $ (72,249,000) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Depreciation of tangible assets and amortization of intangible assets | 95,986,000 | 140,078,000 | 184,689,000 | |||
Amortization of deferred financing costs | 10,512,000 | 9,090,000 | 9,582,000 | |||
Amortization of deferred revenue, net | 2,868,000 | (385,000) | 1,903,000 | |||
Amortization of (premium) discount on mortgage notes payable | 0 | (512,000) | (603,000) | |||
Non-cash straight-line rent | (5,365,000) | (17,865,000) | (21,842,000) | |||
Gain on sale of real estate | 0 | (71,763,000) | (13,356,000) | |||
Non-cash adjustment on lease termination | 29,910,000 | [1] | 0 | [1] | 0 | [1] |
Loss on extinguishment of debt | 66,219,000 | 3,902,000 | 245,000 | |||
Non-cash termination fee to affiliate | 40,000,000 | 0 | 0 | |||
Impairment of real estate held for sale | 8,725,000 | 0 | 0 | |||
Provision for bad debt | 2,301,000 | 2,228,000 | 2,150,000 | |||
Remeasurement of deferred tax assets | 0 | 2,966,000 | 0 | |||
Other non-cash expense | 4,320,000 | 1,243,000 | 846,000 | |||
Changes in: | ||||||
Receivables and other assets, net | (5,125,000) | (1,724,000) | (23,000) | |||
Due to affiliates | 16,695,000 | (2,073,000) | 1,979,000 | |||
Accrued expenses and other liabilities | 8,032,000 | (16,948,000) | 9,024,000 | |||
Net cash provided by operating activities | 121,077,000 | 60,445,000 | 102,345,000 | |||
Cash Flows From Investing Activities | ||||||
Proceeds from the sale of real estate, net | 0 | 339,624,000 | 22,711,000 | |||
Capital expenditures, net of insurance proceeds | (19,162,000) | (19,729,000) | (21,151,000) | |||
Deposits refunded (paid) for real estate investments | 0 | 0 | (584,000) | |||
Net cash provided by (used in) investing activities | (19,162,000) | 319,895,000 | 2,144,000 | |||
Cash Flows From Financing Activities | ||||||
Principal payments of mortgage notes payable | (19,428,000) | (26,946,000) | (16,240,000) | |||
Proceeds from mortgage notes payable | 1,440,000,000 | 0 | 0 | |||
Repayments of mortgage notes payable | (1,509,187,000) | (204,730,000) | (13,725,000) | |||
Payment of exit fee on extinguishment of debt | (53,122,000) | (3,264,000) | (189,000) | |||
Payment of common stock dividend | (64,081,000) | (85,432,000) | (85,412,000) | |||
Repurchase of common stock | 0 | 0 | (30,913,000) | |||
Payment of deferred financing costs | (27,080,000) | 0 | 0 | |||
Purchase of interest rate caps | (2,846,000) | 0 | 0 | |||
Net cash (used in) provided by financing activities | (166,744,000) | (320,372,000) | (146,479,000) | |||
Net increase (decrease) in cash and cash equivalents | (64,829,000) | 59,968,000 | (41,990,000) | |||
Cash and cash equivalents, beginning of year | 137,327,000 | |||||
Cash and cash equivalents, end of year | 72,422,000 | 137,327,000 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||
Cash paid during the year for interest expense | 89,505,000 | 85,373,000 | 82,557,000 | |||
Cash paid during the year for income taxes | 326,000 | 274,000 | 266,000 | |||
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||
Issuance of common stock and exercise of options | 0 | 214,000 | 139,000 | |||
Issuance of Redeemable Preferred Stock | 40,000,000 | 0 | 0 | |||
Capital lease obligations | 569,000 | 0 | 0 | |||
Furniture, fixtures, equipment and other improvements | 10,100,000 | 0 | 0 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||||
Cash and cash equivalents | 72,422,000 | 137,327,000 | 58,048,000 | |||
Restricted cash | 20,234,000 | [2] | 20,158,000 | [2] | 39,469,000 | [2] |
Total | 92,656,000 | 157,485,000 | 97,517,000 | |||
Revolving Credit Facility [Member] | ||||||
Cash Flows From Financing Activities | ||||||
Principal payments of mortgage notes payable | (56,000,000) | 0 | 0 | |||
Proceeds from mortgage notes payable | $ 125,000,000 | $ 0 | $ 0 | |||
[1] | (A) Primarily includes the non-cash write-offs of straight-line rent receivables and net above-market rent lease intangible assets, offset by the fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination (as defined in Note 1). Refer to Note 3 for additional details related to the Lease Termination. | |||||
[2] | (A) Consists of (i) amounts held by lender in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits, which are included in "Receivables and other assets, net" in our Consolidated Balance Sheets. |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION New Senior Investment Group Inc. (“New Senior,” “we,” “us” or “our”) is a Real Estate Investment Trust (“REIT”) primarily focused on investing in private pay senior housing properties. We were formed as a Delaware limited liability company in 2012 and converted to a Delaware corporation on May 30, 2014 and changed our name to New Senior Investment Group Inc. on June 16, 2014. As of December 31, 2018, we owned a diversified portfolio of 133 primarily private pay senior housing properties located across 37 states. We are listed on the New York Stock Exchange (“NYSE”) under the symbol “SNR” and are headquartered in New York, New York. Through December 31, 2018, we were externally managed and advised by an affiliate of Fortress Investment Group LLC (the “Manager”). On November 19, 2018, we entered into definitive agreements with the Manager to internalize our management, effective December 31, 2018 (the “Internalization”). In connection with the Internalization, we also entered into a Transition Services Agreement with the Manager to continue to provide certain services for a transition period. In connection with the termination of the Management Agreement, we (i) made a one-time cash payment of $10.0 million to the Manager in January 2019, and (ii) issued to the Manager 400,000 shares of our newly created Redeemable Series A Cumulative Perpetual Preferred Stock (the “Redeemable Preferred Stock”), with an aggregate fair value of $40.0 million. We operate in three reportable segments: (1) Managed Independent Living (“IL”) Properties, (2) Managed Assisted Living/Memory Care (“AL/MC”) Properties, and (3) Triple Net Lease Properties Managed Properties – We have engaged property managers to manage 132 of our properties on a day-to-day basis under the Managed Properties segments. These properties consist of 102 IL facilities and 30 AL/MC facilities. Our managed properties are managed by Holiday Retirement (“Holiday”), a portfolio company that is majority owned by private equity funds managed by an affiliate of FIG LLC (the “Manager”), a subsidiary of Fortress Investment Group LLC (“Fortress”), FHC Property Management LLC (together with its subsidiaries, “Blue Harbor”), an affiliate of the Manager, Jerry Erwin Associates, Inc. (“JEA”), Thrive Senior Living LLC (“Thrive”), Grace Management, Inc. (“Grace”) and Watermark Retirement Communities, Inc. (“Watermark”), collectively, the “Property Managers,” under property management agreements (the “Property Management Agreements”). Under the Property Management Agreements, the Property Managers are responsible for the day-to-day operations of our senior housing properties and are entitled to a management fee in accordance with the terms of the Property Management Agreements. Our Property Management Agreements have initial five-year or ten-year terms, with successive, automatic one-year renewal periods. We pay property management fees of 5% to 7% of effective gross income pursuant to our Property Management Agreements with Holiday and, in some cases, Holiday is eligible to earn an incentive fee based on operating performance. We pay property management fees of 3% to 7% of gross revenues and, for certain properties, i) a property management fee based on a percentage of net operating income and ii) when eligible, an incentive fee based on operating performance, pursuant to our Property Management Agreements with other managers. On May 9, 2018, we entered into a lease termination agreement to terminate our triple net leases with affiliates of Holiday relating to 51 IL properties (the “Holiday Portfolio”). The lease termination was effective May 14, 2018 (the “Lease Termination”). Concurrently with the Lease Termination, we entered into property management agreements with Holiday to manage the properties in the Holiday Portfolio following the Lease Termination in exchange for a property management fee. As a result, such properties are now included in the Managed IL Properties segment. Refer to Note 3 for additional details related to the Lease Termination. Triple Net Lease Properties – We own one Continuing Care Retirement Community (“CCRC”) in the United States and lease this property to a healthcare operating company under a triple net lease agreement. In a triple net lease arrangement, the lessee agrees to operate and maintain the property at its own expense, including maintenance, utilities, taxes, insurance, repairs, capital improvements and the payroll expense of property-level employees. Our triple net lease agreement has an initial term of 15 years and includes a renewal option and annual rent increases ranging from 2.75% to 3.25%. |
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 and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP’’) with the instructions to Form 10-K and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of New Senior and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. We consolidate those entities in which we have control over significant operating, financial and investing decisions of the entity. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period’s presentation. Use of Estimates Management is required to make estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, Revenues from Contracts with Customers (“ASC 606”) using the modified retrospective method of adoption. This standard requires revenue to be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The adoption did not result in an adjustment to beginning retained earnings and did not have a significant impact on our consolidated financial statements. Substantially all of our revenue has been generated through our triple net lease and managed property leasing arrangements, which are specifically excluded from ASC 606, and are accounted for under other applicable GAAP standards. We account for ancillary revenue under ASC 606. The timing and pattern of revenue recognition of our ancillary revenue under ASC 606 is consistent with that under the prior accounting model. Resident Fees and Services - Resident fees and services include monthly rental revenue, care income and ancillary income recognized from the Managed Properties segments. Resident fees and services are recognized monthly as services are provided. Most lease agreements with residents are cancelable by the resident with 30 days’ notice. Ancillary income primarily relates to non-refundable community fees. Non-refundable community fees are recognized on a straight-line basis over the estimated lengths of stay of residents, which approximate 24 months for AL/MC properties and 33 months for IL properties. Rental Revenue - Rental revenue from the Triple Net Lease Properties segment is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from our tenants during the first half of the lease term, creating a straight-line rent receivable. Acquisition Accounting On January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recording the asset acquisition at relative fair value, capitalizing transaction costs, recording contingent consideration when the contingency is resolved and the elimination of the measurement period in which to record adjustments to the transaction. We did not have any acquisition subsequent to our adoption of ASU 2017-01. All of our acquisitions, which occurred prior to our adoption of ASU 2017-01, were accounted for under the business combination method. Transaction costs related to business combinations were expensed as incurred. Regardless of whether an acquisition is considered a business combination or an asset acquisition, the cost of the business or asset acquired is allocated to tangible and intangible assets and assumed liabilities at their relative fair values, as of the respective transaction dates. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as estimated future cash flow projections, appropriate discount and capitalization rates and other estimates based on available market information. Estimates of future cash flows are based on a number of factors including property operating results, known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of our real property include construction cost data and qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties. Recognized intangible assets primarily include the fair value of in-place resident leases. We estimate the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition fair value of the in-place lease intangibles is amortized over the estimated length of stay of the residents on a straight-line basis. Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation or accumulated amortization. Depreciation is calculated on a straight-line basis using estimated remaining useful lives not to exceed 40 years for buildings, 3 to 10 years for building improvements and 3 to 5 years for other fixed assets. Amortization for in-place lease intangibles, ground lease intangibles and other intangibles is calculated on a straight-line basis using estimated useful lives of 24 to 33 months, 74 to 82 years and 5 to 13 years, respectively. Amortization for above/below market lease intangibles is calculated on a straight line basis using estimated useful lives of 15 to 17 years. Impairment of Long Lived Assets We periodically evaluate long-lived assets, including definite lived intangible assets, primarily consisting of our real estate investments, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. If the sum of the expected future undiscounted cash flows is less than book value, we recognize an impairment loss equal to the amount by which the asset’s carrying value exceeds its fair value. An impairment loss is recognized at the time any such determination is made. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and all highly liquid short term investments with maturities of 90 days or less, when purchased. Restricted Cash Restricted cash primarily consists of (i) amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits and is included in “Receivables and other assets, net” in our Consolidated Balance Sheets. Straight-line Rent Receivables and Receivables and Other Assets, Net Receivables and other assets, net consists primarily of escrows held by lenders and resident receivables, net of allowance and prepaid expenses. We assess the collectability of rent receivables, including straight-line rent receivables, on an ongoing basis. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history of the resident and triple net lease tenant, the financial strength of the resident or tenant and of guarantors, the value of the underlying collateral or deposit, if any, and current economic conditions. If the evaluation of these factors indicates it is probable that we will not be able to recover the full value of the receivable, we provide a specific reserve against the portion of the receivable that we estimate may not be recovered. We have not recorded a reserve against our straight-line rent receivable since inception. Deferred Financing Costs Deferred financing costs consist of fees and direct costs incurred in obtaining financing. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Deferred financing costs related to debt instruments, excluding the revolving credit facility, are amortized over the terms of the related borrowings using the effective interest rate method as a component of interest expense. Deferred financing costs related to the revolving credit facility are amortized over the term of the debt using the straight-line method, which approximates the effective interest method. Amortized costs of $10.5 million, $9.1 million and $9.6 million are included in “Interest expense” in our Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016, respectively. Deferred Revenue Deferred revenue primarily includes non-refundable community fees received when residents move in, and are included within “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. Deferred revenue amounts are amortized into income on a straight-line basis over the estimated length of stay of the resident, and are included within “Resident fees and services” in our Consolidated Statements of Operations. Income Taxes New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (“Code”). Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of our tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in our Consolidated Statements of Operations. As of December 31, 2018 and 2017, we had no uncertain tax positions. Fair Value Measurement Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs we use in measuring fair value: • Level 1 - Quoted prices for identical instruments in active markets. • 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 all significant inputs are observable in active markets. • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Derivative Instruments In the normal course of business, we may use derivative instruments to manage, or hedge, interest rate risk. We do not use derivative instruments for trading or speculative purposes and do not apply hedge accounting. We recognize all derivatives as either assets or liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. Derivative valuation requires us to make estimates and judgments that affect the fair value of the instruments. We estimate the fair value of our interest rate caps based on pricing models that consider level 2 inputs including forward yield curves, cap strike rates, cap volatility and discount rates. We do not apply hedge accounting and fair value adjustments, if any, are recorded in "Other expense (income)" in our Consolidated Statements of Operations. Our interest rate caps were executed with investment grade counterparties. Assets Held for Sale We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Assets held for sale are included in “Receivables and other assets, net” in our Consolidated Balance Sheets. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell and are no longer depreciated. Sale of Assets On January 1, 2018, we adopted ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASU 2017-05”), which clarifies the scope of subtopic 610-20, Other Income - Gains and Losses from Derecognition of Nonfinancial Assets . We recognize sales of assets only upon the closing of the transactions with the purchaser. We recognize gains on assets sold when we transfer control of the asset upon closing and if the collectability of the sales price is reasonably assured. Sales of our real estate are generally not executory across points in time and our performance obligations from these contracts are expected to fall within a single period. We did not have any asset sale subsequent to our adoption of ASU 2017-05. Gains on all of our asset sales, which occurred prior to our adoption of ASU 2017-05, were recognized using the full accrual method upon closing if the collectability of the sales price is reasonably assured, we are not obligated to perform any significant activities after the sale to earn the profit, we have received adequate initial investment from the purchaser, and other profit recognition criteria has been satisfied. Stock Options Options granted to our directors are measured at fair value at the grant date with the related expense recognized over the service term, if any. Termination Fee to Affiliate This represents amount due to the Manager pursuant to the termination of the Management Agreement with the Manager. Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Redeemable Preferred Stock to the Manager as consideration for the termination of the Management Agreement. The Redeemable Preferred Stock are non-voting and have a $100 liquidation preference. Holders of the Redeemable Preferred Stock are entitled to cumulative cash dividends at a rate per annum of 6.00% on the liquidation preference amount plus all accumulated and unpaid dividends. In the event of any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of the Redeemable Preferred Stock will receive out of the assets of the Company legally available for distribution to its stockholders before any payment is made to the holders of any series of preferred stock ranking junior to the Redeemable Preferred Stock or to any holder of the Company’s common stock but subject to the rights of any class or series of securities ranking senior to or on parity with the Redeemable Preferred Stock, a payment per share equal to the liquidation preference plus any accumulated and unpaid dividends. We may redeem, at any time, all but not less than all of the shares of Redeemable Preferred Stock for cash at a price equal to the liquidation preference amount of the Series A Preferred Stock plus all accumulated and unpaid dividends thereon (the “Redemption Price”). On or after December 31, 2020, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem up to 50% of the outstanding shares of Redeemable Preferred Stock, and on or after December 31, 2021, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem all or any portion of the outstanding shares of Redeemable Preferred Stock, in each case, for cash at the Redemption Price. Upon the occurrence of a Change of Control (as defined in the certificate of designation governing the Redeemable Preferred Stock), the Redeemable Preferred Stock is required to be redeemed in whole at the Redemption Price. Due to the ability of the holders to require us to redeem the outstanding shares, the Redeemable Preferred Stock is excluded from Equity in our Consolidated Balance Sheets. Recently Issued or Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases ("ASC 842"). This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We expect to adopt ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019. We expect to elect the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. In addition, we expect to implement an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Upon adoption, we expect to recognize both the right of use assets and lease liabilities for our existing corporate office, land and equipment operating leases on our Consolidated Balance Sheets. Our minimum lease payments under the existing operating leases are approximately $3.3 million as of January 1, 2019, which will be discounted to present value in order to establish the initial right of use assets and lease liabilities for our operating leases. Resident leases within our Managed Properties segments contain service components. We expect to elect the practical expedient to account for our resident leases as a single lease component. Upon adoption of ASC 842, capital leases under current accounting guidance will be classified as finance leases and we do not expect a significant change to our accounting for such leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments . This standard replaces the current incurred loss methodology with a methodology that reflects expected credit losses. Under this methodology, a company would recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted beginning after December 15, 2018. We are assessing the impact this guidance may have on our consolidated financial statements. On January 1, 2018, we adopted ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash , which requires that the statement of cash flows include a reconciliation and explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard impacts the presentation of our Consolidated Statements of Cash Flows as activity between cash and cash equivalents and restricted cash is no longer presented in our operating, financing or investing activities. Upon adoption, the changes in classification within the statement of cash flows is applied retrospectively to all periods presented. As a result of the retrospective application, our net cash provided by operating and investing activities decreased by $1.1 million and $6.9 million, respectively, for the year ended December 31, 2017 and increased by $3.0 million and $2.3 million, respectively, for the year ended December 31, 2016. On January 1, 2018, we adopted ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments , which provides guidance on how certain cash receipts and cash payments are to be presented and classified on the statement of cash flows. The adoption of this standard did not have a material impact on our consolidated financial statements. |
EXTRAORDINARY AND UNUSUAL ITEMS
EXTRAORDINARY AND UNUSUAL ITEMS | 12 Months Ended |
Dec. 31, 2018 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | LEASE TERMINATION On May 9, 2018, we entered into a lease termination agreement with affiliates of Holiday to terminate our triple net leases relating to the Holiday Portfolio. The Lease Termination was effective May 14, 2018. We received total consideration of $115.6 million, including a $70.0 million termination payment and retention of $45.6 million in security deposits held by us. In connection with the Lease Termination, we also assumed ownership of certain furniture, fixtures, equipment and other improvements with a fair market value of $10.1 million. As a result of the Lease Termination, we recognized a gain on lease termination of $40.1 million after adjusting for write-offs of straight-line rent receivables of $84.3 million and net above-market rent lease intangible assets of $1.2 million. Concurrently with the Lease Termination, we entered into property management agreements with Holiday pursuant to which we pay a management fee equal to a monthly base fee in the amount of 5% of effective gross income in the first year of the term and 4.5% of effective gross income for the remainder of the term. In addition, Holiday is eligible to earn an annual incentive fee of up to 2% of effective gross income if the Holiday Portfolio achieves certain performance thresholds. The agreements may be terminated without penalty after the first year of the term. |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Dispositions [Abstract] | |
DISPOSITIONS | DISPOSITIONS 2017 Activity In November, we sold a portfolio of nine AL/MC properties in the Managed AL/MC Properties segment for a purchase price of $109.5 million and recognized a gain on sale of $6.9 million, net of selling costs. In connection with this sale we repaid $78.7 million of debt. In December, we sold a portfolio of six properties (four CCRCs, one IL and one AL/MC) in the Triple Net Lease Properties segment for a purchase price of $186.0 million, including lease termination fees, and recognized a gain on sale of $42.3 million, net of selling costs. In connection with this sale, we repaid $98.1 million of debt. The following table presents the revenues and expenses of the above portfolios: 2017 2016 Revenues Resident fees and services $ 28,910 $ 34,370 Rental revenue 16,893 17,490 Total revenues 45,803 51,860 Expenses Property operating expense 23,413 27,033 Depreciation and amortization 7,212 19,205 Interest expense 7,262 7,630 Total expenses $ 37,887 $ 53,868 In addition to the above transactions, we sold four properties (two AL/MC and two IL) in the Managed Properties segments for a purchase price of $48.5 million and recognized a gain on sale of $22.5 million, net of selling costs. In connection with these sales, we repaid $28.0 million of debt. 2016 Activity We sold two AL/MC properties for a purchase price of $23.0 million and recognized a gain on sale of $13.4 million, net of selling costs. In connection with this sale, we repaid $13.7 million of debt associated with these properties and, pursuant to the Property Management Agreement, paid an early termination fee of $1.8 million to Blue Harbor, which is included in “Acquisition, transaction and integration expense” in our Consolidated Statements of Operations. |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 177,956 $ — $ 177,956 $ 182,238 $ — $ 182,238 Building and improvements 2,211,318 (269,137) 1,942,181 2,216,461 (208,540) 2,007,921 Furniture, fixtures and equipment 124,495 (89,231) 35,264 113,063 (67,254) 45,809 Total real estate investments $ 2,513,769 $ (358,368) $ 2,155,401 $ 2,511,762 $ (275,794) $ 2,235,968 Depreciation expense was $87.7 million, $91.6 million and $92.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. The following table summarizes our real estate intangibles: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Above/below market lease intangibles, net $ — $ — $ — N/A $ 1,607 $ (380) $ 1,227 12.9 years In-place lease and other intangibles 8,638 (2,877) 5,761 42.1 years 262,831 (248,818) 14,013 18.3 years Total intangibles $ 8,638 $ (2,877) $ 5,761 $ 264,438 $ (249,198) $ 15,240 Amortization expense was $8.3 million, $48.3 million and $92.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Additionally, amortization of above/below market leases was not material for the year ended December 31, 2018, and $0.1 million for both years ended December 31, 2017 and 2016, and is reported as a net reduction to “Rental revenue” in our Consolidated Statements of Operations. During the year ended December 31, 2018, we wrote-off $254.2 million of fully amortized in-place lease and other intangible assets. The following table sets forth the estimated future amortization of intangible assets as of December 31, 2018: Years Ending December 31 2019 $ 354 2020 354 2021 354 2022 354 2023 354 Thereafter 3,991 Total intangibles $ 5,761 Real estate impairment We evaluated long-lived assets, primarily consisting of our real estate investments, for impairment indicators. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. Where indicators of impairment are present, we evaluated whether the sum of the expected future undiscounted cash flows is less than book value. We recognized impairment of real estate held for sale of $8.7 million for the year ended December 31, 2018 in our Consolidated Statements of Operations, which represents the charge necessary to adjust the carrying values of certain properties classified as held for sale to their estimated fair values less costs to sell. Impact of hurricanes During the year ended 2018, we recognized $0.6 million for damage remediation and other incremental costs for six properties impacted by Hurricane Florence, which are included in “Other expense” in our Consolidated Statements of Operations. We do not expect additional remediation costs in subsequent periods to be material. |
STRAIGHT-LINE RENT RECEIVABLES
STRAIGHT-LINE RENT RECEIVABLES | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
STRAIGHT-LINE RENT RECEIVABLES | STRAIGHT-LINE RENT RECEIVABLES Rental revenue from the Triple Net Lease Properties segment is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from our tenants during the first half of the lease term, creating a straight-line rent receivable. Our straight-line rent receivables were $3.5 million and $82.4 million as of December 31, 2018 and 2017, respectively. The decrease in straight-line rent receivables is due to the write-off of $84.3 million in conjunction with the Lease Termination, effective as of May 14, 2018, and is included in “Gain on lease termination” in our Consolidated Statements of Operations. Refer to Note 3 for additional details related to the Lease Termination. We assess the collectability of straight-line rent receivables on an ongoing basis. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history of the triple net lease tenant, the tenant’s ability to satisfy its lease obligations, the value of the underlying collateral or deposit, if any, and current economic conditions. We considered the timeliness of lease payments, compliance with lease terms, security and other deposits posted by the tenant and collateral provided by the lease guarantor and determined no reserve was necessary for the periods presented. |
RECEIVABLES AND OTHER ASSETS, N
RECEIVABLES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
RECEIVABLES AND OTHER ASSETS, NET | RECEIVABLES AND OTHER ASSETS, NET December 31, 2018 December 31, 2017 Escrows held by lenders (A) $ 17,268 $ 16,936 Prepaid expenses 5,451 4,490 Resident receivables, net 3,200 2,672 Deferred tax assets — 5,475 Security deposits 2,966 3,222 Income tax receivable 782 802 Assets held for sale (B) 13,223 — Other assets and receivables 6,290 3,450 Total receivables and other assets, net $ 49,180 $ 37,047 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s properties. (B) The balance as of December 31, 2018 represents two AL/MC properties in the Managed AL/MC Properties segment and primarily consists of the carrying value of buildings and land. We estimate the fair value of assets held for sale based on current sales price expectation less estimated cost to sell, which we deem to be classified as level 3 within the fair value hierarchy. The following table summarizes the allowance for doubtful accounts and the related provision for resident receivables: Year Ended December 31, 2018 2017 2016 Balance, beginning of period $ 938 $ 976 $ 509 Provision for bad debt 2,301 2,228 2,150 Write-offs, net of recoveries (1,727) (2,266) (1,683) Balance, end of period $ 1,512 $ 938 $ 976 The provision for resident receivables and related write-offs are included in “Property operating expense” in our Consolidated Statements of Operations. |
MORTGAGE NOTES PAYABLE, NET
MORTGAGE NOTES PAYABLE, NET | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
MORTGAGE NOTES PAYABLE, NET | DEBT, NET December 31, 2018 December 31, 2017 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Managed Properties Fixed Rate $ 464,680 $ 462,139 Sep 2025 4.25% 6.6 $ 563,526 $ 560,182 Floating Rate (B) (C) (D) 1,390,566 1,372,505 Dec 2021 - Nov 2025 1M LIBOR + 2.29% to 1M LIBOR + 2.50% 5.1 640,880 636,166 Triple Net Lease Properties Fixed Rate ( E ) — — — — — 669,656 660,646 Floating Rate ( F ) 50,276 50,238 Apr 2019 3M LIBOR + 3.00% 0.3 51,036 50,934 Total $ 1,905,522 $ 1,884,882 5.3 $ 1,925,098 $ 1,907,928 (A) The totals are reported net of deferred financing costs of $20.6 million and $17.2 million as of December 31, 2018 and 2017, respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.30% and 3.71% as of December 31, 2018. (C) The amount as of December 31, 2018 includes $720.0 million of debt that was refinanced in October 2018. (D) Includes $69.0 million of borrowings outstanding under our revolving credit facility secured by certain Managed Properties as of December 31, 2018. (E) The amounts as of December 31, 2017 represent loans under previous terms, which were refinanced and replaced in May 2018. See below for further information. (F) We have an option to extend the maturity date to April 2020, subject to a fee of 0.125% of the then-outstanding principal balance. The carrying values of the collateral relating to fixed rate and floating rate mortgages were $0.5 billion and $1.6 billion as of December 31, 2018 and $1.5 billion and $0.8 billion as of December 31, 2017, respectively. The fair values of mortgage notes payable as of December 31, 2018 and 2017 were $1.9 billion and $1.9 billion, respectively. Mortgage notes payable are not measured at fair value in our Consolidated Balance Sheets. The fair value of mortgage notes payable, classified as level 3 within the fair value hierarchy, is based on a discounted cash flow valuation model. Significant inputs in the model include amounts and timing of expected future cash flows and market yields which are constructed based on inputs implied from similar debt offerings. In December 2018, we entered into a three he Loan may be used for the issuance of letters of credit, and (ii) a portion in an amount of 10% of the Loan may be drawn by us in the form of swing loans. We pay a fee for unused amounts of the Loan under certain circumstances, which is immaterial as of December 31, 2018. Concurrently on the same day, we used the funds from the financing to prepay an aggregate of $125.4 million of secured loans. We recognized a loss on extinguishment of debt of $1.5 million, comprising of $1.2 million in prepayment penalties and $0.3 million in the write-off of unamortized deferred financing costs on the loans. We incurred a total of $3.1 million in deferred financing costs, which have been capitalized and are being amortized over the life of the Loan and the amortization is included in interest expense in our Consolidated Statements of Operations. As of December 31, 2018, there was $69.0 million of borrowings outstanding under the Loan. In May 2018, we repaid $663.8 million of secured loans in conjunction with the Lease Termination. We recognized a loss on extinguishment of debt of $58.5 million, comprising of $51.9 million in prepayment penalties and $6.6 million in the write-off of unamortized deferred financing costs on the loans. The repayment was facilitated by a one-year secured term loan of $720.0 million bearing interest at LIBOR plus 4.0% for the first six months and increasing by 50 basis points after the sixth monthly payment date and by an additional 50 basis points after the ninth monthly payment date (the "Term Loan"). We incurred a total of $12.3 million in deferred financing costs, which have been capitalized and amortized over the life of the Term Loan and the amortization is included in interest expense in our Consolidated Statements of Operations. In October 2018, we refinanced the Term Loan with a seven-year secured loan of $720.0 million bearing interest at LIBOR plus 2.32%. We recognized a loss on extinguishment of debt of $6.2 million, which represents the write off of unamortized deferred financing costs. We incurred a total of $11.8 million in deferred financing costs, which have been capitalized and are being amortized over the life of the loan and the related amortization is included in interest expense in our Consolidated Statements of Operations. In February 2018, we exercised an option to extend a balloon payment of $50.7 million from April 2018 to April 2019. We repaid $1.5 billion and $13.7 million of debt during the years ended December 31, 2018 and 2017, respectively, and recognized a loss on extinguishment of debt of $66.2 million and $3.9 million, respectively, which represents exit fees and the write-off of related unamortized deferred financing costs. Our debt has contractual maturities as follows: Principal Payments Balloon Payments Total 2019 (A) $ 10,266 $ 50,031 $ 60,297 2020 12,325 — 12,325 2021 19,619 69,000 88,619 2022 21,888 567,043 588,931 2023 19,817 — 19,817 Thereafter 37,179 1,098,354 1,135,533 Total outstanding face amount $ 121,094 $ 1,784,428 $ 1,905,522 (A) We have an option to extend a balloon payment of approximately $50.0 million to April 2020, subject to a fee of 0.125% of the then-outstanding principal balance. Our debt contains various customary financial and other covenants, in some cases including Debt Service Coverage Ratio, Project Yield or Minimum Net Worth, Minimum Consolidated Tangible Net Worth, Adjusted Consolidated EBITDA to Fixed Charges and Liquid Assets provision, as defined in the agreements. We were in compliance with the covenants in our debt agreements as of December 31, 2018. Interest rate caps In October 2018, we paid $2.5 million to enter into an interest rate cap on the refinancing of the Term Loan, which caps LIBOR at 3.68%, has a notional value of $720.0 million and is effective through November 1, 2021. In May 2018, we paid $0.1 million to enter into an interest rate cap on the Term Loan, which caps LIBOR at 3.50%, had a notional value of $720.0 million and is effective through May 2019. This interest rate cap was terminated when the Term Loan was refinanced in October 2018. In March 2018, we paid $0.3 million to renew an interest rate cap on our floating rate debt, which caps LIBOR at 3.66%, has a notional value of $591.2 million and is effective through April 2020. We recognized fair value losses of $2.2 million, $0.1 million and $0.2 million for the years ended December 31, 2018, 2017 and 2016, respectively, and are included in “Other expense” in our Consolidated Statements of Operations and “Other non-cash expense” in our Consolidated Statements of Cash Flows. The fair value of the interest rate caps was $0.6 million as of December 31, 2018 and is included in “Receivables and other assets, net” in our Consolidated Balance Sheets. The fair value as of December 31, 2017 was not material. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | ACCRUED EXPENSES AND OTHER LIABILITIES December 31, 2018 December 31, 2017 Security deposits payable $ 2,766 $ 46,291 Escrow liabilities (A) 1,063 6,664 Accounts payable 13,232 9,794 Mortgage interest payable 7,441 6,297 Deferred community fees, net 6,454 4,612 Rent collected in advance 3,843 2,091 Property tax payable 4,880 3,331 Other liabilities 13,000 5,584 Total accrued expenses and other liabilities $ 52,679 $ 84,664 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties. |
TRANSACTIONS WITH AFFILIATES
TRANSACTIONS WITH AFFILIATES | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH AFFILIATES | TRANSACTIONS WITH AFFILIATES Management Agreements In conjunction with the spin-off from Drive Shack, New Senior entered into a Management Agreement with the Manager dated November 6, 2014 (effective November 7, 2014), under which the Manager advised us on various aspects of our business and manages our day-to-day operations, subject to the supervision of our board of directors. For its management services, the Manager was entitled to a base management fee of 1.5% per annum of our gross equity. Gross equity is generally defined as the equity invested by Drive Shack (including cash contributed to us) as of the completion of the spin-off from Drive Shack, plus the aggregate offering price from stock offerings, plus certain capital contributions to subsidiaries, less capital distributions (calculated without regard to depreciation and amortization) and repurchases of common stock, calculated and payable monthly in arrears in cash. During the years ended December 31, 2018, 2017 and 2016, we incurred management fees of $14.8 million, $15.3 million and $15.4 million, respectively, under the Management Agreement, which is included in “Management fees and incentive compensation to affiliate” in our Consolidated Statements of Operations. As of December 31, 2018 and 2017, we had a payable for management fees of $3.7 million and $1.3 million, respectively, which is included in “Due to affiliates” in our Consolidated Balance Sheets. On November 19, 2018, we entered into definitive agreements with the Manager to internalize our management, effective December 31, 2018. In connection with the Internalization, we also entered into a Transition Services Agreement with the Manager to continue to provide certain services for a transition period. In connection with the termination of the Management Agreement, we (i) made a one-time cash payment of $10.0 million to the Manager in January 2019, and (ii) issued to the Manager 400,000 shares of our newly created Redeemable Preferred Stock with an aggregate fair value of $40.0 million. As of December 31, 2018, we had a payable to the Manager for the termination fee of $10.0 million, which is included in “Due to affiliates” in our Consolidated Balance Sheets. Management fees discussed herein are through the end of the year ended December 31, 2018. The Manager was entitled to receive, on a quarterly basis, incentive compensation on a cumulative, but not compounding basis, in an amount equal to the product of (A) 25% of the dollar amount by which (1)(a) funds from operations (as defined in the Management Agreement) before the incentive compensation per share of common stock, plus (b) gains (or losses) from sales of property per share of common stock, plus (c) internal and third party acquisition-related expenses, plus (d) unconsummated transaction expenses, and plus (e) other non-routine items (as defined in the Management Agreement), exceed (2) an amount equal to (a) the weighted average value per share of the equity invested by Drive Shack in the assets of New Senior (including cash contributed to us) as of the completion of the spin-off and the price per share of our common stock in any offerings by us (adjusted for prior capital dividends or capital distributions, which shall be calculated without regard to depreciation and amortization and repurchases of common stock) multiplied by (b) a simple interest rate of 10% per annum, multiplied by (B) the weighted average number of shares of common stock outstanding. The Manager earned no incentive compensation for the year ended December 31, 2018. During the years ended December 31, 2017 and 2016, the Manager earned incentive compensation of $2.9 million and $2.7 million, respectively, which is included in “Management fees and incentive compensation to affiliate” in our Consolidated Statements of Operations. We did not have a payable for incentive compensation for the years ended December 31, 2018 and 2017. As of December 31, 2016, we had a payable for incentive compensation of $2.1 million, which is included in “Due to affiliates” in our Consolidated Balance Sheets. The Manager was also entitled to receive, upon the successful completion of an equity offering, options with respect to 10% of the number of shares sold in the offering with an exercise price equal to the price paid by the purchaser in the offering. Because the Manager’s employees performed certain legal, accounting, due diligence, asset management and other services that outside professionals or outside consultants otherwise would perform, the Manager was paid or reimbursed, pursuant to the Management Agreement, for the cost of performing such tasks, provided that such costs and reimbursements were no greater than those which would be paid to outside professionals or consultants on an arm’s-length basis. We were also required to pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. We were required to pay expenses that include, but are not limited to, issuance and transaction costs incidental to the sourcing, evaluation, acquisition, management, disposition, and financing of our investments, legal, underwriting, sourcing, asset management and accounting and auditing fees and expenses, the compensation and expenses of independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings, the costs of printing and mailing proxies and reports to our stockholders, costs incurred by employees or agents of the Manager for travel on our behalf, costs associated with any computer software or hardware that is used by us, costs to obtain liability insurance to indemnify directors and officers and the compensation and expenses of our transfer agent. The following table summarizes our reimbursement to the Manager for costs incurred for tasks and other services performed by the Manager under the Management Agreement: Year Ended December 31, 2018 2017 2016 Included in: General and administrative expense $ 6,320 $ 7,570 $ 8,158 Acquisition, transaction and integration expense 1,172 1,697 1,610 Total reimbursements to the Manager $ 7,492 $ 9,267 $ 9,768 As of December 31, 2018 and 2017, we had a payable for Manager reimbursements of $2.2 million and $1.3 million, respectively, which is included in “Due to affiliates” in our Consolidated Balance Sheets. Property Management Agreements Within our Managed Properties segments we are party to Property Management Agreements with Blue Harbor, an affiliate of Fortress, and Holiday, a portfolio company that is majority owned by a private equity fund managed by an affiliate of Fortress, to manage most of our senior housing properties. Pursuant to these Property Management Agreements, we pay monthly property management fees. For AL/MC properties managed by Blue Harbor and Holiday, we pay management fees equal to 6% of effective gross income for the first two years and 7% thereafter. For IL properties managed by Blue Harbor and Holiday, we generally pay management fees equal to 5% of effective gross income. For certain property management agreements, we may also pay an incentive fee based on operating performance of the properties. No incentive fees were incurred during the years ended December 31, 2018, 2017 and 2016. Property management fees are included in “Property operating expense” in our Consolidated Statements of Operations. Other amounts paid to affiliated managers that are included in property operating expense are payroll expense and travel reimbursement costs. The payroll expense is structured as a reimbursement to the Property Manager, who is the employer of record. The following table summarizes property management fees and reimbursements paid to Property Managers affiliated with Fortress: Year Ended December 31, 2018 2017 2016 Property management fees $ 20,691 $ 18,296 $ 19,724 Travel reimbursement costs 225 304 366 Property-level payroll expenses 101,443 92,167 104,180 As of December 31, 2018 and 2017, we had payables for property management fees of $2.1 million and $1.4 million, respectively, and property-level payroll expenses of $8.2 million and $5.6 million, respectively, which are included in “Due to affiliates” in our Consolidated Balance Sheets. The Property Management Agreements with affiliated managers have initial terms of 5 or 10 years and provide for automatic one In October 2016, we sold two properties and, pursuant to the Property Management Agreement, paid an early termination fee of $1.8 million to Blue Harbor. See Note 4 for further information. Triple Net Lease Agreements On May 9, 2018, we entered into a lease termination agreement to terminate our triple net leases with affiliates of Holiday. The Lease Termination was effective May 14, 2018. We received total consideration of $115.6 million, including a $70.0 million termination payment and retention of $45.6 million in security deposits held by us. Prior to the Lease Termination, we received monthly rent payments in accordance with the lease terms. Such payments amounted to $28.5 million, $74.2 million and $71.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Code. However, certain of our activities are conducted through our TRS and therefore are subject to federal and state income taxes at regular corporate tax rates. The following table presents the provision (benefit) for income taxes: Year Ended December 31, 2018 2017 2016 Current Federal $ (42) $ (10) $ 16 State and local 360 337 326 Total current provision 318 327 342 Deferred Federal 4,490 3,376 89 State and local 986 (191) 8 Total deferred provision 5,476 3,185 97 Total provision (benefit) for income taxes $ 5,794 $ 3,512 $ 439 Generally, our effective tax rate differs from the federal statutory rate as a result of state and local taxes and non-taxable REIT income. The table below provides a reconciliation of our provision for income taxes, based on the statutory rate of 21%, to the effective tax rate. Year Ended December 31, 2018 2017 2016 Statutory U.S. federal income tax rate 21.00 % 35.00 % 35.00 % Non-taxable REIT (loss) (20.99) % (32.19) % (35.16) % State and local taxes (0.86) % 0.61 % (0.39) % Change in federal tax rate — % 18.87 % — % Valuation allowance (2.94) % — % — % Other — % 0.06 % (0.06) % Effective income tax rate (3.79) % 22.35 % (0.61) % The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities are presented below: December 31, 2018 2017 Deferred tax assets: Prepaid fees and rent $ 770 $ 790 Net operating loss 4,225 4,050 Deferred rent 272 949 Tax credits — 42 Other 122 99 Total deferred tax assets 5,389 5,930 Less valuation allowance 5,354 — Net deferred tax assets 35 5,930 Deferred tax liabilities: Depreciation and amortization 35 455 Total deferred tax liabilities 35 455 Total net deferred tax assets $ — $ 5,475 Net deferred tax assets are included within “Receivables and other assets, net” in our Consolidated Balance Sheets. As of December 31, 2018, our TRS had a loss carryforward of approximately $16.8 million for federal and state income tax purposes, which will expire at the end of 2034. The net operating loss carryforward can generally be used to offset future taxable income, if and when it arises. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act includes a number of significant changes to existing U.S. corporate income tax laws, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent, effective January 1, 2018. We measure deferred tax assets using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, our deferred tax assets were remeasured to reflect the reduction in the U.S. corporate income tax rate, resulting in a non-recurring $3.0 million increase in income tax expense for the year ended December 31, 2017 and a corresponding decrease of the same amount in our deferred tax assets as of December 31, 2017. In assessing the recoverability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income by the TRS during the periods in which temporary differences become deductible and before the net operating loss carryforward expires. We have recorded a valuation allowance of $5.4 million against our net deferred tax assets as of December 31, 2018 as management believes that it is more likely than not that our net deferred tax assets will not be realized. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present. New Senior and our TRS file income tax returns with the U.S. federal government and various state and local jurisdictions. Generally, we are no longer subject to tax examinations by tax authorities for tax years ended prior to December 31, 2015. The examination of our TRS federal income tax return for the year ended December 31, 2013 was completed and is no longer subject to examination. The conclusion of the examination resulted in a minimal reduction to the TRS’s net operating loss carryforward. We have assessed our tax positions for all open years and concluded that there are no material uncertainties to be recognized. As of December 31, 2018, we do not believe that there will be a significant change to uncertain tax positions during the next 12 months. |
EQUITY AND EARNINGS PER SHARE
EQUITY AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
EQUITY AND EARNINGS PER SHARE | REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Redeemable Preferred Stock to the Manager as consideration for the termination of the Management Agreement. The Redeemable Preferred Stock are non-voting and have a $100 liquidation preference. Holders of the Redeemable Preferred Stock are entitled to cumulative cash dividends at a rate per annum of 6.00% on the liquidation preference amount plus all accumulated and unpaid dividends. In the event of any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of the Redeemable Preferred Stock will receive out of the assets of the Company legally available for distribution to its stockholders before any payment is made to the holders of any series of preferred stock ranking junior to the Redeemable Preferred Stock or to any holder of the Company’s common stock but subject to the rights of any class or series of securities ranking senior to or on parity with the Redeemable Preferred Stock, a payment per share equal to the liquidation preference plus any accumulated and unpaid dividends. We may redeem, at any time, all but not less than all of the shares of Redeemable Preferred Stock for cash at a price equal to the liquidation preference amount of the Redeemable Preferred Stock plus all accumulated and unpaid dividends thereon (the “Redemption Price”). On or after December 31, 2020, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem up to 50% of the outstanding shares of Redeemable Preferred Stock, and on or after December 31, 2021, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem all or any portion of the outstanding shares of Redeemable Preferred Stock, in each case, for cash at the Redemption Price. Upon the occurrence of a Change of Control (as defined in the certificate of designation governing the Redeemable Preferred Stock), the Redeemable Preferred Stock is required to be redeemed in whole at the Redemption Price. Due to the ability of the holders to require us to redeem the outstanding shares, the Redeemable Preferred Stock is excluded from Equity and reflected in our consolidated Balance Sheets at its initial fair value of $40.0 million. Equity and Dividends During the years ended December 31, 2018, 2017 and 2016, we declared dividends per common share of $0.78, $1.04 and $1.04, respectively. As of December 31, 2018, approximately 1.3 million shares of our common stock were held by Fortress, through its affiliates, and its principals. Option Plan Our board of directors has adopted as of January 1, 2019 an Amended and Restated Nonqualified Stock Option and Incentive Award Plan (the “Plan”) providing for the grant of equity-based awards, including restricted stock, stock options, stock appreciation rights, performance awards and other equity-based and non-equity based awards, in each case to our directors, officers, employees, service providers, consultants and advisors. W e have reserved 27,922,570 shares of our com mon stock for issuance under the Plan. Prior to the spin-off, Drive Shack had issued rights relating to shares of Drive Shack’s common stock (the “Drive Shack options”) to the Manager in connection with capital raising activities. In connection with the spin-off, 5.5 million options that were held by the Manager, or by the directors, officers or employees of the Manager, were converted into an adjusted Drive Shack option and a right relating to a number of shares of New Senior common stock (the “New Senior option”). The exercise price of each adjusted Drive Shack option and New Senior option was set to collectively maintain the intrinsic value of the Drive Shack option immediately prior to the spin-off and to maintain the ratio of the exercise price of the adjusted Drive Shack option and the New Senior option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five 2018 Activity In the first quarter of 2018, strike prices for outstanding options were reduced by $1.04, reflecting the portion of our 2017 dividends which were deemed return of capital. In March 2018, we granted options to a new director relating to 5,000 shares of common stock, the grant date fair value of which was not material. 2017 Activity In the first quarter of 2017, strike prices for outstanding options were reduced by $0.97, reflecting the portion of our 2016 dividends which were deemed return of capital. 2016 Activity In the first quarter of 2016, strike prices for outstanding options were reduced by $0.98, reflecting the portion of our 2015 dividends which were deemed return of capital. In March 2016, we granted options to a new director relating to 5,000 shares of common stock, the grant date fair value of which was not material. Our outstanding options are summarized as follows: Options Outstanding at December 31, 2017 2018 Activity Options Outstanding at December 31, 2018 Expired Reverted to Manager Granted/Transferred Held by the Manager 6,734,742 — 402,282 — 7,137,024 Issued to the Manager and subsequently transferred to certain of the Manager’s employees 402,282 — (402,282) — — Issued to the independent directors 25,000 — — 5,000 30,000 Total outstanding options 7,162,024 — — 5,000 7,167,024 The following table summarizes our outstanding options as of December 31, 2018. The last sale price on the NYSE for our common stock in the year ended December 31, 2018 was $4.12 per share. Recipient Date of Grant (A) Options Outstanding and Exercisable Weighted Average Exercise Price (B) Intrinsic Value (millions) Manager March 2011 182,527 $ 4.19 $ — Manager September 2011 283,305 1.10 0.9 Manager April 2012 257,660 4.67 — Manager May 2012 312,026 5.76 — Manager July 2012 346,343 5.72 — Manager January 2013 958,331 11.43 — Manager February 2013 383,331 13.86 — Manager June 2013 670,829 14.90 — Manager November 2013 965,847 16.24 — Manager August 2014 765,416 17.90 — Directors November 2014 20,000 14.22 — Manager June 2015 2,011,409 10.76 — Directors March 2016 5,000 8.11 — Directors March 2018 5,000 7.79 — Total 7,167,024 Aggregate: Weighted average exercise price $ 11.68 Weighted average remaining life (years) 4.9 Intrinsic value (millions) $ 0.9 (A) Options expire on the tenth anniversary from date of grant. (B) The strike prices are subject to adjustment in connection with return of capital dividends. Earnings Per Share Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. Our common stock equivalents are our outstanding stock options. The following table presents the amounts used in computing our basic EPS and diluted EPS: Year Ended December 31, 2018 2017 2016 Numerator Net (loss) income applicable to common shares $ (159,355) $ 12,208 $ (72,249) Denominator Basic weighted average shares of common stock 82,148,869 82,145,295 82,357,349 Stock options (A) — 596,027 — Diluted weighted average shares of common stock 82,148,869 82,741,322 82,357,349 Basic earnings per common share $ (1.94) $ 0.15 $ (0.88) Diluted earnings per common share $ (1.94) $ 0.15 $ (0.88) (A) During the years ended December 31, 2018 and 2016, 499,957 and 539,783 potentially dilutive shares, respectively, were excluded given our loss position, so basic EPS and diluted EPS were the same for each reporting period. |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISK The following table presents our managed properties and triple net lease properties as a percentage of total real estate investments (based on their carrying amount): December 31, 2018 2017 2016 Holiday - Managed Properties (A) IL Properties 79.9 % 42.4 % 40.0 % AL/MC Properties 1.7 % 2.0 % 6.8 % Holiday - Triple Net Lease Properties (A) — % 36.8 % 32.7 % Blue Harbor IL Properties 0.7 % 0.7 % 0.6 % AL/MC Properties 9.1 % 9.6 % 9.9 % Other 8.6 % 8.5 % 10.0 % (A) Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. These assets are included in the Holiday Managed IL Properties as of December 31, 2018. Managed Properties The following table presents the properties managed by Holiday and Blue Harbor as a percentage of segment real estate investments, net, segment revenue and segment NOI: As of and for the year ended December 31, 2018 2017 2016 Holiday Blue Harbor Holiday Blue Harbor Holiday Blue Harbor Segment real estate investments, net IL Properties 81.8 % 0.8 % 69.7 % 1.2 % 66.9 % 1.1 % AL/MC Properties 1.8 % 9.3 % 3.4 % 15.7 % 11.3 % 16.4 % Segment revenue IL Properties 65.1 % 1.9 % 48.9 % 2.1 % 47.0 % 2.0 % AL/MC Properties 4.0 % 20.9 % 14.8 % 26.2 % 18.9 % 27.6 % Segment NOI IL Properties 79.1 % 1.2 % 64.2 % 1.2 % 60.7 % 1.3 % AL/MC Properties 1.9 % 14.5 % 9.2 % 20.7 % 11.6 % 22.9 % Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. The real estate investments, net, revenue and NOI for such properties following the Lease Termination have been included in the Managed IL Properties segment above. This resulted in a significant increase in the segment real estate investments, net, revenue and NOI of the Managed IL Properties. Because Holiday and Blue Harbor manage, but do not lease our properties in the Managed Properties segments, we are not directly exposed to their credit risk in the same manner or to the same extent as that of our triple net lease tenants. However, we rely on Holiday and Blue Harbor’s personnel, expertise, accounting resources and information systems, proprietary information, good faith and judgment to manage our properties efficiently and effectively. We also rely on Holiday and Blue Harbor to otherwise operate our properties in compliance with the terms of the Property Management Agreements, although we have various rights as the property owner to terminate and exercise remedies under the Property Management Agreements. Holiday’s and Blue Harbor ’ s inability or unwillingness to satisfy their obligations under those agreements, to efficiently and effectively manage our properties, or to provide timely and accurate accounting information could have a material adverse effect on us. Additionally, significant changes in Holiday’s and Blue Harbor ’ s senior management or adverse developments in their business and affairs or financial condition could have a material adverse effect on us. Triple Net Lease Properties The following table presents rental revenue in our triple net lease agreements with the tenant for the Holiday Portfolios as a percentage of our total revenue and total NOI: Year Ended December 31, 2018 2017 2016 Total revenue 7.4 % 19.9 % 18.9 % Total NOI 18.7 % 40.7 % 38.9 % Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. The revenue and NOI for such properties following the Lease Termination has been excluded from the Triple Net Lease Properties segment above. This resulted in a significant decrease in total revenue and NOI attributable to the Holiday Portfolios. |
FUTURE MINIMUM RENTS
FUTURE MINIMUM RENTS | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTS | FUTURE MINIMUM RENTS The following table sets forth future contracted minimum rents from the tenant within the Triple Net Lease Properties segment, excluding contingent payment escalations, as of December 31, 2018: Years Ending December 31 2019 $ 5,746 2020 5,904 2021 6,066 2022 6,233 2023 6,405 Thereafter 45,469 Total future minimum rents $ 75,823 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES As of December 31, 2018, management believes there are no material contingencies that would affect our results of operations, cash flows or financial position. Certain Obligations, Liabilities and Litigation We are and may become subject to various obligations, liabilities, investigations, inquiries and litigation assumed in connection with or arising from our on-going business, as well as acquisitions, sales, leasing and other activities. These obligations and liabilities (including the costs associated with investigations, inquiries and litigation) may be greater than expected or may not be known in advance. Any such obligations or liabilities could have a material adverse effect on our financial position, cash flows and results of operations, particularly if we are not entitled to indemnification, or if a responsible third party fails to indemnify us. Certain Tax-Related Covenants If we are treated as a successor to Drive Shack under applicable U.S. federal income tax rules, and if Drive Shack failed to qualify as a REIT for a taxable year ending on or before December 31, 2015, we could be prohibited from electing to be a REIT. Accordingly, in the separation and distribution agreement entered into to effect our spin-off from Drive Shack (“Separation and Distribution Agreement”), Drive Shack (i) represented that it had no knowledge of any fact or circumstance that would cause us to fail to qualify as a REIT, (ii) covenanted to use commercially reasonable efforts to cooperate with New Senior as necessary to enable us to qualify for taxation as a REIT and receive customary legal opinions concerning REIT status, including providing information and representations to us and our tax counsel with respect to the composition of Drive Shack’s income and assets, the composition of its stockholders and its operation as a REIT, and (iii) covenanted to use its reasonable best efforts to maintain its REIT status for each of Drive Shack’s taxable years ending on or before December 31, 2015 (unless Drive Shack obtains an opinion from a nationally recognized tax counsel or a private letter ruling from the Internal Revenue Service (“IRS”) to the effect that Drive Shack’s failure to maintain its REIT status will not cause us to fail to qualify as a REIT under the successor REIT rule referred to above). Proceedings Indemnified and Defended by Third Parties From time to time, we are party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold us harmless. While we are presently not being defended by any tenant and other obligated third parties in these types of matters, there is no assurance that our tenants, their affiliates or other obligated third parties will continue to defend us in these matters, or that such parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to us. Environmental Costs As a commercial real estate owner, we are subject to potential environmental costs. As of December 31, 2018, management is not aware of any environmental concerns that would have a material adverse effect on our financial position or results of operations. Capital Improvement, Repair and Lease Commitments We have agreed to make $1.0 million available for capital improvements during the 15 year lease period to the triple net lease property under Watermark, none of which has been funded as of December 31, 2018. Upon funding these capital improvements, we will be entitled to a rent increase. Leases In November 2018, we entered into an agreement to lease our corporate office space located in New York, New York. Our office lease is classified as an operating lease in accordance with ASC Topic 840 "Leases". The lease requires fixed monthly rent payments and does not have any renewal option and expires on June 30, 2024. Rent expense during the year ended December 31, 2018 was immaterial. As of December 31, 2018, our future minimum lease obligations (excluding expense escalations) under our operating leases, including our office lease disclosed above are as follows: Years Ending December 31 2019 $ 655 2020 576 2021 535 2022 488 2023 466 Thereafter 545 Total $ 3,265 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS These consolidated financial statements include a discussion of material events, if any, which have occurred subsequent to December 31, 2018 (referred to as subsequent events) through the issuance of the consolidated financial statements. In January 2019, we grante d 800,381 shares of restricted stock and 2,999,900 options, with a total award value of $4.8 million to officers and employees as transition awards in connection with the Internalization. The awards will vest based on service conditions and compensation expense equal to the award value will be recognized over the vesting period. On February 19, 2019, our board of directors declared a cash dividend on our common stock of $0.13 per common share for the quarter ended December 31, 2018. The dividend is payable on March 22, 2019 to shareholders of record on March 8, 2019. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarter Ended Year Ended December 31 March 31 June 30 September 30 December 31 2018 Revenue $ 99,218 $ 108,852 $ 117,760 $ 118,468 $ 444,298 Net operating income 47,119 45,342 40,694 43,358 176,513 Termination fee to affiliate — — — 50,000 50,000 (Loss) income before income taxes (13,301) (38,930) (20,195) (81,135) (153,561) Income tax expense (benefit) 48 151 104 5,491 5,794 Net (loss) income $ (13,349) $ (39,081) $ (20,299) $ (86,626) $ (159,355) Net (loss) income per share of common stock Basic $ (0.16) $ (0.48) $ (0.25) $ (1.05) $ (1.94) Diluted $ (0.16) $ (0.48) $ (0.25) $ (1.05) $ (1.94) Weighted average number of shares of common stock outstanding Basic 82,148,869 82,148,869 82,148,869 82,148,869 82,148,869 Diluted 82,148,869 82,148,869 82,148,869 82,148,869 82,148,869 2017 Revenue $ 114,973 $ 114,286 $ 112,955 $ 106,916 $ 449,130 Net operating income 55,389 55,618 54,346 53,732 219,085 (Loss) income before income taxes (9,689) 3,268 (14,619) 36,760 15,720 Income tax expense (benefit) 206 147 (80) 3,239 3,512 Net (loss) income $ (9,895) $ 3,121 $ (14,539) $ 33,521 $ 12,208 Net (loss) income per share of common stock Basic and diluted $ (0.12) $ 0.04 $ (0.18) $ 0.41 $ 0.15 Weighted average number of shares of common stock outstanding Basic 82,140,750 82,142,562 82,148,869 82,148,869 82,145,295 Diluted 82,140,750 82,778,761 82,148,869 82,632,232 82,741,322 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP’’) with the instructions to Form 10-K and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of New Senior and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. We consolidate those entities in which we have control over significant operating, financial and investing decisions of the entity. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period’s presentation. |
Use of Estimates | Use of Estimates Management is required to make estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, Revenues from Contracts with Customers (“ASC 606”) using the modified retrospective method of adoption. This standard requires revenue to be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The adoption did not result in an adjustment to beginning retained earnings and did not have a significant impact on our consolidated financial statements. Substantially all of our revenue has been generated through our triple net lease and managed property leasing arrangements, which are specifically excluded from ASC 606, and are accounted for under other applicable GAAP standards. We account for ancillary revenue under ASC 606. The timing and pattern of revenue recognition of our ancillary revenue under ASC 606 is consistent with that under the prior accounting model. Resident Fees and Services - Resident fees and services include monthly rental revenue, care income and ancillary income recognized from the Managed Properties segments. Resident fees and services are recognized monthly as services are provided. Most lease agreements with residents are cancelable by the resident with 30 days’ notice. Ancillary income primarily relates to non-refundable community fees. Non-refundable community fees are recognized on a straight-line basis over the estimated lengths of stay of residents, which approximate 24 months for AL/MC properties and 33 months for IL properties. Rental Revenue - |
Acquisition Accounting | Acquisition Accounting On January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recording the asset acquisition at relative fair value, capitalizing transaction costs, recording contingent consideration when the contingency is resolved and the elimination of the measurement period in which to record adjustments to the transaction. We did not have any acquisition subsequent to our adoption of ASU 2017-01. All of our acquisitions, which occurred prior to our adoption of ASU 2017-01, were accounted for under the business combination method. Transaction costs related to business combinations were expensed as incurred. Regardless of whether an acquisition is considered a business combination or an asset acquisition, the cost of the business or asset acquired is allocated to tangible and intangible assets and assumed liabilities at their relative fair values, as of the respective transaction dates. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as estimated future cash flow projections, appropriate discount and capitalization rates and other estimates based on available market information. Estimates of future cash flows are based on a number of factors including property operating results, known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of our real property include construction cost data and qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties. Recognized intangible assets primarily include the fair value of in-place resident leases. We estimate the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition fair value of the in-place lease intangibles is amortized over the estimated length of stay of the residents on a straight-line basis. |
Real Estate Investments | Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation or accumulated amortization. Depreciation is calculated on a straight-line basis using estimated remaining useful lives not to exceed 40 years for buildings, 3 to 10 years for building improvements and 3 to 5 years for other fixed assets. |
Impairment of Long Lived Assets | Impairment of Long Lived Assets We periodically evaluate long-lived assets, including definite lived intangible assets, primarily consisting of our real estate investments, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. If the sum of the expected future undiscounted cash flows is less than book value, we recognize an impairment loss equal to the amount by which the asset’s carrying value exceeds its fair value. An impairment loss is recognized at the time any such determination is made. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and all highly liquid short term investments with maturities of 90 days or less, when purchased. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of (i) amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits and is included in “Receivables and other assets, net” in our Consolidated Balance Sheets. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of fees and direct costs incurred in obtaining financing. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Deferred financing costs related to debt instruments, excluding the revolving credit facility, are amortized over the terms of the related borrowings using the effective interest rate method as a component of interest expense. Deferred financing costs related to the revolving credit facility are amortized over the term of the debt using the straight-line method, which approximates the effective interest method. Amortized costs of $10.5 million, $9.1 million and $9.6 million are included in “Interest expense” in our Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016, respectively. |
Straight-line Rent Receivables and Receivables and Other Assets, Net | Straight-line Rent Receivables and Receivables and Other Assets, Net Receivables and other assets, net consists primarily of escrows held by lenders and resident receivables, net of allowance and prepaid expenses. We assess the collectability of rent receivables, including straight-line rent receivables, on an ongoing basis. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history of the resident and triple net lease tenant, the financial strength of the resident or tenant and of guarantors, the value of the underlying collateral or deposit, if any, and current economic conditions. If the evaluation of these factors indicates it is probable that we will not be able to recover the full value of the receivable, we provide a specific reserve against the portion of the receivable that we estimate may not be recovered. We have not recorded a reserve against our straight-line rent receivable since inception. |
Deferred Revenue | Deferred Revenue Deferred revenue primarily includes non-refundable community fees received when residents move in, and are included within “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. Deferred revenue amounts are amortized into income on a straight-line basis over the estimated length of stay of the resident, and are included within “Resident fees and services” in our Consolidated Statements of Operations. |
Income Taxes | Income Taxes New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (“Code”). Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of our tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. |
Fair Value Measurement | Fair Value Measurement Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs we use in measuring fair value: • Level 1 - Quoted prices for identical instruments in active markets. • 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 all significant inputs are observable in active markets. • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Derivative Instruments | Derivative Instruments In the normal course of business, we may use derivative instruments to manage, or hedge, interest rate risk. We do not use derivative instruments for trading or speculative purposes and do not apply hedge accounting. We recognize all derivatives as either assets or liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. Derivative valuation requires us to make estimates and judgments that affect the fair value of the instruments. We estimate the fair value of our interest rate caps based on pricing models that consider level 2 inputs including forward yield curves, cap strike rates, cap volatility and discount rates. We do not apply hedge accounting and fair value adjustments, if any, are recorded in "Other expense (income)" in our Consolidated Statements of Operations. Our interest rate caps were executed with investment grade counterparties. |
Assets Held for Sale | Assets Held for Sale We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Assets held for sale are included in “Receivables and other assets, net” in our Consolidated Balance Sheets. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell and are no longer depreciated. |
Sale of Assets | Sale of Assets On January 1, 2018, we adopted ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASU 2017-05”), which clarifies the scope of subtopic 610-20, Other Income - Gains and Losses from Derecognition of Nonfinancial Assets . We recognize sales of assets only upon the closing of the transactions with the purchaser. We recognize gains on assets sold when we transfer control of the asset upon closing and if the collectability of the sales price is reasonably assured. Sales of our real estate are generally not executory across points in time and our performance obligations from these contracts are expected to fall within a single period. |
Stock Options | Stock Options Options granted to our directors are measured at fair value at the grant date with the related expense recognized over the service term, if any. |
Management Fees and Incentive Compensation to Affiliate | Termination Fee to Affiliate This represents amount due to the Manager pursuant to the termination of the Management Agreement with the Manager. |
Recent Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases ("ASC 842"). This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We expect to adopt ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019. We expect to elect the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. In addition, we expect to implement an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Upon adoption, we expect to recognize both the right of use assets and lease liabilities for our existing corporate office, land and equipment operating leases on our Consolidated Balance Sheets. Our minimum lease payments under the existing operating leases are approximately $3.3 million as of January 1, 2019, which will be discounted to present value in order to establish the initial right of use assets and lease liabilities for our operating leases. Resident leases within our Managed Properties segments contain service components. We expect to elect the practical expedient to account for our resident leases as a single lease component. Upon adoption of ASC 842, capital leases under current accounting guidance will be classified as finance leases and we do not expect a significant change to our accounting for such leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments . This standard replaces the current incurred loss methodology with a methodology that reflects expected credit losses. Under this methodology, a company would recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted beginning after December 15, 2018. We are assessing the impact this guidance may have on our consolidated financial statements. On January 1, 2018, we adopted ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash , which requires that the statement of cash flows include a reconciliation and explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard impacts the presentation of our Consolidated Statements of Cash Flows as activity between cash and cash equivalents and restricted cash is no longer presented in our operating, financing or investing activities. Upon adoption, the changes in classification within the statement of cash flows is applied retrospectively to all periods presented. As a result of the retrospective application, our net cash provided by operating and investing activities decreased by $1.1 million and $6.9 million, respectively, for the year ended December 31, 2017 and increased by $3.0 million and $2.3 million, respectively, for the year ended December 31, 2016. On January 1, 2018, we adopted ASU 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments , which provides guidance on how certain cash receipts and cash payments are to be presented and classified on the statement of cash flows. The adoption of this standard did not have a material impact on our consolidated financial statements. |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Dispositions [Abstract] | |
Dispositions | The following table presents the revenues and expenses of the above portfolios: 2017 2016 Revenues Resident fees and services $ 28,910 $ 34,370 Rental revenue 16,893 17,490 Total revenues 45,803 51,860 Expenses Property operating expense 23,413 27,033 Depreciation and amortization 7,212 19,205 Interest expense 7,262 7,630 Total expenses $ 37,887 $ 53,868 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Depreciation and amortization, interest expense, acquisition, transaction and integration expense, termination fee, management fees and incentive compensation to affiliate, general and administrative expense, loss on extinguishment of debt, impairment of real estate, other expense (income), gain on sale of real estate, gain on lease termination and income tax expense (benefit) are not allocated to individual segments for purposes of assessing segment performance. There are no intersegment sales. Year Ended December 31, 2018 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 273,685 $ 131,206 $ 404,891 Rental revenue 39,407 — — 39,407 Less: Property operating expense — 162,972 104,813 267,785 Segment NOI $ 39,407 $ 110,713 $ 26,393 176,513 Depreciation and amortization 95,950 Interest expense 101,176 Acquisition, transaction and integration expense 15,919 Termination fee to affiliate 50,000 Management fees and incentive compensation to affiliate 14,814 General and administrative expense 13,387 Loss on extinguishment of debt 66,219 Impairment of real estate held for sale 8,725 Other expense 3,974 Total expenses 370,164 Gain on sale of lease termination 40,090 Loss before income taxes (153,561) Income tax expense 5,794 Net loss $ (159,355) Year Ended December 31, 2017 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 172,952 $ 163,787 $ 336,739 Rental revenue 112,391 — — 112,391 Less: Property operating expense — 102,757 127,288 230,045 Segment NOI $ 112,391 $ 70,195 $ 36,499 219,085 Depreciation and amortization 139,942 Interest expense 93,597 Acquisition, transaction and integration expense 2,453 Management fees and incentive compensation to affiliate 18,225 General and administrative expense 15,307 Loss on extinguishment of debt 3,902 Other expense 1,702 Total expenses 275,128 Gain on sale of real estate 71,763 Income before income taxes 15,720 Income tax expense 3,512 Net income $ 12,208 Year Ended December 31, 2016 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 176,166 $ 183,306 $ 359,472 Rental revenue 112,966 — — 112,966 Less: Property operating expense — 103,887 139,140 243,027 Segment NOI $ 112,966 $ 72,279 $ 44,166 229,411 Depreciation and amortization 184,546 Interest expense 91,780 Acquisition, transaction and integration expense 3,942 Management fees and incentive compensation to affiliate 18,143 General and administrative expense 15,194 Loss on extinguishment of debt 245 Other expense 727 Total expenses 314,577 Gain on sale of real estate 13,356 Loss before income taxes (71,810) Income tax expense 439 Net loss $ (72,249) |
Assets by Reportable Business Segment | Assets by reportable business segment are reconciled to total assets as follows: December 31, 2018 December 31, 2017 Amount Percentage Amount Percentage Managed IL Properties $ 1,791,707 78.4 % $ 1,008,587 40.2 % Managed AL/MC Properties 400,432 17.5 % 422,370 16.9 % Triple Net Lease Properties 58,270 2.5 % 980,666 39.1 % All other assets (A) 35,849 1.6 % 96,404 3.8 % Total assets $ 2,286,258 100.0 % $ 2,508,027 100.0 % (A) Primarily consists of corporate cash which is not directly attributable to our reportable business segments. |
Revenue from External Customers by Geographic Areas | The following table presents the percentage of total revenues by geographic location: As of and for the year ended December 31, 2018 As of and for the year ended December 31, 2017 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 15 12.2 % 15 18.0 % Texas 13 9.7 % 13 12.2 % California 11 11.1 % 11 10.2 % North Carolina 9 7.2 % 9 6.6 % Pennsylvania 7 6.8 % 7 6.2 % Oregon 9 5.9 % 9 5.0 % Other 69 47.1 % 69 41.8 % Total 133 100.0 % 133 100.0 % |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Investments | December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 177,956 $ — $ 177,956 $ 182,238 $ — $ 182,238 Building and improvements 2,211,318 (269,137) 1,942,181 2,216,461 (208,540) 2,007,921 Furniture, fixtures and equipment 124,495 (89,231) 35,264 113,063 (67,254) 45,809 Total real estate investments $ 2,513,769 $ (358,368) $ 2,155,401 $ 2,511,762 $ (275,794) $ 2,235,968 |
Real Estate Intangibles | The following table summarizes our real estate intangibles: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Above/below market lease intangibles, net $ — $ — $ — N/A $ 1,607 $ (380) $ 1,227 12.9 years In-place lease and other intangibles 8,638 (2,877) 5,761 42.1 years 262,831 (248,818) 14,013 18.3 years Total intangibles $ 8,638 $ (2,877) $ 5,761 $ 264,438 $ (249,198) $ 15,240 |
Estimated Future Amortization of Intangible Assets | The following table sets forth the estimated future amortization of intangible assets as of December 31, 2018: Years Ending December 31 2019 $ 354 2020 354 2021 354 2022 354 2023 354 Thereafter 3,991 Total intangibles $ 5,761 |
RECEIVABLES AND OTHER ASSETS,_2
RECEIVABLES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Receivables and Other Assets, Net | December 31, 2018 December 31, 2017 Escrows held by lenders (A) $ 17,268 $ 16,936 Prepaid expenses 5,451 4,490 Resident receivables, net 3,200 2,672 Deferred tax assets — 5,475 Security deposits 2,966 3,222 Income tax receivable 782 802 Assets held for sale (B) 13,223 — Other assets and receivables 6,290 3,450 Total receivables and other assets, net $ 49,180 $ 37,047 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s properties. (B) The balance as of December 31, 2018 represents two AL/MC properties in the Managed AL/MC Properties segment and primarily consists of the carrying value of buildings and land. We estimate the fair value of assets held for sale based on current sales price expectation less estimated cost to sell, which we deem to be classified as level 3 within the fair value hierarchy. |
Allowance for Doubtful Accounts and Related Provision for Resident Receivables | The following table summarizes the allowance for doubtful accounts and the related provision for resident receivables: Year Ended December 31, 2018 2017 2016 Balance, beginning of period $ 938 $ 976 $ 509 Provision for bad debt 2,301 2,228 2,150 Write-offs, net of recoveries (1,727) (2,266) (1,683) Balance, end of period $ 1,512 $ 938 $ 976 |
MORTGAGE NOTES PAYABLE, NET (Ta
MORTGAGE NOTES PAYABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | December 31, 2018 December 31, 2017 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Managed Properties Fixed Rate $ 464,680 $ 462,139 Sep 2025 4.25% 6.6 $ 563,526 $ 560,182 Floating Rate (B) (C) (D) 1,390,566 1,372,505 Dec 2021 - Nov 2025 1M LIBOR + 2.29% to 1M LIBOR + 2.50% 5.1 640,880 636,166 Triple Net Lease Properties Fixed Rate ( E ) — — — — — 669,656 660,646 Floating Rate ( F ) 50,276 50,238 Apr 2019 3M LIBOR + 3.00% 0.3 51,036 50,934 Total $ 1,905,522 $ 1,884,882 5.3 $ 1,925,098 $ 1,907,928 (A) The totals are reported net of deferred financing costs of $20.6 million and $17.2 million as of December 31, 2018 and 2017, respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.30% and 3.71% as of December 31, 2018. (C) The amount as of December 31, 2018 includes $720.0 million of debt that was refinanced in October 2018. (D) Includes $69.0 million of borrowings outstanding under our revolving credit facility secured by certain Managed Properties as of December 31, 2018. (E) The amounts as of December 31, 2017 represent loans under previous terms, which were refinanced and replaced in May 2018. See below for further information. (F) We have an option to extend the maturity date to April 2020, subject to a fee of 0.125% of the then-outstanding principal balance. |
Contractual Maturities of Mortgage Notes Payable | Our debt has contractual maturities as follows: Principal Payments Balloon Payments Total 2019 (A) $ 10,266 $ 50,031 $ 60,297 2020 12,325 — 12,325 2021 19,619 69,000 88,619 2022 21,888 567,043 588,931 2023 19,817 — 19,817 Thereafter 37,179 1,098,354 1,135,533 Total outstanding face amount $ 121,094 $ 1,784,428 $ 1,905,522 (A) We have an option to extend a balloon payment of approximately $50.0 million to April 2020, subject to a fee of 0.125% of the then-outstanding principal balance. |
ACCRUED EXPENSES AND OTHER LI_2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | December 31, 2018 December 31, 2017 Security deposits payable $ 2,766 $ 46,291 Escrow liabilities (A) 1,063 6,664 Accounts payable 13,232 9,794 Mortgage interest payable 7,441 6,297 Deferred community fees, net 6,454 4,612 Rent collected in advance 3,843 2,091 Property tax payable 4,880 3,331 Other liabilities 13,000 5,584 Total accrued expenses and other liabilities $ 52,679 $ 84,664 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties. |
TRANSACTIONS WITH AFFILIATES (T
TRANSACTIONS WITH AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transactions with affiliates [Abstract] | |
Property Management Fees and Other Expenses Paid to Property Managers | The following table summarizes property management fees and reimbursements paid to Property Managers affiliated with Fortress: Year Ended December 31, 2018 2017 2016 Property management fees $ 20,691 $ 18,296 $ 19,724 Travel reimbursement costs 225 304 366 Property-level payroll expenses 101,443 92,167 104,180 |
Schedule of Related Party Transactions | The following table summarizes our reimbursement to the Manager for costs incurred for tasks and other services performed by the Manager under the Management Agreement: Year Ended December 31, 2018 2017 2016 Included in: General and administrative expense $ 6,320 $ 7,570 $ 8,158 Acquisition, transaction and integration expense 1,172 1,697 1,610 Total reimbursements to the Manager $ 7,492 $ 9,267 $ 9,768 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The following table presents the provision (benefit) for income taxes: Year Ended December 31, 2018 2017 2016 Current Federal $ (42) $ (10) $ 16 State and local 360 337 326 Total current provision 318 327 342 Deferred Federal 4,490 3,376 89 State and local 986 (191) 8 Total deferred provision 5,476 3,185 97 Total provision (benefit) for income taxes $ 5,794 $ 3,512 $ 439 |
Reconciliation of Statutory to Effective Tax Rate | The table below provides a reconciliation of our provision for income taxes, based on the statutory rate of 21%, to the effective tax rate. Year Ended December 31, 2018 2017 2016 Statutory U.S. federal income tax rate 21.00 % 35.00 % 35.00 % Non-taxable REIT (loss) (20.99) % (32.19) % (35.16) % State and local taxes (0.86) % 0.61 % (0.39) % Change in federal tax rate — % 18.87 % — % Valuation allowance (2.94) % — % — % Other — % 0.06 % (0.06) % Effective income tax rate (3.79) % 22.35 % (0.61) % |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities are presented below: December 31, 2018 2017 Deferred tax assets: Prepaid fees and rent $ 770 $ 790 Net operating loss 4,225 4,050 Deferred rent 272 949 Tax credits — 42 Other 122 99 Total deferred tax assets 5,389 5,930 Less valuation allowance 5,354 — Net deferred tax assets 35 5,930 Deferred tax liabilities: Depreciation and amortization 35 455 Total deferred tax liabilities 35 455 Total net deferred tax assets $ — $ 5,475 |
EQUITY AND EARNINGS PER SHARE (
EQUITY AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity and earnings per share [Abstract] | |
Earnings Per Share, Basic and Diluted | The following table presents the amounts used in computing our basic EPS and diluted EPS: Year Ended December 31, 2018 2017 2016 Numerator Net (loss) income applicable to common shares $ (159,355) $ 12,208 $ (72,249) Denominator Basic weighted average shares of common stock 82,148,869 82,145,295 82,357,349 Stock options (A) — 596,027 — Diluted weighted average shares of common stock 82,148,869 82,741,322 82,357,349 Basic earnings per common share $ (1.94) $ 0.15 $ (0.88) Diluted earnings per common share $ (1.94) $ 0.15 $ (0.88) (A) During the years ended December 31, 2018 and 2016, 499,957 and 539,783 potentially dilutive shares, respectively, were excluded given our loss position, so basic EPS and diluted EPS were the same for each reporting period. |
Summary of Outstanding Options | Our outstanding options are summarized as follows: Options Outstanding at December 31, 2017 2018 Activity Options Outstanding at December 31, 2018 Expired Reverted to Manager Granted/Transferred Held by the Manager 6,734,742 — 402,282 — 7,137,024 Issued to the Manager and subsequently transferred to certain of the Manager’s employees 402,282 — (402,282) — — Issued to the independent directors 25,000 — — 5,000 30,000 Total outstanding options 7,162,024 — — 5,000 7,167,024 The following table summarizes our outstanding options as of December 31, 2018. The last sale price on the NYSE for our common stock in the year ended December 31, 2018 was $4.12 per share. Recipient Date of Grant (A) Options Outstanding and Exercisable Weighted Average Exercise Price (B) Intrinsic Value (millions) Manager March 2011 182,527 $ 4.19 $ — Manager September 2011 283,305 1.10 0.9 Manager April 2012 257,660 4.67 — Manager May 2012 312,026 5.76 — Manager July 2012 346,343 5.72 — Manager January 2013 958,331 11.43 — Manager February 2013 383,331 13.86 — Manager June 2013 670,829 14.90 — Manager November 2013 965,847 16.24 — Manager August 2014 765,416 17.90 — Directors November 2014 20,000 14.22 — Manager June 2015 2,011,409 10.76 — Directors March 2016 5,000 8.11 — Directors March 2018 5,000 7.79 — Total 7,167,024 Aggregate: Weighted average exercise price $ 11.68 Weighted average remaining life (years) 4.9 Intrinsic value (millions) $ 0.9 (A) Options expire on the tenth anniversary from date of grant. (B) The strike prices are subject to adjustment in connection with return of capital dividends. |
CONCENTRATION OF CREDIT RISK (T
CONCENTRATION OF CREDIT RISK (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Schedules of Concentration of Risk | The following table presents our managed properties and triple net lease properties as a percentage of total real estate investments (based on their carrying amount): December 31, 2018 2017 2016 Holiday - Managed Properties (A) IL Properties 79.9 % 42.4 % 40.0 % AL/MC Properties 1.7 % 2.0 % 6.8 % Holiday - Triple Net Lease Properties (A) — % 36.8 % 32.7 % Blue Harbor IL Properties 0.7 % 0.7 % 0.6 % AL/MC Properties 9.1 % 9.6 % 9.9 % Other 8.6 % 8.5 % 10.0 % (A) Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. These assets are included in the Holiday Managed IL Properties as of December 31, 2018. |
Holiday and Blue Harbor | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Schedules of Concentration of Risk | The following table presents the properties managed by Holiday and Blue Harbor as a percentage of segment real estate investments, net, segment revenue and segment NOI: As of and for the year ended December 31, 2018 2017 2016 Holiday Blue Harbor Holiday Blue Harbor Holiday Blue Harbor Segment real estate investments, net IL Properties 81.8 % 0.8 % 69.7 % 1.2 % 66.9 % 1.1 % AL/MC Properties 1.8 % 9.3 % 3.4 % 15.7 % 11.3 % 16.4 % Segment revenue IL Properties 65.1 % 1.9 % 48.9 % 2.1 % 47.0 % 2.0 % AL/MC Properties 4.0 % 20.9 % 14.8 % 26.2 % 18.9 % 27.6 % Segment NOI IL Properties 79.1 % 1.2 % 64.2 % 1.2 % 60.7 % 1.3 % AL/MC Properties 1.9 % 14.5 % 9.2 % 20.7 % 11.6 % 22.9 % Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. The real estate investments, net, revenue and NOI for such properties following the Lease Termination have been included in the Managed IL Properties segment above. This resulted in a significant increase in the segment real estate investments, net, revenue and NOI of the Managed IL Properties. |
Holiday Portfolios | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Schedules of Concentration of Risk | The following table presents rental revenue in our triple net lease agreements with the tenant for the Holiday Portfolios as a percentage of our total revenue and total NOI: Year Ended December 31, 2018 2017 2016 Total revenue 7.4 % 19.9 % 18.9 % Total NOI 18.7 % 40.7 % 38.9 % |
FUTURE MINIMUM RENTS (Tables)
FUTURE MINIMUM RENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future Contracted Minimum Rental Revenue | The following table sets forth future contracted minimum rents from the tenant within the Triple Net Lease Properties segment, excluding contingent payment escalations, as of December 31, 2018: Years Ending December 31 2019 $ 5,746 2020 5,904 2021 6,066 2022 6,233 2023 6,405 Thereafter 45,469 Total future minimum rents $ 75,823 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Disclosure | As of December 31, 2018, our future minimum lease obligations (excluding expense escalations) under our operating leases, including our office lease disclosed above are as follows: Years Ending December 31 2019 $ 655 2020 576 2021 535 2022 488 2023 466 Thereafter 545 Total $ 3,265 |
ORGANIZATION (Details)
ORGANIZATION (Details) | 12 Months Ended |
Dec. 31, 2018Propertystatesegment | |
Real Estate Properties [Line Items] | |
Number of senior housing properties | 133 |
Number of states in which investments are located | state | 37 |
Number of reportable segments | segment | 3 |
Managed Properties | |
Real Estate Properties [Line Items] | |
Number of senior housing properties | 132 |
Managed Properties | Independent Living Properties | |
Real Estate Properties [Line Items] | |
Number of senior housing properties | 102 |
Managed Properties | Assisted Living/Memory Care Properties | |
Real Estate Properties [Line Items] | |
Number of senior housing properties | 30 |
Holiday | Minimum | |
Real Estate Properties [Line Items] | |
Percentage of property's gross revenues paid as property management fees (in hundredths) | 5.00% |
Holiday | Maximum | |
Real Estate Properties [Line Items] | |
Percentage of property's gross revenues paid as property management fees (in hundredths) | 7.00% |
Property Managers | |
Real Estate Properties [Line Items] | |
Extension period after initial term of Property Management Agreements | 1 year |
Property Managers | Minimum | |
Real Estate Properties [Line Items] | |
Initial term of Property Management Agreements | 5 years |
Percentage of property's gross revenues paid as property management fees (in hundredths) | 3.00% |
Property Managers | Maximum | |
Real Estate Properties [Line Items] | |
Initial term of Property Management Agreements | 10 years |
Percentage of property's gross revenues paid as property management fees (in hundredths) | 7.00% |
Triple Net Lease | |
Real Estate Properties [Line Items] | |
Number of senior housing properties | 1 |
Triple Net Lease | Minimum | |
Real Estate Properties [Line Items] | |
Term of lease agreements | 15 years |
Rent increase percentage in lease agreements (in hundredths) | 2.75% |
Triple Net Lease | Maximum | |
Real Estate Properties [Line Items] | |
Rent increase percentage in lease agreements (in hundredths) | 3.25% |
Holiday | Managed Properties | Independent Living Properties | |
Real Estate Properties [Line Items] | |
Number of senior housing properties | 51 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate Properties [Line Items] | |||||
Restricted cash | [1] | $ 20,234 | $ 20,158 | $ 39,469 | $ 22,626 |
Interest rate caps, fair value | $ 600 | ||||
Revenue Recognition [Abstract] | |||||
Notice period to cancel lease agreements | 30 days | ||||
Property, Plant and Equipment [Line Items] | |||||
Amortization of deferred financing costs | $ 10,512 | $ 9,090 | $ 9,582 | ||
Real Estate Investments [Abstract] | |||||
Redeemable Preferred Stock | 400,000,000 | ||||
Temporary Equity, Liquidation Preference Per Share | $ 100 | ||||
Assisted Living/Memory Care Properties | |||||
Revenue Recognition [Abstract] | |||||
Estimated length of stay of residents | 24 months | ||||
Independent Living Properties | |||||
Revenue Recognition [Abstract] | |||||
Estimated length of stay of residents | 33 months | ||||
Buildings | |||||
Real Estate Investments [Abstract] | |||||
Estimated remaining useful life | 40 years | ||||
Building improvements | Minimum | |||||
Real Estate Investments [Abstract] | |||||
Estimated remaining useful life | 3 years | ||||
Building improvements | Maximum | |||||
Real Estate Investments [Abstract] | |||||
Estimated remaining useful life | 10 years | ||||
Other fixed assets | Minimum | |||||
Real Estate Investments [Abstract] | |||||
Estimated remaining useful life | 3 years | ||||
Other fixed assets | Maximum | |||||
Real Estate Investments [Abstract] | |||||
Estimated remaining useful life | 5 years | ||||
In-place lease and other intangibles | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 42 years 1 month 6 days | 18 years 3 months 18 days | |||
In-place lease and other intangibles | Minimum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 24 months | ||||
In-place lease and other intangibles | Maximum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 33 months | ||||
Other intangibles | Minimum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 5 years | ||||
Other intangibles | Maximum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 13 years | ||||
Above / Below market intangibles | Minimum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 15 years | ||||
Above / Below market intangibles | Maximum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 17 years | ||||
Ground lease intangibles | Minimum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 74 years | ||||
Ground lease intangibles | Maximum | |||||
Real Estate Investments [Abstract] | |||||
Estimated useful life | 82 years | ||||
[1] | (A) Consists of (i) amounts held by lender in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits, which are included in "Receivables and other assets, net" in our Consolidated Balance Sheets. |
EXTRAORDINARY AND UNUSUAL ITE_2
EXTRAORDINARY AND UNUSUAL ITEMS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unusual or Infrequent Item, or Both [Line Items] | |||
Incentive fee percentage | 2.00% | ||
Deferred Rent Asset, Net, Current | $ 84,300 | ||
Gain (Loss) on Termination of Lease | 40,100 | ||
Property, Plant and Equipment, Additions | 10,100 | $ 0 | $ 0 |
Security deposit | 2,966 | $ 3,222 | |
Termination Payment, Lease Termination Agreement | 70,000 | ||
Consideration Received, Lease Termination Agreement | 115,600 | ||
Holiday | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Other Intangible Assets, Net | 1,200 | ||
Gain (Loss) on Termination of Lease | 40,090 | ||
Property, Plant and Equipment, Additions | 10,065 | ||
Security deposit | $ 45,600 | ||
Holiday | Independent Living Properties | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Percentage of property's effective gross income paid as property management fees (in hundredths) | 4.50% | ||
Percentage of property's gross income paid as property management fees for first two years (in hundredths) | 5.00% |
DISPOSITIONS (Details)
DISPOSITIONS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)Property | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Dispositions Disclosure [Line Items] | |||||||||||
Resident fees and services | $ 404,891 | $ 336,739 | $ 359,472 | ||||||||
Early repayment of notes payable | 1,509,187 | 204,730 | 13,725 | ||||||||
Gain on sale of real estate | $ 0 | 71,763 | 13,356 | ||||||||
Number of senior housing properties | Property | 133 | 133 | |||||||||
Rental revenue | $ 39,407 | 112,391 | 112,966 | ||||||||
Revenue | $ 118,468 | $ 117,760 | $ 108,852 | $ 99,218 | $ 106,916 | $ 112,955 | $ 114,286 | $ 114,973 | 444,298 | 449,130 | 472,438 |
Property operating expense | 267,785 | 230,045 | 243,027 | ||||||||
Depreciation and amortization | 95,950 | 139,942 | 184,546 | ||||||||
Interest expense | 101,176 | 93,597 | 91,780 | ||||||||
Operating expenses | $ 637,949 | 505,173 | 557,604 | ||||||||
November 2,017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Property operating expense | 23,413 | 27,033 | |||||||||
4Q 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Revenue | 45,803 | 51,860 | |||||||||
Depreciation and amortization | 7,212 | 19,205 | |||||||||
Interest expense | 7,262 | 7,630 | |||||||||
Operating expenses | 37,887 | 53,868 | |||||||||
Managed Properties | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | Property | 132 | 132 | |||||||||
Managed Properties | November 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Resident fees and services | 28,910 | 34,370 | |||||||||
Managed Properties | 2017 Other | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Early repayment of notes payable | $ 28,000 | ||||||||||
Gain on sale of real estate | 22,500 | ||||||||||
Purchase price | $ 48,500 | $ 48,500 | |||||||||
Number of senior housing properties | 4 | 4 | |||||||||
Managed Properties | October 2016 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Termination fee | 1,800 | ||||||||||
Early repayment of notes payable | 13,700 | ||||||||||
Gain on sale of real estate | 13,400 | ||||||||||
Purchase price | $ 23,000 | $ 23,000 | |||||||||
Number of senior housing properties | 2 | 2 | |||||||||
Triple Net Lease | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Resident fees and services | $ 0 | 0 | |||||||||
Number of senior housing properties | Property | 1 | 1 | |||||||||
Rental revenue | $ 39,407 | $ 112,391 | 112,966 | ||||||||
Property operating expense | 0 | 0 | |||||||||
Triple Net Lease | December 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Early repayment of notes payable | 98,100 | ||||||||||
Gain on sale of real estate | 42,300 | ||||||||||
Purchase price | $ 186,000 | $ 186,000 | |||||||||
Number of senior housing properties | 6 | 6 | |||||||||
Rental revenue | $ 16,893 | $ 17,490 | |||||||||
Assisted Living/Memory Care Properties | Managed Properties | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | Property | 30 | 30 | |||||||||
Assisted Living/Memory Care Properties | Managed Properties | November 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Early repayment of notes payable | $ 78,700 | ||||||||||
Gain on sale of real estate | 6,900 | ||||||||||
Purchase price | $ 109,500 | $ 109,500 | |||||||||
Number of senior housing properties | 9 | 9 | |||||||||
Assisted Living/Memory Care Properties | Managed Properties | 2017 Other | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | 2 | 2 | |||||||||
Assisted Living/Memory Care Properties | Triple Net Lease | December 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | 1 | 1 | |||||||||
Independent Living Properties | Managed Properties | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | Property | 102 | 102 | |||||||||
Independent Living Properties | Managed Properties | 2017 Other | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | 2 | 2 | |||||||||
Independent Living Properties | Triple Net Lease | December 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | 1 | 1 | |||||||||
Continuing Care Retirement Communities | Triple Net Lease | December 2017 | |||||||||||
Dispositions Disclosure [Line Items] | |||||||||||
Number of senior housing properties | 4 | 4 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)communitysegment | Dec. 31, 2017USD ($)community | Dec. 31, 2016USD ($) | ||
Segment Reporting [Abstract] | ||||||||||||
Number of reportable business segments | segment | 3 | |||||||||||
Revenues [Abstract] | ||||||||||||
Resident fees and services | $ 404,891 | $ 336,739 | $ 359,472 | |||||||||
Rental revenue | 39,407 | 112,391 | 112,966 | |||||||||
Less: Property operating expense | 267,785 | 230,045 | 243,027 | |||||||||
Segment NOI | $ 43,358 | $ 40,694 | $ 45,342 | $ 47,119 | $ 53,732 | $ 54,346 | $ 55,618 | $ 55,389 | 176,513 | 219,085 | 229,411 | |
Depreciation and amortization | 95,950 | 139,942 | 184,546 | |||||||||
Interest expense | 101,176 | 93,597 | 91,780 | |||||||||
Acquisition, transaction, and integration expense | 15,919 | 2,453 | 3,942 | |||||||||
Termination fee to affiliate | 50,000 | 0 | 0 | 0 | 50,000 | 0 | 0 | |||||
Management fees and incentive compensation to affiliate | 14,814 | 18,225 | 18,143 | |||||||||
General and administrative expense | 13,387 | 15,307 | 15,194 | |||||||||
Loss on extinguishment of debt | 66,219 | 3,902 | 245 | |||||||||
Other expense | 3,974 | 1,702 | 727 | |||||||||
Operating expenses | 370,164 | 275,128 | 314,577 | |||||||||
Gain on sale of real estate | 0 | 71,763 | 13,356 | |||||||||
(Loss) income before income taxes | (81,135) | (20,195) | (38,930) | (13,301) | 36,760 | (14,619) | 3,268 | (9,689) | (153,561) | 15,720 | (71,810) | |
Income tax expense (benefit) | 5,491 | 104 | 151 | 48 | 3,239 | (80) | 147 | 206 | 5,794 | 3,512 | 439 | |
Net income (loss) | (86,626) | $ (20,299) | $ (39,081) | $ (13,349) | 33,521 | $ (14,539) | $ 3,121 | $ (9,895) | (159,355) | 12,208 | (72,249) | |
Assets | $ 2,286,258 | $ 2,508,027 | $ 2,286,258 | $ 2,508,027 | ||||||||
Percentage of assets (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Independent Living Properties | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | $ 12,100 | $ 10,000 | 9,700 | |||||||||
Revenues [Abstract] | ||||||||||||
Resident fees and services | 273,685 | 172,952 | 176,166 | |||||||||
Rental revenue | 0 | 0 | ||||||||||
Less: Property operating expense | 162,972 | 102,757 | 103,887 | |||||||||
Segment NOI | 110,713 | 70,195 | 72,279 | |||||||||
Assets | $ 1,791,707 | $ 1,008,587 | $ 1,791,707 | $ 1,008,587 | ||||||||
Percentage of assets (in hundredths) | 78.40% | 40.20% | 78.40% | 40.20% | ||||||||
Assisted Living/Memory Care Properties | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | $ 7,000 | $ 9,000 | 7,300 | |||||||||
Revenues [Abstract] | ||||||||||||
Resident fees and services | 131,206 | 163,787 | 183,306 | |||||||||
Rental revenue | 0 | 0 | 0 | |||||||||
Less: Property operating expense | 104,813 | 127,288 | 139,140 | |||||||||
Segment NOI | 26,393 | 36,499 | 44,166 | |||||||||
Assets | $ 400,432 | $ 422,370 | $ 400,432 | $ 422,370 | ||||||||
Percentage of assets (in hundredths) | 17.50% | 16.90% | 17.50% | 16.90% | ||||||||
Triple Net Lease | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital expenditures | $ 700 | 4,100 | ||||||||||
Revenues [Abstract] | ||||||||||||
Resident fees and services | $ 0 | 0 | ||||||||||
Rental revenue | 39,407 | 112,391 | 112,966 | |||||||||
Less: Property operating expense | 0 | 0 | ||||||||||
Segment NOI | 39,407 | 112,391 | $ 112,966 | |||||||||
Assets | $ 58,270 | $ 980,666 | $ 58,270 | $ 980,666 | ||||||||
Percentage of assets (in hundredths) | 2.50% | 39.10% | 2.50% | 39.10% | ||||||||
Nonsegment and Other | ||||||||||||
Revenues [Abstract] | ||||||||||||
Assets | [1] | $ 35,849 | $ 96,404 | $ 35,849 | $ 96,404 | |||||||
Percentage of assets (in hundredths) | [1] | 1.60% | 3.80% | 1.60% | 3.80% | |||||||
Geographic Concentration Risk | Segment revenue | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 133 | 133 | ||||||||||
Percentage of total revenues (in hundredths) | 100.00% | 100.00% | ||||||||||
Geographic Concentration Risk | Segment revenue | Florida | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 15 | 15 | ||||||||||
Percentage of total revenues (in hundredths) | 12.20% | 18.00% | ||||||||||
Geographic Concentration Risk | Segment revenue | Texas | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 13 | 13 | ||||||||||
Percentage of total revenues (in hundredths) | 9.70% | 12.20% | ||||||||||
Geographic Concentration Risk | Segment revenue | California | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 11 | 11 | ||||||||||
Percentage of total revenues (in hundredths) | 11.10% | 10.20% | ||||||||||
Geographic Concentration Risk | Segment revenue | North Carolina | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 7 | 9 | ||||||||||
Percentage of total revenues (in hundredths) | 7.20% | 6.60% | ||||||||||
Geographic Concentration Risk | Segment revenue | Pennsylvania | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 9 | 7 | ||||||||||
Percentage of total revenues (in hundredths) | 6.80% | 6.20% | ||||||||||
Geographic Concentration Risk | Segment revenue | Oregon | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 9 | 9 | ||||||||||
Percentage of total revenues (in hundredths) | 5.90% | 5.00% | ||||||||||
Geographic Concentration Risk | Segment revenue | Other | ||||||||||||
Major Customers [Abstract] | ||||||||||||
Number of Communities | community | 69 | 69 | ||||||||||
Percentage of total revenues (in hundredths) | 47.10% | 41.80% | ||||||||||
[1] | Primarily consists of corporate cash which is not directly attributable to our reportable business segments. |
REAL ESTATE INVESTMENTS (Detail
REAL ESTATE INVESTMENTS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Damage remediation costs for Hurricane Irma | $ 600,000 | $ 1,500,000 | |
Gross Carrying Amount [Abstract] | |||
Gross Carrying Amount | 2,513,769,000 | 2,511,762,000 | |
Accumulated Depreciation | (358,368,000) | (275,794,000) | |
Net real estate property | 2,155,401,000 | 2,235,968,000 | |
Depreciation expense | 87,700,000 | 91,600,000 | $ 92,400,000 |
Real Estate Intangibles [Abstract] | |||
Gross Carrying Amount | 8,638,000 | 264,438,000 | |
Accumulated amortization | (2,877,000) | (249,198,000) | |
Net real estate intangibles | 5,761,000 | 15,240,000 | |
Amortization expense | 8,300,000 | 48,300,000 | 92,200,000 |
Accretion of below market leases | 100,000 | 100,000 | |
Fully amortized in-place lease and other intangibles, write-off | 254,200,000 | ||
Impairment of real estate held for sale | 8,725,000 | 0 | 0 |
Rental Revenue | |||
Real Estate Intangibles [Abstract] | |||
Accretion of below market leases | 100,000 | $ 100,000 | |
Land | |||
Gross Carrying Amount [Abstract] | |||
Gross Carrying Amount | 177,956,000 | 182,238,000 | |
Accumulated Depreciation | 0 | 0 | |
Net real estate property | 177,956,000 | 182,238,000 | |
Building and improvements | |||
Gross Carrying Amount [Abstract] | |||
Gross Carrying Amount | 2,211,318,000 | 2,216,461,000 | |
Accumulated Depreciation | (269,137,000) | (208,540,000) | |
Net real estate property | 1,942,181,000 | 2,007,921,000 | |
Furniture, fixtures and equipment | |||
Gross Carrying Amount [Abstract] | |||
Gross Carrying Amount | 124,495,000 | 113,063,000 | |
Accumulated Depreciation | (89,231,000) | (67,254,000) | |
Net real estate property | 35,264,000 | 45,809,000 | |
Above/below market lease intangibles, net | |||
Real Estate Intangibles [Abstract] | |||
Gross Carrying Amount | 0 | 1,607,000 | |
Accumulated amortization | 0 | (380,000) | |
Net real estate intangibles | 0 | $ 1,227,000 | |
Weighted Average Remaining Amortization Period | 12 years 10 months 24 days | ||
In-place lease and other intangibles | |||
Real Estate Intangibles [Abstract] | |||
Gross Carrying Amount | 8,638,000 | $ 262,831,000 | |
Accumulated amortization | (2,877,000) | (248,818,000) | |
Net real estate intangibles | $ 5,761,000 | $ 14,013,000 | |
Weighted Average Remaining Amortization Period | 42 years 1 month 6 days | 18 years 3 months 18 days |
REAL ESTATE INVESTMENTS - Estim
REAL ESTATE INVESTMENTS - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Estimated Future Amortization of Intangible Assets | ||
2,018 | $ 354 | |
2,019 | 354 | |
2,020 | 354 | |
2,021 | 354 | |
2,022 | 354 | |
Thereafter | 3,991 | |
Net real estate intangibles | $ 5,761 | $ 15,240 |
STRAIGHT-LINE RENT RECEIVABLES
STRAIGHT-LINE RENT RECEIVABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Straight-line rent receivables | $ 3,494 | $ 82,445 |
Deferred Rent Asset, Net, Current | $ 84,300 |
RECEIVABLES AND OTHER ASSETS,_3
RECEIVABLES AND OTHER ASSETS, NET (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Receivables and Other Assets [Abstract] | |||
Number of properties held for sale | 2 | ||
Escrows held by lenders | $ 17,268 | $ 16,936 | |
Prepaid expenses | 5,451 | 4,490 | |
Resident receivables, net | 3,200 | 2,672 | |
Deferred tax assets | 0 | 5,475 | |
Security deposits | 2,966 | 3,222 | |
Income tax receivable | 782 | 802 | |
Assets held for sale | 13,223 | 0 | |
Other assets and receivables | 6,290 | 3,450 | |
Total receivables and other assets | 49,180 | 37,047 | |
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance, beginning of period | 938 | 976 | $ 509 |
Provision for bad debt | 2,301 | 2,228 | 2,150 |
Write-offs, net of recoveries | (1,727) | (2,266) | (1,683) |
Balance, end of period | $ 1,512 | $ 938 | $ 976 |
MORTGAGE NOTES PAYABLE, NET (De
MORTGAGE NOTES PAYABLE, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Mortgage Notes Payable [Abstract] | |||||
Deferred financing costs | $ 20,600 | $ 17,200 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 69,000 | ||||
Line of Credit Facility, Expiration Period | 3 years | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 125,000 | ||||
Line of Credit Facility, Collateral | eight | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | ||||
Credit Facility - Letter of Credit Percent | 10.00% | ||||
Credit Facility - Swing Loan percent | 10.00% | ||||
Repayments of Debt | $ 125,400 | ||||
Loss on extinguishment of debt | 66,219 | 3,902 | $ 245 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | 53,122 | 3,264 | 189 | ||
Write off of Deferred Debt Issuance Cost | 300 | ||||
Payments of Financing Costs | 27,080 | 0 | 0 | ||
Early repayment of notes payable | 1,509,187 | 204,730 | 13,725 | ||
Contractual Maturities [Abstract] | |||||
2,018 | 60,297 | ||||
2,019 | 12,325 | ||||
2,020 | 88,619 | ||||
2,021 | 588,931 | ||||
2,022 | 19,817 | ||||
Thereafter | 1,135,533 | ||||
Total | 1,905,522 | ||||
Balloon payment | 1,784,428 | ||||
Interest Rate Derivatives [Abstract] | |||||
Payments for Derivative Instrument, Financing Activities | 2,846 | 0 | 0 | ||
Derivative, Gain on Derivative | 2,200 | 100 | $ 200 | ||
Interest rate caps, fair value | 600 | ||||
Due in next 12 months [Member] | |||||
Contractual Maturities [Abstract] | |||||
2,018 | 10,266 | ||||
Balloon payment | [1] | 50,031 | |||
Mortgage Notes Payable | |||||
Mortgage Notes Payable [Abstract] | |||||
Outstanding Face Amount | 1,905,522 | 1,925,098 | |||
Carrying value | [2] | $ 1,884,882 | 1,907,928 | ||
Weighted Average Maturity (Years) | 5 years 3 months 18 days | ||||
Mortgage Notes Payable | Level 3 | |||||
Mortgage Notes Payable [Abstract] | |||||
Fair value of mortgage notes payable | $ 1,900,000 | 1,900,000 | |||
Mortgage Notes Payable | Fixed Rate | |||||
Mortgage Notes Payable [Abstract] | |||||
Carrying value of collateral | 500,000 | 1,500,000 | |||
Mortgage Notes Payable | Floating Rate | |||||
Mortgage Notes Payable [Abstract] | |||||
Carrying value of collateral | 1,600,000 | 800,000 | |||
Due in year two [Member] | |||||
Contractual Maturities [Abstract] | |||||
2,019 | 12,325 | ||||
Balloon payment | 0 | ||||
Due in year three [Member] | |||||
Contractual Maturities [Abstract] | |||||
2,020 | 19,619 | ||||
Balloon payment | 69,000 | ||||
Due in year four [Member] | |||||
Contractual Maturities [Abstract] | |||||
2,021 | 21,888 | ||||
Balloon payment | 567,043 | ||||
Due in year five [Member] | |||||
Contractual Maturities [Abstract] | |||||
2,022 | 19,817 | ||||
Balloon payment | 0 | ||||
Due after year five [Member] | |||||
Contractual Maturities [Abstract] | |||||
Thereafter | 37,179 | ||||
Balloon payment | 1,098,354 | ||||
Total outstanding principal [Member] | |||||
Contractual Maturities [Abstract] | |||||
Total | 121,094 | ||||
Secured Debt [Member] | |||||
Mortgage Notes Payable [Abstract] | |||||
Loss on extinguishment of debt | 1,500 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1,200 | ||||
Payments of Financing Costs | $ 3,100 | ||||
Revolving Credit Facility [Member] | LIBOR | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 2.50% | ||||
Managed Properties | Mortgage Notes Payable | LIBOR | Minimum | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 3.30% | ||||
Managed Properties | Mortgage Notes Payable | LIBOR | Maximum | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 3.71% | ||||
Managed Properties | Mortgage Notes Payable | Fixed Rate | |||||
Mortgage Notes Payable [Abstract] | |||||
Outstanding Face Amount | $ 464,680 | 563,526 | |||
Carrying value | [2] | $ 462,139 | 560,182 | ||
Weighted Average Maturity (Years) | 6 years 7 months 6 days | ||||
Interest Rate Derivatives [Abstract] | |||||
Payments for Derivative Instrument, Financing Activities | $ 300 | ||||
Managed Properties | Mortgage Notes Payable | Fixed Rate | Minimum | |||||
Mortgage Notes Payable [Abstract] | |||||
Interest rate | 3.65% | ||||
Managed Properties | Mortgage Notes Payable | Fixed Rate | Maximum | |||||
Mortgage Notes Payable [Abstract] | |||||
Interest rate | 4.93% | ||||
Managed Properties | Mortgage Notes Payable | Floating Rate | |||||
Mortgage Notes Payable [Abstract] | |||||
Outstanding Face Amount | $ 1,390,566 | [3],[4] | 640,880 | ||
Carrying value | [2] | $ 1,372,505 | 636,166 | ||
Weighted Average Maturity (Years) | 5 years 1 month 6 days | ||||
Managed Properties | Mortgage Notes Payable | Floating Rate | LIBOR | Minimum | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 2.20% | ||||
Managed Properties | Mortgage Notes Payable | Floating Rate | LIBOR | Maximum | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 2.70% | ||||
Triple Net Lease | Mortgage Notes Payable | Fixed Rate | |||||
Mortgage Notes Payable [Abstract] | |||||
Outstanding Face Amount | [3] | $ 0 | 669,656 | ||
Carrying value | [2],[3] | $ 0 | 660,646 | ||
Triple Net Lease | Mortgage Notes Payable | Fixed Rate | Minimum | |||||
Mortgage Notes Payable [Abstract] | |||||
Interest rate | 3.80% | ||||
Triple Net Lease | Mortgage Notes Payable | Fixed Rate | Maximum | |||||
Mortgage Notes Payable [Abstract] | |||||
Interest rate | 7.40% | ||||
Triple Net Lease | Mortgage Notes Payable | Floating Rate | |||||
Mortgage Notes Payable [Abstract] | |||||
Outstanding Face Amount | $ 50,276 | 51,036 | |||
Carrying value | [2] | $ 50,238 | 50,934 | ||
Weighted Average Maturity (Years) | 3 months 18 days | ||||
Triple Net Lease | Mortgage Notes Payable | Floating Rate | LIBOR | Minimum | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 3.00% | ||||
Independent Living Properties | |||||
Interest Rate Derivatives [Abstract] | |||||
Payments for Derivative Instrument, Financing Activities | $ 100 | ||||
Independent Living Properties | Revolving Credit Facility [Member] | LIBOR | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 4.00% | ||||
Holiday | |||||
Mortgage Notes Payable [Abstract] | |||||
Derivative, Notional Amount | $ 720,000 | ||||
Loss on extinguishment of debt | 6,200 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 51,900 | ||||
Write off of Deferred Debt Issuance Cost | 6,600 | ||||
Payments of Financing Costs | 12,300 | ||||
Early repayment of notes payable | 1,500,000 | ||||
Interest Rate Derivatives [Abstract] | |||||
Payments for Derivative Instrument, Financing Activities | $ 2,500 | ||||
Holiday | Revolving Credit Facility [Member] | LIBOR | |||||
Mortgage Notes Payable [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 2.32% | ||||
Holiday | Independent Living Properties | |||||
Mortgage Notes Payable [Abstract] | |||||
Loss on extinguishment of debt | $ 58,500 | ||||
Early repayment of notes payable | $ 663,800 | ||||
October 2016 | Managed Properties | |||||
Mortgage Notes Payable [Abstract] | |||||
Early repayment of notes payable | $ 13,700 | ||||
[1] | . | ||||
[2] | The totals are reported net of deferred financing costs of $20.6 million and $17.2 million as of December 31, 2018 and 2017, respectively. | ||||
[3] | (D) Includes $69.0 million of borrowings outstanding under our revolving credit facility secured by certain Managed Properties as of December 31, 2018. (E) The amounts as of December 31, 2017 represent loans under previous terms, which were refinanced and replaced in May 2018. See below for further information. (F) We have an option to extend the maturity date to April 2020, subject to a fee of 0.125% of the then-outstanding principal balance. | ||||
[4] | Substantially all of these loans have LIBOR caps that range between 3.30% and 3.71% as of December 31, 2018. |
ACCRUED EXPENSES AND OTHER LI_3
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Security deposits payable | $ 2,766 | $ 46,291 | |
Escrow liabilities | [1] | 1,063 | 6,664 |
Accounts payable | 13,232 | 9,794 | |
Mortgage interest payable | 7,441 | 6,297 | |
Deferred community fees, net | 6,454 | 4,612 | |
Rent collected in advance | 3,843 | 2,091 | |
Property tax payable | 4,880 | 3,331 | |
Other liabilities | 13,000 | 5,584 | |
Accrued expenses and other liabilities | $ 52,679 | $ 84,664 | |
[1] | Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties. |
TRANSACTIONS WITH AFFILIATES (D
TRANSACTIONS WITH AFFILIATES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Management and Lease Agreements [Abstract] | |||
Management fees and incentive compensation to affiliate | $ 14,814 | $ 18,225 | $ 18,143 |
Due to affiliates | 26,245 | 9,550 | |
Termination fee to affiliate Total | $ 10,000 | ||
Redeemable Preferred Stock | 400,000,000 | ||
Temporary Equity, Liquidation Preference | $ 40,000 | ||
Property management fees | 20,691 | 18,296 | 19,724 |
Travel reimbursement costs | 225 | 304 | 366 |
Property-level payroll expenses | 101,443 | 92,167 | 104,180 |
Consideration Received, Lease Termination Agreement | 115,600 | ||
Termination Payment, Lease Termination Agreement | 70,000 | ||
Security deposit | 2,966 | 3,222 | |
Rental revenue | $ 39,407 | 112,391 | 112,966 |
Manager | |||
Management and Lease Agreements [Abstract] | |||
Management fee rate payable (in hundredths) | 1.50% | ||
Management fees and incentive compensation to affiliate | $ (14,800) | 15,300 | 15,400 |
Percentage used in calculation of annual incentive compensation paid to Manager (in hundredths) | 25.00% | ||
Interest rate used in calculation of annual incentive compensation paid to Manager (in hundredths) | 10.00% | ||
Reimbursement to manger for other tasks and services under the management agreement | $ 7,492 | 9,267 | 9,768 |
Holiday | |||
Management and Lease Agreements [Abstract] | |||
Security deposit | $ 45,600 | ||
Managed Properties | Property Managers | |||
Management and Lease Agreements [Abstract] | |||
Extension period after initial term of Property Management Agreements | 1 year | ||
Managed Properties | Blue Harbor and Holiday | Independent Living Properties | |||
Management and Lease Agreements [Abstract] | |||
Percentage of property's effective gross income paid as property management fees (in hundredths) | 5.00% | ||
Managed Properties | Blue Harbor and Holiday | Assisted Living/Memory Care Properties | |||
Management and Lease Agreements [Abstract] | |||
Percentage of property's gross income paid as property management fees for first two years (in hundredths) | 6.00% | ||
Percentage of property's gross income paid as property management fees thereafter (in hundredths) | 7.00% | ||
Triple Net Lease | |||
Management and Lease Agreements [Abstract] | |||
Rental revenue | $ 39,407 | 112,391 | 112,966 |
Triple Net Lease | Holiday | |||
Management and Lease Agreements [Abstract] | |||
Rental revenue | 28,500 | 74,200 | 71,000 |
General and administrative expense | Manager | |||
Management and Lease Agreements [Abstract] | |||
Reimbursement to manger for other tasks and services under the management agreement | 6,320 | 7,570 | 8,158 |
Acquisition, transaction and integration expense | Manager | |||
Management and Lease Agreements [Abstract] | |||
Reimbursement to manger for other tasks and services under the management agreement | 1,172 | 1,697 | 1,610 |
Management fees under management agreement | Manager | |||
Management and Lease Agreements [Abstract] | |||
Due to affiliates | 3,700 | 1,300 | |
Incentive compensation under management agreement | Manager | |||
Management and Lease Agreements [Abstract] | |||
Due to affiliates | 0 | ||
Incentive compensation | 0 | 2,900 | $ 2,700 |
Property management fees under property management agreement | Property Managers | |||
Management and Lease Agreements [Abstract] | |||
Due to affiliates | 2,100 | 1,400 | |
Reimbursement of property-Level payroll expenses under property management agreement | Manager | |||
Management and Lease Agreements [Abstract] | |||
Due to affiliates | 2,200 | 1,300 | |
Reimbursement of property-Level payroll expenses under property management agreement | Property Managers | |||
Management and Lease Agreements [Abstract] | |||
Due to affiliates | $ 8,200 | $ 5,600 | |
Minimum | Managed Properties | Property Managers | |||
Management and Lease Agreements [Abstract] | |||
Initial term of Property Management Agreements | 5 years | ||
Maximum | Managed Properties | Property Managers | |||
Management and Lease Agreements [Abstract] | |||
Initial term of Property Management Agreements | 10 years | ||
Extension period after initial term of Property Management Agreements | 1 year |
INCOME TAXES (Details)
INCOME TAXES (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 | |
Current | |||||||||||
Federal | $ (42) | $ (10) | $ 16 | ||||||||
State and local | 360 | 337 | 326 | ||||||||
Total current provision | 318 | 327 | 342 | ||||||||
Deferred | |||||||||||
Federal | 4,490 | 3,376 | 89 | ||||||||
State and local | 986 | (191) | 8 | ||||||||
Total deferred provision | 5,476 | 3,185 | 97 | ||||||||
Total provision (benefit) for income taxes | $ 5,491 | $ 104 | $ 151 | $ 48 | $ 3,239 | $ (80) | $ 147 | $ 206 | $ 5,794 | $ 3,512 | $ 439 |
Reconciliation of Statutory to Effective Tax Rate [Abstract] | |||||||||||
Statutory U.S. federal income tax rate | 21.00% | 35.00% | 35.00% | ||||||||
Non-taxable REIT (loss) | (20.99%) | (32.19%) | (35.16%) | ||||||||
State and local taxes | (0.86%) | 0.61% | (0.39%) | ||||||||
Change in federal tax rate | 0.00% | 18.87% | 0.00% | ||||||||
Valuation allowance | (2.94%) | 0.00% | 0.00% | ||||||||
Other | 0.00% | 0.06% | (0.06%) | ||||||||
Effective income tax rate | (3.79%) | 22.35% | (0.61%) | ||||||||
Deferred tax assets: | |||||||||||
Prepaid fees and rent | 770 | 790 | $ 770 | $ 790 | |||||||
Net operating loss | 4,225 | 4,050 | 4,225 | 4,050 | |||||||
Deferred rent | 272 | 949 | 272 | 949 | |||||||
Tax credits | 0 | 42 | 0 | 42 | |||||||
Other | 122 | 99 | 122 | 99 | |||||||
Total deferred tax assets | 5,389 | 5,930 | 5,389 | 5,930 | |||||||
Less valuation allowance | (5,354) | 0 | (5,354) | 0 | $ 0 | ||||||
Net deferred tax assets | 35 | 5,930 | 35 | 5,930 | |||||||
Deferred tax liabilities: | |||||||||||
Depreciation and amortization | 35 | 455 | 35 | 455 | |||||||
Total deferred tax liabilities | 35 | 455 | 35 | 455 | |||||||
Total net deferred tax assets | 0 | $ 5,475 | 0 | $ 5,475 | |||||||
Loss carryforwards for federal income tax purposes | $ 16,800 | $ 16,800 | |||||||||
Operating loss carryforwards, expiration date | Dec. 31, 2034 | ||||||||||
Changes Due to Tax Cuts and Jobs Act [Abstract] | |||||||||||
Remeasurement of deferred tax assets | $ 3,000 | ||||||||||
Federal corporate tax rate under the Tax Cuts and Jobs Act | 21.00% |
EQUITY AND EARNINGS PER SHARE E
EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Outstanding Options (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price adjustment for dividends deemed return of capital | $ 1.04 | $ 0.97 | $ 0.98 | |
Nonqualified Stock Option and Incentive Award Plan | Stock Options | ||||
Outstanding Options [Abstract] | ||||
December 31, 2016 (in shares) | 7,162,024 | |||
Granted/Transferred | 5,000 | |||
Expired | 0 | |||
Reverted to Manager | 0 | |||
December 31, 2017 (in shares) | 7,167,024 | |||
Nonqualified Stock Option and Incentive Award Plan | Stock Options | Independent Directors | ||||
Outstanding Options [Abstract] | ||||
December 31, 2016 (in shares) | 25,000 | |||
Granted/Transferred | 5,000 | |||
Expired | 0 | |||
Reverted to Manager | 0 | |||
December 31, 2017 (in shares) | 30,000 | |||
Nonqualified Stock Option and Incentive Award Plan | Stock Options | Manager | ||||
Outstanding Options [Abstract] | ||||
December 31, 2016 (in shares) | 6,734,742 | |||
Granted/Transferred | 0 | |||
Expired | 0 | |||
Reverted to Manager | 402,282 | |||
December 31, 2017 (in shares) | 7,137,024 | |||
Nonqualified Stock Option and Incentive Award Plan | Stock Options | Manager's Employees | ||||
Outstanding Options [Abstract] | ||||
December 31, 2016 (in shares) | 402,282 | |||
Granted/Transferred | 0 | |||
Expired | 0 | |||
Reverted to Manager | (402,282) | |||
December 31, 2017 (in shares) | 0 |
EQUITY AND EARNINGS PER SHARE_2
EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Outstanding Options by Date of Grant (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 30, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | 5,000 | 5,000 | |||
Stock Options | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | 7,167,024 | 7,162,024 | |||
Manager | Stock Options | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 7,167,024 | ||||
Manager | Stock Options | March 2011 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 182,527 | ||||
Weighted average exercise price | [1] | $ 4.19 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | September 2011 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 283,305 | ||||
Weighted average exercise price | [1] | $ 1.10 | |||
Intrinsic Value (millions) | $ 0.9 | ||||
Manager | Stock Options | April 2012 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 257,660 | ||||
Weighted average exercise price | [1] | $ 4.67 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | May 2012 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 312,026 | ||||
Weighted average exercise price | [1] | $ 5.76 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | July 2012 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 346,343 | ||||
Weighted average exercise price | [1] | $ 5.72 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | January 2013 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 958,331 | ||||
Weighted average exercise price | [1] | $ 11.43 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | February 2013 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 383,331 | ||||
Weighted average exercise price | [1] | $ 13.86 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | June 2013 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 670,829 | ||||
Weighted average exercise price | [1] | $ 14.90 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | November 2013 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 965,847 | ||||
Weighted average exercise price | [1] | $ 16.24 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | August 2014 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 765,416 | ||||
Weighted average exercise price | [1] | $ 17.90 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | November 2014 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 20,000 | ||||
Weighted average exercise price | [1] | $ 14.22 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | June 2015 | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 2,011,409 | ||||
Weighted average exercise price | [1] | $ 10.76 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | Granted March 2016 [Member] | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 5,000 | ||||
Weighted average exercise price | [1] | $ 8.11 | |||
Intrinsic Value (millions) | $ 0 | ||||
Manager | Stock Options | Granted March 2018 [Member] | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options Outstanding and Exercisable | 5,000 | ||||
Weighted average exercise price | [1] | $ 7.79 | |||
Intrinsic Value (millions) | $ 0 | ||||
Exercisable options [Member] | Stock Options | Nonqualified Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average exercise price (in dollars per share) | $ 11.68 | ||||
Intrinsic Value (millions) | $ 0.9 | ||||
Weighted average remaining life (years) | 4 years 10 months 24 days | ||||
[1] | The strike prices are subject to adjustment in connection with return of capital dividends. |
EQUITY AND EARNINGS PER SHARE_3
EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 30, 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Temporary Equity, Liquidation Preference | $ 40,000 | ||||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.78 | $ 1.04 | $ 1.04 | ||||||
Stock Repurchased and Retired During Period, Value | $ 30,913 | ||||||||
Repurchase of common stock (in shares) | 3,333,333 | ||||||||
Repurchase of common stock | $ 0 | $ 0 | $ 30,913 | ||||||
Common stock, shares outstanding (in shares) | 82,148,869 | 82,127,247 | |||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 27,922,570 | ||||||||
Exercise price adjustment for dividends deemed return of capital | $ 1.04 | $ 0.97 | $ 0.98 | ||||||
Number of options (in shares) | 5,000 | 5,000 | |||||||
Share price (in dollars per share) | $ 4.12 | ||||||||
Common stock, shares issued (in shares) | 82,148,869 | 82,127,247 | |||||||
Stock options (A) | 0 | 596,027 | [1] | 0 | [1] | ||||
Fortress Investment Group, LLC | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock, shares outstanding (in shares) | 1,300,000 | ||||||||
Stock Options | Nonqualified Stock Option and Incentive Award Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Term of plan | 10 years | ||||||||
Number of options converted in connection with spin-off (in shares) | 5,500,000 | ||||||||
Period used to calculate average closing price to set exercise price of options | 5 days | ||||||||
Number of options (in shares) | 7,167,024 | 7,162,024 | |||||||
Minimum | Nonqualified Stock Option and Incentive Award Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options expiry date | Jan. 12, 2015 | ||||||||
Maximum | Nonqualified Stock Option and Incentive Award Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options expiry date | Aug. 18, 2024 | ||||||||
Independent Directors | Stock Options | Nonqualified Stock Option and Incentive Award Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options (in shares) | 30,000 | 25,000 | |||||||
Equity Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options (A) | 499,957 | 539,783 | |||||||
[1] | During the years ended December 31, 2018 and 2016, 499,957 and 539,783 potentially dilutive shares, respectively, were excluded given our loss position, so basic EPS and diluted EPS were the same for each reporting period. |
EQUITY AND EARNINGS PER SHARE_4
EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE - Earnings per share (Details) - USD ($) $ / shares in Units, $ 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 | |||
Equity and earnings per share [Abstract] | |||||||||||||
Earnings per share, Diluted | $ (1.05) | $ (0.25) | $ (0.48) | $ (0.16) | $ (1.94) | $ 0.15 | $ (0.88) | ||||||
Earnings per share, Basic | $ (1.05) | $ (0.25) | $ (0.48) | $ (0.16) | $ (1.94) | $ 0.15 | $ (0.88) | ||||||
Stock options (A) | 0 | 596,027 | [1] | 0 | [1] | ||||||||
Weighted average number of shares outstanding, Diluted | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,632,232 | 82,778,761 | 82,148,869 | 82,741,322 | 82,357,349 | ||||
Net loss | $ (86,626) | $ (20,299) | $ (39,081) | $ (13,349) | $ 33,521 | $ (14,539) | $ 3,121 | $ (9,895) | $ (159,355) | $ 12,208 | $ (72,249) | ||
Weighted average number of shares outstanding, Basic | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,145,295 | 82,357,349 | ||||||
[1] | During the years ended December 31, 2018 and 2016, 499,957 and 539,783 potentially dilutive shares, respectively, were excluded given our loss position, so basic EPS and diluted EPS were the same for each reporting period. |
CONCENTRATION OF CREDIT RISK (D
CONCENTRATION OF CREDIT RISK (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration of Credit Risk [Abstract] | |||
Security deposit | $ 2,966 | $ 3,222 | |
Holiday | |||
Concentration of Credit Risk [Abstract] | |||
Security deposit | $ 45,600 | ||
Holiday | Independent Living Properties | Real Estate Investment | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 79.90% | 42.40% | 40.00% |
Holiday | Independent Living Properties | Segment Real Estate Investments | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 81.80% | 69.70% | 66.90% |
Holiday | Independent Living Properties | Segment revenue | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 65.10% | 48.90% | 47.00% |
Holiday | Independent Living Properties | Segment NOI | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 79.10% | 64.20% | 60.70% |
Holiday | Assisted Living/Memory Care Properties | Real Estate Investment | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 1.70% | 2.00% | 6.80% |
Holiday | Assisted Living/Memory Care Properties | Segment Real Estate Investments | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 1.80% | 3.40% | 11.30% |
Holiday | Assisted Living/Memory Care Properties | Segment revenue | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 4.00% | 14.80% | 18.90% |
Holiday | Assisted Living/Memory Care Properties | Segment NOI | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 1.90% | 9.20% | 11.60% |
Other | Real Estate Investment | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 8.60% | 8.50% | 10.00% |
Blue Harbor | Independent Living Properties | Real Estate Investment | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 0.70% | 0.70% | 0.60% |
Blue Harbor | Independent Living Properties | Segment Real Estate Investments | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 0.80% | 1.20% | 1.10% |
Blue Harbor | Independent Living Properties | Segment revenue | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 1.90% | 2.10% | 2.00% |
Blue Harbor | Independent Living Properties | Segment NOI | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 1.20% | 1.20% | 1.30% |
Blue Harbor | Assisted Living/Memory Care Properties | Real Estate Investment | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 9.10% | 9.60% | 9.90% |
Blue Harbor | Assisted Living/Memory Care Properties | Segment Real Estate Investments | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 9.30% | 15.70% | 16.40% |
Blue Harbor | Assisted Living/Memory Care Properties | Segment revenue | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 20.90% | 26.20% | 27.60% |
Blue Harbor | Assisted Living/Memory Care Properties | Segment NOI | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 14.50% | 20.70% | 22.90% |
Tenant for Holiday Portfolios | Real Estate Investment | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 0.00% | 36.80% | 32.70% |
Tenant for Holiday Portfolios | Triple Net Lease | Segment revenue | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk percentage (in hundredths) | 7.40% | 19.90% | 18.90% |
Tenant for Holiday Portfolios | Triple Net Lease | Segment NOI | Credit Concentration Risk | |||
Concentration of Credit Risk [Abstract] | |||
Concentration risk percentage (in hundredths) | 18.70% | 40.70% | 38.90% |
FUTURE MINIMUM RENTS (Details)
FUTURE MINIMUM RENTS (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future Contracted Minimum Rental Revenue [Abstract] | |
2,018 | $ 5,746 |
2,019 | 5,904 |
2,020 | 6,066 |
2,021 | 6,233 |
2,022 | 6,405 |
Thereafter | 45,469 |
Total | $ 75,823 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 655 |
2,020 | 576 |
2,021 | 535 |
2,022 | 488 |
2,023 | 466 |
Thereafter | 545 |
Total | 3,265 |
Watermark | Triple Net Lease | |
Capital Improvement and Repair Commitments [Abstract] | |
Capital improvements | $ 1,000 |
Lease period | 15 years |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Balloon payment | $ 1,784,428 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.78 | $ 1.04 | $ 1.04 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share of common stock (in dollars per share) | $ 0.13 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ 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 | |
Summarized Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 118,468 | $ 117,760 | $ 108,852 | $ 99,218 | $ 106,916 | $ 112,955 | $ 114,286 | $ 114,973 | $ 444,298 | $ 449,130 | $ 472,438 |
Net operating income | 43,358 | 40,694 | 45,342 | 47,119 | 53,732 | 54,346 | 55,618 | 55,389 | 176,513 | 219,085 | 229,411 |
Termination fee to affiliate | 50,000 | 0 | 0 | 0 | 50,000 | 0 | 0 | ||||
(Loss) income before income taxes | (81,135) | (20,195) | (38,930) | (13,301) | 36,760 | (14,619) | 3,268 | (9,689) | (153,561) | 15,720 | (71,810) |
Income tax expense (benefit) | 5,491 | 104 | 151 | 48 | 3,239 | (80) | 147 | 206 | 5,794 | 3,512 | 439 |
Net income (loss) | $ (86,626) | $ (20,299) | $ (39,081) | $ (13,349) | $ 33,521 | $ (14,539) | $ 3,121 | $ (9,895) | $ (159,355) | $ 12,208 | $ (72,249) |
Earnings per share, Basic | $ (1.05) | $ (0.25) | $ (0.48) | $ (0.16) | $ (1.94) | $ 0.15 | $ (0.88) | ||||
Earnings per share, Diluted | $ (1.05) | $ (0.25) | $ (0.48) | $ (0.16) | $ (1.94) | $ 0.15 | $ (0.88) | ||||
Weighted average number of shares outstanding, Basic | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,145,295 | 82,357,349 | ||||
Net (loss) income per share of common stock | |||||||||||
Basic and diluted (in dollars per share) | $ 0.41 | $ (0.18) | $ 0.04 | $ (0.12) | $ 0.15 | ||||||
Weighted average number of shares of common stock outstanding | |||||||||||
Basic and diluted (in shares) | 82,148,869 | 82,148,869 | 82,142,562 | 82,140,750 | 82,145,295 | ||||||
Weighted average number of shares outstanding, Diluted | 82,148,869 | 82,148,869 | 82,148,869 | 82,148,869 | 82,632,232 | 82,778,761 | 82,148,869 | 82,741,322 | 82,357,349 |
SCHEDULE III, REAL ESTATE AND A
SCHEDULE III, REAL ESTATE AND ACCUMULATED DEPRECIATION, Real Estate and Accumulated Depreciation, by Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 1,892,514 | ||||
Initial Cost to the Company | |||||
Land | [1] | 177,956 | |||
Buildings and Improvements | [1] | 2,174,986 | |||
Furniture, Fixtures and Equipment | [1] | 87,648 | |||
Costs Capitalized Subsequent to Acquisition | 73,179 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 177,956 | ||||
Buildings and Improvements | 2,211,318 | ||||
Furniture, Fixtures and Equipment | 124,495 | ||||
Total | 2,513,769 | $ 2,511,762 | $ 2,773,179 | $ 2,790,928 | |
Accumulated Depreciation | (358,368) | $ (275,794) | $ (218,968) | $ (129,788) | |
Net Book Value | 2,155,401 | ||||
Federal income tax basis | 2,530,000 | ||||
Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | 281,949 | ||||
Initial Cost to the Company | |||||
Land | 43,316 | ||||
Buildings and Improvements | 347,235 | ||||
Furniture, Fixtures and Equipment | 14,060 | ||||
Costs Capitalized Subsequent to Acquisition | 27,784 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 43,316 | ||||
Buildings and Improvements | 363,068 | ||||
Furniture, Fixtures and Equipment | 26,011 | ||||
Total | 432,395 | ||||
Accumulated Depreciation | (75,227) | ||||
Net Book Value | 357,168 | ||||
Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | 1,560,289 | ||||
Initial Cost to the Company | |||||
Land | 126,065 | ||||
Buildings and Improvements | 1,781,720 | ||||
Furniture, Fixtures and Equipment | 71,208 | ||||
Costs Capitalized Subsequent to Acquisition | 44,250 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 126,065 | ||||
Buildings and Improvements | 1,801,474 | ||||
Furniture, Fixtures and Equipment | 95,704 | ||||
Total | 2,023,243 | ||||
Accumulated Depreciation | (276,888) | ||||
Net Book Value | 1,746,355 | ||||
Managed Properties | Andover Place | Little Rock, AR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | 13,995 | ||||
Initial Cost to the Company | |||||
Land | 629 | ||||
Buildings and Improvements | 14,664 | ||||
Furniture, Fixtures and Equipment | 783 | ||||
Costs Capitalized Subsequent to Acquisition | 414 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 629 | ||||
Buildings and Improvements | 14,883 | ||||
Furniture, Fixtures and Equipment | 978 | ||||
Total | 16,490 | ||||
Accumulated Depreciation | (1,999) | ||||
Net Book Value | $ 14,491 | ||||
Managed Properties | Andover Place | Little Rock, AR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Andover Place | Little Rock, AR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Desert Flower | Scottsdale, AZ | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,902 | ||||
Initial Cost to the Company | |||||
Land | 2,295 | ||||
Buildings and Improvements | 16,901 | ||||
Furniture, Fixtures and Equipment | 101 | ||||
Costs Capitalized Subsequent to Acquisition | 1,665 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,295 | ||||
Buildings and Improvements | 18,036 | ||||
Furniture, Fixtures and Equipment | 631 | ||||
Total | 20,962 | ||||
Accumulated Depreciation | (3,629) | ||||
Net Book Value | $ 17,333 | ||||
Managed Properties | Desert Flower | Scottsdale, AZ | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Desert Flower | Scottsdale, AZ | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Arcadia Place | Vista, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,575 | ||||
Initial Cost to the Company | |||||
Land | 1,569 | ||||
Buildings and Improvements | 14,252 | ||||
Furniture, Fixtures and Equipment | 804 | ||||
Costs Capitalized Subsequent to Acquisition | 502 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,569 | ||||
Buildings and Improvements | 14,547 | ||||
Furniture, Fixtures and Equipment | 1,011 | ||||
Total | 17,127 | ||||
Accumulated Depreciation | (2,132) | ||||
Net Book Value | $ 14,995 | ||||
Managed Properties | Arcadia Place | Vista, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Arcadia Place | Vista, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Chateau at Harveston | Temecula, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 24,539 | ||||
Initial Cost to the Company | |||||
Land | 1,564 | ||||
Buildings and Improvements | 27,532 | ||||
Furniture, Fixtures and Equipment | 838 | ||||
Costs Capitalized Subsequent to Acquisition | 267 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,564 | ||||
Buildings and Improvements | 27,731 | ||||
Furniture, Fixtures and Equipment | 906 | ||||
Total | 30,201 | ||||
Accumulated Depreciation | (3,369) | ||||
Net Book Value | $ 26,832 | ||||
Managed Properties | Chateau at Harveston | Temecula, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Chateau at Harveston | Temecula, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Golden Oaks | Yucaipa, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 22,073 | ||||
Initial Cost to the Company | |||||
Land | 772 | ||||
Buildings and Improvements | 24,989 | ||||
Furniture, Fixtures and Equipment | 867 | ||||
Costs Capitalized Subsequent to Acquisition | 387 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 772 | ||||
Buildings and Improvements | 25,181 | ||||
Furniture, Fixtures and Equipment | 1,062 | ||||
Total | 27,015 | ||||
Accumulated Depreciation | (3,334) | ||||
Net Book Value | $ 23,681 | ||||
Managed Properties | Golden Oaks | Yucaipa, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Golden Oaks | Yucaipa, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Orchard Park | Clovis, CA | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 6,368 | ||||
Initial Cost to the Company | |||||
Land | 1,126 | ||||
Buildings and Improvements | 16,889 | ||||
Furniture, Fixtures and Equipment | 45 | ||||
Costs Capitalized Subsequent to Acquisition | 1,553 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,126 | ||||
Buildings and Improvements | 18,099 | ||||
Furniture, Fixtures and Equipment | 388 | ||||
Total | 19,613 | ||||
Accumulated Depreciation | (3,450) | ||||
Net Book Value | $ 16,163 | ||||
Managed Properties | Orchard Park | Clovis, CA | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Orchard Park | Clovis, CA | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Rancho Village | Palmdale, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 18,116 | ||||
Initial Cost to the Company | |||||
Land | 323 | ||||
Buildings and Improvements | 22,341 | ||||
Furniture, Fixtures and Equipment | 882 | ||||
Costs Capitalized Subsequent to Acquisition | 440 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 323 | ||||
Buildings and Improvements | 22,449 | ||||
Furniture, Fixtures and Equipment | 1,214 | ||||
Total | 23,986 | ||||
Accumulated Depreciation | (3,141) | ||||
Net Book Value | $ 20,845 | ||||
Managed Properties | Rancho Village | Palmdale, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Rancho Village | Palmdale, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Sunshine Villa | Santa Cruz, CA | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,260 | ||||
Initial Cost to the Company | |||||
Land | 2,243 | ||||
Buildings and Improvements | 21,082 | ||||
Furniture, Fixtures and Equipment | 58 | ||||
Costs Capitalized Subsequent to Acquisition | 1,024 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,243 | ||||
Buildings and Improvements | 21,618 | ||||
Furniture, Fixtures and Equipment | 546 | ||||
Total | 24,407 | ||||
Accumulated Depreciation | (4,190) | ||||
Net Book Value | $ 20,217 | ||||
Managed Properties | Sunshine Villa | Santa Cruz, CA | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Sunshine Villa | Santa Cruz, CA | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | The Remington | Hanford, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,628 | ||||
Initial Cost to the Company | |||||
Land | 1,300 | ||||
Buildings and Improvements | 16,003 | ||||
Furniture, Fixtures and Equipment | 825 | ||||
Costs Capitalized Subsequent to Acquisition | 523 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,300 | ||||
Buildings and Improvements | 16,164 | ||||
Furniture, Fixtures and Equipment | 1,187 | ||||
Total | 18,651 | ||||
Accumulated Depreciation | (2,260) | ||||
Net Book Value | $ 16,391 | ||||
Managed Properties | The Remington | Hanford, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | The Remington | Hanford, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | The Springs of Escondido | Escondido, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,375 | ||||
Initial Cost to the Company | |||||
Land | 670 | ||||
Buildings and Improvements | 14,392 | ||||
Furniture, Fixtures and Equipment | 721 | ||||
Costs Capitalized Subsequent to Acquisition | 1,855 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 670 | ||||
Buildings and Improvements | 15,500 | ||||
Furniture, Fixtures and Equipment | 1,468 | ||||
Total | 17,638 | ||||
Accumulated Depreciation | (2,303) | ||||
Net Book Value | $ 15,335 | ||||
Managed Properties | The Springs of Escondido | Escondido, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | The Springs of Escondido | Escondido, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | The Springs of Napa | Napa, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,408 | ||||
Initial Cost to the Company | |||||
Land | 2,420 | ||||
Buildings and Improvements | 11,978 | ||||
Furniture, Fixtures and Equipment | 700 | ||||
Costs Capitalized Subsequent to Acquisition | 374 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,420 | ||||
Buildings and Improvements | 12,131 | ||||
Furniture, Fixtures and Equipment | 921 | ||||
Total | 15,472 | ||||
Accumulated Depreciation | (1,876) | ||||
Net Book Value | $ 13,596 | ||||
Managed Properties | The Springs of Napa | Napa, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | The Springs of Napa | Napa, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Quincy Place | Denver, CO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,435 | ||||
Initial Cost to the Company | |||||
Land | 1,180 | ||||
Buildings and Improvements | 18,200 | ||||
Furniture, Fixtures and Equipment | 825 | ||||
Costs Capitalized Subsequent to Acquisition | 676 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,180 | ||||
Buildings and Improvements | 18,601 | ||||
Furniture, Fixtures and Equipment | 1,100 | ||||
Total | 20,881 | ||||
Accumulated Depreciation | (2,442) | ||||
Net Book Value | $ 18,439 | ||||
Managed Properties | Quincy Place | Denver, CO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Quincy Place | Denver, CO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Augustine Landing | Jacksonville, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,076 | ||||
Initial Cost to the Company | |||||
Land | 680 | ||||
Buildings and Improvements | 19,635 | ||||
Furniture, Fixtures and Equipment | 770 | ||||
Costs Capitalized Subsequent to Acquisition | 285 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 680 | ||||
Buildings and Improvements | 19,789 | ||||
Furniture, Fixtures and Equipment | 901 | ||||
Total | 21,370 | ||||
Accumulated Depreciation | (2,412) | ||||
Net Book Value | $ 18,958 | ||||
Managed Properties | Augustine Landing | Jacksonville, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Augustine Landing | Jacksonville, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Barkley Place | Fort Myers, FL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,063 | ||||
Initial Cost to the Company | |||||
Land | 1,929 | ||||
Buildings and Improvements | 9,158 | ||||
Furniture, Fixtures and Equipment | 1,040 | ||||
Costs Capitalized Subsequent to Acquisition | 913 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,929 | ||||
Buildings and Improvements | 10,104 | ||||
Furniture, Fixtures and Equipment | 1,007 | ||||
Total | 13,040 | ||||
Accumulated Depreciation | (2,901) | ||||
Net Book Value | $ 10,139 | ||||
Managed Properties | Barkley Place | Fort Myers, FL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Barkley Place | Fort Myers, FL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Grace Manor | Port Orange, FL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 4,109 | ||||
Initial Cost to the Company | |||||
Land | 950 | ||||
Buildings and Improvements | 4,482 | ||||
Furniture, Fixtures and Equipment | 135 | ||||
Costs Capitalized Subsequent to Acquisition | 212 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 950 | ||||
Buildings and Improvements | 4,587 | ||||
Furniture, Fixtures and Equipment | 242 | ||||
Total | 5,779 | ||||
Accumulated Depreciation | (648) | ||||
Net Book Value | $ 5,131 | ||||
Managed Properties | Grace Manor | Port Orange, FL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Grace Manor | Port Orange, FL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Marion Woods | Ocala, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,936 | ||||
Initial Cost to the Company | |||||
Land | 540 | ||||
Buildings and Improvements | 20,048 | ||||
Furniture, Fixtures and Equipment | 882 | ||||
Costs Capitalized Subsequent to Acquisition | 812 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 540 | ||||
Buildings and Improvements | 20,502 | ||||
Furniture, Fixtures and Equipment | 1,240 | ||||
Total | 22,282 | ||||
Accumulated Depreciation | (2,825) | ||||
Net Book Value | $ 19,457 | ||||
Managed Properties | Marion Woods | Ocala, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Marion Woods | Ocala, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Royal Palm | Port Charlotte, FL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,932 | ||||
Initial Cost to the Company | |||||
Land | 2,019 | ||||
Buildings and Improvements | 13,696 | ||||
Furniture, Fixtures and Equipment | 1,370 | ||||
Costs Capitalized Subsequent to Acquisition | 2,272 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,019 | ||||
Buildings and Improvements | 14,953 | ||||
Furniture, Fixtures and Equipment | 2,385 | ||||
Total | 19,357 | ||||
Accumulated Depreciation | (4,360) | ||||
Net Book Value | $ 14,997 | ||||
Managed Properties | Royal Palm | Port Charlotte, FL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Royal Palm | Port Charlotte, FL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Sterling Court | Deltona, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,092 | ||||
Initial Cost to the Company | |||||
Land | 1,095 | ||||
Buildings and Improvements | 13,960 | ||||
Furniture, Fixtures and Equipment | 954 | ||||
Costs Capitalized Subsequent to Acquisition | 533 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,095 | ||||
Buildings and Improvements | 14,347 | ||||
Furniture, Fixtures and Equipment | 1,100 | ||||
Total | 16,542 | ||||
Accumulated Depreciation | (2,414) | ||||
Net Book Value | $ 14,128 | ||||
Managed Properties | Sterling Court | Deltona, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Sterling Court | Deltona, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Summerfield | Bradenton, FL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,073 | ||||
Initial Cost to the Company | |||||
Land | 1,367 | ||||
Buildings and Improvements | 14,361 | ||||
Furniture, Fixtures and Equipment | 1,247 | ||||
Costs Capitalized Subsequent to Acquisition | 1,753 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,367 | ||||
Buildings and Improvements | 14,704 | ||||
Furniture, Fixtures and Equipment | 2,657 | ||||
Total | 18,728 | ||||
Accumulated Depreciation | (4,239) | ||||
Net Book Value | $ 14,489 | ||||
Managed Properties | Summerfield | Bradenton, FL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Summerfield | Bradenton, FL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Sunset Lake Village | Venice, FL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,762 | ||||
Initial Cost to the Company | |||||
Land | 1,073 | ||||
Buildings and Improvements | 13,254 | ||||
Furniture, Fixtures and Equipment | 838 | ||||
Costs Capitalized Subsequent to Acquisition | 767 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,073 | ||||
Buildings and Improvements | 13,406 | ||||
Furniture, Fixtures and Equipment | 1,453 | ||||
Total | 15,932 | ||||
Accumulated Depreciation | (3,173) | ||||
Net Book Value | $ 12,759 | ||||
Managed Properties | Sunset Lake Village | Venice, FL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Sunset Lake Village | Venice, FL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | University Pines | Pensacola, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 21,057 | ||||
Initial Cost to the Company | |||||
Land | 1,080 | ||||
Buildings and Improvements | 19,150 | ||||
Furniture, Fixtures and Equipment | 777 | ||||
Costs Capitalized Subsequent to Acquisition | 583 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,080 | ||||
Buildings and Improvements | 19,628 | ||||
Furniture, Fixtures and Equipment | 882 | ||||
Total | 21,590 | ||||
Accumulated Depreciation | (2,382) | ||||
Net Book Value | $ 19,208 | ||||
Managed Properties | University Pines | Pensacola, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | University Pines | Pensacola, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Venetian Gardens | Venice, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,082 | ||||
Initial Cost to the Company | |||||
Land | 865 | ||||
Buildings and Improvements | 21,173 | ||||
Furniture, Fixtures and Equipment | 860 | ||||
Costs Capitalized Subsequent to Acquisition | 428 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 865 | ||||
Buildings and Improvements | 21,315 | ||||
Furniture, Fixtures and Equipment | 1,146 | ||||
Total | 23,326 | ||||
Accumulated Depreciation | (3,078) | ||||
Net Book Value | $ 20,248 | ||||
Managed Properties | Venetian Gardens | Venice, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Venetian Gardens | Venice, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Village Place | Port Charlotte, FL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 8,121 | ||||
Initial Cost to the Company | |||||
Land | 1,064 | ||||
Buildings and Improvements | 8,503 | ||||
Furniture, Fixtures and Equipment | 679 | ||||
Costs Capitalized Subsequent to Acquisition | 1,141 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,064 | ||||
Buildings and Improvements | 8,834 | ||||
Furniture, Fixtures and Equipment | 1,489 | ||||
Total | 11,387 | ||||
Accumulated Depreciation | (2,441) | ||||
Net Book Value | $ 8,946 | ||||
Managed Properties | Village Place | Port Charlotte, FL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Village Place | Port Charlotte, FL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Windward Palms | Boynton Beach, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,315 | ||||
Initial Cost to the Company | |||||
Land | 1,564 | ||||
Buildings and Improvements | 20,097 | ||||
Furniture, Fixtures and Equipment | 867 | ||||
Costs Capitalized Subsequent to Acquisition | 892 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,564 | ||||
Buildings and Improvements | 20,790 | ||||
Furniture, Fixtures and Equipment | 1,066 | ||||
Total | 23,420 | ||||
Accumulated Depreciation | (3,045) | ||||
Net Book Value | $ 20,375 | ||||
Managed Properties | Windward Palms | Boynton Beach, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Windward Palms | Boynton Beach, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Ivy Springs Manor | Buford, GA | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,581 | ||||
Initial Cost to the Company | |||||
Land | 1,230 | ||||
Buildings and Improvements | 13,067 | ||||
Furniture, Fixtures and Equipment | 270 | ||||
Costs Capitalized Subsequent to Acquisition | 278 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,230 | ||||
Buildings and Improvements | 13,178 | ||||
Furniture, Fixtures and Equipment | 437 | ||||
Total | 14,845 | ||||
Accumulated Depreciation | (1,631) | ||||
Net Book Value | $ 13,214 | ||||
Managed Properties | Ivy Springs Manor | Buford, GA | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Ivy Springs Manor | Buford, GA | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Pinegate | Macon, GA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,902 | ||||
Initial Cost to the Company | |||||
Land | 540 | ||||
Buildings and Improvements | 12,290 | ||||
Furniture, Fixtures and Equipment | 811 | ||||
Costs Capitalized Subsequent to Acquisition | 307 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 540 | ||||
Buildings and Improvements | 12,438 | ||||
Furniture, Fixtures and Equipment | 970 | ||||
Total | 13,948 | ||||
Accumulated Depreciation | (1,844) | ||||
Net Book Value | $ 12,104 | ||||
Managed Properties | Pinegate | Macon, GA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Pinegate | Macon, GA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Kalama Heights | Kihei, HI | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 22,896 | ||||
Initial Cost to the Company | |||||
Land | 3,360 | ||||
Buildings and Improvements | 27,212 | ||||
Furniture, Fixtures and Equipment | 846 | ||||
Costs Capitalized Subsequent to Acquisition | 597 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 3,360 | ||||
Buildings and Improvements | 27,471 | ||||
Furniture, Fixtures and Equipment | 1,184 | ||||
Total | 32,015 | ||||
Accumulated Depreciation | (3,457) | ||||
Net Book Value | $ 28,558 | ||||
Managed Properties | Kalama Heights | Kihei, HI | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Kalama Heights | Kihei, HI | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Willow Park | Boise, ID | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 10,934 | ||||
Initial Cost to the Company | |||||
Land | 1,456 | ||||
Buildings and Improvements | 13,548 | ||||
Furniture, Fixtures and Equipment | 58 | ||||
Costs Capitalized Subsequent to Acquisition | 684 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,456 | ||||
Buildings and Improvements | 14,033 | ||||
Furniture, Fixtures and Equipment | 257 | ||||
Total | 15,746 | ||||
Accumulated Depreciation | (2,873) | ||||
Net Book Value | $ 12,873 | ||||
Managed Properties | Willow Park | Boise, ID | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Willow Park | Boise, ID | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Grandview | Peoria, IL | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,165 | ||||
Initial Cost to the Company | |||||
Land | 1,606 | ||||
Buildings and Improvements | 12,015 | ||||
Furniture, Fixtures and Equipment | 280 | ||||
Costs Capitalized Subsequent to Acquisition | 449 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,606 | ||||
Buildings and Improvements | 12,287 | ||||
Furniture, Fixtures and Equipment | 457 | ||||
Total | 14,350 | ||||
Accumulated Depreciation | (1,714) | ||||
Net Book Value | $ 12,636 | ||||
Managed Properties | Grandview | Peoria, IL | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Grandview | Peoria, IL | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Redbud Hills | Bloomington, IN | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,500 | ||||
Initial Cost to the Company | |||||
Land | 2,140 | ||||
Buildings and Improvements | 17,839 | ||||
Furniture, Fixtures and Equipment | 797 | ||||
Costs Capitalized Subsequent to Acquisition | 299 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,140 | ||||
Buildings and Improvements | 17,998 | ||||
Furniture, Fixtures and Equipment | 937 | ||||
Total | 21,075 | ||||
Accumulated Depreciation | (2,314) | ||||
Net Book Value | $ 18,761 | ||||
Managed Properties | Redbud Hills | Bloomington, IN | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Redbud Hills | Bloomington, IN | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Greenwood Terrace | Lenexa, KS | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,643 | ||||
Initial Cost to the Company | |||||
Land | 950 | ||||
Buildings and Improvements | 21,883 | ||||
Furniture, Fixtures and Equipment | 811 | ||||
Costs Capitalized Subsequent to Acquisition | 1,032 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 950 | ||||
Buildings and Improvements | 22,092 | ||||
Furniture, Fixtures and Equipment | 1,634 | ||||
Total | 24,676 | ||||
Accumulated Depreciation | (3,104) | ||||
Net Book Value | $ 21,572 | ||||
Managed Properties | Greenwood Terrace | Lenexa, KS | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Greenwood Terrace | Lenexa, KS | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Waterview Court | Shreveport, LA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 6,340 | ||||
Initial Cost to the Company | |||||
Land | 1,267 | ||||
Buildings and Improvements | 4,070 | ||||
Furniture, Fixtures and Equipment | 376 | ||||
Costs Capitalized Subsequent to Acquisition | 1,561 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,267 | ||||
Buildings and Improvements | 5,124 | ||||
Furniture, Fixtures and Equipment | 883 | ||||
Total | 7,274 | ||||
Accumulated Depreciation | (1,306) | ||||
Net Book Value | $ 5,968 | ||||
Managed Properties | Waterview Court | Shreveport, LA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Waterview Court | Shreveport, LA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Bluebird Estates | East Longmeadow, MA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 21,442 | ||||
Initial Cost to the Company | |||||
Land | 5,745 | ||||
Buildings and Improvements | 24,591 | ||||
Furniture, Fixtures and Equipment | 954 | ||||
Costs Capitalized Subsequent to Acquisition | 228 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 5,745 | ||||
Buildings and Improvements | 24,724 | ||||
Furniture, Fixtures and Equipment | 1,049 | ||||
Total | 31,518 | ||||
Accumulated Depreciation | (3,608) | ||||
Net Book Value | $ 27,910 | ||||
Managed Properties | Bluebird Estates | East Longmeadow, MA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Bluebird Estates | East Longmeadow, MA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Quail Run Estates | Agawam, MA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 18,799 | ||||
Initial Cost to the Company | |||||
Land | 1,410 | ||||
Buildings and Improvements | 21,330 | ||||
Furniture, Fixtures and Equipment | 853 | ||||
Costs Capitalized Subsequent to Acquisition | 663 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,410 | ||||
Buildings and Improvements | 21,634 | ||||
Furniture, Fixtures and Equipment | 1,212 | ||||
Total | 24,256 | ||||
Accumulated Depreciation | (3,097) | ||||
Net Book Value | $ 21,159 | ||||
Managed Properties | Quail Run Estates | Agawam, MA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Quail Run Estates | Agawam, MA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Genesee Gardens | Flint Township, MI | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,900 | ||||
Initial Cost to the Company | |||||
Land | 420 | ||||
Buildings and Improvements | 17,080 | ||||
Furniture, Fixtures and Equipment | 825 | ||||
Costs Capitalized Subsequent to Acquisition | 526 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 420 | ||||
Buildings and Improvements | 17,402 | ||||
Furniture, Fixtures and Equipment | 1,029 | ||||
Total | 18,851 | ||||
Accumulated Depreciation | (2,285) | ||||
Net Book Value | $ 16,566 | ||||
Managed Properties | Genesee Gardens | Flint Township, MI | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Genesee Gardens | Flint Township, MI | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | The Gardens | Ocean Springs, MS | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 6,005 | ||||
Initial Cost to the Company | |||||
Land | 850 | ||||
Buildings and Improvements | 7,034 | ||||
Furniture, Fixtures and Equipment | 460 | ||||
Costs Capitalized Subsequent to Acquisition | 524 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 850 | ||||
Buildings and Improvements | 7,311 | ||||
Furniture, Fixtures and Equipment | 707 | ||||
Total | 8,868 | ||||
Accumulated Depreciation | (1,540) | ||||
Net Book Value | $ 7,328 | ||||
Managed Properties | The Gardens | Ocean Springs, MS | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | The Gardens | Ocean Springs, MS | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Aspen View | Billings, MT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 14,110 | ||||
Initial Cost to the Company | |||||
Land | 930 | ||||
Buildings and Improvements | 22,611 | ||||
Furniture, Fixtures and Equipment | 881 | ||||
Costs Capitalized Subsequent to Acquisition | 714 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 930 | ||||
Buildings and Improvements | 23,292 | ||||
Furniture, Fixtures and Equipment | 914 | ||||
Total | 25,136 | ||||
Accumulated Depreciation | (2,904) | ||||
Net Book Value | $ 22,232 | ||||
Managed Properties | Aspen View | Billings, MT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Aspen View | Billings, MT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Cedar Ridge | Burlington, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,637 | ||||
Initial Cost to the Company | |||||
Land | 1,030 | ||||
Buildings and Improvements | 20,330 | ||||
Furniture, Fixtures and Equipment | 832 | ||||
Costs Capitalized Subsequent to Acquisition | 313 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,030 | ||||
Buildings and Improvements | 20,520 | ||||
Furniture, Fixtures and Equipment | 955 | ||||
Total | 22,505 | ||||
Accumulated Depreciation | (2,464) | ||||
Net Book Value | $ 20,041 | ||||
Managed Properties | Cedar Ridge | Burlington, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Cedar Ridge | Burlington, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Courtyards at Berne Village | New Bern, NC | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 14,704 | ||||
Initial Cost to the Company | |||||
Land | 1,657 | ||||
Buildings and Improvements | 12,893 | ||||
Furniture, Fixtures and Equipment | 1,148 | ||||
Costs Capitalized Subsequent to Acquisition | 1,346 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,657 | ||||
Buildings and Improvements | 13,654 | ||||
Furniture, Fixtures and Equipment | 1,733 | ||||
Total | 17,044 | ||||
Accumulated Depreciation | (3,696) | ||||
Net Book Value | $ 13,348 | ||||
Managed Properties | Courtyards at Berne Village | New Bern, NC | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Courtyards at Berne Village | New Bern, NC | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Crescent Heights | Concord, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 20,665 | ||||
Initial Cost to the Company | |||||
Land | 1,960 | ||||
Buildings and Improvements | 21,290 | ||||
Furniture, Fixtures and Equipment | 867 | ||||
Costs Capitalized Subsequent to Acquisition | 287 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,960 | ||||
Buildings and Improvements | 21,419 | ||||
Furniture, Fixtures and Equipment | 1,025 | ||||
Total | 24,404 | ||||
Accumulated Depreciation | (3,125) | ||||
Net Book Value | $ 21,279 | ||||
Managed Properties | Crescent Heights | Concord, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Crescent Heights | Concord, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Forsyth Court | Winston Salem, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,048 | ||||
Initial Cost to the Company | |||||
Land | 1,428 | ||||
Buildings and Improvements | 13,286 | ||||
Furniture, Fixtures and Equipment | 499 | ||||
Costs Capitalized Subsequent to Acquisition | 1,420 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,428 | ||||
Buildings and Improvements | 14,296 | ||||
Furniture, Fixtures and Equipment | 909 | ||||
Total | 16,633 | ||||
Accumulated Depreciation | (2,172) | ||||
Net Book Value | $ 14,461 | ||||
Managed Properties | Forsyth Court | Winston Salem, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Forsyth Court | Winston Salem, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Lodge at Wake Forest | Wake Forrest, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 22,155 | ||||
Initial Cost to the Company | |||||
Land | 1,209 | ||||
Buildings and Improvements | 22,571 | ||||
Furniture, Fixtures and Equipment | 867 | ||||
Costs Capitalized Subsequent to Acquisition | 329 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,209 | ||||
Buildings and Improvements | 22,699 | ||||
Furniture, Fixtures and Equipment | 1,068 | ||||
Total | 24,976 | ||||
Accumulated Depreciation | (3,120) | ||||
Net Book Value | $ 21,856 | ||||
Managed Properties | Lodge at Wake Forest | Wake Forrest, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Lodge at Wake Forest | Wake Forrest, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Shads Landing | Charlotte, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 21,364 | ||||
Initial Cost to the Company | |||||
Land | 1,939 | ||||
Buildings and Improvements | 21,988 | ||||
Furniture, Fixtures and Equipment | 846 | ||||
Costs Capitalized Subsequent to Acquisition | 244 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,939 | ||||
Buildings and Improvements | 22,119 | ||||
Furniture, Fixtures and Equipment | 959 | ||||
Total | 25,017 | ||||
Accumulated Depreciation | (3,264) | ||||
Net Book Value | $ 21,753 | ||||
Managed Properties | Shads Landing | Charlotte, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Shads Landing | Charlotte, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Woods at Holly Tree | Wilmington, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 27,382 | ||||
Initial Cost to the Company | |||||
Land | 3,310 | ||||
Buildings and Improvements | 24,934 | ||||
Furniture, Fixtures and Equipment | 811 | ||||
Costs Capitalized Subsequent to Acquisition | 145 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 3,310 | ||||
Buildings and Improvements | 25,108 | ||||
Furniture, Fixtures and Equipment | 782 | ||||
Total | 29,200 | ||||
Accumulated Depreciation | (3,134) | ||||
Net Book Value | $ 26,066 | ||||
Managed Properties | Woods at Holly Tree | Wilmington, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Woods at Holly Tree | Wilmington, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Rolling Hills Ranch | Omaha, NE | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 14,053 | ||||
Initial Cost to the Company | |||||
Land | 1,022 | ||||
Buildings and Improvements | 16,251 | ||||
Furniture, Fixtures and Equipment | 846 | ||||
Costs Capitalized Subsequent to Acquisition | 246 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,022 | ||||
Buildings and Improvements | 16,400 | ||||
Furniture, Fixtures and Equipment | 943 | ||||
Total | 18,365 | ||||
Accumulated Depreciation | (2,512) | ||||
Net Book Value | $ 15,853 | ||||
Managed Properties | Rolling Hills Ranch | Omaha, NE | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Rolling Hills Ranch | Omaha, NE | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Kirkwood Corners | Lee, NH | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 2,417 | ||||
Initial Cost to the Company | |||||
Land | 578 | ||||
Buildings and Improvements | 1,847 | ||||
Furniture, Fixtures and Equipment | 124 | ||||
Costs Capitalized Subsequent to Acquisition | 433 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 578 | ||||
Buildings and Improvements | 2,049 | ||||
Furniture, Fixtures and Equipment | 355 | ||||
Total | 2,982 | ||||
Accumulated Depreciation | (570) | ||||
Net Book Value | $ 2,412 | ||||
Managed Properties | Kirkwood Corners | Lee, NH | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Kirkwood Corners | Lee, NH | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Maple Suites | Dover, NH | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 24,471 | ||||
Initial Cost to the Company | |||||
Land | 1,084 | ||||
Buildings and Improvements | 30,943 | ||||
Furniture, Fixtures and Equipment | 838 | ||||
Costs Capitalized Subsequent to Acquisition | 345 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,084 | ||||
Buildings and Improvements | 31,142 | ||||
Furniture, Fixtures and Equipment | 984 | ||||
Total | 33,210 | ||||
Accumulated Depreciation | (4,282) | ||||
Net Book Value | $ 28,928 | ||||
Managed Properties | Maple Suites | Dover, NH | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Maple Suites | Dover, NH | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Pine Rock Manor | Warner, NH | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,937 | ||||
Initial Cost to the Company | |||||
Land | 780 | ||||
Buildings and Improvements | 8,580 | ||||
Furniture, Fixtures and Equipment | 378 | ||||
Costs Capitalized Subsequent to Acquisition | 469 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 780 | ||||
Buildings and Improvements | 8,854 | ||||
Furniture, Fixtures and Equipment | 573 | ||||
Total | 10,207 | ||||
Accumulated Depreciation | (1,882) | ||||
Net Book Value | $ 8,325 | ||||
Managed Properties | Pine Rock Manor | Warner, NH | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Pine Rock Manor | Warner, NH | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Pines of New Market | Newmarket, NH | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 5,777 | ||||
Initial Cost to the Company | |||||
Land | 629 | ||||
Buildings and Improvements | 4,879 | ||||
Furniture, Fixtures and Equipment | 353 | ||||
Costs Capitalized Subsequent to Acquisition | 432 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 629 | ||||
Buildings and Improvements | 5,151 | ||||
Furniture, Fixtures and Equipment | 513 | ||||
Total | 6,293 | ||||
Accumulated Depreciation | (1,111) | ||||
Net Book Value | $ 5,182 | ||||
Managed Properties | Pines of New Market | Newmarket, NH | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Pines of New Market | Newmarket, NH | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Montara Meadows | Las Vegas, NV | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,670 | ||||
Initial Cost to the Company | |||||
Land | 1,840 | ||||
Buildings and Improvements | 11,654 | ||||
Furniture, Fixtures and Equipment | 1,206 | ||||
Costs Capitalized Subsequent to Acquisition | 1,747 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,840 | ||||
Buildings and Improvements | 12,439 | ||||
Furniture, Fixtures and Equipment | 2,168 | ||||
Total | 16,447 | ||||
Accumulated Depreciation | (2,662) | ||||
Net Book Value | $ 13,785 | ||||
Managed Properties | Montara Meadows | Las Vegas, NV | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Montara Meadows | Las Vegas, NV | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Manor at Woodside | Poughkeepsie, NY | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,859 | ||||
Initial Cost to the Company | |||||
Land | 0 | ||||
Buildings and Improvements | 12,130 | ||||
Furniture, Fixtures and Equipment | 670 | ||||
Costs Capitalized Subsequent to Acquisition | 937 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 12,749 | ||||
Furniture, Fixtures and Equipment | 988 | ||||
Total | 13,737 | ||||
Accumulated Depreciation | (2,933) | ||||
Net Book Value | $ 10,804 | ||||
Managed Properties | Manor at Woodside | Poughkeepsie, NY | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Manor at Woodside | Poughkeepsie, NY | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Alexis Gardens | Toledo, OH | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 17,384 | ||||
Initial Cost to the Company | |||||
Land | 450 | ||||
Buildings and Improvements | 18,412 | ||||
Furniture, Fixtures and Equipment | 811 | ||||
Costs Capitalized Subsequent to Acquisition | 371 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 450 | ||||
Buildings and Improvements | 18,591 | ||||
Furniture, Fixtures and Equipment | 1,003 | ||||
Total | 20,044 | ||||
Accumulated Depreciation | (2,411) | ||||
Net Book Value | $ 17,633 | ||||
Managed Properties | Alexis Gardens | Toledo, OH | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Alexis Gardens | Toledo, OH | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Copley Place | Copley, OH | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,048 | ||||
Initial Cost to the Company | |||||
Land | 553 | ||||
Buildings and Improvements | 19,125 | ||||
Furniture, Fixtures and Equipment | 867 | ||||
Costs Capitalized Subsequent to Acquisition | 241 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 553 | ||||
Buildings and Improvements | 19,281 | ||||
Furniture, Fixtures and Equipment | 952 | ||||
Total | 20,786 | ||||
Accumulated Depreciation | (2,766) | ||||
Net Book Value | $ 18,020 | ||||
Managed Properties | Copley Place | Copley, OH | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Copley Place | Copley, OH | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Laurelwood | Dayton, OH | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Laurelwood | Dayton, OH | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Lionwood | Oklahoma City, OK | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 4,447 | ||||
Initial Cost to the Company | |||||
Land | 744 | ||||
Buildings and Improvements | 5,180 | ||||
Furniture, Fixtures and Equipment | 383 | ||||
Costs Capitalized Subsequent to Acquisition | 661 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 744 | ||||
Buildings and Improvements | 5,683 | ||||
Furniture, Fixtures and Equipment | 541 | ||||
Total | 6,968 | ||||
Accumulated Depreciation | (1,145) | ||||
Net Book Value | $ 5,823 | ||||
Managed Properties | Lionwood | Oklahoma City, OK | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Lionwood | Oklahoma City, OK | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Parkrose Chateau | Portland, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,569 | ||||
Initial Cost to the Company | |||||
Land | 2,742 | ||||
Buildings and Improvements | 17,472 | ||||
Furniture, Fixtures and Equipment | 749 | ||||
Costs Capitalized Subsequent to Acquisition | 633 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,742 | ||||
Buildings and Improvements | 17,907 | ||||
Furniture, Fixtures and Equipment | 947 | ||||
Total | 21,596 | ||||
Accumulated Depreciation | (2,344) | ||||
Net Book Value | $ 19,252 | ||||
Managed Properties | Parkrose Chateau | Portland, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Parkrose Chateau | Portland, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Sheldon Park | Eugene, OR | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,906 | ||||
Initial Cost to the Company | |||||
Land | 929 | ||||
Buildings and Improvements | 20,662 | ||||
Furniture, Fixtures and Equipment | 91 | ||||
Costs Capitalized Subsequent to Acquisition | 1,574 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 929 | ||||
Buildings and Improvements | 21,929 | ||||
Furniture, Fixtures and Equipment | 398 | ||||
Total | 23,256 | ||||
Accumulated Depreciation | (4,118) | ||||
Net Book Value | $ 19,138 | ||||
Managed Properties | Sheldon Park | Eugene, OR | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Sheldon Park | Eugene, OR | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Stone Lodge | Bend, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,675 | ||||
Initial Cost to the Company | |||||
Land | 1,200 | ||||
Buildings and Improvements | 25,753 | ||||
Furniture, Fixtures and Equipment | 790 | ||||
Costs Capitalized Subsequent to Acquisition | 480 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,200 | ||||
Buildings and Improvements | 26,014 | ||||
Furniture, Fixtures and Equipment | 1,009 | ||||
Total | 28,223 | ||||
Accumulated Depreciation | (2,972) | ||||
Net Book Value | $ 25,251 | ||||
Managed Properties | Stone Lodge | Bend, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Stone Lodge | Bend, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Glen Riddle | Media, PA | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,417 | ||||
Initial Cost to the Company | |||||
Land | 1,932 | ||||
Buildings and Improvements | 16,169 | ||||
Furniture, Fixtures and Equipment | 870 | ||||
Costs Capitalized Subsequent to Acquisition | 1,428 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,932 | ||||
Buildings and Improvements | 17,161 | ||||
Furniture, Fixtures and Equipment | 1,306 | ||||
Total | 20,399 | ||||
Accumulated Depreciation | (3,748) | ||||
Net Book Value | $ 16,651 | ||||
Managed Properties | Glen Riddle | Media, PA | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Glen Riddle | Media, PA | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Niagara Village | Erie, PA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,845 | ||||
Initial Cost to the Company | |||||
Land | 750 | ||||
Buildings and Improvements | 16,544 | ||||
Furniture, Fixtures and Equipment | 790 | ||||
Costs Capitalized Subsequent to Acquisition | 629 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 750 | ||||
Buildings and Improvements | 16,947 | ||||
Furniture, Fixtures and Equipment | 1,016 | ||||
Total | 18,713 | ||||
Accumulated Depreciation | (2,273) | ||||
Net Book Value | $ 16,440 | ||||
Managed Properties | Niagara Village | Erie, PA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Niagara Village | Erie, PA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Schenley Gardens | Pittsburgh, PA | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Schenley Gardens | Pittsburgh, PA | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Indigo Pines | Hilton Head, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,334 | ||||
Initial Cost to the Company | |||||
Land | 2,850 | ||||
Buildings and Improvements | 15,970 | ||||
Furniture, Fixtures and Equipment | 832 | ||||
Costs Capitalized Subsequent to Acquisition | 1,348 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,850 | ||||
Buildings and Improvements | 16,370 | ||||
Furniture, Fixtures and Equipment | 1,780 | ||||
Total | 21,000 | ||||
Accumulated Depreciation | (2,524) | ||||
Net Book Value | $ 18,476 | ||||
Managed Properties | Indigo Pines | Hilton Head, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Indigo Pines | Hilton Head, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Holiday Hills Estates | Rapid City, SD | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,063 | ||||
Initial Cost to the Company | |||||
Land | 430 | ||||
Buildings and Improvements | 22,209 | ||||
Furniture, Fixtures and Equipment | 790 | ||||
Costs Capitalized Subsequent to Acquisition | 462 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 430 | ||||
Buildings and Improvements | 22,512 | ||||
Furniture, Fixtures and Equipment | 949 | ||||
Total | 23,891 | ||||
Accumulated Depreciation | (2,620) | ||||
Net Book Value | $ 21,271 | ||||
Managed Properties | Holiday Hills Estates | Rapid City, SD | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Holiday Hills Estates | Rapid City, SD | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Echo Ridge | Knoxville, TN | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 20,910 | ||||
Initial Cost to the Company | |||||
Land | 1,522 | ||||
Buildings and Improvements | 21,469 | ||||
Furniture, Fixtures and Equipment | 770 | ||||
Costs Capitalized Subsequent to Acquisition | 319 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,522 | ||||
Buildings and Improvements | 21,627 | ||||
Furniture, Fixtures and Equipment | 931 | ||||
Total | 24,080 | ||||
Accumulated Depreciation | (2,693) | ||||
Net Book Value | $ 21,387 | ||||
Managed Properties | Echo Ridge | Knoxville, TN | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Echo Ridge | Knoxville, TN | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Maple Court | Powell, TN | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 3,612 | ||||
Initial Cost to the Company | |||||
Land | 761 | ||||
Buildings and Improvements | 6,482 | ||||
Furniture, Fixtures and Equipment | 305 | ||||
Costs Capitalized Subsequent to Acquisition | 146 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 761 | ||||
Buildings and Improvements | 6,517 | ||||
Furniture, Fixtures and Equipment | 416 | ||||
Total | 7,694 | ||||
Accumulated Depreciation | (1,136) | ||||
Net Book Value | $ 6,558 | ||||
Managed Properties | Maple Court | Powell, TN | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Maple Court | Powell, TN | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Raintree Terrace | Knoxville, TN | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,214 | ||||
Initial Cost to the Company | |||||
Land | 643 | ||||
Buildings and Improvements | 8,643 | ||||
Furniture, Fixtures and Equipment | 490 | ||||
Costs Capitalized Subsequent to Acquisition | 593 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 643 | ||||
Buildings and Improvements | 8,857 | ||||
Furniture, Fixtures and Equipment | 869 | ||||
Total | 10,369 | ||||
Accumulated Depreciation | (1,985) | ||||
Net Book Value | $ 8,384 | ||||
Managed Properties | Raintree Terrace | Knoxville, TN | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Raintree Terrace | Knoxville, TN | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Courtyards at River Park | Fort Worth, TX | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 20,170 | ||||
Initial Cost to the Company | |||||
Land | 2,140 | ||||
Buildings and Improvements | 16,671 | ||||
Furniture, Fixtures and Equipment | 672 | ||||
Costs Capitalized Subsequent to Acquisition | 2,078 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,140 | ||||
Buildings and Improvements | 17,852 | ||||
Furniture, Fixtures and Equipment | 1,569 | ||||
Total | 21,561 | ||||
Accumulated Depreciation | (4,314) | ||||
Net Book Value | $ 17,247 | ||||
Managed Properties | Courtyards at River Park | Fort Worth, TX | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Courtyards at River Park | Fort Worth, TX | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Cypress Woods | Kingwood, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 17,281 | ||||
Initial Cost to the Company | |||||
Land | 1,376 | ||||
Buildings and Improvements | 19,815 | ||||
Furniture, Fixtures and Equipment | 860 | ||||
Costs Capitalized Subsequent to Acquisition | 398 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,376 | ||||
Buildings and Improvements | 20,018 | ||||
Furniture, Fixtures and Equipment | 1,055 | ||||
Total | 22,449 | ||||
Accumulated Depreciation | (2,917) | ||||
Net Book Value | $ 19,532 | ||||
Managed Properties | Cypress Woods | Kingwood, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Cypress Woods | Kingwood, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Legacy at Bear Creek | Keller, TX | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 5,371 | ||||
Initial Cost to the Company | |||||
Land | 1,770 | ||||
Buildings and Improvements | 11,468 | ||||
Furniture, Fixtures and Equipment | 810 | ||||
Costs Capitalized Subsequent to Acquisition | 294 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,770 | ||||
Buildings and Improvements | 11,559 | ||||
Furniture, Fixtures and Equipment | 1,013 | ||||
Total | 14,342 | ||||
Accumulated Depreciation | (1,620) | ||||
Net Book Value | $ 12,722 | ||||
Managed Properties | Legacy at Bear Creek | Keller, TX | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Legacy at Bear Creek | Keller, TX | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Legacy at Georgtown | Georgtown, TX | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 5,267 | ||||
Initial Cost to the Company | |||||
Land | 3,540 | ||||
Buildings and Improvements | 14,653 | ||||
Furniture, Fixtures and Equipment | 840 | ||||
Costs Capitalized Subsequent to Acquisition | 150 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 3,540 | ||||
Buildings and Improvements | 14,713 | ||||
Furniture, Fixtures and Equipment | 930 | ||||
Total | 19,183 | ||||
Accumulated Depreciation | (1,921) | ||||
Net Book Value | $ 17,262 | ||||
Managed Properties | Legacy at Georgtown | Georgtown, TX | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Legacy at Georgtown | Georgtown, TX | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Windsor | Dallas, TX | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 21,089 | ||||
Initial Cost to the Company | |||||
Land | 5,580 | ||||
Buildings and Improvements | 31,306 | ||||
Furniture, Fixtures and Equipment | 1,250 | ||||
Costs Capitalized Subsequent to Acquisition | 1,797 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 5,580 | ||||
Buildings and Improvements | 32,294 | ||||
Furniture, Fixtures and Equipment | 2,059 | ||||
Total | 39,933 | ||||
Accumulated Depreciation | (5,225) | ||||
Net Book Value | $ 34,708 | ||||
Managed Properties | Windsor | Dallas, TX | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Windsor | Dallas, TX | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Canyon Creek | Cottonwood Heights, UT | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 5,992 | ||||
Initial Cost to the Company | |||||
Land | 1,488 | ||||
Buildings and Improvements | 16,308 | ||||
Furniture, Fixtures and Equipment | 59 | ||||
Costs Capitalized Subsequent to Acquisition | 1,195 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,488 | ||||
Buildings and Improvements | 17,029 | ||||
Furniture, Fixtures and Equipment | 533 | ||||
Total | 19,050 | ||||
Accumulated Depreciation | (3,400) | ||||
Net Book Value | $ 15,650 | ||||
Managed Properties | Canyon Creek | Cottonwood Heights, UT | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Canyon Creek | Cottonwood Heights, UT | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Chateau Brickyard | Salt Lake City, UT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 6,408 | ||||
Initial Cost to the Company | |||||
Land | 700 | ||||
Buildings and Improvements | 3,297 | ||||
Furniture, Fixtures and Equipment | 15 | ||||
Costs Capitalized Subsequent to Acquisition | 1,557 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 700 | ||||
Buildings and Improvements | 4,487 | ||||
Furniture, Fixtures and Equipment | 382 | ||||
Total | 5,569 | ||||
Accumulated Depreciation | (1,226) | ||||
Net Book Value | $ 4,343 | ||||
Managed Properties | Chateau Brickyard | Salt Lake City, UT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Chateau Brickyard | Salt Lake City, UT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Golden Living | Taylorsville, UT | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,238 | ||||
Initial Cost to the Company | |||||
Land | 1,111 | ||||
Buildings and Improvements | 3,126 | ||||
Furniture, Fixtures and Equipment | 39 | ||||
Costs Capitalized Subsequent to Acquisition | 1,199 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,111 | ||||
Buildings and Improvements | 3,784 | ||||
Furniture, Fixtures and Equipment | 580 | ||||
Total | 5,475 | ||||
Accumulated Depreciation | (1,146) | ||||
Net Book Value | $ 4,329 | ||||
Managed Properties | Golden Living | Taylorsville, UT | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Golden Living | Taylorsville, UT | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Heritage Place | Bountiful, UT | Assisted Living/Memory Care Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,563 | ||||
Initial Cost to the Company | |||||
Land | 570 | ||||
Buildings and Improvements | 9,558 | ||||
Furniture, Fixtures and Equipment | 50 | ||||
Costs Capitalized Subsequent to Acquisition | 1,415 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 570 | ||||
Buildings and Improvements | 10,515 | ||||
Furniture, Fixtures and Equipment | 508 | ||||
Total | 11,593 | ||||
Accumulated Depreciation | (2,566) | ||||
Net Book Value | $ 9,027 | ||||
Managed Properties | Heritage Place | Bountiful, UT | Assisted Living/Memory Care Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Heritage Place | Bountiful, UT | Assisted Living/Memory Care Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Olympus Ranch | Murray, UT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 18,340 | ||||
Initial Cost to the Company | |||||
Land | 1,407 | ||||
Buildings and Improvements | 20,515 | ||||
Furniture, Fixtures and Equipment | 846 | ||||
Costs Capitalized Subsequent to Acquisition | 478 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,407 | ||||
Buildings and Improvements | 20,877 | ||||
Furniture, Fixtures and Equipment | 962 | ||||
Total | 23,246 | ||||
Accumulated Depreciation | (2,792) | ||||
Net Book Value | $ 20,454 | ||||
Managed Properties | Olympus Ranch | Murray, UT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Olympus Ranch | Murray, UT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Elm Park Estates | Roanoke, VA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,582 | ||||
Initial Cost to the Company | |||||
Land | 990 | ||||
Buildings and Improvements | 15,648 | ||||
Furniture, Fixtures and Equipment | 770 | ||||
Costs Capitalized Subsequent to Acquisition | 441 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 990 | ||||
Buildings and Improvements | 15,828 | ||||
Furniture, Fixtures and Equipment | 1,031 | ||||
Total | 17,849 | ||||
Accumulated Depreciation | (2,103) | ||||
Net Book Value | $ 15,746 | ||||
Managed Properties | Elm Park Estates | Roanoke, VA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Elm Park Estates | Roanoke, VA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Heritage Oaks | Richmond, VA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,214 | ||||
Initial Cost to the Company | |||||
Land | 1,630 | ||||
Buildings and Improvements | 9,570 | ||||
Furniture, Fixtures and Equipment | 705 | ||||
Costs Capitalized Subsequent to Acquisition | 973 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,630 | ||||
Buildings and Improvements | 10,096 | ||||
Furniture, Fixtures and Equipment | 1,152 | ||||
Total | 12,878 | ||||
Accumulated Depreciation | (2,648) | ||||
Net Book Value | $ 10,230 | ||||
Managed Properties | Heritage Oaks | Richmond, VA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Heritage Oaks | Richmond, VA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Bridge Park | Seattle, WA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,427 | ||||
Initial Cost to the Company | |||||
Land | 2,315 | ||||
Buildings and Improvements | 18,607 | ||||
Furniture, Fixtures and Equipment | 1,135 | ||||
Costs Capitalized Subsequent to Acquisition | 390 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,315 | ||||
Buildings and Improvements | 18,760 | ||||
Furniture, Fixtures and Equipment | 1,372 | ||||
Total | 22,447 | ||||
Accumulated Depreciation | (2,870) | ||||
Net Book Value | $ 19,577 | ||||
Managed Properties | Bridge Park | Seattle, WA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Bridge Park | Seattle, WA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | Peninsula | Gig Harbor, WA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 20,830 | ||||
Initial Cost to the Company | |||||
Land | 2,085 | ||||
Buildings and Improvements | 21,983 | ||||
Furniture, Fixtures and Equipment | 846 | ||||
Costs Capitalized Subsequent to Acquisition | 174 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,085 | ||||
Buildings and Improvements | 22,091 | ||||
Furniture, Fixtures and Equipment | 912 | ||||
Total | 25,088 | ||||
Accumulated Depreciation | (2,912) | ||||
Net Book Value | $ 22,176 | ||||
Managed Properties | Peninsula | Gig Harbor, WA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | Peninsula | Gig Harbor, WA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Managed Properties | The Jefferson | Middleton, WI | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,394 | ||||
Initial Cost to the Company | |||||
Land | 1,460 | ||||
Buildings and Improvements | 15,540 | ||||
Furniture, Fixtures and Equipment | 804 | ||||
Costs Capitalized Subsequent to Acquisition | 361 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,460 | ||||
Buildings and Improvements | 15,750 | ||||
Furniture, Fixtures and Equipment | 955 | ||||
Total | 18,165 | ||||
Accumulated Depreciation | (2,112) | ||||
Net Book Value | $ 16,053 | ||||
Managed Properties | The Jefferson | Middleton, WI | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Managed Properties | The Jefferson | Middleton, WI | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 50,276 | ||||
Initial Cost to the Company | |||||
Land | 8,575 | ||||
Buildings and Improvements | 46,031 | ||||
Furniture, Fixtures and Equipment | 2,380 | ||||
Costs Capitalized Subsequent to Acquisition | 990 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 8,575 | ||||
Buildings and Improvements | 46,776 | ||||
Furniture, Fixtures and Equipment | 2,625 | ||||
Total | 57,976 | ||||
Accumulated Depreciation | (6,253) | ||||
Net Book Value | 51,723 | ||||
Triple Net Lease | Vista de la Montana | Surprise, AZ | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | 12,450 | ||||
Initial Cost to the Company | |||||
Land | 1,131 | ||||
Buildings and Improvements | 11,077 | ||||
Furniture, Fixtures and Equipment | 635 | ||||
Costs Capitalized Subsequent to Acquisition | 216 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,131 | ||||
Buildings and Improvements | 11,104 | ||||
Furniture, Fixtures and Equipment | 824 | ||||
Total | 13,059 | ||||
Accumulated Depreciation | (2,129) | ||||
Net Book Value | $ 10,930 | ||||
Triple Net Lease | Vista de la Montana | Surprise, AZ | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Vista de la Montana | Surprise, AZ | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Simi Hills | Simi Valley, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 26,025 | ||||
Initial Cost to the Company | |||||
Land | 3,209 | ||||
Buildings and Improvements | 21,999 | ||||
Furniture, Fixtures and Equipment | 730 | ||||
Costs Capitalized Subsequent to Acquisition | 172 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 3,209 | ||||
Buildings and Improvements | 22,009 | ||||
Furniture, Fixtures and Equipment | 892 | ||||
Total | 26,110 | ||||
Accumulated Depreciation | (3,593) | ||||
Net Book Value | $ 22,517 | ||||
Triple Net Lease | Simi Hills | Simi Valley, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Simi Hills | Simi Valley, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | The Westmont | Santa Clara, CA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 25,725 | ||||
Initial Cost to the Company | |||||
Land | 0 | ||||
Buildings and Improvements | 18,049 | ||||
Furniture, Fixtures and Equipment | 754 | ||||
Costs Capitalized Subsequent to Acquisition | 715 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 18,104 | ||||
Furniture, Fixtures and Equipment | 1,414 | ||||
Total | 19,518 | ||||
Accumulated Depreciation | (3,201) | ||||
Net Book Value | $ 16,317 | ||||
Triple Net Lease | The Westmont | Santa Clara, CA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | The Westmont | Santa Clara, CA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Courtyard at Lakewood | Lakewood, CO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,875 | ||||
Initial Cost to the Company | |||||
Land | 1,327 | ||||
Buildings and Improvements | 14,198 | ||||
Furniture, Fixtures and Equipment | 350 | ||||
Costs Capitalized Subsequent to Acquisition | 350 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,327 | ||||
Buildings and Improvements | 14,264 | ||||
Furniture, Fixtures and Equipment | 634 | ||||
Total | 16,225 | ||||
Accumulated Depreciation | (2,285) | ||||
Net Book Value | $ 13,940 | ||||
Triple Net Lease | Courtyard at Lakewood | Lakewood, CO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Courtyard at Lakewood | Lakewood, CO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Greeley Place | Greeley, CO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,000 | ||||
Initial Cost to the Company | |||||
Land | 237 | ||||
Buildings and Improvements | 13,859 | ||||
Furniture, Fixtures and Equipment | 596 | ||||
Costs Capitalized Subsequent to Acquisition | 209 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 237 | ||||
Buildings and Improvements | 13,891 | ||||
Furniture, Fixtures and Equipment | 773 | ||||
Total | 14,901 | ||||
Accumulated Depreciation | (2,402) | ||||
Net Book Value | $ 12,499 | ||||
Triple Net Lease | Greeley Place | Greeley, CO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Greeley Place | Greeley, CO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Parkwood Estates | Fort Collins, CO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,787 | ||||
Initial Cost to the Company | |||||
Land | 638 | ||||
Buildings and Improvements | 18,055 | ||||
Furniture, Fixtures and Equipment | 627 | ||||
Costs Capitalized Subsequent to Acquisition | 178 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 638 | ||||
Buildings and Improvements | 18,122 | ||||
Furniture, Fixtures and Equipment | 738 | ||||
Total | 19,498 | ||||
Accumulated Depreciation | (2,963) | ||||
Net Book Value | $ 16,535 | ||||
Triple Net Lease | Parkwood Estates | Fort Collins, CO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Parkwood Estates | Fort Collins, CO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Pueblo Regent | Pueblo, CO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,225 | ||||
Initial Cost to the Company | |||||
Land | 446 | ||||
Buildings and Improvements | 13,800 | ||||
Furniture, Fixtures and Equipment | 377 | ||||
Costs Capitalized Subsequent to Acquisition | 211 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 446 | ||||
Buildings and Improvements | 13,945 | ||||
Furniture, Fixtures and Equipment | 443 | ||||
Total | 14,834 | ||||
Accumulated Depreciation | (2,141) | ||||
Net Book Value | $ 12,693 | ||||
Triple Net Lease | Pueblo Regent | Pueblo, CO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Pueblo Regent | Pueblo, CO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Lodge at Cold Spring | Rocky Hill, CT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 14,039 | ||||
Initial Cost to the Company | |||||
Land | 0 | ||||
Buildings and Improvements | 25,807 | ||||
Furniture, Fixtures and Equipment | 605 | ||||
Costs Capitalized Subsequent to Acquisition | 275 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 25,838 | ||||
Furniture, Fixtures and Equipment | 849 | ||||
Total | 26,687 | ||||
Accumulated Depreciation | (3,954) | ||||
Net Book Value | $ 22,733 | ||||
Triple Net Lease | Lodge at Cold Spring | Rocky Hill, CT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Lodge at Cold Spring | Rocky Hill, CT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Village Gate | Farmington, CT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 23,700 | ||||
Initial Cost to the Company | |||||
Land | 3,591 | ||||
Buildings and Improvements | 23,254 | ||||
Furniture, Fixtures and Equipment | 268 | ||||
Costs Capitalized Subsequent to Acquisition | 533 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 3,591 | ||||
Buildings and Improvements | 23,289 | ||||
Furniture, Fixtures and Equipment | 766 | ||||
Total | 27,646 | ||||
Accumulated Depreciation | (3,305) | ||||
Net Book Value | $ 24,341 | ||||
Triple Net Lease | Village Gate | Farmington, CT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Village Gate | Farmington, CT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Cherry Laurel | Tallahassee, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,750 | ||||
Initial Cost to the Company | |||||
Land | 1,100 | ||||
Buildings and Improvements | 20,457 | ||||
Furniture, Fixtures and Equipment | 668 | ||||
Costs Capitalized Subsequent to Acquisition | 506 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,100 | ||||
Buildings and Improvements | 20,525 | ||||
Furniture, Fixtures and Equipment | 1,106 | ||||
Total | 22,731 | ||||
Accumulated Depreciation | (3,419) | ||||
Net Book Value | $ 19,312 | ||||
Triple Net Lease | Cherry Laurel | Tallahassee, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Cherry Laurel | Tallahassee, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Desoto Beach Club | Sarasota, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 17,925 | ||||
Initial Cost to the Company | |||||
Land | 668 | ||||
Buildings and Improvements | 23,944 | ||||
Furniture, Fixtures and Equipment | 668 | ||||
Costs Capitalized Subsequent to Acquisition | 338 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 668 | ||||
Buildings and Improvements | 23,962 | ||||
Furniture, Fixtures and Equipment | 988 | ||||
Total | 25,618 | ||||
Accumulated Depreciation | (3,823) | ||||
Net Book Value | $ 21,795 | ||||
Triple Net Lease | Desoto Beach Club | Sarasota, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Desoto Beach Club | Sarasota, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Regency Residence | Port Richey, FL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,075 | ||||
Initial Cost to the Company | |||||
Land | 1,100 | ||||
Buildings and Improvements | 14,088 | ||||
Furniture, Fixtures and Equipment | 771 | ||||
Costs Capitalized Subsequent to Acquisition | 421 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,100 | ||||
Buildings and Improvements | 14,113 | ||||
Furniture, Fixtures and Equipment | 1,167 | ||||
Total | 16,380 | ||||
Accumulated Depreciation | (2,635) | ||||
Net Book Value | $ 13,745 | ||||
Triple Net Lease | Regency Residence | Port Richey, FL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Regency Residence | Port Richey, FL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Illahee Hills | Urbandale, IA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 10,464 | ||||
Initial Cost to the Company | |||||
Land | 694 | ||||
Buildings and Improvements | 11,980 | ||||
Furniture, Fixtures and Equipment | 476 | ||||
Costs Capitalized Subsequent to Acquisition | 282 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 694 | ||||
Buildings and Improvements | 12,003 | ||||
Furniture, Fixtures and Equipment | 735 | ||||
Total | 13,432 | ||||
Accumulated Depreciation | (2,095) | ||||
Net Book Value | $ 11,337 | ||||
Triple Net Lease | Illahee Hills | Urbandale, IA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Illahee Hills | Urbandale, IA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Palmer Hills | Bettendorf, IA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 10,367 | ||||
Initial Cost to the Company | |||||
Land | 1,488 | ||||
Buildings and Improvements | 10,878 | ||||
Furniture, Fixtures and Equipment | 466 | ||||
Costs Capitalized Subsequent to Acquisition | 405 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,488 | ||||
Buildings and Improvements | 10,899 | ||||
Furniture, Fixtures and Equipment | 850 | ||||
Total | 13,237 | ||||
Accumulated Depreciation | (1,938) | ||||
Net Book Value | $ 11,299 | ||||
Triple Net Lease | Palmer Hills | Bettendorf, IA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Palmer Hills | Bettendorf, IA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Blair House | Normal, IL | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,914 | ||||
Initial Cost to the Company | |||||
Land | 329 | ||||
Buildings and Improvements | 14,498 | ||||
Furniture, Fixtures and Equipment | 627 | ||||
Costs Capitalized Subsequent to Acquisition | 161 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 329 | ||||
Buildings and Improvements | 14,516 | ||||
Furniture, Fixtures and Equipment | 770 | ||||
Total | 15,615 | ||||
Accumulated Depreciation | (2,541) | ||||
Net Book Value | $ 13,074 | ||||
Triple Net Lease | Blair House | Normal, IL | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Blair House | Normal, IL | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Grasslands Estates | Wichita, KS | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,237 | ||||
Initial Cost to the Company | |||||
Land | 504 | ||||
Buildings and Improvements | 17,888 | ||||
Furniture, Fixtures and Equipment | 802 | ||||
Costs Capitalized Subsequent to Acquisition | 176 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 504 | ||||
Buildings and Improvements | 17,904 | ||||
Furniture, Fixtures and Equipment | 962 | ||||
Total | 19,370 | ||||
Accumulated Depreciation | (3,150) | ||||
Net Book Value | $ 16,220 | ||||
Triple Net Lease | Grasslands Estates | Wichita, KS | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Grasslands Estates | Wichita, KS | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Thornton Place | Topeka, KS | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,111 | ||||
Initial Cost to the Company | |||||
Land | 327 | ||||
Buildings and Improvements | 14,415 | ||||
Furniture, Fixtures and Equipment | 734 | ||||
Costs Capitalized Subsequent to Acquisition | 168 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 327 | ||||
Buildings and Improvements | 14,439 | ||||
Furniture, Fixtures and Equipment | 878 | ||||
Total | 15,644 | ||||
Accumulated Depreciation | (2,673) | ||||
Net Book Value | $ 12,971 | ||||
Triple Net Lease | Thornton Place | Topeka, KS | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Thornton Place | Topeka, KS | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Jackson Oaks | Paducah, KY | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 6,450 | ||||
Initial Cost to the Company | |||||
Land | 267 | ||||
Buildings and Improvements | 19,195 | ||||
Furniture, Fixtures and Equipment | 864 | ||||
Costs Capitalized Subsequent to Acquisition | 211 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 267 | ||||
Buildings and Improvements | 19,289 | ||||
Furniture, Fixtures and Equipment | 981 | ||||
Total | 20,537 | ||||
Accumulated Depreciation | (3,369) | ||||
Net Book Value | $ 17,168 | ||||
Triple Net Lease | Jackson Oaks | Paducah, KY | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Jackson Oaks | Paducah, KY | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Summerfield Estates | Shreveport, LA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 0 | ||||
Initial Cost to the Company | |||||
Land | 525 | ||||
Buildings and Improvements | 5,584 | ||||
Furniture, Fixtures and Equipment | 175 | ||||
Costs Capitalized Subsequent to Acquisition | 302 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 525 | ||||
Buildings and Improvements | 5,631 | ||||
Furniture, Fixtures and Equipment | 430 | ||||
Total | 6,586 | ||||
Accumulated Depreciation | (949) | ||||
Net Book Value | $ 5,637 | ||||
Triple Net Lease | Summerfield Estates | Shreveport, LA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Summerfield Estates | Shreveport, LA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Blue Water Lodge | Fort Gratiot, MI | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,400 | ||||
Initial Cost to the Company | |||||
Land | 62 | ||||
Buildings and Improvements | 16,034 | ||||
Furniture, Fixtures and Equipment | 833 | ||||
Costs Capitalized Subsequent to Acquisition | 126 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 62 | ||||
Buildings and Improvements | 16,051 | ||||
Furniture, Fixtures and Equipment | 942 | ||||
Total | 17,055 | ||||
Accumulated Depreciation | (2,963) | ||||
Net Book Value | $ 14,092 | ||||
Triple Net Lease | Blue Water Lodge | Fort Gratiot, MI | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Blue Water Lodge | Fort Gratiot, MI | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Briarcrest Estates | Ballwin, MO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,287 | ||||
Initial Cost to the Company | |||||
Land | 1,255 | ||||
Buildings and Improvements | 16,509 | ||||
Furniture, Fixtures and Equipment | 525 | ||||
Costs Capitalized Subsequent to Acquisition | 329 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,255 | ||||
Buildings and Improvements | 16,596 | ||||
Furniture, Fixtures and Equipment | 767 | ||||
Total | 18,618 | ||||
Accumulated Depreciation | (2,688) | ||||
Net Book Value | $ 15,930 | ||||
Triple Net Lease | Briarcrest Estates | Ballwin, MO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Briarcrest Estates | Ballwin, MO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Country Squire | St Joseph, MO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 12,467 | ||||
Initial Cost to the Company | |||||
Land | 864 | ||||
Buildings and Improvements | 16,353 | ||||
Furniture, Fixtures and Equipment | 627 | ||||
Costs Capitalized Subsequent to Acquisition | 288 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 864 | ||||
Buildings and Improvements | 16,370 | ||||
Furniture, Fixtures and Equipment | 898 | ||||
Total | 18,132 | ||||
Accumulated Depreciation | (2,808) | ||||
Net Book Value | $ 15,324 | ||||
Triple Net Lease | Country Squire | St Joseph, MO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Country Squire | St Joseph, MO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Orchid Terrace | St Louis, MO | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 23,929 | ||||
Initial Cost to the Company | |||||
Land | 1,061 | ||||
Buildings and Improvements | 26,636 | ||||
Furniture, Fixtures and Equipment | 833 | ||||
Costs Capitalized Subsequent to Acquisition | 81 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,061 | ||||
Buildings and Improvements | 26,643 | ||||
Furniture, Fixtures and Equipment | 907 | ||||
Total | 28,611 | ||||
Accumulated Depreciation | (4,257) | ||||
Net Book Value | $ 24,354 | ||||
Triple Net Lease | Orchid Terrace | St Louis, MO | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Orchid Terrace | St Louis, MO | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Chateau Ridgeland | Ridgeland, MS | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,492 | ||||
Initial Cost to the Company | |||||
Land | 967 | ||||
Buildings and Improvements | 7,277 | ||||
Furniture, Fixtures and Equipment | 535 | ||||
Costs Capitalized Subsequent to Acquisition | 272 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 967 | ||||
Buildings and Improvements | 7,342 | ||||
Furniture, Fixtures and Equipment | 742 | ||||
Total | 9,051 | ||||
Accumulated Depreciation | (1,552) | ||||
Net Book Value | $ 7,499 | ||||
Triple Net Lease | Chateau Ridgeland | Ridgeland, MS | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Chateau Ridgeland | Ridgeland, MS | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Grizzly Peak | Missoula, MT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,717 | ||||
Initial Cost to the Company | |||||
Land | 309 | ||||
Buildings and Improvements | 16,447 | ||||
Furniture, Fixtures and Equipment | 658 | ||||
Costs Capitalized Subsequent to Acquisition | 156 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 309 | ||||
Buildings and Improvements | 16,465 | ||||
Furniture, Fixtures and Equipment | 796 | ||||
Total | 17,570 | ||||
Accumulated Depreciation | (2,793) | ||||
Net Book Value | $ 14,777 | ||||
Triple Net Lease | Grizzly Peak | Missoula, MT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Grizzly Peak | Missoula, MT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Durham Regent | Durham, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,425 | ||||
Initial Cost to the Company | |||||
Land | 1,061 | ||||
Buildings and Improvements | 24,149 | ||||
Furniture, Fixtures and Equipment | 605 | ||||
Costs Capitalized Subsequent to Acquisition | 304 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,061 | ||||
Buildings and Improvements | 24,308 | ||||
Furniture, Fixtures and Equipment | 750 | ||||
Total | 26,119 | ||||
Accumulated Depreciation | (3,730) | ||||
Net Book Value | $ 22,389 | ||||
Triple Net Lease | Durham Regent | Durham, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Durham Regent | Durham, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Jordan Oaks | Cary, NC | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,950 | ||||
Initial Cost to the Company | |||||
Land | 2,103 | ||||
Buildings and Improvements | 20,847 | ||||
Furniture, Fixtures and Equipment | 774 | ||||
Costs Capitalized Subsequent to Acquisition | 362 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,103 | ||||
Buildings and Improvements | 20,860 | ||||
Furniture, Fixtures and Equipment | 1,123 | ||||
Total | 24,086 | ||||
Accumulated Depreciation | (3,539) | ||||
Net Book Value | $ 20,547 | ||||
Triple Net Lease | Jordan Oaks | Cary, NC | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Jordan Oaks | Cary, NC | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Sky Peaks | Reno, NV | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 18,900 | ||||
Initial Cost to the Company | |||||
Land | 1,061 | ||||
Buildings and Improvements | 19,793 | ||||
Furniture, Fixtures and Equipment | 605 | ||||
Costs Capitalized Subsequent to Acquisition | 217 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,061 | ||||
Buildings and Improvements | 19,795 | ||||
Furniture, Fixtures and Equipment | 820 | ||||
Total | 21,676 | ||||
Accumulated Depreciation | (3,243) | ||||
Net Book Value | $ 18,433 | ||||
Triple Net Lease | Sky Peaks | Reno, NV | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Sky Peaks | Reno, NV | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Fleming Point | Greece, NY | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 19,875 | ||||
Initial Cost to the Company | |||||
Land | 699 | ||||
Buildings and Improvements | 20,644 | ||||
Furniture, Fixtures and Equipment | 668 | ||||
Costs Capitalized Subsequent to Acquisition | 258 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 699 | ||||
Buildings and Improvements | 20,651 | ||||
Furniture, Fixtures and Equipment | 919 | ||||
Total | 22,269 | ||||
Accumulated Depreciation | (3,367) | ||||
Net Book Value | $ 18,902 | ||||
Triple Net Lease | Fleming Point | Greece, NY | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Fleming Point | Greece, NY | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Maple Downs | Fayetteville, NY | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 20,850 | ||||
Initial Cost to the Company | |||||
Land | 782 | ||||
Buildings and Improvements | 25,656 | ||||
Furniture, Fixtures and Equipment | 668 | ||||
Costs Capitalized Subsequent to Acquisition | 244 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 782 | ||||
Buildings and Improvements | 25,691 | ||||
Furniture, Fixtures and Equipment | 877 | ||||
Total | 27,350 | ||||
Accumulated Depreciation | (3,990) | ||||
Net Book Value | $ 23,360 | ||||
Triple Net Lease | Maple Downs | Fayetteville, NY | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Maple Downs | Fayetteville, NY | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Stoneybrook Lodge | Corvallis, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 25,875 | ||||
Initial Cost to the Company | |||||
Land | 1,543 | ||||
Buildings and Improvements | 18,119 | ||||
Furniture, Fixtures and Equipment | 843 | ||||
Costs Capitalized Subsequent to Acquisition | 177 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,543 | ||||
Buildings and Improvements | 18,142 | ||||
Furniture, Fixtures and Equipment | 997 | ||||
Total | 20,682 | ||||
Accumulated Depreciation | (3,222) | ||||
Net Book Value | $ 17,460 | ||||
Triple Net Lease | Stoneybrook Lodge | Corvallis, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Stoneybrook Lodge | Corvallis, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Fountains at Hidden Lakes | Salem, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,750 | ||||
Initial Cost to the Company | |||||
Land | 903 | ||||
Buildings and Improvements | 6,568 | ||||
Furniture, Fixtures and Equipment | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 28 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 903 | ||||
Buildings and Improvements | 6,584 | ||||
Furniture, Fixtures and Equipment | 12 | ||||
Total | 7,499 | ||||
Accumulated Depreciation | (922) | ||||
Net Book Value | $ 6,577 | ||||
Triple Net Lease | Fountains at Hidden Lakes | Salem, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Fountains at Hidden Lakes | Salem, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Hidden Lakes | Salem, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 17,325 | ||||
Initial Cost to the Company | |||||
Land | 1,389 | ||||
Buildings and Improvements | 16,639 | ||||
Furniture, Fixtures and Equipment | 893 | ||||
Costs Capitalized Subsequent to Acquisition | 252 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,389 | ||||
Buildings and Improvements | 16,725 | ||||
Furniture, Fixtures and Equipment | 1,059 | ||||
Total | 19,173 | ||||
Accumulated Depreciation | (3,072) | ||||
Net Book Value | $ 16,101 | ||||
Triple Net Lease | Hidden Lakes | Salem, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Hidden Lakes | Salem, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Rock Creek | Hillsboro, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,427 | ||||
Initial Cost to the Company | |||||
Land | 1,617 | ||||
Buildings and Improvements | 11,783 | ||||
Furniture, Fixtures and Equipment | 486 | ||||
Costs Capitalized Subsequent to Acquisition | 149 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,617 | ||||
Buildings and Improvements | 11,796 | ||||
Furniture, Fixtures and Equipment | 622 | ||||
Total | 14,035 | ||||
Accumulated Depreciation | (2,026) | ||||
Net Book Value | $ 12,009 | ||||
Triple Net Lease | Rock Creek | Hillsboro, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Rock Creek | Hillsboro, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Sheldon Oaks | Eugene, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 14,325 | ||||
Initial Cost to the Company | |||||
Land | 1,577 | ||||
Buildings and Improvements | 17,380 | ||||
Furniture, Fixtures and Equipment | 675 | ||||
Costs Capitalized Subsequent to Acquisition | 161 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,577 | ||||
Buildings and Improvements | 17,423 | ||||
Furniture, Fixtures and Equipment | 793 | ||||
Total | 19,793 | ||||
Accumulated Depreciation | (2,959) | ||||
Net Book Value | $ 16,834 | ||||
Triple Net Lease | Sheldon Oaks | Eugene, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Sheldon Oaks | Eugene, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | The Regent | Corvallis, OR | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 11,325 | ||||
Initial Cost to the Company | |||||
Land | 1,111 | ||||
Buildings and Improvements | 7,720 | ||||
Furniture, Fixtures and Equipment | 228 | ||||
Costs Capitalized Subsequent to Acquisition | 283 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,111 | ||||
Buildings and Improvements | 7,781 | ||||
Furniture, Fixtures and Equipment | 450 | ||||
Total | 9,342 | ||||
Accumulated Depreciation | (1,251) | ||||
Net Book Value | $ 8,091 | ||||
Triple Net Lease | The Regent | Corvallis, OR | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | The Regent | Corvallis, OR | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Essex House | Lemoyne, PA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,050 | ||||
Initial Cost to the Company | |||||
Land | 936 | ||||
Buildings and Improvements | 25,585 | ||||
Furniture, Fixtures and Equipment | 668 | ||||
Costs Capitalized Subsequent to Acquisition | 248 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 936 | ||||
Buildings and Improvements | 25,609 | ||||
Furniture, Fixtures and Equipment | 892 | ||||
Total | 27,437 | ||||
Accumulated Depreciation | (3,976) | ||||
Net Book Value | $ 23,461 | ||||
Triple Net Lease | Essex House | Lemoyne, PA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Essex House | Lemoyne, PA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Manor at Oakridge | Harrisburg, PA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,150 | ||||
Initial Cost to the Company | |||||
Land | 992 | ||||
Buildings and Improvements | 24,379 | ||||
Furniture, Fixtures and Equipment | 764 | ||||
Costs Capitalized Subsequent to Acquisition | 105 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 992 | ||||
Buildings and Improvements | 24,392 | ||||
Furniture, Fixtures and Equipment | 856 | ||||
Total | 26,240 | ||||
Accumulated Depreciation | (3,885) | ||||
Net Book Value | $ 22,355 | ||||
Triple Net Lease | Manor at Oakridge | Harrisburg, PA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Manor at Oakridge | Harrisburg, PA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Walnut Woods | Boyertown, PA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,600 | ||||
Initial Cost to the Company | |||||
Land | 308 | ||||
Buildings and Improvements | 18,058 | ||||
Furniture, Fixtures and Equipment | 496 | ||||
Costs Capitalized Subsequent to Acquisition | 189 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 308 | ||||
Buildings and Improvements | 18,078 | ||||
Furniture, Fixtures and Equipment | 665 | ||||
Total | 19,051 | ||||
Accumulated Depreciation | (2,820) | ||||
Net Book Value | $ 16,231 | ||||
Triple Net Lease | Walnut Woods | Boyertown, PA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Walnut Woods | Boyertown, PA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Uffelman Estates | Clarksville, TN | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,600 | ||||
Initial Cost to the Company | |||||
Land | 625 | ||||
Buildings and Improvements | 10,521 | ||||
Furniture, Fixtures and Equipment | 298 | ||||
Costs Capitalized Subsequent to Acquisition | 200 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 625 | ||||
Buildings and Improvements | 10,557 | ||||
Furniture, Fixtures and Equipment | 462 | ||||
Total | 11,644 | ||||
Accumulated Depreciation | (1,675) | ||||
Net Book Value | $ 9,969 | ||||
Triple Net Lease | Uffelman Estates | Clarksville, TN | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Uffelman Estates | Clarksville, TN | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Arlington Plaza | Arlington, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,135 | ||||
Initial Cost to the Company | |||||
Land | 319 | ||||
Buildings and Improvements | 9,821 | ||||
Furniture, Fixtures and Equipment | 391 | ||||
Costs Capitalized Subsequent to Acquisition | 168 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 319 | ||||
Buildings and Improvements | 9,863 | ||||
Furniture, Fixtures and Equipment | 517 | ||||
Total | 10,699 | ||||
Accumulated Depreciation | (1,708) | ||||
Net Book Value | $ 8,991 | ||||
Triple Net Lease | Arlington Plaza | Arlington, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Arlington Plaza | Arlington, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | The El Dorado | Richardson, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 7,350 | ||||
Initial Cost to the Company | |||||
Land | 1,316 | ||||
Buildings and Improvements | 12,220 | ||||
Furniture, Fixtures and Equipment | 710 | ||||
Costs Capitalized Subsequent to Acquisition | 224 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,316 | ||||
Buildings and Improvements | 12,233 | ||||
Furniture, Fixtures and Equipment | 921 | ||||
Total | 14,470 | ||||
Accumulated Depreciation | (2,353) | ||||
Net Book Value | $ 12,117 | ||||
Triple Net Lease | The El Dorado | Richardson, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | The El Dorado | Richardson, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Ventura Place | Lubbock, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 14,100 | ||||
Initial Cost to the Company | |||||
Land | 1,018 | ||||
Buildings and Improvements | 18,034 | ||||
Furniture, Fixtures and Equipment | 946 | ||||
Costs Capitalized Subsequent to Acquisition | 466 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,018 | ||||
Buildings and Improvements | 18,086 | ||||
Furniture, Fixtures and Equipment | 1,360 | ||||
Total | 20,464 | ||||
Accumulated Depreciation | (3,402) | ||||
Net Book Value | $ 17,062 | ||||
Triple Net Lease | Ventura Place | Lubbock, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Ventura Place | Lubbock, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Dogwood Estates | Denton, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,779 | ||||
Initial Cost to the Company | |||||
Land | 1,002 | ||||
Buildings and Improvements | 18,525 | ||||
Furniture, Fixtures and Equipment | 714 | ||||
Costs Capitalized Subsequent to Acquisition | 143 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,002 | ||||
Buildings and Improvements | 18,577 | ||||
Furniture, Fixtures and Equipment | 805 | ||||
Total | 20,384 | ||||
Accumulated Depreciation | (3,142) | ||||
Net Book Value | $ 17,242 | ||||
Triple Net Lease | Dogwood Estates | Denton, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Dogwood Estates | Denton, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Madison Estates | San Antonio, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 9,262 | ||||
Initial Cost to the Company | |||||
Land | 1,528 | ||||
Buildings and Improvements | 14,850 | ||||
Furniture, Fixtures and Equipment | 268 | ||||
Costs Capitalized Subsequent to Acquisition | 662 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,528 | ||||
Buildings and Improvements | 14,917 | ||||
Furniture, Fixtures and Equipment | 863 | ||||
Total | 17,308 | ||||
Accumulated Depreciation | (2,257) | ||||
Net Book Value | $ 15,051 | ||||
Triple Net Lease | Madison Estates | San Antonio, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Madison Estates | San Antonio, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Pinewood Hills | Flower Mound, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 15,000 | ||||
Initial Cost to the Company | |||||
Land | 2,073 | ||||
Buildings and Improvements | 17,552 | ||||
Furniture, Fixtures and Equipment | 704 | ||||
Costs Capitalized Subsequent to Acquisition | 106 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,073 | ||||
Buildings and Improvements | 17,561 | ||||
Furniture, Fixtures and Equipment | 801 | ||||
Total | 20,435 | ||||
Accumulated Depreciation | (3,012) | ||||
Net Book Value | $ 17,423 | ||||
Triple Net Lease | Pinewood Hills | Flower Mound, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Pinewood Hills | Flower Mound, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | The Bentley | Dallas, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,725 | ||||
Initial Cost to the Company | |||||
Land | 2,351 | ||||
Buildings and Improvements | 12,270 | ||||
Furniture, Fixtures and Equipment | 526 | ||||
Costs Capitalized Subsequent to Acquisition | 330 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,351 | ||||
Buildings and Improvements | 12,413 | ||||
Furniture, Fixtures and Equipment | 713 | ||||
Total | 15,477 | ||||
Accumulated Depreciation | (2,146) | ||||
Net Book Value | $ 13,331 | ||||
Triple Net Lease | The Bentley | Dallas, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | The Bentley | Dallas, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Whiterock Court | Dallas, TX | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 10,239 | ||||
Initial Cost to the Company | |||||
Land | 2,837 | ||||
Buildings and Improvements | 12,205 | ||||
Furniture, Fixtures and Equipment | 446 | ||||
Costs Capitalized Subsequent to Acquisition | 343 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,837 | ||||
Buildings and Improvements | 12,265 | ||||
Furniture, Fixtures and Equipment | 729 | ||||
Total | 15,831 | ||||
Accumulated Depreciation | (2,098) | ||||
Net Book Value | $ 13,733 | ||||
Triple Net Lease | Whiterock Court | Dallas, TX | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Whiterock Court | Dallas, TX | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Pioneer Valley Lodge | North Logan, UT | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 5,908 | ||||
Initial Cost to the Company | |||||
Land | 1,049 | ||||
Buildings and Improvements | 17,920 | ||||
Furniture, Fixtures and Equipment | 740 | ||||
Costs Capitalized Subsequent to Acquisition | 161 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 1,049 | ||||
Buildings and Improvements | 17,963 | ||||
Furniture, Fixtures and Equipment | 858 | ||||
Total | 19,870 | ||||
Accumulated Depreciation | (3,130) | ||||
Net Book Value | $ 16,740 | ||||
Triple Net Lease | Pioneer Valley Lodge | North Logan, UT | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Pioneer Valley Lodge | North Logan, UT | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Colonial Harbor | Yorktown, VA | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 16,389 | ||||
Initial Cost to the Company | |||||
Land | 2,211 | ||||
Buildings and Improvements | 19,523 | ||||
Furniture, Fixtures and Equipment | 689 | ||||
Costs Capitalized Subsequent to Acquisition | 411 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 2,211 | ||||
Buildings and Improvements | 19,546 | ||||
Furniture, Fixtures and Equipment | 1,077 | ||||
Total | 22,834 | ||||
Accumulated Depreciation | (3,292) | ||||
Net Book Value | $ 19,542 | ||||
Triple Net Lease | Colonial Harbor | Yorktown, VA | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Colonial Harbor | Yorktown, VA | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Triple Net Lease | Oakwood Hills | Eau Claire, WI | Independent Living Properties | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 13,275 | ||||
Initial Cost to the Company | |||||
Land | 516 | ||||
Buildings and Improvements | 18,872 | ||||
Furniture, Fixtures and Equipment | 645 | ||||
Costs Capitalized Subsequent to Acquisition | 151 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 516 | ||||
Buildings and Improvements | 18,881 | ||||
Furniture, Fixtures and Equipment | 787 | ||||
Total | 20,184 | ||||
Accumulated Depreciation | (3,118) | ||||
Net Book Value | $ 17,066 | ||||
Triple Net Lease | Oakwood Hills | Eau Claire, WI | Independent Living Properties | Minimum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 3 years | ||||
Triple Net Lease | Oakwood Hills | Eau Claire, WI | Independent Living Properties | Maximum | |||||
Gross Amount Carried at Close of Period | |||||
Life on Which Depreciation in Income Statement is Computed | 40 years | ||||
Other Segments | |||||
Real Estate and Accumulated Depreciation [Abstract] | |||||
Encumbrances | $ 0 | ||||
Initial Cost to the Company | |||||
Land | 0 | ||||
Buildings and Improvements | 0 | ||||
Furniture, Fixtures and Equipment | 0 | ||||
Costs Capitalized Subsequent to Acquisition | 155 | ||||
Gross Amount Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 0 | ||||
Furniture, Fixtures and Equipment | 155 | ||||
Total | 155 | ||||
Accumulated Depreciation | 0 | ||||
Net Book Value | $ 155 | ||||
[1] | For United States federal income tax purposes, the initial aggregate cost basis, including furniture, fixtures, and equipment, was approximately $2.53 billion as of December 31, 2018. |
SCHEDULE III, REAL ESTATE AND_2
SCHEDULE III, REAL ESTATE AND ACCUMULATED DEPRECIATION, Rollforward of Gross Carrying Amount and Accumulated Depreciaton (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross Carrying Amount [Roll Forward] | |||
Beginning of period | $ 2,511,762 | $ 2,773,179 | $ 2,790,928 |
Acquisitions | 0 | 0 | 0 |
Additions | 32,072 | 20,667 | 21,285 |
Sales and/or transfers to assets held for sale | (18,294) | (280,593) | (23,213) |
Disposals and other | 3,046 | 1,491 | 15,821 |
SEC Schedule III, Real Estate, Write-down or Reserve, Amount | (8,725) | 0 | 0 |
End of period | 2,513,769 | 2,511,762 | 2,773,179 |
Accumulated Depreciation [Roll Forward] | |||
Beginning of period | (275,794) | (218,968) | (129,788) |
Depreciation expense | (87,698) | (91,623) | (92,372) |
Sales and/or transfers to assets held for sale | 5,124 | 34,728 | 3,084 |
Disposals and other | 0 | 69 | 108 |
Balance at end of year | $ (358,368) | $ (275,794) | $ (218,968) |
Uncategorized Items - snr-20181
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 139,507,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | $ 116,881,000 |