Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Line Items] | |||
Entity Registrant Name | OMEGA HEALTHCARE INVESTORS INC | ||
Entity Central Index Key | 888,491 | ||
Trading Symbol | ohi | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock Shares Outstanding | 204,229,335 | ||
Entity Public Float | $ 6,210,297,921 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Omega OP | |||
Document And Entity Information [Line Items] | |||
Entity Registrant Name | OHI Healthcare Properties Limited Partnership | ||
Entity Central Index Key | 1,639,315 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 0 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate properties | ||
Real estate investments | $ 7,746,410 | $ 7,655,960 |
Less accumulated depreciation | (1,562,619) | (1,376,828) |
Real estate investments - net | 6,183,791 | 6,279,132 |
Investments in direct financing leases - net | 132,262 | 364,965 |
Mortgage notes receivable - net | 710,858 | 671,232 |
Total | 7,026,911 | 7,315,329 |
Other investments - net | 504,626 | 276,342 |
Investment in unconsolidated joint venture | 31,045 | 36,516 |
Assets held for sale - net | 989 | 86,699 |
Total investments | 7,563,571 | 7,714,886 |
Cash and cash equivalents | 10,300 | 85,937 |
Restricted cash | 1,371 | 10,871 |
Accounts receivable - net | 347,377 | 279,334 |
Goodwill | 643,950 | 644,690 |
Other assets | 24,308 | 37,587 |
Total assets | 8,590,877 | 8,773,305 |
LIABILITIES AND EQUITY | ||
Revolving line of credit | 313,000 | 290,000 |
Term loans - net | 898,726 | 904,670 |
Secured borrowings - net | 53,098 | |
Senior notes and other unsecured borrowings – net | 3,328,896 | 3,324,390 |
Accrued expenses and other liabilities | 272,172 | 295,142 |
Deferred income taxes | 13,599 | 17,747 |
Total liabilities | 4,826,393 | 4,885,047 |
Equity: | ||
Common stock $.10 par value authorized – 350,000 shares, issued and outstanding – 202,346 shares as of December 31, 2018 and 198,309 as of December 31, 2017 | 20,235 | 19,831 |
Common stock - additional paid-in capital | 5,074,544 | 4,936,302 |
Cumulative net earnings | 2,130,511 | 1,839,356 |
Cumulative dividends paid | (3,739,197) | (3,210,248) |
Accumulated other comprehensive loss | (41,652) | (30,150) |
Total stockholders' equity | 3,444,441 | 3,555,091 |
Noncontrolling interest | 320,043 | 333,167 |
Total equity | 3,764,484 | 3,888,258 |
Owners' Equity: | ||
Total liabilities and equity | 8,590,877 | 8,773,305 |
Omega OP | ||
Real estate properties | ||
Real estate investments | 7,746,410 | 7,655,960 |
Less accumulated depreciation | (1,562,619) | (1,376,828) |
Real estate investments - net | 6,183,791 | 6,279,132 |
Investments in direct financing leases - net | 132,262 | 364,965 |
Mortgage notes receivable - net | 710,858 | 671,232 |
Total | 7,026,911 | 7,315,329 |
Other investments - net | 504,626 | 276,342 |
Investment in unconsolidated joint venture | 31,045 | 36,516 |
Assets held for sale - net | 989 | 86,699 |
Total investments | 7,563,571 | 7,714,886 |
Cash and cash equivalents | 10,300 | 85,937 |
Restricted cash | 1,371 | 10,871 |
Accounts receivable - net | 347,377 | 279,334 |
Goodwill | 643,950 | 644,690 |
Other assets | 24,308 | 37,587 |
Total assets | 8,590,877 | 8,773,305 |
LIABILITIES AND EQUITY | ||
Term loans - net | 99,553 | 99,423 |
Secured borrowings - net | 53,098 | |
Accrued expenses and other liabilities | 211,277 | 226,028 |
Deferred income taxes | 13,599 | 17,747 |
Intercompany loans payable | 4,501,964 | 4,488,751 |
Total liabilities | 4,826,393 | 4,885,047 |
Owners' Equity: | ||
General partners' equity | 3,444,441 | 3,555,091 |
Limited partners' equity | 320,043 | 333,167 |
Total owners' equity | 3,764,484 | 3,888,258 |
Total liabilities and equity | $ 8,590,877 | $ 8,773,305 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 350,000 | 350,000 |
Common stock, shares issued | 202,346 | 198,309 |
Common stock, shares outstanding | 202,346 | 198,309 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | |||
Rental income | $ 767,340 | $ 775,176 | $ 743,885 |
Income from direct financing leases | 1,636 | 32,336 | 62,298 |
Mortgage interest income | 70,312 | 66,202 | 69,811 |
Other investment income | 40,228 | 29,225 | 21,852 |
Miscellaneous income | 2,166 | 5,446 | 2,981 |
Total operating revenues | 881,682 | 908,385 | 900,827 |
Expenses | |||
Depreciation and amortization | 281,279 | 287,591 | 267,062 |
General and administrative | 63,508 | 47,683 | 45,867 |
Acquisition costs | 383 | 9,582 | |
Impairment on real estate properties | 29,839 | 99,070 | 58,726 |
Impairment on direct financing leases | 27,168 | 198,199 | |
Provision for uncollectible accounts | 6,689 | 14,580 | 9,845 |
Total operating expenses | 408,866 | 647,123 | 391,082 |
Other operating income | |||
Gain on assets sold - net | 24,774 | 53,912 | 50,208 |
Operating income | 497,590 | 315,174 | 559,953 |
Other income (expense) | |||
Interest income and other - net | 313 | 267 | 173 |
Interest expense | (192,462) | (188,762) | (164,103) |
Interest - amortization of deferred financing costs | (8,960) | (9,516) | (9,345) |
Interest - refinancing costs | (21,965) | (2,113) | |
Contractual settlement | 10,412 | ||
Realized gain (loss) on foreign exchange | 32 | 311 | (232) |
Total other expense | (201,077) | (209,253) | (175,620) |
Income from continuing operations | 296,513 | 105,921 | 384,333 |
Income tax expense | (3,010) | (3,248) | (1,405) |
Income from unconsolidated joint venture | 381 | 2,237 | 439 |
Net income | 293,884 | 104,910 | 383,367 |
Net income attributable to noncontrolling interest | (12,306) | (4,491) | (16,952) |
Net income available to common stockholders | $ 281,578 | $ 100,419 | $ 366,415 |
Basic: | |||
Net income available to common stockholders | $ 1.41 | $ 0.51 | $ 1.91 |
Diluted: | |||
Net income | $ 1.40 | $ 0.51 | $ 1.90 |
Weighted-average shares outstanding, Basic and Diluted | |||
Weighted-average shares outstanding, basic (in shares) | 200,279 | 197,738 | 191,781 |
Weighted-average shares outstanding, diluted (in shares) | 209,711 | 206,790 | 201,635 |
Omega OP | |||
Revenue | |||
Rental income | $ 767,340 | $ 775,176 | $ 743,885 |
Income from direct financing leases | 1,636 | 32,336 | 62,298 |
Mortgage interest income | 70,312 | 66,202 | 69,811 |
Other investment income | 40,228 | 29,225 | 21,852 |
Miscellaneous income | 2,166 | 5,446 | 2,981 |
Total operating revenues | 881,682 | 908,385 | 900,827 |
Expenses | |||
Depreciation and amortization | 281,279 | 287,591 | 267,062 |
General and administrative | 63,508 | 47,683 | 45,867 |
Acquisition costs | 383 | 9,582 | |
Impairment on real estate properties | 29,839 | 99,070 | 58,726 |
Impairment on direct financing leases | 27,168 | 198,199 | |
Provision for uncollectible accounts | 6,689 | 14,580 | 9,845 |
Total operating expenses | 408,866 | 647,123 | 391,082 |
Other operating income | |||
Gain on assets sold - net | 24,774 | 53,912 | 50,208 |
Operating income | 497,590 | 315,174 | 559,953 |
Other income (expense) | |||
Interest income and other - net | 313 | 267 | 173 |
Interest expense | (192,462) | (188,762) | (164,103) |
Interest - amortization of deferred financing costs | (8,960) | (9,516) | (9,345) |
Interest - refinancing costs | (21,965) | (2,113) | |
Contractual settlement | 10,412 | ||
Realized gain (loss) on foreign exchange | 32 | 311 | (232) |
Total other expense | (201,077) | (209,253) | (175,620) |
Income from continuing operations | 296,513 | 105,921 | 384,333 |
Income tax expense | (3,010) | (3,248) | (1,405) |
Income from unconsolidated joint venture | 381 | 2,237 | 439 |
Net income | 293,884 | 104,910 | 383,367 |
Net income available to common stockholders | $ 293,884 | $ 104,910 | $ 383,367 |
Basic: | |||
Net income available to common stockholders | $ 1.41 | $ 0.51 | $ 1.91 |
Diluted: | |||
Net income | 1.40 | 0.51 | 1.90 |
Net income (loss) available to Omega OP Unit holders: | |||
Net income (in dollars per share) | 1.41 | 0.51 | 1.91 |
Diluted: | |||
Net income (in dollars per share) | $ 1.40 | $ 0.51 | $ 1.90 |
Weighted-average shares outstanding, Basic and Diluted | |||
Weighted-average shares outstanding, basic (in shares) | 209,020 | 206,521 | 200,679 |
Weighted-average shares outstanding, diluted (in shares) | 209,711 | 206,790 | 201,635 |
Weighted-average Omega OP Units outstanding, basic (in shares) | 209,020 | 206,521 | 200,679 |
Weighted-average Omega OP Units outstanding, diluted (in shares) | 209,711 | 206,790 | 201,635 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 293,884 | $ 104,910 | $ 383,367 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (14,532) | 21,845 | (46,535) |
Cash flow hedges | 2,531 | 2,883 | (702) |
Total other comprehensive (loss) income | (12,001) | 24,728 | (47,237) |
Comprehensive income | 281,883 | 129,638 | 336,130 |
Comprehensive income attributable to noncontrolling interest | (11,807) | (5,542) | (14,830) |
Comprehensive income attributable to common stockholders | 270,076 | 124,096 | 321,300 |
Omega OP | |||
Net income | 293,884 | 104,910 | 383,367 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (14,532) | 21,845 | (46,535) |
Cash flow hedges | 2,531 | 2,883 | (702) |
Total other comprehensive (loss) income | (12,001) | 24,728 | (47,237) |
Comprehensive income | $ 281,883 | $ 129,638 | $ 336,130 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total Stockholders' Equity [Member]Scenario, Previously Reported [Member] | Total Stockholders' Equity [Member]Restatement Adjustment [Member] | Total Stockholders' Equity [Member] | Common StockScenario, Previously Reported [Member] | Common StockRestatement Adjustment [Member] | Common Stock | Additional Paid-in CapitalScenario, Previously Reported [Member] | Additional Paid-in CapitalRestatement Adjustment [Member] | Additional Paid-in Capital | Cumulative Net EarningsScenario, Previously Reported [Member] | Cumulative Net EarningsRestatement Adjustment [Member] | Cumulative Net Earnings | Cumulative DividendsScenario, Previously Reported [Member] | Cumulative DividendsRestatement Adjustment [Member] | Cumulative Dividends | Accumulated Other Comprehensive LossScenario, Previously Reported [Member] | Accumulated Other Comprehensive LossRestatement Adjustment [Member] | Accumulated Other Comprehensive Loss | Noncontrolling InterestScenario, Previously Reported [Member] | Noncontrolling InterestRestatement Adjustment [Member] | Noncontrolling Interest | Scenario, Previously Reported [Member] | Restatement Adjustment [Member] | Total |
Beginning balance at Dec. 31, 2015 | $ 3,737,986 | $ 18,740 | $ 4,609,474 | $ 1,372,522 | $ (2,254,038) | $ (8,712) | $ 362,879 | $ 4,100,865 | ||||||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Grant of restricted stock to company directors (18 shares at $33.09 per share, 32 shares at $31.23 per share and 35 shares at $30.51 per share for 2016, 2017 and 2018 respectively) | 2 | (2) | ||||||||||||||||||||||
Stock-based compensation expense | 13,790 | 13,790 | 13,790 | |||||||||||||||||||||
Vesting/exercising of equity compensation plan, net of tax withholdings (773 shares, 116 shares and 89 shares for 2016, 2017 and 2018 respectively) | (23,426) | 77 | (23,503) | (23,426) | ||||||||||||||||||||
Dividend reinvestment plan (7,215 shares at $33.27 per share, 1,199 shares at $30.64 per share and 1,549 shares at an average of $30.22 per share for 2016, 2017 and 2018 respectively) | 240,041 | 721 | 239,320 | 240,041 | ||||||||||||||||||||
Grant of stock as payment of directors fees (10 shares at an average of $31.27 per share and 5 shares at an average of $32.18 per share for 2016 and 2017 respectively) | 325 | 1 | 324 | 325 | ||||||||||||||||||||
Deferred compensation directors (8 shares at $32.10 per share and 35 shares at $30.42 per share for 2017 and 2018 respectively) | (129) | (129) | (129) | |||||||||||||||||||||
Equity Shelf Program (656 shares at $29.97 per share and 718 shares at $30.81 per share and 2,276 shares at $33.18 per share, net of issuance costs | 19,651 | 66 | 19,585 | 19,651 | ||||||||||||||||||||
Common dividends declared ($2.36 per share, $2.54 per share and $2.64 per share for 2016, 2017 and 2018 respectively) | (453,349) | (453,349) | (453,349) | |||||||||||||||||||||
Conversion of Omega OP Units to common stock (72 shares at $35.68 per share, 89 shares at $32.91 per share and 53 share at $32.98 per share for 2016, 2017 and 2018 respectively) | 2,566 | 7 | 2,559 | 2,566 | ||||||||||||||||||||
Redemption of Omega OP Units (94 units, 90 units and 58 units for 2016, 2017 and 2018 respectively) | (10) | (10) | (3,289) | (3,299) | ||||||||||||||||||||
Omega OP Units distributions | (21,179) | (21,179) | ||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Foreign currency translation | (44,468) | (44,468) | (2,067) | (46,535) | ||||||||||||||||||||
Cash flow hedges | (647) | (647) | (55) | (702) | ||||||||||||||||||||
Net income | 366,415 | 366,415 | 16,952 | 383,367 | ||||||||||||||||||||
Total comprehensive income | 336,130 | |||||||||||||||||||||||
Balance , ending at Dec. 31, 2016 | 3,858,745 | 19,614 | 4,861,408 | 1,738,937 | (2,707,387) | (53,827) | 353,241 | 4,211,986 | ||||||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Grant of restricted stock to company directors (18 shares at $33.09 per share, 32 shares at $31.23 per share and 35 shares at $30.51 per share for 2016, 2017 and 2018 respectively) | 3 | (3) | ||||||||||||||||||||||
Stock-based compensation expense | 15,212 | 15,212 | 15,212 | |||||||||||||||||||||
Vesting/exercising of equity compensation plan, net of tax withholdings (773 shares, 116 shares and 89 shares for 2016, 2017 and 2018 respectively) | (2,143) | 12 | (2,155) | (2,143) | ||||||||||||||||||||
Dividend reinvestment plan (7,215 shares at $33.27 per share, 1,199 shares at $30.64 per share and 1,549 shares at an average of $30.22 per share for 2016, 2017 and 2018 respectively) | 36,722 | 120 | 36,602 | 36,722 | ||||||||||||||||||||
Grant of stock as payment of directors fees (10 shares at an average of $31.27 per share and 5 shares at an average of $32.18 per share for 2016 and 2017 respectively) | 150 | 1 | 149 | 150 | ||||||||||||||||||||
Deferred compensation directors (8 shares at $32.10 per share and 35 shares at $30.42 per share for 2017 and 2018 respectively) | 108 | 108 | 108 | |||||||||||||||||||||
Equity Shelf Program (656 shares at $29.97 per share and 718 shares at $30.81 per share and 2,276 shares at $33.18 per share, net of issuance costs | 22,120 | 72 | 22,048 | 22,120 | ||||||||||||||||||||
Common dividends declared ($2.36 per share, $2.54 per share and $2.64 per share for 2016, 2017 and 2018 respectively) | (502,861) | (502,861) | (502,861) | |||||||||||||||||||||
Conversion of Omega OP Units to common stock (72 shares at $35.68 per share, 89 shares at $32.91 per share and 53 share at $32.98 per share for 2016, 2017 and 2018 respectively) | 2,942 | 9 | 2,933 | 2,942 | ||||||||||||||||||||
Redemption of Omega OP Units (94 units, 90 units and 58 units for 2016, 2017 and 2018 respectively) | (2,990) | (2,990) | ||||||||||||||||||||||
Omega OP Units distributions | (22,626) | (22,626) | ||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Foreign currency translation | 20,916 | 20,916 | 929 | 21,845 | ||||||||||||||||||||
Cash flow hedges | 2,761 | 2,761 | 122 | 2,883 | ||||||||||||||||||||
Net income | 100,419 | 100,419 | 4,491 | 104,910 | ||||||||||||||||||||
Total comprehensive income | 129,638 | |||||||||||||||||||||||
Balance , ending at Dec. 31, 2017 | $ 3,555,091 | $ 3,564,668 | $ 19,831 | $ 19,831 | $ 4,936,302 | $ 4,936,302 | $ 1,839,356 | $ 1,848,933 | $ (3,210,248) | $ (3,210,248) | $ (30,150) | $ (30,150) | $ 333,167 | $ 333,590 | $ 3,888,258 | $ 3,898,258 | 3,888,258 | |||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Cumulative effect of accounting change (see Note 2) | $ 9,577 | $ 9,577 | $ 423 | $ 10,000 | ||||||||||||||||||||
Grant of restricted stock to company directors (18 shares at $33.09 per share, 32 shares at $31.23 per share and 35 shares at $30.51 per share for 2016, 2017 and 2018 respectively) | 4 | (4) | ||||||||||||||||||||||
Stock-based compensation expense | 15,987 | 15,987 | 15,987 | |||||||||||||||||||||
Vesting/exercising of equity compensation plan, net of tax withholdings (773 shares, 116 shares and 89 shares for 2016, 2017 and 2018 respectively) | (1,654) | 9 | (1,663) | (1,654) | ||||||||||||||||||||
Dividend reinvestment plan (7,215 shares at $33.27 per share, 1,199 shares at $30.64 per share and 1,549 shares at an average of $30.22 per share for 2016, 2017 and 2018 respectively) | 46,801 | 155 | 46,646 | 46,801 | ||||||||||||||||||||
Deferred compensation directors (8 shares at $32.10 per share and 35 shares at $30.42 per share for 2017 and 2018 respectively) | 253 | 3 | 250 | 253 | ||||||||||||||||||||
Equity Shelf Program (656 shares at $29.97 per share and 718 shares at $30.81 per share and 2,276 shares at $33.18 per share, net of issuance costs | 75,532 | 228 | 75,304 | 75,532 | ||||||||||||||||||||
Common dividends declared ($2.36 per share, $2.54 per share and $2.64 per share for 2016, 2017 and 2018 respectively) | (528,949) | (528,949) | (528,949) | |||||||||||||||||||||
Conversion of Omega OP Units to common stock (72 shares at $35.68 per share, 89 shares at $32.91 per share and 53 share at $32.98 per share for 2016, 2017 and 2018 respectively) | 1,727 | 5 | 1,722 | 1,727 | ||||||||||||||||||||
Redemption of Omega OP Units (94 units, 90 units and 58 units for 2016, 2017 and 2018 respectively) | (1,861) | (1,861) | ||||||||||||||||||||||
Omega OP Units distributions | (23,493) | (23,493) | ||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||
Foreign currency translation | (13,924) | (13,924) | (608) | (14,532) | ||||||||||||||||||||
Cash flow hedges | 2,422 | 2,422 | 109 | 2,531 | ||||||||||||||||||||
Net income | 281,578 | 281,578 | 12,306 | 293,884 | ||||||||||||||||||||
Total comprehensive income | 281,883 | |||||||||||||||||||||||
Balance , ending at Dec. 31, 2018 | $ 3,444,441 | $ 20,235 | $ 5,074,544 | $ 2,130,511 | $ (3,739,197) | $ (41,652) | $ 320,043 | $ 3,764,484 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Balance (in shares) | 198,309 | 196,142 | 187,399 |
Balance (in units) | 8,772 | 8,862 | 8,956 |
Grant of restricted stock (in shares) | 35 | 32 | 18 |
Grant of restricted stock (in dollars per share) | $ 30.51 | $ 31.23 | $ 33.09 |
Vesting/exercising of equity compensation plan (in shares) | 89 | 116 | 773 |
Dividend reinvestment plan (in shares) | 1,549 | 1,199 | 7,215 |
Dividend reinvestment plan (in dollars per share) | $ 30.22 | $ 30.64 | $ 33.27 |
Grant of stock as payment of directors fees (in shares) | 5 | 10 | |
Grant of stock as payment of fees (in dollars per share) | $ 32.18 | $ 31.27 | |
Deferred compensation directors (in shares) | 35 | 8 | |
Deferred compensation directors (in dollars per share) | $ 30.42 | $ 32.10 | |
Equity shelf program (in shares) | 2,276 | 718 | 656 |
Equity shelf program (in dollars per share) | $ 33.18 | $ 30.81 | $ 29.97 |
Common dividends (in dollars per share) | $ 2.64 | $ 2.54 | $ 2.36 |
Conversion of OP Units to Common stock (in shares) | 53 | 89 | 72 |
Conversion of OP Units to Common stock (in dollars per share) | $ 32.98 | $ 32.91 | $ 35.68 |
Redemption of OP Units (in units) | 58 | 90 | 94 |
Balance (in shares) | 202,346 | 198,309 | 196,142 |
Balance (in units) | 8,714 | 8,772 | 8,862 |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Omega OPGeneral PartnerScenario, Previously Reported [Member] | Omega OPGeneral PartnerRestatement Adjustment [Member] | Omega OPGeneral Partner | Omega OPLimited PartnerScenario, Previously Reported [Member] | Omega OPLimited PartnerRestatement Adjustment [Member] | Omega OPLimited Partner | Omega OPScenario, Previously Reported [Member] | Omega OPRestatement Adjustment [Member] | Omega OP | Restatement Adjustment [Member] | Total |
Balance at Dec. 31, 2015 | $ 3,737,986 | $ 362,879 | $ 4,100,865 | ||||||||
Balance (in units) at Dec. 31, 2015 | 187,399 | 8,956 | 196,355 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Contributions from partners | $ 252,818 | $ 252,818 | |||||||||
Contributions from partners (in units) | 8,743 | 8,743 | |||||||||
Distributions to partners | $ (453,349) | $ (21,179) | $ (474,528) | ||||||||
Omega OP Unit redemptions | (10) | $ (3,289) | $ (3,299) | ||||||||
Omega OP Unit redemptions (in units) | (94) | (94) | |||||||||
Comprehensive income: | |||||||||||
Foreign currency translation | (44,468) | $ (2,067) | $ (46,535) | $ (46,535) | |||||||
Cash flow hedges | (647) | (55) | (702) | (702) | |||||||
Net income | 366,415 | 16,952 | 383,367 | 383,367 | |||||||
Total comprehensive income | 336,130 | 336,130 | |||||||||
Balance at Dec. 31, 2016 | $ 3,858,745 | $ 353,241 | $ 4,211,986 | ||||||||
Balance (in units) at Dec. 31, 2016 | 196,142 | 8,862 | 205,004 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Contributions from partners | $ 75,111 | $ 75,111 | |||||||||
Contributions from partners (in units) | 2,167 | 2,167 | |||||||||
Distributions to partners | $ (502,861) | $ (22,626) | $ (525,487) | ||||||||
Omega OP Unit redemptions | $ (2,990) | $ (2,990) | |||||||||
Omega OP Unit redemptions (in units) | (90) | (90) | |||||||||
Comprehensive income: | |||||||||||
Foreign currency translation | 20,916 | $ 929 | $ 21,845 | 21,845 | |||||||
Cash flow hedges | 2,761 | 122 | 2,883 | 2,883 | |||||||
Net income | 100,419 | 4,491 | 104,910 | 104,910 | |||||||
Total comprehensive income | 129,638 | 129,638 | |||||||||
Balance at Dec. 31, 2017 | $ 3,555,091 | $ 3,564,668 | $ 333,167 | $ 333,590 | $ 3,888,258 | $ 3,898,258 | 3,888,258 | ||||
Balance (in units) at Dec. 31, 2017 | 198,309 | 198,309 | 8,772 | 8,772 | 207,081 | 207,081 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Cumulative effect of accounting change (see Note 2) | $ 9,577 | $ 423 | $ 10,000 | $ 10,000 | |||||||
Contributions from partners | $ 138,646 | $ 138,646 | |||||||||
Contributions from partners (in units) | 4,037 | 4,037 | |||||||||
Distributions to partners | $ (528,949) | (23,493) | $ (552,442) | ||||||||
Omega OP Unit redemptions | $ (1,861) | $ (1,861) | |||||||||
Omega OP Unit redemptions (in units) | (58) | (58) | |||||||||
Comprehensive income: | |||||||||||
Foreign currency translation | (13,924) | $ (608) | $ (14,532) | (14,532) | |||||||
Cash flow hedges | 2,422 | 109 | 2,531 | 2,531 | |||||||
Net income | 281,578 | 12,306 | 293,884 | 293,884 | |||||||
Total comprehensive income | 281,883 | $ 281,883 | |||||||||
Balance at Dec. 31, 2018 | $ 3,444,441 | $ 320,043 | $ 3,764,484 | ||||||||
Balance (in units) at Dec. 31, 2018 | 202,346 | 8,714 | 211,060 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net income | $ 293,884 | $ 104,910 | $ 383,367 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 281,279 | 287,591 | 267,062 |
Impairment on real estate properties | 35,014 | 99,070 | 58,726 |
Impairment loss on direct financing leases | 27,168 | 198,199 | |
Provision for uncollectible accounts | 6,689 | 14,580 | 9,845 |
Interest - amortization of deferred financing costs and refinancing costs | 8,960 | 19,711 | 11,458 |
Accretion of direct financing leases | 109 | (6,107) | (12,157) |
Stock-based compensation expense | 15,987 | 15,212 | 13,790 |
Gain on assets sold - net | (24,774) | (53,912) | (50,208) |
Amortization of acquired in-place leases - net | (10,707) | (11,910) | (13,991) |
Effective yield receivable on mortgage notes | (1,068) | (1,924) | (721) |
Interest paid-in-kind | (6,360) | ||
Change in operating assets and liabilities - net: | |||
Contractual receivables | 2,368 | (36,621) | (4,876) |
Straight-line rent receivables | (61,559) | (25,240) | (42,091) |
Lease inducements | (32,738) | (8,419) | 2,589 |
Other operating assets and liabilities | (34,879) | (17,228) | 1,980 |
Net cash provided by operating activities | 499,373 | 577,912 | 624,773 |
Cash flows from investing activities | |||
Acquisition of real estate | (105,119) | (385,418) | (959,748) |
Net proceeds from sale of real estate investments | 309,586 | 257,812 | 169,603 |
Cash acquired in acquisition | 2,341 | ||
Investments in construction in progress | (139,441) | (86,689) | (68,983) |
Investments in direct financing leases | (7,183) | (2,080) | |
Proceeds from sale of direct financing lease | 20,979 | 33,306 | |
Placement of mortgage loans | (65,340) | (34,643) | (48,722) |
Collection of mortgage principal | 26,088 | 1,529 | 59,975 |
Investments in unconsolidated joint venture | (50,032) | ||
Distributions from unconsolidated joint venture in excess of earnings | 5,471 | 12,175 | 1,318 |
Capital improvements to real estate investments | (29,824) | (37,766) | (40,471) |
Receipts from insurance proceeds | 8,717 | 2,754 | |
Investments in other investments | (385,707) | (139,047) | (271,557) |
Proceeds from other investments | 181,371 | 95,696 | 96,789 |
Net cash used in investing activities | (173,219) | (285,133) | (1,113,908) |
Cash flows from financing activities | |||
Proceeds from credit facility borrowings | 1,291,000 | 1,687,000 | 1,304,000 |
Payments on credit facility borrowings | (1,268,000) | (1,587,000) | (1,344,000) |
Receipts of other long-term borrowings | 1,346,749 | 1,048,173 | |
Payments of other long-term borrowings | (2,049) | (1,252,788) | (181,249) |
Payments of financing related costs | (8) | (29,198) | (11,830) |
Receipts from dividend reinvestment plan | 46,801 | 36,722 | 240,041 |
Payments for exercised options and restricted stock | (1,654) | (2,143) | (23,426) |
Net proceeds from issuance of common stock | 75,532 | 22,120 | 19,651 |
Dividends paid | (528,696) | (502,603) | (453,152) |
Redemption of Omega OP Units | (134) | (48) | (733) |
Distributions to Omega OP Unit Holders | (23,493) | (22,626) | (21,179) |
Net cash (used in) provided by financing activities | (410,701) | (303,815) | 576,296 |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (590) | 568 | 84 |
(Decrease) increase in cash, cash equivalents and restricted cash | (85,137) | (10,468) | 87,245 |
Cash, cash equivalents and restricted cash at beginning of year | 96,808 | 107,276 | 20,031 |
Cash, cash equivalents and restricted cash at end of year | 11,671 | 96,808 | 107,276 |
Omega OP | |||
Cash flows from operating activities | |||
Net income | 293,884 | 104,910 | 383,367 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 281,279 | 287,591 | 267,062 |
Impairment on real estate properties | 35,014 | 99,070 | 58,726 |
Impairment loss on direct financing leases | 27,168 | 198,199 | |
Provision for uncollectible accounts | 6,689 | 14,580 | 9,845 |
Interest - amortization of deferred financing costs and refinancing costs | 8,960 | 19,711 | 11,458 |
Accretion of direct financing leases | 109 | (6,107) | (12,157) |
Stock-based compensation expense | 15,987 | 15,212 | 13,790 |
Gain on assets sold - net | (24,774) | (53,912) | (50,208) |
Amortization of acquired in-place leases - net | (10,707) | (11,910) | (13,991) |
Effective yield receivable on mortgage notes | (1,068) | (1,924) | (721) |
Interest paid-in-kind | (6,360) | ||
Change in operating assets and liabilities - net: | |||
Contractual receivables | 2,368 | (36,621) | (4,876) |
Straight-line rent receivables | (61,559) | (25,240) | (42,091) |
Lease inducements | (32,738) | (8,419) | 2,589 |
Other operating assets and liabilities | (34,879) | (17,228) | 1,980 |
Net cash provided by operating activities | 499,373 | 577,912 | 624,773 |
Cash flows from investing activities | |||
Acquisition of real estate | (105,119) | (385,418) | (959,748) |
Net proceeds from sale of real estate investments | 309,586 | 257,812 | 169,603 |
Cash acquired in acquisition | 2,341 | ||
Investments in construction in progress | (139,441) | (86,689) | (68,983) |
Investments in direct financing leases | (7,183) | (2,080) | |
Proceeds from sale of direct financing lease | 20,979 | 33,306 | |
Placement of mortgage loans | (65,340) | (34,643) | (48,722) |
Collection of mortgage principal | 26,088 | 1,529 | 59,975 |
Investments in unconsolidated joint venture | (50,032) | ||
Distributions from unconsolidated joint venture in excess of earnings | 5,471 | 12,175 | 1,318 |
Capital improvements to real estate investments | (29,824) | (37,766) | (40,471) |
Receipts from insurance proceeds | 8,717 | 2,754 | |
Investments in other investments | (385,707) | (139,047) | (271,557) |
Proceeds from other investments | 181,371 | 95,696 | 96,789 |
Net cash used in investing activities | (173,219) | (285,133) | (1,113,908) |
Cash flows from financing activities | |||
Proceeds from intercompany loans payable from Omega | 1,291,000 | 3,033,749 | 2,352,173 |
Repayment of intercompany loans payable to Omega | (1,270,049) | (2,839,788) | (1,525,249) |
Payment of financing related costs incurred by Omega | (8) | (29,198) | (11,830) |
Equity contributions from general partners | 120,679 | 56,699 | 236,266 |
Distributions to general partners | (528,696) | (502,603) | (453,152) |
Distributions to limited partners | (23,493) | (22,626) | (21,179) |
Redemption of Omega OP Units | (134) | (48) | (733) |
Net cash (used in) provided by financing activities | (410,701) | (303,815) | 576,296 |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (590) | 568 | 84 |
(Decrease) increase in cash, cash equivalents and restricted cash | (85,137) | (10,468) | 87,245 |
Cash, cash equivalents and restricted cash at beginning of year | 96,808 | 107,276 | 20,031 |
Cash, cash equivalents and restricted cash at end of year | $ 11,671 | $ 96,808 | $ 107,276 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Organization Omega Healthcare Investors, Inc. (“Omega”) was formed as a real estate investment trust (“REIT”) and incorporated in the State of Maryland on March 31, 1992. Omega is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega's assets are owned directly or indirectly by, and all of Omega's operations are conducted directly or indirectly through, its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (“Omega OP”). Omega OP was formed as a limited partnership and organized in the State of Delaware on October 24, 2014. Unless stated otherwise or the context otherwise requires, the terms the “Company,” “we,” “our” and “us” means Omega and Omega OP, collectively. The Company has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States (“U.S.”) and the United Kingdom (“U.K.”). Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”), and, to a lesser extent, assisted living facilities (“ALFs”), independent living facilities (“ILFs”) and rehabilitation and acute care facilities. Our core portfolio consists of long-term leases and mortgage agreements. All of our leases are “triple-net” leases, which require the operators (we use the term “operator” to refer to our tenants and mortgagors and their affiliates who manage and/or operate our properties) to pay all property-related expenses. Our mortgage revenue derives from fixed rate mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. Our other investment income derives from fixed and variable rate loans, which are either unsecured or secured by the collateral of the borrower. Omega OP is governed by the Second Amended and Restated Agreement of Limited Partnership of OHI Healthcare Properties Limited Partnership, dated as of April 1, 2015 (the “Partnership Agreement”). Omega has exclusive control over Omega OP’s day-to-day management pursuant to the Partnership Agreement. As of December 31, 2018, Omega owned approximately 96% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and investors owned approximately 4% of the outstanding Omega OP Units. Consolidation Our consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP, and (iii) all direct and indirect wholly owned subsidiaries of Omega OP. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Omega OP’s consolidated financial statements include the accounts of (i) Omega OP, and (ii) all direct and indirect wholly owned subsidiaries of Omega OP. All intercompany transactions and balances have been eliminated in consolidation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: 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 significant inputs and significant value drivers are observable in active markets; and Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. Risks and Uncertainties The Company is subject to certain risks and uncertainties affecting the healthcare industry as a result of healthcare legislation and growing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the rising cost of healthcare services. Business Combinations We record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at fair value. Transaction costs are expensed as incurred as part of a business combination. In making estimates of fair value for purposes of recording the purchase, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities as well as other critical valuation metrics such as current capitalization rates and discount rates used to estimate the fair value of the tangible and intangible assets acquired (Level 3). When liabilities are assumed as part of a transaction, we consider information obtained about the liabilities and use similar valuation metrics (Level 3). In some instances when debt is assumed and an identifiable active market for similar debt is present, we use market interest rates for similar debt to estimate the fair value of the debt assumed (Level 2). The Company determines fair value as follows: Land is determined based on third party appraisals which typically include market comparables. Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as replacement cost analysis. Furniture and fixtures are determined based on third party appraisals which typically utilize a replacement cost approach. Intangible assets and liabilities acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset or liability being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. Stock based compensation and noncontrolling interests are valued using a stock price on the acquisition date. Goodwill represents the purchase price in excess of the fair value of assets acquired and liabilities assumed and the cost associated with expanding our investment portfolio. Goodwill is not amortized. Asset Acquisitions For asset acquisitions, assets acquired and liabilities assumed are recognized by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis and the costs of the acquisition are capitalized. The fair value of the assets acquired and liabilities assumed in an asset acquisition are determined in a consistent manner with the immediately preceding “Business Combinations” section. Variable Interest Entities GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. Our variable interests in VIEs may be in the form of equity ownership, leases, guarantees and/or loans with our operators. We analyze our agreements and investments to determine whether our operators or unconsolidated joint venture are VIEs and, if so, whether we are the primary beneficiary. We consolidate a VIE when we determine that we are its primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. Factors considered in determining whether we are the primary beneficiary of an entity include: (i) our voting rights, if any; (ii) our involvement in day-to-day capital and operating decisions; (iii) our risk and reward sharing; (iv) the financial condition of the operator or joint venture and (iv) our representation on the VIE’s board of directors. We perform this analysis on an ongoing basis. As of December 31, 2018, we have not consolidated any VIEs, as we do not have the power to direct the activities of any VIEs that most significantly impact their economic performance and we do not have the obligation to absorb losses or receive benefits of the VIEs that could be significant to the entity. Real Estate Investments and Depreciation The costs of significant improvements, renovations and replacements, including interest are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight to 15 years for site improvements, and three to ten years for furniture, fixtures and equipment. Leasehold interests are amortized over the shorter of the estimated useful life or term of the lease. Lease Accounting At the inception of the lease and during the amendment process, we evaluate each lease to determine if the lease should be considered an operating lease, sales-type lease, or direct financing lease. As of December 31, 2018, we have determined that all but three of our leases should be accounted for as operating leases. The other three leases are accounted for as direct financing leases. For leases accounted for as operating leases, we retain ownership of the asset and record depreciation expense, see “Business Combinations” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. Certain direct financing leases include annual rent escalators; see “Revenue Recognition” below for further discussion regarding the recording of interest income on our direct financing leases. As of December 31, 2018 and 2017, we have no unamortized direct costs related to originating our direct financing leases recorded on our Consolidated Balance Sheets. In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of a facility purchase or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases, and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases (referred to as Lease Intangibles). Lease intangible assets and liabilities are classified as lease contracts above and below market value, respectively, in other assets and accrued expenses and other liabilities on our Consolidated Balance Sheets, and amortized on a straight-line basis as decreases and increases, respectively, to rental income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income. Real Estate Investment Impairment Management evaluates our real estate investments for impairment indicators at each reporting period, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance including the current payment status of contractual obligations and expectations of the ability to meet future contractual obligations, legal structure, as well as our intent with respect to holding or disposing of the asset. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to management’s estimate of future undiscounted cash flows of the underlying facilities. The estimated future undiscounted cash flows are generally based on the related lease which relates to one or more properties and may include cash flows from the eventual disposition of the asset. In some instances, there may be various potential outcomes for a real estate investment and its potential future cash flows. In these instances, the undiscounted future cash flows used to assess the recoverability are probability-weighted based on management’s best estimates as of the date of evaluation. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. Additionally, our evaluation of fair value may consider valuing the property as a nursing home as well as alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property as well as the fair value of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment to our assets in a future period that could be material to our results of operations. For the years ended December 31, 2018, 2017 and 2016, we recognized impairment losses on real estate investments of $29.8 million, $99.1 million and $58.7 million, respectively. Allowance for Losses on Mortgages, Other Investments and Direct Financing Leases The allowances for losses on mortgage notes receivable, other investments and direct financing leases (collectively, our “loans”) are maintained at a level believed adequate to absorb potential losses. The determination of the allowances is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, financial strength of the borrower and guarantors and the value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreements. Consistent with this definition, all loans on non-accrual status may be deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. When management identifies potential loan impairment indicators, the loan is written down to the present value of the expected future cash flows. In cases where expected future cash flows are not readily determinable, the loan is written down to the fair value of the underlying collateral. We may base our valuation on a loan’s observable market price, if any, or the fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the sale of the collateral. We account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impaired loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and/or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost-recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. As of December 31, 2018 and 2017, we had $108.1 million and $177.5 million, respectively, of reserves on our loans. Investment in Unconsolidated Joint Venture We account for our investment in an unconsolidated joint venture using the equity method of accounting as we exercise significant influence, but do not control the entity. Under the equity method of accounting, the net equity investment of the Company is reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income and comprehensive income from the joint venture is included in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, respectively. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investment in the unconsolidated joint venture may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The estimated fair value of the investment is determined using a discounted cash flow model which is a Level 3 valuation. We consider a number of assumptions that are subject to economic and market uncertainties including, among others, rental rates, operating costs, capitalization rates, holding periods and discount rates. No impairment loss on our investment in unconsolidated joint venture was recognized during the years ended December 31, 2018, 2017, or 2016. Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash, cash equivalents and restricted cash are held at major commercial banks. Certain cash account balances exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash, cash equivalents or restricted cash. Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms. Prior to June 1, 2018, restricted cash also included other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our mortgage borrowings guaranteed by HUD. Accounts Receivable Accounts receivable includes: contractual receivables, effective yield interest receivables, straight-line rent receivables and lease inducements, net of an estimated provision for losses related to uncollectible and disputed accounts. Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception or renewal of the lease, and are amortized as a reduction of rental revenue over the non-cancellable lease term. On a quarterly basis, we review our accounts receivable to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the tenant to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement. If we determine collectability of any of our contractual receivables is at risk, we estimate the potential uncollectible amounts and provide an allowance. In the case of a lease recognized on a straight-line basis, a loan recognized on an effective yield basis or the existence of lease inducements, we generally provide an allowance for straight-line, effective interest, and or lease inducement accounts receivable when certain conditions or indicators of adverse collectability are present. If the accounts receivable balance is subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables by type is as follows: December 31, 2018 2017 (in thousands) Contractual receivables $ 34,901 $ 43,258 Effective yield interest receivables 12,741 11,673 Straight-line rent receivables 251,166 216,054 Lease inducements 49,644 16,812 Allowance (1,075) (8,463) Accounts receivable – net $ 347,377 $ 279,334 In 2018, we paid an existing operator approximately $50 million in exchange for a reduction of such operator’s participation in an in-the-money purchase option. As a result, we recorded an approximate $28 million lease inducement that will be amortized as a reduction to rental income over the remaining term of the lease. The remaining $22 million was recorded as a reduction to the initial contingent liability which is included in accrued expenses and other liabilities on our Consolidated Balance Sheets. In 2018, we wrote-off approximately $11.5 million of straight-line rent receivables and contractual receivables to provision for uncollectible accounts, as a result of facility transitions and placing an operator on a cash basis. The provision for uncollectible accounts was offset by a recovery of approximately $4.8 million. In 2017, we recorded a provision for uncollectible accounts of approximately $9.3 million related to contractual and straight-line rent receivables for one of our operators and approximately $4.1 million of provision for uncollectible accounts, net of recoveries related to contractual and straight-line receivables of other operators and/or facilities that we intend to exit or transition. In 2016, we wrote-off approximately $4.3 million of straight-line rent receivable. The write-off primarily related to the transition of facilities from a former operator to a current operator. Goodwill Impairment We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment on an interim basis, we assess qualitative factors such as a significant decline in real estate valuations, current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance or a significant decline in the value of our market capitalization, to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying amount. On an annual basis during the fourth quarter of each fiscal year, or on an interim basis if we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying value, we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. The goodwill is not deductible for tax purposes. In the first step of the two-step goodwill impairment test (“Step 1”), we compare the fair value of the reporting unit to its net book value, including goodwill. As the Company has only one reporting unit, the fair value of the reporting unit is determined by reference to the market capitalization of the Company as determined through quoted market prices and adjusted for other relevant factors. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step (“Step 2”) of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit’s net assets other than goodwill and the fair value of the reporting unit. If the difference is less than the net book value of goodwill, impairment exists and is recorded. The Company has not been required to perform Step 2 of the process because the fair value of the reporting unit has significantly exceeded its book value at the measurement date. There was no impairment of goodwill during 2018, 2017, or 2016. Income Taxes Omega and its wholly owned subsidiaries were organized to qualify for taxation as a REIT under Section 856 through 860 of the Internal Revenue Code (“Code”). As long as we qualify as a REIT; we will not be subject to federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRSs”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Omega OP is a pass through entity for United States federal income tax purposes. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. 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. Revenue Recognition We have various different investments that generate revenue, including leased and mortgaged properties, as well as other investments, which include secured and unsecured loans. We recognize rental income and other investment income as earned over the terms of the related leases and notes, respectively. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (e.g. increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. Revenue under lease arrangements with minimum fixed and determinable increases is recognized over the non-cancellable term of the lease on a straight-line basis. The authoritative guidance does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee, the payment history, the general condition of the industry and various other factors when evaluating whether all possible contingencies have been eliminated. In the case of rental revenue recognized on a straight-line basis, we generally record reserves against earned revenues from leases when collection becomes questionable or when negotiations for restructurings of troubled operators result in significant uncertainty regarding ultimate collection. The amount of the reserve is estimated based on what management believes will likely be collected. We continually evaluate the collectability of our straight-line rent assets. If it appears that we will not collect future rent due under our leases, we will record a provision for loss related to the straight-line rent asset. We record direct financing lease income on a constant interest rate basis over the term of the lease. Costs related to originating direct financing leases are deferred and amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. Allowances are provided against earned revenues from direct financing leases when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate col |
PROPERTIES
PROPERTIES | 12 Months Ended |
Dec. 31, 2018 | |
Properties and Investments [Abstract] | |
PROPERTIES | NOTE 3 - PROPERTIES Leased Property Our leased real estate properties, represented by 719 SNFs, 116 ALFs, 14 specialty facilities and one medical office building at December 31, 2018, are leased under provisions of single or master operating leases with initial terms typically ranging from 5 to 15 years, plus renewal options. Also see Note 4 – Direct Financing Leases for information regarding additional properties accounted for as direct financing leases. Substantially all of the single leases and master leases provide for minimum annual rentals that are typically subject to annual increases. Under the terms of the leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. A summary of our investment in leased real estate properties is as follows: December 31, 2018 2017 (in thousands) Buildings $ 6,056,820 $ 6,098,119 Land 786,174 795,874 Furniture, fixtures and equipment 447,610 440,737 Site improvements 250,917 227,150 Construction in progress 204,889 94,080 Total real estate investments 7,746,410 7,655,960 Less accumulated depreciation (1,562,619) (1,376,828) Real estate investments - net $ 6,183,791 $ 6,279,132 For the years ended December 31, 2018, 2017 and 2016, we capitalized $11.1 million, $8.0 million and $6.6 million, respectively, of interest to our projects under development. The future minimum estimated contractual rents due for the remainder of the initial terms of the operating leases are as follows at December 31, 2018: (in thousands) 2019 $ 680,627 2020 698,719 2021 716,426 2022 715,427 2023 703,167 Thereafter 4,026,317 Total $ 7,540,683 The following tables summarize the significant transactions that occurred in 2018. 2018 Acquisitions and Other Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Fixtures Annual Period SNF ALF/ILF State (in millions) Cash Yield (3) Q1 — 1 UK $ 4.0 (1) $ 0.9 $ 2.9 $ 0.2 8.50 % Q1 — 1 UK 5.7 (2) 1.4 4.1 0.2 8.50 % Q1 1 — PA 7.4 1.6 5.4 0.4 9.50 % Q1 1 — VA 13.2 2.4 10.5 0.3 9.50 % Q2 5 — TX 22.8 0.5 20.4 1.9 9.50 % Q4 3 1 PA 35.1 4.1 29.2 1.8 9.50 % Q4 1 — IN 8.3 1.7 6.0 0.6 9.50 % Q4 1 — OH 9.2 0.8 7.9 0.5 9.50 % Total 12 3 $ 105.7 $ 13.4 $ 86.4 $ 5.9 (1) We recorded a non-cash deferred tax liability of approximately $0.4 million in connection with this acquisition. (2) We recorded a non-cash deferred tax liability of approximately $0.2 million in connection with this acquisition. (3) The cash yield is based on the purchase price. (4) All of the aforementioned acquisitions were accounted for as asset acquisitions. During 2018, we acquired two parcels of land (not reflected in the table above) for approximately $3.5 million with the intent of building new facilities for our existing operators. During 2018, we transitioned 21 SNFs and one ALF subject to direct financing leases (not reflected in the table above) with a net carrying value of approximately $184.5 million from an existing operator to five other existing operators subject to single or master operating leases with an initial annual cash yield of approximately 9%. We recorded approximately $184.5 million of real estate investments consisting of land ($11.2 million), building and site improvements ($159.1 million) and furniture and fixtures ($14.2 million) in partial satisfaction of the direct financing lease. In connection with these transitions, we provided the new operators with working capital loans with a maximum borrowing capacity of $45.7 million, commitments to fund capital improvements up to $10.6 million and indemnities with a maximum funding of $7.4 million. Claims against these indemnities must occur within 18 months to 36 months of the transition date. These indemnities were provided to the new operators upon transition and would be utilized in the event that the prior operator does not perform under their transition agreements. The Company does not expect to fund a material amount under these indemnity agreements. 2017 Acquisitions and Other Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Fixtures Annual Period SNF ALF/ILF State (in millions) Cash Yield (2) Q1 — 1 VA $ 7.6 $ 0.5 $ 6.8 $ 0.3 7.50 % Q2 1 — NC 8.6 0.7 7.3 0.6 9.50 % Q2 — 18 UK 124.2 (1) 34.1 85.1 5.0 8.50 % Q3 — 1 TX 2.3 0.7 1.5 0.1 9.25 % Q3 15 — IN 211.0 18.0 180.2 12.8 9.50 % Q3 9 — TX 19.0 (3) 1.7 15.5 1.8 18.60 % Q4 6 — TX 40.0 1.0 35.1 3.9 9.25 % Total 31 20 $ 412.7 $ 56.7 $ 331.5 $ 24.5 (1) We recorded a non-cash deferred tax liability and acquisition costs of approximately $8.2 million and $1.2 million, respectively, in connection with this acquisition. (2) The cash yield is based on the purchase price. (3) In July 2017, we transitioned nine SNFs formerly subject to a direct financing lease to another operator. As a result of terminating the direct financing lease, we wrote down the facilities to our original cost basis and recorded an impairment on the direct financing lease of approximately $1.8 million. See Note 4 – Direct Financing Leases for additional information. (4) All of the aforementioned acquisitions were accounted for as asset acquisitions. During 2017, we acquired three parcels of land (not reflected in the table above) for approximately $6.7 million with the intent of building new facilities for existing operators. 2016 Acquisitions and Other Number of Total Building & Site Furniture Initial Facilities Country/ Investment (6) Land Improvements & Fixtures Annual Period SNF ALF/ILF State (in millions) Cash Yield (7) Q1 — 1 UK $ 8.3 $ 1.4 $ 6.7 $ 0.2 7.00 % Q1 — 1 UK 6.1 0.6 5.3 0.2 7.00 % Q1 10 — OH, VA, MI 169.0 (2) 10.5 152.5 6.0 8.50 % Q1 — 2 GA 20.2 0.8 18.3 1.1 7.50 % Q1 3 — MD 25.0 2.5 19.9 2.6 8.50 % Q1 21 — VA, NC 212.5 19.3 181.1 12.1 8.50 % Q2 — 10 UK 111.9 (3) 24.8 83.9 3.2 7.00 % Q2 — 3 TX 66.0 (4) 5.8 58.6 1.6 6.80 % Q2 3 — CO, MO 31.8 3.1 26.2 2.5 9.00 % Q3 — 1 FL 4.3 2.3 1.8 0.2 8.00 % Q3 — 1 GA 2.5 0.2 2.1 0.2 8.00 % Q3 — 1 FL 16.5 1.8 14.3 0.4 8.00 % Q3 1 — SC 10.1 2.7 6.5 0.9 9.00 % Q3 1 — OH 9.0 (5) — 8.6 0.4 9.00 % Q3 31 — FL, KY,TN 329.6 (1) 24.6 290.8 14.2 9.00 % Total 70 20 $ 1,022.8 $ 100.4 $ 876.6 $ 45.8 (1) Our investment includes a purchase option buyout obligation with a fair value of approximately $29.6 million. We also acquired a term loan with a fair value of approximately $37.0 million which is recorded in other investments on our Consolidated Balance Sheets. In August 2017, the purchase option was terminated and the operator used the proceeds to repay certain other investments, refer to Note – 6 Other Investments for details. (2) Acquired from a related party. Refer to Note – 2 Summary of Significant Accounting Policies - Related Party Transactions. (3) We also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. (4) We paid $63.0 million in cash at closing to acquire the facilities. We paid an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration paid was contractually determined and not contingent on other factors. (5) We paid approximately $3.5 million in cash to acquire the facility. The remainder of the purchase price (approximately $5.5 million) was funded with the redemption of an other investment note. (6) All of the aforementioned acquisitions were accounted for as business combinations. (7) The cash yield is based on the purchase price. During 2016, we acquired five parcels of land (not reflected in the table above) for approximately $8.3 million with the intent of building new facilities for existing operators. For the year ended December 31, 2016, we recognized rental revenue of approximately $58.1 million and expensed approximately $9.6 million of acquisition related costs in connection with the aforementioned acquisitions. No goodwill was recorded in connection with these acquisitions. Asset Sales, Impairments and Other During the fourth quarter of 2018, we sold 14 facilities (nine previously held for sale at September 30, 2018) subject to operating leases for approximately $63.2 million in net proceeds recognizing a gain on sale of approximately $15.5 million. In addition, we recorded impairments on real estate properties of approximately $3.2 million on three facilities (two were subsequently reclassified to held for sale). In 2018, we sold 78 facilities (22 previously held for sale at December 31, 2017) subject to operating leases for approximately $309.6 million in net proceeds recognizing a gain on sale of approximately $24.8 million. In addition, we recorded impairments on real estate properties of approximately $35.0 million on 35 facilities. Our impairments were offset by $5.2 million of insurance proceeds received related to a facility destroyed in November 2017. The total net recorded investment in these properties after impairments (excluding facilities sold during the year) was approximately $14.8 million as of December 31, 2018, with approximately $1.0 million related to properties classified as held for sale. Of the 78 facilities sold during 2018, we sold 12 SNFs on June 1, 2018 secured by HUD mortgages to subsidiaries of an existing operator. The Company sold the 12 SNF facilities with carrying values of approximately $62 million for approximately $78 million which consisted of $25 million of cash consideration and their assumption of approximately $53 million of our HUD mortgages. See Note 13 – Borrowing Arrangements for additional details. Simultaneously, subsidiaries of the operator assumed our HUD restricted cash accounts, deposits and escrows. The Company recorded a gain on sale of approximately $11 million after approximately $5 million of closing and other transaction related costs. In connection with this sale, we provided a principal of an existing operator an unsecured loan of approximately $39.7 million. During the fourth quarter of 2017, we sold 32 facilities (two previously held for sale at September 30, 2017) subject to operating leases for approximately $188.0 million in net proceeds recognizing a gain on sale of approximately $46.4 million. In addition, we recorded impairments on real estate properties of approximately $63.5 million on 32 facilities (two were subsequently reclassified to held for sale). Of the $63.5 million impairment on real estate properties, $12.6 million related to one facility that was destroyed in a fire. In 2017, we sold 52 facilities (14 previously held for sale at December 31, 2016) subject to operating leases for approximately $257.8 million in net proceeds recognizing a gain on sale of approximately $53.9 million. In addition, we recorded impairments on real estate properties of approximately $99.1 million on 37 facilities including approximately $2.6 million of capitalized costs associated with the termination of construction projects with two of our operators. The total net recorded investment in these properties after impairments and excluding facilities previously sold was approximately $125.1 million as of December 31, 2017, with approximately $7.7 million related to properties classified as held for sale. Of the 52 facilities sold in 2017, the sale of ten of these facilities did not initially qualify for sale accounting under the full accrual method. The ten SNFs with a carrying value of approximately $23.2 million were sold to a third-party for approximately $43.3 million, resulting in a total gain of approximately $17.5 million after $2.6 million of closing costs. In connection with this sale, we provided the buyer a $10.0 million loan which was recorded in other investments on our Consolidated Balance Sheets. We recognized a net gain of approximately $7.5 million in 2017. Upon our adoption of ASU 2014-09 on January 1, 2018, we recognized $10.0 million of deferred gain related to this sale through opening equity on January 1, 2018. In 2016, we sold 38 SNFs (three previously held for sale at December 31, 2015) subject to operating leases for total cash proceeds of approximately $169.6 million, generating a gain on sale of approximately $50.2 million. We also recorded impairments on real estate properties of approximately $58.7 million on 29 facilities. The 2018, 2017 and 2016 recorded impairments were primarily the result of decisions to exit certain non-strategic facilities and/or operators. We reduced the net book value of the impaired facilities to their estimated fair values or, with respect to the facilities reclassified to held for sale, to their estimated fair value less costs to sell. To estimate the fair value of the facilities, we utilized a market approach which considered binding sale agreements (a Level 1 input) and/or Level 3 inputs which generally consist of non-binding offers from unrelated third parties See also Note 4 – Direct Financing Leases and Note 9 – Assets Held For Sale for more details. |
DIRECT FINANCING LEASES
DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Direct Financing Leases [Abstract] | |
DIRECT FINANCING LEASES | NOTE 4 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: December 31, 2018 2017 (in thousands) Minimum lease payments receivable $ 28,294 $ 64,893 Less unearned income (16,577) (37,633) Investment in non-Orianna direct financing leases 11,717 27,260 Investment in Orianna direct financing leases 223,745 509,877 Less allowance for loss on Orianna direct financing leases (103,200) (172,172) Investment in direct financing leases – net $ 132,262 $ 364,965 Properties subject to direct financing leases 17 41 Number of direct financing leases 3 5 The following table summarizes our investments in the direct financing leases by operator, net of allowance for loss: December 31, 2018 2017 (in thousands) Orianna $ 120,545 $ 337,705 Reliance Health Care Management, Inc. — 15,458 Sun Mar Healthcare 11,491 11,481 Markleysburg Healthcare Investors, LP 226 321 Investment in direct financing leases - net $ 132,262 $ 364,965 The following minimum rents are due under our direct financing leases for the next five years (in thousands): 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 (1) $ 1,177 $ 1,170 $ 1,084 $ 1,106 $ 1,128 (1) Orianna have been excluded from the contractual minimum rent payments due under our direct financing leases. See below for additional information and Note 24 – Subsequent Events. In 2018, we sold one SNF with a carrying value of approximately $15.4 million subject to a direct financing lease to an unrelated third-party for approximately $15.4 million. Orianna Direct Financing Lease and Operating Lease On November 27, 2013, we closed an aggregate $529 million purchase/leaseback transaction in connection with the acquisition of Ark Holding Company, Inc. (“Ark Holding”) by 4 West Holdings Inc. At closing, we acquired 55 SNFs and 1 ALF operated by Ark Holding and leased the facilities back to Ark Holding, now known as New Ark Investment Inc. (“New Ark” which does business as “Orianna Health Systems” and is herein referred to as “Orianna”), pursuant to four 50‑year master leases with rental payments yielding 10.6% per annum over the term of the leases. The purchase/leaseback transaction is being accounted for as a direct financing lease. In addition to our direct financing leases with Orianna, we own three facilities and had leased them to Orianna under a master lease which was to expire in 2026. The remaining three facility lease is accounted for as an operating lease. Our recorded investment in the three facilities subject to this operating lease was $30.5 million as of December 31, 2018. On October 31, 2018, Orianna rejected the operating lease and as a result we transitioned the remaining three facilities to an existing operator during the first quarter of 2019. As of December 31, 2018, we also have a revolving working capital loan issued to Orianna with a balance outstanding as of December 31, 2018 of $15.2 million. In 2017, we sold eight facilities subject to direct financing leases with Orianna in the Northwest region and the Southeast region of the U.S. with a carrying value of approximately $36.4 million for approximately $33.3 million to unrelated third parties. These facilities were subject to direct financing leases with Orianna in the Northwest region and the Southeast region. We recorded approximately $3.3 million of impairment related to these sales. In addition, we transitioned nine SNFs, representing all of the facilities subject to another direct financing lease with Orianna in the Texas region, to an existing operator of ours pursuant to an operating lease. In connection with this transaction, we recorded the real estate properties at our original cost basis of approximately $19.0 million, eliminated our investment in the Texas region direct financing lease and recorded an impairment of approximately $1.8 million. In conjunction with this transaction, we also amended our Orianna Southeast region master lease to reduce the outstanding balance by $19.3 million. As a result of the lease amendment in 2017, we recorded impairment on our investment in direct financing lease of approximately $20.8 million in 2017. In the third quarter of 2017, we recorded an allowance for loss on direct financing leases of $172.2 million with Orianna covering 38 facilities in the Southeast region of the U.S. The amount of the allowance was determined based on the fair value of the facilities subject to the direct financing lease. To estimate the fair value of the underlying collateral, we utilized an income approach and Level 3 inputs. Our estimate of fair value assumed annual rents ranging between $32.0 million and $38.0 million, rental yields between 9% and 10%, current and projected operating performance of the facilities, coverage ratios and bed values. Our recorded investment in these direct financing leases, net of the $172.2 million of allowances, amounted to $337.7 million as of December 31, 2017. In March 2018, Orianna commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). As described in Orianna’s filings with the Bankruptcy Court, we entered into a Restructuring Support Agreement (“RSA”) that was expected to form the basis for Orianna’s restructuring. The RSA provided for the recommencement, in April 2018, of partial rent payments at $1.0 million per month and established a specific timeline for the implementation of Orianna’s planned restructuring. The RSA provided for the transition of 23 facilities to new operators and the potential sale of the remaining 19 facilities subject to the plan of reorganization (the “Plan”), if approved by the Bankruptcy Court. To provide liquidity to Orianna during their Chapter 11 proceedings, we entered into a senior secured superpriority debtor-in-possession (“DIP”) credit agreement with Orianna for a revolving credit and term loan DIP financing of up to $30 million, which DIP financing was approved by the Bankruptcy Court on an interim basis on March 9, 2018 and on a final basis on May 14, 2018. On July 23, 2018, we notified Orianna that it was in default under the DIP credit agreement. On July 25, 2018, Omega terminated the RSA with its tenant, 4 West Holdings, and the sponsor of Orianna’s Plan. During the third quarter of 2018, we transitioned 22 facilities with a net carrying value of approximately $184.5 million from Orianna to five other existing operators with annual contractual rent of approximately $16.8 million. See Note 3 – Properties. In addition, during the second half of 2018, we sold Orianna’s headquarters and one SNF with a carrying value of approximately $5.5 million to unrelated third-parties for approximately $5.5 million. During the fourth quarter of 2018, the Bankruptcy Court ruled that Orianna’s Plan, if confirmed, would allow Orianna to use the value of Orianna’s remaining facilities to pay the administrative costs of Orianna’s Chapter 11 cases and to pay certain other creditor claims, with the net amount of such value being paid to us. As a result, we recorded $27.2 million in additional allowance for loss to reduce the remaining investment in the direct financing lease covering the remaining 15 facilities located in the Southeast region of the U.S. As of December 31, 2018, our net investment in the Orianna direct financing lease is approximately $120.5 million, net of an allowance of $103.2 million. On January 11, 2019, pursuant to a Bankruptcy Court order, affiliates of Orianna purchased the remaining 15 SNFs subject to the direct financing lease with Orianna for $176 million of consideration, comprised of $146 million in cash received by Orianna and a $30.0 million seller note held by the Company. The $30.0 million note bears interest at 6% per annum and matures on January 11, 2026. Interest on the unpaid principal balance is due quarterly in arrears. Commencing on January 11, 2022, quarterly principal payments are due based on a 15-year amortization schedule on the then outstanding principal balance of the loan. On the same date, Orianna repaid the DIP financing, including all related interest. On January 16, 2019, the Bankruptcy Court confirmed Orianna’s Plan, creating a Distribution Trust (the “Trust”) to distribute the proceeds from Orianna’s sale of the remaining 15 SNFs, as well as the Trust’s collections of Orianna’s accounts receivable portfolio. Our remaining investment in the direct financing lease and the revolving working capital loan as of December 31, 2018 is expected to be recovered through liquidating payments made from the Trust. The Trust is comprised of $115.8 million of net cash proceeds from the sale by Orianna of the 15 SNFs on January 11, 2019 after repayment of the DIP financing, cash of $5.6 million, and accounts receivable, net of estimated allowance, of $21.3 million. We expect that the aggregate of such amounts will be used to pay the estimated costs of $26.9 million to other creditors and to wind down the Trust with the remainder paid to us under the direct financing leases and on account of the revolving working capital loan. The amount payable to us is contingent upon the collection of the accounts receivable balances and the estimated costs to wind down the Trust. These amounts are estimated and subject to change. Such changes could be significantly different than the currently estimated amounts and such differences could have a material impact on our financial statements. On February 13, 2019, we received $78.8 million from the Trust as a partial liquidation of the Trust. We will receive other payments from the Trust when the accounts receivable are collected and as the estimated creditor claims and costs to wind down the Trust are finalized. As a result of Orianna not satisfying the contractual payments due under the terms of the direct financing leases or the separate operating lease and the uncertainty of collection, we have not recognized any income from Orianna related to the direct financing leases or the operating lease for the period from July 1, 2017 through December 31, 2018. |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Notes Receivable [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 - MORTGAGE NOTES RECEIVABLE As of December 31, 2018, mortgage notes receivable relate to six fixed rate mortgages on 54 long-term care facilities. The mortgage notes are secured by first mortgage liens on the borrowers’ underlying real estate and personal property. The mortgage notes receivable relate to facilities located in six states, operated by six independent healthcare operating companies. We monitor compliance with mortgages and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding loans. The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: December 31, 2018 2017 (in thousands) Mortgage note due 2027; interest at 10.18% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 9.87% (1) 537,515 476,320 Other mortgage notes outstanding (2) 65,748 87,317 Mortgage notes receivable, gross 715,763 676,137 Allowance for loss on mortgage notes receivable (3) (4,905) (4,905) Total mortgages — net $ 710,858 $ 671,232 (1) Approximates the weighted average interest rate on 39 facilities. Two notes totaling approximately $20.5 million are construction mortgages maturing in 2019. The remaining loan balance matures in 2029. (2) Other mortgage notes outstanding have a weighted average interest rate of 11.25% per annum and maturity dates between 2019 and 2028. (3) The allowance for loss on mortgage notes receivable relates to one mortgage with an operator. The carrying value and fair value of the mortgage note receivable is approximately $1.5 million at December 31, 2018 and December 31, 2017. $112.5 Million of Mortgage Note due 2027 On January 17, 2014, we entered into a $112.5 million first mortgage loan with an existing operator. The loan is secured by seven SNFs and two ALFs located in Pennsylvania and Ohio, respectively. The mortgage is cross-defaulted and cross-collateralized with our existing master lease with the operator. In March 2018, we extended the maturity date to January 31, 2027 and provided an option to extend the maturity for a five year period through January 31, 2032 and a second option to extend the maturity through September 30, 2034. $537.5 Million of Mortgage Notes due 2029 On June 30, 2014, we entered into a mortgage loan agreement with Ciena Healthcare (“Ciena”) to refinance/consolidate $117 million in existing mortgages with maturity dates ranging from 2021 to 2023 on 17 facilities into one mortgage and simultaneously provide mortgage financing for an additional 14 facilities. The $415 million mortgage (the “Master Mortgage”) matures in 2029 and is secured by 30 facilities. The Master Mortgage note bore an initial interest rate of 9.0% per annum which increases by 0.225% per annum. As of December 31, 2018, the outstanding principal balance of the Master Mortgage note is approximately $409.3 million and the interest rate is 9.9% per annum. Subsequent to June 30, 2014, the Company amended its Master Mortgage with Ciena to provide for additional borrowings in the form of incremental facility mortgages, construction and/or improvement mortgages with maturity dates in 2019 and 2029 with initial annual interest rates ranging between 8.5% and 10% and fixed annual escalators of 2% or 2.5% over the prior year’s interest rate, or a fixed increase of 0.225% per annum. As of December 31, 2018 the outstanding principal balance of these mortgage notes are approximately $84.1 million. In June 2018, we amended the Master Mortgage with Ciena to provide an additional $44.7 million mortgage note related to five SNFs located in Michigan. The mortgage note matures on June 30, 2029 and bears an initial annual interest rate of 9.5% which increases each year by 0.225%. As of December 31, 2018, the outstanding principal balance of this mortgage note is approximately $44.2 million. Additionally, the Company committed to fund an additional $9.6 million to Ciena if certain performance metrics are achieved by the portfolio. The mortgage notes with Ciena are cross-defaulted and cross-collateralized with our existing master lease and other investment notes with the operator. Mortgage notes paid off In January 2018, one of our operators repaid two construction loans with a total outstanding balance of approximately $21.2 million. These construction loans bore interest at 8.75%. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Other Investments [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS A summary of our other investments is as follows: December 31, 2018 2017 (in thousands) Other investment notes due 2018-2022; interest at 9.91% (1) $ 40,242 $ 15,115 Other investment note due 2019; interest at 9.35% 131,452 — Other investment notes due 2020; interest at 13.06% (1) 71,036 49,490 Other investment notes due 2023; interest at 7.32% (1) 65,000 64,050 Other investment note due 2023; interest at 12.00% 59,454 49,708 Other investment notes due 2024-2025; interest at 8.38% (1) 46,287 31,987 Other investment notes outstanding (2) 91,155 66,365 Other investments, gross 504,626 276,715 Allowance for loss on other investments (3) — (373) Total other investments $ 504,626 $ 276,342 (1) Approximate weighted average interest rate as of December 31, 2018. (2) Other investment notes have a weighted average interest rate of 8.06% and maturity dates through 2028. (3) The allowance for loss on other investments relates to one loan with an operator that has been fully reserved at December 31, 2017 and written off during 2018. Other investment notes due 2018 - 2022 In March 2018, we agreed to provide senior secured superpriority DIP financing to Orianna consisting of a $14.2 million term loan and a $15.8 million revolving credit facility. The DIP financing has been approved by the Bankruptcy Court. The DIP financing is secured by a security interest in and liens on substantially all of Orianna’s existing and future real and personal property. The $14.2 million term loan bears interest at 1-month LIBOR plus 5.5% per annum and matured on September 30, 2018. The $15.8 million revolving credit facility bears interest at 1-month LIBOR plus 9.0% per annum and matured on September 30, 2018. The borrowings under the revolving credit facility were used for general business expenses and other uses permitted under the loan documents. On July 23, 2018, Omega notified Orianna that it was in default under the DIP financing and, as a result of such default, Omega (a) declared the amounts owing under the DIP financing to be immediately due and payable, (b) terminated the DIP financing and any further commitment of Omega to extend credit to Orianna under the DIP financing, and (c) restricted Orianna’s use of cash collateral solely to payment of those amounts contained in a budget approved by Omega. Omega also informed Orianna that while Omega did not (as of such date) intend to immediately collect amounts owing under the DIP financing, Omega may at any time in the future exercise further rights and remedies under the DIP financing. As of December 31, 2018, approximately $14.2 million was outstanding on this term loan and $10.8 million was outstanding on this revolving credit facility. In January 2019, Orianna repaid the DIP financing and permanently terminated our commitment under the DIP. See Note 4 – Direct Financing Leases. In May 2017, we provided Orianna an $18.8 million maximum borrowing secured revolving working capital loan that bears interest at 9% per annum (with one-half (1/2) of all accrued interest to be paid-in-kind and added to the loan balance) and matures on April 30, 2022. This revolving working capital loan has a default rate of 5% per annum. As of December 31, 2018, approximately $15.2 million is outstanding on this revolving working capital loan. Pursuant to the Bankruptcy Court’s interim order approving the DIP financing, Orianna is obligated to pay one-half (1/2) of all accrued post-bankruptcy interest payable on this revolving working capital loan at the default rate. See Note 4 – Direct Financing Leases. As of December 31, 2018, our total other investments outstanding with Orianna was approximately $40.2 million. Other investment note due 2019 On September 28, 2018, we provided a $131.3 million secured term loan to an unrelated third party. The loan is secured by a collateral assignment of mortgages covering seven SNFs, three independent living facilities and one ALF. The loan bears interest at 9.35% per annum and matures on February 28, 2019, subject to a one-time 90-day extension. In February 2019, the loan was extended to May 31, 2019. The loan requires monthly interest payments with the principal balance due at maturity. The borrower used the proceeds to repay existing indebtedness and pay a one-time distribution to its equity holders. In connection with this loan we incurred approximately $0.4 million of origination costs which are deferred and recognized over the term of the loan. The outstanding balance on this loan was $131.5 million including origination costs at December 31, 2018. Other investment notes due 2020 On July 29, 2016, we provided Genesis HealthCare, Inc. (“Genesis”) a $48.0 million secured term loan bearing interest at LIBOR with a floor of 1% plus 13% maturing on July 29, 2020. The $48.0 million term loan (and the $16.0 million term loan discussed below) is secured by a perfected first priority lien on and security interest in certain collateral of Genesis. The term loan required monthly principal payments of $0.25 million through July 2019, and $0.5 million from August 2019 through maturity. In addition, a portion of the monthly interest accrued to the outstanding principal balance of the loan. In November 2017, we provided Genesis forbearance through February 2018. The forbearance allowed for the deferral of principal payments and permitted Genesis to accrue all interest due to the outstanding principal balance of the loan. On March 6, 2018, we amended certain terms of the $48.0 million secured term loan. As of February 22, 2018, the $48.0 million term loan bears interest at a fixed rate of 14% per annum, of which 9% per annum will be paid-in-kind. Additionally, the amended term loan does not require monthly payments of principal. All principal and accrued and unpaid interest will be due at maturity on July 29, 2020. As of December 31, 2018, approximately $54.4 million is outstanding on this term loan. Also on March 6, 2018, we provided Genesis an additional $16.0 million secured term loan bearing interest at a fixed rate of 10% per annum, of which 5% per annum will be paid-in-kind and matures on July 29, 2020. As of December 31, 2018, approximately $16.6 million is outstanding on this term loan. As of December 31, 2018, our total other investments outstanding with Genesis was approximately $71.0 million. Other investment note due 2023 On June 30, 2015, we entered into a $50.0 million secured revolving credit facility with subsidiaries of an existing operator. The note bears interest at approximately 6.66% per annum and matures in 2023. As of December 31, 2018, $50.0 million has been drawn and remains outstanding. On May 17, 2017, we entered into a separate secured $15.0 million revolving credit facility with subsidiaries of an existing operator. The note bears interest at 9.5% per annum and matures in 2023. As of December 31, 2018, $15.0 million has been drawn and remains outstanding. Other investment note due 2023 On February 26, 2016, we acquired and funded a $50.0 million mezzanine loan at a discount of approximately $0.75 million. In May 2018, the Company amended the mezzanine loan with the borrower which is secured by an equity interest in subsidiaries of the borrower. As part of the refinancing, the Company increased the mezzanine loan by $10.0 million, extended the maturity date to May 31, 2023 and fixed the interest rate at 12% per annum. The mezzanine loan requires semi-annual principal payments of $2.5 million commencing December 31, 2018. As of December 31, 2018, our total other investments outstanding with this borrower was approximately $59.5 million. In connection with the amendment, the Company recognized fees of approximately $1.1 million of which $0.5 million was paid at closing with the remainder due at maturity. The discount and loan fees are deferred and are being recognized on an effective basis over the term of the loan. Other investment note due 2024-2025 On September 30, 2016, we acquired and amended a term loan with a fair value of approximately $37.0 million with Agemo Holdings LLC (“Agemo” an entity formed in May 2018 to silo the leases and loans formerly held by Signature Healthcare). A $5.0 million tranche of the term loan that bore interest at 13% per annum was repaid in August 2017. The remaining $32.0 million tranche of the term loan bears interest at 9% per annum and currently matures on December 31, 2024. The $32.0 million term loan (and the $25.0 million working capital loan discussed below) is secured by a security interest in the collateral of Agemo. On May 7, 2018, the Company provided Agemo a $25.0 million secured working capital loan bearing interest at 7% per annum that matures on April 30, 2025. The proceeds of the working capital loan were used to pay operating expenses, settlement payments, fees, taxes and other costs approved by the Company. As of December 31, 2018, approximately $14.3 million is outstanding on this working capital loan. Our total loans outstanding with Agemo at December 31, 2018 approximate $46.3 million. On May 7, 2018, the Company also provided principals of Agemo a one year unsecured $2.8 million loan. The proceeds were used to pay down the Company’s contractual receivables outstanding. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 – VARIABLE INTEREST ENTITIES As of December 31, 2018, Orianna and Agemo are VIEs. Below is a summary of our assets and liabilities associated with each operator as of December 31, 2018: Operator Orianna Agemo (in thousands) Assets Real estate investments - net $ 30,459 $ 413,396 Investments in direct financing leases - net 120,545 - Other investments - net 40,242 46,287 Contractual receivables - net 249 18,017 Straight-line rent receivables — 34,203 Lease inducement — 2,362 Above market lease — 2 Subtotal 191,495 514,267 Collateral Letters of credit — (9,253) Personal guarantee — (15,000) Other collateral (176,253) (413,396) Subtotal (176,253) (437,649) Maximum exposure to loss $ 15,242 $ 76,618 In determining our maximum exposure to loss from these VIEs, we considered the underlying value of the real estate subject to leases with these operators and other collateral, if any, supporting our other investments, which may include accounts receivable, security deposits, letters of credit or personal guarantees, if any. See Note 4 – Direct Financing Leases regarding our relationship with Orianna, Note 6 – Other Investments regarding the terms of other investments with these two operators and Note 20 – Commitments and Contingencies regarding our commitment to provide capital expenditure funding to our operators which includes Agemo. The table below reflects our total revenues from Orianna and Agemo for the twelve months ended December 31, 2018 and 2017: Year Ended December 31, 2018 Year Ended December 31, 2017 Operator Operator Orianna Agemo Orianna Agemo (in thousands) Revenue Rental income $ — $ 59,291 $ 2,401 $ 62,287 Income from direct financing leases — — 29,877 — Other investment income 3,477 3,500 906 4,884 Total (1) $ 3,477 $ 62,791 $ 33,184 $ 67,171 (1) For the years ended December 31, 2018 and 2017, we received cash rental income and other investment income from Agemo of approximately $56.8 million and $39.8 million, respectively. |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | 12 Months Ended |
Dec. 31, 2018 | |
Investment in Unconsolidated Joint Venture [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | NOTE 8 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURE On November 1, 2016, we invested approximately $50.0 million for an approximate 15% ownership interest in a joint venture operating as Second Spring Healthcare Investments. The other approximate 85% interest is owned by affiliates of Lindsey Goldberg LLC. We account for our investment in the joint venture using the equity method. On November 1, 2016, the joint venture acquired 64 SNFs for approximately $1.1 billion and leased them to Genesis. During 2018, the joint venture sold 13 SNFs subject to an operating lease for approximately $164.0 million in net cash proceeds and recognized a loss on sale of approximately $4.6 million. The joint venture also recorded $4.2 million of impairments on these real estate properties. We receive asset management fees from the joint venture for services provided. For the years ended December 31, 2018, 2017 and 2016, we recognized $1.8 million, $2.0 million and $0.3 million, respectively, of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statements of Operations. The accounting policies for the unconsolidated joint venture are the same as those of the Company. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held for Sale [Abstract] | |
ASSETS HELD FOR SALE | NOTE 9 – ASSETS HELD FOR SALE The following is a summary of our assets held for sale: Properties Held For Sale Number of Net Book Value Properties (in thousands) December 31, 2016 20 $ 52,868 Properties sold/other (1) (17) (39,299) Properties added (2) 19 73,130 December 31, 2017 22 86,699 Properties sold/other (3) (48) (171,938) Properties added (4) 29 86,228 December 31, 2018 (5) 3 $ 989 (1) In 2017, we sold 13 SNFs and three ALFs for approximately $38.8 million in net proceeds recognizing a gain on sale of approximately $4.3 million. One SNF classified as an asset held for sale at December 31, 2016 was no longer considered held for sale during the first quarter of 2017 and was reclassified back to leased properties at approximately $5.1 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale. (2) In 2017, we reclassified one ALF, one specialty facility and 17 SNFs to assets held for sale. We recorded approximately $10.3 million of impairment charges to reduce one ALF, one specialty facility and three SNFs to their estimated fair value less costs to sell before they were reclassified to assets held for sale. (3) In 2018, we sold 48 facilities for approximately $133.6 million in net proceeds recognizing a gain on sale of approximately $11.5 million. (4) In 2018, we recorded approximately $13.0 million of impairments to reduce 26 facilities and one ancillary building's book value to their estimated fair values less costs to sell before they were reclassified to assets held for sale. (5) We plan to sell the facilities classified as held for sale at December 31, 2018 within the next twelve months. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2018 | |
Intangibles [Abstract] | |
INTANGIBLES | NOTE 10 – INTANGIBLES The following is a summary of our intangibles as of December 31, 2018 and 2017: December 31, 2018 2017 (in thousands) Assets: Goodwill $ 643,950 $ 644,690 Above market leases $ 22,410 $ 22,426 In-place leases — 167 Accumulated amortization (19,203) (17,059) Net intangible assets $ 3,207 $ 5,534 Liabilities: Below market leases $ 143,669 $ 164,443 Accumulated amortization (79,226) (83,824) Net intangible liabilities $ 64,443 $ 80,619 Above market leases and in-place leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income. For the years ended December 31, 2018, 2017 and 2016, our net amortization related to intangibles was $10.7 million, $11.9 million and $14.0 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2019 – $7.4 million; 2020 – $7.2 million; 2021 – $7.0 million; 2022 – $6.7 million; 2023 - $6.4 million and $26.5 million thereafter. As of December 31, 2018, the weighted average remaining amortization period of both above market lease assets and below market lease liabilities is approximately nine years. The following is a summary of our goodwill as of December 31, 2018 and 2017: (in thousands) Balance as of December 31, 2016 $ 643,474 Add: foreign currency translation 1,216 Balance as of December 31, 2017 644,690 Less: foreign currency translation (740) Balance as of December 31, 2018 $ 643,950 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2018 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 - CONCENTRATION OF RISK As of December 31, 2018, our portfolio of real estate investments consisted of 924 healthcare facilities, located in 41 states and the U.K. and operated by 68 third-party operators. Our investment in these facilities, net of impairments and reserve for uncollectible loans, totaled approximately $8.6 billion at December 31, 2018, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 735 SNFs, 116 ALFs, 14 specialty facilities, one medical office building, fixed rate mortgages on 51 SNFs and three ALFs, and four facilities that are closed/held for sale. At December 31, 2018, we also held other investments of approximately $504.6 million, consisting primarily of secured loans to third-party operators of our facilities and a $31.0 million investment in an unconsolidated joint venture. At December 31, 2018, we had investments with one operator that exceeded 10% of our total investments: Ciena. Ciena also generated approximately 11% and 10% of our total revenues for the years ended December 31, 2018 and 2017, respectively. At December 31, 2018, the three states in which we had our highest concentration of investments were Florida (10%), Texas (10%) and Michigan (8%). |
LEASE AND MORTGAGE DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2018 | |
Security Deposits and Letters Of Credit [Abstract] | |
LEASE AND MORTGAGE DEPOSITS | NOTE 12 - LEASE AND MORTGAGE DEPOSITS We obtain liquidity deposits and other deposits, security deposits and letters of credit from most operators pursuant to our lease and mortgage agreements. These generally represent the rental and/or mortgage interest for periods ranging from three to six months with respect to certain of our investments or the required deposits in connection with our HUD borrowings. At December 31, 2018 and 2017, we held $1.4 million and $10.9 million, respectively, in liquidity and other deposits, $38.5 million and $41.2 million, respectively, in security deposits and $ 55.1 million and $58.4 million, respectively, in letters of credit. The liquidity deposits and other deposits, security deposits and the letters of credit may be used in the event of lease and/or loan defaults, subject to applicable limitations under bankruptcy law with respect to operators filing under Chapter 11 of the United States Bankruptcy Code. Liquidity deposits and other deposits are recorded as restricted cash on our Consolidated Balance Sheets with the offset recorded as a liability in accrued expenses and other liabilities on our Consolidated Balance Sheets. Security deposits related to cash received from the operators are primarily recorded in cash and cash equivalents on our Consolidated Balance Sheets with a corresponding offset in accrued expenses and other liabilities on our Consolidated Balance Sheets. Additional security for rental and mortgage interest revenue from operators is provided by covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets of the operators, provisions for cross default, provisions for cross‑collateralization and by corporate or personal guarantees. |
BORROWING ARRANGEMENTS
BORROWING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Borrowing Activities and Arrangements [Abstract] | |
BORROWING ARRANGEMENTS | NOTE 13 - BORROWING ARRANGEMENTS The following is a summary of our long-term borrowings: Annual Interest Rate as of December 31, December 31, Maturity 2018 2018 2017 (in thousands) Secured borrowings: HUD mortgages assumed December 2011 — — $ — $ 53,666 Deferred financing costs – net — (568) Total secured borrowings – net (1) — 53,098 Unsecured borrowings: Revolving line of credit 2021 3.67 % 313,000 290,000 U.S. term loan 2022 3.97 % 425,000 425,000 Sterling term loan (2) 2022 2.18 % 127,990 135,130 Omega OP term loan (1) 2022 3.97 % 100,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Discounts and deferred financing costs – net (3) (4,264) (5,460) Total term loans – net 898,726 904,670 2023 notes 2023 4.375 % 700,000 700,000 2024 notes 2024 4.950 % 400,000 400,000 2025 notes 2025 4.500 % 400,000 400,000 2026 notes 2026 5.250 % 600,000 600,000 2027 notes 2027 4.500 % 700,000 700,000 2028 notes 2028 4.750 % 550,000 550,000 Other 2018 — — 1,500 Subordinated debt 2021 9.000 % 20,000 20,000 Discount – net (18,523) (21,073) Deferred financing costs – net (22,581) (26,037) Total senior notes and other unsecured borrowings – net 3,328,896 3,324,390 Total unsecured borrowings – net 4,540,622 4,519,060 Total secured and unsecured borrowings – net (4) $ 4,540,622 $ 4,572,158 (1) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. (2) This borrowing is denominated in GBP. (3) The amount includes $0.4 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2018. (4) All borrowing are direct borrowings of Omega unless otherwise noted. HUD Mortgage Disposition On June 1, 2018, subsidiaries of an existing operator assumed approximately $53 million of our indebtedness guaranteed by HUD that secured 12 separate facilities located in Arkansas. In connection with our disposition of the mortgages, we wrote-off approximately $0.6 million of unamortized deferred costs that are recorded in Gain on assets sold – net on our Consolidated Statements of Operations. These fixed rate mortgages had a weighted average interest rate of approximately 3.06% per annum and matured in July 2044. See Note 3 – Properties. Unsecured Borrowings 2017 Omega Credit Facilities On May 25, 2017, Omega entered into a credit agreement (the “2017 Omega Credit Agreement”) providing us with a new $1.8 billion senior unsecured revolving and term loan credit facility, consisting of a $1.25 billion senior unsecured multicurrency revolving credit facility (the “Revolving Credit Facility”), a $425 million senior unsecured U.S. Dollar term loan facility (the “U.S. Term Loan Facility”), and a £100 million senior unsecured British Pound Sterling term loan facility (the “Sterling Term Loan Facility” and, together with the Revolving Credit Facility and the U.S. Term Loan Facility, collectively, the “2017 Omega Credit Facilities”). The 2017 Omega Credit Agreement contains an accordion feature permitting us, subject to compliance with customary conditions, to increase the maximum aggregate commitments under the 2017 Omega Credit Facilities to $2.5 billion. The 2017 Omega Credit Facilities replaced the previous $1.25 billion senior unsecured 2014 revolving credit facility, the previous $200 million Tranche A‑1 senior unsecured term loan facility, and the previous $350 million Tranche A‑3 senior unsecured incremental term loan facility established under our 2014 credit agreement, which has been terminated (the “2014 Omega Credit Agreement”). We had previously repaid and terminated the $200 million Tranche A‑2 senior unsecured term loan facility established under the 2014 Omega Credit Agreement, with proceeds from our $550 million and $150 million unsecured senior notes issued in April 2017. The Revolving Credit Facility bears interest at LIBOR plus an applicable percentage (with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Revolving Credit Facility matures on May 25, 2021, subject to an option by us to extend such maturity date for two, six month periods. The 2017 Omega Credit Agreement provides for the Revolving Credit Facility to be drawn in Euros, British Pounds Sterling, Canadian Dollars (collectively, “Alternative Currencies”) or U.S. Dollars, with a $900 million tranche available in U.S. Dollars and a $350 million tranche available in U.S. Dollars or Alternative Currencies. For purposes of the 2017 Omega Credit Facilities, references to LIBOR include the Canadian dealer offered rates for amounts offered in Canadian Dollars and any other Alternative Currency rate approved in accordance with the terms of the 2017 Omega Credit Agreement for amounts offered in any other non-London interbank offered rate quoted currency, as applicable. The U.S. Term Loan Facility and the Sterling Term Loan Facility bear interest at LIBOR plus an applicable percentage (with a range of 90 to 190 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The U.S. Term Loan Facility and the Sterling Term Loan Facility each mature on May 25, 2022. We recorded a non-cash charge of approximately $5.5 million relating to the write-off of deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. 2017 Omega OP Term Loan Facility On May 25, 2017, Omega OP entered into a credit agreement (the “2017 Omega OP Credit Agreement”) providing it with a new $100 million senior unsecured term loan facility (the “2017 Omega OP Term Loan Facility”). The 2017 Omega OP Credit Agreement replaced the $100 million senior unsecured term loan facility obtained in 2015 (the “2015 Omega OP Term Loan Facility”) and the related credit agreement (the “2015 Omega OP Credit Agreement”). The 2017 Omega OP Term Loan Facility bears interest at LIBOR plus an applicable percentage (with a range of 90 to 190 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The 2017 Omega OP Term Loan Facility matures on May 25, 2022. Omega OP’s obligations in connection with the 2017 Omega OP Term Loan Facility are not currently guaranteed, but will be jointly and severally guaranteed by any domestic subsidiary of Omega OP that provides a guaranty of any unsecured indebtedness of Omega or Omega OP for borrowed money evidenced by bonds, debentures, notes or other similar instruments in an amount of at least $50 million individually or in the aggregate. Amended 2015 Term Loan Facility On May 25, 2017, Omega entered into an amended and restated credit agreement (the “Amended 2015 Credit Agreement”), which amended and restated our previous $250 million senior unsecured term loan facility (the “Amended 2015 Term Loan Facility”). The Amended 2015 Term Loan Facility bears interest at LIBOR plus an applicable percentage (with a range of 140 to 235 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Amended 2015 Term Loan Facility continues to mature on December 16, 2022. The Amended 2015 Credit Agreement permits us, subject to compliance with customary conditions, to add one or more incremental tranches to the Amended 2015 Term Loan Facility in an aggregate principal amount not exceeding $150 million. Omega’s obligations under the 2017 Omega Credit Facilities and the Amended 2015 Term Loan Facility are jointly and severally guaranteed by Omega OP and any domestic subsidiary of Omega that provides a guaranty of any unsecured indebtedness of Omega for borrowed money evidenced by bonds, debentures, notes or other similar instruments in an amount of at least $50 million individually or in the aggregate. As a result of exposure to interest rate movements associated with the Amended 2015 Term Loan Facility, on December 16, 2015, we entered into various forward-starting interest rate swap arrangements, which effectively converted $250 million of our variable-rate debt based on one-month LIBOR to an aggregate fixed rate of approximately 3.8005% effective December 30, 2016. The effective fixed rate achieved by the combination of the Amended 2015 Term Loan Facility and the interest rate swaps could fluctuate up by 55 basis points or down by 40 basis points based on future changes to our credit ratings. Each of these swaps began on December 30, 2016 and mature on December 15, 2022. On the date of inception, we designated the interest rate swaps as cash flow hedges in accordance with accounting guidance for derivatives and hedges and linked the interest rate swaps to the Amended 2015 Term Loan Facility. Because the critical terms of the interest rate swaps and Amended 2015 Term Loan Facility coincided, the hedges are expected to exactly offset changes in expected cash flows as a result of fluctuations in 1‑month LIBOR over the term of the hedges. The purpose of entering into the swaps was to reduce our exposure to future changes in variable interest rates. The interest rate swaps settle on a monthly basis when interest payments are made. These settlements will occur through the maturity date of the Amended 2015 Term Loan Facility. The interest rate for the Amended 2015 Term Loan Facility was not hedged for the portion of the term prior to December 30, 2016. $700 Million 4.375% Senior Notes due 2023 On July 12, 2016, we issued $700 million aggregate principal amount of our 4.375% Senior Notes due 2023 (the “2023 Notes”). The 2023 Notes were sold at an issue price of 99.739% of their face value before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $692.0 million. The net proceeds from the offering were used to repay outstanding borrowings under our revolving credit facility, to purchase the $180.0 million mortgage term loan and for general corporate purposes. The 2023 Notes mature on August 1, 2023 and pay interest semi-annually. $400 Million 4.95% Senior Notes due 2024 On March 11, 2014, we sold $400 million aggregate principal amount of our 4.95% Senior Notes due 2024 (the “2024 Notes”). These notes were sold at an issue price of 98.58% of the principal amount of the notes, before the initial purchasers’ discount resulting in gross proceeds of approximately $394.3 million. The 2024 Notes mature on April 1, 2024 and pay interest semi-annually. $400 Million 4.50% Senior Notes due 2025 On September 11, 2014, we sold $250 million aggregate principal amount of our 4.50% Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes were sold at an issue price of 99.131% of their face value before the initial purchasers’ discount resulting in gross proceeds of approximately $247.8 million. The 2025 Notes mature on January 15, 2025 and pay interest semi-annually. On April 4, 2017, we issued an additional $150 million aggregate principal amount of our existing 2025 Notes (the “additional $150 million 2025 Notes”). The additional $150 million 2025 Notes were sold at an issue price of 99.540% of their face value before the underwriters’ discount. Our net proceeds from the additional $150 million 2025 Notes, after deducting underwriting discounts and expenses, were approximately $149.9 million (inclusive of accrued interest). See $ 550 Million 4.75% Senior Notes due 2028 below for the use of these proceeds. $600 Million 5.25% Senior Notes due 2026 On September 23, 2015, we sold $600 million aggregate principal amount of our 5.250% Senior Notes due 2026 (the “2026 Notes”). The 2026 Notes were sold at an issue price of 99.717% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $594.4 million. The 2026 Notes mature on January 15, 2026 and pay interest semi-annually. $ 700 Million 4.50% Senior Notes due 2027 On March 18, 2015, we sold $700 million aggregate principal amount of our 4.50% Senior Notes due 2027 (the “2027 Notes”). The 2027 Notes were sold at an issue price of 98.546% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $683 million. The 2027 Notes mature on April 1, 2027 and pay interest semi-annually. $550 Million 4.75% Senior Notes due 2028 On April 4, 2017, we issued $550 million aggregate principal amount of our 4.75% Senior Notes due 2028 (the “2028 Notes”). The 2028 Notes mature on January 15, 2028. The 2028 Notes were sold at an issue price of 98.978% of their face value before the underwriters’ discount. Our net proceeds from the 2028 Notes offering, after deducting underwriting discounts and expenses, were approximately $540.8 million. The net proceeds from the 2028 Notes offering and the additional $150 million 2025 Notes offering were used to (i) redeem all of our outstanding $400 million 5.875% Senior Notes due 2024 (the “5.875% Notes”) on April 28, 2017, (ii) prepay the $200 million Tranche A‑2 Term Loan Facility on April 5, 2017 that otherwise would have become due on June 27, 2017, and (iii) repay outstanding borrowings under our revolving credit facility. General Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2018 and 2017, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. Omega OP, the guarantor of Parent’s outstanding senior notes, does not directly own any substantive assets other than its interest in non-guarantor subsidiaries. The required principal payments, excluding the premium or discount and deferred financing costs on our secured and unsecured borrowings, for each of the five years following December 31, 2018 and the aggregate due thereafter are set forth below: (in thousands) 2019 $ — 2020 — 2021 333,000 2022 902,990 2023 700,000 Thereafter 2,650,000 Total $ 4,585,990 The following summarizes the refinancing related costs: Year Ended December 31, 2018 2017 2016 (in thousands) Write off of deferred financing costs and unamortized premiums due to refinancing (1)(2) $ — $ 10,195 $ 301 Prepayment and other costs associated with refinancing (3) — 11,770 1,812 Total debt extinguishment costs $ — $ 21,965 $ 2,113 (1) In 2017, we recorded (a) $4.7 million of write-offs of unamortized deferred costs associated with the early redemption of our 5.875% Notes and (b) $5.5 million of write-offs of unamortized deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. (2) In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu of foreclosure. (3) In 2017, we paid $11.8 million of prepayment penalties associated with the early redemption of our 5.875% Notes. In 2016, we purchased a $180 million mortgage term loan and paid a 1% premium of approximately $1.8 million to purchase the debt. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 14 - FINANCIAL INSTRUMENTS The net carrying amount of cash and cash equivalents, restricted cash and contractual receivables and accrued expenses and other liabilities reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (Level 1). At December 31, 2018 and 2017, the net carrying amounts and fair values of other financial instruments were as follows: December 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 132,262 $ 132,262 $ 364,965 $ 364,965 Mortgage notes receivable – net 710,858 735,892 671,232 686,772 Other investments – net 504,626 503,907 276,342 281,031 Total $ 1,347,746 $ 1,372,061 $ 1,312,539 $ 1,332,768 Liabilities: Revolving line of credit $ 313,000 $ 313,000 $ 290,000 $ 290,000 U.S. term loan 423,065 425,000 422,498 425,000 Sterling term loan 127,394 127,990 134,360 135,130 Omega OP term loan (1) 99,553 100,000 99,423 100,000 2015 term loan 248,713 250,000 248,390 250,000 4.375% notes due 2023 – net 694,643 700,062 693,474 711,190 4.95% notes due 2024 – net 394,691 406,386 393,680 420,604 4.50% notes due 2025 – net 395,402 392,122 394,640 399,874 5.25% notes due 2026 – net 595,027 605,700 594,321 625,168 4.50% notes due 2027 – net 687,981 671,555 686,516 681,007 4.75% notes due 2028 – net 540,883 537,508 539,882 550,667 HUD debt – net (1) — — 53,098 51,817 Subordinated debt – net 20,270 22,589 20,376 23,646 Other — — 1,500 1,500 Total $ 4,540,622 $ 4,551,912 $ 4,572,158 $ 4,665,603 (1) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP . Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. The following methods and assumptions were used in estimating fair value disclosures for financial instruments. Direct financing leases: The fair value of the investments in direct financing leases, excluding those related to Orianna, are estimated using a discounted cash flow analysis, using interest rates being offered for similar leases to borrowers with similar credit ratings (Level 3). For the Orianna direct financing lease as of December 31, 2018, the Company estimated the fair value of its investment based on the expected liquidating payments from the Trust as further described in Note 4 – Direct Financing Leases (Level 3). For the Orianna direct financing lease as of December 31, 2017, the Company estimated the fair value of its investment based on the collateral using an income approach considering inputs such as, current and projected operating performance of the facilities, projected rent, prevailing capitalization rates and/or coverages and bed values (Level 3). Mortgage notes receivable: The fair value of the mortgage notes receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). Other investments: Other investments are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). Revolving line of credit and term loans: The fair value of our borrowings under variable rate agreements are estimated using a present value technique based on expected cash flows discounted using the current market rates (Level 3). Senior notes and subordinated debt: The fair value of our borrowings under fixed rate agreements are estimated using a present value technique based on inputs from trading activity provided by a third party (Level 2). HUD debt: The fair value of our borrowings under HUD debt agreements are estimated using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2). |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Taxes [Abstract] | |
TAXES | NOTE 15 – TAXES Omega is a REIT for United States federal income tax purposes, and Omega OP is a pass through entity for United States federal income tax purposes. Omega and Omega OP, including their wholly owned subsidiaries were organized, have operated, and intend to continue to operate in a manner that enables Omega to qualify for taxation as a REIT under Sections 856 through 860 of the Code. On a quarterly and annual basis we perform several analyses to test our compliance within the REIT taxation rules. In order to qualify as a REIT, in addition to other requirements, we must: (i) distribute dividends (other than capital gain dividends) to our stockholders in an amount at least equal to (A) the sum of (a) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain), and (b) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of non-cash income on an annual basis, (ii) ensure that at least 75% and 95%, respectively, of our gross income is generated from qualifying sources that are described in the REIT tax law, (iii) ensure that at least 75% of our assets consist of qualifying assets, such as real property, mortgages, and other qualifying assets described in the REIT tax law, (iv) ensure that we do not own greater than 10% in voting power or value of securities of any one issuer, (v) ensure that we do not own either debt or equity securities of another company that are in excess of 5% of our total assets and (vi) ensure that no more than 20% of our assets are invested in one or more taxable REIT subsidiaries (and with respect to taxable years beginning before January 1, 2018, no more than 25%). In addition to the above requirements, the REIT rules require that no less than 100 stockholders own shares or an interest in the REIT and that five or fewer individuals do not own (directly or indirectly) more than 50% of the shares or proportionate interest in the REIT during the last half of any taxable year. If we fail to meet the above or any other requirements for qualification as a REIT in any tax year, we will be subject to federal income tax on our taxable income at regular corporate rates and may not be able to qualify as a REIT for the four subsequent years, unless we qualify for certain relief provisions that are available in the event we fail to satisfy any of these requirements. We are also subject to federal taxation of 100% of the net income derived from the sale or other disposition of property, other than foreclosure property, that we held primarily for sale to customers in the ordinary course of a trade or business. We believe that we do not hold assets for sale to customers in the ordinary course of business and that none of the assets currently held for sale or that have been sold would be considered a prohibited transaction within the REIT taxation rules. So long as we qualify as a REIT under the Code, we generally will not be subject to federal income taxes on the REIT taxable income that we distribute to stockholders, subject to certain exceptions. In 2018, 2017, and 2016, we distributed dividends in excess of our taxable income. Since the year 2000, the definition of foreclosure property has included any “qualified health care property,” as defined in Code Section 856(e)(6) acquired by us as the result of the termination or expiration of a lease of such property. We have from time to time operated qualified healthcare facilities acquired in this manner for up to two years (or longer if an extension was granted). Properties that we had taken back in a foreclosure or bankruptcy and operated for our own account were treated as foreclosure properties for income tax purposes, pursuant to Code Section 856(e). Gross income from foreclosure properties was classified as “good income” for purposes of the annual REIT income tests upon making the election on the tax return. Once made, the income was classified as “good” for a period of three years, or until the properties were no longer operated for our own account. In all cases of foreclosure property, we utilized an independent contractor to conduct day-to-day operations to maintain REIT status. In certain cases, we operated these facilities through a taxable REIT subsidiary. We have not held foreclosure property since 2011. As a result of the foregoing, we do not believe that our past participation in the operation of nursing homes increased the risk that we would fail to qualify as a REIT. Since 2015, we have owned, directly and indirectly, stock in a number of entities that have elected to be taxed as a REIT. Five wholly owned subsidiary entities elected to be taxed as REITs in 2015, and sixth wholly owned subsidiary REIT as of January 1, 2016. All of the subsidiary entities are required to individually satisfy all of the rules for qualification as a REIT qualification. We merged five of the wholly owned subsidiary REITs into a single wholly owned subsidiary REIT in December 2015, and then merged the sixth wholly owned subsidiary REIT into our other wholly owned subsidiary REIT in December 2016, which wholly owned subsidiary REIT remains subject to all of the REIT qualification rules set forth in the Code. Subject to the limitation under the REIT asset test rules, we are permitted to own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”). We have elected for two of our active subsidiaries to be treated as TRSs. One of our TRSs is subject to federal, state and local income taxes at the applicable corporate rates and the other is subject to foreign income taxes. As of December 31, 2018, our TRS that is subject to federal, state and local income taxes at the applicable corporate rates had a net operating loss carry-forward of approximately $5.8 million. Up to 100% of the net operating loss carry-forwards arising in taxable years ending prior to January 1, 2018, may be used to reduce taxable income for any taxable year during the eligible carry-forward period. The net operating loss carry-forward arising in our taxable year ending December 31, 2018, may be used to reduce only 80% of taxable income for any taxable year during the eligible carry-forward period. Our net operating loss carry-forward is fully reserved as of December 31, 2018, with a valuation allowance due to uncertainties regarding realization. Under current law, our net operating loss carryforwards generated up through December 31, 2017 may be carried forward for no more than 20 years, and our net operating loss carryforward generated in our taxable year ended December 31, 2018 may be carried forward indefinitely. For the year ended December 31, 2018, 2017 and 2016, we recorded approximately $0.8 million, $2.4 million and $3.3 million, respectively, of federal, state and local income tax provision. For the year ended December 31, 2018, 2017 and 2016, we recorded a provision (benefit) for foreign income taxes of approximately $2.2 million, $0.8 million and $(1.9) million, respectively. The above amounts include any income or franchise taxes payable to certain states and municipalities. The following is a summary of deferred tax assets and liabilities: December 31, 2018 2017 (in thousands) Deferred tax assets: Foreign deferred tax assets (1) $ — $ 2,341 Federal net operating loss carryforward 1,213 1,142 Total deferred assets 1,213 3,483 Deferred tax liabilities: Foreign deferred tax liabilities (1) 13,599 17,747 Total net deferred liabilities before valuation allowances (12,386) (14,264) Valuation allowance on deferred tax asset (1,213) (1,142) Net deferred tax liabilities $ (13,599) $ (15,406) (1) The deferred tax assets and liabilities primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted. The Tax Act includes numerous changes to existing U.S. tax law, including lowering the statutory U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Company has completed its assessment of these changes, and has determined that there is an immaterial impact to the financial statements. |
RETIREMENT ARRANGEMENTS
RETIREMENT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
RETIREMENT ARRANGEMENTS | NOTE 16 - RETIREMENT ARRANGEMENTS Our Company has a 401(k) Profit Sharing Plan covering all eligible employees. Under this plan, employees are eligible to make contributions, and we, at our discretion, may match contributions and make a profit sharing contribution. In 2018, 2017 and 2016, amounts charged to operations with respect to these retirement arrangements totaled approximately $0.5 million in each period. In addition, we have a deferred stock compensation plan that allows employees and directors the ability to defer the receipt of stock awards (units). The deferred stock awards (units) participate in future dividends as well as the change in the value of the Company’s common stock. As of December 31, 2018 and 2017, the Company had 403,427 and 423,296 deferred stock units outstanding. |
STOCKHOLDERS'_OWNERS' EQUITY
STOCKHOLDERS'/OWNERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' / Owners' Equity [Abstract] | |
STOCKHOLDERS'/OWNERS' EQUITY | NOTE 17 – STOCKHOLDERS’/OWNERS’ EQUITY $500 Million Equity Shelf Program On September 3, 2015, we entered into separate Equity Distribution Agreements (collectively, the “Equity Shelf Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $500 million (the “2015 Equity Shelf Program”) with several financial institutions, each as a sales agent and/or principal (collectively, the “Managers”). Under the terms of the Equity Shelf Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $500 million. Sales of the shares, if any, are made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We pay each Manager compensation for sales of the shares equal to 2% of the gross sales price per share for shares sold through such Manager under the applicable Equity Shelf Agreements. For the year ended December 31, 2016, we issued approximately 0.7 million shares under the 2015 Equity Shelf Program at an average price of $29.97 per share, net of issuance costs, generating net proceeds of approximately $19.7 million. For the year ended December 31, 2017, we issued approximately 0.7 million shares under the 2015 Equity Shelf Program, at an average price of $30.81 per share, net of issuance costs, generating net proceeds of approximately $22.1 million. For the year ended December 31, 2018, we issued approximately 2.3 million shares under the 2015 Equity Shelf Program, at an average price of $33.18 per share, net of issuance costs, generating net proceeds of approximately $75.5 million. Dividend Reinvestment and Common Stock Purchase Plan We have a Dividend Reinvestment and Common Stock Purchase Plan (the “DRSPP”) that allows for the reinvestment of dividends and the optional purchase of our common stock. For the year ended December 31, 2016, we issued 7.2 million shares of common stock for gross proceeds of approximately $240.0 million. For the year ended December 31, 2017, we issued 1.2 million shares of common stock for gross proceeds of approximately $36.7 million. For the year ended December 31, 2018, we issued 1.5 million shares of common stock for gross proceeds of approximately $46.8 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: As of and For the Year Ended December 31, 2018 2017 2016 (in thousands) Foreign Currency Translation: Beginning balance $ (26,033) $ (54,948) $ (8,413) Translation (loss) gain (21,703) 28,604 (46,303) Realized gain (loss) 32 311 (232) Ending balance (47,704) (26,033) (54,948) Derivative Instruments: Cash flow hedges: Beginning balance 1,463 (1,420) (718) Unrealized gain (loss) 2,469 545 (719) Realized gain (1) 62 2,338 17 Ending balance 3,994 1,463 (1,420) Net investment hedge: Beginning balance (7,070) — — Unrealized gain (loss) 7,140 (7,070) — Ending balance 70 (7,070) — Total accumulated other comprehensive loss for Omega OP (2) (43,640) (31,640) (56,368) Add: portion included in noncontrolling interest 1,988 1,490 2,541 Total accumulated other comprehensive loss for Omega $ (41,652) $ (30,150) $ (53,827) (1) (2) |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 18 – STOCK-BASED COMPENSATION Restricted Stock and Restricted Stock Units Restricted stock and restricted stock units (“RSUs”) are subject to forfeiture if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. Prior to vesting, ownership of the shares/Omega OP Units cannot be transferred. The restricted stock has the same dividend and voting rights as our common stock. RSUs accrue dividend equivalents but have no voting rights. Restricted stock and RSUs are valued at the price of our common stock on the date of grant. We expense the cost of these awards ratably over their vesting period. The following table summarizes the activity in restricted stock and RSUs for the years ended December 31, 2016, 2017 and 2018: Weighted - Number of Average Grant- Compensation Shares/Omega Date Fair Value Cost (1) OP Units per Share (in millions) Non-vested at December 31, 2015 413,628 $ 34.45 Granted during 2016 158,506 34.49 $ 5.5 Cancelled during 2016 (905) 24.92 Vested during 2016 (235,176) 30.41 Non-vested at December 31, 2016 336,053 37.32 Granted during 2017 185,004 31.25 $ 5.8 Cancelled during 2017 (1,000) 34.78 Vested during 2017 (182,548) 39.58 Non-vested at December 31, 2017 337,509 32.78 Granted during 2018 217,717 28.19 $ 6.1 Cancelled during 2018 (5,941) 30.82 Vested during 2018 (190,412) 33.89 Non-vested at December 31, 2018 358,873 $ 29.44 (1) . Performance Based Incentive Stock Units Performance restricted stock units (“PRSUs”) and LTIPs are subject to forfeiture if the performance requirements are not achieved or if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. The PRSUs awarded in January 2013, December 2013, January 2014, March 2015, April 2015, July 2015, March 2016, January 2017, and January 2018 and the LTIP Units awarded in March 2015, April 2015, July 2015, March 2016, January 2017, and January 2018 have varying degrees of performance requirements to achieve vesting, and each PRSU and LTIP Units award represents the right to a variable number of shares of common stock or partnership units. Each LTIP Unit once earned is convertible into one Omega OP Unit in Omega OP, subject to certain conditions). The vesting requirements are based on either the (i) total shareholders return (“TSR”) of Omega or (ii) Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index for awards before 2016 and in the FTSE Nareit Equity Health Care Index for awards granted in or after 2016 (both “Relative TSR”). We expense the cost of these awards ratably over their service period. Prior to vesting and the distribution of shares, ownership of the PRSUs cannot be transferred. Dividends on the PRSUs are accrued and only paid to the extent the applicable performance requirements are met. While each LTIP Unit is unearned, the employee receives a partnership distribution equal to 10% of the quarterly approved regular periodic distributions per Omega OP Unit. The remaining partnership distributions (which in the case of normal periodic distributions is equal to the total approved quarterly dividend on Omega’s common stock) on the LTIP Units accumulate, and if the LTIP Units are earned, the accumulated distributions are paid. We used a Monte Carlo model to estimate the fair value for the PRSUs and LTIP Units granted to the employees. The following are the significant assumptions used in estimating the value of the awards for grants made on the following dates: March 17, January 1, January 1, 2016 2017 2018 Closing price on date of grant $ 34.78 $ 31.26 $ 27.54 Dividend yield 6.56 % 7.81 % 9.44 % Risk free interest rate at time of grant 0.50 % to 1.14 % 0.66 % to 1.58 % 1.60 % to 2.05 % Expected volatility 23.92 % to 24.88 % 22.82 % to 25.26 % 21.03 % to 23.24 % The following table summarizes the activity in PRSUs and LTIP Units for the years ended December 31, 2016, 2017 and 2018: Weighted- Average Grant- Compensation Number of Date Fair Value Cost (1) Shares per Share (in millions) Non-vested at December 31, 2015 913,087 $ 14.87 Granted during 2016 679,549 14.67 $ 10.00 Forfeited during 2016 (518,638) 12.10 Vested during 2016 (2) — — Non-vested at December 31, 2016 1,073,998 16.08 Granted during 2017 685,064 14.87 $ 10.20 Cancelled during 2017 (5,361) 15.98 Forfeited during 2017 (392,921) 18.33 Vested during 2017 — — Non-vested at December 31, 2017 1,360,780 14.82 Granted during 2018 1,012,032 10.40 $ 10.50 Cancelled during 2018 — — Forfeited during 2018 (203,380) 11.82 Vested during 2018 — — Non-vested at December 31, 2018 2,169,432 $ 13.04 (1) (2) . The following table summarizes our total unrecognized compensation cost as of December 31, 2018 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Weighted Average Grant Date Total Period of Unrecognized Average Compensation Expense Compensation Grant Fair Value Cost (in Recognition Cost (in Performance Vesting RSUs Year Shares/ Units Per Unit/Share millions) (1) (in months) millions) Period Dates 1/1/2017 RSU 2017 140,416 $ 31.26 $ 4.40 36 $ 1.50 N/A 12/31/2019 1/1/2018 RSU 2018 169,900 27.54 4.70 36 3.10 N/A 12/31/2020 Restricted Stock Units Total 310,316 29.22 9.10 4.60 TSR PRSUs and LTIP Units 3/17/2016 2018 LTIP Units 2016 370,152 13.21 4.90 45 1.30 1/1/2016 - 12/31/2018 Quarterly in 2019 1/1/2017 2019 LTIP Units 2017 399,726 12.61 5.00 48 2.50 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 2020 LTIP Units 2018 677,488 7.31 5.00 48 3.70 1/1/2018 - 12/31/2020 Quarterly in 2021 TSR PRSUs & LTIP Total 1,447,366 10.28 14.90 7.50 Relative TSR PRSUs 3/17/2016 2018 Relative TSR 2016 305,563 16.44 5.00 45 1.30 1/1/2016 - 12/31/2018 Quarterly in 2019 1/1/2017 2019 Relative TSR 2017 285,338 18.04 5.10 48 2.60 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 2020 Relative TSR 2018 334,544 16.65 5.60 48 4.20 1/1/2018 - 12/31/2020 Quarterly in 2021 Relative TSR PRSUs Total 925,445 17.01 15.70 8.10 Grand Total 2,683,127 $ 14.79 $ 39.70 $ 20.20 (1) (2) . Tax Withholding for Stock Compensation Plans Stock withheld to pay minimum statutory tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2018, 2017 and 2016, was $1.7 million, $2.1 million and $23.4 million, respectively. Shares Available for Issuance for Compensation Purposes On June 8, 2018, at the Annual Meeting of Stockholders, our stockholders approved the 2018 Stock Incentive Plan (the “2018 Plan”), which amended and restated the Company’s 2013 Stock Incentive Plan (the “2013 Plan”). The 2018 Plan is a comprehensive incentive compensation plan that allows for various types of equity-based compensation, including restricted stock units (including performance-based restricted stock units), stock awards (including restricted stock), deferred restricted stock units, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, performance unit awards, certain cash-based awards (including performance-based cash awards) and other stock-based awards. The 2018 Plan increased the number of shares of common stock available for issuance under the 2013 Plan by 4.5 million. As of December 31, 2018, approximately 5.1 million shares of common stock were reserved for issuance to our employees, directors and consultants under our stock incentive plans. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2018 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 19 - DIVIDENDS Common Dividends The Board of Directors has declared common stock dividends as set forth below: Dividend per Record Date Payment Date Common Share January 31, 2018 February 15, 2018 $ 0.66 April 30, 2018 May 15, 2018 0.66 July 31, 2018 August 15, 2018 0.66 October 31, 2018 November 15, 2018 0.66 January 31, 2019 February 15, 2019 0.66 On the same dates listed above, Omega OP Unit holders received the same distributions per unit as those paid to the common stockholders of Omega. Per Share Distributions Per share distributions by our Company were characterized in the following manner for income tax purposes (unaudited): Year Ended December 31, Common 2018 2017 2016 Ordinary income $ 1.691 $ 1.571 $ 1.968 Return of capital 0.931 0.932 0.322 Capital gains 0.018 0.037 0.070 Total dividends paid $ 2.640 $ 2.540 $ 2.360 For additional information regarding dividends, see Note 15 – Taxes. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 20 – COMMITMENTS AND CONTINGENCIES Litigation On November 16, 2017, a purported securities class action complaint captioned Dror Gronich v. Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth was filed against the Company and certain of its officers in the United States District Court for the Southern District of New York (the “Court”), Case No. 1:17-cv-08983-NRB. On November 17, 2017, a second purported securities class action complaint captioned Steve Klein v. Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth was filed against the Company and the same officers in the United States District Court for the Southern District of New York, Case No. 1:17-cv-09024-NRB. Thereafter, the Court considered a series of applications by various shareholders to be named lead plaintiff, consolidated the two actions and designated Royce Setzer as the lead plaintiff. Pursuant to a Scheduling Order entered by the Court, lead plaintiff Setzer and additional plaintiff Earl Holtzman filed a Consolidated Amended Class Action Complaint on May 25, 2018 (the “Securities Class Action”). The Securities Class Action purports to be a class action brought on behalf of shareholders who acquired the Company’s securities between May 3, 2017 and October 31, 2017. The Securities Class Action alleges that the defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by making materially false and/or misleading statements, and by failing to disclose material adverse facts about the Company’s business, operations, and prospects, including the financial and operating results of one of the Company’s operators, the ability of such operator to make timely rent payments, and the impairment of certain of the Company’s leases and the uncollectibility of certain receivables. The Securities Class Action, which purports to assert claims for violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of the Exchange Act, seeks an unspecified amount of monetary damages, interest, fees and expenses of attorneys and experts, and other relief. The Company and the officers named in the Securities Class Action filed a Motion to Dismiss on July 17, 2018. Briefing on the Motion to Dismiss is complete, and the Court heard Oral Argument on February 13, 2019. Although the Company denies the material allegations of the Securities Class Action and intends to vigorously pursue its defense, we are in the early stages of this litigation and are unable to predict the outcome of the case or to estimate the amount of potential costs. The Board of Directors received a demand letter, dated April 9, 2018, from an attorney for Phillip Swan (“Swan”), a purported current shareholder of the Company relating to the subject matter covered by the Securities Class Action (the “Shareholder Demand”). The letter demanded that the Board of Directors conduct an investigation into the statements and other matters at issue in the Securities Class Action and commence legal proceedings against each party identified as being responsible for the alleged activities. After due consideration, and in the exercise of its business judgment, the Board determined that it is not in the best interests of the Company to commence litigation against any current or former officers or directors based on the matters raised in the Shareholder Demand. The Board has also received shareholder demands from two additional purported shareholders, each represented by the same counsel, that were substantively identical to the Shareholder Demand and reached the same conclusion with respect to those demands. On August 22, 2018, Stourbridge Investments LLC, a purported shareholder of ours, filed a derivative action purportedly on behalf of the Company in the Court against the current directors of the Company as well as certain officers alleging violations of Section 14(a) of the Securities Exchange Act of 1934 and state-law claims including breach of fiduciary duty. Stourbridge Investments LLC v. Callen et al ., No. 1:18-cv-07638. The complaint alleges, among other things, that the defendants are responsible for the Company’s failure to disclose the financial condition of Orianna Health Systems, the alleged non-disclosures that are also the subject of the Securities Class Action described above. The defendants in the action are the three individual defendants named in the Securities Class Action (Messrs. Pickett, Booth and Stephenson), as well as the Company’s non-management directors. The plaintiff did not make a demand on the Company to bring the action prior to filing it, but rather alleges that demand would have been futile. The parties have entered into a stipulation in which they agreed to stay the case, including any response by defendants, pending the entry of judgment or a voluntary dismissal with prejudice in the Securities Class Action. The agreed-upon stipulation and order to stay the case were entered by the Court on October 25, 2018. In addition, on January 30, 2019, Swan filed a derivative action in the Baltimore City Circuit Court of Maryland, purportedly on behalf of the Company against certain current and former directors of the Company as well as certain officers, asserting claims for breach of fiduciary duty, waste of corporate assets and unjust enrichment. Swan v. Pickett, et al., No. 24-C-19-000573. Swan alleges that the Derivative Demand was wrongfully refused. No response date for the defendants has yet come due. In addition, we are subject to various other legal proceedings, claims and other actions arising out of the normal course of business. While any legal proceeding or claim has an element of uncertainty, management believes that the outcome of each lawsuit, claim or legal proceeding that is pending or threatened, or all of them combined, will not have a material adverse effect on our consolidated financial position or results of operations. Commitments We have committed to fund the construction of new leased and mortgaged facilities and other capital improvements. We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at December 31, 2018, are outlined in the table below (in thousands): Total commitment $ 586,800 Amounts funded (1) (373,696) Remaining commitment $ 213,104 (1) Includes finance costs. Environmental Matters As of December 31, 2018 and 2017, we had identified conditional asset retirement obligations primarily related to the future removal and disposal of asbestos that is contained within certain of our real estate investment properties. The asbestos is appropriately contained, and we believe we are compliant with current environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. We are required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2018 and 2017, no liability for conditional asset retirement obligations was recorded on our accompanying Consolidated Balance Sheets. |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 21 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the consolidated statements of cash flows for the year ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 10,300 $ 85,937 $ 93,687 Restricted cash 1,371 10,871 13,589 Cash, cash equivalents and restricted cash at end of period $ 11,671 $ 96,808 $ 107,276 Supplemental information: Interest paid during the period, net of amounts capitalized $ 211,863 $ 182,832 $ 148,326 Taxes paid during the period $ 4,772 $ 4,141 $ 4,922 Non cash investing activities Non cash acquisition of real estate (See Note 3) $ (185,592) $ (27,170) $ — Non cash proceeds from sale of real estate investments (See Note 3) 53,118 — — Non cash acquisition of business (See Note 3) — — (60,079) Non cash surrender of mortgage (See Note 3) — — 25,000 Non cash investment in other investments (See Note 6) (16,153) (6,353) — Non cash proceeds from other investments (See Note 3 and Note 6) 7,000 30,187 5,500 Non cash settlement of direct financing lease (See Note 3 and Note 4) 184,462 18,989 — Total $ 42,835 $ 15,653 $ (29,579) Non cash financing activities Purchase option buyout obligation (see Note 3) $ — — 29,579 Non cash disposition of other long-term borrowings (see Note 13) (53,118) — — Change in fair value of cash flow hedges 2,531 2,970 764 Remeasurement of debt denominated in a foreign currency (7,140) 7,070 — Other unsecured long term borrowing (see Note 3) — — 3,000 Total $ (57,727) $ 10,040 $ 33,343 |
SUMMARY OF QUARTERLY RESULTS (U
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | NOTE 22 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following summarizes the Omega and Omega OP’s quarterly results of operations for the years ended December 31, 2018 and 2017: Omega March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (1) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to common stockholders $ 84,220 $ 78,536 $ 56,606 $ 62,216 Net income available to common per share: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per share: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (2) $ 109,112 $ 68,157 $ (137,515) $ 65,156 Net income (loss) available to common stockholders $ 104,440 $ 65,257 $ (131,678) $ 62,400 Net income (loss) available to common per share: Basic $ 0.53 $ 0.33 $ (0.67) $ 0.31 Net income (loss) per share: Diluted $ 0.53 $ 0.33 $ (0.67) $ 0.31 Omega OP March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (1) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to Omega OP Unit holders: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per unit: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (2) $ 109,112 $ 68,157 $ (137,515) $ 65,156 Net income (loss) available to Omega OP Unit holders: Basic $ 0.53 $ 0.33 $ (0.67) $ 0.31 Net income (loss) per unit: Diluted $ 0.53 $ 0.33 $ (0.67) $ 0.31 (1) Amounts reflect provisions (recovery) for uncollectible accounts and impairment (recovery) losses on real estate properties and direct financing leases of $12.7 million, $(0.5) million, $20.9 million and $30.6 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. Amounts also reflect net gain (loss) on assets sold of $17.5 million, $(2.9) million, $(5.4) million and $15.5 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. (2) Amounts reflect provisions for uncollectible accounts and impairment losses on real estate properties and direct financing leases of $10.0 million, $12.8 million, $224.4 million and $64.6 million for the three month periods ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. Amounts also reflect net gain (loss) on assets sold of $7.4 million, $(0.6) million, $0.7 million and $46.4 million for the three month periods ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. |
EARNINGS PER SHARE_UNIT
EARNINGS PER SHARE/UNIT | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per Share/Unit [Abstract] | |
EARNINGS PER SHARE/UNIT | NOTE 23 - EARNINGS PER SHARE/UNIT The following tables set forth the computation of basic and diluted earnings per share/unit: Omega Omega OP Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 (in thousands, except per share amounts) Numerator: Net income $ 293,884 $ 104,910 $ 383,367 $ 293,884 $ 104,910 $ 383,367 Less: net income attributable to noncontrolling interests (12,306) (4,491) (16,952) — — — Net income available to common stockholders/Omega OP Unit holders $ 281,578 $ 100,419 $ 366,415 $ 293,884 $ 104,910 $ 383,367 Denominator: Denominator for basic earnings per share/unit 200,279 197,738 191,781 209,020 206,521 200,679 Effect of dilutive securities: Common stock equivalents 691 269 956 691 269 956 Noncontrolling interest – Omega OP Units 8,741 8,783 8,898 — — — Denominator for diluted earnings per share/unit 209,711 206,790 201,635 209,711 206,790 201,635 Earnings per share - basic: Net income available to common stockholders/Omega OP Unit holders $ 1.41 $ 0.51 $ 1.91 $ 1.41 $ 0.51 $ 1.91 Earnings per share/unit – diluted: Net income $ 1.40 $ 0.51 $ 1.90 $ 1.40 $ 0.51 $ 1.90 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 24 – SUBSEQUENT EVENTS On January 2, 2019, Omega and Omega OP entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MedEquities Realty Trust, Inc. (“MedEquities”) and its subsidiary operating partnership and the general partner of its subsidiary operating partnership. Pursuant to the terms of the Merger Agreement and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Omega will acquire MedEquities and MedEquities will be merged with and into Omega (the “Merger”) at the effective time of the Merger with Omega continuing as the surviving company. At the effective time, each outstanding share of MedEquities common stock will be converted into the right to receive (i) 0.235 of a share of Omega common stock, plus cash in lieu of fractional shares, and (ii) $2.00 in cash, without interest, subject to adjustments as set forth in the Merger Agreement under certain limited circumstances. As of December 31, 2018, the total consideration expected to be exchanged in the merger, including the assumption of debt is approximately $600 million. The Merger Agreement also provides that MedEquities will declare a special dividend of $0.21 per share of MedEquities common stock (the “Pre-Closing Dividend”) payable to the holders of record of MedEquities common stock as of the trading day immediately prior to the closing date of the Merger, which dividend will be payable following the effective time of the Merger together with the cash consideration under the Merger Agreement. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) December 31, 2018 Balance at Charged to Balance at Beginning of Provision Deductions or End of Description Period Accounts Other (1) Period Year Ended December 31, 2018: Allowance for doubtful accounts: Accounts receivable $ 8,463 $ 6,736 $ 14,124 $ 1,075 Mortgage notes receivable 4,905 — — 4,905 Other investments 373 (47) 326 — Direct financing leases 172,172 27,168 96,140 103,200 Total $ 185,913 $ 33,857 $ 110,590 $ 109,180 Year Ended December 31, 2017: Allowance for doubtful accounts: Accounts receivable $ 357 $ 13,392 $ 5,286 $ 8,463 Mortgage notes receivable 3,934 971 — 4,905 Other investments 4,798 217 4,642 373 Direct financing leases — 198,199 26,027 172,172 Total $ 9,089 $ 212,779 $ 35,955 $ 185,913 Year Ended December 31, 2016: Allowance for doubtful accounts: Accounts receivable $ 309 $ 4,246 $ 4,198 $ 357 Mortgage notes receivable — 3,934 — 3,934 Other investments 2,960 1,665 (173) 4,798 Total $ 3,269 $ 9,845 $ 4,025 $ 9,089 (1) Uncollectible accounts written off, net of recoveries or adjustments. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period (2) (4) Depreciation Acquisition (3) in Latest Buildings and Carrying (5) Buildings and Accumulated Date of Date Income Statements Description (1) Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Maplewood Real Estate Holdings, LLC: Connecticut (AL) $ 25,063 $ 216,538 $ 28,040 $ 643 $ — $ 25,063 $ 245,221 $ 270,284 $ 27,505 1968-2015 2010-2017 33 years Massachusetts (AL, SNF) 19,041 113,728 15,963 — (680) 19,041 129,011 148,052 16,531 1988-2017 2014 30 years to 33 years New York (AL) 118,606 — 93,146 13,835 — 118,606 106,981 225,587 — N/A 2015 N/A Ohio (AL) 3,683 27,628 35 — — 3,683 27,663 31,346 3,454 1999-2016 2013-2014 30 years to 33 years Total Maplewood Real Estate Holdings, LLC $ 166,393 $ 357,894 $ 137,184 $ 14,478 $ (680) $ 166,393 $ 508,876 $ 675,269 $ 47,490 Agemo Holdings LLC: Florida (SNF) $ 14,077 $ 166,901 $ 22,877 $ 630 $ — $ 14,077 $ 190,408 $ 204,485 $ 55,551 1940-1997 1996-2016 3 years to 39 years Georgia (SNF) 3,833 10,847 3,949 — — 3,833 14,796 18,629 10,200 1964-1970 2007 20 years Kentucky (SNF) 13,153 84,321 3,422 — — 13,153 87,743 100,896 25,436 1964-1980 1999-2016 20 years to 33 years Maryland (SNF) 1,480 19,663 1,183 — — 1,480 20,846 22,326 8,542 1959-1977 2010 29 years to 30 years Tennessee (AL, SNF) 7,664 179,849 — — — 7,664 179,849 187,513 20,724 1966-2016 2014-2016 25 years to 30 years Total Agemo Holdings LLC $ 40,207 $ 461,581 $ 31,431 $ 630 $ — $ 40,207 $ 493,642 $ 533,849 $ 120,453 Saber Health Group: Florida (SNF) $ 423 $ 4,422 $ 283 $ — $ — $ 423 $ 4,705 $ 5,128 $ 776 2009 2011 33 years North Carolina (SNF) 10,077 108,680 25,230 736 — 10,077 134,646 144,723 18,865 1930-2018 2013-2016 3 years to 30 years Ohio (SNF, AL) 3,028 82,070 5,392 — (268) 3,028 87,194 90,222 12,436 1979-2000 2011-2016 30 years to 33 years Pennsylvania (SNF) 7,134 124,476 5,036 — — 7,134 129,512 136,646 18,345 1873-2002 2007-2011 33 years Virginia (SNF) 12,175 106,336 3,359 — — 12,175 109,695 121,870 12,341 1964-2013 2013-2016 30 years Total Saber Health Group $ 32,837 $ 425,984 $ 39,300 $ 736 $ (268) $ 32,837 $ 465,752 $ 498,589 $ 62,763 CommuniCare Health Services, Inc.: Indiana (SNF) $ 20,029 $ 202,647 $ — $ — $ 294 $ 20,029 $ 202,941 $ 222,970 $ 13,356 1963-2015 2013-2018 20 years to 30 years Maryland (SNF) 7,190 74,029 4,660 — — 7,190 78,689 85,879 21,124 1921-1985 2010-2011 25 years to 30 years Ohio (SNF, SH, ALF) 5,206 83,288 5,567 — (702) 5,206 88,153 93,359 31,675 1962-1988 2005-2018 30 years to 39 years Pennsylvania (SNF) 1,753 18,533 11,281 — — 1,753 29,814 31,567 13,817 1950-1964 2005 39 years Virginia (SNF) 2,408 10,757 9 — — 2,408 10,766 13,174 447 1979 2018 30 years West Virginia (SNF) 450 14,759 184 — — 450 14,943 15,393 3,568 1963 2011 35 years Total CommuniCare Health Services, Inc. $ 37,036 $ 404,013 $ 21,701 $ — $ (408) $ 37,036 $ 425,306 $ 462,342 $ 83,987 Ciena Healthcare: Indiana (SNF) $ 321 $ 7,703 $ — $ — $ — $ 321 $ 7,703 $ 8,024 $ 1,229 1973 2014 33 years Michigan (SNF, AL) 4,087 115,547 107 — — 4,087 115,654 119,741 16,711 1964-1997 2014 33 years North Carolina (ILF, SNF) 4,097 60,275 1,112 — — 4,097 61,387 65,484 8,945 1927-1992 2014 33 years Ohio (SNF, AL) 10,343 159,847 72 — (80) 10,343 159,839 170,182 23,287 1960-2007 2010-2016 20 years to 33 years Virginia (SNF) 6,300 87,772 90 — (174) 6,126 87,862 93,988 10,240 1979-2007 2016 30 years Total Ciena Healthcare $ 25,148 $ 431,144 $ 1,381 $ — $ (254) $ 24,974 $ 432,445 $ 457,419 $ 60,412 Genesis HealthCare: Alabama (SNF) $ 1,179 $ 22,406 $ 6,522 $ — $ — $ 1,179 $ 28,928 $ 30,107 $ 20,082 1964-1974 1997 33 years Arizona (SNF, AL) 4,847 23,084 — — — 4,847 23,084 27,931 3,802 1973-1997 2005 33 years California (SNF) 781 14,837 27 — — 781 14,864 15,645 9,538 1927-1972 1997 33 years Colorado (SNF, ILF) 5,331 33,011 5,444 — — 5,331 38,455 43,786 16,189 1963-1975 2006 39 years Idaho (SNF) 3,021 16,171 974 — (2) 3,019 17,145 20,164 7,307 1920-1987 1997-2006 25 years to 39 years Massachusetts (SNF) 5,389 35,826 2,160 — — 5,389 37,986 43,375 21,025 1964-1993 1997-2010 20 years to 39 years New Hampshire (SNF, AL) 1,782 19,837 1,463 — — 1,782 21,300 23,082 9,674 1963-1999 1998-2006 33 years to 39 years New Mexico (SNF) 6,008 45,285 — — — 6,008 45,285 51,293 6,297 1960-1985 2005 33 years North Carolina (SNF) 1,460 21,193 3,550 — — 1,460 24,743 26,203 19,411 1964-1986 1994-1997 30 years to 33 years Ohio (SNF) 382 11,271 21 — — 382 11,292 11,674 7,247 1968-1983 1997 33 years Rhode Island (SNF) 3,658 35,083 4,793 — — 3,658 39,876 43,534 19,172 1965-1981 2006 39 years Tennessee (SNF) 453 7,452 2,538 — — 453 9,990 10,443 7,767 1984-1985 1994 30 years Vermont (SNF) 318 6,005 602 — — 318 6,607 6,925 2,767 1971 2004 39 years Washington (SNF) 500 9,500 1,799 — — 500 11,299 11,799 11,114 1965 1995 20 years West Virginia (SNF) 1,238 43,040 6,528 — — 1,238 49,568 50,806 29,158 1961-1986 1997-2008 25 years to 33 years Total Genesis HealthCare $ 36,347 $ 344,001 $ 36,421 $ — $ (2) $ 36,345 $ 380,422 $ 416,767 $ 190,550 Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period (2) (4) Depreciation Acquisition (3) in Latest Buildings and Carrying (5) Buildings and Accumulated Date of Date Income Statements Description (1) Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Other: Alabama (SNF) $ 638 $ 10,950 $ 6,393 $ — $ — $ 638 $ 17,343 $ 17,981 $ 14,986 1960-1982 1992 31 years Arizona (TBI, SNF, AL) 6,149 63,783 — — — 6,149 63,783 69,932 12,367 1949-1999 2012-2015 35 years to 40 years Arkansas (SNF, AL) 2,893 59,094 8,516 — (36) 2,893 67,574 70,467 33,435 1967-1988 1992-2014 25 years to 31 years California (SNF, TBI) 72,685 393,364 5,103 — (703) 72,685 397,764 470,449 74,708 1938-2013 1997-2014 5 years to 35 years Colorado (SNF) 5,949 55,819 2,346 — — 5,949 58,165 64,114 21,066 1925-1973 1998-2016 20 years to 33 years Connecticut (land only) 879 4,446 980 — (5,426) 879 — 879 — N/A 1999 N/A Florida (SNF, AL) 61,684 486,947 88,259 2,535 (9,737) 61,684 568,004 629,688 186,128 1933-2017 1992-2017 2 years to 40 years Georgia (SNF, AL) 3,740 47,689 769 — — 3,740 48,458 52,198 7,892 1967-1997 1998-2016 30 years to 40 years Idaho (SNF, AL) 3,604 46,182 348 — (14,690) 3,604 31,840 35,444 7,377 1911-2008 1999-2014 30 years to 33 years Illinois (SNF) 382 8,228 — — — 382 8,228 8,610 1,216 1963 2005 33 years Indiana (SNF, ILF, AL, MOB, SH) 25,781 335,737 435 — (1,841) 25,760 334,352 360,112 94,223 1942-2008 1992-2013 20 years to 40 years Iowa (SNF, AL) 2,485 60,406 — — — 2,485 60,406 62,891 11,957 1961-1998 2010-2014 12 years to 33 years Kansas (SNF) 4,153 43,482 14,219 — — 4,153 57,701 61,854 11,938 1957-1977 2005-2011 25 years to 33 years Kentucky (SNF) 5,611 123,995 9,851 — — 5,611 133,846 139,457 31,384 1917-2002 1994-2014 33 years Louisiana (SNF) 4,925 52,869 4,878 — (449) 4,925 57,298 62,223 21,598 1957-1983 1997-2018 22 years to 39 years Michigan (SNF) 830 30,921 — — — 830 30,921 31,751 7,138 1964-1975 2005-2011 25 years to 33 years Minnesota (SNF, AL, ILF) 10,502 52,585 5,971 — — 10,502 58,556 69,058 9,236 1966-1983 2014 33 years Mississippi (SNF) 7,925 177,825 827 — — 7,925 178,652 186,577 21,137 1962-2008 2009-2013 20 years to 40 years Missouri (SNF) 6,063 105,351 693 — (30,351) 6,055 75,701 81,756 12,434 1955-1994 1999-2016 30 years to 33 years Montana (SNF) 1,319 11,698 1 — — 1,319 11,699 13,018 1,736 1963-1971 2005 33 years Nebraska (SNF) 1,600 23,142 — — — 1,600 23,142 24,742 5,025 1963-1969 2012-2015 20 years to 33 years Nevada (SNF, SH, TBI) 5,501 50,472 8,350 — — 5,501 58,822 64,323 15,703 1972-2004 2009-2012 26 years to 33 years New Mexico (SNF) 1,222 8,638 — — (9,660) 200 — 200 — 1984 2005 33 years North Carolina (SNF) 2,338 39,399 — — (711) 2,338 38,688 41,026 11,940 1969-1987 2010-2017 25 years to 36 years Ohio (SNF, SH) 12,348 161,815 2,880 — — 12,348 164,695 177,043 31,910 1920-1998 1994-2013 22 years to 39 years Oklahoma (SNF, AL) 4,650 36,247 — — — 4,650 36,247 40,897 11,525 1965-2013 2010-2013 20 years to 33 years Oregon (AL, SNF) 3,641 45,218 4,009 — — 3,641 49,227 52,868 7,553 1959-2004 2005-2014 25 years to 33 years Pennsylvania (SNF, AL, ILF) 14,912 210,906 — — (5) 14,906 210,907 225,813 60,875 1942-2012 2004-2018 16 years to 39 years South Carolina (SNF) 7,800 59,782 443 — — 7,800 60,225 68,025 11,910 1959-2007 2014-2016 20 years to 33 years Tennessee (SNF) 4,349 74,420 2,361 — — 4,349 76,781 81,130 38,056 1974-2008 1992-2013 20 years to 31 years Texas (AL, SNF) 68,515 732,374 27,814 162 (2,532) 68,515 757,818 826,333 152,877 1949-2016 1997-2018 20 years to 40 years United Kingdom (AL) 84,119 353,800 1,791 — (44,567) 77,529 317,614 395,143 32,691 1750-2012 2015-2018 30 years Virginia (SNF, AL) 3,021 37,129 — — — 3,021 37,129 40,150 4,328 1989-1995 2010-2017 30 years to 40 years Washington (SNF, AL) 11,219 128,555 937 — (2) 11,218 129,491 140,709 21,333 1930-2004 1999-2015 30 years to 33 years West Virginia (SNF) 285 9,148 348 — — 285 9,496 9,781 5,465 1961-1996 1994-2004 33 years to 39 years Wisconsin (SNF) 2,419 23,241 6,122 — (6,249) 2,313 23,220 25,533 3,817 1974-1994 2005-2012 30 years to 33 years Total Other $ 456,136 $ 4,165,657 $ 204,644 $ 2,697 $ (126,959) $ 448,382 $ 4,253,793 $ 4,702,175 $ 996,964 Total $ 794,104 $ 6,590,274 $ 472,062 $ 18,541 $ (128,571) $ 786,174 $ 6,960,236 $ 7,746,410 $ 1,562,619 (1) The real estate included in this schedule is being used in either the operation of skilled nursing facilities (“SNF”), assisted living facilities (“ALF”), independent living facilities (“ILF”), traumatic brain injury (“TBI”), medical office building (“MOB”) or specialty hospitals (“SH”) located in the states or country indicated. Year Ended December 31, (2) 2016 2017 2018 Balance at beginning of period $ 6,743,958 $ 7,566,358 $ 7,655,960 Acquisitions through foreclosure 25,000 — — Acquisitions (a) 1,017,761 419,333 294,202 Impairment (53,717) (98,672) (35,014) Improvements 95,807 116,786 187,408 Disposals/other (262,451) (347,845) (356,146) Balance at close of period $ 7,566,358 $ 7,655,960 $ 7,746,410 (a) Includes approximately $35.1 million, $27.2 million and $185.6 million of noncash consideration exchanged during the years ended December 31, 2016, 2017 and 2018, respectively. Year Ended December 31, (3) 2016 2017 2018 Balance at beginning of period $ 1,019,150 $ 1,240,336 $ 1,376,828 Provisions for depreciation 266,904 287,189 280,871 Dispositions/other (45,718) (150,697) (95,080) Balance at close of period $ 1,240,336 $ 1,376,828 $ 1,562,619 (4) The reported amount of our real estate at December 31, 2018 is greater than the tax basis of the real estate by approximately $0.6 billion. (5) Reflects bed sales, impairments (including the write-off of accumulated depreciation), land easements and impacts from foreign currency exchange rates. (6) None of the facilities in the table above are encumbered. |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | Carrying Amount of Carrying Loans Face Amount Subject to Final Amount of Delinquent Interest Maturity Prior of Mortgages Principal Grouping Description (1) Rate Fixed/Variable Date Periodic Payment Terms Liens Mortgages (2) (3) (5) or Interest First Mortgages 1 Maryland (3 SNF facilities) 13.75 % V Interest payable monthly until maturity None $ 74,928 $ 35,964 $ — 2 Michigan (1 SNF facility) 11.31 % V Interest payable monthly until maturity None 4,141 4,141 — 3 Michigan (1 SNF facility) 11.04 % V Interest payable monthly until maturity None 4,112 4,112 — 4 Michigan (8 SNF facilities) 10.77 % V Interest payable monthly until maturity None 12,113 12,113 — 5 Michigan (8 SNF facilities) 9.98 % V Interest payable monthly until maturity None 17,698 17,698 — 6 Michigan (30 SNF facilities) 9.90 % V Interest plus approximately $126.0 of principal payable monthly with $382,127 due at maturity None 415,000 409,256 — 7 Michigan (3 SNF facilities) 9.73 % V Interest plus approximately $2.0 of principal payable monthly with $10,466 due at maturity None 11,000 10,961 — 8 Michigan (1 SNF facility) 9.74 % V Interest payable monthly until maturity None 455 455 — 9 Michigan (1 SNF facility) 8.84 % V Interest payable monthly until maturity None 14,045 14,045 — 10 Michigan (5 SNF facilities) 9.50 % V Interest plus approximately $8.0 of principal payable monthly with $42,364 due at maturity None 44,200 44,159 — 11 Michigan (3 SNF facilities) 9.50 % V Interest payable monthly until maturity None 124 124 — 12 Ohio (2 SNF facilities) and Pennsylvania (5 SNF and 2 AL facilities) 10.18 % V Interest payable monthly until maturity None 112,500 112,500 — 13 Ohio (1 SNF facility) 12.15 % V Interest payable monthly until maturity None 11,874 11,874 — 14 Tennessee (1 SNF facility) 8.35 % F Past due None 6,997 1,472 1,472 (4) Construction Mortgages 15 Michigan (1 SNF facility) 9.73 % V Interest payable monthly until maturity None 6,518 6,518 — 16 Michigan (1 SNF facility) 9.73 % V Interest accrues monthly until maturity None 13,931 13,931 — 17 Virginia (1 AL facility) 8.75 % F Past due None 11,622 11,535 11,535 $ 761,258 $ 710,858 $ 13,007 (1) Loans included in this schedule represent first mortgages and construction mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. (2) The aggregate cost for federal income tax purposes is approximately $716.4 million. Year Ended December 31, (3) 2016 2017 2018 Balance at beginning of period $ 679,795 $ 639,343 $ 671,232 Additions during period - new mortgage loans or additional fundings (a) 48,722 34,643 65,841 Deductions during period - collection of principal/other (b) (89,174) (2,754) (26,215) Balance at close of period $ 639,343 $ 671,232 $ 710,858 (a) The 2018 amount includes $0.5 million of non-cash interest paid-in-kind. (b) The 2016 amount includes $29.2 million of non-cash deed-in-lieu of foreclosure, reserves and amortization of premium. The 2017 amount includes $1.2 million of reserves and amortization of premium. The 2018 amount includes $0.1 million of amortization of premium. (4) Mortgage written down to the fair value of the underlying collateral. (5) Mortgages included in the schedule which were extended during 2018 aggregated approximately $144.8 million |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurement | Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: 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 significant inputs and significant value drivers are observable in active markets; and Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to certain risks and uncertainties affecting the healthcare industry as a result of healthcare legislation and growing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the rising cost of healthcare services. |
Business Combinations | Business Combinations We record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at fair value. Transaction costs are expensed as incurred as part of a business combination. In making estimates of fair value for purposes of recording the purchase, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities as well as other critical valuation metrics such as current capitalization rates and discount rates used to estimate the fair value of the tangible and intangible assets acquired (Level 3). When liabilities are assumed as part of a transaction, we consider information obtained about the liabilities and use similar valuation metrics (Level 3). In some instances when debt is assumed and an identifiable active market for similar debt is present, we use market interest rates for similar debt to estimate the fair value of the debt assumed (Level 2). The Company determines fair value as follows: Land is determined based on third party appraisals which typically include market comparables. Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as replacement cost analysis. Furniture and fixtures are determined based on third party appraisals which typically utilize a replacement cost approach. Intangible assets and liabilities acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset or liability being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. Stock based compensation and noncontrolling interests are valued using a stock price on the acquisition date. Goodwill represents the purchase price in excess of the fair value of assets acquired and liabilities assumed and the cost associated with expanding our investment portfolio. Goodwill is not amortized. |
Asset Acquisitions | Asset Acquisitions For asset acquisitions, assets acquired and liabilities assumed are recognized by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis and the costs of the acquisition are capitalized. The fair value of the assets acquired and liabilities assumed in an asset acquisition are determined in a consistent manner with the immediately preceding “Business Combinations” section. |
Variable Interest Entities | Variable Interest Entities GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. Our variable interests in VIEs may be in the form of equity ownership, leases, guarantees and/or loans with our operators. We analyze our agreements and investments to determine whether our operators or unconsolidated joint venture are VIEs and, if so, whether we are the primary beneficiary. We consolidate a VIE when we determine that we are its primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. Factors considered in determining whether we are the primary beneficiary of an entity include: (i) our voting rights, if any; (ii) our involvement in day-to-day capital and operating decisions; (iii) our risk and reward sharing; (iv) the financial condition of the operator or joint venture and (iv) our representation on the VIE’s board of directors. We perform this analysis on an ongoing basis. As of December 31, 2018, we have not consolidated any VIEs, as we do not have the power to direct the activities of any VIEs that most significantly impact their economic performance and we do not have the obligation to absorb losses or receive benefits of the VIEs that could be significant to the entity. |
Real Estate Investments and Depreciation | Real Estate Investments and Depreciation The costs of significant improvements, renovations and replacements, including interest are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight to 15 years for site improvements, and three to ten years for furniture, fixtures and equipment. Leasehold interests are amortized over the shorter of the estimated useful life or term of the lease. |
Lease Accounting | Lease Accounting At the inception of the lease and during the amendment process, we evaluate each lease to determine if the lease should be considered an operating lease, sales-type lease, or direct financing lease. As of December 31, 2018, we have determined that all but three of our leases should be accounted for as operating leases. The other three leases are accounted for as direct financing leases. For leases accounted for as operating leases, we retain ownership of the asset and record depreciation expense, see “Business Combinations” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. Certain direct financing leases include annual rent escalators; see “Revenue Recognition” below for further discussion regarding the recording of interest income on our direct financing leases. As of December 31, 2018 and 2017, we have no unamortized direct costs related to originating our direct financing leases recorded on our Consolidated Balance Sheets. |
In-Place Leases | In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of a facility purchase or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases, and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases (referred to as Lease Intangibles). Lease intangible assets and liabilities are classified as lease contracts above and below market value, respectively, in other assets and accrued expenses and other liabilities on our Consolidated Balance Sheets, and amortized on a straight-line basis as decreases and increases, respectively, to rental income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income. |
Real Estate Investment Impairment | Real Estate Investment Impairment Management evaluates our real estate investments for impairment indicators at each reporting period, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance including the current payment status of contractual obligations and expectations of the ability to meet future contractual obligations, legal structure, as well as our intent with respect to holding or disposing of the asset. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to management’s estimate of future undiscounted cash flows of the underlying facilities. The estimated future undiscounted cash flows are generally based on the related lease which relates to one or more properties and may include cash flows from the eventual disposition of the asset. In some instances, there may be various potential outcomes for a real estate investment and its potential future cash flows. In these instances, the undiscounted future cash flows used to assess the recoverability are probability-weighted based on management’s best estimates as of the date of evaluation. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. Additionally, our evaluation of fair value may consider valuing the property as a nursing home as well as alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property as well as the fair value of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment to our assets in a future period that could be material to our results of operations. For the years ended December 31, 2018, 2017 and 2016, we recognized impairment losses on real estate investments of $29.8 million, $99.1 million and $58.7 million, respectively. |
Allowance for Losses on Mortgages, Other Investments and Direct Financing Leases | Allowance for Losses on Mortgages, Other Investments and Direct Financing Leases The allowances for losses on mortgage notes receivable, other investments and direct financing leases (collectively, our “loans”) are maintained at a level believed adequate to absorb potential losses. The determination of the allowances is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, financial strength of the borrower and guarantors and the value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreements. Consistent with this definition, all loans on non-accrual status may be deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. When management identifies potential loan impairment indicators, the loan is written down to the present value of the expected future cash flows. In cases where expected future cash flows are not readily determinable, the loan is written down to the fair value of the underlying collateral. We may base our valuation on a loan’s observable market price, if any, or the fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the sale of the collateral. We account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impaired loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and/or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost-recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. As of December 31, 2018 and 2017, we had $108.1 million and $177.5 million, respectively, of reserves on our loans. |
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated Joint Venture We account for our investment in an unconsolidated joint venture using the equity method of accounting as we exercise significant influence, but do not control the entity. Under the equity method of accounting, the net equity investment of the Company is reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income and comprehensive income from the joint venture is included in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, respectively. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investment in the unconsolidated joint venture may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The estimated fair value of the investment is determined using a discounted cash flow model which is a Level 3 valuation. We consider a number of assumptions that are subject to economic and market uncertainties including, among others, rental rates, operating costs, capitalization rates, holding periods and discount rates. No impairment loss on our investment in unconsolidated joint venture was recognized during the years ended December 31, 2018, 2017, or 2016. |
Assets Held for Sale | Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash, cash equivalents and restricted cash are held at major commercial banks. Certain cash account balances exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash, cash equivalents or restricted cash. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms. Prior to June 1, 2018, restricted cash also included other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our mortgage borrowings guaranteed by HUD. |
Accounts Receivable | Accounts Receivable Accounts receivable includes: contractual receivables, effective yield interest receivables, straight-line rent receivables and lease inducements, net of an estimated provision for losses related to uncollectible and disputed accounts. Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception or renewal of the lease, and are amortized as a reduction of rental revenue over the non-cancellable lease term. On a quarterly basis, we review our accounts receivable to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the tenant to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement. If we determine collectability of any of our contractual receivables is at risk, we estimate the potential uncollectible amounts and provide an allowance. In the case of a lease recognized on a straight-line basis, a loan recognized on an effective yield basis or the existence of lease inducements, we generally provide an allowance for straight-line, effective interest, and or lease inducement accounts receivable when certain conditions or indicators of adverse collectability are present. If the accounts receivable balance is subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables by type is as follows: December 31, 2018 2017 (in thousands) Contractual receivables $ 34,901 $ 43,258 Effective yield interest receivables 12,741 11,673 Straight-line rent receivables 251,166 216,054 Lease inducements 49,644 16,812 Allowance (1,075) (8,463) Accounts receivable – net $ 347,377 $ 279,334 In 2018, we paid an existing operator approximately $50 million in exchange for a reduction of such operator’s participation in an in-the-money purchase option. As a result, we recorded an approximate $28 million lease inducement that will be amortized as a reduction to rental income over the remaining term of the lease. The remaining $22 million was recorded as a reduction to the initial contingent liability which is included in accrued expenses and other liabilities on our Consolidated Balance Sheets. In 2018, we wrote-off approximately $11.5 million of straight-line rent receivables and contractual receivables to provision for uncollectible accounts, as a result of facility transitions and placing an operator on a cash basis. The provision for uncollectible accounts was offset by a recovery of approximately $4.8 million. In 2017, we recorded a provision for uncollectible accounts of approximately $9.3 million related to contractual and straight-line rent receivables for one of our operators and approximately $4.1 million of provision for uncollectible accounts, net of recoveries related to contractual and straight-line receivables of other operators and/or facilities that we intend to exit or transition. In 2016, we wrote-off approximately $4.3 million of straight-line rent receivable. The write-off primarily related to the transition of facilities from a former operator to a current operator. |
Goodwill Impairment | Goodwill Impairment We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment on an interim basis, we assess qualitative factors such as a significant decline in real estate valuations, current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance or a significant decline in the value of our market capitalization, to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying amount. On an annual basis during the fourth quarter of each fiscal year, or on an interim basis if we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying value, we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. The goodwill is not deductible for tax purposes. In the first step of the two-step goodwill impairment test (“Step 1”), we compare the fair value of the reporting unit to its net book value, including goodwill. As the Company has only one reporting unit, the fair value of the reporting unit is determined by reference to the market capitalization of the Company as determined through quoted market prices and adjusted for other relevant factors. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step (“Step 2”) of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit’s net assets other than goodwill and the fair value of the reporting unit. If the difference is less than the net book value of goodwill, impairment exists and is recorded. The Company has not been required to perform Step 2 of the process because the fair value of the reporting unit has significantly exceeded its book value at the measurement date. There was no impairment of goodwill during 2018, 2017, or 2016. |
Income Taxes | Income Taxes Omega and its wholly owned subsidiaries were organized to qualify for taxation as a REIT under Section 856 through 860 of the Internal Revenue Code (“Code”). As long as we qualify as a REIT; we will not be subject to federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRSs”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Omega OP is a pass through entity for United States federal income tax purposes. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. 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. |
Revenue Recognition | Revenue Recognition We have various different investments that generate revenue, including leased and mortgaged properties, as well as other investments, which include secured and unsecured loans. We recognize rental income and other investment income as earned over the terms of the related leases and notes, respectively. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (e.g. increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. Revenue under lease arrangements with minimum fixed and determinable increases is recognized over the non-cancellable term of the lease on a straight-line basis. The authoritative guidance does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee, the payment history, the general condition of the industry and various other factors when evaluating whether all possible contingencies have been eliminated. In the case of rental revenue recognized on a straight-line basis, we generally record reserves against earned revenues from leases when collection becomes questionable or when negotiations for restructurings of troubled operators result in significant uncertainty regarding ultimate collection. The amount of the reserve is estimated based on what management believes will likely be collected. We continually evaluate the collectability of our straight-line rent assets. If it appears that we will not collect future rent due under our leases, we will record a provision for loss related to the straight-line rent asset. We record direct financing lease income on a constant interest rate basis over the term of the lease. Costs related to originating direct financing leases are deferred and amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. Allowances are provided against earned revenues from direct financing leases when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. Mortgage interest income and other investment income is recognized as earned over the terms of the related mortgage notes or other investment, typically using the effective yield method. Allowances are provided against earned revenues from mortgage interest or other investment income when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) and its subsequent updates using a modified retrospective approach. As a result of adopting ASU 2014-09, we recognize gains related to the sale of real estate when we transfer control of the property and when it is probable that we will collect substantially all of the related consideration. As a result of adopting ASU 2014-09 and its updates on January 1, 2018, the Company recognized $10.0 million of deferred gain resulting from the sale of facilities to a third-party in December 2017 through opening equity on January 1, 2018. |
Stock-Based Compensation | Stock-Based Compensation We recognize stock-based compensation expense adjusted for estimated forfeitures to employees and directors, in general and administrative in our Consolidated Statements of Operations on a straight-line basis over the requisite service period of the awards. |
Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance | Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance External costs incurred from the placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings which approximates the effective interest method. Deferred financing costs related to our revolving line of credit are included in other assets on our Consolidated Balance Sheets and deferred financing costs related to our other borrowings are included as a direct deduction from the carrying amount of the related debt liability on our Consolidated Balance Sheets. Original issuance premium or discounts reflect the difference between the face amount of the debt issued and the cash proceeds received and are amortized on a straight-line basis over the term of the related borrowings. All premiums and discounts are recorded as an addition to or reduction from debt on our Consolidated Balance Sheets. Amortization of deferred financing costs and original issuance premiums or discounts totaled $9.0 million, $9.5 million and $9.3 million in 2018, 2017 and 2016, respectively, and are classified as interest - amortization of deferred financing costs on our Consolidated Statements of Operations. When financings are terminated, unamortized deferred financing costs and unamortized premiums or discounts, as well as charges incurred for the termination, are recognized as expense or income at the time the termination is made. Gains and losses from the extinguishment of debt are presented in interest-refinancing costs on our Consolidated Statements of Operations. |
Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests | Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to the Company’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement. As of December 31, 2018, Omega owns approximately 96% of the issued and outstanding Omega OP Units, and investors own approximately 4% of the outstanding Omega OP Units. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests is the portion of equity not attributable to the respective reporting entity. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, or owners’ equity on our Consolidated Balance Sheets. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest. The noncontrolling interest for Omega represents the outstanding Omega OP Units held by outside investors. |
Foreign Operations | Foreign Operations The U.S. dollar is the functional currency for our consolidated subsidiaries operating in the U.S. The functional currency for our consolidated subsidiaries operating in the U.K. is the British Pound (“GBP”). For our consolidated subsidiaries whose functional currency is not the U.S. dollar (“USD”), we translate their financial statements into the USD. We translate assets and liabilities at the exchange rate in effect as of the financial statement date. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in Omega OP’s owners’ equity and Omega’s accumulated other comprehensive loss (“AOCL”), as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interests. We and certain of our consolidated subsidiaries may have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in results of operations, unless it is intercompany debt that is deemed to be long-term in nature in which case the adjustments are included in Omega OP’s owners’ equity and Omega’s AOCL and a proportionate amount of gain or loss is allocated to noncontrolling interests. |
Derivative Instruments | Derivative Instruments Cash flow hedges During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at the inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities on the Consolidated Balance Sheets at fair value which is determined using a market approach and Level 2 inputs. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivatives designated as qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in Omega OP’s owners’ equity and Omega’s AOCL as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest, whereas the change in fair value of the ineffective portion is recognized in earnings. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific forecasted transactions as well as recognized liabilities or assets on the Consolidated Balance Sheets. We also assess and document, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the current fair value of the derivative. As a matter of policy, we do not use derivatives for trading or speculative purposes. At December 31, 2018 and 2017, $4.0 million and $1.5 million, respectively, of qualifying cash flow hedges were recorded at fair value in other assets on our Consolidated Balance Sheets. Net investment hedge The Company is exposed to fluctuations in the GBP against its functional currency, the USD, relating to its investments in healthcare-related real estate properties located in the U.K. The Company uses a nonderivative, GBP-denominated term loan to manage its exposure to fluctuations in the GBP-USD exchange rate. The foreign currency transaction gain or loss on the nonderivative hedging instrument that is designated and qualifies as a net investment hedge is reported in Omega OP’s owners’ equity and Omega’s AOCL in our Consolidated Balance Sheets. |
Related Party Transactions | Related Party Transactions The Company has a policy which generally requires related party transactions to be approved or ratified by the Audit Committee. On February 1, 2016, we acquired 10 SNFs from Laurel Healthcare Holdings, Inc. (“Laurel”) for approximately $169.0 million in cash and leased them to an unrelated existing operator. A former member of the Board of Directors of the Company, together with certain members of his immediate family, beneficially owned approximately 34% of the equity of Laurel prior to the transaction. Immediately following our acquisition, the unrelated existing operator acquired all of the outstanding equity interests of Laurel, including the interests previously held by the former director of the Company and his family. |
Reclassification | Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2018 In 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it also applied to certain other transactions including the sale of real estate. In addition, the FASB issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates included ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and Licensing, ASU 2016-12, Narrow-Scope Improvements and Practical Expedients and ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The Company adopted ASU 2014-09 and its subsequent updates in accordance with the modified retrospective approach on January 1, 2018. The adoption of ASU 2014-09 and its related updates did not have a material impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09 and its updates. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of this updated guidance is to better align the financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. This adoption method requires companies to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of equity as of the beginning of the fiscal year that a company adopts the update. On January 1, 2018, the Company adopted ASU 2017-12 using the modified retrospective transition method. As a result of adopting the standard, the Company made certain adjustments to its existing hedge designation documentation for active hedging relationships in order to take advantage of specific provisions in the new guidance and to fully align its documentation with ASU 2017-12. The adoption of ASU 2017-12 did not have a material impact on our consolidated financial statements. Recent Accounting Pronouncements - Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which 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. ASU 2016-02 and its subsequent updates will be effective for the Company beginning January 1, 2019. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. ASU 2016-02 and its subsequent updates allows for several practical expedients which permit the following: (i) no reassessment of lease classification or initial direct costs, (ii) use of the standard’s effective date as the date of initial application, (iii) no separation of non-lease components from the related lease components and, instead, to account for those components as a single lease component if certain criteria are met, (iv) permits lessors the option to exclude sales and other similar taxes from the measurement of lease revenue and expense and (v) requires lessors to exclude costs paid directly by lessees to third parties. We elected these practical expedients and adopted ASU 2016-02 and its subsequent updates on January 1, 2019 using the effective date as our date of initial application. Therefore, financial information and disclosures under ASU 2016-02 will not be provided for periods prior to January 1, 2019. Upon adoption, we recognized both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We estimate that our initial right of use asset and lease liability will be between $10.0 million and $12.0 million. We will also begin reporting revenues and expenses for real estate taxes that are the obligations of the tenants but are paid for directly by the Company. We estimate recording annual incremental rental income and expense between $12.0 million and $20.0 million based on the amounts paid directly by us in 2017 and 2018. This reporting is not expected to have a material impact on our net income. We continue to evaluate the other impacts of adopting ASU 2016-02 and its updates on our consolidated financial statements. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016‑13”), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016‑13 is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact of adopting ASU 2016‑13 on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Schedule of Net Accounts Receivable | December 31, 2018 2017 (in thousands) Contractual receivables $ 34,901 $ 43,258 Effective yield interest receivables 12,741 11,673 Straight-line rent receivables 251,166 216,054 Lease inducements 49,644 16,812 Allowance (1,075) (8,463) Accounts receivable – net $ 347,377 $ 279,334 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |
Schedule of Investment in Leased Real Estate Properties | A summary of our investment in leased real estate properties is as follows: December 31, 2018 2017 (in thousands) Buildings $ 6,056,820 $ 6,098,119 Land 786,174 795,874 Furniture, fixtures and equipment 447,610 440,737 Site improvements 250,917 227,150 Construction in progress 204,889 94,080 Total real estate investments 7,746,410 7,655,960 Less accumulated depreciation (1,562,619) (1,376,828) Real estate investments - net $ 6,183,791 $ 6,279,132 |
Schedule of future minimum estimated contractual rents due for the remainder of the initial terms of the leases | The future minimum estimated contractual rents due for the remainder of the initial terms of the operating leases are as follows at December 31, 2018: (in thousands) 2019 $ 680,627 2020 698,719 2021 716,426 2022 715,427 2023 703,167 Thereafter 4,026,317 Total $ 7,540,683 |
Acquisitions 2018 And Other | |
Real Estate Properties [Line Items] | |
Schedule of Significant Acquisitions | Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Fixtures Annual Period SNF ALF/ILF State (in millions) Cash Yield (3) Q1 — 1 UK $ 4.0 (1) $ 0.9 $ 2.9 $ 0.2 8.50 % Q1 — 1 UK 5.7 (2) 1.4 4.1 0.2 8.50 % Q1 1 — PA 7.4 1.6 5.4 0.4 9.50 % Q1 1 — VA 13.2 2.4 10.5 0.3 9.50 % Q2 5 — TX 22.8 0.5 20.4 1.9 9.50 % Q4 3 1 PA 35.1 4.1 29.2 1.8 9.50 % Q4 1 — IN 8.3 1.7 6.0 0.6 9.50 % Q4 1 — OH 9.2 0.8 7.9 0.5 9.50 % Total 12 3 $ 105.7 $ 13.4 $ 86.4 $ 5.9 (1) We recorded a non-cash deferred tax liability of approximately $0.4 million in connection with this acquisition. (2) We recorded a non-cash deferred tax liability of approximately $0.2 million in connection with this acquisition. (3) The cash yield is based on the purchase price. (4) All of the aforementioned acquisitions were accounted for as asset acquisitions. |
Acquisitions 2017 And Other | |
Real Estate Properties [Line Items] | |
Schedule of Significant Acquisitions | Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Fixtures Annual Period SNF ALF/ILF State (in millions) Cash Yield (2) Q1 — 1 VA $ 7.6 $ 0.5 $ 6.8 $ 0.3 7.50 % Q2 1 — NC 8.6 0.7 7.3 0.6 9.50 % Q2 — 18 UK 124.2 (1) 34.1 85.1 5.0 8.50 % Q3 — 1 TX 2.3 0.7 1.5 0.1 9.25 % Q3 15 — IN 211.0 18.0 180.2 12.8 9.50 % Q3 9 — TX 19.0 (3) 1.7 15.5 1.8 18.60 % Q4 6 — TX 40.0 1.0 35.1 3.9 9.25 % Total 31 20 $ 412.7 $ 56.7 $ 331.5 $ 24.5 (1) We recorded a non-cash deferred tax liability and acquisition costs of approximately $8.2 million and $1.2 million, respectively, in connection with this acquisition. (2) The cash yield is based on the purchase price. (3) In July 2017, we transitioned nine SNFs formerly subject to a direct financing lease to another operator. As a result of terminating the direct financing lease, we wrote down the facilities to our original cost basis and recorded an impairment on the direct financing lease of approximately $1.8 million. See Note 4 – Direct Financing Leases for additional information. (4) All of the aforementioned acquisitions were accounted for as asset acquisitions. |
Acquisitions 2016 And Other | |
Real Estate Properties [Line Items] | |
Schedule of Significant Acquisitions | Number of Total Building & Site Furniture Initial Facilities Country/ Investment (6) Land Improvements & Fixtures Annual Period SNF ALF/ILF State (in millions) Cash Yield (7) Q1 — 1 UK $ 8.3 $ 1.4 $ 6.7 $ 0.2 7.00 % Q1 — 1 UK 6.1 0.6 5.3 0.2 7.00 % Q1 10 — OH, VA, MI 169.0 (2) 10.5 152.5 6.0 8.50 % Q1 — 2 GA 20.2 0.8 18.3 1.1 7.50 % Q1 3 — MD 25.0 2.5 19.9 2.6 8.50 % Q1 21 — VA, NC 212.5 19.3 181.1 12.1 8.50 % Q2 — 10 UK 111.9 (3) 24.8 83.9 3.2 7.00 % Q2 — 3 TX 66.0 (4) 5.8 58.6 1.6 6.80 % Q2 3 — CO, MO 31.8 3.1 26.2 2.5 9.00 % Q3 — 1 FL 4.3 2.3 1.8 0.2 8.00 % Q3 — 1 GA 2.5 0.2 2.1 0.2 8.00 % Q3 — 1 FL 16.5 1.8 14.3 0.4 8.00 % Q3 1 — SC 10.1 2.7 6.5 0.9 9.00 % Q3 1 — OH 9.0 (5) — 8.6 0.4 9.00 % Q3 31 — FL, KY,TN 329.6 (1) 24.6 290.8 14.2 9.00 % Total 70 20 $ 1,022.8 $ 100.4 $ 876.6 $ 45.8 (1) Our investment includes a purchase option buyout obligation with a fair value of approximately $29.6 million. We also acquired a term loan with a fair value of approximately $37.0 million which is recorded in other investments on our Consolidated Balance Sheets. In August 2017, the purchase option was terminated and the operator used the proceeds to repay certain other investments, refer to Note – 6 Other Investments for details. (2) Acquired from a related party. Refer to Note – 2 Summary of Significant Accounting Policies - Related Party Transactions. (3) We also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. (4) We paid $63.0 million in cash at closing to acquire the facilities. We paid an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration paid was contractually determined and not contingent on other factors. (5) We paid approximately $3.5 million in cash to acquire the facility. The remainder of the purchase price (approximately $5.5 million) was funded with the redemption of an other investment note. (6) All of the aforementioned acquisitions were accounted for as business combinations. (7) The cash yield is based on the purchase price. |
DIRECT FINANCING LEASES (Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Direct Financing Leases [Abstract] | |
Schedule of Components of Investment in Direct Financing Leases | The components of investments in direct financing leases consist of the following: December 31, 2018 2017 (in thousands) Minimum lease payments receivable $ 28,294 $ 64,893 Less unearned income (16,577) (37,633) Investment in non-Orianna direct financing leases 11,717 27,260 Investment in Orianna direct financing leases 223,745 509,877 Less allowance for loss on Orianna direct financing leases (103,200) (172,172) Investment in direct financing leases – net $ 132,262 $ 364,965 Properties subject to direct financing leases 17 41 Number of direct financing leases 3 5 |
Schedule of investment in the direct financing leases by operator | The following table summarizes our investments in the direct financing leases by operator, net of allowance for loss: December 31, 2018 2017 (in thousands) Orianna $ 120,545 $ 337,705 Reliance Health Care Management, Inc. — 15,458 Sun Mar Healthcare 11,491 11,481 Markleysburg Healthcare Investors, LP 226 321 Investment in direct financing leases - net $ 132,262 $ 364,965 |
Schedule of Rents Due Under Direct Financing Leases | The following minimum rents are due under our direct financing leases for the next five years (in thousands): 2019 (1) 2020 (1) 2021 (1) 2022 (1) 2023 (1) $ 1,177 $ 1,170 $ 1,084 $ 1,106 $ 1,128 (1) Orianna have been excluded from the contractual minimum rent payments due under our direct financing leases. See below for additional information and Note 24 – Subsequent Events. |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of other investments | The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: December 31, 2018 2017 (in thousands) Mortgage note due 2027; interest at 10.18% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 9.87% (1) 537,515 476,320 Other mortgage notes outstanding (2) 65,748 87,317 Mortgage notes receivable, gross 715,763 676,137 Allowance for loss on mortgage notes receivable (3) (4,905) (4,905) Total mortgages — net $ 710,858 $ 671,232 (1) Approximates the weighted average interest rate on 39 facilities. Two notes totaling approximately $20.5 million are construction mortgages maturing in 2019. The remaining loan balance matures in 2029. (2) Other mortgage notes outstanding have a weighted average interest rate of 11.25% per annum and maturity dates between 2019 and 2028. (3) The allowance for loss on mortgage notes receivable relates to one mortgage with an operator. The carrying value and fair value of the mortgage note receivable is approximately $1.5 million at December 31, 2018 and December 31, 2017. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of other investments | A summary of our other investments is as follows: December 31, 2018 2017 (in thousands) Other investment notes due 2018-2022; interest at 9.91% (1) $ 40,242 $ 15,115 Other investment note due 2019; interest at 9.35% 131,452 — Other investment notes due 2020; interest at 13.06% (1) 71,036 49,490 Other investment notes due 2023; interest at 7.32% (1) 65,000 64,050 Other investment note due 2023; interest at 12.00% 59,454 49,708 Other investment notes due 2024-2025; interest at 8.38% (1) 46,287 31,987 Other investment notes outstanding (2) 91,155 66,365 Other investments, gross 504,626 276,715 Allowance for loss on other investments (3) — (373) Total other investments $ 504,626 $ 276,342 (1) Approximate weighted average interest rate as of December 31, 2018. (2) Other investment notes have a weighted average interest rate of 8.06% and maturity dates through 2028. (3) The allowance for loss on other investments relates to one loan with an operator that has been fully reserved at December 31, 2017 and written off during 2018. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | As of December 31, 2018, Orianna and Agemo are VIEs. Below is a summary of our assets and liabilities associated with each operator as of December 31, 2018: Operator Orianna Agemo (in thousands) Assets Real estate investments - net $ 30,459 $ 413,396 Investments in direct financing leases - net 120,545 - Other investments - net 40,242 46,287 Contractual receivables - net 249 18,017 Straight-line rent receivables — 34,203 Lease inducement — 2,362 Above market lease — 2 Subtotal 191,495 514,267 Collateral Letters of credit — (9,253) Personal guarantee — (15,000) Other collateral (176,253) (413,396) Subtotal (176,253) (437,649) Maximum exposure to loss $ 15,242 $ 76,618 In determining our maximum exposure to loss from these VIEs, we considered the underlying value of the real estate subject to leases with these operators and other collateral, if any, supporting our other investments, which may include accounts receivable, security deposits, letters of credit or personal guarantees, if any. See Note 4 – Direct Financing Leases regarding our relationship with Orianna, Note 6 – Other Investments regarding the terms of other investments with these two operators and Note 20 – Commitments and Contingencies regarding our commitment to provide capital expenditure funding to our operators which includes Agemo. The table below reflects our total revenues from Orianna and Agemo for the twelve months ended December 31, 2018 and 2017: Year Ended December 31, 2018 Year Ended December 31, 2017 Operator Operator Orianna Agemo Orianna Agemo (in thousands) Revenue Rental income $ — $ 59,291 $ 2,401 $ 62,287 Income from direct financing leases — — 29,877 — Other investment income 3,477 3,500 906 4,884 Total (1) $ 3,477 $ 62,791 $ 33,184 $ 67,171 (1) For the years ended December 31, 2018 and 2017, we received cash rental income and other investment income from Agemo of approximately $56.8 million and $39.8 million, respectively. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held for Sale [Abstract] | |
Schedule of Properties Held-for-Sale | The following is a summary of our assets held for sale: Properties Held For Sale Number of Net Book Value Properties (in thousands) December 31, 2016 20 $ 52,868 Properties sold/other (1) (17) (39,299) Properties added (2) 19 73,130 December 31, 2017 22 86,699 Properties sold/other (3) (48) (171,938) Properties added (4) 29 86,228 December 31, 2018 (5) 3 $ 989 (1) In 2017, we sold 13 SNFs and three ALFs for approximately $38.8 million in net proceeds recognizing a gain on sale of approximately $4.3 million. One SNF classified as an asset held for sale at December 31, 2016 was no longer considered held for sale during the first quarter of 2017 and was reclassified back to leased properties at approximately $5.1 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale. (2) In 2017, we reclassified one ALF, one specialty facility and 17 SNFs to assets held for sale. We recorded approximately $10.3 million of impairment charges to reduce one ALF, one specialty facility and three SNFs to their estimated fair value less costs to sell before they were reclassified to assets held for sale. (3) In 2018, we sold 48 facilities for approximately $133.6 million in net proceeds recognizing a gain on sale of approximately $11.5 million. (4) In 2018, we recorded approximately $13.0 million of impairments to reduce 26 facilities and one ancillary building's book value to their estimated fair values less costs to sell before they were reclassified to assets held for sale. (5) We plan to sell the facilities classified as held for sale at December 31, 2018 within the next twelve months. |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangibles [Abstract] | |
Schedule of Intangibles | The following is a summary of our intangibles as of December 31, 2018 and 2017: December 31, 2018 2017 (in thousands) Assets: Goodwill $ 643,950 $ 644,690 Above market leases $ 22,410 $ 22,426 In-place leases — 167 Accumulated amortization (19,203) (17,059) Net intangible assets $ 3,207 $ 5,534 Liabilities: Below market leases $ 143,669 $ 164,443 Accumulated amortization (79,226) (83,824) Net intangible liabilities $ 64,443 $ 80,619 |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill as of December 31, 2018 and 2017: (in thousands) Balance as of December 31, 2016 $ 643,474 Add: foreign currency translation 1,216 Balance as of December 31, 2017 644,690 Less: foreign currency translation (740) Balance as of December 31, 2018 $ 643,950 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowing Activities and Arrangements [Abstract] | |
Schedule of Borrowings | Annual Interest Rate as of December 31, December 31, Maturity 2018 2018 2017 (in thousands) Secured borrowings: HUD mortgages assumed December 2011 — — $ — $ 53,666 Deferred financing costs – net — (568) Total secured borrowings – net (1) — 53,098 Unsecured borrowings: Revolving line of credit 2021 3.67 % 313,000 290,000 U.S. term loan 2022 3.97 % 425,000 425,000 Sterling term loan (2) 2022 2.18 % 127,990 135,130 Omega OP term loan (1) 2022 3.97 % 100,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Discounts and deferred financing costs – net (3) (4,264) (5,460) Total term loans – net 898,726 904,670 2023 notes 2023 4.375 % 700,000 700,000 2024 notes 2024 4.950 % 400,000 400,000 2025 notes 2025 4.500 % 400,000 400,000 2026 notes 2026 5.250 % 600,000 600,000 2027 notes 2027 4.500 % 700,000 700,000 2028 notes 2028 4.750 % 550,000 550,000 Other 2018 — — 1,500 Subordinated debt 2021 9.000 % 20,000 20,000 Discount – net (18,523) (21,073) Deferred financing costs – net (22,581) (26,037) Total senior notes and other unsecured borrowings – net 3,328,896 3,324,390 Total unsecured borrowings – net 4,540,622 4,519,060 Total secured and unsecured borrowings – net (4) $ 4,540,622 $ 4,572,158 (1) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. (2) This borrowing is denominated in GBP. (3) The amount includes $0.4 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2018. (4) All borrowing are direct borrowings of Omega unless otherwise noted. |
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | (in thousands) 2019 $ — 2020 — 2021 333,000 2022 902,990 2023 700,000 Thereafter 2,650,000 Total $ 4,585,990 |
Schedule of refinancing related costs | Year Ended December 31, 2018 2017 2016 (in thousands) Write off of deferred financing costs and unamortized premiums due to refinancing (1)(2) $ — $ 10,195 $ 301 Prepayment and other costs associated with refinancing (3) — 11,770 1,812 Total debt extinguishment costs $ — $ 21,965 $ 2,113 (1) In 2017, we recorded (a) $4.7 million of write-offs of unamortized deferred costs associated with the early redemption of our 5.875% Notes and (b) $5.5 million of write-offs of unamortized deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. (2) In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu of foreclosure. (3) In 2017, we paid $11.8 million of prepayment penalties associated with the early redemption of our 5.875% Notes. In 2016, we purchased a $180 million mortgage term loan and paid a 1% premium of approximately $1.8 million to purchase the debt. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | December 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 132,262 $ 132,262 $ 364,965 $ 364,965 Mortgage notes receivable – net 710,858 735,892 671,232 686,772 Other investments – net 504,626 503,907 276,342 281,031 Total $ 1,347,746 $ 1,372,061 $ 1,312,539 $ 1,332,768 Liabilities: Revolving line of credit $ 313,000 $ 313,000 $ 290,000 $ 290,000 U.S. term loan 423,065 425,000 422,498 425,000 Sterling term loan 127,394 127,990 134,360 135,130 Omega OP term loan (1) 99,553 100,000 99,423 100,000 2015 term loan 248,713 250,000 248,390 250,000 4.375% notes due 2023 – net 694,643 700,062 693,474 711,190 4.95% notes due 2024 – net 394,691 406,386 393,680 420,604 4.50% notes due 2025 – net 395,402 392,122 394,640 399,874 5.25% notes due 2026 – net 595,027 605,700 594,321 625,168 4.50% notes due 2027 – net 687,981 671,555 686,516 681,007 4.75% notes due 2028 – net 540,883 537,508 539,882 550,667 HUD debt – net (1) — — 53,098 51,817 Subordinated debt – net 20,270 22,589 20,376 23,646 Other — — 1,500 1,500 Total $ 4,540,622 $ 4,551,912 $ 4,572,158 $ 4,665,603 (1) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP . |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Taxes [Abstract] | |
Schedule of deferred tax assets and liabilities | The following is a summary of deferred tax assets and liabilities: December 31, 2018 2017 (in thousands) Deferred tax assets: Foreign deferred tax assets (1) $ — $ 2,341 Federal net operating loss carryforward 1,213 1,142 Total deferred assets 1,213 3,483 Deferred tax liabilities: Foreign deferred tax liabilities (1) 13,599 17,747 Total net deferred liabilities before valuation allowances (12,386) (14,264) Valuation allowance on deferred tax asset (1,213) (1,142) Net deferred tax liabilities $ (13,599) $ (15,406) (1) The deferred tax assets and liabilities primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. |
STOCKHOLDERS'_OWNERS' EQUITY (T
STOCKHOLDERS'/OWNERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' / Owners' Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: As of and For the Year Ended December 31, 2018 2017 2016 (in thousands) Foreign Currency Translation: Beginning balance $ (26,033) $ (54,948) $ (8,413) Translation (loss) gain (21,703) 28,604 (46,303) Realized gain (loss) 32 311 (232) Ending balance (47,704) (26,033) (54,948) Derivative Instruments: Cash flow hedges: Beginning balance 1,463 (1,420) (718) Unrealized gain (loss) 2,469 545 (719) Realized gain (1) 62 2,338 17 Ending balance 3,994 1,463 (1,420) Net investment hedge: Beginning balance (7,070) — — Unrealized gain (loss) 7,140 (7,070) — Ending balance 70 (7,070) — Total accumulated other comprehensive loss for Omega OP (2) (43,640) (31,640) (56,368) Add: portion included in noncontrolling interest 1,988 1,490 2,541 Total accumulated other comprehensive loss for Omega $ (41,652) $ (30,150) $ (53,827) (1) (2) |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Schedule of activity in restricted stock and RSUs | The following table summarizes the activity in restricted stock and RSUs for the years ended December 31, 2016, 2017 and 2018: Weighted - Number of Average Grant- Compensation Shares/Omega Date Fair Value Cost (1) OP Units per Share (in millions) Non-vested at December 31, 2015 413,628 $ 34.45 Granted during 2016 158,506 34.49 $ 5.5 Cancelled during 2016 (905) 24.92 Vested during 2016 (235,176) 30.41 Non-vested at December 31, 2016 336,053 37.32 Granted during 2017 185,004 31.25 $ 5.8 Cancelled during 2017 (1,000) 34.78 Vested during 2017 (182,548) 39.58 Non-vested at December 31, 2017 337,509 32.78 Granted during 2018 217,717 28.19 $ 6.1 Cancelled during 2018 (5,941) 30.82 Vested during 2018 (190,412) 33.89 Non-vested at December 31, 2018 358,873 $ 29.44 (1) . |
Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model | March 17, January 1, January 1, 2016 2017 2018 Closing price on date of grant $ 34.78 $ 31.26 $ 27.54 Dividend yield 6.56 % 7.81 % 9.44 % Risk free interest rate at time of grant 0.50 % to 1.14 % 0.66 % to 1.58 % 1.60 % to 2.05 % Expected volatility 23.92 % to 24.88 % 22.82 % to 25.26 % 21.03 % to 23.24 % |
Schedule of activity in PRSU and LTIP Units | The following table summarizes the activity in PRSUs and LTIP Units for the years ended December 31, 2016, 2017 and 2018: Weighted- Average Grant- Compensation Number of Date Fair Value Cost (1) Shares per Share (in millions) Non-vested at December 31, 2015 913,087 $ 14.87 Granted during 2016 679,549 14.67 $ 10.00 Forfeited during 2016 (518,638) 12.10 Vested during 2016 (2) — — Non-vested at December 31, 2016 1,073,998 16.08 Granted during 2017 685,064 14.87 $ 10.20 Cancelled during 2017 (5,361) 15.98 Forfeited during 2017 (392,921) 18.33 Vested during 2017 — — Non-vested at December 31, 2017 1,360,780 14.82 Granted during 2018 1,012,032 10.40 $ 10.50 Cancelled during 2018 — — Forfeited during 2018 (203,380) 11.82 Vested during 2018 — — Non-vested at December 31, 2018 2,169,432 $ 13.04 (1) (2) . |
Schedule of Unrecognized Compensation Awards | The following table summarizes our total unrecognized compensation cost as of December 31, 2018 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Weighted Average Grant Date Total Period of Unrecognized Average Compensation Expense Compensation Grant Fair Value Cost (in Recognition Cost (in Performance Vesting RSUs Year Shares/ Units Per Unit/Share millions) (1) (in months) millions) Period Dates 1/1/2017 RSU 2017 140,416 $ 31.26 $ 4.40 36 $ 1.50 N/A 12/31/2019 1/1/2018 RSU 2018 169,900 27.54 4.70 36 3.10 N/A 12/31/2020 Restricted Stock Units Total 310,316 29.22 9.10 4.60 TSR PRSUs and LTIP Units 3/17/2016 2018 LTIP Units 2016 370,152 13.21 4.90 45 1.30 1/1/2016 - 12/31/2018 Quarterly in 2019 1/1/2017 2019 LTIP Units 2017 399,726 12.61 5.00 48 2.50 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 2020 LTIP Units 2018 677,488 7.31 5.00 48 3.70 1/1/2018 - 12/31/2020 Quarterly in 2021 TSR PRSUs & LTIP Total 1,447,366 10.28 14.90 7.50 Relative TSR PRSUs 3/17/2016 2018 Relative TSR 2016 305,563 16.44 5.00 45 1.30 1/1/2016 - 12/31/2018 Quarterly in 2019 1/1/2017 2019 Relative TSR 2017 285,338 18.04 5.10 48 2.60 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 2020 Relative TSR 2018 334,544 16.65 5.60 48 4.20 1/1/2018 - 12/31/2020 Quarterly in 2021 Relative TSR PRSUs Total 925,445 17.01 15.70 8.10 Grand Total 2,683,127 $ 14.79 $ 39.70 $ 20.20 (1) (2) . |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Dividends [Abstract] | |
Schedule of declared common stock dividends | The Board of Directors has declared common stock dividends as set forth below: Dividend per Record Date Payment Date Common Share January 31, 2018 February 15, 2018 $ 0.66 April 30, 2018 May 15, 2018 0.66 July 31, 2018 August 15, 2018 0.66 October 31, 2018 November 15, 2018 0.66 January 31, 2019 February 15, 2019 0.66 |
Schedule of per share distribution for income tax purpose | Per share distributions by our Company were characterized in the following manner for income tax purposes (unaudited): Year Ended December 31, Common 2018 2017 2016 Ordinary income $ 1.691 $ 1.571 $ 1.968 Return of capital 0.931 0.932 0.322 Capital gains 0.018 0.037 0.070 Total dividends paid $ 2.640 $ 2.540 $ 2.360 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Schedule of remaining commitments | Our remaining commitments at December 31, 2018, are outlined in the table below (in thousands): Total commitment $ 586,800 Amounts funded (1) (373,696) Remaining commitment $ 213,104 (1) Includes finance costs. |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Consolidated Statements of Cash Flows | Year Ended December 31, 2018 2017 2016 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 10,300 $ 85,937 $ 93,687 Restricted cash 1,371 10,871 13,589 Cash, cash equivalents and restricted cash at end of period $ 11,671 $ 96,808 $ 107,276 Supplemental information: Interest paid during the period, net of amounts capitalized $ 211,863 $ 182,832 $ 148,326 Taxes paid during the period $ 4,772 $ 4,141 $ 4,922 Non cash investing activities Non cash acquisition of real estate (See Note 3) $ (185,592) $ (27,170) $ — Non cash proceeds from sale of real estate investments (See Note 3) 53,118 — — Non cash acquisition of business (See Note 3) — — (60,079) Non cash surrender of mortgage (See Note 3) — — 25,000 Non cash investment in other investments (See Note 6) (16,153) (6,353) — Non cash proceeds from other investments (See Note 3 and Note 6) 7,000 30,187 5,500 Non cash settlement of direct financing lease (See Note 3 and Note 4) 184,462 18,989 — Total $ 42,835 $ 15,653 $ (29,579) Non cash financing activities Purchase option buyout obligation (see Note 3) $ — — 29,579 Non cash disposition of other long-term borrowings (see Note 13) (53,118) — — Change in fair value of cash flow hedges 2,531 2,970 764 Remeasurement of debt denominated in a foreign currency (7,140) 7,070 — Other unsecured long term borrowing (see Note 3) — — 3,000 Total $ (57,727) $ 10,040 $ 33,343 |
SUMMARY OF QUARTERLY RESULTS _2
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | The following summarizes the Omega and Omega OP’s quarterly results of operations for the years ended December 31, 2018 and 2017: Omega March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (1) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to common stockholders $ 84,220 $ 78,536 $ 56,606 $ 62,216 Net income available to common per share: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per share: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (2) $ 109,112 $ 68,157 $ (137,515) $ 65,156 Net income (loss) available to common stockholders $ 104,440 $ 65,257 $ (131,678) $ 62,400 Net income (loss) available to common per share: Basic $ 0.53 $ 0.33 $ (0.67) $ 0.31 Net income (loss) per share: Diluted $ 0.53 $ 0.33 $ (0.67) $ 0.31 Omega OP March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (1) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to Omega OP Unit holders: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per unit: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (2) $ 109,112 $ 68,157 $ (137,515) $ 65,156 Net income (loss) available to Omega OP Unit holders: Basic $ 0.53 $ 0.33 $ (0.67) $ 0.31 Net income (loss) per unit: Diluted $ 0.53 $ 0.33 $ (0.67) $ 0.31 (1) Amounts reflect provisions (recovery) for uncollectible accounts and impairment (recovery) losses on real estate properties and direct financing leases of $12.7 million, $(0.5) million, $20.9 million and $30.6 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. Amounts also reflect net gain (loss) on assets sold of $17.5 million, $(2.9) million, $(5.4) million and $15.5 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. (2) Amounts reflect provisions for uncollectible accounts and impairment losses on real estate properties and direct financing leases of $10.0 million, $12.8 million, $224.4 million and $64.6 million for the three month periods ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. Amounts also reflect net gain (loss) on assets sold of $7.4 million, $(0.6) million, $0.7 million and $46.4 million for the three month periods ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. |
EARNINGS PER SHARE_UNIT (Tables
EARNINGS PER SHARE/UNIT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per Share/Unit [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | The following tables set forth the computation of basic and diluted earnings per share/unit: Omega Omega OP Year Ended December 31, Year Ended December 31, 2018 2017 2016 2018 2017 2016 (in thousands, except per share amounts) Numerator: Net income $ 293,884 $ 104,910 $ 383,367 $ 293,884 $ 104,910 $ 383,367 Less: net income attributable to noncontrolling interests (12,306) (4,491) (16,952) — — — Net income available to common stockholders/Omega OP Unit holders $ 281,578 $ 100,419 $ 366,415 $ 293,884 $ 104,910 $ 383,367 Denominator: Denominator for basic earnings per share/unit 200,279 197,738 191,781 209,020 206,521 200,679 Effect of dilutive securities: Common stock equivalents 691 269 956 691 269 956 Noncontrolling interest – Omega OP Units 8,741 8,783 8,898 — — — Denominator for diluted earnings per share/unit 209,711 206,790 201,635 209,711 206,790 201,635 Earnings per share - basic: Net income available to common stockholders/Omega OP Unit holders $ 1.41 $ 0.51 $ 1.91 $ 1.41 $ 0.51 $ 1.91 Earnings per share/unit – diluted: Net income $ 1.40 $ 0.51 $ 1.90 $ 1.40 $ 0.51 $ 1.90 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of reportable segment | 1 |
Omega OP | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of limited partnership interests owned | 96.00% |
Other Investors | Omega OP | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of limited partnership interests owned | 4.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line basis |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Site improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 8 years |
Site improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative 2) (Detail) | Jan. 01, 2019USD ($) | Feb. 01, 2016USD ($)facility | Dec. 31, 2018USD ($)segmentfacility$ / shares | Dec. 31, 2017USD ($)facility$ / shares | Dec. 31, 2016USD ($)facility | Mar. 31, 2018USD ($) | Jan. 01, 2018USD ($) | Apr. 01, 2015$ / shares |
Accounting Policies [Line Items] | ||||||||
Unamortized direct costs related to origination of direct financing leases | $ 0 | $ 0 | ||||||
Impairment on real estate properties | 29,839,000 | 99,070,000 | $ 58,726,000 | |||||
Loan loss reserves | 108,100,000 | 177,500,000 | ||||||
Equity method investment, other than temporary impairment | 0 | 0 | 0 | |||||
Cash, FDIC insured amount | 250,000 | |||||||
Payment made to operator to buyout out in money purchase option | 50,000,000 | |||||||
Amount of lease inducement that will be amortized as a reduction to rental income | 49,644,000 | 16,812,000 | $ 28,000,000 | |||||
Accrued expenses and other liabilities | 272,172,000 | 295,142,000 | ||||||
Provisions for uncollectible accounts | 6,689,000 | 14,580,000 | 9,845,000 | |||||
Recovery of provisions for other losses | 4,800,000 | |||||||
Impairment of goodwill | $ 0 | 0 | 0 | |||||
Number of Operating Segments | segment | 1 | |||||||
Provision of of straight-line rent and contractual receivables | $ 11,500,000 | |||||||
Annual percentage increases over the rents of the prior year, minimum | 2.00% | |||||||
Annual percentage increases over the rents of the prior year, maximum | 3.00% | |||||||
Amortization of financing cost | $ 8,960,000 | $ 9,516,000 | 9,345,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | |||||
Number of facilities owned | facility | 924 | |||||||
Purchase price of buildings acquired paid in cash | $ 105,700,000 | $ 412,700,000 | 1,022,800,000 | |||||
Net cash provided by (used in) operating activities | 499,373,000 | 577,912,000 | 624,773,000 | |||||
Increase in cash, cash equivalents, and restricted cash | $ (85,137,000) | (10,468,000) | 87,245,000 | |||||
Contractual Receivable [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Provisions for uncollectible accounts | 9,300,000 | |||||||
Straight-Line Rent Receivable [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Provisions for uncollectible accounts | $ 4,100,000 | $ 4,300,000 | ||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Deferred gain resulting from sale of facilities to third party through retained earnings | $ 10,000,000 | |||||||
Accounting Standards Update 2016-02 [Member] | Scenario Forecast Adjustment [Member] | Minimum | ||||||||
Accounting Policies [Line Items] | ||||||||
Operating lease, right of use asset | $ 10,000,000 | |||||||
Lease liability | 10,000,000 | |||||||
Rental income | 12,000,000 | |||||||
Rental expense | 12,000,000 | |||||||
Accounting Standards Update 2016-02 [Member] | Scenario Forecast Adjustment [Member] | Maximum | ||||||||
Accounting Policies [Line Items] | ||||||||
Operating lease, right of use asset | 12,000,000 | |||||||
Lease liability | 12,000,000 | |||||||
Rental income | 20,000,000 | |||||||
Rental expense | $ 20,000,000 | |||||||
Skilled Nursing Facilities | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of facilities owned | facility | 12 | 31 | 70 | |||||
Skilled Nursing Facilities | Laurel Healthcare Holdings [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Number of facilities owned | facility | 10 | |||||||
Purchase price of buildings acquired paid in cash | $ 169,000,000 | |||||||
Cash Flow Hedging [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Cash flow hedges recorded at fair value | $ 4,000,000 | $ 1,500,000 | ||||||
Omega OP | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of limited partnership interests owned | 96.00% | |||||||
Laurel Healthcare Holdings [Member] | Skilled Nursing Facilities | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of ownership interest | 34.00% | |||||||
Omega Op Units [Member] | Omega OP | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of limited partnership interests owned | 96.00% | |||||||
Other Investors | Omega OP | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of limited partnership interests owned | 4.00% |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Basis of Presentation and Significant Accounting Policies [Abstract] | |||
Contractual receivables | $ 34,901 | $ 43,258 | |
Effective yield interest receivables | 12,741 | 11,673 | |
Straight-line rent receivables - net | 251,166 | 216,054 | |
Lease inducements | 49,644 | $ 28,000 | 16,812 |
Reduction of contingent liability amount | 22,000 | ||
Allowance | (1,075) | (8,463) | |
Accounts receivable - net | $ 347,377 | $ 279,334 |
PROPERTIES - Leased Property (N
PROPERTIES - Leased Property (Narrative) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 28, 2018property | |
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 924 | |||
Approximate purchase price | $ | $ 105.7 | $ 412.7 | $ 1,022.8 | |
Minimum | Property Subject to Operating Lease | ||||
Real Estate Properties [Line Items] | ||||
Master lease agreement term | 5 years | |||
Maximum | Property Subject to Operating Lease | ||||
Real Estate Properties [Line Items] | ||||
Master lease agreement term | 15 years | |||
Land | ||||
Real Estate Properties [Line Items] | ||||
Approximate purchase price | $ | $ 13.4 | $ 56.7 | $ 100.4 | |
Skilled Nursing Facilities | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 7 | |||
Skilled Nursing Facilities | Property Subject to Operating Lease | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 719 | |||
Assisted Living Facilities | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | |||
Assisted Living Facilities | Property Subject to Operating Lease | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 116 | |||
Specialty | Property Subject to Operating Lease | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 14 | |||
Medical Office Building | Property Subject to Operating Lease | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | 1 | |||
Two Parcels Acquired [Member] | Land | ||||
Real Estate Properties [Line Items] | ||||
Approximate purchase price | $ | $ 3.5 |
PROPERTIES - Summary of our inv
PROPERTIES - Summary of our investment in leased real estate properties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | |||
Total real estate investments | $ 7,746,410 | $ 7,655,960 | |
Less accumulated depreciation | (1,562,619) | (1,376,828) | |
Real estate investments - net | 6,183,791 | 6,279,132 | |
Capitalized interest | 11,100 | 8,000 | $ 6,600 |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Total real estate investments | 6,056,820 | 6,098,119 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total real estate investments | 786,174 | 795,874 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total real estate investments | 447,610 | 440,737 | |
Site improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total real estate investments | 250,917 | 227,150 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Total real estate investments | $ 204,889 | $ 94,080 |
PROPERTIES - Future minimum est
PROPERTIES - Future minimum estimated contractual rents due (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Properties and Investments [Abstract] | |
2,019 | $ 680,627 |
2,020 | 698,719 |
2,021 | 716,426 |
2,022 | 715,427 |
2,023 | 703,167 |
Thereafter | 4,026,317 |
Total | $ 7,540,683 |
PROPERTIES - 2018 Acquisitions
PROPERTIES - 2018 Acquisitions and Other (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Mar. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Sep. 30, 2017USD ($)facility | Jun. 30, 2017USD ($)facility | Mar. 31, 2017USD ($)facility | Sep. 30, 2016USD ($)facility | Jun. 30, 2016USD ($)facility | Mar. 31, 2016USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($)facility | Sep. 28, 2018property | |
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 924 | 924 | ||||||||||||
Total Investment | $ 105,700 | $ 412,700 | $ 1,022,800 | |||||||||||
Deferred Tax Liabilities, Gross | $ 12,386 | $ 14,264 | $ 12,386 | $ 14,264 | ||||||||||
Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 12 | 31 | 12 | 31 | 70 | |||||||||
Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 3 | 20 | 3 | 20 | 20 | |||||||||
Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 13,400 | $ 56,700 | $ 100,400 | |||||||||||
Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 86,400 | 331,500 | 876,600 | |||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 5,900 | $ 24,500 | $ 45,800 | |||||||||||
United Kingdom | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 4,000 | $ 124,200 | $ 111,900 | $ 8,300 | ||||||||||
Initial Annual Cash Yield (%) | 8.50% | 8.50% | 7.00% | 7.00% | ||||||||||
Deferred Tax Liabilities, Gross | $ 400 | $ 8,200 | ||||||||||||
United Kingdom | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | 18 | 10 | 1 | ||||||||||
United Kingdom | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 900 | $ 34,100 | $ 24,800 | $ 1,400 | ||||||||||
United Kingdom | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 2,900 | 85,100 | 83,900 | 6,700 | ||||||||||
United Kingdom | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 200 | $ 5,000 | 3,200 | 200 | ||||||||||
UNITED KINGDOM One | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 5,700 | $ 6,100 | ||||||||||||
Initial Annual Cash Yield (%) | 8.50% | 7.00% | ||||||||||||
Deferred Tax Liabilities, Gross | $ 200 | |||||||||||||
UNITED KINGDOM One | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | 1 | ||||||||||||
UNITED KINGDOM One | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 1,400 | $ 600 | ||||||||||||
UNITED KINGDOM One | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 4,100 | 5,300 | ||||||||||||
UNITED KINGDOM One | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 200 | $ 200 | ||||||||||||
Pennsylvania | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 35,100 | $ 7,400 | ||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | ||||||||||||
Pennsylvania | Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 3 | 1 | 3 | |||||||||||
Pennsylvania | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | 1 | ||||||||||||
Pennsylvania | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 4,100 | $ 1,600 | ||||||||||||
Pennsylvania | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 29,200 | 5,400 | ||||||||||||
Pennsylvania | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 1,800 | 400 | ||||||||||||
Virginia | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 13,200 | |||||||||||||
Initial Annual Cash Yield (%) | 9.50% | |||||||||||||
Virginia | Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | |||||||||||||
Virginia | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | |||||||||||||
Total Investment | $ 7,600 | |||||||||||||
Initial Annual Cash Yield (%) | 7.50% | |||||||||||||
Virginia | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 2,400 | |||||||||||||
Virginia | Land | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 500 | |||||||||||||
Virginia | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 10,500 | |||||||||||||
Virginia | Site improvements | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 6,800 | |||||||||||||
Virginia | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 300 | |||||||||||||
Virginia | Furniture, fixtures and equipment | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 300 | |||||||||||||
Texas | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 22,800 | $ 40,000 | $ 2,300 | $ 66,000 | ||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.25% | 9.25% | 6.80% | ||||||||||
Texas | Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 5 | 6 | 6 | |||||||||||
Texas | Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | 3 | ||||||||||||
Texas | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 500 | $ 1,000 | $ 700 | $ 5,800 | ||||||||||
Texas | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 20,400 | 35,100 | 1,500 | 58,600 | ||||||||||
Texas | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 1,900 | $ 3,900 | 100 | $ 1,600 | ||||||||||
Indiana | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 8,300 | $ 211,000 | ||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | ||||||||||||
Indiana | Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | 15 | 1 | |||||||||||
Indiana | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 1,700 | $ 18,000 | ||||||||||||
Indiana | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 6,000 | 180,200 | ||||||||||||
Indiana | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 600 | $ 12,800 | ||||||||||||
Ohio | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 9,200 | $ 9,000 | ||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.00% | ||||||||||||
Ohio | Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | facility | 1 | 1 | 1 | |||||||||||
Ohio | Land | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 800 | |||||||||||||
Ohio | Site improvements | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | 7,900 | $ 8,600 | ||||||||||||
Ohio | Furniture, fixtures and equipment | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Investment | $ 500 | $ 400 | ||||||||||||
Skilled Nursing Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | property | 7 | |||||||||||||
Assisted Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of Facilities | property | 1 |
PROPERTIES - 2018 Acquisition_2
PROPERTIES - 2018 Acquisitions and Other (Narrative) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018USD ($)facility | Mar. 31, 2018 | Dec. 31, 2017USD ($) | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018USD ($)facilityproperty | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | |
Real Estate Properties [Line Items] | |||||||||
Total cash proceeds | $ 63,200 | $ 188,000 | $ 309,600 | $ 257,800 | $ 169,600 | ||||
Real estate investments | 7,746,410 | 7,655,960 | 7,746,410 | 7,655,960 | |||||
Other investments, gross | 504,626 | 276,715 | $ 504,626 | $ 276,715 | |||||
Minimum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Claims against indemnities term | 18 months | ||||||||
Maximum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Claims against indemnities term | 36 months | ||||||||
United Kingdom | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of annual cash yield | 8.50% | 8.50% | 7.00% | 7.00% | |||||
Land | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number Of Properties Added | property | 2 | 3 | 5 | ||||||
Real estate investments | 786,174 | 795,874 | $ 786,174 | $ 795,874 | |||||
Site improvements | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | 250,917 | 227,150 | 250,917 | 227,150 | |||||
Furniture, fixtures and equipment | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | 447,610 | $ 440,737 | 447,610 | $ 440,737 | |||||
Existing Operator | Land | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | 11,200 | 11,200 | |||||||
Existing Operator | Site improvements | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | 159,100 | 159,100 | |||||||
Existing Operator | Furniture, fixtures and equipment | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | 14,200 | 14,200 | |||||||
Real Estate Investment | Existing Operator | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | 184,500 | 184,500 | |||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | |||||||||
Real Estate Properties [Line Items] | |||||||||
Carrying amount of facility Net | 184,500 | $ 184,500 | |||||||
Percentage of annual cash yield | 9.00% | ||||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Working Capital Loans [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Maximum borrowing capacity | 45,700 | $ 45,700 | |||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Commitments to Fund Capital Improvement | |||||||||
Real Estate Properties [Line Items] | |||||||||
Other investments, gross | 10,600 | 10,600 | |||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Indemnity Funding | |||||||||
Real Estate Properties [Line Items] | |||||||||
Other investments, gross | $ 7,400 | $ 7,400 | |||||||
Skilled Nursing Facilities | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of facilities transitioned | facility | 21 | 21 | |||||||
Total cash proceeds | $ 25,000 | ||||||||
Assisted Living Facilities | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of facilities transitioned | facility | 1 | 1 |
PROPERTIES - 2017 Acquisitions
PROPERTIES - 2017 Acquisitions and Other (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Mar. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Sep. 30, 2017USD ($)facility | Jun. 30, 2017USD ($)facility | Mar. 31, 2017USD ($)facility | Jun. 30, 2016USD ($)facility | Mar. 31, 2016USD ($)facility | Dec. 31, 2018USD ($)facilityproperty | Dec. 31, 2017USD ($)facilityproperty | Dec. 31, 2016USD ($)facilityproperty | |
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 924 | 924 | ||||||||||
Total Investment | $ 105,700 | $ 412,700 | $ 1,022,800 | |||||||||
Deferred tax liability | $ 12,386 | $ 14,264 | $ 12,386 | $ 14,264 | ||||||||
Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 12 | 31 | 12 | 31 | 70 | |||||||
Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 3 | 20 | 3 | 20 | 20 | |||||||
Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 13,400 | $ 56,700 | $ 100,400 | |||||||||
Number Of Properties Added | property | 2 | 3 | 5 | |||||||||
3 Parcels of Land Acquired [Member} | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 6,700 | |||||||||||
Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 86,400 | 331,500 | $ 876,600 | |||||||||
Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 5,900 | $ 24,500 | $ 45,800 | |||||||||
Virginia | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 13,200 | |||||||||||
Initial Annual Cash Yield (%) | 9.50% | |||||||||||
Virginia | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | |||||||||||
Virginia | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | |||||||||||
Total Investment | $ 7,600 | |||||||||||
Initial Annual Cash Yield (%) | 7.50% | |||||||||||
Virginia | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 2,400 | |||||||||||
Virginia | Land | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 500 | |||||||||||
Virginia | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 10,500 | |||||||||||
Virginia | Site improvements | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 6,800 | |||||||||||
Virginia | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 300 | |||||||||||
Virginia | Furniture, fixtures and equipment | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 300 | |||||||||||
North Carolina | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 8,600 | |||||||||||
Initial Annual Cash Yield (%) | 9.50% | |||||||||||
North Carolina | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | |||||||||||
North Carolina | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 700 | |||||||||||
North Carolina | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 7,300 | |||||||||||
North Carolina | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 600 | |||||||||||
United Kingdom | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 4,000 | $ 124,200 | $ 111,900 | $ 8,300 | ||||||||
Initial Annual Cash Yield (%) | 8.50% | 8.50% | 7.00% | 7.00% | ||||||||
Deferred tax liability | $ 400 | $ 8,200 | ||||||||||
Acquisitions costs | $ 1,200 | |||||||||||
United Kingdom | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 18 | 10 | 1 | ||||||||
United Kingdom | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 900 | $ 34,100 | $ 24,800 | $ 1,400 | ||||||||
United Kingdom | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 2,900 | 85,100 | 83,900 | 6,700 | ||||||||
United Kingdom | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 200 | $ 5,000 | 3,200 | $ 200 | ||||||||
Texas | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 22,800 | $ 40,000 | $ 2,300 | $ 66,000 | ||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.25% | 9.25% | 6.80% | ||||||||
Texas | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 5 | 6 | 6 | |||||||||
Texas | Skilled Nursing Facilities | Other Restructuring [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 9 | |||||||||||
Recorded an impairment on direct financing lease | $ 1,800 | |||||||||||
Texas | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 3 | ||||||||||
Texas | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 500 | $ 1,000 | $ 700 | $ 5,800 | ||||||||
Texas | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 20,400 | 35,100 | 1,500 | 58,600 | ||||||||
Texas | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1,900 | $ 3,900 | 100 | $ 1,600 | ||||||||
Indiana | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 8,300 | $ 211,000 | ||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | ||||||||||
Indiana | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 15 | 1 | |||||||||
Indiana | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1,700 | $ 18,000 | ||||||||||
Indiana | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 6,000 | 180,200 | ||||||||||
Indiana | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 600 | $ 12,800 |
PROPERTIES - 2016 Acquisitions
PROPERTIES - 2016 Acquisitions and Other (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Mar. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Sep. 30, 2017USD ($)facility | Jun. 30, 2017USD ($)facility | Sep. 30, 2016USD ($)facility | Jun. 30, 2016USD ($)facility | Mar. 31, 2016USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($)facility | |
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 924 | 924 | ||||||||||
Total Investment | $ 105.7 | $ 412.7 | $ 1,022.8 | |||||||||
Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 12 | 31 | 12 | 31 | 70 | |||||||
Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 3 | 20 | 3 | 20 | 20 | |||||||
Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 13.4 | $ 56.7 | $ 100.4 | |||||||||
Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 86.4 | 331.5 | 876.6 | |||||||||
Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 5.9 | $ 24.5 | $ 45.8 | |||||||||
United Kingdom | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 4 | $ 124.2 | $ 111.9 | $ 8.3 | ||||||||
Initial Annual Cash Yield (%) | 8.50% | 8.50% | 7.00% | 7.00% | ||||||||
United Kingdom | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 18 | 10 | 1 | ||||||||
United Kingdom | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 0.9 | $ 34.1 | $ 24.8 | $ 1.4 | ||||||||
United Kingdom | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 2.9 | 85.1 | 83.9 | 6.7 | ||||||||
United Kingdom | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 0.2 | $ 5 | 3.2 | 0.2 | ||||||||
UNITED KINGDOM One | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 5.7 | $ 6.1 | ||||||||||
Initial Annual Cash Yield (%) | 8.50% | 7.00% | ||||||||||
UNITED KINGDOM One | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 1 | ||||||||||
UNITED KINGDOM One | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1.4 | $ 0.6 | ||||||||||
UNITED KINGDOM One | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 4.1 | 5.3 | ||||||||||
UNITED KINGDOM One | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 0.2 | 0.2 | ||||||||||
Ohio Virginia And Michigan [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 169 | |||||||||||
Initial Annual Cash Yield (%) | 8.50% | |||||||||||
Ohio Virginia And Michigan [Member] | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 10 | |||||||||||
Ohio Virginia And Michigan [Member] | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 10.5 | |||||||||||
Ohio Virginia And Michigan [Member] | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 152.5 | |||||||||||
Ohio Virginia And Michigan [Member] | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 6 | |||||||||||
Florida | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 4.3 | |||||||||||
Initial Annual Cash Yield (%) | 8.00% | |||||||||||
Florida | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | |||||||||||
Florida | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 2.3 | |||||||||||
Florida | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 1.8 | |||||||||||
Florida | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 0.2 | |||||||||||
Florida One [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 16.5 | |||||||||||
Initial Annual Cash Yield (%) | 8.00% | |||||||||||
Florida One [Member] | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | |||||||||||
Florida One [Member] | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1.8 | |||||||||||
Florida One [Member] | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 14.3 | |||||||||||
Florida One [Member] | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 0.4 | |||||||||||
Georgia | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 2.5 | $ 20.2 | ||||||||||
Initial Annual Cash Yield (%) | 8.00% | 7.50% | ||||||||||
Georgia | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 2 | ||||||||||
Georgia | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 0.2 | $ 0.8 | ||||||||||
Georgia | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 2.1 | 18.3 | ||||||||||
Georgia | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 0.2 | 1.1 | ||||||||||
Maryland | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 25 | |||||||||||
Initial Annual Cash Yield (%) | 8.50% | |||||||||||
Maryland | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 3 | |||||||||||
Maryland | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 2.5 | |||||||||||
Maryland | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 19.9 | |||||||||||
Maryland | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 2.6 | |||||||||||
Virginia And North Carolina [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 212.5 | |||||||||||
Initial Annual Cash Yield (%) | 8.50% | |||||||||||
Virginia And North Carolina [Member] | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 21 | |||||||||||
Virginia And North Carolina [Member] | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 19.3 | |||||||||||
Virginia And North Carolina [Member] | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 181.1 | |||||||||||
Virginia And North Carolina [Member] | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 12.1 | |||||||||||
Texas | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 22.8 | $ 40 | $ 2.3 | $ 66 | ||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.25% | 9.25% | 6.80% | ||||||||
Texas | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 5 | 6 | 6 | |||||||||
Texas | Assisted Living Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 3 | ||||||||||
Texas | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 0.5 | $ 1 | $ 0.7 | $ 5.8 | ||||||||
Texas | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 20.4 | 35.1 | 1.5 | 58.6 | ||||||||
Texas | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1.9 | $ 3.9 | 0.1 | 1.6 | ||||||||
Texas Two [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 19 | |||||||||||
Initial Annual Cash Yield (%) | 18.60% | |||||||||||
Texas Two [Member] | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 9 | |||||||||||
Texas Two [Member] | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1.7 | |||||||||||
Texas Two [Member] | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 15.5 | |||||||||||
Texas Two [Member] | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 1.8 | |||||||||||
Colorado And Missouri [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 31.8 | |||||||||||
Initial Annual Cash Yield (%) | 9.00% | |||||||||||
Colorado And Missouri [Member] | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 3 | |||||||||||
Colorado And Missouri [Member] | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 3.1 | |||||||||||
Colorado And Missouri [Member] | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 26.2 | |||||||||||
Colorado And Missouri [Member] | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 2.5 | |||||||||||
South Carolina | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 10.1 | |||||||||||
Initial Annual Cash Yield (%) | 9.00% | |||||||||||
South Carolina | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | |||||||||||
South Carolina | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 2.7 | |||||||||||
South Carolina | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 6.5 | |||||||||||
South Carolina | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 0.9 | |||||||||||
Ohio | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 9.2 | $ 9 | ||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.00% | ||||||||||
Ohio | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 1 | 1 | 1 | |||||||||
Ohio | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 0.8 | |||||||||||
Ohio | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 7.9 | $ 8.6 | ||||||||||
Ohio | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 0.5 | 0.4 | ||||||||||
FL, KY,TN | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 329.6 | |||||||||||
Initial Annual Cash Yield (%) | 9.00% | |||||||||||
FL, KY,TN | Skilled Nursing Facilities | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of Facilities | facility | 31 | |||||||||||
FL, KY,TN | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 24.6 | |||||||||||
FL, KY,TN | Site improvements | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 290.8 | |||||||||||
FL, KY,TN | Furniture, fixtures and equipment | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 14.2 |
PROPERTIES - 2016 Acquisition_2
PROPERTIES - 2016 Acquisitions and Other (Narrative) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | |
Real Estate Properties [Line Items] | ||||||||||||
Cash consideration | $ 63,200 | $ 188,000 | $ 309,600 | $ 257,800 | $ 169,600 | |||||||
Rental revenue | 767,340 | 775,176 | 743,885 | |||||||||
Acquisition costs | 383 | 9,582 | ||||||||||
Goodwill, acquired during period | 0 | |||||||||||
Goodwill | 643,950 | 644,690 | 643,950 | 644,690 | 643,474 | |||||||
Remaining facilities payment due in April 2018 | $ 1,500 | |||||||||||
Total Investment | $ 105,700 | $ 412,700 | $ 1,022,800 | |||||||||
Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of properties acquired | property | 2 | 3 | 5 | |||||||||
Total Investment | $ 13,400 | $ 56,700 | $ 100,400 | |||||||||
5 Parcels of Land Acquired [Member] | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 8,300 | |||||||||||
FL, KY,TN | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Fair value of purchase option buyout obligation | $ 29,600 | |||||||||||
Fair value of acquired term loan | 37,000 | |||||||||||
Total Investment | 329,600 | |||||||||||
FL, KY,TN | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | 24,600 | |||||||||||
United Kingdom | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Deferred tax asset on acquisition of investment | 1,900 | |||||||||||
Total Investment | $ 4,000 | $ 124,200 | 111,900 | $ 8,300 | ||||||||
United Kingdom | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 900 | $ 34,100 | 24,800 | $ 1,400 | ||||||||
Texas | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Cash payment to acquire facilities | 63,000 | |||||||||||
Additional agreed payment due in April 2017 | 1,500 | |||||||||||
Total Investment | $ 22,800 | 40,000 | $ 2,300 | 66,000 | ||||||||
Texas | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 500 | $ 1,000 | $ 700 | $ 5,800 | ||||||||
Ohio | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Cash payment to acquire facilities | 3,500 | |||||||||||
Remainder of purchase price funded by redemption of a note | 5,500 | |||||||||||
Total Investment | 9,200 | $ 9,000 | ||||||||||
Ohio | Land | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Total Investment | $ 800 | |||||||||||
Acquisitions 2016 And Other | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Rental revenue | $ 58,100 |
PROPERTIES - Assets Sold or Hel
PROPERTIES - Assets Sold or Held for Sale (Narrative) (Detail) $ in Thousands | Jan. 01, 2018USD ($) | Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)itemfacility | Dec. 31, 2016USD ($)facility | Sep. 30, 2018facility | Sep. 30, 2017facility | Dec. 31, 2015facility |
Real Estate Properties [Line Items] | ||||||||||
Number of previously classified as held for sale | facility | 22 | 22 | 14 | 9 | 2 | 3 | ||||
Total cash proceeds | $ 63,200 | $ 188,000 | $ 309,600 | $ 257,800 | $ 169,600 | |||||
Amount of gain (loss) from sale of facilities | 15,500 | 46,400 | 24,800 | 53,900 | 50,200 | |||||
Provision for impairment on real estate properties | $ 3,200 | $ 63,500 | $ 35,000 | $ 99,100 | $ 58,700 | |||||
Number of facilities with impairment charges | facility | 3 | 32 | 35 | 37 | ||||||
Number of subsequently reclassified as held for sale | facility | 2 | 2 | ||||||||
Total proceeds | $ 164,000 | |||||||||
Impairment offset by insurance recovery | 5,200 | |||||||||
Real estate investments | $ 7,746,410 | $ 7,655,960 | 7,746,410 | $ 7,655,960 | ||||||
Real estate investments | $ 504,626 | $ 276,715 | $ 504,626 | $ 276,715 | ||||||
Number of facilities sold | facility | 14 | 32 | 78 | 52 | 38 | |||||
Impairment on real estate properties destroyed in a fire | $ 12,600 | |||||||||
Number of facility destroyed in fire | facility | 1 | |||||||||
Wrote off associated with the termination project | $ 2,600 | |||||||||
Number of operator | item | 2 | |||||||||
Deferred gain (loss) on sale of loans | $ 10,000 | |||||||||
Recorded investment properties after impairments | $ 14,800 | $ 125,100 | ||||||||
Properties classified as held for sale after impairment | $ 1,000 | $ 7,700 | $ 1,000 | 7,700 | ||||||
Minimum | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Claims against indemnities term | 18 months | |||||||||
Maximum | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Claims against indemnities term | 36 months | |||||||||
Land | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 786,174 | 795,874 | $ 786,174 | 795,874 | ||||||
Site improvements | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 250,917 | 227,150 | 250,917 | 227,150 | ||||||
Furniture, fixtures and equipment | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 447,610 | 440,737 | 447,610 | 440,737 | ||||||
Existing Operator | Land | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 11,200 | 11,200 | ||||||||
Existing Operator | Site improvements | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 159,100 | 159,100 | ||||||||
Existing Operator | Furniture, fixtures and equipment | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 14,200 | 14,200 | ||||||||
Real Estate Investment | Existing Operator | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 184,500 | 184,500 | ||||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Carrying amount of facility Net | 184,500 | $ 184,500 | ||||||||
Percentage of annual cash yield | 9.00% | |||||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Working Capital Loans [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Maximum borrowing capacity | 45,700 | $ 45,700 | ||||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Commitments to Fund Capital Improvement | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | 10,600 | 10,600 | ||||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Indemnity Funding | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Real estate investments | $ 7,400 | 7,400 | ||||||||
Skilled Nursing Facilities | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Total cash proceeds | 25,000 | |||||||||
Amount of gain (loss) from sale of facilities | $ (4,600) | 17,500 | ||||||||
Number of facilities with impairment charges | facility | 29 | |||||||||
Number of facilities transitioned | facility | 21 | 21 | ||||||||
Carrying amount of facility, operating | $ 62,000 | |||||||||
Total proceeds | 78,000 | 43,300 | ||||||||
Assumption of HUD mortgages | 53,000 | |||||||||
Closing cost | $ 5,000 | $ 2,600 | ||||||||
Unsecured loan to principal | $ 39,700 | |||||||||
Number of facilities sold | facility | 12 | |||||||||
Number of facility not qualify for sale | facility | 10 | |||||||||
Carrying amount of facility | $ 23,200 | $ 23,200 | ||||||||
Recognized net gain sale of loan | 7,500 | |||||||||
Deferred gain (loss) on sale of loans | $ 10,000 | |||||||||
Skilled Nursing Facilities | 21 Skilled Nursing Facilities and 1 Assisted Living Facility | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Amount of gain (loss) from sale of facilities | $ 11,000 | |||||||||
Assisted Living Facilities | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of facilities transitioned | facility | 1 | 1 |
DIRECT FINANCING LEASES (Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) $ in Thousands | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility |
Capital Leased Assets [Line Items] | ||
Minimum lease payments receivable | $ 28,294 | $ 64,893 |
Less unearned income | (16,577) | (37,633) |
Less allowance for loss on direct financing lease | (103,200) | (172,172) |
Investment in direct financing leases - net | $ 132,262 | $ 364,965 |
Properties subject to direct financing leases | facility | 17 | 41 |
Number of direct financing leases | facility | 3 | 5 |
Orianna | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases | $ 223,745 | $ 509,877 |
Non-Orianna | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases | $ 11,717 | $ 27,260 |
DIRECT FINANCING LEASES (Narr_2
DIRECT FINANCING LEASES (Narrative 1) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 132,262 | $ 364,965 |
Orianna | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 120,545 | 337,705 |
Reliance Health Care Management, Inc [Member] | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 15,458 | |
Sun Mar Healthcare [Member] | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 11,491 | 11,481 |
Markleysburg Healthcare Investors, LP [Member] | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 226 | $ 321 |
DIRECT FINANCING LEASES (Narr_3
DIRECT FINANCING LEASES (Narrative 2) (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Direct Financing Leases [Abstract] | |
2,019 | $ 1,177 |
2,020 | 1,170 |
2,021 | 1,084 |
2,022 | 1,106 |
2,023 | $ 1,128 |
DIRECT FINANCING LEASES (Narr_4
DIRECT FINANCING LEASES (Narrative 3) (Detail) $ in Thousands | Feb. 13, 2019USD ($) | Jan. 16, 2019USD ($)facility | Jan. 11, 2019USD ($)facility | Mar. 31, 2018USD ($)facility | Nov. 27, 2013USD ($)leasefacility | Dec. 31, 2018USD ($)facility | Sep. 30, 2018USD ($)facility | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($)facility | Sep. 30, 2017USD ($)facility | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)facility | Sep. 28, 2018property |
Capital Leased Assets [Line Items] | ||||||||||||||||
Total proceeds | $ 164,000 | |||||||||||||||
Approximate purchase price | $ 105,700 | $ 412,700 | $ 1,022,800 | |||||||||||||
Number of facilities owned | facility | 924 | 924 | 924 | |||||||||||||
Impairment on real estate properties | $ 35,014 | 99,070 | 58,726 | |||||||||||||
Rental income | 767,340 | 775,176 | $ 743,885 | |||||||||||||
Accounts receivable - net | $ 347,377 | $ 279,334 | $ 347,377 | 279,334 | $ 347,377 | |||||||||||
Direct financing lease, lease income | 0 | |||||||||||||||
Operating lease, Lease income | $ 0 | |||||||||||||||
Minimum | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Fair value of annual rents | $ 32,000 | |||||||||||||||
Rental yields | 9.00% | |||||||||||||||
Maximum | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Fair value of annual rents | $ 38,000 | |||||||||||||||
Rental yields | 10.00% | |||||||||||||||
Seller Note Maturing January 11, 2026 [Member] | Subsequent event | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Interest rate | 6.00% | |||||||||||||||
Five Existing Operators [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Rental income | $ 16,800 | |||||||||||||||
Distribution Trust [Member] | Subsequent event | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Total proceeds | $ 115,800 | |||||||||||||||
Cash | 5,600 | |||||||||||||||
Accounts receivable - net | 21,300 | |||||||||||||||
Estimated cost to pay other creditors | $ 26,900 | |||||||||||||||
Proceeds from partial liquidation of trust | $ 78,800 | |||||||||||||||
Operating Lease [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities owned | facility | 3 | 3 | 3 | |||||||||||||
Number of remaining facilities | facility | 3 | |||||||||||||||
Recorded investment in operating lease | $ 30,500 | $ 30,500 | $ 30,500 | |||||||||||||
Northwest [Member] | Direct Financing Leases [Member] | Sales Agreement [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Proceeds from sale of facility | 33,300 | |||||||||||||||
Impairment on real estate properties | 3,300 | |||||||||||||||
Southeast [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of remaining facilities | facility | 38 | |||||||||||||||
Texas | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Approximate purchase price | $ 22,800 | $ 40,000 | $ 2,300 | $ 66,000 | ||||||||||||
Orianna | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Working capital receivable outstanding | 15,200 | 15,200 | 15,200 | |||||||||||||
Approximate purchase price | $ 529,000 | |||||||||||||||
Number of leases | lease | 4 | |||||||||||||||
Master lease term | 50 years | |||||||||||||||
Interest on lease per annum | 10.60% | |||||||||||||||
Carrying amount of facility Net | $ 184,500 | |||||||||||||||
Allowance for loss under direct financing leases | $ 172,200 | 172,200 | ||||||||||||||
Number of facilities transitioned | facility | 22 | |||||||||||||||
Additional provision for uncollectible accounts | 27,200 | |||||||||||||||
Recorded investment in direct financing leases | $ 337,700 | |||||||||||||||
Orianna | Subsequent event | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Approximate purchase price | $ 146,000 | |||||||||||||||
Consideration | $ 176,000 | |||||||||||||||
Amortization period | 15 years | |||||||||||||||
Orianna | Seller Note Maturing January 11, 2026 [Member] | Subsequent event | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Seller note held by the company | $ 30,000 | |||||||||||||||
Orianna | Restructuring Support Agreement ("RSA") | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Monthly rent payment under restructuring | $ 1,000 | |||||||||||||||
Number of facilities transitioned | facility | 23 | |||||||||||||||
Number of facilities to be sold | facility | 19 | |||||||||||||||
Amount committed as debtor in possession financing | $ 30,000 | |||||||||||||||
Orianna | Northwest [Member] | Sales Agreement [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities sold | facility | 8 | 8 | ||||||||||||||
Carrying amount of facility | $ 36,400 | $ 36,400 | ||||||||||||||
Orianna | Southeast [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Carrying amount of facility Net | $ 120,500 | 120,500 | $ 120,500 | |||||||||||||
Impairment on real estate properties | 20,800 | |||||||||||||||
Outstanding receivable reduction | 19,300 | |||||||||||||||
Allowance for loss under direct financing leases | $ 103,200 | |||||||||||||||
Orianna | Southeast [Member] | Direct Financing Leases [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of remaining facilities | facility | 15 | |||||||||||||||
Orianna | Texas | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Impairment on real estate properties | 1,800 | |||||||||||||||
Written down value of direct financing lease assets to original cost | $ 19,000 | |||||||||||||||
Skilled Nursing Facilities | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities sold | facility | 1 | 1 | 1 | |||||||||||||
Carrying amount of facility | $ 15,400 | $ 15,400 | $ 15,400 | |||||||||||||
Total proceeds | $ 15,400 | |||||||||||||||
Number of facilities owned | property | 7 | |||||||||||||||
Skilled Nursing Facilities | Subsequent event | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of remaining facilities | facility | 15 | |||||||||||||||
Skilled Nursing Facilities | Distribution Trust [Member] | Subsequent event | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities sold | facility | 15 | |||||||||||||||
Skilled Nursing Facilities | Texas | Direct Financing Leases [Member] | Existing Operator | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities transitioned | 9 | 9 | ||||||||||||||
Skilled Nursing Facilities | Orianna | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Carrying amount of facility | $ 5,500 | |||||||||||||||
Total proceeds | $ 5,500 | |||||||||||||||
Skilled Nursing Facilities | Orianna | Direct Financing Leases [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities owned | facility | 55 | 1 | ||||||||||||||
Assisted Living Facilities | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities owned | property | 1 | |||||||||||||||
Assisted Living Facilities | Orianna | Direct Financing Leases [Member] | ||||||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||||||
Number of facilities owned | facility | 1 |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2018stateentityproperty | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of states | state | 41 |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Mortgage loans on real estate, number of loans | property | 6 |
Number of long term care facilities | property | 54 |
Number of states | state | 6 |
Number of independent healthcare operating companies | entity | 6 |
MORTGAGE NOTES RECEIVABLE (Sche
MORTGAGE NOTES RECEIVABLE (Schedule of Receivables) (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)contractproperty | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 17, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage notes receivable, gross | $ 715,763 | $ 676,137 | |||
Allowance for loss on mortgage notes receivable | (4,905) | (4,905) | |||
Total mortgages - net | 710,858 | 671,232 | $ 639,343 | $ 679,795 | |
Mortgage Note Due 2027 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage notes receivable, gross | $ 112,500 | 112,500 | $ 112,500 | ||
Mortgage loans on real estate, interest rate | 10.18% | ||||
Maturity year | 2,027 | ||||
Mortgage Note Due 2029 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage notes receivable, gross | $ 537,515 | 476,320 | |||
Mortgage loans on real estate, interest rate | 9.87% | ||||
Maturity year | 2,029 | ||||
Number of facilities used in weighted average interest rate | property | 39 | ||||
Other Mortgage Notes Member | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage notes receivable, gross | $ 65,748 | 87,317 | |||
Mortgage loans on real estate, interest rate | 11.25% | ||||
Minimum | Other Mortgage Notes Member | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity year | 2,019 | ||||
Maximum | Other Mortgage Notes Member | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity year | 2,028 | ||||
Commercial Borrower [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage notes receivable, gross | $ 1,500 | $ 1,500 | |||
Mortgage loans on real estate, number of loans | contract | 1 | 1 | |||
Construction Loans [Member] | Mortgage Note Due 2029 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage notes receivable, gross | $ 20,500 | ||||
Maturity year | 2,029 | ||||
Mortgage loans on real estate, number of loans | contract | 2 | ||||
Construction Loans [Member] | Other Mortgage Notes Member | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity year | 2,019 |
MORTGAGE NOTES RECEIVABLE (Note
MORTGAGE NOTES RECEIVABLE (Notes Due 2027 Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018USD ($)state | Dec. 31, 2017USD ($) | Jan. 17, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of states | state | 41 | |||
Mortgage notes receivable, gross | $ 715,763 | $ 676,137 | ||
Mortgage Note Due 2027 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable, gross | $ 112,500 | $ 112,500 | $ 112,500 | |
Mortgage loans on real estate, interest rate | 10.18% | |||
Mortgage loans on real estate, maturity date | Jan. 31, 2027 | |||
Maturity year | 2,027 | |||
Tranche One [Member] | Mortgage Note Due 2027 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, maturity date | Jan. 31, 2032 | |||
Tranche Two [Member] | Mortgage Note Due 2027 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, maturity date | Sep. 30, 2034 |
MORTGAGE NOTES RECEIVABLE (No_2
MORTGAGE NOTES RECEIVABLE (Notes Due 2029 Narrative) (Detail) $ in Thousands | Jun. 30, 2014USD ($)contractproperty | Jun. 30, 2018USD ($)property | Dec. 31, 2018USD ($)contractproperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable, gross | $ 715,763 | $ 676,137 | ||||
Mortgage notes receivable | $ 710,858 | 671,232 | $ 639,343 | $ 679,795 | ||
Mortgage Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans on real estate, number of loans | property | 6 | |||||
Number of long term care facilities | property | 54 | |||||
Mortgage Note Due 2029 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable, gross | $ 537,515 | $ 476,320 | ||||
Mortgage loans on real estate, interest rate | 9.87% | |||||
Maturity year | 2,029 | |||||
Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable, gross | $ 415,000 | |||||
Mortgage notes receivable | $ 117,000 | $ 409,300 | ||||
Mortgage loans on real estate, number of loans | contract | 1 | |||||
Mortgage loans on real estate, interest rate | 9.00% | 9.90% | ||||
Number of long term care facilities | property | 17 | 30 | ||||
Number of additional facilities for mortgage financing | property | 14 | |||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | |||||
Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 84,100 | |||||
Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans on real estate, interest rate | 8.50% | |||||
Percentage of mortgage loan fixed annual escalators | 2.00% | |||||
Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans on real estate, interest rate | 10.00% | |||||
Percentage of mortgage loan fixed annual escalators | 2.50% | |||||
Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Tranche One [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity year | 2,019 | |||||
Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Tranche Two [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity year | 2,029 | |||||
Mortgage Note Due 2029 [Member] | Second Amended Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable, gross | $ 44,700 | |||||
Mortgage notes receivable | $ 44,200 | |||||
Mortgage loans on real estate, interest rate | 9.50% | |||||
Number of additional facilities for mortgage financing | property | 5 | |||||
Mortgage receivable, additional funds committed | 9,600 | |||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | |||||
Mortgage Note Due 2029 [Member] | Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable, gross | $ 20,500 | |||||
Mortgage loans on real estate, number of loans | contract | 2 | |||||
Maturity year | 2,029 |
MORTGAGE NOTES RECEIVABLE (No_3
MORTGAGE NOTES RECEIVABLE (Notes Paid Off Narrative) (Detail) $ in Thousands | 1 Months Ended | ||||
Jan. 31, 2018USD ($)loan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage Loans on Real Estate | $ 710,858 | $ 671,232 | $ 639,343 | $ 679,795 | |
Mortgage Notes Paid Off [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage Loans on Real Estate | $ 21,200 | ||||
Mortgage Loans, Interest Rate | 8.75% | ||||
Mortgage Loans on Real Estate, Number of Loans | loan | 2 |
OTHER INVESTMENTS (Schedule of
OTHER INVESTMENTS (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 504,626 | $ 276,715 |
Allowance for loss on other investments | (373) | |
Total other investments | 504,626 | 276,342 |
Other Investment Note Due 2018 Through 2022 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 40,242 | 15,115 |
Interest rate | 9.91% | |
Other Investment Note Due 2018 Through 2022 [Member] | Minimum | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2,018 | |
Other Investment Note Due 2018 Through 2022 [Member] | Maximum | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2,022 | |
Other Investment Note Due2019 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 131,452 | |
Interest rate | 9.35% | |
Maturity year | 2,019 | |
Other Investment Note Due 2020 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 71,036 | 49,490 |
Interest rate | 13.06% | |
Maturity year | 2,020 | |
Other Investment Note Due2023 interest at 7.32 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 65,000 | 64,050 |
Interest rate | 7.32% | |
Maturity year | 2,023 | |
Other Investment Note Due2023 interest at 12.00 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 59,454 | 49,708 |
Interest rate | 12.00% | |
Maturity year | 2,023 | |
Other Investment Note Due 2023 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 59,500 | |
Other Investment Note Due 2024 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 46,287 | 31,987 |
Interest rate | 8.38% | |
Other Investment Note Due 2024 Through 2025 [Member] | Minimum | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2,024 | |
Other Investment Note Due 2024 Through 2025 [Member] | Maximum | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2,025 | |
Other Investment notes outstanding | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 91,155 | $ 66,365 |
Interest rate | 8.06% |
OTHER INVESTMENTS (Note Due 201
OTHER INVESTMENTS (Note Due 2018-2022 Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | |||
Mar. 31, 2018 | May 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | ||||
Other investments, gross | $ 504,626 | $ 276,715 | ||
Other investments | 504,626 | 276,342 | ||
Orianna | ||||
Schedule of Investments [Line Items] | ||||
Other investments | $ 40,200 | |||
Other Investment Note Due 2018 Through 2022 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 9.91% | |||
Other investments, gross | $ 40,242 | $ 15,115 | ||
Other Investment Note Due 2018 Through 2022 [Member] | Term Loan [Member] | Orianna | London Interbank Offered Rate (LIBOR) [Member] | ||||
Schedule of Investments [Line Items] | ||||
Financing receivable, face amount | $ 14,200 | |||
Other investments | 14,200 | |||
Basis spread on variable interest rate | 5.50% | |||
Investment Maturity Date | Sep. 30, 2018 | |||
Other Investment Note Due 2018 Through 2022 [Member] | Revolving Credit Facility | Orianna | London Interbank Offered Rate (LIBOR) [Member] | ||||
Schedule of Investments [Line Items] | ||||
Financing receivable, face amount | $ 15,800 | |||
Other investments | $ 15,800 | 10,800 | ||
Basis spread on variable interest rate | 9.00% | |||
Investment Maturity Date | Sep. 30, 2018 | |||
Other Investment Note Due 2018 Through 2022 [Member] | Revolving Working Capital Loan [Member] | Orianna | ||||
Schedule of Investments [Line Items] | ||||
Financing receivable, face amount | $ 18,800 | |||
Other investments | $ 15,200 | |||
Loans Receivable Fixed Rate | 9.00% | |||
Investment Maturity Date | Apr. 30, 2022 | |||
Loan Receivable Default Rate | 5.00% |
OTHER INVESTMENTS (Note Due 2_2
OTHER INVESTMENTS (Note Due 2019 Narrative) (Detail) $ in Thousands | Sep. 28, 2018USD ($)property | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($) |
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 504,626 | $ 276,715 | |
Number of real estate properties | facility | 924 | ||
Other Investment Note Due2019 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 131,452 | ||
Investment Owned, Face Amount | $ 131,300 | ||
Other Investment Note Due2019 [Member] | Term Loan [Member] | |||
Schedule of Investments [Line Items] | |||
Loans receivable fixed rate | 9.35% | ||
Investment maturity date | Feb. 28, 2019 | ||
Origination costs | $ 400 | ||
Skilled Nursing Facilities | |||
Schedule of Investments [Line Items] | |||
Number of real estate properties | property | 7 | ||
Assisted Living Facilities | |||
Schedule of Investments [Line Items] | |||
Number of real estate properties | property | 1 | ||
Independent Living Facilities [Member] | |||
Schedule of Investments [Line Items] | |||
Number of real estate properties | property | 3 |
OTHER INVESTMENTS (Note Due 202
OTHER INVESTMENTS (Note Due 2020 Narrative) (Detail) - USD ($) | Mar. 06, 2018 | Jul. 29, 2016 | Dec. 31, 2018 | Feb. 22, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | |||||
Other investments, gross | $ 504,626,000 | $ 276,715,000 | |||
Other investments | 504,626,000 | 276,342,000 | |||
Orianna | |||||
Schedule of Investments [Line Items] | |||||
Other investments | $ 40,200,000 | ||||
Other Investment Note Due 2020 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 13.06% | ||||
Other investments, gross | $ 71,036,000 | $ 49,490,000 | |||
Other Investment Note Due 2020 [Member] | Secured Term Loan [Member] | Genesis HealthCare | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 16,000,000 | ||||
Other investments | 16,600,000 | ||||
Loans Receivable Fixed Rate | 10.00% | ||||
Loans Receivable Interest Paid-In-Kind | 5.00% | ||||
Investment Maturity Date | Jul. 29, 2020 | ||||
Other Investment Note Due 2020 [Member] | Secured Term Loan [Member] | Genesis HealthCare | London Interbank Offered Rate (LIBOR) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 48,000,000 | $ 48,000,000 | |||
Other investments | $ 54,400,000 | ||||
Loans Receivable Fixed Rate | 14.00% | ||||
Loans Receivable Interest Paid-In-Kind | 9.00% | ||||
Investment Maturity Date | Jul. 29, 2020 | ||||
LIBOR with floor rate | 1.00% | ||||
Basis Spread on Variable Rate | 13.00% | ||||
Debt Instrument, Redemption, Period One [Member] | Other Investment Note Due 2020 [Member] | Secured Term Loan [Member] | Genesis HealthCare | London Interbank Offered Rate (LIBOR) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Notes Receivable Principal Payment | $ 250,000 | ||||
Debt Instrument, Redemption, Period Two [Member] | Other Investment Note Due 2020 [Member] | Secured Term Loan [Member] | Genesis HealthCare | London Interbank Offered Rate (LIBOR) [Member] | |||||
Schedule of Investments [Line Items] | |||||
Principal payments | $ 500,000 |
OTHER INVESTMENTS (Note Due 2_3
OTHER INVESTMENTS (Note Due 2023 Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | May 17, 2017 | Feb. 26, 2016 | Jun. 30, 2015 | |
Schedule of Investments [Line Items] | ||||||
Other investments, gross | $ 504,626 | $ 276,715 | ||||
Other Investment Note Due 2023 [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Other investments, gross | $ 59,500 | |||||
Other Investment Note Due 2023 [Member] | Revolving Credit Facility | ||||||
Schedule of Investments [Line Items] | ||||||
Other investments, gross | $ 15,000 | $ 50,000 | ||||
Interest rate | 9.50% | 6.66% | ||||
Other Investment Note Due 2023 [Member] | Mezzanine Loan [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Financing receivable, face amount | $ 50,000 | |||||
Notes Receivable, Discount | $ 750 | |||||
Loan increase (decrease) | $ 10,000 | |||||
Loans Receivable Fixed Rate | 12.00% | |||||
Investment Maturity Date | May 31, 2023 | |||||
Notes Receivable Principal Payment | 2,500 | |||||
Notes Receivable, Fees Revenue | 1,100 | |||||
Notes Receivable, Fees Revenue Cash Received At Closing | $ 500 | |||||
6.66% Interest rate notes mature on 2023 | ||||||
Schedule of Investments [Line Items] | ||||||
Remaining outstanding amount of loan | $ 50,000 | |||||
9.5% Interest rate notes mature on 2023 | ||||||
Schedule of Investments [Line Items] | ||||||
Remaining outstanding amount of loan | $ 15,000 |
OTHER INVESTMENTS (Note Due 2_4
OTHER INVESTMENTS (Note Due 2024-2025 Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | May 07, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | |
Schedule of Investments [Line Items] | |||||
Other investments, gross | $ 504,626 | $ 276,715 | |||
Other Investment Note Due 2024 Through 2025 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.38% | ||||
Other investments, gross | $ 46,287 | $ 31,987 | |||
Other Investment Note Due 2024 Through 2025 [Member] | Term Loan [Member] | Agemo Holdings LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 37,000 | ||||
Other Investment Note Due 2024 Through 2025 [Member] | Term Loan [Member] | Agemo Holdings LLC [Member] | Tranche One [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 5,000 | ||||
Debt instrument, interest rate, stated percentage | 13.00% | ||||
Other Investment Note Due 2024 Through 2025 [Member] | Term Loan [Member] | Agemo Holdings LLC [Member] | Tranche Two [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 32,000 | ||||
Debt instrument, interest rate, stated percentage | 9.00% | ||||
Other Investment Note Due 2024 Through 2025 [Member] | Secured Working Capital Loan [Member] | Agemo Holdings LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 25,000 | ||||
Investment Maturity Date | Apr. 30, 2025 | ||||
Debt instrument, interest rate, stated percentage | 7.00% | ||||
Other investments, gross | $ 14,300 | ||||
Other Investment Note Due 2024 Through 2025 [Member] | Unsecured Loan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 2,800 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Agemo Holdings LLC [Member] | Rental Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity rental and other investment income | $ 56,800 | $ 39,800 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 191,495 | |
Maximum exposure to loss | 15,242 | |
Revenue total | 3,477 | 33,184 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Rental Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Revenue total | 2,401 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Financing Leases Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Revenue total | 29,877 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Investment Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Revenue total | 3,477 | 906 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Other Collateral [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities subtotal | (176,253) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Collateral Pledged [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities subtotal | (176,253) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Real Estate Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 30,459 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Investments In Direct Financing Leases [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 120,545 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 40,242 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Accounts Receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 249 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 514,267 | |
Maximum exposure to loss | 76,618 | |
Revenue total | 62,791 | 67,171 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Rental Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Revenue total | 59,291 | 62,287 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Investment Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Revenue total | 3,500 | $ 4,884 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Letters of credit | ||
Variable Interest Entity [Line Items] | ||
Liabilities subtotal | (9,253) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Personal Guarantee Collateral [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities subtotal | (15,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Collateral [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities subtotal | (413,396) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Collateral Pledged [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities subtotal | (437,649) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Real Estate Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 413,396 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 46,287 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Accounts Receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 18,017 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Straight-Line Rent Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 34,203 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Lease inducement [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | 2,362 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Above market leases | ||
Variable Interest Entity [Line Items] | ||
Assets subtotal | $ 2 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Narrative) (Details) $ in Thousands | Nov. 01, 2016USD ($)facility | Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2018USD ($)facilityproperty | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($)facility |
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated joint venture | $ 31,045 | $ 36,516 | $ 31,045 | $ 36,516 | |||
Assets management fees recognized | 1,800 | 2,000 | $ 300 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 164,000 | ||||||
Loss (gain) on assets sold - net | $ (15,500) | $ (46,400) | (24,800) | (53,900) | (50,200) | ||
Impairment of Real Estate | $ 35,014 | $ 99,070 | $ 58,726 | ||||
Number Of Facilities Sold | facility | 14 | 32 | 78 | 52 | 38 | ||
Skilled Nursing Facilities | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 78,000 | $ 43,300 | |||||
Loss (gain) on assets sold - net | $ 4,600 | $ (17,500) | |||||
Impairment of Real Estate | $ 4,200 | ||||||
Number Of Facilities Sold | facility | 12 | ||||||
Second Spring Healthcare Investments [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated joint venture | $ 50,000 | ||||||
Percentage of ownership interest | 15.00% | ||||||
Second Spring Healthcare Investments [Member] | Skilled Nursing Facilities | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of properties acquired | facility | 64 | ||||||
Payments to acquire facilities | $ 1,100,000 | ||||||
Number Of Facilities Sold | property | 13 | ||||||
Second Spring Healthcare Investments [Member] | Affiliates Of Lindsey Goldberg Llc [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership interest | 85.00% |
ASSETS HELD FOR SALE (Detail)
ASSETS HELD FOR SALE (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
Number Of Properties | ||
Beginning Balance | property | 22 | 20 |
Properties sold/other | property | (48) | (17) |
Properties added | property | 29 | 19 |
Ending balance | property | 3 | 22 |
Net Book Value | ||
Beginning Balance | $ | $ 86,699 | $ 52,868 |
Properties sold/other | $ | (171,938) | (39,299) |
Properties added | $ | 86,228 | 73,130 |
Ending balance | $ | $ 989 | $ 86,699 |
ASSETS HELD FOR SALE (Narrative
ASSETS HELD FOR SALE (Narrative) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)facilityproperty | Mar. 31, 2017property | |
Real Estate Properties [Line Items] | |||
Number of properties sold | 48 | 17 | |
Properties added | 29 | 19 | |
Net proceeds from sale of facilities held for sale | $ | $ 133.6 | ||
Gain (loss) from sale of facilities | $ | 11.5 | ||
Impairment charges | $ | $ 13 | $ 10.3 | |
Number of facilities impaired | 26 | ||
Skilled Nursing Facilities | |||
Real Estate Properties [Line Items] | |||
Number of properties sold | facility | 13 | ||
Properties added | facility | 17 | ||
Net proceeds from sale of facilities held for sale | $ | $ 38.8 | ||
Gain (loss) from sale of facilities | $ | $ 4.3 | ||
Number of property reclassified | 3 | 1 | |
Fair value of leased properties | $ | $ 5.1 | ||
Assisted Living Facilities | |||
Real Estate Properties [Line Items] | |||
Number of properties sold | facility | 3 | ||
Properties added | facility | 1 | ||
Number of property reclassified | 1 | ||
Specialty | |||
Real Estate Properties [Line Items] | |||
Properties added | facility | 1 | ||
Number of property reclassified | 1 | ||
Ancillary Building | |||
Real Estate Properties [Line Items] | |||
Number of facilities impaired | 1 |
INTANGIBLES - Summary of our in
INTANGIBLES - Summary of our intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | |||
Goodwill | $ 643,950 | $ 644,690 | $ 643,474 |
Accumulated amortization | (19,203) | (17,059) | |
Net intangible assets | 3,207 | 5,534 | |
Liabilities: | |||
Below market leases | 143,669 | 164,443 | |
Accumulated amortization | (79,226) | (83,824) | |
Net intangible liabilities | 64,443 | 80,619 | |
Above market leases | |||
Assets: | |||
Gross intangible assets | $ 22,410 | 22,426 | |
In-place leases | |||
Assets: | |||
Gross intangible assets | $ 167 |
INTANGIBLES (Narrative) (Detail
INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Intangibles [Abstract] | |||
Net amortization of intangible assets | $ 10.7 | $ 11.9 | $ 14 |
2,019 | 7.4 | ||
2,020 | 7.2 | ||
2,021 | 7 | ||
2,022 | 6.7 | ||
2,023 | 6.4 | ||
Thereafter | $ 26.5 |
INTANGIBLES (Narrative 2) (Deta
INTANGIBLES (Narrative 2) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Intangibles [Abstract] | |
Below market leases, weighted average remaining amortization, period | 9 years |
INTANGIBLES - Reconciliation of
INTANGIBLES - Reconciliation of goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance | $ 644,690 | $ 643,474 |
Add / (Less): foreign currency translation | (740) | 1,216 |
Balance | $ 643,950 | $ 644,690 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)stateitemfacilityproperty | Dec. 31, 2017USD ($)facilityproperty | Jun. 30, 2018facility | Sep. 30, 2017facility | Dec. 31, 2016facilityproperty | Sep. 30, 2016facility | Jun. 30, 2016facility | |
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 924 | ||||||
Number of states | state | 41 | ||||||
Number of operators | item | 68 | ||||||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 8,600,000 | ||||||
Number of facility held for sale | property | 3 | 22 | 20 | ||||
Percentage Of Real Estate Investment | 99.00% | ||||||
Number of facilities held-for-sale/closed | 4 | ||||||
Other investments | $ | $ 504,626 | $ 276,342 | |||||
Investment in unconsolidated joint venture | $ | $ 31,045 | $ 36,516 | |||||
Skilled Nursing Facilities | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 12 | 31 | 70 | ||||
Number of facilities under fixed rate mortgage loan | 51 | ||||||
Skilled Nursing Facilities | Wholly Owned Properties [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 735 | ||||||
Skilled Nursing Facilities | Ohio | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 1 | 1 | |||||
Skilled Nursing Facilities | Texas | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 6 | 5 | |||||
Assisted Living Facilities | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 3 | 20 | 20 | ||||
Number of facilities under fixed rate mortgage loan | 3 | ||||||
Assisted Living Facilities | Wholly Owned Properties [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 116 | ||||||
Assisted Living Facilities | Florida | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 1 | ||||||
Assisted Living Facilities | Texas | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 1 | 3 | |||||
Specialty | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 14 | ||||||
Medical Office Building | |||||||
Concentration Risk [Line Items] | |||||||
Number of real estate properties | 1 | ||||||
Geographic Concentration Risk [Member] | Florida | |||||||
Concentration Risk [Line Items] | |||||||
Concentration percentage | 10.00% | ||||||
Geographic Concentration Risk [Member] | Texas | |||||||
Concentration Risk [Line Items] | |||||||
Concentration percentage | 10.00% | ||||||
Geographic Concentration Risk [Member] | Michigan | |||||||
Concentration Risk [Line Items] | |||||||
Concentration percentage | 8.00% | ||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Ciena Healthcare | |||||||
Concentration Risk [Line Items] | |||||||
Concentration percentage | 11.00% | 10.00% |
LEASE AND MORTGAGE DEPOSITS (Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Period specified for rental and mortgage interest | 3 months | |
Maximum | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Period specified for rental and mortgage interest | 6 months | |
Lease and Mortgage Liquidity and Other Deposits [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Customer advances and deposits | $ 1.4 | $ 10.9 |
Lease and Mortgage Security Deposits [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Customer advances and deposits | 55.1 | 58.4 |
Lease and Mortgage Letter of Credit [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Customer advances and deposits | $ 38.5 | $ 41.2 |
BORROWING ARRANGEMENTS (Details
BORROWING ARRANGEMENTS (Details) $ in Thousands, £ in Millions | May 24, 2017USD ($) | Apr. 05, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 25, 2017GBP (£) | May 25, 2017USD ($) | Apr. 04, 2017USD ($) | Jun. 12, 2016USD ($) | Dec. 16, 2015USD ($) | Sep. 23, 2015USD ($) | Mar. 18, 2015USD ($) | Sep. 11, 2014USD ($) | Mar. 11, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Total secured borrowings - net | $ 53,098 | ||||||||||||
Revolving line of credit | $ 313,000 | 290,000 | |||||||||||
Total term loans - net | 898,726 | 904,670 | |||||||||||
Total senior notes and other unsecured borrowings - net | 3,328,896 | 3,324,390 | |||||||||||
Total secured and unsecured borrowings - net | $ 4,540,622 | $ 4,572,158 | |||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Revolving line of credit | $ 1,250,000 | ||||||||||||
Tranche A One Term Loan Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loan/facility terminated | $ 200,000 | ||||||||||||
Tranche A Two Term Loan Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loan/facility terminated | $ 200,000 | ||||||||||||
Tranche A Three Term Loan Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term loan/facility terminated | $ 350,000 | ||||||||||||
Sterling term loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total term loans - net | £ | £ 100 | ||||||||||||
2017 Omega OP Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total term loans - net | 100,000 | ||||||||||||
Amended 2015 Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total term loans - net | 250,000 | ||||||||||||
Long-term debt, gross | $ 150,000 | ||||||||||||
4.375% notes due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate | 4.375% | 4.375% | 4.375% | ||||||||||
Long-term debt, gross | $ 700,000 | ||||||||||||
4.95% notes due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate | 4.95% | 4.95% | 4.95% | ||||||||||
Long-term debt, gross | $ 400,000 | $ 400,000 | |||||||||||
4.50% notes due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate | 4.50% | 4.50% | 4.50% | ||||||||||
Long-term debt, gross | $ 150,000 | $ 250,000 | |||||||||||
5.25% notes due 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate | 5.25% | 5.25% | 5.25% | ||||||||||
Long-term debt, gross | $ 600,000 | ||||||||||||
4.50% notes due 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate | 4.50% | 4.50% | |||||||||||
Long-term debt, gross | $ 700,000 | ||||||||||||
4.75% notes due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Rate | 4.75% | 4.75% | 4.75% | ||||||||||
Long-term debt, gross | $ 550,000 | ||||||||||||
Secured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total secured borrowings - net | $ 53,098 | ||||||||||||
Secured Debt [Member] | Hud Mortgages Assumed December 2011 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | - | ||||||||||||
Deferred financing costs - net | (568) | ||||||||||||
Total secured and unsecured borrowings - net | 53,666 | ||||||||||||
Unsecured Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred financing costs - net | $ (22,581) | (26,037) | |||||||||||
Total term loans - net | 898,726 | 904,670 | |||||||||||
Discount - net | (18,523) | (21,073) | |||||||||||
Total senior notes and other unsecured borrowings - net | 3,328,896 | 3,324,390 | |||||||||||
Total unsecured borrowings - net | $ 4,540,622 | 4,519,060 | |||||||||||
Unsecured Debt [Member] | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,021 | ||||||||||||
Rate | 3.67% | ||||||||||||
Revolving line of credit | $ 313,000 | 290,000 | |||||||||||
Unsecured Debt [Member] | Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Discounts and deferred financing costs - net | $ (4,264) | (5,460) | |||||||||||
Unsecured Debt [Member] | U.S. term loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,022 | ||||||||||||
Rate | 3.97% | ||||||||||||
Total term loans - net | $ 425,000 | 425,000 | |||||||||||
Unsecured Debt [Member] | Sterling term loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,022 | ||||||||||||
Rate | 2.18% | ||||||||||||
Total term loans - net | $ 127,990 | 135,130 | |||||||||||
Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,022 | ||||||||||||
Rate | 3.97% | ||||||||||||
Total term loans - net | $ 100,000 | 100,000 | |||||||||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,022 | ||||||||||||
Rate | 3.80% | ||||||||||||
Total term loans - net | $ 250,000 | 250,000 | $ 250,000 | ||||||||||
Unsecured Debt [Member] | 4.375% notes due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,023 | ||||||||||||
Rate | 4.375% | ||||||||||||
Long-term debt, gross | $ 700,000 | 700,000 | |||||||||||
Unsecured Debt [Member] | 4.95% notes due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,024 | ||||||||||||
Rate | 4.95% | ||||||||||||
Long-term debt, gross | $ 400,000 | 400,000 | |||||||||||
Unsecured Debt [Member] | 4.50% notes due 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,025 | ||||||||||||
Rate | 4.50% | ||||||||||||
Long-term debt, gross | $ 400,000 | 400,000 | |||||||||||
Unsecured Debt [Member] | 5.25% notes due 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,026 | ||||||||||||
Rate | 5.25% | ||||||||||||
Long-term debt, gross | $ 600,000 | 600,000 | |||||||||||
Unsecured Debt [Member] | 4.50% notes due 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,027 | ||||||||||||
Rate | 4.50% | ||||||||||||
Long-term debt, gross | $ 700,000 | 700,000 | |||||||||||
Unsecured Debt [Member] | 4.75% notes due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,028 | ||||||||||||
Rate | 4.75% | ||||||||||||
Long-term debt, gross | $ 550,000 | 550,000 | |||||||||||
Unsecured Debt [Member] | Other Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,018 | ||||||||||||
Long-term debt, gross | 1,500 | ||||||||||||
Unsecured Debt [Member] | Subordinated debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity | 2,021 | ||||||||||||
Rate | 9.00% | ||||||||||||
Long-term debt, gross | $ 20,000 | $ 20,000 |
BORROWING ARRANGEMENTS (Narrati
BORROWING ARRANGEMENTS (Narrative) (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018facility | May 25, 2017 | Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facilityproperty | Dec. 31, 2017facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($)facility | |
Debt Instrument [Line Items] | ||||||||
Number of held for sale facilities sold | facility | 14 | 32 | 78 | 52 | 38 | |||
Write off of Deferred Debt Issuance Cost | $ 10,195 | $ 301 | ||||||
Skilled Nursing Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Assumption of HUD mortgages | $ 53,000 | |||||||
Number of held for sale facilities sold | facility | 12 | |||||||
Arkansas | Skilled Nursing Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of held for sale facilities sold | facility | 12 | |||||||
Skilled Nursing Facilities | Arkansas | ||||||||
Debt Instrument [Line Items] | ||||||||
Assumption of HUD mortgages | $ 53,000 | |||||||
Number of held for sale facilities sold | property | 12 | |||||||
Debt weighted average interest rate | 3.06% | 3.06% | ||||||
Debt maturity date | Jul. 1, 2044 | |||||||
Write off of Deferred Debt Issuance Cost | $ 600 | |||||||
2017 Omega OP Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | May 25, 2022 | |||||||
Omega OP | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs | $ 400 | $ 400 |
BORROWING ARRANGEMENTS (Narra_2
BORROWING ARRANGEMENTS (Narrative 1) (Detail) $ in Thousands, £ in Millions | May 24, 2017USD ($) | Apr. 05, 2017USD ($) | May 25, 2017GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 25, 2017USD ($) |
Debt Instrument [Line Items] | |||||||
Long-term line of credit | $ 313,000 | $ 290,000 | |||||
Term loans - net | 898,726 | 904,670 | |||||
Repayment of Term loan/facility | 1,268,000 | 1,587,000 | $ 1,344,000 | ||||
Write-off of deferred financing costs | 10,195 | $ 301 | |||||
Omega Credit Facilities 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, borrowing capacity | $ 2,500,000 | ||||||
Term loans - net | 425,000 | ||||||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche one | 900,000 | ||||||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche two | 350,000 | ||||||
Omega Credit Agreement 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit Facility Maximum Capacity | 1,800,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term line of credit | 1,250,000 | ||||||
Description of variable rate basis | LIBOR | ||||||
Maturity date | May 25, 2021 | ||||||
Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 1.00% | ||||||
Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 1.95% | ||||||
U.S. term loan | |||||||
Debt Instrument [Line Items] | |||||||
Description of variable rate basis | LIBOR | ||||||
Maturity date | May 25, 2022 | ||||||
U.S. term loan | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 0.90% | ||||||
U.S. term loan | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 1.90% | ||||||
Sterling term loan | |||||||
Debt Instrument [Line Items] | |||||||
Term loans - net | £ | £ 100 | ||||||
Description of variable rate basis | LIBOR | ||||||
Sterling term loan | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 0.90% | ||||||
Sterling term loan | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 1.90% | ||||||
Tranche A One Term Loan Member | |||||||
Debt Instrument [Line Items] | |||||||
Term loan/facility terminated | $ 200,000 | ||||||
Tranche A Two Term Loan Member | |||||||
Debt Instrument [Line Items] | |||||||
Term loan/facility terminated | $ 200,000 | ||||||
Tranche A Three Term Loan Member | |||||||
Debt Instrument [Line Items] | |||||||
Term loan/facility terminated | 350,000 | ||||||
Senior Unsecured 2014 Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term line of credit | $ 1,250,000 | ||||||
Long-term Debt, Gross | 550,000 | ||||||
Omega Credit Facilities 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Write-off of deferred financing costs | $ 5,500 | ||||||
Amended 2015 Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Term loans - net | 250,000 | ||||||
Description of variable rate basis | LIBOR | ||||||
Maturity date | Dec. 16, 2022 | ||||||
Maximum aggregate principal amount available under credit facility | 150,000 | ||||||
Amount of guaranty of unsecured indebtedness | 50,000 | ||||||
Long-term Debt, Gross | 150,000 | ||||||
Amended 2015 Term Loan Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 1.40% | ||||||
Amended 2015 Term Loan Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 2.35% | ||||||
2017 Omega OP Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Term loans - net | 100,000 | ||||||
Description of variable rate basis | LIBOR | ||||||
Maturity date | May 25, 2022 | ||||||
Amount of guaranty of unsecured indebtedness | $ 50,000 | ||||||
2017 Omega OP Term Loan Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 0.90% | ||||||
2017 Omega OP Term Loan Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis Spread on Variable Rate | 1.90% |
BORROWING ARRANGEMENTS (Narra_3
BORROWING ARRANGEMENTS (Narrative 2) (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||||
May 25, 2017 | Dec. 16, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 16, 2015 | |
Borrowing Arrangements [Line Items] | |||||
Total term loans - net | $ 898,726 | $ 904,670 | |||
Amended 2015 Term Loan Facility | |||||
Borrowing Arrangements [Line Items] | |||||
Total term loans - net | $ 250,000 | ||||
Description of variable rate basis | LIBOR | ||||
Maturity date | Dec. 16, 2022 | ||||
Amended 2015 Term Loan Facility | Minimum | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.40% | ||||
Amended 2015 Term Loan Facility | Maximum | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 2.35% | ||||
Unsecured Debt [Member] | |||||
Borrowing Arrangements [Line Items] | |||||
Total term loans - net | 898,726 | 904,670 | |||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | |||||
Borrowing Arrangements [Line Items] | |||||
Total term loans - net | $ 250,000 | $ 250,000 | $ 250,000 | ||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | Interest Rate Swap [Member] | |||||
Borrowing Arrangements [Line Items] | |||||
Rate | 3.8005% | ||||
Description of variable rate basis | one-month LIBOR | ||||
Maturity date | Dec. 15, 2022 | ||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | Minimum | Interest Rate Swap [Member] | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.40% | ||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | Maximum | Interest Rate Swap [Member] | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.55% |
BORROWING ARRANGEMENTS (Narra_4
BORROWING ARRANGEMENTS (Narrative 3) (Detail) - USD ($) $ in Thousands | Apr. 05, 2017 | Apr. 04, 2017 | Jun. 12, 2016 | Sep. 23, 2015 | Sep. 11, 2014 | Mar. 11, 2014 | Mar. 18, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 28, 2017 |
Borrowing Arrangements [Line Items] | |||||||||||
Write-off of deferred financing costs | $ 10,195 | $ 301 | |||||||||
4.375% notes due 2023 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Long-term Debt, Gross | $ 700,000 | ||||||||||
Interest rate | 4.375% | 4.375% | 4.375% | ||||||||
Percentage of senior notes sold at issue price | 99.739% | ||||||||||
Gross proceeds from issuance of debt | $ 692,000 | ||||||||||
Purchased of loan | $ 180,000 | ||||||||||
Debt maturity date | Aug. 1, 2023 | ||||||||||
4.95% notes due 2024 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Long-term Debt, Gross | $ 400,000 | $ 400,000 | |||||||||
Interest rate | 4.95% | 4.95% | 4.95% | ||||||||
Percentage of senior notes sold at issue price | 98.58% | ||||||||||
Gross proceeds from issuance of debt | $ 394,300 | ||||||||||
Debt maturity date | Apr. 1, 2024 | ||||||||||
4.50% notes due 2025 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Long-term Debt, Gross | $ 150,000 | $ 250,000 | |||||||||
Interest rate | 4.50% | 4.50% | 4.50% | ||||||||
Percentage of senior notes sold at issue price | 99.54% | 99.131% | |||||||||
Gross proceeds from issuance of debt | $ 149,900 | $ 247,800 | |||||||||
Debt maturity date | Jan. 15, 2025 | ||||||||||
5.25% notes due 2026 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Long-term Debt, Gross | $ 600,000 | ||||||||||
Interest rate | 5.25% | 5.25% | 5.25% | ||||||||
Percentage of senior notes sold at issue price | 99.717% | ||||||||||
Gross proceeds from issuance of debt | $ 594,400 | ||||||||||
Debt maturity date | Jan. 15, 2026 | ||||||||||
4.50% notes due 2027 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Long-term Debt, Gross | $ 700,000 | ||||||||||
Interest rate | 4.50% | 4.50% | |||||||||
Percentage of senior notes sold at issue price | 98.546% | ||||||||||
Gross proceeds from issuance of debt | $ 683,000 | ||||||||||
Debt maturity date | Apr. 1, 2027 | ||||||||||
4.75% notes due 2028 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Long-term Debt, Gross | $ 550,000 | ||||||||||
Interest rate | 4.75% | 4.75% | 4.75% | ||||||||
Percentage of senior notes sold at issue price | 98.978% | ||||||||||
Gross proceeds from issuance of debt | $ 540,800 | ||||||||||
Prepayment of term loan facility | $ 200,000 | ||||||||||
Debt maturity date | Jan. 15, 2028 | ||||||||||
5.875% notes due 2024 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Interest rate | 5.875% | ||||||||||
Debt instrument redemption amount | $ 400,000 | ||||||||||
Write-off of deferred financing costs | $ 4,700 |
BORROWING ARRANGEMENTS - Princi
BORROWING ARRANGEMENTS - Principal payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Borrowing Activities and Arrangements [Abstract] | |
2,019 | |
2,020 | |
2,021 | 333,000 |
2,022 | 902,990 |
2,023 | 700,000 |
Thereafter | 2,650,000 |
Totals | $ 4,585,990 |
BORROWING ARRANGEMENTS - Refina
BORROWING ARRANGEMENTS - Refinancing related costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Borrowing Activities and Arrangements [Abstract] | |||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 10,195 | $ 301 | |
Prepayment and other costs associated with refinancing | 11,770 | 1,812 | |
Total debt extinguishment costs | $ 21,965 | $ 2,113 |
BORROWING ARRANGEMENTS - Refi_2
BORROWING ARRANGEMENTS - Refinancing related costs (Narrative) (Detail) $ in Thousands | Apr. 04, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)facility | Apr. 28, 2017 | Mar. 11, 2014USD ($) |
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 10,195 | $ 301 | ||||
Purchased of loan | 7,183 | 2,080 | ||||
Prepayment and other costs associated with refinancing | $ 11,770 | $ 1,812 | ||||
4.95% notes due 2024 | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Interest rate | 4.95% | 4.95% | 4.95% | |||
Long-term Debt, Gross | $ 400,000 | $ 400,000 | ||||
Omega Credit Facilities 2014 [Member] | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 5,500 | |||||
Mortgage term loan | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Number of facilities acquired via a deed-in-lieu foreclosure | facility | 3 | |||||
Prepayment and other costs associated with refinancing | $ 1,800 | |||||
Purchased of loan | $ 180,000 | |||||
Percentage of premium paid to purchase debt | 1.00% | |||||
5.875% notes due 2024 | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 4,700 | |||||
Interest rate | 5.875% | |||||
Prepayment and other costs associated with refinancing | $ 11,800 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 132,262 | $ 364,965 |
Mortgage notes receivable - net | 710,858 | 671,232 |
Other investments - net | 504,626 | 276,342 |
Total | 1,347,746 | 1,312,539 |
Liabilities: | ||
Revolving line of credit | 313,000 | 290,000 |
U.S. term loan | 423,065 | 422,498 |
Sterling term loan | 127,394 | 134,360 |
Omega OP term loan | 99,553 | 99,423 |
2015 term loan | 248,713 | 248,390 |
HUD debt - net | 53,098 | |
Subordinated debt - net | 20,270 | 20,376 |
Other | 1,500 | |
Total | 4,540,622 | 4,572,158 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 694,643 | 693,474 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 394,691 | 393,680 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 395,402 | 394,640 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 595,027 | 594,321 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 687,981 | 686,516 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 540,883 | 539,882 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 132,262 | 364,965 |
Mortgage notes receivable - net | 735,892 | 686,772 |
Other investments - net | 503,907 | 281,031 |
Total | 1,372,061 | 1,332,768 |
Liabilities: | ||
Revolving line of credit | 313,000 | 290,000 |
U.S. term loan | 425,000 | 425,000 |
Sterling term loan | 127,990 | 135,130 |
Omega OP term loan | 100,000 | 100,000 |
2015 term loan | 250,000 | 250,000 |
HUD debt - net | 51,817 | |
Subordinated debt - net | 22,589 | 23,646 |
Other | 1,500 | |
Total | 4,551,912 | 4,665,603 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 700,062 | 711,190 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 406,386 | 420,604 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 392,122 | 399,874 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 605,700 | 625,168 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 671,555 | 681,007 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | $ 537,508 | $ 550,667 |
FINANCIAL INSTRUMENTS (Narrativ
FINANCIAL INSTRUMENTS (Narrative) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 04, 2017 | Jun. 12, 2016 | Sep. 23, 2015 | Mar. 18, 2015 | Sep. 11, 2014 | Mar. 11, 2014 |
4.375% notes due 2023 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 4.375% | 4.375% | 4.375% | |||||
4.95% notes due 2024 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 4.95% | 4.95% | 4.95% | |||||
4.50% notes due 2025 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 4.50% | 4.50% | 4.50% | |||||
5.25% notes due 2026 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 5.25% | 5.25% | 5.25% | |||||
4.50% notes due 2027 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 4.50% | 4.50% | ||||||
4.75% notes due 2028 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 4.75% | 4.75% | 4.75% |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016subsidiary | Dec. 31, 2015subsidiary | Dec. 31, 2018USD ($)subsidiaryshareholder | Dec. 31, 2017USD ($) | Dec. 21, 2017 | Dec. 31, 2016USD ($) | Jan. 31, 2016subsidiary | |
Taxes [Line Items] | |||||||
Required dividend distribution as a percent of REIT taxable income | 90.00% | ||||||
Required dividend distribution by a REIT as a percent of net income from foreclosure property | 90.00% | ||||||
Required 75% of gross income test from qualifying sources | 75.00% | ||||||
Required 95% of gross income test from qualifying sources | 95.00% | ||||||
Required percentage of REIT qualifying assets | 75.00% | ||||||
Maximum ownership percentage of voting or value of any one security by REIT | 10.00% | ||||||
Maximum ownership percentage by REIT of either debt or equity securities of another company | 5.00% | ||||||
Maximum percentage of assets invested in one or more taxable REIT subsidiaries | 20.00% | ||||||
Maximum percentage of assets invested in one or more taxable REIT subsidiaries before January 1, 2018 | 25.00% | ||||||
Minimum number of stockholders who own shares or interest in the REIT | shareholder | 100 | ||||||
Maximum percentage of interest in REIT that five or fewer individuals own directly or indirectly | 50.00% | ||||||
Minimum number of subsequent years the company may not be able to qualify as a REIT | 4 years | ||||||
Percentage of income subject to federal taxation | 100.00% | ||||||
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage | 100.00% | ||||||
Number of subsidiary created REITs as per qualification rules | subsidiary | 5 | ||||||
Number of taxable REIT subsidiaries | subsidiary | 1 | 6 | |||||
Number of subsidiaries merged into a single entity | subsidiary | 1 | 5 | |||||
Number of subsidiary elected for treated as TRSs | 2 | ||||||
Net operating loss carry-forward | $ | $ 5.8 | ||||||
Percentage of reduction in taxable income against operating loss carry-forward | 80.00% | ||||||
Net operating loss carryforwards period | carried forward for no more than 20 years | ||||||
Federal, state and local tax provision | $ | $ 0.8 | $ 2.4 | $ 3.3 | ||||
Provision (benefit) for foreign income taxes | $ | $ 2.2 | $ 0.8 | $ (1.9) | ||||
Tax Year 2017 [Member] | |||||||
Taxes [Line Items] | |||||||
TCJA US corporate income tax rate | 35.00% | ||||||
Latest Tax Year [Member] | |||||||
Taxes [Line Items] | |||||||
TCJA US corporate income tax rate | 21.00% |
TAXES (Detail)
TAXES (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Foreign deferred tax assets | $ 2,341 | |
Federal net operating loss carryforward | $ 1,213 | 1,142 |
Total deferred assets | 1,213 | 3,483 |
Deferred tax liabilities: | ||
Foreign deferred tax liabilities | 13,599 | 17,747 |
Total net deferred liabilities before valuation allowances | (12,386) | (14,264) |
Valuation allowance on deferred tax asset | (1,213) | (1,142) |
Net deferred tax liabilities | $ (13,599) | $ (15,406) |
RETIREMENT ARRANGEMENTS (Narrat
RETIREMENT ARRANGEMENTS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |||
Amounts charged to operations with respect to retirement arrangements | $ 0.5 | $ 0.5 | $ 0.5 |
Deferred stock units outstanding | 403,427 | 423,296 |
STOCKHOLDERS'_OWNERS' EQUITY (N
STOCKHOLDERS'/OWNERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Sep. 03, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Issuance of stock | ||||
Issuance of common stock (in shares) | 2,276 | 718 | 656 | |
Gross proceeds from issuance of common stock | $ 75,532 | $ 22,120 | $ 19,651 | |
Equity Shelf Usd 500 Million 2015 Program [Member] | ||||
Issuance of stock | ||||
Sales price, equity distribution agreement | $ 500,000 | |||
Compensation percentage for sale of shares | 2.00% | |||
Issuance of common stock (in shares) | 2,276 | 718 | 656 | |
Issuance of common stock, average price per share | $ 33.18 | $ 30.81 | $ 29.97 | |
Gross proceeds from issuance of common stock | $ 75,532 | $ 22,120 | $ 19,651 |
STOCKHOLDERS'_OWNERS' EQUITY _2
STOCKHOLDERS'/OWNERS' EQUITY (Narrative 2) (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Dividend reinvestment plan (in shares) | 1,549 | 1,199 | 7,215 |
Gross proceeds from issuance of common stock | $ 75,532 | $ 22,120 | $ 19,651 |
Dividend Reinvestment And Common Stock Purchase Plan [Member] | |||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Gross proceeds from issuance of common stock | $ 46,800 | $ 36,700 | $ 240,000 |
STOCKHOLDERS'_OWNERS' EQUITY (D
STOCKHOLDERS'/OWNERS' EQUITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||
Beginning balance | $ 3,888,258 | $ 4,211,986 | $ 4,100,865 | ||||
Balance , ending | 3,764,484 | 3,888,258 | 4,211,986 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Stockholders Equity/AOCI | $ 3,444,441 | $ 3,555,091 | |||||
Add: portion included in noncontrolling interest | 320,043 | 333,167 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,888,258 | 4,211,986 | 4,100,865 | 3,764,484 | 3,888,258 | $ 4,211,986 | |
Foreign Currency Translation [Member] | Omega OP | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||
Beginning balance | (26,033) | (54,948) | (8,413) | ||||
Translation (loss) gain | (21,703) | 28,604 | (46,303) | ||||
Realized gain (loss) | 32 | 311 | (232) | ||||
Balance , ending | (47,704) | (26,033) | (54,948) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (26,033) | (54,948) | (8,413) | (47,704) | (26,033) | (54,948) | |
Cash Flow Hedges [Member] | Omega OP | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||
Beginning balance | 1,463 | (1,420) | (718) | ||||
Unrealized gain (loss) | 2,469 | 545 | (719) | ||||
Realized gain | [1] | 62 | 2,338 | 17 | |||
Balance , ending | 3,994 | 1,463 | (1,420) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,463 | (1,420) | (718) | 3,994 | 1,463 | (1,420) | |
Net Investment Hedge [Member] | Omega OP | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||
Beginning balance | (7,070) | 0 | 0 | ||||
Unrealized gain (loss) | 7,140 | (7,070) | 0 | ||||
Balance , ending | 70 | (7,070) | 0 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,070) | 0 | 0 | 70 | (7,070) | 0 | |
Accumulated Other Comprehensive Loss | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||
Beginning balance | (53,827) | (8,712) | |||||
Balance , ending | (41,652) | (53,827) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Stockholders Equity/AOCI | (41,652) | (30,150) | (53,827) | ||||
Add: portion included in noncontrolling interest | 1,988 | 1,490 | 2,541 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (41,652) | (53,827) | (8,712) | (41,652) | (53,827) | ||
Accumulated Other Comprehensive Loss | Omega OP | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||
Beginning balance | [2] | (31,640) | (56,368) | ||||
Balance , ending | [2] | (43,640) | (31,640) | (56,368) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [2] | $ (31,640) | $ (56,368) | $ (56,368) | $ (43,640) | $ (31,640) | $ (56,368) |
[1] | Recorded in interest expense on the Consolidated Statements of Operations. | ||||||
[2] | These amounts are included in owners’ equity. |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares/Omega OP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,683,127 | ||
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 14.79 | ||
Total Compensation Cost | $ 39,700 | ||
Restricted Stock And Restricted Stock Units Rsu [Member] | |||
Number of Shares/Omega OP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 337,509 | 336,053 | 413,628 |
Granted | 217,717 | 185,004 | 158,506 |
Cancelled | (5,941) | (1,000) | (905) |
Vested | (190,412) | (182,548) | (235,176) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 358,873 | 337,509 | 336,053 |
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 32.78 | $ 37.32 | $ 34.45 |
Granted | 28.19 | 31.25 | 34.49 |
Cancelled | 30.82 | 34.78 | 24.92 |
Vested | 33.89 | 39.58 | 30.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 29.44 | $ 32.78 | $ 37.32 |
Total Compensation Cost | $ 6,100 | $ 5,800 | $ 5,500 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ in Thousands | Jun. 08, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of operating partnership units distributions | 10.00% | |||
Value of shares issued net of tax withholdings | $ 1,700 | $ 2,100 | $ 23,400 | |
Shares of restricted stock awarded | 2,683,127 | |||
Total Compensation Cost | $ 39,700 | |||
Unrecognized compensation cost | 20,200 | |||
Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 700 | |||
Stock Incentive Plan 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in number of shares reserved for issuance | 4,500,000 | |||
Number of common shares reserved for future issuance | 5,100,000 |
STOCK-BASED COMPENSATION (1) (D
STOCK-BASED COMPENSATION (1) (Detail) - Performance Restricted Stock Units And Long Term Incentive Plan Units [Member] | 12 Months Ended |
Dec. 31, 2018$ / shares | |
March 17, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 34.78 |
Dividend yield | 6.56% |
Risk free interest rate at time of grant, minimum | 0.50% |
Risk free interest rate at time of grant, maximum | 1.14% |
Expected volatility, minimum | 23.92% |
Expected volatility, maximum | 24.88% |
January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 31.26 |
Dividend yield | 7.81% |
Risk free interest rate at time of grant, minimum | 0.66% |
Risk free interest rate at time of grant, maximum | 1.58% |
Expected volatility, minimum | 22.82% |
Expected volatility, maximum | 25.26% |
January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 27.54 |
Dividend yield | 9.44% |
Risk free interest rate at time of grant, minimum | 1.60% |
Risk free interest rate at time of grant, maximum | 2.05% |
Expected volatility, minimum | 21.03% |
Expected volatility, maximum | 23.24% |
STOCK-BASED COMPENSATION (2) (D
STOCK-BASED COMPENSATION (2) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,683,127 | ||
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 14.79 | ||
Total Compensation Cost | $ 39,700 | ||
Performance Restricted Stock Units And Long Term Incentive Plan Units [Member] | |||
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 1,360,780 | 1,073,998 | 913,087 |
Granted | 1,012,032 | 685,064 | 679,549 |
Cancelled | 0 | (5,361) | |
Forfeited | (203,380) | (392,921) | (518,638) |
Vested | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,169,432 | 1,360,780 | 1,073,998 |
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 14.82 | $ 16.08 | $ 14.87 |
Granted | 10.40 | 14.87 | 14.67 |
Cancelled | 0 | 15.98 | |
Forfeited | 11.82 | 18.33 | 12.10 |
Vested | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 13.04 | $ 14.82 | $ 16.08 |
Total Compensation Cost | $ 10,500 | $ 10,200 | $ 10,000 |
STOCK-BASED COMPENSATION (3) (D
STOCK-BASED COMPENSATION (3) (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 2,683,127 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.79 |
Total Compensation Cost | $ 39,700 |
Unrecognized compensation cost | $ 20,200 |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 310,316 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 29.22 |
Total Compensation Cost | $ 9,100 |
Unrecognized compensation cost | $ 4,600 |
RSUs | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,017 |
Shares/Units | shares | 140,416 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 31.26 |
Total Compensation Cost | $ 4,400 |
Weighted Average Period of Expense Recognition | 36 months |
Unrecognized compensation cost | $ 1,500 |
Vesting Dates | 12/31/2019 |
RSUs | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,018 |
Shares/Units | shares | 169,900 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 27.54 |
Total Compensation Cost | $ 4,700 |
Weighted Average Period of Expense Recognition | 36 months |
Unrecognized compensation cost | $ 3,100 |
Vesting Dates | 12/31/2020 |
LTIPs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 1,447,366 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 10.28 |
Total Compensation Cost | $ 14,900 |
Unrecognized compensation cost | $ 7,500 |
Relative TSR PRSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 925,445 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 17.01 |
Total Compensation Cost | $ 15,700 |
Unrecognized compensation cost | $ 8,100 |
2018 LTIP Units | LTIPs | March 17, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,016 |
Shares/Units | shares | 370,152 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 13.21 |
Total Compensation Cost | $ 4,900 |
Weighted Average Period of Expense Recognition | 45 months |
Unrecognized compensation cost | $ 1,300 |
Performance Period | 1/1/2016-12/31/2018 |
Vesting Dates | Quarterly in 2019 |
2019 LTIP Units | LTIPs | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,017 |
Shares/Units | shares | 399,726 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 12.61 |
Total Compensation Cost | $ 5,000 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 2,500 |
Performance Period | 1/1/2017-12/31/2019 |
Vesting Dates | Quarterly in 2020 |
2020 LTIP Units | LTIPs | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,018 |
Shares/Units | shares | 677,488 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 7.31 |
Total Compensation Cost | $ 5,000 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 3,700 |
Performance Period | 1/1/2018 - 12/31/2020 |
Vesting Dates | Quarterly in 2021 |
2018 TSR | Relative TSR PRSUs | March 17, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,016 |
Shares/Units | shares | 305,563 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 16.44 |
Total Compensation Cost | $ 5,000 |
Weighted Average Period of Expense Recognition | 45 months |
Unrecognized compensation cost | $ 1,300 |
Performance Period | 1/1/2016-12/31/2018 |
Vesting Dates | Quarterly in 2019 |
2019 TSR | Relative TSR PRSUs | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,017 |
Shares/Units | shares | 285,338 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.04 |
Total Compensation Cost | $ 5,100 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 2,600 |
Performance Period | 1/1/2017-12/31/2019 |
Vesting Dates | Quarterly in 2020 |
2020 TSR | Relative TSR PRSUs | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2,018 |
Shares/Units | shares | 334,544 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 16.65 |
Total Compensation Cost | $ 5,600 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 4,200 |
Performance Period | 1/1/2018 - 12/31/2020 |
Vesting Dates | Quarterly in 2021 |
DIVIDENDS (Details)
DIVIDENDS (Details) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Dividend Record Date January 31, 2018 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jan. 31, 2018 |
Payment Date | Feb. 15, 2018 |
Dividend per Common Share | $ 0.66 |
Dividend Record Date April 30, 2018 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Apr. 30, 2018 |
Payment Date | May 15, 2018 |
Dividend per Common Share | $ 0.66 |
Dividend Record Date July 31, 2018 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jul. 31, 2018 |
Payment Date | Aug. 15, 2018 |
Dividend per Common Share | $ 0.66 |
Dividend Record Date October 31, 2018 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Oct. 31, 2018 |
Payment Date | Nov. 15, 2018 |
Dividend per Common Share | $ 0.66 |
Dividend Record Date January 31, 2019 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jan. 31, 2019 |
Payment Date | Feb. 15, 2019 |
Dividend per Common Share | $ 0.66 |
DIVIDENDS (Per Share Distributi
DIVIDENDS (Per Share Distributions) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||
Common dividends (in dollars per share) | $ 2.64 | $ 2.54 | $ 2.36 |
Ordinary Income [Member] | |||
Dividends Payable [Line Items] | |||
Common dividends (in dollars per share) | 1.691 | 1.571 | 1.968 |
Return Of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Common dividends (in dollars per share) | 0.931 | 0.932 | 0.322 |
Capital Gains [Member] | |||
Dividends Payable [Line Items] | |||
Common dividends (in dollars per share) | $ 0.018 | $ 0.037 | $ 0.070 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset retirement obligation | $ 0 | $ 0 | $ 0 |
Gronich Securities Class Action [Member] | |||
Loss Contingency, Lawsuit Filing Date | November 16, 2017 | ||
Loss Contingency, Name of Defendant | Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth | ||
Loss Contingency, Name of Plaintiff | Dror Gronich | ||
Loss Contingency, Domicile of Litigation | United States District Court for the Southern District of New York | ||
Steve Klein Class Action [Member] | |||
Loss Contingency, Lawsuit Filing Date | November 17, 2017 | ||
Loss Contingency, Name of Defendant | Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth | ||
Loss Contingency, Name of Plaintiff | Steve Klein | ||
Loss Contingency, Domicile of Litigation | United States District Court for the Southern District of New York | ||
Consolidated Amended Class Action Complaint [Member] | |||
Loss Contingency, Lawsuit Filing Date | May 25, 2018 | ||
Loss Contingency, Name of Plaintiff | Setzer and additional plaintiff Earl Holtzman | ||
Loss Contingency, Allegations | alleges that the defendants violated the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by making materially false and/or misleading statements, and by failing to disclose material adverse facts about the Company's business, operations, and prospects, including the financial and operating results of one of the Company's operators, the ability of such operator to make timely rent payments, and the impairment of certain of the Company's leases and the uncollectibility of certain receivables. The Securities Class Action, which purports to assert claims for violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of the Exchange Act, seeks an unspecified amount of monetary damages, interest, fees and expenses of attorneys and experts, and other relief. | ||
Loss Contingency, Laws Affected | purports to assert claims for violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of the Exchange Act, seeks an unspecified amount of monetary damages, interest, fees and expenses of attorneys an | ||
Stour Bridge Investments Limited Liability Company Lawsuit [Member] | |||
Loss Contingency, Lawsuit Filing Date | August 22, 2018 | ||
Loss Contingency, Name of Defendant | Callen et al | ||
Loss Contingency, Name of Plaintiff | Stourbridge Investments LLC | ||
Loss Contingency, Allegations | The complaint alleges, among other things, that the defendants are responsible for the Company's failure to disclose the financial condition of Orianna Health Systems, the alleged non-disclosures that are also the subject of the Securities Class Action described above. |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies [Abstract] | |
Total commitment | $ 586,800 |
Amounts funded | (373,696) |
Remaining commitment | $ 213,104 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 10,300 | $ 85,937 | $ 93,687 | |
Restricted cash | 1,371 | 10,871 | 13,589 | |
Cash, cash equivalents and restricted cash at end of period | 11,671 | 96,808 | 107,276 | $ 20,031 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 211,863 | 182,832 | 148,326 | |
Taxes paid during the period | 4,772 | 4,141 | 4,922 | |
Non cash investing activities | ||||
Non cash acquisition of real estate (See Note 2) | (185,592) | (27,170) | 0 | |
Non cash proceeds from sale of real estate investments (See Note 3) | 53,118 | 0 | 0 | |
Non cash acquisition of business (See Note 3) | 0 | 0 | (60,079) | |
Non cash surrender of mortgage (See Note 3) | 0 | 0 | 25,000 | |
Non cash investment in other investments | (16,153) | (6,353) | 0 | |
Non cash proceeds from other investments (See Note 3 and Note 6) | 7,000 | 30,187 | 5,500 | |
Non cash settlement of direct financing lease (See Note 3 and Note 4) | 184,462 | 18,989 | 0 | |
Total | 42,835 | 15,653 | (29,579) | |
Non cash financing activities | ||||
Purchase option buyout obligation (see Note 3) | 0 | 0 | 29,579 | |
Non cash disposition of other long-term borrowings (see Note 13) | (53,118) | 0 | 0 | |
Change in fair value of cash flow hedges | 2,531 | 2,970 | 764 | |
Remeasurement of debt denominated in a foreign currency | (7,140) | 7,070 | 0 | |
Other unsecured long term borrowing (see Note 3) | 0 | 0 | 3,000 | |
Total | $ (57,727) | $ 10,040 | $ 33,343 |
SUMMARY OF QUARTERLY RESULTS _3
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) - 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 | |
Summary Of Quarterly Results [Line Items] | |||||||||||
Revenues | $ 219,750 | $ 221,852 | $ 219,881 | $ 220,199 | $ 221,206 | $ 219,638 | $ 235,797 | $ 231,744 | $ 881,682 | $ 908,385 | $ 900,827 |
Net income (loss) | 64,903 | 59,062 | 81,986 | 87,933 | 65,156 | (137,515) | 68,157 | 109,112 | 293,884 | 104,910 | 383,367 |
Net income available to common stockholders | $ 62,216 | $ 56,606 | $ 78,536 | $ 84,220 | $ 62,400 | $ (131,678) | $ 65,257 | $ 104,440 | $ 281,578 | $ 100,419 | $ 366,415 |
Net income (loss) available to common per share: | |||||||||||
Basic (in dollars per share) | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 1.41 | $ 0.51 | $ 1.91 |
Net income (loss) per share | |||||||||||
Diluted (in dollars per share) | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 1.40 | $ 0.51 | $ 1.90 |
Omega OP | |||||||||||
Summary Of Quarterly Results [Line Items] | |||||||||||
Revenues | $ 219,750 | $ 221,852 | $ 219,881 | $ 220,199 | $ 221,206 | $ 219,638 | $ 235,797 | $ 231,744 | $ 881,682 | $ 908,385 | $ 900,827 |
Net income (loss) | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 65,156 | $ (137,515) | $ 68,157 | $ 109,112 | 293,884 | 104,910 | 383,367 |
Net income available to common stockholders | $ 293,884 | $ 104,910 | $ 383,367 | ||||||||
Net income (loss) available to common per share: | |||||||||||
Basic (in dollars per share) | $ 1.41 | $ 0.51 | $ 1.91 | ||||||||
Net income (loss) per share | |||||||||||
Diluted (in dollars per share) | 1.40 | 0.51 | 1.90 | ||||||||
Net income (loss) available to Omega OP Unit holders: | |||||||||||
Basic (in dollars per share) | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | 1.41 | 0.51 | 1.91 |
Net income (loss) per unit | |||||||||||
Diluted (in dollars per share) | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 1.40 | $ 0.51 | $ 1.90 |
SUMMARY OF QUARTERLY RESULTS _4
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Narrative) (Detail) - 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 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Provisions for uncollectible accounts and impairment losses on real estate properties and direct financing leases | $ 30,600 | $ 20,900 | $ (500) | $ 12,700 | $ 64,600 | $ 224,400 | $ 12,800 | $ 10,000 | |||
Net gain (loss) on assets sold | $ 15,500 | $ (5,400) | $ (2,900) | $ 17,500 | $ 46,400 | $ 700 | $ (600) | $ 7,400 | $ 24,774 | $ 53,912 | $ 50,208 |
EARNINGS PER SHARE_UNIT - Compu
EARNINGS PER SHARE/UNIT - Computation of basic and diluted earnings per share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 65,156 | $ (137,515) | $ 68,157 | $ 109,112 | $ 293,884 | $ 104,910 | $ 383,367 |
Less: net income attributable to noncontrolling interests | (12,306) | (4,491) | (16,952) | ||||||||
Net income available to common stockholders | $ 62,216 | $ 56,606 | $ 78,536 | $ 84,220 | $ 62,400 | $ (131,678) | $ 65,257 | $ 104,440 | $ 281,578 | $ 100,419 | $ 366,415 |
Denominator: | |||||||||||
Denominator for basic earnings per share | 200,279 | 197,738 | 191,781 | ||||||||
Effect of dilutive securities: | |||||||||||
Common stock equivalents | 691 | 269 | 956 | ||||||||
Noncontrolling interest - Omega OP Units | 8,741 | 8,783 | 8,898 | ||||||||
Denominator for diluted earnings per share | 209,711 | 206,790 | 201,635 | ||||||||
Earnings per share - basic: | |||||||||||
Net income available to common stockholders | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 1.41 | $ 0.51 | $ 1.91 |
Net income (loss) per share | |||||||||||
Net income | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 1.40 | $ 0.51 | $ 1.90 |
Omega OP | |||||||||||
Numerator: | |||||||||||
Net income | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 65,156 | $ (137,515) | $ 68,157 | $ 109,112 | $ 293,884 | $ 104,910 | $ 383,367 |
Net income available to common stockholders | $ 293,884 | $ 104,910 | $ 383,367 | ||||||||
Denominator: | |||||||||||
Denominator for basic earnings per share | 209,020 | 206,521 | 200,679 | ||||||||
Denominator for basic earnings per unit | 209,020 | 206,521 | 200,679 | ||||||||
Effect of dilutive securities: | |||||||||||
Common stock equivalents | 691 | 269 | 956 | ||||||||
Denominator for diluted earnings per share | 209,711 | 206,790 | 201,635 | ||||||||
Denominator for diluted earnings per unit | 209,711 | 206,790 | 201,635 | ||||||||
Earnings per share - basic: | |||||||||||
Net income available to common stockholders | $ 1.41 | $ 0.51 | $ 1.91 | ||||||||
Net income (loss) per share | |||||||||||
Net income | 1.40 | 0.51 | 1.90 | ||||||||
Earnings per unit - basic: | |||||||||||
Net income available to Omega OP Unit holders | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | 1.41 | 0.51 | 1.91 |
Net income (loss) per unit | |||||||||||
Diluted (in dollars per share) | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 1.40 | $ 0.51 | $ 1.90 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Detail) $ / shares in Units, $ in Thousands | Jan. 02, 2019$ / shares | Dec. 31, 2018USD ($)facility$ / shares | Dec. 31, 2017USD ($)facility$ / shares | Dec. 31, 2018USD ($)facility$ / shares | Dec. 31, 2017USD ($)facility$ / shares | Dec. 31, 2016facility | Sep. 30, 2018facility | Apr. 01, 2015$ / shares |
Subsequent Event [Line Items] | ||||||||
Share price | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||
Direct financing lease | ||||||||
Number of facilities sold | facility | 14 | 32 | 78 | 52 | 38 | |||
Accounts receivable | $ | $ 347,377 | $ 279,334 | $ 347,377 | $ 279,334 | ||||
Orianna | ||||||||
Direct financing lease | ||||||||
Number of facilities transitioned | facility | 22 | |||||||
MedEquities | ||||||||
Subsequent Event [Line Items] | ||||||||
Expected consideration for business combination | $ | $ 600,000 | $ 600,000 | ||||||
Subsequent event | MedEquities | ||||||||
Subsequent Event [Line Items] | ||||||||
Business combination acquirees' stockholders conversion ratio of acquirer's stock received | 0.235 | |||||||
Business combination acquirees stockholder's additional cash amount per share received | $ 2 | |||||||
Special cash dividend (per share) | $ 0.21 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | $ 185,913 | $ 9,089 | $ 3,269 |
Charged to Provision Accounts | 33,857 | 212,779 | 9,845 |
Deductions or Other | 110,590 | 35,955 | 4,025 |
Balance at End of Period | 109,180 | 185,913 | 9,089 |
Allowance for Accounts Receivables [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 8,463 | 357 | 309 |
Charged to Provision Accounts | 6,736 | 13,392 | 4,246 |
Deductions or Other | 14,124 | 5,286 | 4,198 |
Balance at End of Period | 1,075 | 8,463 | 357 |
Allowance for Mortagage Notes Receivable [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 4,905 | 3,934 | 0 |
Charged to Provision Accounts | 971 | 3,934 | |
Deductions or Other | 0 | 0 | 0 |
Balance at End of Period | 4,905 | 4,905 | 3,934 |
Allowance For Doubtful Accounts Other Investments [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 373 | 4,798 | 2,960 |
Charged to Provision Accounts | (47) | 217 | 1,665 |
Deductions or Other | 326 | 4,642 | (173) |
Balance at End of Period | 373 | 4,798 | |
Allowance For Doubtful Accounts Direct Financing Leases [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 172,172 | 0 | |
Charged to Provision Accounts | 27,168 | 198,199 | |
Deductions or Other | 96,140 | 26,027 | |
Balance at End of Period | $ 103,200 | $ 172,172 | $ 0 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 794,104 | |||
Initial Cost to Company Buildings and Improvements | 6,590,274 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 472,062 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 18,541 | |||
Cost Capitalized Subsequent to Acquisition Other | (128,571) | |||
Gross Amount at Which Carried at Close of Period Land | 786,174 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,960,236 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,746,410 | $ 7,655,960 | $ 7,566,358 | $ 6,743,958 |
Accumulated Depreciation | 1,562,619 | $ 1,376,828 | $ 1,240,336 | $ 1,019,150 |
Maplewood Real Estate Holdings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 166,393 | |||
Initial Cost to Company Buildings and Improvements | 357,894 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 137,184 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 14,478 | |||
Cost Capitalized Subsequent to Acquisition Other | (680) | |||
Gross Amount at Which Carried at Close of Period Land | 166,393 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 508,876 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 675,269 | |||
Accumulated Depreciation | 47,490 | |||
Maplewood Real Estate Holdings | Massachusetts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 19,041 | |||
Initial Cost to Company Buildings and Improvements | 113,728 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 15,963 | |||
Cost Capitalized Subsequent to Acquisition Other | (680) | |||
Gross Amount at Which Carried at Close of Period Land | 19,041 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 129,011 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 148,052 | |||
Accumulated Depreciation | $ 16,531 | |||
Date Of Construction | 1988-2017 | |||
Date Acquired | 2,014 | |||
Maplewood Real Estate Holdings | Massachusetts | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Maplewood Real Estate Holdings | Massachusetts | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Maplewood Real Estate Holdings | New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 118,606 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 93,146 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 13,835 | |||
Gross Amount at Which Carried at Close of Period Land | 118,606 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 106,981 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 225,587 | |||
Date Of Construction | N/A | |||
Date Acquired | 2,015 | |||
Maplewood Real Estate Holdings | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,683 | |||
Initial Cost to Company Buildings and Improvements | 27,628 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 35 | |||
Gross Amount at Which Carried at Close of Period Land | 3,683 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 27,663 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,346 | |||
Accumulated Depreciation | $ 3,454 | |||
Date Of Construction | 1999-2016 | |||
Date Acquired | 2013-2014 | |||
Maplewood Real Estate Holdings | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Maplewood Real Estate Holdings | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Maplewood Real Estate Holdings | Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 25,063 | |||
Initial Cost to Company Buildings and Improvements | 216,538 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 28,040 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 643 | |||
Gross Amount at Which Carried at Close of Period Land | 25,063 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 245,221 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 270,284 | |||
Accumulated Depreciation | $ 27,505 | |||
Date Of Construction | 1968-2015 | |||
Date Acquired | 2010-2017 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Agemo Holdings LLC [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 40,207 | |||
Initial Cost to Company Buildings and Improvements | 461,581 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 31,431 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 630 | |||
Gross Amount at Which Carried at Close of Period Land | 40,207 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 493,642 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 533,849 | |||
Accumulated Depreciation | 120,453 | |||
Agemo Holdings LLC [Member] | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 14,077 | |||
Initial Cost to Company Buildings and Improvements | 166,901 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 22,877 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 630 | |||
Gross Amount at Which Carried at Close of Period Land | 14,077 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 190,408 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 204,485 | |||
Accumulated Depreciation | $ 55,551 | |||
Date Of Construction | 1940-1997 | |||
Date Acquired | 1996-2016 | |||
Agemo Holdings LLC [Member] | Florida | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 3 years | |||
Agemo Holdings LLC [Member] | Florida | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Agemo Holdings LLC [Member] | Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,833 | |||
Initial Cost to Company Buildings and Improvements | 10,847 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,949 | |||
Gross Amount at Which Carried at Close of Period Land | 3,833 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,796 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 18,629 | |||
Accumulated Depreciation | $ 10,200 | |||
Date Of Construction | 1964-1970 | |||
Date Acquired | 2,007 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Agemo Holdings LLC [Member] | Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 13,153 | |||
Initial Cost to Company Buildings and Improvements | 84,321 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,422 | |||
Gross Amount at Which Carried at Close of Period Land | 13,153 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,743 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 100,896 | |||
Accumulated Depreciation | $ 25,436 | |||
Date Of Construction | 1964-1980 | |||
Date Acquired | 1999-2016 | |||
Agemo Holdings LLC [Member] | Kentucky | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Agemo Holdings LLC [Member] | Kentucky | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Agemo Holdings LLC [Member] | Maryland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,480 | |||
Initial Cost to Company Buildings and Improvements | 19,663 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,183 | |||
Gross Amount at Which Carried at Close of Period Land | 1,480 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 20,846 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 22,326 | |||
Accumulated Depreciation | $ 8,542 | |||
Date Of Construction | 1959-1977 | |||
Date Acquired | 2,010 | |||
Agemo Holdings LLC [Member] | Maryland | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Agemo Holdings LLC [Member] | Maryland | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Agemo Holdings LLC [Member] | Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,664 | |||
Initial Cost to Company Buildings and Improvements | 179,849 | |||
Gross Amount at Which Carried at Close of Period Land | 7,664 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 179,849 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 187,513 | |||
Accumulated Depreciation | $ 20,724 | |||
Date Of Construction | 1966-2016 | |||
Date Acquired | 2014-2016 | |||
Agemo Holdings LLC [Member] | Tennessee | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Agemo Holdings LLC [Member] | Tennessee | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Saber Health Group | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 32,837 | |||
Initial Cost to Company Buildings and Improvements | 425,984 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 39,300 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 736 | |||
Cost Capitalized Subsequent to Acquisition Other | (268) | |||
Gross Amount at Which Carried at Close of Period Land | 32,837 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 465,752 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 498,589 | |||
Accumulated Depreciation | 62,763 | |||
Saber Health Group | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 3,028 | |||
Initial Cost to Company Buildings and Improvements | 82,070 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,392 | |||
Cost Capitalized Subsequent to Acquisition Other | (268) | |||
Gross Amount at Which Carried at Close of Period Land | 3,028 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,194 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 90,222 | |||
Accumulated Depreciation | $ 12,436 | |||
Date Of Construction | 1979-2000 | |||
Date Acquired | 2011-2016 | |||
Saber Health Group | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Saber Health Group | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Saber Health Group | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 423 | |||
Initial Cost to Company Buildings and Improvements | 4,422 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 283 | |||
Gross Amount at Which Carried at Close of Period Land | 423 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 4,705 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 5,128 | |||
Accumulated Depreciation | $ 776 | |||
Date Of Construction | 2,009 | |||
Date Acquired | 2,011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Saber Health Group | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 10,077 | |||
Initial Cost to Company Buildings and Improvements | 108,680 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 25,230 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 736 | |||
Gross Amount at Which Carried at Close of Period Land | 10,077 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 134,646 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 144,723 | |||
Accumulated Depreciation | $ 18,865 | |||
Date Of Construction | 1930-2018 | |||
Date Acquired | 2013-2016 | |||
Saber Health Group | North Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 3 years | |||
Saber Health Group | North Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Saber Health Group | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,134 | |||
Initial Cost to Company Buildings and Improvements | 124,476 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,036 | |||
Gross Amount at Which Carried at Close of Period Land | 7,134 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 129,512 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 136,646 | |||
Accumulated Depreciation | $ 18,345 | |||
Date Of Construction | 1873-2002 | |||
Date Acquired | 2007-2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Saber Health Group | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,175 | |||
Initial Cost to Company Buildings and Improvements | 106,336 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,359 | |||
Gross Amount at Which Carried at Close of Period Land | 12,175 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 109,695 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 121,870 | |||
Accumulated Depreciation | $ 12,341 | |||
Date Of Construction | 1964-2013 | |||
Date Acquired | 2013-2016 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 37,036 | |||
Initial Cost to Company Buildings and Improvements | 404,013 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 21,701 | |||
Cost Capitalized Subsequent to Acquisition Other | (408) | |||
Gross Amount at Which Carried at Close of Period Land | 37,036 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 425,306 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 462,342 | |||
Accumulated Depreciation | 83,987 | |||
Communicare Health Services, Inc | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 5,206 | |||
Initial Cost to Company Buildings and Improvements | 83,288 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,567 | |||
Cost Capitalized Subsequent to Acquisition Other | (702) | |||
Gross Amount at Which Carried at Close of Period Land | 5,206 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 88,153 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 93,359 | |||
Accumulated Depreciation | $ 31,675 | |||
Date Of Construction | 1962-1988 | |||
Date Acquired | 2005-2018 | |||
Communicare Health Services, Inc | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Communicare Health Services, Inc | Maryland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,190 | |||
Initial Cost to Company Buildings and Improvements | 74,029 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,660 | |||
Gross Amount at Which Carried at Close of Period Land | 7,190 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 78,689 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 85,879 | |||
Accumulated Depreciation | $ 21,124 | |||
Date Of Construction | 1921-1985 | |||
Date Acquired | 2010-2011 | |||
Communicare Health Services, Inc | Maryland | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Communicare Health Services, Inc | Maryland | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,753 | |||
Initial Cost to Company Buildings and Improvements | 18,533 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 11,281 | |||
Gross Amount at Which Carried at Close of Period Land | 1,753 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 29,814 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,567 | |||
Accumulated Depreciation | $ 13,817 | |||
Date Of Construction | 1950-1964 | |||
Date Acquired | 2,005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Communicare Health Services, Inc | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,408 | |||
Initial Cost to Company Buildings and Improvements | 10,757 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 9 | |||
Gross Amount at Which Carried at Close of Period Land | 2,408 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 10,766 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 13,174 | |||
Accumulated Depreciation | $ 447 | |||
Date Of Construction | 1,979 | |||
Date Acquired | 2,018 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 20,029 | |||
Initial Cost to Company Buildings and Improvements | 202,647 | |||
Cost Capitalized Subsequent to Acquisition Other | 294 | |||
Gross Amount at Which Carried at Close of Period Land | 20,029 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 202,941 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 222,970 | |||
Accumulated Depreciation | $ 13,356 | |||
Date Of Construction | 1963-2015 | |||
Date Acquired | 2013-2018 | |||
Communicare Health Services, Inc | Indiana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Communicare Health Services, Inc | Indiana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | West Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 450 | |||
Initial Cost to Company Buildings and Improvements | 14,759 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 184 | |||
Gross Amount at Which Carried at Close of Period Land | 450 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,943 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 15,393 | |||
Accumulated Depreciation | $ 3,568 | |||
Date Of Construction | 1,963 | |||
Date Acquired | 2,011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Ciena Healthcare | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 25,148 | |||
Initial Cost to Company Buildings and Improvements | 431,144 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,381 | |||
Cost Capitalized Subsequent to Acquisition Other | (254) | |||
Gross Amount at Which Carried at Close of Period Land | 24,974 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 432,445 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 457,419 | |||
Accumulated Depreciation | 60,412 | |||
Ciena Healthcare | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 10,343 | |||
Initial Cost to Company Buildings and Improvements | 159,847 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 72 | |||
Cost Capitalized Subsequent to Acquisition Other | (80) | |||
Gross Amount at Which Carried at Close of Period Land | 10,343 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 159,839 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 170,182 | |||
Accumulated Depreciation | $ 23,287 | |||
Date Of Construction | 1960-2007 | |||
Date Acquired | 2010-2016 | |||
Ciena Healthcare | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Ciena Healthcare | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Ciena Healthcare | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,097 | |||
Initial Cost to Company Buildings and Improvements | 60,275 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,112 | |||
Gross Amount at Which Carried at Close of Period Land | 4,097 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 61,387 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 65,484 | |||
Accumulated Depreciation | $ 8,945 | |||
Date Of Construction | 1927-1992 | |||
Date Acquired | 2,014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Ciena Healthcare | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,300 | |||
Initial Cost to Company Buildings and Improvements | 87,772 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 90 | |||
Cost Capitalized Subsequent to Acquisition Other | (174) | |||
Gross Amount at Which Carried at Close of Period Land | 6,126 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,862 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 93,988 | |||
Accumulated Depreciation | $ 10,240 | |||
Date Of Construction | 1979-2007 | |||
Date Acquired | 2,016 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Ciena Healthcare | Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 321 | |||
Initial Cost to Company Buildings and Improvements | 7,703 | |||
Gross Amount at Which Carried at Close of Period Land | 321 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 7,703 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 8,024 | |||
Accumulated Depreciation | $ 1,229 | |||
Date Of Construction | 1,973 | |||
Date Acquired | 2,014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Ciena Healthcare | Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,087 | |||
Initial Cost to Company Buildings and Improvements | 115,547 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 107 | |||
Gross Amount at Which Carried at Close of Period Land | 4,087 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 115,654 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 119,741 | |||
Accumulated Depreciation | $ 16,711 | |||
Date Of Construction | 1964-1997 | |||
Date Acquired | 2,014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 36,347 | |||
Initial Cost to Company Buildings and Improvements | 344,001 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 36,421 | |||
Cost Capitalized Subsequent to Acquisition Other | (2) | |||
Gross Amount at Which Carried at Close of Period Land | 36,345 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 380,422 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 416,767 | |||
Accumulated Depreciation | 190,550 | |||
Genesis HealthCare | Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 1,179 | |||
Initial Cost to Company Buildings and Improvements | 22,406 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,522 | |||
Gross Amount at Which Carried at Close of Period Land | 1,179 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 28,928 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 30,107 | |||
Accumulated Depreciation | $ 20,082 | |||
Date Of Construction | 1964-1974 | |||
Date Acquired | 1,997 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | Massachusetts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,389 | |||
Initial Cost to Company Buildings and Improvements | 35,826 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,160 | |||
Gross Amount at Which Carried at Close of Period Land | 5,389 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 37,986 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 43,375 | |||
Accumulated Depreciation | $ 21,025 | |||
Date Of Construction | 1964-1993 | |||
Date Acquired | 1997-2010 | |||
Genesis HealthCare | Massachusetts | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Genesis HealthCare | Massachusetts | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Genesis HealthCare | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 382 | |||
Initial Cost to Company Buildings and Improvements | 11,271 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 21 | |||
Gross Amount at Which Carried at Close of Period Land | 382 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 11,292 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 11,674 | |||
Accumulated Depreciation | $ 7,247 | |||
Date Of Construction | 1968-1983 | |||
Date Acquired | 1,997 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 453 | |||
Initial Cost to Company Buildings and Improvements | 7,452 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,538 | |||
Gross Amount at Which Carried at Close of Period Land | 453 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 9,990 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 10,443 | |||
Accumulated Depreciation | $ 7,767 | |||
Date Of Construction | 1984-1985 | |||
Date Acquired | 1,994 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Genesis HealthCare | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,460 | |||
Initial Cost to Company Buildings and Improvements | 21,193 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,550 | |||
Gross Amount at Which Carried at Close of Period Land | 1,460 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 24,743 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 26,203 | |||
Accumulated Depreciation | $ 19,411 | |||
Date Of Construction | 1964-1986 | |||
Date Acquired | 1994-1997 | |||
Genesis HealthCare | North Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Genesis HealthCare | North Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | West Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,238 | |||
Initial Cost to Company Buildings and Improvements | 43,040 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,528 | |||
Gross Amount at Which Carried at Close of Period Land | 1,238 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 49,568 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 50,806 | |||
Accumulated Depreciation | $ 29,158 | |||
Date Of Construction | 1961-1986 | |||
Date Acquired | 1997-2008 | |||
Genesis HealthCare | West Virginia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Genesis HealthCare | West Virginia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,847 | |||
Initial Cost to Company Buildings and Improvements | 23,084 | |||
Gross Amount at Which Carried at Close of Period Land | 4,847 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 23,084 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 27,931 | |||
Accumulated Depreciation | $ 3,802 | |||
Date Of Construction | 1973-1997 | |||
Date Acquired | 2,005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 781 | |||
Initial Cost to Company Buildings and Improvements | 14,837 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 27 | |||
Gross Amount at Which Carried at Close of Period Land | 781 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,864 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 15,645 | |||
Accumulated Depreciation | $ 9,538 | |||
Date Of Construction | 1927-1972 | |||
Date Acquired | 1,997 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | Colorado | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,331 | |||
Initial Cost to Company Buildings and Improvements | 33,011 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,444 | |||
Gross Amount at Which Carried at Close of Period Land | 5,331 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 38,455 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 43,786 | |||
Accumulated Depreciation | $ 16,189 | |||
Date Of Construction | 1963-1975 | |||
Date Acquired | 2,006 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Genesis HealthCare | Idaho | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,021 | |||
Initial Cost to Company Buildings and Improvements | 16,171 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 974 | |||
Cost Capitalized Subsequent to Acquisition Other | (2) | |||
Gross Amount at Which Carried at Close of Period Land | 3,019 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 17,145 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 20,164 | |||
Accumulated Depreciation | $ 7,307 | |||
Date Of Construction | 1920-1987 | |||
Date Acquired | 1997-2006 | |||
Genesis HealthCare | Idaho | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Genesis HealthCare | Idaho | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Genesis HealthCare | New Hampshire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,782 | |||
Initial Cost to Company Buildings and Improvements | 19,837 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,463 | |||
Gross Amount at Which Carried at Close of Period Land | 1,782 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 21,300 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 23,082 | |||
Accumulated Depreciation | $ 9,674 | |||
Date Of Construction | 1963-1999 | |||
Date Acquired | 1998-2006 | |||
Genesis HealthCare | New Hampshire | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | New Hampshire | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Genesis HealthCare | New Mexico | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,008 | |||
Initial Cost to Company Buildings and Improvements | 45,285 | |||
Gross Amount at Which Carried at Close of Period Land | 6,008 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 45,285 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 51,293 | |||
Accumulated Depreciation | $ 6,297 | |||
Date Of Construction | 1960-1985 | |||
Date Acquired | 2,005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Genesis HealthCare | Rhode Island | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,658 | |||
Initial Cost to Company Buildings and Improvements | 35,083 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,793 | |||
Gross Amount at Which Carried at Close of Period Land | 3,658 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 39,876 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 43,534 | |||
Accumulated Depreciation | $ 19,172 | |||
Date Of Construction | 1965-1981 | |||
Date Acquired | 2,006 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Genesis HealthCare | Vermont | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 318 | |||
Initial Cost to Company Buildings and Improvements | 6,005 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 602 | |||
Gross Amount at Which Carried at Close of Period Land | 318 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,607 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 6,925 | |||
Accumulated Depreciation | $ 2,767 | |||
Date Of Construction | 1,971 | |||
Date Acquired | 2,004 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Genesis HealthCare | Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 500 | |||
Initial Cost to Company Buildings and Improvements | 9,500 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,799 | |||
Gross Amount at Which Carried at Close of Period Land | 500 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 11,299 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 11,799 | |||
Accumulated Depreciation | $ 11,114 | |||
Date Of Construction | 1,965 | |||
Date Acquired | 1,995 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 456,136 | |||
Initial Cost to Company Buildings and Improvements | 4,165,657 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 204,644 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 2,697 | |||
Cost Capitalized Subsequent to Acquisition Other | (126,959) | |||
Gross Amount at Which Carried at Close of Period Land | 448,382 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 4,253,793 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 4,702,175 | |||
Accumulated Depreciation | 996,964 | |||
Other | Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 638 | |||
Initial Cost to Company Buildings and Improvements | 10,950 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,393 | |||
Gross Amount at Which Carried at Close of Period Land | 638 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 17,343 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 17,981 | |||
Accumulated Depreciation | $ 14,986 | |||
Date Of Construction | 1960-1982 | |||
Date Acquired | 1,992 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Other | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,348 | |||
Initial Cost to Company Buildings and Improvements | 161,815 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,880 | |||
Gross Amount at Which Carried at Close of Period Land | 12,348 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 164,695 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 177,043 | |||
Accumulated Depreciation | $ 31,910 | |||
Date Of Construction | 1920-1998 | |||
Date Acquired | 1994-2013 | |||
Other | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Other | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 61,684 | |||
Initial Cost to Company Buildings and Improvements | 486,947 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 88,259 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 2,535 | |||
Cost Capitalized Subsequent to Acquisition Other | (9,737) | |||
Gross Amount at Which Carried at Close of Period Land | 61,684 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 568,004 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 629,688 | |||
Accumulated Depreciation | $ 186,128 | |||
Date Of Construction | 1933-2017 | |||
Date Acquired | 1992-2017 | |||
Other | Florida | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 2 years | |||
Other | Florida | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,740 | |||
Initial Cost to Company Buildings and Improvements | 47,689 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 769 | |||
Gross Amount at Which Carried at Close of Period Land | 3,740 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 48,458 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 52,198 | |||
Accumulated Depreciation | $ 7,892 | |||
Date Of Construction | 1967-1997 | |||
Date Acquired | 1998-2016 | |||
Other | Georgia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Georgia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,611 | |||
Initial Cost to Company Buildings and Improvements | 123,995 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 9,851 | |||
Gross Amount at Which Carried at Close of Period Land | 5,611 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 133,846 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 139,457 | |||
Accumulated Depreciation | $ 31,384 | |||
Date Of Construction | 1917-2002 | |||
Date Acquired | 1994-2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,349 | |||
Initial Cost to Company Buildings and Improvements | 74,420 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,361 | |||
Gross Amount at Which Carried at Close of Period Land | 4,349 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 76,781 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 81,130 | |||
Accumulated Depreciation | $ 38,056 | |||
Date Of Construction | 1974-2008 | |||
Date Acquired | 1992-2013 | |||
Other | Tennessee | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Tennessee | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Other | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,338 | |||
Initial Cost to Company Buildings and Improvements | 39,399 | |||
Cost Capitalized Subsequent to Acquisition Other | (711) | |||
Gross Amount at Which Carried at Close of Period Land | 2,338 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 38,688 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 41,026 | |||
Accumulated Depreciation | $ 11,940 | |||
Date Of Construction | 1969-1987 | |||
Date Acquired | 2010-2017 | |||
Other | North Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | North Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 36 years | |||
Other | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 14,912 | |||
Initial Cost to Company Buildings and Improvements | 210,906 | |||
Cost Capitalized Subsequent to Acquisition Other | (5) | |||
Gross Amount at Which Carried at Close of Period Land | 14,906 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 210,907 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 225,813 | |||
Accumulated Depreciation | $ 60,875 | |||
Date Of Construction | 1942-2012 | |||
Date Acquired | 2004-2018 | |||
Other | Pennsylvania | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 16 years | |||
Other | Pennsylvania | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,021 | |||
Initial Cost to Company Buildings and Improvements | 37,129 | |||
Gross Amount at Which Carried at Close of Period Land | 3,021 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 37,129 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 40,150 | |||
Accumulated Depreciation | $ 4,328 | |||
Date Of Construction | 1989-1995 | |||
Date Acquired | 2010-2017 | |||
Other | Virginia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Virginia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 25,781 | |||
Initial Cost to Company Buildings and Improvements | 335,737 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 435 | |||
Cost Capitalized Subsequent to Acquisition Other | (1,841) | |||
Gross Amount at Which Carried at Close of Period Land | 25,760 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 334,352 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 360,112 | |||
Accumulated Depreciation | $ 94,223 | |||
Date Of Construction | 1942-2008 | |||
Date Acquired | 1992-2013 | |||
Other | Indiana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Indiana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | West Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 285 | |||
Initial Cost to Company Buildings and Improvements | 9,148 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 348 | |||
Gross Amount at Which Carried at Close of Period Land | 285 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 9,496 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 9,781 | |||
Accumulated Depreciation | $ 5,465 | |||
Date Of Construction | 1961-1996 | |||
Date Acquired | 1994-2004 | |||
Other | West Virginia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | West Virginia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 830 | |||
Initial Cost to Company Buildings and Improvements | 30,921 | |||
Gross Amount at Which Carried at Close of Period Land | 830 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 30,921 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,751 | |||
Accumulated Depreciation | $ 7,138 | |||
Date Of Construction | 1964-1975 | |||
Date Acquired | 2005-2011 | |||
Other | Michigan | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Michigan | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,149 | |||
Initial Cost to Company Buildings and Improvements | 63,783 | |||
Gross Amount at Which Carried at Close of Period Land | 6,149 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 63,783 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 69,932 | |||
Accumulated Depreciation | $ 12,367 | |||
Date Of Construction | 1949-1999 | |||
Date Acquired | 2012-2015 | |||
Other | Arizona | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Other | Arizona | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Arkansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,893 | |||
Initial Cost to Company Buildings and Improvements | 59,094 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,516 | |||
Cost Capitalized Subsequent to Acquisition Other | (36) | |||
Gross Amount at Which Carried at Close of Period Land | 2,893 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 67,574 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 70,467 | |||
Accumulated Depreciation | $ 33,435 | |||
Date Of Construction | 1967-1988 | |||
Date Acquired | 1992-2014 | |||
Other | Arkansas | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Arkansas | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Other | California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 72,685 | |||
Initial Cost to Company Buildings and Improvements | 393,364 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,103 | |||
Cost Capitalized Subsequent to Acquisition Other | (703) | |||
Gross Amount at Which Carried at Close of Period Land | 72,685 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 397,764 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 470,449 | |||
Accumulated Depreciation | $ 74,708 | |||
Date Of Construction | 1938-2013 | |||
Date Acquired | 1997-2014 | |||
Other | California | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 5 years | |||
Other | California | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Other | Colorado | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,949 | |||
Initial Cost to Company Buildings and Improvements | 55,819 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,346 | |||
Gross Amount at Which Carried at Close of Period Land | 5,949 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 58,165 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 64,114 | |||
Accumulated Depreciation | $ 21,066 | |||
Date Of Construction | 1925-1973 | |||
Date Acquired | 1998-2016 | |||
Other | Colorado | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Colorado | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Idaho | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,604 | |||
Initial Cost to Company Buildings and Improvements | 46,182 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 348 | |||
Cost Capitalized Subsequent to Acquisition Other | (14,690) | |||
Gross Amount at Which Carried at Close of Period Land | 3,604 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 31,840 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 35,444 | |||
Accumulated Depreciation | $ 7,377 | |||
Date Of Construction | 1911-2008 | |||
Date Acquired | 1999-2014 | |||
Other | Idaho | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Idaho | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | New Mexico | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,222 | |||
Initial Cost to Company Buildings and Improvements | 8,638 | |||
Cost Capitalized Subsequent to Acquisition Other | (9,660) | |||
Gross Amount at Which Carried at Close of Period Land | 200 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 200 | |||
Date Of Construction | 1,984 | |||
Date Acquired | 2,005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 879 | |||
Initial Cost to Company Buildings and Improvements | 4,446 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 980 | |||
Cost Capitalized Subsequent to Acquisition Other | (5,426) | |||
Gross Amount at Which Carried at Close of Period Land | 879 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 879 | |||
Date Of Construction | N/A | |||
Date Acquired | 1,999 | |||
Other | Illinois | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 382 | |||
Initial Cost to Company Buildings and Improvements | 8,228 | |||
Gross Amount at Which Carried at Close of Period Land | 382 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 8,228 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 8,610 | |||
Accumulated Depreciation | $ 1,216 | |||
Date Of Construction | 1,963 | |||
Date Acquired | 2,005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Iowa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,485 | |||
Initial Cost to Company Buildings and Improvements | 60,406 | |||
Gross Amount at Which Carried at Close of Period Land | 2,485 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 60,406 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 62,891 | |||
Accumulated Depreciation | $ 11,957 | |||
Date Of Construction | 1961-1998 | |||
Date Acquired | 2010-2014 | |||
Other | Iowa | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 12 years | |||
Other | Iowa | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,153 | |||
Initial Cost to Company Buildings and Improvements | 43,482 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 14,219 | |||
Gross Amount at Which Carried at Close of Period Land | 4,153 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 57,701 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 61,854 | |||
Accumulated Depreciation | $ 11,938 | |||
Date Of Construction | 1957-1977 | |||
Date Acquired | 2005-2011 | |||
Other | Kansas | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Kansas | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Louisiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,925 | |||
Initial Cost to Company Buildings and Improvements | 52,869 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,878 | |||
Cost Capitalized Subsequent to Acquisition Other | (449) | |||
Gross Amount at Which Carried at Close of Period Land | 4,925 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 57,298 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 62,223 | |||
Accumulated Depreciation | $ 21,598 | |||
Date Of Construction | 1957-1983 | |||
Date Acquired | 1997-2018 | |||
Other | Louisiana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Other | Louisiana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Minnesota | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 10,502 | |||
Initial Cost to Company Buildings and Improvements | 52,585 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,971 | |||
Gross Amount at Which Carried at Close of Period Land | 10,502 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 58,556 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 69,058 | |||
Accumulated Depreciation | $ 9,236 | |||
Date Of Construction | 1966-1983 | |||
Date Acquired | 2,014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Mississippi | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,925 | |||
Initial Cost to Company Buildings and Improvements | 177,825 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 827 | |||
Gross Amount at Which Carried at Close of Period Land | 7,925 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 178,652 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 186,577 | |||
Accumulated Depreciation | $ 21,137 | |||
Date Of Construction | 1962-2008 | |||
Date Acquired | 2009-2013 | |||
Other | Mississippi | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Mississippi | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Missouri | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,063 | |||
Initial Cost to Company Buildings and Improvements | 105,351 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 693 | |||
Cost Capitalized Subsequent to Acquisition Other | (30,351) | |||
Gross Amount at Which Carried at Close of Period Land | 6,055 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 75,701 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 81,756 | |||
Accumulated Depreciation | $ 12,434 | |||
Date Of Construction | 1955-1994 | |||
Date Acquired | 1999-2016 | |||
Other | Missouri | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Missouri | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Montana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,319 | |||
Initial Cost to Company Buildings and Improvements | 11,698 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1 | |||
Gross Amount at Which Carried at Close of Period Land | 1,319 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 11,699 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 13,018 | |||
Accumulated Depreciation | $ 1,736 | |||
Date Of Construction | 1963-1971 | |||
Date Acquired | 2,005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Nebraska | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,600 | |||
Initial Cost to Company Buildings and Improvements | 23,142 | |||
Gross Amount at Which Carried at Close of Period Land | 1,600 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 23,142 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 24,742 | |||
Accumulated Depreciation | $ 5,025 | |||
Date Of Construction | 1963-1969 | |||
Date Acquired | 2012-2015 | |||
Other | Nebraska | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Nebraska | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Nevada | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,501 | |||
Initial Cost to Company Buildings and Improvements | 50,472 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,350 | |||
Gross Amount at Which Carried at Close of Period Land | 5,501 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 58,822 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 64,323 | |||
Accumulated Depreciation | $ 15,703 | |||
Date Of Construction | 1972-2004 | |||
Date Acquired | 2009-2012 | |||
Other | Nevada | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years | |||
Other | Nevada | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Oklahoma | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,650 | |||
Initial Cost to Company Buildings and Improvements | 36,247 | |||
Gross Amount at Which Carried at Close of Period Land | 4,650 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 36,247 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 40,897 | |||
Accumulated Depreciation | $ 11,525 | |||
Date Of Construction | 1965-2013 | |||
Date Acquired | 2010-2013 | |||
Other | Oklahoma | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Oklahoma | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Oregon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,641 | |||
Initial Cost to Company Buildings and Improvements | 45,218 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,009 | |||
Gross Amount at Which Carried at Close of Period Land | 3,641 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 49,227 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 52,868 | |||
Accumulated Depreciation | $ 7,553 | |||
Date Of Construction | 1959-2004 | |||
Date Acquired | 2005-2014 | |||
Other | Oregon | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Oregon | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,800 | |||
Initial Cost to Company Buildings and Improvements | 59,782 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 443 | |||
Gross Amount at Which Carried at Close of Period Land | 7,800 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 60,225 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 68,025 | |||
Accumulated Depreciation | $ 11,910 | |||
Date Of Construction | 1959-2007 | |||
Date Acquired | 2014-2016 | |||
Other | South Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | South Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 68,515 | |||
Initial Cost to Company Buildings and Improvements | 732,374 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 27,814 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 162 | |||
Cost Capitalized Subsequent to Acquisition Other | (2,532) | |||
Gross Amount at Which Carried at Close of Period Land | 68,515 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 757,818 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 826,333 | |||
Accumulated Depreciation | $ 152,877 | |||
Date Of Construction | 1949-2016 | |||
Date Acquired | 1997-2018 | |||
Other | Texas | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Texas | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | United Kingdom | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 84,119 | |||
Initial Cost to Company Buildings and Improvements | 353,800 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,791 | |||
Cost Capitalized Subsequent to Acquisition Other | (44,567) | |||
Gross Amount at Which Carried at Close of Period Land | 77,529 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 317,614 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 395,143 | |||
Accumulated Depreciation | $ 32,691 | |||
Date Of Construction | 1750-2012 | |||
Date Acquired | 2015-2018 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 11,219 | |||
Initial Cost to Company Buildings and Improvements | 128,555 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 937 | |||
Cost Capitalized Subsequent to Acquisition Other | (2) | |||
Gross Amount at Which Carried at Close of Period Land | 11,218 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 129,491 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 140,709 | |||
Accumulated Depreciation | $ 21,333 | |||
Date Of Construction | 1930-2004 | |||
Date Acquired | 1999-2015 | |||
Other | Washington | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Washington | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Wisconsin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,419 | |||
Initial Cost to Company Buildings and Improvements | 23,241 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,122 | |||
Cost Capitalized Subsequent to Acquisition Other | (6,249) | |||
Gross Amount at Which Carried at Close of Period Land | 2,313 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 23,220 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 25,533 | |||
Accumulated Depreciation | $ 3,817 | |||
Date Of Construction | 1974-1994 | |||
Date Acquired | 2005-2012 | |||
Other | Wisconsin | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Wisconsin | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | $ 7,655,960 | $ 7,566,358 | $ 6,743,958 |
Acquisitions through foreclosure | 25,000 | ||
Acquisitions | 294,202 | 419,333 | 1,017,761 |
Impairment | (35,014) | (98,672) | (53,717) |
Improvements | 187,408 | 116,786 | 95,807 |
Disposals/other | (356,146) | (347,845) | (262,451) |
Balance at close of period | 7,746,410 | 7,655,960 | 7,566,358 |
Reconciliation of real estate accumulated depreciation | |||
Balance at beginning of period | 1,376,828 | 1,240,336 | 1,019,150 |
Provisions for depreciation | 280,871 | 287,189 | 266,904 |
Dispositions/other | (95,080) | (150,697) | (45,718) |
Balance at close of period | $ 1,562,619 | $ 1,376,828 | $ 1,240,336 |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative 1) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Noncash consideration exchanged | $ 185.6 | $ 27.2 | $ 35.1 |
Reported amount of real estate in excess of the tax basis | $ 600 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 761,258 | |||
Carrying Amount of Mortgages | 710,858 | $ 671,232 | $ 639,343 | $ 679,795 |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 13,007 | |||
Maryland | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 13.75% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,028 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 74,928 | |||
Carrying Amount of Mortgages | $ 35,964 | |||
Michigan | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.31% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 4,141 | |||
Carrying Amount of Mortgages | $ 4,141 | |||
Michigan | Group 2 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.04% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 4,112 | |||
Carrying Amount of Mortgages | $ 4,112 | |||
Michigan | Group 3 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.77% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 12,113 | |||
Carrying Amount of Mortgages | $ 12,113 | |||
Michigan | Group 4 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.98% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 17,698 | |||
Carrying Amount of Mortgages | $ 17,698 | |||
Michigan | Group 5 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.90% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest plus approximately $126.0 of principal payable monthly with $382,127 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 415,000 | |||
Carrying Amount of Mortgages | $ 409,256 | |||
Michigan | Group 6 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.73% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest plus approximately $2.0 of principal payable monthly with $10,466 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 11,000 | |||
Carrying Amount of Mortgages | $ 10,961 | |||
Michigan | Group 7 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.74% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 455 | |||
Carrying Amount of Mortgages | $ 455 | |||
Michigan | Group 8 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.84% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 14,045 | |||
Carrying Amount of Mortgages | $ 14,045 | |||
Michigan | Group 9 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest plus approximately $8.0 of principal payable monthly with $42,364 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 44,200 | |||
Carrying Amount of Mortgages | $ 44,159 | |||
Michigan | Group 10 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 124 | |||
Carrying Amount of Mortgages | $ 124 | |||
Michigan | Group 11 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.73% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,019 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 6,518 | |||
Carrying Amount of Mortgages | $ 6,518 | |||
Michigan | Group 12 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.73% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,019 | |||
Periodic Payment Terms | Interest accrues monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 13,931 | |||
Carrying Amount of Mortgages | $ 13,931 | |||
Ohio | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.18% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,027 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 112,500 | |||
Carrying Amount of Mortgages | $ 112,500 | |||
Ohio | Group 2 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.15% | |||
Fixed/Variable | V | |||
Final Maturity Date | 2,019 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 11,874 | |||
Carrying Amount of Mortgages | $ 11,874 | |||
Tennessee | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.35% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2,015 | |||
Periodic Payment Terms | Past due | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 6,997 | |||
Carrying Amount of Mortgages | 1,472 | |||
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 1,472 | |||
Virginia | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.75% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2,018 | |||
Periodic Payment Terms | Past due | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 11,622 | |||
Carrying Amount of Mortgages | 11,535 | |||
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 11,535 |
SCHEDULE IV - MORTGAGE LOANS _3
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 1) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 671,232 | $ 639,343 | $ 679,795 |
Additions during period - new mortgage loans or additional fundings | 65,841 | 34,643 | 48,722 |
Deductions during period - collection of principal/other | (26,215) | (2,754) | (89,174) |
Balance at close of period | 710,858 | 671,232 | 639,343 |
Mortgage loans on real estate non cash interest paid-in kind | 500 | ||
Mortgage loans on real estate non cash deed-in-lieu of foreclosure | $ 29,200 | ||
Amortizatoin of premium | 100 | $ 1,200 | |
Mortgage Loans on Real Estate, Renewed and Extended, Amount | $ 144,800 |
SCHEDULE IV - MORTGAGE LOANS _4
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 2) (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Mortgage Loans On Real Estate [Abstract] | |
Aggregate cost for federal income tax purposes | $ 716.4 |
Mortgages included in the schedule which extended during 2018 | $ 144.8 |