Document_and_Entity_Informatio
| Document and Entity Information | 9 Months Ended | |
| Sep. 30, 2013 | Oct. 27, 2013 | |
| Document and Entity Information | ' | ' |
| Entity Registrant Name | 'LTC PROPERTIES INC | ' |
| Entity Central Index Key | '0000887905 | ' |
| Document Type | '10-Q | ' |
| Document Period End Date | 30-Sep-13 | ' |
| Amendment Flag | 'false | ' |
| Current Fiscal Year End Date | '--12-31 | ' |
| Entity Current Reporting Status | 'Yes | ' |
| Entity Filer Category | 'Large Accelerated Filer | ' |
| Entity Common Stock, Shares Outstanding | ' | 34,751,910 |
| Document Fiscal Year Focus | '2013 | ' |
| Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
| CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
| In Thousands, unless otherwise specified | ||||
| Real estate investments: | ' | ' | ||
| Land | $76,751 | $74,702 | ||
| Buildings and improvements | 834,345 | 811,867 | ||
| Accumulated depreciation and amortization | -212,495 | -194,448 | ||
| Net operating real estate property | 698,601 | 692,121 | ||
| Properties held-for-sale, net of accumulated depreciation and amortization: 2013 - $0; 2012 - $4,100 | ' | 9,426 | ||
| Net real estate property | 698,601 | 701,547 | ||
| Mortgage loans receivable, net of allowance for doubtful accounts: 2013 - $411; 2012 - $782 | 40,668 | 39,299 | ||
| Real estate investments, net | 739,269 | 740,846 | ||
| Other assets: | ' | ' | ||
| Cash and cash equivalents | 60,338 | 7,191 | ||
| Debt issue costs, net | 2,514 | 3,040 | ||
| Interest receivable | 726 | 789 | ||
| Straight-line rent receivable, net of allowance for doubtful accounts: 2013 - $1,541; 2012 - $1,513 | 29,684 | [1] | 26,766 | [1] |
| Prepaid expenses and other assets | 7,453 | 7,542 | ||
| Notes receivable | 1,259 | 3,180 | ||
| Straight-line rent receivable and other assets related to properties held-for-sale, net of allowance for doubtful accounts: 2013 - $0; 2012 - $44 | ' | 238 | ||
| Total assets | 841,243 | 789,592 | ||
| LIABILITIES | ' | ' | ||
| Bank borrowings | ' | 115,500 | ||
| Senior unsecured notes | 185,800 | 185,800 | ||
| Bonds payable | 2,035 | 2,635 | ||
| Accrued interest | 2,076 | 3,279 | ||
| Earn-out liabilities | 0 | 6,744 | ||
| Accrued expenses and other liabilities | 15,275 | 12,165 | ||
| Accrued expenses and other liabilities related to properties held-for-sale | 33 | 361 | ||
| Total liabilities | 205,219 | 326,484 | ||
| Stockholders' equity: | ' | ' | ||
| Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2013 - 2,000; 2012 - 2,000 | 38,500 | 38,500 | ||
| Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2013 - 34,752; 2012 - 30,544 | 348 | 305 | ||
| Capital in excess of par value | 688,341 | 510,236 | ||
| Cumulative net income | 767,198 | 724,033 | ||
| Other | 125 | 152 | ||
| Cumulative distributions | -858,488 | -810,125 | ||
| Total LTC Properties, Inc. stockholders' equity | 636,024 | 463,101 | ||
| Non-controlling interests | ' | 7 | ||
| Total equity | 636,024 | 463,108 | ||
| Total liabilities and equity | $841,243 | $789,592 | ||
| [1] | On September 30, 2013 and December 31, 2012, we had $3,210 and $3,191 respectively, in straight-line rent receivable from a lessee that qualifies as a related party because the lessee's Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion. | |||
CONSOLIDATED_BALANCE_SHEETS_Pa
| CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
| In Thousands, except Per Share data, unless otherwise specified | ||
| CONSOLIDATED BALANCE SHEETS | ' | ' |
| Properties held-for-sale, accumulated depreciation and amortization (in dollars) | $0 | $4,100 |
| Mortgage loans receivable, allowance for doubtful accounts (in dollars) | 411 | 782 |
| Straight-line rent receivable, allowance for doubtful accounts (in dollars) | 1,541 | 1,513 |
| Straight-line rent receivable and other assets related to properties held-for-sale, net of allowance for doubtful accounts (in dollars) | 0 | 44 |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
| Preferred stock, shares authorized | 15,000 | 15,000 |
| Preferred stock, shares issued | 2,000 | 2,000 |
| Preferred stock, shares outstanding | 2,000 | 2,000 |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 |
| Common stock, shares authorized | 60,000 | 60,000 |
| Common stock, shares issued | 34,752 | 30,544 |
| Common stock, shares outstanding | 34,752 | 30,544 |
| Straight-line rent receivable from a lessee that qualifies as a related party (in dollars) | $3,210 | $3,191 |
CONSOLIDATED_STATEMENTS_OF_INC
| CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||||
| In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
| Revenues: | ' | ' | ' | ' | ||||
| Rental income | $24,645 | [1] | $21,908 | [1] | $72,907 | [1] | $63,182 | [1] |
| Interest income from mortgage loans | 1,086 | 1,398 | 3,195 | 4,361 | ||||
| Interest and other income | 94 | [2] | 96 | [2] | 279 | [2] | 818 | [2] |
| Total revenues | 25,825 | 23,402 | 76,381 | 68,361 | ||||
| Expenses: | ' | ' | ' | ' | ||||
| Interest expense | 2,581 | 2,988 | 8,512 | 7,025 | ||||
| Depreciation and amortization | 6,139 | 5,793 | 18,152 | 16,053 | ||||
| General and administrative expenses | 2,676 | 2,370 | 8,962 | 7,498 | ||||
| Total expenses | 11,396 | 11,151 | 35,626 | 30,576 | ||||
| Income from continuing operations | 14,429 | 12,251 | 40,755 | 37,785 | ||||
| Discontinued operations: | ' | ' | ' | ' | ||||
| Net income from discontinued operations | 238 | 253 | 805 | 748 | ||||
| Gain on real estate assets, net | 2,619 | ' | 1,605 | 16 | ||||
| Net income from discontinued operations | 2,857 | 253 | 2,410 | 764 | ||||
| Net income | 17,286 | 12,504 | 43,165 | 38,549 | ||||
| Income allocated to non-controlling interests | ' | -9 | ' | -30 | ||||
| Net income attributable to LTC Properties, Inc. | 17,286 | 12,495 | 43,165 | 38,519 | ||||
| Income allocated to participating securities | -95 | -94 | -284 | -279 | ||||
| Income allocated to preferred stockholders | -818 | -818 | -2,454 | -2,454 | ||||
| Net income available to common stockholders | $16,373 | $11,583 | $40,427 | $35,786 | ||||
| Basic earnings per common share | ' | ' | ' | ' | ||||
| Continuing operations (in dollars per share) | $0.39 | $0.37 | $1.17 | $1.16 | ||||
| Discontinued operations (in dollars per share) | $0.08 | $0.01 | $0.07 | $0.03 | ||||
| Net income available to common stockholders (in dollars per share) | $0.47 | $0.38 | $1.24 | $1.18 | ||||
| Diluted earnings per common share | ' | ' | ' | ' | ||||
| Continuing operations (in dollars per share) | $0.39 | $0.37 | $1.16 | $1.16 | ||||
| Discontinued operations (in dollars per share) | $0.08 | $0.01 | $0.07 | $0.03 | ||||
| Net income available to common stockholders (in dollars per share) | $0.47 | $0.38 | $1.24 | $1.18 | ||||
| Dividends declared and paid per common share (in dollars per share) | $0.47 | $0.46 | $1.40 | $1.32 | ||||
| Weighted average shares used to calculate earnings per common share | ' | ' | ' | ' | ||||
| Basic (in shares) | 34,553 | 30,253 | 32,625 | 30,219 | ||||
| Diluted (in shares) | 36,580 | 30,293 | 34,657 | 30,263 | ||||
| [1] | During the three and nine months ended September 30, 2013, we received $1,122 and $3,357, respectively, in rental income and recorded $3 and $19, respectively, in straight-line rental income from a lessee that qualifies as a related party. During the three and nine months ended September 30, 2012, we received $1,095 and $3,275, respectively, in rental income and recorded $31 and $101, respectively, in straight-line rental income from a lessee that qualifies as a related party. The lessee's Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion. | |||||||
| [2] | During the three and nine months ended September 30, 2013, we did not recognize interest income from any related parties. During the three and nine months ended September 30, 2012, we recognized $0 and $235, respectively, of interest income from an entity that qualifies as a related party because the entity's Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion. | |||||||
CONSOLIDATED_STATEMENTS_OF_INC1
| CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
| In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
| CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' | ' |
| Rental income from a lessee that qualifies as a related party | $1,122 | $1,095 | $3,357 | $3,275 |
| Straight-line rental income from a lessee that qualifies as a related party | 3 | 31 | 19 | 101 |
| Interest income from an entity that qualifies as a related party | ' | $0 | ' | $235 |
CONSOLIDATED_STATEMENTS_OF_COM
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
| In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
| Net income | $17,286 | $12,504 | $43,165 | $38,549 |
| Reclassification adjustment | -9 | -9 | -26 | -40 |
| Comprehensive income | 17,277 | 12,495 | 43,139 | 38,509 |
| Comprehensive income allocated to non-controlling interests | ' | -9 | ' | -30 |
| Comprehensive income attributable to LTC Properties, Inc. | $17,277 | $12,486 | $43,139 | $38,479 |
CONSOLIDATED_STATEMENTS_OF_CAS
| CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |||
| Sep. 30, 2013 | Sep. 30, 2012 | |||
| OPERATING ACTIVITIES: | ' | ' | ||
| Net income | $43,165,000 | $38,549,000 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
| Depreciation and amortization-continuing and discontinued operations | 18,469,000 | 16,461,000 | ||
| Stock-based compensation expense | 2,050,000 | 1,355,000 | ||
| Gain on sale of assets, net | -1,605,000 | -16,000 | ||
| Straight-line rental income-continuing and discontinued operations | -3,000,000 | [1] | -2,199,000 | [1] |
| Provision (recovery) for doubtful accounts | 42,000 | -23,000 | ||
| Non-cash interest related to earn-out liabilities | 256,000 | 330,000 | ||
| Other non-cash items, net | 354,000 | 991,000 | ||
| (Decrease) increase in accrued interest payable | -1,203,000 | 964,000 | ||
| Decrease in interest receivable | 26,000 | 397,000 | ||
| Net change in other assets and liabilities | 1,614,000 | 602,000 | ||
| Net cash provided by operating activities | 60,168,000 | 57,411,000 | ||
| INVESTING ACTIVITIES: | ' | ' | ||
| Investment in real estate properties, net | -2,050,000 | -80,982,000 | ||
| Investment in real estate properties under development | -15,369,000 | -1,438,000 | ||
| Investment in real estate capital improvements | -6,390,000 | -1,174,000 | ||
| Proceeds from sale of real estate investments, net | 11,001,000 | 1,248,000 | ||
| Advances under mortgage loans receivable | -2,816,000 | ' | ||
| Principal payments received on mortgage loans receivable | 1,429,000 | 4,856,000 | ||
| Proceeds from redemption of marketable securities | ' | 6,500,000 | ||
| Advances under notes receivable | -795,000 | -2,461,000 | ||
| Principal payments received on notes receivable | 2,716,000 | 273,000 | ||
| Net cash used in investing activities | -12,274,000 | -73,178,000 | ||
| FINANCING ACTIVITIES: | ' | ' | ||
| Bank borrowings | 2,000,000 | 52,500,000 | ||
| Repayment of bank borrowings | -117,500,000 | -73,000,000 | ||
| Proceeds from issuance of senior unsecured notes | ' | 85,800,000 | ||
| Principal payments on bonds payable | -600,000 | -565,000 | ||
| Payment of earn-out liabilities | -7,000,000 | ' | ||
| Proceeds from common stock offering | 176,260,000 | ' | ||
| Stock option exercises | 523,000 | 1,926,000 | ||
| Distributions paid to stockholders | -48,363,000 | -42,777,000 | ||
| Redemption of non-controlling interests | ' | -2,764,000 | ||
| Distributions paid to non-controlling interests | -7,000 | -69,000 | ||
| Financing costs paid | -37,000 | -1,418,000 | ||
| Other | -23,000 | ' | ||
| Net cash provided by financing activities | 5,253,000 | 19,633,000 | ||
| Increase in cash and cash equivalents | 53,147,000 | 3,866,000 | ||
| Cash and cash equivalents, beginning of period | 7,191,000 | 4,408,000 | ||
| Cash and cash equivalents, end of period | 60,338,000 | 8,274,000 | ||
| SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ||
| Interest paid | 9,870,000 | 5,560,000 | ||
| Non-cash investing and financing transactions: | ' | ' | ||
| Redemption of non-controlling interests | ' | $56,000 | ||
| [1] | During the nine months ended September 30, 2013 and 2012, we recorded $19 and $101, respectively, in straight-line rental income from a lessee that qualifies as a related party. The lessee's Chief Executive Officer is on our Board of Directors. See Note 9. Transactions with Related Party for further discussion. | |||
CONSOLIDATED_STATEMENTS_OF_CAS1
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
| In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' | ' | ' |
| Straight-line rental income from a lessee that qualifies as a related party | $3 | $31 | $19 | $101 |
General
| General | 9 Months Ended |
| Sep. 30, 2013 | |
| General | ' |
| General | ' |
| 1. General | |
| LTC Properties, Inc., a health care real estate investment trust (or REIT), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in senior housing and long term care properties through acquisitions, development, mortgage loans and other investments. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in senior housing and long term care properties managed by experienced operators. Our primary senior housing and long term care property types include skilled nursing properties (or SNF), assisted living properties (or ALF), independent living properties (or ILF), memory care properties (or MC) and combinations thereof. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property type and form of investment. | |
| We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the results of operations for the three and nine months ended September 30, 2013 and 2012 pursuant to the rules and regulations of the Securities and Exchange Commission (or SEC). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (or GAAP) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company, its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results for a full year. | |
| Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation, including changes as a result of the application of accounting guidance for properties disposed or classified as held-for-sale. During the nine months ended September 30, 2013, we sold a 47-bed skilled nursing property located in Colorado for $1,000. Additionally, we sold six skilled nursing properties with a total of 230 beds for $11,000,000. During the nine months ended September 30, 2012, we sold a 140-bed skilled nursing property located in Texas for $1,248,000. Additionally, during the third quarter of 2012, we reclassified a 140-unit independent living property located in Texas from held-for-sale to held-for-use. Depreciation expense, which was not recognized during the held-for-sale period, was recognized at the date of reclassification. Due to the market conditions, the timing of the ultimate disposal of this property is uncertain. These adjustments are normal and recurring in nature. See Note 2. Real Estate Investments for further discussion of our property sales. | |
| No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders. |
Real_Estate_Investments
| Real Estate Investments | 9 Months Ended | |||||||||||||||||
| Sep. 30, 2013 | ||||||||||||||||||
| Real Estate Investments | ' | |||||||||||||||||
| Real Estate Investments | ' | |||||||||||||||||
| 2. Real Estate Investments | ||||||||||||||||||
| Assisted living properties, independent living properties, memory care properties, and combinations thereof are included in the assisted living property type. Range of care properties (or ROC) property type consists of properties providing skilled nursing and any combination of assisted living, independent living and/or memory care services. | ||||||||||||||||||
| Any reference to the number of properties, number of schools, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. | ||||||||||||||||||
| Owned Properties. The following table summarizes our investments in owned properties at September 30, 2013 (dollar amounts in thousands): | ||||||||||||||||||
| Number | Number of | Investment | ||||||||||||||||
| Type of Property | Gross Investments | Percentage of | of | SNF | ALF | per | ||||||||||||
| Investments | Properties (1) | Beds | Units | Bed/Unit | ||||||||||||||
| Skilled Nursing | $443,757 | 48.70% | 67 | 8,188 | — | $54.20 | ||||||||||||
| Assisted Living | 390,105 | 42.80% | 97 | — | 4,562 | $85.51 | ||||||||||||
| Range of Care | 43,907 | 4.80% | 8 | 634 | 274 | $48.36 | ||||||||||||
| Under Development (2) | 20,883 | 2.30% | — | — | — | — | ||||||||||||
| Schools | 12,444 | 1.40% | 2 | — | — | — | ||||||||||||
| Totals | $911,096 | 100.00% | 174 | 8,822 | 4,836 | |||||||||||||
| _____________ | ||||||||||||||||||
| (1) We have investments in 26 states leased to 33 different operators. | ||||||||||||||||||
| (2) Includes two MC developments with a total of 108 units, two combination ALF and MC developments with a total of 158 units, and a SNF development with 143 beds. | ||||||||||||||||||
| All of our owned properties are leased to our operators pursuant to non-cancelable operating leases generally with an initial term of 10 to 15 years. Each lease is a triple net lease covering one or more properties which requires the operator/lessee to pay all costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease: | ||||||||||||||||||
| (i) a specified percentage increase over the prior year’s rent, generally between 2.0% and 3.0%; | ||||||||||||||||||
| (ii) a calculation based on the Consumer Price Index; | ||||||||||||||||||
| (iii) as a percentage of facility net patient revenues in excess of base amounts; or | ||||||||||||||||||
| (iv) specific dollar increases. | ||||||||||||||||||
| During the three months ended September 30, 2013, we entered into development commitments totaling $19,553,000 with an existing operator to fund the purchase of land and construction of two free-standing memory care properties in Colorado, one with 60-units and the other with 48-units. In conjunction with such commitments, we closed on two parcels of land for an aggregate purchase price of $2,050,000 which were simultaneously added to the existing master lease agreement with the operator. Rent at an initial annual rate of 9.25% will commence upon the respective project’s completion date (but in no event later than December 31, 2014) and be calculated based on the land purchase price and construction costs funded for each property plus 9.0% compounded on the land purchase price and each amount funded under the commitments. | ||||||||||||||||||
| In October 2013, we entered into a pipeline agreement with this same operator whereby we have the opportunity to finance any senior housing development projects or acquisitions originated by the operator through May 2018 (unless earlier terminated as provided for therein) with provisions limiting, among other things, to five the number of development projects the operator may have under construction at any time. Any such projects or opportunities financed by us pursuant to the agreement will be added to the parties’ master lease with the then remaining term extended by 10 years at initial lease rates estimated to range from 9.0% to 10.5% with annual escalations of 2.5%. | ||||||||||||||||||
| During the three months ended September 30, 2013, our operator of a master lease exercised its option to purchase six skilled nursing properties located in Ohio with a total of 230 beds for an all cash purchase price of $11,000,000. As a result, we recorded a $2,619,000 gain on sale. Also, during the nine months ended September 30, 2013, we sold a 47-bed skilled nursing property in Colorado for $1,000 and recognized a $1,014,000 loss on sale. | ||||||||||||||||||
| During the three months ended September 30, 2013, we completed the construction of a 60-unit memory care property in Colorado. The new memory care property opened in July 2013. During the nine months ended September 30, 2013, we funded the remaining $4,373,000 of the $9,925,000 development commitment for the new property. | ||||||||||||||||||
| During the nine months ended September 30, 2013, we completed the construction of a 120-bed skilled nursing property in Texas. This new property replaces a skilled nursing property in our existing portfolio. All the residents were relocated from the old property to the new property. The operator is responsible for marketing and selling the old property. During the nine months ended September 30, 2013, we funded the remaining $5,066,000 of the $9,094,000 development commitment for the new property. | ||||||||||||||||||
| In October 2013, we purchased four parcels of land in Michigan for $1,163,000. In November 2013, we purchased a 120-bed skilled nursing property in Florida for $14,402,000. The property was included in a master lease at an incremental initial cash yield of 8.75%. The operator currently leases four properties with a total of 596 beds/units from us. The new master lease will contain all five properties with a total of 716 beds/units and have a GAAP yield of 10.7%. The initial lease term is 10 years with two 5-year renewal options and annual rent escalations of 2.2%. | ||||||||||||||||||
| As of September 30, 2013, we have a commitment to provide, under certain conditions, up to $5,000,000 per year through December 2014 to an existing operator for expansion of the 37 properties they lease from us. The estimated yield of this commitment is 9.5% plus the positive difference, if any, between the average yields on the U.S. Treasury 10-year note for the five days prior to funding, minus 420 basis points. As of September 30, 2013, no funds have been requested under this commitment. | ||||||||||||||||||
| The following table summarizes our investment commitments as of September 30, 2013, excluding the $5,000,000 per year commitment, and year to date funding on our ongoing development, redevelopment, renovation and expansion projects (excludes capitalized interest, dollar amounts in thousands): | ||||||||||||||||||
| Type of Property | Investment | 2013 | Commitment | Remaining | Number of | Number of | ||||||||||||
| Commitment | Funding (2) | Funded | Commitment | Properties | Beds/Units | |||||||||||||
| Skilled Nursing | $ 29,650 | $ 4,212 | $ 9,748 | $19,902 | 6 | 640 | ||||||||||||
| Assisted Living (1) | 50,538 | 9,904 | 12,545 | 37,993 | 6 | 402 | ||||||||||||
| Totals | $80,188 | $14,116 | (3) | $22,293 | $57,895 | 12 | 1,042 | |||||||||||
| __________ | ||||||||||||||||||
| (1) Includes the development of two memory care properties for a total of $19,553 and two assisted living and memory care combination properties for a total of $16,385, and the expansion of two assisted living properties for a total $14,600. | ||||||||||||||||||
| (2) Excludes year 2013 funding for completed development of a 60-unit memory care property for $4,373, completed redevelopment of a skilled nursing property for $5,066, and $260 of capital improvement on three completed projects with no remaining commitments. It also includes $6 funded under the commitment as marketing expense and $2,050 of land acquired for development. | ||||||||||||||||||
| (3) In October 2013, we funded $3,054 under investment commitments. | ||||||||||||||||||
| During the nine months ended September 30, 2012, we sold a 140-bed skilled nursing property located in Texas for $1,248,000 and recognized a gain, net of selling expenses, of $16,000. This property was leased under a master lease and the economic terms of the master lease did not change as a result of this sale. Additionally, during the nine months ended September 30, 2012, we invested $2,612,000 under agreements to expand and renovate six existing properties and to construct a skilled nursing property and a memory care property. The following table summarizes our acquisitions during nine months ended September 30, 2012 (dollar amounts in thousands, unaudited): | ||||||||||||||||||
| Total | Number | Number | ||||||||||||||||
| Type of Property | Purchase | Transaction | Acquisition | of | of | |||||||||||||
| Price | Costs | Costs | Properties | Beds | ||||||||||||||
| Skilled Nursing (1) | $79,100 | $246 | $79,346 | 4 | 522 | |||||||||||||
| Land(2) | 1,882 | 120 | 2,002 | — | — | |||||||||||||
| Totals | $80,982 | $366 | $81,348 | 4 | 522 | |||||||||||||
| ____________ | ||||||||||||||||||
| (1) Includes two skilled nursing properties with a total of 234 beds located in Texas. These properties were purchased separately for a total purchase price of $25,100. Simultaneous with these purchases, we added these properties to an existing master lease with a third party operator at an incremental GAAP yield of 10.7%. Also, includes two 144-bed skilled nursing properties located in Ohio purchased for an aggregate purchase price of $54,000. Simultaneous with the purchase, we leased the properties to an unrelated third-party operator at a GAAP yield of 10.1%. | ||||||||||||||||||
| (2) We purchased a vacant parcel of land in Colorado for $1,882. Simultaneous with the purchase, we entered into a lease agreement and development commitment in an amount of $9,925 to fund the construction of a 60-unit memory care property. During the nine months ended September 30, 2013, we completed the construction of this property, as previously discussed. | ||||||||||||||||||
| Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2013 (dollar amounts in thousands): | ||||||||||||||||||
| Percentage | Number | Number of | Investment | |||||||||||||||
| Type of Property | Gross | of | Number | of | SNF | ALF | per | |||||||||||
| Investments | Investments | of Loans | Properties(1) | Beds | Units | Bed/Unit | ||||||||||||
| Skilled Nursing (2) | $26,251 | 63.90% | 15 | 17 | 1,861 | — | $14.11 | |||||||||||
| Assisted Living | 12,158 | 29.60% | 3 | 8 | — | 211 | $57.62 | |||||||||||
| Range of Care | 2,670 | 6.50% | 1 | 1 | 99 | 74 | $15.43 | |||||||||||
| Totals | $41,079 | 100.00% | 19 | 26 | 1,960 | 285 | ||||||||||||
| _____________ | ||||||||||||||||||
| (1) We have investments in 8 states that include mortgages to 11 different operators. | ||||||||||||||||||
| (2) Includes a mortgage and construction loan secured by a currently operating skilled nursing property and parcel of land upon which a 106-bed replacement property is being constructed. The agreement gives us the right to purchase the replacement facility for $13,500 during an 18 month period beginning on the first anniversary of the issuance of the certificate of occupancy. | ||||||||||||||||||
| At September 30, 2013, the mortgage loans had interest rates ranging from 7.0% to 13.6% and maturities ranging from 2014 to 2022. In addition, some loans contain certain guarantees, provide for certain facility fees and generally have 20-year to 25-year amortization schedules. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 10 to 25 basis points. During the nine months ended September 30, 2013, we funded $2,816,000 under a $10,600,000 mortgage and construction loan and we have a remaining commitment of $5,165,000. During the nine months ended September 30, 2013 and 2012, we received $1,429,000 and $2,010,000, respectively, in regularly scheduled principal payments. During the nine months ended September 30, 2012, we received $2,846,000 plus accrued interest related to the early payoff of three mortgage loans secured by three skilled nursing properties. | ||||||||||||||||||
| In October 2013, we funded a $124,387,000 mortgage loan with a third-party operator secured by 15 properties with a total of 2,092 skilled nursing beds in Michigan. The loan is for a term of 30 years and bears interest at 9.53% for five years, escalating annually thereafter by 2.25%. Payments are interest-only for three years, after which the borrower will make interest payments along with annual principal payments of $1,000,000. The loan agreement provides for additional forward commitments of $12,000,000 for capital improvements at 9.41% for the first twelve months. Beginning in the thirteenth month, the interest will be the greater of 7.25% plus the positive difference, if any, between the average yields on the U.S. Treasury 10-year note for the twenty days prior to funding or 9.0% with annual escalations of 2.25%. The loan agreement also provides, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the first twelve years of the term, for additional loan proceeds of up to $40,000,000 with such proceeds limited to $10,000,000 per twelve months. The term for the additional loan proceeds will be at the greater of 7.25% plus the positive difference, if any, between the average yields on the U.S. Treasury 10-year note for the twenty days prior to funding or 9.0% with annual escalations of 2.25%. | ||||||||||||||||||
| The borrower has a one-time option between the third and twelfth years to prepay up to 50% of the then outstanding loan balance without penalty. Exclusively for the purposes of this option, the properties collateralizing the loan have been separated by us into two pools of assets. If and when the option is exercised, we will identify which of the two pools we will release for prepayment and removal from portfolio of properties securing the loan. If the prepayment option is exercised and timely concluded, the borrower forfeits its opportunity to access any additional loan proceeds. Additionally, under certain circumstances, including a change in regulatory environment, we have the option to purchase the properties. | ||||||||||||||||||
Notes_Receivable
| Notes Receivable | 9 Months Ended |
| Sep. 30, 2013 | |
| Notes Receivable | ' |
| Notes Receivable | ' |
| 3. Notes Receivable | |
| Notes receivables consist of various loans and line of credit agreements with certain operators. | |
| During the nine months ended September 30, 2013, we received $2,372,000 for the early repayment of an 8.5% term loan. During the nine months ended September 30, 2013 and 2012, we received, including the repayment previously discussed, $2,716,000 and $273,000, respectively, in principal payments and we funded $795,000 and $2,461,000, respectively, under our notes receivable. | |
| During the three months ended September 2013, we committed to fund two loans up to $400,000 each with interest at 12% maturing in September 2017. At September 30, 2013, including the two new loans previously discussed, we had ten loans and line of credit agreements with a total commitment to fund $2,325,000. As of September 30, 2013, we funded $615,000 under these commitments and we have a remaining commitment of $1,710,000. These loans and line of credit commitments have interest rates ranging from 9.0% to 12.0% and maturities ranging from 2013 to 2017. | |
| In October 2013, we entered into a new agreement to fund two pre-development loans of $325,000 each to facilitate the site selection and pre-construction services for the future development of two memory care properties. The initial rate of each loan is 12%, increasing by 25 basis points per year. The maturity date is the earlier of the acquisition of the land or October 2015. As a result of this commitment, we have 12 loans and line of credit agreements with a total commitment of $2,975,000 and we have a remaining commitment balance of $2,360,000. |
Marketable_Securities
| Marketable Securities | 9 Months Ended |
| Sep. 30, 2013 | |
| Marketable Securities | ' |
| Marketable Securities | ' |
| 4. Marketable Securities | |
| During 2012, Skilled Healthcare Group, Inc. (or SHG) redeemed all of their outstanding Senior Subordinated Notes at par value plus accrued and unpaid interest up to the redemption date. The SHG Senior Subordinated Notes had a face rate of 11.0% and an effective yield of 11.1%. During the nine months ended September 30, 2012, we recognized $235,000 of interest income from our $6,500,000 investment in SHG Senior Subordinated Notes. One of our board members is the chief executive officer of SHG. See Note 9. Transactions with Related Party for further discussion. |
Debt_Obligations
| Debt Obligations | 9 Months Ended |
| Sep. 30, 2013 | |
| Debt Obligations | ' |
| Debt Obligations | ' |
| 5. Debt Obligations | |
| Bank Borrowings. During 2012, we amended our Unsecured Credit Agreement increasing the commitment to $240,000,000 with the opportunity to increase the credit amount up to a total of $350,000,000. Additionally, the drawn pricing was decreased by 25 basis points, the undrawn pricing was decreased by 10 basis points and the maturity of the facility was extended for one additional year to May 25, 2016. The amendment also provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at September 30, 2013, the amended facility provides for interest annually at LIBOR plus 125 basis points and the unused commitment fee was 25 basis points. | |
| During the nine months ended September 30, 2013, we borrowed $2,000,000 and repaid $117,500,000 under our Unsecured Credit Agreement. At September 30, 2013, we had no outstanding balances under our Unsecured Credit Agreement and we were in compliance with all our covenants. In October, we borrowed $86,000,000 under our unsecured line of credit and used cash on hand to fund a mortgage loan secured by 15 skilled nursing properties in Michigan, as previously discussed. Accordingly, we currently have $86,000,000 outstanding under our Unsecured Credit Agreement with $154,000,000 available for borrowing. See Note 2. Real Estate Investments for further discussion on the mortgage loan funding. | |
| Senior Unsecured Notes. At September 30, 2013 and December 31, 2012, we had $185,800,000 outstanding under our Senior Unsecured Notes with a weighted average interest rate of 5.2% and $100,000,000 available under an Amended and Restated Note Purchase and Private Shelf agreement which provides for the possible issuance of senior unsecured fixed-rate term notes through October 19, 2014. | |
| On October 30, 2013, we entered into an amended and restated note purchase and private shelf agreement with Prudential Investment Management, Inc. (or Prudential). The shelf agreement with Prudential, as amended, conforms the definitions and financial covenants contained therein and previously issued senior unsecured promissory notes outstanding to Prudential and certain of its affiliates and managed accounts to those contained in our unsecured credit facility and to covenants contained in the senior unsecured notes sold in July 2012. Any notes sold by us to Prudential under the shelf agreement will be in amounts at fixed interest rates and have maturity dates (each note to have a final maturity not greater than 12 years and an average life not greater than 10 years from the date of issuance) subject to further agreement by us and Prudential. | |
| The shelf agreement with Prudential contains standard covenants including requirements to maintain financial ratios such as debt to asset value ratios. Under the shelf agreement, maximum total indebtedness shall not exceed 50% of total asset value as defined in the shelf agreement, as amended. Borrowings under the shelf agreement are limited by reference to the value of unencumbered assets. Under the shelf agreement, maximum unsecured debt shall not exceed 60% of the value of the unencumbered asset pool as defined in the shelf agreement. As of November 4, 2013, we had $50,000,000 outstanding in senior unsecured notes sold by us to Prudential in July 2010 and $50,000,000 outstanding in senior unsecured notes sold by us to Prudential in July 2011. | |
| Bonds Payable. At September 30, 2013 and December 31, 2012, we had outstanding principal of $2,035,000 and $2,635,000 respectively, on multifamily tax-exempt revenue bonds that are secured by five assisted living properties in Washington. These bonds bear interest at a variable rate that is reset weekly and mature during 2015. For the nine months ended September 30, 2013, the weighted average interest rate, including letter of credit fees, on the outstanding bonds was 2.9%. During the nine months ended September 30, 2013 and 2012, we paid $600,000 and $565,000, respectively, in regularly scheduled principal payments. As of September 30, 2013 and December 31, 2012, the aggregate carrying value of real estate properties securing our bonds payable was $6,452,000 and $6,650,000, respectively. |
Equity
| Equity | 9 Months Ended | ||||||||||||
| Sep. 30, 2013 | |||||||||||||
| Equity | ' | ||||||||||||
| Equity | ' | ||||||||||||
| 6. Equity | |||||||||||||
| Equity is allocated between controlling and non-controlling interests as follows (in thousands): | |||||||||||||
| LTC | Non-controlling | Total | |||||||||||
| Properties, Inc. | Interest | Equity | |||||||||||
| Stockholders’ | |||||||||||||
| Equity | |||||||||||||
| Balance at December 31, 2012 | $463,101 | $ 7 | $463,108 | ||||||||||
| Net income | 43,165 | — | 43,165 | ||||||||||
| Issue common stock | 175,597 | — | 175,597 | ||||||||||
| Vested restricted common stock | 2,050 | — | 2,050 | ||||||||||
| Stock option exercise | 523 | — | 523 | ||||||||||
| Reclassification adjustment | (26 | ) | — | (26 | ) | ||||||||
| Non-controlling interest preferred return | — | (7 | ) | (7 | ) | ||||||||
| Preferred stock dividends | (2,454 | ) | — | (2,454 | ) | ||||||||
| Common stock dividends | (45,909 | ) | — | (45,909 | ) | ||||||||
| Other | (23 | ) | (23 | ) | |||||||||
| Balance at September 30, 2013 | $636,024 | $ — | $636,024 | ||||||||||
| Preferred Stock. At September 30, 2013, we had 2,000,000 shares of our 8.5% Series C Cumulative Convertible Preferred Stock (or Series C preferred stock) outstanding. Our Series C preferred stock is convertible into 2,000,000 shares of our common stock at $19.25 per share. Total shares reserved for issuance of common stock related to the conversion of Series C preferred stock were 2,000,000 shares at September 30, 2013. | |||||||||||||
| Common Stock. During the nine months ended September 30, 2013, we acquired 600 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Additionally, during the nine months ended September 30, 2013, we sold 4,025,000 shares of common stock in a public offering at a price of $44.50 per share, before fees and costs of $7,748,000. The net proceeds of $171,365,000 were used to pay down amounts outstanding under our Unsecured Credit Agreement, to fund acquisitions and our current development commitments and general corporate purposes. | |||||||||||||
| During the nine months ended September 30, 2013, we terminated the equity distribution agreement which allowed us to issue and sell, from time to time, up to $85,686,000 in aggregate offering price of our common shares. Sales of common shares were made by means of ordinary brokers’ transactions at market prices, in block transactions, or as otherwise agreed between us and our sales agents. During the nine months ended September 30, 2012, we did not sell shares of our common stock under our equity distribution agreement. During the nine months ended September 30, 2013, we sold 126,742 shares of common stock for $4,895,000 in net proceeds under our equity distribution agreement. In conjunction with the sale of common stock, we reclassified $662,000 of accumulated costs associated with the equity distribution agreement to additional paid in capital. | |||||||||||||
| Available Shelf Registrations. On July 19, 2013, we filed a Form S-3ASR “shelf” registration statement to replace our prior shelf registration statement. This current shelf registration statement provides us with the capacity to offer up to $800,000,000 in common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under this current shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. | |||||||||||||
| Non-controlling Interests. We currently have no limited partners. During 2012, we had one limited partnership. The limited partnership agreement allowed the limited partners to convert, on a one-for-one basis, their limited partnership units into shares of common stock or the cash equivalent, at our option. Since we exercised control, we consolidated the limited partnership and we carried the non-controlling interests at cost. | |||||||||||||
| During 2012, two of our limited partners exercised their conversion rights to exchange all of their 112,588 partnership units. At our discretion, we converted 23,294 partnership units into an equal number of our common shares. The partnership conversion price was $17.00 per partnership unit. At our discretion, we elected to satisfy the conversion of 89,294 limited partnership units with cash. We paid the limited partners $2,764,000, which represents the closing price of our common stock on the redemption date plus $0.05 per share multiplied by the number of limited partnership units redeemed. The amount we paid upon redemption exceeded the book value of the limited partnership interest redeemed by $1,246,000. Accordingly, the $1,246,000 excess book value of the limited partners’ interest in the partnership was reclassified to stockholders’ equity. We accounted for these conversions as an equity transaction because there was no change in control requiring consolidation or deconsolidation and remeasurement. Subsequent to these partnership conversions, the assets held by the limited partnership were transferred to other subsidiaries of the Company and the limited partnership was terminated. | |||||||||||||
| The following table represents the change from net income attributable to us and transfers from non-controlling interest (in thousands): | |||||||||||||
| Nine months ended | |||||||||||||
| September 30, | |||||||||||||
| 2013 | 2012 | ||||||||||||
| Net income attributable to LTC Properties, Inc. | $43,165 | $38,519 | |||||||||||
| Transfers from the non-controlling interest | |||||||||||||
| Increase in paid-in capital for limited partners conversion | — | 56 | |||||||||||
| Decrease in paid-in capital for limited partners conversion | — | (1,246 | ) | ||||||||||
| Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest | $43,165 | $37,329 | |||||||||||
| Distributions. We declared and paid the following cash dividends (in thousands): | |||||||||||||
| Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | ||||||||||||
| Declared | Paid | Declared | Paid | ||||||||||
| Preferred Stock Series C | $ 2,454 | $ 2,454 | $ 2,454 | $ 2,454 | |||||||||
| Common Stock | 45,909 | -1 | 45,909 | -1 | 40,323 | -2 | 40,323 | -1 | |||||
| Total | $48,363 | $48,363 | $42,777 | $42,777 | |||||||||
| ______________ | |||||||||||||
| (1) Represents $0.155 per share per month for the nine months ended September 30, 2013. | |||||||||||||
| (2) Represents $0.145 per share per month for January through July of 2012 and $0.155 per share per month for August through September of 2012. | |||||||||||||
| In October 2013, we increased the monthly dividend on our common stock to $0.17 per share which is a 9.7% increase from the previous monthly $0.155 per share dividend. We declared a monthly cash dividend of $0.17 per share on our common stock for the months of October, November and December 2013, payable on October 31, November 29, and December 31, 2013, respectively, to stockholders of record on October 23, November 21, and December 23, 2013, respectively. | |||||||||||||
| Other Equity. At September 30, 2013 and December 31, 2012, other equity consisted of accumulated comprehensive income of $125,000 and $152,000, respectively. This balance represents the net unrealized holding gains on available-for-sale REMIC Certificates recorded in 2005 when we repurchased the loans in the underlying loan pool. This amount is being amortized to increase interest income over the remaining life of the loans that we repurchased from the REMIC Pool. | |||||||||||||
| Stock-Based Compensation. During the nine months ended September 30, 2013, a total of 22,000 stock options were exercised at a total option value of $523,000 and a total market value on the date of exercise of $865,000. During the nine months ended September 30, 2012, a total of 85,000 stock options were exercised at a total option value of $1,926,000 and a total market value on the date of exercise of $2,761,000. No stock options were granted during the nine months ended September 30, 2013 and 2012. At September 30, 2013, we had 73,334 stock options outstanding and all stock options are vested. Accordingly, during the nine months ended September 30, 2013, we did not record compensation expense related to the vesting of stock options. | |||||||||||||
| During the nine months ended September 30, 2013, we granted 8,400 shares of restricted common stock at $46.54 per share and 6,000 shares of restricted common stock at $41.83 per share. These shares vest ratably over a three-year period from the grant date. During the nine months ended September 30, 2013, excluding the shares granted above, we granted 20,000 shares of restricted common stock at $36.26 per share. These shares all vest on June 1, 2016. Also during the nine months ended September 30, 2013, we accelerated the vesting of 18,180 shares of restricted common stock due to the retirement of our former Senior Vice President, Marketing and Strategic Planning. Accordingly, we recorded $457,000 of compensation expense related to the accelerated vesting. During the three and nine months ended September 30, 2013, we recognized $542,000 and $2,050,000, respectively, of compensation expense related to the vesting of restricted common stock. | |||||||||||||
| During the nine months ended September 30, 2012, we granted 8,000 shares of restricted common stock at $31.87 per share and 56,200 shares of restricted common stock at $31.77 per share. The vesting of these shares are as follows: 8,000 shares vest ratably over a three-year period from the grant date, 14,000 shares vest ratably over a five-year period from the grant date, 30,000 shares all vest on June 15, 2015, and 12,200 shares all vest on January 10, 2016. During the three and nine months ended September 30, 2012, we recognized $443,000 and $1,345,000, respectively, of compensation expense related to the vesting of restricted common stock. | |||||||||||||
Commitments_and_Contingencies
| Commitments and Contingencies | 9 Months Ended |
| Sep. 30, 2013 | |
| Commitments and Contingencies | ' |
| Commitments and Contingencies | ' |
| 7. Commitments and Contingencies | |
| As part of an acquisition in 2011, we committed to provide a contingent payment if certain operational thresholds are met. The contingent payment was recorded at fair value, which was estimated using a discounted cash flow analysis, and we were accreting the contingent liability to the settlement amount as of the payment date. The fair value of such contingent liability was re-evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. During the three months ended September 30, 2013, we paid $7,000,000 related to the contingent liability. Accordingly, we have no remaining contingent liability as of September 30, 2013. During the three and nine months ended September 30, 2013, we recorded non-cash interest expense of $36,000 and $256,000, respectively, related to the contingent liability. During the three and nine months ended September 30, 2012, we recorded non-cash interest expense of $110,000 and $330,000, respectively, related to the contingent liability. At December 31, 2012, the contingent liability had a carrying value of $6,744,000. | |
| At September 30, 2013, we had outstanding commitments totaling $80,188,000 to develop, re-develop, renovate or expand six skilled nursing properties with a total of 640 beds, two memory care properties with a total of 108 units, two assisted living and memory care combination properties with a total of 158 units, and two assisted living properties with a total of 136 units. As of September 30, 2013, we have funded $22,293,000 under these commitments and we have a remaining commitment of $57,895,000. We also have a commitment to provide, under certain conditions, up to $5,000,000 per year through December 2014 to an existing operator for expansion of the 37 properties they lease from us. See Note 2. Real Estate Investments for further discussion of these commitments. | |
| Additionally at September 30, 2013, we had a $10,600,000 mortgage and construction commitment. As of September 30, 2013, we funded $5,435,000 under this commitment and we have a remaining commitment of $5,165,000. In October 2013, we funded a $124,387,000 mortgage loan and committed to provide an additional $12,000,000 for capital improvements and, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the first twelve years of the term, additional loan proceeds of up to $40,000,000. See Note 2. Real Estate Investments for further discussion of these mortgage loans. | |
| At September 30, 2013, we committed to provide $2,325,000 in loans and line of credit agreements. As of September 30, 2013, we had funded $615,000 under these commitments and we have a remaining commitment of $1,710,000. In October 2013, we entered into a new agreement to fund two pre-development loans of $325,000 each to facilitate the site selection and pre-construction services for the future development of two memory care properties. As a result of this commitment, we have a total commitment of $2,975,000 under our loans and line of credit agreements and we have a remaining commitment balance of $2,360,000. See Note 3. Notes Receivables for further discussion of these commitments. |
Major_Operators
| Major Operators | 9 Months Ended |
| Sep. 30, 2013 | |
| Major Operators | ' |
| Major Operators | ' |
| 8. Major Operators | |
| We have four operators from each of which we derive over 10% of our rental revenue and interest income from mortgage loans. | |
| In 2006, Extendicare Services, Inc. (or EHSI), one of our major operators, effected a reorganization whereby it completed a spin-off of Assisted Living Concepts, Inc. (or ALC). The remaining EHSI assets and operations were converted into a Canadian REIT (Extendicare REIT) listed on the Toronto Stock Exchange (or TSX). During 2012, Extendicare REIT converted from an income trust structure to a corporate structure under a corporation named Extendicare, Inc. (or Extendicare). Both Extendicare and ALC continue to be parties to the leases with us. | |
| On July 11, 2013, ALC merged with Aid Holdings, LLC, a Delaware limited liability company (or Aid Holdings), and Aid Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Aid Holdings (or Aid Merger Sub). Aid Holdings and Aid Merger Sub are affiliates of TPG Capital, L.P. | |
| Extendicare and ALC collectively lease 37 assisted living properties with a total of 1,430 units owned by us representing approximately 6.2%, or $51,825,000, of our total assets at September 30, 2013 and 10.6% of rental revenue and interest income from mortgage loans recognized as of September 30, 2013. | |
| Brookdale Senior Living Communities, Inc. (or Brookdale Communities) is a wholly owned subsidiary of a publicly traded company, Brookdale Senior Living, Inc. (or Brookdale). Brookdale Communities leases 35 assisted living properties with a total of 1,414 units owned by us representing approximately 6.2%, or $52,067,000, of our total assets at September 30, 2013 and 10.6% of rental revenue and interest income from mortgage loans recognized as of September 30, 2013. | |
| Preferred Care, Inc. (or Preferred Care), through various wholly owned subsidiaries, operates 27 skilled nursing properties and two range of care properties that we own or on which we hold mortgages secured by first trust deeds. These properties consist of a total of 3,354 skilled nursing beds and 49 assisted living units. This represents approximately 6.0%, or $50,735,000, of our total assets at September 30, 2013 and 10.4% of rental revenue and interest income from mortgage loans recognized as of September 30, 2013. They also operate one skilled nursing property under a sub-lease with another lessee we have which is not included in the Preferred Care rental revenue and interest income from mortgage loans. | |
| Senior Care Centers, LLC (or Senior Care) is a privately held company. During the three months ended September 30, 2013, we entered into an amended and restated master lease agreement with Senior Care to include four skilled nursing properties which were previously operated by and subleased to Senior Care. Under the new amended and restated master lease agreement, Senior Care leases nine skilled nursing properties with a total of 1,190 beds owned by us representing approximately 12.6%, or $105,881,000, of our total assets at September 30, 2013 and 11.2% of rental revenue and interest income from mortgage loans recognized as of September 30, 2013. | |
| Our financial position and ability to make distributions may be adversely affected by financial difficulties experienced by Extendicare, ALC, Brookdale Communities, Preferred Care, Senior Care, or any of our lessees and borrowers, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us or our borrowers when it expires. |
Transactions_with_Related_Part
| Transactions with Related Party | 9 Months Ended |
| Sep. 30, 2013 | |
| Transactions with Related Party | ' |
| Transactions with Related Party | ' |
| 9. Transactions with Related Party | |
| We have entered into transactions with Skilled Healthcare Group, Inc. (or SHG). One of our directors, Boyd W. Hendrickson, serves as Chief Executive Officer of SHG. | |
| In December 2005, we purchased, on the open market, $10,000,000 face value of SHG Senior Subordinated Notes with a face rate of 11.0% and an effective yield of 11.1%. Our Board of Directors, with Mr. Hendrickson abstaining, ratified the purchase of SHG Senior Subordinated Notes. As a result of an early redemption by SHG in 2007, we had a remaining investment in $6,500,000 face value of SHG Senior Subordinated Notes. During 2012, SHG redeemed all of their outstanding Senior Subordinated Notes at par value plus accrued and unpaid interest up to the redemption date. During the three and nine months ended September 30, 2012, we recognized $55,000 and $235,000 of interest income related to the SHG Senior Subordinated Notes. | |
| In addition, during September 2007 SHG purchased the assets of Laurel Healthcare (or Laurel). We were not a direct party to this transaction. One of the assets SHG purchased was Laurel’s leasehold interests in the skilled nursing properties in New Mexico Laurel leased from us under a 15-year master lease agreement dated in February 2006. Our Board of Directors, with Mr. Hendrickson abstaining, ratified our consent to the assignment of Laurel’s master lease to subsidiaries of SHG. The economic terms of the master lease agreement did not change as a result of our assignment of the master lease to subsidiaries of SHG. During the three and nine months ended September 30, 2013, we received $1,122,000 and $3,357,000, respectively, in rental income and recorded $3,000 and $19,000, respectively, in straight-line rental income from subsidiaries of SHG. During the three and nine months ended September 30, 2012, we received $1,095,000 and $3,275,000, respectively, in rental income and recorded $31,000 and $101,000, respectively, in straight-line rental income from subsidiaries of SHG. At September 30, 2013 and December 31, 2012, the straight-line rent receivable from subsidiaries of SHG was $3,210,000 and $3,191,000, respectively. |
Earnings_per_Share
| Earnings per Share | 9 Months Ended | |||||||||
| Sep. 30, 2013 | ||||||||||
| Earnings per Share | ' | |||||||||
| Earnings per Share | ' | |||||||||
| 10. Earnings per Share | ||||||||||
| The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||
| September 30, | September 30, | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||
| Income from continuing operations | $14,429 | $12,251 | $40,755 | $37,785 | ||||||
| Less net income allocated to non-controlling interests | — | -9 | — | -30 | ||||||
| Less net income allocated to participating securities: | ||||||||||
| Nonforfeitable dividends on participating securities | -93 | -94 | -282 | -279 | ||||||
| Allocation of undistributed income to participating securities | -2 | — | -2 | — | ||||||
| Total net income allocated to participating securities | -95 | -94 | -284 | -279 | ||||||
| Less net income allocated to preferred stockholders: | ||||||||||
| Preferred stock dividends | -818 | -818 | -2,454 | -2,454 | ||||||
| Total net income allocated to preferred stockholders | -818 | -818 | -2,454 | -2,454 | ||||||
| Income from continuing operations available to common stockholders | ||||||||||
| 13,516 | 11,330 | 38,017 | 35,022 | |||||||
| Discontinued operations: | ||||||||||
| Net income from discontinued operations | 238 | 253 | 805 | 748 | ||||||
| Gain on sale of assets, net | 2,619 | — | 1,605 | 16 | ||||||
| Total net income from discontinued operations | 2,857 | 253 | 2,410 | 764 | ||||||
| Net income available to common stockholders | 16,373 | 11,583 | 40,427 | 35,786 | ||||||
| Effect of dilutive securities: | ||||||||||
| Convertible preferred securities | 818 | — | 2,454 | — | ||||||
| Net income for diluted net income per share | $17,191 | $11,583 | $42,881 | $35,786 | ||||||
| Shares for basic net income per share | 34,553 | 30,253 | 32,625 | 30,219 | ||||||
| Effect of dilutive securities: | ||||||||||
| Stock options | 27 | 40 | 32 | 44 | ||||||
| Convertible preferred securities | 2,000 | — | 2,000 | — | ||||||
| Shares for diluted net income per share | 36,580 | 30,293 | 34,657 | 30,263 | ||||||
| Basic net income per share | $0.47 | $0.38 | $1.24 | $1.18 | ||||||
| Diluted net income per share (1) | $0.47 | $0.38 | $1.24 | $1.18 | ||||||
| ______________ | ||||||||||
| (1) For the three and nine months ended September 30, 2013, the participating securities and the non-controlling interest have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. For the three and nine months ended September 30, 2012, the Series C Cumulative Convertible Preferred Stock, the participating securities and the non-controlling interest have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. | ||||||||||
Fair_Value_Measurements
| Fair Value Measurements | 9 Months Ended | |||||||||
| Sep. 30, 2013 | ||||||||||
| Fair Value Measurements | ' | |||||||||
| Fair Value Measurements | ' | |||||||||
| 11. Fair Value Measurements | ||||||||||
| In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. | ||||||||||
| The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of September 30, 2013 and December 31, 2012 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands): | ||||||||||
| At September 30, 2013 | At December 31, 2012 | |||||||||
| Carrying | Fair | Carrying | Fair | |||||||
| Value | Value | Value | Value | |||||||
| Mortgage loans receivable | $40,668 | $45,751 | -1 | $39,299 | $44,939(1) | |||||
| Bonds payable | 2,035 | 2,035 | -2 | 2,635 | 2,635(2) | |||||
| Bank borrowings | — | — | -2 | 115,500 | 115,500(2) | |||||
| Senior unsecured notes | 185,800 | 191,424 | -3 | 185,800 | 194,838(3) | |||||
| Contingent liabilities | — | — | 6,744 | 6,744(4) | ||||||
| ____________ | ||||||||||
| (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at September 30, 2013 and December 31, 2012 was 5.5% and 6.0%, respectively. | ||||||||||
| (2) Our bonds payable and bank borrowings are at a variable interest rate. The estimated fair value of our bonds payable and bank borrowings approximated their carrying values at September 30, 2013 and December 31, 2012 based upon prevailing market interest rates for similar debt arrangements. | ||||||||||
| (3) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At September 30, 2013, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.9% for those maturing before year 2019 and 4.5% for those maturing through year 2021. At December 31, 2012, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.8% for those maturing before year 2019 and 4.3% for those maturing through year 2021. | ||||||||||
| (4) Our contingent obligation under the earn-out liabilities is classified as Level 3. We estimated the fair value of the contingent earn-out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk-free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At December 31, 2012, the discount rate used to value our future cash outflow of the earn-out liability was 6.6%. | ||||||||||
Subsequent_Events
| Subsequent Events | 9 Months Ended |
| Sep. 30, 2013 | |
| Subsequent Events | ' |
| Subsequent Events | ' |
| 12. Subsequent Events | |
| Subsequent to September 30, 2013 the following events occurred. | |
| Real Estate – Owned Properties: We purchased four parcels of land in Michigan for $1,163,000 and a 120-bed skilled nursing property in Florida for $14,402,000. Additionally, we entered into a pipeline agreement with one of our existing operators whereby we have the opportunity to finance any senior housing development projects or acquisitions originated by this operator. We funded $3,054,000 under ongoing real estate investment commitments. Accordingly, we have a remaining commitment of $54,841,000. See Note 2. Real Estate Investments for further discussion on the acquisitions, pipeline agreement and commitments. | |
| Real Estate – Mortgage Loans: We funded a $124,387,000 mortgage loan and committed to provide an additional $12,000,000 for capital improvements and, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the first twelve years of the term, additional loan proceeds of up to $40,000,000. See Note 2. Real Estate Investments for further discussion of these mortgage loans. | |
| Notes Receivable: We entered into a new agreement to fund two pre-development loans of $325,000 each to facilitate the site selection and pre-construction services for the future development of two memory care properties. See Note 3. Notes Receivable for further discussion. | |
| Debt Obligations: In October 2013, we borrowed $86,000,000 under our unsecured line of credit. Accordingly, we currently have $86,000,000 outstanding under our unsecured line of credit with $154,000,000 remaining for borrowing. In October 2013, we entered into an amended and restated note purchase and private shelf agreement with Prudential Investment Management, Inc. (or Prudential). The amendment conforms the definitions and financial covenants contained in the note purchase and private shelf agreement and previously issued senior unsecured promissory notes outstanding to Prudential and certain of its affiliates and managed accounts to those contained in our unsecured credit facility and to covenants contained in the senior unsecured notes sold in July 2012. See Note 5. Debt Obligations for further discussion. | |
| Equity: We increased the monthly dividend on our common stock to $0.17 per share from the previous monthly $0.155 per share dividend. We declared a monthly cash dividend of $0.17 per share on our common stock for the months of October, November and December 2013, payable on October 31, November 29, and December 31, 2013, respectively, to stockholders of record on October 23, November 21, and December 23, 2013, respectively. |
Real_Estate_Investments_Tables
| Real Estate Investments (Tables) | 9 Months Ended | |||||||||||||||||
| Sep. 30, 2013 | ||||||||||||||||||
| Real Estate Investments | ' | |||||||||||||||||
| Summary of investments in owned properties | ' | |||||||||||||||||
| The following table summarizes our investments in owned properties at September 30, 2013 (dollar amounts in thousands): | ||||||||||||||||||
| Number | Number of | Investment | ||||||||||||||||
| Type of Property | Gross Investments | Percentage of | of | SNF | ALF | per | ||||||||||||
| Investments | Properties (1) | Beds | Units | Bed/Unit | ||||||||||||||
| Skilled Nursing | $443,757 | 48.70% | 67 | 8,188 | — | $54.20 | ||||||||||||
| Assisted Living | 390,105 | 42.80% | 97 | — | 4,562 | $85.51 | ||||||||||||
| Range of Care | 43,907 | 4.80% | 8 | 634 | 274 | $48.36 | ||||||||||||
| Under Development (2) | 20,883 | 2.30% | — | — | — | — | ||||||||||||
| Schools | 12,444 | 1.40% | 2 | — | — | — | ||||||||||||
| Totals | $911,096 | 100.00% | 174 | 8,822 | 4,836 | |||||||||||||
| _____________ | ||||||||||||||||||
| (1) We have investments in 26 states leased to 33 different operators. | ||||||||||||||||||
| (2) Includes two MC developments with a total of 108 units, two combination ALF and MC developments with a total of 158 units, and a SNF development with 143 beds. | ||||||||||||||||||
| Schedule of investment commitments | ' | |||||||||||||||||
| The following table summarizes our investment commitments as of September 30, 2013, excluding the $5,000,000 per year commitment, and year to date funding on our ongoing development, redevelopment, renovation and expansion projects (excludes capitalized interest, dollar amounts in thousands): | ||||||||||||||||||
| Type of Property | Investment | 2013 | Commitment | Remaining | Number of | Number of | ||||||||||||
| Commitment | Funding (2) | Funded | Commitment | Properties | Beds/Units | |||||||||||||
| Skilled Nursing | $ 29,650 | $ 4,212 | $ 9,748 | $19,902 | 6 | 640 | ||||||||||||
| Assisted Living (1) | 50,538 | 9,904 | 12,545 | 37,993 | 6 | 402 | ||||||||||||
| Totals | $80,188 | $14,116 | (3) | $22,293 | $57,895 | 12 | 1,042 | |||||||||||
| __________ | ||||||||||||||||||
| (1) Includes the development of two memory care properties for a total of $19,553 and two assisted living and memory care combination properties for a total of $16,385, and the expansion of two assisted living properties for a total $14,600. | ||||||||||||||||||
| (2) Excludes year 2013 funding for completed development of a 60-unit memory care property for $4,373, completed redevelopment of a skilled nursing property for $5,066, and $260 of capital improvement on three completed projects with no remaining commitments. It also includes $6 funded under the commitment as marketing expense and $2,050 of land acquired for development. | ||||||||||||||||||
| (3) In October 2013, we funded $3,054 under investment commitments. | ||||||||||||||||||
| Summary of acquisitions | ' | |||||||||||||||||
| The following table summarizes our acquisitions during nine months ended September 30, 2012 (dollar amounts in thousands, unaudited): | ||||||||||||||||||
| Total | Number | Number | ||||||||||||||||
| Type of Property | Purchase | Transaction | Acquisition | of | of | |||||||||||||
| Price | Costs | Costs | Properties | Beds | ||||||||||||||
| Skilled Nursing (1) | $79,100 | $246 | $79,346 | 4 | 522 | |||||||||||||
| Land(2) | 1,882 | 120 | 2,002 | — | — | |||||||||||||
| Totals | $80,982 | $366 | $81,348 | 4 | 522 | |||||||||||||
| ____________ | ||||||||||||||||||
| (1) Includes two skilled nursing properties with a total of 234 beds located in Texas. These properties were purchased separately for a total purchase price of $25,100. Simultaneous with these purchases, we added these properties to an existing master lease with a third party operator at an incremental GAAP yield of 10.7%. Also, includes two 144-bed skilled nursing properties located in Ohio purchased for an aggregate purchase price of $54,000. Simultaneous with the purchase, we leased the properties to an unrelated third-party operator at a GAAP yield of 10.1%. | ||||||||||||||||||
| (2) We purchased a vacant parcel of land in Colorado for $1,882. Simultaneous with the purchase, we entered into a lease agreement and development commitment in an amount of $9,925 to fund the construction of a 60-unit memory care property. During the nine months ended September 30, 2013, we completed the construction of this property, as previously discussed. | ||||||||||||||||||
| Summary of investments in mortgage loans secured by first mortgages | ' | |||||||||||||||||
| The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2013 (dollar amounts in thousands): | ||||||||||||||||||
| Percentage | Number | Number of | Investment | |||||||||||||||
| Type of Property | Gross | of | Number | of | SNF | ALF | per | |||||||||||
| Investments | Investments | of Loans | Properties(1) | Beds | Units | Bed/Unit | ||||||||||||
| Skilled Nursing (2) | $26,251 | 63.90% | 15 | 17 | 1,861 | — | $14.11 | |||||||||||
| Assisted Living | 12,158 | 29.60% | 3 | 8 | — | 211 | $57.62 | |||||||||||
| Range of Care | 2,670 | 6.50% | 1 | 1 | 99 | 74 | $15.43 | |||||||||||
| Totals | $41,079 | 100.00% | 19 | 26 | 1,960 | 285 | ||||||||||||
| _____________ | ||||||||||||||||||
| (1) We have investments in 8 states that include mortgages to 11 different operators. | ||||||||||||||||||
| (2) Includes a mortgage and construction loan secured by a currently operating skilled nursing property and parcel of land upon which a 106-bed replacement property is being constructed. The agreement gives us the right to purchase the replacement facility for $13,500 during an 18 month period beginning on the first anniversary of the issuance of the certificate of occupancy. | ||||||||||||||||||
Equity_Tables
| Equity (Tables) | 9 Months Ended | ||||||||||||
| Sep. 30, 2013 | |||||||||||||
| Equity | ' | ||||||||||||
| Schedule of allocation of equity between controlling and non-controlling interests | ' | ||||||||||||
| Equity is allocated between controlling and non-controlling interests as follows (in thousands): | |||||||||||||
| LTC | Non-controlling | Total | |||||||||||
| Properties, Inc. | Interest | Equity | |||||||||||
| Stockholders’ | |||||||||||||
| Equity | |||||||||||||
| Balance at December 31, 2012 | $463,101 | $ 7 | $463,108 | ||||||||||
| Net income | 43,165 | — | 43,165 | ||||||||||
| Issue common stock | 175,597 | — | 175,597 | ||||||||||
| Vested restricted common stock | 2,050 | — | 2,050 | ||||||||||
| Stock option exercise | 523 | — | 523 | ||||||||||
| Reclassification adjustment | (26 | ) | — | (26 | ) | ||||||||
| Non-controlling interest preferred return | — | (7 | ) | (7 | ) | ||||||||
| Preferred stock dividends | (2,454 | ) | — | (2,454 | ) | ||||||||
| Common stock dividends | (45,909 | ) | — | (45,909 | ) | ||||||||
| Other | (23 | ) | (23 | ) | |||||||||
| Balance at September 30, 2013 | $636,024 | $ — | $636,024 | ||||||||||
| Schedule of change from net income attributable to us and transfers from non-controlling interest | ' | ||||||||||||
| The following table represents the change from net income attributable to us and transfers from non-controlling interest (in thousands): | |||||||||||||
| Nine months ended | |||||||||||||
| September 30, | |||||||||||||
| 2013 | 2012 | ||||||||||||
| Net income attributable to LTC Properties, Inc. | $43,165 | $38,519 | |||||||||||
| Transfers from the non-controlling interest | |||||||||||||
| Increase in paid-in capital for limited partners conversion | — | 56 | |||||||||||
| Decrease in paid-in capital for limited partners conversion | — | (1,246 | ) | ||||||||||
| Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest | $43,165 | $37,329 | |||||||||||
| Schedule of cash dividends declared and paid | ' | ||||||||||||
| We declared and paid the following cash dividends (in thousands): | |||||||||||||
| Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | ||||||||||||
| Declared | Paid | Declared | Paid | ||||||||||
| Preferred Stock Series C | $ 2,454 | $ 2,454 | $ 2,454 | $ 2,454 | |||||||||
| Common Stock | 45,909 | -1 | 45,909 | -1 | 40,323 | -2 | 40,323 | -1 | |||||
| Total | $48,363 | $48,363 | $42,777 | $42,777 | |||||||||
| ______________ | |||||||||||||
| (1) Represents $0.155 per share per month for the nine months ended September 30, 2013. | |||||||||||||
| (2) Represents $0.145 per share per month for January through July of 2012 and $0.155 per share per month for August through September of 2012. | |||||||||||||
Earnings_per_Share_Tables
| Earnings per Share (Tables) | 9 Months Ended | |||||||||
| Sep. 30, 2013 | ||||||||||
| Earnings per Share | ' | |||||||||
| Schedule of basic and diluted net income per share | ' | |||||||||
| The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): | ||||||||||
| Three Months Ended | Nine Months Ended | |||||||||
| September 30, | September 30, | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||
| Income from continuing operations | $14,429 | $12,251 | $40,755 | $37,785 | ||||||
| Less net income allocated to non-controlling interests | — | -9 | — | -30 | ||||||
| Less net income allocated to participating securities: | ||||||||||
| Nonforfeitable dividends on participating securities | -93 | -94 | -282 | -279 | ||||||
| Allocation of undistributed income to participating securities | -2 | — | -2 | — | ||||||
| Total net income allocated to participating securities | -95 | -94 | -284 | -279 | ||||||
| Less net income allocated to preferred stockholders: | ||||||||||
| Preferred stock dividends | -818 | -818 | -2,454 | -2,454 | ||||||
| Total net income allocated to preferred stockholders | -818 | -818 | -2,454 | -2,454 | ||||||
| Income from continuing operations available to common stockholders | ||||||||||
| 13,516 | 11,330 | 38,017 | 35,022 | |||||||
| Discontinued operations: | ||||||||||
| Net income from discontinued operations | 238 | 253 | 805 | 748 | ||||||
| Gain on sale of assets, net | 2,619 | — | 1,605 | 16 | ||||||
| Total net income from discontinued operations | 2,857 | 253 | 2,410 | 764 | ||||||
| Net income available to common stockholders | 16,373 | 11,583 | 40,427 | 35,786 | ||||||
| Effect of dilutive securities: | ||||||||||
| Convertible preferred securities | 818 | — | 2,454 | — | ||||||
| Net income for diluted net income per share | $17,191 | $11,583 | $42,881 | $35,786 | ||||||
| Shares for basic net income per share | 34,553 | 30,253 | 32,625 | 30,219 | ||||||
| Effect of dilutive securities: | ||||||||||
| Stock options | 27 | 40 | 32 | 44 | ||||||
| Convertible preferred securities | 2,000 | — | 2,000 | — | ||||||
| Shares for diluted net income per share | 36,580 | 30,293 | 34,657 | 30,263 | ||||||
| Basic net income per share | $0.47 | $0.38 | $1.24 | $1.18 | ||||||
| Diluted net income per share (1) | $0.47 | $0.38 | $1.24 | $1.18 | ||||||
| ______________ | ||||||||||
| (1) For the three and nine months ended September 30, 2013, the participating securities and the non-controlling interest have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. For the three and nine months ended September 30, 2012, the Series C Cumulative Convertible Preferred Stock, the participating securities and the non-controlling interest have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. | ||||||||||
Fair_Value_Measurements_Tables
| Fair Value Measurements (Tables) | 9 Months Ended | |||||||||
| Sep. 30, 2013 | ||||||||||
| Fair Value Measurements | ' | |||||||||
| Schedule of carrying value and fair value of the entity's financial instruments | ' | |||||||||
| The carrying value and fair value of our financial instruments as of September 30, 2013 and December 31, 2012 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands): | ||||||||||
| At September 30, 2013 | At December 31, 2012 | |||||||||
| Carrying | Fair | Carrying | Fair | |||||||
| Value | Value | Value | Value | |||||||
| Mortgage loans receivable | $40,668 | $45,751 | -1 | $39,299 | $44,939(1) | |||||
| Bonds payable | 2,035 | 2,035 | -2 | 2,635 | 2,635(2) | |||||
| Bank borrowings | — | — | -2 | 115,500 | 115,500(2) | |||||
| Senior unsecured notes | 185,800 | 191,424 | -3 | 185,800 | 194,838(3) | |||||
| Contingent liabilities | — | — | 6,744 | 6,744(4) | ||||||
| ____________ | ||||||||||
| (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at September 30, 2013 and December 31, 2012 was 5.5% and 6.0%, respectively. | ||||||||||
| (2) Our bonds payable and bank borrowings are at a variable interest rate. The estimated fair value of our bonds payable and bank borrowings approximated their carrying values at September 30, 2013 and December 31, 2012 based upon prevailing market interest rates for similar debt arrangements. | ||||||||||
| (3) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At September 30, 2013, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.9% for those maturing before year 2019 and 4.5% for those maturing through year 2021. At December 31, 2012, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.8% for those maturing before year 2019 and 4.3% for those maturing through year 2021. | ||||||||||
| (4) Our contingent obligation under the earn-out liabilities is classified as Level 3. We estimated the fair value of the contingent earn-out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk-free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At December 31, 2012, the discount rate used to value our future cash outflow of the earn-out liability was 6.6%. | ||||||||||
General_Details
| General (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||
| Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
| segment | Skilled Nursing | 47-bed skilled nursing property | 140-bed skilled nursing property | Independent living property | |
| property | Colorado | Texas | Texas | ||
| bed | bed | unit | |||
| General | ' | ' | ' | ' | ' |
| Number of operating segments | 1 | ' | ' | ' | ' |
| Provision for federal or state income taxes | $0 | ' | ' | ' | ' |
| Sale of property | ' | ' | ' | ' | ' |
| Number of beds or units in property sold | ' | ' | 47 | 140 | ' |
| Sale of property | ' | ' | $1,000 | $1,248,000 | ' |
| Number of skilled nursing properties sold | ' | 6 | ' | ' | ' |
| Number of beds or units in property reclassified from held-for-sale to held-for-use | ' | ' | ' | ' | 140 |
Real_Estate_Investments_Detail
| Real Estate Investments (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
| Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Operating leases | ' | ' | ' | ' |
| (Loss) gain on real estate assets, net | ' | $2,619,000 | $1,605,000 | $16,000 |
| 2013 Funding | 3,054,000 | ' | 14,116,000 | ' |
| Investment Commitment | ' | 80,188,000 | 80,188,000 | ' |
| Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Gross Investments | ' | 911,096,000 | 911,096,000 | ' |
| Percentage of Investments | ' | 100.00% | 100.00% | ' |
| Number of properties | ' | 174 | 174 | ' |
| Number of states | ' | 26 | 26 | ' |
| Number of operators | ' | 33 | 33 | ' |
| Operating leases | ' | ' | ' | ' |
| Number of ways to compute annual rent increases | ' | ' | 4 | ' |
| Owned Properties | Minimum | ' | ' | ' | ' |
| Operating leases | ' | ' | ' | ' |
| Initial term of non-cancelable operating lease | ' | ' | '10 years | ' |
| Number of properties under each triple net lease | ' | ' | 1 | ' |
| Specified annual increase over the prior year's rent (as a percent) | ' | ' | 2.00% | ' |
| Owned Properties | Maximum | ' | ' | ' | ' |
| Operating leases | ' | ' | ' | ' |
| Initial term of non-cancelable operating lease | ' | ' | '15 years | ' |
| Specified annual increase over the prior year's rent (as a percent) | ' | ' | 3.00% | ' |
| SNF Beds | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 8,822 | 8,822 | ' |
| ALF Units | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 4,836 | 4,836 | ' |
| Skilled Nursing | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Gross Investments | ' | 443,757,000 | 443,757,000 | ' |
| Percentage of Investments | ' | 48.70% | 48.70% | ' |
| Number of properties | ' | 67 | 67 | ' |
| Investment per Bed/Unit | ' | 54,200 | 54,200 | ' |
| Number of beds/units under development | ' | ' | 640 | ' |
| Operating leases | ' | ' | ' | ' |
| Number of properties for which lessee has exercised purchase option contained in master lease | ' | 6 | 6 | ' |
| Cash purchase price of properties for which lessee has exercised purchase option | ' | 11,000,000 | ' | ' |
| Number of beds or units in property sold | ' | 230 | 230 | ' |
| Sale price of property | ' | ' | 11,000,000 | ' |
| (Loss) gain on real estate assets, net | ' | 2,619,000 | ' | ' |
| 2013 Funding | ' | ' | 4,212,000 | ' |
| Investment Commitment | ' | 29,650,000 | 29,650,000 | ' |
| Skilled Nursing | SNF Beds | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 8,188 | 8,188 | ' |
| 120-bed licensed skilled nursing property | SNF Beds | Owned Properties | Texas | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 120 | 120 | ' |
| Operating leases | ' | ' | ' | ' |
| 2013 Funding | ' | ' | 5,066,000 | ' |
| Investment Commitment | ' | 9,094,000 | 9,094,000 | ' |
| 47-bed skilled nursing property | Colorado | ' | ' | ' | ' |
| Operating leases | ' | ' | ' | ' |
| Number of beds or units in property sold | ' | ' | 47 | ' |
| Sale price of property | ' | ' | 1,000 | ' |
| (Loss) gain on real estate assets, net | ' | ' | -1,014,000 | ' |
| Assisted Living | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Gross Investments | ' | 390,105,000 | 390,105,000 | ' |
| Percentage of Investments | ' | 42.80% | 42.80% | ' |
| Number of properties | ' | 97 | 97 | ' |
| Investment per Bed/Unit | ' | 85,510 | 85,510 | ' |
| Number of beds/units under development | ' | ' | 136 | ' |
| Operating leases | ' | ' | ' | ' |
| 2013 Funding | ' | ' | 9,904,000 | ' |
| Investment Commitment | ' | 50,538,000 | 50,538,000 | ' |
| Assisted Living | ALF Units | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 4,562 | 4,562 | ' |
| Range of Care | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Gross Investments | ' | 43,907,000 | 43,907,000 | ' |
| Percentage of Investments | ' | 4.80% | 4.80% | ' |
| Number of properties | ' | 8 | 8 | ' |
| Investment per Bed/Unit | ' | 48,360 | 48,360 | ' |
| Range of Care | SNF Beds | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 634 | 634 | ' |
| Range of Care | ALF Units | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 274 | 274 | ' |
| Under development | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Gross Investments | ' | 20,883,000 | 20,883,000 | ' |
| Percentage of Investments | ' | 2.30% | 2.30% | ' |
| 143-bed skilled nursing property | SNF Beds | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of beds/units under development | ' | ' | 143 | ' |
| 120-bed skilled nursing property | Owned Properties | Florida | ' | ' | ' | ' |
| Operating leases | ' | ' | ' | ' |
| Specified annual increase over the prior year's rent (as a percent) | ' | ' | 2.20% | ' |
| Schools | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Gross Investments | ' | 12,444,000 | 12,444,000 | ' |
| Percentage of Investments | ' | 1.40% | 1.40% | ' |
| Number of properties | ' | 2 | 2 | ' |
| Memory care property | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of beds/units under development | ' | ' | 108 | ' |
| Operating leases | ' | ' | ' | ' |
| Investment Commitment | ' | 19,553,000 | 19,553,000 | ' |
| Memory care property | Owned Properties | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of beds/units under development | ' | ' | 108 | ' |
| Memory care property | 60-units memory care properties | Owned Properties | Colorado | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of Beds/Units | ' | 60 | 60 | ' |
| Operating leases | ' | ' | ' | ' |
| 2013 Funding | ' | ' | 4,373,000 | ' |
| Investment Commitment | ' | $9,925,000 | $9,925,000 | ' |
| Assisted living and Memory care property | ' | ' | ' | ' |
| Real Estate Investments | ' | ' | ' | ' |
| Number of beds/units under development | ' | ' | 158 | ' |
| Operating leases | ' | ' | ' | ' |
| Number of developments | ' | ' | 2 | ' |
Real_Estate_Investments_Detail1
| Real Estate Investments (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||||||
| Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
| unit | item | bed | Owned Properties | Minimum | Maximum | Maximum | Pipeline agreement | Pipeline agreement | Pipeline agreement | SNF Beds | ALF Units | Assisted Living | Assisted Living | Skilled Nursing | Skilled Nursing | Skilled Nursing | Skilled Nursing | 140-bed skilled nursing property | 144-bed skilled nursing property | 120-bed skilled nursing property | 120-bed skilled nursing property | 120-bed skilled nursing property | 234-bed skilled nursing property | Land | Land | Land | Land | Existing properties, skilled nursing property and a memory care property | Existing property | Assisted living and Memory care property | Memory care property | Memory care property | Memory care property | Memory care property | Memory care property | Memory care property | Memory care property | Memory care property | Range of Care | Range of Care | ||
| property | property | Subsequent event | Owned Properties | Owned Properties | Subsequent event | Minimum | Maximum | Owned Properties | Owned Properties | Owned Properties | ALF Units | Owned Properties | Owned Properties | Owned Properties | SNF Beds | Texas | Ohio | Florida | Florida | Florida | Texas | Colorado | Colorado | Michigan | property | property | property | Owned Properties | Colorado | 60-units memory care properties | 60-units memory care properties | 60-units memory care properties | 60-units memory care properties | 48-units memory care properties | SNF Beds | ALF Units | ||||||
| unit | item | Subsequent event | Subsequent event | bed | unit | property | Owned Properties | bed | bed | bed | Owned Properties | bed | property | Owned Properties | Owned Properties | Owned Properties | property | Development commitments | Owned Properties | unit | unit | unit | Development commitments | bed | Colorado | Colorado | Colorado | Colorado | Owned Properties | Owned Properties | ||||||||||||
| unit | unit | property | property | bed | bed | item | Subsequent event | Subsequent event | bed | property | Subsequent event | property | Owned Properties | Development commitments | Development commitments | Development commitments | bed | unit | ||||||||||||||||||||||||
| property | bed | item | unit | unit | unit | unit | ||||||||||||||||||||||||||||||||||||
| unit | ||||||||||||||||||||||||||||||||||||||||||
| Investment commitment up to $5,000,000 per year through December 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Commitments | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties agreed to be funded for expansion | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Estimated yield (as a percent) | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Maturity period of US Treasury note | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Variable rate basis used to compute estimated yield | ' | ' | '10-year treasury note rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of days prior to funding | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Basis points added/deducted from the base rate (as a percent) | ' | ' | -4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Funds requested | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Investment commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Investment Commitment | ' | 80,188,000 | 80,188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,538,000 | ' | 29,650,000 | 29,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,553,000 | ' | 19,553,000 | ' | 9,925,000 | ' | 9,925,000 | ' | ' | ' |
| 2013 Funding | 3,054,000 | ' | 14,116,000 | ' | 3,054,000 | ' | ' | ' | ' | ' | ' | ' | ' | 9,904,000 | ' | ' | 4,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,373,000 | ' | ' | ' | ' | ' |
| Commitment Funded | ' | ' | 22,293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,545,000 | ' | ' | 9,748,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining Commitment | ' | 57,895,000 | 57,895,000 | ' | 54,841,000 | ' | ' | ' | ' | ' | ' | ' | ' | 37,993,000 | ' | 19,902,000 | 19,902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Properties | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
| Number of Beds/Units | ' | 1,042 | 1,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402 | ' | 640 | 640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of beds/units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136 | ' | ' | 640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158 | 108 | 108 | ' | ' | ' | 60 | 60 | 48 | ' | ' |
| Number of properties under expansion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount invested for expansion and renovation of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,385,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Additional capital improvement funding | ' | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,066,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,373,000 | ' | ' | ' | ' | ' | ' |
| Amount under commitment as marketing expense | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of completed projects with no remaining commitments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining commitments on completed capital projects | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Purchase Price | ' | ' | ' | 80,982,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,100,000 | ' | ' | 54,000,000 | ' | 14,402,000 | ' | 25,100,000 | 1,882,000 | 1,882,000 | ' | 1,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Transaction Costs | ' | ' | ' | 366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,000 | ' | ' | ' | ' | ' | ' | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Total Acquisition Costs | ' | ' | ' | 81,348,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,346,000 | ' | ' | ' | ' | ' | ' | ' | 2,002,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 2 | ' | ' | ' | 2 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Beds/Units | ' | ' | ' | 522 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount invested for expansion, renovation and construction of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,612,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of beds/units acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 522 | ' | ' | 144 | ' | ' | ' | 234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' |
| GAAP yield (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.10% | 10.70% | ' | ' | 10.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Acquired land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,050,000 | ' | ' | ' | ' | 2,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Initial annual rate of lease (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | ' | ' | ' | ' | ' |
| Percentage of compounded carried interest rate calculated on land purchase price and each amount funded under the commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' |
| Number of development projects that the operator may have under construction at any time | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period of extension of remaining lease term | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Annual escalations rate (as a percent) | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Parcels of Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Beds/Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,822 | 4,836 | ' | 4,562 | ' | ' | ' | 8,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | 634 | 274 |
| Incremental initial cash yield at which property will be added to a master lease (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties leased by operator before new master lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of beds/units in properties leased before new master lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties under new master lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of beds/units in properties under new master lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 716 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Initial lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of renewal options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Term of renewal options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Real estate property sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of beds or units in property sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230 | 230 | ' | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Sale price of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | 1,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Gain (loss) on sale of property, net of selling expenses | ' | $2,619,000 | $1,605,000 | $16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,619,000 | ' | ' | ' | $16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Investments_Detail2
| Real Estate Investments (Details 3) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
| Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
| Subsequent event | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage and construction loan | SNF Beds | ALF Units | Skilled nursing facilities with 2092 beds | Skilled nursing facilities with 2092 beds | Skilled nursing facilities with 2092 beds | Skilled nursing facilities with 2092 beds | Skilled nursing facilities with 2092 beds | Skilled Nursing | Skilled Nursing | Skilled Nursing | 106-bed skilled nursing property | Assisted Living | Assisted Living | Range of Care | Range of Care | Range of Care | ||
| loan | loan | Subsequent event | Minimum | Maximum | Maximum | Mortgage Loans | Mortgage Loans | item | Michigan | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | SNF Beds | bed | Mortgage Loans | ALF Units | Mortgage Loans | SNF Beds | ALF Units | ||||
| property | Subsequent event | bed | unit | Subsequent event | Subsequent event | Maximum | loan | property | Mortgage Loans | loan | Mortgage Loans | loan | Mortgage Loans | Mortgage Loans | |||||||||||
| operator | property | Subsequent event | property | bed | property | unit | property | bed | unit | ||||||||||||||||
| state | bed | ||||||||||||||||||||||||
| Real Estate Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Gross Investments | ' | ' | $41,079,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,251,000 | ' | ' | ' | $12,158,000 | ' | $2,670,000 | ' | ' |
| Percentage of Investments | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.90% | ' | ' | ' | 29.60% | ' | 6.50% | ' | ' |
| Number of Loans | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | 3 | ' | 1 | ' | ' |
| Number of properties | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | 8 | ' | 1 | ' | ' |
| Number of properties securing loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Beds/Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,960 | 285 | ' | 2,092 | ' | ' | ' | ' | ' | 1,861 | 106 | ' | 211 | ' | 99 | 74 |
| Investment per Bed/Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,110 | ' | ' | ' | 57,620 | ' | 15,430 | ' | ' |
| Number of states | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of operators | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Purchase price of replacement facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' |
| Term of right to purchase replacement facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' |
| Interest rate for mortgage loans, low end of range (as a percent) | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate for mortgage loans, high end of range (as a percent) | ' | ' | 13.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| General amortization schedule of mortgage loans | ' | ' | ' | ' | ' | '20 years | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Specified basis points for annual increase in interest rate (as a percent) | ' | ' | ' | ' | ' | 0.10% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Mortgage loan secured by first mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Mortgage and construction loan | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Funded loan commitments | ' | ' | ' | ' | ' | ' | ' | ' | 2,816,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining loan commitments | ' | 2,360,000 | ' | ' | ' | ' | ' | ' | 5,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Scheduled principal payments received | ' | ' | 1,429,000 | 2,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount received related to payoff of loan, including accrued interest | ' | ' | ' | 2,846,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of loans paid off | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties securing mortgage loans paid off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
| Interest rate for first five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.53% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period during which capital improvement commitments bear the initial specified interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period during which loan bears the initial specified interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Annual increase in rate of interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Term of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period of interest-only payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Annual principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Forward commitments for capital improvements | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate for first twelve months (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate for beginning in the thirteenth month, option one (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period during which subsequent interest rate calculation becomes effective | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '13 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of days prior to funding | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate subject to escalation beginning in the thirteenth month, option two (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate related to additional loan, option one (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of days prior to funding related to additional loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate related to additional loan, option two (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Annual increase in rate of interest related to additional loan (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Additional loan proceeds | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Additional loan proceeds made annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period at beginning of loan term that certain operating metrics and valuation thresholds must be achieved and sustained to receive additional loan proceeds | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period additional loan proceeds are limited to $10M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of asset pools of properties collateralized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage of loan balance outstanding between the third and twelfth years that may be prepaid without penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Receivable_Details
| Notes Receivable (Details) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||
| Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
| loan | Subsequent Event | Maximum | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Pre-development loan commitment | Pre-development loan commitment | Pre-development loan commitment one | Pre-development loan commitment two | ||
| loan | 8.5% term loan | Minimum | Maximum | Subsequent Event | Memory care property | Subsequent Event | Subsequent Event | ||||||
| property | Subsequent Event | ||||||||||||
| loan | property | ||||||||||||
| Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Principal payments received | $2,716,000 | $273,000 | ' | ' | $2,716,000 | $273,000 | $2,372,000 | ' | ' | ' | ' | ' | ' |
| Interest rate (as a percent) | 12.00% | ' | ' | ' | ' | ' | 8.50% | 9.00% | 12.00% | ' | ' | 12.00% | 12.00% |
| Number of commitments | 10 | ' | 12 | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
| Loan commitment | 2,325,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | 2,975,000 | ' | 325,000 | 325,000 |
| Total funded loan commitments | ' | ' | 2,975,000 | ' | 615,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Open Commitment | ' | ' | 2,360,000 | ' | 1,710,000 | ' | ' | ' | ' | 2,360,000 | ' | ' | ' |
| Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' |
| Annual increase in interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.25% |
| Amount funded | $795,000 | $2,461,000 | ' | ' | $795,000 | $2,461,000 | ' | ' | ' | ' | ' | ' | ' |
| Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Loans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable_Securities_Details
| Marketable Securities (Details) (SHG, USD $) | 9 Months Ended | 12 Months Ended | |
| Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
| person | |||
| SHG | ' | ' | ' |
| Marketable Securities | ' | ' | ' |
| Face rate of senior subordinated notes (as a percent) | ' | ' | 11.00% |
| Effective yield on senior subordinated notes (as a percent) | ' | ' | 11.10% |
| Interest income recognized from investment | ' | $235,000 | ' |
| Investment in senior subordinated notes of related party | ' | $6,500,000 | ' |
| Number of directors serving as chief executive officer of related entity | 1 | ' | ' |
Debt_Obligations_Details
| Debt Obligations (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 04, 2013 | Nov. 04, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Oct. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
| Bank Borrowings | Bank Borrowings | Bank Borrowings | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Uncommitted Private Shelf Agreement | Uncommitted Private Shelf Agreement | Amended and restated note purchase and private shelf agreement | Amended and restated note purchase and private shelf agreement | Bonds payable | Bonds payable | Bonds payable | |||
| Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | property | property | ||||||||||
| Issuance in 2010 | Issuance in 2011 | Maximum | Maximum | |||||||||||||
| Debt Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Maximum availability under Unsecured Credit Agreement | ' | ' | $240,000,000 | $240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Possible total maximum availability under Unsecured Credit Agreement | ' | ' | 350,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Decrease in drawn pricing, basis point (as a percent) | ' | ' | 0.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Decrease in undrawn pricing, basis point (as a percent) | ' | ' | 0.10% | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Additional extension period option | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Extension of maturity date | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Description of interest rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Basis spread over base rate (as a percent) | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Unused commitment fee (as a percent) | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount borrowed | ' | ' | 2,000,000 | ' | 86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Repayment amount | ' | ' | 117,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount outstanding under Unsecured Credit Agreement | ' | 115,500,000 | 0 | ' | 86,000,000 | ' | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
| Amount outstanding Senior Unsecured Notes | 185,800,000 | 185,800,000 | ' | ' | ' | 185,800,000 | 185,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | 5.20% | 5.20% | ' | ' | ' | ' | ' | ' | 2.90% | ' | ' |
| Maximum available for issuance under private shelf agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' |
| Final maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' |
| Average life from the date of original issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
| Debt Instrument Covenant Aggregate Indebtedness As A Percentage of Aggregate Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
| Debt Instrument Covenant Unsecured Debt As A Percentage of Unencumbered Asset Pool | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' |
| Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,035,000 | ' | 2,635,000 |
| Number of assisted living properties securing debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | 5 |
| Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 565,000 | ' |
| Aggregate carrying value of real estate property securing the entity's debt obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,452,000 | ' | 6,650,000 |
| Amount available for borrowing under Unsecured Credit Agreement | ' | ' | ' | ' | $154,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Details
| Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
| In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
| Equity allocation | ' | ' | ' | ' |
| Balance | ' | ' | $463,108 | ' |
| Net income | 17,286 | 12,504 | 43,165 | 38,549 |
| Issue common stock | ' | ' | 175,597 | ' |
| Vested restricted common stock | ' | ' | 2,050 | 1,355 |
| Stock option exercises | ' | ' | 523 | ' |
| Reclassification adjustment | -9 | -9 | -26 | -40 |
| Non-controlling interest preferred return | ' | ' | -7 | -69 |
| Preferred stock dividends | -818 | -818 | -2,454 | -2,454 |
| Common stock dividends | ' | ' | -45,909 | ' |
| Other | ' | ' | -23 | ' |
| Balance | 636,024 | ' | 636,024 | ' |
| LTC Properties, Inc. Stockholders' Equity | ' | ' | ' | ' |
| Equity allocation | ' | ' | ' | ' |
| Balance | ' | ' | 463,101 | ' |
| Net income | ' | ' | 43,165 | ' |
| Issue common stock | ' | ' | 175,597 | ' |
| Vested restricted common stock | ' | ' | 2,050 | ' |
| Stock option exercises | ' | ' | 523 | ' |
| Reclassification adjustment | ' | ' | -26 | ' |
| Preferred stock dividends | ' | ' | -2,454 | ' |
| Common stock dividends | ' | ' | -45,909 | ' |
| Other | ' | ' | -23 | ' |
| Balance | 636,024 | ' | 636,024 | ' |
| Non-controlling Interests | ' | ' | ' | ' |
| Equity allocation | ' | ' | ' | ' |
| Balance | ' | ' | 7 | ' |
| Non-controlling interest preferred return | ' | ' | ($7) | ' |
Equity_Details_2
| Equity (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 2 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
| item | partnership | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Equity Distribution Agreement | Shelf Registration | Series C Cumulative Convertible Preferred Stock | Series C Cumulative Convertible Preferred Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Conversion of noncontrolling interest | ||||
| Dividend distributions | Dividend distributions | Dividend distributions | Dividend distributions | Equity Distribution Agreement | Underwritten public offering | item | ||||||||||||||
| Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares outstanding | 2,000,000 | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Dividend Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares of common stock and dividends to be issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Conversion price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.25 | ' | ' | ' | ' | ' | ' | ' | ' |
| Total shares reserved for issuance of common stock related to the conversion of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | ' | ' | ' | ' |
| Maximum aggregate offering price of shares authorized for issuance under terminated agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85,686,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Shares common stock sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,742 | ' | ' | ' | ' | ' | ' | ' | ' | 4,025,000 | ' |
| Sale price of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44.50 | ' |
| Fees and costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,748,000 | ' |
| Net proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,895,000 | ' | ' | ' | ' | ' | ' | ' | ' | 171,365,000 | ' |
| Reclassification of accumulated costs to additional paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 662,000 | ' | ' |
| Maximum offering capacity under shelf registration statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Non-controlling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of limited partners | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of limited partnerships | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Limited partnership, conversion basis | ' | ' | ' | ' | 'one-for-one basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of limited partners exercising conversion rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
| Number of partnership units converted by limited partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,588 |
| Number of partnership units converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,294 |
| Partnership unit conversion price (per unit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17 |
| Redemption notification of limited partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,294 |
| Cash paid, redemption of non-controlling interest | ' | ' | ' | 2,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,764,000 |
| Margin added to the common stock price per share on redemption date to determine amount to be paid to limited partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 |
| Excess of redemption value over the book value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,246,000 |
| Excess of redemption value over the book value reclassified to stockholder's equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,246,000 |
| Change from net income attributable to and transfers from non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Net income attributable to LTC Properties, Inc | 17,286,000 | 12,495,000 | 43,165,000 | 38,519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Transfers from the non-controlling interest: Increase in paid-in capital for limited partners conversion | ' | ' | ' | 56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Transfers from the non-controlling interest: Decrease in paid-in capital for limited partners conversion | ' | ' | ' | -1,246,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest | ' | ' | 43,165,000 | 37,329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Dividend Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Declared | 48,363,000 | 42,777,000 | 48,363,000 | 42,777,000 | ' | ' | ' | ' | ' | ' | ' | 2,454,000 | 2,454,000 | 40,323,000 | ' | 45,909,000 | 40,323,000 | ' | ' | ' |
| Paid | ' | ' | 48,363,000 | 42,777,000 | ' | ' | ' | ' | ' | ' | ' | 2,454,000 | 2,454,000 | ' | ' | 45,909,000 | 40,323,000 | ' | ' | ' |
| Cash dividend per common share (in dollars per share) | ' | ' | ' | ' | ' | $0.17 | $0.17 | $0.17 | $0.16 | ' | ' | ' | ' | $0.16 | $0.14 | $0.16 | ' | ' | ' | ' |
| Other Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Accumulated other comprehensive income | $125,000 | ' | $125,000 | ' | $152,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Details_3
| Equity (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
| Stock Options | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Number of shares exercised | ' | ' | 22,000 | 85,000 |
| Value of options exercised | $523,000 | $1,926,000 | $523,000 | $1,926,000 |
| Market value on the date of exercise | 865,000 | 2,761,000 | 865,000 | 2,761,000 |
| Options outstanding at end of the period (in shares) | 73,334 | ' | 73,334 | ' |
| Stock options vested (in shares) | ' | ' | 73,334 | ' |
| Stock options granted (in shares) | ' | ' | 0 | 0 |
| Restricted stock | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Compensation expense | 542,000 | 443,000 | 2,050,000 | 1,345,000 |
| Shares vested due to accelerating | ' | ' | 18,180 | ' |
| Compensation expense related to the accelerated vesting | ' | ' | $457,000 | ' |
| Restricted stock | $ 36.26 per share | Vesting on June 1, 2016 | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Number of shares granted | ' | ' | 20,000 | ' |
| Price per share | ' | ' | $36.26 | ' |
| Restricted stock | $ 31.77 per share | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Number of shares granted | ' | ' | ' | 56,200 |
| Price per share | ' | ' | ' | $31.77 |
| Restricted stock | $ 31.77 per share | Vesting on June 15, 2015 | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Vested (in shares) | ' | ' | ' | 30,000 |
| Restricted stock | $ 31.77 per share | Vesting on January 10, 2016 | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Vested (in shares) | ' | ' | ' | 12,200 |
| Restricted stock | $ 31.77 per share | Vesting ratably over five-year period from the grant date | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Vested (in shares) | ' | ' | ' | 14,000 |
| Vesting period | ' | ' | ' | '5 years |
| Restricted stock | $ 31.87 per share | Vesting ratably over three-year period from the grant date | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Number of shares granted | ' | ' | ' | 8,000 |
| Price per share | ' | ' | ' | $31.87 |
| Vesting period | ' | ' | ' | '3 years |
| Restricted stock | $ 46.54 per share | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Number of shares granted | ' | ' | 8,400 | ' |
| Price per share | ' | ' | $46.54 | ' |
| Vesting period | ' | ' | '3 years | ' |
| Restricted stock | $ 41.83 per share | ' | ' | ' | ' |
| Stock Based Compensation Plans | ' | ' | ' | ' |
| Number of shares granted | ' | ' | 6,000 | ' |
| Price per share | ' | ' | $41.83 | ' |
| Vesting period | ' | ' | '3 years | ' |
Commitments_and_Contingencies_
| Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
| loan | property | Subsequent Event | Maximum | Assisted living and Memory care property | Memory care property | Mortgage Loan and Construction Commitment | Mortgage Loans | Mortgage Loans | Mortgage Loans | Pre-development loan commitment | Pre-development loan commitment | Pre-development loan commitment one | Pre-development loan commitment two | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | ||||
| loan | loan | property | unit | Subsequent Event | Maximum | 2092-bed skilled nursing property | Subsequent Event | Memory care property | Subsequent Event | Subsequent Event | |||||||||
| unit | property | Subsequent Event | Subsequent Event | loan | Subsequent Event | ||||||||||||||
| property | property | ||||||||||||||||||
| Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Contingent liability paid | $7,000,000 | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Non-cash interest expense | 36,000 | 110,000 | 256,000 | 330,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Contingent liabilities | 0 | ' | 0 | ' | 6,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Outstanding commitment to develop, re-develop, renovate and expand skilled nursing properties | ' | ' | 80,188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Commitment Funded | ' | ' | 22,293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining loan commitments | 57,895,000 | ' | 57,895,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Properties | ' | ' | 12 | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of beds/units under development | ' | ' | ' | ' | ' | ' | ' | 158 | 108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Commitments | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties agreed to be funded for construction | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Loan commitments | 2,325,000 | ' | 2,325,000 | ' | ' | ' | 400,000 | ' | ' | 10,600,000 | ' | ' | ' | 2,975,000 | ' | 325,000 | 325,000 | ' | ' |
| Total funded loan commitments | ' | ' | ' | ' | ' | 2,975,000 | ' | ' | ' | 5,435,000 | 124,387,000 | ' | ' | ' | ' | ' | ' | 615,000 | ' |
| Remaining loan commitments | ' | ' | ' | ' | ' | 2,360,000 | ' | ' | ' | 5,165,000 | ' | ' | ' | 2,360,000 | ' | ' | ' | 1,710,000 | ' |
| Forward commitments for capital improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | 12,000,000 | ' | ' | ' | ' | ' | ' |
| Period at beginning of loan term that certain operating metrics and valuation thresholds must be achieved and sustained to receive additional loan proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' |
| Additional loan proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' |
| Number of commitments | 10 | ' | 10 | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
| Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' |
| Amount funded | ' | ' | $795,000 | $2,461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $795,000 | $2,461,000 |
Major_Operators_Details
| Major Operators (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
| Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
| operator | Minimum | Operators | Operators | Operators | Operators | Operators | Operators | Operators | Operators | Operators | Operators | Total assets | Total assets | Total assets | Total assets | Rent and Interest Revenue | Rent and Interest Revenue | Rent and Interest Revenue | ||
| Extendicare Inc. and ALC | Extendicare Inc. and ALC | Brookdale | Brookdale | Senior Care | Senior Care | Preferred Care | Preferred Care | Preferred Care | Preferred Care | Operators | Operators | Operators | Operators | Operators | Operators | Operators | ||||
| Assisted Living | Assisted Living | Assisted Living | Assisted Living | Skilled Nursing | Skilled Nursing | Assisted Living | Skilled Nursing | Skilled Nursing | Range of Care | Extendicare Inc. and ALC | Brookdale | Senior Care | Preferred Care | Extendicare Inc. and ALC | Senior Care | Preferred Care | ||||
| property | ALF Units | property | ALF Units | property | SNF Beds | ALF Units | property | SNF Beds | property | |||||||||||
| unit | unit | bed | unit | bed | ||||||||||||||||
| Major Operators | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of major operators | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Percentage of rental and interest income derived from each of the major operators | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of properties leased | ' | ' | ' | 37 | ' | 35 | ' | 9 | ' | ' | 27 | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
| Concentration risk (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | 6.20% | 12.60% | 6.00% | 10.60% | 11.20% | 10.40% |
| Number of beds/units | ' | ' | ' | ' | 1,430 | ' | 1,414 | ' | 1,190 | 49 | ' | 3,354 | ' | ' | ' | ' | ' | ' | ' | ' |
| Total assets | $841,243,000 | $789,592,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,825,000 | $52,067,000 | $105,881,000 | $50,735,000 | ' | ' | ' |
| Number of properties sub-leased | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions_with_Related_Part1
| Transactions with Related Party (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2005 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2007 | Feb. 28, 2006 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
| SHG | SHG | SHG | SHG | Laurel | Laurel | Laurel | Laurel | Laurel | Laurel | ||||||
| Transactions with Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Senior subordinated notes purchased in open market | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Face rate of senior subordinated notes (as a percent) | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Effective yield on senior subordinated notes (as a percent) | ' | ' | ' | ' | ' | 11.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining investment in senior subordinated notes of related party | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' |
| Interest income related to senior subordinated notes | ' | 0 | ' | 235,000 | ' | ' | 55,000 | 235,000 | ' | ' | ' | ' | ' | ' | ' |
| Period of master lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' |
| Rental income | 1,122,000 | 1,095,000 | 3,357,000 | 3,275,000 | ' | ' | ' | ' | ' | ' | 1,122,000 | 1,095,000 | 3,357,000 | 3,275,000 | ' |
| Straight-line rental income | 3,000 | 31,000 | 19,000 | 101,000 | ' | ' | ' | ' | ' | ' | 3,000 | 31,000 | 19,000 | 101,000 | ' |
| Straight-line rent receivable | $3,210,000 | ' | $3,210,000 | ' | $3,191,000 | ' | ' | ' | ' | ' | $3,210,000 | ' | $3,210,000 | ' | $3,191,000 |
Earnings_per_Share_Details
| Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
| In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
| Earnings per Share | ' | ' | ' | ' |
| Income from continuing operations | $14,429 | $12,251 | $40,755 | $37,785 |
| Less net income allocated to non-controlling interests | ' | -9 | ' | -30 |
| Less net income allocated to participating securities: | ' | ' | ' | ' |
| Nonforfeitable dividends on participating securities | -93 | -94 | -282 | -279 |
| Allocation of undistributed income to participating securities | -2 | ' | -2 | ' |
| Total net income allocated to participating securities | -95 | -94 | -284 | -279 |
| Less net income allocated to preferred stockholders: | ' | ' | ' | ' |
| Preferred stock dividends | -818 | -818 | -2,454 | -2,454 |
| Total net income allocated to preferred stockholders | -818 | -818 | -2,454 | -2,454 |
| Income from continuing operations available to common stockholders | 13,516 | 11,330 | 38,017 | 35,022 |
| Discontinued operations: | ' | ' | ' | ' |
| Net income from discontinued operations | 238 | 253 | 805 | 748 |
| Gain on sale of assets, net | 2,619 | ' | 1,605 | 16 |
| Net income from discontinued operations | 2,857 | 253 | 2,410 | 764 |
| Net income available to common stockholders | 16,373 | 11,583 | 40,427 | 35,786 |
| Effect of dilutive securities: | ' | ' | ' | ' |
| Convertible preferred securities | 818 | ' | 2,454 | ' |
| Net income for diluted net income per share | $17,191 | $11,583 | $42,881 | $35,786 |
| Shares for basic net income per share | 34,553 | 30,253 | 32,625 | 30,219 |
| Effect of dilutive securities: | ' | ' | ' | ' |
| Stock options (in shares) | 27 | 40 | 32 | 44 |
| Convertible preferred securities (in shares) | 2,000 | ' | 2,000 | ' |
| Shares for diluted net income per share | 36,580 | 30,293 | 34,657 | 30,263 |
| Basic net income per share (in dollars per share) | $0.47 | $0.38 | $1.24 | $1.18 |
| Diluted net income per share (in dollars per share) | $0.47 | $0.38 | $1.24 | $1.18 |
Fair_Value_Measurements_Detail
| Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
| Dec. 31, 2012 | Sep. 30, 2013 | |
| Value Measurements | ' | ' |
| Mortgage loans receivable | $39,299,000 | $40,668,000 |
| Bonds payable | 2,635,000 | 2,035,000 |
| Bank borrowings | 115,500,000 | ' |
| Senior unsecured notes | 185,800,000 | 185,800,000 |
| Contingent liabilities | 6,744,000 | 0 |
| Discount rate used to value future cash inflows of the mortgage loans receivable (as a percent) | 6.00% | 5.50% |
| Discount rate used to value earn out liabilities (as a percent) | 6.60% | ' |
| Senior unsecured notes maturing prior to 2019 | ' | ' |
| Value Measurements | ' | ' |
| Discount rate used to value future cash outflow (as a percent) | 3.80% | 3.90% |
| Senior unsecured notes maturing 2021 | ' | ' |
| Value Measurements | ' | ' |
| Discount rate used to value future cash outflow (as a percent) | 4.30% | 4.50% |
| Carrying Value | ' | ' |
| Value Measurements | ' | ' |
| Mortgage loans receivable | 39,299,000 | 40,668,000 |
| Bonds payable | 2,635,000 | 2,035,000 |
| Bank borrowings | 115,500,000 | ' |
| Senior unsecured notes | 185,800,000 | 185,800,000 |
| Contingent liabilities | 6,744,000 | ' |
| Fair Value | ' | ' |
| Value Measurements | ' | ' |
| Bonds payable | 2,635,000 | 2,035,000 |
| Bank borrowings | 115,500,000 | ' |
| Fair Value | Level 3 | ' | ' |
| Value Measurements | ' | ' |
| Mortgage loans receivable | 44,939,000 | 45,751,000 |
| Senior unsecured notes | 194,838,000 | 191,424,000 |
| Contingent liabilities | $6,744,000 | ' |
Subsequent_Events_Details
| Subsequent Events (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||||
| Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | |
| loan | bed | Maximum | Owned Properties | Owned Properties | 120-bed skilled nursing property | Land | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Loan commitments, maturities ranging from 2013 to 2017 | Bank Borrowings | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||
| Minimum | Maximum | Florida | Minimum | Maximum | loan | Real Estate Pipeline Agreement | Real Estate Pipeline Agreement | Real Estate Pipeline Agreement | Owned Properties | Mortgage Loans | Mortgage Loans | 120-bed skilled nursing property | 120-bed licensed skilled nursing property | Land | Pre-development loan commitment | Pre-development loan commitment one | Pre-development loan commitment two | Bank Borrowings | Dividend declared | Dividend declared | Dividend declared | Dividend declared | ||||||||||
| Owned Properties | item | Minimum | Maximum | Maximum | Florida | SNF Beds | Michigan | loan | ||||||||||||||||||||||||
| Owned Properties | Owned Properties | Owned Properties | property | |||||||||||||||||||||||||||||
| bed | item | |||||||||||||||||||||||||||||||
| Subsequent Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of parcels of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
| Purchase Price | ' | ' | $80,982,000 | ' | ' | ' | ' | ' | $1,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,402,000 | ' | $1,163,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of Beds/Units | ' | ' | 522 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Total funded loan commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 615,000 | ' | ' | ' | ' | 2,975,000 | ' | ' | ' | ' | 124,387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Forward commitments for capital improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period at beginning of loan term that certain operating metrics and valuation thresholds must be achieved and sustained to receive additional loan proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Additional loan proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000,000 | ' | ' | ' | ' |
| Amount outstanding under Unsecured Credit Agreement | ' | ' | ' | 115,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000,000 | ' | ' | ' | ' |
| Amount available for borrowing under Unsecured Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,000,000 | ' | ' | ' | ' |
| Investment Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| 2013 Funding | 3,054,000 | 14,116,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,054,000 | ' | ' | ' | 1,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Investment Commitment | ' | 80,188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining Commitment | ' | 57,895,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,841,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Remaining loan commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,710,000 | ' | ' | ' | ' | 2,360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,360,000 | ' | ' | ' | ' | ' | ' | ' |
| Cash dividend per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.17 | $0.17 | $0.17 | $0.16 |
| Number of development projects that the operator may have under construction at any time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Period of extension of remaining lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Initial annual rate of lease (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Specified annual increase over the prior year's rent (as a percent) | ' | ' | ' | ' | ' | 2.00% | 3.00% | 2.20% | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Number of commitments | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
| Loan commitment | ' | 2,325,000 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,975,000 | 325,000 | 325,000 | ' | ' | ' | ' | ' |
| Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
| Interest rate (as a percent) | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | ' | ' | ' | ' | ' |
| Annual increase in interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.25% | ' | ' | ' | ' | ' |
| Amount funded | ' | $795,000 | $2,461,000 | ' | ' | ' | ' | ' | ' | $795,000 | $2,461,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |