National Health Investors (NHI) 10-Q 11 May 20 2020 FY Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-10822
Entity Registrant Name	National Health Investors Inc
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	62-1470956
Entity Address, Address Line One	222 Robert Rose Drive
Entity Address, City or Town	Murfreesboro
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37129
City Area Code	(615)
Local Phone Number	890-9100
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NHI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,650,002
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000877860
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Land	$ 219,575	$ 213,617
Buildings and improvements	2,990,554	2,836,673
Construction in progress	18,003	24,556
Real estate properties, gross	3,228,132	3,074,846
Less accumulated depreciation	(534,905)	(514,453)
Real estate properties, net	2,693,227	2,560,393
Mortgage and other notes receivable, net	286,320	340,143
Cash and cash equivalents	46,049	5,215
Straight-line rent receivable	85,629	86,044
Assets held for sale, net	0	18,420
Other assets	56,610	32,020
Total Assets	3,167,835	3,042,235
Liabilities and Stockholders' Equity:
Debt	1,548,904	1,440,465
Accounts payable and accrued expenses	34,701	26,313
Dividends Payable	49,226	46,817
Lease deposit liabilities	10,638	10,638
Deferred income	17,373	19,750
Total Liabilities	1,660,842	1,543,983
Commitments and Contingencies
National Health Investors, Inc. Stockholders' Equity:
Common stock, $.01 par value; 60,000,000 shares authorized; 43,357,018 and 42,700,411 shares issued and outstanding, respectively	447	446
Capital in excess of par value	1,505,001	1,505,948
Cumulative net income in excess of dividends	2,241	(5,331)
Accumulated other comprehensive income	(12,131)	(3,432)
Total National Health Investors, Inc. Stockholders' Equity	1,495,558	1,497,631
Noncontrolling interest	11,435	621
Total Equity	1,506,993	1,498,252
Total Liabilities and Equity	$ 3,167,835	$ 3,042,235

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	44,650,002	44,587,486
Common stock, shares outstanding	44,650,002	44,587,486

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 76,527	$ 70,953
Interest income and other	6,549	5,154
Revenues	83,076	76,107
Expenses:
Depreciation	20,443	18,491
Interest	14,140	13,518
Legal	334	270
Franchise, excise and other taxes	243	545
General and administrative	4,311	4,014
Property taxes and insurance on leased properties	1,553	1,090
Loan and realty losses	1,555	2,500
Total operating expenses	42,579	40,428
Income (Loss) from Equity Method Investments	(442)	0
Gains (Losses) on Sales of Investment Real Estate	21,007	0
Net income	61,062	35,679
Less: net loss attributable to noncontrolling interest	(39)	0
Net income	$ 61,023	$ 35,679
Weighted average common shares outstanding:
Basic	44,613,593	42,825,824
Diluted	44,618,139	43,125,032
Basic:
Net income attributable to common stockholders - basic	$ 1.37	$ 0.83
Diluted:
Net income attributable to common stockholders - diluted	$ 1.37	$ 0.83

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 61,062	$ 35,679
Other comprehensive income (loss):
Increase (decrease) in fair value of cash flow hedge	9,191	665
Less: reclassification adjustment for amounts recognized in net income	492	(292)
Total other comprehensive income (loss)	(8,699)	(957)
Comprehensive income	52,363	34,722
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(39)	0
Comprehensive income	$ 52,324	$ 34,722

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 61,062	$ 35,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	20,443	18,491
Amortization of Debt Issuance Costs	1,173	1,263
Amortization of commitment fees	129	119
Amortization of lease incentives	236	168
Straight-line rental income	5,177	5,228
Non-cash interest income on construction loan	(888)	(548)
Gains (Losses) on Sales of Investment Real Estate	21,007	0
Income (Loss) from Equity Method Investments	(442)	0
Loan and realty losses	1,555	2,500
Payment of Tenant Lease Incentives	0	(1,250)
Share-based compensation	1,845	2,001
Change in operating assets and liabilities:
Other assets	357	(2,961)
Accounts payable and accrued expenses	(1,497)	1,597
Deferred income	(619)	16,322
Net cash provided by operating activities	57,082	73,837
Cash flows from investing activities:
Investment in mortgage and other notes receivable	(20,298)	(11,002)
Collection of mortgage and other notes receivable	14,288	300
Investment in real estate	(80,335)	(50,122)
Payments to Renovate Real Estate	(3,057)	(4,215)
Proceeds from Sale of Wholly Owned Real Estate and Real Estate Acquired in Settlement of Loans	39,260	0
Net cash used in investing activities	(51,017)	(65,039)
Cash flows from financing activities:
Proceeds from revolving credit facilities	125,000	95,000
Payments on revolving credit facilities	(17,000)	(90,000)
Repayments of Long-term Debt	304	296
Debt issuance costs	0	(67)
Payments to Noncontrolling Interests	16	0
Proceeds from Noncontrolling Interests	13	0
Value of shares withheld from options exercised for employee tax withholding	(2,705)	(1,006)
Proceeds from issuance of common shares, net	0	35,913
Payments of Stock Issuance Costs	87	0
Dividends paid to stockholders	(46,817)	(42,700)
Net cash provided by (used in) financing activities	58,084	(3,156)
Increase in cash and cash equivalents and restricted cash	64,149	5,642
Cash and cash equivalents and restricted cash, beginning of period	79,818	15,554
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	12,462	11,901
Supplemental schedule of non-cash investing and financing activities:
Change in straight-line rent receivable related to investments in real estate	0	38,000
Change in mortgage notes receivable related to investments in real estate	59,350	0
Increase in mortgage note receivable from sale of real estate	4,000	0
Change in other assets related to investments in real estate	0	176
Change in accounts payable related to investments in real estate construction	(234)	(1,048)
Change in accounts payable related to investments in real estate acquisition	0	1,178
Payments to Acquire Equity Method Investments	$ 875	$ 0

Consolidated Statement Of Equit

Consolidated Statement Of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Dividends In Excess Of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,389,713	$ 427	$ 1,369,919	$ 18,068	$ 1,299	$ 1,389,713	$ 0
Balance, shares at Dec. 31, 2018		42,700,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to common stockholders	35,679			35,679	(957)	34,722
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	34,722
Stock Issued During Period, Shares, New Issues		462,925
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		35,982
Stock Issued During Period, Value, Stock Options Exercised		$ (5)
Stock Issued During Period, Value, New Issues	35,913		35,908			35,913
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(1,006)		1,006			1,006
Share-based compensation	2,001		2,001			2,001
Dividends declared, $1.54 per share	(45,359)			(45,359)		(45,359)
Balance, shares at Mar. 31, 2019		43,199,318
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,415,984	$ 432	1,406,822	8,388	342	1,415,984	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,498,252	$ 446	1,505,948	(5,331)	(3,432)	1,497,631	621
Balance, shares at Dec. 31, 2019	44,587,486	44,587,486
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 10,791						10,791
Net income (loss) attributable to common stockholders	61,023			61,023	(8,699)	52,324
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	39						39
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	52,363
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture		62,516
Stock Issued During Period, Value, Stock Options Exercised	(1)	$ (1)	(2)			(1)
Stock Issued During Period, Value, New Issues	85		85			85
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(2,705)		2,705			2,705
Share-based compensation	1,845		1,845			1,845
Dividends declared, $1.54 per share	(49,226)			(49,226)		(49,226)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ (16)						16
Balance, shares at Mar. 31, 2020	44,650,002	44,650,002
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,506,993	$ 447	$ 1,505,001	2,241	$ (12,131)	1,495,558	$ 11,435
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (4,225)			$ (4,225)		$ (4,225)

Consolidated Statement Of Equ_2

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 1.1025	$ 1.05

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES We, the management of National Health Investors, Inc., (“NHI” or the “Company”) believe that the unaudited condensed consolidated financial statements of which these notes are an integral part include all normal, recurring adjustments that are necessary to fairly present the condensed consolidated financial position, results of operations and cash flows of NHI in all material respects. The Condensed Consolidated Balance Sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date. We assume that users of these condensed consolidated financial statements have read or have access to the audited December 31, 2019 consolidated financial statements and that the adequacy of additional disclosure needed for a fair presentation, except regarding material contingencies, may be determined in that context. Accordingly, notes and other disclosures which would substantially duplicate those contained in our most recent Annual Report on Form 10-K for the year ended December 31, 2019 have been omitted. This condensed consolidated financial information is not necessarily indicative of the results that may be expected for a full year for a variety of reasons including, but not limited to, acquisitions and dispositions, changes in interest rates, rents and the timing of debt and equity financings. For a better understanding of NHI and its condensed consolidated financial statements, we recommend reading these condensed consolidated financial statements in conjunction with the audited consolidated financial statements for the year ended December 31, 2019, which are included in our 2019 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), a copy of which is available at our web site: www.nhireit.com . Principles of Consolidation - The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, partnerships and consolidated variable interest entities (“VIE”), if any. All intercompany transactions and balances have been eliminated in consolidation. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We apply Financial Accounting Standards Board (“FASB”) guidance for our arrangements with VIEs which requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with FASB guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810 Consolidation . These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints. At March 31, 2020, we held interests in seven unconsolidated VIEs, and, because we generally lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance, we have concluded that NHI is not the primary beneficiary. Accordingly, we account for our transactions with these entities and their subsidiaries at either amortized cost or net realizable value for straight-line receivables. Our VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of our exposure to these VIEs, see the notes to our condensed consolidated financial statements cross-referenced below. Date Name Source of Exposure Carrying Amount Maximum Exposure to Loss Note Reference 2012 Bickford Senior Living Various 1 $ 57,024,000 $ 60,120,000 Notes 2, 3 2014 Senior Living Communities Notes and straight-line receivable $ 92,155,000 $ 96,454,000 Notes 2, 3 2016 Senior Living Management Notes and straight-line receivable $ 26,940,000 $ 26,940,000 — 2017 Evolve Senior Living Notes $ 9,953,000 $ 9,953,000 — 2018 Sagewood, LCS affiliate Notes $ 133,307,000 $ 178,614,000 Note 3 2019 41 Management, LLC Notes $ 12,133,000 $ 15,313,000 — 2020 Timber Ridge OpCo Various 1 $ 434,000 $ 5,434,000 Note 4 1 Notes, loan commitments, straight-line rent receivables, and unamortized lease incentives We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. When the above relationships involve leases, some additional exposure to economic loss is present. Generally, additional economic loss on a lease, if any, would be limited to that resulting from a short period of arrearage and non-payment of monthly rent before we are able to take effective remedial action, as well as costs incurred in transitioning the lease to a new tenant. The potential extent of such loss will be dependent upon individual facts and circumstances, cannot be quantified, and is therefore not included in the tabulation above. Typically, the only carrying amounts involving our leases are accumulated straight-line receivables and unamortized lease incentives. As the managing member, we consolidate two property company (“PropCo”) joint ventures, which were formed in association with our JV partners, Discovery Senior Housing Investor XXIV, LLC, (“Discovery”) and LCS Timber Ridge LLC (“LCS”) to invest in and own (1) six senior housing facilities initially comprising 596 units (“Discovery PropCo”) and (2) a 401-unit Continuing Care Retirement Community in Issaquah, Washington (“Timber Ridge PropCo”), respectively. NHI directs the activities that most significantly impact economic performance of these joint venture entities, subject to limited protective rights extended to our JV partners for specified business decisions. We consider both entities to be VIEs, based on our determination that the total equity at risk in each is insufficient to finance activities without additional subordinated financial support. Because of our control of these entities, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements. Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with an original maturity of three months or less. Restricted cash includes amounts required to be held on deposit in accordance with agency agreements governing our Fannie Mae and HUD mortgages. The following table sets forth our cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Statements of Cash Flows (in thousands) : March 31, March 31, Cash and cash equivalents $ 46,049 $ 5,177 Restricted cash (included in Other assets) 33,769 10,377 $ 79,818 $ 15,554 Topic 842 - All of our leases are accounted for as operating leases. Our leases generally have an initial leasehold term of 10 to 15 years followed by one or more 5-year tenant renewal options. The leases are “triple net” leases under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance, protecting us as well as the tenant. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous, including bio-hazardous, substances or materials, or other environmental responsibility with respect to each facility. These provisions, along with a growing senior demographic and the historical propensity for real estate to hold its value, collectively constitute much of the means by which the risk associated with the residual value of our properties is mitigated. While we do not incorporate residual value guarantees, the above lease provisions and considerations inform our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the classification of our leases is dependent on the fair value of estimated cash flows at lease commencement, management’s projected residual values represent significant assumptions in our accounting for operating leases. Similarly, the exercise of options is also subject to these same risks, making a tenant’s lease term another significant variable in a lease’s cash flows. If lease concessions become necessary, NHI has elected to account for lease concessions which do not substantially increase either our rights as lessor or the obligations of the tenant and are related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842 as though the enforceable rights and obligations for those concessions existed under our leases, regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the related individual lease contract. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Allowance for Credit Losses - With the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses effective January 1, 2020, we estimate and record an allowance for credit losses upon origination of the loan, based on expected credit losses for the life of the loan balance and update this estimate quarterly as of the balance sheet date. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine and revolving lines of credit are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience and collateral values, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. The loss model incorporates our historical loss data for recessionary and non-recessionary periods. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance, which NHI currently expects will be reduced by NHI’s acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans and revolving lines of credit are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date. Calculation of the allowance for credit losses involves significant judgement. It is possible that actual credit losses will differ from our current estimates. Write-offs are deducted from the allowance for credit losses when we judge the principal to be uncollectible. Earnings Per Share - The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method, to the extent dilutive. Diluted earnings per share also incorporate the potential dilutive impact of our convertible senior notes. We apply the treasury stock method to our convertible debt instruments, the effect of which is that conversion will not be assumed for purposes of computing diluted earnings per share unless the average share price for the period exceeds the conversion price per share. Reclassifications - We have reclassified certain balances where necessary to conform the presentation of prior periods to the current period. These reclassifications had no effect on previously reported net income. New Accounting Pronouncements - For a review of recent accounting pronouncements pertinent to our operations and management’s judgment as to the impact that the eventual adoption of these pronouncements will have on our financial position and results of operations, see Note 10.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATEAs of March 31, 2020, we owned 225 health care real estate properties located in 34 states and consisting of 148 senior housing communities (“SHO”), 72 skilled nursing facilities, 3 hospitals and 2 medical office buildings. Our senior housing communities include assisted living facilities, senior living campuses, independent living facilities, and entrance-fee communities. These investments (excluding our corporate office of $2,532,000) consisted of properties with an original cost of approximately $3,225,600,000 rented under triple-net leases to 33 lessees. During the three months ended March 31, 2020 , we made the following real estate investments and related commitments as described below ($ in thousands) : Operator Date Properties Asset Class Amount Bickford Senior Living January 2020 1 SHO 15,100 Life Care Services January 2020 1 SHO 134,892 $ 149,992 Bickford - Shelby, MI On January 27, 2020, we acquired a 60-unit assisted living/memory care facility located in Shelby, Michigan, from Bickford. The acquisition price was $15,100,000 and included the full payment of an outstanding construction note receivable of $14,091,000, including interest. We added the facility to an existing master lease for a term of twelve years at an initial lease rate of 8%, with CPI escalators subject to a floor and ceiling. Life Care Services On January 31, 2020, in a joint venture transaction, we acquired an 80% interest in a 401-unit Continuing Care Retirement Community (CCRC) comprising 330 independent living units, 26 assisted living/memory care units and 45 skilled nursing beds. Additionally, the transaction conveyed to NHI a 25% interest in the operations of the community (Note 4). The transaction arose as the culmination of a relationship beginning in 2015 in which NHI provided LCS Timber Ridge, LLC, (“LCS”), and its JV partner, Westminster-LCS, LLC, (“Westminster”), with a senior mortgage loan on the Timber Ridge campus in the Seattle area. Proceeds of the loan were used to facilitate expansion of the community to 401 units. By terms of the 2015 agreement, NHI acquired a fair-value purchase option on the property. Consideration given for NHI’s interest in the joint venture was $124,989,000 and included assignment from the divesting owners of NHI debt having a carrying value of $59,350,000. To fund the transaction, NHI provided an additional loan of $21,650,000, leaving total debt in the joint venture of $81,000,000, bearing interest to NHI at 5.75%. Further, NHI paid $43,114,000 for an 80% equity stake in the property company, NHI-LCS JV I, LLC (“Timber Ridge PropCo”), and we provided initial capitalization totaling $875,000 for the newly formed operating company, Timber Ridge OpCo, LLC (“Timber Ridge OpCo”). LCS paid $10,778,000 for its 20% equity stake in Timber Ridge PropCo and provided $2,625,000 in initial capitalization of the operations in return for a 75% equity participation in Timber Ridge OpCo. The lease between Timber Ridge PropCo and Timber Ridge OpCo carries a rate of 6.75% for an initial term of seven years plus renewal options and has a CPI-based lease escalator, subject to floor and ceiling. Including interest payments on debt to NHI and our lease participation in the Timber Ridge PropCo, as detailed above, NHI is entitled to $8,216,000 in the first twelve months plus 25% of the remaining Timber Ridge OpCo cash flow. Including the cash contributions of $3,500,000 by NHI and LCS to fund Timber Ridge OpCo working capital, the total enterprise capitalization was $138,392,000 for the Timber Ridge OpCo and Timber Ridge PropCo entities, as discussed above, of which NHI’s contribution of $124,989,000 was allocated to our interest in the tangible assets of Timber Ridge PropCo with no material fair value allocated to Timber Ridge OpCo beyond our working capital infusion. The lease between Timber Ridge PropCo and Timber Ridge OpCo includes an “earn out” provision whereby Timber Ridge OpCo could become eligible for a payment of $10,000,000 based on the attainment of certain operating metrics. Certain major business decisions at Timber Ridge PropCo and Timber Ridge OpCo are to be board-managed with NHI and LCS each holding equal voting rights. At Timber Ridge PropCo, major business decisions subject to board management are restricted to areas involving LCS’s protective interests, therefore leaving control with NHI. Because of our control of ordinary-course-of-business activities in Timber Ridge PropCo under the variable interest entity model and the restriction of participation in its management to their protective interests on the part of LCS, we include the assets, liabilities, noncontrolling interest and operations of Timber Ridge PropCo in our consolidated financial statements. NHI recorded the acquisition of Timber Ridge PropCo as follows ($ in thousands) : Land $ 4,370 Building and improvements 127,209 Furniture, fixtures and equipment 3,313 $ 134,892 As a result of LCS’s 75% share in profits, retention of operations oversight, control over all ordinary-course-of business matters, and equal voting rights in major decisions, our participating influence at Timber Ridge OpCo does not amount to control of the entity. See Note 4 for a discussion of the resultant accounting for Timber Ridge OpCo. Major Tenants Bickford As of March 31, 2020, our Bickford Senior Living (“Bickford”) lease portfolio consists of the following ($ in thousands) : Lease Expiration June 2023 September 2024 May 2031 April 2033 Total Number of Properties 13 10 20 5 48 2020 Contractual Rent $ 11,812 $ 9,343 $ 24,193 $ 5,072 $ 50,420 2020 Straight Line Rent 14 339 2,671 745 3,769 2020 Lease Incentive Amortization — — (775) — (775) $ 11,826 $ 9,682 $ 26,089 $ 5,817 $ 53,414 Of our total revenues, $13,018,000 (16%) and $12,810,000 (17%) were recognized as rental income from Bickford, excluding income from properties recently sold or no longer leased to Bickford, for the three months ended March 31, 2020 and 2019, including $767,000 and $1,327,000 in straight-line rent income, respectively. Senior Living Communities As of March 31, 2020, we leased 10 retirement communities totaling 2,068 units to Senior Living Communities, LLC (“Senior Living”). The 15-year master lease, which began in December 2014, contains two renewal options of five years each and provides for an annual escalator of 3% effective January 1, 2019. Of our total revenues, $11,938,000 (14%) and $11,532,000 (15%) in rental income were derived from Senior Living for the three months ended March 31, 2020 and 2019, including $1,068,000 and $1,058,000 in straight-line rent income, respectively. NHC As of March 31, 2020, we leased 42 facilities under two master leases to National HealthCare Corporation (“NHC”), a publicly-held company. The facilities leased to NHC consist of three independent living facilities and 39 skilled nursing facilities (4 of which are subleased to other parties for whom the lease payments are guaranteed to us by NHC). These facilities are leased to NHC under the terms of an amended master lease agreement originally dated October 17, 1991 (“the 1991 lease”) that includes our 35 legacy properties and a master lease agreement dated August 30, 2013 (“the 2013 lease”) that includes 7 skilled nursing facilities acquired in 2013. The 1991 lease expiration is December 31, 2026. There are two additional renewal options of five years, each at fair rental value as negotiated between the parties. Under the terms of the 1991 lease, the base annual rental is $30,750,000 and rent escalates by 4% of the increase, if any, in each facility’s revenue over a 2007 base year. The 2013 lease provides for a base annual rental of $3,450,000 and has a lease expiration of August 2028. Under the terms of the 2013 lease, rent escalates 4% of the increase, if any, in each facility’s revenue over the 2014 base year. For both the 1991 lease and the 2013 lease, we refer to this additional rent component as “percentage rent.” During the last three years of the 2013 lease, NHC will have the option to purchase the facilities for $49,000,000. The following table summarizes the percentage rent income from NHC ( in thousands ): Three Months Ended March 31, 2020 2019 Current year $ 926 $ 877 Prior year final certification 1 (14) 334 Total percentage rent income $ 912 $ 1,211 1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year. Of our total revenues, $9,448,000 (11%) and $9,748,000 (13%) in rental income were derived from NHC for the three months ended March 31, 2020 and 2019, respectively. The chairman of our board of directors is also a director on NHC’s board of directors. As of March 31, 2020, NHC owned 1,630,642 shares of our common stock. Holiday As of March 31, 2020, we leased 26 independent living facilities to Holiday Retirement (“Holiday”). Of our total revenues, $10,176,000 (12%) and $9,930,000 (13%) were derived from Holiday for the three months ended March 31, 2020 and 2019, including $1,664,000 and $1,630,000 in straight-line rent income, respectively. Our tenant operates the facilities pursuant to a management agreement with a Holiday-affiliated manager. Purchase Options Certain of our operators hold purchase options allowing them to acquire properties they currently lease from NHI. For options open or coming open in the near future, we are engaged in preliminary negotiations to continue as lessor or in some other capacity. A summary of these tenant options is presented below ( $ in thousands ): Asset Number of Lease 1st Option Option Contractual Type Properties Expiration Open Year Basis Rent MOB 1 February 2025 Open i $ 308 HOSP 1 March 2025 Open ii $ 1,957 HOSP 1 September 2027 2021 iv $ 2,760 SHO 2 May 2031 2021 iv $ 5,063 HOSP 1 June 2022 2022 i $ 3,502 SNF 7 August 2028 2025 iii $ 3,485 SNF 1 September 2028 2028 iii $ 472 Tenant purchase options generally give the lessee an option to purchase the underlying property for consideration determined by i) greater of fixed base price or fair market value; ii) a fixed base price plus a specified share in any appreciation; iii) fixed base price; or iv) a fixed capitalization rate on lease revenue. Other Portfolio Activity Tenant Bankruptcy On April 7, 2020, Quorum Health Corporation (“Quorum”), the operator of our Kentucky River Acute Care Hospital in Jackson, Kentucky, filed for protection under Chapter 11 of the US Bankruptcy Code. Although we do not foresee the immediate cessation of payment under the lease and Quorum is current on all rent payments as of March 31, 2019, we cannot continue to assess collection of all lease payments from Quorum as probable. Accordingly, rental income for the quarter ended March 31, 2020 reflects a reduction of approximately $380,000 related to the elimination of straight-line rent associated with this lease. Recognition of lease revenue will be limited to the cash received. NHI records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During 2020, events and circumstances indicated that our investment of $10,184,000 representing the Kentucky River acute care hospital leased from us by Quorum might be impaired. However, our estimate of undiscounted cash flows indicated that such carrying amounts were expected to be recovered. Nonetheless, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term resulting in the need to write down those assets to fair value. Our estimate of cash flows might change because of recurring losses being reported by Quorum and prevailing uncertainty about the future of rural hospitals in the United States. Tenant Transitioning We have completed the contractual transition of three lease portfolios to new tenants following a period of non-compliance by the former operators. The portfolios consist of three former SH-Regency Leasing, LLC (“Regency”) buildings, five former LaSalle Group buildings and one facility formerly leased to Landmark Senior Living (“Landmark”). To expedite stabilization of the facilities, we committed to specified income-generating capital expenditures for the re-branding and refurbishment of certain of these properties. The new leases each specify initial periods during which rental income to NHI shall be based on net operating income (“NOI”), after deduction of management fees. Following the initial periods, each lease converts to a structured payment based on a fair-value calculation. The former Regency buildings have been leased to three operators, Senior Living, Discovery, and Vitality MC TN, LLC (“Vitality”). For the three months ended March 31, 2020 and 2019, we recognized $625,000 and $77,000, respectively, in rental income from the three former Regency buildings. In April 2019, Chancellor Health Care leased the five former LaSalle buildings. Our lease agreement with Chancellor provides for NHI to receive 100% of net operating cash flow generated by the facilities, after management fees, pending stabilization of the operations of the facility. For the three months ended March 31, 2020 and 2019, we recognized $587,000 and $0, respectively, in rental income from the five former LaSalle buildings. In February 2019, we transitioned a non-performing single-property lease in Wisconsin from Landmark to BAKA Enterprises. Under terms of the new lease, NHI receives 95% of net operating cash flow, after management fees, as generated by the facilities. In November 2019, pursuant to the agreement annual rent was reset to $720,000, subject to scheduled increases. The agreement provides for a term of 8 years, with renewal options. For the three months ended March 31, 2020 and 2019, we recognized $343,000 and $625,000 in rental income, respectively, from the former Landmark property. As we seek to stabilize the operations of these facilities, if our resulting tenants or operating partners do not have adequate liquidity to accept the risks and rewards of a tenant-lessee, NHI might be deemed the primary beneficiary of the operations and might be required to consolidate those statements of financial position and results of operations of the managers or operating partners into our consolidated financial statements. Asset Dispositions In September 2019, we classified a portfolio of eight assisted living properties located in Arizona (4), Tennessee (3) and South Carolina (1) as held for sale, after the current tenant expressed an intention to exercise its purchase option on the properties. The purchase option called for the parties to split any appreciation on an equal basis above $37,520,000. During the first quarter of 2020, NHI and the tenant agreed to a fair valuation of $41,000,000 for the properties, and, accordingly, on January 22, 2020, we disposed of the properties at the agreed price of $39,260,000. With the expectation of deferring recognition of the $20,752,000 gain from this disposition, we have engaged a qualified intermediary to effect a like-kind exchange under §1031 of the Internal Revenue Code. For the three months ended March 31, 2020 and 2019, we recognized $229,000 and $1,062,000, respectively, of rental income from this eight property portfolio. On February 21, 2020, we disposed of two assisted living properties previously classified as held-for-sale in exchange for a term note of $4,000,000 from the buyer, Bickford. The note, which is due February 2025 and bears interest at 7%, will begin amortizing on a twenty-five-year basis in January 2021. In January 2019 we classified these properties as held-for-sale, recorded an adjustment to write off straight-line rent receivables of $124,000 and recognized an impairment loss of $2,500,000 to write down the properties to their estimated net realizable value. Future Minimum Lease Payments Presented in the following table are future minimum lease payments, as of March 31, 2020, to be received by us under our operating leases, as determined under ASC 842 ( in thousands ): Twelve months ended March 31, 2020 2021 $ 277,788 2022 277,910 2023 283,430 2024 275,699 2025 268,238 Thereafter 1,542,215 $ 2,925,280 We assess the collectibility of our lease receivables, consisting primarily of straight-line rents receivable, based on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all of the lease payments, we de-recognize all rent receivable assets, including the straight-line rent receivable asset and record as a reduction in rental revenue. Variable Lease Payments Most of our existing leases contain annual escalators in rent payments. For financial statement purposes, rental income is recognized on a straight-line basis over the term of the lease where the lease contains fixed escalators. Some of our leases contain escalators that are determined annually based on a variable index or other factor that is indeterminable at the inception of the lease. The table below indicates the revenue recognized as a result of fixed and variable lease escalators ( in thousands ): Three Months Ended March 31, 2020 2019 Lease payments based on fixed escalators $ 68,433 $ 63,467 Lease payments based on variable escalators 1,364 1,168 Straight-line rent income 5,177 5,228 Escrow funds received from tenants 1,553 1,090 Rental income $ 76,527 $ 70,953

Mortgage And Other Notes Receiv

Mortgage And Other Notes Receivable	3 Months Ended
	Mar. 31, 2020
Mortgage and Other Notes Receivable [Abstract]
Mortgage Notes Receivable	MORTGAGE AND OTHER NOTES RECEIVABLE On January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses , as discussed in Note 10. Upon adoption, we recorded an allowance for expected credit losses of $3,900,000 that is reflected as an adjustment to Mortgage and other notes receivable, net, in the Condensed Consolidated Balance Sheets and recorded a corresponding cumulative-effect adjustment to cumulative net income in excess (deficit) of dividends. Upon adoption, we also recorded a $325,000 liability for estimated credit losses pertaining to unfunded loan commitments as a cumulative-effect adjustment to cumulative net income in excess (deficit) of dividends. The corresponding credit loss liability is included in the financial statement caption Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets. Our principal measures of credit quality, except for construction mortgages, are debt service coverage for amortizing loans and interest or fixed charge coverage for non-amortizing loans collectively, (“Coverage”). A Coverage ratio provides a measure of the borrower’s ability to make scheduled principal and interest payments. The Coverage ratios presented in the following table have been calculated utilizing the most recent date for which data is available, December 31, 2019, using EBITDARM (earnings before interest, taxes, depreciation, amortization, rent and management fees) and the requisite debt service, interest service or fixed charges, as defined in the applicable loan agreement. We categorize Coverage into four levels: (i) over 2.0x, (ii) between 1.5x and 2.0x, (iii) between 1.0x and 1.5x, (iv) less than 1.0x. We update the calculation of coverage on a quarterly basis. Coverage is not a meaningful credit quality indicator for construction mortgages as either these developments are not generating any operating income, or they have insufficient operating income as occupancy levels necessary to stabilize the properties have not yet been achieved. We measure credit quality for these mortgages by considering the construction and stabilization timeline and the financial condition of the borrower as well as economic and market conditions. As of March 31, 2020, we did not have any construction loans that we considered underperforming. The tables below present outstanding note balances as of March 31, 2020 at amortized cost excluding two note balances totaling approximately $4,019,000 for which a Coverage ratio is not available. ($ in thousands) Mortgage 1 Mezzanine Revolver Total Coverage Ratio more than 2.0x $ 74,989 $ — $ — $ 74,989 between 1.5x and 2.0x 1,307 — — 1,307 between 1.0x and 1.5x 12,259 14,466 10,701 37,426 below 1.0x 53,045 26,070 — 79,115 Total $ 141,600 $ 40,536 $ 10,701 $ 192,837 1 Excludes $94,964,000 in construction mortgage receivables related to developments expected to be acquired at stabilization We consider the guidance in ASC 310-20 when determining whether a modification, extension or renewal constitutes a current period origination. The credit quality indicator as of December 31, 2019, is presented below for the amortized cost, net by year of origination ( $ in thousands ): 2020 2019 2018 2017 2016 Prior Total Mortgages more than 2.0x $ — $ — $ 67,906 $ — $ — $ 7,083 $ 74,989 between 1.5x and 2.0x — — 1,307 — — — 1,307 between 1.0x and 1.5x — 2,259 — — 10,000 — 12,259 below 1.0x 4,000 39,092 — 9,953 — — 53,045 Total $ 4,000 $ 41,351 $ 69,213 $ 9,953 $ 10,000 $ 7,083 $ 141,600 Mezzanine more than 2.0x $ — $ — $ — $ — $ — $ — $ — between 1.5x and 2.0x — — — — — — — between 1.0x and 1.5x — — — — 14,466 — 14,466 below 1.0x — — — — 26,070 — 26,070 Total $ — $ — $ — $ — $ 40,536 $ — $ 40,536 Revolver more than 2.0x $ — between 1.5x and 2.0x — between 1.0x and 1.5x 10,701 below 1.0x — Total $ 10,701 Due to the economic uncertainty created by COVID-19 and the potential impact on the collectability of our mortgages and other notes receivable, we are forecasting a 20% increase in the probability of a default and a 20% increase in the amount of loss from a default during the next six months, resulting in an effective adjustment of 44%. Our estimate reverts to our historical loss experience for the remaining term. The COVID-19 adjustments resulted in a $1,700,000 increase in the credit loss reserve during the first quarter. Excluding the effects of the COVID-19 adjustment, our provision for expected credit losses decreased by $100,000 due primarily to a decrease in the balance of our construction mortgage receivables and the resulting reduction in our historical probability of default experience for our acquisition and construction mortgage pool. The allowance for expected credit losses for our commercial loans is presented in the following table for the quarter ended March 31, 2020 ( $ in thousands ): Beginning balance January 1, 2020 (upon adoption of ASU 2016-13) $ 3,900 Provision for expected credit losses 1,600 Balance March 31, 2020 $ 5,500 At March 31, 2020, we had net investments in mortgage notes receivable with a carrying value of $240,443,000, secured by real estate and UCC liens on the personal property of 15 facilities, and other notes receivable with a carrying value of $51,377,000, guaranteed by significant parties to the notes or by cross-collateralization of properties with the same owner. All our notes were on full accrual basis at March 31, 2020. Bickford At March 31, 2020, our construction loans to Bickford are summarized as follows ($ in thousands) : Commencement Rate Maturity Commitment Drawn Location January 2018 9% 5 years 14,000 (13,077) Virginia July 2018 9% 5 years 14,700 (12,526) Michigan $ 28,700 $ (25,603) The construction loans are secured by first mortgage liens on substantially all real and personal property as well as a pledge of any and all leases or agreements which may grant a right of use to the property. Usual and customary covenants extend to the agreements, including the borrower’s obligation for payment of insurance and taxes. NHI has a fair market value purchase option on the properties at stabilization of the underlying operations. On these development projects, Bickford as borrower is entitled to up to $2,000,000 per project in incentive loan draws based on the achievement of predetermined operational milestones and, if funded, will increase the principal amount and NHI's future purchase price and eventual NHI lease payment. Our loans to Bickford represent a variable interest. Bickford is structured to limit liability for potential claims for damages, is capitalized to achieve that purpose and is considered a VIE within the definition set forth in Note 1. As discussed more fully in Note 1, we have concluded that we are not the primary beneficiary. Life Care Services - Timber Ridge In February 2015, we entered into a loan agreement in which the proceeds were used to fund the construction of Phase II of Timber Ridge at Talus, a Type-A continuing care retirement community in Issaquah, Washington. The outstanding balance due from LCS-Westminster Partnership III LLP (“LCS-WP III”), an affiliate of LCS and the manager of the facility, was $59,350,000 as of January 31, 2020, when we acquired the property and Timber Ridge PropCo assumed the debt (see Note 2). To provide working capital in support of the CCRC’s entry-fee model, NHI agreed to supply a revolving line of credit permitting draws up to a maximum of $5,000,000. See Note 4 for more information about our equity-method investment in Timber Ridge OpCo. Life Care Services - Sagewood On December 21, 2018, we entered into an agreement to lend LCS-Westminster Partnership IV LLP (“LCS-WP IV”), an affiliate of LCS, the manager of the facility, up to $180,000,000. The loan agreement conveys a mortgage interest and will facilitate the construction of Phase II of Sagewood, a Type-A Continuing Care Retirement Community in Scottsdale, AZ. As an affiliate of a larger company, LCS-WP IV is structured to limit liability for potential damage claims, is capitalized to achieve that purpose and is considered a VIE within the definition set forth in Note 1. As discussed more fully in Note 1, we have concluded that we are not the primary beneficiary. The loan conveys a mortgage interest in the form of two notes under a master credit agreement. The senior note (“Note A”) totals $118,800,000 at a 7.25% interest rate with 10 basis-point annual escalators after three years and has a term of 10 years. We have funded $77,340,000 of Note A as of March 31, 2020. Note A is interest-only and is locked to prepayment until January 2021. After 2020, the prepayment penalty starts at 2% and declines to 1% in 2022. The second note (“Note B”) is a construction loan for up to $61,200,000 at an annual interest rate of 8.5% and carries a maturity of five years. The total amount funded on Note B was $57,353,000 as of March 31, 2020. Senior Living Communities In December 2014, we provided a $15,000,000 revolving line of credit, the maturity of which mirrors the 15-year term of the master lease. Borrowings are used primarily to finance construction projects within the Senior Living portfolio, including building additional units. The facility, which may also be used to meet general working capital needs, was amended as of December 10, 2019, to reduce availability to $12,000,000 with a further reduction in capacity to $7,000,000 beginning January 1, 2022 through lease maturity in December 2029. Also effective December 10, 2019, a sub-limit on the availability of funding for working capital needs was established at $10,000,000 for this loan, extending through January 1, 2022, at which time the limit is to be reduced to $5,000,000. Amounts outstanding under the facility, $10,701,000 at March 31, 2020, bear interest at an annual rate equal to the prevailing 10-year U.S. Treasury rate, 0.70% at March 31, 2020, plus 6%. NHI has two mezzanine loans of up to $12,000,000 and $2,000,000, respectively, to affiliates of Senior Living, whose purpose was to partially fund construction of a 186-unit senior living campus on Daniel Island in South Carolina, which opened in April 2018. The loans bear interest payable monthly at a 10% annual rate and mature in March 2021. The loans were fully drawn at March 31, 2020, and provided NHI with a fixed capitalization rate purchase option on the development upon its meeting certain operational metrics. The option is to remain open during the term of the loans, plus any extensions. Our loans to Senior Living and its subsidiaries represent a variable interest. Senior Living is structured to limit liability for potential claims for damages, is appropriately capitalized for that purpose and is considered a VIE. As discussed more fully in Note 1, we have concluded that we are not the primary beneficiary of Senior Living.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	NOTE 4. EQUITY METHOD INVESTMENT AND OTHER ASSETS Equity Method Investment As discussed in Note 2, our investment in the operating company, Timber Ridge OpCo, held by our Taxable REIT Subsidiary (“TRS”) and recorded in the initial amount of $875,000, arose in conjunction with the acquisition of a CCRC from LCS-WP III. We structured our arrangement with our JV partner, LCS Timber Ridge LLC, to be compliant with the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") which permits NHI to receive rent payments through a triple-net lease between Timber Ridge PropCo, the property company, and Timber Ridge OpCo and is designed to give NHI the opportunity to capture additional value on the improving performance of the operating company through distributions from the TRS. Accordingly, the TRS holds our 25% equity interest in Timber Ridge OpCo in order to provide an organizational structure that will allow the TRS to engage in a broad range of activities and share in cash-flows that would otherwise be non-qualifying income under the REIT gross income tests. OpCo’s activities are managed through an "eligible independent contractor" subject to the oversight of Timber Ridge OpCo’s board. This organizational structure meets the requirements of Internal Revenue Code regulations for TRS entities. LCS is the managing member of Timber Ridge OpCo, although we have retained specific non-controlling rights. As a result of LCS’s retention of operations oversight and control over all day-to-day business matters, our participating influence at Timber Ridge OpCo does not amount to control of the entity. As part of our acquisition of the Timber Ridge property in January 2020, we accepted the property subject to trust liens previously granted to residents of Timber Ridge. In keeping with the business model of entrance fee communities, early residents of Timber Ridge executed loans to the then owner/operators backed by liens in a form consistent with legal requirements of the State of Washington at the time. In 2008 the owner/operator from whom we acquired the Timber Ridge property satisfied the state legal requirements by entering into a Deed of Trust and Indenture of Trust (the “Deed and Indenture”) for the benefit of the trustee (now Wilmington Trust, N.A., “Trustee”) on behalf of all residents who made mortgage loans to the owner/operator in accordance with a resident agreement. The Deed and Indenture granted a security interest in the Timber Ridge property to secure the loans made by the early residents of the property. Subsequent to these early transactions, the laws of the State of Washington were changed so that it was no longer mandatory that a repayment obligation with respect to loans made to an entrance fee community be secured by the property under a deed and indenture, and the practice was discontinued at Timber Ridge. Our entry into the Timber Ridge joint venture involved the separation of the existing owner/operator configuration into property and operating companies. Accomplishing the split required the allocation of assets and liabilities of the previously unified entity. PropCo acquired the Timber Ridge Property, subject to the resident mortgages secured by the Deed and Indenture. Accordingly, the remaining outstanding “old” loans made by the residents are still secured by a security interest in the Timber Ridge Property. The trustee for all of the residents who made “old” loans in accordance with the resident agreements, entered into a subordination agreement concurrent with our acquisition, pursuant to which the Trustee acknowledged and confirmed that the security interests created under the Deed and Indenture were subordinate to any security interests granted in connection with the loan made by NHI to PropCo. With the periodic settlement of some of the outstanding resident loans in the course of normal entrance-fee community operations, the balance owing on the Deed and Indenture at the date of our acquisition on January 31, 2020 had been reduced to $20,063,000 and was further reduced to $18,974,000 at March 31, 2020. By terms of the resident loan assumption agreement, during the term of the lease (7 years with two renewal options), OpCo is to indemnify PropCo for any repayment by PropCo of these liabilities under the guarantee. NHI estimates that no material outflow of cash will result from PropCo’s secondary obligation as guarantor under the resident mortgages. Accordingly, no liability was recorded on NHI’s books for the guarantee obligation upon acquisition and as of March 31, 2020. OpCo meets the criteria to be considered a variable interest entity based on ASC Topic 810, Consolidation . However, we are not the primary beneficiary of Timber Ridge OpCo as our participating rights do not give us the power to direct the activities that most significantly impact Timber Ridge OpCo’s economic performance. As a result, we report our investment in Timber Ridge OpCo under the equity method of accounting as prescribed by ASC Topic 970, Real Estate - General , Subtopic 323-30 Equity Method and Joint Ventures . Our equity share in the losses of Timber Ridge OpCo during the three months ended March 31, 2020 was $442,000. Under the equity method, we decrease the carrying value of our investment for losses in the entity and distributions to NHI for cumulative amounts up to and including our basis plus any commitments to fund operations. Our commitments are currently limited to an additional $5,000,000 under a revolving credit facility and our guarantee, discussed above. Under the equity method, we will not write down the asset below zero. The investment is increased for any share of income attributed to NHI. Our equity method investment and other assets consists of the following ( in thousands ): March 31, 2020 December 31, 2019 Accounts receivable and prepaid expenses $ 3,635 $ 3,212 Unamortized lease incentive payments 10,565 10,146 Regulatory escrows 8,208 8,208 Restricted cash 33,769 10,454 Equity method investment 433 — $ 56,610 $ 32,020 Regulatory escrows include mandated deposits in connection with our entrance fee communities in Connecticut. Restricted cash includes amounts required to be held on deposit with a qualified intermediary subject to an IRC §1031 exchange agreement or in accordance with agency agreements governing our Fannie Mae and HUD mortgages.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Instruments [Abstract]
Debt Disclosure	DEBT Debt consists of the following ( in thousands ): March 31, December 31, Revolving credit facility - unsecured $ 408,000 $ 300,000 Bank term loans - unsecured 550,000 550,000 Private placement term loans - unsecured 400,000 400,000 HUD mortgage loans (net of discount of $1,218 and $1,238) 41,942 42,138 Fannie Mae term loans - secured, non-recourse 95,618 95,706 Convertible senior notes - unsecured (net of discount of $203 and $303) 59,797 59,697 Unamortized loan costs (6,453) (7,076) $ 1,548,904 $ 1,440,465 Aggregate principal maturities of debt as of March 31, 2020 are as follows ( in thousands ): For the year ended March 31, 2021 $ 1,244 2022 61,291 2023 784,340 2024 351,389 2025 154,529 Thereafter 203,985 1,556,778 Less: discount (1,421) Less: unamortized loan costs (6,453) $ 1,548,904 Revolving credit facility and bank term loans - unsecured Our unsecured bank credit facility consists of $250,000,000 and $300,000,000 term loans and a $550,000,000 revolving credit facility. The $250,000,000 term loan and $550,000,000 revolving facility mature in August 2022, and the $300,000,000 term loan matures in September 2023. On March 22, 2019 and June 28, 2019, we entered into swap agreements to fix the interest rates on $340,000,000 of term loans and $60,000,000 of our revolving credit facility through December 2021, when LIBOR is scheduled for discontinuation. The revolving facility fee is currently 20 basis points per annum, and based on our current leverage ratios, the facility presently provides for floating interest on the revolver and the term loans at 30-day LIBOR plus 120 bps and a blended 132 bps, respectively. At March 31, 2020 and December 31, 2019, 30-day LIBOR was 99 and 176 bps, respectively. Within the facility, the employment of interest rate swaps for a portion of our fixed term debt leaves only $348,000,000 drawn on our revolving credit facility exposed to interest rate risk through June 2020, when our $80,000,000 and $130,000,000 swaps expire. Our swaps and the financial instruments to which they relate are described in the table below, under the caption “Interest Rate Swap Agreements.” At March 31, 2020, we had $142,000,000 available to draw on the revolving portion of our credit facility, subject to usual and customary covenants. Among other stipulations, the unsecured credit facility agreement requires that we maintain certain financial ratios within limits set by our creditors. At March 31, 2020, we were in compliance with these ratios. Pinnacle Bank is a participating member of our banking group. A member of NHI’s board of directors and chairman of our audit committee is also the chairman of Pinnacle Financial Partners, Inc., the holding company for Pinnacle Bank. NHI’s local banking transactions are conducted primarily through Pinnacle Bank. Private placement term loans - unsecured Our unsecured private placement term loans, payable interest-only, are summarized below ( in thousands ): Amount Inception Maturity Fixed Rate $ 125,000 January 2015 January 2023 3.99% 50,000 November 2015 November 2023 3.99% 75,000 September 2016 September 2024 3.93% 50,000 November 2015 November 2025 4.33% 100,000 January 2015 January 2027 4.51% $ 400,000 Except for specific debt-coverage ratios, covenants pertaining to the private placement term loans are generally conformed with those governing our credit facility. Our unsecured private placement term loan agreements include a rate increase provision that is effective if any rating agency lowers our credit rating on our senior unsecured debt below investment grade and our compliance leverage increases to 50% or more. HUD mortgage loans Our HUD mortgage loans are secured by ten properties leased to Bickford and having a net book value of $48,717,000 at March 31, 2020. Nine mortgage notes require monthly payments of principal and interest from 4.3% to 4.4% (inclusive of mortgage insurance premium) and mature in August and October 2049. These nine HUD mortgage loans are subject to prepayment penalty until the third quarter of 2024. One additional HUD mortgage loan assumed in 2014, at a discount, requires monthly payments of principal and interest of 2.9% (inclusive of mortgage insurance premium) and matures in October 2047. As of March 31, 2020, the loan has an outstanding principal balance of $8,439,000 and a carrying value of $7,221,000, which approximates fair value. Fannie Mae term loans - secured, non-recourse In March 2015 we obtained $78,084,000 in Fannie Mae financing. The term-debt financing consists of interest-only payments at an annual rate of 3.79% and a 10-year maturity. The mortgages are non-recourse and secured by thirteen properties leased to Bickford. In a December 2017 acquisition, we assumed additional Fannie Mae debt that amortizes through 2025 when a balloon payment will be due, is subject to prepayment penalties until 2024, bears interest at a nominal rate of 4.60%, and has remaining balance of $17,534,000 at March 31, 2020. All together, these notes are secured by facilities having a net book value of $133,117,000 at March 31, 2020. Convertible senior notes - unsecured In March 2014 we issued $200,000,000 of 3.25% senior unsecured convertible notes due April 2021 (the “Notes”) with interest payable April 1st and October 1st of each year. The Notes were convertible at an initial rate of 13.93 shares of common stock per $1,000 principal amount, representing a conversion price of approximately $71.81 per share for a total of approximately 2,785,200 underlying shares. The conversion rate is subsequently adjusted upon each occurrence of certain events, as defined in the indenture governing the Notes, including the payment of dividends at a rate exceeding that prevailing in 2014. The conversion option was accounted for as an “optional net-share settlement conversion feature,” meaning that upon conversion, NHI’s conversion obligation may be satisfied, at our option, in cash, shares of common stock or a combination of cash and shares of common stock. Because we have the ability and intent to settle the convertible securities in cash upon exercise, we use the treasury stock method to account for potential dilution. During 2019, we undertook targeted open-market repurchases of certain of these convertible notes. Payments of cash negotiated in the transactions were dependent on prevailing market conditions, our liquidity requirements, contractual restrictions, individual circumstances of the selling parties and other factors. In December 2019, through the issuance of common stock and cash we retired $60,000,000 of our convertible notes. Settlement of the notes requires management to allocate the consideration we ultimately pay between the debt component and the equity conversion feature as though they were separate instruments. The allocation is effected by recording the fair value of the debt component first, with any remainder allocated to the conversion feature. Amounts expended to settle the notes are recognized first as a settlement of the notes at our carrying value and then are recognized in income to the extent the portion allocated to the debt instrument differs from carrying value. The remainder of the allocation, if any, is treated as settlement of equity and adjusted through our capital in excess of par account. As of March 31, 2020, our $60,000,000 of senior unsecured convertible notes were convertible at a rate of 14.71 shares of common stock per $1,000 principal amount, representing a conversion price of approximately $67.97 per share for a total of 882,792 shares on the remaining $60,000,000 of senior unsecured convertible notes. For the three months ended March 31, 2020, there was no dilution resulting from the conversion option within our convertible debt. If NHI’s current share price increases above the adjusted $67.97 conversion price, dilution may become attributable to the conversion feature. At March 31, 2020, the face amount of the convertible debt exceeded its value on conversion, when value on conversion was computed as if the debt were immediately eligible to convert. Interest Rate Swap Agreements Our existing interest rate swap agreements will collectively continue through December 2021 to hedge against fluctuations in variable interest rates applicable to $610,000,000 ($400,000,000 after June 2020) of our bank loans. During the next year, approximately $7,060,000 of losses, which are included in accumulated other comprehensive loss, are projected to be reclassified into earnings. As of March 31, 2020, we employ the following interest rate swap contracts to mitigate our interest rate risk on our bank term and revolver loans described above ( $ in thousands ): Date Entered Maturity Date Fixed Rate Rate Index Notional Amount Fair Value (Liability) June 2013 June 2020 3.46% 1-month LIBOR $ 80,000 $ (280) March 2014 June 2020 3.51% 1-month LIBOR $ 130,000 $ (464) March 2019 December 2021 3.51% 1-month LIBOR $ 100,000 $ (3,380) March 2019 December 2021 3.52% 1-month LIBOR $ 100,000 $ (3,403) June 2019 December 2021 2.89% 1-month LIBOR $ 150,000 $ (3,447) June 2019 December 2021 2.93% 1-month LIBOR $ 50,000 $ (1,160) If the fair value of the hedge is an asset, we include it in our Condensed Consolidated Balance Sheets among other assets, and, if a liability, as a component of accounts payable and accrued expenses. See Note 9 for fair value disclosures about our interest rate swap agreements. Net liability balances for our hedges included as components of consolidated accumulated other comprehensive loss on March 31, 2020 and December 31, 2019, were $(12,134,000) and $(3,433,000), respectively. The following table summarizes interest expense ( in thousands ): Three Months Ended March 31, 2020 2019 Interest expense on debt at contractual rates $ 13,003 $ 13,074 Losses reclassified from accumulated other comprehensive income (loss) into interest expense 492 (292) Capitalized interest (98) (157) Amortization of debt issuance costs and debt discount 743 893 Total interest expense $ 14,140 $ 13,518

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES In the normal course of business, we enter into a variety of commitments, typically consisting of funding of revolving credit arrangements, construction and mezzanine loans to our operators to conduct expansions and acquisitions for their own account, and commitments for the funding of construction for expansion or renovation to our existing properties under lease. In our leasing operations, we offer to our tenants and to sellers of newly-acquired properties a variety of inducements which originate contractually as contingencies but which may become commitments upon the satisfaction of the contingent event. Contingent payments earned will be included in the respective lease bases when funded. The tables below summarize our existing, known commitments and contingencies as of March 31, 2020 according to the nature of their impact on our leasehold or loan portfolios. Asset Class Type Total Funded Remaining Loan Commitments: LCS Sagewood Note A SHO Construction $ 118,800,000 $ (77,340,000) $ 41,460,000 LCS Sagewood Note B SHO Construction 61,200,000 (57,353,000) 3,847,000 Bickford Senior Living SHO Construction 28,700,000 (25,603,000) 3,097,000 Senior Living Communities SHO Revolving Credit 12,000,000 (10,701,000) 1,299,000 41 Management SHO Construction 10,800,000 (7,620,000) 3,180,000 Timber Ridge OpCo SHO Working Capital 5,000,000 — 5,000,000 Discovery Senior Living SHO Working Capital 750,000 (175,000) 575,000 $ 237,250,000 $ (178,792,000) $ 58,458,000 As provided above, loans funded do not include the effects of discounts or commitment fees. Our loans and loan commitments to 41 Management, LLC (“41 Management”) represent a variable interest. 41 Management is structured to limit liability for potential claims for damages, is capitalized to achieve that purpose and is considered a VIE within the definition set forth in Note 1. The credit loss liability for unfunded loan commitments is estimated using the same methodology as for our funded mortgage and other notes receivable based on the estimated amount that we expect to fund. We applied the same COVID-19 adjustments as discussed in Note 3 to our loss model as of March 31, 2020. The effect of the COVID-19 factors in our loss model resulted in a $100,000 increase in the credit loss liability for unfunded commitments during the first quarter. Excluding the effects of the COVID-19 adjustment, our provision for expected credit loss liability decreased by $75,000 due principally to a reduction in the unfunded commitments and the resulting reduction in our historical probability of default experience for our acquisition and construction mortgage pool. The liability for expected credit losses on our unfunded loans is presented in the following table for the quarter ended March 31, 2020 ( $ in thousands ): Beginning balance January 1, 2020 (upon adoption of ASU 2016-13) $ 325 Benefit to expected credit losses (25) Balance March 31, 2020 $ 300 During the quarter ended March 31, 2020, we made one $5,000,000 mezzanine loan commitment to fund the borrowers working capital needs and at March 31, 2020, this commitment was unfunded. Asset Class Type Total Funded Remaining Development Commitments: Ignite Medical Resorts SNF Construction $ 25,350,000 $ (19,252,000) $ 6,098,000 Woodland Village SHO Renovation 7,515,000 (7,425,000) 90,000 Senior Living Communities SHO Renovation 6,830,000 (6,830,000) — Senior Living Communities SHO Renovation 3,100,000 (2,435,000) 665,000 Wingate Healthcare SHO Renovation 1,900,000 (508,000) 1,392,000 Discovery Senior Living SHO Renovation 900,000 — 900,000 Navion Senior Solutions SHO Construction 650,000 — 650,000 41 Management SHO Renovation 400,000 — 400,000 $ 46,645,000 $ (36,450,000) $ 10,195,000 In addition to the commitments listed above, Discovery PropCo has committed to Discovery for funding up to $2,000,000 toward the purchase of condominium units located at one of the facilities. As of March 31, 2020, we have funded $968,000 toward this commitment. Asset Class Type Total Funded Remaining Contingencies: Timber Ridge OpCo SHO Earn Out Payments $ 10,000,000 $ — $ 10,000,000 Comfort Care Senior Living SHO Lease Inducement 6,000,000 — 6,000,000 Wingate Healthcare SHO Lease Inducement 5,000,000 — 5,000,000 Navion Senior Solutions SHO Lease Inducement 4,850,000 (500,000) 4,350,000 Discovery Senior Living SHO Lease Inducement 4,000,000 — 4,000,000 Ignite Medical Resorts SNF Lease Inducement 2,000,000 — 2,000,000 $ 31,850,000 $ (500,000) $ 31,350,000 Litigation Our facilities are subject to claims and suits in the ordinary course of business. Our lessees and borrowers have indemnified, and are obligated to continue to indemnify us, against all liabilities arising from the operation of the facilities, and are further obligated to indemnify us against environmental or title problems affecting the real estate underlying such facilities. While there may be lawsuits pending against certain of the owners and/or lessees of the facilities, management believes that the ultimate resolution of all such pending proceedings will have no direct material adverse effect on our financial condition, results of operations or cash flows. In June 2018, East Lake Capital Management LLC and certain related entities, including Regency (for three assisted living facilities in Tennessee, Indiana and North Carolina), filed suit against NHI in Texas seeking injunctive and declaratory relief and unspecified monetary damages. NHI responded with counterclaims and filed motions requesting the immediate appointment of a receiver and for pre-judgment possession. Resulting from these claims and counterclaims, on December 6, 2018, the parties entered into an agreement resulting in Regency vacating the facilities in December 2018. Litigation is ongoing. The LaSalle Group defaulted on its rent payment in November 2018. We transitioned the properties to a new operator on April 16, 2019, with NHI to receive operating cash flow, after management fees, generated by the facilities pending stabilization. We also commenced litigation for the recovery of certain funds owed under the lease and against the principal executive personally, under a guaranty agreement. The LaSalle Group, the former operator of the properties, has declared bankruptcy under Chapter 11. In December 2019, we reached an agreement with TLG Family Management and Mitchell Warren, who, without making any admissions under a joint-liability settlement, have agreed to pay to NHI $2,850,000 over a five Material Uncertainties While the ultimate duration and lasting impact of the Coronavirus (COVID-19) remain to be established, there are conclusions about its likely effects on our business and operations that can reasonably be inferred, at least about the near-term effects of the pandemic. Revenues for the operators of our properties are significantly impacted by occupancy. Building occupancy rates have been adversely affected by the public health outbreak represented by COVID-19. The Centers for Disease Control has reported that the COVID-19 mortality rate increases with age. The occupancy at our properties could significantly decrease if COVID-19 results in early resident move-outs, delays in onboarding new residents, or causes collateral events such as a weakening in the housing market, a typical funding source for our operators’ customers. A decrease in occupancy or increase in costs could have a material adverse effect on the ability of our operators to meet their financial and other contractual obligations to us, including the payment of rent, as well as on our results of operations. Tenants leasing properties from us have experienced some degree of increased costs combined with reduced revenues to an extent similar to that experienced by other providers of senior care and housing throughout the country. Upon presentation of proof of hardship, we expect that we will grant concessions going forward, the extent of which will depend in part on relief granted to our tenants under federal programs such as the Coronavirus Aid, Relief, and Economic Security (CARES) Act whereby a significant portion of our tenants' hardship will be defrayed. Because of the wide-ranging interplay of circumstances yet to be determined, a projection of any forthcoming concessions during the remainder of 2020 and beyond cannot be reasonably estimated. If lease concessions related to the effects of COVID-19 become necessary, we will account for them consistent with how those concessions would be accounted for under Topic 842 as though the enforceable rights and obligations for those concessions existed under our leases, regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the related individual lease contract. The extent of future concessions we make in remediation of severe tenant hardship will be dependent on economic and cultural trends that cannot be reasonably and reliably projected by us at this time. The extent to which COVID-19 could impact our business and results of operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence. We continue to evaluate the impact of various forms of governmental assistance that may become available to the Company or its tenants, including the CARES Act. While we are not able to estimate the impact of the COVID-19 pandemic at this time, the pandemic could materially affect our future results of operations and financial condition, including recording impairments, lease modifications and credit losses associated with notes receivable in future periods.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Deferred Compensation Arrangements [Abstract]
Stock-Based Compensation	STOCK -BASED COMPENSATION We recognize stock-based compensation for all stock options granted over the requisite service period using the fair value of these grants as estimated at the date of grant using the Black-Scholes pricing model. All restricted stock granted (if any) is recognized over the requisite service period using the market value of our publicly traded common stock on the date of grant. Stock-Based Compensation Plans The Compensation Committee of the Board of Directors (“the Committee”) has the authority to select the participants to be granted options; to designate whether the option granted is an incentive stock option (“ISO”), a non-qualified option, or a stock appreciation right; to establish the number of shares of common stock that may be issued upon exercise of the option; to establish the vesting provision for any award; and to establish the term any award may be outstanding. The exercise price of any ISO’s granted will not be less than 100% of the fair market value of the shares of common stock on the date granted, and the term of an ISO may not be more than ten years. The exercise price of any non-qualified options granted will not be less than 100% of the fair market value of the shares of common stock on the date granted unless so determined by the Committee. In May 2012, our stockholders approved the 2012 Stock Incentive Plan (“the 2012 Plan”) pursuant to which 3,500,000 shares of our common stock, as amended from time to time, were made available to grant as stock-based payments to employees, officers, directors or consultants. The individual option grant awards may vest over periods up to five years. The term of the options under the 2012 Plan is up to ten years from the date of grant. During the first quarter of 2020, we granted the remaining 319,669 awards available under the 2012 Plan. On May 3, 2019, our stockholders approved the 2019 Stock Incentive Plan (“the 2019 Plan”) pursuant to which 3,000,000 shares of our common stock were made available to grant as stock-based payments to employees, officers, directors or consultants. The individual option grant awards may vest over periods up to five years. The term of the options under the 2019 Plan is up to ten years from the date of grant. As of March 31, 2020, there were 2,735,169 shares available for future grants under the 2019 Plan. Compensation expense is only recognized for the awards that ultimately vest. Accordingly, pre-vesting forfeitures that were not expected will result in the reversal of previously recorded compensation expense. Non-cash compensation expense reported for the three months ended March 31, 2020 and 2019 was $1,845,000 and $2,001,000, respectively and is included in general and administrative expense in the Condensed Consolidated Statements of Income. At March 31, 2020, we had, net of expected forfeitures, $2,124,000 of unrecognized compensation cost related to unvested stock options which is expected to be expensed over the following periods: 2020 - $1,353,000, 2021 - $693,000 and 2022 - $78,000. The weighted average fair value per share of options granted during the three months ended March 31, 2020 and 2019 was $5.54 and $6.17, respectively. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2020 2019 Dividend yield 5.1% 5.5% Expected volatility 16.8% 18.6% Expected lives 2.9 years 2.9 years Risk-free interest rate 1.31% 2.50% The following table summarizes our outstanding stock options: Three Months Ended March 31, 2020 2019 Options outstanding January 1, 1,004,014 920,346 Options granted under 2012 Plan 319,669 602,000 Options exercised under 2012 Plan (512,509) (352,830) Options forfeited under 2012 Plan (4,169) — Options granted under 2019 Plan 264,831 — Options forfeited under 2019 Plan (3,831) — Options outstanding, March 31, 1,068,005 1,169,516 Exercisable at March 31, 600,327 678,997

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS AND DIVIDENDS PER COMMON SHAREThe weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive. The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Net income attributable to common stockholders $ 61,023 $ 35,679 BASIC: Weighted average common shares outstanding 44,613,593 42,825,824 DILUTED: Weighted average common shares outstanding 44,613,593 42,825,824 Stock options 4,546 75,695 Convertible subordinated debentures — 223,513 Weighted average dilutive common shares outstanding 44,618,139 43,125,032 Net income attributable to common stockholders - basic $ 1.37 $ 0.83 Net income attributable to common stockholders - diluted $ 1.37 $ 0.83 Incremental anti-dilutive shares excluded: Net share effect of stock options with an exercise price in excess of the average market price for our common shares 305,862 17,415 Regular dividends declared per common share $ 1.1025 $ 1.05

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Of Financial Instruments [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE OF FINANCIAL INSTRUMENTS Our financial assets and liabilities measured at fair value (based on the hierarchy of the three levels of inputs described in Note 1 to the consolidated financial statements contained in our most recent Annual Report on Form 10-K) on a recurring basis have included marketable securities, derivative financial instruments and contingent consideration arrangements. Derivative financial instruments include our interest rate swap agreements. Derivative financial instruments . Derivative financial instruments are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as Level 2 in the hierarchy. Liabilities measured at fair value on a recurring basis are as follows (in thousands) : Fair Value Measurement Balance Sheet Classification March 31, December 31, 2019 Level 2 Interest rate swap liability Accounts payable and accrued expenses $ (12,134) $ (3,433) Carrying amounts and fair values of financial instruments that are not carried at fair value at March 31, 2020 and December 31, 2019 in the Condensed Consolidated Balance Sheets are as follows ( in thousands ): Carrying Amount Fair Value Measurement March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Level 2 Variable rate debt $ 954,213 $ 845,744 $ 958,000 $ 850,000 Fixed rate debt $ 594,691 $ 594,721 $ 637,182 $ 602,926 Level 3 Mortgage and other notes receivable $ 291,820 $ 340,143 $ 314,724 $ 347,543 Fixed rate debt. Fixed rate debt is classified as Level 2 and its value is based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets. Mortgage and other notes receivable. The fair value of mortgage and other notes receivable is based on credit risk and discount rates that are not observable in the marketplace and therefore represents a Level 3 measurement. Carrying amounts of cash and cash equivalents and restricted cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. The fair value of our borrowings under our revolving credit facility and other variable rate debt are reasonably estimated at their notional amounts at March 31, 2020 and December 31, 2019, due to the predominance of floating interest rates, which generally reflect market conditions.

Recent Accounting Pronouncement

Recent Accounting Pronouncements Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Recent Accounting Pronouncements [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	RECENT ACCOUNTING PRONOUNCEMENTS On January 1, 2019 we adopted Accounting Standards Update (“ASU”) 2016-02, Leases , which has been codified under ASC Topic 842. The principal difference between Topic 842 and previous guidance is that, for lessees, lease assets and lease liabilities arising from operating leases will be recognized in the balance sheet. While the accounting applied by a lessor is largely unchanged from that applied under previous GAAP, changes have been made to align i) certain lessor and lessee accounting guidance, and ii) key aspects of the lessor accounting model with the revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers. Under Topic 842 and unlike prior GAAP, a buyer-lessor in a sale-leaseback transaction will be required to apply the sale and leaseback guidance to determine whether the transaction qualifies as a sale. Topic 842 includes provisions which generally conform with Topic 606, and the presence of a seller-lessee repurchase option on real estate in a sale and leaseback transaction will result in recording the transaction as a financing that would otherwise meet the lease accounting requirements for buyer-lessors under previous guidance. NHI has largely ceased inclusion of repurchase options in new sale-leaseback transactions, and there were no material effects from the change in sale-leaseback guidance as it relates to repurchase options. Consistent with present standards, upon the adoption of Topic 842, NHI continues to account for lease revenue on a straight-line basis for most leases. Under Topic 842, an assessment of collectibility is made at the inception of the lease and, for operating leases, if collectibility is assessed as not probable lease income is recognized as payments are received. Recognition of changes in our assessment of collectibility under Topic 842 differs from legacy accounting in that a change in our assessment of collectibility will be recognized as an adjustment to lease income rather than as bad debt expense. Under Topic 842 only initial direct costs that are incremental to the lessor are capitalized, a standard consistent with NHI’s prior practice. Initial Impact ASU 2018-20 was issued to address implementation issues related to Topic 842. We adopted Topic 842 on January 1, 2019, (the “application date”), and, effective with our adoption, we elected the package of practical expedients allowing, among other provisions, for transition with no initial reassessment of the lease classification for any expired or existing leases. Going forward under Topic 842, for us as lessor, subsequent modification of existing leases accounted for under previous guidance, which were brought forward under conventions allowing no reassessment on the application date of Topic 842, may trigger reconsideration of continued accounting for the lease. Upon reconsideration under Topic 842, leases previously classified under Topic 840 as operating leases may be classified as either a sales-type or direct financing lease. Further under ASU 2018-20, we elected the available practical expedient under ASU 2018-11 that allows us to make an accounting policy election and assess whether a contract is predominantly lease or service-based and recognize the entire contract under the relevant accounting guidance. No cumulative effect adjustment to retained earnings was necessary, based on our analysis. In April 2018, we entered into a ground lease as lessee in connection with our acquisition of certain real estate assets. In accordance with transition elections allowed under Topic 842, discussed above, we have continued to account for the lease as an operating lease. Upon adoption of the standard, as lessee we recognized an immaterial right-of-use asset and a lease liability at the adoption date. Variable Payments ASU 2018-20 requires NHI to exclude from variable payments, and therefore revenue, our costs paid by our tenants directly to third parties. Some of our leases require property tax and insurance costs be covered by our tenants through escrow reimbursement. We serve as the administrative agent for these escrow transactions and ASU 2018-20 requires the associated revenue and expense to be included in our consolidated financial statements. We have included $1,553,000 of reimbursements within revenue and in expenses in our Consolidated Statements of Income for the three months ended March 31, 2020, under the captions “Rental income” and “Property taxes and insurance on leased properties,” respectively. On January 1, 2020 we adopted ASU 2016-13, Financial Instruments - Credit Losses . ASU 2016-13 (“ASU 2016-13”), which requires more timely recognition of credit losses associated with financial assets. While current GAAP includes multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13 eliminate the probable initial recognition threshold and, instead, reflect an entity’s current estimate of all expected credit losses. Prior to ASU 2016-13, we generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that we must consider in developing our expected credit loss estimate for assets measured either collectively or individually. The use of forecast information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses , aligns the transition requirements and clarifies that operating lease receivables are excluded from the scope of ASU 2016-13. Instead, impairment of operating lease receivables is to be accounted for under ASC 842. In adopting ASU 2016-13 we elected as a transition method the modified retrospective approach. As a result of the transition guidance provided in the ASU, an allowance for expected credit losses of $3,900,000 and a liability for expected credit losses of $325,000 as of January 1, 2020, was established under the new standard and was reclassified out of cumulative net income in excess of dividends. On April 8, 2020 the FASB issued, in Q&A format, interpretations providing guidance and clarification on the effects of the COVID-19 pandemic on accounting for lease modifications and recognition of interest income following concessions, among other topics. Following FASB guidance, NHI has elected to account for lease concessions related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842 as though the enforceable rights and obligations for those concessions existed, regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the related individual lease contract. On March 12, 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform (Topic 848) . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 11. SUBSEQUENT EVENTS Autumn Trace On May 1, 2020, we acquired two senior housing facilities each with 44 assisted living units for a total purchase price of $14,250,000, including $150,000 in closing costs. The facilities are located in Indiana and are leased to Autumn Trace Senior Communities, which is a new operator relationship for NHI. The 15-year master lease has an initial lease rate of 7.25% with fixed annual escalators of 2.25% and offers two optional extensions of 5 years each. NHI was also granted a purchase option on a newly opened Indiana facility that is expected to stabilize during 2020. Additional Common Shares Authorized At our annual meeting on May 6, 2020, our stockholders approved an amendment to the Articles of Incorporation to increase the number of authorized common shares from 60,000,000 to 100,000,000.

Significant Accounting Polici_2

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2020
Policy Text Block [Abstract]
Consolidation, Policy	Principles of Consolidation - The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, partnerships and consolidated variable interest entities (“VIE”), if any. All intercompany transactions and balances have been eliminated in consolidation. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We apply Financial Accounting Standards Board (“FASB”) guidance for our arrangements with VIEs which requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with FASB guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810 Consolidation . These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints. At March 31, 2020, we held interests in seven unconsolidated VIEs, and, because we generally lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance, we have concluded that NHI is not the primary beneficiary. Accordingly, we account for our transactions with these entities and their subsidiaries at either amortized cost or net realizable value for straight-line receivables. Our VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of our exposure to these VIEs, see the notes to our condensed consolidated financial statements cross-referenced below. Date Name Source of Exposure Carrying Amount Maximum Exposure to Loss Note Reference 2012 Bickford Senior Living Various 1 $ 57,024,000 $ 60,120,000 Notes 2, 3 2014 Senior Living Communities Notes and straight-line receivable $ 92,155,000 $ 96,454,000 Notes 2, 3 2016 Senior Living Management Notes and straight-line receivable $ 26,940,000 $ 26,940,000 — 2017 Evolve Senior Living Notes $ 9,953,000 $ 9,953,000 — 2018 Sagewood, LCS affiliate Notes $ 133,307,000 $ 178,614,000 Note 3 2019 41 Management, LLC Notes $ 12,133,000 $ 15,313,000 — 2020 Timber Ridge OpCo Various 1 $ 434,000 $ 5,434,000 Note 4 1 Notes, loan commitments, straight-line rent receivables, and unamortized lease incentives We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. When the above relationships involve leases, some additional exposure to economic loss is present. Generally, additional economic loss on a lease, if any, would be limited to that resulting from a short period of arrearage and non-payment of monthly rent before we are able to take effective remedial action, as well as costs incurred in transitioning the lease to a new tenant. The potential extent of such loss will be dependent upon individual facts and circumstances, cannot be quantified, and is therefore not included in the tabulation above. Typically, the only carrying amounts involving our leases are accumulated straight-line receivables and unamortized lease incentives. As the managing member, we consolidate two property company (“PropCo”) joint ventures, which were formed in association with our JV partners, Discovery Senior Housing Investor XXIV, LLC, (“Discovery”) and LCS Timber Ridge LLC (“LCS”) to invest in and own (1) six senior housing facilities initially comprising 596 units (“Discovery PropCo”) and (2) a 401-unit Continuing Care Retirement Community in Issaquah, Washington (“Timber Ridge PropCo”), respectively. NHI directs the activities that most significantly impact economic performance of these joint venture entities, subject to limited protective rights extended to our JV partners for specified business decisions. We consider both entities to be VIEs, based on our determination that the total equity at risk in each is insufficient to finance activities without additional subordinated financial support. Because of our control of these entities, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with an original maturity of three months or less. Restricted cash includes amounts required to be held on deposit in accordance with agency agreements governing our Fannie Mae and HUD mortgages. The following table sets forth our cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Statements of Cash Flows (in thousands) : March 31, March 31, Cash and cash equivalents $ 46,049 $ 5,177 Restricted cash (included in Other assets) 33,769 10,377 $ 79,818 $ 15,554
Lessor, Leases [Policy Text Block]	Topic 842 - All of our leases are accounted for as operating leases. Our leases generally have an initial leasehold term of 10 to 15 years followed by one or more 5-year tenant renewal options. The leases are “triple net” leases under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance, protecting us as well as the tenant. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous, including bio-hazardous, substances or materials, or other environmental responsibility with respect to each facility. These provisions, along with a growing senior demographic and the historical propensity for real estate to hold its value, collectively constitute much of the means by which the risk associated with the residual value of our properties is mitigated. While we do not incorporate residual value guarantees, the above lease provisions and considerations inform our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the
Use of Estimates, Policy	Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Loans and Leases Receivable, Allowance for Loan Losses Policy	Allowance for Credit Losses - With the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses effective January 1, 2020, we estimate and record an allowance for credit losses upon origination of the loan, based on expected credit losses for the life of the loan balance and update this estimate quarterly as of the balance sheet date. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine and revolving lines of credit are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience and collateral values, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. The loss model incorporates our historical loss data for recessionary and non-recessionary periods. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance, which NHI currently expects will be reduced by NHI’s acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans and revolving lines of credit are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date. Calculation of the allowance for credit losses involves significant judgement. It is possible that actual credit losses will differ from our current estimates. Write-offs are deducted from the allowance for credit losses when we judge the principal to be uncollectible.
Earnings Per Share, Policy	Earnings Per Share - The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method, to the extent dilutive. Diluted earnings per share also incorporate the potential dilutive impact of our convertible senior notes. We apply the treasury stock method to our convertible debt instruments, the effect of which is that conversion will not be assumed for purposes of computing diluted earnings per share unless the average share price for the period exceeds the conversion price per share
Reclassification, Policy	Reclassifications - We have reclassified certain balances where necessary to conform the presentation of prior periods to the current period. These reclassifications had no effect on previously reported net income.
New Accounting Pronouncements, Policy	New Accounting Pronouncements - For a review of recent accounting pronouncements pertinent to our operations and management’s judgment as to the impact that the eventual adoption of these pronouncements will have on our financial position and results of operations, see Note 10.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	Our VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of our exposure to these VIEs, see the notes to our condensed consolidated financial statements cross-referenced below. Date Name Source of Exposure Carrying Amount Maximum Exposure to Loss Note Reference 2012 Bickford Senior Living Various 1 $ 57,024,000 $ 60,120,000 Notes 2, 3 2014 Senior Living Communities Notes and straight-line receivable $ 92,155,000 $ 96,454,000 Notes 2, 3 2016 Senior Living Management Notes and straight-line receivable $ 26,940,000 $ 26,940,000 — 2017 Evolve Senior Living Notes $ 9,953,000 $ 9,953,000 — 2018 Sagewood, LCS affiliate Notes $ 133,307,000 $ 178,614,000 Note 3 2019 41 Management, LLC Notes $ 12,133,000 $ 15,313,000 — 2020 Timber Ridge OpCo Various 1 $ 434,000 $ 5,434,000 Note 4
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block]	The following table sets forth our cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Statements of Cash Flows (in thousands) : March 31, March 31, Cash and cash equivalents $ 46,049 $ 5,177 Restricted cash (included in Other assets) 33,769 10,377 $ 79,818 $ 15,554

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
New Real Estate Investments [Table Text Block]	During the three months ended March 31, 2020 , we made the following real estate investments and related commitments as described below ($ in thousands) : Operator Date Properties Asset Class Amount Bickford Senior Living January 2020 1 SHO 15,100 Life Care Services January 2020 1 SHO 134,892 $ 149,992
Schedule of Allocated Value, Asset Purchase	NHI recorded the acquisition of Timber Ridge PropCo as follows ($ in thousands) : Land $ 4,370 Building and improvements 127,209 Furniture, fixtures and equipment 3,313 $ 134,892
Schedule of Bickford Leases [Table Text Block]	As of March 31, 2020, our Bickford Senior Living (“Bickford”) lease portfolio consists of the following ($ in thousands) : Lease Expiration June 2023 September 2024 May 2031 April 2033 Total Number of Properties 13 10 20 5 48 2020 Contractual Rent $ 11,812 $ 9,343 $ 24,193 $ 5,072 $ 50,420 2020 Straight Line Rent 14 339 2,671 745 3,769 2020 Lease Incentive Amortization — — (775) — (775) $ 11,826 $ 9,682 $ 26,089 $ 5,817 $ 53,414
Summary of NHC Percentage Rent [Table Text Block]	The following table summarizes the percentage rent income from NHC ( in thousands ): Three Months Ended March 31, 2020 2019 Current year $ 926 $ 877 Prior year final certification 1 (14) 334 Total percentage rent income $ 912 $ 1,211 1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Schedule of Tenant Purchase Options [Table Text Block]	A summary of these tenant options is presented below ( $ in thousands ): Asset Number of Lease 1st Option Option Contractual Type Properties Expiration Open Year Basis Rent MOB 1 February 2025 Open i $ 308 HOSP 1 March 2025 Open ii $ 1,957 HOSP 1 September 2027 2021 iv $ 2,760 SHO 2 May 2031 2021 iv $ 5,063 HOSP 1 June 2022 2022 i $ 3,502 SNF 7 August 2028 2025 iii $ 3,485 SNF 1 September 2028 2028 iii $ 472 Tenant purchase options generally give the lessee an option to purchase the underlying property for consideration determined by i) greater of fixed base price or fair market value; ii) a fixed base price plus a specified share in any appreciation; iii) fixed base price; or iv) a fixed capitalization rate on lease revenue.
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Presented in the following table are future minimum lease payments, as of March 31, 2020, to be received by us under our operating leases, as determined under ASC 842 ( in thousands ): Twelve months ended March 31, 2020 2021 $ 277,788 2022 277,910 2023 283,430 2024 275,699 2025 268,238 Thereafter 1,542,215 $ 2,925,280
Schedule of Fixed and Variable Lease Payments [Table Text Block]	The table below indicates the revenue recognized as a result of fixed and variable lease escalators ( in thousands ): Three Months Ended March 31, 2020 2019 Lease payments based on fixed escalators $ 68,433 $ 63,467 Lease payments based on variable escalators 1,364 1,168 Straight-line rent income 5,177 5,228 Escrow funds received from tenants 1,553 1,090 Rental income $ 76,527 $ 70,953

Mortgage And Other Notes Rece_2

Mortgage And Other Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
Mortgage and Other Notes Receivable [Abstract]
Financing Receivable Credit Quality Indicators	The tables below present outstanding note balances as of March 31, 2020 at amortized cost excluding two note balances totaling approximately $4,019,000 for which a Coverage ratio is not available. ($ in thousands) Mortgage 1 Mezzanine Revolver Total Coverage Ratio more than 2.0x $ 74,989 $ — $ — $ 74,989 between 1.5x and 2.0x 1,307 — — 1,307 between 1.0x and 1.5x 12,259 14,466 10,701 37,426 below 1.0x 53,045 26,070 — 79,115 Total $ 141,600 $ 40,536 $ 10,701 $ 192,837 1 Excludes $94,964,000 in construction mortgage receivables related to developments expected to be acquired at stabilization
Financing Receivable, Allowance for Credit Loss	The credit quality indicator as of December 31, 2019, is presented below for the amortized cost, net by year of origination ( $ in thousands ): 2020 2019 2018 2017 2016 Prior Total Mortgages more than 2.0x $ — $ — $ 67,906 $ — $ — $ 7,083 $ 74,989 between 1.5x and 2.0x — — 1,307 — — — 1,307 between 1.0x and 1.5x — 2,259 — — 10,000 — 12,259 below 1.0x 4,000 39,092 — 9,953 — — 53,045 Total $ 4,000 $ 41,351 $ 69,213 $ 9,953 $ 10,000 $ 7,083 $ 141,600 Mezzanine more than 2.0x $ — $ — $ — $ — $ — $ — $ — between 1.5x and 2.0x — — — — — — — between 1.0x and 1.5x — — — — 14,466 — 14,466 below 1.0x — — — — 26,070 — 26,070 Total $ — $ — $ — $ — $ 40,536 $ — $ 40,536 Revolver more than 2.0x $ — between 1.5x and 2.0x — between 1.0x and 1.5x 10,701 below 1.0x — Total $ 10,701
Schedule of Financing Receivable, Allowance for Credit Loss, Roll Forward	The allowance for expected credit losses for our commercial loans is presented in the following table for the quarter ended March 31, 2020 ( $ in thousands ): Beginning balance January 1, 2020 (upon adoption of ASU 2016-13) $ 3,900 Provision for expected credit losses 1,600 Balance March 31, 2020 $ 5,500
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	At March 31, 2020, our construction loans to Bickford are summarized as follows ($ in thousands) : Commencement Rate Maturity Commitment Drawn Location January 2018 9% 5 years 14,000 (13,077) Virginia July 2018 9% 5 years 14,700 (12,526) Michigan $ 28,700 $ (25,603)

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	Our equity method investment and other assets consists of the following ( in thousands ): March 31, 2020 December 31, 2019 Accounts receivable and prepaid expenses $ 3,635 $ 3,212 Unamortized lease incentive payments 10,565 10,146 Regulatory escrows 8,208 8,208 Restricted cash 33,769 10,454 Equity method investment 433 — $ 56,610 $ 32,020 Regulatory escrows include mandated deposits in connection with our entrance fee communities in Connecticut. Restricted cash includes amounts required to be held on deposit with a qualified intermediary subject to an IRC §1031 exchange agreement or in accordance with agency agreements governing our Fannie Mae and HUD mortgages.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Instruments [Abstract]
Schedule of Debt	Debt consists of the following ( in thousands ): March 31, December 31, Revolving credit facility - unsecured $ 408,000 $ 300,000 Bank term loans - unsecured 550,000 550,000 Private placement term loans - unsecured 400,000 400,000 HUD mortgage loans (net of discount of $1,218 and $1,238) 41,942 42,138 Fannie Mae term loans - secured, non-recourse 95,618 95,706 Convertible senior notes - unsecured (net of discount of $203 and $303) 59,797 59,697 Unamortized loan costs (6,453) (7,076) $ 1,548,904 $ 1,440,465
Schedule of Maturities of Long-term Debt	Aggregate principal maturities of debt as of March 31, 2020 are as follows ( in thousands ): For the year ended March 31, 2021 $ 1,244 2022 61,291 2023 784,340 2024 351,389 2025 154,529 Thereafter 203,985 1,556,778 Less: discount (1,421) Less: unamortized loan costs (6,453) $ 1,548,904
Schedule of Unsecured Term Loans	Our unsecured private placement term loans, payable interest-only, are summarized below ( in thousands ): Amount Inception Maturity Fixed Rate $ 125,000 January 2015 January 2023 3.99% 50,000 November 2015 November 2023 3.99% 75,000 September 2016 September 2024 3.93% 50,000 November 2015 November 2025 4.33% 100,000 January 2015 January 2027 4.51% $ 400,000
Schedule of Interest Rate Derivatives	As of March 31, 2020, we employ the following interest rate swap contracts to mitigate our interest rate risk on our bank term and revolver loans described above ( $ in thousands ): Date Entered Maturity Date Fixed Rate Rate Index Notional Amount Fair Value (Liability) June 2013 June 2020 3.46% 1-month LIBOR $ 80,000 $ (280) March 2014 June 2020 3.51% 1-month LIBOR $ 130,000 $ (464) March 2019 December 2021 3.51% 1-month LIBOR $ 100,000 $ (3,380) March 2019 December 2021 3.52% 1-month LIBOR $ 100,000 $ (3,403) June 2019 December 2021 2.89% 1-month LIBOR $ 150,000 $ (3,447) June 2019 December 2021 2.93% 1-month LIBOR $ 50,000 $ (1,160)
Schedule of Interest Expense	The following table summarizes interest expense ( in thousands ): Three Months Ended March 31, 2020 2019 Interest expense on debt at contractual rates $ 13,003 $ 13,074 Losses reclassified from accumulated other comprehensive income (loss) into interest expense 492 (292) Capitalized interest (98) (157) Amortization of debt issuance costs and debt discount 743 893 Total interest expense $ 14,140 $ 13,518

Commitments And Contingencies C

Commitments And Contingencies Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loan Commitments [Table Text Block]	Asset Class Type Total Funded Remaining Loan Commitments: LCS Sagewood Note A SHO Construction $ 118,800,000 $ (77,340,000) $ 41,460,000 LCS Sagewood Note B SHO Construction 61,200,000 (57,353,000) 3,847,000 Bickford Senior Living SHO Construction 28,700,000 (25,603,000) 3,097,000 Senior Living Communities SHO Revolving Credit 12,000,000 (10,701,000) 1,299,000 41 Management SHO Construction 10,800,000 (7,620,000) 3,180,000 Timber Ridge OpCo SHO Working Capital 5,000,000 — 5,000,000 Discovery Senior Living SHO Working Capital 750,000 (175,000) 575,000 $ 237,250,000 $ (178,792,000) $ 58,458,000 As provided above, loans funded do not include the effects of discounts or commitment fees. Our loans and loan commitments to 41 Management, LLC (“41 Management”) represent a variable interest. 41 Management is structured to limit liability for potential claims for damages, is capitalized to achieve that purpose and is considered a VIE within the definition set forth in Note 1.
Off Balance Sheet, Credit Loss, Liability, Roll Forward	The liability for expected credit losses on our unfunded loans is presented in the following table for the quarter ended March 31, 2020 ( $ in thousands ): Beginning balance January 1, 2020 (upon adoption of ASU 2016-13) $ 325 Benefit to expected credit losses (25) Balance March 31, 2020 $ 300
Schedule of Lease Commitments [Table Text Block]	Asset Class Type Total Funded Remaining Development Commitments: Ignite Medical Resorts SNF Construction $ 25,350,000 $ (19,252,000) $ 6,098,000 Woodland Village SHO Renovation 7,515,000 (7,425,000) 90,000 Senior Living Communities SHO Renovation 6,830,000 (6,830,000) — Senior Living Communities SHO Renovation 3,100,000 (2,435,000) 665,000 Wingate Healthcare SHO Renovation 1,900,000 (508,000) 1,392,000 Discovery Senior Living SHO Renovation 900,000 — 900,000 Navion Senior Solutions SHO Construction 650,000 — 650,000 41 Management SHO Renovation 400,000 — 400,000 $ 46,645,000 $ (36,450,000) $ 10,195,000
Schedule of Loss Contingencies [Table Text Block]	Asset Class Type Total Funded Remaining Contingencies: Timber Ridge OpCo SHO Earn Out Payments $ 10,000,000 $ — $ 10,000,000 Comfort Care Senior Living SHO Lease Inducement 6,000,000 — 6,000,000 Wingate Healthcare SHO Lease Inducement 5,000,000 — 5,000,000 Navion Senior Solutions SHO Lease Inducement 4,850,000 (500,000) 4,350,000 Discovery Senior Living SHO Lease Inducement 4,000,000 — 4,000,000 Ignite Medical Resorts SNF Lease Inducement 2,000,000 — 2,000,000 $ 31,850,000 $ (500,000) $ 31,350,000

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Compensation Arrangements [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2020 2019 Dividend yield 5.1% 5.5% Expected volatility 16.8% 18.6% Expected lives 2.9 years 2.9 years Risk-free interest rate 1.31% 2.50%
Schedule of Stock Option Activity	The following table summarizes our outstanding stock options: Three Months Ended March 31, 2020 2019 Options outstanding January 1, 1,004,014 920,346 Options granted under 2012 Plan 319,669 602,000 Options exercised under 2012 Plan (512,509) (352,830) Options forfeited under 2012 Plan (4,169) — Options granted under 2019 Plan 264,831 — Options forfeited under 2019 Plan (3,831) — Options outstanding, March 31, 1,068,005 1,169,516 Exercisable at March 31, 600,327 678,997

Earnings and Dividends Per Sh_2

Earnings and Dividends Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts): Three Months Ended March 31, 2020 2019 Net income attributable to common stockholders $ 61,023 $ 35,679 BASIC: Weighted average common shares outstanding 44,613,593 42,825,824 DILUTED: Weighted average common shares outstanding 44,613,593 42,825,824 Stock options 4,546 75,695 Convertible subordinated debentures — 223,513 Weighted average dilutive common shares outstanding 44,618,139 43,125,032 Net income attributable to common stockholders - basic $ 1.37 $ 0.83 Net income attributable to common stockholders - diluted $ 1.37 $ 0.83 Incremental anti-dilutive shares excluded: Net share effect of stock options with an exercise price in excess of the average market price for our common shares 305,862 17,415 Regular dividends declared per common share $ 1.1025 $ 1.05

Fair Value Of Financial Instr_2

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Of Financial Instruments [Abstract]
Schedule of Assets and Liabilities Measured on Recurring Basis	iabilities measured at fair value on a recurring basis are as follows (in thousands) : Fair Value Measurement Balance Sheet Classification March 31, December 31, 2019 Level 2 Interest rate swap liability Accounts payable and accrued expenses $ (12,134) $ (3,433)
Fair Value Measurements, Nonrecurring [Table Text Block]	Carrying amounts and fair values of financial instruments that are not carried at fair value at March 31, 2020 and December 31, 2019 in the Condensed Consolidated Balance Sheets are as follows ( in thousands ): Carrying Amount Fair Value Measurement March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Level 2 Variable rate debt $ 954,213 $ 845,744 $ 958,000 $ 850,000 Fixed rate debt $ 594,691 $ 594,721 $ 637,182 $ 602,926 Level 3 Mortgage and other notes receivable $ 291,820 $ 340,143 $ 314,724 $ 347,543

Significant Accounting Polici_4

Significant Accounting Policies (Schedule of Variable Interest Entities) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Straight-Line Rent Receivable [Member] | Bickford Senior Living [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	$ 57,024
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	60,120
Straight-Line Rent Receivable [Member] | Senior Living Communities [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	92,155
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	96,454
Straight-Line Rent Receivable [Member] | Senior Living Management [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	26,940
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	26,940
Notes Receivable [Member] | Evolve Senior Living [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	9,953
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	9,953
Notes Receivable [Member] | LCS Sagewood [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	133,307
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	178,614
Notes Receivable [Member] | 41 Management [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	12,133
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	15,313
Notes Receivable [Member] | Timber Ridge OpCo
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	434
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 5,434

Significant Accounting Polici_5

Significant Accounting Policies Schedule of Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Schedule of Cash [Abstract]
Cash and cash equivalents	$ 46,049		$ 5,177
Restricted cash	33,769	$ 10,454	10,377
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 79,818	$ 15,669	$ 15,554	$ 9,912

Significant Accounting Polici_6

Significant Accounting Policies (Details)	Mar. 31, 2020properties
Variable Interest Entity Number Of Entities Not Primary Beneficiary	7
Lessor, Operating Lease, Renewal Term	5 years
Minimum [Member]
Lessor, Operating Lease, Term of Contract	10 years
Maximum [Member]
Lessor, Operating Lease, Term of Contract	15 years

Real Estate (Schedule of New Re

Real Estate (Schedule of New Real Estate Investments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)propertiesbeds_or_units
Real Estate Investments During The Period	$ 149,992
Number of Properties | properties	225
Bickford Senior Living [Member]
Real Estate Investments During The Period	$ 15,100
Number of Properties | properties	48
Bickford Senior Living [Member] | Current Period Real Estate Acquisition
Number of Properties | beds_or_units	1
Life Care Services
Real Estate Investments During The Period	$ 134,892
Life Care Services | Current Period Real Estate Acquisition
Number of Properties | beds_or_units	1

Real Estate (Schedule of Alloca

Real Estate (Schedule of Allocated Value) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Land	$ 219,575,000	$ 213,617,000
LCS Timber Ridge [Member]
Land	4,370
Buildings and Improvements, Gross	127,209
Furniture and Fixtures, Gross	3,313
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	$ 134,892

Real Estate (Schedule of Bickfo

Real Estate (Schedule of Bickford Leases) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)properties	Mar. 31, 2019USD ($)
Number of Properties | properties	225
Amortization of lease incentives	$ 236,000	$ 168,000
Bickford Senior Living [Member]
Number of Properties | properties	48
2019 Contractual Rent	$ 50,420,000
2019 Straight Line Rent	3,769,000
Amortization of lease incentives	775,000
Total Revenues	$ 53,414,000
Bickford Senior Living [Member] | June 2023 [Member]
Number of Properties | properties	13
2019 Contractual Rent	$ 11,812,000
2019 Straight Line Rent	14,000
Amortization of lease incentives	0
Total Revenues	$ 11,826,000
Bickford Senior Living [Member] | September 2024 [Member]
Number of Properties | properties	10
2019 Contractual Rent	$ 9,343,000
2019 Straight Line Rent	339,000
Amortization of lease incentives	0
Total Revenues	$ 9,682,000
Bickford Senior Living [Member] | May 2031 [Member]
Number of Properties | properties	20
2019 Contractual Rent	$ 24,193,000
2019 Straight Line Rent	2,671,000
Amortization of lease incentives	775,000
Total Revenues	$ 26,089,000
Bickford Senior Living [Member] | April 2033 [Member]
Number of Properties | properties	5
2019 Contractual Rent	$ 5,072,000
2019 Straight Line Rent	745,000
Amortization of lease incentives	0
Total Revenues	$ 5,817,000

Real Estate (Summary of NHC Per

Real Estate (Summary of NHC Percentage Rent) (Details) - National Healthcare Corporation [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total percentage rent income	$ 912	$ 1,211
Final Determination Based On Current Year Revenues [Member]
Total percentage rent income	926	877
Final Determination Based On Prior Year Revenues [Member]
Total percentage rent income	$ 14	$ 334

Real Estate (Schedule of Tenant

Real Estate (Schedule of Tenant Purchase Options) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)properties
Number of Real Estate Properties	225
Medical Office Building [Member]
Number of Real Estate Properties	2
Hospital [Member]
Number of Real Estate Properties	3
Senior Housing Community [Member]
Number of Real Estate Properties	148
Skilled Nursing Facility [Member]
Number of Real Estate Properties	72
Open Now [Member] | Medical Office Building [Member] | February 2025 [Member]
Number of Real Estate Properties	1
Minimum Annual Lease Income | $	$ 308
Open Now [Member] | Hospital [Member] | March 2025 [Member]
Number of Real Estate Properties	1
Minimum Annual Lease Income | $	$ 1,957
2021 [Member] | Hospital [Member] | September 2027 [Member]
Number of Real Estate Properties	1
Minimum Annual Lease Income | $	$ 2,760
2021 [Member] | Senior Housing Community [Member] | May 2031 [Member]
Number of Real Estate Properties	2
Minimum Annual Lease Income | $	$ 5,063
2022 [Member] | Hospital [Member] | June 2022 [Member]
Number of Real Estate Properties	1
Minimum Annual Lease Income | $	$ 3,502
2025 [Member] | Skilled Nursing Facility [Member] | August 2028 [Member]
Number of Real Estate Properties	7
Minimum Annual Lease Income | $	$ 3,485
2028 [Member] | Skilled Nursing Facility [Member] | September 2028 [Member]
Number of Real Estate Properties	1
Minimum Annual Lease Income | $	$ 472

Real Estate (Schedule of Future

Real Estate (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 277,788
Operating Leases, Future Minimum Payments, Due in Two Years	277,910
Operating Leases, Future Minimum Payments, Due in Three Years	283,430
Operating Leases, Future Minimum Payments, Due in Four Years	275,699
Operating Leases, Future Minimum Payments, Due in Five Years	268,238
Operating Leases, Future Minimum Payments, Due Thereafter	1,542,215
Operating Leases, Future Minimum Payments Due	$ 2,925,280

Real Estate (Schedule of Fixed

Real Estate (Schedule of Fixed and Variable Lease Payments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Leases, Income Statement, Lease Revenue	$ 76,527	$ 70,953
Fixed Lease Escalation [Member]
Operating Leases, Income Statement, Lease Revenue	68,433	63,467
Variable Lease Escalation [Member]
Operating Leases, Income Statement, Lease Revenue	1,364	1,168
Straight Line Rent Income [Member]
Operating Leases, Income Statement, Lease Revenue	5,177	5,228
Escrow Funds Received From Tenants [Member]
Operating Leases, Income Statement, Lease Revenue	$ 1,553	$ 1,090

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)propertiesMaster_Leasesbeds_or_unitsrenewalOptionsshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Number of Real Estate Properties | properties	225
Number of States in which Entity Operates	34
Nonportfolio Assets, Original Cost	$ 2,532,000
Real Estate Investment Property, Portfolio Assets	$ 3,225,600,000
Number of Lessees	33
Real Estate Investments During The Period	$ 149,992,000
Payments to Acquire Real Estate	$ 80,335,000	$ 50,122,000
Lease Renewal Period In Years	5 years
Operating Leases, Income Statement, Lease Revenue	$ (76,527,000)	(70,953,000)
Straight Line Rent	(5,177,000)	(5,228,000)
Loan and Lease Losses and Recoveries, Net	1,555,000	2,500,000
Property, Plant and Equipment, Net	2,693,227,000		$ 2,560,393,000
Gains (Losses) on Sales of Investment Real Estate	21,007,000	0
Loans and Leases Receivable, Gross	$ 192,837
Holiday Acquisition Holdings [Member]
Number of Real Estate Properties | properties	26
Operating Leases, Income Statement, Lease Revenue	$ (10,176,000)	$ (9,930,000)
Percentage of Continuing Revenue	12.00%	13.00%
Straight Line Rent	$ (1,664,000)	$ (1,630,000)
BAKA Enterprises [Member]
Lessor, Operating Lease, Term of Contract	8 years
Operating Leases, Income Statement, Lease Revenue	$ (343,000)	(625,000)
Lease Payment, NOI Based, Percent	95.00%
Operating Leases, Future Minimum Payments Receivable	$ 720,000
Bickford Senior Living [Member]
Number of Real Estate Properties | properties	48
Real Estate Investments During The Period	$ 15,100,000
Number of Units in Real Estate Property | beds_or_units	60
Lessor, Operating Lease, Term of Contract	12 years
Initial lease rate	8.00%
Minimum Annual Lease Income	$ 50,420,000
Operating Leases, Income Statement, Lease Revenue	$ (13,018,000)	$ (12,810,000)
Percentage of Continuing Revenue	16.00%	17.00%
Straight Line Rent	$ (767,000)	$ (1,327,000)
Proceeds from Sale and Collection of Notes Receivable	$ 14,091,000
Senior Living Communities [Member]
Number of Real Estate Properties | properties	10
Number of Units in Real Estate Property | beds_or_units	2,068
Lessor, Operating Lease, Term of Contract	15 years
Number Of Additional Lease Renewal Options | renewalOptions	2
Lease Renewal Period In Years	5 years
Note Receivable Interest Rate	10.00%
Operating Leases, Income Statement, Lease Revenue	$ (11,938,000)	$ (11,532,000)
Percentage of Continuing Revenue	14.00%	15.00%
Straight Line Rent	$ (1,068,000)	$ (1,058,000)
Lease Escalator Rate after Lease Year 4	3.00%
National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	42
Operating Leases, Income Statement, Lease Revenue	$ (9,448,000)	$ (9,748,000)
Percentage of Continuing Revenue	11.00%	13.00%
Number of Master Leases | Master_Leases	2
Lessor Equity Shares Owned, Significant Lessee | shares	1,630,642
Non-Performing Lease [Member]
Number of Lease Portfolios	3
SH Regency Leasing LLC [Member]
Number of Real Estate Properties | properties	3
Chancellor Health Care [Member]
Number of Real Estate Properties | properties	5
Operating Leases, Income Statement, Lease Revenue	$ (587,000)	$ 0
Lease Payment, NOI Based, Percent	100.00%
SH Regency Transition Properties [Member]
Operating Leases, Income Statement, Lease Revenue	$ (625,000)	(77,000)
Life Care Services
Real Estate Investments During The Period	$ 134,892,000
LCS Timber Ridge [Member]
Number of Units in Real Estate Property | beds_or_units	401
Lessor, Operating Lease, Term of Contract	7 years
Initial lease rate	6.75%
Note Receivable Interest Rate	5.75%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 124,989,000
Expected Proceeds Joint Venture	8,216,000
Timber Ridge OpCo
Contingent Funding Commitment	10,000,000
Quorum Health [Member]
Loan and Lease Losses and Recoveries, Net	380,000
Property, Plant and Equipment, Net	$ 10,184,000
Landmark Senior Living [Member]
Number of Real Estate Properties | properties	1
Senior Housing Community [Member]
Number of Real Estate Properties | properties	148
Skilled Nursing Facility [Member]
Number of Real Estate Properties | properties	72
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	39
Skilled Nursing Facility [Member] | LCS Timber Ridge [Member]
Number of Units in Real Estate Property | beds_or_units	45
Hospital [Member]
Number of Real Estate Properties | properties	3
Medical Office Building [Member]
Number of Real Estate Properties | properties	2
Assisted Living Facility [Member] | LCS Timber Ridge [Member]
Number of Units in Real Estate Property | beds_or_units	26
Independent Living Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	3
Independent Living Facility [Member] | LCS Timber Ridge [Member]
Number of Units in Real Estate Property | beds_or_units	330
Asset Held For Sale [Member] | Brookdale Senior Living [Member]
Number of Real Estate Properties | properties	8
Real Estate Property Company [Member] | Noncontrolling Interest [Member]
Noncash or Part Noncash Acquisition, Interest Acquired	20.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 10,778,000
Real Estate Property Company [Member] | Life Care Services | Controlling and Non Controlling Interest Member [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 138,392,000
Real Estate Property Company [Member] | LCS Timber Ridge [Member]
Noncash or Part Noncash Acquisition, Interest Acquired	80.00%
Real Estate Operating Company [Member] | Noncontrolling Interest [Member]
Noncash or Part Noncash Acquisition, Interest Acquired	75.00%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 875,000
Real Estate Operating Company [Member] | Controlling Interest [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	2,625,000
Real Estate Operating Company [Member] | Life Care Services | Controlling and Non Controlling Interest Member [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 3,500,000
Real Estate Operating Company [Member] | LCS Timber Ridge [Member]
Noncash or Part Noncash Acquisition, Interest Acquired	25.00%
Consideration Type, Existing Mortgage [Member] | LCS Timber Ridge [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 59,350,000
Consideration Type, Additional Mortgage [Member] | LCS Timber Ridge [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	21,650,000
Consideration Type, Total Mortgage [Member] | LCS Timber Ridge [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	81,000,000
Consideration Type, Cash [Member] | LCS Timber Ridge [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 43,114,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bickford Senior Living [Member]
Number of Real Estate Properties | properties	2
Note Receivable Interest Rate	700.00%
Write Off Of Straight Line Rent Receivable	$ 124,000
Loans and Leases Receivable, Gross	4,000,000
Impairment of Real Estate	2,500,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Brookdale Senior Living [Member]
Operating Leases, Income Statement, Lease Revenue	(229,000)	$ (1,062,000)
Purchase Option, Amount, Minimum	37,520,000
Real Estate Property, Fair Value, Purchase Option Calculation	41,000,000
Proceeds from Sale of Real Estate	39,260,000
Gains (Losses) on Sales of Investment Real Estate	$ (20,752,000)
ARIZONA | Asset Held For Sale [Member] | Brookdale Senior Living [Member]
Number of Real Estate Properties | properties	4
TENNESSEE | Asset Held For Sale [Member] | Brookdale Senior Living [Member]
Number of Real Estate Properties | properties	3
SOUTH CAROLINA | Asset Held For Sale [Member] | Brookdale Senior Living [Member]
Number of Real Estate Properties | properties	1
Subleased Facilities [Member] | Skilled Nursing Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	4
NHC - 1991 Lease [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	35
Number Of Additional Lease Renewal Options | renewalOptions	2
Lease Renewal Period In Years	5 years
Minimum Annual Lease Income	$ 30,750,000
Percentage Rent Rate	0.04
NHC - 2013 Lease [Member] | National Healthcare Corporation [Member]
Number Of Real Estate Properties Acquired | properties	7
Minimum Annual Lease Income	$ 3,450,000
Percentage Rent Rate	0.04
Purchase Option Amount	$ 49,000,000

Mortgage And Other Notes Rece_3

Mortgage And Other Notes Receivable (Schedule of Bickford Construction Loans) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable, Commitments, Fixed Rates	$ 237,250,000
Loans and Leases Receivable, Net Amount	(286,320,000)	$ (340,143,000)
Bickford Note Investment [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	28,700,000
Loans and Leases Receivable, Net Amount	(25,603,000)
January 2018 [Member] | Bickford Note Investment [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 14,000,000
Loan Term	5 years
Loans and Leases Receivable, Net Amount	$ (13,077,000)
Note Receivable Interest Rate	9.00%
July 2018 [Member] | Bickford Note Investment [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 14,700,000
Loan Term	5 years
Loans and Leases Receivable, Net Amount	$ (12,526,000)
Note Receivable Interest Rate	9.00%

Mortgage And Other Notes Rece_4

Mortgage And Other Notes Receivable (Schedule of Financing Receivables By Credit Quality Indicator) (Details)	Mar. 31, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	$ 192,837
Construction Note Receivable Balance Excluded	94,964,000
EBITDARM Coverage Above 2.0x [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	74,989
EBITDARM Coverage 1.5x to 2.0x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	1,307
EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	37,426
EBITDARM Coverage Below 1.0x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	79,115
Mortgages [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	141,600
Mortgages [Member] | EBITDARM Coverage Above 2.0x [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	74,989
Mortgages [Member] | EBITDARM Coverage 1.5x to 2.0x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	1,307
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	12,259
Mortgages [Member] | EBITDARM Coverage Below 1.0x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	53,045
Mezzanine
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	40,536
Mezzanine | EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	14,466
Mezzanine | EBITDARM Coverage Below 1.0x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	26,070
Revolving Credit Facility
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	10,701
Revolving Credit Facility | EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	$ 10,701

Mortgage And Other Notes Rece_5

Mortgage And Other Notes Receivable (Schedule of Financing Receivables Allowance for Credit Loss) (Details)	Mar. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	$ 192,837
EBITDARM Coverage Above 2.0x [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	74,989
EBITDARM Coverage 1.5x to 2.0x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	1,307
EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	37,426
EBITDARM Coverage Below 1.0x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	79,115
Mortgages [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	141,600
Mortgages [Member] | Prior to 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	7,083
Mortgages [Member] | 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	10,000
Mortgages [Member] | 2017
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	9,953
Mortgages [Member] | 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	69,213
Mortgages [Member] | 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	41,351
Mortgages [Member] | 2020 [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	4,000
Mortgages [Member] | EBITDARM Coverage Above 2.0x [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	74,989
Mortgages [Member] | EBITDARM Coverage Above 2.0x [Member] | Prior to 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	7,083
Mortgages [Member] | EBITDARM Coverage Above 2.0x [Member] | 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	67,906
Mortgages [Member] | EBITDARM Coverage 1.5x to 2.0x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	1,307
Mortgages [Member] | EBITDARM Coverage 1.5x to 2.0x | 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	1,307
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	12,259
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x | 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	10,000
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x | 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	2,259
Mortgages [Member] | EBITDARM Coverage Below 1.0x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	53,045
Mortgages [Member] | EBITDARM Coverage Below 1.0x | 2017
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	9,953
Mortgages [Member] | EBITDARM Coverage Below 1.0x | 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	39,092
Mortgages [Member] | EBITDARM Coverage Below 1.0x | 2020 [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	4,000
Mezzanine
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	40,536
Mezzanine | 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	40,536
Mezzanine | EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	14,466
Mezzanine | EBITDARM Coverage, 1.0x to 1.5x | 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	14,466
Mezzanine | EBITDARM Coverage Below 1.0x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	26,070
Mezzanine | EBITDARM Coverage Below 1.0x | 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	26,070
Revolving Credit Facility
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	10,701
Revolving Credit Facility | EBITDARM Coverage, 1.0x to 1.5x
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and Leases Receivable, Gross	$ 10,701

Mortgage And Other Notes Rece_6

Mortgage And Other Notes Receivable (Schedule of Financing Receivables, Allowance for Credit Loss Roll Forward) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ 1,600
Financing Receivable, Allowance for Credit Loss, Ending Balance	5,500
Accounting Standards Update 2016-13 [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss, Ending Balance	$ 3,900

Mortgage And Other Notes Rece_7

Mortgage And Other Notes Receivable (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)propertiesbeds_or_units	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Loans and Leases Receivable, Net Amount	$ 286,320,000		$ 340,143,000
Number of health care properties related to mortgage notes receivables | properties	15
Loans and Leases Receivable, Commitments, Fixed Rates	$ 237,250,000
Payments to Acquire Real Estate	80,335,000	$ 50,122,000
Off-Balance Sheet, Credit Loss, Liability	300,000
Notes Receivable Excluded From Credit Loss Disclosures, Credit Quality Indicator Metric Not Available	4,019,000
Construction Note Receivable Balance Excluded	$ 94,964,000
Probability of Default, Increase, Current Conditions Adjustment	2000.00%
Loss Given Default, Increase, Current Conditions Adjustment	2000.00%
Estimated Credit Losses, Current Conditions Adjustment, Combined	4400.00%
Current Conditions Adjustment, COVID-19 Allowance Increase [Member]
Off-Balance Sheet, Credit Loss, Liability	$ 100,000
Financing Receivable, Allowance for Credit Loss, Noncurrent	1,700,000
Current Conditions Adjustment, Portfolio Allowance Decrease [Member]
Financing Receivable, Allowance for Credit Loss, Noncurrent	100,000
Accounting Standards Update 2016-13 [Member]
Off-Balance Sheet, Credit Loss, Liability	325,000
Bickford Note Investment [Member]
Loans and Leases Receivable, Net Amount	25,603,000
Loans and Leases Receivable, Commitments, Fixed Rates	28,700,000
Contingent Incentive Payments	2,000,000
LCS Sagewood [Member]
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 180,000,000
Notes Receivable, Number Of Loans, Master Credit Agreement	2
LCS Timber Ridge [Member]
Number of Units in Real Estate Property | beds_or_units	401
Lessor, Operating Lease, Term of Contract	7 years
Note Receivable Interest Rate	5.75%
Timber Ridge OpCo
Loans and Leases Receivable, Net Amount	$ 0
Loans and Leases Receivable, Commitments, Fixed Rates	5,000,000
Financing Receivable, Revolving	$ 5,000,000
Senior Living Communities [Member]
Number of Units in Real Estate Property | beds_or_units	2,068
Loans and Lease Receivable, Maximum Revolving Amount	$ 12,000,000
Lessor, Operating Lease, Term of Contract	15 years
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	$ 10,000,000
Revolving Note Receivable, Amount Outstanding	$ (10,701,000)
Loans Receivable, Description of Variable Rate Basis, Reference Rate Maturity	10 years
Loans Receivable, Description, Variable Rate Basis, Reference Rate	0.70%
Loans Receivable, Basis Spread on Variable Rate	6.00%
Number of Term Loans	2
Note Receivable Interest Rate	10.00%
Secured By Real Estate [Member]
Loans and Leases Receivable, Net Amount	$ 240,443,000
Not Secured By Real Estate [Member]
Loans and Leases Receivable, Net Amount	$ 51,377,000
Not Secured By Real Estate [Member] | Senior Living Communities [Member]
Number of Units in Real Estate Property | beds_or_units	186
Note A [Member] | LCS Sagewood [Member]
Loans and Leases Receivable, Net Amount	$ 77,340,000
Loans and Leases Receivable, Commitments, Fixed Rates	$ 118,800,000
Notes Receivable, Interest Rate, Master Credit Agreement	7.25%
Loan Term	10 years
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 118,800,000
Loans And Leases Receivable, Commitment, Fixed Rates, Escalator, Basis Points	10
Note Receivable, First Note Year For Rate Escalator	three years
Note Receivable, Prepayment Penalty, Rate	2.00%
Note Receivable, Prepayment Penalty, Rate Decrease	1.00%
Note A [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 12,000,000
Note B [Member] | LCS Sagewood [Member]
Loans and Leases Receivable, Net Amount	57,353,000
Loans and Leases Receivable, Commitments, Fixed Rates	$ 61,200,000
Notes Receivable, Interest Rate, Master Credit Agreement	8.50%
Loan Term	5 years
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 61,200,000
Note B [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	2,000,000
After 2021 [Member] | Senior Living Communities [Member]
Loans and Lease Receivable, Maximum Revolving Amount	7,000,000
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	5,000,000
Original Maximum Revolving Limit [Member] | Senior Living Communities [Member]
Loans and Lease Receivable, Maximum Revolving Amount	$ 15,000,000

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Other Assets [Abstract]
Accounts receivable and other assets	$ 3,635	$ 3,212
Unamortized lease incentive payments	10,565	10,146
Regulatory escrows	8,208	8,208
Restricted cash	33,769	10,454	$ 10,377
Equity Method Investments	433	0
Other assets	$ 56,610	$ 32,020

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 31, 2020
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 18,974		$ 20,063
Income (Loss) from Equity Method Investments	(442)	$ 0
Noncontrolling Interest [Member] | Real Estate Operating Company [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 875
Noncash or Part Noncash Acquisition, Interest Acquired	75.00%
Timber Ridge OpCo
Financing Receivable, Revolving	$ 5,000
LCS Timber Ridge [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 124,989
LCS Timber Ridge [Member] | Real Estate Operating Company [Member]
Noncash or Part Noncash Acquisition, Interest Acquired	25.00%

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Revolving credit facility - unsecured	$ 408,000	$ 300,000
Bank term loans - unsecured	400,000
Convertible senior notes - unsecured	59,797	59,697
Unamortized loan costs	(6,453)	(7,076)
Debt, Long-term and Short-term, Combined Amount	1,548,904	1,440,465
Bank Term Loans [Member]
Debt Instrument [Line Items]
Bank term loans - unsecured	550,000	550,000
Private Placement Term Loans [Member]
Debt Instrument [Line Items]
Bank term loans - unsecured	400,000	400,000
Debt Instrument, Name, HUD Mortgages [Member]
Debt Instrument [Line Items]
Secured Debt	41,942	42,138
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Debt Instrument [Line Items]
Secured Debt	$ 95,618	$ 95,706

Debt Debt (Schedule of Debt) (C

Debt Debt (Schedule of Debt) (Captions) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ (1,421)
Debt Instrument, Name, Q3 2014 HUD Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	(1,218)	$ (1,238)
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ (203)	$ (303)

Debt Debt (Schedule of Maturiti

Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Maturities of Long-term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	$ 1,244
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	61,291
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Year Three	784,340
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four	351,389
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	154,529
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	203,985
Long-term Debt, Gross	1,556,778
Debt Instrument, Unamortized Discount	(1,421)
Unamortized loan costs	(6,453)	$ (7,076)
Debt, Long-term and Short-term, Combined Amount	$ 1,548,904	$ 1,440,465

Debt Debt (Schedule of Unsecure

Debt Debt (Schedule of Unsecured Term Loans) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Unsecured Debt	$ 400,000
January 2023 [Member]
Unsecured Debt	$ 125,000
Debt Instrument, Interest Rate, Stated Percentage	3.99%
November 2023 [Member]
Unsecured Debt	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	3.99%
September 2024 [Member]
Unsecured Debt	$ 75,000
Debt Instrument, Interest Rate, Stated Percentage	3.93%
November 2025 [Member]
Unsecured Debt	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	4.33%
January 2027 [Member]
Unsecured Debt	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage	4.51%

Debt (Schedule of Interest Rate

Debt (Schedule of Interest Rate Derivatives) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 610,000,000
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.46%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 80,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (280,000)
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.51%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 130,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (464,000)
Interest Rate Swap, Date Entered, March 2019 - 3.46% [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.51%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 100,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (3,380,000)
Interest Rate Swap, Date Entered, March 2019 - 3.47% [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	3.52%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 100,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (3,403,000)
Interest Rate Swap, Date Entered, June 2019 - 2.84% [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.89%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 150,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (3,447,000)
Interest Rate Swap, Date Entered, June 2019 - 2.88% [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.93%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 50,000,000
Interest Rate Derivative Liabilities, at Fair Value	$ (1,160,000)

Debt (Schedule of Interest Expe

Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Interest Expense [Abstract]
Interest expense on debt at contractual rates	$ 13,003	$ 13,074
Losses reclassified from accumulated other comprehensive income (loss) into interest expense	(492)	(292)
Capitalized interest	(98)	(157)
Amortization of debt issuance costs and debt discount	743	893
Total Interest Expense	$ 14,140	$ 13,518

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)sharespropertiesnumber_of_loans$ / shares	Dec. 31, 2019USD ($)
Debt Leverage Limit, Coupon Change, Trigger	50.00%
Credit Facility, Current Revolving Borrowing Capacity	$ 550,000,000
Derivative, Notional Amount	$ 610,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	2000.00%
Debt Instrument, Variable Rate Basis, Minimum	9900.00%	17600.00%
Long-term Line of Credit	$ 408,000,000	$ 300,000,000
Number of Real Estate Properties | properties	225
Debt Instrument, Convertible, Conversion Ratio	14.71
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 67.97
Debt Instrument, Convertible, Number of Equity Instruments | shares	882,792
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 7,060,000
Derivative, Fair Value, Net		(3,433,000)
Convertible Debt	59,797,000	$ 59,697,000
Allocated to Debt [Member]
Repayments of Convertible Debt	60,000,000
$250M Term Loan [Member]
Term Loans, Outstanding Balance	250,000,000
$300M Term Loan [Member]
Term Loans, Outstanding Balance	$ 300,000,000
Debt Instrument, Name, Revolving Credit Facility [Member]
Debt Instrument, Basis Spread on Variable Rate	12000.00%
Unused balance of the unsecured revolving credit facility	$ 142,000,000
Bank Term Loans [Member]
Debt Instrument, Basis Spread on Variable Rate	13200.00%
Variable Interest Rate Debt [Member]
Long-term Line of Credit	$ 348,000,000
Debt Instrument, Name, HUD Mortgages [Member]
Number of Real Estate Properties | properties	10
Net Book Value of Real Estate Pledged Toward Mortgage	$ 48,717,000
Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	4.30%
Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	4.40%
Debt Instrument, HUD Mortgages, 2049 Maturity [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | number_of_loans	9
Debt Instrument, HUD Mortgages, 2047 Maturity [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans | number_of_loans	1
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Number of Real Estate Properties	13
Net Book Value of Real Estate Pledged Toward Mortgage	$ 133,117,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 78,084,000
Debt Instrument, Interest Rate, Stated Percentage	3.79%
Debt Instrument, Term	10 years
FNMA Berkadia Note [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 17,534,000
Debt Instrument, Interest Rate, Stated Percentage	4.60%
At Inception [Member]
Proceeds from convertible senior notes	$ 200,000,000
Debt Instrument, Convertible, Conversion Ratio	13.93
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 71.81
Debt Instrument, Convertible, Number of Equity Instruments | shares	2,785,200
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Convertible Debt Instrument, Conversion Ratio, Principal Amount, Basis	$ 1,000
Principal Amount [Member]
Convertible Debt	$ 60,000,000
Bickford Senior Living [Member]
Number of Real Estate Properties | properties	48
Middletown, OH [Member] | Bickford Senior Living [Member]
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Rate	2.90%
Noncash or Part Noncash Acquisition, Debt Assumed	$ 8,439,000
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	7,221,000
Interest Rate Swap(s), Date Entered, March & June 2019 [Member] | Debt Instrument, Name, Revolving Credit Facility [Member]
Derivative, Notional Amount	60,000,000
Interest Rate Swap(s), Date Entered, March & June 2019 [Member] | Bank Term Loans [Member]
Derivative, Notional Amount	340,000,000
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative, Notional Amount	80,000,000
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative, Notional Amount	130,000,000
Interest Rate Swaps, Maturity Date, After June 2020 [Member]
Derivative, Notional Amount	$ 400,000,000

Commitments And Contingencies_2

Commitments And Contingencies Commitments and Contingencies (Schedule of Loan Commitments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable, Commitments, Fixed Rates	$ 237,250,000
Loans and Leases Receivable, Net Amount	(286,320,000)	$ (340,143,000)
Notes Receivable Funding Commitment	58,458,000
Bickford Senior Living [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	28,700,000
Loans and Leases Receivable, Net Amount	(25,603,000)
Notes Receivable Funding Commitment	3,097,000
41 Management [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	10,800,000
Loans and Leases Receivable, Net Amount	(7,620,000)
Notes Receivable Funding Commitment	3,180,000
Timber Ridge OpCo
Loans and Leases Receivable, Commitments, Fixed Rates	5,000,000
Loans and Leases Receivable, Net Amount	0
Notes Receivable Funding Commitment	5,000,000
Discovery Senior Living [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	750,000
Notes Receivable Funding Commitment	575,000
Note A [Member] | LCS Sagewood [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	118,800,000
Loans and Leases Receivable, Net Amount	(77,340,000)
Notes Receivable Funding Commitment	41,460,000
Note A [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	12,000,000
Note B [Member] | LCS Sagewood [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	61,200,000
Loans and Leases Receivable, Net Amount	(57,353,000)
Notes Receivable Funding Commitment	3,847,000
Note B [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	2,000,000
Revolving Credit Facility [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	12,000,000
Loans and Leases Receivable, Net Amount	(10,701,000)
Notes Receivable Funding Commitment	1,299,000
Notes Receivable Remain Unfunded [Member]
Loans and Leases Receivable, Net Amount	(178,792,000)
Notes Receivable Remain Unfunded [Member] | Discovery Senior Living [Member]
Loans and Leases Receivable, Net Amount	$ (175,000)

Commitments And Contingencies_3

Commitments And Contingencies Commitments and Contingencies (Schedule of Lease Commitments) (Details)	Mar. 31, 2020USD ($)
Maximum Commitment For All Active Development Projects	$ 46,645,000
Development in Process	(36,450,000)
Remaining Unfunded Development Commitment	10,195,000
Development Commitment [Member] | Ignite Medical Resorts [Member]
Maximum Commitment For All Active Development Projects	25,350,000
Development in Process	(19,252,000)
Remaining Unfunded Development Commitment	6,098,000
Development Commitment [Member] | Senior Living Communities [Member]
Maximum Commitment For All Active Development Projects	3,100,000
Development in Process	(2,435,000)
Remaining Unfunded Development Commitment	665,000
Development Commitment [Member] | Wingate Healthcare [Member]
Maximum Commitment For All Active Development Projects	1,900,000
Development in Process	(508,000)
Remaining Unfunded Development Commitment	1,392,000
Development Commitment [Member] | Discovery Senior Living [Member]
Maximum Commitment For All Active Development Projects	900,000
Development in Process	0
Remaining Unfunded Development Commitment	900,000
Development Commitment [Member] | Navion Senior Solutions [Member]
Maximum Commitment For All Active Development Projects	650,000
Development in Process	0
Remaining Unfunded Development Commitment	650,000
Development Commitment [Member] | 41 Management [Member]
Maximum Commitment For All Active Development Projects	400,000
Development in Process	0
Remaining Unfunded Development Commitment	400,000
Capital Improvement Commitment [Member] | Woodland Village [Member]
Maximum Commitment For All Active Development Projects	7,515,000
Development in Process	(7,425,000)
Remaining Unfunded Development Commitment	90,000
Capital Improvement Commitment [Member] | Senior Living Communities [Member]
Maximum Commitment For All Active Development Projects	6,830,000
Development in Process	(6,830,000)
Remaining Unfunded Development Commitment	$ 0

Commitments And Contingencies_4

Commitments And Contingencies Commitments and Contingencies (Schedule of Loss Contingencies) (Details)	Mar. 31, 2020USD ($)
Lease Inducement [Member]
Contingent Funding Commitment	$ 31,850,000
Contingent Funding Commitment, Amount Funded	(500,000)
Contingent Funding Commitment, Remaining Unfunded Amount	31,350,000
Timber Ridge OpCo
Contingent Funding Commitment	10,000,000
Timber Ridge OpCo | Earn Out Payments
Contingent Funding Commitment	10,000,000
Contingent Funding Commitment, Amount Funded	0
Contingent Funding Commitment, Remaining Unfunded Amount	10,000,000
Comfort Care Senior Living [Member] | Lease Inducement [Member]
Contingent Funding Commitment	6,000,000
Contingent Funding Commitment, Amount Funded	0
Contingent Funding Commitment, Remaining Unfunded Amount	6,000,000
Wingate Healthcare [Member] | Lease Inducement [Member]
Contingent Funding Commitment	5,000,000
Contingent Funding Commitment, Amount Funded	0
Contingent Funding Commitment, Remaining Unfunded Amount	5,000,000
Navion Senior Solutions [Member] | Lease Inducement [Member]
Contingent Funding Commitment	4,850,000
Contingent Funding Commitment, Amount Funded	(500,000)
Contingent Funding Commitment, Remaining Unfunded Amount	4,350,000
Discovery Senior Living [Member] | Lease Inducement [Member]
Contingent Funding Commitment	4,000,000
Contingent Funding Commitment, Amount Funded	0
Contingent Funding Commitment, Remaining Unfunded Amount	4,000,000
Ignite Medical Resorts [Member] | Lease Inducement [Member]
Contingent Funding Commitment	2,000,000
Contingent Funding Commitment, Amount Funded	0
Contingent Funding Commitment, Remaining Unfunded Amount	$ 2,000,000

Commitments And Contingencies O

Commitments And Contingencies Off Balance Sheet Credit Loss Liability Roll Forward Schedule (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	$ (25,000)
Off-Balance Sheet, Credit Loss, Liability, Ending Balance	$ 300,000

Commitments And Contingencies (

Commitments And Contingencies (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Off-Balance Sheet, Credit Loss, Liability	$ 300,000
Maximum Commitment For All Active Development Projects	46,645,000
Development in Process	36,450,000
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	(25,000)
Litigation Settlement, Amount Awarded from Other Party	$ 2,850,000
Litigation Settlement, Payments, Expected Term, Years	5 years
Proceeds from Legal Settlements	$ 60,000
Timber Ridge OpCo
Financing Receivable, Revolving	5,000,000
Discovery PropCo [Member]
Maximum Commitment For All Active Development Projects	2,000,000
Current Conditions Adjustment, Portfolio Allowance Decrease [Member]
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal)	75,000
Current Conditions Adjustment, COVID-19 Allowance Increase [Member]
Off-Balance Sheet, Credit Loss, Liability	100,000
Development Commitment [Member] | Discovery PropCo [Member]
Development in Process	$ 968,000

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Stock Option Valuation Assumptions [Abstract]
Dividend yield	5.10%	5.50%
Expected volatility	16.80%	18.60%
Expected lives	2 years 10 months 24 days	2 years 10 months 24 days
Risk-free interest rate	1.31%	2.50%

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Options outstanding January 1,	1,004,014	920,346
Options outstanding, June 30,	1,068,005	1,169,516
Exercisable at June 30,	600,327	678,997
2012 Plan [Member]
Options granted under 2012 Plan	319,669	602,000
Options exercised under 2012 Plan	(512,509)	(352,830)
Options forfeited under 2012 Plan	(4,169)	0
2019 Plan [Member]
Options granted under 2012 Plan	264,831	0
Options forfeited under 2012 Plan	(3,831)	0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	May 03, 2019
Share-based Payment Arrangement, Expense	$ 1,845	$ 2,001
Unrecognized compensation cost	$ 2,124
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 5.54	$ 6.17
2012 Plan [Member]
Shares available for grants	3,500,000
Stock Option Plan, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
2019 Plan [Member]
Shares available for grants	2,735,169		3,000,000
Stock Option Plan, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Expected To Be Recognized During 2019 [Member]
Unrecognized compensation cost	$ 1,353
Expected To Be Recognized During 2020 [Member]
Unrecognized compensation cost	693
Expected To Be Recognized During 2021 [Member]
Unrecognized compensation cost	$ 78

Earnings and Dividends Per Sh_3

Earnings and Dividends Per Share (Summary Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 61,023	$ 35,679
BASIC:
Weighted average common shares outstanding	44,613,593	42,825,824
Net income per common share - basic	$ 1.37	$ 0.83
DILUTED:
Weighted average common shares outstanding	44,613,593	42,825,824
Stock options	4,546	75,695
Convertible subordinated debentures	0	223,513
Weighed average dilutive common shares outstanding	44,618,139	43,125,032
Net income per common share - diluted	$ 1.37	$ 0.83
Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	305,862	17,415
Common Stock Dividends, Per Share, Declared, Regular	$ 1.1025	$ 1.05

Fair Value Of Financial Instr_3

Fair Value Of Financial Instruments (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 2 [Member]
Interest rate swap liability	$ (12,134)	$ (3,433)

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	$ 286,320	$ 340,143
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	291,820	340,143
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	314,724	347,543
Variable Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	954,213	845,744
Variable Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	958,000	850,000
Fixed Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	594,691	594,721
Fixed Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 637,182	$ 602,926

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (4,225,000)
Operating Leases, Income Statement, Lease Revenue	76,527,000	$ 70,953,000
Financing Receivable, Allowance for Credit Loss	5,500,000
Off-Balance Sheet, Credit Loss, Liability	300,000
Escrow Funds Received From Tenants [Member]
Operating Leases, Income Statement, Lease Revenue	1,553,000	$ 1,090,000
Accounting Standards Update 2018-11 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	0
Accounting Standards Update 2016-13 [Member]
Financing Receivable, Allowance for Credit Loss	3,900,000
Off-Balance Sheet, Credit Loss, Liability	$ 325,000

Subsequent Events Subsequent _2

Subsequent Events Subsequent Events (Narrative) (Details) $ in Thousands	May 01, 2020USD ($)beds_or_units	Mar. 31, 2020USD ($)shares	May 06, 2020shares	Dec. 31, 2019shares
Subsequent Event [Line Items]
Real Estate Investments During The Period | $		$ 149,992
Common stock, shares authorized | shares		60,000,000		60,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Lease Escalator Minimum	225.00%
Number Of Real Estate Properties Acquired | beds_or_units	2
Number of Units in Real Estate Property | beds_or_units	44
Real Estate Investments During The Period | $	$ 14,250
Asset Purchase Transaction Costs | $	$ 150
Lessor, Operating Lease, Term of Contract	15 years
Initial lease rate	725.00%
Lessee, Operating Lease, Renewal Term	5 years
Subsequent Event [Member] | Number of Shares Authorized, Prior To Increase [Member]
Subsequent Event [Line Items]
Common stock, shares authorized | shares			60,000,000
Subsequent Event [Member] | Number of Shares Authorized, Subsequent To Increase [Member]
Subsequent Event [Line Items]
Common stock, shares authorized | shares			100,000,000