Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
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 | 198,589,565 | ||
Entity Public Float | $ 6,512,334,069 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
OHI Healthcare Properties Limited Partnership | |||
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 Common Stock Shares Outstanding | 0 | ||
Entity Public Float | $ 0 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate properties | |||
Real estate investments (see Note 3) | $ 7,655,960 | $ 7,566,358 | |
Less accumulated depreciation | (1,376,828) | (1,240,336) | |
Real estate investments - net | 6,279,132 | 6,326,022 | |
Investments in direct financing leases - net | 364,965 | 601,938 | |
Mortgage notes receivable - net | 671,232 | 639,343 | |
Real estate properties, total | 7,315,329 | 7,567,303 | |
Other investments - net | 276,342 | 256,846 | |
Investment in unconsolidated joint venture | 36,516 | 48,776 | |
Assets held for sale - net | 86,699 | 52,868 | |
Total investments | 7,714,886 | 7,925,793 | |
Cash and cash equivalents | 85,937 | 93,687 | |
Restricted cash | 10,871 | 13,589 | |
Accounts receivable - net | 279,334 | 240,035 | |
Goodwill | 644,690 | 643,474 | |
Other assets | 37,587 | 32,682 | |
Total assets | 8,773,305 | 8,949,260 | |
LIABILITIES AND EQUITY | |||
Revolving line of credit | 290,000 | 190,000 | |
Term loans - net | [1] | 904,670 | 1,094,343 |
Secured borrowings - net | [1],[2] | 53,098 | 54,365 |
Unsecured borrowings - net | [1] | 3,324,390 | 3,028,146 |
Accrued expenses and other liabilities | 295,142 | 360,514 | |
Deferred income taxes | 17,747 | 9,906 | |
Total liabilities | 4,885,047 | 4,737,274 | |
Equity: | |||
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 198,309 shares as of December 31, 2017 and 196,142 as of December 31, 2016 | 19,831 | 19,614 | |
Common stock - additional paid-in capital | 4,936,302 | 4,861,408 | |
Cumulative net earnings | 1,839,356 | 1,738,937 | |
Cumulative dividends paid | (3,210,248) | (2,707,387) | |
Accumulated other comprehensive loss | (30,150) | (53,827) | |
Total stockholders' equity | 3,555,091 | 3,858,745 | |
Noncontrolling interest | 333,167 | 353,241 | |
Total equity | 3,888,258 | 4,211,986 | |
Owners' Equity: | |||
Total liabilities and equity | 8,773,305 | 8,949,260 | |
OHI Healthcare Properties Limited Partnership | |||
Real estate properties | |||
Real estate investments (see Note 3) | 7,655,960 | 7,566,358 | |
Less accumulated depreciation | (1,376,828) | (1,240,336) | |
Real estate investments - net | 6,279,132 | 6,326,022 | |
Investments in direct financing leases - net | 364,965 | 601,938 | |
Mortgage notes receivable - net | 671,232 | 639,343 | |
Real estate properties, total | 7,315,329 | 7,567,303 | |
Other investments - net | 276,342 | 256,846 | |
Investment in unconsolidated joint venture | 36,516 | 48,776 | |
Assets held for sale - net | 86,699 | 52,868 | |
Total investments | 7,714,886 | 7,925,793 | |
Cash and cash equivalents | 85,937 | 93,687 | |
Restricted cash | 10,871 | 13,589 | |
Accounts receivable - net | 279,334 | 240,035 | |
Goodwill | 644,690 | 643,474 | |
Other assets | 37,587 | 32,682 | |
Total assets | 8,773,305 | 8,949,260 | |
LIABILITIES AND EQUITY | |||
Term loans - net | 99,423 | 100,000 | |
Secured borrowings - net | 53,098 | 54,365 | |
Accrued expenses and other liabilities | 226,028 | 302,959 | |
Deferred income taxes | 17,747 | 9,906 | |
Intercompany loans payable | 4,488,751 | 4,270,044 | |
Total liabilities | 4,885,047 | 4,737,274 | |
Owners' Equity: | |||
General partners' equity | 3,555,091 | 3,858,745 | |
Limited partners' equity | 333,167 | 353,241 | |
Total owners' equity | 3,888,258 | 4,211,986 | |
Total liabilities and equity | $ 8,773,305 | $ 8,949,260 | |
[1] | All borrowing are direct borrowings of Omega unless otherwise noted. | ||
[2] | These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 198,309 | 196,142 |
Common stock, shares outstanding | 198,309 | 196,142 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenue | |||||
Rental income | $ 775,176 | $ 743,885 | $ 605,991 | ||
Income from direct financing leases | 32,336 | 62,298 | 59,936 | ||
Mortgage interest income | 66,202 | 69,811 | 68,910 | ||
Other investment income - net | 29,225 | 21,852 | 7,534 | ||
Miscellaneous income | 5,446 | 2,981 | 1,246 | ||
Total operating revenues | 908,385 | 900,827 | 743,617 | ||
Expenses | |||||
Depreciation and amortization | 287,591 | 267,062 | 210,703 | ||
General and administrative | 47,683 | 45,867 | 38,568 | ||
Acquisition and merger related costs | 9,582 | 57,525 | |||
Impairment loss on real estate properties | 99,070 | 58,726 | 17,681 | ||
Impairment loss on direct financing leases | 198,199 | ||||
Provisions for uncollectible accounts | 14,580 | 9,845 | 7,871 | ||
Total operating expenses | 647,123 | 391,082 | 332,348 | ||
Income before other income and expense | 261,262 | 509,745 | 411,269 | ||
Other income (expense) | |||||
Interest income | 267 | 173 | 285 | ||
Interest expense | (188,762) | (164,103) | (147,381) | ||
Interest - amortization of deferred financing costs | (9,516) | (9,345) | (6,990) | ||
Interest - refinancing costs | (21,965) | (2,113) | (28,837) | ||
Contractual settlement | 10,412 | ||||
Realized gain (loss) on foreign exchange | 311 | (232) | (173) | ||
Total other expense | (209,253) | (175,620) | (183,096) | ||
Income before gain on assets sold | 52,009 | 334,125 | 228,173 | ||
Gain on assets sold - net | 53,912 | 50,208 | 6,353 | ||
Income from continuing operations | 105,921 | 384,333 | 234,526 | ||
Income tax expense | (3,248) | (1,405) | (1,211) | ||
Income from unconsolidated joint venture | 2,237 | 439 | |||
Net income | 104,910 | 383,367 | 233,315 | ||
Net income attributable to noncontrolling interest | (4,491) | (16,952) | (8,791) | ||
Net income available to common stockholders/Omega OP Unit holders | $ 100,419 | $ 366,415 | $ 224,524 | ||
Basic: | |||||
Net income available to common stockholders (in dollars per share) | $ 0.51 | $ 1.91 | $ 1.30 | ||
Diluted: | |||||
Net income (in dollars per share) | $ 0.51 | $ 1.90 | $ 1.29 | ||
Weighted-average shares outstanding, Basic and Diluted | |||||
Weighted-average shares outstanding, basic (in shares) | 197,738 | 191,781 | 172,242 | ||
Weighted-average shares outstanding, diluted (in shares) | 206,790 | 201,635 | 180,508 | ||
OHI Healthcare Properties Limited Partnership | |||||
Revenue | |||||
Rental income | $ 505,027 | $ 775,176 | $ 743,885 | ||
Income from direct financing leases | 45,590 | 32,336 | 62,298 | ||
Mortgage interest income | 52,331 | 66,202 | 69,811 | ||
Other investment income - net | 6,138 | 29,225 | 21,852 | ||
Miscellaneous income | 1,111 | 5,446 | 2,981 | ||
Total operating revenues | 610,197 | 908,385 | 900,827 | ||
Expenses | |||||
Depreciation and amortization | 180,093 | 287,591 | 267,062 | ||
General and administrative | 32,554 | 47,683 | 45,867 | ||
Acquisition and merger related costs | 52,657 | 9,582 | |||
Impairment loss on real estate properties | 11,699 | 99,070 | 58,726 | ||
Impairment loss on direct financing leases | 198,199 | ||||
Provisions for uncollectible accounts | 7,873 | 14,580 | 9,845 | ||
Total operating expenses | 284,876 | 647,123 | 391,082 | ||
Income before other income and expense | 325,321 | 261,262 | 509,745 | ||
Other income (expense) | |||||
Interest income | 92 | 267 | 173 | ||
Interest expense | (115,022) | (188,762) | (164,103) | ||
Interest - amortization of deferred financing costs | (5,637) | (9,516) | (9,345) | ||
Interest - refinancing costs | (19,460) | (21,965) | (2,113) | ||
Contractual settlement | 10,412 | ||||
Realized gain (loss) on foreign exchange | (173) | 311 | (232) | ||
Total other expense | (140,200) | (209,253) | (175,620) | ||
Income before gain on assets sold | 185,121 | 52,009 | 334,125 | ||
Gain on assets sold - net | 6,353 | 53,912 | 50,208 | ||
Income from continuing operations | 191,474 | 105,921 | 384,333 | ||
Income tax expense | (1,211) | (3,248) | (1,405) | ||
Income from unconsolidated joint venture | 2,237 | 439 | |||
Net income | 190,263 | [1] | 104,910 | 383,367 | |
Net income available to common stockholders/Omega OP Unit holders | $ 190,263 | [1] | $ 104,910 | $ 383,367 | |
Basic: | |||||
Net income (in dollars per share) | $ 0.98 | $ 0.51 | $ 1.91 | ||
Diluted: | |||||
Net income (in dollars per share) | $ 0.97 | [1] | $ 0.51 | $ 1.90 | |
Weighted-average shares outstanding, Basic and Diluted | |||||
Weighted-average Omega OP Units outstanding, basic (in shares) | 193,843 | [1] | 206,521 | 200,679 | |
Weighted-average Omega OP Units outstanding, diluted (in shares) | 195,742 | [1] | 206,790 | 201,635 | |
[1] | The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net income | $ 104,910 | $ 383,367 | $ 233,315 | ||
Other comprehensive income (loss) | |||||
Foreign currency translation | 21,845 | (46,535) | (8,413) | ||
Cash flow hedges | 2,883 | (702) | (718) | ||
Total other comprehensive income (loss) | 24,728 | (47,237) | (9,131) | ||
Comprehensive income | 129,638 | 336,130 | 224,184 | ||
Comprehensive income attributable to noncontrolling interest | (5,542) | (14,830) | (8,373) | ||
Comprehensive income attributable to common stockholders | 124,096 | 321,300 | $ 215,811 | ||
OHI Healthcare Properties Limited Partnership | |||||
Net income | $ 190,263 | [1] | 104,910 | 383,367 | |
Other comprehensive income (loss) | |||||
Foreign currency translation | (8,413) | 21,845 | (46,535) | ||
Cash flow hedges | (718) | 2,883 | (702) | ||
Total other comprehensive income (loss) | (9,131) | 24,728 | (47,237) | ||
Comprehensive income | $ 181,132 | $ 129,638 | $ 336,130 | ||
[1] | The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock Par Value | Additional Paid-in Capital | Cumulative Net Earnings | Cumulative Dividends | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | Noncontrolling Interest | Total |
Balance (127,606 common shares, 187,399 common shares, 196,142 shares and 198,309 shares for 2014, 2015, 2016 and 2017, respectively and Omega OP Units 8,956, 8,862 and 8,772 for 2015, 2016 and 2017, respectively.) at Dec. 31, 2014 | $ 12,761 | $ 2,136,234 | $ 1,147,998 | $ (1,895,666) | $ 1,401,327 | $ 1,401,327 | ||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted stock to company directors (21 shares at $35.70 per share, 18 shares at $33.09 per share and 32 shares at $31.23 per share to company directors for 2015, 2016 and 2017, respectively) | 2 | (2) | ||||||
Stock-based compensation expense | 11,133 | 11,133 | 11,133 | |||||
Vesting/exercising of equity compensation, net of tax withholdings (941 shares, 773 shares and 116 shares for 2015, 2016 and 2017, respectively) | 94 | (26,800) | (26,706) | (26,706) | ||||
Dividend reinvestment plan ( 4,184 shares at $36.06 per share, 7,215 shares at $33.27 per share and 1,199 shares at $30.64 per share for 2015, 2016, and 2017, respectively) | 418 | 150,429 | 150,847 | 150,847 | ||||
Value of assumed options in Aviv Merger | 109,346 | 109,346 | 109,346 | |||||
Value of assumed other equity compensation plan in Aviv Merger | 12,644 | 12,644 | 12,644 | |||||
Grant of stock as payment of directors fees (9 shares at an average of $35.94 per share, 10 shares at an average of $31.27 per share and 5 shares at an average of $32.18 per share for 2015, 2016, and 2017, respectively) | 1 | 312 | 313 | 313 | ||||
Deferred compensation directors (8 shares at $32.10 per share for 2017) | 1,444 | 1,444 | 1,444 | |||||
Issuance of common stock (10,925 shares at an average of $40.32 per share) | 1,093 | 438,229 | 439,322 | 439,322 | ||||
Issuance of common stock - Aviv Merger - related (43,713 shares) | 4,371 | 1,776,505 | 1,780,876 | 1,780,876 | ||||
Common dividends declared ($2.18 per share, $2.36 per share and $2.54 per share for 2015, 2016, and 2017 respectively) | (358,372) | (358,372) | (358,372) | |||||
Omega OP Units issuance (9,165 units) | $ 373,394 | 373,394 | ||||||
Conversion of Omega OP Units (209 units) | (7,251) | (7,251) | ||||||
Omega OP Units distributions | (11,636) | (11,636) | ||||||
Comprehensive income: | ||||||||
Foreign currency translation | $ (8,027) | (8,027) | (386) | (8,413) | ||||
Cash flow hedges | (685) | (685) | (33) | (718) | ||||
Net income | 224,524 | 224,524 | 8,791 | 233,315 | ||||
Total comprehensive income | 224,184 | |||||||
Balance (127,606 common shares, 187,399 common shares, 196,142 shares and 198,309 shares for 2014, 2015, 2016 and 2017, respectively and Omega OP Units 8,956, 8,862 and 8,772 for 2015, 2016 and 2017, respectively.) at Dec. 31, 2015 | 18,740 | 4,609,474 | 1,372,522 | (2,254,038) | (8,712) | 3,737,986 | 362,879 | 4,100,865 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted stock to company directors (21 shares at $35.70 per share, 18 shares at $33.09 per share and 32 shares at $31.23 per share to company directors for 2015, 2016 and 2017, respectively) | 2 | (2) | ||||||
Stock-based compensation expense | 13,790 | 13,790 | 13,790 | |||||
Vesting/exercising of equity compensation, net of tax withholdings (941 shares, 773 shares and 116 shares for 2015, 2016 and 2017, respectively) | 77 | (23,503) | (23,426) | (23,426) | ||||
Dividend reinvestment plan ( 4,184 shares at $36.06 per share, 7,215 shares at $33.27 per share and 1,199 shares at $30.64 per share for 2015, 2016, and 2017, respectively) | 721 | 239,320 | 240,041 | 240,041 | ||||
Grant of stock as payment of directors fees (9 shares at an average of $35.94 per share, 10 shares at an average of $31.27 per share and 5 shares at an average of $32.18 per share for 2015, 2016, and 2017, respectively) | 1 | 324 | 325 | 325 | ||||
Deferred compensation directors (8 shares at $32.10 per share for 2017) | (129) | (129) | (129) | |||||
Equity Shelf Program (656 shares at $29.97per share, net of issuance costs and 718 shares at $30.81 per share, net of issuance costs for 2016 and 2017, respectively) | 66 | 19,585 | 19,651 | 19,651 | ||||
Common dividends declared ($2.18 per share, $2.36 per share and $2.54 per share for 2015, 2016, and 2017 respectively) | (453,349) | (453,349) | (453,349) | |||||
Conversion of Omega OP Units to common stock (72 shares at $35.68 per share and 89 shares at $32.91 per share for 2016, and 2017, respectively) | 7 | 2,559 | 2,566 | 2,566 | ||||
Redemption of Omega OP Units (94 and 90 units for 2016 and 2017, 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 (127,606 common shares, 187,399 common shares, 196,142 shares and 198,309 shares for 2014, 2015, 2016 and 2017, respectively and Omega OP Units 8,956, 8,862 and 8,772 for 2015, 2016 and 2017, respectively.) at Dec. 31, 2016 | 19,614 | 4,861,408 | 1,738,937 | (2,707,387) | (53,827) | 3,858,745 | 353,241 | 4,211,986 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted stock to company directors (21 shares at $35.70 per share, 18 shares at $33.09 per share and 32 shares at $31.23 per share to company directors for 2015, 2016 and 2017, respectively) | 3 | (3) | ||||||
Stock-based compensation expense | 15,212 | 15,212 | 15,212 | |||||
Vesting/exercising of equity compensation, net of tax withholdings (941 shares, 773 shares and 116 shares for 2015, 2016 and 2017, respectively) | 12 | (2,155) | (2,143) | (2,143) | ||||
Dividend reinvestment plan ( 4,184 shares at $36.06 per share, 7,215 shares at $33.27 per share and 1,199 shares at $30.64 per share for 2015, 2016, and 2017, respectively) | 120 | 36,602 | 36,722 | 36,722 | ||||
Grant of stock as payment of directors fees (9 shares at an average of $35.94 per share, 10 shares at an average of $31.27 per share and 5 shares at an average of $32.18 per share for 2015, 2016, and 2017, respectively) | 1 | 149 | 150 | 150 | ||||
Deferred compensation directors (8 shares at $32.10 per share for 2017) | 108 | 108 | 108 | |||||
Equity Shelf Program (656 shares at $29.97per share, net of issuance costs and 718 shares at $30.81 per share, net of issuance costs for 2016 and 2017, respectively) | 72 | 22,048 | 22,120 | 22,120 | ||||
Common dividends declared ($2.18 per share, $2.36 per share and $2.54 per share for 2015, 2016, and 2017 respectively) | (502,861) | (502,861) | (502,861) | |||||
Conversion of Omega OP Units to common stock (72 shares at $35.68 per share and 89 shares at $32.91 per share for 2016, and 2017, respectively) | 9 | 2,933 | 2,942 | 2,942 | ||||
Redemption of Omega OP Units (94 and 90 units for 2016 and 2017, 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 (127,606 common shares, 187,399 common shares, 196,142 shares and 198,309 shares for 2014, 2015, 2016 and 2017, respectively and Omega OP Units 8,956, 8,862 and 8,772 for 2015, 2016 and 2017, respectively.) at Dec. 31, 2017 | $ 19,831 | $ 4,936,302 | $ 1,839,356 | $ (3,210,248) | $ (30,150) | $ 3,555,091 | $ 333,167 | $ 3,888,258 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Balance (in shares) | 196,142 | 187,399 | 127,606 |
Balance (in units) | 8,862 | 8,956 | |
Grant of restricted stock (in shares) | 32 | 18 | 21 |
Grant of restricted stock (in dollars per share) | $ 31.23 | $ 33.09 | $ 35.70 |
Vesting/exercising of equity compensation plan (in shares) | 116 | 773 | 941 |
Dividend reinvestment plan (in shares) | 1,199 | 7,215 | 4,184 |
Dividend reinvestment plan (in dollars per share) | $ 30.64 | $ 33.27 | $ 36.06 |
Grant of stock as payment of directors fees (in shares) | 5 | 10 | 9 |
Grant of stock as payment of fees (in dollars per share) | $ 32.18 | $ 31.27 | $ 35.94 |
Issuance of common stock (in shares) | 10,925 | ||
Issuance of common stock, (in dollars per share) | $ 40.32 | ||
Issuance of common stock - Aviv Merger - related (in shares) | 43,713 | ||
Deferred compensation directors (in shares) | 8 | ||
Deferred compensation directors (in dollars per share) | $ 32.10 | ||
Equity shelf program (in shares) | 718 | 656 | |
Equity shelf program (in dollars per share) | $ 30.81 | $ 29.97 | |
Per share distributions of common dividends (in dollars per share) | $ 2.54 | $ 2.36 | $ 2.18 |
OP units issuance | 9,165 | ||
Conversion of OP Units to Common stock (in shares) | 89 | 72 | |
Conversion of OP Units to Common stock (in dollars per share) | $ 32.91 | $ 35.68 | |
Cash conversion of OP units | 209 | ||
Redemption of OP Units (in units) | 90 | 94 | |
Balance (in shares) | 198,309 | 196,142 | 187,399 |
Balance (in units) | 8,772 | 8,862 | 8,956 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY - USD ($) $ in Thousands | OHI Healthcare Properties Limited PartnershipGeneral Partners' Omega OP Units | OHI Healthcare Properties Limited PartnershipLimited Partners' Omega OP Units | OHI Healthcare Properties Limited Partnership | Total | |
Balance at Apr. 01, 2015 | $ 1,770,953 | $ 1,770,953 | |||
Balance (in units) at Apr. 01, 2015 | 138,752 | 138,752 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Contributions from partners | $ 2,034,091 | $ 373,394 | $ 2,407,485 | ||
Contributions from partners (in units) | 48,647 | 9,165 | 57,812 | ||
Distributions to partners | $ (239,818) | $ (11,636) | $ (251,454) | ||
Omega OP Unit redemptions | $ (7,251) | $ (7,251) | |||
Omega OP Unit redemptions (in units) | (209) | (209) | |||
Comprehensive income: | |||||
Foreign currency translation | (8,027) | $ (386) | $ (8,413) | ||
Cash flow hedges | (685) | (33) | (718) | ||
Net income | 181,472 | 8,791 | 190,263 | [1] | |
Total comprehensive income | 181,132 | ||||
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 | $ 333,167 | $ 3,888,258 | ||
Balance (in units) at Dec. 31, 2017 | 198,309 | 8,772 | 207,081 | ||
[1] | The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash flows from operating activities | |||||
Net income | $ 104,910 | $ 383,367 | $ 233,315 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 287,591 | 267,062 | 210,703 | ||
Impairment loss on real estate properties | 99,070 | 58,726 | 17,681 | ||
Impairment loss on direct financing leases | 198,199 | ||||
Provisions for uncollectible accounts | 14,580 | 9,845 | 7,871 | ||
Refinancing costs and amortization of deferred financing costs | 19,711 | 11,458 | 35,827 | ||
Accretion of direct financing leases | (6,107) | (12,157) | (11,007) | ||
Stock-based compensation expense | 15,212 | 13,790 | 11,133 | ||
Gain on assets sold - net | (53,912) | (50,208) | (6,353) | ||
Amortization of acquired in-place leases - net | (11,910) | (13,991) | (13,846) | ||
Effective yield receivable on mortgage notes | (1,924) | (721) | (4,065) | ||
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||||
Contractual receivables | (36,621) | (4,876) | 248 | ||
Straight-line rent receivables | (25,240) | (42,091) | (36,057) | ||
Lease inducements | (8,419) | 2,589 | 994 | ||
Other operating assets and liabilities | (17,228) | 1,980 | 2,972 | ||
Net cash provided by operating activities | 577,912 | 624,773 | 449,416 | ||
Cash flows from investing activities | |||||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (385,418) | (959,748) | (294,182) | ||
Cash acquired in acquisition/merger | 2,341 | 84,858 | |||
Investments in construction in progress | (86,689) | (68,983) | (164,226) | ||
Investments in direct financing leases | (7,183) | (2,080) | (6,793) | ||
Proceeds from sale of direct financing lease assets | 33,306 | ||||
Placement of mortgage loans | (34,643) | (48,722) | (14,042) | ||
Investments in unconsolidated joint venture | (50,032) | ||||
Distributions from unconsolidated joint venture | 12,175 | 1,318 | |||
Proceeds from sale of real estate investments | 257,812 | 169,603 | 41,543 | ||
Capital improvements to real estate investments | (37,766) | (40,471) | (26,397) | ||
Receipts from insurance proceeds | 2,754 | ||||
Proceeds from other investments | 95,696 | 96,789 | 45,871 | ||
Investments in other investments | (139,047) | (271,557) | (65,402) | ||
Collection of mortgage principal | 1,529 | 59,975 | 1,359 | ||
Net cash used in investing activities | (285,133) | (1,113,908) | (397,411) | ||
Cash flows from financing activities | |||||
Proceeds from credit facility borrowings | 1,687,000 | 1,304,000 | 1,826,000 | ||
Payments on credit facility borrowings | (1,587,000) | (1,344,000) | (1,681,000) | ||
Receipts of other long-term borrowings | 1,346,749 | 1,048,173 | 1,838,124 | ||
Payments of other long-term borrowings | (1,252,788) | (181,249) | (2,187,314) | ||
Payments of financing related costs | (29,198) | (11,830) | (54,721) | ||
Receipts from dividend reinvestment plan | 36,722 | 240,041 | 150,847 | ||
Payments for exercised options and restricted stock | (2,143) | (23,426) | (26,706) | ||
Net proceeds from issuance of common stock | 22,120 | 19,651 | 439,322 | ||
Dividends paid | (502,603) | (453,152) | (358,232) | ||
Redemption of Omega OP Units | (48) | (733) | |||
Distributions to Omega OP Unit Holders | (22,626) | (21,179) | (11,636) | ||
Net cash (used in) provided by financing activities | (303,815) | 576,296 | (65,316) | ||
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 568 | 84 | (223) | ||
(Decrease) increase in cash, cash equivalents, and restricted cash | (10,468) | 87,245 | (13,534) | ||
Cash, cash equivalents, and restricted cash at beginning of year | 107,276 | 20,031 | 33,565 | ||
Cash, cash equivalents, and restricted cash at end of year | $ 20,031 | 96,808 | 107,276 | 20,031 | |
OHI Healthcare Properties Limited Partnership | |||||
Cash flows from operating activities | |||||
Net income | 190,263 | [1] | 104,910 | 383,367 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 180,093 | 287,591 | 267,062 | ||
Impairment loss on real estate properties | 11,699 | 99,070 | 58,726 | ||
Impairment loss on direct financing leases | 198,199 | ||||
Provisions for uncollectible accounts | 7,873 | 14,580 | 9,845 | ||
Refinancing costs and amortization of deferred financing costs | 25,097 | 19,711 | 11,458 | ||
Accretion of direct financing leases | (8,393) | (6,107) | (12,157) | ||
Stock-based compensation expense | 9,523 | 15,212 | 13,790 | ||
Gain on assets sold - net | (6,353) | (53,912) | (50,208) | ||
Amortization of acquired in-place leases - net | (12,654) | (11,910) | (13,991) | ||
Effective yield receivable on mortgage notes | (2,945) | (1,924) | (721) | ||
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||||
Contractual receivables | 444 | (36,621) | (4,876) | ||
Straight-line rent receivables | (30,782) | (25,240) | (42,091) | ||
Lease inducements | 3,104 | (8,419) | 2,589 | ||
Other operating assets and liabilities | (19,651) | (17,228) | 1,980 | ||
Net cash provided by operating activities | 347,318 | 577,912 | 624,773 | ||
Cash flows from investing activities | |||||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (287,882) | (385,418) | (959,748) | ||
Cash acquired in acquisition/merger | 84,858 | 2,341 | |||
Investments in construction in progress | (158,375) | (86,689) | (68,983) | ||
Investments in direct financing leases | (6,793) | (7,183) | (2,080) | ||
Proceeds from sale of direct financing lease assets | 33,306 | ||||
Placement of mortgage loans | (12,040) | (34,643) | (48,722) | ||
Investments in unconsolidated joint venture | (50,032) | ||||
Distributions from unconsolidated joint venture | 12,175 | 1,318 | |||
Proceeds from sale of real estate investments | 41,288 | 257,812 | 169,603 | ||
Capital improvements to real estate investments | (20,793) | (37,766) | (40,471) | ||
Receipts from insurance proceeds | 2,754 | ||||
Proceeds from other investments | 43,716 | 95,696 | 96,789 | ||
Investments in other investments | (63,934) | (139,047) | (271,557) | ||
Collection of mortgage principal | 1,071 | 1,529 | 59,975 | ||
Net cash used in investing activities | (378,884) | (285,133) | (1,113,908) | ||
Cash flows from financing activities | |||||
Proceeds from intercompany loans payable to Omega | 2,968,302 | 3,033,749 | 2,352,173 | ||
Repayment of intercompany loans payable to Omega | (3,429,431) | (2,839,788) | (1,525,249) | ||
Payment of financing related costs incurred by Omega | (33,403) | (29,198) | (11,830) | ||
Equity contributions from general partners | 119,936 | 56,699 | 236,266 | ||
Distributions to general partners | (289,971) | (502,603) | (453,152) | ||
Distributions to limited partners | (11,636) | (22,626) | (21,179) | ||
Redemption of Omega OP Units | (48) | (733) | |||
Net cash (used in) provided by financing activities | (676,203) | (303,815) | 576,296 | ||
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (223) | 568 | 84 | ||
(Decrease) increase in cash, cash equivalents, and restricted cash | (707,992) | (10,468) | 87,245 | ||
Cash, cash equivalents, and restricted cash at beginning of year | 728,023 | 107,276 | 20,031 | ||
Cash, cash equivalents, and restricted cash at end of year | $ 20,031 | $ 96,808 | $ 107,276 | $ 20,031 | |
[1] | The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2017 | |
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. All of Omega's assets are owned directly or indirectly, and all of Omega's operations are conducted directly or indirectly, through its 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. No substantive assets were owned or activity occurred in Omega OP until the merger with Aviv REIT, Inc. on April 1, 2015. 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 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 tenants 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. In April 2015, Aviv REIT, Inc., a Maryland corporation (“Aviv”), merged (the “Aviv Merger”) with and into a wholly owned subsidiary of Omega, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of October 30, 2014 (the “Merger Agreement”), by and among Omega, Aviv, OHI Healthcare Properties Holdco, Inc., a Delaware corporation (“OHI Holdco”), Omega OP, and Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership. Prior to April 1, 2015 and in accordance with the Merger Agreement, Omega restructured the manner in which it holds its assets by converting to an umbrella partnership real estate investment trust structure (the “UPREIT Conversion”). As a result of the UPREIT Conversion and following the consummation of the Aviv Merger, all of Omega’s assets are held by Omega OP, through its equity interests in its subsidiaries. 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”). On September 26, 2017, OHI Holdco, a wholly owned subsidiary of Omega and a co-general partner of Omega OP, was merged with and into Omega, resulting in Omega becoming the sole general partner of Omega OP. Omega has exclusive control over Omega OP’s day-to-day management pursuant to the Partnership Agreement. As of December 31, 2017, 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. Each Omega OP Unit (other than those owned by Omega) is redeemable at the election of the holder for cash equal to the then-fair market value of one share of common stock of Omega, subject to Omega’s election to exchange the Omega OP Units tendered for redemption for common stock of Omega on a one-for-one basis in an unregistered transaction, subject to adjustment as set forth in the Partnership Agreement. 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, 2017 | |
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. For additional information regarding above and below market leases assumed as part of an acquisition see “In-Place Leases" below. · 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 On October 1, 2016, we early adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2017-01, Business Combinations-Clarifying the Definition of a Business 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, 2017, we have determined that all but five of our leases should be accounted for as operating leases. The other five 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, 2017, we fully reserved $2.9 million of unamortized direct costs related to originating our direct financing leases. As of December 31, 2016, we have $3.3 million of unamortized direct costs related to originating our direct financing leases recorded on our Consolidated Balance Sheet. 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 income or expense. 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 of the Company’s assets in a future period that could be material to the Company’s results of operations. For the years ended December 31, 2017, 2016 and 2015, we recognized impairment losses on real estate investments of $99.1 million, $58.7 million and $17.7 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, 2017 and 2016, we had $177.5 million and $8.7 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, 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 and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms and other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our HUD borrowings. 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. At December 31, 2017, three of our operators were approximately 90 days or more past due on rent/interest payments to the Company. Two of these operators are considered top ten operators as determined based on total revenue for the year ended December 31, 2017. Of these three operators, rent/interest from two of these operators is being recognized on a cash basis as of December 31, 2017. A summary of our net receivables by type is as follows: December 31, 2017 2016 (in thousands) Contractual receivables $ 43,258 $ 13,376 Effective yield interest receivables 11,673 9,749 Straight-line rent receivables – net 216,054 208,874 Lease inducements 16,812 8,393 Allowance (8,463 ) (357 ) Accounts receivable – net $ 279,334 $ 240,035 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 top ten 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 exist 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. In 2015, we wrote-off $3.2 million of straight-line rent receivables and $1.5 million of effective yield interest receivables associated with four facilities that were transitioned to a new operator and three mortgages that were repaid prior to their maturity. This transaction closed in 2016. 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 current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance 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 2017, 2016, or 2015. 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, including working capital 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. The costs related to originating the direct financing leases have been deferred and are being 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 investments when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. Gains and losses on sales of real estate assets are recognized in accordance with the authoritative guidance for sales of real estate. The specific timing of the recognition of the sale and the related gain is measured against the various criteria in the guidance related to the terms of the transactions and any continuing involvement associated with the assets sold. To the extent the sales criteria are not met, we defer gain recognition until the sales criteria are met. 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 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 $9.5 million, $9.3 million and $7.0 million in 2017, 2016 and 2015, 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. Earnings Per Share/Unit The computation of basic earnings per share/unit (“EPS” or “EPU”) is computed by dividing net income available to common stockholders/Omega OP Unit holders by the weighted-average number of shares of common stock/units outstanding during the relevant period. Diluted EPS/EPU is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares/Omega OP Units plus the effect of dilutive common equivalent shares/Omega OP Units during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares/Omega OP Units pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units and the assumed issuance of additional shares related to Omega OP Units held by outside investors. Dilutive Omega OP Units reflect the assumed issuance of additional Omega OP Units pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock. Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interest |
PROPERTIES
PROPERTIES | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
PROPERTIES | NOTE 3 – PROPERTIES Leased Property Our leased real estate properties, represented by 735 SNFs, 118 ALFs, 15 specialty facilities and one medical office building at December 31, 2017, 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, 2017 2016 (in thousands) Buildings $ 6,098,119 $ 6,090,294 Land 795,874 759,295 Furniture, fixtures and equipment 440,737 454,760 Site improvements 227,150 206,206 Construction in progress 94,080 55,803 Total real estate investments 7,655,960 7,566,358 Less accumulated depreciation (1,376,828 ) (1,240,336 ) Real estate investments - net $ 6,279,132 $ 6,326,022 For the years ended December 31, 2017, 2016 and 2015, we capitalized $8.0 million, $6.6 million and $3.7 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, 2017: (in thousands) 2018 $ 687,567 2019 696,793 2020 710,610 2021 722,609 2022 720,818 Thereafter 4,095,073 Total $ 7,633,470 The following tables summarize the significant transactions that occurred between 2017 and 2015. The 2015 table excludes the acquisition of Care Homes in the U.K. and the Aviv Merger in the second quarter of 2015, which are discussed separately below. 2017 Acquisitions and Other Number of Country/ Total Investment (4) Land Building & Site Furniture Initial Annual Cash Yield (2) Period SNF ALF State (in millions) (%) 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) Omega 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 which are 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 Country/ Total Investment (6) Land Building & Site Improvements Furniture Initial Annual Cash Yield (7) Period SNF ALF State (in millions) (%) 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) The Company’s investment includes a purchase option buyout obligation with a fair value of approximately $29.6 million. The future buyout obligation is recorded in accrued expenses and other liabilities on our Consolidated Balance Sheet. The Company also acquired a term loan with a fair value of approximately $37.0 million which is recorded in other investments on our Consolidated Balance Sheet. 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) Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. (4) The Company 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 will be paid in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. (5) The Company 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, the Company also acquired five parcels of land which are 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. 2015 Acquisitions and Other Number of Total Land Building & Site Furniture Initial Annual Cash Yield (4) Period SNF ALF State (in millions) (%) Q1 1 - TX $ 6.8 $ 0.1 $ 6.1 $ 0.6 9.50 Q3 6 - NE 15.0 1.4 12.1 1.5 9.00 Q3 1 2 WA 18.0 2.2 14.9 0.9 8.00 Q3 - 2 GA 10.8 1.2 9.0 0.6 7.00 Q3 1 - VA 28.5 (1) 1.9 24.2 2.4 9.25 Q3 2 - FL 32.0 1.4 29.0 1.6 9.00 Q3 - - NY 111.7 (2)(3) 111.7 - - - Q4 1 - AZ 0.6 (3) 0.3 0.3 - 9.00 Q4 1 - TX 5.3 1.8 3.0 0.5 9.50 Total 13 4 $ 228.7 $ 122.0 $ 98.6 $ 8.1 (1) In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. (2) On July 24, 2015, we purchased five buildings located in New York City, New York for approximately $111.7 million. We and our operator plan to construct a 215,000 square-foot assisted living and memory care facility. The properties were added to the operator’s existing master lease. The lease provides for a 5% annual cash yield on the land during the construction phase. Upon issuance of a certification of occupancy, the annual cash yield will increase to 7% in year one and 8% in year two with 2.5% annual escalators thereafter. (3) Accounted for as an asset acquisition. (4) The cash yield is based on the purchase price. For the year ended December 31, 2015, we recognized rental revenue of approximately $4.9 million and expensed $2.2 million of acquisition related costs related to the aforementioned acquisitions. No goodwill was recorded in connection with these acquisitions. Acquisition of Care Homes in the U.K. On May 1, 2015, we closed on a purchase/leaseback Care Homes Transaction (the “Care Homes Transaction”) for 23 care homes located in the U.K. and operated by Healthcare Homes Holding Limited (“Healthcare Homes”). As part of the transaction, we acquired title to the 23 care homes with 1,018 registered beds and leased them back to Healthcare Homes pursuant to a 12-year master lease agreement with an initial annual cash yield of 7%, and annual escalators of 2.5%. The care homes, comparable to ALFs in the U.S., are located throughout the East Anglia region (north of London) of the U.K. Healthcare Homes is headquartered in Colchester (Essex County), England. We recorded approximately $193.8 million of assets consisting of land ($20.7 million), building and site improvements ($152.1 million), furniture and fixtures ($5.3 million) and goodwill ($15.7 million). We also recorded an initial deferred tax liability associated with the temporary tax basis difference of approximately $15 million. For the year ended December 31, 2015, we recognized approximately $9.5 million of rental revenue and expensed approximately $3.2 million of acquisition related costs associated with the Care Homes Transaction. Aviv Merger On April 1, 2015, Omega completed the Aviv Merger, which was structured as a stock-for-stock merger. Under the terms of the Merger Agreement, each outstanding share of Aviv common stock was converted into 0.90 of a share of Omega Common Stock. In connection with the Aviv Merger, Omega issued approximately 43.7 million shares of Omega Common Stock to former Aviv stockholders. As a result of the Aviv Merger, Omega acquired 342 facilities, two facilities subject to direct financing leases, one medical office building, two mortgages and other investments. Omega also assumed certain outstanding equity awards and other debt and liabilities. Based on the closing price of Omega’s common stock on April 1, 2015, the fair value of the consideration exchanged was approximately $2.3 billion. For the year ended December 31, 2015, we recognized approximately $188.4 million of total revenue and expensed approximately $52.1 million in acquisition and merger related costs in connection with the Aviv Merger. Pro Forma Acquisition Results The businesses acquired in 2015 are included in our results of operations from the dates of acquisition. The following unaudited pro forma results reflect the impact of the acquisitions as if they occurred on January 1, 2014. In the opinion of management, all significant necessary adjustments to reflect the effect of the acquisitions have been made. The following pro forma information is not indicative of future operations. Year Ended December 31, 2015 (in thousands, except per share Pro forma revenues $ 817,642 Pro forma net income $ 258,927 Earnings per share – diluted: Net income – as reported $ 1.29 Net income – pro forma $ 1.33 Asset Sales, Impairments and Other 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 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 is recorded in other investments on our Consolidated Balance Sheet. We recognized a net gain of approximately $7.5 million in 2017 and deferred $10.0 million of gain related to this sale. The $10.0 million of deferred gain is recorded as a reduction to our other investments on our Consolidated Balance Sheet. See Note 6 – Other Investments for more details. In 2016, we sold 38 facilities (three previously held for sale at December 31, 2015) subject to operating leases for approximately $169.6 million in net proceeds recognizing 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. In 2015, we sold seven SNFs (three previously held for sale at December 31, 2014) subject to operating leases for total cash proceeds of approximately $41.5 million, generating a gain on sale of approximately $6.4 million. We also recorded impairments on real estate properties of approximately $17.7 million on six SNFs. The 2017 and 2016 impairments were primarily the result of decisions to exit certain non-strategic facilities and/or operators. The 2015 impairments are primarily the result of closing facilities or updating the estimated proceeds we expected to receive for the sale of closed facilities at that time. 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 its estimated fair value less costs to sell. To estimate the fair value of the facilities, we utilized a market approach and Level 3 inputs (which generally consist of non-binding offers from unrelated third parties). See also Note 4 – Direct Financing Leases and Note 8 – Assets Held For Sale for more details. |
DIRECT FINANCING LEASES
DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2017 | |
DIRECT FINANCING LEASES | |
DIRECT FINANCING LEASES | NOTE 4 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: December 31, 2017 2016 (in thousands) Minimum lease payments receivable $ 3,707,079 $ 4,287,069 Less unearned income (3,169,942 ) (3,685,131 ) Investment in direct financing leases 537,137 601,938 Less allowance for loss on direct financing leases (172,172 ) — Investment in direct financing leases – net $ 364,965 $ 601,938 Properties subject to direct financing leases 41 58 Number of direct financing leases 5 7 The following table summarizes our investments in the direct financing leases by operator, net of allowance for loss: December 31, 2017 2016 (in thousands) Orianna $ 337,705 $ 574,581 Reliance Health Care Management, Inc. 15,458 15,498 Sun Mar Healthcare 11,481 11,443 Markleysburg Healthcare Investors, LP 321 416 Investment in direct financing leases - net $ 364,965 $ 601,938 The following minimum rents are due under our direct financing leases for the next five years (in thousands): 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) $2,612 $2,654 $2,686 $2,629 $2,680 (1) Orianna has been excluded from the contractual minimum rent payments due under our direct financing leases. See below for additional information. 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. The lease agreements allow the tenant the right to purchase the facilities for a bargain purchase price plus closing costs at the end of the lease term. In addition, commencing in the 41st year of each lease, the tenant will have the right to prepay the remainder of its obligations thereunder for an amount equal to the sum of the unamortized portion of the original aggregate $529 million investment plus the net present value of the remaining payments under the lease and closing costs. In the event the tenant exercises either of these options, we have the right to purchase the properties for fair value at the time. In 2017, we sold eight of these facilities, 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 the Company 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 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 amendment, we recorded impairment on our investment in direct financing lease of approximately $20.8 million. Orianna has not satisfied the contractual payments due under the terms of the remaining two direct financing leases or the separate operating lease with the Company and the collectability of future amounts due is uncertain. The Company is in continuing discussions with Orianna regarding the Orianna portfolio. The outcome of such negotiations may include the sale of some facilities and transitioning certain facilities from Orianna to other operators. In 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. Such assumptions are subject to change based on changes in market conditions and the ultimate resolution of this matter. Such changes could be significantly different than the currently estimated fair value and such differences could have a material impact on our financial statements. The 38 facilities under our master leases with Orianna as of December 31, 2017 are located in seven states, predominantly in the southeastern U.S. (37 facilities) and Indiana (1 facility). Our recorded investment in these direct financing leases, net of the $172.2 million allowance, amounted to $337.7 million, as of December 31, 2017. We have not recognized any direct financing lease income from Orianna for the period from July 1, 2017 through December 31, 2017. For the year ended December 31, 2017, we recognized a total impairment of $198.2 million on direct financing leases. Additionally, we own four facilities and lease them to Orianna under a master lease which expires in 2026. The four facility lease is being accounted for as an operating lease. We have not recognized any income on this operating lease for the period from July 1, 2017 through December 31, 2017, as Orianna did not pay the contractual amounts due and collectability is uncertain. Our recorded investment in this operating lease was $38.4 million as of December 31, 2017. As of December 31, 2017, we have an allowance for contractual receivables and straight-line rent receivables related to this lease of $1.9 million representing all amounts past due. |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Notes Receivable Investments [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 - MORTGAGE NOTES RECEIVABLE As of December 31, 2017, mortgage notes receivable relate to 31 fixed rate mortgages on 51 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 ten states, operated by seven 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 outstanding principal amounts of mortgage notes receivable, net of allowances, were as follows: December 31, 2017 2016 (in thousands) Mortgage note due 2024; interest at 9.98% $ 112,500 $ 112,500 Mortgage note due 2029; interest at 9.68% 410,763 412,140 Other mortgage notes outstanding (1) 152,874 118,637 Mortgage notes receivable, gross 676,137 643,277 Allowance for loss on mortgage notes receivable (2) (4,905 ) (3,934 ) Total mortgages — net $ 671,232 $ 639,343 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 14.0% per annum and maturity dates through 2029. (2) 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, 2017 and $2.5 million at December 31, 2016. $112.5 Million of Mortgage Note due 2024 On January 17, 2014, we entered into a $112.5 million first mortgage loan with an existing operator. The loan is secured by 7 SNFs and 2 ALFs located in Pennsylvania (7) and Ohio (2). The mortgage is cross-defaulted and cross-collateralized with our existing master lease with the operator. Mortgage Note due 2028 On April 29, 2016, an existing operator exercised an option to repay certain mortgage notes. We received proceeds of approximately $47.8 million for the mortgage notes due. In connection with the repayment of the mortgage notes we recognized a net gain of approximately $5.4 million which is recorded in mortgage interest income on our Consolidated Statement of Operations. The remaining $36.0 million interest only mortgage is secured by three facilities located in Maryland. The interest rate will accrue at a fixed rate of 11% per annum through April 2018. After April 2018, the interest rate will increase to 13.75% per annum. The initial maturity date was extended to December 2028. The mortgage is cross-defaulted and cross-collateralized with our existing master lease and other investment notes with the operator. $415 Million of Refinancing/Consolidating Mortgage Loans due 2029 On June 30, 2014, we entered into an agreement 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 original $415 million mortgage matures in 2029 and was secured by 31 facilities. The new loan bore an initial annual cash interest rate of 9.0% that increases by 0.225% per year (e.g., beginning in year 2 the annual cash interest rate was 9.225%, in year 3 the annual cash interest rate was 9.45%, etc.). The mortgage is cross-defaulted and cross-collateralized with our existing master lease and other investment notes with the operator. Conversion of Mortgage Notes due 2046 to Leased Properties In January 2016, we acquired three facilities via a deed-in-lieu of foreclosure from a mortgagor. The fair value of the facilities approximated the $25.0 million carrying value of the mortgages. These facilities are located in Maryland. Simultaneously, we leased these facilities to an existing operator. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS A summary of our other investments is as follows: December 31, 2017 2016 (in thousands) Other investment note due 2019; interest at 11.25% $ 49,708 $ 49,458 Other investment note due 2020; interest at 14.57% 49,490 47,913 Other investment note due 2022, interest at 9.00% 31,987 31,987 Other investment note due 2030; interest at 6.66% 50,000 44,595 Other investment notes outstanding (1) 95,530 87,691 Other investments, gross 276,715 261,644 Allowance for loss on other investments (2) (373 ) (4,798 ) Total other investments $ 276,342 $ 256,846 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.0% to 12.0% per annum. (2) The 2017 allowance for loss on other investments relates to one loan with an operator that has been fully reserved at December 31, 2017 with a charge to earnings in 2017. The reserves at December 31, 2016 were written off in 2017. The following is an overview of certain notes, including certain notes entered into or fully repaid in 2017 and 2016. Other Investment note due 2019 On February 26, 2016, we acquired and funded a $50.0 million mezzanine note at a discount of approximately $0.75 million to a new operator. Other Investment note due 2020 On July 29, 2016, we provided an existing operator $48.0 million of term loan funding. The term loan bears interest at LIBOR with a floor of 1% plus 13% and matures on July 29, 2020. The term loan requires 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 may be accrued to the outstanding principal balance of the loan. In November 2017, we provided the operator forbearance through February 2018. The forbearance allows for the deferral of principal payments and permits the operator to accrue all interest due to the outstanding principal balance of the loan. Other Investment notes due 2020 On December 28, 2017, we provided subsidiaries of a third party buyer $10.0 million of financing to acquire ten SNFs previously owned by the Company. The loan bears interest at 10% per annum and requires principal payments of $5.0 million in December 2018, $2.0 million in December 2019 and $3.0 million at maturity in December 2020. The $10.0 million loan is offset by a $10.0 million deferred gain as a result of the sale. See Note 3 – Properties for more details. Other Investment note due 2022 On September 30, 2016, we acquired and amended a term loan with a fair value of approximately $37.0 million with an existing operator. A $5.0 million tranche of the term loan bears interest at 13% and matures on September 30, 2019 and a $32.0 million tranche of the term loan bears interest at 9% per annum and matures on March 31, 2022. The $5.0 million tranche was paid off in August 2017. Other Investment note due 2030 On June 30, 2015, we entered into a $50.0 million revolving credit facility with an operator. The note bears interest at approximately 6.66% per annum and matures in 2030. As of December 31, 2017, approximately $50.0 million has been drawn and remains outstanding. Other Investment notes settlement and paid off On December 29, 2016, we provided an operator a $2.9 million term loan note. The term loan note bore interest at 11.0% per annum and initially matured in April 2017. The note was paid off in January 2017. On January 1, 2016, we entered into a $10.0 million revolving credit facility with an existing operator. The revolving credit facility bore interest at 7.5% per annum and initially matured in December 2017. The revolving credit facility was paid off in March 2017. On February 1, 2016, we provided an existing operator a $15.0 million secured working capital note. The working capital note bore interest at 8.5% per annum and was repaid at maturity in December 2017. In August 2017, we executed an agreement with an existing operator that terminated our purchase option buyout obligation of approximately $30.7 million. The purchase option buyout obligation was recorded in accrued expenses and other liabilities on our Consolidated Balance Sheets. In exchange, we agreed to the settlement of other investment notes with a weighted average interest rate of 10.5% and a carrying value of approximately $30.2 million. |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | NOTE 7 – 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. We receive asset management fees from the joint venture for services provided. For the years ended December 31, 2017 and 2016, we recognized $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, 2017 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
ASSETS HELD FOR SALE | NOTE 8 – ASSETS HELD FOR SALE The following is a summary of our assets held for sale: Properties Held For Sale Number of Net Book Value December 31, 2015 3 $ 6,599 Properties sold/other (1) (24 ) (75,948 ) Properties added (2) 41 122,217 December 31, 2016 20 52,868 Properties sold/other (3) (17 ) (39,299 ) Properties added (4) 19 73,130 December 31, 2017 (5) 22 $ 86,699 (1) In 2016, we sold 21 SNFs for approximately $86.7 million in net proceeds recognizing gains on sales of approximately $16.5 million. We also recorded approximately $4.9 million of impairments on 16 facilities to reduce their net book values to their estimated fair value less costs to sell. Two SNFs and one ALF classified as assets held for sale in the second quarter were no longer considered held for sale and were reclassified in the third quarter back to leased properties at their fair values (approximately $7.0 million). (2) In 2016, we reclassified ten ALFs and 31 SNFs to assets held for sale (including the two SNFs and one ALF mentioned above that were reclassified back to leased properties in the third quarter). We recorded approximately $49.4 million of impairment charges on 20 of these facilities to reduce their net book values to their estimated fair value less costs to sell before they were reclassified to assets held for sale. (3) 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. (4) 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. (5) We plan to sell the facilities classified as held for sale at December 31, 2017 within the next twelve months. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLES | NOTE 9 – INTANGIBLES The following is a summary of our intangibles as of December 31, 2017 and 2016: December 31, 2017 2016 (in thousands) Assets: Goodwill $ 644,690 $ 643,474 Above market leases $ 22,426 $ 22,476 In-place leases 167 167 Accumulated amortization (17,059 ) (15,864 ) Net intangible assets $ 5,534 $ 6,779 Liabilities: Below market leases $ 164,443 $ 165,028 Accumulated amortization (83,824 ) (70,738 ) Net intangible liabilities $ 80,619 $ 94,290 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, 2017, 2016 and 2015, our net amortization related to intangibles was $11.9 million, $14.0 million and $13.8 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2018 – $10.1 million; 2019 – $8.9 million; 2020 – $8.8 million; 2021 – $8.2 million; 2022 - $7.5 million and $31.6 million thereafter. As of December 31, 2017 the weighted average remaining amortization period of above market lease assets and below market lease liabilities is approximately eight years and nine years, respectively. The following is a summary of our goodwill as of December 31 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 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | NOTE 10 - CONCENTRATION OF RISK As of December 31, 2017, our portfolio of real estate investments consisted of 983 healthcare facilities, located in 41 states and the U.K. and operated by 74 third party operators. Our investment in these facilities, net of impairments and reserve for uncollectible loans, totaled approximately $8.8 billion at December 31, 2017, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 775 SNFs, 119 ALFs, 15 specialty facilities, one medical office building, fixed rate mortgages on 47 SNFs and four ALFs, and 22 facilities that are closed/held for sale. At December 31, 2017, we also held other investments of approximately $276.3 million, consisting primarily of secured loans to third-party operators of our facilities and a $36.5 million investment in an unconsolidated joint venture. At December 31, 2017, we had investments with one operator/or manager that exceeded 10% of our total investments: Ciena Healthcare (“Ciena”). Ciena generated 10% of our total revenues for the year ended December 31, 2017. At December 31, 2017, the three states in which we had our highest concentration of investments were Texas (9%), Florida (9%) and Ohio (8%). |
LEASE AND MORTGAGE DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Security Deposits and Letters Of Credit [Abstract] | |
LEASE AND MORTGAGE DEPOSITS | NOTE 11 - 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 with the operators or our borrowing agreements. These generally represent the rental and 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, 2017, we held $10.9 million in liquidity and other deposits, $41.2 million in security deposits and $58.4 million 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 operator 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, 2017 | |
Debt Disclosure [Abstract] | |
BORROWING ARRANGEMENTS | NOTE 12 - BORROWING ARRANGEMENTS The following is a summary of our long-term borrowings: Annual Interest December 31, Maturity 2017 2017 (5) 2016 (5) (in thousands) Secured borrowings: HUD mortgages assumed December 2011 (1) 2044 3.06 % $ 53,666 $ 54,954 Deferred financing costs – net (568 ) (589 ) Total secured borrowings – net (2) 53,098 54,365 Unsecured borrowings: Revolving line of credit 2021 2.65 % 290,000 190,000 Tranche A-1 term loan - - — 200,000 Tranche A-2 term loan - - — 200,000 Tranche A-3 term loan - - — 350,000 U.S. term loan 2022 3.02 % 425,000 — Sterling term loan (3) 2022 1.94 % 135,130 — Omega OP term loan (2) 2022 3.02 % 100,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Discounts and deferred financing costs – net (4) (5,460 ) (5,657 ) Total term loans – net 904,670 1,094,343 2023 notes 2023 4.375 % 700,000 700,000 2024 notes 2024 5.875 % — 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 400,000 250,000 2026 notes 2026 5.25 % 600,000 600,000 2027 notes 2027 4.50 % 700,000 700,000 2028 notes 2028 4.75 % 550,000 — Other 2018 - 1,500 3,000 Subordinated debt 2021 9.00 % 20,000 20,000 Discount – net (21,073 ) (17,151 ) Deferred financing costs – net (26,037 ) (27,703 ) Total senior notes and other unsecured borrowings – net 3,324,390 3,028,146 Total unsecured borrowings – net 4,519,060 4,312,489 Total secured and unsecured borrowings – net $ 4,572,158 $ 4,366,854 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $62.0 million as of December 31, 2017. This borrowing was incurred by wholly owned subsidiaries of Omega OP. (2) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. (3) This borrowing is denominated in British Pounds Sterling. (4) The amount includes $0.6 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2017. (5) All borrowing are direct borrowings of Omega unless otherwise noted. 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 replace 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 replaces 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. Redemption of $400 Million 5.875% Senior Notes due 2024 On April 28, 2017, we redeemed all of our outstanding $400 million aggregate principal amount of 5.875% Senior Notes due 2024 (the “5.875% Notes”). As a result of the redemption, during the second quarter of 2017, we recorded approximately $16.5 million in redemption related costs and write-offs, including $11.8 million for the call premium and $4.7 million in net write-offs associated with unamortized deferred financing costs. $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 $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 net proceeds of the offering were used to repay our outstanding $575 million aggregate principal amount 6.75% Senior Notes due 2022 and for general corporate purposes. 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 net proceeds of the offering were used for general corporate purposes, including the repayment of Aviv indebtedness on April 1, 2015 in connection with the Aviv Merger, and repayment of future maturities on our outstanding debt. 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 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. Other Debt Repayments In connection with the Aviv Merger on April 1, 2015, we assumed notes payable with a face amount of $650 million and a revolving credit facility with an outstanding balance of $525 million. In connection with the Aviv Merger, we repaid this debt assumed from Aviv on April 1, 2015. Due to the contractual requirements for early repayments; we paid approximately $705.6 million to retire the $650 million notes assumed. The amount repaid in connection with the revolving credit facility was $525 million. General Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2017 and 2016, 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, 2017 and the aggregate due thereafter are set forth below: (in thousands) 2018 $ 2,828 2019 1,370 2020 1,412 2021 311,456 2022 911,631 Thereafter 3,396,599 Totals $ 4,625,296 The following summarizes the refinancing related costs: Year Ended December 31, 2017 2016 2015 (in thousands) Write off of deferred financing costs and unamortized premiums due to refinancing (1)(2)(3) $ 10,195 $ 301 $ (7,134 ) Prepayment and other costs associated with refinancing (4) 11,770 1,812 35,971 Total debt extinguishment costs $ 21,965 $ 2,113 $ 28,837 (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 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our $575 million 6.75% Senior Notes due 2022, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premiums on HUD debt. In 2015, we paid approximately $188.5 million to retire 24 HUD mortgage loans. (4) In 2017, we made $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. In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $19.4 million of prepayment penalties associated with the early redemption of our $575 million 6.75% Senior Notes due 2022 and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in 2015. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 13 - FINANCIAL INSTRUMENTS The net carrying amount of cash and cash equivalents, restricted cash and contractual receivables reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (Level 1). At December 31, 2017 and 2016, the net carrying amounts and fair values of our financial instruments were as follows: 2017 2016 Carrying Fair Carrying Fair (in thousands) Assets: Investments in direct financing leases – net $ 364,965 $ 364,965 $ 601,938 $ 598,665 Mortgage notes receivable – net 671,232 686,772 639,343 644,961 Other investments – net 276,342 281,031 256,846 253,385 Total $ 1,312,539 $ 1,332,768 $ 1,498,127 $ 1,497,011 Liabilities: Revolving line of credit $ 290,000 $ 290,000 $ 190,000 $ 190,000 Tranche A-1 term loan – net — — 198,830 200,000 Tranche A-2 term loan — — 200,000 200,000 Tranche A-3 term loan – net — — 347,449 350,000 U.S. term loan – net 422,498 425,000 — — Sterling term loan – net 134,360 135,130 — — Omega OP term loan – net (1) 99,423 100,000 100,000 100,000 2015 term loan – net 248,390 250,000 248,064 250,000 4.375% notes due 2023 – net 693,474 711,190 692,305 693,505 5.875% notes due 2024 – net — — 395,065 432,938 4.95% notes due 2024 – net 393,680 420,604 392,669 406,361 4.50% notes due 2025 – net 394,640 399,874 245,949 249,075 5.25% notes due 2026 – net 594,321 625,168 593,616 611,461 4.50% notes due 2027 – net 686,516 681,007 685,052 681,978 4.75% notes due 2028 – net 539,882 550,667 — — HUD debt – net (1) 53,098 51,817 54,365 52,510 Subordinated debt – net 20,376 23,646 20,490 23,944 Other 1,500 1,500 3,000 3,000 Total $ 4,572,158 $ 4,665,603 $ 4,366,854 $ 4,444,772 (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 are estimated using a discounted cash flow analysis, using interest rates being offered for similar leases to borrowers with similar credit ratings (Level 3). In addition, the Company may estimate the fair value of its investment based on the estimated fair value of the collateral using a market approach or an income approach which considers 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, 2017 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 14 – 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 25% of our assets are invested in one or more taxable REIT subsidiaries (and with respect to taxable years beginning after December 31, 2017, no more than 20%). 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 2017, 2016, and 2015, 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. For those properties operated through the taxable REIT subsidiary, we formed a new entity (TC Healthcare) to act as the eligible independent contractor on our behalf and conduct the day-to-day operations with respect to the health care facilities we held as foreclosure property in order for us to maintain REIT status. 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. We may be subject to income or franchise taxes in certain states and municipalities. Also, we created five wholly owned subsidiary REITs and added a sixth wholly owned subsidiary REIT as of January 1, 2016, all of which are subject to all of the REIT qualification rules set forth in the Code. 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, 2017, 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 $5.4 million. The loss carry-forward is fully reserved as of December 31, 2017, with a valuation allowance due to uncertainties regarding realization. Our net operating loss carryforwards generated up through December 31, 2017 will be carried forward for no more than 20 years. For the year ended December 31, 2017, 2016 and 2015, we recorded approximately $2.4 million, $3.3 million and $1.0 million, respectively, of federal, state and local income tax provision. For the year ended December 31, 2017, 2016 and 2015, we recorded a provision (benefit) for foreign income taxes of approximately $0.8 million, $(1.9) million and $0.2 million, respectively. The following is a summary of deferred tax assets and liabilities: December 31, 2017 2016 (in thousands) Deferred tax assets: Foreign deferred tax assets (1) $ 2,341 $ 1,811 Federal net operating loss carryforward 1,142 253 Total deferred assets 3,483 2,064 Deferred tax liabilities: Foreign deferred tax liabilities (1) 17,747 9,906 Total net deferred liabilities before valuation allowances (14,264 ) (7,842 ) Valuation allowance on deferred tax asset (1,142 ) (253 ) Net deferred tax liabilities $ (15,406 ) $ (8,095 ) (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 preliminary 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, 2017 | |
Compensation Related Costs [Abstract] | |
RETIREMENT ARRANGEMENTS | NOTE 15 - 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. Amounts charged to operations with respect to these retirement arrangements totaled approximately $0.5 million, $0.5 million, $0.4 million in 2017, 2016 and 2015, respectively. In addition, we have a deferred stock compensation plan that allows employees and directors the ability to defer the receipt of stock awards. 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, 2017 and 2016, the Company had 423,296 and 384,107 deferred stock units outstanding. |
STOCKHOLDERS'_OWNERS' EQUITY
STOCKHOLDERS'/OWNERS' EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS'/OWNERS' EQUITY | NOTE 16 – 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, will be 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 will 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, 2015, we did not issue any shares under the 2015 Equity Shelf Program. 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. Increase of Authorized Omega Common Stock On March 27, 2015, we amended our charter to increase the number of authorized shares of our capital stock from 220 million to 370 million and the number of authorized shares of our common stock from 200 million to 350 million. 10.925 Million Common Stock Offering On February 9, 2015, we completed an underwritten public offering of 10.925 million shares of our common stock at $42.00 per share before underwriting and other offering expenses. The Company’s total net proceeds from the offering were approximately $440 million, after deducting underwriting discounts and commissions and other estimated offering expenses. 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, 2017, we issued 1.2 million shares of common stock for gross proceeds of approximately $36.7 million. 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, 2015, we issued 4.2 million shares of common stock for gross proceeds of approximately $150.8 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 2017 2016 2015 (in thousands) Foreign Currency Translation: Beginning balance $ (54,948 ) $ (8,413 ) $ — Translation gain (loss) 28,644 (46,303 ) (8,240 ) Realized gain (loss) 311 (232 ) (173 ) Ending balance (25,993 ) (54,948 ) (8,413 ) Derivative Instruments: Cash flow hedges: Beginning balance (1,420 ) (718 ) — Unrealized gain (loss) 545 (719 ) (718 ) Realized gain (1) 2,338 17 — Ending balance 1,463 (1,420 ) (718 ) Net investment hedge: Beginning balance — — — Unrealized loss (7,110 ) — — Ending balance (7,110 ) — — Total accumulated other comprehensive loss for Omega OP (2) (31,640 ) (56,368 ) (9,131 ) Add: portion included in noncontrolling interest 1,490 2,541 419 Total accumulated other comprehensive loss for Omega $ (30,150 ) $ (53,827 ) $ (8,712 ) (1) Recorded in interest expense on the Consolidated Statements of Operations. (2) These amounts are included in owners’ equity. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 17 – 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 RSUs assumed from Aviv as part of the Aviv Merger were valued at the closing price of our stock on the date of the transaction. The portion of the vesting accruing prior to the acquisition was recorded as part of the purchase price consideration. The expense associated with the vesting that occurred after the date of the transaction was recorded as stock compensation expense ratably over the remaining life of the RSUs. The following table summarizes the activity in restricted stock and RSUs for the years ended December 31, 2015, 2016 and 2017: Number of Weighted - Compensation Cost (1) (in millions) Non-vested at December 31, 2014 309,934 $ 30.08 Granted during 2015 233,483 39.25 $ 9.2 Assumed in Aviv Merger (2) 38,268 23.50 $ 0.9 Cancelled during 2015 (61,911 ) 33.77 Vested during 2015 (106,146 ) 28.72 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 (1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant. (2) Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. Performance Based Incentive Stock Units Performance restricted stock units (“PRSUs”) and long term incentive plan units (“LTIP Units”) 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, and January 2017 and the LTIP Units awarded in March 2015, April 2015, July 2015, March 2016, and January 2017 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 (“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: December March April 1, July 31, March 17, January 1, Closing price on date of grant $ 29.80 $ 40.57 $ 40.74 $ 36.26 $ 34.78 $ 31.26 Dividend yield 6.44% 5.23% 5.20% 6.07% 6.56% 7.81% Risk free interest rate at time of grant 0.04% to 0.86% 0.10% to 0.94% 0.09% to 0.91% 0.13% to 1.08% 0.50% to 1.14% 0.66% to 1.58% Expected volatility 24.16% to 25.86% 20.06% to 21.09% 20.06% to 21.08% 20.06% to 20.21% 23.92% to 24.88% 22.82% to 25.26% The following table summarizes the activity in PRSUs and LTIP Units for the years ended December 31, 2015, 2016 and 2017: Number of Weighted- Compensation Cost (1) (in millions) Non-vested at December 31, 2014 850,213 $ 10.97 Granted during 2015 537,923 18.51 $ 10.0 Cancelled during 2015 (165,570 ) 14.11 Forfeited during 2015 (128,073 ) 12.04 Vested during 2015 (2) (181,406 ) 10.10 Non-vested at December 31, 2015 913,087 $ 14.87 Granted during 2016 679,549 14.67 $ 10.0 Forfeited during 2016 (518,638 ) 12.10 Vested during 2016 - - Non-vested at December 31, 2016 1,073,998 $ 16.08 Granted during 2017 685,064 14.87 $ 10.2 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 (1) Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. The following table summarizes our total unrecognized compensation cost as of December 31, 2017 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Units (1) Grant Date Total Compensation Cost (1) Weighted Unrecognized (2) Performance Vesting RSUs 3/17/16 RSU 2016 130,006 34.78 4.5 33 0.9 N/A 12/31/2018 1/1/2017 RSU 2017 140,416 31.26 4.4 36 2.9 N/A 12/31/2019 Restricted Stock Units Total 270,422 $ 32.95 $ 8.9 $ 3.8 TSR PRSUs and LTIP Units 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 0.5 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 53,387 14.81 0.8 45 0.2 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 LTIP Units 2016 370,152 13.21 4.9 45 2.6 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 LTIP Units 2017 399,726 12.61 5.0 48 3.8 1/1/2017-12/31/2019 Quarterly in 2020 TSR PRSUs & LTIP Total 960,514 $ 13.26 $ 12.7 $ 7.1 Relative TSR PRSUs 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 0.8 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 53,387 22.92 1.2 45 0.3 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 Relative TSR 2016 305,563 16.44 5.1 45 2.6 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 Relative TSR 2017 285,338 18.04 5.1 48 3.9 1/1/2017-12/31/2019 Quarterly in 2020 Relative TSR PRSUs Total 781,537 $ 18.53 $ 14.5 $ 7.6 Grand Total 2,012,473 $ 17.95 $ 36.1 $ 18.5 (1) Total shares/units and compensation costs are net of shares/units cancelled. (2) This table excludes approximately $1.1 million of unrecognized compensation costs related to our directors. Stock Options and Tax Withholding As part of the Aviv Merger, we assumed approximately 5.7 million Aviv employee stock options that were fully vested prior to the merger. On April 1, 2015, the Aviv stock options were converted into Omega stock options at an exchange ratio of 0.9 resulting in issuance of approximately 5.1 million Omega stock options. The intrinsic value of the stock option assumed on April 1, 2015 was approximately $99.2 million and was recorded as part of the consideration provided in the merger. During 2017, 2016 and 2015, approximately 26 thousand, 2.5 million and 2.6 million options, respectively, were exercised at a weighted average price of $18.97 per share, $19.38 per share and $19.38 per share, respectively. Stock withheld to pay minimum statutory tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2017, 2016 and 2015, was $2.1 million, $23.4 million and $26.7 million, respectively. Shares Available for Issuance for Compensation Purposes On June 6, 2013, at our Company’s Annual Meeting, our stockholders approved the 2013 Stock Incentive Plan (the “2013 Plan”), which amended and restated the Company’s 2004 Stock Incentive Plan. The 2013 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 and LTIP units), stock awards, deferred restricted stock units, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights and certain cash-based awards (including performance-based cash awards). The 2013 Plan increased the number of shares reserved for issuance for compensation purposes by 3.0 million. As of December 31, 2017, approximately 1.6 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, 2017 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 18 - DIVIDENDS Common Dividends The Board of Directors has declared common stock dividends as set forth below: Record Date Payment Date Dividend per Increase over January 31, 2017 February 15, 2017 $ 0.62 $ 0.01 May 1, 2017 May 15, 2017 0.63 0.01 August 1, 2017 August 15, 2017 0.64 0.01 October 31, 2017 November 15, 2017 0.65 0.01 January 31, 2018 February 15, 2018 0.66 0.01 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, 2017 2016 2015 Common Ordinary income $ 1.571 $ 1.968 $ 1.133 Return of capital 0.932 0.322 1.047 Capital gains 0.037 0.070 - Total dividends paid $ 2.540 $ 2.360 $ 2.180 For additional information regarding dividends, see Note 14 – Taxes. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 19 – 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 Steve Klein v. Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth On January 16, 2017, four plaintiffs and one group of plaintiffs acting jointly filed motions for consolidation of the two actions, appointment of counsel, and appointment of lead plaintiff. They are: (i) The Hannah Rosa Trust; (ii) Patricia Zaborowski, Hong Jun, Cynthia Peterson, Simona Vacchieri, and Glenn Fausz (self-defined as the “Omega Investor Group”); (iii) Royce Setzer; (iv) Carpenters Pension Fund of Illinois; and (v) Glenn Fausz. The Omega Investor Group and The Hannah Rosa Trust thereafter withdrew their applications. The motions are pending before the Court. Although the Company denies the material allegations of the two complaints and intends to vigorously pursue its defense, we are in the very early stages of this litigation and are unable to predict the outcome of the case or to estimate the amount of potential costs. 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, 2017, are outlined in the table below (in thousands): Total commitment $ 682,249 Amount funded (1) 383,586 Remaining commitment $ 298,663 (1) Includes finance costs. Environmental Matters As of December 31, 2017 and 2016, 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, 2017 and 2016, sufficient information was not available to estimate our liability for conditional asset retirement obligations as the obligations to remove the asbestos from these properties have indeterminable settlement dates. As such, no liability for conditional asset retirement obligations was recorded on our accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016. |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 20 – 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, 2017, 2016 and 2015: OMEGA HEALTHCARE INVESTORS, INC. Year Ended December 31, 2017 2016 2015 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 85,937 $ 93,687 $ 5,424 Restricted cash 10,871 13,589 14,607 Cash, cash equivalents and restricted cash at end of period $ 96,808 $ 107,276 $ 20,031 Supplemental Information: Interest paid during the period, net of amounts capitalized $ 182,832 $ 148,326 $ 145,929 Taxes paid during the period $ 4,141 $ 4,922 $ 1,016 Non cash investing activities: Non cash acquisition of real estate (See Note 3) $ (27,170 ) $ — $ — Non cash acquisition of businesses (see Note 3 and Note 5) — (60,079 ) (3,602,040 ) Non cash surrender of mortgage (see Note 3 and Note 5) — 25,000 — Non cash investment in other investments (6,353 ) — — Non cash proceeds from other investments (see Note 6 and Note 3) 30,187 5,500 — Non cash settlement of direct financing lease (See Note 4) 18,989 — — Total $ 15,653 $ (29,579 ) $ (3,602,040 ) Non cash financing activities: Assumed Aviv debt $ — $ — $ 1,410,637 Stock exchanged in merger — — 1,902,866 Omega OP Units exchanged in merger — — 373,394 Purchase option buyout obligation (see Note 3) — 29,579 — Change in fair value of cash flow hedges 2,970 764 718 Remeasurement of debt denominated in a foreign currency 7,070 — — Other unsecured long term borrowing (see Note 3 and Note 12) — 3,000 — Total $ 10,040 $ 33,343 $ 3,687,615 OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP Year Ended December 31, The period from 2017 2016 2015 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 85,937 $ 93,687 $ 5,424 Restricted cash 10,871 13,589 14,607 Cash, cash equivalents and restricted cash at end of period $ 96,808 $ 107,276 $ 20,031 Supplemental Information: Interest paid during the period, net of amounts capitalized $ 182,832 $ 148,326 $ 120,100 Taxes paid during the period $ 4,141 $ 4,922 $ 1,016 Non cash investing activities: Non cash acquisition of real estate (See Note 3) $ (27,170 ) $ — $ — Non cash acquisition of businesses (see Note 3 and Note 5) — (60,079 ) (3,602,040 ) Non cash surrender of mortgage (see Note 3 and Note 5) — 25,000 — Non cash investment in other investments (6,353 ) — — Non cash proceeds from other investments (see Note 6 and Note 3) 30,187 5,500 — Non cash settlement of direct financing lease (See Note 4) 18,989 — — Total $ 15,653 $ (29,579 ) $ (3,602,040 ) Non cash financing activities: Assumed Aviv debt $ — $ — $ 1,410,637 Contribution from Omega in merger — — 1,902,866 Omega OP Units exchanged in merger — — 373,394 Purchase option buyout obligation (see Note 3) — 29,579 — Change in fair value of cash flow hedges 2,970 764 718 Remeasurement of debt denominated in a foreign currency 7,070 — — Other unsecured long term borrowing (see Note 3 and Note 12) — 3,000 — Total $ 10,040 $ 33,343 $ 3,687,615 |
SUMMARY OF QUARTERLY RESULTS (U
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | NOTE 21 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following summarizes the Omega and Omega OP’s quarterly results of operations for the years ended December 31, 2017 and 2016: Omega March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (1) $ 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 2016 Revenues $ 212,879 $ 228,824 $ 224,638 $ 234,486 Net income $ 58,196 $ 113,154 $ 82,134 $ 129,883 Net income available to common stockholders $ 55,555 $ 108,052 $ 78,549 $ 124,259 Net income available to common per share: Basic $ 0.30 $ 0.57 $ 0.40 $ 0.63 Net income per share: Diluted $ 0.29 $ 0.57 $ 0.40 $ 0.63 Omega OP March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (1) $ 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 2016 Revenues $ 212,879 $ 228,824 $ 224,638 $ 234,486 Net income $ 58,196 $ 113,154 $ 82,134 $ 129,883 Net income available to Omega OP Unit holders: Basic $ 0.30 $ 0.57 $ 0.40 $ 0.63 Net income per unit: Diluted $ 0.29 $ 0.57 $ 0.40 $ 0.63 (1) 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, 2017 | |
Net Income Available To Common Per Share | |
EARNINGS PER SHARE/UNIT | NOTE 22 - 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, 2017 2016 2015 2017 2016 2015 (1) (in thousands, except per share amounts) Numerator: Net income $ 104,910 $ 383,367 $ 233,315 $ 104,910 $ 383,367 $ 190,263 Less: Net income attributable to noncontrolling interests (4,491 ) (16,952 ) (8,791 ) — — — Net income available to common stockholders/Omega OP Unit holders $ 100,419 $ 366,415 $ 224,524 $ 104,910 $ 383,367 $ 190,263 Denominator: Denominator for basic earnings per share/unit 197,738 191,781 172,242 206,521 200,679 193,843 Effect of dilutive securities: Common stock equivalents 269 956 1,539 269 956 1,899 Noncontrolling interest – Omega OP Units 8,783 8,898 6,727 — — — Denominator for diluted earnings per share/unit 206,790 201,635 180,508 206,790 201,635 195,742 Earnings per share - basic: Net income available to common stockholders/Omega OP Unit holders $ 0.51 $ 1.91 $ 1.30 $ 0.51 $ 1.91 $ 0.98 Earnings per share/unit - diluted: Net income $ 0.51 $ 1.90 $ 1.29 $ 0.51 $ 1.90 $ 0.97 (1) The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 23 – SUBSEQUENT EVENTS In February 2018, the Company agreed to transition an existing portfolio of 13 facilities in Ohio. The transition is expected to occur during the first half of 2018 with the facilities being leased to another existing operator pursuant to a new master lease agreement. As a result of the transition, the Company expects to write-off approximately $7.5 million of straight-line rent receivable. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) December 31, 2017 Description Balance at Charged to Deductions or (1) Balance at 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 Year Ended December 31, 2015: Allowance for doubtful accounts: Accounts receivable $ 78 $ 4,994 $ 4,763 $ 309 Other investments — 2,879 (81 ) 2,960 Total $ 78 $ 7,873 $ 4,682 $ 3,269 (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, 2017 | |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | OMEGA HEALTHCARE INVESTORS, INC. AND OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) December 31, 2017 (3)(5) Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period Depreciation Acquisition (4) in Latest Buildings and Carrying (6) Buildings and Accumulated Date of Date Income Statements Description (1) Encumbrances Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Maplewood Real Estate Holdings: Connecticut (AL) $ 25,063 $ 216,538 $ 3,287 $ 59 $ - $ 25,063 $ 219,884 $ 244,947 $ 20,109 1968-2015 2015 33 years Massachusetts (AL, SNF) 19,041 113,728 11,982 - (680 ) 19,041 125,030 144,071 10,614 1988-2017 2015 30 years to 33 years New York (AL) 118,606 - 34,738 5,759 - 118,606 40,497 159,103 - - 2015 - Ohio (AL) 3,683 27,628 35 - - 3,683 27,663 31,346 2,275 1999-2016 2015 30 years to 33 years Total Maplewood $ 166,393 $ 357,894 $ 50,042 $ 5,818 $ (680 ) $ 166,393 $ 413,074 $ 579,467 $ 32,998 Signature Holdings II: Florida (SNF) $ 14,077 $ 166,901 $ 13,295 $ 158 $ - $ 14,077 $ 180,354 $ 194,431 $ 48,710 1940-1997 1996-2016 3 years to 39 years Georgia (SNF) 3,833 10,847 3,949 - - 3,833 14,796 18,629 9,522 1964-1970 2007 20 years Kentucky (SNF) 13,335 87,791 4,174 - - 13,335 91,965 105,300 23,772 1964-1980 1999-2016 20 years to 33 years Maryland (SNF) 1,480 19,663 1,183 - - 1,480 20,846 22,326 7,804 1959-1977 2010 29 years to 30 years Tennessee (AL, SNF) 8,414 182,235 - - - 8,414 182,235 190,649 12,029 1966-2016 2014-2016 25 years to 30 years Total Signature $ 41,139 $ 467,437 $ 22,601 $ 158 $ - $ 41,139 $ 490,196 $ 531,335 $ 101,837 Saber Health Group: Florida (SNF) $ 423 $ 4,422 $ 197 $ - $ - $ 423 $ 4,619 $ 5,042 $ 536 2009 2015 33 years North Carolina (SNF) 10,780 106,695 11,899 323 - 10,780 118,917 129,697 11,448 1965-2013 2016 3 years to 30 years Ohio (SNF, AL) 5,035 107,057 6,124 - (268 ) 5,035 112,913 117,948 11,379 1979-2000 2015-2016 30 years to 33 years Pennsylvania (SNF) 7,134 124,476 3,858 - - 7,134 128,334 135,468 13,132 1873-2002 2015 33 years Virginia (SNF) 8,500 85,982 2,675 - - 8,500 88,657 97,157 7,433 1964-2013 2016 30 years Total Saber Health Group $ 31,872 $ 428,632 $ 24,753 $ 323 $ (268 ) $ 31,872 $ 453,440 $ 485,312 $ 43,928 Ciena Healthcare: Indiana (SNF) $ 321 $ 7,703 $ - $ - $ - $ 321 $ 7,703 $ 8,024 $ 902 1973 2015 33 years Michigan (SNF, AL) 4,087 115,547 - - - 4,087 115,547 119,634 12,261 1964-1997 2015 33 years North Carolina (ILF, SNF) 4,331 65,027 - - - 4,331 65,027 69,358 7,233 1927-1997 2015 12 years to 33 years Ohio (SNF, AL) 10,343 159,846 - - (80 ) 10,343 159,766 170,109 16,833 1960-2007 2010-2016 20 years to 33 years Virginia (SNF) 6,300 87,772 - - (177 ) 6,123 87,772 93,895 6,729 1979-2007 2016 30 years Total Ciena HealthCare $ 25,382 $ 435,895 $ - $ - $ (257 ) $ 25,205 $ 435,815 $ 461,020 $ 43,958 CommuniCare Health Services, Inc.: Indiana (SNF) $ 17,949 $ 193,059 $ - $ - $ - $ 17,949 $ 193,059 $ 211,008 $ 3,333 1963-2014 2017 20 years to 30 years Maryland (SNF) 7,190 74,029 3,844 - - 7,190 77,873 85,063 17,808 1921-1985 2010-2011 25 years to 30 years Ohio (SNF, SH, ALF) 6,445 76,436 11,821 - - 6,445 88,257 94,702 37,954 1927-2008 1998-2008 20 years to 39 years Pennsylvania (SNF) 1,753 18,533 11,281 - - 1,753 29,814 31,567 12,167 1950-1964 2005 39 years West Virginia (SNF) 450 14,758 185 - - 450 14,943 15,393 3,053 1963 2011 35 years Total CommuniCare $ 33,787 $ 376,815 $ 27,131 $ - $ - $ 33,787 $ 403,946 $ 437,733 $ 74,315 (3)(5) Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period Depreciation Acquisition (4) in Latest Buildings and Carrying (6) Buildings and Accumulated Date of Date Income Statements Description (1) Encumbrances Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Other: Alabama (SNF) $ 1,817 $ 33,356 $ 12,916 $ - $ - $ 1,817 $ 46,272 $ 48,089 $ 33,080 1960-1982 1992-1997 31 years to 33 years Arizona (TBI, SNF, AL) 10,995 86,868 - - - 10,995 86,868 97,863 13,093 1949-1999 2012-2015 33 years to 40 years Arkansas (SNF, AL) (2) 3,698 85,308 8,856 - (36 ) 3,698 94,128 97,826 39,139 1967-2009 1992-2015 25 years to 33 years California (SNF, TBI) 73,466 408,201 3,837 - - 73,466 412,038 485,504 68,870 1927-2013 1997-2015 5 years to 35 years Colorado (SNF, ILF) 11,279 88,831 7,790 - - 11,279 96,621 107,900 33,257 1925-1975 1998-2016 20 years to 39 years Connecticut (land only) 879 4,446 980 - (5,426 ) 879 - 879 - N/A 1999 N/A Florida (SNF, AL) 63,094 504,796 42,010 1,082 (9,737 ) 63,019 538,226 601,245 170,325 1933-2017 1992-2017 2 years to 40 years Georgia (SNF, AL) 3,730 47,387 669 - - 3,730 48,056 51,786 7,015 1967-1998 1998-2016 30 years to 40 years Idaho (SNF, AL) 6,625 62,353 1,322 - (14,690 ) 6,625 48,985 55,610 12,887 1911-2008 1997-2015 25 years to 39 years Illinois (SNF) 5,112 98,178 66 - (44,462 ) 4,977 53,917 58,894 892 1961-1981 2015 30 years to 33 years Indiana (SNF, ILF, AL, MOB, SH,) 25,781 335,737 435 - (1,828 ) 25,773 334,352 360,125 80,438 1942-2008 1992-2015 20 years to 40 years Iowa (SNF, AL) 2,485 60,406 - - - 2,485 60,406 62,891 9,456 1961-1998 2010-2015 12 years to 33 years Kansas (SNF) 4,800 47,496 12,767 - (2,229 ) 4,800 58,034 62,834 8,524 1957-1985 2010-2015 12 years to 33 years Kentucky (SNF, AL) 5,611 123,995 9,851 - - 5,611 133,846 139,457 25,761 1917-2002 1994-2015 33 years Louisiana (SNF) 2,178 52,870 3,303 - (189 ) 2,178 55,984 58,162 19,388 1957-1983 1997-2006 22 years to 39 years Massachusetts (SNF) 5,389 35,826 2,160 - - 5,389 37,986 43,375 19,661 1964-1993 1997-2010 20 years to 39 years Michigan (SNF) 830 30,921 - - - 830 30,921 31,751 5,921 1964-1975 2011-2015 25 years to 33 years Minnesota (SNF, AL, ILF) 10,502 52,585 4,294 - - 10,502 56,879 67,381 6,407 1966-1983 2015 33 years Mississippi (SNF) 2,910 49,507 827 - - 2,910 50,334 53,244 16,050 1962-1988 2009-2010 20 years to 40 years Missouri (SNF) 7,333 121,481 693 - (37,104 ) 7,325 85,078 92,403 9,624 1955-1994 1999-2016 30 years to 33 years Montana (SNF) 1,319 11,698 - - - 1,319 11,698 13,017 1,274 1963-1971 2015 33 years Nebraska (SNF) 1,600 23,142 - - - 1,600 23,142 24,742 3,687 1963-1969 2015 20 years to 33 years Nevada (SNF, SH, TBI) 5,501 50,472 8,350 - - 5,501 58,822 64,323 12,858 1972-2004 2009-2015 26 years to 33 years New Hampshire (SNF, AL) 1,782 19,837 1,463 - - 1,782 21,300 23,082 9,057 1963-1999 1998-2006 33 years to 39 years New Mexico (SNF) 8,372 62,191 - - - 8,372 62,191 70,563 6,493 1960-1985 2015 33 years North Carolina (SNF) 3,798 60,591 3,551 - - 3,798 64,142 67,940 28,802 1964-1987 1994-2017 25 years to 36 years Ohio (SNF, SH, AL) 18,135 254,695 7,134 - (552 ) 18,135 261,277 279,412 64,195 1920-1998 1994-2015 21 years to 39 years Oklahoma (SNF, AL) 4,650 36,247 - - - 4,650 36,247 40,897 9,820 1965-2013 2010-2015 20 years to 33 years Oregon (AL, SNF) 3,641 45,218 4,004 - - 3,641 49,222 52,863 5,350 1959-2004 2014-2015 25 years to 33 years Pennsylvania (SNF, AL, ILF) 9,981 187,731 - - (5 ) 9,976 187,731 197,707 62,399 1942-2012 1998-2015 16 years to 39 years Rhode Island (SNF) 3,658 35,082 4,793 - - 3,658 39,875 43,533 17,682 1965-1981 2006 39 years South Carolina (SNF) 7,800 59,782 - - - 7,800 59,782 67,582 8,838 1959-2007 2014-2016 20 years to 33 years Tennessee (SNF) 5,827 99,457 5,332 - (135 ) 5,933 104,548 110,481 51,466 1958-1985 1992-2015 20 years to 31 years Texas (AL, SNF) 70,761 721,428 27,074 68 (2,532 ) 70,761 746,038 816,799 124,486 1952-2015 1997-2017 2 years to 40 years United Kingdom (AL) 81,843 346,104 1,791 - (22,258 ) 79,688 327,792 407,480 22,033 1750-2012 2015-2017 30 years Vermont (SNF) 318 6,006 602 - - 318 6,608 6,926 2,592 1971 2004 39 years Virginia (SNF, AL) 3,021 37,129 - - - 3,021 37,129 40,150 2,942 1989-1995 2015-2017 30 years to 40 years Washington (SNF, AL) 11,719 138,056 2,627 - (2 ) 11,718 140,682 152,400 27,356 1930-2004 1995-2015 20 years to 33 years West Virginia (SNF) 1,523 52,187 6,877 - - 1,523 59,064 60,587 32,336 1961-1996 1994-2008 25 years to 39 years Wisconsin (SNF) 5,996 44,333 6,043 - (12,982 ) 5,996 37,394 43,390 6,338 1964-1994 2010-2015 12 years to 33 years Total Other $ 499,759 $ 4,621,934 $ 192,417 $ 1,150 $ (154,167 ) $ 497,478 $ 4,663,615 $ 5,161,093 $ 1,079,792 Total $ 798,332 $ 6,688,607 $ 316,944 $ 7,449 $ (155,372 ) $ 795,874 $ 6,860,086 $ 7,655,960 $ 1,376,828 (1) The real estate included in this schedule is being used in either the operation of skilled nursing facilities (SNF), assisted living facilities (AL), independent living facilities (ILF), traumatic brain injury (TBI), medical office building (MOB) or specialty hospitals (SH) located in the states or country indicated. (2) Certain of the real estate indicated are security for the HUD loan borrowings totalling $53.7 million. Year Ended December 31, (3) 2015 2016 2017 Balance at beginning of period $ 3,223,785 $ 6,743,958 $ 7,566,358 Acquisitions through foreclosure - 25,000 - Acquisitions (a) 3,371,234 1,017,761 419,333 Impairment (12,916 ) (53,717 ) (98,672 ) Improvements 220,272 95,807 116,786 Disposals/other (58,417 ) (262,451 ) (347,845 ) Balance at close of period $ 6,743,958 $ 7,566,358 $ 7,655,960 (a) Includes approximately $3.1 billion, $35.1 million and $27.2 million of noncash consideration exchanged during the years ended December 31, 2015, 2016 and 2017, respectively. Year Ended December 31, (4) 2015 2016 2017 Balance at beginning of period $ 821,712 $ 1,019,150 $ 1,240,336 Provisions for depreciation 210,555 266,904 287,189 Dispositions/other (13,117 ) (45,718 ) (150,697 ) Balance at close of period $ 1,019,150 $ 1,240,336 $ 1,376,828 (5) The reported amount of our real estate at December 31, 2017 is greater than the tax basis of the real estate by approximately $0.9 billion. (6) Reflects bed sales, impairments (including the write-off of accumulated depreciation), land easements and impacts from foreign currency exchange rates. |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (in thousands) December 31, 2017 Grouping Description (1) Interest Rate Fixed/Variable Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (2) (3) (6) Carrying Amount of Loans Subject to Delinquent Principal or Interest 1 Louisiana (1 AL facility) 8.75 % F 2018 Interest plus $17 of principal payable monthly with $10,836 due at maturity None $ 11,027 $ 10,944 $ - 2 Maryland (3 SNF facilities) 11.00 % V 2028 Interest payable monthly until maturity None 74,928 35,964 - 3 Michigan (1 SNF facility) 11.04 % V 2029 Interest payable monthly until maturity None 3,968 3,968 - 4 Michigan (1 SNF facility) 10.77 % V 2029 Interest payable monthly until maturity None 4,112 4,112 - 5 Michigan (8 SNF facilities) 10.51 % V 2029 Interest payable monthly until maturity None 12,107 12,107 - 6 Michigan (8 SNF facilities) 9.74 % V 2029 Interest payable monthly until maturity None 12,500 12,500 - 7 Michigan (31 SNF facilities) 9.68 % V 2029 Interest plus $115 of principal payable monthly with $382,127 due at maturity None 415,000 410,763 - 8 Michigan (3 SNF facilities) 9.50 % V 2029 Interest plus $2 of principal payable monthly with $10,466 due at maturity None 11,000 10,988 - 9 Michigan (1 SNF facility) 9.50 % V 2029 Interest payable monthly until maturity None 188 188 - 10 Michigan (1 SNF facility) 8.67 % V 2029 Interest payable monthly until maturity None 14,045 14,045 - 11 Michigan (1 SNF facility) 9.50 % V 2019 Interest payable monthly until maturity None 210 210 - 12 Michigan (1 SNF facility) 9.50 % V 2018 Interest payable monthly until maturity None 7,440 7,440 - 13 New Jersey (1 AL facility) 14.00 % F 2018 Interest payable monthly until maturity None 3,195 3,195 - 14 Ohio (2 SNF facilities) and Pennsylvania (5 SNF and 2 AL facilities) 9.98 % V 2024 Interest payable monthly until maturity None 112,500 112,500 - 15 Ohio (1 SNF facility) 11.91 % V 2018 Interest payable monthly until maturity None 11,874 12,001 (4) - 16 South Carolina (1 AL facility) 8.75 % F 2018 Interest accrues monthly until maturity None 10,288 10,288 - 17 Tennessee ( 1 SNF facility) 8.35 % F 2015 Past due None 6,997 1,472 1,472 (5) 18 Virginia (1 AL facility) 8.75 % F 2018 Interest accrues monthly until maturity None 8,548 8,547 - $ 719,927 $ 671,232 $ 1,472 (1) Mortgage loans included in this schedule represent first 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 $676.6 million. Year Ended December 31, (3) 2015 2016 2017 Balance at beginning of period $ 648,079 $ 679,795 $ 639,343 Additions during period - new mortgage loans or additional fundings 33,288 48,722 34,643 Deductions during period - collection of principal/other (1,572 ) (89,174 ) (2,754 ) Balance at close of period $ 679,795 $ 639,343 $ 671,232 (4) The carrying value of the mortgage exceeds the face value of the mortgage due to an acquisition date fair market value adjustment. (5) Mortgage written down to the fair value of the underlying collateral. (6) Mortgages included in the schedule which were extended during 2017 aggregated approximately $3.2 million. |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. For additional information regarding above and below market leases assumed as part of an acquisition see “In-Place Leases" below. · 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 On October 1, 2016, we early adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2017-01, Business Combinations-Clarifying the Definition of a Business |
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, 2017, we have determined that all but five of our leases should be accounted for as operating leases. The other five 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, 2017, we fully reserved $2.9 million of unamortized direct costs related to originating our direct financing leases. As of December 31, 2016, we have $3.3 million of unamortized direct costs related to originating our direct financing leases recorded on our Consolidated Balance Sheet. |
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 income or expense. |
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 of the Company’s assets in a future period that could be material to the Company’s results of operations. For the years ended December 31, 2017, 2016 and 2015, we recognized impairment losses on real estate investments of $99.1 million, $58.7 million and $17.7 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, 2017 and 2016, we had $177.5 million and $8.7 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, 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 and cash equivalents are held at major commercial banks. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms and other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our HUD borrowings. |
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. At December 31, 2017, three of our operators were approximately 90 days or more past due on rent/interest payments to the Company. Two of these operators are considered top ten operators as determined based on total revenue for the year ended December 31, 2017. Of these three operators, rent/interest from two of these operators is being recognized on a cash basis as of December 31, 2017. A summary of our net receivables by type is as follows: December 31, 2017 2016 (in thousands) Contractual receivables $ 43,258 $ 13,376 Effective yield interest receivables 11,673 9,749 Straight-line rent receivables – net 216,054 208,874 Lease inducements 16,812 8,393 Allowance (8,463 ) (357 ) Accounts receivable – net $ 279,334 $ 240,035 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 top ten 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 exist 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. In 2015, we wrote-off $3.2 million of straight-line rent receivables and $1.5 million of effective yield interest receivables associated with four facilities that were transitioned to a new operator and three mortgages that were repaid prior to their maturity. This transaction closed in 2016. |
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 current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance 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 2017, 2016, or 2015. |
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, including working capital 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. The costs related to originating the direct financing leases have been deferred and are being 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 investments when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. Gains and losses on sales of real estate assets are recognized in accordance with the authoritative guidance for sales of real estate. The specific timing of the recognition of the sale and the related gain is measured against the various criteria in the guidance related to the terms of the transactions and any continuing involvement associated with the assets sold. To the extent the sales criteria are not met, we defer gain recognition until the sales criteria are met. |
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 $9.5 million, $9.3 million and $7.0 million in 2017, 2016 and 2015, 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. |
Earnings Per Share/Unit | Earnings Per Share/Unit The computation of basic earnings per share/unit (“EPS” or “EPU”) is computed by dividing net income available to common stockholders/Omega OP Unit holders by the weighted-average number of shares of common stock/units outstanding during the relevant period. Diluted EPS/EPU is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares/Omega OP Units plus the effect of dilutive common equivalent shares/Omega OP Units during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares/Omega OP Units pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units and the assumed issuance of additional shares related to Omega OP Units held by outside investors. Dilutive Omega OP Units reflect the assumed issuance of additional Omega OP Units pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock. |
Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests | Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests As of April 1, 2015 and after giving effect to the Aviv Merger, the Company owned approximately 138.8 million Omega OP Units and Aviv OP owned approximately 52.9 million Omega OP Units. 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. Effective June 30, 2015, Omega (through OHI Holdco, in its capacity as the general partner of Aviv OP) caused Aviv OP to make a distribution of Omega OP Units held by Aviv OP (or equivalent value) to Aviv OP investors (the “Aviv OP Distribution”) in connection with the liquidation of Aviv OP. As a result of the Aviv OP Distribution, Omega directly and indirectly owned approximately 95% of the outstanding Omega OP Units, and the other investors owned approximately 5% of the outstanding Omega OP Units at that time. As a part of the Aviv OP Distribution, Omega settled approximately 0.2 million units via cash settlement. As of December 31, 2017, 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 (loss) 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. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate their financial statements into the U.S. dollar. 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. |
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, 2017, $1.5 million of qualifying cash flow hedges were recorded at fair value in other assets and at December 31, 2016, $1.5 million of qualifying cash flow hedges were recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets. Net investment hedge We use the spot method to measure the effectiveness of our net investment hedge. Under this method, for each reporting period, the change in the carrying value of the hedging instrument due to remeasurement of the effective portion is reported in Omega OP’s owners’ equity and Omega’s AOCL in our Consolidated Balance Sheets and the remaining change in the carrying value of the ineffective portion, if any, is recognized in earnings. We evaluate the effectiveness of our net investment hedge on a quarterly basis. We did not record any ineffectiveness during 2017. |
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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) During the fourth quarter of 2017, we adopted ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash During the fourth quarter of 2017, we adopted ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments There was no impact to the Company’s net assets, income or retained earnings in any period presented as a result of adopting . |
Recent Accounting Pronouncements - Pending Adoption | Recent Accounting Pronouncements - Pending Adoption In 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. In February 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326 In August 2017 the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of summary of net receivables | December 31, 2017 2016 (in thousands) Contractual receivables $ 43,258 $ 13,376 Effective yield interest receivables 11,673 9,749 Straight-line rent receivables – net 216,054 208,874 Lease inducements 16,812 8,393 Allowance (8,463 ) (357 ) Accounts receivable – net $ 279,334 $ 240,035 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Properties [Line Items] | |
Schedule of investment in leased real estate properties | December 31, 2017 2016 (in thousands) Buildings $ 6,098,119 $ 6,090,294 Land 795,874 759,295 Furniture, fixtures and equipment 440,737 454,760 Site improvements 227,150 206,206 Construction in progress 94,080 55,803 Total real estate investments 7,655,960 7,566,358 Less accumulated depreciation (1,376,828 ) (1,240,336 ) Real estate investments - net $ 6,279,132 $ 6,326,022 |
Schedule of future minimum estimated contractual rents due for the remainder of the initial terms of the leases | (in thousands) 2018 $ 687,567 2019 696,793 2020 710,610 2021 722,609 2022 720,818 Thereafter 4,095,073 Total $ 7,633,470 |
Schedule of pro forma information not indicative of future operations | Year Ended December 31, 2015 (in thousands, except per share Pro forma revenues $ 817,642 Pro forma net income $ 258,927 Earnings per share – diluted: Net income – as reported $ 1.29 Net income – pro forma $ 1.33 |
2017 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of significant acquisitions | Number of Country/ Total Investment (4) Land Building & Site Furniture Initial Annual Cash Yield (2) Period SNF ALF State (in millions) (%) 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) Omega 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. |
2016 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of significant acquisitions | Number of Country/ Total Investment (6) Land Building & Site Improvements Furniture Initial Annual Cash Yield (7) Period SNF ALF State (in millions) (%) 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) The Company’s investment includes a purchase option buyout obligation with a fair value of approximately $29.6 million. The future buyout obligation is recorded in accrued expenses and other liabilities on our Consolidated Balance Sheet. The Company also acquired a term loan with a fair value of approximately $37.0 million which is recorded in other investments on our Consolidated Balance Sheet. 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) Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. (4) The Company 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 will be paid in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. (5) The Company 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. |
2015 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of significant acquisitions | Number of Total Land Building & Site Furniture Initial Annual Cash Yield (4) Period SNF ALF State (in millions) (%) Q1 1 - TX $ 6.8 $ 0.1 $ 6.1 $ 0.6 9.50 Q3 6 - NE 15.0 1.4 12.1 1.5 9.00 Q3 1 2 WA 18.0 2.2 14.9 0.9 8.00 Q3 - 2 GA 10.8 1.2 9.0 0.6 7.00 Q3 1 - VA 28.5 (1) 1.9 24.2 2.4 9.25 Q3 2 - FL 32.0 1.4 29.0 1.6 9.00 Q3 - - NY 111.7 (2)(3) 111.7 - - - Q4 1 - AZ 0.6 (3) 0.3 0.3 - 9.00 Q4 1 - TX 5.3 1.8 3.0 0.5 9.50 Total 13 4 $ 228.7 $ 122.0 $ 98.6 $ 8.1 (1) In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. (2) On July 24, 2015, we purchased five buildings located in New York City, New York for approximately $111.7 million. We and our operator plan to construct a 215,000 square-foot assisted living and memory care facility. The properties were added to the operator’s existing master lease. The lease provides for a 5% annual cash yield on the land during the construction phase. Upon issuance of a certification of occupancy, the annual cash yield will increase to 7% in year one and 8% in year two with 2.5% annual escalators thereafter. (3) Accounted for as an asset acquisition. (4) The cash yield is based on the purchase price. |
DIRECT FINANCING LEASES (Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
DIRECT FINANCING LEASES | |
Schedule of components of investments in direct financing leases | December 31, 2017 2016 (in thousands) Minimum lease payments receivable $ 3,707,079 $ 4,287,069 Less unearned income (3,169,942 ) (3,685,131 ) Investment in direct financing leases 537,137 601,938 Less allowance for loss on direct financing leases (172,172 ) — Investment in direct financing leases – net $ 364,965 $ 601,938 Properties subject to direct financing leases 41 58 Number of direct financing leases 5 7 |
Schedule of investment in the direct financing leases by operator | December 31, 2017 2016 (in thousands) Orianna $ 337,705 $ 574,581 Reliance Health Care Management, Inc. 15,458 15,498 Sun Mar Healthcare 11,481 11,443 Markleysburg Healthcare Investors, LP 321 416 Investment in direct financing leases - net $ 364,965 $ 601,938 |
Schedule of rents due under direct financing leases for the next five years | 2018 (1) 2019 (1) 2020 (1) 2021 (1) 2022 (1) $2,612 $2,654 $2,686 $2,629 $2,680 (1) Orianna has been excluded from the contractual minimum rent payments due under our direct financing leases. See below for additional information. |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Notes Receivable Investments [Abstract] | |
Schedule of outstanding principal amounts of mortgage notes receivable, net of allowances | December 31, 2017 2016 (in thousands) Mortgage note due 2024; interest at 9.98% $ 112,500 $ 112,500 Mortgage note due 2029; interest at 9.68% 410,763 412,140 Other mortgage notes outstanding (1) 152,874 118,637 Mortgage notes receivable, gross 676,137 643,277 Allowance for loss on mortgage notes receivable (2) (4,905 ) (3,934 ) Total mortgages — net $ 671,232 $ 639,343 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 14.0% per annum and maturity dates through 2029. (2) 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, 2017 and $2.5 million at December 31, 2016. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of other investments | December 31, 2017 2016 (in thousands) Other investment note due 2019; interest at 11.25% $ 49,708 $ 49,458 Other investment note due 2020; interest at 14.57% 49,490 47,913 Other investment note due 2022, interest at 9.00% 31,987 31,987 Other investment note due 2030; interest at 6.66% 50,000 44,595 Other investment notes outstanding (1) 95,530 87,691 Other investments, gross 276,715 261,644 Allowance for loss on other investments (2) (373 ) (4,798 ) Total other investments $ 276,342 $ 256,846 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.0% to 12.0% per annum. (2) The 2017 allowance for loss on other investments relates to one loan with an operator that has been fully reserved at December 31, 2017 with a charge to earnings in 2017. The reserves at December 31, 2016 were written off in 2017. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of assets held for sale | Properties Held For Sale Number of Net Book Value December 31, 2015 3 $ 6,599 Properties sold/other (1) (24 ) (75,948 ) Properties added (2) 41 122,217 December 31, 2016 20 52,868 Properties sold/other (3) (17 ) (39,299 ) Properties added (4) 19 73,130 December 31, 2017 (5) 22 $ 86,699 (1) In 2016, we sold 21 SNFs for approximately $86.7 million in net proceeds recognizing gains on sales of approximately $16.5 million. We also recorded approximately $4.9 million of impairments on 16 facilities to reduce their net book values to their estimated fair value less costs to sell. Two SNFs and one ALF classified as assets held for sale in the second quarter were no longer considered held for sale and were reclassified in the third quarter back to leased properties at their fair values (approximately $7.0 million). (2) In 2016, we reclassified ten ALFs and 31 SNFs to assets held for sale (including the two SNFs and one ALF mentioned above that were reclassified back to leased properties in the third quarter). We recorded approximately $49.4 million of impairment charges on 20 of these facilities to reduce their net book values to their estimated fair value less costs to sell before they were reclassified to assets held for sale. (3) 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. (4) 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. (5) We plan to sell the facilities classified as held for sale at December 31, 2017 within the next twelve months. |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangibles | December 31, 2017 2016 (in thousands) Assets: Goodwill $ 644,690 $ 643,474 Above market leases $ 22,426 $ 22,476 In-place leases 167 167 Accumulated amortization (17,059 ) (15,864 ) Net intangible assets $ 5,534 $ 6,779 Liabilities: Below market leases $ 164,443 $ 165,028 Accumulated amortization (83,824 ) (70,738 ) Net intangible liabilities $ 80,619 $ 94,290 |
Schedule of summary of goodwill | (in thousands) Balance as of December 31, 2016 $ 643,474 Add: foreign currency translation 1,216 Balance as of December 31, 2017 $ 644,690 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of summary of long-term borrowings | Annual Interest December 31, Maturity 2017 2017 (5) 2016 (5) (in thousands) Secured borrowings: HUD mortgages assumed December 2011 (1) 2044 3.06 % $ 53,666 $ 54,954 Deferred financing costs – net (568 ) (589 ) Total secured borrowings – net (2) 53,098 54,365 Unsecured borrowings: Revolving line of credit 2021 2.65 % 290,000 190,000 Tranche A-1 term loan - - — 200,000 Tranche A-2 term loan - - — 200,000 Tranche A-3 term loan - - — 350,000 U.S. term loan 2022 3.02 % 425,000 — Sterling term loan (3) 2022 1.94 % 135,130 — Omega OP term loan (2) 2022 3.02 % 100,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Discounts and deferred financing costs – net (4) (5,460 ) (5,657 ) Total term loans – net 904,670 1,094,343 2023 notes 2023 4.375 % 700,000 700,000 2024 notes 2024 5.875 % — 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 400,000 250,000 2026 notes 2026 5.25 % 600,000 600,000 2027 notes 2027 4.50 % 700,000 700,000 2028 notes 2028 4.75 % 550,000 — Other 2018 - 1,500 3,000 Subordinated debt 2021 9.00 % 20,000 20,000 Discount – net (21,073 ) (17,151 ) Deferred financing costs – net (26,037 ) (27,703 ) Total senior notes and other unsecured borrowings – net 3,324,390 3,028,146 Total unsecured borrowings – net 4,519,060 4,312,489 Total secured and unsecured borrowings – net $ 4,572,158 $ 4,366,854 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $62.0 million as of December 31, 2017. This borrowing was incurred by wholly owned subsidiaries of Omega OP. (2) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. (3) This borrowing is denominated in British Pounds Sterling. (4) The amount includes $0.6 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2017. (5) 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) 2018 $ 2,828 2019 1,370 2020 1,412 2021 311,456 2022 911,631 Thereafter 3,396,599 Totals $ 4,625,296 |
Schedule of refinancing related costs | Year Ended December 31, 2017 2016 2015 (in thousands) Write off of deferred financing costs and unamortized premiums due to refinancing (1)(2)(3) $ 10,195 $ 301 $ (7,134 ) Prepayment and other costs associated with refinancing (4) 11,770 1,812 35,971 Total debt extinguishment costs $ 21,965 $ 2,113 $ 28,837 (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 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our $575 million 6.75% Senior Notes due 2022, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premiums on HUD debt. In 2015, we paid approximately $188.5 million to retire 24 HUD mortgage loans. (4) In 2017, we made $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. In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $19.4 million of prepayment penalties associated with the early redemption of our $575 million 6.75% Senior Notes due 2022 and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in 2015. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying amounts and fair values of financial instruments | 2017 2016 Carrying Fair Carrying Fair (in thousands) Assets: Investments in direct financing leases – net $ 364,965 $ 364,965 $ 601,938 $ 598,665 Mortgage notes receivable – net 671,232 686,772 639,343 644,961 Other investments – net 276,342 281,031 256,846 253,385 Total $ 1,312,539 $ 1,332,768 $ 1,498,127 $ 1,497,011 Liabilities: Revolving line of credit $ 290,000 $ 290,000 $ 190,000 $ 190,000 Tranche A-1 term loan – net — — 198,830 200,000 Tranche A-2 term loan — — 200,000 200,000 Tranche A-3 term loan – net — — 347,449 350,000 U.S. term loan – net 422,498 425,000 — — Sterling term loan – net 134,360 135,130 — — Omega OP term loan – net (1) 99,423 100,000 100,000 100,000 2015 term loan – net 248,390 250,000 248,064 250,000 4.375% notes due 2023 – net 693,474 711,190 692,305 693,505 5.875% notes due 2024 – net — — 395,065 432,938 4.95% notes due 2024 – net 393,680 420,604 392,669 406,361 4.50% notes due 2025 – net 394,640 399,874 245,949 249,075 5.25% notes due 2026 – net 594,321 625,168 593,616 611,461 4.50% notes due 2027 – net 686,516 681,007 685,052 681,978 4.75% notes due 2028 – net 539,882 550,667 — — HUD debt – net (1) 53,098 51,817 54,365 52,510 Subordinated debt – net 20,376 23,646 20,490 23,944 Other 1,500 1,500 3,000 3,000 Total $ 4,572,158 $ 4,665,603 $ 4,366,854 $ 4,444,772 (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, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | December 31, 2017 2016 (in thousands) Deferred tax assets: Foreign deferred tax assets (1) $ 2,341 $ 1,811 Federal net operating loss carryforward 1,142 253 Total deferred assets 3,483 2,064 Deferred tax liabilities: Foreign deferred tax liabilities (1) 17,747 9,906 Total net deferred liabilities before valuation allowances (14,264 ) (7,842 ) Valuation allowance on deferred tax asset (1,142 ) (253 ) Net deferred tax liabilities $ (15,406 ) $ (8,095 ) (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, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of accumulated other comprehensive loss | As of and For the Year Ended 2017 2016 2015 (in thousands) Foreign Currency Translation: Beginning balance $ (54,948 ) $ (8,413 ) $ — Translation gain (loss) 28,644 (46,303 ) (8,240 ) Realized gain (loss) 311 (232 ) (173 ) Ending balance (25,993 ) (54,948 ) (8,413 ) Derivative Instruments: Cash flow hedges: Beginning balance (1,420 ) (718 ) — Unrealized gain (loss) 545 (719 ) (718 ) Realized gain (1) 2,338 17 — Ending balance 1,463 (1,420 ) (718 ) Net investment hedge: Beginning balance — — — Unrealized loss (7,110 ) — — Ending balance (7,110 ) — — Total accumulated other comprehensive loss for Omega OP (2) (31,640 ) (56,368 ) (9,131 ) Add: portion included in noncontrolling interest 1,490 2,541 419 Total accumulated other comprehensive loss for Omega $ (30,150 ) $ (53,827 ) $ (8,712 ) (1) Recorded in interest expense on the Consolidated Statements of Operations. (2) These amounts are included in owners’ equity. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of activity in restricted stock and RSUs | Number of Weighted - Compensation Cost (1) (in millions) Non-vested at December 31, 2014 309,934 $ 30.08 Granted during 2015 233,483 39.25 $ 9.2 Assumed in Aviv Merger (2) 38,268 23.50 $ 0.9 Cancelled during 2015 (61,911 ) 33.77 Vested during 2015 (106,146 ) 28.72 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 (1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant. (2) Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. |
Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model | December March April 1, July 31, March 17, January 1, Closing price on date of grant $ 29.80 $ 40.57 $ 40.74 $ 36.26 $ 34.78 $ 31.26 Dividend yield 6.44% 5.23% 5.20% 6.07% 6.56% 7.81% Risk free interest rate at time of grant 0.04% to 0.86% 0.10% to 0.94% 0.09% to 0.91% 0.13% to 1.08% 0.50% to 1.14% 0.66% to 1.58% Expected volatility 24.16% to 25.86% 20.06% to 21.09% 20.06% to 21.08% 20.06% to 20.21% 23.92% to 24.88% 22.82% to 25.26% |
Schedule of activity in PRSU and LTIP Units | Number of Weighted- Compensation Cost (1) (in millions) Non-vested at December 31, 2014 850,213 $ 10.97 Granted during 2015 537,923 18.51 $ 10.0 Cancelled during 2015 (165,570 ) 14.11 Forfeited during 2015 (128,073 ) 12.04 Vested during 2015 (2) (181,406 ) 10.10 Non-vested at December 31, 2015 913,087 $ 14.87 Granted during 2016 679,549 14.67 $ 10.0 Forfeited during 2016 (518,638 ) 12.10 Vested during 2016 - - Non-vested at December 31, 2016 1,073,998 $ 16.08 Granted during 2017 685,064 14.87 $ 10.2 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 (1) Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. |
Schedule of unrecognized compensation cost associated with restricted stock and PRSU awards and LTIP Unit awards | Grant Shares/ Units (1) Grant Date Total Compensation Cost (1) Weighted Unrecognized (2) Performance Vesting RSUs 3/17/16 RSU 2016 130,006 34.78 4.5 33 0.9 N/A 12/31/2018 1/1/2017 RSU 2017 140,416 31.26 4.4 36 2.9 N/A 12/31/2019 Restricted Stock Units Total 270,422 $ 32.95 $ 8.9 $ 3.8 TSR PRSUs and LTIP Units 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 0.5 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 53,387 14.81 0.8 45 0.2 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 LTIP Units 2016 370,152 13.21 4.9 45 2.6 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 LTIP Units 2017 399,726 12.61 5.0 48 3.8 1/1/2017-12/31/2019 Quarterly in 2020 TSR PRSUs & LTIP Total 960,514 $ 13.26 $ 12.7 $ 7.1 Relative TSR PRSUs 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 0.8 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 53,387 22.92 1.2 45 0.3 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 Relative TSR 2016 305,563 16.44 5.1 45 2.6 1/1/2016-12/31/2018 Quarterly in 2019 1/1/2017 2019 Relative TSR 2017 285,338 18.04 5.1 48 3.9 1/1/2017-12/31/2019 Quarterly in 2020 Relative TSR PRSUs Total 781,537 $ 18.53 $ 14.5 $ 7.6 Grand Total 2,012,473 $ 17.95 $ 36.1 $ 18.5 (1) Total shares/units and compensation costs are net of shares/units cancelled. (2) This table excludes approximately $1.1 million of unrecognized compensation costs related to our directors. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Dividends [Abstract] | |
Schedule of declared common stock dividends | Record Date Payment Date Dividend per Increase over January 31, 2017 February 15, 2017 $ 0.62 $ 0.01 May 1, 2017 May 15, 2017 0.63 0.01 August 1, 2017 August 15, 2017 0.64 0.01 October 31, 2017 November 15, 2017 0.65 0.01 January 31, 2018 February 15, 2018 0.66 0.01 |
Schedule of per share distribution for income tax purpose | Year Ended December 31, 2017 2016 2015 Common Ordinary income $ 1.571 $ 1.968 $ 1.133 Return of capital 0.932 0.322 1.047 Capital gains 0.037 0.070 - Total dividends paid $ 2.540 $ 2.360 $ 2.180 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of remaining commitments | Total commitment $ 682,249 Amount funded (1) 383,586 Remaining commitment $ 298,663 (1) Includes finance costs. |
SUPPLEMENTAL DISCLOSURE TO CO51
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Line Items] | |
Schedule of consolidated statements of cash flows | Year Ended December 31, 2017 2016 2015 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 85,937 $ 93,687 $ 5,424 Restricted cash 10,871 13,589 14,607 Cash, cash equivalents and restricted cash at end of period $ 96,808 $ 107,276 $ 20,031 Supplemental Information: Interest paid during the period, net of amounts capitalized $ 182,832 $ 148,326 $ 145,929 Taxes paid during the period $ 4,141 $ 4,922 $ 1,016 Non cash investing activities: Non cash acquisition of real estate (See Note 3) $ (27,170 ) $ — $ — Non cash acquisition of businesses (see Note 3 and Note 5) — (60,079 ) (3,602,040 ) Non cash surrender of mortgage (see Note 3 and Note 5) — 25,000 — Non cash investment in other investments (6,353 ) — — Non cash proceeds from other investments (see Note 6 and Note 3) 30,187 5,500 — Non cash settlement of direct financing lease (See Note 4) 18,989 — — Total $ 15,653 $ (29,579 ) $ (3,602,040 ) Non cash financing activities: Assumed Aviv debt $ — $ — $ 1,410,637 Stock exchanged in merger — — 1,902,866 Omega OP Units exchanged in merger — — 373,394 Purchase option buyout obligation (see Note 3) — 29,579 — Change in fair value of cash flow hedges 2,970 764 718 Remeasurement of debt denominated in a foreign currency 7,070 — — Other unsecured long term borrowing (see Note 3 and Note 12) — 3,000 — Total $ 10,040 $ 33,343 $ 3,687,615 |
OHI Healthcare Properties Limited Partnership | |
Condensed Financial Information Of Parent Company Only Disclosure [Line Items] | |
Schedule of consolidated statements of cash flows | Year Ended December 31, The period from 2017 2016 2015 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 85,937 $ 93,687 $ 5,424 Restricted cash 10,871 13,589 14,607 Cash, cash equivalents and restricted cash at end of period $ 96,808 $ 107,276 $ 20,031 Supplemental Information: Interest paid during the period, net of amounts capitalized $ 182,832 $ 148,326 $ 120,100 Taxes paid during the period $ 4,141 $ 4,922 $ 1,016 Non cash investing activities: Non cash acquisition of real estate (See Note 3) $ (27,170 ) $ — $ — Non cash acquisition of businesses (see Note 3 and Note 5) — (60,079 ) (3,602,040 ) Non cash surrender of mortgage (see Note 3 and Note 5) — 25,000 — Non cash investment in other investments (6,353 ) — — Non cash proceeds from other investments (see Note 6 and Note 3) 30,187 5,500 — Non cash settlement of direct financing lease (See Note 4) 18,989 — — Total $ 15,653 $ (29,579 ) $ (3,602,040 ) Non cash financing activities: Assumed Aviv debt $ — $ — $ 1,410,637 Contribution from Omega in merger — — 1,902,866 Omega OP Units exchanged in merger — — 373,394 Purchase option buyout obligation (see Note 3) — 29,579 — Change in fair value of cash flow hedges 2,970 764 718 Remeasurement of debt denominated in a foreign currency 7,070 — — Other unsecured long term borrowing (see Note 3 and Note 12) — 3,000 — Total $ 10,040 $ 33,343 $ 3,687,615 |
SUMMARY OF QUARTERLY RESULTS 52
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | Omega March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (1) $ 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 2016 Revenues $ 212,879 $ 228,824 $ 224,638 $ 234,486 Net income $ 58,196 $ 113,154 $ 82,134 $ 129,883 Net income available to common stockholders $ 55,555 $ 108,052 $ 78,549 $ 124,259 Net income available to common per share: Basic $ 0.30 $ 0.57 $ 0.40 $ 0.63 Net income per share: Diluted $ 0.29 $ 0.57 $ 0.40 $ 0.63 Omega OP March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 2017 Revenues $ 231,744 $ 235,797 $ 219,638 $ 221,206 Net income (loss) (1) $ 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 2016 Revenues $ 212,879 $ 228,824 $ 224,638 $ 234,486 Net income $ 58,196 $ 113,154 $ 82,134 $ 129,883 Net income available to Omega OP Unit holders: Basic $ 0.30 $ 0.57 $ 0.40 $ 0.63 Net income per unit: Diluted $ 0.29 $ 0.57 $ 0.40 $ 0.63 (1) 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, 2017 | |
Net Income Available To Common Per Share | |
Schedule of computation of basic and diluted earnings per share | Omega Omega OP Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 (1) (in thousands, except per share amounts) Numerator: Net income $ 104,910 $ 383,367 $ 233,315 $ 104,910 $ 383,367 $ 190,263 Less: Net income attributable to noncontrolling interests (4,491 ) (16,952 ) (8,791 ) — — — Net income available to common stockholders/Omega OP Unit holders $ 100,419 $ 366,415 $ 224,524 $ 104,910 $ 383,367 $ 190,263 Denominator: Denominator for basic earnings per share/unit 197,738 191,781 172,242 206,521 200,679 193,843 Effect of dilutive securities: Common stock equivalents 269 956 1,539 269 956 1,899 Noncontrolling interest – Omega OP Units 8,783 8,898 6,727 — — — Denominator for diluted earnings per share/unit 206,790 201,635 180,508 206,790 201,635 195,742 Earnings per share - basic: Net income available to common stockholders/Omega OP Unit holders $ 0.51 $ 1.91 $ 1.30 $ 0.51 $ 1.91 $ 0.98 Earnings per share/unit - diluted: Net income $ 0.51 $ 1.90 $ 1.29 $ 0.51 $ 1.90 $ 0.97 (1) The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
ORGANIZATION AND BASIS OF PRE54
ORGANIZATION AND BASIS OF PRESENTATION (Detail) - Segment | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of Reportable Segments | 1 | |
Omega OP Units | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of limited partnership interests owned | 96.00% | 95.00% |
Other Investors | Omega OP Units | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of limited partnership interests owned | 4.00% | 5.00% |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Contractual receivables | $ 43,258 | $ 13,376 |
Effective yield interest receivables | 11,673 | 9,749 |
Straight-line rent receivables - net | 216,054 | 208,874 |
Lease inducements | 16,812 | 8,393 |
Allowance | (8,463) | (357) |
Accounts receivable - net | $ 279,334 | $ 240,035 |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line basis |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Buildings | 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 ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) $ / shares in Units, $ in Thousands, shares in Millions | Feb. 01, 2016USD ($)Facility | Jun. 30, 2015shares | Dec. 31, 2017USD ($)OperatorFacilityHealthcare_facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Facility | Apr. 01, 2015$ / sharesshares |
Accounting Policies [Line Items] | ||||||
Unamortized direct costs related to origination of direct financing leases | $ 2,900 | $ 3,300 | ||||
Impairment loss on real estate properties | 99,070 | 58,726 | $ 17,681 | |||
Loan loss reserves | $ 177,500 | 8,700 | ||||
Number of operators 90 days past due | Operator | 3 | |||||
Number of operators being recognized on a cash basis | Operator | 2 | |||||
Provision of contractual and straight-line rent receivables | $ 9,300 | |||||
Provision for uncollectible accounts to contractual and straight-line receivables | $ 4,100 | |||||
Straight line rent receivable wrote off | 4,300 | 3,200 | ||||
Effective yield interest receivables wrote off | $ 1,500 | |||||
Number of facilities transitioned | Facility | 4 | |||||
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 | $ 9,516 | 9,345 | $ 6,990 | |||
Number of leased real estate properties | Healthcare_facility | 983 | |||||
Decrease in net cash provided by operating activities | $ 1,000 | 14,500 | ||||
ASU 2014-09 | ||||||
Accounting Policies [Line Items] | ||||||
Deferred gain resulting from sale of facilities to third party through retained earnings | $ 10,000 | |||||
SNF | ||||||
Accounting Policies [Line Items] | ||||||
Number of leased real estate properties | Facility | 735 | |||||
Cash flow hedges | ||||||
Accounting Policies [Line Items] | ||||||
Cash flow hedges recorded at fair value in accrued expenses and other liabilities | $ 1,500 | |||||
Cash flow hedges recorded at fair value in other assets | $ 1,500 | |||||
Omega OP Units | ||||||
Accounting Policies [Line Items] | ||||||
Limited partnership interest owned | shares | 138.8 | |||||
Number of units settled in cash | shares | 0.2 | |||||
Percentage of limited partnership interests owned | 95.00% | 96.00% | ||||
Aviv Operating Partnership | Omega OP Units | ||||||
Accounting Policies [Line Items] | ||||||
Limited partnership interest owned | shares | 52.9 | |||||
Limited Partnership units, redeemable, par value per share | $ / shares | $ 0.10 | |||||
Other Investors | Omega OP Units | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of limited partnership interests owned | 5.00% | 4.00% | ||||
Laurel | SNF | ||||||
Accounting Policies [Line Items] | ||||||
Number of leased real estate properties | Facility | 10 | |||||
Purchase price of buildings acquired paid in cash | $ 169,000 | |||||
Percentage of ownership interest | 34.00% |
PROPERTIES - Summary of our inv
PROPERTIES - Summary of our investment in leased real estate properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 7,655,960 | $ 7,566,358 |
Less accumulated depreciation | (1,376,828) | (1,240,336) |
Real estate investments - net | 6,279,132 | 6,326,022 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 6,098,119 | 6,090,294 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 795,874 | 759,295 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 440,737 | 454,760 |
Site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 227,150 | 206,206 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 94,080 | $ 55,803 |
PROPERTIES - Future minimum est
PROPERTIES - Future minimum estimated contractual rents due (Detail 1) $ in Thousands | Dec. 31, 2017USD ($) |
Real Estate [Abstract] | |
2,018 | $ 687,567 |
2,019 | 696,793 |
2,020 | 710,610 |
2,021 | 722,609 |
2,022 | 720,818 |
Thereafter | 4,095,073 |
Total | $ 7,633,470 |
PROPERTIES - 2017 Acquisitions
PROPERTIES - 2017 Acquisitions and Other (Detail 2) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)FacilityHealthcare_facility | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Healthcare_facility | 983 | |
SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 735 | |
ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 118 | |
2017 Acquisitions and Other | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 412.7 | [1] |
2017 Acquisitions and Other | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 31 | |
2017 Acquisitions and Other | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 20 | |
2017 Acquisitions and Other | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 56.7 | |
2017 Acquisitions and Other | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 331.5 | |
2017 Acquisitions and Other | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 24.5 | |
2017 Acquisitions and Other | Q1 | VA | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 7.6 | [1] |
Initial Annual Cash Yield (%) | 7.50% | [2] |
2017 Acquisitions and Other | Q1 | VA | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2017 Acquisitions and Other | Q1 | VA | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 0.5 | |
2017 Acquisitions and Other | Q1 | VA | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 6.8 | |
2017 Acquisitions and Other | Q1 | VA | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.3 | |
2017 Acquisitions and Other | Q2 | NC | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 8.6 | [1] |
Initial Annual Cash Yield (%) | 9.50% | [2] |
2017 Acquisitions and Other | Q2 | NC | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2017 Acquisitions and Other | Q2 | NC | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 0.7 | |
2017 Acquisitions and Other | Q2 | NC | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 7.3 | |
2017 Acquisitions and Other | Q2 | NC | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.6 | |
2017 Acquisitions and Other | Q2 | UK | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 124.2 | [1],[3] |
Initial Annual Cash Yield (%) | 8.50% | [2] |
2017 Acquisitions and Other | Q2 | UK | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 18 | |
2017 Acquisitions and Other | Q2 | UK | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 34.1 | |
2017 Acquisitions and Other | Q2 | UK | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 85.1 | |
2017 Acquisitions and Other | Q2 | UK | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 5 | |
2017 Acquisitions and Other | Q3 | TX | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 2.3 | [1] |
Initial Annual Cash Yield (%) | 9.25% | [2] |
2017 Acquisitions and Other | Q3 | TX | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2017 Acquisitions and Other | Q3 | TX | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 0.7 | |
2017 Acquisitions and Other | Q3 | TX | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 1.5 | |
2017 Acquisitions and Other | Q3 | TX | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.1 | |
2017 Acquisitions and Other | Q3 | IN | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 211 | [1] |
Initial Annual Cash Yield (%) | 9.50% | [2] |
2017 Acquisitions and Other | Q3 | IN | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 15 | |
2017 Acquisitions and Other | Q3 | IN | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 18 | |
2017 Acquisitions and Other | Q3 | IN | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 180.2 | |
2017 Acquisitions and Other | Q3 | IN | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 12.8 | |
2017 Acquisitions and Other | Q3 | TX | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 19 | [1],[4] |
Initial Annual Cash Yield (%) | 18.60% | [2] |
2017 Acquisitions and Other | Q3 | TX | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 9 | |
2017 Acquisitions and Other | Q3 | TX | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 1.7 | |
2017 Acquisitions and Other | Q3 | TX | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 15.5 | |
2017 Acquisitions and Other | Q3 | TX | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 1.8 | |
2017 Acquisitions and Other | Q4 | TX | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 40 | [1] |
Initial Annual Cash Yield (%) | 9.25% | [2] |
2017 Acquisitions and Other | Q4 | TX | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 6 | |
2017 Acquisitions and Other | Q4 | TX | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 1 | |
2017 Acquisitions and Other | Q4 | TX | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 35.1 | |
2017 Acquisitions and Other | Q4 | TX | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 3.9 | |
[1] | All of the aforementioned acquisitions were accounted for as asset acquisitions. | |
[2] | The cash yield is based on the purchase price. | |
[3] | Omega 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. | |
[4] | 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. |
PROPERTIES - 2017 Acquisition61
PROPERTIES - 2017 Acquisitions and Other (Parentheticals) (Detail 2) $ in Millions | 1 Months Ended | |
Jul. 31, 2017USD ($)Facility | Dec. 31, 2017USD ($)FacilityHealthcare_facility | |
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | Healthcare_facility | 983 | |
SNF | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | Facility | 735 | |
Facility Transition | ||
Real Estate Properties [Line Items] | ||
Recorded an impairment on direct financing lease | $ | $ 1.8 | |
2017 Acquisitions and Other | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | Facility | 31 | |
2017 Acquisitions and Other | Facility Transition | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | Facility | 9 | |
2017 Acquisitions and Other | Q2 | UK | ||
Real Estate Properties [Line Items] | ||
Deferred tax liability | $ | $ 8.2 | |
Acquisitions costs | $ | $ 1.2 |
PROPERTIES - 2016 Acquisitions
PROPERTIES - 2016 Acquisitions and Other (Detail 3) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)FacilityHealthcare_facility | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Healthcare_facility | 983 | |
SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 735 | |
ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 118 | |
2016 Acquisitions and Other | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 1,022.8 | [1] |
2016 Acquisitions and Other | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 70 | |
2016 Acquisitions and Other | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 20 | |
2016 Acquisitions and Other | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 100.4 | |
2016 Acquisitions and Other | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 876.6 | |
2016 Acquisitions and Other | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 45.8 | |
2016 Acquisitions and Other | Q1 | UK | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 8.3 | [1] |
Initial Annual Cash Yield (%) | 7.00% | [2] |
2016 Acquisitions and Other | Q1 | UK | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q1 | UK | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 1.4 | |
2016 Acquisitions and Other | Q1 | UK | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 6.7 | |
2016 Acquisitions and Other | Q1 | UK | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.2 | |
2016 Acquisitions and Other | Q1 | UK | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 6.1 | [1] |
Initial Annual Cash Yield (%) | 7.00% | [2] |
2016 Acquisitions and Other | Q1 | UK | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q1 | UK | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 0.6 | |
2016 Acquisitions and Other | Q1 | UK | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 5.3 | |
2016 Acquisitions and Other | Q1 | UK | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.2 | |
2016 Acquisitions and Other | Q1 | OH, VA, MI | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 169 | [1],[3] |
Initial Annual Cash Yield (%) | 8.50% | [2] |
2016 Acquisitions and Other | Q1 | OH, VA, MI | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 10 | |
2016 Acquisitions and Other | Q1 | OH, VA, MI | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 10.5 | |
2016 Acquisitions and Other | Q1 | OH, VA, MI | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 152.5 | |
2016 Acquisitions and Other | Q1 | OH, VA, MI | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 6 | |
2016 Acquisitions and Other | Q1 | GA | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 20.2 | [1] |
Initial Annual Cash Yield (%) | 7.50% | [2] |
2016 Acquisitions and Other | Q1 | GA | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 2 | |
2016 Acquisitions and Other | Q1 | GA | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 0.8 | |
2016 Acquisitions and Other | Q1 | GA | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 18.3 | |
2016 Acquisitions and Other | Q1 | GA | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 1.1 | |
2016 Acquisitions and Other | Q1 | MD | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 25 | [1] |
Initial Annual Cash Yield (%) | 8.50% | [2] |
2016 Acquisitions and Other | Q1 | MD | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 3 | |
2016 Acquisitions and Other | Q1 | MD | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 2.5 | |
2016 Acquisitions and Other | Q1 | MD | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 19.9 | |
2016 Acquisitions and Other | Q1 | MD | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 2.6 | |
2016 Acquisitions and Other | Q1 | VA, NC | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 212.5 | [1] |
Initial Annual Cash Yield (%) | 8.50% | [2] |
2016 Acquisitions and Other | Q1 | VA, NC | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 21 | |
2016 Acquisitions and Other | Q1 | VA, NC | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 19.3 | |
2016 Acquisitions and Other | Q1 | VA, NC | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 181.1 | |
2016 Acquisitions and Other | Q1 | VA, NC | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 12.1 | |
2016 Acquisitions and Other | Q2 | UK | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 111.9 | [1],[4] |
Initial Annual Cash Yield (%) | 7.00% | [2] |
2016 Acquisitions and Other | Q2 | UK | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 10 | |
2016 Acquisitions and Other | Q2 | UK | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 24.8 | |
2016 Acquisitions and Other | Q2 | UK | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 83.9 | |
2016 Acquisitions and Other | Q2 | UK | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 3.2 | |
2016 Acquisitions and Other | Q2 | TX | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 66 | [1],[5] |
Initial Annual Cash Yield (%) | 6.80% | [2] |
2016 Acquisitions and Other | Q2 | TX | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 3 | |
2016 Acquisitions and Other | Q2 | TX | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 5.8 | |
2016 Acquisitions and Other | Q2 | TX | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 58.6 | |
2016 Acquisitions and Other | Q2 | TX | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 1.6 | |
2016 Acquisitions and Other | Q2 | CO, MO | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 31.8 | [1] |
Initial Annual Cash Yield (%) | 9.00% | [2] |
2016 Acquisitions and Other | Q2 | CO, MO | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 3 | |
2016 Acquisitions and Other | Q2 | CO, MO | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 3.1 | |
2016 Acquisitions and Other | Q2 | CO, MO | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 26.2 | |
2016 Acquisitions and Other | Q2 | CO, MO | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 2.5 | |
2016 Acquisitions and Other | Q3 | FL | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 4.3 | [1] |
Initial Annual Cash Yield (%) | 8.00% | [2] |
2016 Acquisitions and Other | Q3 | FL | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q3 | FL | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 2.3 | |
2016 Acquisitions and Other | Q3 | FL | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 1.8 | |
2016 Acquisitions and Other | Q3 | FL | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.2 | |
2016 Acquisitions and Other | Q3 | GA | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 2.5 | [1] |
Initial Annual Cash Yield (%) | 8.00% | [2] |
2016 Acquisitions and Other | Q3 | GA | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q3 | GA | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 0.2 | |
2016 Acquisitions and Other | Q3 | GA | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 2.1 | |
2016 Acquisitions and Other | Q3 | GA | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.2 | |
2016 Acquisitions and Other | Q3 | FL | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 16.5 | [1] |
Initial Annual Cash Yield (%) | 8.00% | [2] |
2016 Acquisitions and Other | Q3 | FL | ALF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q3 | FL | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 1.8 | |
2016 Acquisitions and Other | Q3 | FL | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 14.3 | |
2016 Acquisitions and Other | Q3 | FL | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.4 | |
2016 Acquisitions and Other | Q3 | SC | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 10.1 | [1] |
Initial Annual Cash Yield (%) | 9.00% | [2] |
2016 Acquisitions and Other | Q3 | SC | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q3 | SC | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 2.7 | |
2016 Acquisitions and Other | Q3 | SC | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 6.5 | |
2016 Acquisitions and Other | Q3 | SC | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.9 | |
2016 Acquisitions and Other | Q3 | OH | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 9 | [1],[6] |
Initial Annual Cash Yield (%) | 9.00% | [2] |
2016 Acquisitions and Other | Q3 | OH | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 1 | |
2016 Acquisitions and Other | Q3 | OH | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 8.6 | |
2016 Acquisitions and Other | Q3 | OH | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | 0.4 | |
2016 Acquisitions and Other | Q3 | FL, KY,TN | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 329.6 | [1],[7] |
Initial Annual Cash Yield (%) | 9.00% | [2] |
2016 Acquisitions and Other | Q3 | FL, KY,TN | SNF | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | Facility | 31 | |
2016 Acquisitions and Other | Q3 | FL, KY,TN | Land | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 24.6 | |
2016 Acquisitions and Other | Q3 | FL, KY,TN | Building & Site Improvements | ||
Real Estate Properties [Line Items] | ||
Total Investment | 290.8 | |
2016 Acquisitions and Other | Q3 | FL, KY,TN | Furniture & Fixtures | ||
Real Estate Properties [Line Items] | ||
Total Investment | $ 14.2 | |
[1] | All of the aforementioned acquisitions were accounted for as business combinations. | |
[2] | The cash yield is based on the purchase price. | |
[3] | Acquired from a related party. Refer to Note - 2 Summary of Significant Accounting Policies - Related Party Transactions. | |
[4] | Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. | |
[5] | The Company 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 will be paid in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. | |
[6] | The Company 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. | |
[7] | The Company's investment includes a purchase option buyout obligation with a fair value of approximately $29.6 million. The future buyout obligation is recorded in accrued expenses and other liabilities on our Consolidated Balance Sheet. The Company also acquired a term loan with a fair value of approximately $37.0 million which is recorded in other investments on our Consolidated Balance Sheet. 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. |
PROPERTIES - 2016 Acquisition63
PROPERTIES - 2016 Acquisitions and Other (Parentheticals) (Detail 3) - 2016 Acquisitions and Other $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
FL, KY,TN | |
Real Estate Properties [Line Items] | |
Fair value of purchase option buyout obligation | $ 29.6 |
Fair value of acquired term loan | 37 |
UK | |
Real Estate Properties [Line Items] | |
Deferred tax asset on acquisition of investment | 1.9 |
TX | |
Real Estate Properties [Line Items] | |
Cash payment to acquire facilities | 63 |
Additional agreed payment due in April 2017 | 1.5 |
Remaining facilities payment due in April 2018 | 1.5 |
OH | |
Real Estate Properties [Line Items] | |
Cash payment to acquire facilities | 3.5 |
Remainder of purchase price funded by redemption of a note | $ 5.5 |
PROPERTIES - 2015 Acquisitions
PROPERTIES - 2015 Acquisitions and Other (Detail 4) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 24, 2015USD ($) | Dec. 31, 2017USD ($)FacilityHealthcare_facility | ||
Real Estate Properties [Line Items] | |||
Number of Facilities | Healthcare_facility | 983 | ||
SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 735 | ||
ALF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 118 | ||
2015 Acquisitions and Other | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 228.7 | ||
Initial Annual Cash Yield (%) | 5.00% | ||
2015 Acquisitions and Other | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 13 | ||
2015 Acquisitions and Other | ALF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 4 | ||
2015 Acquisitions and Other | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 122 | ||
2015 Acquisitions and Other | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 98.6 | ||
2015 Acquisitions and Other | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 8.1 | ||
2015 Acquisitions and Other | NY | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 111.7 | ||
2015 Acquisitions and Other | Q1 | TX | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 6.8 | ||
Initial Annual Cash Yield (%) | [1] | 9.50% | |
2015 Acquisitions and Other | Q1 | TX | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 1 | ||
2015 Acquisitions and Other | Q1 | TX | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 0.1 | ||
2015 Acquisitions and Other | Q1 | TX | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 6.1 | ||
2015 Acquisitions and Other | Q1 | TX | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 0.6 | ||
2015 Acquisitions and Other | Q3 | NE | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 15 | ||
Initial Annual Cash Yield (%) | [1] | 9.00% | |
2015 Acquisitions and Other | Q3 | NE | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 6 | ||
2015 Acquisitions and Other | Q3 | NE | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 1.4 | ||
2015 Acquisitions and Other | Q3 | NE | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 12.1 | ||
2015 Acquisitions and Other | Q3 | NE | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 1.5 | ||
2015 Acquisitions and Other | Q3 | WA | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 18 | ||
Initial Annual Cash Yield (%) | [1] | 8.00% | |
2015 Acquisitions and Other | Q3 | WA | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 1 | ||
2015 Acquisitions and Other | Q3 | WA | ALF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 2 | ||
2015 Acquisitions and Other | Q3 | WA | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 2.2 | ||
2015 Acquisitions and Other | Q3 | WA | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 14.9 | ||
2015 Acquisitions and Other | Q3 | WA | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 0.9 | ||
2015 Acquisitions and Other | Q3 | GA | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 10.8 | ||
Initial Annual Cash Yield (%) | [1] | 7.00% | |
2015 Acquisitions and Other | Q3 | GA | ALF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 2 | ||
2015 Acquisitions and Other | Q3 | GA | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 1.2 | ||
2015 Acquisitions and Other | Q3 | GA | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 9 | ||
2015 Acquisitions and Other | Q3 | GA | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 0.6 | ||
2015 Acquisitions and Other | Q3 | VA | |||
Real Estate Properties [Line Items] | |||
Total Investment | [2] | $ 28.5 | |
Initial Annual Cash Yield (%) | [1] | 9.25% | |
2015 Acquisitions and Other | Q3 | VA | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 1 | ||
2015 Acquisitions and Other | Q3 | VA | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 1.9 | ||
2015 Acquisitions and Other | Q3 | VA | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 24.2 | ||
2015 Acquisitions and Other | Q3 | VA | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 2.4 | ||
2015 Acquisitions and Other | Q3 | FL | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 32 | ||
Initial Annual Cash Yield (%) | [1] | 9.00% | |
2015 Acquisitions and Other | Q3 | FL | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 2 | ||
2015 Acquisitions and Other | Q3 | FL | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 1.4 | ||
2015 Acquisitions and Other | Q3 | FL | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 29 | ||
2015 Acquisitions and Other | Q3 | FL | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | 1.6 | ||
2015 Acquisitions and Other | Q3 | NY | |||
Real Estate Properties [Line Items] | |||
Total Investment | [3],[4] | 111.7 | |
2015 Acquisitions and Other | Q3 | NY | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | 111.7 | ||
2015 Acquisitions and Other | Q4 | AZ | |||
Real Estate Properties [Line Items] | |||
Total Investment | [3] | $ 0.6 | |
Initial Annual Cash Yield (%) | [1] | 9.00% | |
2015 Acquisitions and Other | Q4 | AZ | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 1 | ||
2015 Acquisitions and Other | Q4 | AZ | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 0.3 | ||
2015 Acquisitions and Other | Q4 | AZ | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 0.3 | ||
2015 Acquisitions and Other | Q4 | TX | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 5.3 | ||
Initial Annual Cash Yield (%) | [1] | 9.50% | |
2015 Acquisitions and Other | Q4 | TX | SNF | |||
Real Estate Properties [Line Items] | |||
Number of Facilities | Facility | 1 | ||
2015 Acquisitions and Other | Q4 | TX | Land | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 1.8 | ||
2015 Acquisitions and Other | Q4 | TX | Building & Site Improvements | |||
Real Estate Properties [Line Items] | |||
Total Investment | 3 | ||
2015 Acquisitions and Other | Q4 | TX | Furniture & Fixtures | |||
Real Estate Properties [Line Items] | |||
Total Investment | $ 0.5 | ||
[1] | The cash yield is based on the purchase price. | ||
[2] | In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. | ||
[3] | Accounted for as an asset acquisition. | ||
[4] | On July 24, 2015, we purchased five buildings located in New York City, New York for approximately $111.7 million. We and our operator plan to construct a 215,000 square-foot assisted living and memory care facility. The properties were added to the operator's existing master lease. The lease provides for a 5% annual cash yield on the land during the construction phase. Upon issuance of a certification of occupancy, the annual cash yield will increase to 7% in year one and 8% in year two with 2.5% annual escalators thereafter. |
PROPERTIES - 2015 Acquisition65
PROPERTIES - 2015 Acquisitions and Other (Parentheticals) (Detail 4) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Jul. 24, 2015USD ($)ft²Facility | Dec. 31, 2017USD ($)Healthcare_facility | |
Real Estate Properties [Line Items] | |||
Number of real estate properties | Healthcare_facility | 983 | ||
2015 Acquisitions and Other | |||
Real Estate Properties [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 228.7 | ||
Area of land | ft² | 215,000 | ||
Percentage of annual cash yield | 5.00% | ||
Percentage of annual cash yield increase in year one | 7.00% | ||
Percentage of annual cash yield increase in year two | 8.00% | ||
Percentage of annual cash yield increase in year thereafter | 2.50% | ||
2015 Acquisitions and Other | VA | |||
Real Estate Properties [Line Items] | |||
Lease term | 10 years | ||
2015 Acquisitions and Other | NY | |||
Real Estate Properties [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 111.7 | ||
2015 Acquisitions and Other | NY | Buildings | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | Facility | 5 |
PROPERTIES - Pro Forma Acquisit
PROPERTIES - Pro Forma Acquisition Results (Detail 5) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.51 | $ 1.90 | $ 1.29 |
Pro forma | |||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||
Pro forma revenues | $ 817,642 | ||||||||||
Pro forma net income | $ 258,927 | ||||||||||
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 1.29 | ||||||||||
Net income - pro forma | $ 1.33 |
PROPERTIES - Leased Property (N
PROPERTIES - Leased Property (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)FacilityHealthcare_facilityParcel | Dec. 31, 2016USD ($)Parcel | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | |||
Number of real estate properties | Healthcare_facility | 983 | ||
Capitalized interest | $ | $ 8,000 | $ 6,600 | $ 3,700 |
Rental income | $ | $ 775,176 | 743,885 | 605,991 |
Acquisition related costs | $ | 9,582 | 57,525 | |
Property available for operating lease | Minimum | |||
Real Estate Properties [Line Items] | |||
Lease term | 5 years | ||
Property available for operating lease | Maximum | |||
Real Estate Properties [Line Items] | |||
Lease term | 15 years | ||
SNF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 735 | ||
ALF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 118 | ||
Specialty facilities | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 15 | ||
Medical office building | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | ||
2017 Acquisitions and Other | SNF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 31 | ||
2017 Acquisitions and Other | ALF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 20 | ||
2017 Acquisitions and Other | Land | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | Parcel | 3 | ||
Cash payment to acquire facilities | $ | $ 6,700 | ||
2016 Acquisitions and Other | |||
Real Estate Properties [Line Items] | |||
Rental income | $ | 58,100 | ||
Acquisition related costs | $ | $ 9,600 | ||
2016 Acquisitions and Other | SNF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 70 | ||
2016 Acquisitions and Other | ALF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 20 | ||
2016 Acquisitions and Other | Land | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | Parcel | 5 | ||
Cash payment to acquire facilities | $ | $ 8,300 | ||
2015 Acquisitions and Other | |||
Real Estate Properties [Line Items] | |||
Rental income | $ | 4,900 | ||
Acquisition related costs | $ | $ 2,200 | ||
2015 Acquisitions and Other | SNF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 13 | ||
2015 Acquisitions and Other | ALF | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 4 |
PROPERTIES - Acquisition of Car
PROPERTIES - Acquisition of Care Homes in the U.K. (Narrative) (Detail 1) $ in Thousands | May 01, 2015USD ($)Care_homeBed | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Real Estate Properties [Line Items] | ||||
Rental income | $ 775,176 | $ 743,885 | $ 605,991 | |
Acquisition related costs | $ 9,582 | 57,525 | ||
Care Homes | ||||
Real Estate Properties [Line Items] | ||||
Number of care homes located in the United Kingdom | Care_home | 23 | |||
Number of registered beds | Bed | 1,018 | |||
Master lease agreement term | 12 years | |||
Percentage of initial annual cash yield | 7.00% | |||
Percentage of annual escalators | 2.50% | |||
Purchase price of beds acquired paid in cash | $ 193,800 | |||
Deferred tax liability | 15,000 | |||
Rental income | 9,500 | |||
Acquisition related costs | $ 3,200 | |||
Care Homes | Land | ||||
Real Estate Properties [Line Items] | ||||
Purchase price of beds acquired paid in cash | 20,700 | |||
Care Homes | Building & Site Improvements | ||||
Real Estate Properties [Line Items] | ||||
Purchase price of beds acquired paid in cash | 152,100 | |||
Care Homes | Furniture & Fixtures | ||||
Real Estate Properties [Line Items] | ||||
Purchase price of beds acquired paid in cash | 5,300 | |||
Care Homes | Goodwill | ||||
Real Estate Properties [Line Items] | ||||
Purchase price of beds acquired paid in cash | $ 15,700 |
PROPERTIES - Aviv Merger (Narra
PROPERTIES - Aviv Merger (Narrative) (Detail 2) $ in Thousands, shares in Millions | Apr. 01, 2015USD ($)FacilityPropertyLeaseMortgageshares | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Real Estate Properties [Line Items] | ||||||||||||
Revenues | $ 221,206 | $ 219,638 | $ 235,797 | $ 231,744 | $ 234,486 | $ 224,638 | $ 228,824 | $ 212,879 | $ 908,385 | $ 900,827 | $ 743,617 | |
Acquisition related costs | $ 9,582 | 57,525 | ||||||||||
Aviv REIT, Inc | Merger Agreement | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Conversion ratio of shares | 0.90 | |||||||||||
Number of shares and units issued | shares | 43.7 | |||||||||||
Number of properties acquired | Property | 342 | |||||||||||
Number of facilities subject to direct financing leases | Lease | 2 | |||||||||||
Number of mortgage facilities | Mortgage | 2 | |||||||||||
Fair value of consideration | $ 2,300,000 | |||||||||||
Revenues | 188,400 | |||||||||||
Acquisition related costs | $ 52,100 | |||||||||||
Aviv REIT, Inc | Merger Agreement | Medical office building | ||||||||||||
Real Estate Properties [Line Items] | ||||||||||||
Number of properties acquired | Facility | 1 |
PROPERTIES - Assets Sold or Hel
PROPERTIES - Assets Sold or Held for Sale (Narrative) (Detail 3) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($)Facility | Dec. 31, 2017USD ($)OperatorFacility | Dec. 31, 2016USD ($)Facility | Dec. 31, 2015USD ($)Facility | Sep. 30, 2017Facility | Dec. 31, 2014Facility | |
Real Estate Properties [Line Items] | ||||||
Number of facilities sold | Facility | 32 | 52 | 38 | 7 | ||
Number of previously classified as held for sale | Facility | 14 | 3 | 2 | 3 | ||
Total cash proceeds | $ 188,000 | $ 257,800 | $ 169,600 | $ 41,500 | ||
Amount of gain (loss) from sale of facilities | 46,400 | 53,900 | 50,200 | 6,400 | ||
Provision for impairment on real estate properties | $ 63,500 | $ 99,100 | $ 58,700 | $ 17,700 | ||
Number of facilities with impairment charges | Facility | 32 | 37 | 29 | |||
Number of subsequently reclassified as held for sale | Facility | 2 | |||||
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 | Operator | 2 | |||||
Loan recorded in other investments | $ 276,715 | $ 276,715 | $ 261,644 | |||
Recorded investment properties after impairments | 125,100 | |||||
Properties classified as held for sale | 7,700 | $ 7,700 | ||||
SNF | ||||||
Real Estate Properties [Line Items] | ||||||
Number of facility not qualify for sale | Facility | 10 | |||||
Carrying amount of facility | 23,200 | $ 23,200 | ||||
Total cash proceeds | 43,300 | |||||
Amount of gain (loss) from sale of facilities | 17,500 | |||||
Number of facilities with impairment charges | Facility | 6 | |||||
Closing cost | 2,600 | |||||
Loan recorded in other investments | $ 10,000 | 10,000 | ||||
Recognized net gain sale of loan | 7,500 | |||||
Deferred gain loss on sale of loans | 10,000 | |||||
Deferred gain loss on sale of loans recorded reduction to other investments | $ 10,000 |
DIRECT FINANCING LEASES (Detail
DIRECT FINANCING LEASES (Detail) $ in Thousands | Dec. 31, 2017USD ($)Lease | Dec. 31, 2016USD ($)Lease |
DIRECT FINANCING LEASES | ||
Minimum lease payments receivable | $ 3,707,079 | $ 4,287,069 |
Less unearned income | (3,169,942) | (3,685,131) |
Investment in direct financing leases | 537,137 | 601,938 |
Less allowance for loss on direct financing leases | (172,172) | |
Investment in direct financing leases - net | $ 364,965 | $ 601,938 |
Properties subject to direct financing leases | Lease | 41 | 58 |
Number of direct financing leases | Lease | 5 | 7 |
DIRECT FINANCING LEASES (Deta72
DIRECT FINANCING LEASES (Detail 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 364,965 | $ 601,938 |
Orianna | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 337,705 | 574,581 |
Reliance Health Care Management, Inc. | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 15,458 | 15,498 |
Sun Mar Healthcare | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 11,481 | 11,443 |
Markleysburg Healthcare Investors, LP | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 321 | $ 416 |
DIRECT FINANCING LEASES (Deta73
DIRECT FINANCING LEASES (Detail 2) $ in Thousands | Dec. 31, 2017USD ($) | [1] |
DIRECT FINANCING LEASES | ||
2,018 | $ 2,612 | |
2,019 | 2,654 | |
2,020 | 2,686 | |
2,021 | 2,629 | |
2,022 | $ 2,680 | |
[1] | Orianna has been excluded from the contractual minimum rent payments due under our direct financing leases. See below for additional information. |
DIRECT FINANCING LEASES (Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 27, 2013USD ($)FacilityLease | Dec. 31, 2017USD ($)FacilityHealthcare_facilityState | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Facility | |
Capital Leased Assets [Line Items] | ||||
Number of leased real estate properties | Healthcare_facility | 983 | |||
Number of states | State | 41 | |||
Impairment on real estate properties | $ 99,070 | $ 58,726 | $ 17,681 | |
Income from direct financing leases | 32,336 | $ 62,298 | $ 59,936 | |
Number of facilities transitioned | Facility | 4 | |||
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% | |||
Northwest | Direct financing leases | Sales Agreement | ||||
Capital Leased Assets [Line Items] | ||||
Carrying amount of facility | $ 36,400 | |||
Number of facilities to be sold | Facility | 8 | |||
Number of facilities sold | Facility | 2 | |||
Proceeds from sale of facility | $ 33,300 | |||
Impairment on real estate properties | $ 3,300 | |||
Orianna | ||||
Capital Leased Assets [Line Items] | ||||
Purchase price of beds acquired paid in cash | $ 529,000 | |||
Number of lease | Lease | 4 | |||
Master lease term | 50 years | |||
Interest on lease per annum | 10.60% | |||
Number of states | State | 7 | |||
Number of additional owned as an operating lease | Facility | 4 | |||
Impairment on real estate properties | $ 198,200 | |||
Allowance for loss under direct financing leases | $ 172,200 | |||
Number of remaining facilities | Facility | 38 | |||
Recorded investment in direct financing leases | $ 337,700 | |||
Recorded investment in operating lease | 38,400 | |||
Allowance for contractual receivables | 1,900 | |||
Orianna | Southeast | ||||
Capital Leased Assets [Line Items] | ||||
Impairment on real estate properties | 20,800 | |||
Outstanding receivable reduction | $ 19,300 | |||
Number of remaining facilities | Facility | 37 | |||
Orianna | Texas | ||||
Capital Leased Assets [Line Items] | ||||
Impairment on real estate properties | $ 1,800 | |||
Number of facilities transitioned | Facility | 9 | |||
Written down value of direct financing lease assets to original cost | $ 19,000 | |||
Orianna | Indiana | ||||
Capital Leased Assets [Line Items] | ||||
Number of remaining facilities | Facility | 1 | |||
SNF | Orianna | Direct financing leases | ||||
Capital Leased Assets [Line Items] | ||||
Number of leased real estate properties | Facility | 55 | |||
ALF | Orianna | Direct financing leases | ||||
Capital Leased Assets [Line Items] | ||||
Number of leased real estate properties | Facility | 1 |
MORTGAGE NOTES RECEIVABLE (Deta
MORTGAGE NOTES RECEIVABLE (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||||
Mortgage notes receivable, gross | $ 676,137 | $ 643,277 | |||
Allowance for loss on mortgage notes receivable | [1] | (4,905) | (3,934) | ||
Total mortgages - net | 671,232 | 639,343 | $ 679,795 | $ 648,079 | |
Mortgage note due 2024; interest at 9.98% | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Mortgage notes receivable, gross | 112,500 | 112,500 | |||
Mortgage note due 2029; interest at 9.68% | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Mortgage notes receivable, gross | 410,763 | 412,140 | |||
Other mortgage notes outstanding | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Mortgage notes receivable, gross | [2] | $ 152,874 | $ 118,637 | ||
[1] | 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, 2017 and $2.5 million at December 31, 2016. | ||||
[2] | Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 14.0% per annum and maturity dates through 2029. |
MORTGAGE NOTES RECEIVABLE (Pare
MORTGAGE NOTES RECEIVABLE (Parentheticals) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)Mortgage | Dec. 31, 2016USD ($) | |
Mortgage Receivable | ||
Mortgage Loans on Real Estate [Line Items] | ||
The allowance for loss on number of mortgage | Mortgage | 1 | |
Carrying value of mortgage note receivable | $ 1.5 | $ 2.5 |
Fair value of mortgage note receivable | $ 1.5 | $ 2.5 |
Other mortgage notes outstanding | Minimum | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loans on real estate, interest rate | 8.35% | |
Other mortgage notes outstanding | Maximum | ||
Mortgage Loans on Real Estate [Line Items] | ||
Maturity year | 2,029 | |
Mortgage loans on real estate, interest rate | 14.00% |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 29, 2016USD ($)Facility | Jan. 31, 2016USD ($)Facility | Dec. 31, 2017USD ($)FacilityHealthcare_facilityMortgageStateEntity | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($)Facility | Jan. 17, 2014USD ($)Facility | |
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of states | State | 41 | |||||||
Mortgage notes receivable | $ 671,232 | $ 639,343 | $ 679,795 | $ 648,079 | ||||
Number of leased real estate properties | Healthcare_facility | 983 | |||||||
Collection of mortgage principal | $ 1,529 | 59,975 | 1,359 | |||||
Placement of mortgage loans | 34,643 | 48,722 | 14,042 | |||||
Effective yield interest receivables | $ 11,673 | $ 9,749 | ||||||
Effective yield interest receivables wrote off | $ 1,500 | |||||||
Mortgage loans | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of fixed rate mortgage | Mortgage | 31 | |||||||
Number of long term care facilities | Facility | 51 | |||||||
Number of states | State | 10 | |||||||
Number of mortgage notes receivable independent operating companies | Entity | 7 | |||||||
SNF | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of leased real estate properties | Facility | 735 | |||||||
ALF | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of leased real estate properties | Facility | 118 | |||||||
Mortgage Notes due 2046 | Maryland | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of facility acquired | Facility | 3 | |||||||
Fair value of facilities approximated | $ 25,000 | |||||||
Mortgage Notes Due 2024 | Mortgage loans | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Mortgage notes receivable | $ 112,500 | |||||||
Mortgage Notes Due 2024 | SNF | Mortgage loans | Pennsylvania | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of leased real estate properties | Facility | 7 | |||||||
Mortgage Notes Due 2024 | ALF | Mortgage loans | Ohio | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Number of leased real estate properties | Facility | 2 | |||||||
Mortgage Notes due 2028 | Mortgage loans | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Mortgage loans on real estate, interest rate | 11.00% | |||||||
Mortgage loan, initial annual cash interest rate increase in 2 year | 13.75% | |||||||
Collection of mortgage principal | $ 47,800 | |||||||
Net gain from repayment of a mortgage note | 5,400 | |||||||
Mortgage Notes due 2028 | Mortgage loans | Maryland | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Mortgage notes receivable | $ 36,000 | |||||||
Number of facilities under fixed rate mortgage loan | Facility | 3 | |||||||
Mortgage Notes Due 2029 | Retired Mortgage Loans Mortgage Facility | Mortgage loans | Michigan | ||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||
Mortgage notes receivable | $ 117,000 | |||||||
Annual incremental interest rate | 0.225% | |||||||
Description of cash interest rate | The new loan bore an initial annual cash interest rate of 9.0% that increases by 0.225% per year (e.g., beginning in year 2 the annual cash interest rate will be 9.225%, in year 3 the annual cash interest rate will be 9.45%, etc.). | |||||||
Mortgage loans on real estate, interest rate | 9.00% | |||||||
Mortgage loan, initial annual cash interest rate increase in 2 year | 9.225% | |||||||
Mortgage loan, initial annual cash interest rate increase in 3 year | 9.45% | |||||||
Number of additional facilities for mortgage financing | Facility | 14 | |||||||
Number of leased real estate properties | Facility | 31 | 17 | ||||||
Placement of mortgage loans | $ 415,000 |
OTHER INVESTMENTS (Detail)
OTHER INVESTMENTS (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 276,715 | $ 261,644 | |
Allowance for loss on other investments | [1] | (373) | (4,798) |
Total other investments | 276,342 | 256,846 | |
Other investment note due 2019; interest at 11.25% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 49,708 | 49,458 | |
Interest rate | 11.25% | ||
Other investment note due 2020; interest at 14.57% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 49,490 | 47,913 | |
Interest rate | 14.57% | ||
Other investment note due 2022, interest at 9.00% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 31,987 | $ 31,987 | |
Interest rate | 9.00% | 9.00% | |
Other investment note due 2030; interest at 6.66% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 50,000 | $ 44,595 | |
Interest rate | 6.66% | 6.66% | |
Other investment notes outstanding | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | [2] | $ 95,530 | $ 87,691 |
[1] | The 2017 allowance for loss on other investments relates to one loan with an operator that has been fully reserved at December 31, 2017 with a charge to earnings in 2017. The reserves at December 31, 2016 were written off in 2017. | ||
[2] | Other investment notes have maturity dates through 2028 and interest rates ranging from 6.0% to 12.0% per annum. |
OTHER INVESTMENTS (Parenthetica
OTHER INVESTMENTS (Parentheticals) (Detail) - Other investment note through 2028 | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Schedule of Investments [Line Items] | |
Interest rate | 6.00% |
Maximum | |
Schedule of Investments [Line Items] | |
Interest rate | 12.00% |
Maturity year | 2,028 |
OTHER INVESTMENTS (Narrative) (
OTHER INVESTMENTS (Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2017USD ($)Facility | Aug. 31, 2017USD ($) | Dec. 31, 2017USD ($)FacilityHealthcare_facility | Dec. 31, 2016USD ($) | Dec. 29, 2016USD ($) | Sep. 30, 2016USD ($) | Jul. 29, 2016USD ($) | Feb. 26, 2016USD ($) | Feb. 01, 2016USD ($) | Jan. 02, 2016USD ($) | Jun. 30, 2015USD ($) | |
Schedule of Investments [Line Items] | |||||||||||
Other investments, gross | $ 276,715 | $ 261,644 | |||||||||
Total Investments | $ 7,714,886 | 7,925,793 | |||||||||
Number of leased real estate properties | Healthcare_facility | 983 | ||||||||||
SNF | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other investments, gross | $ 10,000 | ||||||||||
Number of leased real estate properties | Facility | 735 | ||||||||||
Deferred gain loss on sale of loans | $ 10,000 | ||||||||||
Other investment note due 2022 | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Fair value of term loan | $ 37,000 | ||||||||||
Other investment note due 2019 | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other Investment notes | $ 50,000 | ||||||||||
Discount on notes receivable | $ 750 | ||||||||||
Other investment note due 2020; interest at 10.00% | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other investments, gross | $ 10,000 | ||||||||||
Deferred gain loss on sale of loans | $ 10,000 | ||||||||||
Other investment note due 2020; interest at 10.00% | SNF | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Number of leased real estate properties | Facility | 10 | ||||||||||
Other investment note due 2020; interest at 10.00% | December 2018 | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Principal payments | $ 5,000 | ||||||||||
Other investment note due 2020; interest at 10.00% | December 2019 | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Principal payments | 2,000 | ||||||||||
Other investment note due 2020; interest at 10.00% | December 2020 | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Principal payments | $ 3,000 | ||||||||||
Other investment note due 2020; interest at 14.57% | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other Investment notes | $ 48,000 | ||||||||||
Interest rate | 14.57% | ||||||||||
Other investments, gross | $ 49,490 | $ 47,913 | |||||||||
Description of variable rate basis | LIBOR | ||||||||||
LIBOR with floor rate | 1.00% | ||||||||||
LIBOR plus an applicable percentage | 13.00% | ||||||||||
Other investment note due 2020; interest at 14.57% | Through July 2019 | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Principal payments | $ 250 | ||||||||||
Frequency of periodic payment | monthly | ||||||||||
Other investment note due 2020; interest at 14.57% | August 2019 through maturity | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Principal payments | $ 500 | ||||||||||
Frequency of periodic payment | monthly | ||||||||||
Other investment note due 2019, interest at 13.00%, Tranche one | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Interest rate | 13.00% | ||||||||||
Other investments, gross | $ 5,000 | ||||||||||
Amount of tranche was paid off | $ 5,000 | ||||||||||
Other investment note due 2022, interest at 9.00%, Tranche two | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Interest rate | 9.00% | 9.00% | |||||||||
Other investments, gross | $ 31,987 | $ 31,987 | |||||||||
Other Investment Note Due 2030 Interest At 6.6 % | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Interest rate | 6.66% | 6.66% | |||||||||
Other investments, gross | $ 50,000 | $ 44,595 | |||||||||
Remaining outstanding amount of loan | $ 50,000 | ||||||||||
Other Investment Note Due 2030 Interest At 6.6 % | Revolving line of credit | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Fair value of term loan | $ 50,000 | ||||||||||
Other Investment Note Due 2017 Interest At 8.5% payoff | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other Investment notes | $ 15,000 | ||||||||||
Interest rate | 8.50% | ||||||||||
Other Investment Note Due 2017 Interest At 11% payoff | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other Investment notes | $ 2,900 | ||||||||||
Interest rate | 11.00% | ||||||||||
Other Investment Note Due 2017 Interest At 11% payoff | Revolving line of credit | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Interest rate | 7.50% | ||||||||||
Other investments, gross | $ 10,000 | ||||||||||
Other Investment notes paid off | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Fair value of terminated purchase option buyout obligation | $ 30,700 | ||||||||||
Weighted average interest rate of terminated purchase option buyout obligation | 10.50% | ||||||||||
Total Investments | $ 30,200 |
INVESTMENT IN UNCONSOLIDATED 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Detail) $ in Thousands | Nov. 01, 2016USD ($)Facility | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated joint venture | $ 36,516 | $ 48,776 | |
Assets management fees recognized | $ 2,000 | $ 300 | |
Second Spring Healthcare Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated joint venture | $ 50,000 | ||
Percentage of ownership interest | 15.00% | ||
Second Spring Healthcare Investments | SNF | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties acquired | Facility | 64 | ||
Payments to acquire facilities | $ 1,100,000 | ||
Second Spring Healthcare Investments | Affiliates of Lindsey Goldberg LLC | |||
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, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | |||
Number Of Properties | ||||
Beginning Balance | Property | 20 | 3 | ||
Properties sold/other | Property | (17) | [1] | (24) | [2] |
Properties added | Property | 19 | [3] | 41 | [4] |
Ending balance | Property | 22 | [5] | 20 | |
Net Book Value | ||||
Beginning Balance | $ | $ 52,868 | $ 6,599 | ||
Properties sold/other | $ | (39,299) | [1] | (75,948) | [2] |
Properties added | $ | 73,130 | [3] | 122,217 | [4] |
Ending balance | $ | $ 86,699 | [5] | $ 52,868 | |
[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 2016, we sold 21 SNFs for approximately $86.7 million in net proceeds recognizing gains on sales of approximately $16.5 million. We also recorded approximately $4.9 million of impairments on 16 facilities to reduce their net book values to their estimated fair value less costs to sell. Two SNFs and one ALF classified as assets held for sale in the second quarter were no longer considered held for sale and were reclassified in the third quarter back to leased properties at their fair values (approximately $7.0 million). | |||
[3] | 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. | |||
[4] | In 2016, we reclassified ten ALFs and 31 SNFs to assets held for sale (including the two SNFs and one ALF mentioned above that were reclassified back to leased properties in the third quarter). We recorded approximately $49.4 million of impairment charges on 20 of these facilities to reduce their net book values to their estimated fair value 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, 2017 within the next twelve months. |
ASSETS HELD FOR SALE (Parenthet
ASSETS HELD FOR SALE (Parentheticals) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)FacilityProperty | Dec. 31, 2016USD ($)FacilityPropertyLease | |
Real Estate Properties [Line Items] | ||
Number of property reclassified | Property | 20 | |
Impairment charges | $ | $ 10.3 | $ 49.4 |
SNF | ||
Real Estate Properties [Line Items] | ||
Number of facilities held for sale sold | Facility | 13 | 21 |
Number of facilities added to held for sale | Facility | 17 | 31 |
Net proceeds from sale of facilities held for sale | $ | $ 38.8 | $ 86.7 |
Gain (loss) from sale of facilities | $ | $ 4.3 | $ 16.5 |
Number of property reclassified | Property | 3 | 16 |
Impairment charges | $ | $ 4.9 | |
Fair value of leased properties | $ | $ 5.1 | $ 7 |
ALF | ||
Real Estate Properties [Line Items] | ||
Number of facilities held for sale sold | Facility | 3 | |
Number of facilities added to held for sale | Facility | 1 | 10 |
Number of property reclassified | Property | 1 | |
Number of leased real estate properties | Lease | 1 | |
Specialty facilities | ||
Real Estate Properties [Line Items] | ||
Number of facilities added to held for sale | Facility | 1 | |
Number of property reclassified | Property | 1 |
INTANGIBLES - Summary of our in
INTANGIBLES - Summary of our intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Goodwill | $ 644,690 | $ 643,474 |
Accumulated amortization | (17,059) | (15,864) |
Net intangible assets | 5,534 | 6,779 |
Liabilities: | ||
Below market leases | 164,443 | 165,028 |
Accumulated amortization | (83,824) | (70,738) |
Net intangible liabilities | 80,619 | 94,290 |
Above market leases | ||
Assets: | ||
Gross intangible assets | 22,426 | 22,476 |
In-place leases | ||
Assets: | ||
Gross intangible assets | $ 167 | $ 167 |
INTANGIBLES - Reconciliation of
INTANGIBLES - Reconciliation of goodwill (Detail 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2016 | $ 643,474 |
Add: foreign currency translation | 1,216 |
Balance as of December 31, 2017 | $ 644,690 |
INTANGIBLES (Narrative) (Detail
INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 11.9 | $ 14 | $ 13.8 |
2,018 | 10.1 | ||
2,019 | 8.9 | ||
2,020 | 8.8 | ||
2,021 | 8.2 | ||
2,022 | 7.5 | ||
Thereafter | $ 31.6 |
INTANGIBLES (Narrative) (Deta87
INTANGIBLES (Narrative) (Detail 1) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Below market leases, weighted average remaining amortization | 9 years |
Above market lease intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average remaining amortization | 8 years |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)OperatorFacilityHealthcare_facilityState | Dec. 31, 2016USD ($) | |
Concentration Risk [Line Items] | ||
Number of leased real estate properties | Healthcare_facility | 983 | |
Number of states | State | 41 | |
Number of operators | Operator | 74 | |
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $ | $ 8,800,000 | |
Percentage share of real estate investments related to long-term care facilities | 99.00% | |
Number of facilities held-for-sale/closed | 22 | |
Other investments | $ | $ 276,342 | $ 256,846 |
Revenues from operations | 10.00% | |
Investment in unconsolidated joint venture | $ | $ 36,516 | $ 48,776 |
Texas | ||
Concentration Risk [Line Items] | ||
Concentration percent by state | 9.00% | |
Florida | ||
Concentration Risk [Line Items] | ||
Concentration percent by state | 9.00% | |
Ohio | ||
Concentration Risk [Line Items] | ||
Concentration percent by state | 8.00% | |
SNF | ||
Concentration Risk [Line Items] | ||
Number of leased real estate properties | 735 | |
Number of facilities under fixed rate mortgage loan | 47 | |
SNF | OMEGA HEALTHCARE INVESTORS INC | ||
Concentration Risk [Line Items] | ||
Number of leased real estate properties | 775 | |
ALF | ||
Concentration Risk [Line Items] | ||
Number of leased real estate properties | 118 | |
Number of facilities under fixed rate mortgage loan | 4 | |
ALF | OMEGA HEALTHCARE INVESTORS INC | ||
Concentration Risk [Line Items] | ||
Number of leased real estate properties | 119 | |
Specialty facilities | ||
Concentration Risk [Line Items] | ||
Number of leased real estate properties | 15 | |
Medical office building | ||
Concentration Risk [Line Items] | ||
Number of leased real estate properties | 1 | |
Ciena Healthcare | ||
Concentration Risk [Line Items] | ||
Revenues from operations | 10.00% |
LEASE AND MORTGAGE DEPOSITS (Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Security Deposits And Letters Of Credit [Line Items] | |
Liquidity deposits | $ 10.9 |
Security Deposit | 41.2 |
Letters of credit outstanding | $ 58.4 |
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 |
BORROWING ARRANGEMENTS (Detail)
BORROWING ARRANGEMENTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Apr. 28, 2017 | Apr. 04, 2017 | Dec. 31, 2016 | Jun. 12, 2016 | Sep. 23, 2015 | Mar. 18, 2015 | Sep. 11, 2014 | Mar. 11, 2014 | ||||
Debt Instrument [Line Items] | ||||||||||||
Total secured borrowings - net | [1],[2] | $ 53,098 | $ 54,365 | |||||||||
Revolving line of credit | 290,000 | 190,000 | ||||||||||
Total term loans - net | [1] | 904,670 | 1,094,343 | |||||||||
Senior notes and other unsecured borrowings - net | [1] | 3,324,390 | 3,028,146 | |||||||||
Unsecured Debt | [1] | 4,519,060 | 4,312,489 | |||||||||
Total secured and unsecured borrowings - net | [1] | $ 4,572,158 | 4,366,854 | |||||||||
HUD mortgages assumed December 2011 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | [3] | 2,044 | ||||||||||
Annual Interest Rate | [3] | 3.06% | ||||||||||
Long-term debt, gross | [1],[3] | $ 53,666 | 54,954 | |||||||||
Deferred financing costs - net | [1] | $ (568) | (589) | |||||||||
Revolving line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,021 | |||||||||||
Annual Interest Rate | 2.65% | |||||||||||
Revolving line of credit | [1] | $ 290,000 | 190,000 | |||||||||
Term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Discounts and deferred financing costs - net | [1],[4] | $ (5,460) | (5,657) | |||||||||
Tranche A-1 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, gross | [1] | 200,000 | ||||||||||
Tranche A-2 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, gross | [1] | 200,000 | ||||||||||
Tranche A-3 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, gross | [1] | 350,000 | ||||||||||
U.S. term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,022 | |||||||||||
Annual Interest Rate | 3.02% | |||||||||||
Total term loans - net | [1] | $ 425,000 | ||||||||||
Sterling term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | [5] | 2,022 | ||||||||||
Annual Interest Rate | [5] | 1.94% | ||||||||||
Long-term debt, gross | [1],[5] | $ 135,130 | ||||||||||
Omega OP Term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | [2] | 2,022 | ||||||||||
Annual Interest Rate | [2] | 3.02% | ||||||||||
Long-term debt, gross | [1],[2] | $ 100,000 | 100,000 | |||||||||
Deferred financing costs - net | $ (600) | |||||||||||
2015 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,022 | |||||||||||
Annual Interest Rate | 3.80% | |||||||||||
Long-term debt, gross | [1] | $ 250,000 | 250,000 | |||||||||
Senior notes and other unsecured borrowings - net | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Deferred financing costs - net | (26,037) | (27,703) | ||||||||||
Discount - net | $ (21,073) | (17,151) | ||||||||||
2023 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,023 | |||||||||||
Annual Interest Rate | 4.375% | 4.375% | ||||||||||
Long-term debt, gross | $ 700,000 | [1] | 700,000 | [1] | $ 700,000 | |||||||
2024 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,024 | |||||||||||
Annual Interest Rate | 5.875% | 5.875% | ||||||||||
Long-term debt, gross | $ 400,000 | 400,000 | [1] | |||||||||
2024 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,024 | |||||||||||
Annual Interest Rate | 4.95% | 4.95% | ||||||||||
Long-term debt, gross | $ 400,000 | [1] | 400,000 | [1] | $ 400,000 | |||||||
2025 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,025 | |||||||||||
Annual Interest Rate | 4.50% | 4.50% | ||||||||||
Long-term debt, gross | $ 400,000 | [1] | $ 150,000 | 250,000 | [1] | $ 250,000 | ||||||
2026 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,026 | |||||||||||
Annual Interest Rate | 5.25% | 5.25% | ||||||||||
Long-term debt, gross | $ 600,000 | [1] | 600,000 | [1] | $ 600,000 | |||||||
2027 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,027 | |||||||||||
Annual Interest Rate | 4.50% | 4.50% | ||||||||||
Long-term debt, gross | $ 700,000 | [1] | 700,000 | [1] | $ 700,000 | |||||||
2028 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,028 | |||||||||||
Annual Interest Rate | 4.75% | 4.75% | ||||||||||
Long-term debt, gross | $ 550,000 | [1] | $ 550,000 | |||||||||
Other | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,018 | |||||||||||
Long-term debt, gross | [1] | $ 1,500 | 3,000 | |||||||||
Subordinated debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,021 | |||||||||||
Annual Interest Rate | 9.00% | |||||||||||
Long-term debt, gross | [1] | $ 20,000 | $ 20,000 | |||||||||
[1] | All borrowing are direct borrowings of Omega unless otherwise noted. | |||||||||||
[2] | These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. | |||||||||||
[3] | Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $62.0 million as of December 31, 2017. This borrowing was incurred by wholly owned subsidiaries of Omega OP. | |||||||||||
[4] | The amount includes $0.6 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2017. | |||||||||||
[5] | This borrowing is denominated in British Pounds Sterling. |
BORROWING ARRANGEMENTS (Parenth
BORROWING ARRANGEMENTS (Parentheticals) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
HUD mortgages assumed December 2011 | |||
Debt Instrument [Line Items] | |||
Percentage of third-party administration fee | 0.50% | ||
Real estate assets with a net carrying value | $ 62,000 | ||
Deferred financing costs | [1] | 568 | $ 589 |
Omega OP Term loan | |||
Debt Instrument [Line Items] | |||
Deferred financing costs | $ 600 | ||
[1] | All borrowing are direct borrowings of Omega unless otherwise noted. |
BORROWING ARRANGEMENTS - Princi
BORROWING ARRANGEMENTS - Principal payments (Detail 1) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 2,828 |
2,019 | 1,370 |
2,020 | 1,412 |
2,021 | 311,456 |
2,022 | 911,631 |
Thereafter | 3,396,599 |
Totals | $ 4,625,296 |
BORROWING ARRANGEMENTS - Refina
BORROWING ARRANGEMENTS - Refinancing related costs (Detail 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Disclosure [Abstract] | ||||
Write off of deferred financing costs and unamortized premiums due to refinancing | [1],[2],[3] | $ 10,195 | $ 301 | $ (7,134) |
Prepayment and other costs associated with refinancing | [4] | 11,770 | 1,812 | 35,971 |
Total debt extinguishment costs | $ 21,965 | $ 2,113 | $ 28,837 | |
[1] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our $575 million 6.75% Senior Notes due 2022, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premiums on HUD debt. In 2015, we paid approximately $188.5 million to retire 24 HUD mortgage loans. | |||
[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 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. | |||
[4] | In 2017, we made $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. In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $19.4 million of prepayment penalties associated with the early redemption of our $575 million 6.75% Senior Notes due 2022 and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in 2015. |
BORROWING ARRANGEMENTS - Refi94
BORROWING ARRANGEMENTS - Refinancing related costs (Parentheticals) (Detail 2) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 28, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Facility | Dec. 31, 2015USD ($)HUD_mortgage_loan | Sep. 23, 2015USD ($) | |||
Financing Activities and Borrowing Arrangements [Line Items] | |||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | [1],[2],[3] | $ 10,195 | $ 301 | $ (7,134) | |||
Prepayment and other costs associated with refinancing | [4] | 11,770 | 1,812 | 35,971 | |||
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 | 4,700 | |||||
Prepayment and other costs associated with refinancing | 11,800 | 11,800 | |||||
Principal amount of senior notes | $ 400,000 | $ 400,000 | [5] | ||||
2014 Omega Credit Facilities | |||||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 5,500 | ||||||
7.50% Notes due 2020 | |||||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | 4,200 | ||||||
Prepayment and other costs associated with refinancing | 7,500 | ||||||
Principal amount of senior notes | 200,000 | ||||||
6.75% Notes due 2022 | |||||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||||
Write off of deferred financing costs and unamortized premiums due to refinancing | 1,900 | ||||||
Prepayment and other costs associated with refinancing | 19,400 | ||||||
Principal amount of senior notes | 575,000 | $ 575,000 | |||||
HUD Mortgage | |||||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||||
Prepayment and other costs associated with refinancing | 9,100 | ||||||
Gain from write-off of unamortized premium on the HUD loans | 13,200 | ||||||
Payments to retire 24 HUD mortgage loans | $ 188,500 | ||||||
Number of HUD loans retire | HUD_mortgage_loan | 24 | ||||||
Number of HUD loans paid off | HUD_mortgage_loan | 24 | ||||||
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% | ||||||
[1] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our $575 million 6.75% Senior Notes due 2022, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premiums on HUD debt. In 2015, we paid approximately $188.5 million to retire 24 HUD mortgage loans. | ||||||
[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 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. | ||||||
[4] | In 2017, we made $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. In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $19.4 million of prepayment penalties associated with the early redemption of our $575 million 6.75% Senior Notes due 2022 and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in 2015. | ||||||
[5] | All borrowing are direct borrowings of Omega unless otherwise noted. |
BORROWING ARRANGEMENTS (Narrati
BORROWING ARRANGEMENTS (Narrative) (Detail) $ in Thousands, £ in Millions | 1 Months Ended | 12 Months Ended | ||||
May 25, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 25, 2017GBP (£) | ||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 290,000 | $ 190,000 | ||||
Repayment of Term loan/facility | 1,587,000 | 1,344,000 | $ 1,681,000 | |||
Write-off of deferred financing costs | [1],[2],[3] | 10,195 | 301 | $ (7,134) | ||
2017 Omega Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 1,800,000 | |||||
Credit facility, borrowing capacity | 2,500,000 | |||||
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 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | [4] | 290,000 | $ 190,000 | |||
Credit facility, borrowing capacity | $ 1,250,000 | |||||
Description of variable rate basis | LIBOR | |||||
Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 1.00% | |||||
Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 1.95% | |||||
U.S. Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | $ 425,000 | |||||
Description of variable rate basis | LIBOR | |||||
U.S. Term Loan Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 0.90% | |||||
U.S. Term Loan Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 1.90% | |||||
Sterling Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | £ | £ 100 | |||||
Description of variable rate basis | LIBOR | |||||
Sterling Term Loan Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 0.90% | |||||
Sterling Term Loan Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 1.90% | |||||
Tranche A-1 term loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan/facility terminated | $ 200,000 | |||||
Tranche A-2 term loan | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of Term loan/facility | 200,000 | |||||
Term loan/facility terminated | 200,000 | |||||
Tranche A-3 term loan | ||||||
Debt Instrument [Line Items] | ||||||
Term loan/facility terminated | 350,000 | |||||
Senior unsecured 2014 revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Term loan/facility terminated | 1,250,000 | |||||
2014 Omega Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Write-off of deferred financing costs | $ 5,500 | |||||
Amended 2015 Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | $ 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 | |||||
Amended 2015 Term Loan Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 1.40% | |||||
Amended 2015 Term Loan Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 2.35% | |||||
2017 Omega OP Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | $ 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] | ||||||
LIBOR plus an applicable percentage | 0.90% | |||||
2017 Omega OP Term Loan Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus an applicable percentage | 1.90% | |||||
[1] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our $575 million 6.75% Senior Notes due 2022, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premiums on HUD debt. In 2015, we paid approximately $188.5 million to retire 24 HUD mortgage loans. | |||||
[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 recorded (a) $4.7 million of write-offs of unamortized deferred costs associated with the early redemption of our 5.875% Notes and (b) $5.5 million of write-offs of unamortized deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. | |||||
[4] | All borrowing are direct borrowings of Omega unless otherwise noted. |
BORROWING ARRANGEMENTS (Narra96
BORROWING ARRANGEMENTS (Narrative) (Detail 2) - USD ($) $ in Thousands | 1 Months Ended | ||||
May 25, 2017 | Dec. 16, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Borrowing Arrangements [Line Items] | |||||
Term loan | [1] | $ 904,670 | $ 1,094,343 | ||
2015 term loan | |||||
Borrowing Arrangements [Line Items] | |||||
Description of variable rate basis | LIBOR | ||||
Maturity date | Dec. 16, 2022 | ||||
2015 term loan | Minimum | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.40% | ||||
2015 term loan | Maximum | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 2.35% | ||||
Unsecured borrowings | 2015 term loan | |||||
Borrowing Arrangements [Line Items] | |||||
Term loan | $ 250,000 | ||||
Unsecured borrowings | 2015 term loan | Interest rate swaps | |||||
Borrowing Arrangements [Line Items] | |||||
Rate | 3.8005% | ||||
Description of variable rate basis | One-month LIBOR | ||||
Maturity date | Dec. 15, 2022 | ||||
Unsecured borrowings | 2015 term loan | Minimum | Interest rate swaps | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.44% | ||||
Unsecured borrowings | 2015 term loan | Maximum | Interest rate swaps | |||||
Borrowing Arrangements [Line Items] | |||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.55% | ||||
[1] | All borrowing are direct borrowings of Omega unless otherwise noted. |
BORROWING ARRANGEMENTS (Narra97
BORROWING ARRANGEMENTS (Narrative) (Detail 3) - USD ($) $ in Thousands | Apr. 05, 2017 | Apr. 04, 2017 | Jun. 12, 2016 | Sep. 11, 2014 | Mar. 11, 2014 | Apr. 28, 2017 | Sep. 23, 2015 | Mar. 18, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Borrowing Arrangements [Line Items] | ||||||||||||||
Net write-offs associated with unamortized deferred financing costs | [1],[2],[3] | $ 10,195 | $ 301 | $ (7,134) | ||||||||||
Initial 2022 Notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 575,000 | 575,000 | ||||||||||||
Interest rate | 6.75% | |||||||||||||
Net write-offs associated with unamortized deferred financing costs | $ 1,900 | |||||||||||||
2023 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 700,000 | $ 700,000 | [4] | 700,000 | [4] | |||||||||
Interest rate | 4.375% | 4.375% | ||||||||||||
Rate | 99.739% | |||||||||||||
Gross proceeds from issuance of debt | $ 692,000 | |||||||||||||
Purchased of loan | $ 180,000 | |||||||||||||
2024 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 400,000 | 400,000 | [4] | |||||||||||
Interest rate | 5.875% | 5.875% | ||||||||||||
Redemption related costs and write offs | $ 16,500 | |||||||||||||
Call premium | 11,800 | |||||||||||||
Net write-offs associated with unamortized deferred financing costs | $ 4,700 | $ 4,700 | ||||||||||||
2024 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 400,000 | $ 400,000 | [4] | 400,000 | [4] | |||||||||
Interest rate | 4.95% | 4.95% | ||||||||||||
Rate | 98.58% | |||||||||||||
Gross proceeds from issuance of debt | $ 394,300 | |||||||||||||
2025 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 150,000 | $ 250,000 | $ 400,000 | [4] | 250,000 | [4] | ||||||||
Interest rate | 4.50% | 4.50% | ||||||||||||
Rate | 99.54% | 99.131% | ||||||||||||
Gross proceeds from issuance of debt | $ 149,900 | $ 247,800 | ||||||||||||
2026 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 600,000 | $ 600,000 | [4] | 600,000 | [4] | |||||||||
Interest rate | 5.25% | 5.25% | ||||||||||||
Rate | 99.717% | |||||||||||||
Gross proceeds from issuance of debt | $ 594,400 | |||||||||||||
2027 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 700,000 | $ 700,000 | [4] | 700,000 | [4] | |||||||||
Interest rate | 4.50% | 4.50% | ||||||||||||
Rate | 98.546% | |||||||||||||
Gross proceeds from issuance of debt | $ 683,000 | |||||||||||||
2028 notes | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | $ 550,000 | $ 550,000 | [4] | |||||||||||
Interest rate | 4.75% | 4.75% | ||||||||||||
Rate | 98.978% | |||||||||||||
Gross proceeds from issuance of debt | $ 540,800 | |||||||||||||
Prepayment of term loan facility | $ 200,000 | |||||||||||||
Other | ||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||
Principal amount of senior notes | [4] | $ 1,500 | $ 3,000 | |||||||||||
[1] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our $200 million 7.5% Senior Notes due 2020, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our $575 million 6.75% Senior Notes due 2022, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premiums on HUD debt. In 2015, we paid approximately $188.5 million to retire 24 HUD mortgage loans. | |||||||||||||
[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 recorded (a) $4.7 million of write-offs of unamortized deferred costs associated with the early redemption of our 5.875% Notes and (b) $5.5 million of write-offs of unamortized deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. | |||||||||||||
[4] | All borrowing are direct borrowings of Omega unless otherwise noted. |
BORROWING ARRANGEMENTS (Narra98
BORROWING ARRANGEMENTS (Narrative) (Detail 4) - USD ($) $ in Thousands | Apr. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Long-term line of credit | $ 290,000 | $ 190,000 | |
Aviv REIT, Inc | Note Payable | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 650,000 | ||
Early repayment of debt | 705,600 | ||
Aviv REIT, Inc | Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | 525,000 | ||
Early repayment of debt | $ 525,000 |
FINANCIAL INSTRUMENTS (Detail)
FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets: | |||
Investments in direct financing leases - net | $ 364,965 | $ 601,938 | |
Mortgage notes receivable - net | 671,232 | 639,343 | |
Other investments - net | 276,342 | 256,846 | |
Liabilities: | |||
Revolving line of credit | 290,000 | 190,000 | |
Term loans - net | [1] | 904,670 | 1,094,343 |
HUD debt - net | [1],[2] | 53,098 | 54,365 |
Carrying Amount | |||
Assets: | |||
Investments in direct financing leases - net | 364,965 | 601,938 | |
Mortgage notes receivable - net | 671,232 | 639,343 | |
Other investments - net | 276,342 | 256,846 | |
Total | 1,312,539 | 1,498,127 | |
Liabilities: | |||
Revolving line of credit | 290,000 | 190,000 | |
Tranche A-1 term loan - net | 0 | 198,830 | |
Tranche A-2 term loan | 0 | 200,000 | |
Tranche A-3 term loan - net | 0 | 347,449 | |
U.S. term loan - net | 422,498 | 0 | |
Sterling term loan | 134,360 | 0 | |
Omega OP term loan - net | [2] | 99,423 | 100,000 |
Term loans - net | 248,390 | 248,064 | |
HUD debt - net | [2] | 53,098 | 54,365 |
Subordinated debt - net | 20,376 | 20,490 | |
Other | 1,500 | 3,000 | |
Total | 4,572,158 | 4,366,854 | |
Carrying Amount | 4.375% notes due 2023 | |||
Liabilities: | |||
Notes Payable | 693,474 | 692,305 | |
Carrying Amount | 5.875% notes due 2024 | |||
Liabilities: | |||
Notes Payable | 0 | 395,065 | |
Carrying Amount | 4.95% notes due 2024 | |||
Liabilities: | |||
Notes Payable | 393,680 | 392,669 | |
Carrying Amount | 4.50% notes due 2025 | |||
Liabilities: | |||
Notes Payable | 394,640 | 245,949 | |
Carrying Amount | 5.25% notes due 2026 | |||
Liabilities: | |||
Notes Payable | 594,321 | 593,616 | |
Carrying Amount | 4.50% notes due 2027 | |||
Liabilities: | |||
Notes Payable | 686,516 | 685,052 | |
Carrying Amount | 4.75% notes due 2028 | |||
Liabilities: | |||
Notes Payable | 539,882 | 0 | |
Fair Value | |||
Assets: | |||
Investments in direct financing leases - net | 364,965 | 598,665 | |
Mortgage notes receivable - net | 686,772 | 644,961 | |
Other investments - net | 281,031 | 253,385 | |
Total | 1,332,768 | 1,497,011 | |
Liabilities: | |||
Revolving line of credit | 290,000 | 190,000 | |
Tranche A-1 term loan - net | 0 | 200,000 | |
Tranche A-2 term loan | 0 | 200,000 | |
Tranche A-3 term loan - net | 0 | 350,000 | |
U.S. term loan - net | 425,000 | 0 | |
Sterling term loan | 135,130 | 0 | |
Omega OP term loan - net | [2] | 100,000 | 100,000 |
2015 term loan - net | 250,000 | 250,000 | |
HUD debt - net | [2] | 51,817 | 52,510 |
Subordinated debt - net | 23,646 | 23,944 | |
Other | 1,500 | 3,000 | |
Total | 4,665,603 | 4,444,772 | |
Fair Value | 4.375% notes due 2023 | |||
Liabilities: | |||
Notes Payable | 711,190 | 693,505 | |
Fair Value | 5.875% notes due 2024 | |||
Liabilities: | |||
Notes Payable | 0 | 432,938 | |
Fair Value | 4.95% notes due 2024 | |||
Liabilities: | |||
Notes Payable | 420,604 | 406,361 | |
Fair Value | 4.50% notes due 2025 | |||
Liabilities: | |||
Notes Payable | 399,874 | 249,075 | |
Fair Value | 5.25% notes due 2026 | |||
Liabilities: | |||
Notes Payable | 625,168 | 611,461 | |
Fair Value | 4.50% notes due 2027 | |||
Liabilities: | |||
Notes Payable | 681,007 | 681,978 | |
Fair Value | 4.75% notes due 2028 | |||
Liabilities: | |||
Notes Payable | $ 550,667 | $ 0 | |
[1] | All borrowing are direct borrowings of Omega unless otherwise noted. | ||
[2] | These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. |
FINANCIAL INSTRUMENTS (Parenthe
FINANCIAL INSTRUMENTS (Parentheticals) (Detail) | Dec. 31, 2017 | Apr. 28, 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% | ||||||
5.875% notes due 2024 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 5.875% | 5.875% | ||||||
4.95% notes due 2024 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 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% | ||||||
5.25% notes due 2026 | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Notes issued, interest rate | 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% |
TAXES (Detail)
TAXES (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax assets: | |||
Foreign deferred tax assets | [1] | $ 2,341 | $ 1,811 |
Federal net operating loss carryforward | 1,142 | 253 | |
Total deferred assets | 3,483 | 2,064 | |
Deferred tax liabilities: | |||
Foreign deferred tax liabilities | [1] | 17,747 | 9,906 |
Total net deferred liabilities before valuation allowances | (14,264) | (7,842) | |
Valuation allowance on deferred tax asset | (1,142) | (253) | |
Net deferred tax liabilities | $ (15,406) | $ (8,095) | |
[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. |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 22, 2017 | Dec. 31, 2017USD ($)ShareholderSubsidiary | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Tax Disclosure [Abstract] | ||||
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 | 25.00% | |||
Maximum percentage of assets invested in one or more taxable REIT subsidiaries after December 31, 2017 | 20.00% | |||
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 | |||
Number of subsidiary elected for treated as TRSs | Subsidiary | 2 | |||
Net operating loss carry-forward | $ | $ 5.4 | |||
Net operating loss carryforwards period | Carried forward for no more than 20 years | |||
State and local income tax provision | $ | $ 2.4 | $ 3.3 | $ 1 | |
Provision (benefit) for foreign income taxes | $ | $ 0.8 | $ (1.9) | $ 0.2 | |
Tax Year 2017 | ||||
Taxes [Line Items] | ||||
TCJA US corporate income tax rate | 35.00% | |||
Effective January 1, 2018 | ||||
Taxes [Line Items] | ||||
TCJA US corporate income tax rate | 21.00% |
RETIREMENT ARRANGEMENTS (Narrat
RETIREMENT ARRANGEMENTS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |||
Amounts charged to operations with respect to retirement arrangements | $ 0.5 | $ 0.5 | $ 0.4 |
Deferred stock units outstanding | 423,296 | 384,107 |
STOCKHOLDERS'_OWNERS' EQUITY (D
STOCKHOLDERS'/OWNERS' EQUITY (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance : Accumulated other comprehensive loss for Omega OP | [1] | $ (56,368) | $ (9,131) | |
Ending balance : Accumulated other comprehensive loss for Omega OP | [1] | (31,640) | (56,368) | $ (9,131) |
Add: portion included in noncontrolling interest | 1,490 | 2,541 | 419 | |
Total accumulated other comprehensive loss for Omega | (30,150) | (53,827) | (8,712) | |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance : Accumulated other comprehensive loss for Omega OP | (54,948) | (8,413) | 0 | |
Translation gain (loss) | 28,644 | (46,303) | (8,240) | |
Realized gain (loss) | 311 | (232) | (173) | |
Ending balance : Accumulated other comprehensive loss for Omega OP | (25,993) | (54,948) | (8,413) | |
Cash flow hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance : Accumulated other comprehensive loss for Omega OP | (1,420) | (718) | 0 | |
Unrealized loss (gain) | 545 | (719) | (718) | |
Realized gain (loss) | [2] | 2,338 | 17 | 0 |
Ending balance : Accumulated other comprehensive loss for Omega OP | 1,463 | (1,420) | (718) | |
Net investment hedge | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance : Accumulated other comprehensive loss for Omega OP | 0 | 0 | 0 | |
Unrealized loss (gain) | (7,110) | 0 | 0 | |
Ending balance : Accumulated other comprehensive loss for Omega OP | $ (7,110) | $ 0 | $ 0 | |
[1] | These amounts are included in owners' equity. | |||
[2] | Recorded in interest expense on the Consolidated Statements of Operations. |
STOCKHOLDERS'_OWNERS' EQUITY (N
STOCKHOLDERS'/OWNERS' EQUITY (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Sep. 03, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity Shelf Program [Abstract] | ||||
Stock issued | 718 | 656 | ||
Net proceeds from issuance of common stock | $ 22,120 | $ 19,651 | $ 439,322 | |
500 Million Equity Shelf Program | ||||
Equity Shelf Program [Abstract] | ||||
Stock issued | 718 | 656 | ||
Issuance of common stock, average price per share | $ 30.81 | $ 29.97 | ||
Sales price, equity distribution agreement | $ 500,000 | |||
Compensation percentage for sale of shares | 2.00% |
STOCKHOLDERS'_OWNERS' EQUITY106
STOCKHOLDERS'/OWNERS' EQUITY (Narrative) (Detail 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 09, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 27, 2015 | Mar. 26, 2015 |
Stockholders Equity Note [Line Items] | ||||||
Capital stock, shares authorized | 370,000 | 220,000 | ||||
Common stock, shares authorized | 350,000 | 350,000 | 350,000 | 200,000 | ||
Issuance of common stock (in shares) | 10,925 | |||||
Stock issued | 718 | 656 | ||||
Aggregate gross sales price of common stock sold | $ 22,120 | $ 19,651 | ||||
10.925 Million Common Stock Offering | ||||||
Stockholders Equity Note [Line Items] | ||||||
Stock issued | 10,925 | |||||
Issuance of common stock, average price per share | $ 42 | |||||
Aggregate gross sales price of common stock sold | $ 440,000 |
STOCKHOLDERS'_OWNERS' EQUITY107
STOCKHOLDERS'/OWNERS' EQUITY (Narrative) (Detail 2) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividend [Line Items] | |||
Gross proceeds from issuance of common stock | $ 22,120 | $ 19,651 | $ 439,322 |
Dividend reinvestment plan (in shares) | 1,199 | 7,215 | 4,184 |
Dividend Reinvestment and Common Stock Purchase Plan | |||
Dividend [Line Items] | |||
Gross proceeds from issuance of common stock | $ 36,700 | $ 240,000 | $ 150,800 |
Dividend reinvestment plan (in shares) | 1,199 | 7,215 | 4,184 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Number of Shares/Omega OP Units | ||||
Non-vested | 2,012,473 | |||
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 17.95 | |||
Compensation Cost | $ 36.1 | |||
Restricted stock and RSUs | ||||
Number of Shares/Omega OP Units | ||||
Non-vested | 336,053 | 413,628 | 309,934 | |
Granted | 185,004 | 158,506 | 233,483 | |
Assumed in Aviv Merger | [1] | 38,268 | ||
Cancelled | (1,000) | (905) | (61,911) | |
Vested | (182,548) | (235,176) | (106,146) | |
Non-vested | 337,509 | 336,053 | 413,628 | |
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 37.32 | $ 34.45 | $ 30.08 | |
Granted | 31.25 | 34.49 | 39.25 | |
Assumed in Aviv Merger | [1] | 23.50 | ||
Cancelled | 34.78 | 24.92 | 33.77 | |
Vested | 39.58 | 30.41 | 28.72 | |
Non-vested | $ 32.78 | $ 37.32 | $ 34.45 | |
Compensation Cost | [2] | $ 5.8 | $ 5.5 | $ 9.2 |
Compensation Cost - Assumed in Aviv Merger | [1],[2] | $ 0.9 | ||
[1] | Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. | |||
[2] | Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company's common stock on the date of grant. |
STOCK-BASED COMPENSATION (Paren
STOCK-BASED COMPENSATION (Parentheticals) (Detail) | Dec. 31, 2017$ / shares |
Restricted stock and RSUs | Award granted in April 1, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing stock price | $ 40.74 |
STOCK-BASED COMPENSATION (De110
STOCK-BASED COMPENSATION (Detail 1) - PRSUs and LTIP Units | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Awards granted in December 31, 2013 and January 1, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 29.80 |
Dividend yield | 6.44% |
Risk free interest rate at time of grant, minimum | 0.04% |
Risk free interest rate at time of grant, maximum | 0.86% |
Expected volatility, minimum | 24.16% |
Expected volatility, maximum | 25.86% |
Award granted in March 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 40.57 |
Dividend yield | 5.23% |
Risk free interest rate at time of grant, minimum | 0.10% |
Risk free interest rate at time of grant, maximum | 0.94% |
Expected volatility, minimum | 20.06% |
Expected volatility, maximum | 21.09% |
Award granted in April 1, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 40.74 |
Dividend yield | 5.20% |
Risk free interest rate at time of grant, minimum | 0.09% |
Risk free interest rate at time of grant, maximum | 0.91% |
Expected volatility, minimum | 20.06% |
Expected volatility, maximum | 21.08% |
Awards granted in July 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 36.26 |
Dividend yield | 6.07% |
Risk free interest rate at time of grant, minimum | 0.13% |
Risk free interest rate at time of grant, maximum | 1.08% |
Expected volatility, minimum | 20.06% |
Expected volatility, maximum | 20.21% |
Awards granted in March 17, 2016 | |
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% |
Awards granted in January 1, 2017 | |
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% |
STOCK-BASED COMPENSATION (De111
STOCK-BASED COMPENSATION (Detail 2) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Number of Shares/Units | |||||
Non-vested | 2,012,473 | ||||
Weighted - Average Grant-Date Fair Value per Share | |||||
Non-vested | $ 17.95 | ||||
Compensation Cost | $ 36.1 | ||||
PRSUs and LTIP Units | |||||
Number of Shares/Units | |||||
Non-vested | 1,073,998 | 913,087 | 850,213 | ||
Granted | 685,064 | 679,549 | 537,923 | ||
Cancelled | (5,361) | (165,570) | |||
Forfeited | (392,921) | (518,638) | (128,073) | ||
Vested | 0 | 0 | (181,406) | [1] | |
Non-vested | 1,360,780 | 1,073,998 | 913,087 | ||
Weighted - Average Grant-Date Fair Value per Share | |||||
Non-vested | $ 16.08 | $ 14.87 | $ 10.97 | ||
Granted | 14.87 | 14.67 | 18.51 | ||
Cancelled | 15.98 | 14.11 | |||
Forfeited | 18.33 | 12.10 | 12.04 | ||
Vested | 0 | 0 | 10.10 | [1] | |
Non-vested | $ 14.82 | $ 16.08 | $ 14.87 | ||
Compensation Cost | [2] | $ 10.2 | $ 10 | $ 10 | |
[1] | PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. | ||||
[2] | Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. |
STOCK-BASED COMPENSATION (De112
STOCK-BASED COMPENSATION (Detail 3) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 2,012,473 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 17.95 | |
Total Compensation Cost | $ 36.1 | |
Unrecognized Compensation Cost | $ 18.5 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 270,422 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 32.95 | |
Total Compensation Cost | $ 8.9 | [1] |
Unrecognized Compensation Cost | $ 3.8 | [2] |
RSUs | 3/17/16 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,016 | |
Shares/Units | shares | 130,006 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 34.78 | |
Total Compensation Cost | $ 4.5 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 0.9 | [2] |
Vesting Dates | 12/31/2018 | |
RSUs | 1/1/2017 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,017 | |
Shares/Units | shares | 140,416 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 31.26 | |
Total Compensation Cost | $ 4.4 | [1] |
Weighted Average Period of Expense Recognition | 36 months | |
Unrecognized Compensation Cost | $ 2.9 | [2] |
Vesting Dates | 12/31/2019 | |
TSR PRSUs and LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 960,514 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 13.26 | |
Total Compensation Cost | $ 12.7 | [1] |
Unrecognized Compensation Cost | $ 7.1 | [2] |
TSR PRSUs and LTIP Units | 3/31/15 2017 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 137,249 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.66 | |
Total Compensation Cost | $ 2 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.5 | [2] |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
TSR PRSUs and LTIP Units | 4/1/2015 2017 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 53,387 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.81 | |
Total Compensation Cost | $ 0.8 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.2 | [2] |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
TSR PRSUs and LTIP Units | 3/17/2016 2018 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,016 | |
Shares/Units | shares | 370,152 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 13.21 | |
Total Compensation Cost | $ 4.9 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 2.6 | [2] |
Performance Period | 1/1/2016-12/31/2018 | |
Vesting Dates | Quarterly in 2019 | |
TSR PRSUs and LTIP Units | 1/1/2017 2019 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,017 | |
Shares/Units | shares | 399,726 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 12.61 | |
Total Compensation Cost | $ 5 | [1] |
Weighted Average Period of Expense Recognition | 48 months | |
Unrecognized Compensation Cost | $ 3.8 | [2] |
Performance Period | 1/1/2017-12/31/2019 | |
Vesting Dates | Quarterly in 2020 | |
Relative TSR PRSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 781,537 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.53 | |
Total Compensation Cost | $ 14.5 | [1] |
Unrecognized Compensation Cost | $ 7.6 | [2] |
Relative TSR PRSUs | 3/31/15 2017 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 137,249 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 22.50 | |
Total Compensation Cost | $ 3.1 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.8 | [2] |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
Relative TSR PRSUs | 4/1/2015 2017 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 53,387 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 22.92 | |
Total Compensation Cost | $ 1.2 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.3 | [2] |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
Relative TSR PRSUs | 3/17/2016 2018 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,016 | |
Shares/Units | shares | 305,563 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 16.44 | |
Total Compensation Cost | $ 5.1 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 2.6 | [2] |
Performance Period | 1/1/2016-12/31/2018 | |
Vesting Dates | Quarterly in 2019 | |
Relative TSR PRSUs | 1/1/2017 2019 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,017 | |
Shares/Units | shares | 285,338 | [1] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.04 | |
Total Compensation Cost | $ 5.1 | [1] |
Weighted Average Period of Expense Recognition | 48 months | |
Unrecognized Compensation Cost | $ 3.9 | [2] |
Performance Period | 1/1/2017-12/31/2019 | |
Vesting Dates | Quarterly in 2020 | |
[1] | Total shares/units and compensation costs are net of shares/units cancelled. | |
[2] | This table excludes approximately $1.1 million of unrecognized compensation costs related to our directors. |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2015 | Jun. 06, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 2.1 | $ 23.4 | $ 26.7 | ||
Shares of restricted stock outstanding/shares | 2,012,473 | ||||
Compensation Cost | $ 36.1 | ||||
Unrecognized Compensation Cost | $ 18.5 | ||||
Aviv | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of employee stock options assumed | 5,700,000 | ||||
Conversion ratio of assumed employee stock options | 0.9 | ||||
Number of stock options issued | 5,100,000 | ||||
Intrinsic value of stock option assumed | $ 99.2 | ||||
Number of stock options exercised | 26,000 | 2,500,000 | 2,600,000 | ||
Weighted average rate of stock options exercised | $ 18.97 | $ 19.38 | $ 19.38 | ||
Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized Compensation Cost | $ 1.1 | ||||
2013 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares reserved for issuance | 3,000,000 | ||||
Number of common shares reserved for future issuance | 1,600,000 |
DIVIDENDS (Detail)
DIVIDENDS (Detail) - Board of Directors | 12 Months Ended |
Dec. 31, 2017$ / shares | |
January 31, 2017 | |
Dividend [Line Items] | |
Record Date | Jan. 31, 2017 |
Payment Date | Feb. 15, 2017 |
Dividend per Common Share | $ 0.62 |
Increase over Prior Quarter | $ 0.01 |
May 1, 2017 | |
Dividend [Line Items] | |
Record Date | May 1, 2017 |
Payment Date | May 15, 2017 |
Dividend per Common Share | $ 0.63 |
Increase over Prior Quarter | $ 0.01 |
August 1, 2017 | |
Dividend [Line Items] | |
Record Date | Aug. 1, 2017 |
Payment Date | Aug. 15, 2017 |
Dividend per Common Share | $ 0.64 |
Increase over Prior Quarter | $ 0.01 |
October 31, 2017 | |
Dividend [Line Items] | |
Record Date | Oct. 31, 2017 |
Payment Date | Nov. 15, 2017 |
Dividend per Common Share | $ 0.65 |
Increase over Prior Quarter | $ 0.01 |
January 31, 2018 | |
Dividend [Line Items] | |
Record Date | Jan. 31, 2018 |
Payment Date | Feb. 15, 2018 |
Dividend per Common Share | $ 0.66 |
Increase over Prior Quarter | $ 0.01 |
DIVIDENDS (Details 1)
DIVIDENDS (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends [Line Items] | |||
Per share distributions of common dividends (in dollars per share) | $ 2.54 | $ 2.36 | $ 2.18 |
Ordinary income | |||
Dividends [Line Items] | |||
Per share distributions of common dividends (in dollars per share) | 1.571 | 1.968 | 1.133 |
Return of capital | |||
Dividends [Line Items] | |||
Per share distributions of common dividends (in dollars per share) | 0.932 | 0.322 | 1.047 |
Capital gains | |||
Dividends [Line Items] | |||
Per share distributions of common dividends (in dollars per share) | $ 0.037 | $ 0.070 | $ 0 |
COMMITMENTS AND CONTINGENCIE116
COMMITMENTS AND CONTINGENCIES (Detail) $ in Thousands | Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total commitment | $ 682,249 | |
Amount funded | 383,586 | [1] |
Remaining commitment | $ 298,663 | |
[1] | Includes finance costs. |
SUPPLEMENTAL DISCLOSURE TO C117
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Restricted cash | $ 10,871 | $ 13,589 | ||
Parent company | ||||
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 5,424 | 85,937 | 93,687 | $ 5,424 |
Restricted cash | 14,607 | 10,871 | 13,589 | 14,607 |
Cash, cash equivalents and restricted cash at end of period | 20,031 | 96,808 | 107,276 | 20,031 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 182,832 | 148,326 | 145,929 | |
Taxes paid during the period | 4,141 | 4,922 | 1,016 | |
Non cash investing activities: | ||||
Non cash acquisition of real estate (See Note 3) | (27,170) | 0 | 0 | |
Non cash acquisition of businesses (see Note 3 and Note 5) | 0 | (60,079) | (3,602,040) | |
Non cash surrender of mortgage (see Note 3 and Note 5) | 0 | 25,000 | 0 | |
Non cash investment in other investments | (6,353) | 0 | 0 | |
Non cash proceeds from other investments (see Note 6 and Note 3) | 30,187 | 5,500 | 0 | |
Non cash settlement of direct financing lease (See Note 4) | 18,989 | 0 | 0 | |
Total | 15,653 | (29,579) | (3,602,040) | |
Non cash financing activities: | ||||
Assumed Aviv debt | 0 | 0 | 1,410,637 | |
Stock exchanged in merger | 0 | 0 | 1,902,866 | |
Omega OP Units exchanged in merger | 0 | 0 | 373,394 | |
Purchase option buyout obligation (see Note 3) | 0 | 29,579 | 0 | |
Change in fair value of cash flow hedges | 2,970 | 764 | 718 | |
Remeasurement of debt denominated in a foreign currency | 7,070 | 0 | 0 | |
Other unsecured long term borrowing (see Note 3 and Note 12) | 0 | 3,000 | 0 | |
Total | 10,040 | 33,343 | 3,687,615 | |
OHI Healthcare Properties Limited Partnership | ||||
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 5,424 | 85,937 | 93,687 | 5,424 |
Restricted cash | 14,607 | 10,871 | 13,589 | 14,607 |
Cash, cash equivalents and restricted cash at end of period | 20,031 | 96,808 | 107,276 | $ 20,031 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 120,100 | 182,832 | 148,326 | |
Taxes paid during the period | 1,016 | 4,141 | 4,922 | |
Non cash investing activities: | ||||
Non cash acquisition of real estate (See Note 3) | 0 | (27,170) | 0 | |
Non cash acquisition of businesses (see Note 3 and Note 5) | (3,602,040) | 0 | (60,079) | |
Non cash surrender of mortgage (see Note 3 and Note 5) | 0 | 0 | 25,000 | |
Non cash investment in other investments | 0 | (6,353) | 0 | |
Non cash proceeds from other investments (see Note 6 and Note 3) | 0 | 30,187 | 5,500 | |
Non cash settlement of direct financing lease (See Note 4) | 0 | 18,989 | 0 | |
Total | (3,602,040) | 15,653 | (29,579) | |
Non cash financing activities: | ||||
Assumed Aviv debt | 1,410,637 | 0 | 0 | |
Stock exchanged in merger | 1,902,866 | 0 | 0 | |
Omega OP Units exchanged in merger | 373,394 | 0 | 0 | |
Purchase option buyout obligation (see Note 3) | 0 | 0 | 29,579 | |
Change in fair value of cash flow hedges | 718 | 2,970 | 764 | |
Remeasurement of debt denominated in a foreign currency | 0 | 7,070 | 0 | |
Other unsecured long term borrowing (see Note 3 and Note 12) | 0 | 0 | 3,000 | |
Total | $ 3,687,615 | $ 10,040 | $ 33,343 |
SUMMARY OF QUARTERLY RESULTS118
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||
Summary Of Quarterly Results [Line Items] | |||||||||||||||||
Revenues | $ 221,206 | $ 219,638 | $ 235,797 | $ 231,744 | $ 234,486 | $ 224,638 | $ 228,824 | $ 212,879 | $ 908,385 | $ 900,827 | $ 743,617 | ||||||
Net income (loss) | 65,156 | [1] | (137,515) | [1] | 68,157 | [1] | 109,112 | [1] | 129,883 | 82,134 | 113,154 | 58,196 | 104,910 | 383,367 | 233,315 | ||
Net income (loss) available to common stockholders | $ 62,400 | $ (131,678) | $ 65,257 | $ 104,440 | $ 124,259 | $ 78,549 | $ 108,052 | $ 55,555 | $ 100,419 | $ 366,415 | $ 224,524 | ||||||
Net income (loss) available to common per share: | |||||||||||||||||
Basic (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.51 | $ 1.91 | $ 1.30 | ||||||
Net income (loss) per share: | |||||||||||||||||
Diluted (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.51 | $ 1.90 | $ 1.29 | ||||||
Omega OP | |||||||||||||||||
Summary Of Quarterly Results [Line Items] | |||||||||||||||||
Revenues | $ 221,206 | $ 219,638 | $ 235,797 | $ 231,744 | $ 234,486 | $ 224,638 | $ 228,824 | $ 212,879 | $ 610,197 | $ 908,385 | $ 900,827 | ||||||
Net income (loss) | $ 65,156 | [1] | $ (137,515) | [1] | $ 68,157 | [1] | $ 109,112 | [1] | $ 129,883 | $ 82,134 | $ 113,154 | $ 58,196 | 190,263 | [2] | 104,910 | 383,367 | |
Net income (loss) available to common stockholders | $ 190,263 | [2] | $ 104,910 | $ 383,367 | |||||||||||||
Net income (loss) available to Omega OP Unit holders: | |||||||||||||||||
Basic (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.98 | [2] | $ 0.51 | $ 1.91 | |||||
Net income per unit: | |||||||||||||||||
Diluted (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.97 | [2] | $ 0.51 | $ 1.90 | |||||
[1] | 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 $46.4 million for the three month periods ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively. | ||||||||||||||||
[2] | The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
SUMMARY OF QUARTERLY RESULTS119
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Parentheticals) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Provisions for uncollectible accounts and impairment losses on real estate properties and direct financing leases | $ 64.6 | $ 224.4 | $ 12.8 | $ 10 |
Net gain (loss) on assets sold | $ 46.4 | $ 0.7 | $ (0.6) | $ 7.4 |
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 | 9 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Numerator: | |||||||||||||||||
Net income | $ 65,156 | [1] | $ (137,515) | [1] | $ 68,157 | [1] | $ 109,112 | [1] | $ 129,883 | $ 82,134 | $ 113,154 | $ 58,196 | $ 104,910 | $ 383,367 | $ 233,315 | ||
Less: net income (loss) attributable to noncontrolling interests | (4,491) | (16,952) | (8,791) | ||||||||||||||
Net income available to common stockholders/Omega OP Unit holders | $ 62,400 | $ (131,678) | $ 65,257 | $ 104,440 | $ 124,259 | $ 78,549 | $ 108,052 | $ 55,555 | $ 100,419 | $ 366,415 | $ 224,524 | ||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share/unit | 197,738 | 191,781 | 172,242 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Common stock equivalents | 269 | 956 | 1,539 | ||||||||||||||
Noncontrolling interest - Omega OP Units | 8,783 | 8,898 | 6,727 | ||||||||||||||
Denominator for diluted earnings per share/unit | 206,790 | 201,635 | 180,508 | ||||||||||||||
Earnings per share - basic: | |||||||||||||||||
Net income available to common stockholders (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.51 | $ 1.91 | $ 1.30 | ||||||
Earnings per share/unit - diluted: | |||||||||||||||||
Net income (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.51 | $ 1.90 | $ 1.29 | ||||||
Omega OP | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ 65,156 | [1] | $ (137,515) | [1] | $ 68,157 | [1] | $ 109,112 | [1] | $ 129,883 | $ 82,134 | $ 113,154 | $ 58,196 | $ 190,263 | $ 104,910 | $ 383,367 | ||
Net income available to common stockholders/Omega OP Unit holders | $ 190,263 | $ 104,910 | $ 383,367 | ||||||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per unit | 193,843 | 206,521 | 200,679 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Common stock equivalents | 1,899 | 269 | 956 | ||||||||||||||
Noncontrolling interest - Omega OP Units | 0 | 0 | 0 | ||||||||||||||
Denominator for diluted earnings per unit | 195,742 | 206,790 | 201,635 | ||||||||||||||
Earnings per unit - basic: | |||||||||||||||||
Net income available to Omega OP Unit holders (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.98 | $ 0.51 | $ 1.91 | ||||||
Earnings per unit - diluted: | |||||||||||||||||
Net income (in dollars per share) | $ 0.31 | $ (0.67) | $ 0.33 | $ 0.53 | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.97 | $ 0.51 | $ 1.90 | ||||||
[1] | 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. | ||||||||||||||||
[2] | The period is from April 1, 2015 (Aviv Merger date) through December 31, 2015. |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 23, 2018USD ($)Facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | |||
Straight-line rent receivable write-off | $ 4.3 | $ 3.2 | |
Subsequent event | |||
Subsequent Event [Line Items] | |||
Straight-line rent receivable write-off | $ 7.5 | ||
Subsequent event | Ohio | |||
Subsequent Event [Line Items] | |||
Number of existing portfolio facility | Facility | 13 |
SCHEDULE II - VALUATION AND 122
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for doubtful accounts: | ||||
Balance at Beginning of Period | $ 9,089 | $ 3,269 | $ 78 | |
Charged to Provision Accounts | 212,779 | 9,845 | 7,873 | |
Deductions or Other | [1] | 35,955 | 4,025 | 4,682 |
Balance at End of Period | 185,913 | 9,089 | 3,269 | |
Accounts receivable | ||||
Allowance for doubtful accounts: | ||||
Balance at Beginning of Period | 357 | 309 | 78 | |
Charged to Provision Accounts | 13,392 | 4,246 | 4,994 | |
Deductions or Other | [1] | 5,286 | 4,198 | 4,763 |
Balance at End of Period | 8,463 | 357 | 309 | |
Mortgage notes receivable | ||||
Allowance for doubtful accounts: | ||||
Balance at Beginning of Period | 3,934 | 0 | ||
Charged to Provision Accounts | 971 | 3,934 | ||
Deductions or Other | [1] | 0 | 0 | |
Balance at End of Period | 4,905 | 3,934 | 0 | |
Other investments | ||||
Allowance for doubtful accounts: | ||||
Balance at Beginning of Period | 4,798 | 2,960 | 0 | |
Charged to Provision Accounts | 217 | 1,665 | 2,879 | |
Deductions or Other | [1] | 4,642 | (173) | (81) |
Balance at End of Period | 373 | 4,798 | $ 2,960 | |
Direct financing leases | ||||
Allowance for doubtful accounts: | ||||
Balance at Beginning of Period | 0 | |||
Charged to Provision Accounts | 198,199 | |||
Deductions or Other | [1] | 26,027 | ||
Balance at End of Period | $ 172,172 | $ 0 | ||
[1] | Uncollectible accounts written off, net of recoveries or adjustments. |
SCHEDULE III - REAL ESTATE A123
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 798,332 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 6,688,607 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 316,944 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 7,449 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (155,372) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 795,874 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 6,860,086 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,655,960 | [3],[4] | $ 7,566,358 | $ 6,743,958 | $ 3,223,785 | |
Accumulated Depreciation | 1,376,828 | [4] | $ 1,240,336 | $ 1,019,150 | $ 821,712 | |
Maplewood Real Estate Holdings | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 166,393 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 357,894 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 50,042 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 5,818 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (680) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 166,393 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 413,074 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 579,467 | ||||
Accumulated Depreciation | [1],[5] | 32,998 | ||||
Maplewood Real Estate Holdings | New York | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 118,606 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 34,738 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 5,759 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 118,606 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 40,497 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | $ 159,103 | ||||
Date Acquired | [1] | 2,015 | ||||
Maplewood Real Estate Holdings | Connecticut | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 25,063 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 216,538 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,287 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 59 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 25,063 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 219,884 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 244,947 | ||||
Accumulated Depreciation | [1],[5] | $ 20,109 | ||||
Date Of Construction | [1] | 1968-2015 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Maplewood Real Estate Holdings | Massachusetts | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 19,041 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 113,728 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 11,982 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (680) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 19,041 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 125,030 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 144,071 | ||||
Accumulated Depreciation | [1],[5] | $ 10,614 | ||||
Date Of Construction | [1] | 1988-2017 | ||||
Date Acquired | [1] | 2,015 | ||||
Maplewood Real Estate Holdings | Massachusetts | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 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 | [1] | 33 years | ||||
Maplewood Real Estate Holdings | Ohio | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,683 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 27,628 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 35 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,683 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 27,663 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 31,346 | ||||
Accumulated Depreciation | [1],[5] | $ 2,275 | ||||
Date Of Construction | [1] | 1999-2016 | ||||
Date Acquired | [1] | 2,015 | ||||
Maplewood Real Estate Holdings | Ohio | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 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 | [1] | 33 years | ||||
Signature Holdings II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 41,139 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 467,437 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 22,601 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 158 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 41,139 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 490,196 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 531,335 | ||||
Accumulated Depreciation | [1],[5] | 101,837 | ||||
Signature Holdings II | Florida | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 14,077 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 166,901 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 13,295 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 158 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 14,077 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 180,354 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 194,431 | ||||
Accumulated Depreciation | [1],[5] | $ 48,710 | ||||
Date Of Construction | [1] | 1940-1997 | ||||
Date Acquired | [1] | 1996-2016 | ||||
Signature Holdings II | Florida | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 3 years | ||||
Signature Holdings II | Florida | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Signature Holdings II | Georgia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,833 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 10,847 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,949 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,833 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 14,796 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 18,629 | ||||
Accumulated Depreciation | [1],[5] | $ 9,522 | ||||
Date Of Construction | [1] | 1964-1970 | ||||
Date Acquired | [1] | 2,007 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Signature Holdings II | Kentucky | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 13,335 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 87,791 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,174 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 13,335 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 91,965 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 105,300 | ||||
Accumulated Depreciation | [1],[5] | $ 23,772 | ||||
Date Of Construction | [1] | 1964-1980 | ||||
Date Acquired | [1] | 1999-2016 | ||||
Signature Holdings II | Kentucky | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Signature Holdings II | Kentucky | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Signature Holdings II | Maryland | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 1,480 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 19,663 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,183 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,480 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 20,846 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 22,326 | ||||
Accumulated Depreciation | [1],[5] | $ 7,804 | ||||
Date Of Construction | [1] | 1959-1977 | ||||
Date Acquired | [1] | 2,010 | ||||
Signature Holdings II | Maryland | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 29 years | ||||
Signature Holdings II | Maryland | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Signature Holdings II | Tennessee | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 8,414 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 182,235 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 8,414 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 182,235 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 190,649 | ||||
Accumulated Depreciation | [1],[5] | $ 12,029 | ||||
Date Of Construction | [1] | 1966-2016 | ||||
Date Acquired | [1] | 2014-2016 | ||||
Signature Holdings II | Tennessee | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | ||||
Signature Holdings II | Tennessee | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Saber Health Group | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 31,872 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 428,632 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 24,753 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 323 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (268) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 31,872 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 453,440 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 485,312 | ||||
Accumulated Depreciation | [1],[5] | 43,928 | ||||
Saber Health Group | Florida | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 423 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 4,422 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 197 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 423 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 4,619 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 5,042 | ||||
Accumulated Depreciation | [1],[5] | $ 536 | ||||
Date Of Construction | [1] | 2,009 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Saber Health Group | North Carolina | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 10,780 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 106,695 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 11,899 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 323 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 10,780 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 118,917 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 129,697 | ||||
Accumulated Depreciation | [1],[5] | $ 11,448 | ||||
Date Of Construction | [1] | 1965-2013 | ||||
Date Acquired | [1] | 2,016 | ||||
Saber Health Group | North Carolina | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 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 | [1] | 30 years | ||||
Saber Health Group | Ohio | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,035 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 107,057 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,124 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (268) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 5,035 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 112,913 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 117,948 | ||||
Accumulated Depreciation | [1],[5] | $ 11,379 | ||||
Date Of Construction | [1] | 1979-2000 | ||||
Date Acquired | [1] | 2015-2016 | ||||
Saber Health Group | Ohio | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Saber Health Group | Ohio | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Saber Health Group | Pennsylvania | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 7,134 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 124,476 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,858 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 7,134 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 128,334 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 135,468 | ||||
Accumulated Depreciation | [1],[5] | $ 13,132 | ||||
Date Of Construction | [1] | 1873-2002 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Saber Health Group | Virginia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 8,500 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 85,982 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,675 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 8,500 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 88,657 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 97,157 | ||||
Accumulated Depreciation | [1],[5] | $ 7,433 | ||||
Date Of Construction | [1] | 1964-2013 | ||||
Date Acquired | [1] | 2,016 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Ciena Healthcare | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 25,382 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 435,895 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (257) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 25,205 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 435,815 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 461,020 | ||||
Accumulated Depreciation | [1],[5] | 43,958 | ||||
Ciena Healthcare | Indiana | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 321 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 7,703 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 321 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 7,703 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 8,024 | ||||
Accumulated Depreciation | [1],[5] | $ 902 | ||||
Date Of Construction | [1] | 1,973 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Ciena Healthcare | Michigan | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 4,087 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 115,547 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 4,087 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 115,547 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 119,634 | ||||
Accumulated Depreciation | [1],[5] | $ 12,261 | ||||
Date Of Construction | [1] | 1964-1997 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Ciena Healthcare | North Carolina | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 4,331 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 65,027 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 4,331 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 65,027 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 69,358 | ||||
Accumulated Depreciation | [1],[5] | $ 7,233 | ||||
Date Of Construction | [1] | 1927-1997 | ||||
Date Acquired | [1] | 2,015 | ||||
Ciena Healthcare | North Carolina | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 12 years | ||||
Ciena Healthcare | North Carolina | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Ciena Healthcare | Ohio | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 10,343 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 159,846 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (80) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 10,343 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 159,766 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 170,109 | ||||
Accumulated Depreciation | [1],[5] | $ 16,833 | ||||
Date Of Construction | [1] | 1960-2007 | ||||
Date Acquired | [1] | 2010-2016 | ||||
Ciena Healthcare | Ohio | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Ciena Healthcare | Ohio | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Ciena Healthcare | Virginia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 6,300 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 87,772 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (177) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 6,123 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 87,772 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 93,895 | ||||
Accumulated Depreciation | [1],[5] | $ 6,729 | ||||
Date Of Construction | [1] | 1979-2007 | ||||
Date Acquired | [1] | 2,016 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
CommuniCare Health Services, Inc | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 33,787 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 376,815 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 27,131 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 33,787 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 403,946 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 437,733 | ||||
Accumulated Depreciation | [1],[5] | 74,315 | ||||
CommuniCare Health Services, Inc | Indiana | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 17,949 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 193,059 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 17,949 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 193,059 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 211,008 | ||||
Accumulated Depreciation | [1],[5] | $ 3,333 | ||||
Date Of Construction | [1] | 1963-2014 | ||||
Date Acquired | [1] | 2,017 | ||||
CommuniCare Health Services, Inc | Indiana | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 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 | [1] | 30 years | ||||
CommuniCare Health Services, Inc | Maryland | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 7,190 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 74,029 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,844 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 7,190 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 77,873 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 85,063 | ||||
Accumulated Depreciation | [1],[5] | $ 17,808 | ||||
Date Of Construction | [1] | 1921-1985 | ||||
Date Acquired | [1] | 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 | [1] | 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 | [1] | 30 years | ||||
CommuniCare Health Services, Inc | Ohio | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 6,445 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 76,436 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 11,821 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 6,445 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 88,257 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 94,702 | ||||
Accumulated Depreciation | [1],[5] | $ 37,954 | ||||
Date Of Construction | [1] | 1927-2008 | ||||
Date Acquired | [1] | 1998-2008 | ||||
CommuniCare Health Services, Inc | Ohio | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
CommuniCare Health Services, Inc | Ohio | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
CommuniCare Health Services, Inc | Pennsylvania | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 1,753 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 18,533 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 11,281 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,753 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 29,814 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 31,567 | ||||
Accumulated Depreciation | [1],[5] | $ 12,167 | ||||
Date Of Construction | [1] | 1950-1964 | ||||
Date Acquired | [1] | 2,005 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
CommuniCare Health Services, Inc | West Virginia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 450 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 14,758 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 185 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 450 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 14,943 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 15,393 | ||||
Accumulated Depreciation | [1],[5] | $ 3,053 | ||||
Date Of Construction | [1] | 1,963 | ||||
Date Acquired | [1] | 2,011 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 35 years | ||||
Other | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 499,759 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 4,621,934 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 192,417 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 1,150 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (154,167) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 497,478 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 4,663,615 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 5,161,093 | ||||
Accumulated Depreciation | [1],[5] | 1,079,792 | ||||
Other | Alabama | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | 1,817 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 33,356 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 12,916 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,817 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 46,272 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 48,089 | ||||
Accumulated Depreciation | [1],[5] | $ 33,080 | ||||
Date Of Construction | [1] | 1960-1982 | ||||
Date Acquired | [1] | 1992-1997 | ||||
Other | Alabama | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 31 years | ||||
Other | Alabama | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Arizona | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 10,995 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 86,868 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 10,995 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 86,868 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 97,863 | ||||
Accumulated Depreciation | [1],[5] | $ 13,093 | ||||
Date Of Construction | [1] | 1949-1999 | ||||
Date Acquired | [1] | 2012-2015 | ||||
Other | Arizona | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Arizona | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | Arkansas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1],[6] | $ 3,698 | ||||
Initial Cost to Company Buildings and Improvements | [1],[6] | 85,308 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1],[6] | 8,856 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2],[6] | (36) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3],[6] | 3,698 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3],[6] | 94,128 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3],[6] | 97,826 | ||||
Accumulated Depreciation | [1],[5],[6] | $ 39,139 | ||||
Date Of Construction | [1],[6] | 1967-2009 | ||||
Date Acquired | [1],[6] | 1992-2015 | ||||
Other | Arkansas | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[6] | 25 years | ||||
Other | Arkansas | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[6] | 33 years | ||||
Other | California | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 73,466 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 408,201 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,837 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 73,466 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 412,038 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 485,504 | ||||
Accumulated Depreciation | [1],[5] | $ 68,870 | ||||
Date Of Construction | [1] | 1927-2013 | ||||
Date Acquired | [1] | 1997-2015 | ||||
Other | California | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 5 years | ||||
Other | California | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 35 years | ||||
Other | Colorado | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 11,279 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 88,831 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 7,790 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 11,279 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 96,621 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 107,900 | ||||
Accumulated Depreciation | [1],[5] | $ 33,257 | ||||
Date Of Construction | [1] | 1925-1975 | ||||
Date Acquired | [1] | 1998-2016 | ||||
Other | Colorado | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Colorado | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Connecticut | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 879 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 4,446 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 980 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (5,426) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 879 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | $ 879 | ||||
Date Acquired | [1] | 1,999 | ||||
Other | Florida | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 63,094 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 504,796 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 42,010 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 1,082 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (9,737) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 63,019 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 538,226 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 601,245 | ||||
Accumulated Depreciation | [1],[5] | $ 170,325 | ||||
Date Of Construction | [1] | 1933-2017 | ||||
Date Acquired | [1] | 1992-2017 | ||||
Other | Florida | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 2 years | ||||
Other | Florida | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | Georgia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,730 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 47,387 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 669 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,730 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 48,056 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 51,786 | ||||
Accumulated Depreciation | [1],[5] | $ 7,015 | ||||
Date Of Construction | [1] | 1967-1998 | ||||
Date Acquired | [1] | 1998-2016 | ||||
Other | Georgia | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Other | Georgia | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | Idaho | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 6,625 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 62,353 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,322 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (14,690) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 6,625 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 48,985 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 55,610 | ||||
Accumulated Depreciation | [1],[5] | $ 12,887 | ||||
Date Of Construction | [1] | 1911-2008 | ||||
Date Acquired | [1] | 1997-2015 | ||||
Other | Idaho | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | ||||
Other | Idaho | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Illinois | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,112 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 98,178 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 66 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (44,462) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 4,977 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 53,917 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 58,894 | ||||
Accumulated Depreciation | [1],[5] | $ 892 | ||||
Date Of Construction | [1] | 1961-1981 | ||||
Date Acquired | [1] | 2,015 | ||||
Other | Illinois | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Other | Illinois | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Indiana | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 25,781 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 335,737 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 435 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (1,828) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 25,773 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 334,352 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 360,125 | ||||
Accumulated Depreciation | [1],[5] | $ 80,438 | ||||
Date Of Construction | [1] | 1942-2008 | ||||
Date Acquired | [1] | 1992-2015 | ||||
Other | Indiana | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Indiana | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | Iowa | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 2,485 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 60,406 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 2,485 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 60,406 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 62,891 | ||||
Accumulated Depreciation | [1],[5] | $ 9,456 | ||||
Date Of Construction | [1] | 1961-1998 | ||||
Date Acquired | [1] | 2010-2015 | ||||
Other | Iowa | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 12 years | ||||
Other | Iowa | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Kansas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 4,800 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 47,496 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 12,767 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (2,229) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 4,800 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 58,034 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 62,834 | ||||
Accumulated Depreciation | [1],[5] | $ 8,524 | ||||
Date Of Construction | [1] | 1957-1985 | ||||
Date Acquired | [1] | 2010-2015 | ||||
Other | Kansas | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 12 years | ||||
Other | Kansas | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Kentucky | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,611 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 123,995 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 9,851 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 5,611 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 133,846 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 139,457 | ||||
Accumulated Depreciation | [1],[5] | $ 25,761 | ||||
Date Of Construction | [1] | 1917-2002 | ||||
Date Acquired | [1] | 1994-2015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Louisiana | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 2,178 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 52,870 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,303 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (189) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 2,178 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 55,984 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 58,162 | ||||
Accumulated Depreciation | [1],[5] | $ 19,388 | ||||
Date Of Construction | [1] | 1957-1983 | ||||
Date Acquired | [1] | 1997-2006 | ||||
Other | Louisiana | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 22 years | ||||
Other | Louisiana | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Massachusetts | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,389 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 35,826 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,160 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 5,389 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 37,986 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 43,375 | ||||
Accumulated Depreciation | [1],[5] | $ 19,661 | ||||
Date Of Construction | [1] | 1964-1993 | ||||
Date Acquired | [1] | 1997-2010 | ||||
Other | Massachusetts | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Massachusetts | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Michigan | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 830 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 30,921 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 830 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 30,921 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 31,751 | ||||
Accumulated Depreciation | [1],[5] | $ 5,921 | ||||
Date Of Construction | [1] | 1964-1975 | ||||
Date Acquired | [1] | 2011-2015 | ||||
Other | Michigan | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | ||||
Other | Michigan | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Minnesota | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 10,502 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 52,585 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,294 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 10,502 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 56,879 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 67,381 | ||||
Accumulated Depreciation | [1],[5] | $ 6,407 | ||||
Date Of Construction | [1] | 1966-1983 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Mississippi | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 2,910 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 49,507 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 827 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 2,910 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 50,334 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 53,244 | ||||
Accumulated Depreciation | [1],[5] | $ 16,050 | ||||
Date Of Construction | [1] | 1962-1988 | ||||
Date Acquired | [1] | 2009-2010 | ||||
Other | Mississippi | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Mississippi | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | Missouri | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 7,333 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 121,481 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 693 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (37,104) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 7,325 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 85,078 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 92,403 | ||||
Accumulated Depreciation | [1],[5] | $ 9,624 | ||||
Date Of Construction | [1] | 1955-1994 | ||||
Date Acquired | [1] | 1999-2016 | ||||
Other | Missouri | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Other | Missouri | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Montana | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 1,319 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 11,698 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,319 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 11,698 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 13,017 | ||||
Accumulated Depreciation | [1],[5] | $ 1,274 | ||||
Date Of Construction | [1] | 1963-1971 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Nebraska | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 1,600 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 23,142 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,600 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 23,142 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 24,742 | ||||
Accumulated Depreciation | [1],[5] | $ 3,687 | ||||
Date Of Construction | [1] | 1963-1969 | ||||
Date Acquired | [1] | 2,015 | ||||
Other | Nebraska | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Nebraska | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Nevada | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,501 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 50,472 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 8,350 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 5,501 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 58,822 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 64,323 | ||||
Accumulated Depreciation | [1],[5] | $ 12,858 | ||||
Date Of Construction | [1] | 1972-2004 | ||||
Date Acquired | [1] | 2009-2015 | ||||
Other | Nevada | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 26 years | ||||
Other | Nevada | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | New Hampshire | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 1,782 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 19,837 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,463 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,782 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 21,300 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 23,082 | ||||
Accumulated Depreciation | [1],[5] | $ 9,057 | ||||
Date Of Construction | [1] | 1963-1999 | ||||
Date Acquired | [1] | 1998-2006 | ||||
Other | New Hampshire | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | New Hampshire | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | New Mexico | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 8,372 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 62,191 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 8,372 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 62,191 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 70,563 | ||||
Accumulated Depreciation | [1],[5] | $ 6,493 | ||||
Date Of Construction | [1] | 1960-1985 | ||||
Date Acquired | [1] | 2,015 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | North Carolina | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,798 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 60,591 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,551 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,798 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 64,142 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 67,940 | ||||
Accumulated Depreciation | [1],[5] | $ 28,802 | ||||
Date Of Construction | [1] | 1964-1987 | ||||
Date Acquired | [1] | 1994-2017 | ||||
Other | North Carolina | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | ||||
Other | North Carolina | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 36 years | ||||
Other | Ohio | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 18,135 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 254,695 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 7,134 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (552) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 18,135 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 261,277 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 279,412 | ||||
Accumulated Depreciation | [1],[5] | $ 64,195 | ||||
Date Of Construction | [1] | 1920-1998 | ||||
Date Acquired | [1] | 1994-2015 | ||||
Other | Ohio | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 21 years | ||||
Other | Ohio | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Oklahoma | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 4,650 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 36,247 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 4,650 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 36,247 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 40,897 | ||||
Accumulated Depreciation | [1],[5] | $ 9,820 | ||||
Date Of Construction | [1] | 1965-2013 | ||||
Date Acquired | [1] | 2010-2015 | ||||
Other | Oklahoma | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Oklahoma | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Oregon | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,641 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 45,218 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,004 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,641 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 49,222 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 52,863 | ||||
Accumulated Depreciation | [1],[5] | $ 5,350 | ||||
Date Of Construction | [1] | 1959-2004 | ||||
Date Acquired | [1] | 2014-2015 | ||||
Other | Oregon | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | ||||
Other | Oregon | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Pennsylvania | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 9,981 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 187,731 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (5) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 9,976 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 187,731 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 197,707 | ||||
Accumulated Depreciation | [1],[5] | $ 62,399 | ||||
Date Of Construction | [1] | 1942-2012 | ||||
Date Acquired | [1] | 1998-2015 | ||||
Other | Pennsylvania | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 16 years | ||||
Other | Pennsylvania | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Rhode Island | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,658 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 35,082 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,793 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,658 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 39,875 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 43,533 | ||||
Accumulated Depreciation | [1],[5] | $ 17,682 | ||||
Date Of Construction | [1] | 1965-1981 | ||||
Date Acquired | [1] | 2,006 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | South Carolina | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 7,800 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 59,782 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 7,800 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 59,782 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 67,582 | ||||
Accumulated Depreciation | [1],[5] | $ 8,838 | ||||
Date Of Construction | [1] | 1959-2007 | ||||
Date Acquired | [1] | 2014-2016 | ||||
Other | South Carolina | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | South Carolina | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | Tennessee | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,827 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 99,457 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 5,332 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (135) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 5,933 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 104,548 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 110,481 | ||||
Accumulated Depreciation | [1],[5] | $ 51,466 | ||||
Date Of Construction | [1] | 1958-1985 | ||||
Date Acquired | [1] | 1992-2015 | ||||
Other | Tennessee | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Tennessee | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 31 years | ||||
Other | Texas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 70,761 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 721,428 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 27,074 | ||||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 68 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (2,532) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 70,761 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 746,038 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 816,799 | ||||
Accumulated Depreciation | [1],[5] | $ 124,486 | ||||
Date Of Construction | [1] | 1952-2015 | ||||
Date Acquired | [1] | 1997-2017 | ||||
Other | Texas | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 2 years | ||||
Other | Texas | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | United Kingdom | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 81,843 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 346,104 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,791 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (22,258) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 79,688 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 327,792 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 407,480 | ||||
Accumulated Depreciation | [1],[5] | $ 22,033 | ||||
Date Of Construction | [1] | 1750-2012 | ||||
Date Acquired | [1] | 2015-2017 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Other | Vermont | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 318 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 6,006 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 602 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 318 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 6,608 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 6,926 | ||||
Accumulated Depreciation | [1],[5] | $ 2,592 | ||||
Date Of Construction | [1] | 1,971 | ||||
Date Acquired | [1] | 2,004 | ||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Virginia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 3,021 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 37,129 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 3,021 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 37,129 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 40,150 | ||||
Accumulated Depreciation | [1],[5] | $ 2,942 | ||||
Date Of Construction | [1] | 1989-1995 | ||||
Date Acquired | [1] | 2015-2017 | ||||
Other | Virginia | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | ||||
Other | Virginia | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | ||||
Other | Washington | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 11,719 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 138,056 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,627 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (2) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 11,718 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 140,682 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 152,400 | ||||
Accumulated Depreciation | [1],[5] | $ 27,356 | ||||
Date Of Construction | [1] | 1930-2004 | ||||
Date Acquired | [1] | 1995-2015 | ||||
Other | Washington | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | ||||
Other | Washington | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
Other | West Virginia | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 1,523 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 52,187 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,877 | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 1,523 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 59,064 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 60,587 | ||||
Accumulated Depreciation | [1],[5] | $ 32,336 | ||||
Date Of Construction | [1] | 1961-1996 | ||||
Date Acquired | [1] | 1994-2008 | ||||
Other | West Virginia | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | ||||
Other | West Virginia | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | ||||
Other | Wisconsin | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost to Company Land | [1] | $ 5,996 | ||||
Initial Cost to Company Buildings and Improvements | [1] | 44,333 | ||||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,043 | ||||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (12,982) | ||||
Gross Amount at Which Carried at Close of Period Land | [1],[3] | 5,996 | ||||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[3] | 37,394 | ||||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 43,390 | ||||
Accumulated Depreciation | [1],[5] | $ 6,338 | ||||
Date Of Construction | [1] | 1964-1994 | ||||
Date Acquired | [1] | 2010-2015 | ||||
Other | Wisconsin | Minimum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 12 years | ||||
Other | Wisconsin | Maximum | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | ||||
[1] | The real estate included in this schedule is being used in either the operation of skilled nursing facilities (SNF), assisted living facilities (AL), independent living facilities (ILF), traumatic brain injury (TBI), medical office building (MOB) or specialty hospitals (SH) located in the states or country indicated. | |||||
[2] | Reflects bed sales, impairments (including the write-off of accumulated depreciation), land easements and impacts from foreign currency exchange rates. | |||||
[3] | Year Ended December 31, 2015, 2016, 2017 Balance at beginning of period $3,223,785 $ 6,743,958 $ 7,566,358 Acquisitions through foreclosure - 25,000 - Acquisitions (a) 3,371,234 1,017,761 419,333 Impairment (12,916 ) (53,717 ) (98,672 ) Improvements 220,272 95,807 116,786 Disposals/other (58,417 ) (262,451 ) (347,845 ) Balance at close of period $ 6,743,958 $ 7,566,358 $ 7,655,960 | |||||
[4] | The reported amount of our real estate at December 31, 2017 is greater than the tax basis of the real estate by approximately $0.9 billion. | |||||
[5] | Year Ended December 31,2015,2016,2017 Balance at beginning of period $821,712 $ 1,019,150 $ 1,240,336 Provisions for depreciation 210,555 266,904 287,189 Dispositions/other (13,117 ) (45,718 ) (150,697 ) Balance at close of period $ 1,019,150 $ 1,240,336 $ 1,376,828 | |||||
[6] | Certain of the real estate indicated are security for the HUD loan borrowings totalling $53.7 million. |
SCHEDULE III - REAL ESTATE A124
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Parentheticals) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of period | $ 7,566,358 | $ 6,743,958 | $ 3,223,785 | ||
Acquisitions through foreclosure | [1] | 0 | 25,000 | 0 | |
Acquisitions | 419,333 | 1,017,761 | 3,371,234 | ||
Impairment | (98,672) | (53,717) | (12,916) | ||
Improvements | 116,786 | 95,807 | 220,272 | ||
Disposals/other | (347,845) | (262,451) | (58,417) | ||
Balance at close of period | 7,655,960 | [2],[3] | 7,566,358 | 6,743,958 | |
Reconciliation of real estate accumulated depreciation | |||||
Balance at beginning of period | 1,240,336 | 1,019,150 | 821,712 | ||
Provisions for depreciation | 287,189 | 266,904 | 210,555 | ||
Dispositions/other | (150,697) | (45,718) | (13,117) | ||
Balance at close of period | $ 1,376,828 | [2] | $ 1,240,336 | $ 1,019,150 | |
[1] | Includes approximately $3.1 billion, $35.1 million and $27.2 million of noncash consideration exchanged during the years ended December 31, 2015, 2016 and 2017, respectively. | ||||
[2] | The reported amount of our real estate at December 31, 2017 is greater than the tax basis of the real estate by approximately $0.9 billion. | ||||
[3] | Year Ended December 31, 2015, 2016, 2017 Balance at beginning of period $3,223,785 $ 6,743,958 $ 7,566,358 Acquisitions through foreclosure - 25,000 - Acquisitions (a) 3,371,234 1,017,761 419,333 Impairment (12,916 ) (53,717 ) (98,672 ) Improvements 220,272 95,807 116,786 Disposals/other (58,417 ) (262,451 ) (347,845 ) Balance at close of period $ 6,743,958 $ 7,566,358 $ 7,655,960 |
SCHEDULE III - REAL ESTATE A125
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Parentheticals) (Detail 1 - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Reported amount of real estate in excess of the tax basis | $ 900,000 | |||
Noncash consideration exchanged | 3,100,000 | $ 35,100 | $ 27,200 | |
HUD mortgages assumed December 2011 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
HUD loan borrowings | [1] | $ 53,666 | ||
[1] | Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2017 excluding a third-party administration fee of approximately 0.5% annually. Secured by real estate assets with a net carrying value of $62.0 million as of December 31, 2017. This borrowing was incurred by wholly owned subsidiaries of Omega OP. |
SCHEDULE IV - MORTGAGE LOANS126
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | [1] | |
Mortgage Loans on Real Estate [Line Items] | ||
Face Amount of Mortgages | $ 719,927 | |
Carrying Amount of Mortgages | 671,232 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 1,472 | |
Louisiana | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | |
Fixed/Variable | F | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest plus $17 of principal payable monthly with $10,836 due at maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 11,027 | |
Carrying Amount of Mortgages | 10,944 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Maryland | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.00% | |
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 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 1 | ||
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 | $ 3,968 | |
Carrying Amount of Mortgages | 3,968 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 2 | ||
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 | $ 4,112 | |
Carrying Amount of Mortgages | 4,112 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 3 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.51% | |
Fixed/Variable | V | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 12,107 | |
Carrying Amount of Mortgages | 12,107 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 4 | ||
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 | $ 12,500 | |
Carrying Amount of Mortgages | 12,500 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 5 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.68% | |
Fixed/Variable | V | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest plus $115 of principal payable monthly with $382,127 due at maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 415,000 | |
Carrying Amount of Mortgages | 410,763 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 6 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Fixed/Variable | V | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest plus $2 of principal payable monthly with $10,466 due at maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 11,000 | |
Carrying Amount of Mortgages | 10,988 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 7 | ||
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 | $ 188 | |
Carrying Amount of Mortgages | 188 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 8 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.67% | |
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 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 9 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Fixed/Variable | V | |
Final Maturity Date | 2,019 | |
Periodic Payment Terms | Interest payable monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 210 | |
Carrying Amount of Mortgages | 210 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 10 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Fixed/Variable | V | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest payable monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 7,440 | |
Carrying Amount of Mortgages | 7,440 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
New Jersey | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Fixed/Variable | F | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest payable monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 3,195 | |
Carrying Amount of Mortgages | 3,195 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Ohio and Pennsylvania | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.98% | |
Fixed/Variable | V | |
Final Maturity Date | 2,024 | |
Periodic Payment Terms | Interest payable monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 112,500 | |
Carrying Amount of Mortgages | 112,500 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Ohio | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.91% | |
Fixed/Variable | V | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest payable monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 11,874 | |
Carrying Amount of Mortgages | 12,001 | [2],[3],[4],[5] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
South Carolina | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | |
Fixed/Variable | F | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest accrues monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 10,288 | |
Carrying Amount of Mortgages | 10,288 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
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 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 1,472 | [6] |
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 | Interest accrues monthly until maturity | |
Prior Liens | None | |
Face Amount of Mortgages | $ 8,548 | |
Carrying Amount of Mortgages | 8,547 | [2],[3],[4] |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
[1] | Mortgage loans included in this schedule represent first mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. | |
[2] | Mortgages included in the schedule which were extended during 2017 aggregated approximately $3.2 million. | |
[3] | The aggregate cost for federal income tax purposes is approximately $676.6 million. | |
[4] | Year Ended December 31, 2015, 2016, 2017, Balance at beginning of period. $ 648,079 $ 679,795 $ 639,343 Additions during period - new mortgage loans or additional fundings 33,288 48,722 34,643 Deductions during period - collection of principal/other (1,572 ) (89,174 ) (2,754 ) Balance at close of period. $ 679,795 $ 639,343 $ 671,232 . | |
[5] | The carrying value of the mortgage exceeds the face value of the mortgage due to an acquisition date fair market value adjustment. | |
[6] | Mortgage written down to the fair value of the underlying collateral. |
SCHEDULE IV - MORTGAGE LOANS127
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Parentheticals) (Detail) $ in Thousands | Dec. 31, 2017USD ($)FacilityHealthcare_facility | |
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | Healthcare_facility | 983 | |
SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 735 | |
SNF | OMEGA HEALTHCARE INVESTORS INC | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 775 | |
ALF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 118 | |
ALF | OMEGA HEALTHCARE INVESTORS INC | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 119 | |
Louisiana | Group 1 | ALF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principle Amount of Loans Payable Monthly | $ | $ 17 | [1] |
Number of Facilities | 1 | [1] |
Periodic Payment due at maturity | $ | $ 10,836 | [1] |
Maryland | Group 1 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 3 | [1] |
Michigan | Group 1 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Michigan | Group 2 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Michigan | Group 3 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 8 | [1] |
Michigan | Group 4 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 8 | [1] |
Michigan | Group 5 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principle Amount of Loans Payable Monthly | $ | $ 115 | [1] |
Number of Facilities | 31 | [1] |
Periodic Payment due at maturity | $ | $ 382,127 | [1] |
Michigan | Group 6 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Principle Amount of Loans Payable Monthly | $ | $ 2 | [1] |
Number of Facilities | 3 | [1] |
Periodic Payment due at maturity | $ | $ 10,466 | [1] |
Michigan | Group 7 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Michigan | Group 8 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Michigan | Group 9 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Michigan | Group 10 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
New Jersey | Group 1 | ALF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Ohio and Pennsylvania | Group 1 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 2 | [1] |
Ohio and Pennsylvania | Group 1 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 5 | [1] |
Ohio and Pennsylvania | Group 1 | ALF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 2 | [1] |
Ohio | Group 1 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
South Carolina | Group 1 | ALF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Tennessee | Group 1 | SNF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
Virginia | Group 1 | ALF | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of Facilities | 1 | [1] |
[1] | Mortgage loans included in this schedule represent first mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. |
SCHEDULE IV - MORTGAGE LOANS128
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Parentheticals) (Detail 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 639,343 | $ 679,795 | $ 648,079 |
Additions during period - new mortgage loans or additional fundings | 34,643 | 48,722 | 33,288 |
Deductions during period - collection of principal/other | (2,754) | (89,174) | (1,572) |
Balance at close of period | $ 671,232 | $ 639,343 | $ 679,795 |
SCHEDULE IV - MORTGAGE LOANS129
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Parentheticals) (Detail 2) $ in Millions | Dec. 31, 2017USD ($) |
Mortgage Loans On Real Estate [Abstract] | |
Aggregate cost for federal income tax purposes | $ 676.6 |
Mortgages included in the schedule which extended during 2017 | $ 3.2 |