Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 27, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-56451 | ||
Entity Registrant Name | STRAWBERRY FIELDS REIT, INC. | ||
Entity Central Index Key | 0001782430 | ||
Entity Tax Identification Number | 84-2336054 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Address, Address Line One | 6101 Nimtz Parkway | ||
Entity Address, City or Town | South Bend | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46628 | ||
City Area Code | (574) | ||
Local Phone Number | 807-0800 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 6,365,856 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement for the 2023 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year end) are incorporated by reference in this Annual Report on Form 10-K in response to Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14. | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 400 | ||
Auditor Name | HACKER, JOHNSON & SMITH PA | ||
Auditor Location | Tampa, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Real estate investments, net | $ 438,911 | $ 462,728 |
Cash and cash equivalents | 20,197 | 26,206 |
Restricted cash and equivalents | 25,507 | 25,922 |
Straight-line rent receivable, net | 23,534 | 23,262 |
Right of use lease asset | 1,833 | 2,064 |
Goodwill, other intangible assets and lease rights | 11,632 | 14,660 |
Deferred financing expenses | 5,791 | 4,826 |
Notes receivable, net | 19,419 | 9,831 |
Other assets | 176 | 465 |
Total Assets | 547,000 | 569,964 |
Liabilities | ||
Accounts payable and accrued liabilities | 13,723 | 20,654 |
Bonds, net | 74,412 | 192,549 |
Notes payable and other debt | 381,003 | 309,251 |
Operating lease liability | 1,833 | 2,064 |
Other liabilities | 10,892 | 10,396 |
Non-controlling interest redemption liability | 15,753 | |
Total Liabilities | 497,616 | 534,914 |
Equity | ||
Common stock, $.0001 par value, 500,000,000 shares authorized, 6,365,856 and 5,849,746 shares issued and outstanding in 2022 and 2021 | ||
Preferred stock, $.0001 par value, 100,000,000 shares authorized, 0 shares issued and outstanding | ||
Additional paid in capital | 5,792 | 4,327 |
Accumulated other comprehensive income (loss) | 386 | (2,455) |
Retained earnings | 1,608 | 393 |
Total Stockholders’ Equity | 7,786 | 2,265 |
Non-controlling interest | 41,598 | 32,785 |
Total Equity | 49,384 | 35,050 |
Total Liabilities and Equity | $ 547,000 | $ 569,964 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | |
Common Stock, Shares Authorized | 500,000,000 | |
Common Stock, Shares, Outstanding | 6,365,856 | 5,849,746 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |
Preferred Stock, Shares Authorized | 100,000,000 | |
Preferred Stock, Shares Outstanding | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | ||
Rental revenues | $ 92,543 | $ 87,032 |
Expenses: | ||
Depreciation | 25,530 | 24,460 |
Amortization | 3,028 | 3,028 |
General and administrative expenses | 6,012 | 6,297 |
Property taxes | 13,131 | 10,623 |
Facility rent expenses | 532 | 735 |
(Credit) provision for doubtful accounts | (5,636) | 5,128 |
Total expenses | 42,597 | 50,271 |
Income from operations | 49,946 | 36,761 |
Interest expense, net | (20,507) | (21,261) |
Amortization of deferred financing costs | (504) | (379) |
Mortgage insurance premium | (1,704) | (1,769) |
Total interest expense | (22,715) | (23,409) |
Other income (loss): | ||
Gain from sale of real estate investments | 3,842 | |
Foreign currency transaction loss | (10,932) | (8,775) |
Other income | 120 | |
Total other loss | (10,812) | (4,933) |
Net income | 16,419 | 8,419 |
Less: | ||
Net income attributable to non-controlling interest | (14,567) | (3,083) |
Net income attributable to predecessor | (4,943) | |
Net income attributable to common stockholders | 1,852 | 393 |
Other comprehensive income (loss): | ||
Gain (loss) due to foreign currency translation | 14,256 | (6,751) |
Reclassification of foreign currency transaction losses | 10,932 | 8,775 |
Comprehensive income attributable to predecessor | (9,681) | |
Comprehensive (income) loss attributable to non-controlling interest | (22,347) | 6,795 |
Comprehensive income (loss) | $ 4,693 | $ (469) |
Basic and diluted income per common share | $ 0.31 | $ 0.07 |
Weighted average number of common shares outstanding | 6,008,953 | 5,846,195 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Common Stock [Member] |
Beginning balance, value at Dec. 31, 2020 | $ 13,420 | $ 63,936 | $ (23,775) | $ (26,741) | ||
Beginning balance, shares at Dec. 31, 2020 | ||||||
Net change in foreign currency translation | 9,681 | 9,681 | ||||
Preferred dividends | (1,060) | (1,060) | ||||
Members’ distribution | (5,000) | (5,000) | ||||
Net Income | 4,943 | 4,943 | ||||
Ending balance, value at Jun. 07, 2021 | 21,984 | 57,876 | (14,094) | (21,798) | ||
Ending balance, shares at Jun. 07, 2021 | ||||||
Beginning balance, value at Dec. 31, 2020 | 13,420 | 63,936 | (23,775) | (26,741) | ||
Beginning balance, shares at Dec. 31, 2020 | ||||||
Net Income | 8,419 | |||||
Ending balance, value at Dec. 31, 2021 | 35,050 | 4,327 | (2,455) | 393 | 32,785 | |
Ending balance, shares at Dec. 31, 2021 | 5,849,746 | |||||
Beginning balance, value at Jun. 07, 2021 | 21,984 | 57,876 | (14,094) | (21,798) | ||
Beginning balance, shares at Jun. 07, 2021 | ||||||
Net change in foreign currency translation | (7,657) | (862) | (6,795) | |||
Net Income | 3,476 | 393 | 3,083 | |||
Formation transactions | (53,799) | 12,501 | 21,798 | 19,500 | ||
Formation transactions, shares | 5,824,846 | |||||
Issuance of operating partnership units | 16,997 | 16,997 | ||||
Stock-based compensation | 250 | 250 | ||||
Stock-based compensation, shares | 24,900 | |||||
Ending balance, value at Dec. 31, 2021 | 35,050 | 4,327 | (2,455) | 393 | 32,785 | |
Ending balance, shares at Dec. 31, 2021 | 5,849,746 | |||||
Net change in foreign currency translation | 25,188 | 2,841 | 22,347 | |||
Net Income | 16,419 | 1,852 | 14,567 | |||
Issuance of common shares in exchange for OP units | ||||||
Issuance of common shares in exchange for OP units, shares | 516,110 | |||||
Reallocation of non-controlling interest | 1,465 | (1,465) | ||||
Dividends | (637) | (637) | ||||
Non-controlling interest distributions | (10,883) | (10,883) | ||||
Reclassification of non-controlling interest to non-controlling interest redemption liability | (15,753) | (15,753) | ||||
Ending balance, value at Dec. 31, 2022 | $ 49,384 | $ 5,792 | $ 386 | $ 1,608 | $ 41,598 | |
Ending balance, shares at Dec. 31, 2022 | 6,365,856 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 16,419 | $ 8,419 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 28,558 | 27,488 |
Stock-based compensation | 250 | |
Gain from sale of Real Estate Investments | (3,842) | |
Amortization of bond issuance costs | 1,160 | 1,000 |
Amortization of deferred financing costs | 504 | 379 |
Decrease (increase) in other assets | 289 | (150) |
Amortization of right of use asset | 231 | 284 |
Foreign currency transaction loss | 10,932 | 8,775 |
Foreign currency translation adjustments | 971 | (559) |
Credit for doubtful accounts due to recovery of foreclosed real estate | (1,200) | |
Increase in straight-line rent receivables | (272) | (2,032) |
(Decrease) increase in accounts payable and accrued liabilities and other liabilities | (6,435) | 5,058 |
Repayment of operating lease liability | (231) | (284) |
Net cash provided by operating activities | 50,926 | 44,786 |
Cash flow from investing activities: | ||
Purchase of Real estate investments | (513) | (64,068) |
Proceeds from the sale of Real estate investments | 44 | |
(Increase) decrease in notes receivable | (9,588) | 5,736 |
Net cash used in investing activities | (10,101) | (58,288) |
Cash flows from financing activities: | ||
Proceeds from senior debt, net of discount | 105,000 | |
Deferred financing costs | (1,469) | |
Proceeds from issuance of bonds, net of issuance costs | 63,000 | |
Repayment of bonds | (106,012) | (22,384) |
Proceeds from the sale of bonds | 1,700 | |
Repayment of senior debt | (33,248) | (17,229) |
Non-controlling interest distributions | (10,883) | |
Payment of dividends | (637) | |
Payment of Preferred dividends | (1,516) | |
Net cash (used in) provided by financing activities | (47,249) | 23,571 |
(Decrease) increase in cash and cash equivalent and restricted cash and equivalents | (6,424) | 10,069 |
Cash and cash equivalents and restricted cash and equivalents at the beginning of the year | 52,128 | 42,059 |
Cash and cash equivalents and restricted cash and equivalents at the end of the year | 45,704 | 52,128 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the year for interest | 21,629 | 19,395 |
Supplemental schedule of noncash investing activities: | ||
Foreign currency translation adjustments | 25,188 | 2,024 |
Increase in real estate investments due to non-cash recovery of foreclosed real estate | 1,200 | |
Reclassification of non-controlling interest to non-controlling interest redemption liability | 15,753 | |
Note receivable in connection with real estate investment sale | 9,027 | |
Buyer assumption of senior debt in connection with real estate investment sale | 16,945 | |
OP units issued in connection with purchase of real estate investments | 16,997 | |
Members’ distribution included in accounts payable and accrued liabilities | $ 5,000 |
Business
Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | NOTE 1. Business Overview The Company STRAWBERRY FIELDS REIT Inc. (the “Company”) is a Maryland corporation formed in July 2019. The Company commenced operations on June 8, 2021, following the completion of the formation transactions described below. The Company conducts its business through a traditional UPREIT structure in which substantially all of its assets are owned by subsidiaries of Strawberry Fields Realty, LP, a Delaware limited partnership formed in July 2019 (the “Operating Partnership”). The Company is the general partner of the Operating Partnership. The Company completed the formation transactions on June 8, 2021. In connection with the formation transaction, the Company, the Operating Partnership and Strawberry Fields REIT, LLC (the “Predecessor Company” or “Predecessor”) entered into a contribution agreement, pursuant to which the Predecessor Company contributed all of its assets to the Operating Partnership, and the Operating Partnership assumed all of its liabilities. In exchange, the Operating Partnership issued limited partnership interests designated as common units (the “OP units”) to the Predecessor Company, which immediately distributed them to its members and beneficial owners. The Company offered certain of the holders of these OP units the opportunity to exchange their OP units for shares of common stock of the Company on a one for one basis. The Company limited the number of OP units that could be exchanged by some of the holders so that such holders would not become beneficial owners of more than 9.8 12 11 As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the business affairs of the Operating Partnership, subject to certain limited approval and voting rights of the limited partners. The Company may cause the Operating Partnership to issue additional OP units in connection with property acquisitions, compensation or otherwise. The Company became a publicly traded entity on September 21, 2022. As of December 31, 2022, the Company owned 78 properties and leased one property that it in turn subleased to a tenant that operates the facility. Predecessor Company The Predecessor Company, Strawberry Fields REIT, LLC, is an Indiana limited liability company organized on August 4, 2014. Predecessor company’s final tax return was filed as of December 31, 2021. The Predecessor Company primarily invested in real estate serving the healthcare industry in the United States. The Predecessor Company through its subsidiaries owned skilled nursing facilities, long-term acute care hospitals, and other healthcare related properties in the States of Illinois, Indiana, Michigan, Texas, Ohio, Tennessee, Kentucky, Oklahoma, and Arkansas. Prior to the formation transactions, the Predecessor Company owned 72 properties and leased one property that was subleased by the Predecessor Company to a tenant that operates the facility. NOTE 1. Business (Cont.) Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These consolidated financial statements are presented in U.S. dollars. On June 8, 2021, the Company completed the following formation transactions and related transactions: ● the Predecessor Company contributed all of its assets owned as of June 8, 2021, to the Operating Partnership, and the Operating Partnership assumed all of the liabilities of the Predecessor Company as of the same date; ● the Operating Partnership issued 51,686,280 ● the Company issued 5,824,846 5,824,846 Following the completion of the formation transactions, the Company owned approximately 11.3 5,844,166 The following is a summary of the Predecessor Company’s Consolidated Statement of Income for the period from January 1, 2021, through June 7, 2021, and the Company’s Consolidated Statement of Income for the period from June 8, 2021, to December 31, 2021. These amounts are included in the accompanying Consolidated Statements of Income herein for the year ended December 31, 2021. NOTE 1. Business (Cont.) Basis of Presentation (Cont.) Schedule of Consolidated Financial Statement January 1, 2021 through June 7, 2021 June 8, 2021 through December 31, 2021 TOTAL (Amounts in $000’s) Predecessor Company January 1, 2021 through June 7, 2021 June 8, 2021 through December 31, 2021 TOTAL Revenues Rental revenues $ 35,440 $ 51,592 $ 87,032 Expenses: Depreciation $ 10,303 $ 14,157 $ 24,460 Amortization 1,323 1,705 3,028 General and administrative expenses 1,928 4,369 6,297 Property taxes 4,039 6,584 10,623 Facility rent expenses 217 518 735 Provision for doubtful accounts 93 5,035 5,128 Total expenses $ 17,903 $ 32,368 $ 50,271 Income from operations 17,537 19,224 36,761 Interest expense, net $ (8,769 ) $ (12,492 ) $ (21,261 ) Amortization of deferred financing costs (132 ) (247 ) (379 ) Mortgage insurance premium (691 ) (1,078 ) (1,769 ) Total interest expense $ (9,592 ) $ (13,817 ) $ (23,409 ) Other income (loss): Gain from sale of real estate investments 3,842 - 3,842 Foreign currency translation loss (6,844 ) (1,931 ) (8,775 ) Total other loss (3,002 ) (1,931 ) (4,933 ) Net income $ 4,943 $ 3,476 $ 8,419 Less net income attributable to non-controlling interest $ - (3,083 ) (3,083 ) Net income attributable to Predecessor Company - - (4,943 ) Net income attributable to common stockholders $ - $ 393 393 Variable Interest Entity The Company consolidates the Operating Partnership, a variable interest entity (“VIE”) in which the Company is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Non-Controlling Interest A non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the primary beneficiary. Non-controlling interests are required to be presented as a separate component of equity on a consolidated balance sheet. Accordingly, the presentation of net income is modified to present the income attributed to controlling and non-controlling interests. The non-controlling interest on the Company’s consolidated balance sheets represents OP units not held by the Company and represents approximately 88 89 NOTE 1. Business (cont.) Fiscal Year End The Company has adopted a fiscal year end of December 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. Summary of Significant Accounting Policies Use of Estimates Management is required to make estimates and assumptions in the preparation of the consolidated financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Predecessor Company, the Operating Partnership and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. The Company’s cash, cash equivalents and restricted cash and cash equivalents periodically exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to the cash in its operating accounts. On December 31, 2022 and 2021, the Company had $ 40,652,000 36,359,000 Restricted Cash and Cash Equivalents Restricted cash primarily consists of amounts held by mortgage lenders to provide for real estate tax expenditures, tenant improvements, capital expenditures and security deposits, as well as escrow accounts related to principal and interest payments on bonds. Real Estate Depreciation Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Schedule of Assets Useful Lives Building and improvements 7 53 Equipment and personal property 1 14 NOTE 2. Summary of Significant Accounting Policies (cont.) Real Estate Valuation The Company makes estimates as part of its allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, the Company uses current appraisals or other third-party valuations. The most significant components of these allocations are typically the allocation of fair value to land and buildings and, for certain of its acquisitions, in place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization the Company records over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in place leases, the Company makes best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that the Company will recognize over the remaining lease term for the acquired in place leases. The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. All of the Company’s acquisitions of investment properties qualified as asset acquisitions during the years ended December 31, 2022 and 2021. Revenue Recognition Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of the Company’s 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 specified annual increase over the prior year’s rent, generally between 1.0 3.0 (ii) a calculation based on the Consumer Price Index; or (iii) specific dollar increases. Contingent revenue is not recognized until all possible contingencies have been eliminated. The Company considers the operating history of the lessee and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically, and expect in the future, to not include contingent rents as income until received. The Company follows a policy related to rental income whereby the Company considers a lease to be non-performing after 60 days of non-payment of past due amounts and does not recognize unpaid rental income from that lease until the amounts have been received. Rental revenues relating to non-contingent leases that contain specified rental increases over the life of the lease are recognized on the straight-line basis. Recognizing income on a straight-line basis requires us to calculate the total non-contingent rent containing specified rental increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset included in our accompanying consolidated balance sheets. At some point during the lease, depending on its terms, the cash rent payments eventually exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. The Company assesses the collectability of straight-line rent in accordance with the applicable accounting standards and reserve policy. If the lessee becomes delinquent in rent owed under the terms of the lease, the Company may provide a reserve against the recognized straight-line rent receivable asset for a portion, up to its full value, that the Company estimates may not be recoverable. NOTE 2. Summary of Significant Accounting Policies (Cont.) Revenue Recognition (cont.) Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market leases are accreted to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. The Company reports revenues and expenses within our triple-net leased properties for real estate taxes that are escrowed and obligations of the tenants in accordance with their respective lease with us. Gain from sale of real estate investments was recognized when control of the property is transferred, and it is probable that substantially all consideration will be collected. Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. Goodwill is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its’ carrying value. Potential impairment indicators include a significant decline in real estate values, significant restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its’ carrying value, the Company applies the required two-step quantitative approach. The quantitative procedures of the two-step approach (i) compare the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary, (ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and is used to determine the impairment amount, if any. The Company has selected the fourth quarter of each fiscal year to perform its annual impairment test. NOTE 2. Summary of Significant Accounting Policies (Cont.) Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash and cash equivalents, notes receivable and operating leases on owned properties. These financial instruments are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. Cash and cash equivalents, restricted cash and equivalents are held with various financial institutions. From time to time, these balances exceed the federally insured limits. These balances are maintained with high quality financial institutions which management believes limits the risk. With respect to notes receivable, the Company obtains various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, the Company provides reserves for potential losses based upon management’s periodic review of our portfolio. On December 31, 2022, the Company held five notes receivable with an outstanding balance of $ 19.4 The notes have maturities ranging from 2023 through 2046 2 10.25 9.8 During 2018, the Company undertook to acquire five properties located in Massachusetts through the acquisition of the loans secured by first mortgages on the properties. In this regard, the Company purchased mortgages from the lenders for the price of $ 7.74 3.1 However, subsequent to the purchase of the loans but prior to the transfer of the properties, the Company cancelled the planned transfer because the owner was forced to surrender its licenses to the State of Massachusetts due to cash flow issues. Due to the uncertainty with respect to the recovery of the Company’s investment in the loans, they were fully reserved at December 31, 2021. In July 2022, the Company as lender sold four of the five properties at auction for the total amount of $ 4.4 1.2 Market Concentration Risk As of December 31, 2022 and 2021, the Company owned 78 properties and leases 1 property in 9 states, with 21 properties or 26.6% of its total properties located in Illinois (which include 4,327 skilled nursing beds or 41.50% of the Company’s total beds) and 15 properties or 19.0% of its total properties in Indiana (which include 1,388 skilled nursing beds or 13.3% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory agencies, including, but not limited to, Centers for Medicare and Medicaid Services, and the Department of Health and Aging in all states in which the Company operates NOTE 2. Summary of Significant Accounting Policies (Cont.) Debt and Capital Raising Issuance Costs Costs incurred in connection with the issuance of equity interests are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments, excluding line of credit arrangements, are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Deferred financing costs related to line of credit arrangements are deferred, recorded as an asset and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of income at the time of extinguishment. Segment Reporting Accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Company’s investment decisions in health care properties, and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, the Company has concluded that it operates as a single segment. Basic and Diluted Income Per Common Share The Company calculates basic income per common share by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the year. At December 31, 2022 and 2021, there were 46,890,541 47,406,651 NOTE 2. Summary of Significant Accounting Policies (Cont.) Beds, Units, Occupancy and Other Measures Beds, units, occupancy and other non-financial measures used to describe real estate investments included in these notes to the consolidated financial statements are presented on an unaudited basis and are not subject to audit by the Company’s independent auditors in accordance with the standards of the Public Company Accounting Oversight Board. Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss), a component of equity on the consolidated balance sheets. Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses, if any, are included in other income (loss), in the consolidated statements of income. 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 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 the asset or liability 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, the asset or liability 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 valuation models. NOTE 2. Summary of Significant Accounting Policies (Cont.) Real Estate Investments – Held for Sale On December 31, 2022, the Company had one property included in real estate investments which was held for sale and carried at the lower of their net book value or fair value on a non-recurring basis on the consolidated balance sheets. At December 31, 2022 the fair value of real estate investments held for sale exceeded its net book value. As of December 31, 2021 the Company had no real estate investments held for sale. The Company’s real estate investments held for sale were classified as Level 3 of the fair value hierarchy. Stock-Based Compensation The Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the consolidated financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions. The Company recognizes share-based payments over the vesting period. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments Upon adoption of ASU 2016-13, the Company is required to reassess its financing receivables, including leases and notes receivable, and expects that application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than would otherwise be recognized under current accounting guidance. On October 16, 2019, the FASB approved ASU 2019-10 which extends the effective date of ASU 2016-13 to January 1, 2023, for smaller reporting companies. Adoption of ASU 2016-13 on January 1, 2023, was not material to the Company’s consolidated financial position and results of operations. |
Restricted Cash and Equivalents
Restricted Cash and Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Equivalents | NOTE 3. Restricted Cash and Equivalents The following table presents the Company’s cash and equivalents and escrow deposits: Schedule of Restricted Cash and Equivalents and Escrow Deposits 2022 2021 December 31, 2022 2021 (amounts in $000’s) Escrow with trustee $ 2,287 $ 1,255 MIP escrow accounts 745 886 Other escrow and debt deposits 781 832 Property tax and insurance escrow 5,243 3,511 Interest and expense reserve bonds escrow 2,276 6,161 HUD replacement reserves 14,175 13,277 Total restricted cash and equivalents $ 25,507 $ 25,922 Escrow with trustee MIP escrow Other escrow and debt deposits Property tax and insurance escrow Interest and expense reserve bonds escrow - HUD replacement reserves |
Real Estate Investments, net
Real Estate Investments, net | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Investments, net | NOTE 4. Real Estate Investments, net Real estate investments consist of the following: Schedule of Real Estate Investment 2022 2021 Estimated December 31, Useful Lives 2022 2021 (Years) (Amounts in $000’s) Buildings and improvements 7 53 $ 495,215 $ 494,015 Equipment and personal property 1 14 78,524 78,011 Land - 60,010 60,010 Real estate investments, gross 633,749 632,036 Less: accumulated depreciation (194,838 ) (169,308 ) Real estate investments, net $ 438,911 $ 462,728 For the years ended December 31, 2022 and 2021, total depreciation expense were $ 25.5 24.5 Acquisition of Properties On August 25, 2021, the Company acquired five properties located in Tennessee and one in Kentucky (the “Tennessee/Kentucky Properties”) for an aggregate acquisition cost of $ 81.0 1,545,217 16,997,000 90,909 1 63,990,000 223,000 515 In November 2022 the Board of Directors of the Company approved a resolution to allow the Operating Partnership, instead of Moishe Gubin personally, to buy the 1,454,308 15,753,000 11.00 Dispositions of Assets On February 12, 2021, the Company closed on the sale of five properties in Illinois for a total purchase price of $ 26.1 9.0 16.9 5 92,900 10.5 3.8 NOTE 4. Real Estate Investments, net (cont.) Other Properties In December 2022, the Company, through one of its subsidiaries, took title on a property in Massachusetts through a foreclosure. See note 2 above. As of December 31, 2022, the property is carried at estimated fair value of $ 1.2 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | NOTE 5. Intangible Assets and Goodwill Intangible assets consist of the following goodwill, Certificate of Need (“CON”) licenses and lease rights: Schedule of Intangible Assets and Goodwill Goodwill including CON Licenses Lease Rights Total (Amounts in $000’s) Balances, December 31, 2020 Gross $ 1,323 54,577 55,900 Accumulated Amortization - (38,212 ) (38,212 ) Net carrying amount $ 1,323 $ 16,365 $ 17,688 Amortization for the year ended December 31, 2021 $ - (3,028 ) (3,028 ) Balances, December 31, 2021 Gross $ 1,323 $ 54,577 $ 55,900 Accumulated amortization - (41,240 ) (41,240 ) Net carrying amount $ 1,323 13,337 14,660 Balances, December 31, 2021 Gross $ 1,323 54,577 55,900 Accumulated amortization - (41,240 ) (41,240 ) Net carrying amount $ 1,323 $ 13,337 $ 14,660 Amortization for the year ended December 31, 2022 $ - (3,028 ) (3,028 ) Balances, December 31, 2022 Gross $ 1,323 54,577 55,900 Accumulated amortization - (44,268 ) (44,268 ) Net carrying amount $ 1,323 $ 10,309 $ 11,632 Estimated amortization expense for all finite-lived intangible assets for each of the future years ending December 31, is as follows: Schedule of Estimated Amortization Expenses Amortization of Lease Rights (Amounts in $000’s) 2023 $ 3,028 2024 3,028 2025 3,028 2026 675 2027 461 Thereafter 89 Total $ 10,309 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | NOTE 6. Leases As of December 31, 2022 and 2021, the Company had leased 79 i.e The following table provides additional information regarding the properties owned/leased for the periods indicated: Schedule of Properties Owned and Leased Information 2022 2021 December 31, 2022 2021 Cumulative number of properties 79 79 Cumulative number of operational beds 10,332 10,336 The following table provides additional information regarding the properties/facilities leased by the Company as of December 31, 2022: Schedule of Additional Information on Properties Facilities Leased State Number of Owned by Company Leased by Company Total Illinois 4,327 21 - 21 Indiana 1,388 14 1 15 Michigan 100 1 - 1 Ohio 238 4 - 4 Tennessee 1,056 12 - 12 Kentucky 1,045 9 - 9 Arkansas 1,568 13 - 13 Oklahoma 137 1 - 1 Texas 473 3 - 3 Total properties 10,332 78 1 79 Facility Type Skilled Nursing Facilities 10,170 73 1 74 Long-Term Acute Care Hospitals (1) 63 2 - 2 Assisted Living Facility 99 3 - 3 Total facilities 10,332 78 1 79 (1) Each property is comprised of a skilled nursing facility and long-term acute care hospital. As of December 31, 2022, total future minimum rental revenues for the Company’s tenants are as follows: Schedule of Future Minimum Rental Revenues Year Amount (Amounts in $000s) 2023 $ 83,312 2024 84,815 2025 75,152 2026 56,159 2027 56,453 Thereafter 186,099 Total $ 541,990 NOTE 6. Leases (cont.) The following table provides summary information regarding the number of operational beds associated with a property leased by the Company and subleased to third-party operators: Schedule of Property Leases to Third Parties 2022 2021 December 31, 2022 2021 Number of facilities leased and subleased to third-parties 1 1 Number of operational beds 68 68 Right of use assets and operating lease liabilities are disclosed as separate line items in the consolidated balance sheets and are valued based on the present value of the future minimum lease payments at the lease commencement. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense is recognized on a straight-line basis over the lease term. The Company’s operating lease obligation is for one skilled nursing facility. The lease expires on March 1, 2028 and has two five-year renewal options The components of lease expense and other lease information are as follows (dollars in thousands): Schedule of Components of Lease Expense 2022 2021 Years ended December 31, 2022 2021 Operating lease cost $ 392 $ 375 2022 2021 As of December 31, 2022 2021 Operating lease right of use asset $ 1,833 $ 2,064 Operating lease liability $ 1,833 $ 2,064 Weighted average remaining lease term-operating leases (in years) 5.25 6.25 Weighted average discount rate 4.1 % 4.1 % Future minimum operating lease payments under non-cancellable leases as of December 31, 2022, reconciled to the Company’s operating lease liability presented on the consolidated balance sheets: Schedule of Future Minimum Lease Payments On Non-Cancellable Leases (Amounts in $000s) 2023 $ 395 2024 395 2025 395 2026 395 2027 395 Thereafter 69 Total $ 2,044 Less Interest (211 ) Total operating lease liability $ 1,833 Other Properties leased by the Company The Company, through one of its subsidiaries, leases its office spaces from a related party. Rental expense under the leases for the year ended December 31, 2022 and 2021, was $ 203,500 198,000 |
Notes Payable and Other Debt
Notes Payable and Other Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable and Other Debt | NOTE 7. Notes Payable and Other Debt Notes Payable and Other Debt consist of the following: Schedule of Notes Payable and Other Debt 2022 2022 2021 Weighted Interest Rate at December 31, December 31, 2022 2022 2021 (Amounts in $000s) HUD guaranteed bank loans 3.23 % $ 275,778 $ 283,108 Bank loans 7.68 % 105,225 24,789 Series A, Series B and Series C Bonds 5.91 % 75,788 194,926 Loans from others - - $ 1,354 Gross Notes Payable and other Debt $ 456,791 $ 504,177 Debt issuance costs (1,376 ) (2,377 ) Net Notes Payable and other Debt $ 455,415 $ 501,800 Principal payments on the Notes Payable and Other Debt payable through maturity are as follows (amounts in $000s): Schedule of Notes Payable and Other Debt Payables Maturity Year Ending December 31, 2023 $ 28,219 2024 25,793 2025 15,570 2026 57,373 2027 94,747 Thereafter 235,089 Total $ 456,791 Debt Covenant Compliance As of December 31, 2022 and 2021, the Company was party to approximately 40 42 NOTE 7. Notes Payable and Other Debt (cont.) Senior Debt—Mortgage Loans Guaranteed by HUD As of December 31, 2022 and 2021, the Company had HUD guaranteed mortgage loans from financial institutions of $ 276 283 0.65 3.88 Bank loans/repayment of Series B Bonds On March 21, 2022, the Company closed a mortgage loan facility with a commercial bank pursuant to which the Company borrowed approximately $ 105 The facility provides for monthly payments of principal based on a 20-year amortization with a balloon payment due in March 2027 3.5 4 7.68 102.39 10.1 The new credit facility financial covenants consist of (i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot exceed 8.0 to 1, (ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution is at least 1.20 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement (iii) a covenant that the ratio of the Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, and (iii) a covenant that the Company’s GAAP equity is at least $20,000,000. Series A Bonds In November 2015, the Company, through a subsidiary, issued Series A Bonds in the face amount of NIS 265.2 68 251.2 64.3 30.1 6.4 7.4 Interest The rate was increased to 6.65 6.90 6.9 6.4 NOTE 7. Notes Payable and Other Debt (Cont.) Series A Bonds (Cont.) Payment Terms The principal amount of the Series A Bonds is payable in eight annual installments due on July 1 of each of the years 2017 through 2024. The first four principal payments are equal to 15 10 The Series A Bonds are not secured except for an interest reserve. The indenture for the Series A Bonds requires the BVI Company to maintain an interest reserve with the trustee equal to the next interest payment on the Series A Bonds. In addition, the BVI Company committed not to further encumber its assets under a general lien without obtaining the approval of the holders of the Series A Bonds, provided that the BVI Company may grant specific liens on its properties and also to provide guarantees; and its subsidiaries are entitled to register general and specific liens on their assets. Financial Covenants The financial covenants of the BVI Company are measured based on its financial statements prepared in accordance with IFRS accounting principles. The annual rate of interest on the Series A Bonds will increase by 0.5 110 27 Dividend Restrictions The indenture for the Series A Bonds limits the amount of dividends that may be paid by the BVI Company to its stockholders. The BVI Company may not make any distribution unless all of the following conditions are fulfilled (with all amounts calculated under IFRS): ● The distribution amount may not exceed 40 ● The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than 30 ● The distributable profits for which no distribution was performed in a specific year will be added to the following quarters. ● The BVI Company’s equity at the end of the last quarter, before the distribution of dividends, less the dividends distributed, may not be less than $ 120 ● The BVI Company meets the financial conditions described above, and the Company is not in violation of all and/or any of its material undertakings to the holders of the Series A Bonds. NOTE 7. Notes Payable and Other Debt (Cont.) Series A Bonds (Cont.) Increase in Interest Rate Additionally, the annual rate of interest on the Series A Bonds will increase by 0.25 1.25 6.4 Security The BVI Company committed not to pledge its assets under general liens without obtaining the consent in advance of the debenture holders. Nevertheless, the BVI Company is entitled to register specific liens on its properties and also to provide guarantees; and its subsidiaries are entitled to register liens, including general and specific, on their assets. Redemption Provisions The BVI Company may, at its discretion, call the Series A Bonds for early repayment. In the event of the redemption of all of the Series A Bonds, the BVI Company would be required to pay the highest of the following amounts: ● the market value of the balance of the Series A Bonds in circulation which will be determined based on the average closing price of the Series A Bonds for thirty (30) trading days before the date on which the board of directors resolves to undertake the early redemption; ● the par value of the Series A Bonds available for early redemption in circulation (i.e., the principal balance of the Series A Bonds plus accrued interest until the date of the actual early redemption); or ● the balance of the payments under the Series A Bonds (consisting of future payments of principal and interest), when discounted to their present value based on the annual yield of the Israeli government bonds plus an “additional rate.” The additional rate will be 2.5 Change of Control The holders of a majority of the Series A Bonds may accelerate the outstanding balance of the Bonds if the control of the BVI Company is transferred, directly or indirectly, unless the transfer of control is approved by the holders of a majority of the Series A Bonds. For purposes of the Series A Bonds, the “controlling stockholders” of the BVI Company are deemed to be Moishe Gubin, Tira Gubin and Michael Blisko. For the purpose of this provision, a transfer of control means a change of control of the BVI Company such that the BVI Company has a controlling stockholder that is not any of the “controlling stockholders” and/or is in the hands of any of their immediate family members (including through trusts that the controlling stockholders and/or any of their immediate family members are the beneficiaries under and/or are their managers)., “Control” is defined in the Israeli Companies Law. Bond Repurchases On March 19, 2020, the Board of Directors of the BVI Company approved a $ 5 10 March 28, 2023 NOTE 7. Notes Payable and Other Debt (cont.) Series C Bonds In July 2021, the BVI Company completed an initial offering on the Tel Aviv Stock Exchange (“TASE”) of Series C Bonds with a par value of NIS 208.0 64.7 1.7 Interest The Series C Bonds initially bore interest at a rate of 5.7 Interest on the Series C Bonds is payable semi-annually in arrears on July 31 and January 31 of each year. The interest rate may increase if certain financial ratios are not achieved, as discussed below. Payment Terms The principal amount of the Series C Bonds is payable in five annual installments due on July 31 of each of the years 2022 through 2026. The first four principal payments are equal to 6 Financial Covenants Until the date of full repayment of the Series C Bonds, the BVI Company must comply with certain financial covenants described below. The application of the covenants is based on the financial statements of the BVI Company as prepared under the IFRS accounting method. The financial covenants are as follows: ● The stockholders’ equity of the BVI Company may not be less than $ 230 ● The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than 25 ● The ratio of the adjusted net financial debt to adjusted EBITDA of the BVI Company (for the past four quarters) may not exceed 12. ● The ratio of the outstanding amount of the Series C Bonds to the fair market value of the collateral may not exceed 75 Dividend Restrictions The indenture for the Series C Bonds limits the amount of dividends that may be paid by the BVI Company to its stockholders. The BVI Company may not make any distribution unless all of the following conditions are fulfilled (with all amounts calculated under IFRS): ● The distribution amount may not exceed 80 ● The ratio of the consolidated stockholders’ equity of the BVI Company to its total consolidated balance sheet may not be less than 30 NOTE 7. Notes Payable and Other Debt (cont.) Series C Bonds (Cont.) Dividend Restrictions (Cont.) ● The distributable profits for which no distribution was performed in a specific year will be added to the following quarters. ● The BVI Company’s equity at the end of the last quarter, before the distribution of dividends, less the dividends distributed, may not be less than $ 250 ● The BVI Company meets the financial conditions described above, and the Company is not in violation of all and/or any of its material undertakings to the holders of the Series C Bonds. Increase in Interest Rate In the event that: (i) the stockholders’ equity of BVI Company (excluding minority interests) is less than $ 250 (ii) the ratio of the adjusted net financial debt to adjusted EBITDA (for the latest four quarters) exceeds 11; (iii) the ratio of the consolidated equity of the BVI Company to total consolidated assets of the BVI Company is below 27 (iv) the ratio of outstanding amount of the Series C Bonds to the fair market value of the collateral for the Series B Bonds exceeds 75 then, in each case, the interest on the Series C Bonds will increase by an additional 0.5 Additionally, if a decline in the rating of the Series C Bonds should take place, then for each single ratings decrease, the interest will be increased by 0.25 1.25 In any case, the total increase in the interest rate as a result of the above adjustments will not exceed 1.5 Security The Series C Bonds are secured by first mortgage liens on eight properties. In addition, the Series C Bonds are also secured by interest and expenses reserves. The BVI Company has agreed not to pledge its assets pursuant to a general lien without obtaining the prior consent of the holders of the Series C Bonds, provided that the BVI Company is entitled to register specific liens on its properties and also to provide guarantees and its subsidiaries are entitled to register general and specific liens on their assets. Under the terms of the indenture for the Series C Bonds, the BVI Company can take out properties from the collateral (in case of HUD refinancing) or to add properties and increase the Series C Bonds as long as the ratio of outstanding amount of the Series C Bonds to fair market value of the collateral is not more than 65%. In addition, starting from July 1, 2023, if the fair market value of the collateral is below 55%, the BVI Company can request to release collateral so the fair market value will increase to 55%. NOTE 7. Notes Payable and Other Debt (cont.) Series C Bonds (cont.) Additional Bonds The BVI Company can issue additional Series C Bonds at any time not to exceed to a maximum of NIS 630 179 Redemption Provisions The BVI Company may, at its discretion, call the Series C Bonds for early repayment. In the event of the redemption of all of the Series C Bonds, the BVI Company would be required to pay the highest of the following amounts: ● the market value of the balance of the Series C Bonds in circulation which will be determined based on the average closing price of the Series B Bonds for thirty (30) trading days before the date on which the board of directors resolves to undertake the early redemption; ● the par value of the Series C Bonds available for early redemption in circulation (i.e., the principal balance of the Series C Bonds plus accrued interest until the date of the actual early redemption); or ● the balance of the payments under the Series C Bonds (consisting of future payments of principal and interest), when discounted to their present value based on the annual yield of the Israeli government bonds plus an “additional rate.” The additional rate will be 1.0 2.5 3.0 Change of Control The holders of a majority of the Series C Bonds may accelerate the outstanding balance of the Bonds if the control of the BVI Company is transferred, directly or indirectly, unless the transfer of control is approved by the holders of a majority of the Series C Bonds. For the purpose of this provision, a transfer of control means a change of control of the BVI Company such that the BVI Company has a controlling stockholder that is not any of the “controlling stockholders” and/or is in the hands of any of their immediate family members (including through trusts that the controlling stockholders and/or any of their immediate family members are the beneficiaries under and/or are their managers). In this regard, “control” is defined in the Israeli Companies Law. For purposes of the Series C Bonds, the “controlling stockholders” of the BVI Company are deemed to be Moishe Gubin and Michael Blisko. Other Debt As of December 31, 2022 the Company had no other debt. As of December 31, 2021, the Company had $ 1.4 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8. Commitments and Contingencies Commitments The Company guarantees from time-to-time obligations of its wholly-owned subsidiaries. Contingencies The Company’s operating results and financial condition are dependent on the ability of its tenants to meet their lease obligations to us. Although the amount of rent that the Company receives from its tenants is not dependent on the tenants’ operating results, the tenants’ ability to fulfill their lease obligations, including the payment of rent, could be adversely affected if our tenants encountered significant financial difficulties due to a pandemic. To date, the Company does not believe that the recent coronavirus outbreak has had a material adverse impact on its tenants. In March 2020, Joseph Schwartz, Rosie Schwartz, and certain companies owned by them filed a complaint in the U.S. District Court for the Northern District of Illinois against Moishe Gubin, Michael Blisko, the Company and 21 of its subsidiaries, as well as the operators of 17 of the facilities operated at the Company’s properties. The complaint was related to the Company’s acquisition of 16 properties located in Arkansas, Kentucky and Illinois and the attempt to purchase 5 properties located in Massachusetts in a series of transactions between May 2018 and April 2019. The complaint was dismissed by the court in 2020 for lack of subject matter jurisdiction. The plaintiffs did not file an appeal with respect to this action, and the time for an appeal has expired. In August 2020, Joseph Schwartz, Rosie Schwartz and several companies controlled by them filed a second complaint in the Circuit Court in Pulaski County, Arkansas. The second complaint had nearly identical claims as the federal case, but was limited to matters related to the Predecessor Company’s acquisition of properties located in Arkansas. The sellers, which were affiliates of Skyline Health Care, had encountered financial difficulties and requested the Predecessor Company to acquire these properties. The defendants have filed an answer denying the plaintiffs’ claims and asserting counterclaims based on breach of contract. The parties are currently engaged in discovery. In January 2021, Joseph Schwartz, Rosie Schwartz and certain companies owned by them filed a third complaint in Illinois state court in Cook County, Illinois, which has nearly identical claims to the initial federal case but was limited to claims related to the Kentucky and Massachusetts properties. The complaint has not been properly served on any of the defendants, and, accordingly, the defendants did not responded to the complaint. On January 11, 2023, the Cook County Circuit Court entered an order granting such motion, quashing service of process on all defendants. In March 2023, the plaintiffs filed a new complaint and again attempted to serve it on the defendants. It is the defendants’ position that service was defective and they intend to take appropriate steps to challenge the service and to have the complaint again dismissed. In each of these complaints, the plaintiffs asserted claims for fraud, breach of contract and rescission arising out of the defendants alleged failure to perform certain post-closing obligations under the purchase contracts. The Company has potential direct exposure for these claims because the subsidiaries of the Predecessor Company that were named as defendants are now subsidiaries of the Operating Partnership. Additionally, the Operating Partnership is potentially liable for the claims made against Moishe Gubin, Michael Blisko and the Predecessor Company pursuant to the provisions of the contribution agreement, under which the Operating Partnership assumed all of the liabilities of the Predecessor Company and agreed to indemnify the Predecessor Company and its affiliates for such liabilities. The Company and the named defendants believe that the claims set forth in the complaints are without merit. The named defendants intend to vigorously defend the litigation and to assert counterclaims against the plaintiffs based on their failure to fulfill their obligations under the purchase contracts, interim management agreement, and operations transfer agreements. The Company believes this matter will be resolved without a material adverse effect to the Company. NOTE 8. Commitments and Contingencies (Cont.) Contingencies (Cont.) As noted above, the March 2020 and January 2021 complaints also related to the Predecessor Company’s planned acquisition of five properties located in Massachusetts. Certain subsidiaries of the Predecessor Company purchased loans related to these properties in 2018 for a price of $ 7.74 3.1 4.4 |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Equity Incentive Plan | Note 9. Equity Incentive Plan The Company has adopted the 2021 Equity Incentive Plan (the “Plan”). The Plan permits the grant of both options qualifying under Section 422 of the Internal Revenue Code (“incentive stock options”) and options not so qualifying, and the grant of stock appreciation rights, stock awards, incentive awards, performance units, and other equity-based awards. A total of 250,000 As of December 31, 2022, 225,100 No 24,900 250,000 |
Stockholders_ Equity and Distri
Stockholders’ Equity and Distributions | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity and Distributions | NOTE 10. Stockholders’ Equity and Distributions The Company elected and qualified to be treated as a REIT commencing with the taxable year ending December 31, 2022. U.S. federal income tax law requires that a REIT distribute annually at least 90% of its net taxable income, excluding net capital gains, and that it pays tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income, including net capital gains. In addition, a REIT is required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions that it makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed income from prior years As of December 31, 2022, there were a total of 6,365,856 864,240 At December 31, 2022 there were 46,890,541 In addition, the Company has reserved a total of 46,890,541 |
Related Party Transactions and
Related Party Transactions and Economic Dependence | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Economic Dependence | NOTE 11. Related Party Transactions and Economic Dependence The following entities and individuals are considered to be Related Parties: Moishe Gubin Chairman of the Board Michael Blisko Director Ted Lerman Director of Predecessor Company Nahman Eingal Chief Financial Officer Steven Blisko Former tenant and brother of Michael Blisko Operating entities See list below Lease Agreements with Related Parties As of December 31, 2022 and 2021, each of the Company’s facilities except for two were leased and operated by separate tenants. Each tenant is an entity that leases the facility from one of the Company’s subsidiaries and operates the facility as a healthcare facility. The Company had 41 tenants out of 79 who were related parties as of December 31, 2022 and 47 tenants out of 79 who were related parties as of December 31, 2021. Most of the lease agreements are triple net leases. On April 4, 2022, an affiliated tenant in Illinois notified the Company of its intent to default with respect to two master lease agreements. Each lease included three nursing home facilities with a combined rent of $ 225,000 2.7 1,075,000 10 180,000 2.3 In April 2021, tenants for 13 of our properties located in Arkansas agreed to assign their leases to a group of unaffiliated third parties. The prior tenants were related parties of the Company. The facilities located on these properties consist of 12 SNFs and 2 ALFs, with one property housing both a SNF and an ALF. There were no changes to the terms of the existing leases. The assignment of the leases was subject to the approval of the State of Arkansas, which was received in December 2021. In connection with the lease assignments, the Company granted the new tenants an option to purchase the properties for an aggregate price of $ 90 NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) The following table sets forth details of the lease agreements in force between the Company and its subsidiaries and lessees that are related parties: Schedule of Related Party Transactions (1) (2) (1) (2) (1) (2) (3) Related Party Ownership in (1) (2) State Lessor/ Manager/Tenant/Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options Master Lease Indiana IN 1020 West Vine Street Realty, LLC The Waters of Princeton II LLC 39.10 % 40.14 % 20.20 % $ 1,045,506 3.00 % 1.45 % 8/1/2025 2 five year IN 12803 Lenover Street Realty LLC The Waters of Dillsboro - Ross Manor II LLC 39.10 % 40.14 % 20.20 % 1,353,655 3.00 % 1.87 % 8/1/2025 2 five year IN 1350 North Todd Drive Realty, LLC The Waters of Scottsburg II LLC 39.10 % 40.14 % 20.20 % 1,089,527 3.00 % 1.51 % 8/1/2025 2 five year IN 1600 East Liberty Street Realty LLC The Waters of Covington II LLC 39.10 % 40.14 % 20.20 % 1,309,634 3.00 % 1.81 % 8/1/2025 2 five year IN 1601 Hospital Drive Realty LLC The Waters of Greencastle II LLC 39.10 % 40.14 % 20.20 % 1,100,532 3.00 % 1.52 % 8/1/2025 2 five year IN 1712 Leland Drive Realty, LLC The Waters of Huntingburg II LLC 39.10 % 40.14 % 20.20 % 1,045,506 3.00 % 1.45 % 8/1/2025 2 five year IN 2055 Heritage Drive Realty LLC The Waters of Martinsville II LLC 39.10 % 40.14 % 20.20 % 1,133,548 3.00 % 1.57 % 8/1/2025 2 five year IN 3895 South Keystone Avenue Realty LLC The Waters of Indianapolis II LLC 39.10 % 40.14 % 20.20 % 891,431 3.00 % 1.23 % 8/1/2025 2 five year IN 405 Rio Vista Lane Realty LLC The Waters of Rising Sun II LLC 39.10 % 40.14 % 20.20 % 638,309 3.00 % 0.88 % 8/1/2025 2 five year IN 950 Cross Avenue Realty LLC The Waters of Clifty Falls II LLC 39.10 % 40.14 % 20.20 % 1,518,735 3.00 % 2.10 % 8/1/2025 2 five year IN 958 East Highway 46 Realty LLC The Waters of Batesville II LLC 39.10 % 40.14 % 20.20 % 946,458 3.00 % 1.31 % 8/1/2025 2 five year IN 2400 Chateau Drive Realty, LLC The Waters of Muncie II LLC 39.10 % 40.14 % 20.20 % 792,383 3.00 % 1.10 % 8/1/2025 2 five year IN The Big H2O LLC The Waters of New Castle II LLC 39.10 % 40.14 % 20.20 % 726,351 3.00 % 1.00 % 8/1/2025 2 five year NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) Related Party Ownership in Manager/Tenant/Operator (1) (2) State Lessor / Manager/Tenant /Operator Moishe Gubin /Gubin Enterprises LP Michael Blisko /Blisko Enterprises LP Ted Lerman /A&F Realty LLC (3) Average annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options Master Lease Tennessee TN 115 Woodlawn Drive, LLC Lakebridge, A Waters Community, LLC 40.00 % 40.00 % 20.00 % 1,514,820 3.00 % 1.81 % 8/1/2031 2 five year TN 146 Buck Creek Road, LLC The Waters of Roan Highlands, LLC 40.00 % 40.00 % 20.00 % 1,111,794 3.00 % 1.33 % 8/1/2031 2 five year TN 704 5 TH The Waters of Springfield, LLC 40.00 % 40.00 % 20.00 % 917,230 3.00 % 1.09 % 8/1/2031 2 five year TN 2501 River Road, LLC The Waters of Cheatham, LLC 40.00 % 40.00 % 20.00 % 1,111,794 3.00 % 1.33 % 8/1/2031 2 five year TN 202 Enon Springs Road East, LLC The Waters of Smyrna, LLC 40.00 % 40.00 % 20.00 % 1,264,666 3.00 % 1.51 % 8/1/2031 2 five year TN 140 Technology Lane, LLC The Waters of Johnson City, LLC 40.00 % 40.00 % 20.00 % 1,167,384 3.00 % 1.39 % 8/1/2031 2 five year TN 835 Union Street, LLC The Waters of Shelbyville, LLC 40.00 % 40.00 % 20.00 % 1,334,153 3.00 % 1.59 % 8/1/2031 2 five year NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) Related Party Ownership in Manager/Tenant/Operator (1) (2) State Lessor/ Manager/Tenant/Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options Master Lease Tennessee 2 TN 505 North Roan Street, LLC Agape Rehabilitation & Nursing Center, A Water’s Community, LLC 40.00 % 40.00 % 20.00 % 1,628,910 3.00 % 1.97 % 7/1/2031 2 five year TN 14510 Highway 79, LLC Waters of McKenzie, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 1,279,858 3.00 % 1.55 % 7/1/2031 2 five year TN 6500 Kirby Gate Boulevard, LLC Waters of Memphis, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 1,745,261 3.00 % 2.11 % 7/1/2031 2 five year TN 978 Highway 11 South, LLC Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 1,745,261 3.00 % 2.11 % 7/1/2031 2 five year TN 2830 Highway 394, LLC Waters of Bristol, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 2,327,014 3.00 % 2.81 % 7/1/2031 2 five year NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) (1) (2) (1) (2) (1) (2) (3) Related Party Ownership in (1) (2) State Lessor/ Manager/Tenant/ Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average Annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options IL 516 West Frech Street, LLC Parker Rehab & Nursing Center, LLC 50.00 % 50.00 % 0.00 % $ 498,350 Varies between $12,000 and $24,000 annually 0.69 % 3/31/2031 None IN 1316 North Tibbs Avenue Realty, LLC Westpark A Waters Community, LLC 40.00 % 40.00 % 20.00 % 549,884 3.00 % 0.76 % 6/1/2024 2 five year IL Ambassador Nursing Realty, LLC Ambassador Nursing and Rehabilitation Center II, LLC 37.50 % 37.50 % 5.00 % 1,005,313 3.00 % 1.39 % 2/28/2026 2 five year IL Momence Meadows Realty, LLC Momence Meadows Nursing and Rehabilitation Center, LLC 50.00 % 50.00 % 0.00 % 1,038,000 None 1.44 % 12/30/2025 None IL Oak Lawn Nursing Realty, LLC Oak Lawn Respiratory and Rehabilitation Center, LLC 50.00 % 50.00 % 0.00 % 1,083,048 None 1.50 % 6/1/2031 None IL Forest View Nursing Realty, LLC Forest View Rehabilitation and Nursing Center, LLC 50.00 % 50.00 % 0.00 % 1,215,483 3.00 % 1.68 % 12/1/2024 2 five year IL Lincoln Park Holdings, LLC Lakeview Rehabilitation and Nursing Center, LLC 40.00 % 40.00 % 0.00 % 1,260,000 None 1.74 % 5/31/2031 None IL Continental Nursing Realty, LLC Continental Nursing and Rehabilitation Center, LLC 37.50 % 37.50 % 5.00 % 1,575,348 None 2.18 % 3/1/2031 None IL Westshire Nursing Realty, LLC City View Multicare Center, LLC 50.00 % 50.00 % 0.00 % 1,788,365 3.00 % 2.47 % 9/1/2025 2 five year IL Belhaven Realty, LLC Belhaven Nursing and Rehabilitation Center, LLC 35.00 % 35.00 % 24.99 % 2,134,570 3.00 % 2.95 % 2/28/2026 2 five year IL West Suburban Nursing Realty, LLC West Suburban Nursing and Rehabilitation Center, LLC 37.50 % 37.50 % 5.00 % 1,961,604 None 2.71 % 11/1/2027 None NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) (1) (2) (1) (2) (1) (2) (3) Related Party Ownership in (1) (2) State Lessor/ Manager/Tenant/ Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average Annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options IN 1585 Perry Worth Road, LLC The Waters of Lebanon, LLC 40.00 % 40.00 % 20.00 % $ 116,676 3.00 % 0.16 % 6/1/2027 2 five year IL Niles Nursing Realty LLC Niles Nursing & Rehabilitation Center LLC 40.00 % 40.00 % 20.00 % 2,409,998 3.00 % 3.33 % 2/28/2026 2 five year IL Parkshore Estates Nursing Realty, LLC Parkshore Estates Nursing and Rehabilitation Center, LLC 30.00 % 30.00 % 20.00 % 2,454,187 3.00 % 3.39 % 12/1/2024 2 five year IL Midway Neurological and Rehabilitation Realty, LLC Midway Neurological and Rehabilitation Center, LLC 33.39 % 33.39 % 23.97 % 2,547,712 3.00 % 3.52 % 2/28/2026 2 five year IL 4343 Kennedy Drive, LLC Hope Creek Nursing and Rehabilitation Center, LLC 50.00 % 50.00 % 0.00 % 478,958 3.00 % 0.58 % 10/1/2030 2 five year (1) The interests of the three listed related parties are not held through any commonly owned holding companies. Mr. Gubin’s interests are held through Gubin Enterprises LP. Mr. Blisko’s interests are held through Blisko Enterprises LP and New York Boys Management, LLC. The interests held by Ted Lerman/A&F Realty LLC are held directly by them. (2) Each of the tenants is a limited liability company. The percentages listed reflect the owners’ percentage ownership of the outstanding membership interests in each tenant. Each tenant is managed by two or three managers, which currently consist of Mr. Gubin, Mr. Blisko and in some cases Mr. Lerman or A&F Realty LLC. Decisions are made by majority vote of the managers, except (in some cases) for certain major items that require the vote of a majority or greater percentage of the members. (3) In January 2023 Gubin Enterprises LP and Blisko Enterprises LP reached an agreement with A&F Realty LLC to purchase their ownership interest in all of the operating entities with a retroactive effective date of January 1, 2022. Guarantees from Related Parties As of December 31, 2022 Mr. Gubin and Mr. Blisko were not parties to any guarantees of any debt of the Company and its subsidiaries. As of December 31, 2021, Mr. Gubin and Mr. Blisko guaranteed $ 21.9 Balances with Related Parties Schedule of Balances with Related Parties 2022 2021 December 31, 2022 2021 (amounts in $000s) Straight-line rent receivable $ 11,591 $ 15,261 Tenant portion of replacement reserve $ 10,227 $ 10,331 Notes receivable $ 7,816 $ 8,521 NOTE 11. Related Party Transactions and Economic Dependence (cont.) Schedule of Payments from and to Related Parties Payments from and to Related Parties Years ended December 31, 2022 2021 (amounts in $000s) Rental income received from related parties $ 54,386 $ 61,310 Other Related Party Relationships On December 31, 2022 and 2021, the Company had approximately $ 4.7 17.5 7% 8 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12. Income Taxes The Company elected and qualified to be taxed as a REIT for federal income tax purposes commencing with the year ending December 31, 2022. As a REIT, the Company generally is not subject to federal income tax on its net taxable income that it distributes currently to its stockholders. Under the Code, REITs are subject to numerous organizational and operational requirements, including a requirement that they distribute each year at least 90% of their REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gains. If the Company fails to qualify for taxation as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company’s income for that year will be taxed at regular corporate rates, and the Company would be disqualified from taxation as a REIT for the four taxable years following the year during which the Company ceased to qualify as a REIT. Even if the Company qualifies as a REIT for federal income tax purposes, it may still be subject to state and local taxes on its income and assets and to federal income and excise taxes on its undistributed income. For the period prior to qualifying as a REIT, the Company is taxed at regular corporate rates for Federal and State income taxes. The members of the Predecessor Company elected to be taxed as a partnership for federal and state income tax purposes. For federal and state income tax purposes, all items of income and expenses flowed through to its members based on their respective ownership percentages, therefore no provision or liability for income taxes is reflected in the Predecessor Company’s consolidated financial statements. The Company and the Predecessor Company followed recent accounting guidance relating to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-than-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Predecessor Company’s status as a partnership is defined as a tax position under this accounting guidance. As of the date of the formation transactions, management was not aware of any uncertain tax positions that would have material effect on the Company’s consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 13. Fair Value of Financial Instruments The Company is required to disclose the fair value of financials instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, accounts payable and accrued expenses approximate their carrying value on the consolidated balance sheets due to their short-term nature. The Company’s foreclosed real estate is recorded at fair value on a non-recurring basis and is included in real estate investments on the consolidated balance sheets. Estimates of fair value are determined based on a variety of information, including the use of available appraisals, estimates of market values by licensed appraisers or local real estate brokers and knowledge and experience of management. The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below: Schedule of Fair Value on the Consolidated Balance Sheets December 31, 2022 2021 (amounts in $000s) Level Carrying Amount Fair Value Carrying Amount Fair Value Notes payable, other debt, and bonds 3 $ 455,415 454,523 $ 501,800 508,297 Notes receivable 3 $ 19,419 18,479 $ 9,831 9,831 The fair value of the notes payable, other debt, bonds and notes receivable are estimated using a discounted cash flow analysis. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 14. Subsequent Events On January 3, 2023, the Company acquired a property located in Kentucky for a total cost of $ 6.0 million including finder fees and leasehold improvements. The Company also committed to a $ 700,000 leasehold improvement that will be completed by the new tenant. This property contains a skilled nursing facility with 120 licensed beds and approximately 34,824 square feet. Concurrently with the closing of the acquisition, we added the property to an existing master lease with a third-party operator. The lease has an initial term of 10 years, with two extension options of five years each. The initial annualized base rent is $ 600,000 , which is subject to an annual increase of approximately 3%. In February 2023 one of the facilities owned by the Company in Southern Illinois was closed. The closure was the result of the tenant’s request and mainly for strategic reasons. This facility remains under a Master Lease with five other facilities and the full amount of the rental payments will continue to be paid through the remaining term of the lease. The tenant is looking for a buyer of the vacant facility. During February 2023, the Company issued additional Series C debentures with a par value of NIS 40.00 10.73 38.1 95.25 On February 22, 2023, the Company’s common stock commenced trading on the NYSE American exchange. The Company’s stock symbol remains the same (“STRW”). On March 6, 2023 our Board of directors approved a dividend distribution of $ 0.11 |
Financing Income (Expenses), Ne
Financing Income (Expenses), Net | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Financing Income (Expenses), Net | NOTE 15. Financing Income (Expenses), Net Schedule of Financing Income (Expenses), Net 2022 2021 Year ended December 31, 2022 2021 (Amounts in $000’s) Financing expenses Interest expenses with respect to bonds $ (7,062 ) $ (9,736 ) Interest expenses on loans from banks and others (14,071 ) (11,543 ) Interest expenses with respect to leases (80 ) (91 ) Other financing expenses (including related parties), net (95 ) (354 ) Total financing expenses $ (21,308 ) $ (21,724 ) Financing income $ 801 $ 463 Interest Expense, Net $ (20,507 ) $ (21,261 ) |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III | Schedule III Real Estate and Accumulated Depreciation Property Location Property Land lease assets equipment Land lease assets equipment Total Depreciation Construction Acquired Initial Cost to Company Gross Amount at Which Carried at Close of Period Building and Building and Improvements Furniture, Improvements Furniture, and fixtures, and fixtures, Type of Intangible and Intangible and Accumulated Date of Date Property Location Property (2) Land lease assets equipment Land lease assets equipment Total Depreciation (1) Construction Acquired 1020 West Vine Street Realty, LLC IN SNF $ 73,704 5,373,301 552,994 $ 73,704 4,080,799 - 4,154,503 1,845,496 1968 5/1/2015 12803 Lenover Street Realty LLC IN SNF 749,235 11,715,266 707,200 749,235 7,574,048 - 8,323,283 4,848,418 1898 12/28/2012 1600 East Liberty Street Realty LLC IN SNF 226,684 8,613,047 684,202 226,684 5,897,638 - 6,124,322 3,399,611 1973 12/28/2012 1601 Hospital Drive Realty LLC IN SNF 374,029 6,536,475 574,959 374,029 4,504,832 - 4,878,861 2,606,602 1981 12/28/2012 2055 Heritage Drive Realty LLC IN SNF 397,029 6,567,012 592,208 397,029 4,413,431 - 4,810,460 2,745,789 1978 12/28/2012 3895 Keystone Avenue Realty LLC IN SNF 905,829 5,401,715 465,715 905,829 3,684,275 - 4,590,104 2,183,155 1998 12/28/2012 405 Rio Vista Lane Realty LLC IN SNF 851,889 3,190,949 277,894 851,889 1,713,700 - 2,565,589 1,755,143 1965 12/28/2012 950 Cross Avenue Realty LLC IN SNF 1,055,229 8,223,435 793,445 1,055,229 5,550,787 - 6,606,016 3,466,093 1972 12/28/2012 958 East Highway 46 Realty LLC IN SNF 1,424,142 12,353,018 494,464 1,424,142 8,440,128 - 9,864,270 4,407,354 1975 12/28/2012 1350 North Todd Drive Realty, LLC IN SNF 76,959 3,151,485 371,556 76,959 1,764,500 - 1,841,459 1,758,541 1976 12/28/2012 1712 Leland Drive Realty, LLC IN SNF 158,995 5,399,959 441,046 158,995 3,563,280 - 3,722,275 2,277,724 1977 5/1/2015 253 Bradington Drive, LLC IL SNF 533,575 6,030,915 535,510 533,575 3,467,761 - 4,001,336 3,098,664 1993 4/1/2011 1621 Coit Road Realty, LLC TX SNF 1,466,005 6,428,360 771,979 1,466,005 3,882,672 - 5,348,677 3,317,667 1977 7/1/2015 8200 National Avenue Realty, LLC OK SNF/LTACH 1,941,555 8,519,002 781,484 1,941,555 6,389,954 - 8,331,509 2,910,532 1989 7/1/2015 2301 North Oregon Realty, LLC TX SNF/LTACH 460,109 9,224,188 1,017,263 460,109 6,732,362 - 7,192,471 3,509,089 1970 7/1/2015 5601 Plum Creek Drive Realty, LLC TX SNF 1,110,560 8,585,477 694,019 1,110,560 5,859,676 - 6,970,236 3,419,820 1985 7/1/2015 107 South Lincoln Street, LLC IL SNF 69,401 3,401,111 488,487 69,401 2,411,945 - 2,481,346 1,477,653 1974 11/26/2014 1623 West Delmar Avenue, LLC IL SNF 369,094 2,188,077 257,828 369,094 1,322,328 - 1,691,422 1,123,577 1962 11/26/2014 393 Edwardsville Road, LLC IL SNF 251,415 3,426,747 387,838 251,415 2,141,383 - 2,392,798 1,673,202 1971 11/26/2014 911 South 3 rd MI SNF 289,936 4,022,959 387,105 289,936 2,661,180 - 2,951,116 1,748,884 1969 5/22/2015 516 West Frech Street, LLC IL SNF 85,518 1,697,527 266,955 85,518 353,059 - 438,577 1,611,423 1974 9/28/2011 1316 North Tibbs Avenue Realty, LLC IN SNF 323,226 2,940,959 335,816 323,226 1,805,176 - 2,128,402 1,471,599 1976 6/1/2014 3090 Five Points Hartford Realty, LLC OH SNF 114,614 1,348,246 155,890 114,614 301,910 - 416,524 1,202,226 1950 8/1/2015 3121 Glanzman Road Realty, LLC OH SNF 211,543 2,977,780 329,427 211,543 1,672,330 - 1,883,873 1,634,877 1959 8/1/2015 620 West Strub Road Realty, LLC OH SNF 140,266 2,785,910 192,574 140,266 1,437,396 - 1,577,662 1,541,088 1978 8/1/2015 4250 Sodom Hutchings Road Realty, LLC OH SNF 41,548 581,176 96,026 41,548 86,724 - 128,272 590,478 1975 8/1/2015 Ambassador Nursing Realty, LLC IL SNF 2,344,176 5,891,870 991,190 2,344,176 3,039,602 - 5,383,778 3,843,458 1976 4/1/2008 Momence Meadows Realty, LLC IL SNF 185,405 5,861,271 703,325 185,405 2,837,688 - 3,023,093 3,726,908 1974 8/2/2006 Oak Lawn Nursing Realty, LLC IL SNF 808,226 3,388,277 403,497 808,226 1,460,683 - 2,268,909 2,331,091 1964 4/30/2012 Forest View Nursing Realty, LLC IL SNF 392,245 6,288,479 819,276 392,245 4,458,575 - 4,850,820 2,649,180 1975 11/25/2013 Lincoln Park Holdings, LLC IL SNF 4,322,851 6,815,753 861,396 4,322,851 4,917,292 - 9,240,143 2,759,857 1973 11/26/2014 Continental Realty, LLC IL SNF 3,392,263 6,659,835 720,666 3,392,263 2,681,690 - 6,073,953 4,698,811 1976 4/2/2008 Westshire Realty, LLC IL SNF 356,185 22,165,811 2,253,929 356,185 15,158,032 - 15,514,217 9,261,708 1974 7/26/2013 Belhaven Realty, LLC IL SNF 2,298,858 7,026,385 924,756 2,298,858 2,088,233 - 4,387,091 5,862,908 1985 6/1/2006 West Suburban Nursing Realty, LLC IL SNF 1,061,095 11,501,970 1,336,935 1,061,095 6,281,317 - 7,342,412 6,557,588 1975 11/2/2007 Niles Nursing Realty LLC IL SNF 3,115,279 21,168,943 1,715,779 3,115,279 13,808,596 - 16,923,875 9,076,126 1974 8/25/2012 Parkshore Estates Nursing Realty, LLC IL SNF 450,232 18,186,687 1,747,280 450,232 13,584,910 - 14,035,142 6,349,057 1975 2/5/2015 Initial Cost to Company Gross Amount at Which Carried at Close of Period Building and Building and Improvements Furniture, Improvements Furniture, and fixtures, and fixtures, Type of Intangible and Intangible and Accumulated Date of Date Property Location Property (2) Land lease assets equipment Land lease assets equipment Total Depreciation (1) Construction Acquired Midway Neurological and Rehabilitation Realty, LLC IL SNF 1,436,736 15,856,182 1,707,081 1,436,736 6,384,359 - 7,821,095 11,178,904 1972 4/1/2005 115 Woodlawn Drive, LLC TN SNF 1,130,269 9,411,746 930,933 1,130,269 7,283,093 - 8,413,362 3,059,586 1995 8/1/2016 146 Buck Creek Road, LLC TN SNF 829,555 6,907,704 683,254 829,555 5,345,390 - 6,174,945 2,245,568 1997 8/1/2016 704 5TH Avenue East, LLC TN SNF 684,383 5,698,856 563,684 684,383 4,409,946 - 5,094,329 1,852,594 1964 8/1/2016 2501 River Road, LLC TN SNF 829,555 6,907,704 683,254 829,555 5,345,390 - 6,174,945 2,245,568 1964 8/1/2016 202 Enon Springs Road East, LLC TN SNF 943,619 7,857,513 777,201 943,619 6,080,381 - 7,024,000 2,554,333 1974 8/1/2016 140 Technology Lane, LLC TN SNF 871,033 7,253,089 717,416 871,033 5,612,659 - 6,483,692 2,357,846 2007 8/1/2016 835 Union Street, LLC TN SNF 995,467 8,289,244 819,904 995,467 6,414,467 - 7,409,934 2,694,681 1962 8/1/2016 308 West Maple Avenue, LLC KY SNF 995,467 8,289,244 819,904 995,467 6,414,467 - 7,409,934 2,694,681 1970 8/1/2016 The Big H2O LLC IN 772,847 - - 772,847 - - 772,847 - 12/1/2012 1585 Perry Worth Road, LLC IN SNF 98,516 820,342 81,142 98,516 662,558 25,825 786,899 213,101 1967 7/17/2017 1155 Eastern Parkway, LLC KY SNF 1,147,712 18,894,131 1,708,157 1,147,712 15,557,071 570,353 17,275,136 4,474,864 1973 9/1/2017 1015 Magazine Street, LLC KY SNF 2,750,000 3,060,000 690,000 2,750,000 1,102,632 46,500 3,899,132 2,600,868 1981 5/1/2018 5301 Wheeler Avenue, LLC AR SNF 400,000 3,147,874 877,500 400,000 2,142,661 116,364 2,659,025 1,766,349 1967 8/29/2018 414 Massey Avenue, LLC AR SNF 125,000 845,359 240,000 125,000 561,925 31,826 718,751 491,608 1994 8/29/2018 706 Oak Grove Street, LLC AR SNF 300,000 2,641,399 727,500 300,000 1,889,638 96,473 2,286,111 1,382,788 1965 8/29/2018 8701 Riley Drive, LLC AR SNF 950,000 3,295,319 1,050,000 950,000 1,758,470 139,239 2,847,709 2,447,610 1979 8/29/2018 1516 Cumberland Street, LLC AR SNF 325,000 3,313,843 900,000 325,000 2,557,707 119,348 3,002,055 1,536,788 1971 8/29/2018 5720 West Markham Street, LLC AR SNF 600,000 4,069,851 1,155,000 600,000 2,865,470 821,054 4,286,524 1,538,327 1973 8/29/2018 2501 John Ashley Drive, LLC AR SNF 550,000 3,695,319 1,050,000 550,000 2,010,722 139,239 2,699,961 2,595,358 1969 8/29/2018 1513 South Dixieland Road, LLC AR SNF 275,000 3,060,608 825,000 275,000 2,278,932 109,402 2,663,334 1,497,274 1968 8/29/2018 826 North Street, LLC AR SNF 225,000 2,625,428 705,000 225,000 1,984,299 93,489 2,302,788 1,252,640 1971 8/29/2018 900 Gagel Avenue, LLC KY SNF 1,250,000 2,390,000 360,000 1,250,000 1,400,697 - 2,650,697 1,349,303 1970 8/30/2018 120 Life Care Way, LLC KY SNF 200,000 5,863,133 750,000 200,000 4,809,002 187,867 5,196,869 1,616,264 1974 2/19/2019 1033 North Highway 11, LLC KY SNF 450,000 5,976,921 795,000 450,000 4,985,449 199,139 5,634,588 1,587,333 1978 2/19/2019 945 West Russell Street, LLC KY SNF 350,000 6,076,921 795,000 350,000 5,203,290 199,139 5,752,429 1,469,492 1979 2/19/2019 9209 Dollarway Road, LLC AR SNF 500,000 5,450,000 900,000 500,000 4,053,773 252,023 4,805,796 2,044,204 2001 3/27/2019 727 North 17th St, LLC 3523 Wickenhauser, LLC IL SNF 613,116 3,856,645 663,640 613,116 3,131,466 239,522 3,984,104 1,149,297 1969 1971 1/1/2019 326 Lindley Lane, LLC AR SNF 250,000 2,917,353 720,000 250,000 2,385,215 102,112 2,737,327 1,150,026 2001 4/10/2019 2821 West Dixon Road, LLC AR SNF 400,000 4,817,873 354,000 400,000 3,357,145 - 3,757,145 1,814,728 1950 4/10/2019 552 Golf Links Road, LLC AR SNF 500,000 3,511,981 912,000 500,000 2,808,193 129,342 3,437,535 1,486,446 1978 4/10/2019 9300 Ballard Road Realty, LLC IL SNF 285,000 12,467,584 1,470,053 285,000 10,324,309 416,072 11,025,381 3,197,256 1974 6/28/2019 Land in Covington KY N/A 94,922 - - 94,922 - - 94,922 - N/A 11/6/2015 2400 Chateau Drive Realty, LLC IN SNF 327,804 2,538,755 283,441 327,804 2,149,012 105,982 2,582,798 567,202 1972 11/13/2019 203 Bruce Court, LLC KY SNF 150,000 3,755,896 477,000 150,000 3,124,385 68,698 3,343,083 1,039,813 1972 6/1/2020 4343 Kennedy Drive LLC IL SNF 1,650,000 1,615,000 735,000 1,650,000 1,504,027 - 3,154,027 845,973 2009 10/1/2020 505 North Roan Street, LLC TN SNF 650,000 10,171,216 504,000 650,000 9,749,155 334,174 10,733,329 591,887 2005 8/25/2021 14510 Highway 79, LLC TN SNF 525,000 5,117,868 396,000 525,000 4,800,826 262,565 5,588,391 450,477 1969 8/25/2021 6500 Kirby Gate Boulevard, LLC TN SNF 1,250,000 17,345,000 405,000 1,250,000 16,736,883 223,043 18,209,926 790,074 2015 8/25/2021 978 Highway 11 South, LLC TN SNF 250,000 9,965,900 540,000 250,000 9,539,258 358,043 10,147,301 608,599 1966 8/25/2021 2830 Highway 394, LLC TN SNF 475,000 27,625,000 900,000 475,000 26,655,923 657,391 27,788,314 1,211,686 2017 8/25/2021 1253 Lake Barkley Drive, LLC KY SNF 175,000 4,496,940 195,000 175,000 4,183,426 63,587 4,422,013 444,927 1968 8/25/2021 1123 Rockdale MA Vacant - 1,200,000 - - 1,200,000 - 1,200,000 - Total $ 60,009,905 $ 518,740,118 $ 54,998,977 $ 60,009,905 $ 372,793,563 $ 6,107,811 $ 438,911,279 $ 194,837,721 The changes in total real estate and accumulated depreciation are as follows (in thousands): 2022 2021 For the year ended December 31, 2022 2021 Cost Balance at beginning of the year $ 632,036 550,971 Acquisitions 1,713 81,065 Disposals/other - - Balance at end of the year $ 633,749 632,036 Accumulated Depreciation Balance at beginning of the year $ 169,308 144,848 Depreciation 25,530 24,460 Dispositions/other - - Balance at end of the year $ 194,838 169,308 Net Real Estate $ 438,911 462,728 The unaudited aggregate net tax value of real estate assets for federal income tax purposes as of December 31, 2022 is estimated to be $ 439,750,388 (1) The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 3 35 3 20 2 15 (2) LTACH — long-term acute care hospital, SNF — skilled nursing facility, and ALF — assisted living facility. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates Management is required to make estimates and assumptions in the preparation of the consolidated financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the Predecessor Company, the Operating Partnership and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. The Company’s cash, cash equivalents and restricted cash and cash equivalents periodically exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to the cash in its operating accounts. On December 31, 2022 and 2021, the Company had $ 40,652,000 36,359,000 |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash primarily consists of amounts held by mortgage lenders to provide for real estate tax expenditures, tenant improvements, capital expenditures and security deposits, as well as escrow accounts related to principal and interest payments on bonds. |
Real Estate Depreciation | Real Estate Depreciation Real estate costs related to the acquisition and improvement of properties are capitalized and depreciated over the expected life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Schedule of Assets Useful Lives Building and improvements 7 53 Equipment and personal property 1 14 NOTE 2. Summary of Significant Accounting Policies (cont.) |
Real Estate Valuation | Real Estate Valuation The Company makes estimates as part of its allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, the Company uses current appraisals or other third-party valuations. The most significant components of these allocations are typically the allocation of fair value to land and buildings and, for certain of its acquisitions, in place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization the Company records over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in place leases, the Company makes best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that the Company will recognize over the remaining lease term for the acquired in place leases. The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. All of the Company’s acquisitions of investment properties qualified as asset acquisitions during the years ended December 31, 2022 and 2021. |
Revenue Recognition | Revenue Recognition Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of the Company’s 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 specified annual increase over the prior year’s rent, generally between 1.0 3.0 (ii) a calculation based on the Consumer Price Index; or (iii) specific dollar increases. Contingent revenue is not recognized until all possible contingencies have been eliminated. The Company considers the operating history of the lessee and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically, and expect in the future, to not include contingent rents as income until received. The Company follows a policy related to rental income whereby the Company considers a lease to be non-performing after 60 days of non-payment of past due amounts and does not recognize unpaid rental income from that lease until the amounts have been received. Rental revenues relating to non-contingent leases that contain specified rental increases over the life of the lease are recognized on the straight-line basis. Recognizing income on a straight-line basis requires us to calculate the total non-contingent rent containing specified rental increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset included in our accompanying consolidated balance sheets. At some point during the lease, depending on its terms, the cash rent payments eventually exceed the straight-line rent which results in the straight-line rent receivable asset decreasing to zero over the remainder of the lease term. The Company assesses the collectability of straight-line rent in accordance with the applicable accounting standards and reserve policy. If the lessee becomes delinquent in rent owed under the terms of the lease, the Company may provide a reserve against the recognized straight-line rent receivable asset for a portion, up to its full value, that the Company estimates may not be recoverable. NOTE 2. Summary of Significant Accounting Policies (Cont.) Revenue Recognition (cont.) Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market leases are accreted to rental income over the remaining terms of the respective leases and expected below-market renewal option periods. The Company reports revenues and expenses within our triple-net leased properties for real estate taxes that are escrowed and obligations of the tenants in accordance with their respective lease with us. Gain from sale of real estate investments was recognized when control of the property is transferred, and it is probable that substantially all consideration will be collected. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. |
Impairment of Long-Lived Assets and Goodwill | Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. Goodwill is tested for impairment at least annually based on certain qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its’ carrying value. Potential impairment indicators include a significant decline in real estate values, significant restructuring plans, current macroeconomic conditions, state of the equity and capital markets or a significant decline in the Company’s market capitalization. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its’ carrying value, the Company applies the required two-step quantitative approach. The quantitative procedures of the two-step approach (i) compare the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary, (ii) compare the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and is used to determine the impairment amount, if any. The Company has selected the fourth quarter of each fiscal year to perform its annual impairment test. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash and cash equivalents, notes receivable and operating leases on owned properties. These financial instruments are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. Cash and cash equivalents, restricted cash and equivalents are held with various financial institutions. From time to time, these balances exceed the federally insured limits. These balances are maintained with high quality financial institutions which management believes limits the risk. With respect to notes receivable, the Company obtains various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, the Company provides reserves for potential losses based upon management’s periodic review of our portfolio. On December 31, 2022, the Company held five notes receivable with an outstanding balance of $ 19.4 The notes have maturities ranging from 2023 through 2046 2 10.25 9.8 During 2018, the Company undertook to acquire five properties located in Massachusetts through the acquisition of the loans secured by first mortgages on the properties. In this regard, the Company purchased mortgages from the lenders for the price of $ 7.74 3.1 However, subsequent to the purchase of the loans but prior to the transfer of the properties, the Company cancelled the planned transfer because the owner was forced to surrender its licenses to the State of Massachusetts due to cash flow issues. Due to the uncertainty with respect to the recovery of the Company’s investment in the loans, they were fully reserved at December 31, 2021. In July 2022, the Company as lender sold four of the five properties at auction for the total amount of $ 4.4 1.2 |
Market Concentration Risk | Market Concentration Risk As of December 31, 2022 and 2021, the Company owned 78 properties and leases 1 property in 9 states, with 21 properties or 26.6% of its total properties located in Illinois (which include 4,327 skilled nursing beds or 41.50% of the Company’s total beds) and 15 properties or 19.0% of its total properties in Indiana (which include 1,388 skilled nursing beds or 13.3% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory agencies, including, but not limited to, Centers for Medicare and Medicaid Services, and the Department of Health and Aging in all states in which the Company operates |
Debt and Capital Raising Issuance Costs | Debt and Capital Raising Issuance Costs Costs incurred in connection with the issuance of equity interests are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments, excluding line of credit arrangements, are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Deferred financing costs related to line of credit arrangements are deferred, recorded as an asset and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of income at the time of extinguishment. |
Segment Reporting | Segment Reporting Accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Company’s investment decisions in health care properties, and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, the Company has concluded that it operates as a single segment. |
Basic and Diluted Income Per Common Share | Basic and Diluted Income Per Common Share The Company calculates basic income per common share by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the year. At December 31, 2022 and 2021, there were 46,890,541 47,406,651 |
Beds, Units, Occupancy and Other Measures | Beds, Units, Occupancy and Other Measures Beds, units, occupancy and other non-financial measures used to describe real estate investments included in these notes to the consolidated financial statements are presented on an unaudited basis and are not subject to audit by the Company’s independent auditors in accordance with the standards of the Public Company Accounting Oversight Board. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss), a component of equity on the consolidated balance sheets. Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses, if any, are included in other income (loss), in the consolidated statements of income. |
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 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 the asset or liability 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, the asset or liability 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 valuation models. |
Real Estate Investments – Held for Sale | Real Estate Investments – Held for Sale On December 31, 2022, the Company had one property included in real estate investments which was held for sale and carried at the lower of their net book value or fair value on a non-recurring basis on the consolidated balance sheets. At December 31, 2022 the fair value of real estate investments held for sale exceeded its net book value. As of December 31, 2021 the Company had no real estate investments held for sale. The Company’s real estate investments held for sale were classified as Level 3 of the fair value hierarchy. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the consolidated financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions. The Company recognizes share-based payments over the vesting period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments Upon adoption of ASU 2016-13, the Company is required to reassess its financing receivables, including leases and notes receivable, and expects that application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than would otherwise be recognized under current accounting guidance. On October 16, 2019, the FASB approved ASU 2019-10 which extends the effective date of ASU 2016-13 to January 1, 2023, for smaller reporting companies. Adoption of ASU 2016-13 on January 1, 2023, was not material to the Company’s consolidated financial position and results of operations. |
Business (Tables)
Business (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Consolidated Financial Statement | Schedule of Consolidated Financial Statement January 1, 2021 through June 7, 2021 June 8, 2021 through December 31, 2021 TOTAL (Amounts in $000’s) Predecessor Company January 1, 2021 through June 7, 2021 June 8, 2021 through December 31, 2021 TOTAL Revenues Rental revenues $ 35,440 $ 51,592 $ 87,032 Expenses: Depreciation $ 10,303 $ 14,157 $ 24,460 Amortization 1,323 1,705 3,028 General and administrative expenses 1,928 4,369 6,297 Property taxes 4,039 6,584 10,623 Facility rent expenses 217 518 735 Provision for doubtful accounts 93 5,035 5,128 Total expenses $ 17,903 $ 32,368 $ 50,271 Income from operations 17,537 19,224 36,761 Interest expense, net $ (8,769 ) $ (12,492 ) $ (21,261 ) Amortization of deferred financing costs (132 ) (247 ) (379 ) Mortgage insurance premium (691 ) (1,078 ) (1,769 ) Total interest expense $ (9,592 ) $ (13,817 ) $ (23,409 ) Other income (loss): Gain from sale of real estate investments 3,842 - 3,842 Foreign currency translation loss (6,844 ) (1,931 ) (8,775 ) Total other loss (3,002 ) (1,931 ) (4,933 ) Net income $ 4,943 $ 3,476 $ 8,419 Less net income attributable to non-controlling interest $ - (3,083 ) (3,083 ) Net income attributable to Predecessor Company - - (4,943 ) Net income attributable to common stockholders $ - $ 393 393 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Assets Useful Lives | Schedule of Assets Useful Lives Building and improvements 7 53 Equipment and personal property 1 14 |
Restricted Cash and Equivalen_2
Restricted Cash and Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Equivalents and Escrow Deposits | The following table presents the Company’s cash and equivalents and escrow deposits: Schedule of Restricted Cash and Equivalents and Escrow Deposits 2022 2021 December 31, 2022 2021 (amounts in $000’s) Escrow with trustee $ 2,287 $ 1,255 MIP escrow accounts 745 886 Other escrow and debt deposits 781 832 Property tax and insurance escrow 5,243 3,511 Interest and expense reserve bonds escrow 2,276 6,161 HUD replacement reserves 14,175 13,277 Total restricted cash and equivalents $ 25,507 $ 25,922 |
Real Estate Investments, net (T
Real Estate Investments, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investment | Real estate investments consist of the following: Schedule of Real Estate Investment 2022 2021 Estimated December 31, Useful Lives 2022 2021 (Years) (Amounts in $000’s) Buildings and improvements 7 53 $ 495,215 $ 494,015 Equipment and personal property 1 14 78,524 78,011 Land - 60,010 60,010 Real estate investments, gross 633,749 632,036 Less: accumulated depreciation (194,838 ) (169,308 ) Real estate investments, net $ 438,911 $ 462,728 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Intangible assets consist of the following goodwill, Certificate of Need (“CON”) licenses and lease rights: Schedule of Intangible Assets and Goodwill Goodwill including CON Licenses Lease Rights Total (Amounts in $000’s) Balances, December 31, 2020 Gross $ 1,323 54,577 55,900 Accumulated Amortization - (38,212 ) (38,212 ) Net carrying amount $ 1,323 $ 16,365 $ 17,688 Amortization for the year ended December 31, 2021 $ - (3,028 ) (3,028 ) Balances, December 31, 2021 Gross $ 1,323 $ 54,577 $ 55,900 Accumulated amortization - (41,240 ) (41,240 ) Net carrying amount $ 1,323 13,337 14,660 Balances, December 31, 2021 Gross $ 1,323 54,577 55,900 Accumulated amortization - (41,240 ) (41,240 ) Net carrying amount $ 1,323 $ 13,337 $ 14,660 Amortization for the year ended December 31, 2022 $ - (3,028 ) (3,028 ) Balances, December 31, 2022 Gross $ 1,323 54,577 55,900 Accumulated amortization - (44,268 ) (44,268 ) Net carrying amount $ 1,323 $ 10,309 $ 11,632 |
Schedule of Estimated Amortization Expenses | Estimated amortization expense for all finite-lived intangible assets for each of the future years ending December 31, is as follows: Schedule of Estimated Amortization Expenses Amortization of Lease Rights (Amounts in $000’s) 2023 $ 3,028 2024 3,028 2025 3,028 2026 675 2027 461 Thereafter 89 Total $ 10,309 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of Properties Owned and Leased Information | The following table provides additional information regarding the properties owned/leased for the periods indicated: Schedule of Properties Owned and Leased Information 2022 2021 December 31, 2022 2021 Cumulative number of properties 79 79 Cumulative number of operational beds 10,332 10,336 |
Schedule of Additional Information on Properties Facilities Leased | The following table provides additional information regarding the properties/facilities leased by the Company as of December 31, 2022: Schedule of Additional Information on Properties Facilities Leased State Number of Owned by Company Leased by Company Total Illinois 4,327 21 - 21 Indiana 1,388 14 1 15 Michigan 100 1 - 1 Ohio 238 4 - 4 Tennessee 1,056 12 - 12 Kentucky 1,045 9 - 9 Arkansas 1,568 13 - 13 Oklahoma 137 1 - 1 Texas 473 3 - 3 Total properties 10,332 78 1 79 Facility Type Skilled Nursing Facilities 10,170 73 1 74 Long-Term Acute Care Hospitals (1) 63 2 - 2 Assisted Living Facility 99 3 - 3 Total facilities 10,332 78 1 79 (1) Each property is comprised of a skilled nursing facility and long-term acute care hospital. |
Schedule of Future Minimum Rental Revenues | As of December 31, 2022, total future minimum rental revenues for the Company’s tenants are as follows: Schedule of Future Minimum Rental Revenues Year Amount (Amounts in $000s) 2023 $ 83,312 2024 84,815 2025 75,152 2026 56,159 2027 56,453 Thereafter 186,099 Total $ 541,990 |
Schedule of Property Leases to Third Parties | The following table provides summary information regarding the number of operational beds associated with a property leased by the Company and subleased to third-party operators: Schedule of Property Leases to Third Parties 2022 2021 December 31, 2022 2021 Number of facilities leased and subleased to third-parties 1 1 Number of operational beds 68 68 |
Schedule of Components of Lease Expense | The components of lease expense and other lease information are as follows (dollars in thousands): Schedule of Components of Lease Expense 2022 2021 Years ended December 31, 2022 2021 Operating lease cost $ 392 $ 375 2022 2021 As of December 31, 2022 2021 Operating lease right of use asset $ 1,833 $ 2,064 Operating lease liability $ 1,833 $ 2,064 Weighted average remaining lease term-operating leases (in years) 5.25 6.25 Weighted average discount rate 4.1 % 4.1 % |
Schedule of Future Minimum Lease Payments On Non-Cancellable Leases | Future minimum operating lease payments under non-cancellable leases as of December 31, 2022, reconciled to the Company’s operating lease liability presented on the consolidated balance sheets: Schedule of Future Minimum Lease Payments On Non-Cancellable Leases (Amounts in $000s) 2023 $ 395 2024 395 2025 395 2026 395 2027 395 Thereafter 69 Total $ 2,044 Less Interest (211 ) Total operating lease liability $ 1,833 |
Notes Payable and Other Debt (T
Notes Payable and Other Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable and Other Debt | Notes Payable and Other Debt consist of the following: Schedule of Notes Payable and Other Debt 2022 2022 2021 Weighted Interest Rate at December 31, December 31, 2022 2022 2021 (Amounts in $000s) HUD guaranteed bank loans 3.23 % $ 275,778 $ 283,108 Bank loans 7.68 % 105,225 24,789 Series A, Series B and Series C Bonds 5.91 % 75,788 194,926 Loans from others - - $ 1,354 Gross Notes Payable and other Debt $ 456,791 $ 504,177 Debt issuance costs (1,376 ) (2,377 ) Net Notes Payable and other Debt $ 455,415 $ 501,800 |
Schedule of Notes Payable and Other Debt Payables Maturity | Principal payments on the Notes Payable and Other Debt payable through maturity are as follows (amounts in $000s): Schedule of Notes Payable and Other Debt Payables Maturity Year Ending December 31, 2023 $ 28,219 2024 25,793 2025 15,570 2026 57,373 2027 94,747 Thereafter 235,089 Total $ 456,791 |
Related Party Transactions an_2
Related Party Transactions and Economic Dependence (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table sets forth details of the lease agreements in force between the Company and its subsidiaries and lessees that are related parties: Schedule of Related Party Transactions (1) (2) (1) (2) (1) (2) (3) Related Party Ownership in (1) (2) State Lessor/ Manager/Tenant/Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options Master Lease Indiana IN 1020 West Vine Street Realty, LLC The Waters of Princeton II LLC 39.10 % 40.14 % 20.20 % $ 1,045,506 3.00 % 1.45 % 8/1/2025 2 five year IN 12803 Lenover Street Realty LLC The Waters of Dillsboro - Ross Manor II LLC 39.10 % 40.14 % 20.20 % 1,353,655 3.00 % 1.87 % 8/1/2025 2 five year IN 1350 North Todd Drive Realty, LLC The Waters of Scottsburg II LLC 39.10 % 40.14 % 20.20 % 1,089,527 3.00 % 1.51 % 8/1/2025 2 five year IN 1600 East Liberty Street Realty LLC The Waters of Covington II LLC 39.10 % 40.14 % 20.20 % 1,309,634 3.00 % 1.81 % 8/1/2025 2 five year IN 1601 Hospital Drive Realty LLC The Waters of Greencastle II LLC 39.10 % 40.14 % 20.20 % 1,100,532 3.00 % 1.52 % 8/1/2025 2 five year IN 1712 Leland Drive Realty, LLC The Waters of Huntingburg II LLC 39.10 % 40.14 % 20.20 % 1,045,506 3.00 % 1.45 % 8/1/2025 2 five year IN 2055 Heritage Drive Realty LLC The Waters of Martinsville II LLC 39.10 % 40.14 % 20.20 % 1,133,548 3.00 % 1.57 % 8/1/2025 2 five year IN 3895 South Keystone Avenue Realty LLC The Waters of Indianapolis II LLC 39.10 % 40.14 % 20.20 % 891,431 3.00 % 1.23 % 8/1/2025 2 five year IN 405 Rio Vista Lane Realty LLC The Waters of Rising Sun II LLC 39.10 % 40.14 % 20.20 % 638,309 3.00 % 0.88 % 8/1/2025 2 five year IN 950 Cross Avenue Realty LLC The Waters of Clifty Falls II LLC 39.10 % 40.14 % 20.20 % 1,518,735 3.00 % 2.10 % 8/1/2025 2 five year IN 958 East Highway 46 Realty LLC The Waters of Batesville II LLC 39.10 % 40.14 % 20.20 % 946,458 3.00 % 1.31 % 8/1/2025 2 five year IN 2400 Chateau Drive Realty, LLC The Waters of Muncie II LLC 39.10 % 40.14 % 20.20 % 792,383 3.00 % 1.10 % 8/1/2025 2 five year IN The Big H2O LLC The Waters of New Castle II LLC 39.10 % 40.14 % 20.20 % 726,351 3.00 % 1.00 % 8/1/2025 2 five year NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) Related Party Ownership in Manager/Tenant/Operator (1) (2) State Lessor / Manager/Tenant /Operator Moishe Gubin /Gubin Enterprises LP Michael Blisko /Blisko Enterprises LP Ted Lerman /A&F Realty LLC (3) Average annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options Master Lease Tennessee TN 115 Woodlawn Drive, LLC Lakebridge, A Waters Community, LLC 40.00 % 40.00 % 20.00 % 1,514,820 3.00 % 1.81 % 8/1/2031 2 five year TN 146 Buck Creek Road, LLC The Waters of Roan Highlands, LLC 40.00 % 40.00 % 20.00 % 1,111,794 3.00 % 1.33 % 8/1/2031 2 five year TN 704 5 TH The Waters of Springfield, LLC 40.00 % 40.00 % 20.00 % 917,230 3.00 % 1.09 % 8/1/2031 2 five year TN 2501 River Road, LLC The Waters of Cheatham, LLC 40.00 % 40.00 % 20.00 % 1,111,794 3.00 % 1.33 % 8/1/2031 2 five year TN 202 Enon Springs Road East, LLC The Waters of Smyrna, LLC 40.00 % 40.00 % 20.00 % 1,264,666 3.00 % 1.51 % 8/1/2031 2 five year TN 140 Technology Lane, LLC The Waters of Johnson City, LLC 40.00 % 40.00 % 20.00 % 1,167,384 3.00 % 1.39 % 8/1/2031 2 five year TN 835 Union Street, LLC The Waters of Shelbyville, LLC 40.00 % 40.00 % 20.00 % 1,334,153 3.00 % 1.59 % 8/1/2031 2 five year NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) Related Party Ownership in Manager/Tenant/Operator (1) (2) State Lessor/ Manager/Tenant/Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options Master Lease Tennessee 2 TN 505 North Roan Street, LLC Agape Rehabilitation & Nursing Center, A Water’s Community, LLC 40.00 % 40.00 % 20.00 % 1,628,910 3.00 % 1.97 % 7/1/2031 2 five year TN 14510 Highway 79, LLC Waters of McKenzie, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 1,279,858 3.00 % 1.55 % 7/1/2031 2 five year TN 6500 Kirby Gate Boulevard, LLC Waters of Memphis, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 1,745,261 3.00 % 2.11 % 7/1/2031 2 five year TN 978 Highway 11 South, LLC Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 1,745,261 3.00 % 2.11 % 7/1/2031 2 five year TN 2830 Highway 394, LLC Waters of Bristol, A Rehabilitation & Nursing Center, LLC 40.00 % 40.00 % 20.00 % 2,327,014 3.00 % 2.81 % 7/1/2031 2 five year NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) (1) (2) (1) (2) (1) (2) (3) Related Party Ownership in (1) (2) State Lessor/ Manager/Tenant/ Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average Annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options IL 516 West Frech Street, LLC Parker Rehab & Nursing Center, LLC 50.00 % 50.00 % 0.00 % $ 498,350 Varies between $12,000 and $24,000 annually 0.69 % 3/31/2031 None IN 1316 North Tibbs Avenue Realty, LLC Westpark A Waters Community, LLC 40.00 % 40.00 % 20.00 % 549,884 3.00 % 0.76 % 6/1/2024 2 five year IL Ambassador Nursing Realty, LLC Ambassador Nursing and Rehabilitation Center II, LLC 37.50 % 37.50 % 5.00 % 1,005,313 3.00 % 1.39 % 2/28/2026 2 five year IL Momence Meadows Realty, LLC Momence Meadows Nursing and Rehabilitation Center, LLC 50.00 % 50.00 % 0.00 % 1,038,000 None 1.44 % 12/30/2025 None IL Oak Lawn Nursing Realty, LLC Oak Lawn Respiratory and Rehabilitation Center, LLC 50.00 % 50.00 % 0.00 % 1,083,048 None 1.50 % 6/1/2031 None IL Forest View Nursing Realty, LLC Forest View Rehabilitation and Nursing Center, LLC 50.00 % 50.00 % 0.00 % 1,215,483 3.00 % 1.68 % 12/1/2024 2 five year IL Lincoln Park Holdings, LLC Lakeview Rehabilitation and Nursing Center, LLC 40.00 % 40.00 % 0.00 % 1,260,000 None 1.74 % 5/31/2031 None IL Continental Nursing Realty, LLC Continental Nursing and Rehabilitation Center, LLC 37.50 % 37.50 % 5.00 % 1,575,348 None 2.18 % 3/1/2031 None IL Westshire Nursing Realty, LLC City View Multicare Center, LLC 50.00 % 50.00 % 0.00 % 1,788,365 3.00 % 2.47 % 9/1/2025 2 five year IL Belhaven Realty, LLC Belhaven Nursing and Rehabilitation Center, LLC 35.00 % 35.00 % 24.99 % 2,134,570 3.00 % 2.95 % 2/28/2026 2 five year IL West Suburban Nursing Realty, LLC West Suburban Nursing and Rehabilitation Center, LLC 37.50 % 37.50 % 5.00 % 1,961,604 None 2.71 % 11/1/2027 None NOTE 11. Related Party Transactions and Economic Dependence (cont.) Lease Agreements with Related Parties (cont.) (1) (2) (1) (2) (1) (2) (3) Related Party Ownership in (1) (2) State Lessor/ Manager/Tenant/ Operator Moishe Gubin/Gubin Enterprises LP Michael Blisko/Blisko Enterprises LP Ted Lerman/A&F Realty LLC (3) Average Annual rent over life of lease Annual Escalation % of total rent Lease maturity Extension options IN 1585 Perry Worth Road, LLC The Waters of Lebanon, LLC 40.00 % 40.00 % 20.00 % $ 116,676 3.00 % 0.16 % 6/1/2027 2 five year IL Niles Nursing Realty LLC Niles Nursing & Rehabilitation Center LLC 40.00 % 40.00 % 20.00 % 2,409,998 3.00 % 3.33 % 2/28/2026 2 five year IL Parkshore Estates Nursing Realty, LLC Parkshore Estates Nursing and Rehabilitation Center, LLC 30.00 % 30.00 % 20.00 % 2,454,187 3.00 % 3.39 % 12/1/2024 2 five year IL Midway Neurological and Rehabilitation Realty, LLC Midway Neurological and Rehabilitation Center, LLC 33.39 % 33.39 % 23.97 % 2,547,712 3.00 % 3.52 % 2/28/2026 2 five year IL 4343 Kennedy Drive, LLC Hope Creek Nursing and Rehabilitation Center, LLC 50.00 % 50.00 % 0.00 % 478,958 3.00 % 0.58 % 10/1/2030 2 five year (1) The interests of the three listed related parties are not held through any commonly owned holding companies. Mr. Gubin’s interests are held through Gubin Enterprises LP. Mr. Blisko’s interests are held through Blisko Enterprises LP and New York Boys Management, LLC. The interests held by Ted Lerman/A&F Realty LLC are held directly by them. (2) Each of the tenants is a limited liability company. The percentages listed reflect the owners’ percentage ownership of the outstanding membership interests in each tenant. Each tenant is managed by two or three managers, which currently consist of Mr. Gubin, Mr. Blisko and in some cases Mr. Lerman or A&F Realty LLC. Decisions are made by majority vote of the managers, except (in some cases) for certain major items that require the vote of a majority or greater percentage of the members. (3) In January 2023 Gubin Enterprises LP and Blisko Enterprises LP reached an agreement with A&F Realty LLC to purchase their ownership interest in all of the operating entities with a retroactive effective date of January 1, 2022. |
Schedule of Balances with Related Parties | Balances with Related Parties Schedule of Balances with Related Parties 2022 2021 December 31, 2022 2021 (amounts in $000s) Straight-line rent receivable $ 11,591 $ 15,261 Tenant portion of replacement reserve $ 10,227 $ 10,331 Notes receivable $ 7,816 $ 8,521 |
Schedule of Payments from and to Related Parties | Schedule of Payments from and to Related Parties Payments from and to Related Parties Years ended December 31, 2022 2021 (amounts in $000s) Rental income received from related parties $ 54,386 $ 61,310 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value on the Consolidated Balance Sheets | Schedule of Fair Value on the Consolidated Balance Sheets December 31, 2022 2021 (amounts in $000s) Level Carrying Amount Fair Value Carrying Amount Fair Value Notes payable, other debt, and bonds 3 $ 455,415 454,523 $ 501,800 508,297 Notes receivable 3 $ 19,419 18,479 $ 9,831 9,831 |
Financing Income (Expenses), _2
Financing Income (Expenses), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Financing Income (Expenses), Net | Schedule of Financing Income (Expenses), Net 2022 2021 Year ended December 31, 2022 2021 (Amounts in $000’s) Financing expenses Interest expenses with respect to bonds $ (7,062 ) $ (9,736 ) Interest expenses on loans from banks and others (14,071 ) (11,543 ) Interest expenses with respect to leases (80 ) (91 ) Other financing expenses (including related parties), net (95 ) (354 ) Total financing expenses $ (21,308 ) $ (21,724 ) Financing income $ 801 $ 463 Interest Expense, Net $ (20,507 ) $ (21,261 ) |
Schedule of Consolidated Financ
Schedule of Consolidated Financial Statement (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Jun. 07, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | ||||
Rental revenues | $ 51,592 | $ 92,543 | $ 87,032 | |
Expenses: | ||||
Depreciation | 14,157 | 25,530 | 24,460 | |
Amortization | 1,705 | 3,028 | 3,028 | |
General and administrative expenses | 4,369 | 6,012 | 6,297 | |
Property taxes | 6,584 | 13,131 | 10,623 | |
Facility rent expenses | 518 | 532 | 735 | |
Provision for doubtful accounts | 5,035 | (5,636) | 5,128 | |
Total expenses | 32,368 | 42,597 | 50,271 | |
Income from operations | 19,224 | 49,946 | 36,761 | |
Interest expense, net | (12,492) | (20,507) | (21,261) | |
Amortization of deferred financing costs | (247) | (504) | (379) | |
Mortgage insurance premium | (1,078) | (1,704) | (1,769) | |
Total interest expense | (13,817) | (22,715) | (23,409) | |
Other income (loss): | ||||
Gain from sale of real estate investments | 3,842 | |||
Foreign currency translation loss | (1,931) | (8,775) | ||
Total other loss | (1,931) | (4,933) | ||
Net income | $ 4,943 | 3,476 | 16,419 | 8,419 |
Less net income attributable to non-controlling interest | (3,083) | (14,567) | (3,083) | |
Net income attributable to Predecessor Company | (4,943) | |||
Net income attributable to common stockholders | $ 393 | $ 1,852 | $ 393 | |
Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | ||||
Revenues | ||||
Rental revenues | 35,440 | |||
Expenses: | ||||
Depreciation | 10,303 | |||
Amortization | 1,323 | |||
General and administrative expenses | 1,928 | |||
Property taxes | 4,039 | |||
Facility rent expenses | 217 | |||
Provision for doubtful accounts | 93 | |||
Total expenses | 17,903 | |||
Income from operations | 17,537 | |||
Interest expense, net | (8,769) | |||
Amortization of deferred financing costs | (132) | |||
Mortgage insurance premium | (691) | |||
Total interest expense | (9,592) | |||
Other income (loss): | ||||
Gain from sale of real estate investments | 3,842 | |||
Foreign currency translation loss | (6,844) | |||
Total other loss | (3,002) | |||
Net income | 4,943 | |||
Less net income attributable to non-controlling interest | ||||
Net income attributable to Predecessor Company | ||||
Net income attributable to common stockholders |
Business (Details Narrative)
Business (Details Narrative) - shares | 7 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 08, 2021 | Jun. 07, 2021 | Dec. 31, 2020 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Non-controlling interest, operatiing rate | 88% | 89% | ||||
Common Stock [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Shares transferees in exchange | 5,824,846 | |||||
Shares outstanding | 5,849,746 | 6,365,856 | 5,849,746 | |||
Operating Partnership [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Outstanding ownership percentage | 11.30% | |||||
Shares outstanding | 5,844,166 | |||||
Operating Partnership [Member] | Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Shares issued | 51,686,280 | |||||
Shares transferees in exchange | 5,824,846 | |||||
Operating Partnership [Member] | Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | Common Stock [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Shares transferees in exchange | 5,824,846 | |||||
Strawberry Fields REIT LLC [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity method investment ownership percentage | 9.80% | |||||
Strawberry Fields REIT LLC [Member] | Operating Partnership [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity method investment ownership percentage | 11% | 12% | 11% |
Schedule of Assets Useful Lives
Schedule of Assets Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 7 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 53 years |
Equipment and Personal Property [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 1 year |
Equipment and Personal Property [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 14 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Jul. 31, 2022 | Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||||
Cash | $ 40,652,000 | $ 40,652,000 | $ 36,359,000 | ||||
Increase decrease rent percentage | 1% | ||||||
Notes receivable amount | 19,400,000 | $ 19,400,000 | $ 9,800,000 | ||||
Notes receivable maturity | The notes have maturities ranging from 2023 through 2046 | ||||||
Market concentration risk description | As of December 31, 2022 and 2021, the Company owned 78 properties and leases 1 property in 9 states, with 21 properties or 26.6% of its total properties located in Illinois (which include 4,327 skilled nursing beds or 41.50% of the Company’s total beds) and 15 properties or 19.0% of its total properties in Indiana (which include 1,388 skilled nursing beds or 13.3% of the Company’s total beds). Since tenant revenue is primarily generated from Medicare and Medicaid, the operations of the Company are indirectly subject to the administrative directives, rules and regulations of federal and state regulatory agencies, including, but not limited to, Centers for Medicare and Medicaid Services, and the Department of Health and Aging in all states in which the Company operates | ||||||
Operating Partnership Units [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Operating partnership outstanding | 46,890,541 | 47,406,651 | |||||
Five Properties [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property acquired through loans | $ 7,740,000 | ||||||
Payments to acquire property plant and equipment | $ 3,100,000 | $ 3,100,000 | |||||
Proceeds from sale of property and equipment | $ 4,400,000 | ||||||
Four Properties [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Proceeds from sale of property and equipment | $ 4,400,000 | ||||||
Fifth Property [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Payments to acquire property plant and equipment | $ 1,200,000 | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Increase decrease rent percentage | 3% | ||||||
Notes receivable interest rate | 10.25% | ||||||
Minimum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Notes receivable interest rate | 2% |
Schedule of Restricted Cash and
Schedule of Restricted Cash and Equivalents and Escrow Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total restricted cash and equivalents | $ 25,507 | $ 25,922 |
Escrow With Trustee [Member] | ||
Total restricted cash and equivalents | 2,287 | 1,255 |
MIP Escrow Accounts [Member] | ||
Total restricted cash and equivalents | 745 | 886 |
Other Escrow and Debt Deposits [Member] | ||
Total restricted cash and equivalents | 781 | 832 |
Property Tax and Insurance Escrow [Member] | ||
Total restricted cash and equivalents | 5,243 | 3,511 |
Interest and Expense Reserve Bonds Escrow [Member] | ||
Total restricted cash and equivalents | 2,276 | 6,161 |
HUD Replacement Reserves [Member] | ||
Total restricted cash and equivalents | $ 14,175 | $ 13,277 |
Schedule of Real Estate Investm
Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | ||
Real estate investments, gross | $ 633,749 | $ 632,036 |
Less: accumulated depreciation | (194,838) | (169,308) |
Real estate investments, net | 438,911 | 462,728 |
Building [Member] | ||
Real Estate [Line Items] | ||
Real estate investments, gross | $ 495,215 | 494,015 |
Building [Member] | Minimum [Member] | ||
Real Estate [Line Items] | ||
Property plant and equipment useful life | 7 years | |
Building [Member] | Maximum [Member] | ||
Real Estate [Line Items] | ||
Property plant and equipment useful life | 53 years | |
Equipment and Personal Property [Member] | ||
Real Estate [Line Items] | ||
Real estate investments, gross | $ 78,524 | 78,011 |
Equipment and Personal Property [Member] | Minimum [Member] | ||
Real Estate [Line Items] | ||
Property plant and equipment useful life | 1 year | |
Equipment and Personal Property [Member] | Maximum [Member] | ||
Real Estate [Line Items] | ||
Property plant and equipment useful life | 14 years | |
Land [Member] | ||
Real Estate [Line Items] | ||
Real estate investments, gross | $ 60,010 | $ 60,010 |
Real Estate Investments, net (D
Real Estate Investments, net (Details Narrative) | 1 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Aug. 25, 2021 USD ($) ft² Integer shares | Feb. 12, 2021 USD ($) | Nov. 30, 2022 USD ($) shares | Dec. 31, 2021 USD ($) Integer | Dec. 31, 2022 USD ($) Integer $ / shares | Dec. 31, 2021 USD ($) Integer | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | |
Depreciation | $ 14,157,000 | $ 25,530,000 | $ 24,460,000 | |||||
Number of operational beds | Integer | 10,336 | 10,332 | 10,336 | |||||
Reclassification of non-controlling interest to non-controlling interest redemption liability | $ 15,753,000 | |||||||
Property Estimated fair value | $ 462,728,000 | 438,911,000 | $ 462,728,000 | |||||
MASSACHUSETTS | ||||||||
Property Estimated fair value | $ 1,200,000 | |||||||
Tennessee/Kentucky Properties [Member] | ||||||||
Cash payment for acquisition | $ 81,000,000 | |||||||
Shares issued during acquisition | shares | 1,545,217 | |||||||
Shares issued during acquisition, value | $ 16,997,000 | |||||||
Tennessee/Kentucky Properties [Member] | Operating Partnership [Member] | ||||||||
Number of shares approved for buyback | shares | 1,454,308 | |||||||
Reclassification of non-controlling interest to non-controlling interest redemption liability | $ 15,753,000 | |||||||
Redemption price per unit | $ / shares | $ 11 | |||||||
Tennessee/Kentucky Properties [Member] | Broker [Member] | ||||||||
Cash payment for acquisition | $ 63,990,000 | |||||||
Shares issued during acquisition | shares | 90,909 | |||||||
Shares issued during acquisition, value | $ 1,000,000 | |||||||
Number of square feet | ft² | 223,000 | |||||||
Number of operational beds | Integer | 515 | |||||||
Five Properties [Member] | ||||||||
Cash payment for acquisition | $ 3,100,000 | $ 3,100,000 | ||||||
Five Properties [Member] | ILLINOIS | ||||||||
Property Estimated fair value | $ 26,100,000 | |||||||
Notes payable, interest rate | 5% | |||||||
Notes payable, monthly payment | $ 92,900 | |||||||
Notes payable, payment period | 10 years 6 months | |||||||
Gain on sale of real estate investments | $ 3,800,000 | |||||||
Five Properties [Member] | ILLINOIS | HUD Mortgages [Member] | ||||||||
Proceeds from sale of property | 16,900,000 | |||||||
Five Properties [Member] | ILLINOIS | Notes Payable [Member] | ||||||||
Proceeds from sale of property | $ 9,000,000 | |||||||
Real Estate Investement [Member] | ||||||||
Depreciation | $ 25,500,000 | $ 24,500,000 |
Schedule of Intangible Assets a
Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 55,900 | $ 55,900 | $ 55,900 |
Accumulated amortization | (44,268) | (41,240) | (38,212) |
Net carrying amount | 11,632 | 14,660 | 17,688 |
Amortization | (3,028) | (3,028) | |
Goodwill Including CON Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,323 | 1,323 | 1,323 |
Accumulated amortization | |||
Net carrying amount | 1,323 | 1,323 | 1,323 |
Amortization | |||
Lease Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 54,577 | 54,577 | 54,577 |
Accumulated amortization | (44,268) | (41,240) | (38,212) |
Net carrying amount | 10,309 | 13,337 | $ 16,365 |
Amortization | $ (3,028) | $ (3,028) |
Schedule of Estimated Amortizat
Schedule of Estimated Amortization Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 11,632 | $ 14,660 | $ 17,688 |
Lease Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2023 | 3,028 | ||
2024 | 3,028 | ||
2025 | 3,028 | ||
2026 | 675 | ||
2027 | 461 | ||
Thereafter | 89 | ||
Total | $ 10,309 | $ 13,337 | $ 16,365 |
Schedule of Properties Owned an
Schedule of Properties Owned and Leased Information (Details) - Integer | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Cumulative number of properties | 79 | 79 |
Cumulative number of operational beds | 10,332 | 10,336 |
Schedule of Additional Informat
Schedule of Additional Information on Properties Facilities Leased (Details) | Dec. 31, 2022 Integer | |
Number of operational units | 10,332 | |
Owned by company units | 78 | |
Leased by company units | 1 | |
Total Operational units | 79 | |
Skilled Nursing Facilities [Member] | ||
Number of operational units | 10,170 | |
Owned by company units | 73 | |
Leased by company units | 1 | |
Total Operational units | 74 | |
Long Term A cute Care Hospitals [Member] | ||
Number of operational units | 63 | [1] |
Owned by company units | 2 | [1] |
Leased by company units | [1] | |
Total Operational units | 2 | [1] |
Assisted Living Facility [Member] | ||
Number of operational units | 99 | |
Owned by company units | 3 | |
Leased by company units | ||
Total Operational units | 3 | |
ILLINOIS | ||
Number of operational units | 4,327 | |
Owned by company units | 21 | |
Leased by company units | ||
Total Operational units | 21 | |
INDIANA | ||
Number of operational units | 1,388 | |
Owned by company units | 14 | |
Leased by company units | 1 | |
Total Operational units | 15 | |
MICHIGAN | ||
Number of operational units | 100 | |
Owned by company units | 1 | |
Leased by company units | ||
Total Operational units | 1 | |
OHIO | ||
Number of operational units | 238 | |
Owned by company units | 4 | |
Leased by company units | ||
Total Operational units | 4 | |
TENNESSEE | ||
Number of operational units | 1,056 | |
Owned by company units | 12 | |
Leased by company units | ||
Total Operational units | 12 | |
KENTUCKY | ||
Number of operational units | 1,045 | |
Owned by company units | 9 | |
Leased by company units | ||
Total Operational units | 9 | |
ARKANSAS | ||
Number of operational units | 1,568 | |
Owned by company units | 13 | |
Leased by company units | ||
Total Operational units | 13 | |
OKLAHOMA | ||
Number of operational units | 137 | |
Owned by company units | 1 | |
Leased by company units | ||
Total Operational units | 1 | |
TEXAS | ||
Number of operational units | 473 | |
Owned by company units | 3 | |
Leased by company units | ||
Total Operational units | 3 | |
[1]Each property is comprised of a skilled nursing facility and long-term acute care hospital. |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Revenues (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases | |
2023 | $ 83,312 |
2024 | 84,815 |
2025 | 75,152 |
2026 | 56,159 |
2027 | 56,453 |
Thereafter | 186,099 |
Total | $ 541,990 |
Schedule of Property Leases to
Schedule of Property Leases to Third Parties (Details) - Integer Integer in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Number of facilities leased and subleased to third-parties | 1 | 1 |
Number of operational beds | 68 | 68 |
Schedule of Components of Lease
Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Operating lease cost | $ 392 | $ 375 |
Operating lease right of use asset | 1,833 | 2,064 |
Operating lease liability | $ 1,833 | $ 2,064 |
Weighted average remaining lease term-operating leases (in years) | 5 years 3 months | 6 years 3 months |
Weighted average discount rate | 4.10% | 4.10% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments On Non-Cancellable Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases | |
2023 | $ 395 |
2024 | 395 |
2025 | 395 |
2026 | 395 |
2027 | 395 |
Thereafter | 69 |
Total | 2,044 |
Less Interest | (211) |
Total operating lease liability | $ 1,833 |
Leases (Details Narrative)
Leases (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) Integer | |
Leases | ||
Number of properties leased | Integer | 79 | 79 |
Lease description | The lease expires on March 1, 2028 and has two five-year renewal options | |
Rental expense | $ | $ 203,500 | $ 198,000 |
Schedule of Notes Payable and O
Schedule of Notes Payable and Other Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Gross Notes Payable and other Debt | $ 456,791 | $ 504,177 |
Debt issuance costs | (1,376) | (2,377) |
Net Notes Payable and other Debt | 455,415 | 501,800 |
HUD Guaranteed Bank Loans [Member] | ||
Short-Term Debt [Line Items] | ||
Gross Notes Payable and other Debt | $ 275,778 | 283,108 |
Weighted average interest rate | 3.23% | |
Bank Loans [Member] | ||
Short-Term Debt [Line Items] | ||
Gross Notes Payable and other Debt | $ 105,225 | 24,789 |
Weighted average interest rate | 7.68% | |
Series A Series B AndSeries C Bonds [Member] | ||
Short-Term Debt [Line Items] | ||
Gross Notes Payable and other Debt | $ 75,788 | 194,926 |
Weighted average interest rate | 5.91% | |
Loans From Others [Member] | ||
Short-Term Debt [Line Items] | ||
Gross Notes Payable and other Debt | $ 1,354 | |
Weighted average interest rate |
Schedule of Notes Payable and_2
Schedule of Notes Payable and Other Debt Payables Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 28,219 |
2024 | 25,793 |
2025 | 15,570 |
2026 | 57,373 |
2027 | 94,747 |
Thereafter | 235,089 |
Total | $ 456,791 |
Notes Payable and Other Debt (D
Notes Payable and Other Debt (Details Narrative) $ in Thousands, ₪ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||
Mar. 28, 2022 USD ($) | Mar. 21, 2022 USD ($) | Jul. 31, 2021 USD ($) | Jul. 31, 2021 ILS (₪) | Nov. 30, 2015 USD ($) | Nov. 30, 2015 ILS (₪) | Sep. 30, 2023 | Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) Integer | Dec. 31, 2022 ILS (₪) Integer | Jul. 04, 2022 | Mar. 19, 2020 USD ($) | Aug. 31, 2019 | May 31, 2017 | Mar. 31, 2017 | |
Short-Term Debt [Line Items] | |||||||||||||||
Number of outstanding credit related instrument | Integer | 40 | 42 | 40 | ||||||||||||
Proceeds from issuance of bonds | $ 1,700 | ||||||||||||||
Minority interest | 7,786 | 2,265 | |||||||||||||
Offering and issuance, costs | $ 1,376 | 2,377 | |||||||||||||
Notes payable | 1,400 | ||||||||||||||
New Buy Back Program [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, expiration date | Mar. 28, 2023 | ||||||||||||||
BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Credit facility of market fair value collateral | Under the terms of the indenture for the Series C Bonds, the BVI Company can take out properties from the collateral (in case of HUD refinancing) or to add properties and increase the Series C Bonds as long as the ratio of outstanding amount of the Series C Bonds to fair market value of the collateral is not more than 65%. In addition, starting from July 1, 2023, if the fair market value of the collateral is below 55%, the BVI Company can request to release collateral so the fair market value will increase to 55%. | ||||||||||||||
Minimum [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Ratio of equity | 27 | ||||||||||||||
Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Stockholders' equity percentage | 30% | ||||||||||||||
Maximum [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Adjustment of interest rate | 40% | ||||||||||||||
Mortgage Loans [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Mortgage loans | $ 276,000 | $ 283,000 | |||||||||||||
Debt instrument, rate | 0.65% | 0.65% | |||||||||||||
Weighted interest rate, debt | 3.88% | 3.88% | 3.88% | ||||||||||||
Series B Bonds [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, rate | 3.50% | 7.68% | 7.68% | ||||||||||||
Debt borrowing value | $ 105,000 | ||||||||||||||
Downgrade of rating, description | The facility provides for monthly payments of principal based on a 20-year amortization with a balloon payment due in March 2027 | ||||||||||||||
Floor interest rate | 4% | ||||||||||||||
Debt outstanding value | $ 102,390 | ||||||||||||||
Foreign currency loss | $ 10,100 | ||||||||||||||
Credit facility description | (i) a covenant that the ratio of the Company’s indebtedness to its EBITDA cannot exceed 8.0 to 1, (ii) a covenant that the ratio of the Company’s net operating income to its debt service before dividend distribution is at least 1.20 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement (iii) a covenant that the ratio of the Company’s net operating income to its debt service after dividend distribution is at least 1.05 to 1.00 for each fiscal quarter as measured pursuant to the terms of the loan agreement, and (iii) a covenant that the Company’s GAAP equity is at least $20,000,000. | ||||||||||||||
Series A Bonds [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, rate | 6.90% | 6.40% | 6.65% | ||||||||||||
Weighted interest rate, debt | 7.40% | ||||||||||||||
Proceeds from issuance of bonds | $ 68,000 | ₪ 265.2 | |||||||||||||
Proceeds from issuance of debt, Net of issuance costs | $ 64,300 | ₪ 251.2 | $ 30,100 | ||||||||||||
Series A Bonds [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, rate | 2.50% | 2.50% | |||||||||||||
Annual rate of interest | 0.50% | ||||||||||||||
Interest increasing in additional precentage | 0.25% | ||||||||||||||
Series A Bonds [Member] | First Four Principal Payments [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Original principal amount, rate | 15% | ||||||||||||||
Series A Bonds [Member] | Last Four Principal Payments [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Original principal amount, rate | 10% | ||||||||||||||
Series A Bonds [Member] | Minimum [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, rate | 6.90% | ||||||||||||||
Series A Bonds [Member] | Minimum [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Minority interest | $ 110,000 | ||||||||||||||
Interest increasing in additional precentage | 1.25% | ||||||||||||||
Series A Bonds [Member] | Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Dividend distribution | $ 120,000 | ||||||||||||||
Series A Bonds [Member] | Maximum [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, rate | 6.40% | ||||||||||||||
Series A Bonds [Member] | Maximum [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Interest increasing in additional precentage | 6.40% | ||||||||||||||
Series A and B Bonds [Member] | New Buy Back Program [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument repurchase | $ 5,000 | ||||||||||||||
Series A and C Bonds[Member] | New Buy Back Program [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument repurchase | $ 10,000 | ||||||||||||||
Series C Bonds [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument, rate | 5.70% | 5.70% | |||||||||||||
Proceeds from issuance initial public offering | $ 64,700 | ₪ 208 | |||||||||||||
Offering and issuance, costs | $ 1,700 | ||||||||||||||
Series C Bonds [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Adjustment of interest rate | 1.50% | ||||||||||||||
Interest increasing in additional precentage | 0.50% | ||||||||||||||
Fair market value | 75% | ||||||||||||||
Maximum issuance of debt | $ 179,000 | ₪ 630 | |||||||||||||
Debt instrument interest rate during period | 1% | ||||||||||||||
Series C Bonds [Member] | BVI Company [Member] | Forecast [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument interest rate during period | 2.50% | ||||||||||||||
Series C Bonds [Member] | BVI Company [Member] | There after [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Debt instrument interest rate during period | 3% | ||||||||||||||
Series C Bonds [Member] | First Four Principal Payments [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Original principal amount, rate | 6% | ||||||||||||||
Series C Bonds [Member] | Minimum [Member] | Stockholders Equity [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Stockholders' equity percentage | 27% | ||||||||||||||
Series C Bonds [Member] | Minimum [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Minority interest | $ 230,000 | ||||||||||||||
Adjustment of interest rate | 0.25% | ||||||||||||||
Stockholders' equity percentage | 25% | ||||||||||||||
Fair market value | 75% | ||||||||||||||
Series C Bonds [Member] | Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Minority interest | $ 250,000 | ||||||||||||||
Stockholders' equity percentage | 30% | ||||||||||||||
Dividend distribution | $ 250,000 | ||||||||||||||
Series C Bonds [Member] | Maximum [Member] | BVI Company [Member] | |||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||
Adjustment of interest rate | 80% | ||||||||||||||
Single ratings interest Increase annually | 1.25% |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - Five Properties [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from loans | $ 7,740 | ||
Payments to acquire property plant and equipment | $ 3,100 | $ 3,100 | |
Proceeds from sale of property and equipment | $ 4,400 |
Equity Incentive Plan (Details
Equity Incentive Plan (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares based compensation expenses | $ 250,000 | |
Two Thousand Twenty One Equity Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares authorized under plan | 250,000 | |
Number of shares available for grant | 225,100 | |
Number of shares granted | 0 | |
Number of shares granted | 24,900 | |
Shares based compensation expenses | $ 250,000 |
Stockholders_ Equity and Dist_2
Stockholders’ Equity and Distributions (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Tax description | U.S. federal income tax law requires that a REIT distribute annually at least 90% of its net taxable income, excluding net capital gains, and that it pays tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income, including net capital gains. In addition, a REIT is required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions that it makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed income from prior years |
Operating Partnership Agreement [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock issued, shares | 46,890,541 |
Four Sixty Stockholders [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares outstanding | 864,240 |
Equity Incentive Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Shares issued for employees | 6,365,856 |
Equity Incentive Plan [Member] | Operating Partnership Agreement [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Common stock capital shares, issued | 46,890,541 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | |||
Average Annual rent over life of lease | $ 203,500 | $ 198,000 | |
The Waters of Princeton II, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1020 West Vine Street Realty, LLC | ||
Average Annual rent over life of lease | $ 1,045,506,000 | ||
Percentage of total rent | 1.45% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Princeton II, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Princeton II, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Princeton II, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Dillsboro - Ross Manor II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 12803 Lenover Street Realty LLC | ||
Average Annual rent over life of lease | $ 1,353,655,000 | ||
Percentage of total rent | 1.87% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Dillsboro - Ross Manor II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Dillsboro - Ross Manor II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Dillsboro - Ross Manor II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Scottsburg II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1350 North Todd Drive Realty, LLC | ||
Average Annual rent over life of lease | $ 1,089,527,000 | ||
Percentage of total rent | 1.51% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Scottsburg II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Scottsburg II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Scottsburg II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Covington II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1600 East Liberty Street Realty LLC | ||
Average Annual rent over life of lease | $ 1,309,634,000 | ||
Percentage of total rent | 1.81% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Covington II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Covington II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Covington II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Greencastle II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1601 Hospital Drive Realty LLC | ||
Average Annual rent over life of lease | $ 1,100,532,000 | ||
Percentage of total rent | 1.52% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Greencastle II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Greencastle II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Greencastle II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Huntingburg II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1712 Leland Drive Realty, LLC | ||
Average Annual rent over life of lease | $ 1,045,506,000 | ||
Percentage of total rent | 1.45% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Huntingburg II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Huntingburg II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Huntingburg II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Martinsville II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 2055 Heritage Drive Realty LLC | ||
Average Annual rent over life of lease | $ 1,133,548,000 | ||
Percentage of total rent | 1.57% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Martinsville II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Martinsville II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Martinsville II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Indianapolis II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 3895 South Keystone Avenue Realty LLC | ||
Average Annual rent over life of lease | $ 891,431,000 | ||
Percentage of total rent | 1.23% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Indianapolis II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Indianapolis II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Indianapolis II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Rising Sun II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 405 Rio Vista Lane Realty LLC | ||
Average Annual rent over life of lease | $ 638,309,000 | ||
Percentage of total rent | 0.88% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Rising Sun II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Rising Sun II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Rising Sun II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Clifty Falls II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 950 Cross Avenue Realty LLC | ||
Average Annual rent over life of lease | $ 1,518,735,000 | ||
Percentage of total rent | 2.10% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Clifty Falls II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Clifty Falls II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Clifty Falls II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Batesville II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 958 East Highway 46 Realty LLC | ||
Average Annual rent over life of lease | $ 946,458,000 | ||
Percentage of total rent | 1.31% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Batesville II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Batesville II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Batesville II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of Muncie II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 2400 Chateau Drive Realty, LLC | ||
Average Annual rent over life of lease | $ 792,383,000 | ||
Percentage of total rent | 1.10% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Muncie II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of Muncie II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of Muncie II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
The Waters of New Castle II LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | The Big H2O LLC | ||
Average Annual rent over life of lease | $ 726,351,000 | ||
Percentage of total rent | 1% | ||
Lease maturity | Aug. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of New Castle II LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 39.10% | |
The Waters of New Castle II LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40.14% | |
The Waters of New Castle II LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20.20% | |
Lakebridge, a Waters Community, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 115 Woodlawn Drive, LLC | ||
Average Annual rent over life of lease | $ 1,514,820,000 | ||
Percentage of total rent | 1.81% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Lakebridge, a Waters Community, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Lakebridge, a Waters Community, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Lakebridge, a Waters Community, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
The Waters of Roan Highlands, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 146 Buck Creek Road, LLC | ||
Average Annual rent over life of lease | $ 1,111,794,000 | ||
Percentage of total rent | 1.33% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Roan Highlands, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Roan Highlands, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Roan Highlands, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
The Waters of Springfield, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 704 5TH Avenue East, LLC | ||
Average Annual rent over life of lease | $ 917,230,000 | ||
Percentage of total rent | 1.09% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Springfield, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Springfield, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Springfield, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
The Waters of Cheatham, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 2501 River Road, LLC | ||
Average Annual rent over life of lease | $ 1,111,794,000 | ||
Percentage of total rent | 1.33% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Cheatham, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Cheatham, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Cheatham, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
The Waters of Smyrna, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 202 Enon Springs Road East, LLC | ||
Average Annual rent over life of lease | $ 1,264,666,000 | ||
Percentage of total rent | 1.51% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Smyrna, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Smyrna, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Smyrna, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
The Waters of Johnson City, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 140 Technology Lane, LLC | ||
Average Annual rent over life of lease | $ 1,167,384,000 | ||
Percentage of total rent | 1.39% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Johnson City, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Johnson City, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Johnson City, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
The Waters of Shelbyville, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 835 Union Street, LLC | ||
Average Annual rent over life of lease | $ 1,334,153,000 | ||
Percentage of total rent | 1.59% | ||
Lease maturity | Aug. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Shelbyville, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Shelbyville, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Shelbyville, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Agape Rehabilitation & Nursing Center A Water's Community LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 505 North Roan Street, LLC | ||
Average Annual rent over life of lease | $ 1,628,910,000 | ||
Percentage of total rent | 1.97% | ||
Lease maturity | Jul. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Agape Rehabilitation & Nursing Center A Water's Community LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Agape Rehabilitation & Nursing Center A Water's Community LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Agape Rehabilitation & Nursing Center A Water's Community LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Waters of McKenzie, A Rehabilitation & Nursing Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 14510 Highway 79, LLC | ||
Average Annual rent over life of lease | $ 1,279,858,000 | ||
Percentage of total rent | 1.55% | ||
Lease maturity | Jul. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Waters of McKenzie, A Rehabilitation & Nursing Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of McKenzie, A Rehabilitation & Nursing Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of McKenzie, A Rehabilitation & Nursing Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Waters of Memphis, A Rehabilitation & Nursing Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 6500 Kirby Gate Boulevard, LLC | ||
Average Annual rent over life of lease | $ 1,745,261,000 | ||
Percentage of total rent | 2.11% | ||
Lease maturity | Jul. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Waters of Memphis, A Rehabilitation & Nursing Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of Memphis, A Rehabilitation & Nursing Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of Memphis, A Rehabilitation & Nursing Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 978 Highway 11 South, LLC | ||
Average Annual rent over life of lease | $ 1,745,261,000 | ||
Percentage of total rent | 2.11% | ||
Lease maturity | Jul. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of Sweetwater, A Rehabilitation & Nursing Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Waters of Bristol, A Rehabilitiation & Nursing Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 2830 Highway 394, LLC | ||
Average Annual rent over life of lease | $ 2,327,014,000 | ||
Percentage of total rent | 2.81% | ||
Lease maturity | Jul. 01, 2031 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Waters of Bristol, A Rehabilitiation & Nursing Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of Bristol, A Rehabilitiation & Nursing Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Waters of Bristol, A Rehabilitiation & Nursing Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Parker Rehab And Nursing Center L L C [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 516 West Frech Street, LLC | ||
Average Annual rent over life of lease | $ 498,350,000 | ||
Percentage of total rent | 0.69% | ||
Lease maturity | Mar. 31, 2031 | ||
Extension options | None | ||
Annual Escalation | Varies between $12,000 and $24,000 annually | ||
Parker Rehab And Nursing Center L L C [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Parker Rehab And Nursing Center L L C [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Parker Rehab And Nursing Center L L C [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 0% | |
Westpark, a Waters Community, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1316 North Tibbs Avenue Realty, LLC | ||
Average Annual rent over life of lease | $ 549,884,000 | ||
Percentage of total rent | 0.76% | ||
Lease maturity | Jun. 01, 2024 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Westpark, a Waters Community, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Westpark, a Waters Community, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Westpark, a Waters Community, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Ambassador Nursing and Rehabilitation Center II, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Ambassador Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 1,005,313,000 | ||
Percentage of total rent | 1.39% | ||
Lease maturity | Feb. 28, 2026 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Ambassador Nursing and Rehabilitation Center II, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 37.50% | |
Ambassador Nursing and Rehabilitation Center II, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 37.50% | |
Ambassador Nursing and Rehabilitation Center II, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 5% | |
Momence Meadows Nursing & Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Momence Meadows Realty, LLC | ||
Average Annual rent over life of lease | $ 1,038,000,000 | ||
Percentage of total rent | 1.44% | ||
Lease maturity | Dec. 30, 2025 | ||
Extension options | None | ||
Annual Escalation | None | ||
Momence Meadows Nursing & Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Momence Meadows Nursing & Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Momence Meadows Nursing & Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 0% | |
Oak Lawn Respiratory and Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Oak Lawn Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 1,083,048,000 | ||
Percentage of total rent | 1.50% | ||
Lease maturity | Jun. 01, 2031 | ||
Extension options | None | ||
Annual Escalation | None | ||
Oak Lawn Respiratory and Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Oak Lawn Respiratory and Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Oak Lawn Respiratory and Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 0% | |
Forest View Rehabilitation and Nursing Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Forest View Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 1,215,483,000 | ||
Percentage of total rent | 1.68% | ||
Lease maturity | Dec. 01, 2024 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Forest View Rehabilitation and Nursing Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Forest View Rehabilitation and Nursing Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
Forest View Rehabilitation and Nursing Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 0% | |
Lakeview Rehabilitation and Nursing Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Lincoln Park Holdings, LLC | ||
Average Annual rent over life of lease | $ 1,260,000,000 | ||
Percentage of total rent | 1.74% | ||
Lease maturity | May 31, 2031 | ||
Extension options | None | ||
Annual Escalation | None | ||
Lakeview Rehabilitation and Nursing Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Lakeview Rehabilitation and Nursing Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Lakeview Rehabilitation and Nursing Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 0% | |
Continental Nursing and Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Continental Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 1,575,348,000 | ||
Percentage of total rent | 2.18% | ||
Lease maturity | Mar. 01, 2031 | ||
Extension options | None | ||
Annual Escalation | None | ||
Continental Nursing and Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 37.50% | |
Continental Nursing and Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 37.50% | |
Continental Nursing and Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 5% | |
City View Multicare Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Westshire Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 1,788,365,000 | ||
Percentage of total rent | 2.47% | ||
Lease maturity | Sep. 01, 2025 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
City View Multicare Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
City View Multicare Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 50% | |
City View Multicare Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 0% | |
Belhaven Nursing and Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Belhaven Realty, LLC | ||
Average Annual rent over life of lease | $ 2,134,570,000 | ||
Percentage of total rent | 2.95% | ||
Lease maturity | Feb. 28, 2026 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Belhaven Nursing and Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 35% | |
Belhaven Nursing and Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 35% | |
Belhaven Nursing and Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 24.99% | |
West Suburban Nursing & Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | West Suburban Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 1,961,604,000 | ||
Percentage of total rent | 2.71% | ||
Lease maturity | Nov. 01, 2027 | ||
Extension options | None | ||
Annual Escalation | None | ||
West Suburban Nursing & Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 37.50% | |
West Suburban Nursing & Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 37.50% | |
West Suburban Nursing & Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 5% | |
The Waters of Lebanon, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 1585 Perry Worth Road, LLC | ||
Average Annual rent over life of lease | $ 116,676,000 | ||
Percentage of total rent | 0.16% | ||
Lease maturity | Jun. 01, 2027 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
The Waters of Lebanon, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Lebanon, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
The Waters of Lebanon, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Niles Nursing & Rehabilitation Center LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Niles Nursing Realty LLC | ||
Average Annual rent over life of lease | $ 2,409,998,000 | ||
Percentage of total rent | 3.33% | ||
Lease maturity | Feb. 28, 2026 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Niles Nursing & Rehabilitation Center LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Niles Nursing & Rehabilitation Center LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 40% | |
Niles Nursing & Rehabilitation Center LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Parkshore Estates Nursing and Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Parkshore Estates Nursing Realty, LLC | ||
Average Annual rent over life of lease | $ 2,454,187,000 | ||
Percentage of total rent | 3.39% | ||
Lease maturity | Dec. 01, 2024 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Parkshore Estates Nursing and Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 30% | |
Parkshore Estates Nursing and Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 30% | |
Parkshore Estates Nursing and Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 20% | |
Midway Neurological and Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | Midway Neurological and Rehabilitation Realty, LLC | ||
Average Annual rent over life of lease | $ 2,547,712,000 | ||
Percentage of total rent | 3.52% | ||
Lease maturity | Feb. 28, 2026 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Midway Neurological and Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 33.39% | |
Midway Neurological and Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2] | 33.39% | |
Midway Neurological and Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | [1],[2],[3] | 23.97% | |
Hope Creek Nursing and Rehabilitation Center, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Lessor/Company Subsidiary | 4343 Kennedy Drive, LLC | ||
Average Annual rent over life of lease | $ 478,958,000 | ||
Percentage of total rent | 0.58% | ||
Lease maturity | Oct. 01, 2030 | ||
Extension options | 2 five year | ||
Annual Escalation | 3% | ||
Hope Creek Nursing and Rehabilitation Center, LLC [Member] | MoisheGubin and Gubin Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | 50% | ||
Hope Creek Nursing and Rehabilitation Center, LLC [Member] | Michael Blisko and Blisko Enterprises L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | 50% | ||
Hope Creek Nursing and Rehabilitation Center, LLC [Member] | TedLerman and A and F Realty LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Ownership | 0% | ||
[1]Each of the tenants is a limited liability company. The percentages listed reflect the owners’ percentage ownership of the outstanding membership interests in each tenant. Each tenant is managed by two or three managers, which currently consist of Mr. Gubin, Mr. Blisko and in some cases Mr. Lerman or A&F Realty LLC. Decisions are made by majority vote of the managers, except (in some cases) for certain major items that require the vote of a majority or greater percentage of the members.[2]The interests of the three listed related parties are not held through any commonly owned holding companies. Mr. Gubin’s interests are held through Gubin Enterprises LP. Mr. Blisko’s interests are held through Blisko Enterprises LP and New York Boys Management, LLC. The interests held by Ted Lerman/A&F Realty LLC are held directly by them.[3] In January 2023 Gubin Enterprises LP and Blisko Enterprises LP reached an agreement with A&F Realty LLC to purchase their ownership interest in all of the operating entities with a retroactive effective date of January 1, 2022. |
Schedule of Balances with Relat
Schedule of Balances with Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Straight-line rent receivable | $ 11,591 | $ 15,261 |
Tenant portion of replacement reserve | 10,227 | 10,331 |
Notes receivable | $ 7,816 | $ 8,521 |
Schedule of Payments from and t
Schedule of Payments from and to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Rental income received from related parties | $ 54,386 | $ 61,310 |
Related Party Transactions an_3
Related Party Transactions and Economic Dependence (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jul. 03, 2022 | Apr. 04, 2022 | Apr. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 14, 2022 | |
Related Party Transaction [Line Items] | |||||||
Rental payments | $ 203,500 | $ 198,000 | |||||
Notes recevables percentage | 7% | ||||||
Notes receivables | $ 8,000,000 | ||||||
ARKANSAS | |||||||
Related Party Transaction [Line Items] | |||||||
Payments to acquire property | $ 90,000,000 | ||||||
Mr. Gubin and Mr. Blisko [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from loans | 21,900,000 | ||||||
Mr. Gubin [Member] | Optimum Bank [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party deposit liabilities | $ 4,700,000 | $ 17,500,000 | |||||
Two Master Lease Agreements [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Lease losses, write-offs | $ 1,075,000 | ||||||
Two Master Lease Agreements [Member] | Monthly [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Rental payments | $ 225,000 | ||||||
Two Master Lease Agreements [Member] | Yearly [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Rental payments | $ 2,700,000 | ||||||
New Lease Agreements [Member] | Unaffiliated Third-Party [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Lease term | 10 years | ||||||
New Lease Agreements [Member] | Monthly [Member] | Unaffiliated Third-Party [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Rental payments | $ 180,000 | ||||||
New Lease Agreements [Member] | Yearly [Member] | Unaffiliated Third-Party [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Rental payments | $ 2,300,000 |
Schedule of Fair Value on the C
Schedule of Fair Value on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable, carrying amount | $ 7,816 | $ 8,521 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior debt and bonds, carrying value | 455,415 | 501,800 |
Senior debt and bonds, fair value | 454,523 | 508,297 |
Notes receivable, carrying amount | 19,419 | 9,831 |
Notes receivable, fair value | $ 18,479 | $ 9,831 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ / shares in Units, ₪ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 03, 2023 USD ($) ft² | Feb. 28, 2023 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 06, 2023 $ / shares | Feb. 28, 2023 USD ($) | Feb. 28, 2023 ILS (₪) | |
Subsequent Event [Line Items] | |||||||
Rental expense | $ 203,500 | $ 198,000 | |||||
Gross notes payable and other debt | $ 456,791,000 | $ 504,177,000 | |||||
Series C Bonds [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Bonds issued below par | 5.70% | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments to acquire commercial real estate | $ 6,000,000 | ||||||
Leasehold Improvements, Gross | $ 700,000 | ||||||
Area of Land | ft² | 34,824 | ||||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||||
Lessee, Operating Lease, Variable Lease Payment, Terms and Conditions | The initial annualized base rent is $ | ||||||
Rental expense | $ 600,000 | ||||||
Dividends per share | $ / shares | $ 0.11 | ||||||
Subsequent Event [Member] | Series C Bonds [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from issuance of bond | ₪ | ₪ 40 | ||||||
Gross notes payable and other debt | $ 10,730,000 | ₪ 38.1 | |||||
Bonds issued below par | 95.25% | 95.25% |
Schedule of Financing Income (E
Schedule of Financing Income (Expenses), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Interest expenses with respect to bonds | $ (7,062) | $ (9,736) |
Interest expenses on loans from banks and others | (14,071) | (11,543) |
Interest expenses with respect to leases | (80) | (91) |
Other financing expenses (including related parties), net | (95) | (354) |
Total financing expenses | (21,308) | (21,724) |
Financing income | 801 | 463 |
Interest Expense, Net | $ (20,507) | $ (21,261) |
Schedule of Real Estate and Acc
Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 60,009,905 | ||
Initial cost, building and improvements and intangible lease assets | 518,740,118 | ||
Initial cost, furniture, fixtures and equipment | 54,998,977 | ||
Gross amount, land | 60,009,905 | ||
Gross amount, building and improvements and intangible lease assets | 372,793,563 | ||
Gross amount, furniture, fixtures and equipment | 6,107,811 | ||
Total | 438,911,279 | $ 462,728,000 | |
Accumulated depreciation | 194,837,721 | $ 169,308,000 | $ 144,848,000 |
One Thousand Twenty West Vine Street L L C [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | 73,704 | ||
Initial cost, building and improvements and intangible lease assets | 5,373,301 | ||
Initial cost, furniture, fixtures and equipment | 552,994 | ||
Gross amount, land | 73,704 | ||
Gross amount, building and improvements and intangible lease assets | 4,080,799 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,154,503 | ||
Accumulated depreciation | $ 1,845,496 | ||
1020 West Vine St, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1968 | ||
Date acquired | May 01, 2015 | ||
12803 Lenover Street Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 749,235 | ||
Initial cost, building and improvements and intangible lease assets | 11,715,266 | ||
Initial cost, furniture, fixtures and equipment | 707,200 | ||
Gross amount, land | 749,235 | ||
Gross amount, building and improvements and intangible lease assets | 7,574,048 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 8,323,283 | ||
Accumulated depreciation | $ 4,848,418 | ||
Date of construction | 1898 | ||
Date acquired | Dec. 28, 2012 | ||
1600 East Liberty Street Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 226,684 | ||
Initial cost, building and improvements and intangible lease assets | 8,613,047 | ||
Initial cost, furniture, fixtures and equipment | 684,202 | ||
Gross amount, land | 226,684 | ||
Gross amount, building and improvements and intangible lease assets | 5,897,638 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,124,322 | ||
Accumulated depreciation | $ 3,399,611 | ||
Date of construction | 1973 | ||
Date acquired | Dec. 28, 2012 | ||
One Thousand Six Hundred One Hospital Drive Realty L L C [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 374,029 | ||
Initial cost, building and improvements and intangible lease assets | 6,536,475 | ||
Initial cost, furniture, fixtures and equipment | 574,959 | ||
Gross amount, land | 374,029 | ||
Gross amount, building and improvements and intangible lease assets | 4,504,832 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,878,861 | ||
Accumulated depreciation | $ 2,606,602 | ||
1601 Hospital Dr Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1981 | ||
Date acquired | Dec. 28, 2012 | ||
Two Thousand Fifty Five Heritage Drive Realty L L C [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 397,029 | ||
Initial cost, building and improvements and intangible lease assets | 6,567,012 | ||
Initial cost, furniture, fixtures and equipment | 592,208 | ||
Gross amount, land | 397,029 | ||
Gross amount, building and improvements and intangible lease assets | 4,413,431 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,810,460 | ||
Accumulated depreciation | $ 2,745,789 | ||
2055 Heritage Dr Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1978 | ||
Date acquired | Dec. 28, 2012 | ||
Three Thousand Eight Hundred Ninety Five Keystone Avenue Realty L L C [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 905,829 | ||
Initial cost, building and improvements and intangible lease assets | 5,401,715 | ||
Initial cost, furniture, fixtures and equipment | 465,715 | ||
Gross amount, land | 905,829 | ||
Gross amount, building and improvements and intangible lease assets | 3,684,275 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,590,104 | ||
Accumulated depreciation | $ 2,183,155 | ||
3895 Keystone Ave Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1998 | ||
Date acquired | Dec. 28, 2012 | ||
405 Rio Vista Lane Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 851,889 | ||
Initial cost, building and improvements and intangible lease assets | 3,190,949 | ||
Initial cost, furniture, fixtures and equipment | 277,894 | ||
Gross amount, land | 851,889 | ||
Gross amount, building and improvements and intangible lease assets | 1,713,700 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,565,589 | ||
Accumulated depreciation | $ 1,755,143 | ||
Date of construction | 1965 | ||
Date acquired | Dec. 28, 2012 | ||
950 Cross Ave Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,055,229 | ||
Initial cost, building and improvements and intangible lease assets | 8,223,435 | ||
Initial cost, furniture, fixtures and equipment | 793,445 | ||
Gross amount, land | 1,055,229 | ||
Gross amount, building and improvements and intangible lease assets | 5,550,787 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,606,016 | ||
Accumulated depreciation | $ 3,466,093 | ||
Date of construction | 1972 | ||
Date acquired | Dec. 28, 2012 | ||
958 East Highway 46 Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,424,142 | ||
Initial cost, building and improvements and intangible lease assets | 12,353,018 | ||
Initial cost, furniture, fixtures and equipment | 494,464 | ||
Gross amount, land | 1,424,142 | ||
Gross amount, building and improvements and intangible lease assets | 8,440,128 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 9,864,270 | ||
Accumulated depreciation | $ 4,407,354 | ||
Date of construction | 1975 | ||
Date acquired | Dec. 28, 2012 | ||
One Thousand Three Hundred Fifty North Todd Drive Realty L L C [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 76,959 | ||
Initial cost, building and improvements and intangible lease assets | 3,151,485 | ||
Initial cost, furniture, fixtures and equipment | 371,556 | ||
Gross amount, land | 76,959 | ||
Gross amount, building and improvements and intangible lease assets | 1,764,500 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 1,841,459 | ||
Accumulated depreciation | $ 1,758,541 | ||
Date of construction | 1976 | ||
Date acquired | Dec. 28, 2012 | ||
1712 Leland Drive Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 158,995 | ||
Initial cost, building and improvements and intangible lease assets | 5,399,959 | ||
Initial cost, furniture, fixtures and equipment | 441,046 | ||
Gross amount, land | 158,995 | ||
Gross amount, building and improvements and intangible lease assets | 3,563,280 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 3,722,275 | ||
Accumulated depreciation | $ 2,277,724 | ||
Date of construction | 1977 | ||
Date acquired | May 01, 2015 | ||
253 Bradington Drive, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 533,575 | ||
Initial cost, building and improvements and intangible lease assets | 6,030,915 | ||
Initial cost, furniture, fixtures and equipment | 535,510 | ||
Gross amount, land | 533,575 | ||
Gross amount, building and improvements and intangible lease assets | 3,467,761 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,001,336 | ||
Accumulated depreciation | $ 3,098,664 | ||
Date of construction | 1993 | ||
Date acquired | Apr. 01, 2011 | ||
1621 Coit Road Realty, LLC [Member] | TEXAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,466,005 | ||
Initial cost, building and improvements and intangible lease assets | 6,428,360 | ||
Initial cost, furniture, fixtures and equipment | 771,979 | ||
Gross amount, land | 1,466,005 | ||
Gross amount, building and improvements and intangible lease assets | 3,882,672 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 5,348,677 | ||
Accumulated depreciation | $ 3,317,667 | ||
Date of construction | 1977 | ||
Date acquired | Jul. 01, 2015 | ||
Eight Thousand Two Hundred National Avenue Realty L L C [Member] | OKLAHOMA | SNF/LTACH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,941,555 | ||
Initial cost, building and improvements and intangible lease assets | 8,519,002 | ||
Initial cost, furniture, fixtures and equipment | 781,484 | ||
Gross amount, land | 1,941,555 | ||
Gross amount, building and improvements and intangible lease assets | 6,389,954 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 8,331,509 | ||
Accumulated depreciation | $ 2,910,532 | ||
Date of construction | 1989 | ||
Date acquired | Jul. 01, 2015 | ||
2301 North Oregon Realty, LLC [Member] | TEXAS | SNF/LTACH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 460,109 | ||
Initial cost, building and improvements and intangible lease assets | 9,224,188 | ||
Initial cost, furniture, fixtures and equipment | 1,017,263 | ||
Gross amount, land | 460,109 | ||
Gross amount, building and improvements and intangible lease assets | 6,732,362 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 7,192,471 | ||
Accumulated depreciation | $ 3,509,089 | ||
Date of construction | 1970 | ||
Date acquired | Jul. 01, 2015 | ||
5601 Plum Creek Drive Realty, LLC [Member] | TEXAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,110,560 | ||
Initial cost, building and improvements and intangible lease assets | 8,585,477 | ||
Initial cost, furniture, fixtures and equipment | 694,019 | ||
Gross amount, land | 1,110,560 | ||
Gross amount, building and improvements and intangible lease assets | 5,859,676 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,970,236 | ||
Accumulated depreciation | $ 3,419,820 | ||
5601 Plum Creek Drive Realty, LLC [Member] | TEXAS | SNF/LTACH [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1985 | ||
Date acquired | Jul. 01, 2015 | ||
107 South Lincoln Street LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 69,401 | ||
Initial cost, building and improvements and intangible lease assets | 3,401,111 | ||
Initial cost, furniture, fixtures and equipment | 488,487 | ||
Gross amount, land | 69,401 | ||
Gross amount, building and improvements and intangible lease assets | 2,411,945 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,481,346 | ||
Accumulated depreciation | $ 1,477,653 | ||
Date of construction | 1974 | ||
Date acquired | Nov. 26, 2014 | ||
One Thousand Six Hundred Twenty Three West Delmar Avenue L L C [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 369,094 | ||
Initial cost, building and improvements and intangible lease assets | 2,188,077 | ||
Initial cost, furniture, fixtures and equipment | 257,828 | ||
Gross amount, land | 369,094 | ||
Gross amount, building and improvements and intangible lease assets | 1,322,328 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 1,691,422 | ||
Accumulated depreciation | $ 1,123,577 | ||
Date of construction | 1962 | ||
Date acquired | Nov. 26, 2014 | ||
393 Edwardsville Road LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 251,415 | ||
Initial cost, building and improvements and intangible lease assets | 3,426,747 | ||
Initial cost, furniture, fixtures and equipment | 387,838 | ||
Gross amount, land | 251,415 | ||
Gross amount, building and improvements and intangible lease assets | 2,141,383 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,392,798 | ||
Accumulated depreciation | $ 1,673,202 | ||
Date of construction | 1971 | ||
Date acquired | Nov. 26, 2014 | ||
Nine Hundred Eleven South Third Street Realty L L C [Member] | MICHIGAN | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 289,936 | ||
Initial cost, building and improvements and intangible lease assets | 4,022,959 | ||
Initial cost, furniture, fixtures and equipment | 387,105 | ||
Gross amount, land | 289,936 | ||
Gross amount, building and improvements and intangible lease assets | 2,661,180 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,951,116 | ||
Accumulated depreciation | $ 1,748,884 | ||
Date of construction | 1969 | ||
Date acquired | May 22, 2015 | ||
Five Hundred Sixteen West Frech Street L L C [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 85,518 | ||
Initial cost, building and improvements and intangible lease assets | 1,697,527 | ||
Initial cost, furniture, fixtures and equipment | 266,955 | ||
Gross amount, land | 85,518 | ||
Gross amount, building and improvements and intangible lease assets | 353,059 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 438,577 | ||
Accumulated depreciation | $ 1,611,423 | ||
Date of construction | 1974 | ||
Date acquired | Sep. 28, 2011 | ||
1316 North Tibbs Avenue Realty LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 323,226 | ||
Initial cost, building and improvements and intangible lease assets | 2,940,959 | ||
Initial cost, furniture, fixtures and equipment | 335,816 | ||
Gross amount, land | 323,226 | ||
Gross amount, building and improvements and intangible lease assets | 1,805,176 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,128,402 | ||
Accumulated depreciation | $ 1,471,599 | ||
Date of construction | 1976 | ||
Date acquired | Jun. 01, 2014 | ||
3090 Five Points Hartford Realty, LLC [Member] | OHIO | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 114,614 | ||
Initial cost, building and improvements and intangible lease assets | 1,348,246 | ||
Initial cost, furniture, fixtures and equipment | 155,890 | ||
Gross amount, land | 114,614 | ||
Gross amount, building and improvements and intangible lease assets | 301,910 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 416,524 | ||
Accumulated depreciation | $ 1,202,226 | ||
Date of construction | 1950 | ||
Date acquired | Aug. 01, 2015 | ||
Three Thousand One Hundred Twenty One Glanzman Road Realty L L C [Member] | OHIO | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 211,543 | ||
Initial cost, building and improvements and intangible lease assets | 2,977,780 | ||
Initial cost, furniture, fixtures and equipment | 329,427 | ||
Gross amount, land | 211,543 | ||
Gross amount, building and improvements and intangible lease assets | 1,672,330 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 1,883,873 | ||
Accumulated depreciation | $ 1,634,877 | ||
Date of construction | 1959 | ||
Date acquired | Aug. 01, 2015 | ||
Six Hundred Twenty West Strub Road Realty L L C [Member] | OHIO | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 140,266 | ||
Initial cost, building and improvements and intangible lease assets | 2,785,910 | ||
Initial cost, furniture, fixtures and equipment | 192,574 | ||
Gross amount, land | 140,266 | ||
Gross amount, building and improvements and intangible lease assets | 1,437,396 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 1,577,662 | ||
Accumulated depreciation | $ 1,541,088 | ||
Date of construction | 1978 | ||
Date acquired | Aug. 01, 2015 | ||
4250 Sodom Hutchings Road Realty, LLC [Member] | OHIO | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 41,548 | ||
Initial cost, building and improvements and intangible lease assets | 581,176 | ||
Initial cost, furniture, fixtures and equipment | 96,026 | ||
Gross amount, land | 41,548 | ||
Gross amount, building and improvements and intangible lease assets | 86,724 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 128,272 | ||
Accumulated depreciation | $ 590,478 | ||
Date of construction | 1975 | ||
Date acquired | Aug. 01, 2015 | ||
Ambassador Nursing Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 2,344,176 | ||
Initial cost, building and improvements and intangible lease assets | 5,891,870 | ||
Initial cost, furniture, fixtures and equipment | 991,190 | ||
Gross amount, land | 2,344,176 | ||
Gross amount, building and improvements and intangible lease assets | 3,039,602 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 5,383,778 | ||
Accumulated depreciation | $ 3,843,458 | ||
Date of construction | 1976 | ||
Date acquired | Apr. 01, 2008 | ||
Momence Meadows Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 185,405 | ||
Initial cost, building and improvements and intangible lease assets | 5,861,271 | ||
Initial cost, furniture, fixtures and equipment | 703,325 | ||
Gross amount, land | 185,405 | ||
Gross amount, building and improvements and intangible lease assets | 2,837,688 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 3,023,093 | ||
Accumulated depreciation | $ 3,726,908 | ||
Date of construction | 1974 | ||
Date acquired | Aug. 02, 2006 | ||
Oak Lawn Nursing Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 808,226 | ||
Initial cost, building and improvements and intangible lease assets | 3,388,277 | ||
Initial cost, furniture, fixtures and equipment | 403,497 | ||
Gross amount, land | 808,226 | ||
Gross amount, building and improvements and intangible lease assets | 1,460,683 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,268,909 | ||
Accumulated depreciation | $ 2,331,091 | ||
Date of construction | 1964 | ||
Date acquired | Apr. 30, 2012 | ||
Forest View Nursing Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 392,245 | ||
Initial cost, building and improvements and intangible lease assets | 6,288,479 | ||
Initial cost, furniture, fixtures and equipment | 819,276 | ||
Gross amount, land | 392,245 | ||
Gross amount, building and improvements and intangible lease assets | 4,458,575 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,850,820 | ||
Accumulated depreciation | $ 2,649,180 | ||
Date of construction | 1975 | ||
Date acquired | Nov. 25, 2013 | ||
Lincoln Park Holdings, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 4,322,851 | ||
Initial cost, building and improvements and intangible lease assets | 6,815,753 | ||
Initial cost, furniture, fixtures and equipment | 861,396 | ||
Gross amount, land | 4,322,851 | ||
Gross amount, building and improvements and intangible lease assets | 4,917,292 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 9,240,143 | ||
Accumulated depreciation | $ 2,759,857 | ||
Date of construction | 1973 | ||
Date acquired | Nov. 26, 2014 | ||
Continental Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 3,392,263 | ||
Initial cost, building and improvements and intangible lease assets | 6,659,835 | ||
Initial cost, furniture, fixtures and equipment | 720,666 | ||
Gross amount, land | 3,392,263 | ||
Gross amount, building and improvements and intangible lease assets | 2,681,690 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,073,953 | ||
Accumulated depreciation | $ 4,698,811 | ||
Date of construction | 1976 | ||
Date acquired | Apr. 02, 2008 | ||
Westshire Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 356,185 | ||
Initial cost, building and improvements and intangible lease assets | 22,165,811 | ||
Initial cost, furniture, fixtures and equipment | 2,253,929 | ||
Gross amount, land | 356,185 | ||
Gross amount, building and improvements and intangible lease assets | 15,158,032 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 15,514,217 | ||
Accumulated depreciation | $ 9,261,708 | ||
Date of construction | 1974 | ||
Date acquired | Jul. 26, 2013 | ||
Belhaven Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 2,298,858 | ||
Initial cost, building and improvements and intangible lease assets | 7,026,385 | ||
Initial cost, furniture, fixtures and equipment | 924,756 | ||
Gross amount, land | 2,298,858 | ||
Gross amount, building and improvements and intangible lease assets | 2,088,233 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 4,387,091 | ||
Accumulated depreciation | $ 5,862,908 | ||
Date of construction | 1985 | ||
Date acquired | Jun. 01, 2006 | ||
West Suburban Nursing Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,061,095 | ||
Initial cost, building and improvements and intangible lease assets | 11,501,970 | ||
Initial cost, furniture, fixtures and equipment | 1,336,935 | ||
Gross amount, land | 1,061,095 | ||
Gross amount, building and improvements and intangible lease assets | 6,281,317 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 7,342,412 | ||
Accumulated depreciation | $ 6,557,588 | ||
Date of construction | 1975 | ||
Date acquired | Nov. 02, 2007 | ||
Niles Nursing Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 3,115,279 | ||
Initial cost, building and improvements and intangible lease assets | 21,168,943 | ||
Initial cost, furniture, fixtures and equipment | 1,715,779 | ||
Gross amount, land | 3,115,279 | ||
Gross amount, building and improvements and intangible lease assets | 13,808,596 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 16,923,875 | ||
Accumulated depreciation | $ 9,076,126 | ||
Date of construction | 1974 | ||
Date acquired | Aug. 25, 2012 | ||
Parkshore Estates Nursing Realty, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 450,232 | ||
Initial cost, building and improvements and intangible lease assets | 18,186,687 | ||
Initial cost, furniture, fixtures and equipment | 1,747,280 | ||
Gross amount, land | 450,232 | ||
Gross amount, building and improvements and intangible lease assets | 13,584,910 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 14,035,142 | ||
Accumulated depreciation | $ 6,349,057 | ||
Date of construction | 1975 | ||
Date acquired | Feb. 05, 2015 | ||
Midway Neurological And Rehabilitation Realty L L C [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,436,736 | ||
Initial cost, building and improvements and intangible lease assets | 15,856,182 | ||
Initial cost, furniture, fixtures and equipment | 1,707,081 | ||
Gross amount, land | 1,436,736 | ||
Gross amount, building and improvements and intangible lease assets | 6,384,359 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 7,821,095 | ||
Accumulated depreciation | $ 11,178,904 | ||
Date of construction | 1972 | ||
Date acquired | Apr. 01, 2005 | ||
115 Woodlawn Drive, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,130,269 | ||
Initial cost, building and improvements and intangible lease assets | 9,411,746 | ||
Initial cost, furniture, fixtures and equipment | 930,933 | ||
Gross amount, land | 1,130,269 | ||
Gross amount, building and improvements and intangible lease assets | 7,283,093 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 8,413,362 | ||
Accumulated depreciation | $ 3,059,586 | ||
Date of construction | 1995 | ||
Date acquired | Aug. 01, 2016 | ||
146 Buck Creek Road, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 829,555 | ||
Initial cost, building and improvements and intangible lease assets | 6,907,704 | ||
Initial cost, furniture, fixtures and equipment | 683,254 | ||
Gross amount, land | 829,555 | ||
Gross amount, building and improvements and intangible lease assets | 5,345,390 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,174,945 | ||
Accumulated depreciation | $ 2,245,568 | ||
Date of construction | 1997 | ||
Date acquired | Aug. 01, 2016 | ||
704 5th Avenue East, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 684,383 | ||
Initial cost, building and improvements and intangible lease assets | 5,698,856 | ||
Initial cost, furniture, fixtures and equipment | 563,684 | ||
Gross amount, land | 684,383 | ||
Gross amount, building and improvements and intangible lease assets | 4,409,946 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 5,094,329 | ||
Accumulated depreciation | $ 1,852,594 | ||
Date of construction | 1964 | ||
Date acquired | Aug. 01, 2016 | ||
2501 River Road, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 829,555 | ||
Initial cost, building and improvements and intangible lease assets | 6,907,704 | ||
Initial cost, furniture, fixtures and equipment | 683,254 | ||
Gross amount, land | 829,555 | ||
Gross amount, building and improvements and intangible lease assets | 5,345,390 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,174,945 | ||
Accumulated depreciation | $ 2,245,568 | ||
Date of construction | 1964 | ||
Date acquired | Aug. 01, 2016 | ||
Two Hundred Two Enon Springs Road East L L C [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 943,619 | ||
Initial cost, building and improvements and intangible lease assets | 7,857,513 | ||
Initial cost, furniture, fixtures and equipment | 777,201 | ||
Gross amount, land | 943,619 | ||
Gross amount, building and improvements and intangible lease assets | 6,080,381 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 7,024,000 | ||
Accumulated depreciation | $ 2,554,333 | ||
Date of construction | 1974 | ||
Date acquired | Aug. 01, 2016 | ||
140 Technology Lane, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 871,033 | ||
Initial cost, building and improvements and intangible lease assets | 7,253,089 | ||
Initial cost, furniture, fixtures and equipment | 717,416 | ||
Gross amount, land | 871,033 | ||
Gross amount, building and improvements and intangible lease assets | 5,612,659 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 6,483,692 | ||
Accumulated depreciation | $ 2,357,846 | ||
Date of construction | 2007 | ||
Date acquired | Aug. 01, 2016 | ||
835 Union Street, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 995,467 | ||
Initial cost, building and improvements and intangible lease assets | 8,289,244 | ||
Initial cost, furniture, fixtures and equipment | 819,904 | ||
Gross amount, land | 995,467 | ||
Gross amount, building and improvements and intangible lease assets | 6,414,467 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 7,409,934 | ||
Accumulated depreciation | $ 2,694,681 | ||
Date of construction | 1962 | ||
Date acquired | Aug. 01, 2016 | ||
308 West Maple Avenue, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 995,467 | ||
Initial cost, building and improvements and intangible lease assets | 8,289,244 | ||
Initial cost, furniture, fixtures and equipment | 819,904 | ||
Gross amount, land | 995,467 | ||
Gross amount, building and improvements and intangible lease assets | 6,414,467 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 7,409,934 | ||
Accumulated depreciation | $ 2,694,681 | ||
Date of construction | 1970 | ||
Date acquired | Aug. 01, 2016 | ||
Big H Twenty [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 772,847 | ||
Initial cost, building and improvements and intangible lease assets | |||
Initial cost, furniture, fixtures and equipment | |||
Gross amount, land | 772,847 | ||
Gross amount, building and improvements and intangible lease assets | |||
Gross amount, furniture, fixtures and equipment | |||
Total | 772,847 | ||
Accumulated depreciation | |||
Date acquired | Dec. 01, 2012 | ||
One Thousand Five Hundred Eighty Five Perry Worth Road L L C [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 98,516 | ||
Initial cost, building and improvements and intangible lease assets | 820,342 | ||
Initial cost, furniture, fixtures and equipment | 81,142 | ||
Gross amount, land | 98,516 | ||
Gross amount, building and improvements and intangible lease assets | 662,558 | ||
Gross amount, furniture, fixtures and equipment | 25,825 | ||
Total | 786,899 | ||
Accumulated depreciation | $ 213,101 | ||
Date of construction | 1967 | ||
Date acquired | Jul. 17, 2017 | ||
1155 Eastern Parkway, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,147,712 | ||
Initial cost, building and improvements and intangible lease assets | 18,894,131 | ||
Initial cost, furniture, fixtures and equipment | 1,708,157 | ||
Gross amount, land | 1,147,712 | ||
Gross amount, building and improvements and intangible lease assets | 15,557,071 | ||
Gross amount, furniture, fixtures and equipment | 570,353 | ||
Total | 17,275,136 | ||
Accumulated depreciation | $ 4,474,864 | ||
Date of construction | 1973 | ||
Date acquired | Sep. 01, 2017 | ||
1015 Magazine Street, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 2,750,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,060,000 | ||
Initial cost, furniture, fixtures and equipment | 690,000 | ||
Gross amount, land | 2,750,000 | ||
Gross amount, building and improvements and intangible lease assets | 1,102,632 | ||
Gross amount, furniture, fixtures and equipment | 46,500 | ||
Total | 3,899,132 | ||
Accumulated depreciation | $ 2,600,868 | ||
Date of construction | 1981 | ||
Date acquired | May 01, 2018 | ||
5301 Wheeler Avenue, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 400,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,147,874 | ||
Initial cost, furniture, fixtures and equipment | 877,500 | ||
Gross amount, land | 400,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,142,661 | ||
Gross amount, furniture, fixtures and equipment | 116,364 | ||
Total | 2,659,025 | ||
Accumulated depreciation | $ 1,766,349 | ||
Date of construction | 1967 | ||
Date acquired | Aug. 29, 2018 | ||
414 Massey Avenue, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 125,000 | ||
Initial cost, building and improvements and intangible lease assets | 845,359 | ||
Initial cost, furniture, fixtures and equipment | 240,000 | ||
Gross amount, land | 125,000 | ||
Gross amount, building and improvements and intangible lease assets | 561,925 | ||
Gross amount, furniture, fixtures and equipment | 31,826 | ||
Total | 718,751 | ||
Accumulated depreciation | $ 491,608 | ||
Date of construction | 1994 | ||
Date acquired | Aug. 29, 2018 | ||
706 Oak Grove Street, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 300,000 | ||
Initial cost, building and improvements and intangible lease assets | 2,641,399 | ||
Initial cost, furniture, fixtures and equipment | 727,500 | ||
Gross amount, land | 300,000 | ||
Gross amount, building and improvements and intangible lease assets | 1,889,638 | ||
Gross amount, furniture, fixtures and equipment | 96,473 | ||
Total | 2,286,111 | ||
Accumulated depreciation | $ 1,382,788 | ||
Date of construction | 1965 | ||
Date acquired | Aug. 29, 2018 | ||
Eight Thousand Seven Hundred One Riley Drive L L C [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 950,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,295,319 | ||
Initial cost, furniture, fixtures and equipment | 1,050,000 | ||
Gross amount, land | 950,000 | ||
Gross amount, building and improvements and intangible lease assets | 1,758,470 | ||
Gross amount, furniture, fixtures and equipment | 139,239 | ||
Total | 2,847,709 | ||
Accumulated depreciation | $ 2,447,610 | ||
Date of construction | 1979 | ||
Date acquired | Aug. 29, 2018 | ||
1516 Cumberland Street, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 325,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,313,843 | ||
Initial cost, furniture, fixtures and equipment | 900,000 | ||
Gross amount, land | 325,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,557,707 | ||
Gross amount, furniture, fixtures and equipment | 119,348 | ||
Total | 3,002,055 | ||
Accumulated depreciation | $ 1,536,788 | ||
Date of construction | 1971 | ||
Date acquired | Aug. 29, 2018 | ||
5720 West Markham Street, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 600,000 | ||
Initial cost, building and improvements and intangible lease assets | 4,069,851 | ||
Initial cost, furniture, fixtures and equipment | 1,155,000 | ||
Gross amount, land | 600,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,865,470 | ||
Gross amount, furniture, fixtures and equipment | 821,054 | ||
Total | 4,286,524 | ||
Accumulated depreciation | $ 1,538,327 | ||
Date of construction | 1973 | ||
Date acquired | Aug. 29, 2018 | ||
Two Thousand Five Hundred One John Ashley Drive L L C [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 550,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,695,319 | ||
Initial cost, furniture, fixtures and equipment | 1,050,000 | ||
Gross amount, land | 550,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,010,722 | ||
Gross amount, furniture, fixtures and equipment | 139,239 | ||
Total | 2,699,961 | ||
Accumulated depreciation | $ 2,595,358 | ||
Date of construction | 1969 | ||
Date acquired | Aug. 29, 2018 | ||
One Thousand Five Hundred Thirteen South Dixieland Road L L C [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 275,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,060,608 | ||
Initial cost, furniture, fixtures and equipment | 825,000 | ||
Gross amount, land | 275,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,278,932 | ||
Gross amount, furniture, fixtures and equipment | 109,402 | ||
Total | 2,663,334 | ||
Accumulated depreciation | $ 1,497,274 | ||
Date of construction | 1968 | ||
Date acquired | Aug. 29, 2018 | ||
Eight Hundred Twenty Six North Street L L C [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 225,000 | ||
Initial cost, building and improvements and intangible lease assets | 2,625,428 | ||
Initial cost, furniture, fixtures and equipment | 705,000 | ||
Gross amount, land | 225,000 | ||
Gross amount, building and improvements and intangible lease assets | 1,984,299 | ||
Gross amount, furniture, fixtures and equipment | 93,489 | ||
Total | 2,302,788 | ||
Accumulated depreciation | $ 1,252,640 | ||
Date of construction | 1971 | ||
Date acquired | Aug. 29, 2018 | ||
900 Gagel Avenue, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,250,000 | ||
Initial cost, building and improvements and intangible lease assets | 2,390,000 | ||
Initial cost, furniture, fixtures and equipment | 360,000 | ||
Gross amount, land | 1,250,000 | ||
Gross amount, building and improvements and intangible lease assets | 1,400,697 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 2,650,697 | ||
Accumulated depreciation | $ 1,349,303 | ||
Date of construction | 1970 | ||
Date acquired | Aug. 30, 2018 | ||
120 Life Care Way, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 200,000 | ||
Initial cost, building and improvements and intangible lease assets | 5,863,133 | ||
Initial cost, furniture, fixtures and equipment | 750,000 | ||
Gross amount, land | 200,000 | ||
Gross amount, building and improvements and intangible lease assets | 4,809,002 | ||
Gross amount, furniture, fixtures and equipment | 187,867 | ||
Total | 5,196,869 | ||
Accumulated depreciation | $ 1,616,264 | ||
Date of construction | 1974 | ||
Date acquired | Feb. 19, 2019 | ||
1033 North Highway 11, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 450,000 | ||
Initial cost, building and improvements and intangible lease assets | 5,976,921 | ||
Initial cost, furniture, fixtures and equipment | 795,000 | ||
Gross amount, land | 450,000 | ||
Gross amount, building and improvements and intangible lease assets | 4,985,449 | ||
Gross amount, furniture, fixtures and equipment | 199,139 | ||
Total | 5,634,588 | ||
Accumulated depreciation | $ 1,587,333 | ||
Date of construction | 1978 | ||
Date acquired | Feb. 19, 2019 | ||
945 West Russell Street, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 350,000 | ||
Initial cost, building and improvements and intangible lease assets | 6,076,921 | ||
Initial cost, furniture, fixtures and equipment | 795,000 | ||
Gross amount, land | 350,000 | ||
Gross amount, building and improvements and intangible lease assets | 5,203,290 | ||
Gross amount, furniture, fixtures and equipment | 199,139 | ||
Total | 5,752,429 | ||
Accumulated depreciation | $ 1,469,492 | ||
Date of construction | 1979 | ||
Date acquired | Feb. 19, 2019 | ||
9209 Dollarway Road, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 500,000 | ||
Initial cost, building and improvements and intangible lease assets | 5,450,000 | ||
Initial cost, furniture, fixtures and equipment | 900,000 | ||
Gross amount, land | 500,000 | ||
Gross amount, building and improvements and intangible lease assets | 4,053,773 | ||
Gross amount, furniture, fixtures and equipment | 252,023 | ||
Total | 4,805,796 | ||
Accumulated depreciation | $ 2,044,204 | ||
Date of construction | 2001 | ||
Date acquired | Mar. 27, 2019 | ||
727 North 17th St, LLC 3523 Wickenhauser, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 613,116 | ||
Initial cost, building and improvements and intangible lease assets | 3,856,645 | ||
Initial cost, furniture, fixtures and equipment | 663,640 | ||
Gross amount, land | 613,116 | ||
Gross amount, building and improvements and intangible lease assets | 3,131,466 | ||
Gross amount, furniture, fixtures and equipment | 239,522 | ||
Total | 3,984,104 | ||
Accumulated depreciation | $ 1,149,297 | ||
Date acquired | Jan. 01, 2019 | ||
727 North 17th St, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1969 | ||
3523 Wickenhauser, LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Date of construction | 1971 | ||
326 Lindley Lane, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 250,000 | ||
Initial cost, building and improvements and intangible lease assets | 2,917,353 | ||
Initial cost, furniture, fixtures and equipment | 720,000 | ||
Gross amount, land | 250,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,385,215 | ||
Gross amount, furniture, fixtures and equipment | 102,112 | ||
Total | 2,737,327 | ||
Accumulated depreciation | $ 1,150,026 | ||
Date of construction | 2001 | ||
Date acquired | Apr. 10, 2019 | ||
2821 West Dixon Road, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 400,000 | ||
Initial cost, building and improvements and intangible lease assets | 4,817,873 | ||
Initial cost, furniture, fixtures and equipment | 354,000 | ||
Gross amount, land | 400,000 | ||
Gross amount, building and improvements and intangible lease assets | 3,357,145 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 3,757,145 | ||
Accumulated depreciation | $ 1,814,728 | ||
Date of construction | 1950 | ||
Date acquired | Apr. 10, 2019 | ||
552 Golf Links Road, LLC [Member] | ARKANSAS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 500,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,511,981 | ||
Initial cost, furniture, fixtures and equipment | 912,000 | ||
Gross amount, land | 500,000 | ||
Gross amount, building and improvements and intangible lease assets | 2,808,193 | ||
Gross amount, furniture, fixtures and equipment | 129,342 | ||
Total | 3,437,535 | ||
Accumulated depreciation | $ 1,486,446 | ||
Date of construction | 1978 | ||
Date acquired | Apr. 10, 2019 | ||
Nine Thousand Three Hundred Ballard Road Realty L L C [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 285,000 | ||
Initial cost, building and improvements and intangible lease assets | 12,467,584 | ||
Initial cost, furniture, fixtures and equipment | 1,470,053 | ||
Gross amount, land | 285,000 | ||
Gross amount, building and improvements and intangible lease assets | 10,324,309 | ||
Gross amount, furniture, fixtures and equipment | 416,072 | ||
Total | 11,025,381 | ||
Accumulated depreciation | $ 3,197,256 | ||
Date of construction | 1974 | ||
Date acquired | Jun. 28, 2019 | ||
Land in Covington [Member] | KENTUCKY | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 94,922 | ||
Initial cost, building and improvements and intangible lease assets | |||
Initial cost, furniture, fixtures and equipment | |||
Gross amount, land | 94,922 | ||
Gross amount, building and improvements and intangible lease assets | |||
Gross amount, furniture, fixtures and equipment | |||
Total | 94,922 | ||
Accumulated depreciation | |||
Date acquired | Nov. 06, 2015 | ||
2400 Chateau Drive Realty, LLC [Member] | INDIANA | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 327,804 | ||
Initial cost, building and improvements and intangible lease assets | 2,538,755 | ||
Initial cost, furniture, fixtures and equipment | 283,441 | ||
Gross amount, land | 327,804 | ||
Gross amount, building and improvements and intangible lease assets | 2,149,012 | ||
Gross amount, furniture, fixtures and equipment | 105,982 | ||
Total | 2,582,798 | ||
Accumulated depreciation | $ 567,202 | ||
Date of construction | 1972 | ||
Date acquired | Nov. 13, 2019 | ||
203 Bruce Court, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 150,000 | ||
Initial cost, building and improvements and intangible lease assets | 3,755,896 | ||
Initial cost, furniture, fixtures and equipment | 477,000 | ||
Gross amount, land | 150,000 | ||
Gross amount, building and improvements and intangible lease assets | 3,124,385 | ||
Gross amount, furniture, fixtures and equipment | 68,698 | ||
Total | 3,343,083 | ||
Accumulated depreciation | $ 1,039,813 | ||
Date of construction | 1972 | ||
Date acquired | Jun. 01, 2020 | ||
4343 Kennedy Drive LLC [Member] | ILLINOIS | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,650,000 | ||
Initial cost, building and improvements and intangible lease assets | 1,615,000 | ||
Initial cost, furniture, fixtures and equipment | 735,000 | ||
Gross amount, land | 1,650,000 | ||
Gross amount, building and improvements and intangible lease assets | 1,504,027 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 3,154,027 | ||
Accumulated depreciation | $ 845,973 | ||
Date of construction | 2009 | ||
Date acquired | Oct. 01, 2020 | ||
505 North Roan Street, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 650,000 | ||
Initial cost, building and improvements and intangible lease assets | 10,171,216 | ||
Initial cost, furniture, fixtures and equipment | 504,000 | ||
Gross amount, land | 650,000 | ||
Gross amount, building and improvements and intangible lease assets | 9,749,155 | ||
Gross amount, furniture, fixtures and equipment | 334,174 | ||
Total | 10,733,329 | ||
Accumulated depreciation | $ 591,887 | ||
Date of construction | 2005 | ||
Date acquired | Aug. 25, 2021 | ||
14510 Highway 79, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 525,000 | ||
Initial cost, building and improvements and intangible lease assets | 5,117,868 | ||
Initial cost, furniture, fixtures and equipment | 396,000 | ||
Gross amount, land | 525,000 | ||
Gross amount, building and improvements and intangible lease assets | 4,800,826 | ||
Gross amount, furniture, fixtures and equipment | 262,565 | ||
Total | 5,588,391 | ||
Accumulated depreciation | $ 450,477 | ||
Date of construction | 1969 | ||
Date acquired | Aug. 25, 2021 | ||
6500 Kirby Gate Boulevard, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 1,250,000 | ||
Initial cost, building and improvements and intangible lease assets | 17,345,000 | ||
Initial cost, furniture, fixtures and equipment | 405,000 | ||
Gross amount, land | 1,250,000 | ||
Gross amount, building and improvements and intangible lease assets | 16,736,883 | ||
Gross amount, furniture, fixtures and equipment | 223,043 | ||
Total | 18,209,926 | ||
Accumulated depreciation | $ 790,074 | ||
Date of construction | 2015 | ||
Date acquired | Aug. 25, 2021 | ||
978 Highway 11 South, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 250,000 | ||
Initial cost, building and improvements and intangible lease assets | 9,965,900 | ||
Initial cost, furniture, fixtures and equipment | 540,000 | ||
Gross amount, land | 250,000 | ||
Gross amount, building and improvements and intangible lease assets | 9,539,258 | ||
Gross amount, furniture, fixtures and equipment | 358,043 | ||
Total | 10,147,301 | ||
Accumulated depreciation | $ 608,599 | ||
Date of construction | 1966 | ||
Date acquired | Aug. 25, 2021 | ||
2830 Highway 394, LLC [Member] | TENNESSEE | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 475,000 | ||
Initial cost, building and improvements and intangible lease assets | 27,625,000 | ||
Initial cost, furniture, fixtures and equipment | 900,000 | ||
Gross amount, land | 475,000 | ||
Gross amount, building and improvements and intangible lease assets | 26,655,923 | ||
Gross amount, furniture, fixtures and equipment | 657,391 | ||
Total | 27,788,314 | ||
Accumulated depreciation | $ 1,211,686 | ||
Date of construction | 2017 | ||
Date acquired | Aug. 25, 2021 | ||
1253 Lake Barkley Drive, LLC [Member] | KENTUCKY | SNF [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | $ 175,000 | ||
Initial cost, building and improvements and intangible lease assets | 4,496,940 | ||
Initial cost, furniture, fixtures and equipment | 195,000 | ||
Gross amount, land | 175,000 | ||
Gross amount, building and improvements and intangible lease assets | 4,183,426 | ||
Gross amount, furniture, fixtures and equipment | 63,587 | ||
Total | 4,422,013 | ||
Accumulated depreciation | $ 444,927 | ||
Date of construction | 1968 | ||
Date acquired | Aug. 25, 2021 | ||
1123 Rockdale [Member] | MASSACHUSETTS | Vacant [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Initial cost, land | |||
Initial cost, building and improvements and intangible lease assets | 1,200,000 | ||
Initial cost, furniture, fixtures and equipment | |||
Gross amount, land | |||
Gross amount, building and improvements and intangible lease assets | 1,200,000 | ||
Gross amount, furniture, fixtures and equipment | |||
Total | 1,200,000 | ||
Accumulated depreciation |
Schedule of Real Estate and A_2
Schedule of Real Estate and Accumulated Depreciation (Details) (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Balance at beginning of the year | $ 632,036,000 | $ 550,971,000 |
Acquisitions | 1,713,000 | 81,065,000 |
Disposals/other | ||
Balance at end of the year | 633,749,000 | 632,036,000 |
Balance at beginning of the year | 169,308,000 | 144,848,000 |
Depreciation | 25,530,000 | 24,460,000 |
Dispositions/other | ||
Balance at end of the year | 194,837,721 | 169,308,000 |
Net Real Estate | 438,911,279 | $ 462,728,000 |
Real estate assets for federal income tax | $ 439,750,388 | |
Minimum [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate useful life | 3 years | |
Minimum [Member] | Intangible Lease Assets [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate useful life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate useful life | 2 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate useful life | 35 years | |
Maximum [Member] | Intangible Lease Assets [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate useful life | 20 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real estate useful life | 15 years |