Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Aug. 02, 2017 | Jun. 30, 2016 | |
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 | 197,241,081 | ||
Entity Public Float | $ 6,465,433,450.70 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
OHI Healthcare Properties Holdco, Inc. | |||
Document And Entity Information [Line Items] | |||
Entity Registrant Name | OHI Healthcare Properties Holdco, Inc. | ||
Entity Central Index Key | 1,639,311 | ||
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 | 1,000 | ||
Document Type | 10K/A | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
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 | ||
Document Type | 10K/A | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate properties | ||
Real estate investments (see Note 3) | $ 7,566,358 | $ 6,743,958 |
Less accumulated depreciation | (1,240,336) | (1,019,150) |
Real estate investments - net | 6,326,022 | 5,724,808 |
Investments in direct financing leases - net | 601,938 | 587,701 |
Mortgage notes receivable - net | 639,343 | 679,795 |
Real estate properties, total | 7,567,303 | 6,992,304 |
Other investments - net | 256,846 | 89,299 |
Investment in unconsolidated joint venture | 48,776 | |
Assets held for sale - net | 52,868 | 6,599 |
Total investments | 7,925,793 | 7,088,202 |
Cash and cash equivalents | 93,687 | 5,424 |
Restricted cash | 13,589 | 14,607 |
Accounts receivable - net | 240,035 | 203,862 |
Goodwill | 643,474 | 645,683 |
Other assets | 32,682 | 32,158 |
Total assets | 8,949,260 | 7,989,936 |
LIABILITIES AND OWNERS' EQUITY | ||
Revolving line of credit | 190,000 | 230,000 |
Term loans - net | 1,094,343 | 745,693 |
Secured borrowings - net | 54,365 | 235,593 |
Unsecured borrowings - net | 3,028,146 | 2,328,727 |
Accrued expenses and other liabilities | 360,514 | 333,706 |
Deferred income taxes | 9,906 | 15,352 |
Total liabilities | 4,737,274 | 3,889,071 |
Equity: | ||
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 196,142 shares as of December 31, 2016 and 187,399 as of December 31, 2015 | 19,614 | 18,740 |
Common stock - additional paid-in capital | 4,861,408 | 4,609,474 |
Cumulative net earnings | 1,738,937 | 1,372,522 |
Cumulative dividends paid | (2,707,387) | (2,254,038) |
Accumulated other comprehensive loss | (53,827) | (8,712) |
Total stockholders' equity | 3,858,745 | 3,737,986 |
Noncontrolling interest | 353,241 | 362,879 |
Total equity | 4,211,986 | 4,100,865 |
Owners' Equity: | ||
Total liabilities and owners' equity | 8,949,260 | 7,989,936 |
OHI Healthcare Properties Holdco, Inc. | ||
Real estate properties | ||
Real estate investments (see Note 3) | 7,566,358 | 6,743,958 |
Less accumulated depreciation | (1,240,336) | (1,019,150) |
Real estate investments - net | 6,326,022 | 5,724,808 |
Investments in direct financing leases - net | 601,938 | 587,701 |
Mortgage notes receivable - net | 639,343 | 679,795 |
Real estate properties, total | 7,567,303 | 6,992,304 |
Other investments - net | 256,846 | 89,299 |
Investment in unconsolidated joint venture | 48,776 | |
Assets held for sale - net | 52,868 | 6,599 |
Total investments | 7,925,793 | 7,088,202 |
Cash and cash equivalents | 93,687 | 5,424 |
Restricted cash | 13,589 | 14,607 |
Accounts receivable - net | 240,035 | 203,862 |
Goodwill | 643,474 | 645,683 |
Other assets | 32,682 | 32,158 |
Total assets | 8,949,260 | 7,989,936 |
LIABILITIES AND OWNERS' EQUITY | ||
Term loans - net | 100,000 | 100,000 |
Secured borrowings - net | 54,365 | 235,593 |
Accrued expenses and other liabilities | 302,959 | 299,099 |
Deferred income taxes | 9,906 | 15,352 |
Intercompany loans payable | 4,270,044 | 3,239,027 |
Total liabilities | 4,737,274 | 3,889,071 |
Equity: | ||
Common stock - additional paid-in capital | 923,218 | 923,218 |
Cumulative net earnings | 126,187 | 42,862 |
Cumulative dividends paid | (175,289) | (72,126) |
Accumulated other comprehensive loss | (12,439) | (2,039) |
Total stockholders' equity | 861,677 | 891,915 |
Noncontrolling interest | 3,350,309 | 3,208,950 |
Total equity | 4,211,986 | 4,100,865 |
Owners' Equity: | ||
Total liabilities and owners' equity | 8,949,260 | 7,989,936 |
OHI Healthcare Properties Limited Partnership | ||
Real estate properties | ||
Real estate investments (see Note 3) | 7,566,358 | 6,743,958 |
Less accumulated depreciation | (1,240,336) | (1,019,150) |
Real estate investments - net | 6,326,022 | 5,724,808 |
Investments in direct financing leases - net | 601,938 | 587,701 |
Mortgage notes receivable - net | 639,343 | 679,795 |
Real estate properties, total | 7,567,303 | 6,992,304 |
Other investments - net | 256,846 | 89,299 |
Investment in unconsolidated joint venture | 48,776 | |
Assets held for sale - net | 52,868 | 6,599 |
Total investments | 7,925,793 | 7,088,202 |
Cash and cash equivalents | 93,687 | 5,424 |
Restricted cash | 13,589 | 14,607 |
Accounts receivable - net | 240,035 | 203,862 |
Goodwill | 643,474 | 645,683 |
Other assets | 32,682 | 32,158 |
Total assets | 8,949,260 | 7,989,936 |
LIABILITIES AND OWNERS' EQUITY | ||
Term loans - net | 100,000 | 100,000 |
Secured borrowings - net | 54,365 | 235,593 |
Accrued expenses and other liabilities | 302,959 | 299,099 |
Deferred income taxes | 9,906 | 15,352 |
Intercompany loans payable | 4,270,044 | 3,239,027 |
Total liabilities | 4,737,274 | 3,889,071 |
Equity: | ||
Accumulated other comprehensive loss | (56,368) | (9,131) |
Owners' Equity: | ||
General partners' equity | 3,858,745 | 3,737,986 |
Limited partners' equity | 353,241 | 362,879 |
Total owners' equity | 4,211,986 | 4,100,865 |
Total liabilities and owners' equity | $ 8,949,260 | $ 7,989,936 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 196,142 | 187,399 |
Common stock, shares outstanding | 196,142 | 187,399 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | ||||
Rental income | $ 743,885 | $ 605,991 | $ 388,443 | |
Income from direct financing leases | 62,298 | 59,936 | 56,719 | |
Mortgage interest income | 69,811 | 68,910 | 53,007 | |
Other investment income - net | 21,852 | 7,534 | 6,369 | |
Miscellaneous income | 2,981 | 1,246 | 249 | |
Total operating revenues | 900,827 | 743,617 | 504,787 | |
Expenses | ||||
Depreciation and amortization | 267,062 | 210,703 | 123,257 | |
General and administrative | 45,867 | 38,568 | 25,888 | |
Acquisition and merger related costs | 9,582 | 57,525 | 3,948 | |
Impairment loss on real estate properties | 58,726 | 17,681 | 3,660 | |
Provisions for uncollectible mortgages, notes and accounts receivable | 9,845 | 7,871 | 2,723 | |
Total operating expenses | 391,082 | 332,348 | 159,476 | |
Income before other income and expense | 509,745 | 411,269 | 345,311 | |
Other income (expense) | ||||
Interest income | 173 | 285 | 44 | |
Interest expense | (164,103) | (147,381) | (119,369) | |
Interest - amortization of deferred financing costs | (9,345) | (6,990) | (4,459) | |
Interest - refinancing costs | (2,113) | (28,837) | (3,041) | |
Realized loss on foreign exchange | (232) | (173) | ||
Total other expense | (175,620) | (183,096) | (126,825) | |
Income before gain on assets sold | 334,125 | 228,173 | 218,486 | |
Gain on assets sold - net | 50,208 | 6,353 | 2,863 | |
Income from continuing operations | 384,333 | 234,526 | 221,349 | |
Income tax expense | (1,405) | (1,211) | ||
Income from unconsolidated joint venture | 439 | |||
Net income | 383,367 | 233,315 | 221,349 | |
Net income attributable to noncontrolling interest | (16,952) | (8,791) | ||
Net income available to common stockholders | $ 366,415 | $ 224,524 | $ 221,349 | |
Basic: | ||||
Net income available to common stockholders (in dollars per share) | $ 1.91 | $ 1.30 | $ 1.75 | |
Diluted: | ||||
Net income (in dollars per share) | $ 1.90 | $ 1.29 | $ 1.74 | |
Diluted: | ||||
Weighted-average shares outstanding, basic (in shares) | 191,781 | 172,242 | 126,550 | |
Weighted-average shares outstanding, diluted (in shares) | 201,635 | 180,508 | 127,294 | |
OHI Healthcare Properties Holdco, Inc. | ||||
Revenue | ||||
Rental income | $ 505,027 | $ 743,885 | ||
Income from direct financing leases | 45,590 | 62,298 | ||
Mortgage interest income | 52,331 | 69,811 | ||
Other investment income - net | 6,138 | 21,852 | ||
Miscellaneous income | 1,111 | 2,981 | ||
Total operating revenues | 610,197 | 900,827 | ||
Expenses | ||||
Depreciation and amortization | 180,093 | 267,062 | ||
General and administrative | 32,554 | 45,867 | ||
Acquisition and merger related costs | 52,657 | 9,582 | ||
Impairment loss on real estate properties | 11,699 | 58,726 | ||
Provisions for uncollectible mortgages, notes and accounts receivable | 7,873 | 9,845 | ||
Total operating expenses | 284,876 | 391,082 | ||
Income before other income and expense | 325,321 | 509,745 | ||
Other income (expense) | ||||
Interest income | 92 | 173 | ||
Interest expense | (115,022) | (164,103) | ||
Interest - amortization of deferred financing costs | (5,637) | (9,345) | ||
Interest - refinancing costs | (19,460) | (2,113) | ||
Realized loss on foreign exchange | (173) | (232) | ||
Total other expense | (140,200) | (175,620) | ||
Income before gain on assets sold | 185,121 | 334,125 | ||
Gain on assets sold - net | 6,353 | 50,208 | ||
Income from continuing operations | 191,474 | 384,333 | ||
Income tax expense | (1,211) | (1,405) | ||
Income from unconsolidated joint venture | 439 | |||
Net income | 190,263 | 383,367 | ||
Net income attributable to noncontrolling interest | (147,401) | (300,042) | ||
Net income available to common stockholders | 42,862 | 83,325 | ||
OHI Healthcare Properties Limited Partnership | ||||
Revenue | ||||
Rental income | 505,027 | 743,885 | ||
Income from direct financing leases | 45,590 | 62,298 | ||
Mortgage interest income | 52,331 | 69,811 | ||
Other investment income - net | 6,138 | 21,852 | ||
Miscellaneous income | 1,111 | 2,981 | ||
Total operating revenues | 610,197 | 900,827 | ||
Expenses | ||||
Depreciation and amortization | 180,093 | 267,062 | ||
General and administrative | 32,554 | 45,867 | ||
Acquisition and merger related costs | 52,657 | 9,582 | ||
Impairment loss on real estate properties | 11,699 | 58,726 | ||
Provisions for uncollectible mortgages, notes and accounts receivable | 7,873 | 9,845 | ||
Total operating expenses | 284,876 | 391,082 | ||
Income before other income and expense | 325,321 | 509,745 | ||
Other income (expense) | ||||
Interest income | 92 | 173 | ||
Interest expense | (115,022) | (164,103) | ||
Interest - amortization of deferred financing costs | (5,637) | (9,345) | ||
Interest - refinancing costs | (19,460) | (2,113) | ||
Realized loss on foreign exchange | (173) | (232) | ||
Total other expense | (140,200) | (175,620) | ||
Income before gain on assets sold | 185,121 | 334,125 | ||
Gain on assets sold - net | 6,353 | 50,208 | ||
Income from continuing operations | 191,474 | 384,333 | ||
Income tax expense | (1,211) | (1,405) | ||
Income from unconsolidated joint venture | 439 | |||
Net income | $ 190,263 | 383,367 | $ 190,263 | |
Net income attributable to noncontrolling interest | ||||
Net income available to common stockholders | $ 383,367 | $ 190,263 | ||
Basic: | ||||
Net income (in dollars per share) | $ 0.98 | $ 1.91 | $ 0.98 | |
Diluted: | ||||
Net income (in dollars per share) | $ 0.97 | $ 1.90 | $ 0.97 | |
Weighted-average Omega OP Units outstanding, basic (in shares) | 193,843 | 200,679 | 193,843 | |
Weighted-average Omega OP Units outstanding, diluted (in shares) | 195,742 | 201,635 | 195,742 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income | $ 383,367 | $ 233,315 | $ 221,349 | ||
Other comprehensive income (loss) | |||||
Foreign currency translation | (46,535) | (8,413) | |||
Cash flow hedges | (702) | (718) | |||
Total other comprehensive income (loss) | (47,237) | (9,131) | |||
Comprehensive income | 336,130 | 224,184 | 221,349 | ||
Comprehensive income attributable to noncontrolling interest | [1] | (14,830) | (8,373) | ||
Comprehensive income attributable to common stockholders | [1] | 321,300 | 215,811 | $ 221,349 | |
OHI Healthcare Properties Holdco, Inc. | |||||
Net income | $ 190,263 | 383,367 | |||
Other comprehensive income (loss) | |||||
Foreign currency translation | (8,413) | (46,535) | |||
Cash flow hedges | (718) | (702) | |||
Total other comprehensive income (loss) | (9,131) | (47,237) | |||
Comprehensive income | 181,132 | 336,130 | |||
Comprehensive income attributable to noncontrolling interest | (140,310) | (263,205) | |||
Comprehensive income attributable to common stockholders | 40,822 | 72,925 | |||
OHI Healthcare Properties Limited Partnership | |||||
Net income | 190,263 | 383,367 | $ 190,263 | ||
Other comprehensive income (loss) | |||||
Foreign currency translation | (8,413) | (46,535) | |||
Cash flow hedges | (718) | (702) | |||
Total other comprehensive income (loss) | (9,131) | (47,237) | |||
Comprehensive income | $ 181,132 | $ 336,130 | |||
[1] | The 2015 amount has been adjusted to increase the comprehensive income attributable to the noncontrolling interest and decrease the comprehensive income attributable to common stockholders by $8.8 million. |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Adjustments made in comprehensive income attributable to noncontrolling interest and comprehensive income attributable to common stockholders | $ 8.8 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock Par Value | Additional Paid-in Capital | Cumulative Net Earnings | Cumulative Dividends Paid | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | Noncontrolling Interest | Total | OHI Healthcare Properties Holdco, Inc.Common Stock - Additional Paid-In Capital | OHI Healthcare Properties Holdco, Inc.Cumulative Net Earnings | OHI Healthcare Properties Holdco, Inc.Cumulative Dividends Paid | OHI Healthcare Properties Holdco, Inc.Accumulated Other Comprehensive Loss | OHI Healthcare Properties Holdco, Inc.Total Stockholders' Equity | OHI Healthcare Properties Holdco, Inc.Noncontrolling Interest | OHI Healthcare Properties Holdco, Inc. | OHI Healthcare Properties Limited PartnershipGeneral Partners' Omega OP Units | OHI Healthcare Properties Limited PartnershipLimited Partners' Omega OP Units | OHI Healthcare Properties Limited Partnership |
Balance (123,530 common shares, 127,606 common shares, 187,399 shares and 196,142 shares for 2013, 2014, 2015, 2016 respectively and Omega OP Units 8,956 and 8,862 for 2015 and 2016 respectively.) at Dec. 31, 2013 | $ 12,353 | $ 1,998,169 | $ 926,649 | $ (1,637,068) | $ 1,300,103 | $ 1,300,103 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Grant of restricted stock to company directors ( 12 shares at $35.79, 21 shares at $35.70 per share and 18 shares at $33.09 per share to company directors for 2014, 2015 and 2016 respectively) | 1 | (1) | ||||||||||||||||
Stock-based compensation expense | 8,382 | 8,382 | 8,382 | |||||||||||||||
Vesting of restricted stock, net of tax withholdings (126 shares) | 13 | (3,590) | (3,577) | (3,577) | ||||||||||||||
Dividend reinvestment plan (2,084 shares at $34.32 per share, 4,184 shares at $36.06 per share and 7,215 shares at $33.27 per share for 2014, 2015, 2016, respectively) | 208 | 71,279 | 71,487 | 71,487 | ||||||||||||||
Grant of stock as payment of directors fees (6 shares at an average of $35.52 per share, 9 shares at an average of $35.94 per share, 10 shares at an average of $31.27 per share for 2014, 2015, 2016, respectively) | 1 | 199 | 200 | 200 | ||||||||||||||
Equity Shelf Program (1,848 shares at $34.33 per share, net of issuance costs and 656 shares at $29.97per share, net of issuance costs for 2014 and 2016, respectively) | 185 | 61,796 | 61,981 | 61,981 | ||||||||||||||
Common dividends declared ($2.02 per share, $2.18 per share and $2.36 per share for 2014, 2015, 2016, respectively) | (258,598) | (258,598) | (258,598) | |||||||||||||||
Net income | 221,349 | 221,349 | 221,349 | |||||||||||||||
Balance (123,530 common shares, 127,606 common shares, 187,399 shares and 196,142 shares for 2013, 2014, 2015, 2016 respectively and Omega OP Units 8,956 and 8,862 for 2015 and 2016 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 ( 12 shares at $35.79, 21 shares at $35.70 per share and 18 shares at $33.09 per share to company directors for 2014, 2015 and 2016 respectively) | 2 | (2) | ||||||||||||||||
Stock-based compensation expense | 11,133 | 11,133 | 11,133 | |||||||||||||||
Vesting/exercising of equity compensation, net of tax withholdings (941 shares and 773 shares for 2015 and 2016, respectively) | 94 | (26,800) | (26,706) | (26,706) | ||||||||||||||
Dividend reinvestment plan (2,084 shares at $34.32 per share, 4,184 shares at $36.06 per share and 7,215 shares at $33.27 per share for 2014, 2015, 2016, 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 (6 shares at an average of $35.52 per share, 9 shares at an average of $35.94 per share, 10 shares at an average of $31.27 per share for 2014, 2015, 2016, respectively) | 1 | 312 | 313 | 313 | ||||||||||||||
Deferred compensation directors | 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 ($2.02 per share, $2.18 per share and $2.36 per share for 2014, 2015, 2016, 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) | ||||||||||||||||
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 | $ 190,263 | |||||||||||||
Balance (123,530 common shares, 127,606 common shares, 187,399 shares and 196,142 shares for 2013, 2014, 2015, 2016 respectively and Omega OP Units 8,956 and 8,862 for 2015 and 2016 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 | $ 923,218 | $ 42,862 | $ (72,126) | $ (2,039) | $ 891,915 | $ 3,208,950 | $ 4,100,865 | |||
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 | |||||||||||||||
Balance (123,530 common shares, 127,606 common shares, 187,399 shares and 196,142 shares for 2013, 2014, 2015, 2016 respectively and Omega OP Units 8,956 and 8,862 for 2015 and 2016 respectively.) at Apr. 01, 2015 | 1,770,953 | 1,770,953 | ||||||||||||||||
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 Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Contributions from partners | $ 2,034,091 | $ 373,394 | $ 2,407,485 | |||||||||||||||
Contributions from partners (in shares) | 48,647 | 9,165 | 57,812 | |||||||||||||||
Omega OP Unit redemptions | $ (7,251) | $ (7,251) | ||||||||||||||||
Omega OP Unit redemptions (in shares) | (209) | (209) | ||||||||||||||||
Contributions | 923,218 | 923,218 | 1,484,267 | 2,407,485 | ||||||||||||||
Distributions | (72,126) | (72,126) | (186,579) | (258,705) | $ (239,818) | $ (11,636) | $ (251,454) | |||||||||||
Foreign currency translation | (1,879) | (1,879) | (6,534) | (8,413) | (8,027) | (386) | (8,413) | |||||||||||
Cash flow hedges | (160) | (160) | (558) | (718) | (685) | (33) | (718) | |||||||||||
Net income | 42,862 | 42,862 | 147,401 | 190,263 | 181,472 | 8,791 | 190,263 | |||||||||||
Balance (123,530 common shares, 127,606 common shares, 187,399 shares and 196,142 shares for 2013, 2014, 2015, 2016 respectively and Omega OP Units 8,956 and 8,862 for 2015 and 2016 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 | 923,218 | 42,862 | (72,126) | (2,039) | 891,915 | 3,208,950 | 4,100,865 | |||
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 Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Grant of restricted stock to company directors ( 12 shares at $35.79, 21 shares at $35.70 per share and 18 shares at $33.09 per share to company directors for 2014, 2015 and 2016 respectively) | 2 | (2) | ||||||||||||||||
Stock-based compensation expense | 13,790 | 13,790 | 13,790 | |||||||||||||||
Vesting/exercising of equity compensation, net of tax withholdings (941 shares and 773 shares for 2015 and 2016, respectively) | 77 | (23,503) | (23,426) | (23,426) | ||||||||||||||
Dividend reinvestment plan (2,084 shares at $34.32 per share, 4,184 shares at $36.06 per share and 7,215 shares at $33.27 per share for 2014, 2015, 2016, respectively) | 721 | 239,320 | 240,041 | 240,041 | ||||||||||||||
Grant of stock as payment of directors fees (6 shares at an average of $35.52 per share, 9 shares at an average of $35.94 per share, 10 shares at an average of $31.27 per share for 2014, 2015, 2016, respectively) | 1 | 324 | 325 | 325 | ||||||||||||||
Deferred compensation directors | (129) | (129) | (129) | |||||||||||||||
Equity Shelf Program (1,848 shares at $34.33 per share, net of issuance costs and 656 shares at $29.97per share, net of issuance costs for 2014 and 2016, respectively) | 66 | 19,585 | 19,651 | 19,651 | ||||||||||||||
Common dividends declared ($2.02 per share, $2.18 per share and $2.36 per share for 2014, 2015, 2016, respectively) | (453,349) | (453,349) | (453,349) | |||||||||||||||
Conversion of Omega OP Units to common stock (72 shares at $35.68 per share) | 7 | 2,559 | 2,566 | 2,566 | ||||||||||||||
Redemption of Omega OP Units (94 units) | (10) | (10) | (3,289) | (3,299) | ||||||||||||||
Omega OP Units distributions | (21,179) | (21,179) | ||||||||||||||||
Contributions from partners | $ 252,818 | $ 252,818 | ||||||||||||||||
Contributions from partners (in shares) | 8,743 | 8,743 | ||||||||||||||||
Omega OP Unit redemptions | $ (10) | $ (3,289) | $ (3,299) | |||||||||||||||
Omega OP Unit redemptions (in shares) | (94) | (94) | ||||||||||||||||
Contributions | 252,818 | 252,818 | ||||||||||||||||
Distributions | (103,163) | (103,163) | (374,664) | (477,827) | (453,349) | $ (21,179) | $ (474,528) | |||||||||||
Foreign currency translation | (44,468) | (44,468) | (2,067) | (46,535) | (10,149) | (10,149) | (36,386) | (46,535) | (44,468) | (2,067) | (46,535) | |||||||
Cash flow hedges | (647) | (647) | (55) | (702) | (251) | (251) | (451) | (702) | (647) | (55) | (702) | |||||||
Net income | 366,415 | 366,415 | 16,952 | 383,367 | 83,325 | 83,325 | 300,042 | 383,367 | 366,415 | 16,952 | 383,367 | |||||||
Balance (123,530 common shares, 127,606 common shares, 187,399 shares and 196,142 shares for 2013, 2014, 2015, 2016 respectively and Omega OP Units 8,956 and 8,862 for 2015 and 2016 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 | $ 923,218 | $ 126,187 | $ (175,289) | $ (12,439) | $ 861,677 | $ 3,350,309 | $ 4,211,986 | |||
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 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Balance (in shares) | 187,399 | 127,606 | 123,530 |
Grant of restricted stock (in shares) | 18 | 21 | 12 |
Grant of restricted stock (in dollars per share) | $ 33.09 | $ 35.70 | $ 35.79 |
Vesting of restricted stock, net of tax withholdings (in shares) | 126 | ||
Vesting/exercising of equity compensation, net of tax withholdings (in shares) | 773 | 941 | |
Dividend reinvestment plan (in shares) | 7,215 | 4,184 | 2,084 |
Dividend reinvestment plan (in dollars per share) | $ 33.27 | $ 36.06 | $ 34.32 |
Grant of stock as payment of directors fees (in shares) | 10 | 9 | 6 |
Grant of stock as payment of directors fees (in dollars per share) | $ 31.27 | $ 35.94 | $ 35.52 |
Equity shelf program (in shares) | 656 | 1,848 | |
Equity Shelf Program, (in dollars per share) | $ 29.97 | $ 34.33 | |
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 | ||
OP units issuance | 9,165 | ||
Cash conversion of OP units | 209 | ||
Conversion of OP Units to Common stock (in shares) | 72 | ||
Conversion of OP Units to Common stock (in dollars per share) | $ 35.68 | ||
Redemption of OP units (in shares) | 94 | ||
Common dividends (in dollars per share) | $ 2.36 | $ 2.18 | $ 2.02 |
Balance (in shares) | 196,142 | 187,399 | 127,606 |
Balance (in units) | 8,862 | 8,956 | |
OHI Healthcare Properties Holdco, Inc. | |||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Balance (in shares) | 1 | 1 | |
Balance (in shares) | 1 | 1 | 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||||
Net income | $ 383,367 | $ 233,315 | $ 221,349 | |
Adjustment to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 267,062 | 210,703 | 123,257 | |
Impairment loss on real estate properties | 58,726 | 17,681 | 3,660 | |
Provision for uncollectible mortgages, notes and accounts receivable | 9,845 | 7,871 | 2,723 | |
Refinancing costs and amortization of deferred financing costs | 11,458 | 35,827 | 7,500 | |
Accretion of direct financing leases | (12,157) | (11,007) | (9,787) | |
Stock-based compensation expense | 13,790 | 11,133 | 8,592 | |
Gain on assets sold - net | (50,208) | (6,353) | (2,863) | |
Amortization of acquired in-place leases - net | (13,991) | (13,846) | (4,986) | |
Change in operating assets and liabilities - net of amounts assumed/acquired: | ||||
Accounts receivable, net | (4,876) | 248 | (2,264) | |
Straight-line rent receivables | (42,091) | (36,057) | (20,956) | |
Lease inducements | 2,589 | 994 | 2,656 | |
Effective yield receivable on mortgage notes | (721) | (4,065) | (2,878) | |
Other operating assets and liabilities | 2,998 | 17,441 | 11,537 | |
Net cash provided by operating activities | 625,791 | 463,885 | 337,540 | |
Cash flows from investing activities | ||||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (959,748) | (294,182) | (131,689) | |
Cash acquired in merger | 84,858 | |||
Investments in construction in progress | (68,983) | (164,226) | ||
Investments in direct financing leases | (2,080) | (6,793) | ||
Placement of mortgage loans | (48,722) | (14,042) | (529,548) | |
Investments in unconsolidated joint venture | (50,032) | |||
Distributions from unconsolidated joint venture | 1,318 | |||
Proceeds from sale of real estate investments | 169,603 | 41,543 | 4,077 | |
Capital improvements to real estate investments | (40,471) | (26,397) | (17,917) | |
Proceeds from other investments | 96,789 | 45,871 | 13,589 | |
Investments in other investments | (271,557) | (65,402) | (9,441) | |
Collection of mortgage principal | 59,975 | 1,359 | 122,984 | |
Net cash used in investing activities | (1,113,908) | (397,411) | (547,945) | |
Cash flows from financing activities | ||||
Proceeds from credit facility borrowings | 1,304,000 | 1,826,000 | 900,000 | |
Payments on credit facility borrowings | (1,344,000) | (1,681,000) | (1,141,000) | |
Receipts of other long-term borrowings | 1,048,173 | 1,838,124 | 842,148 | |
Payments of other long-term borrowings | (181,249) | (2,187,314) | (242,544) | |
Payments of financing related costs | (11,830) | (54,721) | (17,716) | |
Receipts from dividend reinvestment plan | 240,041 | 150,847 | 71,487 | |
Payments for exercised options and restricted stock | (23,426) | (26,706) | (3,577) | |
Net proceeds from issuance of common stock | 19,651 | 439,322 | 61,981 | |
Dividends paid | (453,152) | (358,232) | (258,501) | |
Redemption of Omega OP Units | (733) | |||
Distributions to Omega OP Unit Holders | (21,179) | (11,636) | ||
Net cash provided by (used in) financing activities | 576,296 | (65,316) | 212,278 | |
Effect of foreign currency translation on cash and cash equivalents | 84 | (223) | ||
Increase (decrease) in cash and cash equivalents | 88,263 | 935 | 1,873 | |
Cash and cash equivalents at beginning of year | 5,424 | 4,489 | 2,616 | |
Cash and cash equivalents at end of year | $ 5,424 | 93,687 | 5,424 | 4,489 |
Interest paid during the year, net of amounts capitalized | 148,326 | 145,929 | $ 110,919 | |
Taxes paid during the year | 4,922 | 1,016 | ||
Non cash investing activities | ||||
Non cash acquisition of businesses (see Note 3 and Note 5 for details) | (60,079) | (3,602,040) | ||
Non cash surrender of mortgage (see Note 5 for details) | 25,000 | |||
Non cash surrender of other investment (see Note 3 for details) | 5,500 | |||
Total | (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 for details) | 29,579 | |||
Change in fair value of cash flow hedges | 764 | 718 | ||
Other unsecured long term borrowing (see Note 3 and Note 12 for details) | 3,000 | |||
Total | 33,343 | 3,687,615 | ||
OHI Healthcare Properties Holdco, Inc. | ||||
Cash flows from operating activities | ||||
Net income | 190,263 | 383,367 | ||
Adjustment to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 180,093 | 267,062 | ||
Impairment loss on real estate properties | 11,699 | 58,726 | ||
Provision for uncollectible mortgages, notes and accounts receivable | 7,873 | 9,845 | ||
Refinancing costs and amortization of deferred financing costs | 25,097 | 11,458 | ||
Accretion of direct financing leases | (8,393) | (12,157) | ||
Stock-based compensation expense | 9,523 | 13,790 | ||
Gain on assets sold - net | (6,353) | (50,208) | ||
Amortization of acquired in-place leases - net | (12,654) | (13,991) | ||
Change in operating assets and liabilities - net of amounts assumed/acquired: | ||||
Accounts receivable, net | 444 | (4,876) | ||
Straight-line rent receivables | (30,782) | (42,091) | ||
Lease inducements | 3,104 | 2,589 | ||
Effective yield receivable on mortgage notes | (2,945) | (721) | ||
Other operating assets and liabilities | (6,378) | 2,998 | ||
Net cash provided by operating activities | 360,591 | 625,791 | ||
Cash flows from investing activities | ||||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (287,882) | (959,748) | ||
Cash acquired in merger | 84,858 | |||
Investments in construction in progress | (158,375) | (68,983) | ||
Investments in direct financing leases | (6,793) | (2,080) | ||
Placement of mortgage loans | (12,040) | (48,722) | ||
Investments in unconsolidated joint venture | (50,032) | |||
Distributions from unconsolidated joint venture | 1,318 | |||
Proceeds from sale of real estate investments | 41,288 | 169,603 | ||
Capital improvements to real estate investments | (20,793) | (40,471) | ||
Proceeds from other investments | 43,716 | 96,789 | ||
Investments in other investments | (63,934) | (271,557) | ||
Collection of mortgage principal | 1,071 | 59,975 | ||
Net cash used in investing activities | (378,884) | (1,113,908) | ||
Cash flows from financing activities | ||||
Payments of financing related costs | (33,403) | (11,830) | ||
Proceeds from intercompany loans from Omega | 2,968,302 | 2,352,173 | ||
Repayment of intercompany loans to Omega | (3,429,431) | (1,525,249) | ||
Dividends paid | (72,126) | (103,163) | ||
Contributions from noncontrolling interest | 119,936 | 236,266 | ||
Distributions to noncontrolling partners/interests | (229,481) | (371,901) | ||
Net cash provided by (used in) financing activities | (676,203) | 576,296 | ||
Effect of foreign currency translation on cash and cash equivalents | (223) | 84 | ||
Increase (decrease) in cash and cash equivalents | (694,719) | 88,263 | ||
Cash and cash equivalents at beginning of year | 700,143 | 5,424 | ||
Cash and cash equivalents at end of year | 5,424 | 93,687 | 5,424 | |
Interest paid during the year, net of amounts capitalized | 120,100 | 148,326 | ||
Taxes paid during the year | 1,016 | 4,922 | ||
Non cash investing activities | ||||
Non cash acquisition of businesses (see Note 3 and Note 5 for details) | (3,602,040) | (60,079) | ||
Non cash surrender of mortgage (see Note 5 for details) | 25,000 | |||
Non cash surrender of other investment (see Note 3 for details) | 5,500 | |||
Total | (3,602,040) | (29,579) | ||
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 for details) | 29,579 | |||
Change in fair value of cash flow hedges | 718 | 764 | ||
Other unsecured long term borrowing (see Note 3 and Note 12 for details) | 3,000 | |||
Total | 3,687,615 | 33,343 | ||
OHI Healthcare Properties Limited Partnership | ||||
Cash flows from operating activities | ||||
Net income | 190,263 | 383,367 | 190,263 | |
Adjustment to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 180,093 | 267,062 | ||
Impairment loss on real estate properties | 11,699 | 58,726 | ||
Provision for uncollectible mortgages, notes and accounts receivable | 7,873 | 9,845 | ||
Refinancing costs and amortization of deferred financing costs | 25,097 | 11,458 | ||
Accretion of direct financing leases | (8,393) | (12,157) | ||
Stock-based compensation expense | 9,523 | 13,790 | ||
Gain on assets sold - net | (6,353) | (50,208) | ||
Amortization of acquired in-place leases - net | (12,654) | (13,991) | ||
Change in operating assets and liabilities - net of amounts assumed/acquired: | ||||
Accounts receivable, net | 444 | (4,876) | ||
Straight-line rent receivables | (30,782) | (42,091) | ||
Lease inducements | 3,104 | 2,589 | ||
Effective yield receivable on mortgage notes | (2,945) | (721) | ||
Other operating assets and liabilities | (6,378) | 2,998 | ||
Net cash provided by operating activities | 360,591 | 625,791 | ||
Cash flows from investing activities | ||||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (287,882) | (959,748) | ||
Cash acquired in merger | 84,858 | |||
Investments in construction in progress | (158,375) | (68,983) | ||
Investments in direct financing leases | (6,793) | (2,080) | ||
Placement of mortgage loans | (12,040) | (48,722) | ||
Investments in unconsolidated joint venture | (50,032) | |||
Distributions from unconsolidated joint venture | 1,318 | |||
Proceeds from sale of real estate investments | 41,288 | 169,603 | ||
Capital improvements to real estate investments | (20,793) | (40,471) | ||
Proceeds from other investments | 43,716 | 96,789 | ||
Investments in other investments | (63,934) | (271,557) | ||
Collection of mortgage principal | 1,071 | 59,975 | ||
Net cash used in investing activities | (378,884) | (1,113,908) | ||
Cash flows from financing activities | ||||
Payments of financing related costs | (33,403) | (11,830) | ||
Proceeds from intercompany loans from Omega | 2,968,302 | 2,352,173 | ||
Repayment of intercompany loans to Omega | (3,429,431) | (1,525,249) | ||
Equity contribution from general partner | 119,936 | 236,266 | ||
Distributions to general partners | (289,971) | (453,152) | ||
Distributions to limited partners | (11,636) | (21,179) | ||
Redemption of Omega OP Units | (733) | |||
Net cash provided by (used in) financing activities | (676,203) | 576,296 | ||
Effect of foreign currency translation on cash and cash equivalents | (223) | 84 | ||
Increase (decrease) in cash and cash equivalents | (694,719) | 88,263 | ||
Cash and cash equivalents at beginning of year | 700,143 | 5,424 | ||
Cash and cash equivalents at end of year | 5,424 | 93,687 | $ 5,424 | |
Interest paid during the year, net of amounts capitalized | 120,100 | 148,326 | ||
Taxes paid during the year | 1,016 | 4,922 | ||
Non cash investing activities | ||||
Non cash acquisition of businesses (see Note 3 and Note 5 for details) | (3,602,040) | (60,079) | ||
Non cash surrender of mortgage (see Note 5 for details) | 25,000 | |||
Non cash surrender of other investment (see Note 3 for details) | 5,500 | |||
Total | (3,602,040) | (29,579) | ||
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 for details) | 29,579 | |||
Change in fair value of cash flow hedges | 718 | 764 | ||
Other unsecured long term borrowing (see Note 3 and Note 12 for details) | 3,000 | |||
Total | $ 3,687,615 | $ 33,343 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Explanatory Note Subsequent to December 31, 2016, all of the subsidiary guarantors of the outstanding senior notes of Omega Healthcare Investors, Inc. (“Omega” or the “Company”) other than OHI Healthcare Properties Holdco, Inc. (“OHI Holdco”) and OHI Healthcare Properties Limited Partnership (“Omega OP”) were released as guarantors of Omega’s senior notes. As a result, the composition of Omega’s guarantor and non-guarantor subsidiaries has changed from the composition reflected in Note 22 of the consolidated financial statements included in the original filing. Accordingly, this amendment provides the consolidated financial statements of the current guarantors in lieu of the information previously set forth in Note 22 relating to the prior guarantor structure. OHI Holdco and Omega OP do not directly own any substantive assets other than OHI Holdco’s equity interest in Omega OP and Omega OP’s interest in non-guarantor subsidiaries. Organization Omega was 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 subsidiaries, OHI Holdco, a direct wholly owned subsidiary of Omega, and Omega OP. OHI Holdco was formed as a corporation and incorporated in the State of Delaware on October 22, 2014. 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 operating activities occurred in either of these entities 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, OHI Holdco 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”). 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. Omega was formed as a real estate investment trust (“REIT”). 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 Holdco, Omega OP, and Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership (the “Aviv OP”). 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”). Pursuant to the Partnership Agreement, Omega and OHI Holdco are the general partners of Omega OP, and have exclusive control over Omega OP’s day-to-day management. As of December 31, 2016, Omega and OHI Holdco together owned approximately 96% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 4% of the Omega OP Units. Consolidation Our consolidated financial statements include the accounts of (i) Omega, (ii) OHI Holdco (iii) Omega OP and (iv) all direct and indirect wholly owned subsidiaries of Omega. 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
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 (see Note 10 – Concentration of Risk). 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 For acquisitions not accounted for as a business combination, assets and liabilities are recognized based on their cost to the Company which generally includes transaction costs. The costs of the acquisition are allocated to the assets and liabilities acquired on a relative fair value basis. 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. As of December 31, 2016 and 2015, 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, 2016 and 2015, 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, 2016 and 2015. 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. We have determined that all but seven of our leases should be accounted for as operating leases. The other seven 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 , 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 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. For additional information, see Note 9 – Intangibles. Asset 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, 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 the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows 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 by market research, which includes valuing the property as a nursing home as well as other 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. 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. If we decide to sell real estate properties or land holdings, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. Our estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. For the years ended December 31, 2016, 2015 and 2014, we recognized impairment losses of $58.7 million, $17.7 million and $3.7 million, respectively. For additional information, see Note 3 – Properties and Note 8 – Assets Held For Sale. Loan and Direct Financing Lease Impairment Management evaluates our outstanding mortgage notes, direct financing leases and other notes receivable for impairment. When management identifies potential loan or direct financing lease impairment indicators, such as non-payment under the loan documents, impairment of the underlying collateral, financial difficulty of the operator or other circumstances that may impair full execution of the loan documents or direct financing leases, and management believes it is probable that all amounts will not be collected under the contractual terms of the loan or direct financing lease, the loan or direct financing lease 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 or direct financing lease is written down to the fair value of the collateral. The fair value of the loan or direct financing lease is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. 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, 2016 and 2015, we had $8.7 million and $3.0 million, respectively, of reserves on our mortgages and other investments and no reserves on our direct financing leases. For additional information, see Note 4 – Direct Financing Leases, Note 5 – Mortgage Notes Receivable and Note 6 – Other Investments. 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 year ended December 31, 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. For additional information, see Note 8 – Assets Held for Sale. 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 funds escrowed for tenants’ security deposits required by us pursuant to certain contractual terms (see Note 11 – Lease and Mortgage Deposits). 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 mortgage recognized on an effective yield basis or the existence of lease inducements, we generally provide an allowance for straight-line, effective interest, and or lease inducement accounts receivable when certain conditions or indicators of adverse collectability are present. If the accounts receivable balance is subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables by type is as follows: December 31, 2016 2015 (in thousands) Contractual receivables $ 13,376 $ 8,452 Effective yield interest receivables 9,749 9,028 Straight-line rent receivables 208,874 175,709 Lease inducements 8,393 10,982 Allowance (357 ) (309 ) Accounts receivable – net $ 240,035 $ 203,862 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. In 2014, we wrote-off $0.8 million of straight-line rent receivables associated with a lease amendment to an existing operator for two facilities that were transitioned to a new operator and $2.0 million of effective yield interest receivables associated with the termination of a mortgage note that was due November 2021. 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 2016 and 2015. Income Taxes OHI Holdco is a wholly owned subsidiary of Omega and is a qualified REIT subsidiary for United States federal income tax purposes, and Omega OP is a pass through entity for United States federal income tax purposes. 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. 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. For additional information on income taxes, see Note 14 – Taxes. 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. We do not recognize contingent rents as income until the contingencies have been resolved. 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. Mortgage interest income is recognized as earned over the terms of the related mortgage notes, using the effective yield method. Allowances are provided against earned revenues from mortgage interest when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. When collection is uncertain, mortgage interest income on impaired mortgage loans is recognized as received after taking into account the application of security deposits. Gains 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, see Note 17 – Stock-Based Compensation for additional details. Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements 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 $9.3 million, $7.0 million and $4.5 million in 2016, 2015 and 2014, 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. No per share information was provided for OHI Holdco because the sole stockholder is Omega. OHI Holdco is a wholly owned subsidiary of Omega and has 1,000 shares of $0.01 par value per share common stock outstanding. Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interes |
PROPERTIES
PROPERTIES | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
PROPERTIES | NOTE 3 - PROPERTIES Leased Property Our leased real estate properties, represented by 809 SNFs, 101 assisted living facilities (“ALFs”), 16 specialty facilities and one medical office building at December 31, 2016, are leased under provisions of single leases and master leases with initial terms typically ranging from 5 to 15 years, plus renewal options. 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, 2016 2015 (in thousands) Buildings $ 5,954,771 $ 5,320,482 Land 759,295 670,916 Furniture, fixtures and equipment 454,760 426,040 Site improvements 206,206 132,182 Construction in progress 191,326 194,338 Total real estate investments 7,566,358 6,743,958 Less accumulated depreciation (1,240,336 ) (1,019,150 ) Real estate investments - net $ 6,326,022 $ 5,724,808 For the years ended December 31, 2016 and 2015, we capitalized $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 leases are as follows at December 31, 2016: (in thousands) 2017 $ 718,999 2018 711,714 2019 689,641 2020 701,543 2021 705,418 Thereafter 3,732,920 Total $ 7,260,235 The following tables summarize the significant transactions that occurred between 2016 and 2014. 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. 2016 Acquisitions and Other Number of Country/ Total Land Building & Site Improvements Furniture Initial Period SNF ALF State Investment (in millions) Yield (%) 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 (3) 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 (4) 24.8 83.9 3.2 7.00 Q2 - 3 TX 66.0 (5) 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 (6) - 8.6 0.4 9.00 Q3 31 - FL, KY,TN 329.6 (1)(2) 24.6 290.8 14.2 9.00 Total 70 20 $ 1,022.8 $ 100.4 $ 876.6 $ 45.8 (1) The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment once the analysis is completed. (2) 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. Refer to Note – 6 Other Investments. (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 have agreed to pay an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. The $3.0 million liability is recorded in unsecured borrowings – net on our Consolidated Balance Sheet. (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. 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 Period SNF ALF State Investment (in millions) Yield (%) 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 201,000 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. 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). 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. The following table highlights the final allocation of the assets acquired and liabilities assumed and consideration transferred on April 1, 2015: (in thousands) Fair value of net assets acquired: Land and buildings $ 3,107,530 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,177,218 Goodwill 630,679 Accounts receivables and other assets 17,144 Cash acquired 84,858 Accrued expenses and other liabilities (223,002 ) Debt (1,410,637 ) Fair value of net assets acquired $ 2,276,260 The completion of the final valuation in the first quarter of 2016 did not result in material changes to our Consolidated Statements of Operations or our Consolidated Balance Sheets from our preliminary purchase price allocation reflected in the December 31, 2015 Form 10-K. 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. Included within accrued expenses and other liabilities is a $67.3 million contingent liability related to a leasing arrangement with an operator assumed as a result of the Aviv Merger. 2014 Acquisitions and Other Number of Total Land Building & Site Furniture Initial Period SNF ALF State Investment (in millions) Yield (%) Q1 - 1 AZ $ 4.7 $ 0.4 $ 3.9 $ 0.4 9.75 Q2/Q3 3 - GA, SC 34.6 0.9 32.1 1.6 9.50 Q3 1 - TX 8.2 0.4 7.4 0.4 9.75 Q4 - 4 PA,OR,AR 84.2 5.1 76.7 2.4 6.00 4 5 $ 131.7 $ 6.8 $ 120.1 $ 4.8 For the year ended December 31, 2014, we recognized rental revenue of approximately $3.2 million and expensed $3.9 million of acquisition costs related to the above transactions. No goodwill was recorded in connection with these acquisitions. Transition of Two West Virginia Facilities to a New Operator On July 1, 2014, we transitioned two West Virginia SNFs that we previously leased to Diversicare Healthcare Services (“Diversicare” and formerly known as Advocat) to a new unrelated third party operator. The two facilities represented 150 operating beds. We amended our Diversicare master lease to reflect the transition of the two facilities to the new operator and for the year ended December 31, 2014 recorded a $0.8 million provision for uncollectible straight-line accounts receivable. Simultaneous with the Diversicare master lease amendment, we entered into a 12-year master lease with a new third party operator. Pro Forma Acquisition Results The businesses acquired in 2015 and 2014 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. Pro Forma Year Ended December 31, 2015 2014 (in thousands, except per share Pro forma revenues $ 817,642 $ 789,270 Pro forma net income $ 258,927 $ 318,271 Earnings per share – diluted: Net income – as reported $ 1.29 $ 1.74 Net income – pro forma $ 1.33 $ 1.74 Asset Sales, Impairments and Other In 2016, we sold 38 facilities (21 previously held-for-sale) for approximately $169.6 million in net proceeds recognizing a gain of approximately $50.2 million. We also recorded a total of $58.7 million provision for impairment related to 29 facilities to reduce their net book value to their estimated fair value less costs to sell. To estimate the fair value of these facilities we utilized a market approach and Level 3 inputs (which generally consist of non-binding offers from unrelated third parties). In 2015, we sold seven SNFs (four previously held-for-sale) for total cash proceeds of approximately $41.5 million, generating a gain of approximately $6.4 million. We also recorded a total of $17.7 million provision for impairment related to six SNFs to reduce their net book value to their estimated fair value less costs to sell. To estimate the fair value of these facilities we utilized a market approach and Level 3 inputs. In 2014, we sold four SNFs (three previously held-for-sale) and a parcel of land for total cash proceeds of $4.1 million, resulting in a $2.9 million gain. We also closed two SNFs and recorded a $3.7 million provision for impairment related to these facilities. To estimate the fair value of these facilities we utilized a market approach and Level 3 inputs. The recorded 2016 impairments were primarily the result of a decision to exit certain non-strategic facilities and operators primarily related to facilities acquired in the Aviv Merger. The recorded 2015 and 2014 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. See “ Note 8 – Assets Held For Sale |
DIRECT FINANCING LEASES
DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Capital [Abstract] | |
DIRECT FINANCING LEASES | NOTE 4 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: December 31, 2016 2015 (in thousands) Minimum lease payments receivable $ 4,287,069 $ 4,320,876 Less unearned income (3,685,131 ) (3,733,175 ) Investment in direct financing leases - net $ 601,938 $ 587,701 Properties subject to direct financing leases 58 59 As of December 31, 2016 and 2015 we had seven direct financing leases with four different operators. The following table summarizes our investments in the direct financing leases by operator: December 31, 2016 2015 (in thousands) New Ark $ 574,581 $ 560,308 Reliance Health Care Management, Inc. 15,498 15,509 Sun Mar Healthcare 11,443 11,381 Markleysburg Healthcare Investors, LP 416 503 Investment in direct financing leases - net $ 601,938 $ 587,701 New Ark Investment Inc. 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”), 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. The 56 facilities represent 5,623 licensed beds located in 12 states, predominantly in the southeastern United States. The 56 facilities are separated by region and divided amongst four cross-defaulted master leases. The four regions include the Southeast (39 facilities), the Northwest (7 facilities), Texas (9 facilities) and Indiana (1 facility). Additionally, we own four facilities and lease them to New Ark under a master lease which expires in 2026. The four facility lease is being accounted for as an operating lease. Aviv Merger On April 1, 2015, we acquired two additional direct financing leases as a result of the Aviv Merger. As of December 31, 2016, the following minimum rents are due under our direct financing leases for the next five years (in thousands): 2017 2018 2019 2020 2021 $50,772 $52,098 $53,377 $54,677 $55,919 |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Notes Receivable Investments [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 - MORTGAGE NOTES RECEIVABLE As of December 31, 2016, mortgage notes receivable relate to 25 fixed rate mortgages on 47 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, 2016 2015 (in thousands) Mortgage note due 2024; interest at 9.79% $ 112,500 $ 112,500 Mortgage note due 2028; interest at 11.00% 35,964 69,928 Mortgage note due 2029; interest at 9.45% 412,140 413,399 Other mortgage notes outstanding (1) 82,673 83,968 Mortgage notes receivable, gross 643,277 679,795 Allowance for loss on mortgage notes receivable (3,934 ) — Total mortgages — net $ 639,343 $ 679,795 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% per annum and maturity dates through 2029. $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 will be 9.225%, in year 3 the annual cash interest rate will be 9.45%, etc.). The mortgage is cross-defaulted and cross-collateralized with our existing master lease and other investment notes with the operator. One of the existing mortgages that was refinanced/consolidated into the new $415 million mortgage included annual interest rate escalators and required the mortgagee to pay a prepayment penalty in the event the mortgage was retired early which resulted in us recording an effective yield interest receivable. In connection with the refinancing/consolidating transaction which was entered into at market terms, the old mortgage was considered to be retired early since the modifications made to the terms of the mortgage were more than minor. As of the date of the refinancing/consolidation transaction, the effective yield interest receivable was approximately $2.0 million. We forgave the prepayment penalty associated with the retired mortgage and recorded a $2.0 million provision to write-off the effective yield interest receivable related to the retired mortgage. 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 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, 2016 | |
Receivables [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS A summary of our other investments is as follows: December 31, 2016 2015 (in thousands) Other investment note due 2019; interest at 10.50% $ 49,458 $ — Other investment note due 2020; interest at 10.00% 23,000 23,000 Other investment note due 2020; interest at 14.00% 47,913 — Other investment note due 2022, interest at 9.00% 31,987 — Other investment note due 2030; interest at 6.66% 44,595 26,966 Other investment notes outstanding (1) 64,691 42,293 Other investments, gross 261,644 92,259 Allowance for loss on other investments (4,798 ) (2,960 ) Total other investments $ 256,846 $ 89,299 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 13.0% per annum. The following is an overview of certain notes entered into or repaid in 2016 and 2015. 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. The mezzanine note bears interest at 10.50% per annum and matures in February 2019. Other Investment notes due 2020 In December 2015, we amended our five year $28.0 million loan agreement with an existing operator. The amendment permits the operator to re-borrow $6.0 million under the original loan agreement. We funded $6.0 million to the operator in December 2015. The loan bears interest at 10% per annum and the maturity date was extended from 2017 to 2020. As of December 31, 2016, approximately $23.0 million remains outstanding. On July 29, 2016, we provided an existing operator $48.0 million of term loan funding. The term loan bears interest at 14% per annum (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. Other Investment notes 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. 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, 2016, approximately $44.6 million has been drawn and remains outstanding. Other Investment notes paid off On April 29, 2016, an existing operator exercised its option to pay off a working capital note due in 2022 and ten working capital notes due in 2023, for approximately $7.6 million. On March 1, 2016, we provided an operator a $15.0 million secured working capital note. The working capital note bore interest at 8.5% per annum and initially matured in March 2017. The loan was paid off in December 2016. On March 1, 2016, we provided an operator a $20.0 million acquisition note. The acquisition note bore interest at 8.5% per annum (increasing annually by 2.5% per annum) and initially matured in March 2028. The loan was paid off in October 2016. |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | 12 Months Ended |
Dec. 31, 2016 | |
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 the joint venture using the equity method. On November 1, 2016, the joint venture acquired 64 SNFs from Welltower Inc. for approximately $1.1 billion. We receive asset management fees from the joint venture for services provided. For the year ended December 31, 2016, we recognized $0.3 million of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statement 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, 2016 | |
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, 2014 4 $ 12,792 Properties sold/other (1) (5 ) (16,877 ) Properties added (2) 4 10,684 December 31, 2015 3 $ 6,599 Properties sold/other (3) (24 ) (75,948 ) Properties added (4) 41 122,217 December 31, 2016 20 $ 52,868 (1) In 2015, a parcel of land was reclassified to closed facilities. In addition, we sold four facilities for approximately $25.5 million in net proceeds recognizing gains on sales of approximately $8.8 million. (2) In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. (3) 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). (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. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLES | NOTE 9 – INTANGIBLES The following is a summary of our intangibles as of December 31, 2016 and 2015: December 31, 2016 2015 (in thousands) Assets: Goodwill $ 643,474 $ 645,683 Above market leases $ 22,476 $ 21,901 In-place leases 167 386 Accumulated amortization (15,864 ) (14,162 ) Net intangible assets $ 6,779 $ 8,125 Liabilities: Below market leases $ 165,028 $ 165,331 Accumulated amortization (70,738 ) (55,131 ) Net intangible liabilities $ 94,290 $ 110,200 Goodwill was recorded in connection with the Aviv Merger and Care Homes Transaction and is shown as a separate line on our Consolidated Balance Sheets. 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, 2016, 2015 and 2014, our net amortization related to intangibles was $13.9 million, $13.9 million and $5.0 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2017 – $12.0 million; 2018 – $10.6 million; 2019 – $9.5 million; 2020 – $9.3 million; 2021 - $8.7 million and $37.3 million thereafter. As of December 31, 2016 the weighted average remaining amortization period of above market lease assets and below market lease liabilities is 8.1 years and 9.5 years, respectively. The following is a summary of our goodwill as of December 31 2016: (in thousands) Balance as of December 31, 2015 $ 645,683 Add: additional valuation adjustments related to preliminary valuations 275 Less: foreign currency translation (2,484 ) Balance as of December 31, 2016 $ 643,474 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | NOTE 10 - CONCENTRATION OF RISK As of December 31, 2016, our portfolio of real estate investments consisted of 996 healthcare facilities, located in 42 states and the U.K. and operated by 79 third party operators. Our investments in these facilities, net of impairments and reserve for uncollectible loans, totaled approximately $8.9 billion at December 31, 2016, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 809 SNFs, 101 ALFs, 16 specialty facilities, one medical office building, fixed rate mortgages on 44 SNFs and two ALFs, and 23 facilities that are closed/held-for-sale. At December 31, 2016, we also held other investments of approximately $256.8 million, consisting primarily of secured loans to third-party operators of our facilities. At December 31, 2016, the three states in which we had our highest concentration of investments were Ohio (10%), Florida (9%) and Texas (9%). No single operator or manager generated more than 10% of our total revenues for the year ended December 31, 2016 . |
LEASE AND MORTGAGE DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2016 | |
Security Deposits and Letters Of Credit [Abstract] | |
LEASE AND MORTGAGE DEPOSITS | NOTE 11 - LEASE AND MORTGAGE DEPOSITS We obtain liquidity deposits, security deposits and letters of credit from most operators pursuant to our lease and mortgage agreements with the operators. These generally represent the rental and mortgage interest for periods ranging from three to six months with respect to certain of our investments. At December 31, 2016, we held $5.7 million in liquidity deposits, $49.8 million in security deposits and $66.8 million in letters of credit. The liquidity 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 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 recorded 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, 2016 | |
Debt Disclosure [Abstract] | |
BORROWING ARRANGEMENTS | NOTE 12 - BORROWING ARRANGEMENTS The following is a summary of our long-term borrowings: Interest Rate as December 31, Maturity 2016 2016 2015 (in thousands) Secured borrowings: Mortgage term loan $ — $ 180,000 HUD mortgages assumed December 2011 (1) 2044 3.06 % 54,954 56,204 Deferred financing costs – net (589 ) (611 ) Total secured borrowings – net (2) 54,365 235,593 Unsecured borrowings: Revolving line of credit 2018 2.06 % 190,000 230,000 Tranche A-1 term loan 2019 2.27 % 200,000 200,000 Tranche A-2 term loan 2017 2.19 % 200,000 200,000 Tranche A-3 term loan 2021 2.27 % 350,000 — Omega OP term loan (2) 2017 2.19 % 100,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Deferred financing costs – net (5,657 ) (4,307 ) Total term loans – net 1,094,343 745,693 2023 notes 2023 4.375 % 700,000 — 2024 notes 2024 5.875 % 400,000 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 250,000 250,000 2026 notes 2026 5.25 % 600,000 600,000 2027 notes 2027 4.50 % 700,000 700,000 Other 2018 - 3,000 — Subordinated debt 2021 9.00 % 20,000 20,000 Discount - net (17,151 ) (17,118 ) Deferred financing costs – net (27,703 ) (24,155 ) Total unsecured borrowings – net 3,028,146 2,328,727 Total secured and unsecured borrowings – net $ 4,366,854 $ 3,540,013 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $65.7 million as of December 31, 2016. (2) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. Secured Borrowings Mortgage Term Loan – Omega OP As a result of the Aviv Merger in April 2015, we acquired two subsidiaries that were borrowers under a $180.0 million mortgage term loan secured by mortgages on 28 healthcare facilities owned by one of the borrowers. On July 25, 2016, we purchased the $180.0 million mortgage term loan, effectively eliminating the debt on our consolidated financial statements. The term loan was secured by real estate assets having a net carrying value of $290.5 million at June 30, 2016. The interest rate was based on LIBOR, with a floor of 50 basis points, plus a margin of 350 basis points. The interest rate at June 30, 2016 was 4.13% per annum. We paid $180.0 million plus a 1% premium to purchase the debt. HUD Mortgages Loans Payoff – Omega OP On December 31, 2015, we paid approximately $25.1 million to retire two mortgage loans guaranteed by the U.S. Department of Housing and Urban Development (“HUD”). The loans were assumed as part of an acquisition in a prior year, and had a blended interest rate of 5.5% per annum with maturities on March 1 and April 1, 2036. The payoff resulted in a $0.9 million gain on the extinguishment of the debt due to the write-off of the $2.1 million unamortized fair value adjustment recorded at the time of acquisition offset by a prepayment fee of approximately $1.2 million. On April 30, 2015, we paid approximately $9.1 million to retire one mortgage loan guaranteed by HUD. The loan was assumed as part of an acquisition in a prior year, and had an interest rate of 4.35% per annum with maturity on March 1, 2041. The payoff resulted in a $1.0 million gain on the extinguishment of the debt due to the write-off of the $1.5 million unamortized fair value adjustment recorded at the time of acquisition offset by a prepayment fee of approximately $0.5 million. On March 31, 2015, we paid approximately $154.3 million to retire 21 mortgage loans guaranteed by HUD, totaling approximately $146.9 million. 18 loans had an all-in blended interest rate of 5.35% per annum with maturities between January 2040 and January 2045 and three loans had an all-in blended interest rate of 5.23% per annum with maturities between February 2040 and February 2045. The payoff resulted in a $2.3 million gain on the extinguishment of the debt due to the write-off of the $9.7 million unamortized debt premium recorded at the time of acquisition offset by a prepayment fee of approximately $7.4 million. Unsecured Borrowings Unsecured Credit Facility – Omega On January 29, 2016, we entered into the Third Amendment to Credit Agreement (the “Third Amendment to Omega Credit Agreement,” as defined below) which amended and restated the existing Credit Agreement, dated June 27, 2014 (as amended and restated pursuant to the First Amendment to Credit Agreement, dated April 1, 2015, the Second Amendment to Credit Agreement, dated August 7, 2015 and the Third Amendment to Omega Credit Agreement, collectively the “Omega Credit Agreement”). As a result of the amendments, the Omega Credit Facilities (as defined below) now includes a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”), a $200 million senior unsecured term loan facility (the “Tranche A-1 Term Loan Facility”), a $200 million senior unsecured incremental term loan facility (the “Tranche A-2 Term Loan Facility”) and a $350 million senior unsecured incremental term loan facility which was borrowed in 2016 (the “Tranche A-3 Term Loan Facility” and, together with the Revolving Credit Facility, the Tranche A-1 Term Loan Facility and the Tranche A-2 Term Loan Facility, collectively, the “Omega Credit Facilities”). The Tranche A-1 Term Loan Facility, the Tranche A-2 Term Loan Facility and the Tranche A-3 Term Loan Facility may be referred to collectively herein as the “Omega Term Loan Facilities”. Borrowings under the Revolving Credit Facility bear interest at LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings, plus a facility fee based on the same ratings (initially 25 basis points, with a range of 12.5 to 30 basis points). The Revolving Credit Facility is used for acquisitions and general corporate purposes. The Revolving Credit Facility matures on June 27, 2018, subject to a one-time option by us to extend such maturity date by one year. The Tranche A-1 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Tranche A-1 Term Loan Facility matures on June 27, 2019. The Tranche A-2 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Tranche A-2 Term Loan Facility matures on June 27, 2017, subject to Omega’s option to extend the maturity date of the Tranche A-2 Term Loan Facility twice, the first extension until June 27, 2018 and the second extension until June 27, 2019. The Tranche A-3 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Tranche A-3 Term Loan Facility matures on January 29, 2021. Omega OP Term Loan Facility On April 1, 2015, Omega OP entered into a credit agreement (the “Omega OP Credit Agreement”) providing it with a $100 million senior unsecured term loan facility (the “Omega OP Term Loan Facility”). The Omega OP Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Omega OP Term Loan Facility matures on June 27, 2017, subject to Omega OP’s option to extend such maturity date twice, the first extension until June 27, 2018 and the second extension until June 27, 2019. $250 Million Term Loan Facility – Omega On December 16, 2015, we entered into a $250 million senior unsecured term loan facility (the “2015 Term Loan Facility”). The 2015 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 180 basis points, with a range of 140 to 235 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The 2015 Term Loan Facility may be increased to an aggregate amount of $400 million. We used the proceeds from this loan to repay existing indebtedness and for general corporate purposes. The 2015 Term Loan Facility matures on December 16, 2022. As a result of exposure to interest rate movements associated with the 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 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 2015 Term Loan Facility. Because the critical terms of the interest rate swaps and 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 2015 Term Loan Facility. The interest rate for the 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 – Omega On July 12, 2016, we issued $700 million aggregate principal amount of our 4.375% Senior Notes due 2023 (the “2023 Notes”). The 2023 Notes were sold at an issue price of 99.739% of their face value before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $692.0 million. The net proceeds from the offering were used to repay outstanding borrowings under our revolving credit facility, to purchase the $180.0 million mortgage term loan and for general corporate purposes. The 2023 Notes mature on August 1, 2023 and pay interest semi-annually. $400 Million 5.875% Senior Notes due 2024 – Omega On March 19, 2012, we issued $400 million aggregate principal amount of our 5.875% Senior Notes due 2024. These notes mature on March 15, 2024 and pay interest semi-annually. $400 Million 4.95% Senior Notes due 2024 – Omega 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. $250 Million 4.5% Senior Notes due 2025 – Omega On September 11, 2014, we sold $250 million aggregate principal amount of our 4.5% 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. $600 Million 5.25% Senior Notes due 2026 – Omega 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 4.5% Senior Notes due 2027 – Omega On March 18, 2015, we sold $700 million aggregate principal amount of our 4.5% 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. $575 Million 6.75% Senior Notes due 2022 Redemption – Omega On October 26, 2015, we redeemed all of our outstanding 6.75% Senior Notes due 2022 (the “2022 Notes”). As a result of the redemption, during the fourth quarter of 2015, we recorded approximately $21.3 million in redemption related costs and write-offs, including $19.4 million for the early redemption or call premiums and $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts. $200 Million 7.5% Senior Notes due 2020 Redemption – Omega On March 13, 2015, Omega redeemed all of its outstanding $200 million 7.5% Senior Notes due 2020 (the “2020 Notes”) at a redemption price of approximately $208.7 million, consisting of 103.750% of the principal amount, plus accrued and unpaid interest on such notes to, but not including, the date of redemption. In connection with the redemption, we recorded approximately $11.7 million redemption related costs and write-offs, including $7.5 million in prepayment fees for early redemption and $4.2 million of write-offs associated with unamortized deferred financing costs and discount. The consideration for the redemption of the 2020 Notes was funded from the net proceeds of the 10.925 million share common stock offering. See Note 16 – Stockholders’ Equity for additional details. Other Debt Repayments – Omega OP 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, 2016 and 2015, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. The guarantors of our outstanding senior notes, OHI Holdco and Omega OP, do not directly own any substantive assets other than OHI Holdco’s interest in Omega OP and Omega OP’s 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, 2016 and the aggregate due thereafter are set forth below: (in thousands) 2017 $ 302,788 2018 192,828 2019 201,369 2020 1,412 2021 371,456 Thereafter 3,348,101 Totals $ 4,417,954 The following summarizes the refinancing related costs: Year Ended December 31, 2016 2015 2014 (in thousands) Write off of deferred financing cost and unamortized premiums due to refinancing (1)(2)(3) $ 301 $ (7,134 ) $ 1,180 Prepayment and other costs associated with refinancing (4) 1,812 35,971 1,861 Total debt extinguishment costs $ 2,113 $ 28,837 $ 3,041 (1) 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 foreclosure. (2) 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. (3) In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. (4) 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 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 13 - FINANCIAL INSTRUMENTS At December 31, 2016 and 2015, the carrying amounts and fair values of our financial instruments were as follows: 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Cash and cash equivalents $ 93,687 $ 93,687 $ 5,424 $ 5,424 Restricted cash 13,589 13,589 14,607 14,607 Investments in direct financing leases – net 601,938 598,665 587,701 584,358 Mortgage notes receivable – net 639,343 644,961 679,795 687,130 Other investments – net 256,846 253,385 89,299 90,745 Total $ 1,605,403 $ 1,604,287 $ 1,376,826 $ 1,382,264 Liabilities: Revolving line of credit $ 190,000 $ 190,000 $ 230,000 $ 230,000 Tranche A-1 term loan 198,830 200,000 197,699 200,000 Tranche A-2 term loan 200,000 200,000 200,000 200,000 Tranche A-3 term loan 347,449 350,000 — — Omega OP term loan (1) 100,000 100,000 100,000 100,000 2015 term loan 248,064 250,000 247,994 250,000 4.375% notes due 2023 – net 692,305 693,505 — — 5.875% notes due 2024 – net 395,065 432,938 394,382 429,956 4.95% notes due 2024 – net 392,669 406,361 391,658 403,064 4.50% notes due 2025 – net 245,949 249,075 245,446 242,532 5.25% notes due 2026 – net 593,616 611,461 593,032 612,760 4.50% notes due 2027 – net 685,052 681,978 683,596 667,651 Mortgage term loan due 2019 — — 180,000 180,000 HUD debt – net (1) 54,365 52,510 55,593 52,678 Subordinated debt – net 20,490 23,944 20,613 24,366 Other 3,000 3,000 — — Total $ 4,366,854 $ 4,444,772 $ 3,540,013 $ 3,593,007 (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. · Cash and cash equivalents and restricted cash: The carrying amount of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (i.e., less than 90 days) (Level 1). · 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). · 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, 2016 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 14 – TAXES OHI Holdco is a wholly owned subsidiary of Omega and is a qualified REIT subsidiary for United States federal income tax purposes, and Omega OP is a pass through entity for United States federal income tax purposes. Omega and its wholly owned subsidiaries were organized, have operated, and intend to continue to operate in a manner that enables us to qualify for taxation as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (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 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. Through our 2016 taxable year, we had not paid any tax on our foreclosure property because those properties had been producing losses. As a result of our UPREIT Conversion, our Company and its subsidiaries may be subject to income or franchise taxes in certain states and municipalities. In connection with our UPREIT Conversion in 2015, we created five subsidiary REITs that are subject to all of the REIT qualification rules set forth in the Code, which were then consolidated through intercompany transfers of ownership that occurred at the end of 2015, which created a single REIT subsidiary with four wholly owned qualified REIT subsidiaries. In 2016, we elected REIT status for another of our subsidiaries and in December of 2016, we transferred the ownership of that entity to our REIT subsidiary so that we now have a single REIT subsidiary that holds all the ownership interests in several qualified REIT subsidiaries. Our REIT subsidiary remains subject to all of the REIT qualification rules set forth in the Code as outlined above. 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 active 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, 2016, 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 $0.8 million. The loss carry-forward is fully reserved as of December 31, 2016 with a valuation allowance due to uncertainties regarding realization. In connection with our acquisition of Care Homes in May 2015, we acquired 10 legal entities consisting of 23 facilities. The tax basis in these legal entities acquired for U.K. taxes was approximately $82 million less than the purchase price. We recorded an initial deferred tax liability associated with the temporary tax basis difference of approximately $15 million. During the year ended December 31, 2016, we recorded approximately $3.3 million of federal, state and local income tax provision and approximately $1.9 million of tax benefit for foreign income taxes. |
RETIREMENT ARRANGEMENTS
RETIREMENT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
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, $0.4 million, $0.3 million in 2016, 2015 and 2014, 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, 2016 and 2015, the Company had 384,107 and 400,814 deferred stock units outstanding. |
STOCKHOLDERS'_OWNERS' EQUITY
STOCKHOLDERS'/OWNERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
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, generating gross proceeds of approximately $20.4 million, before $0.7 million of commissions and expenses. $250 Million Equity Shelf Program Termination Also on September 3, 2015, we terminated our $250 million Equity Shelf Program (the “2013 Equity Shelf Program”) that we entered into with several financial institutions on March 18, 2013. In 2015, we did not issue any shares under the 2013 Equity Shelf Program. For the year ended December 31, 2014, we issued approximately 1.8 million shares under the 2013 Equity Shelf Program, at an average price of $34.33 per share, generating gross proceeds of approximately $63.5 million, before $1.5 million of commissions and expenses. Since inception of the 2013 Equity Shelf Program, we sold a total of 7.4 million shares of common stock generating total gross proceeds of $233.8 million under the program, before $4.7 million of commissions. As a result of the termination of the 2013 Equity Shelf Program, no additional shares may be issued under the 2013 Equity Shelf Program. 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, 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. For the year ended December 31, 2014, we issued 2.1 million shares of common stock for gross proceeds of approximately $71.5 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: Omega OHI Holdco Omega OP December 31, December 31, December 31, 2016 2015 2016 2015 2016 2015 (in thousands) Foreign currency translation adjustments $ (52,495 ) $ (8,027 ) $ (12,028 ) $ (1,879 ) $ (54,948 ) $ (8,413 ) Cash flow hedge adjustments (1,332 ) (685 ) (411 ) (160 ) (1,420 ) (718 ) Total accumulated other comprehensive loss $ (53,827 ) $ (8,712 ) $ (12,439 ) $ (2,039 ) $ (56,368 ) $ (9,131 ) |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
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 will occur after the date of the transaction will be 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, 2014, 2015 and 2016: Number of Weighted - Compensation Cost (1) (in millions) Non-vested at December 31, 2013 257,198 $ 29.32 Granted during 2014 143,637 30.70 $ 4.4 Vested during 2014 (90,901 ) 28.87 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 (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 2011, January 2013, December 2013, January 2014, March 2015, April 2015 July 2015, and March 2016 and the LTIP Units awarded in March 2015, April 2015, July 2015 and March 2016 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 in 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: January 1, December March 31, April 1, July 31, March 17, Closing price on date of grant $ 23.85 $ 29.80 $ 40.57 $ 40.74 $ 36.26 $ 34.78 Dividend yield 4.24% 6.44% 5.23% 5.20% 6.07% 6.56% Risk free interest rate at time of grant 0.05% to 0.43% 0.04% to 0.86% 0.10% to 0.94% 0.09% to 0.91% 0.13% to 1.08% 0.05% to 1.14% Expected volatility 15.56% to 23.83% 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% The following table summarizes the activity in PRSUs and LTIP Units for the years ended December 31, 2014, 2015 and 2016: Number of Weighted- Compensation Cost (1) (in millions) Non-vested at December 31, 2013 1,038,024 $ 10.72 Granted during 2014 309,168 11.46 $ 3.5 Vested during 2014 (2) (496,979 ) 10.75 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 (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, 2016 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Units Grant Date Total Compensation Cost (in millions) (1) Weighted Unrecognized Performance Vesting RSUs 3/31/15 RSU 2015 109,985 40.57 4.5 33 1.6 N/A 12/31/2017 4/1/15 RSU 2015 40,464 40.74 1.6 33 0.6 N/A 12/31/2017 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.1 N/A 11/1/2017 3/17/16 RSU 2016 131,006 34.78 4.6 33 3.3 N/A 12/31/2018 Restricted Stock Units Total 289,254 $ 37.82 $ 11.0 $ 5.6 TSR PRSUs and LTIP Units 2016 TSR 2014 135,634 8.67 1.2 48 0.3 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.1 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.4 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 LTIP Units 2016 372,069 13.21 4.9 45 3.9 1/1/2016-12/31/2018 Quarterly in 2019 TSR PRSUs & LTIP Total 699,103 $ 12.74 $ 8.9 $ 5.7 Relative TSR PRSUs 2016 Relative TSR 2014 135,634 14.24 1.9 48 0.5 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 1.6 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 0.7 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 Relative TSR 2016 307,480 16.45 5.1 45 4.0 1/1/2016-12/31/2018 Quarterly in 2019 Relative TSR PRSUs Total 634,514 $ 17.84 $ 11.3 $ 6.8 Grand Total 1,622,871 $ 19.20 $ 31.2 $ 18.1 (1) Total compensation costs are net of shares cancelled. 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 2016 and 2015, approximately 2.5 million and 2.6 million options, respectively, were exercised at a weighted average price of $19.38 per share and $19.38 per share, respectively. At December 31, 2016, approximately 26 thousand options remain outstanding and exercisable. Options outstanding have a weighted average exercise price of $18.97. The aggregate intrinsic value of these options is $0.3 million and represents the total pre-tax intrinsic value (based upon the difference between the Company’s closing stock price on the last trading day of 2016 of $31.26 and the exercise price) for all in-the-money options as of December 31, 2016. Options outstanding have no contractual term limitations. Stock withheld to pay minimum statutory tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2016, 2015 and 2014, was $23.4 million, $26.7 million and $3.6 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 3,000,000. As of December 31, 2016, approximately 2.0 million shares of common stock were reserved for issuance to our employees, directors and consultants under our stock incentive plans. Awards under our stock incentive plans may be in the form of stock, stock options, restricted stock and performance restricted stock units. Director Restricted Stock Grants In 2014, 2015 and 2016, we issued 21,500, 30,500 and 27,500 shares of restricted stock to members of our Board of Directors. The fair value of these awards was approximately $0.8 million, $1.1 million and $0.9 million, respectively, for 2014, 2015 and 2016. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2016 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 18 - DIVIDENDS Common Dividends On January 12, 2017, the Board of Directors declared a common stock dividend of $0.62 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter. The common dividends were paid February 15, 2017 to common stockholders of record as of the close of business on January 31, 2017. On October 13, 2016, the Board of Directors declared a common stock dividend of $0.61 per share, increasing the quarterly common dividend rate by $0.01 per share over the previous quarter. The common dividends were paid November 15, 2016 to common stockholders of record as of the close of business on October 31, 2016. On July 14, 2016, the Board of Directors declared a common stock dividend of $0.60 per share, increasing the quarterly common dividend rate by $0.02 per share over the prior quarter. The common dividends were paid on August 15, 2016 to common stockholders of record as of the close of business on August 1, 2016. On April 14, 2016, the Board of Directors declared a common stock dividend of $0.58 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter. The common dividends were paid May 16, 2016 to common stockholders of record on May 2, 2016. On January 14, 2016, the Board of Directors declared a common stock dividend of $0.57 per share, increasing the quarterly common dividend by $0.01 per share over the previous quarter. The common dividends were paid February 16, 2016 to common stockholders of record as of February 2, 2016. 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, 2016 2015 2014 Common Ordinary income $ 1.968 $ 1.133 $ 1.834 Return of capital 0.322 1.047 0.186 Capital gains 0.070 - - Total dividends paid $ 2.360 $ 2.180 $ 2.020 For additional information regarding dividends, see Note 14 – Taxes. |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | NOTE 19 - LITIGATION We are subject to various 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. |
SUMMARY OF QUARTERLY RESULTS (U
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | NOTE 20 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following summarizes the Omega, OHI Holdco and Omega OP’s quarterly results of operations for the years ended December 31, 2016 and 2015: Omega March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 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 2015 Revenues $ 133,420 $ 197,711 $ 201,974 $ 210,512 Net income 43,052 43,466 83,254 63,543 Net income available to common stockholders 43,052 41,428 79,402 60,642 Net income available to common per share: Basic $ 0.32 $ 0.23 $ 0.43 $ 0.32 Net income per share: Diluted $ 0.32 $ 0.22 $ 0.43 $ 0.32 OHI Holdco . (a) March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 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 12,902 24,994 17,688 27,742 2015 Revenues (b) $ - $ 197,711 $ 201,974 $ 210,512 Net income (b) - 43,466 83,254 63,543 Net income available to common stockholders (b) - 9,912 18,788 14,161 Omega OP March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 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 2015 Revenues (b) $ - $ 197,711 $ 201,974 $ 210,512 Net income (b) - 43,466 83,254 63,543 Net income available to Omega OP Unit holders: Basic (b) $ - $ 0.23 $ 0.43 $ 0.32 Net income per unit: Diluted (b) $ - $ 0.22 $ 0.43 $ 0.32 (a) No per share information was provided for OHI Holdco because the sole stockholder is Omega. OHI Holdco is a wholly owned subsidiary of Omega and has 1,000 shares outstanding. (b) Prior to April 1, 2015, no substantive assets or activity occurred in OHI Holdco or Omega OP. The 2015 information reflects the activity from April 1, 2015 (merger date) through December 31, 2015. |
EARNINGS PER SHARE_UNIT
EARNINGS PER SHARE/UNIT | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE/UNIT | NOTE 21 - 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, 2016 2015 2014 2016 2015 (in thousands, except per share amounts) Numerator: Net income $ 383,367 $ 233,315 $ 221,349 $ 383,367 $ 190,263 Less: Net income attributable to noncontrolling interests (16,952 ) (8,791 ) — — — Net income available to common stockholders/Omega OP Unit holders $ 366,415 $ 224,524 $ 221,349 $ 383,367 $ 190,263 Denominator: Denominator for basic earnings per share/unit 191,781 172,242 126,550 200,679 193,843 Effect of dilutive securities: Common stock equivalents 956 1,539 744 956 1,899 Noncontrolling interest – Omega OP Units 8,898 6,727 — — — Denominator for diluted earnings per share/unit 201,635 180,508 127,294 201,635 195,742 Earnings per share - basic: Net income available to common stockholders/Omega OP Unit holders $ 1.91 $ 1.30 $ 1.75 $ 1.91 $ 0.98 Earnings per share/unit - diluted: Net income $ 1.90 $ 1.29 $ 1.74 $ 1.90 $ 0.97 No per share information was provided for OHI Holdco because the sole stockholder is Omega. OHI Holdco is a wholly owned subsidiary of Omega and has 1,000 shares outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 22 – SUBSEQUENT EVENTS 2017 Omega Credit Facilities On May 25, 2017, we 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 “2017 Revolving Credit Facility”), a $425 million senior unsecured U.S. Dollar term loan facility (the “2017 U.S. Term Loan Facility”), and a £100 million senior unsecured British Pound Sterling term loan facility (the “2017 Sterling Term Loan Facility” and, together with the 2017 Revolving Credit Facility and the 2017 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”). The 2017 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 2017 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 2017 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 2017 U.S. Term Loan Facility and the 2017 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 2017 U.S. Term Loan Facility and the 2017 Sterling Term Loan Facility each mature on May 25, 2022. In April 2017, we repaid and terminated the $200 million Tranche A-2 senior unsecured term loan facility established under the 2014 Omega Credit Agreement. For the three month period ending June 30, 2017, we recorded a one-time, 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 Facilities. 2017 Omega OP Term Loan Facility On May 25, 2017, Omega OP 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. $550 Million 4.75% Senior Notes and $150 Million 4.5% Senior Notes On April 4, 2017, we issued (i) $550 million aggregate principal amount of our 4.75% Senior Notes due 2028 (the “2028 Notes”) and (ii) an additional $150 million aggregate principal amount of our existing 4.50% Senior Notes due 2025 (the “2025 Notes”, and together with the 2028 Notes collectively, the “Notes”). The 2028 Notes mature on January 15, 2028 and the 2025 Notes mature on January 15, 2025. The 2028 Notes were sold at an issue price of 98.978% of their face value before the underwriters’ discount and the 2025 Notes were sold at an issue price of 99.540% of their face value before the underwriters’ discount. Our net proceeds from the Notes offering, after deducting underwriting discounts and expenses, were approximately $690.7 million. The net proceeds from the Notes offering were used to (i) redeem all of our outstanding $400 million aggregate principal amount of 5.875% Senior Notes due 2024 (the “5.875% Notes”) on April 28, 2017, (ii) prepay the $200 million Tranche A-2 Term Loan Facility on April 5, 2017 that otherwise would have become due on June 27, 2017, and (iii) repay outstanding borrowings under our revolving credit facility. $400 Million 5.875% Senior Notes Redemption On April 28, 2017, we redeemed all of our outstanding 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. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION OMEGA HEALTHCARE INVESTORS, INC., OHI HEALTHCARE PROPERTIES HOLDCO, INC. AND OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP December 31, 2016 (3) 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 Land Buildings and Carrying (6) Land Buildings and Total Accumulated Date of Date Income Statements Description (1) Encumbrances Improvements Improvements Cost Other Improvements Depreciation Construction Acquired is Computed Signature Holdings II: Florida (SNF) 14,926,960 184,977,257 10,162,810 20,238 - 14,926,960 195,160,305 210,087,265 47,922,023 1940-1997 1996-2016 3 years to 39 years Georgia (SNF) 3,832,748 10,846,566 3,950,028 - - 3,832,748 14,796,594 18,629,342 8,654,672 1964-1970 2007 20 years Kentucky (SNF) 13,335,341 87,790,543 4,174,496 - - 13,335,341 91,965,039 105,300,380 19,646,496 1964-1980 1999-2016 20 years to 33 years Maryland (SNF) 1,480,000 19,662,571 1,183,051 - - 1,480,000 20,845,622 22,325,622 6,981,961 1959-1977 2010 29 years to 30 years Tennessee (AL, SNF) 10,813,664 187,388,817 3,440,595 - - 10,813,664 190,829,412 201,643,076 2,696,466 1966-2016 2014-2016 25 years to 30 years Total Signature 44,388,713 490,665,754 22,910,980 20,238 - 44,388,713 513,596,972 557,985,685 85,901,618 Maplewood Real Estate Holdings: Connecticut (AL) 19,531,583 216,537,730 2,241,593 - - 19,531,583 218,779,323 238,310,906 12,740,033 1968-2015 2015 33 years Massachusetts (AL, SNF) 19,041,468 69,409,856 39,267,802 342,695 (680,345 ) 19,041,468 108,340,008 127,381,476 5,826,713 1988-2016 2015 30 years to 33 years New York (AL) 118,604,252 - 6,655,755 7,092,469 - 118,604,252 13,748,224 132,352,476 - - 2015 - Ohio (AL) 3,683,238 8,180,400 19,496,317 - - 3,683,238 27,676,717 31,359,955 1,096,131 1999-2016 2015 30 years to 33 years Total Maplewood 160,860,541 294,127,986 67,661,467 7,435,164 (680,345 ) 160,860,541 368,544,272 529,404,813 19,662,877 Saber Health Group: Florida (SNF) 422,935 4,422,325 - - - 422,935 4,422,325 4,845,260 337,550 2009 2015 33 years North Carolina (SNF) 10,780,000 106,694,700 2,312,955 47,891 - 10,780,000 109,055,546 119,835,546 4,660,696 1965-2013 2016 20 years to 30 years Ohio (SNF, AL) 5,269,177 109,002,482 2,438,309 - (268,000 ) 5,269,177 111,172,791 116,441,968 6,862,544 1968-2000 2015-2016 30 years to 33 years Pennsylvania (SNF) 7,134,354 124,475,985 1,825,909 - - 7,134,354 126,301,894 133,436,248 8,140,340 1873-2002 2015 33 years Virginia (SNF) 8,500,000 85,982,265 - - - 8,500,000 85,982,265 94,482,265 3,320,131 1964-2013 2016 30 years Total Saber Health Group 32,106,466 430,577,757 6,577,173 47,891 (268,000 ) 32,106,466 436,934,821 469,041,287 23,321,261 Ciena Healthcare: Indiana (SNF) 321,066 7,703,262 - - - 321,066 7,703,262 8,024,328 574,610 1973 2015 33 years Michigan (SNF, AL) 4,086,842 115,546,920 - - - 4,086,842 115,546,920 119,633,762 7,812,153 1964-1997 2015 33 years North Carolina (ILF, SNF) 4,330,580 65,027,000 - - - 4,330,580 65,027,000 69,357,580 4,446,154 1927-1997 2015 33 years Ohio (SNF, AL) 10,342,621 159,846,959 - - - 10,342,621 159,846,959 170,189,580 10,349,693 1960-2007 2010-2016 20 years to 33 years Virginia (SNF) 6,300,000 87,771,876 - - - 6,300,000 87,771,876 94,071,876 3,220,463 1979-2007 2016 30 years Total Ciena HealthCare 25,381,109 435,896,017 - - - 25,381,109 435,896,017 461,277,126 26,403,073 Other: Alabama (SNF) 1,817,320 33,356,170 12,915,787 - - 1,817,320 46,271,957 48,089,277 30,926,414 1960-1982 1992-1997 31.5 years to 33 years Arizona (TBI, SNF, AL) 10,995,190 86,868,402 - - - 10,995,190 86,868,402 97,863,592 10,017,581 1949-1999 2012-2015 33 years to 40 years Arkansas (SNF, AL) (2) 9,057,536 161,016,248 13,045,870 - (36,350 ) 9,057,536 174,025,768 183,083,304 55,208,651 1960-2009 1992-2015 20 years to 38 years California (SNF, TBI) 78,596,505 423,131,800 2,823,085 63,156 - 78,596,505 426,018,041 504,614,546 55,083,670 1927-2013 1997-2015 5 years to 35 years Colorado (SNF, ILF) 11,279,262 88,830,136 7,790,478 - - 11,279,262 96,620,614 107,899,876 29,232,095 1925-1975 1998-2016 20 years to 39 years Connecticut (land only) 878,937 4,445,263 980,393 - (5,425,656 ) 878,937 - 878,937 - N/A 1999 N/A Florida (SNF, AL) 61,806,778 481,225,245 36,333,087 948,913 (9,736,615 ) 61,806,778 508,770,630 570,577,408 150,266,763 1933-2007 1992-2016 2 years to 40 years Georgia (SNF, AL) 3,730,000 47,387,507 - - - 3,730,000 47,387,507 51,117,507 5,230,371 1967-1998 1998-2016 30 years to 40 years Idaho (SNF, AL) 6,705,560 62,572,804 1,321,587 - - 6,705,560 63,894,391 70,599,951 12,106,038 1911-2008 1997-2015 25 years to 39 years Illinois (SNF) 5,809,737 111,441,468 510,576 - - 5,809,737 111,952,044 117,761,781 15,117,035 1926-1990 1996-2015 30 years to 33 years Indiana (SNF, ILF, AL, MOB, SH,) 28,245,140 366,055,214 2,332,364 - (1,828,124 ) 28,237,640 366,566,954 394,804,594 77,812,713 1923-2008 1992-2015 20 years to 40 years Iowa (SNF, AL) 2,923,947 68,736,698 2,084,807 - - 2,923,947 70,821,505 73,745,452 13,120,583 1961-1998 1997-2015 23 years to 33 years Kansas (SNF) 4,799,714 47,680,306 9,250,851 - - 4,799,714 56,931,157 61,730,871 6,164,491 1957-1985 2010-2015 20 years to 33 years Kentucky (SNF, AL) 6,279,163 123,327,734 8,677,102 - - 6,279,163 132,004,836 138,283,999 20,157,352 1917-2002 1994-2015 33 years Louisiana (SNF) 2,177,542 52,869,373 1,749,991 - - 2,177,542 54,619,364 56,796,906 17,883,426 1957-1983 1997-2006 33 years to 39 years Maryland (SNF) 7,190,000 74,028,613 2,518,228 - - 7,190,000 76,546,841 83,736,841 14,350,237 1921-1985 2010-2011 25 years to 30 years Massachusetts (SNF) 5,898,952 41,120,152 2,160,034 - - 5,898,952 43,280,186 49,179,138 20,605,218 1964-1993 1997-2010 20 years to 39 years Michigan (SNF) 829,621 30,921,159 - - - 829,621 30,921,159 31,750,780 4,655,127 1964-1975 2011-2015 25 years to 33 years Minnesota (SNF, AL, ILF) 10,571,691 52,399,655 653,399 - - 10,571,691 53,053,054 63,624,745 3,949,866 1958-1983 2015 33 years Mississippi (SNF) 2,910,000 49,506,905 826,654 - - 2,910,000 50,333,559 53,243,559 14,274,382 1962-1988 2009-2010 20 years to 40 years Missouri (SNF) 7,333,114 121,480,904 692,135 - (152,575 ) 7,333,114 122,020,464 129,353,578 14,794,489 1955-1994 1999-2016 30 years to 33 years Montana (SNF) 1,319,454 11,698,411 - - - 1,319,454 11,698,411 13,017,865 811,679 1963-1971 2015 33 years Nebraska (SNF) 1,599,631 23,142,177 - - - 1,599,631 23,142,177 24,741,808 2,256,512 1963-1969 2015 20 years to 33 years Nevada (SNF, SH, TBI) 5,501,308 50,472,213 8,350,000 - - 5,501,308 58,822,213 64,323,521 10,013,989 1972-2004 2009-2015 26 years to 33 years New Hampshire (SNF, AL) 1,782,067 19,837,436 1,462,797 - - 1,782,067 21,300,233 23,082,300 8,439,787 1963-1999 1998-2006 33 years to 39 years New Mexico (SNF) 9,002,270 68,658,130 130,323 - - 9,002,270 68,788,453 77,790,723 7,348,628 1960-1989 2008-2015 20 years to 33 years North Carolina (SNF) 3,069,856 52,675,612 3,550,986 - - 3,069,856 56,226,598 59,296,454 26,436,775 1964-1987 1994-2010 25 years to 36 years Ohio (SNF, SH, AL) 35,367,198 439,998,943 30,731,141 - (1,166,009 ) 35,367,198 469,564,075 504,931,273 133,969,181 1920-2008 1994-2015 20 years to 39 years Oklahoma (SNF, AL) 4,650,087 36,246,616 - - - 4,650,087 36,246,616 40,896,703 7,883,686 1965-2013 2010-2015 20 years to 33 years Oregon (AL, SNF) 3,640,572 45,217,827 2,610,185 - - 3,640,572 47,828,012 51,468,584 3,179,897 1959-2004 2014-2015 25 years to 33 years Pennsylvania (SNF, AL, ILF) 11,733,450 206,264,434 11,281,116 - - 11,733,450 217,545,550 229,279,000 66,127,725 1942-2012 1998-2015 16 years to 39 years Rhode Island (SNF) 3,658,261 35,082,551 4,792,882 - - 3,658,261 39,875,433 43,533,694 16,190,347 1965-1981 2006 39 years South Carolina (SNF) 7,800,000 59,782,493 - - - 7,800,000 59,782,493 67,582,493 5,718,501 1959-2007 2014-2016 20 years to 30 years Tennessee (SNF) 5,932,773 99,743,478 4,897,458 - (527,491 ) 5,827,316 104,218,902 110,046,218 46,714,574 1958-1985 1992-2015 20 years to 31 years Texas (AL, SNF) 67,370,202 667,695,852 24,223,887 203,265 (1,000 ) 67,370,202 692,122,004 759,492,206 97,331,606 1952-2015 1997-2016 2 years to 40 years United Kingdom (AL) 47,432,242 256,409,736 1,646,761 - (52,350,758 ) 39,822,262 213,315,719 253,137,981 10,141,108 1750-2011 2015-2016 30 years Utah (SNF) 633,938 2,986,062 - - - 633,938 2,986,062 3,620,000 247,001 1977 2015 24 years Vermont (SNF) 317,500 6,005,388 602,296 - - 317,500 6,607,684 6,925,184 2,416,363 1971 2004 39 years Virginia (SNF) 2,566,363 30,009,385 - - - 2,566,363 30,009,385 32,575,748 1,582,827 1989-1995 2015 33 years to 40 years Washington (SNF, AL) 11,719,119 138,054,574 2,626,926 - (1,500 ) 11,717,619 140,681,500 152,399,119 22,271,862 1930-2004 1995-2015 20 years to 33 years West Virginia (SNF) 1,972,682 66,945,947 7,000,345 - - 1,972,682 73,946,292 75,918,974 32,588,074 1961-1996 1994-2011 25 years to 39 years Wisconsin (SNF, AL) 7,377,429 53,224,076 5,252,877 - (1,500 ) 7,377,429 58,475,453 65,852,882 12,420,492 1930-1994 2009-2015 20 years to 33 years Total Other 504,282,111 4,898,553,097 215,826,408 1,215,334 (71,227,578 ) 496,557,674 5,052,091,698 5,548,649,372 1,085,047,116 Total 767,018,940 6,549,820,611 312,976,028 8,718,627 (72,175,923 ) 759,294,503 6,807,063,780 7,566,358,283 1,240,335,945 (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), tramatic brain injury (TBI), medical office building (MOB) or specialty hospitals (SH) located in the states indicated. (2) Certain of the real estate indicated are security for the HUD loan borrowings totaling $54,954,695 at December 31, 2016. Year Ended December 31, (3) 2014 2015 2016 Balance at beginning of period $ 3,099,547,182 $ 3,223,785,295 $ 6,743,957,698 Acquisitions through foreclosure - - 25,000,000 Acquisitions 131,689,483 3,371,233,860 1,017,760,963 Impairment (3,660,381 ) (12,916,233 ) (53,716,724 ) Improvements 17,916,855 220,272,401 95,806,618 Disposals/other (21,707,844 ) (58,417,625 ) (262,450,272 ) Balance at close of period $ 3,223,785,295 $ 6,743,957,698 $ 7,566,358,283 Year Ended December 31, (4) 2014 2015 2016 Balance at beginning of period $ 707,409,888 $ 821,711,991 $ 1,019,149,678 Provisions for depreciation 123,141,880 210,554,569 266,904,418 Dispositions/other (8,839,777 ) (13,116,882 ) (45,718,151 ) Balance at close of period $ 821,711,991 $ 1,019,149,678 $ 1,240,335,945 (5) The reported amount of our real estate at December 31, 2016 is greater than the tax basis of the real estate by approximately $1.1 billion. (6) Reflects bed sales, impairments, land easements and impacts from foreign currency exchange rates. |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE OMEGA HEALTHCARE INVESTORS, INC., OHI HEALTHCARE PROPERTIES HOLDCO, INC. AND OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP December 31, 2016 Grouping Description (1) Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (2) (3) Principal Amount of Loans Subject to Delinquent Principal or Interest 1 Louisiana (1 AL facility) 8.75 % 2018 Interest accrues monthly None 9,870,626 9,870,626 2 Maryland (3 SNF facilities) 11.00 % 2028 Interest payable monthly None 74,927,751 35,963,840 3 Michigan (31 SNF facilities) 9.45 % 2029 Interest plus $105,000 of principal payable monthly None 415,000,000 412,140,060 4 Michigan (1 SNF facility) 10.77 % 2021 Interest payable monthly None 3,917,030 3,917,030 - 5 Michigan (1 SNF facility) 10.51 % 2021 Interest payable monthly None 4,111,387 4,111,387 - 6 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 2,214,376 2,214,376 - 7 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 560,601 560,601 - 8 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 267,170 267,170 - 9 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 100,000 100,000 - 10 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 252,241 252,241 - 11 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 269,740 269,740 - 12 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 4,036,982 4,036,982 - 13 Michigan (1 SNF facility) 10.25 % 2029 Interest payable monthly None 4,089,039 4,089,039 - 14 Michigan (1 SNF facility) 9.50 % 2029 Interest payable monthly None 597,022 597,022 - 15 Michigan (1 SNF facility) 9.50 % 2029 Interest payable monthly None 125,930 125,930 - 16 Michigan (1 SNF facility) 9.50 % 2029 Interest payable monthly None 1,803,905 1,803,905 - 17 Michigan (1 SNF facility) 9.50 % 2029 Interest payable monthly None 432,754 432,754 - 18 Michigan (1 SNF facility) 9.50 % 2029 Interest payable monthly None 190,842 190,842 - 19 Michigan (1 SNF facility) 8.50 % 2029 Interest payable monthly None 14,044,762 14,044,762 - 20 Missouri (1 SNF facility) and Tennessee ( 1 SNF facility) 8.35 % 2015 Interest plus $0 of principal payable monthly None 6,997,610 2,500,000 21 New Jersey (1 AL facility) 10.00 % 2017 Interest payable monthly None 3,195,000 3,195,000 - 22 Ohio (2 SNF facilities) and Pennsylvania (5 SNF and 2 AL facilities) 9.79 % 2024 Interest payable monthly None 112,500,000 112,500,000 - 23 Ohio (1 SNF facility) 11.67 % 2018 Interest payable monthly None 11,874,013 12,254,985 24 South Carolina (1 AL facility) 8.75 % 2018 Interest accrues monthly None 8,762,943 8,762,943 - 25 Virginia (1 AL facility) 8.75 % 2018 Interest accrues monthly None 5,142,008 5,142,008 - $ 685,283,732 $ 639,343,243 (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 equal to the carrying amount. Year Ended December 31, (3) 2014 2015 2016 Balance at beginning of period $ 241,514,812 $ 648,078,550 $ 679,795,236 Additions during period - Placements 529,547,836 33,288,320 48,721,953 Deductions during period - collection of principal/other (122,984,098 ) (1,571,634 ) (89,173,946 ) Balance at close of period $ 648,078,550 $ 679,795,236 $ 639,343,243 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 (see Note 10 – Concentration of Risk). |
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 For acquisitions not accounted for as a business combination, assets and liabilities are recognized based on their cost to the Company which generally includes transaction costs. The costs of the acquisition are allocated to the assets and liabilities acquired on a relative fair value basis. |
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. As of December 31, 2016 and 2015, 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, 2016 and 2015, 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, 2016 and 2015. |
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. We have determined that all but seven of our leases should be accounted for as operating leases. The other seven 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 , 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 |
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. For additional information, see Note 9 – Intangibles. |
Asset Impairment | Asset 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, 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 the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows 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 by market research, which includes valuing the property as a nursing home as well as other 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. 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. If we decide to sell real estate properties or land holdings, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. Our estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. For the years ended December 31, 2016, 2015 and 2014, we recognized impairment losses of $58.7 million, $17.7 million and $3.7 million, respectively. For additional information, see Note 3 – Properties and Note 8 – Assets Held For Sale. |
Loan and Direct Financing Lease Impairment | Loan and Direct Financing Lease Impairment Management evaluates our outstanding mortgage notes, direct financing leases and other notes receivable for impairment. When management identifies potential loan or direct financing lease impairment indicators, such as non-payment under the loan documents, impairment of the underlying collateral, financial difficulty of the operator or other circumstances that may impair full execution of the loan documents or direct financing leases, and management believes it is probable that all amounts will not be collected under the contractual terms of the loan or direct financing lease, the loan or direct financing lease 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 or direct financing lease is written down to the fair value of the collateral. The fair value of the loan or direct financing lease is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. 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, 2016 and 2015, we had $8.7 million and $3.0 million, respectively, of reserves on our mortgages and other investments and no reserves on our direct financing leases. For additional information, see Note 4 – Direct Financing Leases, Note 5 – Mortgage Notes Receivable and Note 6 – Other Investments. |
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 year ended December 31, 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. For additional information, see Note 8 – Assets Held for Sale. |
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 funds escrowed for tenants’ security deposits required by us pursuant to certain contractual terms (see Note 11 – Lease and Mortgage Deposits). |
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 mortgage recognized on an effective yield basis or the existence of lease inducements, we generally provide an allowance for straight-line, effective interest, and or lease inducement accounts receivable when certain conditions or indicators of adverse collectability are present. If the accounts receivable balance is subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables by type is as follows: December 31, 2016 2015 (in thousands) Contractual receivables $ 13,376 $ 8,452 Effective yield interest receivables 9,749 9,028 Straight-line rent receivables 208,874 175,709 Lease inducements 8,393 10,982 Allowance (357 ) (309 ) Accounts receivable – net $ 240,035 $ 203,862 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. In 2014, we wrote-off $0.8 million of straight-line rent receivables associated with a lease amendment to an existing operator for two facilities that were transitioned to a new operator and $2.0 million of effective yield interest receivables associated with the termination of a mortgage note that was due November 2021. |
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 2016 and 2015. |
Income Taxes | Income Taxes OHI Holdco is a wholly owned subsidiary of Omega and is a qualified REIT subsidiary for United States federal income tax purposes, and Omega OP is a pass through entity for United States federal income tax purposes. 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. 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. For additional information on income taxes, see Note 14 – Taxes. |
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. We do not recognize contingent rents as income until the contingencies have been resolved. 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. Mortgage interest income is recognized as earned over the terms of the related mortgage notes, using the effective yield method. Allowances are provided against earned revenues from mortgage interest when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. When collection is uncertain, mortgage interest income on impaired mortgage loans is recognized as received after taking into account the application of security deposits. Gains 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, see Note 17 – Stock-Based Compensation for additional details. |
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 In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements 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 $9.3 million, $7.0 million and $4.5 million in 2016, 2015 and 2014, 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. No per share information was provided for OHI Holdco because the sole stockholder is Omega. OHI Holdco is a wholly owned subsidiary of Omega and has 1,000 shares of $0.01 par value per share common stock outstanding. |
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. As a part of the Aviv OP Distribution, Omega settled approximately 0.2 million units via cash settlement. As of December 31, 2016, Omega and OHI Holdco together directly and indirectly own approximately 96% of the outstanding Omega OP Units, and the other 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 partners’ equity on our Consolidated Balance Sheets. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest. The noncontrolling interest for Omega represents the outstanding Omega OP Units held by outside investors. The noncontrolling interest for OHI Holdco represents the Omega OP Units held by the Parent and 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 United States. The functional currency for our consolidated subsidiaries operating in countries other than the United States is the principal currency in which the entity primarily generates and expends cash. 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 this translation are included in accumulated other comprehensive loss (“AOCL”) as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest. 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 and then the adjustments are included in AOCL. |
Derivative Instruments | Derivative Instruments 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 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 2016 and 2015, we had $1.5 million and $0.7 million, respectively, of qualifying cash flow hedges recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets. |
Related Party Transactions | Related Party Transactions The Company has a policy which generally requires related party transactions to be approved or ratified by the Audit Committee. On February 1, 2016, we acquired 10 SNFs from Laurel Healthcare Holdings, Inc. (“Laurel”) for approximately $169.0 million in cash and leased them to an unrelated existing operator. A former member of the Board of Directors of the Company, together with certain members of his immediate family, beneficially owned approximately 34% of the equity of Laurel prior to the transaction. Immediately following our acquisition, the unrelated existing operator acquired all of the outstanding equity interests of Laurel, including the interests previously held by the former director of the Company and his family. |
Reclassification | Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. |
Change in Accounting Principle | Change in Accounting Principle We have retrospectively adjusted the presentation of deferred financing costs on the Company’s Consolidated Balance Sheets for all prior periods, as required by ASU 2015-03 and ASU 2015-15. The guidance requires debt issuance costs to be presented as a direct deduction from the related debt liability rather than as an asset, except for costs associated with our revolving credit facility. The prior period amounts that have been impacted by the new accounting guidance were retrospectively adjusted to their respective debt liability line items on the Company’s Consolidated Balance Sheets. The following table presents the impact of the change in accounting principle to the Consolidated Balance Sheets of the Company as of December 31, 2016: As of December 31, 2016 Term Loans, Secured Unsecured (in thousands) Prior to change in accounting principle $ 1,100,000 $ 54,954 $ 3,055,849 Impact of change in accounting principle (5,657 ) (589 ) (27,703 ) As reported $ 1,094,343 $ 54,365 $ 3,028,146 The following table presents the impact of the change in accounting principle to the Consolidated Balance Sheets of the Company as of December 31, 2015: As of December 31, 2015 Term Loans, Secured Unsecured (in thousands) As previously reported $ 750,000 $ 236,204 $ 2,352,882 Impact of change in accounting principle (4,307 ) (611 ) (24,155 ) As adjusted and currently reported $ 745,693 $ 235,593 $ 2,328,727 |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In January 2017, the FASB issued ASU 2017-01, Business Combinations-Clarifying the Definition of a Business |
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 March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments . In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash , |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of summary of net receivables | December 31, 2016 2015 (in thousands) Contractual receivables $ 13,376 $ 8,452 Effective yield interest receivables 9,749 9,028 Straight-line rent receivables 208,874 175,709 Lease inducements 8,393 10,982 Allowance (357 ) (309 ) Accounts receivable – net $ 240,035 $ 203,862 |
Schedule of impact of the change in accounting principle to the Consolidated Balance Sheets | As of December 31, 2016 Term Loans, Secured Unsecured (in thousands) Prior to change in accounting principle $ 1,100,000 $ 54,954 $ 3,055,849 Impact of change in accounting principle (5,657 ) (589 ) (27,703 ) As reported $ 1,094,343 $ 54,365 $ 3,028,146 As of December 31, 2015 Term Loans, Secured Unsecured (in thousands) As previously reported $ 750,000 $ 236,204 $ 2,352,882 Impact of change in accounting principle (4,307 ) (611 ) (24,155 ) As adjusted and currently reported $ 745,693 $ 235,593 $ 2,328,727 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Properties [Line Items] | |
Schedule of investment in leased real estate properties | December 31, 2016 2015 (in thousands) Buildings $ 5,954,771 $ 5,320,482 Land 759,295 670,916 Furniture, fixtures and equipment 454,760 426,040 Site improvements 206,206 132,182 Construction in progress 191,326 194,338 Total real estate investments 7,566,358 6,743,958 Less accumulated depreciation (1,240,336 ) (1,019,150 ) Real estate investments - net $ 6,326,022 $ 5,724,808 |
Schedule of future minimum estimated contractual rents due for the remainder of the initial terms of the leases | (in thousands) 2017 $ 718,999 2018 711,714 2019 689,641 2020 701,543 2021 705,418 Thereafter 3,732,920 Total $ 7,260,235 |
Schedule of final fair value of the assets acquired and liabilities assumed | (in thousands) Fair value of net assets acquired: Land and buildings $ 3,107,530 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,177,218 Goodwill 630,679 Accounts receivables and other assets 17,144 Cash acquired 84,858 Accrued expenses and other liabilities (223,002 ) Debt (1,410,637 ) Fair value of net assets acquired $ 2,276,260 |
Schedule of pro forma information not indicative of future operations | Pro Forma Year Ended December 31, 2015 2014 (in thousands, except per share Pro forma revenues $ 817,642 $ 789,270 Pro forma net income $ 258,927 $ 318,271 Earnings per share – diluted: Net income – as reported $ 1.29 $ 1.74 Net income – pro forma $ 1.33 $ 1.74 |
2016 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of acquisitions and other | 2016 Acquisitions and Other Number of Country/ Total Land Building & Site Improvements Furniture Initial Period SNF ALF State Investment (in millions) Yield (%) 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 (3) 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 (4) 24.8 83.9 3.2 7.00 Q2 - 3 TX 66.0 (5) 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 (6) - 8.6 0.4 9.00 Q3 31 - FL, KY,TN 329.6 (1)(2) 24.6 290.8 14.2 9.00 Total 70 20 $ 1,022.8 $ 100.4 $ 876.6 $ 45.8 (1) The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment once the analysis is completed. (2) 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. Refer to Note – 6 Other Investments. (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 have agreed to pay an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. The $3.0 million liability is recorded in unsecured borrowings – net on our Consolidated Balance Sheet. (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. |
2015 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of acquisitions and other | 2015 Acquisitions and Other Number of Total Land Building & Site Improvements Furniture Initial Period SNF ALF State Investment (in millions) Yield (%) 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 201,000 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. |
2014 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of acquisitions and other | 2014 Acquisitions and Other Number of Total Land Building & Site Furniture Initial Period SNF ALF State Investment (in millions) Yield (%) Q1 - 1 AZ $ 4.7 $ 0.4 $ 3.9 $ 0.4 9.75 Q2/Q3 3 - GA, SC 34.6 0.9 32.1 1.6 9.50 Q3 1 - TX 8.2 0.4 7.4 0.4 9.75 Q4 - 4 PA,OR,AR 84.2 5.1 76.7 2.4 6.00 4 5 $ 131.7 $ 6.8 $ 120.1 $ 4.8 |
DIRECT FINANCING LEASES (Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Capital [Abstract] | |
Schedule of components of investment in direct financing leases | December 31, 2016 2015 (in thousands) Minimum lease payments receivable $ 4,287,069 $ 4,320,876 Less unearned income (3,685,131 ) (3,733,175 ) Investment in direct financing leases - net $ 601,938 $ 587,701 Properties subject to direct financing leases 58 59 |
Schedule of investment in the direct financing leases by operator | December 31, 2016 2015 (in thousands) New Ark $ 574,581 $ 560,308 Reliance Health Care Management, Inc. 15,498 15,509 Sun Mar Healthcare 11,443 11,381 Markleysburg Healthcare Investors, LP 416 503 Investment in direct financing leases - net $ 601,938 $ 587,701 |
Schedule of minimum rents due under direct financing leases | 2017 2018 2019 2020 2021 $50,772 $52,098 $53,377 $54,677 $55,919 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Notes Receivable Investments [Abstract] | |
Schedule of mortgage notes receivable, net of allowances | December 31, 2016 2015 (in thousands) Mortgage note due 2024; interest at 9.79% $ 112,500 $ 112,500 Mortgage note due 2028; interest at 11.00% 35,964 69,928 Mortgage note due 2029; interest at 9.45% 412,140 413,399 Other mortgage notes outstanding (1) 82,673 83,968 Mortgage notes receivable, gross 643,277 679,795 Allowance for loss on mortgage notes receivable (3,934 ) — Total mortgages — net $ 639,343 $ 679,795 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% per annum and maturity dates through 2029. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of other investments | December 31, 2016 2015 (in thousands) Other investment note due 2019; interest at 10.50% $ 49,458 $ — Other investment note due 2020; interest at 10.00% 23,000 23,000 Other investment note due 2020; interest at 14.00% 47,913 — Other investment note due 2022, interest at 9.00% 31,987 — Other investment note due 2030; interest at 6.66% 44,595 26,966 Other investment notes outstanding (1) 64,691 42,293 Other investments, gross 261,644 92,259 Allowance for loss on other investments (4,798 ) (2,960 ) Total other investments $ 256,846 $ 89,299 (1) Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 13.0% per annum. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of properties held-for-sale | Properties Held-For-Sale Number of Net Book Value December 31, 2014 4 $ 12,792 Properties sold/other (1) (5 ) (16,877 ) Properties added (2) 4 10,684 December 31, 2015 3 $ 6,599 Properties sold/other (3) (24 ) (75,948 ) Properties added (4) 41 122,217 December 31, 2016 20 $ 52,868 (1) In 2015, a parcel of land was reclassified to closed facilities. In addition, we sold four facilities for approximately $25.5 million in net proceeds recognizing gains on sales of approximately $8.8 million. (2) In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. (3) 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). (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. |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangibles | December 31, 2016 2015 (in thousands) Assets: Goodwill $ 643,474 $ 645,683 Above market leases $ 22,476 $ 21,901 In-place leases 167 386 Accumulated amortization (15,864 ) (14,162 ) Net intangible assets $ 6,779 $ 8,125 Liabilities: Below market leases $ 165,028 $ 165,331 Accumulated amortization (70,738 ) (55,131 ) Net intangible liabilities $ 94,290 $ 110,200 |
Schedule of reconciliation of goodwill | (in thousands) Balance as of December 31, 2015 $ 645,683 Add: additional valuation adjustments related to preliminary valuations 275 Less: foreign currency translation (2,484 ) Balance as of December 31, 2016 $ 643,474 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term borrowings | Interest Rate as December 31, Maturity 2016 2016 2015 (in thousands) Secured borrowings: Mortgage term loan $ — $ 180,000 HUD mortgages assumed December 2011 (1) 2044 3.06 % 54,954 56,204 Deferred financing costs – net (589 ) (611 ) Total secured borrowings – net (2) 54,365 235,593 Unsecured borrowings: Revolving line of credit 2018 2.06 % 190,000 230,000 Tranche A-1 term loan 2019 2.27 % 200,000 200,000 Tranche A-2 term loan 2017 2.19 % 200,000 200,000 Tranche A-3 term loan 2021 2.27 % 350,000 — Omega OP term loan (2) 2017 2.19 % 100,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Deferred financing costs – net (5,657 ) (4,307 ) Total term loans – net 1,094,343 745,693 2023 notes 2023 4.375 % 700,000 — 2024 notes 2024 5.875 % 400,000 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 250,000 250,000 2026 notes 2026 5.25 % 600,000 600,000 2027 notes 2027 4.50 % 700,000 700,000 Other 2018 - 3,000 — Subordinated debt 2021 9.00 % 20,000 20,000 Discount - net (17,151 ) (17,118 ) Deferred financing costs – net (27,703 ) (24,155 ) Total unsecured borrowings – net 3,028,146 2,328,727 Total secured and unsecured borrowings – net $ 4,366,854 $ 3,540,013 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $65.7 million as of December 31, 2016. (2) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. |
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | (in thousands) 2017 $ 302,788 2018 192,828 2019 201,369 2020 1,412 2021 371,456 Thereafter 3,348,101 Totals $ 4,417,954 |
Schedule of refinancing related costs | Year Ended December 31, 2016 2015 2014 (in thousands) Write off of deferred financing cost and unamortized premiums due to refinancing (1)(2)(3) $ 301 $ (7,134 ) $ 1,180 Prepayment and other costs associated with refinancing (4) 1,812 35,971 1,861 Total debt extinguishment costs $ 2,113 $ 28,837 $ 3,041 (1) 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 foreclosure. (2) 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. (3) In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. (4) 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 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of the carrying amounts and fair values of financial instruments | 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Cash and cash equivalents $ 93,687 $ 93,687 $ 5,424 $ 5,424 Restricted cash 13,589 13,589 14,607 14,607 Investments in direct financing leases – net 601,938 598,665 587,701 584,358 Mortgage notes receivable – net 639,343 644,961 679,795 687,130 Other investments – net 256,846 253,385 89,299 90,745 Total $ 1,605,403 $ 1,604,287 $ 1,376,826 $ 1,382,264 Liabilities: Revolving line of credit $ 190,000 $ 190,000 $ 230,000 $ 230,000 Tranche A-1 term loan 198,830 200,000 197,699 200,000 Tranche A-2 term loan 200,000 200,000 200,000 200,000 Tranche A-3 term loan 347,449 350,000 — — Omega OP term loan (1) 100,000 100,000 100,000 100,000 2015 term loan 248,064 250,000 247,994 250,000 4.375% notes due 2023 – net 692,305 693,505 — — 5.875% notes due 2024 – net 395,065 432,938 394,382 429,956 4.95% notes due 2024 – net 392,669 406,361 391,658 403,064 4.50% notes due 2025 – net 245,949 249,075 245,446 242,532 5.25% notes due 2026 – net 593,616 611,461 593,032 612,760 4.50% notes due 2027 – net 685,052 681,978 683,596 667,651 Mortgage term loan due 2019 — — 180,000 180,000 HUD debt – net (1) 54,365 52,510 55,593 52,678 Subordinated debt – net 20,490 23,944 20,613 24,366 Other 3,000 3,000 — — Total $ 4,366,854 $ 4,444,772 $ 3,540,013 $ 3,593,007 (1) These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. |
STOCKHOLDERS'_OWNERS' EQUITY (T
STOCKHOLDERS'/OWNERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of accumulated other comprehensive loss, net of tax | Omega OHI Holdco Omega OP December 31, December 31, December 31, 2016 2015 2016 2015 2016 2015 (in thousands) Foreign currency translation adjustments $ (52,495 ) $ (8,027 ) $ (12,028 ) $ (1,879 ) $ (54,948 ) $ (8,413 ) Cash flow hedge adjustments (1,332 ) (685 ) (411 ) (160 ) (1,420 ) (718 ) Total accumulated other comprehensive loss $ (53,827 ) $ (8,712 ) $ (12,439 ) $ (2,039 ) $ (56,368 ) $ (9,131 ) |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2013 257,198 $ 29.32 Granted during 2014 143,637 30.70 $ 4.4 Vested during 2014 (90,901 ) 28.87 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 (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 | January 1, December March April 1, July 31, March 17, Closing price on date of grant $ 23.85 $ 29.80 $ 40.57 $ 40.74 $ 36.26 $ 34.78 Dividend yield 4.24% 6.44% 5.23% 5.20% 6.07% 6.56% Risk free interest rate at time of grant 0.05% to 0.43% 0.04% to 0.86% 0.10% to 0.94% 0.09% to 0.91% 0.13% to 1.08% 0.05% to 1.14% Expected volatility 15.56% to 23.83% 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% |
Schedule of activity in PRSU and LTIP Units | Number of Weighted- Compensation Cost (1) (in millions) Non-vested at December 31, 2013 1,038,024 $ 10.72 Granted during 2014 309,168 11.46 $ 3.5 Vested during 2014 (2) (496,979 ) 10.75 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 (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 total unrecognized compensation cost associated with outstanding restricted stock, restricted stock units and PRSU awards to employees | Grant Year Shares/ Units Grant Date Average Fair Value Per Unit/ Share Total Compensation Cost (in millions) (1) Weighted Average Period of Expense Recognition (in months) Unrecognized Compensation Cost (in millions) Performance Period Vesting Dates RSUs 3/31/15 RSU 2015 109,985 40.57 4.5 33 1.6 N/A 12/31/2017 4/1/15 RSU 2015 40,464 40.74 1.6 33 0.6 N/A 12/31/2017 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.1 N/A 11/1/2017 3/17/16 RSU 2016 131,006 34.78 4.6 33 3.3 N/A 12/31/2018 Restricted Stock Units Total 289,254 $ 37.82 $ 11.0 $ 5.6 TSR PRSUs and LTIP Units 2016 TSR 2014 135,634 8.67 1.2 48 0.3 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.1 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.4 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 LTIP Units 2016 372,069 13.21 4.9 45 3.9 1/1/2016-12/31/2018 Quarterly in 2019 TSR PRSUs & LTIP Total 699,103 $ 12.74 $ 8.9 $ 5.7 Relative TSR PRSUs 2016 Relative TSR 2014 135,634 14.24 1.9 48 0.5 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 1.6 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 0.7 1/1/2015-12/31/2017 Quarterly in 2018 3/17/2016 2018 Relative TSR 2016 307,480 16.45 5.1 45 4.0 1/1/2016-12/31/2018 Quarterly in 2019 Relative TSR PRSUs Total 634,514 $ 17.84 $ 11.3 $ 6.8 Grand Total 1,622,871 $ 19.20 $ 31.2 $ 18.1 (1) Total compensation costs are net of shares cancelled. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Dividends [Abstract] | |
Schedule of per share distribution for income tax purpose | Year Ended December 31, 2016 2015 2014 Common Ordinary income $ 1.968 $ 1.133 $ 1.834 Return of capital 0.322 1.047 0.186 Capital gains 0.070 - - Total dividends paid $ 2.360 $ 2.180 $ 2.020 |
SUMMARY OF QUARTERLY RESULTS 47
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Omega March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 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 2015 Revenues $ 133,420 $ 197,711 $ 201,974 $ 210,512 Net income 43,052 43,466 83,254 63,543 Net income available to common stockholders 43,052 41,428 79,402 60,642 Net income available to common per share: Basic $ 0.32 $ 0.23 $ 0.43 $ 0.32 Net income per share: Diluted $ 0.32 $ 0.22 $ 0.43 $ 0.32 OHI Holdco . (a) March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 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 12,902 24,994 17,688 27,742 2015 Revenues (b) $ - $ 197,711 $ 201,974 $ 210,512 Net income (b) - 43,466 83,254 63,543 Net income available to common stockholders (b) - 9,912 18,788 14,161 Omega OP March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 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 2015 Revenues (b) $ - $ 197,711 $ 201,974 $ 210,512 Net income (b) - 43,466 83,254 63,543 Net income available to Omega OP Unit holders: Basic (b) $ - $ 0.23 $ 0.43 $ 0.32 Net income per unit: Diluted (b) $ - $ 0.22 $ 0.43 $ 0.32 (a) No per share information was provided for OHI Holdco because the sole stockholder is Omega. OHI Holdco is a wholly owned subsidiary of Omega and has 1,000 shares outstanding. (b) Prior to April 1, 2015, no substantive assets or activity occurred in OHI Holdco or Omega OP. The 2015 information reflects the activity from April 1, 2015 (merger date) through December 31, 2015. |
EARNINGS PER SHARE_UNIT (Tables
EARNINGS PER SHARE/UNIT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Omega Omega OP Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 (in thousands, except per share amounts) Numerator: Net income $ 383,367 $ 233,315 $ 221,349 $ 383,367 $ 190,263 Less: Net income attributable to noncontrolling interests (16,952 ) (8,791 ) — — — Net income available to common stockholders/Omega OP Unit holders $ 366,415 $ 224,524 $ 221,349 $ 383,367 $ 190,263 Denominator: Denominator for basic earnings per share/unit 191,781 172,242 126,550 200,679 193,843 Effect of dilutive securities: Common stock equivalents 956 1,539 744 956 1,899 Noncontrolling interest – OP units 8,898 6,727 — — — Denominator for diluted earnings per share/partnership unit 201,635 180,508 127,294 201,635 195,742 Earnings per share - basic: Net income available to common stockholders/Omega OP Unit holders $ 1.91 $ 1.30 $ 1.75 $ 1.91 $ 0.98 Earnings per share/Omega OP Unit - diluted: Net income $ 1.90 $ 1.29 $ 1.74 $ 1.90 $ 0.97 |
ORGANIZATION AND BASIS OF PRE49
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Detail) - Segment | 1 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of reportable segments | 1 | |
Omega and OHI Holdco | Operating Partnership units | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of partnership interest in Omega OP | 95.00% | 96.00% |
Other investors | Omega and OHI Holdco | Operating Partnership units | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of partnership interest in Omega OP | 5.00% | 4.00% |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Contractual receivables | $ 13,376 | $ 8,452 |
Effective yield interest receivables | 9,749 | 9,028 |
Straight-line rent receivables | 208,874 | 175,709 |
Lease inducements | 8,393 | 10,982 |
Allowance | (357) | (309) |
Accounts receivable - net | $ 240,035 | $ 203,862 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Term Loans, net | $ 1,094,343 | $ 745,693 |
Secured Borrowings, net | 54,365 | 235,593 |
Unsecured Borrowings, net | 3,028,146 | 2,328,727 |
Prior to change in accounting principle | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Term Loans, net | 1,100,000 | 750,000 |
Secured Borrowings, net | 54,954 | 236,204 |
Unsecured Borrowings, net | 3,055,849 | 2,352,882 |
Impact of change in accounting principle | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Term Loans, net | (5,657) | (4,307) |
Secured Borrowings, net | (589) | (611) |
Unsecured Borrowings, net | $ (27,703) | $ (24,155) |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Depreciation method | straight-line basis |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Site improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 8 years |
Site improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN53
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) $ / shares in Units, $ in Thousands, shares in Millions | Feb. 01, 2016USD ($)Facility | Jun. 30, 2015shares | Dec. 31, 2016USD ($)FacilityHealthcare_facility | Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($)Facility | Apr. 01, 2015$ / sharesshares |
Accounting Policies [Line Items] | ||||||
Unamortized direct costs related to origination of direct financing leases | $ 3,300 | $ 3,300 | ||||
Recognized impairment losses | 58,726 | 17,681 | $ 3,660 | |||
Loan loss reserves | 8,700 | 3,000 | ||||
Straight line rent receivables wrote off | $ 4,300 | 3,200 | 800 | |||
Effective yield interest receivables wrote off | $ 1,500 | $ 2,000 | ||||
Number of facilities transitioned | Facility | 4 | 2 | ||||
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 costs | $ 9,345 | $ 6,990 | $ 4,459 | |||
Number of leased real estate properties | Healthcare_facility | 996 | |||||
Rental income | $ 743,885 | 605,991 | $ 388,443 | |||
SNF's | ||||||
Accounting Policies [Line Items] | ||||||
Number of leased real estate properties | Facility | 809 | |||||
ALFs | ||||||
Accounting Policies [Line Items] | ||||||
Number of leased real estate properties | Facility | 101 | |||||
Cash flow hedges | ||||||
Accounting Policies [Line Items] | ||||||
Cash flow hedges recorded at fair value in accrued expenses and other liabilities | $ 1,500 | $ 700 | ||||
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 interest 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 interest owned | 5.00% | 4.00% | ||||
Laurel Healthcare Holdings | SNF's | ||||||
Accounting Policies [Line Items] | ||||||
Number of leased real estate properties | Facility | 10 | |||||
Purchase price of buildings acquired paid in cash | $ 169,000 | |||||
Laurel Healthcare Holdings | Directors | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership interest | 34.00% |
PROPERTIES (Detail)
PROPERTIES (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 7,566,358 | $ 6,743,958 |
Less accumulated depreciation | (1,240,336) | (1,019,150) |
Total | 6,326,022 | 5,724,808 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 5,954,771 | 5,320,482 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 759,295 | 670,916 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 454,760 | 426,040 |
Site improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 206,206 | 132,182 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 191,326 | $ 194,338 |
PROPERTIES (Detail 1)
PROPERTIES (Detail 1) $ in Thousands | Dec. 31, 2016USD ($) |
Real Estate [Abstract] | |
2,017 | $ 718,999 |
2,018 | 711,714 |
2,019 | 689,641 |
2,020 | 701,543 |
2,021 | 705,418 |
Thereafter | 3,732,920 |
Total | $ 7,260,235 |
PROPERTIES (Detail 2)
PROPERTIES (Detail 2) $ in Millions | 5 Months Ended | 12 Months Ended | |||
Jul. 24, 2015USD ($) | Dec. 31, 2016USD ($)FacilityHealthcare_facility | Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($)Facility | ||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Healthcare_facility | 996 | ||||
Initial Annual Cash Yield (%) | 5.00% | ||||
SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 809 | ||||
ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 101 | ||||
2016 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1,022.8 | ||||
2016 Acquisitions and Other | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 100.4 | ||||
2016 Acquisitions and Other | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 876.6 | ||||
2016 Acquisitions and Other | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 45.8 | ||||
2016 Acquisitions and Other | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 70 | ||||
2016 Acquisitions and Other | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 20 | ||||
2016 Acquisitions and Other | Q1 | UK | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 8.3 | ||||
Initial Annual Cash Yield (%) | 7.00% | ||||
2016 Acquisitions and Other | Q1 | UK | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.4 | ||||
2016 Acquisitions and Other | Q1 | UK | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 6.7 | ||||
2016 Acquisitions and Other | Q1 | UK | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.2 | ||||
2016 Acquisitions and Other | Q1 | UK | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q1 | UK | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 6.1 | ||||
Initial Annual Cash Yield (%) | 7.00% | ||||
2016 Acquisitions and Other | Q1 | UK | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.6 | ||||
2016 Acquisitions and Other | Q1 | UK | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 5.3 | ||||
2016 Acquisitions and Other | Q1 | UK | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.2 | ||||
2016 Acquisitions and Other | Q1 | UK | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q1 | OH, VA, MI | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [1] | $ 169 | |||
Initial Annual Cash Yield (%) | 8.50% | ||||
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 | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 152.5 | ||||
2016 Acquisitions and Other | Q1 | OH, VA, MI | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 6 | ||||
2016 Acquisitions and Other | Q1 | OH, VA, MI | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 10 | ||||
2016 Acquisitions and Other | Q1 | GA | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 20.2 | ||||
Initial Annual Cash Yield (%) | 7.50% | ||||
2016 Acquisitions and Other | Q1 | GA | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.8 | ||||
2016 Acquisitions and Other | Q1 | GA | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 18.3 | ||||
2016 Acquisitions and Other | Q1 | GA | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.1 | ||||
2016 Acquisitions and Other | Q1 | GA | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 2 | ||||
2016 Acquisitions and Other | Q1 | MD | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 25 | ||||
Initial Annual Cash Yield (%) | 8.50% | ||||
2016 Acquisitions and Other | Q1 | MD | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.5 | ||||
2016 Acquisitions and Other | Q1 | MD | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 19.9 | ||||
2016 Acquisitions and Other | Q1 | MD | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.6 | ||||
2016 Acquisitions and Other | Q1 | MD | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 3 | ||||
2016 Acquisitions and Other | Q1 | VA, NC | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 212.5 | ||||
Initial Annual Cash Yield (%) | 8.50% | ||||
2016 Acquisitions and Other | Q1 | VA, NC | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 19.3 | ||||
2016 Acquisitions and Other | Q1 | VA, NC | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 181.1 | ||||
2016 Acquisitions and Other | Q1 | VA, NC | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 12.1 | ||||
2016 Acquisitions and Other | Q1 | VA, NC | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 21 | ||||
2016 Acquisitions and Other | Q2 | UK | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [2] | $ 111.9 | |||
Initial Annual Cash Yield (%) | 7.00% | ||||
2016 Acquisitions and Other | Q2 | UK | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 24.8 | ||||
2016 Acquisitions and Other | Q2 | UK | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 83.9 | ||||
2016 Acquisitions and Other | Q2 | UK | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 3.2 | ||||
2016 Acquisitions and Other | Q2 | UK | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 10 | ||||
2016 Acquisitions and Other | Q2 | TX | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [3] | $ 66 | |||
Initial Annual Cash Yield (%) | 6.80% | ||||
2016 Acquisitions and Other | Q2 | TX | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 5.8 | ||||
2016 Acquisitions and Other | Q2 | TX | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 58.6 | ||||
2016 Acquisitions and Other | Q2 | TX | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.6 | ||||
2016 Acquisitions and Other | Q2 | TX | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 3 | ||||
2016 Acquisitions and Other | Q2 | CO, MO | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 31.8 | ||||
Initial Annual Cash Yield (%) | 9.00% | ||||
2016 Acquisitions and Other | Q2 | CO, MO | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 3.1 | ||||
2016 Acquisitions and Other | Q2 | CO, MO | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 26.2 | ||||
2016 Acquisitions and Other | Q2 | CO, MO | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.5 | ||||
2016 Acquisitions and Other | Q2 | CO, MO | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 3 | ||||
2016 Acquisitions and Other | Q3 | GA | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.5 | ||||
Initial Annual Cash Yield (%) | 8.00% | ||||
2016 Acquisitions and Other | Q3 | GA | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.2 | ||||
2016 Acquisitions and Other | Q3 | GA | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 2.1 | ||||
2016 Acquisitions and Other | Q3 | GA | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.2 | ||||
2016 Acquisitions and Other | Q3 | GA | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q3 | FL | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 4.3 | ||||
Initial Annual Cash Yield (%) | 8.00% | ||||
2016 Acquisitions and Other | Q3 | FL | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.3 | ||||
2016 Acquisitions and Other | Q3 | FL | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 1.8 | ||||
2016 Acquisitions and Other | Q3 | FL | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.2 | ||||
2016 Acquisitions and Other | Q3 | FL | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q3 | FL | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 16.5 | ||||
Initial Annual Cash Yield (%) | 8.00% | ||||
2016 Acquisitions and Other | Q3 | FL | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.8 | ||||
2016 Acquisitions and Other | Q3 | FL | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 14.3 | ||||
2016 Acquisitions and Other | Q3 | FL | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.4 | ||||
2016 Acquisitions and Other | Q3 | FL | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q3 | SC | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 10.1 | ||||
Initial Annual Cash Yield (%) | 9.00% | ||||
2016 Acquisitions and Other | Q3 | SC | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.7 | ||||
2016 Acquisitions and Other | Q3 | SC | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 6.5 | ||||
2016 Acquisitions and Other | Q3 | SC | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.9 | ||||
2016 Acquisitions and Other | Q3 | SC | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q3 | OH | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [4] | $ 9 | |||
Initial Annual Cash Yield (%) | 9.00% | ||||
2016 Acquisitions and Other | Q3 | OH | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 8.6 | ||||
2016 Acquisitions and Other | Q3 | OH | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.4 | ||||
2016 Acquisitions and Other | Q3 | OH | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2016 Acquisitions and Other | Q3 | FL, KY,TN | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [5],[6] | $ 329.6 | |||
Initial Annual Cash Yield (%) | 9.00% | ||||
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 | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 290.8 | ||||
2016 Acquisitions and Other | Q3 | FL, KY,TN | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 14.2 | ||||
2016 Acquisitions and Other | Q3 | FL, KY,TN | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 31 | ||||
2015 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 228.7 | ||||
2015 Acquisitions and Other | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 122 | ||||
2015 Acquisitions and Other | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 98.6 | ||||
2015 Acquisitions and Other | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 8.1 | ||||
2015 Acquisitions and Other | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 13 | ||||
2015 Acquisitions and Other | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 4 | ||||
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 (%) | 9.50% | ||||
2015 Acquisitions and Other | Q1 | TX | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.1 | ||||
2015 Acquisitions and Other | Q1 | TX | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 6.1 | ||||
2015 Acquisitions and Other | Q1 | TX | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.6 | ||||
2015 Acquisitions and Other | Q1 | TX | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2015 Acquisitions and Other | Q3 | GA | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 10.8 | ||||
Initial Annual Cash Yield (%) | 7.00% | ||||
2015 Acquisitions and Other | Q3 | GA | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.2 | ||||
2015 Acquisitions and Other | Q3 | GA | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 9 | ||||
2015 Acquisitions and Other | Q3 | GA | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.6 | ||||
2015 Acquisitions and Other | Q3 | GA | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 2 | ||||
2015 Acquisitions and Other | Q3 | FL | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 32 | ||||
Initial Annual Cash Yield (%) | 9.00% | ||||
2015 Acquisitions and Other | Q3 | FL | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.4 | ||||
2015 Acquisitions and Other | Q3 | FL | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 29 | ||||
2015 Acquisitions and Other | Q3 | FL | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.6 | ||||
2015 Acquisitions and Other | Q3 | FL | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 2 | ||||
2015 Acquisitions and Other | Q3 | NE | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 15 | ||||
Initial Annual Cash Yield (%) | 9.00% | ||||
2015 Acquisitions and Other | Q3 | NE | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.4 | ||||
2015 Acquisitions and Other | Q3 | NE | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 12.1 | ||||
2015 Acquisitions and Other | Q3 | NE | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.5 | ||||
2015 Acquisitions and Other | Q3 | NE | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 6 | ||||
2015 Acquisitions and Other | Q3 | WA | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 18 | ||||
Initial Annual Cash Yield (%) | 8.00% | ||||
2015 Acquisitions and Other | Q3 | WA | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.2 | ||||
2015 Acquisitions and Other | Q3 | WA | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 14.9 | ||||
2015 Acquisitions and Other | Q3 | WA | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.9 | ||||
2015 Acquisitions and Other | Q3 | WA | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2015 Acquisitions and Other | Q3 | WA | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 2 | ||||
2015 Acquisitions and Other | Q3 | VA | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [7] | $ 28.5 | |||
Initial Annual Cash Yield (%) | 9.25% | ||||
2015 Acquisitions and Other | Q3 | VA | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.9 | ||||
2015 Acquisitions and Other | Q3 | VA | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 24.2 | ||||
2015 Acquisitions and Other | Q3 | VA | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.4 | ||||
2015 Acquisitions and Other | Q3 | VA | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2015 Acquisitions and Other | Q3 | NY | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [8],[9] | $ 111.7 | |||
2015 Acquisitions and Other | Q3 | NY | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 111.7 | ||||
2015 Acquisitions and Other | Q4 | TX | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 5.3 | ||||
Initial Annual Cash Yield (%) | 9.50% | ||||
2015 Acquisitions and Other | Q4 | TX | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.8 | ||||
2015 Acquisitions and Other | Q4 | TX | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 3 | ||||
2015 Acquisitions and Other | Q4 | TX | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.5 | ||||
2015 Acquisitions and Other | Q4 | TX | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2015 Acquisitions and Other | Q4 | AZ | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | [8] | $ 0.6 | |||
Initial Annual Cash Yield (%) | 9.00% | ||||
2015 Acquisitions and Other | Q4 | AZ | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.3 | ||||
2015 Acquisitions and Other | Q4 | AZ | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.3 | ||||
2015 Acquisitions and Other | Q4 | AZ | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2014 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 131.7 | ||||
2014 Acquisitions and Other | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 6.8 | ||||
2014 Acquisitions and Other | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 120.1 | ||||
2014 Acquisitions and Other | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 4.8 | ||||
2014 Acquisitions and Other | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 4 | ||||
2014 Acquisitions and Other | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 5 | ||||
2014 Acquisitions and Other | Q1 | AZ | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 4.7 | ||||
Initial Annual Cash Yield (%) | 9.75% | ||||
2014 Acquisitions and Other | Q1 | AZ | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.4 | ||||
2014 Acquisitions and Other | Q1 | AZ | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 3.9 | ||||
2014 Acquisitions and Other | Q1 | AZ | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.4 | ||||
2014 Acquisitions and Other | Q1 | AZ | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2014 Acquisitions and Other | Q2/Q3 | GA, SC | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 34.6 | ||||
Initial Annual Cash Yield (%) | 9.50% | ||||
2014 Acquisitions and Other | Q2/Q3 | GA, SC | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.9 | ||||
2014 Acquisitions and Other | Q2/Q3 | GA, SC | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 32.1 | ||||
2014 Acquisitions and Other | Q2/Q3 | GA, SC | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 1.6 | ||||
2014 Acquisitions and Other | Q2/Q3 | GA, SC | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 3 | ||||
2014 Acquisitions and Other | Q3 | TX | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 8.2 | ||||
Initial Annual Cash Yield (%) | 9.75% | ||||
2014 Acquisitions and Other | Q3 | TX | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.4 | ||||
2014 Acquisitions and Other | Q3 | TX | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 7.4 | ||||
2014 Acquisitions and Other | Q3 | TX | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 0.4 | ||||
2014 Acquisitions and Other | Q3 | TX | SNF's | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 1 | ||||
2014 Acquisitions and Other | Q4 | PA,OR, AR | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 84.2 | ||||
Initial Annual Cash Yield (%) | 6.00% | ||||
2014 Acquisitions and Other | Q4 | PA,OR, AR | Land | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 5.1 | ||||
2014 Acquisitions and Other | Q4 | PA,OR, AR | Buildings and site improvements | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | 76.7 | ||||
2014 Acquisitions and Other | Q4 | PA,OR, AR | Furniture and fixtures | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 2.4 | ||||
2014 Acquisitions and Other | Q4 | PA,OR, AR | ALFs | |||||
Real Estate Properties [Line Items] | |||||
Number of Facilities | Facility | 4 | ||||
[1] | Acquired from a related party. Refer to Note - 2 Summary of Significant Accounting Policies - Related Party Transactions. | ||||
[2] | Omega also recorded a deferred tax asset of approximately $1.9 million in connection with the acquisition. | ||||
[3] | The Company paid $63.0 million in cash at closing to acquire the facilities. We have agreed to pay an additional $1.5 million in April 2017 and the remaining $1.5 million in April 2018. The additional consideration to be paid is contractually determined and not contingent on other factors. The $3.0 million liability is recorded in unsecured borrowings - net on our Consolidated Balance Sheet. | ||||
[4] | 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. | ||||
[5] | The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment once the analysis is completed. | ||||
[6] | 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. Refer to Note - 6 Other Investments. | ||||
[7] | In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. | ||||
[8] | Accounted for as an asset acquisition. | ||||
[9] | 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 201,000 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 (Parentheticals) (De
PROPERTIES (Parentheticals) (Detail 2) $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Jul. 24, 2015USD ($)ft²Facility | Dec. 31, 2016USD ($)Healthcare_facility | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | ||||
Number of leased real estate properties | Healthcare_facility | 996 | |||
Area of land | ft² | 201,000 | |||
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% | |||
2016 Acquisitions and Other | ||||
Real Estate Properties [Line Items] | ||||
Total Investment | $ 1,022.8 | |||
2016 Acquisitions and Other | FL, KY,TN | ||||
Real Estate Properties [Line Items] | ||||
Fair value of purchase option buyout obligation | 29.6 | |||
Fair value of acquired term loan | 37 | |||
2016 Acquisitions and Other | UK | ||||
Real Estate Properties [Line Items] | ||||
Deferred tax asset on acquisition of investment | 1.9 | |||
2016 Acquisitions and Other | 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 | |||
Unsecured borrowings | 3 | |||
2016 Acquisitions and Other | 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 | |||
2015 Acquisitions and Other | ||||
Real Estate Properties [Line Items] | ||||
Total Investment | $ 228.7 | |||
2015 Acquisitions and Other | NY | ||||
Real Estate Properties [Line Items] | ||||
Total Investment | $ 111.7 | |||
2015 Acquisitions and Other | NY | Building | ||||
Real Estate Properties [Line Items] | ||||
Number of leased real estate properties | Facility | 5 | |||
2015 Acquisitions and Other | VIRGINIA | ||||
Real Estate Properties [Line Items] | ||||
Lease term | 10 years |
PROPERTIES (Detail 3)
PROPERTIES (Detail 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2015 |
Fair value of net assets acquired: | |||
Goodwill | $ 643,474 | $ 645,683 | |
Merger Agreement | Aviv REIT, Inc | |||
Fair value of net assets acquired: | |||
Land and buildings | $ 3,107,530 | ||
Investment in direct financing leases | 26,823 | ||
Mortgages notes receivable | 19,246 | ||
Other investments | 23,619 | ||
Total investments | 3,177,218 | ||
Goodwill | 630,679 | ||
Accounts receivables and other assets | 17,144 | ||
Cash acquired | 84,858 | ||
Accrued expenses and other liabilities | (223,002) | ||
Debt | (1,410,637) | ||
Fair value of net assets acquired | $ 2,276,260 |
PROPERTIES (Detail 4)
PROPERTIES (Detail 4) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.32 | $ 0.43 | $ 0.22 | $ 0.32 | $ 1.90 | $ 1.29 | $ 1.74 |
Pro forma | |||||||||||
Proforma Information [Line Items] | |||||||||||
Pro forma revenues | $ 817,642 | $ 789,270 | |||||||||
Pro forma net income | $ 258,927 | $ 318,271 | |||||||||
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 1.29 | $ 1.74 | |||||||||
Net income - pro forma | $ 1.33 | $ 1.74 |
PROPERTIES - Leased Property (N
PROPERTIES - Leased Property (Narrative) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)FacilityHealthcare_facility | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | ||
Number of leased real estate properties | Healthcare_facility | 996 | |
Project cost | $ | $ 6.6 | |
Capitalized interest | $ | $ 3.7 | |
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's | ||
Real Estate Properties [Line Items] | ||
Number of leased real estate properties | 809 | |
ALFs | ||
Real Estate Properties [Line Items] | ||
Number of leased real estate properties | 101 | |
Specialty facilities | ||
Real Estate Properties [Line Items] | ||
Number of leased real estate properties | 16 | |
Medical office building | ||
Real Estate Properties [Line Items] | ||
Number of leased real estate properties | 1 |
PROPERTIES - 2016 and 2015 Acqu
PROPERTIES - 2016 and 2015 Acquisitions and Other (Narrative) (Detail 1) $ in Thousands, shares in Millions | May 01, 2015USD ($)Care_homeBed | Apr. 01, 2015USD ($)FacilityPropertyLeaseMortgageshares | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Parcel | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | |||||||||||||
Revenues | $ 234,486 | $ 224,638 | $ 228,824 | $ 212,879 | $ 210,512 | $ 201,974 | $ 197,711 | $ 133,420 | $ 900,827 | $ 743,617 | $ 504,787 | ||
Net income available to common stockholders | $ 124,259 | $ 78,549 | $ 108,052 | $ 55,555 | 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | 366,415 | 224,524 | 221,349 | ||
Acquisition related expenses | 9,582 | 57,525 | 3,948 | ||||||||||
Rental income | 743,885 | 605,991 | $ 388,443 | ||||||||||
Aviv REIT, Inc | Merger Agreement | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Revenues | 188,400 | ||||||||||||
Acquisition related expenses | 52,100 | ||||||||||||
Contingent liability assumed in accrued expenses and other liabilities | $ 67,300 | 67,300 | |||||||||||
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 | $ 2,276,260 | ||||||||||||
Aviv REIT, Inc | Merger Agreement | Medical office building | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of properties acquired | Facility | 1 | ||||||||||||
Care Homes | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Acquisition related expenses | 3,200 | ||||||||||||
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 | ||||||||||||
Rental income | 9,500 | ||||||||||||
Care Homes | Land | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | 20,700 | ||||||||||||
Care Homes | Buildings and site improvements | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | 152,100 | ||||||||||||
Care Homes | Furniture and 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 | ||||||||||||
2016 Acquisitions and Other | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Acquisition related expenses | 9,600 | ||||||||||||
Purchase price of beds acquired paid in cash | 1,022,800 | ||||||||||||
Rental income | 58,100 | ||||||||||||
2016 Acquisitions and Other | Land | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | $ 100,400 | ||||||||||||
Number of properties acquired | Parcel | 5 | ||||||||||||
Cash payment to acquire facilities | $ 8,300 | ||||||||||||
2016 Acquisitions and Other | Buildings and site improvements | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | 876,600 | ||||||||||||
2016 Acquisitions and Other | Furniture and fixtures | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | $ 45,800 | ||||||||||||
2015 Acquisitions and Other | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Revenues | 4,900 | ||||||||||||
Acquisition related expenses | 2,200 | ||||||||||||
Purchase price of beds acquired paid in cash | 228,700 | ||||||||||||
2015 Acquisitions and Other | Land | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | 122,000 | ||||||||||||
2015 Acquisitions and Other | Buildings and site improvements | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | 98,600 | ||||||||||||
2015 Acquisitions and Other | Furniture and fixtures | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Purchase price of beds acquired paid in cash | $ 8,100 |
PROPERTIES - 2014 Acquisition (
PROPERTIES - 2014 Acquisition (Narrative) (Detail 2) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014USD ($)Facility | Dec. 31, 2015Facility | Jul. 01, 2014FacilityBed | |
Real Estate Properties [Line Items] | |||
Revenue attributable to the acquisitions | $ 3.2 | ||
Acquisition related expenses | $ 3.9 | ||
Number of facilities transitioned | Facility | 2 | 4 | |
SNFs West Virginia Facility Bed | |||
Real Estate Properties [Line Items] | |||
Number of facilities transitioned | Facility | 2 | ||
Number of beds | Bed | 150 | ||
Provision for uncollectible straight-line rent receivable | $ 0.8 | ||
Period of master lease agreement | 12 years |
PROPERTIES - Asset Sales, Impai
PROPERTIES - Asset Sales, Impairments and Other (Narrative) (Detail 3) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Facility | Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($)Facility | |
Real Estate Properties [Line Items] | |||
Number of facilities sold | 38 | ||
Number of previously classified as held for sale | 21 | ||
Number of facilities impaired | 29 | ||
Total cash proceeds | $ | $ 169.6 | ||
Amount of gain (loss) from sale of facilities | $ | $ 6.4 | $ 2.9 | |
Provision for impairment | $ | 58.7 | ||
SNF's | |||
Real Estate Properties [Line Items] | |||
Number of facilities sold | 7 | 4 | |
Number of previously classified as held for sale | 4 | 3 | |
Number of facilities impaired | 6 | 2 | |
Number of facilities impaired and closed | 2 | ||
Total cash proceeds | $ | $ 41.5 | $ 4.1 | |
Amount of gain (loss) from sale of facilities | $ | $ 50.2 | ||
Provision for impairment | $ | $ 17.7 | $ 3.7 |
DIRECT FINANCING LEASES (Detail
DIRECT FINANCING LEASES (Detail) $ in Thousands | Dec. 31, 2016USD ($)Lease | Dec. 31, 2015USD ($)Lease |
Leases, Capital [Abstract] | ||
Minimum lease payments receivable | $ 4,287,069 | $ 4,320,876 |
Less unearned income | (3,685,131) | (3,733,175) |
Investment in direct financing leases - net | $ 601,938 | $ 587,701 |
Properties subject to direct financing leases | Lease | 58 | 59 |
DIRECT FINANCING LEASES (Deta65
DIRECT FINANCING LEASES (Detail 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 601,938 | $ 587,701 |
New Ark | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 574,581 | 560,308 |
Reliance Health Care Management, Inc | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 15,498 | 15,509 |
Sun Mar Healthcare | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 11,443 | 11,381 |
Markleysburg Healthcare Investors, LP | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 416 | $ 503 |
DIRECT FINANCING LEASES (Deta66
DIRECT FINANCING LEASES (Detail 2) $ in Thousands | Dec. 31, 2016USD ($) |
Leases, Capital [Abstract] | |
2,017 | $ 50,772 |
2,018 | 52,098 |
2,019 | 53,377 |
2,020 | 54,677 |
2,021 | $ 55,919 |
DIRECT FINANCING LEASES (Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) $ in Millions | 1 Months Ended | |
Nov. 27, 2013USD ($)FacilityBedLeaseState | Dec. 31, 2016Healthcare_facilityState | |
Capital Leased Assets [Line Items] | ||
Number of facilities | Healthcare_facility | 996 | |
Number of states | State | 42 | |
Ark Holding Company Inc | ||
Capital Leased Assets [Line Items] | ||
Purchase price of beds acquired paid in cash | $ | $ 529 | |
Number of lease | Lease | 4 | |
Lease term | 50 years | |
Interest on lease per annum | 10.60% | |
Number of facilities | 56 | |
Number of licensed beds | Bed | 5,623 | |
Number of states | State | 12 | |
Ark Holding Company Inc | Southeast | ||
Capital Leased Assets [Line Items] | ||
Number of additional facility owned | 39 | |
Ark Holding Company Inc | Northwest | ||
Capital Leased Assets [Line Items] | ||
Number of additional facility owned | 7 | |
Ark Holding Company Inc | Texas | ||
Capital Leased Assets [Line Items] | ||
Number of additional facility owned | 9 | |
Ark Holding Company Inc | Indiana | ||
Capital Leased Assets [Line Items] | ||
Number of additional facility owned | 1 | |
SNF's | Ark Holding Company Inc | Direct financing leases | ||
Capital Leased Assets [Line Items] | ||
Number of facilities | 55 | |
ALFs | Ark Holding Company Inc | ||
Capital Leased Assets [Line Items] | ||
Number of facilities | 1 |
MORTGAGE NOTES RECEIVABLE (Deta
MORTGAGE NOTES RECEIVABLE (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | $ 643,277 | $ 679,795 | |
Allowance for loss on mortgage notes receivable | (3,934) | ||
Total mortgages - net | 639,343 | 679,795 | |
Mortgage note due 2024; interest at 9.79% | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | 112,500 | 112,500 | |
Mortgage note due 2028; interest at 11.00% | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | 35,964 | 69,928 | |
Mortgage note due 2029; interest at 9.45% | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | 412,140 | 413,399 | |
Other mortgage notes outstanding | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | [1] | $ 82,673 | $ 83,968 |
[1] | Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% per annum and maturity dates through 2029. |
MORTGAGE NOTES RECEIVABLE (Pare
MORTGAGE NOTES RECEIVABLE (Parentheticals) (Detail) - Other mortgage notes outstanding | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Mortgage Loans On Real Estate [Line Items] | |
Mortgage loans on real estate, interest rate | 8.35% |
Maximum | |
Mortgage Loans On Real Estate [Line Items] | |
Maturity year | 2,029 |
Mortgage loans on real estate, interest rate | 12.00% |
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, 2016USD ($)FacilityHealthcare_facilityMortgageStateEntity | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($)Facility | Jan. 17, 2014USD ($)Facility | |
Mortgage Loans on Real Estate [Line Items] | |||||||
Number of states | State | 42 | ||||||
Mortgage notes receivable | $ 639,343 | $ 679,795 | |||||
Number of leased real estate properties | Healthcare_facility | 996 | ||||||
Collection of mortgage principal | $ 59,975 | 1,359 | $ 122,984 | ||||
Placement of mortgage loans | 48,722 | 14,042 | 529,548 | ||||
Effective yield interest receivables | $ 9,749 | 9,028 | |||||
Effective yield interest receivables wrote off | 1,500 | $ 2,000 | |||||
Mortgage Loans | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Number of fixed rate mortgage | Mortgage | 25 | ||||||
Number of long term care facilities | Facility | 47 | ||||||
Number of states | State | 10 | ||||||
Number of mortgage notes receivable independent operating companies | Entity | 7 | ||||||
SNF's | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Number of leased real estate properties | Facility | 809 | ||||||
Number of facilities under fixed rate mortgage loan | Facility | 44 | ||||||
ALFs | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Number of leased real estate properties | Facility | 101 | ||||||
Number of facilities under fixed rate mortgage loan | Facility | 2 | ||||||
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 on Real Estate [Line Items] | |||||||
Mortgage loans on real estate, interest rate | 9.79% | ||||||
Mortgage Notes Due 2024 | Mortgage Loans | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Mortgage notes receivable | $ 112,500 | ||||||
Mortgage Notes Due 2024 | SNF's | Mortgage Loans | Pennsylvania | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Number of leased real estate properties | Facility | 7 | ||||||
Mortgage Notes Due 2024 | ALFs | 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 | ||||||
Effective yield interest receivables | 2,000 | ||||||
Effective yield interest receivables wrote off | $ 2,000 |
OTHER INVESTMENTS (Detail)
OTHER INVESTMENTS (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 261,644 | $ 92,259 | |
Allowance for loss on other investments | (4,798) | (2,960) | |
Total other investments | 256,846 | 89,299 | |
Other investment note due 2019; interest at 10.50% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 49,458 | ||
Interest rate | 10.50% | ||
Other investment note due 2020; interest at 10.00% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 23,000 | $ 23,000 | |
Interest rate | 10.00% | 10.00% | |
Other investment note due 2020; interest at 14.00% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 47,913 | ||
Interest rate | 14.00% | ||
Other investment note due 2022, interest at 9.00% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 31,987 | ||
Interest rate | 9.00% | ||
Other investment note due 2030; interest at 6.66% | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 44,595 | $ 26,966 | |
Interest rate | 6.66% | 6.66% | |
Other investment notes outstanding | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | [1] | $ 64,691 | $ 42,293 |
[1] | Other investment notes have maturity dates through 2028 and interest rates ranging from 6.50% to 13.0% per annum. |
OTHER INVESTMENTS (Parenthetica
OTHER INVESTMENTS (Parentheticals) (Detail) - Other investment note through 2028 | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Schedule Of Investments [Line Items] | |
Interest rate | 6.50% |
Maturity year | 2,016 |
Maximum | |
Schedule Of Investments [Line Items] | |
Interest rate | 13.00% |
Maturity year | 2,028 |
OTHER INVESTMENTS (Narrative) (
OTHER INVESTMENTS (Narrative) (Detail) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($) | Jul. 29, 2016USD ($) | Apr. 29, 2016USD ($)Note | Mar. 01, 2016USD ($) | Feb. 26, 2016USD ($) | Jun. 30, 2015USD ($) | |
Schedule Of Investments [Line Items] | ||||||||
Other investments, gross | $ 261,644 | $ 92,259 | ||||||
Other investment note due 2022 | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Other investments, gross | $ 37,000 | |||||||
Fair value of term loan | $ 37,000 | |||||||
Other Investment Notes Due 2023 Payoff | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Other investments, gross | $ 7,600 | |||||||
Number of working capital notes | Note | 10 | |||||||
Other investment note due 2019; interest at 10.50% | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Other Investment notes | $ 50,000 | |||||||
Interest rate | 10.50% | |||||||
Other investments, gross | $ 49,458 | |||||||
Discount on notes receivable | $ 750 | |||||||
Other investment note due 2020; interest at 10.00% | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Interest rate | 10.00% | 10.00% | ||||||
Other investments, gross | $ 23,000 | $ 23,000 | ||||||
Maximum drawing capacity of loan | 28,000 | |||||||
Amount of additional loan drawn | 6,000 | |||||||
Amount of additional funding | $ 6,000 | |||||||
Remaining outstanding amount of loan | $ 23,000 | |||||||
Line of credit term | 5 years | |||||||
Other Investment Note Due 2020 Interest at 14.00% | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Other Investment notes | $ 48,000 | |||||||
Interest rate | 14.00% | |||||||
Other investments, gross | $ 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 14.00% | Through July 2019 | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Monthly principal payments | $ 250 | |||||||
Frequency of periodic payment | monthly | |||||||
Other Investment Note Due 2020 Interest at 14.00% | August 2019 through maturity | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Monthly principal payments | $ 5,000 | |||||||
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 | |||||||
Other Investment Note Due 2022 Interest at 9.00%, Tranche two | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Interest rate | 9.00% | |||||||
Other investments, gross | $ 31,987 | |||||||
Other Investment Note Due 2030 Interest At 6.6 Percent | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Interest rate | 6.66% | 6.66% | ||||||
Other investments, gross | $ 44,595 | $ 26,966 | ||||||
Remaining outstanding amount of loan | $ 44,595 | |||||||
Other Investment Note Due 2030 Interest At 6.6 Percent | Revolving Credit Facility | ||||||||
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 2028 Interest At 8.5% payoff | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Other Investment notes | $ 20,000 | |||||||
Interest rate | 8.50% | |||||||
Interest rate annual increase percentage | 2.50% |
INVESTMENT IN UNCONSOLIDATED 74
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended |
Nov. 01, 2016USD ($)Facility | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint venture | $ 48,776 | |
Second Spring Healthcare Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated joint venture | $ 50,000 | |
Percentage of ownership interest | 15.00% | |
Assets management fees recognized | $ 300 | |
Second Spring Healthcare Investments | Affiliates of Lindsey Goldberg LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 85.00% | |
Second Spring Healthcare Investments | Welltower Inc | SNF's | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties acquired | Facility | 64 | |
Payments to acquire facilities | $ 1,100,000 |
ASSETS HELD FOR SALE (Detail)
ASSETS HELD FOR SALE (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | |||
Number Of Properties | ||||
Beginning Balance | Property | 3 | 4 | ||
Properties sold/other | Property | (24) | [1] | (5) | [2] |
Properties added | Property | 41 | [3] | 4 | [4] |
Ending balance | Property | 20 | 3 | ||
Net Book Value | ||||
Beginning Balance | $ | $ 6,599 | $ 12,792 | ||
Properties sold/other | $ | (75,948) | [1] | (16,877) | [2] |
Properties added | $ | 122,217 | [3] | 10,684 | [4] |
Ending Balance | $ | $ 52,868 | $ 6,599 | ||
[1] | In 2016, we sold 21SNFs 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 2015, a parcel of land was reclassified to closed facilities. In addition, we sold four facilities for approximately $25.5 million in net proceeds recognizing gains on sales of approximately $8.8 million. | |||
[3] | 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. | |||
[4] | In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. |
ASSETS HELD FOR SALE (Parenthet
ASSETS HELD FOR SALE (Parentheticals) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)FacilityProperty | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($)Lease | |
Real Estate Properties [Line Items] | |||
Impairment charge | $ 49.4 | $ 3 | |
Number of property reclassified | Facility | 20 | ||
SNF's | |||
Real Estate Properties [Line Items] | |||
Fair value of leased properties | $ 7 | ||
Number of facilities added to held for sale | Property | 31 | ||
Number of facilities classified as held for sale sold | Property | 21 | ||
Net proceeds from sale of facilities held for sale | $ 86.7 | 25.5 | |
Gain from sale of facilities | 16.5 | $ 8.8 | |
Impairment charge | $ 4.9 | ||
Number of property reclassified | Facility | 16 | ||
Number of leased real estate properties | Lease | 2 | ||
ALFs | |||
Real Estate Properties [Line Items] | |||
Number of facilities added to held for sale | Property | 10 | ||
Number of leased real estate properties | Lease | 1 |
INTANGIBLES - Summary of our in
INTANGIBLES - Summary of our intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Goodwill | $ 643,474 | $ 645,683 |
Accumulated amortization | (15,864) | (14,162) |
Net intangible assets | 6,779 | 8,125 |
Liabilities: | ||
Below market lease | 165,028 | 165,331 |
Accumulated amortization | (70,738) | (55,131) |
Net intangible liabilities | 94,290 | 110,200 |
Above market lease | ||
Assets: | ||
Gross intangible assets | 22,476 | 21,901 |
In-place lease | ||
Assets: | ||
Gross intangible assets | $ 167 | $ 386 |
INTANGIBLES - Reconciliation of
INTANGIBLES - Reconciliation of goodwill (Detail 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2015 | $ 645,683 |
Add: additional valuation adjustments related to preliminary valuations | 275 |
Less: foreign currency translation | (2,484) |
Balance as of December 31, 2016 | $ 643,474 |
INTANGIBLES (Narrative) (Detail
INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 13.9 | $ 13.9 | $ 5 |
2,017 | 12 | ||
2,018 | 10.6 | ||
2,019 | 9.5 | ||
2,020 | 9.3 | ||
2,021 | 8.7 | ||
Thereafter | $ 37.3 | ||
Above market lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining amortization period | 8 years 1 month 6 days | ||
Below market lease liabilities | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining amortization period | 9 years 6 months |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)FacilityHealthcare_facilityStateOperator | Dec. 31, 2015USD ($) | |
Concentration Risk [Line Items] | ||
Number of facilities owned | Healthcare_facility | 996 | |
Number of states | State | 42 | |
Number of operators | Operator | 79 | |
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $ | $ 8,900,000 | |
Percentage share of real estate investments related to long-term care facilities | 99.00% | |
Number of facilities held-for-sale/closed | 23 | |
Miscellaneous investments, net | $ | $ 256,846 | $ 89,299 |
Concentration risk, benchmark description | No single operator or manager generated more than 10% of our total revenues for the year ended December 31, 2016. | |
Florida | ||
Concentration Risk [Line Items] | ||
Concentration percent by state | 9.00% | |
Ohio | ||
Concentration Risk [Line Items] | ||
Concentration percent by state | 10.00% | |
Texas | ||
Concentration Risk [Line Items] | ||
Concentration percent by state | 9.00% | |
SNF's | ||
Concentration Risk [Line Items] | ||
Number of facilities owned | 809 | |
Number of facilities under fixed rate mortgage loan | 44 | |
ALFs | ||
Concentration Risk [Line Items] | ||
Number of facilities owned | 101 | |
Number of facilities under fixed rate mortgage loan | 2 | |
Specialty facilities | ||
Concentration Risk [Line Items] | ||
Number of facilities owned | 16 | |
Medical office building | ||
Concentration Risk [Line Items] | ||
Number of facilities owned | 1 |
LEASE AND MORTGAGE DEPOSITS (Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Security Deposits And Letters Of Credit [Line Items] | |
Liquidity deposits | $ 5.7 |
Security Deposit | 49.8 |
Letters of credit outstanding | $ 66.8 |
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 - Long-t
BORROWING ARRANGEMENTS - Long-term borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2016 | Jul. 12, 2016 | Dec. 31, 2015 | Dec. 16, 2015 | Sep. 23, 2015 | Mar. 18, 2015 | Sep. 11, 2014 | Mar. 11, 2014 | Mar. 19, 2012 | ||
Secured borrowings: | ||||||||||
Secured borrowings - net | $ 54,365 | $ 235,593 | ||||||||
Unsecured borrowings: | ||||||||||
Revolving line of credit | 190,000 | 230,000 | ||||||||
Term loans - net | 1,094,343 | 745,693 | ||||||||
Other | 256,846 | 89,299 | ||||||||
Secured borrowings | ||||||||||
Secured borrowings: | ||||||||||
Secured borrowings - net | [1] | 54,365 | 235,593 | |||||||
Secured borrowings | Mortgage term loan | ||||||||||
Secured borrowings: | ||||||||||
Mortgage term loan | 180,000 | |||||||||
Secured borrowings | HUD mortgages assumed December 2011 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | [2] | 2,044 | ||||||||
Rate | [2] | 3.06% | ||||||||
Secured borrowings: | ||||||||||
Secured borrowings - net | [2] | $ 54,954 | 56,204 | |||||||
Secured borrowings | Deferred financing costs - net | ||||||||||
Secured borrowings: | ||||||||||
Deferred financing costs - net | (589) | (611) | ||||||||
Unsecured borrowings | ||||||||||
Unsecured borrowings: | ||||||||||
Term loans - net | 1,094,343 | 745,693 | ||||||||
Discount - net | (17,151) | (17,118) | ||||||||
Total unsecured borrowings | 3,028,146 | 2,328,727 | ||||||||
Total secured and unsecured borrowings - net | 4,366,854 | 3,540,013 | ||||||||
Unsecured borrowings | Deferred financing costs - net | ||||||||||
Unsecured borrowings: | ||||||||||
Deferred financing costs - net | (5,657) | (4,307) | ||||||||
Deferred financing costs - net | $ (27,703) | (24,155) | ||||||||
Unsecured borrowings | Revolving line of credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,018 | |||||||||
Rate | 2.06% | |||||||||
Unsecured borrowings: | ||||||||||
Revolving line of credit | $ 190,000 | 230,000 | ||||||||
Unsecured borrowings | Tranche A-1 term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,019 | |||||||||
Rate | 2.27% | |||||||||
Unsecured borrowings: | ||||||||||
Term loans - net | $ 200,000 | 200,000 | ||||||||
Unsecured borrowings | Tranche A-2 term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,017 | |||||||||
Rate | 2.19% | |||||||||
Unsecured borrowings: | ||||||||||
Term loans - net | $ 200,000 | 200,000 | ||||||||
Unsecured borrowings | Tranche A-3 term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,021 | |||||||||
Rate | 2.27% | |||||||||
Unsecured borrowings: | ||||||||||
Term loans - net | $ 350,000 | |||||||||
Unsecured borrowings | Omega OP Term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | [1] | 2,017 | ||||||||
Rate | [1] | 2.19% | ||||||||
Unsecured borrowings: | ||||||||||
Term loans - net | [1] | $ 100,000 | 100,000 | |||||||
Unsecured borrowings | 2015 term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,022 | |||||||||
Rate | 3.80% | |||||||||
Unsecured borrowings: | ||||||||||
Term loans - net | $ 250,000 | 250,000 | $ 250,000 | |||||||
Unsecured borrowings | 2023 notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,023 | |||||||||
Rate | 4.375% | 99.739% | ||||||||
Unsecured borrowings: | ||||||||||
Senior notes outstanding | $ 700,000 | $ 700,000 | ||||||||
Unsecured borrowings | 2024 notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,024 | |||||||||
Rate | 5.875% | 4.95% | ||||||||
Unsecured borrowings: | ||||||||||
Senior notes outstanding | $ 400,000 | 400,000 | $ 400,000 | |||||||
Unsecured borrowings | 2024 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,024 | |||||||||
Rate | 4.95% | 5.875% | ||||||||
Unsecured borrowings: | ||||||||||
Senior notes outstanding | $ 400,000 | 400,000 | $ 400,000 | |||||||
Unsecured borrowings | 2025 notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,025 | |||||||||
Rate | 4.50% | 4.50% | ||||||||
Unsecured borrowings: | ||||||||||
Senior notes outstanding | $ 250,000 | 250,000 | $ 250,000 | |||||||
Unsecured borrowings | 2026 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,026 | |||||||||
Rate | 5.25% | 5.25% | ||||||||
Unsecured borrowings: | ||||||||||
Senior notes outstanding | $ 600,000 | 600,000 | $ 600,000 | |||||||
Unsecured borrowings | 2027 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,027 | |||||||||
Rate | 4.50% | 4.50% | ||||||||
Unsecured borrowings: | ||||||||||
Senior notes outstanding | $ 700,000 | 700,000 | $ 700,000 | |||||||
Unsecured borrowings | Other | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,018 | |||||||||
Unsecured borrowings: | ||||||||||
Other | $ 3,000 | |||||||||
Unsecured borrowings | Subordinated debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity | 2,021 | |||||||||
Rate | 9.00% | |||||||||
Unsecured borrowings: | ||||||||||
Subordinated debt - net | $ 20,000 | $ 20,000 | ||||||||
[1] | These amounts represent borrowings that were incurred by Omega OP or wholly owned subsidiaries of Omega OP. | |||||||||
[2] | Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2016 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $65.7 million as of December 31, 2016. |
BORROWING ARRANGEMENTS - Long83
BORROWING ARRANGEMENTS - Long-term borrowings (Parentheticals) (Detail) - Secured Borrowings - HUD mortgages assumed December 2011 $ in Millions | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
Percentage of third-party administration fee | 0.50% |
Real estate assets with a net carrying value | $ 65.7 |
BORROWING ARRANGEMENTS - Princi
BORROWING ARRANGEMENTS - Principal payments (Detail 1) - Senior notes $ in Thousands | Dec. 31, 2016USD ($) |
Borrowing Arrangements [Line Items] | |
2,017 | $ 302,788 |
2,018 | 192,828 |
2,019 | 201,369 |
2,020 | 1,412 |
2,021 | 371,456 |
Thereafter | 3,348,101 |
Totals | $ 4,417,954 |
BORROWING ARRANGEMENTS - Refina
BORROWING ARRANGEMENTS - Refinancing related costs (Detail 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||||
Write off of deferred financing cost and unamortized premiums due to refinancing | [1],[2],[3] | $ 301 | $ (7,134) | $ 1,180 |
Prepayment and other costs associated with refinancing | [4] | 1,812 | 35,971 | 1,861 |
Total debt extinguishment costs | $ 2,113 | $ 28,837 | $ 3,041 | |
[1] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||
[2] | 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | |||
[3] | 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 foreclosure. | |||
[4] | 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 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. |
BORROWING ARRANGEMENTS - Refi86
BORROWING ARRANGEMENTS - Refinancing related costs (Parentheticals) (Detail 2) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)Facility | Dec. 31, 2015USD ($)HUD | Dec. 31, 2014USD ($)HUD | ||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
Write off of deferred financing cost and unamortized premiums due to refinancing | [1],[2],[3] | $ 301 | $ (7,134) | $ 1,180 |
Prepayment and other costs associated with refinancing | [4] | $ 1,812 | 35,971 | 1,861 |
Number of facilities acquired via a deed-in-lieu foreclosure | Facility | 3 | |||
2020 Notes | ||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
Write off of deferred financing cost and unamortized premiums due to refinancing | 4,200 | |||
Prepayment and other costs associated with refinancing | 7,500 | |||
2022 Notes | ||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
Write off of deferred financing cost and unamortized premiums due to refinancing | 1,900 | |||
Prepayment and other costs associated with refinancing | 19,400 | |||
HUD Mortgage | ||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
Prepayment and other costs associated with refinancing | 9,100 | 1,900 | ||
Gain from write-off of unamortized premium on the HUD loans | $ 13,200 | $ 3,500 | ||
Number of HUD loans paid off | HUD | 24 | 5 | ||
2012 Credit Facility | ||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
Write off of deferred financing cost and unamortized premiums due to refinancing | $ 2,600 | |||
Termination of 2012 Credit Facility and 2013 Term Loan Facility | 700,000 | |||
Term Loan Facility 2013 | ||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
Write off of deferred financing cost and unamortized premiums due to refinancing | 2,000 | |||
Termination of 2012 Credit Facility and 2013 Term Loan Facility | $ 200,000 | |||
Mortgage term loan | ||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||
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 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||
[2] | 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | |||
[3] | 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 foreclosure. | |||
[4] | 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 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. |
BORROWING ARRANGEMENTS (Narrati
BORROWING ARRANGEMENTS (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Healthcare_facilitySubsidiary | Jul. 25, 2016USD ($) | |
Mortgage term loan | |||
Debt Instrument [Line Items] | |||
Purchased of loan | $ 180 | ||
Debt Instrument Purchase Premium Percentage | 1.00% | ||
Secured Borrowings | Aviv | Omega OP | |||
Debt Instrument [Line Items] | |||
Number of subsidiary | Subsidiary | 2 | ||
Number of facilities owned | Healthcare_facility | 28 | ||
Secured Borrowings | Mortgage term loan | Omega OP | |||
Debt Instrument [Line Items] | |||
Purchased of loan | $ 180 | $ 180 | |
Net carrying value | $ 290.5 | ||
Description of variable rate basis | LIBOR | ||
LIBOR plus an applicable percentage | 0.50% | ||
Basis spread percentage of floor rate plus margin | 3.50% | ||
Interest rate | 4.13% | ||
Debt Instrument Purchase Premium Percentage | 1.00% |
BORROWING ARRANGEMENTS (Narra88
BORROWING ARRANGEMENTS (Narrative) (Detail 1) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015USD ($)Mortgage | Mar. 31, 2015USD ($)Mortgage | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Mortgage | Dec. 31, 2014USD ($) | ||
Debt Instrument [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | [1],[2],[3] | $ 301 | $ (7,134) | $ 1,180 | ||
HUD Mortgage | Omega OP | ||||||
Debt Instrument [Line Items] | ||||||
Payment to retire HUD mortgages | $ 9,100 | $ 154,300 | $ 25,100 | |||
Number of HUD mortgages | Mortgage | 1 | 21 | 2 | |||
Total HUD mortgage loans principal payoff | $ 146,900 | |||||
Notes issued, interest rate | 5.50% | |||||
Lease expiration period | March 1 and April 1, 2036 | |||||
Gain on extinguishment of the debt | $ 1,000 | 2,300 | $ 900 | |||
Write off of deferred financing cost and unamortized premiums due to refinancing | 1,500 | 9,700 | 2,100 | |||
Prepayment fees | $ 500 | $ 7,400 | $ 1,200 | |||
HUD Mortgage | Hud interest rate 5.35% | Omega OP | ||||||
Debt Instrument [Line Items] | ||||||
Number of mortgage loans | Mortgage | 18 | |||||
Notes issued, interest rate | 5.35% | |||||
Lease expiration period | January 2040 and January 2045 | |||||
HUD Mortgage | Hud interest rate 5.23% | Omega OP | ||||||
Debt Instrument [Line Items] | ||||||
Number of mortgage loans | Mortgage | 3 | |||||
Notes issued, interest rate | 5.23% | |||||
Lease expiration period | February 2040 and February 2045 | |||||
HUD Mortgage | Hud interest rate 4.35% | Omega OP | ||||||
Debt Instrument [Line Items] | ||||||
Notes issued, interest rate | 4.35% | |||||
Lease expiration period | March 1, 2041 | |||||
[1] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||||
[2] | 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | |||||
[3] | In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu foreclosure. |
BORROWING ARRANGEMENTS (Narra89
BORROWING ARRANGEMENTS (Narrative) (Detail 2) - USD ($) $ in Thousands | Apr. 04, 2017 | Jul. 12, 2016 | Apr. 01, 2015 | Sep. 11, 2014 | Mar. 11, 2014 | May 25, 2017 | Dec. 16, 2015 | Sep. 23, 2015 | Mar. 18, 2015 | Mar. 19, 2012 | Dec. 31, 2016 | Apr. 30, 2017 | Apr. 28, 2017 | Jan. 29, 2016 | Dec. 31, 2015 | Oct. 26, 2015 |
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan | $ 1,094,343 | $ 745,693 | ||||||||||||||
Long-term Line of Credit | 190,000 | 230,000 | ||||||||||||||
Omega OP Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan | $ 100,000 | |||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | |||||||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | |||||||||||||||
Debt maturity date | Jun. 27, 2017 | |||||||||||||||
Minimum | Omega OP Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | |||||||||||||||
Minimum | Omega Credit Agreement | Omega OP Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.90% | |||||||||||||||
Maximum | Omega OP Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | |||||||||||||||
Maximum | Omega Credit Agreement | Omega OP Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.90% | |||||||||||||||
Mortgage term loan | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Purchased of loan | $ 180,000 | |||||||||||||||
Senior unsecured revolving credit facility | Tranche A-3 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan, borrowing capacity | $ 350,000 | |||||||||||||||
Senior unsecured revolving credit facility | Omega Credit Agreement | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan, borrowing capacity | $ 200,000 | |||||||||||||||
Senior unsecured revolving credit facility | Omega Credit Agreement | Tranche A-2 Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan, borrowing capacity | $ 200,000 | |||||||||||||||
Senior unsecured revolving credit facility | Omega Credit Agreement | Tranche A-3 Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan, borrowing capacity | 350,000 | |||||||||||||||
Senior unsecured revolving credit facility | First Amendment to Omega Credit Agreement | Tranche A-2 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan, borrowing capacity | 200,000 | |||||||||||||||
2023 notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Interest rate | 4.375% | |||||||||||||||
2026 Notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Interest rate | 5.25% | |||||||||||||||
2027 Notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Interest rate | 4.50% | |||||||||||||||
4.50% notes due 2025 | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Interest rate | 4.50% | |||||||||||||||
5.875% Notes due 2024 | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Interest rate | 5.875% | |||||||||||||||
Unsecured borrowings | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan | $ 1,094,343 | 745,693 | ||||||||||||||
Unsecured borrowings | Tranche A-2 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | |||||||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | |||||||||||||||
Debt maturity date | Jun. 27, 2017 | |||||||||||||||
Unsecured borrowings | Tranche A-3 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | |||||||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | |||||||||||||||
Debt maturity date | Jan. 29, 2021 | |||||||||||||||
Unsecured borrowings | Omega OP Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Term loan | $ 100,000 | |||||||||||||||
Credit facility, description of variable rate basis | 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 | |||||||||||||||
Debt maturity date | May 25, 2022 | |||||||||||||||
Unsecured borrowings | Minimum | Tranche A-2 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | |||||||||||||||
Unsecured borrowings | Minimum | Tranche A-3 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | |||||||||||||||
Unsecured borrowings | Minimum | Omega OP Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.90% | |||||||||||||||
Unsecured borrowings | Maximum | Tranche A-2 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | |||||||||||||||
Unsecured borrowings | Maximum | Tranche A-3 Term Loan Facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | |||||||||||||||
Unsecured borrowings | Maximum | Omega OP Term Loan Facility | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.90% | |||||||||||||||
Unsecured borrowings | 2015 term loan | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 3.80% | |||||||||||||||
Term loan | $ 250,000 | $ 250,000 | 250,000 | |||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.80% | |||||||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 180 basis points, with a range of 140 to 235 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings | |||||||||||||||
Debt maturity date | Dec. 16, 2022 | |||||||||||||||
Term loan, borrowing capacity | $ 400,000 | |||||||||||||||
Unsecured borrowings | 2015 term loan | Interest rate swaps | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 3.8005% | |||||||||||||||
Credit facility, description of variable rate basis | One-month LIBOR | |||||||||||||||
Debt maturity date | Dec. 15, 2022 | |||||||||||||||
Unsecured borrowings | 2015 term loan | Minimum | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.40% | |||||||||||||||
Unsecured borrowings | 2015 term loan | Minimum | Interest rate swaps | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.40% | |||||||||||||||
Unsecured borrowings | 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 | Maximum | Interest rate swaps | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.55% | |||||||||||||||
Unsecured borrowings | Senior unsecured revolving credit facility | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.30% | |||||||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings | |||||||||||||||
Facility fee, basis spread on variable rate | 0.25% | |||||||||||||||
Facility fee, description of variable rate basis | Facility fee based on the same ratings (initially 25 basis points, with a range of 12.5 to 30 basis points) | |||||||||||||||
Debt maturity date | Jun. 27, 2018 | |||||||||||||||
Unsecured borrowings | Senior unsecured revolving credit facility | Minimum | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.925% | |||||||||||||||
Facility fee, basis spread on variable rate | 0.125% | |||||||||||||||
Unsecured borrowings | Senior unsecured revolving credit facility | Maximum | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.70% | |||||||||||||||
Facility fee, basis spread on variable rate | 0.30% | |||||||||||||||
Unsecured borrowings | Tranche A-1 | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 2.27% | |||||||||||||||
Term loan | $ 200,000 | 200,000 | ||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | |||||||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | |||||||||||||||
Debt maturity date | Jun. 27, 2019 | |||||||||||||||
Term loan, borrowing capacity | $ 200,000 | |||||||||||||||
Unsecured borrowings | Tranche A-1 | Minimum | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | |||||||||||||||
Unsecured borrowings | Tranche A-1 | Maximum | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | |||||||||||||||
Unsecured borrowings | Initial 2022 Notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 6.75% | 6.75% | ||||||||||||||
Senior notes outstanding | $ 575,000 | |||||||||||||||
Unsecured borrowings | 2023 notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 99.739% | 4.375% | ||||||||||||||
Purchased of loan | $ 180,000 | |||||||||||||||
Interest rate | 4.375% | 4.375% | ||||||||||||||
Senior notes outstanding | $ 700,000 | $ 700,000 | ||||||||||||||
Gross proceeds from issuance of debt | $ 692,000 | |||||||||||||||
Unsecured borrowings | 2026 Notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 5.25% | 5.25% | ||||||||||||||
Interest rate | 5.25% | |||||||||||||||
Senior notes outstanding | $ 600,000 | $ 600,000 | 600,000 | |||||||||||||
Debt maturity date | Jan. 15, 2026 | |||||||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 99.717% | |||||||||||||||
Net proceeds from issuance of debt, after deducting initial purchasers' discounts | $ 594,400 | |||||||||||||||
Unsecured borrowings | 2027 Notes | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 4.50% | 4.50% | ||||||||||||||
Interest rate | 4.50% | |||||||||||||||
Senior notes outstanding | $ 700,000 | $ 700,000 | 700,000 | |||||||||||||
Debt maturity date | Apr. 1, 2027 | |||||||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 98.546% | |||||||||||||||
Net proceeds from issuance of debt, after deducting initial purchasers' discounts | $ 683,000 | |||||||||||||||
Unsecured borrowings | 4.50% notes due 2025 | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 4.50% | 4.50% | ||||||||||||||
Interest rate | 4.50% | |||||||||||||||
Senior notes outstanding | $ 250,000 | $ 250,000 | 250,000 | |||||||||||||
Debt maturity date | Jan. 15, 2025 | |||||||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 99.131% | |||||||||||||||
Gross proceeds from issuance of debt | $ 247,800 | |||||||||||||||
Unsecured borrowings | 4.50% notes due 2025 | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 99.54% | |||||||||||||||
Interest rate | 4.50% | |||||||||||||||
Senior notes outstanding | $ 150,000 | |||||||||||||||
Debt maturity date | Jan. 15, 2025 | |||||||||||||||
Unsecured borrowings | 4.95% Notes due 2024 | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 4.95% | 5.875% | ||||||||||||||
Interest rate | 4.95% | |||||||||||||||
Senior notes outstanding | $ 400,000 | $ 400,000 | 400,000 | |||||||||||||
Debt maturity date | Apr. 1, 2024 | |||||||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 98.58% | |||||||||||||||
Gross proceeds from issuance of debt | $ 394,300 | |||||||||||||||
Unsecured borrowings | 5.875% Notes due 2024 | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Rate | 5.875% | 4.95% | ||||||||||||||
Interest rate | 5.875% | |||||||||||||||
Senior notes outstanding | $ 400,000 | $ 400,000 | $ 400,000 | |||||||||||||
Debt maturity date | Mar. 15, 2024 | |||||||||||||||
Unsecured borrowings | 5.875% Notes due 2024 | Subsequent event | ||||||||||||||||
Borrowing Arrangements [Line Items] | ||||||||||||||||
Interest rate | 58.75% | |||||||||||||||
Senior notes outstanding | $ 400,000 |
BORROWING ARRANGEMENTS (Narra90
BORROWING ARRANGEMENTS (Narrative) (Detail 3) - USD ($) shares in Thousands, $ in Thousands | Mar. 13, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 26, 2015 | Sep. 23, 2015 | |
Debt Instrument [Line Items] | ||||||||
Write off deferred financing and discount costs | [1],[2],[3] | $ 301 | $ (7,134) | $ 1,180 | ||||
Issuance of common stock (in shares) | 10,925 | |||||||
7.50% Notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off deferred financing and discount costs | $ 4,200 | |||||||
6.75% Notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off deferred financing and discount costs | $ 1,900 | |||||||
Unsecured borrowings | 7.50% Notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate | 7.50% | |||||||
Senior notes outstanding | $ 200,000 | |||||||
Redemption price, percentage | 103.75% | |||||||
Redemption price | $ 208,700 | |||||||
Redemption related costs and write-offs | 11,700 | |||||||
Redemption prepayment fee | 7,500 | |||||||
Write off deferred financing and discount costs | $ 4,200 | |||||||
Issuance of common stock (in shares) | 10,925 | |||||||
Unsecured borrowings | 6.75% Notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate | 6.75% | 6.75% | ||||||
Senior notes outstanding | $ 575,000 | |||||||
Redemption related costs and write-offs | $ 21,300 | |||||||
Redemption prepayment fee | 19,400 | |||||||
Write off deferred financing and discount costs | $ 1,900 | |||||||
[1] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||||||
[2] | 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | |||||||
[3] | In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu foreclosure. |
BORROWING ARRANGEMENTS (Narra91
BORROWING ARRANGEMENTS (Narrative) (Detail 4) - USD ($) $ in Thousands | Apr. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 190,000 | $ 230,000 | |
Aviv REIT, Inc | Note Payable | Omega OP | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 650,000 | ||
Early repayment of debt | 705,600 | ||
Aviv REIT, Inc | Revolving line of credit | Omega OP | |||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | |||||
Cash and cash equivalents | $ 93,687 | $ 5,424 | $ 4,489 | $ 2,616 | |
Restricted cash | 13,589 | 14,607 | |||
Investments in direct financing leases - net | 601,938 | 587,701 | |||
Mortgage notes receivable - net | 639,343 | 679,795 | |||
Other investments - net | 256,846 | 89,299 | |||
Liabilities: | |||||
Revolving line of credit | 190,000 | 230,000 | |||
Term loans - net | 1,094,343 | 745,693 | |||
HUD debt - net | 54,365 | 235,593 | |||
Carrying Amount | |||||
Assets: | |||||
Cash and cash equivalents | 93,687 | 5,424 | |||
Restricted cash | 13,589 | 14,607 | |||
Investments in direct financing leases - net | 601,938 | 587,701 | |||
Mortgage notes receivable - net | 639,343 | 679,795 | |||
Other investments - net | 256,846 | 89,299 | |||
Total | 1,605,403 | 1,376,826 | |||
Liabilities: | |||||
Revolving line of credit | 190,000 | 230,000 | |||
Tranche A-1 term loan | 198,830 | 197,699 | |||
Tranche A-2 term loan | 200,000 | 200,000 | |||
Tranche A-3 term loan | 347,449 | ||||
Omega OP term loan | [1] | 100,000 | 100,000 | ||
Term loans - net | 248,064 | 247,994 | |||
Mortgage term loan due 2019 | 180,000 | ||||
HUD debt - net | [1] | 54,365 | 55,593 | ||
Subordinated debt - net | 20,490 | 20,613 | |||
Other | 3,000 | ||||
Totals | 4,366,854 | 3,540,013 | |||
Carrying Amount | 4.375% notes due 2023 | |||||
Liabilities: | |||||
Notes Payable | 692,305 | ||||
Carrying Amount | 5.875% notes due 2024 - net | |||||
Liabilities: | |||||
Notes Payable | 395,065 | 394,382 | |||
Carrying Amount | 4.95% notes due 2024 - net | |||||
Liabilities: | |||||
Notes Payable | 392,669 | 391,658 | |||
Carrying Amount | 4.50% notes due 2025 - net | |||||
Liabilities: | |||||
Notes Payable | 245,949 | 245,446 | |||
Carrying Amount | 5.25% notes due 2026 - net | |||||
Liabilities: | |||||
Notes Payable | 593,616 | 593,032 | |||
Carrying Amount | 4.50% notes due 2027 - net | |||||
Liabilities: | |||||
Notes Payable | 685,052 | 683,596 | |||
Fair Value | |||||
Assets: | |||||
Cash and cash equivalents | 93,687 | 5,424 | |||
Restricted cash | 13,589 | 14,607 | |||
Investments in direct financing leases - net | 598,665 | 584,358 | |||
Mortgage notes receivable - net | 644,961 | 687,130 | |||
Other investments - net | 253,385 | 90,745 | |||
Total | 1,604,287 | 1,382,264 | |||
Liabilities: | |||||
Revolving line of credit | 190,000 | 230,000 | |||
Tranche A-1 term loan | 200,000 | 200,000 | |||
Tranche A-2 term loan | 200,000 | 200,000 | |||
Tranche A-3 term loan | 350,000 | ||||
Omega OP term loan | [1] | 100,000 | 100,000 | ||
2015 term loan | 250,000 | 250,000 | |||
Mortgage term loan due 2019 | 180,000 | ||||
HUD debt - net | [1] | 52,510 | 52,678 | ||
Subordinated debt - net | 23,944 | 24,366 | |||
Other | 3,000 | ||||
Totals | 4,444,772 | 3,593,007 | |||
Fair Value | 4.375% notes due 2023 | |||||
Liabilities: | |||||
Notes Payable | 693,505 | ||||
Fair Value | 5.875% notes due 2024 - net | |||||
Liabilities: | |||||
Notes Payable | 432,938 | 429,956 | |||
Fair Value | 4.95% notes due 2024 - net | |||||
Liabilities: | |||||
Notes Payable | 406,361 | 403,064 | |||
Fair Value | 4.50% notes due 2025 - net | |||||
Liabilities: | |||||
Notes Payable | 249,075 | 242,532 | |||
Fair Value | 5.25% notes due 2026 - net | |||||
Liabilities: | |||||
Notes Payable | 611,461 | 612,760 | |||
Fair Value | 4.50% notes due 2027 - net | |||||
Liabilities: | |||||
Notes Payable | $ 681,978 | $ 667,651 | |||
[1] | 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, 2016 |
4.375% notes due 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.375% |
5.875% Notes due 2024 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 5.875% |
4.95% notes due 2024 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.95% |
4.50% notes due 2025 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.50% |
5.25% notes due 2026 - net | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 5.25% |
4.50% notes due 2027 - net | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.50% |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)FacilityEntitySubsidiaryShareholder | |
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 | $ 0.8 |
Number of legal entities | Entity | 10 |
Number of facilities | Facility | 23 |
Tax basis in legal entities acquired for United Kingdom taxes | $ 82 |
Deferred tax liability | 15 |
State and local income tax provision | 3.3 |
Provision (benefit) for foreign income taxes | $ (1.9) |
RETIREMENT ARRANGEMENTS (Narrat
RETIREMENT ARRANGEMENTS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation Related Costs [Abstract] | |||
Amounts charged to operations with respect to retirement arrangements | $ 0.5 | $ 0.4 | $ 0.3 |
Deferred stock units outstanding | 384,107 | 400,814 |
STOCKHOLDERS'_OWNERS' EQUITY (D
STOCKHOLDERS'/OWNERS' EQUITY (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | $ (52,495) | $ (8,027) |
Cash flow hedge adjustments | (1,332) | (685) |
Total accumulated other comprehensive loss | (53,827) | (8,712) |
OHI Holdco | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | (12,028) | (1,879) |
Cash flow hedge adjustments | (411) | (160) |
Total accumulated other comprehensive loss | (12,439) | (2,039) |
Omega OP | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | (54,948) | (8,413) |
Cash flow hedge adjustments | (1,420) | (718) |
Total accumulated other comprehensive loss | $ (56,368) | $ (9,131) |
STOCKHOLDERS'_OWNERS' EQUITY (N
STOCKHOLDERS'/OWNERS' EQUITY (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Sep. 03, 2015 | Feb. 09, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Mar. 27, 2015 | Mar. 26, 2015 |
Stockholders Equity Note [Line Items] | ||||||||
Issuance of common stock (in shares) | 10,925 | |||||||
Stock issued | 656 | 1,848 | ||||||
Aggregate gross sales price of common stock sold | $ 19,651 | $ 61,981 | ||||||
Gross proceeds from issuance of common stock | $ 19,651 | $ 439,322 | $ 61,981 | |||||
Dividend reinvestment plan (in shares) | 7,215 | 4,184 | 2,084 | |||||
Capital stock, shares authorized | 370,000 | 220,000 | ||||||
Common stock, shares authorized | 350,000 | 350,000 | 350,000 | 200,000 | ||||
500 Million Equity Shelf Program | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Stock issued | 700 | |||||||
Issuance of common stock, average price per share | $ 29.97 | |||||||
Gross proceeds from issuance of common stock | $ 20,400 | |||||||
Sales price, equity distribution agreement | $ 500,000 | |||||||
Compensation percentage for sale of shares | 2.00% | |||||||
Commissions on sale of common stock | 700 | |||||||
250 Million Equity Shelf Program | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Stock issued | 7,400 | 1,800 | ||||||
Issuance of common stock, average price per share | $ 34.33 | |||||||
Gross proceeds from issuance of common stock | $ 233,800 | $ 63,500 | ||||||
Sales price, equity distribution agreement | 250,000 | $ 250,000 | ||||||
Commissions on sale of common stock | $ 4,700 | 1,500 | ||||||
Dividend Reinvestment and Common Stock Purchase Plan | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Gross proceeds from issuance of common stock | $ 240,000 | $ 150,800 | $ 71,500 | |||||
Dividend reinvestment plan (in shares) | 7,200 | 4,200 | 2,100 | |||||
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 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Number of Shares/Omega OP Units | ||||
Non-vested | 1,622,871 | |||
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 19.20 | |||
Compensation Cost | [1] | $ 31.2 | ||
Restricted stock and RSUs | ||||
Number of Shares/Omega OP Units | ||||
Non-vested | 413,628 | 309,934 | 257,198 | |
Granted | 158,506 | 233,483 | 143,637 | |
Assumed in Aviv Merger | [2] | 38,268 | ||
Cancelled | (905) | (61,911) | ||
Vested | (235,176) | (106,146) | (90,901) | |
Non-vested | 336,053 | 413,628 | 309,934 | |
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 34.45 | $ 30.08 | $ 29.32 | |
Granted | 34.49 | 39.25 | 30.70 | |
Assumed in Aviv Merger | [2] | 23.50 | ||
Cancelled | 24.92 | 33.77 | ||
Vested | 30.41 | 28.72 | 28.87 | |
Non-vested | $ 37.32 | $ 34.45 | $ 30.08 | |
Compensation Cost | [3] | $ 5.5 | $ 9.2 | $ 4.4 |
Compensation Cost - Assumed in Aviv Merger | [3] | $ 0.9 | ||
[1] | Total compensation costs are net of shares cancelled. | |||
[2] | Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. | |||
[3] | Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company's common stock on the date of grant. |
STOCK-BASED COMPENSATION (Paren
STOCK-BASED COMPENSATION (Parentheticals) (Detail) | Dec. 31, 2016$ / 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 (De100
STOCK-BASED COMPENSATION (Detail 1) - PRSUs and LTIP Units | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Award granted in January 1, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing price on date of grant | $ 23.85 |
Dividend yield | 4.24% |
Risk free interest rate at time of grant, minimum | 0.05% |
Risk free interest rate at time of grant, maximum | 0.43% |
Expected volatility, minimum | 15.56% |
Expected volatility, maximum | 23.83% |
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 | 0.05% |
Risk free interest rate at time of grant, maximum | 1.14% |
Expected volatility, minimum | 23.92% |
Expected volatility, maximum | 24.88% |
STOCK-BASED COMPENSATION (De101
STOCK-BASED COMPENSATION (Detail 2) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Number of Shares/Units | ||||||
Non-vested | 1,622,871 | |||||
Weighted - Average Grant-Date Fair Value per Share | ||||||
Non-vested | $ 19.20 | |||||
Compensation Cost | [1] | $ 31.2 | ||||
PRSUs and LTIP Units | ||||||
Number of Shares/Units | ||||||
Non-vested | 913,087 | 850,213 | 1,038,024 | |||
Granted | 679,549 | 537,923 | 309,168 | |||
Cancelled | (165,570) | |||||
Forfeited | (518,638) | (128,073) | ||||
Vested | (181,406) | [2] | (496,979) | [2] | ||
Non-vested | 1,073,998 | 913,087 | 850,213 | |||
Weighted - Average Grant-Date Fair Value per Share | ||||||
Non-vested | $ 14.87 | $ 10.97 | $ 10.72 | |||
Granted | 14.67 | 18.51 | 11.46 | |||
Cancelled | 14.11 | |||||
Forfeited | 12.10 | 12.04 | ||||
Vested | 10.10 | [2] | 10.75 | [2] | ||
Non-vested | $ 16.08 | $ 14.87 | $ 10.97 | |||
Compensation Cost | [3] | $ 10 | $ 10 | $ 3.5 | ||
[1] | Total compensation costs are net of shares cancelled. | |||||
[2] | PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. | |||||
[3] | 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 (De102
STOCK-BASED COMPENSATION (Detail 3) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 1,622,871 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 19.20 | |
Total Compensation Cost | $ 31.2 | [1] |
Unrecognized Compensation Cost | $ 18.1 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 289,254 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 37.82 | |
Total Compensation Cost | $ 11 | [1] |
Unrecognized Compensation Cost | $ 5.6 | |
RSUs | 3/31/15 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 109,985 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 40.57 | |
Total Compensation Cost | $ 4.5 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 1.6 | |
Vesting Dates | 12/31/2017 | |
RSUs | 4/1/15 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 40,464 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 40.74 | |
Total Compensation Cost | $ 1.6 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 0.6 | |
Vesting Dates | 12/31/2017 | |
RSUs | Assumed Aviv RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 7,799 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 35.08 | |
Total Compensation Cost | $ 0.3 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 0.1 | |
Vesting Dates | 11/1/2017 | |
RSUs | 3/17/16 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,016 | |
Shares/Units | shares | 131,006 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 34.78 | |
Total Compensation Cost | $ 4.6 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 3.3 | |
Vesting Dates | 12/31/2018 | |
TSR PRSUs and LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 699,103 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 12.74 | |
Total Compensation Cost | $ 8.9 | [1] |
Unrecognized Compensation Cost | $ 5.7 | |
TSR PRSUs and LTIP Units | 2016 TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,014 | |
Shares/Units | shares | 135,634 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 8.67 | |
Total Compensation Cost | $ 1.2 | [1] |
Weighted Average Period of Expense Recognition | 48 months | |
Unrecognized Compensation Cost | $ 0.3 | |
Performance Period | 1/1/2014-12/31/2016 | |
Vesting Dates | Quarterly in 2017 | |
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 | |
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 | $ 1.1 | |
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 | 54,151 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.80 | |
Total Compensation Cost | $ 0.8 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.4 | |
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 | 372,069 | |
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 | $ 3.9 | |
Performance Period | 1/1/2016-12/31/2018 | |
Vesting Dates | Quarterly in 2019 | |
Relative TSR PRSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 634,514 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 17.84 | |
Total Compensation Cost | $ 11.3 | [1] |
Unrecognized Compensation Cost | $ 6.8 | |
Relative TSR PRSUs | 2016 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,014 | |
Shares/Units | shares | 135,634 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.24 | |
Total Compensation Cost | $ 1.9 | [1] |
Weighted Average Period of Expense Recognition | 48 months | |
Unrecognized Compensation Cost | $ 0.5 | |
Performance Period | 1/1/2014-12/31/2016 | |
Vesting Dates | Quarterly in 2017 | |
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 | |
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 | $ 1.6 | |
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 | 54,151 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 22.91 | |
Total Compensation Cost | $ 1.2 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.7 | |
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 | 307,480 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 16.45 | |
Total Compensation Cost | $ 5.1 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 4 | |
Performance Period | 1/1/2016-12/31/2018 | |
Vesting Dates | Quarterly in 2019 | |
[1] | Total compensation costs are net of shares cancelled. |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2015 | Jun. 06, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 23.4 | $ 26.7 | $ 3.6 | |||
Shares of restricted stock outstanding/shares | 1,622,871 | |||||
Compensation Cost | [1] | $ 31.2 | ||||
Aviv | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Closing stock price | $ 31.26 | |||||
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 | 2,500,000 | 2,600,000 | ||||
Weighted average rate of stock options exercised | $ 19.38 | $ 19.38 | ||||
Number of stock options remain outstanding and exercisable | 26,000 | |||||
Weighted average exercise price of stock options outstanding | $ 18.97 | |||||
Aggregate intrinsic value of outstanding stock options | $ 0.3 | |||||
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 | 2,000,000 | |||||
Restricted stock | Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of restricted stock issued | 27,500 | 30,500 | 21,500 | |||
Fair value of restricted stock award | $ 0.9 | $ 1.1 | $ 0.8 | |||
Shares of restricted stock outstanding/shares | 51,999 | |||||
Vesting period, years | 3 years | |||||
Compensation Cost | $ 1.4 | |||||
[1] | Total compensation costs are net of shares cancelled. |
DIVIDENDS (Detail)
DIVIDENDS (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends [Line Items] | |||
Common dividends (in dollars per share) | $ 2.36 | $ 2.18 | $ 2.02 |
Ordinary income | |||
Dividends [Line Items] | |||
Common dividends (in dollars per share) | 1.968 | 1.133 | 1.834 |
Return of capital | |||
Dividends [Line Items] | |||
Common dividends (in dollars per share) | 0.322 | $ 1.047 | $ 0.186 |
Capital gains | |||
Dividends [Line Items] | |||
Common dividends (in dollars per share) | $ 0.070 |
DIVIDENDS (Narrative) (Detail)
DIVIDENDS (Narrative) (Detail) - $ / shares | Jan. 12, 2017 | Oct. 13, 2016 | Jul. 14, 2016 | Apr. 14, 2016 | Jan. 14, 2016 |
Dividends [Line Items] | |||||
Common stock dividend declared, per share | $ 0.61 | $ 0.60 | $ 0.58 | $ 0.57 | |
Nature of common stock dividend payable | Quarterly | Quarterly | Quarterly | Quarterly | |
Increase in quarterly common dividend, per share | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.01 | |
Dividends declared, date of declaration | Oct. 13, 2016 | Jul. 14, 2016 | Apr. 14, 2016 | Jan. 14, 2016 | |
Dividends declared, date of payment | Nov. 15, 2016 | Aug. 15, 2016 | May 16, 2016 | Feb. 16, 2016 | |
Dividends declared, date of record | Oct. 31, 2016 | Aug. 1, 2016 | May 2, 2016 | Feb. 2, 2016 | |
Subsequent event | |||||
Dividends [Line Items] | |||||
Common stock dividend declared, per share | $ 0.62 | ||||
Nature of common stock dividend payable | Quarterly | ||||
Increase in quarterly common dividend, per share | $ 0.01 | ||||
Dividends declared, date of declaration | Jan. 12, 2017 | ||||
Dividends declared, date of payment | Feb. 15, 2017 | ||||
Dividends declared, date of record | Jan. 31, 2017 |
SUMMARY OF QUARTERLY RESULTS106
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Summary Of Quarterly Results [Line Items] | ||||||||||||||||||||
Revenues | $ 234,486 | $ 224,638 | $ 228,824 | $ 212,879 | $ 210,512 | $ 201,974 | $ 197,711 | $ 133,420 | $ 900,827 | $ 743,617 | $ 504,787 | |||||||||
Net income | 129,883 | 82,134 | 113,154 | 58,196 | 63,543 | 83,254 | 43,466 | 43,052 | 383,367 | 233,315 | 221,349 | |||||||||
Net income available to common stockholders | $ 124,259 | $ 78,549 | $ 108,052 | $ 55,555 | $ 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | $ 366,415 | $ 224,524 | $ 221,349 | |||||||||
Net income available to common per share: | ||||||||||||||||||||
Basic (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.32 | $ 0.43 | $ 0.23 | $ 0.32 | $ 1.91 | $ 1.30 | $ 1.75 | |||||||||
Net income per share: | ||||||||||||||||||||
Diluted (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.32 | $ 0.43 | $ 0.22 | $ 0.32 | $ 1.90 | $ 1.29 | $ 1.74 | |||||||||
OHI Healthcare Properties Holdco, Inc. | ||||||||||||||||||||
Summary Of Quarterly Results [Line Items] | ||||||||||||||||||||
Revenues | $ 234,486 | [1] | $ 224,638 | [1] | $ 228,824 | [1] | $ 212,879 | [1] | $ 210,512 | [1],[2] | $ 201,974 | [1],[2] | $ 197,711 | [1],[2] | [1],[2] | $ 610,197 | $ 900,827 | |||
Net income | 129,883 | [1] | 82,134 | [1] | 113,154 | [1] | 58,196 | [1] | 63,543 | [1],[2] | 83,254 | [1],[2] | 43,466 | [1],[2] | 190,263 | 383,367 | ||||
Net income available to common stockholders | 27,742 | [1] | 17,688 | [1] | 24,994 | [1] | 12,902 | [1] | 14,161 | [1],[2] | 18,788 | [1],[2] | 9,912 | [1],[2] | [1],[2] | 42,862 | 83,325 | |||
OHI Healthcare Properties Limited Partnership | ||||||||||||||||||||
Summary Of Quarterly Results [Line Items] | ||||||||||||||||||||
Revenues | 234,486 | 224,638 | 228,824 | 212,879 | 210,512 | [2] | 201,974 | [2] | 197,711 | [2] | [2] | 610,197 | 900,827 | |||||||
Net income | $ 129,883 | $ 82,134 | $ 113,154 | $ 58,196 | $ 63,543 | [2] | $ 83,254 | [2] | $ 43,466 | [2] | $ 190,263 | 383,367 | $ 190,263 | |||||||
Net income available to common stockholders | [2] | $ 383,367 | $ 190,263 | |||||||||||||||||
Net income available to Omega OP Unit holders : | ||||||||||||||||||||
Basic (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.32 | [2] | $ 0.43 | [2] | $ 0.23 | [2] | [2] | $ 0.98 | $ 1.91 | $ 0.98 | ||||||
Net income per unit: | ||||||||||||||||||||
Diluted (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.32 | [2] | $ 0.43 | [2] | $ 0.22 | [2] | [2] | $ 0.97 | $ 1.90 | $ 0.97 | ||||||
[1] | No per share information was provided for OHI Holdco because the sole stockholder is Omega. OHI Holdco is a wholly owned subsidiary of Omega and has 1,000 shares outstanding. | |||||||||||||||||||
[2] | Prior to April 1, 2015, no substantive assets or activity occurred in OHI Holdco or Omega OP. The 2015 information reflects the activity from April 1, 2015 (merger date) through December 31, 2015. |
SUMMARY OF QUARTERLY RESULTS107
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) (Parentheticals) - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Quarterly Results [Line Items] | ||||
Common stock, shares outstanding | 196,142 | 187,399 | 127,606 | 123,530 |
OHI Healthcare Properties Holdco, Inc. | ||||
Summary Of Quarterly Results [Line Items] | ||||
Common stock, shares outstanding | 1 | 1 | 1 |
EARNINGS PER SHARE_UNIT (Detail
EARNINGS PER SHARE/UNIT (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Numerator: | ||||||||||||||||
Net income | $ 129,883 | $ 82,134 | $ 113,154 | $ 58,196 | $ 63,543 | $ 83,254 | $ 43,466 | $ 43,052 | $ 383,367 | $ 233,315 | $ 221,349 | |||||
Less: Net income attributable to noncontrolling interests | (16,952) | (8,791) | ||||||||||||||
Net income available to common stockholders/Omega OP Unit holders | $ 124,259 | $ 78,549 | $ 108,052 | $ 55,555 | $ 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | $ 366,415 | $ 224,524 | $ 221,349 | |||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share | 191,781 | 172,242 | 126,550 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Common stock equivalents | 956 | 1,539 | 744 | |||||||||||||
Noncontrolling interest - Omega OP Units | 8,898 | 6,727 | ||||||||||||||
Denominator for diluted earnings per share | 201,635 | 180,508 | 127,294 | |||||||||||||
Earnings per share - basic: | ||||||||||||||||
Net income available to common stockholders (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.32 | $ 0.43 | $ 0.23 | $ 0.32 | $ 1.91 | $ 1.30 | $ 1.75 | |||||
Earnings per share - diluted: | ||||||||||||||||
Net income (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.32 | $ 0.43 | $ 0.22 | $ 0.32 | $ 1.90 | $ 1.29 | $ 1.74 | |||||
Omega OP | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ 129,883 | $ 82,134 | $ 113,154 | $ 58,196 | $ 63,543 | [1] | $ 83,254 | [1] | $ 43,466 | [1] | $ 190,263 | $ 383,367 | $ 190,263 | |||
Less: Net income attributable to noncontrolling interests | ||||||||||||||||
Net income available to common stockholders/Omega OP Unit holders | [1] | $ 383,367 | $ 190,263 | |||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per units | 193,843 | 200,679 | 193,843 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Common stock equivalents | 956 | 1,893 | ||||||||||||||
Noncontrolling interest - Omega OP Units | ||||||||||||||||
Denominator for diluted earnings per unit | 195,742 | 201,635 | 195,742 | |||||||||||||
Earnings per share - basic: | ||||||||||||||||
Omega OP Unit holders (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.30 | $ 0.32 | [1] | $ 0.43 | [1] | $ 0.23 | [1] | [1] | $ 0.98 | $ 1.91 | $ 0.98 | ||
Earnings per unit - diluted: | ||||||||||||||||
Net income (in dollars per share) | $ 0.63 | $ 0.40 | $ 0.57 | $ 0.29 | $ 0.32 | [1] | $ 0.43 | [1] | $ 0.22 | [1] | [1] | $ 0.97 | $ 1.90 | $ 0.97 | ||
[1] | Prior to April 1, 2015, no substantive assets or activity occurred in OHI Holdco or Omega OP. The 2015 information reflects the activity from April 1, 2015 (merger date) through December 31, 2015. |
EARNINGS PER SHARE_UNIT (Narrat
EARNINGS PER SHARE/UNIT (Narrative) (Detail) - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share Partnership Unit [Line Items] | ||||
Common stock, shares outstanding | 196,142 | 187,399 | 127,606 | 123,530 |
OHI Healthcare Properties Holdco, Inc. | ||||
Earnings Per Share Partnership Unit [Line Items] | ||||
Common stock, shares outstanding | 1 | 1 | 1 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Detail) $ in Thousands, £ in Millions | Apr. 01, 2015USD ($) | May 25, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 25, 2017GBP (£) | Apr. 30, 2017USD ($) | Jan. 29, 2016USD ($) | |
Subsequent Event [Line Items] | |||||||||||
Long-term Line of Credit | $ 190,000 | $ 230,000 | |||||||||
Term loans - net | 1,094,343 | 745,693 | |||||||||
Write off deferred financing and discount costs | [1],[2],[3] | 301 | (7,134) | $ 1,180 | |||||||
2017 Omega OP Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | ||||||||||
Term loans - net | $ 100,000 | ||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | ||||||||||
Debt maturity date | Jun. 27, 2017 | ||||||||||
Minimum | 2017 Omega OP Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Minimum | Omega Credit Agreement | 2017 Omega OP Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.90% | ||||||||||
Maximum | 2017 Omega OP Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Maximum | Omega Credit Agreement | 2017 Omega OP Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.90% | ||||||||||
Revolving Credit Facility | Tranche A-3 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan, borrowing capacity | $ 350,000 | ||||||||||
Revolving Credit Facility | Omega Credit Agreement | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan, borrowing capacity | $ 200,000 | ||||||||||
Revolving Credit Facility | Omega Credit Agreement | Tranche A-1 Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan, borrowing capacity | $ 200,000 | ||||||||||
Revolving Credit Facility | Omega Credit Agreement | Tranche A-3 Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan, borrowing capacity | 350,000 | ||||||||||
Unsecured borrowings | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loans - net | $ 1,094,343 | $ 745,693 | |||||||||
Unsecured borrowings | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Write off deferred financing and discount costs | $ 4,700 | ||||||||||
Unsecured borrowings | Tranche A-1 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | ||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | ||||||||||
Debt maturity date | Jun. 27, 2017 | ||||||||||
Unsecured borrowings | Tranche A-3 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | ||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) | ||||||||||
Debt maturity date | Jan. 29, 2021 | ||||||||||
Unsecured borrowings | 2017 Omega OP Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loans - net | $ 100,000 | ||||||||||
Credit facility, description of variable rate basis | 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 | ||||||||||
Debt maturity date | May 25, 2022 | ||||||||||
Amount of guaranty of unsecured indebtedness | $ 50,000 | ||||||||||
Unsecured borrowings | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Long-term Line of Credit | 1,800,000 | ||||||||||
Maximum borrowing capacity | 2,500,000 | ||||||||||
Write off deferred financing and discount costs | $ 5,500 | ||||||||||
Unsecured borrowings | Omega Credit Agreement | Tranche A-1 Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan/facility terminated | 200,000 | ||||||||||
Unsecured borrowings | Omega Credit Agreement | Tranche A-2 Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan/facility terminated | 200,000 | ||||||||||
Unsecured borrowings | Omega Credit Agreement | Tranche A-3 Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan/facility terminated | 350,000 | ||||||||||
Unsecured borrowings | Omega Credit Agreement | Senior unsecured 2014 revolving credit facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Term loan/facility terminated | $ 1,250,000 | ||||||||||
Unsecured borrowings | Minimum | Tranche A-1 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Unsecured borrowings | Minimum | Tranche A-3 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Unsecured borrowings | Minimum | 2017 Omega OP Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.90% | ||||||||||
Unsecured borrowings | Maximum | Tranche A-1 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Unsecured borrowings | Maximum | Tranche A-3 Term Loan Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Unsecured borrowings | Maximum | 2017 Omega OP Term Loan Facility | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.90% | ||||||||||
Unsecured borrowings | Revolving Credit Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.30% | ||||||||||
Credit facility, description of variable rate basis | LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings | ||||||||||
Debt maturity date | Jun. 27, 2018 | ||||||||||
Unsecured borrowings | Revolving Credit Facility | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Long-term Line of Credit | $ 1,250,000 | ||||||||||
Credit facility, description of variable rate basis | 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 | ||||||||||
Debt maturity date | May 25, 2021 | ||||||||||
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 | ||||||||||
Unsecured borrowings | Revolving Credit Facility | Minimum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.925% | ||||||||||
Unsecured borrowings | Revolving Credit Facility | Minimum | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Unsecured borrowings | Revolving Credit Facility | Maximum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.70% | ||||||||||
Unsecured borrowings | Revolving Credit Facility | Maximum | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Unsecured borrowings | 2017 U.S. Term Loan Facility | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Long-term Line of Credit | $ 425,000 | ||||||||||
Credit facility, description of variable rate basis | 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 | ||||||||||
Debt maturity date | May 25, 2022 | ||||||||||
Unsecured borrowings | 2017 U.S. Term Loan Facility | Minimum | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.90% | ||||||||||
Unsecured borrowings | 2017 U.S. Term Loan Facility | Maximum | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.90% | ||||||||||
Unsecured borrowings | 2017 Sterling Term Loan Facility | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Long-term Line of Credit | £ | £ 100 | ||||||||||
Credit facility, description of variable rate basis | 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 | ||||||||||
Debt maturity date | May 25, 2022 | ||||||||||
Unsecured borrowings | 2017 Sterling Term Loan Facility | Minimum | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.90% | ||||||||||
Unsecured borrowings | 2017 Sterling Term Loan Facility | Maximum | 2017 Omega Credit Facilities | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.90% | ||||||||||
[1] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | ||||||||||
[2] | 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | ||||||||||
[3] | In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu foreclosure. |
SUBSEQUENT EVENTS (Narrative111
SUBSEQUENT EVENTS (Narrative) (Detail 1) - USD ($) $ in Thousands | Apr. 04, 2017 | Sep. 11, 2014 | Apr. 28, 2017 | Mar. 19, 2012 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||||||||
Net write-offs associated with unamortized deferred financing costs | [1],[2],[3] | $ 301 | $ (7,134) | $ 1,180 | |||||
4.50% notes due 2025 | |||||||||
Subsequent Event [Line Items] | |||||||||
Rate | 4.50% | ||||||||
5.875% Notes due 2024 | |||||||||
Subsequent Event [Line Items] | |||||||||
Rate | 5.875% | ||||||||
Unsecured borrowings | 4.50% notes due 2025 | |||||||||
Subsequent Event [Line Items] | |||||||||
Maturity | 2,025 | ||||||||
Rate | 4.50% | ||||||||
Aggregate principal amount | $ 250,000 | $ 250,000 | 250,000 | ||||||
Debt maturity date | Jan. 15, 2025 | ||||||||
Percentage of notes sold at an issue price | 4.50% | 4.50% | |||||||
Unsecured borrowings | 5.875% Notes due 2024 | |||||||||
Subsequent Event [Line Items] | |||||||||
Maturity | 2,024 | ||||||||
Rate | 5.875% | ||||||||
Aggregate principal amount | $ 400,000 | $ 400,000 | $ 400,000 | ||||||
Debt maturity date | Mar. 15, 2024 | ||||||||
Percentage of notes sold at an issue price | 5.875% | 4.95% | |||||||
Subsequent event | Unsecured borrowings | |||||||||
Subsequent Event [Line Items] | |||||||||
Net proceeds from the offering after deducting underwriting discounts and expenses | $ 690,700 | ||||||||
Redemption related costs and write-offs | $ 16,500 | ||||||||
Call premium | 11,800 | ||||||||
Net write-offs associated with unamortized deferred financing costs | $ 4,700 | ||||||||
Subsequent event | Unsecured borrowings | Tranche A-2 Term Loan Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Prepay senior unsecured incremental term loan facility | $ 200,000 | ||||||||
Subsequent event | Unsecured borrowings | 4.75% Senior Notes due 2028 | |||||||||
Subsequent Event [Line Items] | |||||||||
Maturity | 2,028 | ||||||||
Rate | 4.75% | ||||||||
Aggregate principal amount | $ 550,000 | ||||||||
Debt maturity date | Jan. 15, 2028 | ||||||||
Percentage of notes sold at an issue price | 98.978% | ||||||||
Subsequent event | Unsecured borrowings | 4.50% notes due 2025 | |||||||||
Subsequent Event [Line Items] | |||||||||
Maturity | 2,025 | ||||||||
Rate | 4.50% | ||||||||
Aggregate principal amount | $ 150,000 | ||||||||
Debt maturity date | Jan. 15, 2025 | ||||||||
Percentage of notes sold at an issue price | 99.54% | ||||||||
Subsequent event | Unsecured borrowings | 5.875% Notes due 2024 | |||||||||
Subsequent Event [Line Items] | |||||||||
Rate | 58.75% | ||||||||
Aggregate principal amount | $ 400,000 | ||||||||
[1] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the $700 million 2012 credit facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our $200 million 2013 term loan facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | ||||||||
[2] | 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 2020 Notes, (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 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | ||||||||
[3] | In 2016, we recorded $0.3 million of write-offs of unamortized deferred financing costs associated with three facilities that were acquired via a deed-in-lieu foreclosure. |
SCHEDULE III REAL ESTATE AND112
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 767,018,940 | |||
Initial Cost to Company Buildings and Improvements | [1] | 6,549,820,611 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 312,976,028 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 8,718,627 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (72,175,923) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 759,294,503 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 6,807,063,780 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,566,358,283 | $ 6,743,957,698 | $ 3,223,785,295 | $ 3,099,547,182 | |
Accumulated Depreciation | 1,240,335,945 | $ 1,019,149,678 | $ 821,711,991 | $ 707,409,888 | |
Signature Holdings II | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | 44,388,713 | |||
Initial Cost to Company Buildings and Improvements | [1] | 490,665,754 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 22,910,980 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 20,238 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 44,388,713 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 513,596,972 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 557,985,685 | |||
Accumulated Depreciation | [1],[4] | 85,901,618 | |||
Signature Holdings II | Florida | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | 14,926,960 | |||
Initial Cost to Company Buildings and Improvements | [1] | 184,977,257 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 10,162,810 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 20,238 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 14,926,960 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 195,160,305 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 210,087,265 | |||
Accumulated Depreciation | [1],[4] | $ 47,922,023 | |||
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] | $ 3,832,748 | |||
Initial Cost to Company Buildings and Improvements | [1] | 10,846,566 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,950,028 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 3,832,748 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 14,796,594 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 18,629,342 | |||
Accumulated Depreciation | [1],[4] | $ 8,654,672 | |||
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] | $ 13,335,341 | |||
Initial Cost to Company Buildings and Improvements | [1] | 87,790,543 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,174,496 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 13,335,341 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 91,965,039 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 105,300,380 | |||
Accumulated Depreciation | [1],[4] | $ 19,646,496 | |||
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] | $ 1,480,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 19,662,571 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,183,051 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 1,480,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 20,845,622 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 22,325,622 | |||
Accumulated Depreciation | [1],[4] | $ 6,981,961 | |||
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] | $ 10,813,664 | |||
Initial Cost to Company Buildings and Improvements | [1] | 187,388,817 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,440,595 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 10,813,664 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 190,829,412 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 201,643,076 | |||
Accumulated Depreciation | [1],[4] | $ 2,696,466 | |||
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 | |||
Maplewood Real Estate Holdings | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 160,860,541 | |||
Initial Cost to Company Buildings and Improvements | [1] | 294,127,986 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 67,661,467 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 7,435,164 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (680,345) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 160,860,541 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 368,544,272 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 529,404,813 | |||
Accumulated Depreciation | [1],[4] | 19,662,877 | |||
Maplewood Real Estate Holdings | New York | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | 118,604,252 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,655,755 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 7,092,469 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 118,604,252 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 13,748,224 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | $ 132,352,476 | |||
Date Acquired | [1] | 2,015 | |||
Maplewood Real Estate Holdings | Connecticut | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 19,531,583 | |||
Initial Cost to Company Buildings and Improvements | [1] | 216,537,730 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,241,593 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 19,531,583 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 218,779,323 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 238,310,906 | |||
Accumulated Depreciation | [1],[4] | $ 12,740,033 | |||
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] | $ 19,041,468 | |||
Initial Cost to Company Buildings and Improvements | [1] | 69,409,856 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 39,267,802 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 342,695 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (680,345) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 19,041,468 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 108,340,008 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 127,381,476 | |||
Accumulated Depreciation | [1],[4] | $ 5,826,713 | |||
Date Of Construction | [1] | 1988-2016 | |||
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] | $ 3,683,238 | |||
Initial Cost to Company Buildings and Improvements | [1] | 8,180,400 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 19,496,317 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 3,683,238 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 27,676,717 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 31,359,955 | |||
Accumulated Depreciation | [1],[4] | $ 1,096,131 | |||
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 | |||
Saber Health Group | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 32,106,466 | |||
Initial Cost to Company Buildings and Improvements | [1] | 430,577,757 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,577,173 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 47,891 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (268,000) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 32,106,466 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 436,934,821 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 469,041,287 | |||
Accumulated Depreciation | [1],[4] | 23,321,261 | |||
Saber Health Group | Florida | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | 422,935 | |||
Initial Cost to Company Buildings and Improvements | [1] | 4,422,325 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 422,935 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 4,422,325 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 4,845,260 | |||
Accumulated Depreciation | [1],[4] | $ 337,550 | |||
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] | $ 10,780,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 106,694,700 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,312,955 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 47,891 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 10,780,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 109,055,546 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 119,835,546 | |||
Accumulated Depreciation | [1],[4] | $ 4,660,696 | |||
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] | 20 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] | $ 5,269,177 | |||
Initial Cost to Company Buildings and Improvements | [1] | 109,002,482 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,438,309 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (268,000) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 5,269,177 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 111,172,791 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 116,441,968 | |||
Accumulated Depreciation | [1],[4] | $ 6,862,544 | |||
Date Of Construction | [1] | 1968-2000 | |||
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] | $ 7,134,354 | |||
Initial Cost to Company Buildings and Improvements | [1] | 124,475,985 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,825,909 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 7,134,354 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 126,301,894 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 133,436,248 | |||
Accumulated Depreciation | [1],[4] | $ 8,140,340 | |||
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] | $ 8,500,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 85,982,265 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 8,500,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 85,982,265 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 94,482,265 | |||
Accumulated Depreciation | [1],[4] | $ 3,320,131 | |||
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] | $ 25,381,109 | |||
Initial Cost to Company Buildings and Improvements | [1] | 435,896,017 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 25,381,109 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 435,896,017 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 461,277,126 | |||
Accumulated Depreciation | [1],[4] | 26,403,073 | |||
Ciena Healthcare | Indiana | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | 321,066 | |||
Initial Cost to Company Buildings and Improvements | [1] | 7,703,262 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 321,066 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 7,703,262 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 8,024,328 | |||
Accumulated Depreciation | [1],[4] | $ 574,610 | |||
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] | $ 4,086,842 | |||
Initial Cost to Company Buildings and Improvements | [1] | 115,546,920 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 4,086,842 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 115,546,920 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 119,633,762 | |||
Accumulated Depreciation | [1],[4] | $ 7,812,153 | |||
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] | $ 4,330,580 | |||
Initial Cost to Company Buildings and Improvements | [1] | 65,027,000 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 4,330,580 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 65,027,000 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 69,357,580 | |||
Accumulated Depreciation | [1],[4] | $ 4,446,154 | |||
Date Of Construction | [1] | 1927-1997 | |||
Date Acquired | [1] | 2,015 | |||
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] | $ 10,342,621 | |||
Initial Cost to Company Buildings and Improvements | [1] | 159,846,959 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 10,342,621 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 159,846,959 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 170,189,580 | |||
Accumulated Depreciation | [1],[4] | $ 10,349,693 | |||
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] | $ 6,300,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 87,771,876 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 6,300,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 87,771,876 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 94,071,876 | |||
Accumulated Depreciation | [1],[4] | $ 3,220,463 | |||
Date Of Construction | [1] | 1979-2007 | |||
Date Acquired | [1] | 2,016 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Other | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 504,282,111 | |||
Initial Cost to Company Buildings and Improvements | [1] | 4,898,553,097 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 215,826,408 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 1,215,334 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (71,227,578) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 496,557,674 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 5,052,091,698 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 5,548,649,372 | |||
Accumulated Depreciation | [1],[4] | 1,085,047,116 | |||
Other | Alabama | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | 1,817,320 | |||
Initial Cost to Company Buildings and Improvements | [1] | 33,356,170 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 12,915,787 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 1,817,320 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 46,271,957 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 48,089,277 | |||
Accumulated Depreciation | [1],[4] | $ 30,926,414 | |||
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 6 months | |||
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],[5] | $ 10,995,190 | |||
Initial Cost to Company Buildings and Improvements | [1],[5] | 86,868,402 | |||
Gross Amount at Which Carried at Close of Period Land | [1],[5] | 10,995,190 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[5] | 86,868,402 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3],[5] | 97,863,592 | |||
Accumulated Depreciation | [1],[4],[5] | $ 10,017,581 | |||
Date Of Construction | [1],[5] | 1949-1999 | |||
Date Acquired | [1],[5] | 2012-2015 | |||
Other | Arizona | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[5] | 33 years | |||
Other | Arizona | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[5] | 40 years | |||
Other | Arkansas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1],[5] | $ 9,057,536 | |||
Initial Cost to Company Buildings and Improvements | [1],[5] | 161,016,248 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1],[5] | 13,045,870 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2],[5] | (36,350) | |||
Gross Amount at Which Carried at Close of Period Land | [1],[5] | 9,057,536 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1],[5] | 174,025,768 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3],[5] | 183,083,304 | |||
Accumulated Depreciation | [1],[4],[5] | $ 55,208,651 | |||
Date Of Construction | [1],[5] | 1960-2009 | |||
Date Acquired | [1],[5] | 1992-2015 | |||
Other | Arkansas | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[5] | 20 years | |||
Other | Arkansas | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[5] | 38 years | |||
Other | California | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 78,596,505 | |||
Initial Cost to Company Buildings and Improvements | [1] | 423,131,800 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,823,085 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 63,156 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 78,596,505 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 426,018,041 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 504,614,546 | |||
Accumulated Depreciation | [1],[4] | $ 55,083,670 | |||
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] | $ 11,279,262 | |||
Initial Cost to Company Buildings and Improvements | [1] | 88,830,136 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 7,790,478 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 11,279,262 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 96,620,614 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 107,899,876 | |||
Accumulated Depreciation | [1],[4] | $ 29,232,095 | |||
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] | $ 878,937 | |||
Initial Cost to Company Buildings and Improvements | [1] | 4,445,263 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 980,393 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (5,425,656) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 878,937 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | $ 878,937 | |||
Date Acquired | [1] | 1,999 | |||
Other | Florida | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 61,806,778 | |||
Initial Cost to Company Buildings and Improvements | [1] | 481,225,245 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 36,333,087 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 948,913 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (9,736,615) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 61,806,778 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 508,770,630 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 570,577,408 | |||
Accumulated Depreciation | [1],[4] | $ 150,266,763 | |||
Date Of Construction | [1] | 1933-2007 | |||
Date Acquired | [1] | 1992-2016 | |||
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] | $ 3,730,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 47,387,507 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 3,730,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 47,387,507 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 51,117,507 | |||
Accumulated Depreciation | [1],[4] | $ 5,230,371 | |||
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] | $ 6,705,560 | |||
Initial Cost to Company Buildings and Improvements | [1] | 62,572,804 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,321,587 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 6,705,560 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 63,894,391 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 70,599,951 | |||
Accumulated Depreciation | [1],[4] | $ 12,106,038 | |||
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] | $ 5,809,737 | |||
Initial Cost to Company Buildings and Improvements | [1] | 111,441,468 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 510,576 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 5,809,737 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 111,952,044 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 117,761,781 | |||
Accumulated Depreciation | [1],[4] | $ 15,117,035 | |||
Date Of Construction | [1] | 1926-1990 | |||
Date Acquired | [1] | 1996-2015 | |||
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] | $ 28,245,140 | |||
Initial Cost to Company Buildings and Improvements | [1] | 366,055,214 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,332,364 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (1,828,124) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 28,237,640 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 366,566,954 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 394,804,594 | |||
Accumulated Depreciation | [1],[4] | $ 77,812,713 | |||
Date Of Construction | [1] | 1923-2008 | |||
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] | $ 2,923,947 | |||
Initial Cost to Company Buildings and Improvements | [1] | 68,736,698 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,084,807 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 2,923,947 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 70,821,505 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 73,745,452 | |||
Accumulated Depreciation | [1],[4] | $ 13,120,583 | |||
Date Of Construction | [1] | 1961-1998 | |||
Date Acquired | [1] | 1997-2015 | |||
Other | Iowa | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 23 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] | $ 4,799,714 | |||
Initial Cost to Company Buildings and Improvements | [1] | 47,680,306 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 9,250,851 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 4,799,714 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 56,931,157 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 61,730,871 | |||
Accumulated Depreciation | [1],[4] | $ 6,164,491 | |||
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] | 20 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] | $ 6,279,163 | |||
Initial Cost to Company Buildings and Improvements | [1] | 123,327,734 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 8,677,102 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 6,279,163 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 132,004,836 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 138,283,999 | |||
Accumulated Depreciation | [1],[4] | $ 20,157,352 | |||
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] | $ 2,177,542 | |||
Initial Cost to Company Buildings and Improvements | [1] | 52,869,373 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,749,991 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 2,177,542 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 54,619,364 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 56,796,906 | |||
Accumulated Depreciation | [1],[4] | $ 17,883,426 | |||
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] | 33 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 | Maryland | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 7,190,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 74,028,613 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,518,228 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 7,190,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 76,546,841 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 83,736,841 | |||
Accumulated Depreciation | [1],[4] | $ 14,350,237 | |||
Date Of Construction | [1] | 1921-1985 | |||
Date Acquired | [1] | 2010-2011 | |||
Other | Maryland | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Other | Maryland | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Other | Massachusetts | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 5,898,952 | |||
Initial Cost to Company Buildings and Improvements | [1] | 41,120,152 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,160,034 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 5,898,952 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 43,280,186 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 49,179,138 | |||
Accumulated Depreciation | [1],[4] | $ 20,605,218 | |||
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] | $ 829,621 | |||
Initial Cost to Company Buildings and Improvements | [1] | 30,921,159 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 829,621 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 30,921,159 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 31,750,780 | |||
Accumulated Depreciation | [1],[4] | $ 4,655,127 | |||
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] | $ 10,571,691 | |||
Initial Cost to Company Buildings and Improvements | [1] | 52,399,655 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 653,399 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 10,571,691 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 53,053,054 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 63,624,745 | |||
Accumulated Depreciation | [1],[4] | $ 3,949,866 | |||
Date Of Construction | [1] | 1958-1983 | |||
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] | $ 2,910,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 49,506,905 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 826,654 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 2,910,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 50,333,559 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 53,243,559 | |||
Accumulated Depreciation | [1],[4] | $ 14,274,382 | |||
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] | $ 7,333,114 | |||
Initial Cost to Company Buildings and Improvements | [1] | 121,480,904 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 692,135 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (152,575) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 7,333,114 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 122,020,464 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 129,353,578 | |||
Accumulated Depreciation | [1],[4] | $ 14,794,489 | |||
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] | $ 1,319,454 | |||
Initial Cost to Company Buildings and Improvements | [1] | 11,698,411 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 1,319,454 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 11,698,411 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 13,017,865 | |||
Accumulated Depreciation | [1],[4] | $ 811,679 | |||
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] | $ 1,599,631 | |||
Initial Cost to Company Buildings and Improvements | [1] | 23,142,177 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 1,599,631 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 23,142,177 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 24,741,808 | |||
Accumulated Depreciation | [1],[4] | $ 2,256,512 | |||
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] | $ 5,501,308 | |||
Initial Cost to Company Buildings and Improvements | [1] | 50,472,213 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 8,350,000 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 5,501,308 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 58,822,213 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 64,323,521 | |||
Accumulated Depreciation | [1],[4] | $ 10,013,989 | |||
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] | $ 1,782,067 | |||
Initial Cost to Company Buildings and Improvements | [1] | 19,837,436 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,462,797 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 1,782,067 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 21,300,233 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 23,082,300 | |||
Accumulated Depreciation | [1],[4] | $ 8,439,787 | |||
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] | $ 9,002,270 | |||
Initial Cost to Company Buildings and Improvements | [1] | 68,658,130 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 130,323 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 9,002,270 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 68,788,453 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 77,790,723 | |||
Accumulated Depreciation | [1],[4] | $ 7,348,628 | |||
Date Of Construction | [1] | 1960-1989 | |||
Date Acquired | [1] | 2008-2015 | |||
Other | New Mexico | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | New Mexico | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
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] | $ 3,069,856 | |||
Initial Cost to Company Buildings and Improvements | [1] | 52,675,612 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,550,986 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 3,069,856 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 56,226,598 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 59,296,454 | |||
Accumulated Depreciation | [1],[4] | $ 26,436,775 | |||
Date Of Construction | [1] | 1964-1987 | |||
Date Acquired | [1] | 1994-2010 | |||
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] | $ 35,367,198 | |||
Initial Cost to Company Buildings and Improvements | [1] | 439,998,943 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 30,731,141 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (1,166,009) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 35,367,198 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 469,564,075 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 504,931,273 | |||
Accumulated Depreciation | [1],[4] | $ 133,969,181 | |||
Date Of Construction | [1] | 1920-2008 | |||
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] | 20 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] | $ 4,650,087 | |||
Initial Cost to Company Buildings and Improvements | [1] | 36,246,616 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 4,650,087 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 36,246,616 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 40,896,703 | |||
Accumulated Depreciation | [1],[4] | $ 7,883,686 | |||
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] | $ 3,640,572 | |||
Initial Cost to Company Buildings and Improvements | [1] | 45,217,827 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,610,185 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 3,640,572 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 47,828,012 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 51,468,584 | |||
Accumulated Depreciation | [1],[4] | $ 3,179,897 | |||
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] | $ 11,733,450 | |||
Initial Cost to Company Buildings and Improvements | [1] | 206,264,434 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 11,281,116 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 11,733,450 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 217,545,550 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 229,279,000 | |||
Accumulated Depreciation | [1],[4] | $ 66,127,725 | |||
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] | $ 3,658,261 | |||
Initial Cost to Company Buildings and Improvements | [1] | 35,082,551 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,792,882 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 3,658,261 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 39,875,433 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 43,533,694 | |||
Accumulated Depreciation | [1],[4] | $ 16,190,347 | |||
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] | $ 7,800,000 | |||
Initial Cost to Company Buildings and Improvements | [1] | 59,782,493 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 7,800,000 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 59,782,493 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 67,582,493 | |||
Accumulated Depreciation | [1],[4] | $ 5,718,501 | |||
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] | 30 years | |||
Other | Tennessee | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 5,932,773 | |||
Initial Cost to Company Buildings and Improvements | [1] | 99,743,478 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,897,458 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (527,491) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 5,827,316 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 104,218,902 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 110,046,218 | |||
Accumulated Depreciation | [1],[4] | $ 46,714,574 | |||
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] | $ 67,370,202 | |||
Initial Cost to Company Buildings and Improvements | [1] | 667,695,852 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 24,223,887 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | [1] | 203,265 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (1,000) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 67,370,202 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 692,122,004 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 759,492,206 | |||
Accumulated Depreciation | [1],[4] | $ 97,331,606 | |||
Date Of Construction | [1] | 1952-2015 | |||
Date Acquired | [1] | 1997-2016 | |||
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] | $ 47,432,242 | |||
Initial Cost to Company Buildings and Improvements | [1] | 256,409,736 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,646,761 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (52,350,758) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 39,822,262 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 213,315,719 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 253,137,981 | |||
Accumulated Depreciation | [1],[4] | $ 10,141,108 | |||
Date Of Construction | [1] | 1750-2011 | |||
Date Acquired | [1] | 2015-2016 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | ||||
Other | Utah | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 633,938 | |||
Initial Cost to Company Buildings and Improvements | [1] | 2,986,062 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 633,938 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 2,986,062 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 3,620,000 | |||
Accumulated Depreciation | [1],[4] | $ 247,001 | |||
Date Of Construction | [1] | 1,977 | |||
Date Acquired | [1] | 2,015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 24 years | |||
Other | Vermont | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Land | [1] | $ 317,500 | |||
Initial Cost to Company Buildings and Improvements | [1] | 6,005,388 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 602,296 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 317,500 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 6,607,684 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 6,925,184 | |||
Accumulated Depreciation | [1],[4] | $ 2,416,363 | |||
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] | $ 2,566,363 | |||
Initial Cost to Company Buildings and Improvements | [1] | 30,009,385 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 2,566,363 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 30,009,385 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 32,575,748 | |||
Accumulated Depreciation | [1],[4] | $ 1,582,827 | |||
Date Of Construction | [1] | 1989-1995 | |||
Date Acquired | [1] | 2,015 | |||
Other | Virginia | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 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] | $ 11,719,119 | |||
Initial Cost to Company Buildings and Improvements | [1] | 138,054,574 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,626,926 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (1,500) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 11,717,619 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 140,681,500 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 152,399,119 | |||
Accumulated Depreciation | [1],[4] | $ 22,271,862 | |||
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] | $ 1,972,682 | |||
Initial Cost to Company Buildings and Improvements | [1] | 66,945,947 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 7,000,345 | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 1,972,682 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 73,946,292 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 75,918,974 | |||
Accumulated Depreciation | [1],[4] | $ 32,588,074 | |||
Date Of Construction | [1] | 1961-1996 | |||
Date Acquired | [1] | 1994-2011 | |||
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] | $ 7,377,429 | |||
Initial Cost to Company Buildings and Improvements | [1] | 53,224,076 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 5,252,877 | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[2] | (1,500) | |||
Gross Amount at Which Carried at Close of Period Land | [1] | 7,377,429 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | [1] | 58,475,453 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | [1],[3] | 65,852,882 | |||
Accumulated Depreciation | [1],[4] | $ 12,420,492 | |||
Date Of Construction | [1] | 1930-1994 | |||
Date Acquired | [1] | 2009-2015 | |||
Other | Wisconsin | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 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), tramatic brain injury (TBI), medical office building (MOB) or specialty hospitals (SH) located in the states indicated. | ||||
[2] | Reflects bed sales, impairments, land easements and impacts from foreign currency exchange rates. | ||||
[3] | Year Ended December 31, 2014 2015 2016 Balance at beginning of period $ 3,099,547,182 $ 3,223,785,295 $ 6,743,957,698 Acquisitions through foreclosure - - 25,000,000 Acquisitions 131,689,483 3,371,233,860 1,017,760,963 Impairment (3,660,381 ) (12,916,233 ) (53,716,724 ) Improvements 17,916,855 220,272,401 95,806,618 Disposals/other (21,707,844 ) (58,417,625 ) (262,450,272 ) Balance at close of period $ 3,223,785,295 $ 6,743,957,698 $ 7,566,358,283 | ||||
[4] | Year Ended December 31, 2014 2015 2016 Balance at beginning of period $ 707,409,888 $ 821,711,991 $ 1,019,149,678 Provisions for depreciation 123,141,880 210,554,569 266,904,418 Dispositions/other (8,839,777 ) (13,116,882 ) (45,718,151 ) Balance at close of period $ 821,711,991 $ 1,019,149,678 $ 1,240,335,945 | ||||
[5] | Certain of the real estate indicated are security for the HUD loan borrowings totaling $54,954,695 at December 31, 2016 |
SCHEDULE III REAL ESTATE AND113
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | $ 6,743,957,698 | $ 3,223,785,295 | $ 3,099,547,182 |
Acquisitions through foreclosure | 25,000,000 | ||
Acquisitions | 1,017,760,963 | 3,371,233,860 | 131,689,483 |
Impairment | (53,716,724) | (12,916,233) | (3,660,381) |
Improvements | 95,806,618 | 220,272,401 | 17,916,855 |
Disposals/other | (262,450,272) | (58,417,625) | (21,707,844) |
Balance at close of period | 7,566,358,283 | 6,743,957,698 | 3,223,785,295 |
Reconciliation of real estate accumulated depreciation | |||
Balance at beginning of period | 1,019,149,678 | 821,711,991 | 707,409,888 |
Provisions for depreciation | 266,904,418 | 210,554,569 | 123,141,880 |
Dispositions/other | (45,718,151) | (13,116,882) | (8,839,777) |
Balance at close of period | $ 1,240,335,945 | $ 1,019,149,678 | $ 821,711,991 |
SCHEDULE III REAL ESTATE AND114
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 3) $ in Billions | Dec. 31, 2016USD ($) |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Reported amount of real estate in excess of the tax basis | $ 1.1 |
SCHEDULE IV MORTGAGE LOANS O115
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($) | [1] | |
Mortgage Loans on Real Estate [Line Items] | ||
Face Amount of Mortgages | $ 685,283,732 | |
Carrying Amount of Mortgages | $ 639,343,243 | [2],[3] |
Louisiana | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest accrues monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 9,870,626 | |
Carrying Amount of Mortgages | 9,870,626 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Maryland | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.00% | |
Final Maturity Date | 2,028 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 74,927,751 | |
Carrying Amount of Mortgages | 35,963,840 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.45% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest plus $105,000 of principal payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 415,000,000 | |
Carrying Amount of Mortgages | 412,140,060 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 2 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.77% | |
Final Maturity Date | 2,021 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 3,917,030 | |
Carrying Amount of Mortgages | 3,917,030 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 3 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.51% | |
Final Maturity Date | 2,021 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 4,111,387 | |
Carrying Amount of Mortgages | 4,111,387 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 4 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 2,214,376 | |
Carrying Amount of Mortgages | 2,214,376 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 5 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 560,601 | |
Carrying Amount of Mortgages | 560,601 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 6 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 267,170 | |
Carrying Amount of Mortgages | 267,170 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 7 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 100,000 | |
Carrying Amount of Mortgages | 100,000 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 8 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 252,241 | |
Carrying Amount of Mortgages | 252,241 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 9 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 269,740 | |
Carrying Amount of Mortgages | 269,740 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 10 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 4,036,982 | |
Carrying Amount of Mortgages | 4,036,982 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 11 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 4,089,039 | |
Carrying Amount of Mortgages | 4,089,039 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 12 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 597,022 | |
Carrying Amount of Mortgages | 597,022 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 13 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 125,930 | |
Carrying Amount of Mortgages | 125,930 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 14 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 1,803,905 | |
Carrying Amount of Mortgages | 1,803,905 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 15 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 432,754 | |
Carrying Amount of Mortgages | 432,754 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 16 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 190,842 | |
Carrying Amount of Mortgages | 190,842 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Michigan | Group 17 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.50% | |
Final Maturity Date | 2,029 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 14,044,762 | |
Carrying Amount of Mortgages | 14,044,762 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Missouri and Tennessee | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.35% | |
Final Maturity Date | 2,015 | |
Periodic Payment Terms | Interest plus $0 of principal payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 6,997,610 | |
Carrying Amount of Mortgages | 2,500,000 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
New Jersey | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | |
Final Maturity Date | 2,017 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 3,195,000 | |
Carrying Amount of Mortgages | 3,195,000 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Ohio and Pennsylvania | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.79% | |
Final Maturity Date | 2,024 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 112,500,000 | |
Carrying Amount of Mortgages | 112,500,000 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Ohio | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.67% | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest payable monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 11,874,013 | |
Carrying Amount of Mortgages | 12,254,985 | [2],[3] |
Principal 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% | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest accrues monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 8,762,943 | |
Carrying Amount of Mortgages | 8,762,943 | [2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
Virginia | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | |
Final Maturity Date | 2,018 | |
Periodic Payment Terms | Interest accrues monthly | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 5,142,008 | |
Carrying Amount of Mortgages | 5,142,008 | [2],[3] |
Principal 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] | The aggregate cost for federal income tax purposes is equal to the carrying amount. | |
[3] | Year Ended December 31,2014 2015 2016 Balance at beginning of period $ 241,514,812, $ 648,078,550, $ 679,795,236 Additions during period Placements $ 529,547,836, $ 33,288,320, $ 48,721,953 Deductions during period - collection of principal/other(122,984,098)( 1,571,634)( 89,173,946) Balance at close of period $ 648,078,550 $ 679,795,236 $ 639,343,243 |
SCHEDULE IV MORTGAGE LOANS O116
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Detail 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 679,795,236 | $ 648,078,550 | $ 241,514,812 |
Additions during period - Placements | 48,721,953 | 33,288,320 | 529,547,836 |
Deductions during period - collection of principal/other | (89,173,946) | (1,571,634) | (122,984,098) |
Balance at close of period | $ 639,343,243 | $ 679,795,236 | $ 648,078,550 |