Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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, $0.01 par value | |
Trading Symbol | NHI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,850,599 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0000877860 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Land | $ 220,361 | $ 220,361 |
Buildings and improvements | 3,042,763 | 3,041,616 |
Construction in progress | 3,131 | 3,093 |
Real estate properties, gross | 3,266,255 | 3,265,070 |
Less accumulated depreciation | (618,299) | (597,638) |
Real estate properties, net | 2,647,956 | 2,667,432 |
Mortgage and other notes receivable, net | 301,318 | 292,427 |
Cash and cash equivalents | 113,375 | 43,344 |
Straight-line rent receivable | 98,354 | 95,703 |
Other assets | 22,270 | 21,583 |
Total Assets | 3,183,273 | 3,120,489 |
Liabilities and Stockholders' Equity: | ||
Debt | 1,524,725 | 1,499,285 |
Accounts payable and accrued expenses | 23,673 | 25,189 |
Dividends Payable | 50,550 | 49,818 |
Lease deposit liabilities | 10,638 | 10,638 |
Deferred income | 10,972 | 12,614 |
Total Liabilities | 1,620,558 | 1,597,544 |
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 | 459 | 452 |
Capital in excess of par value | 1,594,336 | 1,540,946 |
Cumulative net income in excess of dividends | (37,233) | (22,015) |
Accumulated other comprehensive income | (5,377) | (7,149) |
Total National Health Investors, Inc. Stockholders' Equity | 1,552,185 | 1,512,234 |
Noncontrolling interest | 10,530 | 10,711 |
Total Equity | 1,562,715 | 1,522,945 |
Total Liabilities and Equity | $ 3,183,273 | $ 3,120,489 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Financing Receivable, Allowance for Credit Loss | $ 4,856 | $ 4,946 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 45,850,599 | 45,185,992 |
Common stock, shares outstanding | 45,850,599 | 45,185,992 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Rental income | $ 74,749 | $ 76,527 |
Interest income and other | 6,136 | 6,549 |
Revenues | 80,885 | 83,076 |
Expenses: | ||
Depreciation | 20,806 | 20,443 |
Interest | 12,973 | 14,140 |
Legal | 130 | 334 |
Franchise, excise and other taxes | 233 | 243 |
General and administrative | 7,989 | 4,311 |
Property taxes and insurance on leased properties | 2,161 | 1,553 |
Loan and realty losses | (50) | 1,555 |
Total operating expenses | 44,242 | 42,579 |
Income (Loss) from Equity Method Investments | (808) | (442) |
Gains (Losses) on Sales of Investment Real Estate | 0 | 21,007 |
Net income | 35,384 | 61,062 |
Less: net loss attributable to noncontrolling interest | (52) | (39) |
Net income | $ 35,332 | $ 61,023 |
Weighted average common shares outstanding: | ||
Basic | 45,305,087 | 44,613,593 |
Diluted | 45,357,773 | 44,618,139 |
Basic: | ||
Net income attributable to common stockholders - basic | $ 0.78 | $ 1.37 |
Diluted: | ||
Net income attributable to common stockholders - diluted | $ 0.78 | $ 1.37 |
Loss on convertible note retirement | $ (451) | $ 0 |
$100M Term Loan [Member] | ||
Loss on convertible note retirement | $ (451) | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 35,384 | $ 61,062 |
Other comprehensive income (loss): | ||
Increase (decrease) in fair value of cash flow hedge | 6 | 9,191 |
Less: reclassification adjustment for amounts recognized in net income | 1,778 | 492 |
Total other comprehensive income (loss) | 1,772 | (8,699) |
Comprehensive income | 37,156 | 52,363 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 52 | 39 |
Comprehensive income | $ 37,104 | $ 52,324 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 35,384 | $ 61,062 |
Changes in operating assets and liabilities: | ||
Depreciation | 20,806 | 20,443 |
Amortization of Debt Issuance Costs | 1,192 | 1,173 |
Amortization of commitment fees | (131) | (129) |
Amortization of lease incentives | 260 | 236 |
Straight-line rental income | (4,241) | (5,177) |
Non-cash interest income on construction loan | (700) | (888) |
Gains (Losses) on Sales of Investment Real Estate | 0 | (21,007) |
Income (Loss) from Equity Method Investments | 808 | 442 |
Gain (Loss) on Extinguishment of Debt | 451 | 0 |
Loan and realty losses | (50) | 1,555 |
Payment of Tenant Lease Incentives | (1,042) | 0 |
Share-based compensation | 5,446 | 1,845 |
Change in operating assets and liabilities: | ||
Other assets | (484) | (357) |
Accounts payable and accrued expenses | (735) | (1,497) |
Deferred income | (52) | (619) |
Net cash provided by operating activities | 56,912 | 57,082 |
Cash flows from investing activities: | ||
Investment in mortgage and other notes receivable | (8,412) | (20,298) |
Collection of mortgage and other notes receivable | 442 | 14,288 |
Investment in real estate | 0 | (80,335) |
Payments to Develop Real Estate Assets | (8) | 0 |
Payments to Renovate Real Estate | (1,443) | (3,057) |
Payments to Acquire Equity Method Investments | 0 | (875) |
Proceeds from Equity Method Investment, Distribution | 288 | 0 |
Proceeds from Sale of Wholly Owned Real Estate and Real Estate Acquired in Settlement of Loans | 0 | 39,260 |
Net cash used in investing activities | (9,133) | (51,017) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 30,000 | 125,000 |
Payments on revolving credit facilities | (298,000) | (17,000) |
Repayments of Long-term Debt | (100,094) | (304) |
Proceeds from Issuance of Senior Long-term Debt | 396,784 | 0 |
Debt issuance costs | (4,459) | 0 |
Payments to Noncontrolling Interests | (258) | (16) |
Proceeds from Noncontrolling Interests | 0 | 13 |
Value of shares withheld from options exercised for employee tax withholding | 0 | (2,705) |
Proceeds from issuance of common shares, net | 47,951 | (87) |
Dividends paid to stockholders | (49,818) | (46,817) |
Net cash provided by (used in) financing activities | 22,106 | 58,084 |
Increase in cash and cash equivalents and restricted cash | 69,885 | 64,149 |
Cash and cash equivalents and restricted cash, beginning of period | 116,228 | 79,818 |
Supplemental disclosure of cash flow information: | ||
Interest paid, net of amounts capitalized | 9,674 | 12,954 |
Supplemental schedule of non-cash investing and financing activities: | ||
Change in mortgage notes receivable related to investments in real estate | 0 | 59,350 |
Increase in mortgage note receivable from sale of real estate | 0 | 4,000 |
Change in accounts payable related to investments in real estate construction | (112) | (234) |
Change in accounts payable related to distributions to noncontrolling interests | $ (25) | $ 0 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - USD ($) | Total | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock [Member] | Common Stock [Member]At-The-Market | Additional Paid-in Capital [Member] | Cumulative Dividends In Excess Of Net Income [Member] | Cumulative Dividends In Excess Of Net Income [Member]Revision of Prior Period, Accounting Standards Update, Adjustment | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Parent [Member]Revision of Prior Period, Accounting Standards Update, Adjustment | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,498,252,000 | $ 446,000 | $ 1,505,948,000 | $ (5,331,000) | $ (3,432,000) | $ 1,497,631,000 | $ 621,000 | ||||
Balance, shares at Dec. 31, 2019 | 44,587,486 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, New Issues | 0 | ||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 10,791,000 | 10,791,000 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 16,000 | ||||||||||
Net income (loss) attributable to common stockholders | 61,023,000 | 61,023,000 | (8,699,000) | 52,324,000 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 39,000 | 39,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 52,363,000 | ||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 62,516 | ||||||||||
Stock Issued During Period, Value, New Issues | 85,000 | $ 0 | 85,000 | 85,000 | 0 | ||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (2,705,000) | 2,705,000 | 2,705,000 | 0 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 1,000 | $ 1,000 | 2,000 | 1,000 | |||||||
Share-based compensation | 1,845,000 | 1,845,000 | 1,845,000 | 0 | |||||||
Dividends declared, $1.54 per share | (49,226,000) | (49,226,000) | (49,226,000) | 0 | |||||||
Balance, shares at Mar. 31, 2020 | 44,650,002 | ||||||||||
Balance, shares at Dec. 31, 2019 | 44,587,486 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 0 | 0 | |||||||||
Balance, shares at Dec. 31, 2020 | 45,185,992 | 45,185,992 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,506,993,000 | $ 447,000 | 1,505,001,000 | 2,241,000 | (12,131,000) | 1,495,558,000 | 11,435,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Retained Earnings (Accumulated Deficit) | $ (4,225,000) | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,522,945,000 | $ 452,000 | 1,540,946,000 | (22,015,000) | (7,149,000) | 1,512,234,000 | 10,711,000 | ||||
Stock Issued During Period, Shares, New Issues | 661,951 | 661,951 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (233,000) | 233,000 | |||||||||
Net income (loss) attributable to common stockholders | 35,332,000 | 35,332,000 | 1,772,000 | 37,104,000 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 52,000 | 52,000 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37,156,000 | ||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 2,656 | ||||||||||
Stock Issued During Period, Value, New Issues | (47,951,000) | $ (7,000) | (47,944,000) | (47,951,000) | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | $ 0 | 0 | 0 | |||||||
Share-based compensation | 5,446,000 | 5,446,000 | 5,446,000 | ||||||||
Dividends declared, $1.54 per share | $ (50,550,000) | (50,550,000) | (50,550,000) | ||||||||
Balance, shares at Mar. 31, 2021 | 45,850,599 | 45,850,599 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,562,715,000 | $ 459,000 | $ 1,594,336,000 | $ (37,233,000) | $ (5,377,000) | $ 1,552,185,000 | $ 10,530,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Retained Earnings (Accumulated Deficit) | $ 0 | $ 0 | $ 0 |
Consolidated Statement Of Equ_2
Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 1.1025 | $ 1.1025 | $ 1.1025 | $ 1.10 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Note 1. Organization and Nature of Business National Health Investors, Inc. (“NHI,” “the Company,” “we,” “us,” or “our”), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. Our portfolio consists of lease, mortgage and other note investments in independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities, hospitals and medical office buildings. As of March 31, 2021, we had investments of $3.3 billion in 228 health care real estate properties located in 34 states and leased pursuant primarily to triple-net leases to 34 lessees consisting of 151 senior housing communities (“SHO”), 72 skilled nursing facilities, three hospitals and two medical office buildings. Our portfolio of 14 mortgages along with other notes receivable totaled $306.2 million, excluding an allowance for expected credit losses of $4.9 million, as of March 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation. Interim results of operations are not necessarily indicative of the results that may be achieved for a full year. The condensed consolidated financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in our 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and subsidiaries in which we have a controlling interest. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if the Company is deemed to be the primary beneficiary of such entities. All material intercompany transactions and balances are eliminated in consolidation. At March 31, 2021, we held interests in seven unconsolidated VIEs, and, because we lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance, we have concluded that the Company 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, excluding our investment accounted for under the equity method discussed in Note 5. The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of 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 $ 64,495,000 $ 76,317,000 Notes 3, 4 2014 Senior Living Communities Notes and straight-line receivable $ 83,546,000 $ 84,057,000 Notes 3, 4 2016 Senior Living Management Notes and straight-line receivable $ 26,997,000 $ 26,997,000 — 2018 Sagewood, LCS affiliate Notes $ 164,763,000 $ 178,945,000 Note 4 2019 41 Management, LLC Notes and straight-line receivable $ 15,872,000 $ 33,765,000 Note 7 2020 Timber Ridge OpCo, LLC Various 2 $ (3,346,000) $ 1,654,000 Notes 5, 7 2020 Watermark Retirement Notes and straight-line receivable $ 4,403,000 $ 9,403,000 Note 7 1 Notes, loan commitments, straight-line rent receivables, and unamortized lease incentives 2 Loan commitment, equity method investment and straight-line rent receivables 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. Economic loss on a lease, in excess of what is presented in the table above, 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 would be dependent upon individual facts and circumstances, and is therefore not included in the table above. In the future, NHI may be deemed the primary beneficiary of the operations if the tenants do not have adequate liquidity to accept the risks and rewards as the tenant and operator of the properties and might be required to consolidate the statements of financial position and results of operations of the operators into our consolidated financial statements. We consolidate two real estate partnerships formed with our partners, Discovery Senior Housing Investor XXIV, LLC, (“Discovery”) and LCS Timber Ridge LLC (“LCS”), to invest in senior housing facilities. As of and for the three months ended March 31, 2021, our non-controlling interests relate to these partnerships with Discovery and LCS. We use the equity method of accounting when we own an interest in an entity whereby we can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. 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 or subject to an agreement (e.g., with a qualified intermediary subject to an Internal Revenue Code §1031 exchange agreement or in accordance with agency agreements governing our 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 $ 113,375 $ 46,049 Restricted cash (included in Other assets) 2,853 33,769 $ 116,228 $ 79,818 Accounting for Lease Modifications related to Coronavirus Disease 2019 In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the coronavirus (“COVID-19”) pandemic. The Lease Modification Q&A clarifies that entities may elect not to evaluate whether lease-related relief provided to mitigate the economic effects of COVID-19 pandemic is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 pandemic, which does not substantially increase either its rights as lessor or the obligations of the tenant, is a modification can elect whether to apply the modification guidance. An entity should apply the election consistently to leases with similar characteristics and similar circumstances. NHI has elected not to apply the modification guidance under ASC 842 and has accounted for rent concessions as variable lease payments when applicable, recorded as rental income when received. During the three months ended March 31, 2021, the Company provided $4.2 million in lease concessions as a result of COVID-19 pandemic, as discussed in more detail in Note 7. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | Note 3. Real Estate Properties and Investments Tenant Concentration The following table contains information regarding tenant concentration in our portfolio, excluding $2.5 million for our corporate office and a credit loss reserve balance of $4.9 million, based on the percentage of revenues for the three months ended March 31, 2021 and 2020, related to tenants or affiliates of tenants, that exceed 10% of total revenue ( $ in thousands ): as of March 31, 2021 Revenues 1 Asset Number of Real Notes Three Months Ended March 31, Class Properties Estate Receivable 2021 2020 Senior Living Communities EFC 10 $ 573,631 $ 44,189 $ 12,723 16% $ 12,717 15% Bickford Senior Living ALF 48 534,376 35,079 10,207 13% 13,603 16% Holiday Retirement ILF 26 532,672 — 10,185 13% 10,176 12% National HealthCare Corporation (NHC) SNF 42 171,235 — 9,452 12% 9,448 11% All others 2 Various 1,451,799 226,906 36,157 44% 35,579 42% Escrow funds received from tenants for property operating expenses Various — — 2,161 2% 1,553 2% $ 3,263,713 $ 306,174 $ 80,885 $ 83,076 1 includes interest income on notes receivable 2 includes prior period amounts for disposals or transitioned to new operators At March 31, 2021, the one state in which we had an investment concentration of 10% or more was South Carolina (10.3%). NHC Percentage Rent Under the terms of our two leases with NHC, rent escalates by 4% of the increase, if any, in each of the facility’s revenue over a base year and is referred to as percentage rent. The following table summarizes the percentage rent income from NHC ( $ in thousands ): Three Months Ended March 31, 2021 2020 Current year $ 920 $ 926 Prior year final certification 1 (5) (14) Total percentage rent income $ 915 $ 912 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. Two of our board members, including our chairman, are also members of NHC’s board of directors. Tenant Purchase Options Certain of our leases contain purchase options allowing tenants to acquire the leased properties. At March 31, 2021, we had a net investment of $40.2 million in six real estate properties which are subject to exercisable tenant purchase options. Tenant purchase options on 11 properties in which we had an aggregate net investment of $100.1 million at March 31, 2021, become exercisable between 2022 and 2028. Rental income from leased properties with tenant purchase options either currently exercisable or exercisable in the future was $5.0 million and $4.4 million for the three months ended March 31, 2021 and 2020, respectively. In January 2021, we received notification of a tenant’s intention to acquire in July 2021, pursuant to a purchase option, one of the six properties mentioned above, a behavioral hospital located in Tennessee, for approximately $26.4 million. The net investment at March 31, 2021 was $21.1 million. Rental income was $0.7 million for both the three months ended March 31, 2021 and 2020. We cannot reasonably estimate at this time the probability that any other purchase options will be exercised in the future. Consideration to be received from the exercise of any tenant purchase option is expected to exceed our net investment in the leased property or properties. Other Portfolio Activity Tenant Transitioning Nine properties were transitioned during 2019 to five new tenants following a period of non-compliance by the former operators. Two leases with new tenants for six of these properties specify periods during which rental income is based on operating income, net of management fees. We recognized rental income from these nine properties of $0.9 million and $1.6 million for the three months ended March 31, 2021 and 2020, respectively. Future Minimum Base Rent Future minimum lease payments to be received by us under our operating leases at March 31, 2021, are as follows ( $ in thousands ): Remainder of 2021 $ 215,167 2022 287,817 2023 283,511 2024 277,004 2025 273,507 2026 277,816 Thereafter 1,158,838 $ 2,773,660 We assess the collectability of lease payments to be received from our tenants, which includes 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 recognize lease payments on a cash basis and 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, 2021 2020 Lease payments based on fixed escalators, net of deferrals $ 67,281 $ 68,669 Lease payments based on variable escalators 1,326 1,364 Straight-line rent income 4,241 5,177 Escrow funds received from tenants for property operating expenses 2,161 1,553 Amortization of lease incentives (260) (236) Rental income $ 74,749 $ 76,527 Bickford Portfolio Sale Effective April 30, 2021, we executed an agreement for the sale of six properties that were leased to Bickford for a purchase price of $52.9 million, which includes a $13.0 million Company-financed second mortgage. Upon completion of this transaction, Bickford satisfied the terms of our prior agreement that contingently waived $2.1 million in rent for the third quarter of 2020 and none of that amount will be repaid. These six properties had an aggregate net book value of approximately $34.6 million as of March 31, 2021. Rental income from this portfolio was $1.3 million and $1.5 million for the three months ended March 31, 2021 |
Mortgage And Other Notes Receiv
Mortgage And Other Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage and Other Notes Receivable [Abstract] | |
Mortgage Notes Receivable | Mortgage and Other Notes Receivable At March 31, 2021, our investments in mortgage notes receivable totaled $268.4 million secured by real estate and other assets of the borrower (e.g., UCC liens on personal property) related to 14 facilities and other notes receivable totaled $37.8 million guaranteed by significant parties to the notes or by cross-collateralization of properties with the same owner. These balances exclude a credit loss reserve of $4.9 million at March 31, 2021. All our notes were on full accrual basis at March 31, 2021. In April 2021, the Company entered into a $50.0 million mezzanine loan and security agreement with Montecito Medical Real Estate for a new fund that will invest in medical real estate, including medical office buildings, throughout the United States. Amounts under the loan agreement will be funded as real estate investments are identified for acquisition. Borrowings under the loan agreement will bear interest at an annual rate of 9.5% and accrue an additional 2.5% in interest to be paid upon certain future events including repayments, sales of fund investments, and refinancings. The mezzanine loan has a five Credit Loss Reserve 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, 2020, 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 three levels: (i) more than 1.5x, (ii) between 1.0x and 1.5x, (iii) 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, 2021, we did not have any construction loans that we considered underperforming. The tables below present outstanding note balances as of March 31, 2021 at amortized cost. 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 March 31, 2021, is presented below for the amortized cost, net by year of origination ( $ in thousands ): 2020 2019 2018 2017 2016 Prior Total Mortgages more than 1.5x $ 8,424 $ 8,833 $ 193,463 $ — $ — $ 4,540 $ 215,260 between 1.0x and 1.5x — — — — 10,000 — 10,000 less than 1.0x 3,989 39,123 — — — — 43,112 No coverage available — — — — — — — 12,413 47,956 193,463 $ — 10,000 4,540 268,372 Mezzanine more than 1.5x — — — — — — — between 1.0x and 1.5x — — — — — — — less than 1.0x — — — — 14,491 11,072 25,563 No coverage available — 750 — — — — 750 — 750 — — 14,491 11,072 26,313 Revolver more than 1.5x — between 1.0x and 1.5x 11,489 less than 1.0x — 11,489 Credit loss reserve (4,856) $ 301,318 Due to the economic uncertainty created by the COVID-19 pandemic and the potential impact on the collectability of our mortgages and other notes receivable, we forecasted at the beginning of the pandemic a 20% increase in the probability of a default and a 20% increase in the amount of loss from a default resulting in an effective adjustment of 44%. The allowance for expected credit losses is presented in the following table for the three months ended March 31, 2021 ( $ in thousands ): Beginning balance January 1, 2021 $ 4,946 Provision for expected credit losses (90) Balance March 31, 2021 $ 4,856 Bickford At March 31, 2021, our construction loans to Bickford are summarized in the following table ($ in thousands) : Commencement Rate Maturity Commitment Drawn Location January 2018 9% 5 years $ 14,000 $ (14,000) Virginia July 2018 9% 5 years 14,700 (14,700) Michigan June 2020 9% 5 years 14,200 (2,390) Virginia $ 42,900 $ (31,090) 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 $2.0 million per project in incentives based on the achievement of predetermined operational milestones and, if funded, will increase NHI's future purchase price and eventual NHI lease payment. Senior Living Communities On March 30, 2021, we amended the revolving line of credit agreement with Senior Living Communities (“Senior Living”) to increase availability from $15.0 million to $20.0 million. Borrowings by Senior Living under the revolver are to be used for working capital needs and to finance construction projects within its portfolio, including building additional units. Beginning January 1, 2023, availability under the revolver reduces to $15.0 million. The revolver matures in December 2029 at the time of lease maturity. At March 31, 2021, the $11.5 million outstanding under the facility bears interest at 7.74% per annum, the prevailing 10-year U.S. Treasury rate plus 6%. The Company also has a mortgage loan of $32.7 million to Senior Living that commenced in July 2019 for the acquisition of a 248-unit continuing care retirement community in Columbia, South Carolina. The mortgage loan is for a term of five years with two one year extensions and carries an interest rate of 7.25%. Additionally, the loan conveys to NHI a purchase option at a stated minimum price of $38.3 million, subject to adjustment for market conditions. |
Equity Method Investment
Equity Method Investment | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure | Note 5. Equity Method Investment Our initial $0.9 million investment in the operating company, Timber Ridge OpCo, held by our Taxable REIT Subsidiary (“TRS”) arose in conjunction with the acquisition of a CCRC from LCS-Westminster Partnership III, LLP, in January 2020. 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”). Accordingly, the TRS holds our 25% equity interest in Timber Ridge OpCo, which permits the TRS to engage in activities and share in cash flows that would otherwise be non-qualifying income under the REIT gross income test. As part of our investment, we provided Timber Ridge OpCo a revolving credit facility of up to $5.0 million of which no funds have been drawn. We account for our investment in Timber Ridge OpCo under the equity method since 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. Our equity share in the losses of Timber Ridge OpCo during three months ended March 31, 2021 and 2020, was $0.8 million and $0.4 million, respectively. During first quarter of 2021, we received $0.3 million in cash distributions from Timber Ridge OpCo. 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. As of March 31, 2021, we have recognized our share of Timber Ridge OpCo’s operating losses in excess of our initial investment. These cumulative losses of $3.3 million in excess of our original basis are included in “ Accounts payable and accrued expenses ” in our Condensed Consolidated Balance Sheet as of March 31, 2021. Our commitments are currently limited to the additional $5.0 million under the revolving credit facility. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Debt Disclosure | Debt Debt consists of the following ( $ in thousands ): March 31, December 31, Revolving credit facility - unsecured $ 30,000 $ 298,000 Bank term loans - unsecured 550,000 650,000 Senior notes - unsecured, net of discount of $3,162 396,838 — Private placement term loans - unsecured 400,000 400,000 Fannie Mae term loans - secured, non-recourse 95,260 95,354 Convertible senior notes - unsecured 60,000 60,000 Unamortized loan costs (7,373) (4,069) $ 1,524,725 $ 1,499,285 Aggregate principal maturities of debt as of March 31, 2021 are as follows ( $ in thousands ): Remainder of 2021 (including Convertible Notes) $ 60,277 2022 280,389 2023 475,408 2024 75,425 2025 143,761 2026 — Thereafter 496,838 1,532,098 Less: unamortized loan costs (7,373) $ 1,524,725 Convertible senior notes On April 1, 2021, the $60.0 million in aggregate principal amount of our 3.25% senior unsecured convertible notes (the “Convertible Notes”) matured. The Company paid $67.1 million, including accrued interest of $1.0 million and a $6.1 million conversion premium to retire the Convertible Notes. The conversion premium was recorded as a reduction of “ Capital in excess of par value” in our Condensed Consolidated Balance Sheets. Unsecured revolving credit facility and bank term loans Our unsecured bank credit facility consists of two term loans - $250.0 million maturing in August 2022 and $300.0 million maturing in September 2023 - and a $550.0 million revolving credit facility that was initially scheduled to mature in August 2021. In April 2021, the Company elected to exercise the extension option on the revolving credit facility available after payment of a 10 basis point extension fee totaling $0.6 million, extending the maturity of the revolver to August 2022. We have swap agreements to fix the interest rates on $400.0 million of term loans that expire in December 2021. On January 26, 2021, we repaid a $100.0 million term loan that was entered into July 2020 with the net proceeds from the 2031 Senior Notes offering discussed below. The term loan bore interest at a rate of 30-day LIBOR (with a 50 basis point floor) plus 185 basis points (“bps”), based on our current leverage ratios. Upon repayment, the Company expensed approximately $0.5 million of deferred financing cost associated with this loan which is included in “ Loss on early retirement of debt ” in our Condensed Consolidated Statement of Income for the three months ended March 31, 2021. The revolving facility fee is currently 20 bps 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, 2021 and December 31, 2020, 30-day LIBOR was 11 bps and 14 bps, respectively. At March 31, 2021, we had $520.0 million 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, 2021, 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. Senior Notes due 2031 On January 26, 2021, we issued $400.0 million aggregate principal amount of 3.00% senior notes that mature on February 1, 2031 and pay interest semi-annually (the “2031 Senior Notes”). The 2031 Senior Notes were sold at an issue price of 99.196% of face value before the underwriters’ discount. Our net proceeds from the 2031 Senior Notes offering, after deducting underwriting discounts and expenses, were approximately $392.3 million. We used the net proceeds from the 2031 Senior Notes offering to repay our $100.0 million term loan that was entered into in July 2020 and reduce borrowings outstanding under our revolving credit facility. The 2031 Senior Notes are subject to affirmative and negative covenants, including financial covenants. As of March 31, 2021 we were in compliance with all affirmative and negative covenants, including financial covenants for our 2031 Senior Notes borrowings. Private placement 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 Except for specific debt-coverage ratios and net worth minimums, 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. Fannie Mae term loans In March 2015, we obtained $78.1 million 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 4.6%, and has a remaining balance of $17.2 million at March 31, 2021. All together, these notes are secured by facilities having a net book value of $129.0 million at March 31, 2021. 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 $400.0 million of our bank loans. During the remainder of 2021, approximately $5.4 million of losses, which are included in “ Accumulated other comprehensive loss ” in our Condensed Consolidated Balance Sheets, are projected to be reclassified into earnings. As of March 31, 2021, we employed 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 Swap Rate Rate Index Notional Amount Fair Value (Liability) March 2019 December 2021 2.22% 1-month LIBOR $ 100,000 $ (1,574) March 2019 December 2021 2.21% 1-month LIBOR $ 100,000 $ (1,584) June 2019 December 2021 1.61% 1-month LIBOR $ 150,000 $ (1,661) June 2019 December 2021 1.63% 1-month LIBOR $ 50,000 $ (558) If the fair value of the hedge is an asset, we include it in our Condensed Consolidated Balance Sheets in the line item “ Other assets ”, and, if a liability, as a component of “ Accounts payable and accrued expenses ”. See Note 11 for fair value disclosures about our interest rate swap agreements. Net liability balances for our hedges included as components of “ Accounts payable and accrued expenses ” on March 31, 2021 and December 31, 2020, were $5.4 million and $7.1 million, respectively. The following table summarizes interest expense ($ in thousands ): Three Months Ended March 31, 2021 2020 Interest expense on debt at contractual rates $ 10,452 $ 13,003 Losses reclassified from accumulated other comprehensive income into interest expense 1,778 492 Capitalized interest (16) (98) Amortization of debt issuance costs, debt discount and other 759 743 Total interest expense $ 12,973 $ 14,140 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 classified below as loan commitments and commitments for the funding of construction for expansion or renovation to our existing properties under lease classified below as development commitments. 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, 2021 according to the nature of their impact on our leasehold or loan portfolios. ( $ in thousands ): Asset Class Type Total Funded Remaining Loan Commitments: LCS Sagewood Note A SHO Construction $ 118,800 $ (104,618) $ 14,182 LCS Sagewood Note B SHO Construction 61,200 (61,200) — Bickford Senior Living SHO Construction 42,900 (31,090) 11,810 41 Management SHO Construction 22,200 (6,207) 15,993 Senior Living Communities SHO Revolving Credit 20,000 (11,489) 8,511 41 Management SHO Construction 10,800 (8,901) 1,899 Timber Ridge OpCo SHO Working Capital 5,000 — 5,000 Watermark Retirement SHO Working Capital 5,000 — 5,000 $ 285,900 $ (223,505) $ 62,395 As provided above, loans funded do not include the effects of discounts or commitment fees. 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 pandemic adjustments as discussed in Note 4. The liability for expected credit losses on our unfunded loans is presented in the following table for the three months ended March 31, 2021 ( $ in thousands ): Beginning balance January 1, 2021 $ 270 Provision for expected credit losses 40 Balance at March 31, 2021 $ 310 Asset Class Type Total Funded Remaining Development Commitments: Woodland Village SHO Renovation $ 7,515 $ (7,425) $ 90 Senior Living Communities SHO Renovation 9,930 (9,930) — Wingate Healthcare SHO Renovation 1,900 (1,800) 100 Discovery Senior Living SHO Renovation 900 (899) 1 Watermark Retirement SHO Renovation 6,500 (3,000) 3,500 Other SHO Various 1,650 (391) 1,259 $ 28,395 $ (23,445) $ 4,950 In addition to the commitments listed above, Discovery PropCo has committed to Discovery Senior Living for funding up to $2.0 million toward the purchase of condominium units located at one of the facilities. As of March 31, 2021, we have funded $1.0 million toward this commitment. As of March 31, 2021, we had $31.9 million of contingent lease inducement commitments in six lease agreements which are generally based on the performance of facility operations and may or may not be met by the tenant. At March 31, 2021, we had funded $1.5 million toward these commitments of which $1.0 million was funded during the three months ended March 31, 2021. COVID-19 Pandemic Contingencies Since the World Health Organization declared coronavirus disease 2019 a pandemic on March 11, 2020, the continually evolving pandemic has resulted in a widespread health crisis adversely affecting governments, businesses, and financial markets. The COVID-19 pandemic and related health and safety measures continue to impact the operations of many of the Company’s tenants, operators and borrowers. The federal government has provided economic assistance and other forms of assistance which mitigated to some extent the negative financial impact of the pandemic for certain of our tenants and operators who are eligible. Revenues for the operators of our properties continue to be significantly impacted by occupancy. Building occupancy rates have been and may continue to be adversely affected by the COVID-19 pandemic if it continues to cause sustained negative trends such as early resident move-outs, delays in admitting new residents, or other collateral events such as a weakening in the housing market, a typical funding source for our senior housing operators’ customers. In addition, actions our operators take to address outbreaks could materially increase their operating costs, including costs related to enhanced health and safety precautions among other measures. A decrease in occupancy or increase in costs could have a material adverse effect on the ability of our operators to meet their financial and other contractual obligations to us, including the payment of rent, as well as on our results of operations. Since the pandemic began, we have granted rent concessions as shown in the following table ($ in thousands) : Three months ended As of December 31, 2020 March 31, 2021 Cumulative Totals Deferrals Abatements Deferrals Abatements Deferrals Abatements Bickford Senior Living $ 3,750 $ 2,100 $ 3,750 $ — $ 7,500 $ 2,100 All Others 1,232 50 447 — 1,679 50 $ 4,982 $ 2,150 $ 4,197 $ — $ 9,179 $ 2,150 The deferred amounts noted in the table above accrue interest starting at 8% per annum from the date of the deferral until paid in full under the terms of each tenant’s deferral agreement. We have agreed with Bickford to defer $5.0 million in contractual rent due for the second quarter of 2021. See Note 3 for further discussion on Bickford rent concessions. We have either reached agreement or are in advanced discussions with four other tenants regarding additional rent concessions of approximately $2.3 million for the second quarter 2021. The majority of the deferrals we have granted are expected to bear interest at 8% per annum. We are also in negotiations with Holiday that could result in rent concessions starting in the second quarter of 2021 and may utilize a portion of our lease deposit with Holiday that totaled approximately $10.6 million as of March 31, 2021. When applicable, we have accounted for rent concessions as variable lease payments, recorded as rental income when received, in accordance with the FASB's Lease Modification Q&A. Reference Note 2 for further discussion. We will evaluate any rent deferral requests as a result of the COVID-19 pandemic on a tenant-by-tenant basis. The extent of future concessions we make as a result of the COVID-19 pandemic, which could have a material impact on our future operating results, cannot be reasonably or reliably projected by us at this time. 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. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Note 8. Equity and Dividends At-the-Market (ATM) Equity Program During the three months ended March 31, 2021, we issued 661,951 common shares through the ATM program with an average price of $73.62, resulting in net proceeds of approximately $48.0 million. We intend to use the proceeds from any further activity under the ATM program for general corporate purposes, which may include future acquisitions and repayment of indebtedness, including borrowings under our credit facility. Dividends The following table summarizes dividends declared by the Board of Directors or paid during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend December 15, 2020 December 31, 2020 January 29, 2021 $1.1025 March 12, 2021 March 31, 2021 May 7, 2021 $1.1025 Three Months Ended March 31, 2020 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend November 7, 2019 December 31, 2019 January 31, 2020 $1.05 February 19, 2020 March 31, 2020 May 8, 2020 $1.1025 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Compensation Arrangements [Abstract] | |
Stock-Based Compensation | Note 9. Stock-Based Compensation The Company’s outstanding stock incentive awards have been granted under two incentive plans – the 2012 Stock Incentive Plan (“2012 Plan”) and the 2019 Stock Incentive Plan (“2019 Plan”). During the first quarter of 2021, we granted stock options under the 2019 Plan of 639,500 and the remaining 12,500 awards available under the 2012 Plan. As of March 31, 2021, shares available for future grants totaled 2,117,336 all under the 2019 plan. The following is a summary of stock-based compensation expense, net of any forfeitures, included in “ General and administrative expenses ” in the Condensed Consolidated Statements of Income ( $ in thousands ): Three Months Ended March 31, 2021 2020 Non-cash stock-based compensation expense $ 5,446 $ 1,845 The weighted average fair value of options granted during the three months ended March 31, 2021 and 2020 was $14.54 and $5.54 per option, 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: 2021 2020 Dividend yield 6.7% 5.1% Expected volatility 48.1% 16.8% Expected lives 2.9 years 2.9 years Risk-free interest rate 0.33% 1.31% The following table summarizes our outstanding stock options: Weighted Average Number Weighted Average Remaining of Shares Exercise Price Contractual Life (Years) Options outstanding January 1, 2020 1,004,014 $74.35 Options granted 584,500 $90.79 Options exercised (512,509) $72.98 Options forfeited (8,000) $88.08 Options outstanding, March 31, 2020 1,068,005 $83.90 Exercisable at March 31, 2020 600,327 $81.22 Options outstanding January 1, 2021 1,033,838 $83.54 Options granted 652,000 $69.20 Options exercised (20,000) $60.52 Options outstanding, March 31, 2021 1,665,838 $78.20 3.88 Exercisable at March 31, 2021 1,180,824 $79.31 3.58 At March 31, 2021, the aggregate intrinsic value of stock options outstanding and exercisable was $2.8 million and $1.7 million, respectively. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2021 and 2020 was $0.2 million or $9.27 per share and $8.1 million or $15.84 per share, respectively. As of March 31, 2021, unrecognized compensation expense totaling $4.8 million associated with unvested stock options is expected to be recognized over the following periods: remainder of 2021 - $3.0 million, 2022 - $1.6 million and 2023 - $0.2 million. |
Earnings and Dividends Per Shar
Earnings and Dividends Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Common Share The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. Dilution resulting from the conversion option within our convertible debt is determined by computing an average of incremental shares included in each quarterly diluted EPS computation. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive. The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts) : Three Months Ended March 31, 2021 2020 Net income attributable to common stockholders $ 35,332 $ 61,023 BASIC: Weighted average common shares outstanding 45,305,087 44,613,593 DILUTED: Weighted average common shares outstanding 45,305,087 44,613,593 Stock options 10,873 4,546 Convertible senior notes 41,813 — Weighted average dilutive common shares outstanding 45,357,773 44,618,139 Net income attributable to common stockholders - basic $ 0.78 $ 1.37 Net income attributable to common stockholders - diluted $ 0.78 $ 1.37 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 216,762 305,862 Regular dividends declared per common share $ 1.1025 $ 1.1025 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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 on a recurring basis include derivative financial instruments. 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. Assets and liabilities measured at fair value on a recurring basis are as follows ($ in thousands) : Fair Value Measurement Balance Sheet Classification March 31, December 31, 2020 Level 2 Interest rate swap liability Accounts payable and accrued expenses $ 5,377 $ 7,150 Carrying amounts and fair values of financial instruments that are not carried at fair value at March 31, 2021 and December 31, 2020 in the Condensed Consolidated Balance Sheets are as follows ($ in thousands ): Carrying Amount Fair Value Measurement March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Level 2 Variable rate debt $ 578,087 $ 945,078 $ 580,000 $ 948,000 Fixed rate debt $ 946,638 $ 554,207 $ 927,281 $ 575,292 Level 3 Mortgage and other notes receivable, net $ 301,318 $ 292,427 $ 320,783 $ 321,021 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 values of our borrowings under our revolving credit facility and other variable rate debt are reasonably estimated at their notional amounts at March 31, 2021 and December 31, 2020, due to the predominance of floating interest rates, which generally reflect market conditions. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Policy Text Block [Abstract] | |
Basis of Accounting, Policy | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation. Interim results of operations are not necessarily indicative of the results that may be achieved for a full year. The condensed consolidated financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in our 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). |
Consolidation, Policy | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and subsidiaries in which we have a controlling interest. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if the Company is deemed to be the primary beneficiary of such entities. All material intercompany transactions and balances are eliminated in consolidation. At March 31, 2021, we held interests in seven unconsolidated VIEs, and, because we lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance, we have concluded that the Company 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, excluding our investment accounted for under the equity method discussed in Note 5. The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of 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 $ 64,495,000 $ 76,317,000 Notes 3, 4 2014 Senior Living Communities Notes and straight-line receivable $ 83,546,000 $ 84,057,000 Notes 3, 4 2016 Senior Living Management Notes and straight-line receivable $ 26,997,000 $ 26,997,000 — 2018 Sagewood, LCS affiliate Notes $ 164,763,000 $ 178,945,000 Note 4 2019 41 Management, LLC Notes and straight-line receivable $ 15,872,000 $ 33,765,000 Note 7 2020 Timber Ridge OpCo, LLC Various 2 $ (3,346,000) $ 1,654,000 Notes 5, 7 2020 Watermark Retirement Notes and straight-line receivable $ 4,403,000 $ 9,403,000 Note 7 1 Notes, loan commitments, straight-line rent receivables, and unamortized lease incentives 2 Loan commitment, equity method investment and straight-line rent receivables 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. Economic loss on a lease, in excess of what is presented in the table above, 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 would be dependent upon individual facts and circumstances, and is therefore not included in the table above. In the future, NHI may be deemed the primary beneficiary of the operations if the tenants do not have adequate liquidity to accept the risks and rewards as the tenant and operator of the properties and might be required to consolidate the statements of financial position and results of operations of the operators into our consolidated financial statements. We consolidate two real estate partnerships formed with our partners, Discovery Senior Housing Investor XXIV, LLC, (“Discovery”) and LCS Timber Ridge LLC (“LCS”), to invest in senior housing facilities. As of and for the three months ended March 31, 2021, our non-controlling interests relate to these partnerships with Discovery and LCS. We use the equity method of accounting when we own an interest in an entity whereby we can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. |
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 or subject to an agreement (e.g., with a qualified intermediary subject to an Internal Revenue Code §1031 exchange agreement or in accordance with agency agreements governing our 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 $ 113,375 $ 46,049 Restricted cash (included in Other assets) 2,853 33,769 $ 116,228 $ 79,818 |
New Accounting Pronouncements, Policy | Accounting for Lease Modifications related to Coronavirus Disease 2019 In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the coronavirus (“COVID-19”) pandemic. The Lease Modification Q&A clarifies that entities may elect not to evaluate whether lease-related relief provided to mitigate the economic effects of COVID-19 pandemic is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 pandemic, which does not substantially increase either its rights as lessor or the obligations of the tenant, is a modification can elect whether to apply the modification guidance. An entity should apply the election consistently to leases with similar characteristics and similar circumstances. NHI has elected not to apply the modification guidance under ASC 842 and has accounted for rent concessions as variable lease payments when applicable, recorded as rental income when received. During the three months ended March 31, 2021, the Company provided $4.2 million in lease concessions as a result of COVID-19 pandemic, as discussed in more detail in Note 7. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of 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 $ 64,495,000 $ 76,317,000 Notes 3, 4 2014 Senior Living Communities Notes and straight-line receivable $ 83,546,000 $ 84,057,000 Notes 3, 4 2016 Senior Living Management Notes and straight-line receivable $ 26,997,000 $ 26,997,000 — 2018 Sagewood, LCS affiliate Notes $ 164,763,000 $ 178,945,000 Note 4 2019 41 Management, LLC Notes and straight-line receivable $ 15,872,000 $ 33,765,000 Note 7 2020 Timber Ridge OpCo, LLC Various 2 $ (3,346,000) $ 1,654,000 Notes 5, 7 2020 Watermark Retirement Notes and straight-line receivable $ 4,403,000 $ 9,403,000 Note 7 1 Notes, loan commitments, straight-line rent receivables, and unamortized lease incentives 2 Loan commitment, equity method investment and straight-line rent receivables |
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 $ 113,375 $ 46,049 Restricted cash (included in Other assets) 2,853 33,769 $ 116,228 $ 79,818 |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Tenant Concentrations | Tenant Concentration The following table contains information regarding tenant concentration in our portfolio, excluding $2.5 million for our corporate office and a credit loss reserve balance of $4.9 million, based on the percentage of revenues for the three months ended March 31, 2021 and 2020, related to tenants or affiliates of tenants, that exceed 10% of total revenue ( $ in thousands ): as of March 31, 2021 Revenues 1 Asset Number of Real Notes Three Months Ended March 31, Class Properties Estate Receivable 2021 2020 Senior Living Communities EFC 10 $ 573,631 $ 44,189 $ 12,723 16% $ 12,717 15% Bickford Senior Living ALF 48 534,376 35,079 10,207 13% 13,603 16% Holiday Retirement ILF 26 532,672 — 10,185 13% 10,176 12% National HealthCare Corporation (NHC) SNF 42 171,235 — 9,452 12% 9,448 11% All others 2 Various 1,451,799 226,906 36,157 44% 35,579 42% Escrow funds received from tenants for property operating expenses Various — — 2,161 2% 1,553 2% $ 3,263,713 $ 306,174 $ 80,885 $ 83,076 1 includes interest income on notes receivable 2 includes prior period amounts for disposals or transitioned to new operators |
Summary of NHC Percentage Rent | NHC Percentage Rent Under the terms of our two leases with NHC, rent escalates by 4% of the increase, if any, in each of the facility’s revenue over a base year and is referred to as percentage rent. The following table summarizes the percentage rent income from NHC ( $ in thousands ): Three Months Ended March 31, 2021 2020 Current year $ 920 $ 926 Prior year final certification 1 (5) (14) Total percentage rent income $ 915 $ 912 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 Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments to be received by us under our operating leases at March 31, 2021, are as follows ( $ in thousands ): Remainder of 2021 $ 215,167 2022 287,817 2023 283,511 2024 277,004 2025 273,507 2026 277,816 Thereafter 1,158,838 $ 2,773,660 |
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, 2021 2020 Lease payments based on fixed escalators, net of deferrals $ 67,281 $ 68,669 Lease payments based on variable escalators 1,326 1,364 Straight-line rent income 4,241 5,177 Escrow funds received from tenants for property operating expenses 2,161 1,553 Amortization of lease incentives (260) (236) Rental income $ 74,749 $ 76,527 |
Mortgage And Other Notes Rece_2
Mortgage And Other Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Mortgage and Other Notes Receivable [Abstract] | |
Financing Receivable Credit Quality Indicators | net by year of origination ( $ in thousands ): 2020 2019 2018 2017 2016 Prior Total Mortgages more than 1.5x $ 8,424 $ 8,833 $ 193,463 $ — $ — $ 4,540 $ 215,260 between 1.0x and 1.5x — — — — 10,000 — 10,000 less than 1.0x 3,989 39,123 — — — — 43,112 No coverage available — — — — — — — 12,413 47,956 193,463 $ — 10,000 4,540 268,372 Mezzanine more than 1.5x — — — — — — — between 1.0x and 1.5x — — — — — — — less than 1.0x — — — — 14,491 11,072 25,563 No coverage available — 750 — — — — 750 — 750 — — 14,491 11,072 26,313 Revolver more than 1.5x — between 1.0x and 1.5x 11,489 less than 1.0x — 11,489 Credit loss reserve (4,856) $ 301,318 |
Schedule of Financing Receivable, Allowance for Credit Loss, Roll Forward | The allowance for expected credit losses is presented in the following table for the three months ended March 31, 2021 ( $ in thousands ): Beginning balance January 1, 2021 $ 4,946 Provision for expected credit losses (90) Balance March 31, 2021 $ 4,856 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | At March 31, 2021, our construction loans to Bickford are summarized in the following table ($ in thousands) : Commencement Rate Maturity Commitment Drawn Location January 2018 9% 5 years $ 14,000 $ (14,000) Virginia July 2018 9% 5 years 14,700 (14,700) Michigan June 2020 9% 5 years 14,200 (2,390) Virginia $ 42,900 $ (31,090) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Schedule of Debt | Debt consists of the following ( $ in thousands ): March 31, December 31, Revolving credit facility - unsecured $ 30,000 $ 298,000 Bank term loans - unsecured 550,000 650,000 Senior notes - unsecured, net of discount of $3,162 396,838 — Private placement term loans - unsecured 400,000 400,000 Fannie Mae term loans - secured, non-recourse 95,260 95,354 Convertible senior notes - unsecured 60,000 60,000 Unamortized loan costs (7,373) (4,069) $ 1,524,725 $ 1,499,285 |
Schedule of Maturities of Long-term Debt | Aggregate principal maturities of debt as of March 31, 2021 are as follows ( $ in thousands ): Remainder of 2021 (including Convertible Notes) $ 60,277 2022 280,389 2023 475,408 2024 75,425 2025 143,761 2026 — Thereafter 496,838 1,532,098 Less: unamortized loan costs (7,373) $ 1,524,725 |
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 | March 31, 2021, we employed 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 Swap Rate Rate Index Notional Amount Fair Value (Liability) March 2019 December 2021 2.22% 1-month LIBOR $ 100,000 $ (1,574) March 2019 December 2021 2.21% 1-month LIBOR $ 100,000 $ (1,584) June 2019 December 2021 1.61% 1-month LIBOR $ 150,000 $ (1,661) June 2019 December 2021 1.63% 1-month LIBOR $ 50,000 $ (558) |
Schedule of Interest Expense | The following table summarizes interest expense ($ in thousands ): Three Months Ended March 31, 2021 2020 Interest expense on debt at contractual rates $ 10,452 $ 13,003 Losses reclassified from accumulated other comprehensive income into interest expense 1,778 492 Capitalized interest (16) (98) Amortization of debt issuance costs, debt discount and other 759 743 Total interest expense $ 12,973 $ 14,140 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments [Table Text Block] | The tables below summarize our existing, known commitments and contingencies as of March 31, 2021 according to the nature of their impact on our leasehold or loan portfolios. ( $ in thousands ): Asset Class Type Total Funded Remaining Loan Commitments: LCS Sagewood Note A SHO Construction $ 118,800 $ (104,618) $ 14,182 LCS Sagewood Note B SHO Construction 61,200 (61,200) — Bickford Senior Living SHO Construction 42,900 (31,090) 11,810 41 Management SHO Construction 22,200 (6,207) 15,993 Senior Living Communities SHO Revolving Credit 20,000 (11,489) 8,511 41 Management SHO Construction 10,800 (8,901) 1,899 Timber Ridge OpCo SHO Working Capital 5,000 — 5,000 Watermark Retirement SHO Working Capital 5,000 — 5,000 $ 285,900 $ (223,505) $ 62,395 |
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 three months ended March 31, 2021 ( $ in thousands ): Beginning balance January 1, 2021 $ 270 Provision for expected credit losses 40 Balance at March 31, 2021 $ 310 |
Schedule of Lease Commitments [Table Text Block] | Asset Class Type Total Funded Remaining Development Commitments: Woodland Village SHO Renovation $ 7,515 $ (7,425) $ 90 Senior Living Communities SHO Renovation 9,930 (9,930) — Wingate Healthcare SHO Renovation 1,900 (1,800) 100 Discovery Senior Living SHO Renovation 900 (899) 1 Watermark Retirement SHO Renovation 6,500 (3,000) 3,500 Other SHO Various 1,650 (391) 1,259 $ 28,395 $ (23,445) $ 4,950 |
Schedule of Rent Concessions | Since the pandemic began, we have granted rent concessions as shown in the following table ($ in thousands) : Three months ended As of December 31, 2020 March 31, 2021 Cumulative Totals Deferrals Abatements Deferrals Abatements Deferrals Abatements Bickford Senior Living $ 3,750 $ 2,100 $ 3,750 $ — $ 7,500 $ 2,100 All Others 1,232 50 447 — 1,679 50 $ 4,982 $ 2,150 $ 4,197 $ — $ 9,179 $ 2,150 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Dividends Declared | The following table summarizes dividends declared by the Board of Directors or paid during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend December 15, 2020 December 31, 2020 January 29, 2021 $1.1025 March 12, 2021 March 31, 2021 May 7, 2021 $1.1025 Three Months Ended March 31, 2020 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend November 7, 2019 December 31, 2019 January 31, 2020 $1.05 February 19, 2020 March 31, 2020 May 8, 2020 $1.1025 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Compensation Arrangements [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following is a summary of stock-based compensation expense, net of any forfeitures, included in “ General and administrative expenses ” in the Condensed Consolidated Statements of Income ( $ in thousands ): Three Months Ended March 31, 2021 2020 Non-cash stock-based compensation expense $ 5,446 $ 1,845 |
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: 2021 2020 Dividend yield 6.7% 5.1% Expected volatility 48.1% 16.8% Expected lives 2.9 years 2.9 years Risk-free interest rate 0.33% 1.31% |
Schedule of Stock Option Activity | The following table summarizes our outstanding stock options: Weighted Average Number Weighted Average Remaining of Shares Exercise Price Contractual Life (Years) Options outstanding January 1, 2020 1,004,014 $74.35 Options granted 584,500 $90.79 Options exercised (512,509) $72.98 Options forfeited (8,000) $88.08 Options outstanding, March 31, 2020 1,068,005 $83.90 Exercisable at March 31, 2020 600,327 $81.22 Options outstanding January 1, 2021 1,033,838 $83.54 Options granted 652,000 $69.20 Options exercised (20,000) $60.52 Options outstanding, March 31, 2021 1,665,838 $78.20 3.88 Exercisable at March 31, 2021 1,180,824 $79.31 3.58 |
Earnings and Dividends Per Sh_2
Earnings and Dividends Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts) : Three Months Ended March 31, 2021 2020 Net income attributable to common stockholders $ 35,332 $ 61,023 BASIC: Weighted average common shares outstanding 45,305,087 44,613,593 DILUTED: Weighted average common shares outstanding 45,305,087 44,613,593 Stock options 10,873 4,546 Convertible senior notes 41,813 — Weighted average dilutive common shares outstanding 45,357,773 44,618,139 Net income attributable to common stockholders - basic $ 0.78 $ 1.37 Net income attributable to common stockholders - diluted $ 0.78 $ 1.37 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 216,762 305,862 Regular dividends declared per common share $ 1.1025 $ 1.1025 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 Level 2 Interest rate swap liability Accounts payable and accrued expenses $ 5,377 $ 7,150 |
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, 2021 and December 31, 2020 in the Condensed Consolidated Balance Sheets are as follows ($ in thousands ): Carrying Amount Fair Value Measurement March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Level 2 Variable rate debt $ 578,087 $ 945,078 $ 580,000 $ 948,000 Fixed rate debt $ 946,638 $ 554,207 $ 927,281 $ 575,292 Level 3 Mortgage and other notes receivable, net $ 301,318 $ 292,427 $ 320,783 $ 321,021 |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements (Details) $ in Thousands | Mar. 31, 2021USD ($) | Mar. 31, 2021properties | Mar. 31, 2021 | Mar. 31, 2021beds_or_units | Dec. 31, 2020USD ($) |
Real Estate Investment Property, Portfolio Assets | $ | $ 3,300,000 | ||||
Number of Properties | 228 | ||||
Number of States in which Entity Operates | 34 | ||||
Number of Lessees | 34 | ||||
Number of health care properties related to mortgage notes receivables | 14 | 14 | |||
Loans and Leases Receivable, Gross | $ | 306,174 | ||||
Financing Receivable, Allowance for Credit Loss | $ | $ 4,856 | $ 4,946 | |||
Senior Housing Community [Member] | |||||
Number of Properties | 151 | ||||
Skilled Nursing Facility [Member] | |||||
Number of Properties | 72 | ||||
Hospital [Member] | |||||
Number of Properties | 3 | ||||
Medical Office Building [Member] | |||||
Number of Properties | 2 |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Variable Interest Entities) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Straight-Line Rent Receivable [Member] | Bickford Senior Living [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | $ (64,495) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 76,317 |
Straight-Line Rent Receivable [Member] | Senior Living Communities [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | (83,546) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 84,057 |
Straight-Line Rent Receivable [Member] | Senior Living Management [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | (26,997) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 26,997 |
Notes Receivable [Member] | LCS Sagewood [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | (164,763) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 178,945 |
Notes Receivable [Member] | 41 Management [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | (15,872) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 33,765 |
Notes Receivable [Member] | Timber Ridge OpCo | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | (3,346) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,654 |
Notes Receivable [Member] | Watermark Retirement [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Reporting Entity Involvement, Carrying Amount | (4,403) |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 9,403 |
Significant Accounting Polici_5
Significant Accounting Policies Schedule of Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Cash [Abstract] | ||||
Cash and cash equivalents | $ 113,375 | $ 46,049 | ||
Restricted cash | 2,853 | 33,769 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 116,228 | $ 46,343 | $ 79,818 | $ 15,669 |
Significant Accounting Polici_6
Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)properties | |
Variable Interest Entity Number Of Entities Not Primary Beneficiary | properties | 7 |
Lease Payment Deferral [Member] | |
Operating Lease, Lease Income | $ 9,179 |
Lease Payment Deferral [Member] | Rent Deferred First Quarter of 2021 | |
Operating Lease, Lease Income | $ 4,197 |
Real Estate (Schedule of Tenant
Real Estate (Schedule of Tenant Concentrations) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)properties | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Number of Properties | properties | 228 | ||
Property, Plant and Equipment, Gross | $ 3,266,255 | $ 3,265,070 | |
Loans and Leases Receivable, Net Amount | 301,318 | $ 292,427 | |
Operating Leases, Income Statement, Lease Revenue | 74,749 | $ 76,527 | |
Revenues | 80,885 | 83,076 | |
Real Estate Investment Property, at Cost | 3,263,713 | ||
Loans and Leases Receivable, Gross | 306,174 | ||
Nonportfolio Assets, Original Cost | 2,500 | ||
Escrow Funds Received From Tenants [Member] | |||
Operating Leases, Income Statement, Lease Revenue | $ 2,161 | $ 1,553 | |
Percentage of Continuing Revenue | 2.00% | 2.00% | |
Senior Living Communities [Member] | |||
Number of Properties | properties | 10 | ||
Property, Plant and Equipment, Gross | $ 573,631 | ||
Loans and Leases Receivable, Net Amount | 44,189 | ||
Operating Leases, Income Statement, Lease Revenue | $ 12,723 | $ 12,717 | |
Percentage of Continuing Revenue | 16.00% | 15.00% | |
Bickford Senior Living [Member] | |||
Number of Properties | properties | 48 | ||
Property, Plant and Equipment, Gross | $ 534,376 | ||
Loans and Leases Receivable, Net Amount | 35,079 | ||
Operating Leases, Income Statement, Lease Revenue | $ 10,207 | $ 13,603 | |
Percentage of Continuing Revenue | 13.00% | 16.00% | |
Holiday Acquisition Holdings [Member] | |||
Number of Properties | properties | 26 | ||
Property, Plant and Equipment, Gross | $ 532,672 | ||
Operating Leases, Income Statement, Lease Revenue | $ 10,185 | $ 10,176 | |
Percentage of Continuing Revenue | 13.00% | 12.00% | |
National Healthcare Corporation [Member] | |||
Number of Properties | properties | 42 | ||
Property, Plant and Equipment, Gross | $ 171,235 | ||
Operating Leases, Income Statement, Lease Revenue | $ 9,452 | $ 9,448 | |
Percentage of Continuing Revenue | 12.00% | 11.00% | |
Less than 10% Operators [Member] | |||
Property, Plant and Equipment, Gross | $ 1,451,799 | ||
Loans and Leases Receivable, Net Amount | 226,906 | ||
Operating Leases, Income Statement, Lease Revenue | $ 36,157 | $ 35,579 | |
Percentage of Continuing Revenue | 44.00% | 42.00% |
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, 2021 | Mar. 31, 2020 | |
Operating Leases, Income Statement, Percentage Revenue | $ (915) | $ (912) |
Percentage Rent Rate | 4.00% | |
Final Determination Based on Current Year Revenues | ||
Operating Leases, Income Statement, Percentage Revenue | $ (920) | (926) |
Final Determination Based on Prior Year Revenues | ||
Operating Leases, Income Statement, Percentage Revenue | $ (5) | $ (14) |
Real Estate (Schedule of Future
Real Estate (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract] | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 215,167 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 287,817 |
Operating Leases, Future Minimum Payments, Due in Two Years | 283,511 |
Operating Leases, Future Minimum Payments, Due in Three Years | 277,004 |
Operating Leases, Future Minimum Payments, Due in Four Years | 273,507 |
Operating Leases, Future Minimum Payments, Due in Five Years | 277,816 |
Operating Leases, Future Minimum Payments, Due Thereafter | 1,158,838 |
Operating Leases, Future Minimum Payments Due | $ 2,773,660 |
Real Estate (Schedule of Fixed
Real Estate (Schedule of Fixed and Variable Lease Payments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leases, Income Statement, Lease Revenue | $ 74,749 | $ 76,527 |
Amortization of lease incentives | (260) | (236) |
Fixed Lease Escalation [Member] | ||
Operating Leases, Income Statement, Lease Revenue | 67,281 | 68,669 |
Variable Lease Escalation [Member] | ||
Operating Leases, Income Statement, Lease Revenue | 1,326 | 1,364 |
Straight Line Rent Income [Member] | ||
Operating Leases, Income Statement, Lease Revenue | 4,241 | 5,177 |
Escrow Funds Received From Tenants [Member] | ||
Operating Leases, Income Statement, Lease Revenue | $ 2,161 | $ 1,553 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) $ in Thousands | Apr. 30, 2021USD ($)beds_or_units | Mar. 31, 2021USD ($)beds_or_unitsproperties | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Number of Real Estate Properties | properties | 228 | |||
Number of States in which Entity Operates | 34 | |||
Operating Leases, Income Statement, Lease Revenue | $ 74,749 | $ 76,527 | ||
Property, Plant and Equipment, Net | 2,647,956 | $ 2,667,432 | ||
Loans and Leases Receivable, Gross | 306,174 | |||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 285,900 | |||
Revenue as % of Total, Exceeds 10% [Member] | ||||
Number of States in which Entity Operates | beds_or_units | 1 | |||
Open Now [Member] | ||||
Number of Real Estate Properties | beds_or_units | 6 | |||
Minimum Annual Lease Income | $ 5,000 | 4,400 | ||
Property, Plant and Equipment, Net | $ 40,200 | |||
After 2021 [Member] | ||||
Number of Real Estate Properties | beds_or_units | 11 | |||
Property, Plant and Equipment, Net | $ 100,100 | |||
Bickford Senior Living [Member] | ||||
Number of Real Estate Properties | properties | 48 | |||
Operating Leases, Income Statement, Lease Revenue | $ 10,207 | $ 13,603 | ||
Percentage of Continuing Revenue | 13.00% | 16.00% | ||
Bickford Senior Living [Member] | Subsequent Event [Member] | ||||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 13,000 | |||
Non-Performing Lease [Member] | ||||
Number of Real Estate Properties | beds_or_units | 9 | |||
Operating Leases, Income Statement, Lease Revenue | $ 900 | $ 1,600 | ||
Number of Operators/Tenants | beds_or_units | 5 | |||
NHC Board Members [Member] | ||||
Number of Board Members | beds_or_units | 2 | |||
Medical Office Building [Member] | ||||
Number of Real Estate Properties | properties | 2 | |||
Medical Office Building [Member] | Open Now [Member] | ||||
Minimum Annual Lease Income | $ (700) | |||
Property, Plant and Equipment, Net | 21,100 | |||
Real Estate Property, Fair Value, Purchase Option Calculation | 26,400 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bickford Senior Living [Member] | ||||
Operating Leases, Income Statement, Lease Revenue | 1,300 | $ 1,500 | ||
Real Estate Investment Property, Net | $ 34,600 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bickford Senior Living [Member] | Subsequent Event [Member] | ||||
Number of Real Estate Properties | beds_or_units | 6 | |||
Proceeds from Sale of Real Estate | $ 52,900 | |||
Net Operating Based Lease [Member] | Non-Performing Lease [Member] | ||||
Number of Real Estate Properties | beds_or_units | 6 | |||
Number of Master Leases | beds_or_units | 2 | |||
Negotiations to sale | Bickford Senior Living [Member] | ||||
Number of Real Estate Properties | beds_or_units | 9 | |||
SOUTH CAROLINA | ||||
Percentage of Continuing Revenue | 10.30% |
Mortgage And Other Notes Rece_3
Mortgage And Other Notes Receivable (Schedule of Financing Receivables By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 306,174 | |
Financing Receivable, Allowance for Credit Loss | 4,856 | $ 4,946 |
Loans and Leases Receivable, Net Amount | 301,318 | $ 292,427 |
Mortgages [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 268,372 | |
Mortgages [Member] | 2020 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 12,413 | |
Mortgages [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 47,956 | |
Mortgages [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 193,463 | |
Mortgages [Member] | 2017 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | |
Mortgages [Member] | 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 10,000 | |
Mortgages [Member] | Prior to 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,540 | |
Mortgages [Member] | EBITDARM Coverage above 1.5x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 215,260 | |
Mortgages [Member] | EBITDARM Coverage above 1.5x | 2020 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 8,424 | |
Mortgages [Member] | EBITDARM Coverage above 1.5x | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 8,833 | |
Mortgages [Member] | EBITDARM Coverage above 1.5x | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 193,463 | |
Mortgages [Member] | EBITDARM Coverage above 1.5x | Prior to 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,540 | |
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 10,000 | |
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | |
Mortgages [Member] | EBITDARM Coverage, 1.0x to 1.5x | 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 10,000 | |
Mortgages [Member] | EBITDARM Coverage Below 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 43,112 | |
Mortgages [Member] | EBITDARM Coverage Below 1.0x | 2020 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 3,989 | |
Mortgages [Member] | EBITDARM Coverage Below 1.0x | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 39,123 | |
Mezzanine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 26,313 | |
Mezzanine | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 750 | |
Mezzanine | 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 14,491 | |
Mezzanine | Prior to 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,072 | |
Mezzanine | EBITDARM Coverage Below 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 25,563 | |
Mezzanine | EBITDARM Coverage Below 1.0x | 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 14,491 | |
Mezzanine | EBITDARM Coverage Below 1.0x | Prior to 2016 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,072 | |
Mezzanine | EBITDARM Coverage Not Available | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 750 | |
Mezzanine | EBITDARM Coverage Not Available | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 750 | |
Revolving Credit Facility | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,489 | |
Revolving Credit Facility | EBITDARM Coverage, 1.0x to 1.5x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 11,489 |
Mortgage And Other Notes Rece_4
Mortgage And Other Notes Receivable (Schedule of Financing Receivables, Allowance for Credit Loss Roll Forward) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 4,946 |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (90) |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 4,856 |
Mortgage And Other Notes Rece_5
Mortgage And Other Notes Receivable (Schedule of Bickford Construction Loans) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 285,900,000 | |
Loans and Leases Receivable, Net Amount | (301,318,000) | $ (292,427,000) |
Bickford Note Investment [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 42,900,000 | |
Loans and Leases Receivable, Net Amount | $ (31,090,000) | |
January 2018 [Member] | Bickford Note Investment [Member] | ||
Note Receivable Interest Rate | 9.00% | |
Loan Term | 5 years | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 14,000,000 | |
Loans and Leases Receivable, Net Amount | $ (14,000,000) | |
July 2018 [Member] | Bickford Note Investment [Member] | ||
Note Receivable Interest Rate | 9.00% | |
Loan Term | 5 years | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 14,700,000 | |
Loans and Leases Receivable, Net Amount | $ (14,700,000) | |
June 2020 | Bickford Note Investment [Member] | ||
Note Receivable Interest Rate | 9.00% | |
Loan Term | 5 years | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 14,200,000 | |
Loans and Leases Receivable, Net Amount | $ (2,390,000) |
Mortgage And Other Notes Rece_6
Mortgage And Other Notes Receivable (Narrative) (Details) | Apr. 20, 2021USD ($)properties | Mar. 31, 2021USD ($) | Mar. 31, 2021beds_or_units | Mar. 31, 2021properties | Mar. 31, 2021 | Dec. 31, 2020USD ($) |
Number of health care properties related to mortgage notes receivables | 14 | 14 | ||||
Probability of Default, Increase, Current Conditions Adjustment | 20.00% | |||||
Estimated Credit Losses, Current Conditions Adjustment, Combined | 44.00% | |||||
Loans and Leases Receivable, Gross | $ 306,174,000 | |||||
Loans and Leases Receivable, Net Amount | 301,318,000 | $ 292,427,000 | ||||
Loans and Leases Receivable, Commitments, Fixed Rates | 285,900,000 | |||||
Financing Receivable, Allowance for Credit Loss | (4,856,000) | $ (4,946,000) | ||||
Interest Rate Swaps, Maturity Date, After June 2020 [Member] | ||||||
Derivative, Notional Amount | 400,000,000 | |||||
Bickford Note Investment [Member] | ||||||
Contingent Incentive Payments | 2,000,000 | |||||
Loans and Leases Receivable, Net Amount | 31,090,000 | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | 42,900,000 | |||||
Timber Ridge OpCo | ||||||
Financing Receivable, Revolving | 5,000,000 | |||||
Senior Living Communities [Member] | ||||||
Loans and Lease Receivable, Maximum Revolving Amount | 20,000,000 | |||||
Revolving Note Receivable, Amount Outstanding | $ (11,500,000) | |||||
Loans Receivable, Description of Variable Rate Basis, Reference Rate Maturity | 10 years | |||||
Loans Receivable, Basis Spread on Variable Rate | 6.00% | |||||
Loans Receivable, Description, Variable Rate Basis, Reference Rate | 7.74% | |||||
Loans and Leases Receivable, Net Amount | $ 44,189,000 | |||||
Number of Additional Lease Renewal Options | properties | 2 | |||||
Note Receivable Renewal Term | 1 year | |||||
Purchase Option, Amount, Minimum | $ 38,300,000 | |||||
Montecito Medical Real Estate | Subsequent Event [Member] | ||||||
Notes Receivable, Interest Rate, Master Credit Agreement | 9.50% | |||||
Loan Term | 5 years | |||||
Number of Additional Lease Renewal Options | properties | 2 | |||||
Note Receivable Renewal Term | 1 year | |||||
Last period loan commences | 2 years | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 50,000,000 | |||||
Incremental Percentage Increase in the Stated Rate of a Note Receivable | 2.50% | |||||
Not Secured By Real Estate [Member] | ||||||
Loans and Leases Receivable, Net Amount | 37,800,000 | |||||
Note A [Member] | LCS Sagewood [Member] | ||||||
Loans and Leases Receivable, Net Amount | 104,618,000 | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | 118,800,000 | |||||
Note B [Member] | LCS Sagewood [Member] | ||||||
Loans and Leases Receivable, Net Amount | 61,200,000 | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | 61,200,000 | |||||
After 2021 [Member] | Senior Living Communities [Member] | ||||||
Loans and Lease Receivable, Maximum Revolving Amount | $ 15,000,000 | |||||
June 2020 | Bickford Note Investment [Member] | ||||||
Loan Term | 5 years | |||||
Note Receivable Interest Rate | 9.00% | |||||
Loans and Leases Receivable, Net Amount | $ 2,390,000 | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | 14,200,000 | |||||
Secured By Real Estate | ||||||
Loans and Leases Receivable, Net Amount | $ 268,400,000 | |||||
June 2019 Transaction | Senior Living Communities [Member] | ||||||
Number of Units in Real Estate Property | beds_or_units | 248 | |||||
Notes Receivable, Interest Rate, Master Credit Agreement | 7.25% | |||||
Loan Term | 5 years | |||||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 32,700,000 |
Equity Method Investment (Detai
Equity Method Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 16,700 | |
Income (Loss) from Equity Method Investments | (808) | $ (442) |
Equity Method Investments | (3,300) | |
Noncontrolling Interest [Member] | Real Estate Operating Company [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 900 | |
Timber Ridge OpCo | ||
Financing Receivable, Revolving | $ 5,000 | |
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, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||
Revolving credit facility - unsecured | $ 30,000 | $ 298,000 | |
Bank term loans - unsecured | 400,000 | ||
Convertible senior notes - unsecured | 60,000 | 60,000 | |
Unamortized loan costs | (7,373) | (4,069) | |
Debt, Long-term and Short-term, Combined Amount | 1,524,725 | 1,499,285 | |
Bank Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Bank term loans - unsecured | 550,000 | 650,000 | |
Senior Notes Due 2031 | |||
Debt Instrument [Line Items] | |||
Bank term loans - unsecured | 396,838 | $ 0 | |
Debt Instrument, Unamortized Discount | (3,162) | ||
Private Placement Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Bank term loans - unsecured | 400,000 | 400,000 | |
Debt Instrument, Name, Fannie Mae Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 95,260 | $ 95,354 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 60,277 | |
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 280,389 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two | 475,408 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 75,425 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four | 143,761 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 496,838 | |
Long-term Debt, Gross | 1,532,098 | |
Unamortized loan costs | (7,373) | $ (4,069) |
Debt | $ 1,524,725 | $ 1,499,285 |
Debt (Schedule of Unsecured Ter
Debt (Schedule of Unsecured Term Loans) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
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) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Interest Rate Swap, Date Entered, March 2019 - 2.22% | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 2.22% |
Debt Instrument, Description of Variable Rate Basis | 1-month LIBOR |
Derivative, Notional Amount | $ 100,000 |
Interest Rate Derivative Liabilities, at Fair Value | $ (1,574) |
Interest Rate Swap, Date Entered, March 2019 - 2.21% | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 2.21% |
Debt Instrument, Description of Variable Rate Basis | 1-month LIBOR |
Derivative, Notional Amount | $ 100,000 |
Interest Rate Derivative Liabilities, at Fair Value | $ (1,584) |
Interest Rate Swap, Date Entered, June 2019 - 1.61% | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.61% |
Debt Instrument, Description of Variable Rate Basis | 1-month LIBOR |
Derivative, Notional Amount | $ 150,000 |
Interest Rate Derivative Liabilities, at Fair Value | $ (1,661) |
Interest Rate Swap, Date Entered, June 2019 - 1.63% | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.63% |
Debt Instrument, Description of Variable Rate Basis | 1-month LIBOR |
Derivative, Notional Amount | $ 50,000 |
Interest Rate Derivative Liabilities, at Fair Value | $ (558) |
Debt (Schedule of Interest Expe
Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Interest Expense [Abstract] | ||
Interest expense on debt at contractual rates | $ 10,452 | $ 13,003 |
Losses reclassified from accumulated other comprehensive income (loss) into interest expense | 1,778 | 492 |
Capitalized interest | (16) | (98) |
Amortization of debt issuance costs and debt discount | 759 | 743 |
Total Interest Expense | $ 12,973 | $ 14,140 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands, beds_or_units in Millions | Apr. 01, 2021USD ($) | Mar. 31, 2021USD ($)properties | Mar. 31, 2020USD ($) | Apr. 30, 2021beds_or_units | Dec. 31, 2020USD ($) |
Convertible Debt | $ 60,000 | $ 60,000 | |||
Debt Leverage Limit, Coupon Change, Trigger | 50.00% | ||||
Credit Facility, Current Revolving Borrowing Capacity | $ 550,000 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||
Debt Instrument, Variable Rate Basis, Minimum | 1100.00% | 1400.00% | |||
Number of Real Estate Properties | properties | 228 | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 5,400 | ||||
Derivative, Fair Value, Net | $ (7,100) | ||||
Long-term Debt, Gross | 1,532,098 | ||||
Proceeds from Issuance of Senior Long-term Debt | 396,784 | $ 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Interest rate swap liability | (5,377) | $ (7,150) | |||
Subsequent Event [Member] | |||||
Repayments of Convertible Debt | $ 67,100 | ||||
Debt Instrument, Convertible, Liquidation Preference, Value | 6,100 | ||||
Interest on Convertible Debt, Net of Tax | $ 1,000 | ||||
$250M Term Loan [Member] | |||||
Term Loans, Outstanding Balance | 250,000 | ||||
$300M Term Loan [Member] | |||||
Term Loans, Outstanding Balance | $ 300,000 | ||||
Debt Instrument, Name, Revolving Credit Facility [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||||
Unused balance of the unsecured revolving credit facility | $ 520,000 | ||||
Bank Term Loans [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.32% | ||||
Debt Instrument, Name, Fannie Mae Term Loans [Member] | |||||
Number of Real Estate Properties | 13 | ||||
Net Book Value of Real Estate Pledged Toward Mortgage | $ 129,000 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 78,100 | ||||
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 | $ 17,200 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | ||||
Debt Instrument, Name, Convertible Senior Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||
Principal Amount [Member] | |||||
Convertible Debt | $ 60,000 | ||||
$100M Term Loan [Member] | |||||
Term Loans, Outstanding Balance | $ 100,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | ||||
Debt Instrument, Variable Rate Basis, Minimum | 0.50% | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ (500) | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument, Maturity, Renewal Fee | 10 | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Debt Instrument, Maturity, Renewal Fee | beds_or_units | 0.6 | ||||
Senior Notes Due 2031 | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||
Debt Instrument, Face Amount | $ 400,000 | ||||
Percentage of Issue Price On Face Value | 0.99196% | ||||
Proceeds from Issuance of Senior Long-term Debt | $ 392,300 | ||||
Interest Rate Swap(s), Date Entered, March & June 2019 [Member] | Bank Term Loans [Member] | |||||
Derivative, Notional Amount | 400,000 | ||||
Interest Rate Swaps, Maturity Date, After June 2020 [Member] | |||||
Derivative, Notional Amount | $ 400,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Loan Commitments) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Commitments, Fixed Rates | $ 285,900,000 | |
Loans and Leases Receivable, Net Amount | (301,318,000) | $ (292,427,000) |
Notes Receivable Funding Commitment | 62,395,000 | |
Bickford Senior Living [Member] | ||
Loans and Leases Receivable, Net Amount | (35,079,000) | |
Senior Living Communities [Member] | ||
Loans and Leases Receivable, Net Amount | (44,189,000) | |
Note A [Member] | LCS Sagewood [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 118,800,000 | |
Loans and Leases Receivable, Net Amount | (104,618,000) | |
Notes Receivable Funding Commitment | 14,182,000 | |
Note B [Member] | LCS Sagewood [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 61,200,000 | |
Loans and Leases Receivable, Net Amount | (61,200,000) | |
Notes Receivable Funding Commitment | 0 | |
Development Commitment [Member] | Bickford Senior Living [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 42,900,000 | |
Loans and Leases Receivable, Net Amount | (31,090,000) | |
Notes Receivable Funding Commitment | 11,810,000 | |
Development Commitment [Member] | 41 Management [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 22,200,000 | |
Loans and Leases Receivable, Net Amount | (6,207,000) | |
Notes Receivable Funding Commitment | 15,993,000 | |
Revolving Credit Facility [Member] | Senior Living Communities [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 20,000,000 | |
Loans and Leases Receivable, Net Amount | (11,489,000) | |
Notes Receivable Funding Commitment | 8,511,000 | |
Working Capital | 41 Management [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 10,800,000 | |
Loans and Leases Receivable, Net Amount | (8,901,000) | |
Notes Receivable Funding Commitment | 1,899,000 | |
Working Capital | 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 | |
Working Capital | Watermark Retirement [Member] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 5,000,000 | |
Loans and Leases Receivable, Net Amount | 0 | |
Notes Receivable Funding Commitment | 5,000,000 | |
Notes Receivable Remain Unfunded [Member] | ||
Loans and Leases Receivable, Net Amount | $ (223,505,000) |
Commitments And Contingencies_3
Commitments And Contingencies (Off Balance Sheet Credit Loss Liability Roll Forward Schedule) (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | $ 40,000 |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | 310,000 |
Accounting Standards Update 2016-13 [Member] | |
Off-Balance Sheet, Credit Loss, Liability, Ending Balance | $ 270,000 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule of Lease Commitments) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Maximum Commitment For All Active Development Projects | $ 28,395 |
Development in Process | (23,445) |
Remaining Unfunded Development Commitment | 4,950 |
Capital Improvement Commitment [Member] | |
Maximum Commitment For All Active Development Projects | 1,650 |
Development in Process | (391) |
Remaining Unfunded Development Commitment | 1,259 |
Capital Improvement Commitment [Member] | Woodland Village [Member] | |
Maximum Commitment For All Active Development Projects | 7,515 |
Development in Process | (7,425) |
Remaining Unfunded Development Commitment | 90 |
Capital Improvement Commitment [Member] | Senior Living Communities [Member] | |
Maximum Commitment For All Active Development Projects | 9,930 |
Development in Process | (9,930) |
Remaining Unfunded Development Commitment | 0 |
Capital Improvement Commitment [Member] | Wingate Healthcare [Member] | |
Maximum Commitment For All Active Development Projects | 1,900 |
Development in Process | (1,800) |
Remaining Unfunded Development Commitment | 100 |
Capital Improvement Commitment [Member] | Discovery Senior Living [Member] | |
Maximum Commitment For All Active Development Projects | 900 |
Development in Process | (899) |
Remaining Unfunded Development Commitment | 1 |
Capital Improvement Commitment [Member] | Watermark Retirement [Member] | |
Maximum Commitment For All Active Development Projects | 6,500 |
Development in Process | (3,000) |
Remaining Unfunded Development Commitment | $ 3,500 |
Commitments And Contingencies_5
Commitments And Contingencies (Schedule of Rent Concessions) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Lease Payment Deferral [Member] | |
Operating Lease, Lease Income | $ 9,179 |
Lease Payment Deferral [Member] | Lease Payment Deferral 2020 | |
Operating Lease, Lease Income | 4,982 |
Lease Payment Deferral [Member] | Rent Deferred First Quarter of 2021 | |
Operating Lease, Lease Income | 4,197 |
Lease Payment Deferral [Member] | Bickford Senior Living [Member] | |
Operating Lease, Lease Income | 7,500 |
Lease Payment Deferral [Member] | Bickford Senior Living [Member] | Lease Payment Deferral 2020 | |
Operating Lease, Lease Income | 3,750 |
Lease Payment Deferral [Member] | Bickford Senior Living [Member] | Rent Deferred First Quarter of 2021 | |
Operating Lease, Lease Income | 3,750 |
Lease Payment Deferral [Member] | Other Than Bickford | |
Operating Lease, Lease Income | 1,679 |
Lease Payment Deferral [Member] | Other Than Bickford | Lease Payment Deferral 2020 | |
Operating Lease, Lease Income | 1,232 |
Lease Payment Deferral [Member] | Other Than Bickford | Rent Deferred First Quarter of 2021 | |
Operating Lease, Lease Income | 447 |
Lease Abatement [Member] | |
Operating Lease, Lease Income | 2,150 |
Lease Abatement [Member] | Lease Abatement for 2020 | |
Operating Lease, Lease Income | 2,150 |
Lease Abatement [Member] | Rent Abated First Quarter of 2021 | |
Operating Lease, Lease Income | 0 |
Lease Abatement [Member] | Bickford Senior Living [Member] | |
Operating Lease, Lease Income | 2,100 |
Lease Abatement [Member] | Bickford Senior Living [Member] | Lease Abatement for 2020 | |
Operating Lease, Lease Income | 2,100 |
Lease Abatement [Member] | Bickford Senior Living [Member] | Rent Abated First Quarter of 2021 | |
Operating Lease, Lease Income | 0 |
Lease Abatement [Member] | Other Than Bickford | |
Operating Lease, Lease Income | 50 |
Lease Abatement [Member] | Other Than Bickford | Lease Abatement for 2020 | |
Operating Lease, Lease Income | 50 |
Lease Abatement [Member] | Other Than Bickford | Rent Abated First Quarter of 2021 | |
Operating Lease, Lease Income | $ 0 |
Commitments And Contingencies_6
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)propertiesbeds_or_units | Dec. 31, 2020USD ($) | |
Maximum Commitment For All Active Development Projects | $ 28,395 | |
Development in Process | 23,445 | |
Contingent Funding Commitment | $ 31,900 | |
Number of Properties | properties | 228 | |
Lease deposit liabilities | $ 10,638 | $ 10,638 |
Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | 9,179 | |
Lease Abatement [Member] | ||
Operating Lease, Lease Income | $ 2,150 | |
Initial Interest Rate [Member] | ||
Deferred Lease Payments, Accrual Interest Rate | 8.00% | |
Discovery PropCo [Member] | ||
Maximum Commitment For All Active Development Projects | $ 2,000 | |
Bickford Senior Living [Member] | ||
Number of Properties | properties | 48 | |
Bickford Senior Living [Member] | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | $ 7,500 | |
Bickford Senior Living [Member] | Lease Abatement [Member] | ||
Operating Lease, Lease Income | $ 2,100 | |
Senior Living Communities [Member] | ||
Number of Properties | properties | 10 | |
Holiday Acquisition Holdings [Member] | ||
Number of Properties | properties | 26 | |
Lease deposit liabilities | $ 10,600 | |
Other Than Bickford | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | 1,679 | |
Other Than Bickford | Lease Abatement [Member] | ||
Operating Lease, Lease Income | 50 | |
Development Commitment [Member] | Discovery PropCo [Member] | ||
Development in Process | $ 1,000 | |
Lease Inducement [Member] | ||
Number of Properties | beds_or_units | 6 | |
Contingent Funding Commitment, Amount Funded | $ 1,500 | |
Lease Inducement [Member] | Navion Senior Solutions [Member] | ||
Contingent Funding Commitment, Amount Funded | $ 1,000 | |
Rent Deferred Second Quarter of 2021 | Lease Payment Deferral [Member] | ||
Number of Operators/Tenants | beds_or_units | 4 | |
Rent Deferred Second Quarter of 2021 | Bickford Senior Living [Member] | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | $ 5,000 | |
Rent Deferred Second Quarter of 2021 | Other Than Bickford | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | 2,300 | |
Rent Deferred First Quarter of 2021 | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | 4,197 | |
Rent Deferred First Quarter of 2021 | Bickford Senior Living [Member] | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | 3,750 | |
Rent Deferred First Quarter of 2021 | Other Than Bickford | Lease Payment Deferral [Member] | ||
Operating Lease, Lease Income | $ 447 |
Equity (Schedule of Dividends D
Equity (Schedule of Dividends Declared) (Details) - $ / shares | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 1.1025 | $ 1.1025 | $ 1.1025 | $ 1.10 |
Declared December 15, 2020 | ||||
Common Stock, Dividends, Per Share, Declared | 1.1025 | |||
Declared March 12, 2021 | ||||
Common Stock, Dividends, Per Share, Declared | 1.1025 | |||
Declared November 7, 2019 | ||||
Common Stock, Dividends, Per Share, Declared | 1.05 | |||
Declared February 19, 2020 | ||||
Common Stock, Dividends, Per Share, Declared | $ 1.1025 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Stock Issued During Period, Shares, New Issues | 661,951 | 0 |
Shares Issued, Price Per Share | $ 73.62 | |
Proceeds from issuance of common shares, net | $ 47,951 | $ (87) |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Share-Based Payments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Share-based compensation | $ 5,446 | $ 1,845 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Stock Option Valuation Assumptions [Abstract] | ||
Dividend yield | 6.70% | 5.10% |
Expected volatility | 48.10% | 16.80% |
Expected lives | 2 years 10 months 24 days | 2 years 10 months 24 days |
Risk-free interest rate | 0.33% | 1.31% |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) - $ / shares | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options outstanding January 1, | 1,033,838 | 1,004,014 | ||
Options granted under 2012 Plan | 652,000 | 584,500 | ||
Options exercised under 2012 Plan | (20,000) | (512,509) | ||
Options outstanding, June 30, | 1,665,838 | 1,068,005 | ||
Exercisable at June 30, | 1,180,824 | 600,327 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 78.20 | $ 83.90 | $ 83.54 | $ 74.35 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 69.20 | 90.79 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 60.52 | $ 72.98 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 8,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 88.08 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 79.31 | $ 81.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 6 months 29 days | |||
2012 Plan [Member] | ||||
Options granted under 2012 Plan | 12,500 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Options granted under 2012 Plan | 652,000 | 584,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.2 | $ 8.1 |
Aggregate Intrinsic Value Per Share Options Exercised | $ 9.27 | $ 15.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2.8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1.7 | |
Unrecognized compensation cost | $ 4.8 | |
2012 Plan [Member] | ||
Options granted under 2012 Plan | 12,500 | |
Two Thousand Nineteen Stock Option Plan | ||
Shares available for grants | 2,117,336 | |
Options granted under 2012 Plan | 639,500 | |
Expected To Be Recognized Remainder of 2021 | ||
Unrecognized compensation cost | $ 3 | |
Expected To Be Recognized During 2022 [Member] | ||
Unrecognized compensation cost | 1.6 | |
Expected To Be Recognized During 2023 | ||
Unrecognized compensation cost | $ 0.2 |
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, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ 35,332 | $ 61,023 | ||
BASIC: | ||||
Weighted average common shares outstanding | 45,305,087 | 44,613,593 | ||
Net income per common share - basic | $ 0.78 | $ 1.37 | ||
DILUTED: | ||||
Weighted average common shares outstanding | 45,305,087 | 44,613,593 | ||
Stock options | 10,873 | 4,546 | ||
Convertible subordinated debentures | 41,813 | 0 | ||
Weighed average dilutive common shares outstanding | 45,357,773 | 44,618,139 | ||
Net income per common share - diluted | $ 0.78 | $ 1.37 | ||
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 | 216,762 | 305,862 | ||
Common Stock, Dividends, Per Share, Declared | $ 1.1025 | $ 1.1025 | $ 1.1025 | $ 1.10 |
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, 2021 | Mar. 31, 2020 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap liability | $ (5,377) | $ (7,150) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans and Leases Receivable, Net Amount | $ 301,318 | $ 292,427 |
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 | 301,318 | 292,427 |
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 | 320,783 | 321,021 |
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 | 578,087 | 945,078 |
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 | 580,000 | 948,000 |
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 | 946,638 | 554,207 |
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 | $ 927,281 | $ 575,292 |