LTC Properties (LTC) 10-Q 3 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 27, 2014
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-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--09-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	34,844,551
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Real estate investments:	'	'
Land	$79,661,000	$80,993,000
Buildings and improvements	886,351,000	856,624,000
Accumulated depreciation and amortization	-234,634,000	-218,700,000
Net operating real estate property	731,378,000	718,917,000
Mortgage loans receivable, net of allowance for doubtful accounts: 2014 - $1,730; 2013 - $1,671	171,321,000	165,444,000
Real estate investments, net	902,699,000	884,361,000
Other assets:	'	'
Cash and cash equivalents	7,589,000	6,778,000
Debt issue costs, net	2,036,000	2,458,000
Interest receivable	661,000	702,000
Straight-line rent receivable, net of allowance for doubtful accounts: 2014 - $720; 2013 - $1,541	31,581,000	29,760,000
Prepaid expenses and other assets	6,858,000	6,756,000
Notes receivable	1,147,000	595,000
Total assets	952,571,000	931,410,000
LIABILITIES	'	'
Bank borrowings	19,500,000	21,000,000
Senior unsecured notes	281,633,000	255,800,000
Bonds payable	1,400,000	2,035,000
Accrued interest	2,424,000	3,424,000
Accrued expenses and other liabilities	15,937,000	16,713,000
Total liabilities	320,894,000	298,972,000
Stockholders' equity:	'	'
Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2014 - 2,000; 2013 - 2,000	38,500,000	38,500,000
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2014 -34,845; 2013 - 34,746	348,000	347,000
Capital in excess of par value	691,249,000	688,654,000
Cumulative net income	834,247,000	781,848,000
Accumulated other comprehensive income	91,000	117,000
Cumulative distributions	-932,758,000	-877,028,000
Total equity	631,677,000	632,438,000
Total liabilities and equity	$952,571,000	$931,410,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS	'	'
Mortgage loans receivable, allowance for doubtful accounts (in dollars)	$1,730	$1,671
Straight-line rent receivable, allowance for doubtful accounts (in dollars)	$720	$1,541
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	34,845	34,746
Common stock, shares outstanding	34,845	34,746

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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$25,098	$24,645	$75,375	$72,907
Interest income from mortgage loans	4,213	1,086	12,445	3,195
Interest and other income	230	94	386	279
Total revenues	29,541	25,825	88,206	76,381
Expenses:	'	'	'	'
Interest expense	3,170	2,581	9,445	8,512
Depreciation and amortization	6,335	6,139	18,935	18,152
General and administrative expenses	2,914	2,676	8,567	8,962
Total expenses	12,419	11,396	36,947	35,626
Operating income	17,122	14,429	51,259	40,755
Gain on sale of real estate, net	'	'	1,140	'
Income from continuing operations	17,122	14,429	52,399	40,755
Discontinued operations:	'	'	'	'
Income from discontinued operations	'	238	'	805
Gain on sale of real estate, net	'	2,619	'	1,605
Net income from discontinued operations	'	2,857	'	2,410
Net income	17,122	17,286	52,399	43,165
Income allocated to participating securities	-123	-95	-343	-284
Income allocated to preferred stockholders	-818	-818	-2,454	-2,454
Net income available to common stockholders	$16,181	$16,373	$49,602	$40,427
Basic earnings per common share	'	'	'	'
Continuing operations (in dollars per share)	$0.47	$0.39	$1.43	$1.17
Discontinued operations (in dollars per share)	$0	$0.08	$0	$0.07
Net income available to common stockholders	$0.47	$0.47	$1.43	$1.24
Diluted earnings per common share	'	'	'	'
Continuing operations (in dollars per share)	$0.46	$0.39	$1.42	$1.16
Discontinued operations (in dollars per share)	$0	$0.08	$0	$0.07
Net income available to common stockholders	$0.46	$0.47	$1.42	$1.24
Weighted average shares used to calculate earnings per common share	'	'	'	'
Basic (in shares)	34,605	34,553	34,596	32,625
Diluted (in shares)	36,629	36,580	36,620	34,657
Dividends declared and paid per common share (in dollars per share)	$0.51	$0.47	$1.53	$1.40

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net income	$17,122	$17,286	$52,399	$43,165
Reclassification adjustment	-9	-9	-27	-26
Comprehensive income	$17,113	$17,277	$52,372	$43,139

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES:	'	'
Net income	$52,399,000	$43,165,000
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization (continuing and discontinued operations)	18,935,000	18,469,000
Stock-based compensation expense	2,326,000	2,050,000
Gain on sale of real estate, net	-1,140,000	-1,605,000
Straight-line rental income	-1,921,000	-3,000,000
Provision for doubtful accounts	77,000	42,000
Non-cash interest related to earn-out liabilities	'	256,000
Other non-cash items, net	1,151,000	1,072,000
Decrease in interest receivable	3,000	26,000
Decrease in accrued interest payable	-1,000,000	-1,203,000
Net change in other assets and liabilities	-1,545,000	1,614,000
Net cash provided by operating activities	69,285,000	60,886,000
INVESTING ACTIVITIES:	'	'
Investment in real estate properties, net	-450,000	-2,050,000
Investment in real estate properties under development	-23,922,000	-15,369,000
Investment in real estate capital improvements	-12,178,000	-6,390,000
Capitalized interest	-1,216,000	-718,000
Proceeds from sale of real estate investments, net	7,707,000	11,001,000
Advances under mortgage loans receivable	-7,549,000	-2,816,000
Principal payments received on mortgage loans receivable	1,609,000	1,429,000
Advances under notes receivable	-664,000	-795,000
Principal payments received on notes receivable	112,000	2,716,000
Net cash used in investing activities	-36,551,000	-12,992,000
FINANCING ACTIVITIES:	'	'
Bank borrowings	28,500,000	2,000,000
Repayment of bank borrowings	-30,000,000	-117,500,000
Proceeds from issuance of senior unsecured notes	30,000,000	'
Principal payments on senior unsecured notes	-4,167,000	'
Principal payments on bonds payable	-635,000	-600,000
Payment of earn-out liabilities	'	-7,000,000
Proceeds from common stock offerings	'	176,260,000
Stock option exercises	277,000	523,000
Distributions paid to stockholders	-55,729,000	-48,363,000
Distributions paid to non-controlling interests	'	-7,000
Financing costs paid	-162,000	-37,000
Other	-7,000	-23,000
Net cash (used in) provided by financing activities	-31,923,000	5,253,000
Increase in cash and cash equivalents	811,000	53,147,000
Cash and cash equivalents, beginning of period	6,778,000	7,191,000
Cash and cash equivalents, end of period	7,589,000	60,338,000
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'
Interest paid	$11,077,000	$9,870,000

General

General	9 Months Ended
	Sep. 30, 2014
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 health 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 health care properties managed by experienced operators.  Our primary senior housing and long-term health 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 consolidated financial statements 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 nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results for a full year.
	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.
	Impact of New Accounting Pronouncement.
	In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (or ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. ASU 2014-08 is effective in the first quarter of 2015 with early adoption permitted. We elected early adoption of ASU 2014-08 and have not reclassified results of operations for properties disposed subsequent to January 1, 2014 as discontinued operations as these disposals do not represent strategic shifts in our operations.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (or ASU 2014-09), Revenue from Contracts with Customers: Topic 606. ASU 2014-09 provides for a single comprehensive principles based standard for the recognition of revenue across all industries through the application of the following five-step process:
	Step 1: Identify the contract(s) with a customer.
	Step 2: Identify the performance obligations in the contract.
	Step 3: Determine the transaction price.
	Step 4: Allocate the transaction price to the performance obligations in the contract.
	Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
	ASU 2014-09 requires expanded disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. The adoption of this guidance is not expected to have a significant impact on our consolidated financial statements.

Real_Estate_Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2014
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, 2014 (dollar amounts in thousands):
							Number		Number of				Average
													Investment
	Type of Property		Gross		Percentage of		of		SNF		ALF		per
			Investments		Investments		Properties (1)		Beds		Units		Bed/Unit
	Skilled Nursing		$		47.6%		68		8,264		—		$
			460,197										55.69
	Assisted Living		414,930		43.0%		97		—		4,620		$
													89.81
	Range of Care		43,906		4.6%		8		634		274		$
													48.35
	Under Development (2)		36,096		3.7%		—		—		—		—
	Other (3)		10,883		1.1%		1		—		—		—
	Totals		$		100.0%		174		8,898		4,894
			966,012
		-1		We own properties in 26 states that are leased to 30 different operators.
		-2		Includes two MC developments with a total of 108 units, a combination ALF and MC development with 80 units, and a SNF development with 143 beds.
		-3		Includes one school property and five parcels of land held-for-use.
	Owned properties are leased pursuant to non-cancelable operating leases generally with an initial term of 10 to 15 years.  Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other 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, 2014, we purchased a parcel of land in Michigan for $450,000. During the nine months ended September 30, 2014, we sold two assisted living properties located in Florida and Georgia with a total of 133 units and one school property located in Minnesota for a combined sales price of $7,850,000, resulting in net sales proceeds of $7,707,000, and a net gain on sale of $1,140,000. During the nine months ended September 30, 2013, we purchased two parcels of land in Colorado for $2,050,000 as part of development commitments to construct two free-standing memory care properties totaling $19,553,000. During the nine months ended September 30, 2013, we sold six skilled nursing properties located in Ohio and a skilled nursing property in Colorado with a total of 277 beds for $11,001,000.  As a result, we recorded a net gain on sale of $1,605,000.
	During the nine months ended September 30, 2014, we funded $6,192,000 on a $9,931,000 development commitment to construct a 60-unit memory care property located in Colorado.  Construction was completed and the property was opened in August 2014. Additionally, during the three months ended September 30, 2014, we completed the expansion of a 50-unit assisted living property in Colorado. During the nine months ended September 30, 2014, we funded $6,102,000 of the $6,600,000 commitment.
	In October 2014, we purchased a parcel of land in Illinois for $1,400,000 and entered into a development commitment to construct a 66-unit free-standing memory care property. The commitment totals $12,248,000, including the land, and was made pursuant to a pipeline agreement and master lease with an existing operator.  Rent, at an initial annual rate of 9.30%, will commence upon completion of construction (but no later than December 31, 2016) and be calculated based on the land purchase price and construction costs funded.
	Additionally, in October 2014, we entered into an agreement to consent to the closure of one assisted living property and sell 16 assisted living properties currently leased under master leases with affiliates of Extendicare, Inc. and Enlivant. The sales price for the 16 properties is $26,465,000 and we expect to record a gain on sale of approximately $3,909,000 in the fourth quarter of 2014. The net book value of the property we have consented to close is $954,000 and we are exploring sale and lease options for this property. See Note 7. Major Operators for further discussion.
	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, 2014, no funds have been requested under this commitment and it is highly unlikely any funds will be expended based on the lease termination date.
	Excluding the $5,000,000 per year commitment above, the following table summarizes our investment commitments as of September 30, 2014 and year-to-date funding on our open development, redevelopment, renovation, and expansion projects (excludes capitalized interest, dollar amounts in thousands):
	Type of Property			Investment		2014		Commitment		Remaining		Number of		Number of
				Commitment		Funding (2)		Funded		Commitment		Properties		Beds/Units
	Skilled Nursing			$		$		$		$		4		404
				26,200		6,727		18,056		8,144
	Assisted Living (1)			34,125		16,210		23,530		10,595		5		274
	Totals			$		$22,937(3)		$41,586(4)		$18,739(3)		9		678
				60,325
		-1		Includes the development of two MC properties for a total commitment of $20,325 and one ALF/MC property for a total commitment of $5,800. Also, includes two expired commitments for the expansion of two ALFs for a total of $8,000. We anticipate extending the maturities on these two expansion commitments.
		-2		Excludes funding for completed developments of $869.
		-3		In October 2014, we funded $4,485 under investment commitments. Accordingly, we have a remaining commitment of $14,254.
		-4		Includes land purchase and completed projects with remaining commitment funding and excludes capitalized interest.
	Our construction in progress (or CIP) activity during the nine months ended September 30, 2014 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):
	Properties		Projects		CIP		Funded(1)		Capitalized		Conversions		CIP
					Balance at				Interest		out of CIP		Balance at
					12/31/13								9/30/14
	Development projects:
	Assisted living		5		$  6,334		$		$		$  (8,531)		$
							17,763		578				16,144
	Skilled nursing		1		5,893		5,608		438		—		11,939
	Subtotal		6		12,227		23,371		1,016		-8,531		28,083
	Redevelopment, renovation and expansion projects:
	Assisted living		3		8		10,741		200		-6,191		4,758
	Skilled nursing		5		2,433		1,124		—		-1,433		2,124
	Subtotal		8		2,441		11,865		200		-7,624		6,882
	Total		14		$		$		$		$		$34,965(2)
					14,668		35,236		1,216		-16,155
		-1		Excludes $864 of capital improvement commitment funding on a completed project which was capitalized directly into building.
		-2		Excludes completed projects.
	Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2014 (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)		$		90.0%		16		33		3,919		—		$
		155,672												39.72
Assisted Living		14,992		8.6%		4		9		—		311		$
														48.21
Range of Care		2,387		1.4%		1		1		99		74		$
														13.80
Totals		$		100.0%		21		43		4,018		385
		173,051
	-1		We have investments in properties located in 10 states that include mortgages to 13 different operators.
	-2		Includes a mortgage and construction loan secured by a closed skilled nursing property and a newly constructed 106-bed replacement property. In October 2014, the closed skilled nursing property was sold by the borrower and released as collateral per the terms of the mortgage and construction loan.
At September 30, 2014, the mortgage loans had interest rates ranging from 7.1% to 13.9% and maturities ranging from 2014 to 2043.  In addition, some loans contain certain guarantees, provide for certain facility fees and generally have 20-year to 30-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, 2014 and 2013, we received $1,609,000 and $1,429,000, respectively, in regularly scheduled principal payments.
During the three months ended September 30, 2014, we originated a $3,027,000 mortgage loan secured by a 100-unit independent living property in Arizona. The loan is for a term of five years and bears interest at 7.0%, escalating 0.25% annually.  During the nine months ended September 30, 2014, we funded $1,512,000 under a $12,000,000 capital improvement commitment to an existing borrower and $10,487,000 remains under this commitment at September 30, 2014. Additionally, during the nine months ended September 30, 2014 and 2013, we funded $3,010,000 and $2,816,000, respectively, under a $10,600,000 mortgage and construction loan. This mortgage and construction loan has been fully funded with no remaining commitments and was secured by a skilled nursing property and a newly constructed 106-bed replacement skilled nursing property. Upon completion of construction, the residents of the old skilled nursing property were relocated to the newly constructed 106-bed replacement skilled nursing property and the old skilled nursing property was simultaneously closed. In October 2014, the closed skilled nursing property was sold by the borrower and released as collateral per the terms of the mortgage and construction loan.

Notes_Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2014
Notes Receivable	'
Notes Receivable	'
	3.Notes Receivable
	Notes receivable consists of various loans and line of credit agreements with certain operators. During the nine months ended September 30, 2014, we received $112,000 and funded $664,000 in principal under these notes. In the comparable 2013 period, we received $2,716,000 in principal payments which included $2,372,000 for the early repayment of an 8.5% term loan. Also, during the nine months ended September 30, 2013, we funded $795,000 under these notes.
	At September 30, 2014, we had nine loans and line of credit agreements with commitments totaling $2,963,000. As of September 30, 2014, we funded $1,147,000 under these commitments and we have a remaining commitment of $1,816,000. The weighted average interest rate of these loans is 12.0%.

Debt_Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2014
Debt Obligations	'
Debt Obligations	'
	4.Debt Obligations
	Bank Borrowings. At September 30, 2014,  we had an Unsecured Credit Agreement that provided for a revolving line of credit up to $240,000,000 with the opportunity to increase the credit amount up to a total of $350,000,000. The Unsecured Credit Agreement matured on May 25, 2016 and provided for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at September 30, 2014, the facility provided for interest annually at LIBOR plus 150 basis points and an unused commitment fee of 30 basis points. During the nine months ended September 30, 2014, we borrowed $28,500,000 and repaid $30,000,000 under our Unsecured Credit Agreement.  At September 30, 2014, we had $19,500,000 outstanding and $220,500,000 available for borrowing.  At September 30, 2014, we were in compliance with all covenants.
	In October 2014, we amended our Unsecured Credit Agreement increasing the commitment to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000.  Additionally, the drawn pricing was decreased by 25 basis points. Based on our leverage at September 30, 2014, the amended facility provides for interest annually at LIBOR plus 125 basis points and an unused commitment fee of 30 basis points. The maturity of the facility was extended to October 14, 2018 with a one-year extension at our discretion, subject to customary conditions. Also, in October 2014, we borrowed $9,000,000 and repaid $4,500,000 under our Unsecured Credit Agreement. Accordingly, we have $24,000,000 outstanding and $376,000,000 available for borrowing.
	Senior Unsecured Notes.  At September 30, 2014 and December 31, 2013, we had $281,633,000 and $255,800,000, respectively, outstanding under our Senior Unsecured Notes with a weighted average interest rate of 4.8%. During the three months ended September 30, 2014, we sold $30,000,000 senior unsecured term notes to affiliates and managed accounts of Prudential Investment Management, Inc. under our Amended and Restated Note Purchase and Private Shelf agreement. These notes bear interest at 4.5% and will mature on July 31, 2026. We used the proceeds to pay down our unsecured revolving line of credit. As a result of the sale of $30,000,000 senior unsecured term notes, our Amended and Restate Note Purchase and Private Shelf agreement has been exhausted with no more availability. During the nine months ended September 30, 2014, we paid $4,167,000 in regularly scheduled principal payments.
	Bonds Payable.  At September 30, 2014 and December 31, 2013, we had outstanding principal of $1,400,000 and $2,035,000 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, 2014, the weighted average interest rate, including letter of credit fees, on the outstanding bonds was 3.3%.  During the nine months ended September 30, 2014 and 2013, we paid $635,000 and $600,000, respectively, in regularly scheduled principal payments.   In November 2014, we paid off these bonds at par.

Equity

Equity	9 Months Ended
	Sep. 30, 2014
Equity	'
Equity	'
	5.Equity
	Equity activity was as follows (in thousands):
			Total
			Equity
	Balance at December 31, 2013		$
			632,438
	Net income		52,399
	Vesting of Stock option and restricted common stock		2,326
	Stock option exercise		277
	Reclassification adjustment		-27
	Preferred stock dividends		-2,454
	Common stock dividends		-53,275
	Other		-7
	Balance at September 30, 2014		$
			631,677
	Preferred Stock.  At September 30, 2014, 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, 2014.
	Common Stock.  During the nine months ended September 30, 2014 and 2013, we acquired 200 shares and 600 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. During the nine months ended September 30, 2013, we sold 4,025,000 shares of common stock at a price of $44.50 per share, before fees and costs of $7,748,000, in a public offering.  The net proceeds of $171,365,000 were used to pay down amounts outstanding under our Unsecured Credit Agreement, to fund our current development commitments and general corporate purposes.
	We had an 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, 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, during 2013, we reclassified $662,000 of accumulated costs associated with the equity distribution agreement as a reduction 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 the nine months ended September 30, 2013, we paid $7,000 of accrued distributions to our former limited partners.
	Distributions.  We declared and paid the following cash dividends (in thousands):
			Nine months ended September 30, 2014				Nine months ended September 30, 2013
			Declared		Paid		Declared		Paid
	Preferred Stock Series C		$		$		$		$
			2,454		2,454		2,454		2,454
	Common Stock(1)		53,275		53,275		45,909		45,909
	Total		$		$		$		$
			55,729		55,729		48,363		48,363
		-1		Represents $0.17 per share per month and $0.155 per share per month for the nine months ended September 30, 2014 and 2013, respectively.
	In October 2014, we declared a monthly cash dividend of $0.17 per share on our common stock for the months of October, November and December, payable on October 31, November 28, and December 31, 2014, respectively, to stockholders of record on October 23, November 20, and December 23, 2014, respectively.
	Accumulated Other Comprehensive Income.  At September 30, 2014 and December 31, 2013, accumulated comprehensive income of $91,000 and $117,000, respectively, 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, 2014, a total of 11,666 stock options were exercised at a total option value of $277,000 and a total market value on the date of exercise of $455,000. In the comparable 2013 period, 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, 2014, we granted 15,000 options to purchase common stock at an exercise price of $38.43 per share.  These stock options vest ratably over a three-year period from the grant date.  No stock options were granted during the nine months ended September 30, 2013. At September 30, 2014, we had 76,668 stock options outstanding and 61,668 stock options are exercisable.
	At September 30, 2014, the total number of stock options that are scheduled to vest through December 31, 2014, 2015, 2016 and 2017 is 0; 5,000; 5,000 and 5,000, respectively.  We have no stock options outstanding that are scheduled to vest beyond 2017. Compensation expense related to the vesting of stock options for the three and nine months ended September 30, 2014 was $4,000 and $9,000. We did not record compensation expense related to the vesting of stock options for the nine months ended September 30, 2013. The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2014, 2015, 2016 and 2017 is $3,000; $15,000; $15,000 and $2,000, respectively.
	During the nine months ended September 30, 2014 and 2013, we granted 87,500 and 34,400 shares of restricted common stock, respectively, as follows:
	Year		No. of Shares			Price per		Vesting Period
						Share
	2014:00:00
			59,000			$36.81		ratably over 3 years
			3,000			$38.43		ratably over 3 years
			15,000			$40.05		ratably over 3 years
			10,500			$40.05		June 9, 2015
			87,500
	2013:00:00
			8,400			$46.54		ratably over 3 years
			6,000			$41.83		ratably over 3 years
			20,000			$36.26		June 1, 2016
			34,400
	At September 30, 2014, we had 240,381 restricted common shares outstanding. The total number of restricted common shares that are scheduled to vest through December 31, 2014, 2015, 2016 and 2017 is 33,713; 110,211; 66,726 and 29,731, respectively.  We have no restricted common stock that are scheduled to vest beyond 2017. During the three and nine months ended September 30, 2014, we recognized $873,000 and $2,317,000, respectively, of compensation expense related to the vesting of restricted common stock. The remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock for 2014, 2015, 2016, and 2017 is $873,000; $2,484,000; $1,262,000 and $190,000, respectively.
	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.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	6.Commitments and Contingencies
	At September 30, 2014, we had commitments totaling $60,325,000 to develop, re-develop, renovate or expand senior housing and long-term health care properties. As of September 30, 2014, we have funded $41,586,000 under these commitments and we have a remaining commitment of $18,739,000. In October 2014, we funded $4,485,000 under investment commitments. Accordingly, we have a remaining commitment of $14,254,000. 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, 2014, we have a commitment to provide an existing borrower $12,000,000 for capital improvements. As of September 30, 2014, we funded $1,512,000 under the capital improvement commitment and we have a remaining commitment of $10,487,000. We also provided this borrower a commitment to borrow up to an additional $40,000,000 of loan proceeds under certain conditions and based on certain operating metrics and valuation thresholds. Since these conditions have not been met, no funding has been made under this additional loan commitment. See Note 2. Real Estate Investments for further discussion of these commitments.
	At September 30, 2014, we committed to provide $2,963,000 under loans and line of credit agreements. As of September 30, 2014, we had funded $1,147,000 under these commitments and we have a remaining commitment of $1,816,000. See Note 3. Notes Receivable for further discussion of these commitments.
	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. During the third quarter of 2013, we paid $7,000,000 related to the contingent liability. Accordingly, we have no remaining contingent liability as of September 30, 2014. 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.
	We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

Major_Operators

Major Operators	9 Months Ended
	Sep. 30, 2014
Major Operators	'
Major Operators	'
	7.Major Operators
	We have three operators from each of which we derive over 10% of our combined rental revenue and interest income from mortgage loans.
	In July 2014, Brookdale Senior Living, Inc. (or Brookdale), parent company of Brookdale Senior Living Communities, Inc. (or Brookdale Communities), merged with Emeritus Corporation. Brookdale Communities leases 37 assisted living properties with a total of 1,709 units owned by us representing approximately 8.4%, or $79,795,000, of our total assets at September 30, 2014 and 12.2% of our combined rental revenue and interest income from mortgage loans recognized for the nine months ended September 30, 2014.
	Prestige Healthcare (or Prestige) is a privately held company and operates 15 skilled nursing properties and two range of care properties that we own or on which we hold a mortgage secured by first trust deeds. These properties consist of a total of 2,176 skilled nursing beds and 93 assisted living units. Additionally, Prestige manages five parcels of land that we own. These assets represent 14.4% or $136,874,000, of our total assets at September 30, 2014 and generated 11.2% of our combined rental revenue and interest income from mortgage loans recognized for the nine months ended September 30, 2014.
	Senior Care Centers, LLC (or Senior Care) is a privately held company. Senior Care leases nine skilled nursing properties with a total of 1,190 beds owned by us representing approximately 10.7%, or $102,290,000, of our total assets at September 30, 2014 and generated 10.5% of our combined rental revenue and interest income from mortgage loans recognized for the nine months ended September 30, 2014.
	Our master leases with affiliates of Extendicare, Inc. (or Extendicare) and Enlivant (formerly known as Assisted Living Concepts, LLC (or ALC)) covering 37 assisted living properties with a total of 1,429 units will expire on December 31, 2014. In 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. For the nine months ended September 30, 2014, this portfolio generated approximately $8,223,000 or 9.4% of our combined rental revenue and interest income from mortgage loans. In October 2014, we entered into three agreements relating to the 37 assisted living properties as follows:
		·	We will sell 16 properties, consisting of 615 units located in Washington, Oregon, Idaho and Arizona to an affiliate of Enlivant for a sales price of $26,465,000. Accordingly, we expect to record a gain on sale of approximately $3,909,000 with closing expected to occur in December 2014. Additionally, we gave Enlivant consent to close a property located in Oregon. We are currently exploring sale and lease options for this property which has a net book value of $954,000.
		·	We will add 13 properties with 500 units in Indiana, Iowa, Ohio, Nebraska and New Jersey to an existing master lease with an affiliate of Senior Lifestyle (or Senior Lifestyle). Beginning January 1, 2015 the initial term of the amended and restated master lease will be 15 years and rent will increase by $5,100,000 over the current annual rent increasing annually by 2.6%.
		·	We re-leased seven properties with 278 units in Texas to Veritas InCare (or Veritas) under a new 10-year master lease. Beginning January 1, 2015 the initial rent will be $1,461,000 increasing 2.5% annually.
	Extendicare and Enlivant are obligated to pay rent in accordance with the terms of the current master leases through December 31, 2014. The initial cash yield on the 20 properties re-leased to Senior Lifestyle and Veritas is comparable to the cash yield in 2014 under the expiring master leases with Extendicare and Enlivant. Additionally, the new and amended master leases will provide us with the potential for additional rent attributable to participation in revenue growth at the properties over a predetermined base amount.
	Our financial position and ability to make distributions may be adversely affected by financial difficulties experienced by Brookdale Communities, Prestige Healthcare, 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.

Earnings_per_Share

Earnings per Share	9 Months Ended
	Sep. 30, 2014
Earnings per Share	'
Earnings per Share	'
	8.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,
			2014	2013	2014	2013
	Income from continuing operations		$	$	$	$
			17,122	14,429	52,399	40,755
	Less net income allocated to participating securities:
	Nonforfeitable dividends on participating securities		-123	-93	-343	-282
	Allocation of undistributed income to participating securities		—	-2	—	-2
	Total net income allocated to participating securities		-123	-95	-343	-284
	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		16,181	13,516	49,602	38,017
	Discontinued operations:
	Income from discontinued operations		—	238	—	805
	Gain on sale of real estate, net		—	2,619	—	1,605
	Total net income from discontinued operations		—	2,857	—	2,410
	Net income available to common stockholders		16,181	16,373	49,602	40,427
	Effect of dilutive securities:
	Convertible preferred securities		818	818	2,454	2,454
	Net income for diluted net income per share		$	$	$	$
			16,999	17,191	52,056	42,881
	Shares for basic net income per share		34,605	34,553	34,596	32,625
	Effect of dilutive securities:
	Stock options		24	27	24	32
	Convertible preferred securities		2,000	2,000	2,000	2,000
	Shares for diluted net income per share		36,629	36,580	36,620	34,657
	Basic net income per share		$	$	$	$
			0.47	0.47	1.43	1.24
	Diluted net income per share (1)		$	$	$	$
			0.46	0.47	1.42	1.24
		-1	For the three and nine months ended September 30, 2014 and 2013, the participating securities 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, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	9.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 have not elected 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, 2014 and December 31, 2013 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands):
			At September 30, 2014			At December 31, 2013
			Carrying		Fair	Carrying	Fair
			Value		Value	Value	Value
	Mortgage loans receivable		$		$202,816(1)	$	$200,248(1)
			171,321			165,444
	Bonds payable		1,400		1,400 (2)	2,035	2,035(2)
	Bank borrowings		19,500		19,500 (2)	21,000	21,000 (2)
	Senior unsecured notes		281,633		280,899(3)	255,800	262,351(3)
		-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, 2014 and December 31, 2013 was 8.3% and 8.4%, 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, 2014 and December 31, 2013 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, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.95% for those maturing before year 2020 and 4.80% for those maturing beyond year 2020. At December 31, 2013, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.95% for those maturing before year 2020 and 4.25% for those maturing beyond year 2020.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events	'
Subsequent Events	'
	10.Subsequent Events
	Subsequent to September 30, 2014 the following events occurred.
	Real Estate – Owned Properties: We funded $4,485,000 under ongoing commitments to develop, redevelop, renovate, and expand real estate properties. Accordingly, we have remaining commitments of $14,254,000. See Note 2. Real Estate Investments for further discussion on these commitments.
	In October 2014, we purchased a parcel of land in Illinois for $1,400,000 and entered into a development commitment to construct a 66-unit free-standing memory care property. The commitment totals $12,248,000, including the land, and was made pursuant to a pipeline agreement and master lease with an existing operator. Rent, at an initial annual rate of 9.30%, will commence upon completion of construction (but no later than December 31, 2016) and be calculated based on the land purchase price and construction costs funded.
	Real Estate – Mortgage Loans: In October 2014, a closed skilled nursing property, which secures a $10,600,000 mortgage and construction loan, was sold by the borrower and released as collateral per the terms of the mortgage and construction loan. See Note 2. Real Estate Investments for further discussion on this mortgage and construction loan.
	Debt Obligations:  We amended our Unsecured Credit Agreement increasing the commitment to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000.  Additionally, the pricing grid decreased by 25 basis points. The maturity of the facility was extended to October 14, 2018 with a one-year extension at our discretion, subject to customary conditions. In October 2014, we borrowed $9,000,000 and repaid $4,500,000 under our Unsecured Credit Agreement. Accordingly, we have $24,000,000 outstanding and $376,000,000 available for borrowing. In November 2014, we redeemed a $1,400,000 multifamily tax-exempt revenue bonds that were secured by five assisted living properties in Washington. See Note 4. Debt Obligations for further discussion.
	Equity:  We declared a monthly cash dividend of $0.17 per share on our common stock for the months of October, November and December, payable on October 31, November 28, and December 31, 2014, respectively, to stockholders of record on October 23, November 20, and December 23, 2014, respectively.
	Major Operators: In October 2014, we entered into agreements to re-lease 20 properties, sell 16 properties and consent to the closure of one property currently leased to affiliates of Extendicare and Enlivant under master leases that expire on December 31, 2014. See Note 7. Major Operators for further discussion.

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate Investments	'
Summary of investments in owned properties	'
	Owned Properties. The following table summarizes our investments in owned properties at September 30, 2014 (dollar amounts in thousands):
							Number		Number of				Average
													Investment
	Type of Property		Gross		Percentage of		of		SNF		ALF		per
			Investments		Investments		Properties (1)		Beds		Units		Bed/Unit
	Skilled Nursing		$		47.6%		68		8,264		—		$
			460,197										55.69
	Assisted Living		414,930		43.0%		97		—		4,620		$
													89.81
	Range of Care		43,906		4.6%		8		634		274		$
													48.35
	Under Development (2)		36,096		3.7%		—		—		—		—
	Other (3)		10,883		1.1%		1		—		—		—
	Totals		$		100.0%		174		8,898		4,894
			966,012
		-1		We own properties in 26 states that are leased to 30 different operators.
		-2		Includes two MC developments with a total of 108 units, a combination ALF and MC development with 80 units, and a SNF development with 143 beds.
		-3		Includes one school property and five parcels of land held-for-use.
Schedule of investment commitments	'
	Excluding the $5,000,000 per year commitment above, the following table summarizes our investment commitments as of September 30, 2014 and year-to-date funding on our open development, redevelopment, renovation, and expansion projects (excludes capitalized interest, dollar amounts in thousands):
	Type of Property			Investment		2014		Commitment		Remaining		Number of		Number of
				Commitment		Funding (2)		Funded		Commitment		Properties		Beds/Units
	Skilled Nursing			$		$		$		$		4		404
				26,200		6,727		18,056		8,144
	Assisted Living (1)			34,125		16,210		23,530		10,595		5		274
	Totals			$		$22,937(3)		$41,586(4)		$18,739(3)		9		678
				60,325
		-1		Includes the development of two MC properties for a total commitment of $20,325 and one ALF/MC property for a total commitment of $5,800. Also, includes two expired commitments for the expansion of two ALFs for a total of $8,000. We anticipate extending the maturities on these two expansion commitments.
		-2		Excludes funding for completed developments of $869.
		-3		In October 2014, we funded $4,485 under investment commitments. Accordingly, we have a remaining commitment of $14,254.
		-4		Includes land purchase and completed projects with remaining commitment funding and excludes capitalized interest.
Schedule of development, redevelopment, renovation, and expansion activity	'
	Our construction in progress (or CIP) activity during the nine months ended September 30, 2014 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):
	Properties		Projects		CIP		Funded(1)		Capitalized		Conversions		CIP
					Balance at				Interest		out of CIP		Balance at
					12/31/13								9/30/14
	Development projects:
	Assisted living		5		$  6,334		$		$		$  (8,531)		$
							17,763		578				16,144
	Skilled nursing		1		5,893		5,608		438		—		11,939
	Subtotal		6		12,227		23,371		1,016		-8,531		28,083
	Redevelopment, renovation and expansion projects:
	Assisted living		3		8		10,741		200		-6,191		4,758
	Skilled nursing		5		2,433		1,124		—		-1,433		2,124
	Subtotal		8		2,441		11,865		200		-7,624		6,882
	Total		14		$		$		$		$		$34,965(2)
					14,668		35,236		1,216		-16,155
		-1		Excludes $864 of capital improvement commitment funding on a completed project which was capitalized directly into building.
		-2		Excludes completed projects.
Summary of investments in mortgage loans secured by first mortgages	'
	Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2014 (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)		$		90.0%		16		33		3,919		—		$
			155,672												39.72
	Assisted Living		14,992		8.6%		4		9		—		311		$
															48.21
	Range of Care		2,387		1.4%		1		1		99		74		$
															13.80
	Totals		$		100.0%		21		43		4,018		385
			173,051
		-1		We have investments in properties located in 10 states that include mortgages to 13 different operators.
		-2		Includes a mortgage and construction loan secured by a closed skilled nursing property and a newly constructed 106-bed replacement property. In October 2014, the closed skilled nursing property was sold by the borrower and released as collateral per the terms of the mortgage and construction loan.

Equity_Tables

Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Equity	'
Schedule of equity	'
	Equity activity was as follows (in thousands):
			Total
			Equity
	Balance at December 31, 2013		$
			632,438
	Net income		52,399
	Vesting of Stock option and restricted common stock		2,326
	Stock option exercise		277
	Reclassification adjustment		-27
	Preferred stock dividends		-2,454
	Common stock dividends		-53,275
	Other		-7
	Balance at September 30, 2014		$
			631,677
Schedule of cash dividends declared and paid	'
	Distributions.  We declared and paid the following cash dividends (in thousands):
			Nine months ended September 30, 2014				Nine months ended September 30, 2013
			Declared		Paid		Declared		Paid
	Preferred Stock Series C		$		$		$		$
			2,454		2,454		2,454		2,454
	Common Stock(1)		53,275		53,275		45,909		45,909
	Total		$		$		$		$
			55,729		55,729		48,363		48,363
		-1		Represents $0.17 per share per month and $0.155 per share per month for the nine months ended September 30, 2014 and 2013, respectively.
Schedule of restricted stock granted	'
	During the nine months ended September 30, 2014 and 2013, we granted 87,500 and 34,400 shares of restricted common stock, respectively, as follows:
	Year		No. of Shares			Price per		Vesting Period
						Share
	2014:00:00
			59,000			$36.81		ratably over 3 years
			3,000			$38.43		ratably over 3 years
			15,000			$40.05		ratably over 3 years
			10,500			$40.05		June 9, 2015
			87,500
	2013:00:00
			8,400			$46.54		ratably over 3 years
			6,000			$41.83		ratably over 3 years
			20,000			$36.26		June 1, 2016
			34,400

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2014
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,
		2014	2013	2014	2013
	Income from continuing operations	$	$	$	$
		17,122	14,429	52,399	40,755
	Less net income allocated to participating securities:
	Nonforfeitable dividends on participating securities	-123	-93	-343	-282
	Allocation of undistributed income to participating securities	—	-2	—	-2
	Total net income allocated to participating securities	-123	-95	-343	-284
	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	16,181	13,516	49,602	38,017
	Discontinued operations:
	Income from discontinued operations	—	238	—	805
	Gain on sale of real estate, net	—	2,619	—	1,605
	Total net income from discontinued operations	—	2,857	—	2,410
	Net income available to common stockholders	16,181	16,373	49,602	40,427
	Effect of dilutive securities:
	Convertible preferred securities	818	818	2,454	2,454
	Net income for diluted net income per share	$	$	$	$
		16,999	17,191	52,056	42,881
	Shares for basic net income per share	34,605	34,553	34,596	32,625
	Effect of dilutive securities:
	Stock options	24	27	24	32
	Convertible preferred securities	2,000	2,000	2,000	2,000
	Shares for diluted net income per share	36,629	36,580	36,620	34,657
	Basic net income per share	$	$	$	$
		0.47	0.47	1.43	1.24
	Diluted net income per share (1)	$	$	$	$
		0.46	0.47	1.42	1.24
	(1)      For the three and nine months ended September 30, 2014 and 2013, the participating securities 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, 2014
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, 2014 and December 31, 2013 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands):
			At September 30, 2014			At December 31, 2013
			Carrying		Fair	Carrying	Fair
			Value		Value	Value	Value
	Mortgage loans receivable		$		$202,816(1)	$	$200,248(1)
			171,321			165,444
	Bonds payable		1,400		1,400 (2)	2,035	2,035(2)
	Bank borrowings		19,500		19,500 (2)	21,000	21,000 (2)
	Senior unsecured notes		281,633		280,899(3)	255,800	262,351(3)
		-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, 2014 and December 31, 2013 was 8.3% and 8.4%, 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, 2014 and December 31, 2013 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, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.95% for those maturing before year 2020 and 4.80% for those maturing beyond year 2020. At December 31, 2013, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.95% for those maturing before year 2020 and 4.25% for those maturing beyond year 2020.

General_Details

General (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
	segment
General	'
Number of operating segments	1
Provision for federal or state income taxes	$0

Real_Estate_Investments_Detail

Real Estate Investments (Details) (Real Estate Investment [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
	item
	state
	property
Real Estate Investments	'
Gross Investments	$966,012
Percentage of Investments	100.00%
Number of properties	174
Number of states	26
Number of operators	30
Operating leases	'
Number of ways to compute annual rent increases	4
Minimum [Member]	'
Operating leases	'
Initial term of non-cancelable operating lease	'10 years
Specified annual increase over the prior year's rent (as a percent)	2.00%
Maximum [Member]	'
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%
Skilled Nursing Facility Beds [Member]	'
Real Estate Investments	'
Number of Beds/Units	8,898
Assisted Living Facility Units [Member]	'
Real Estate Investments	'
Number of Beds/Units	4,894
Assisted Living Properties [Member]	'
Real Estate Investments	'
Gross Investments	414,930
Percentage of Investments	43.00%
Number of properties	97
Average Investment per Bed/Unit	89,810
Assisted Living Properties [Member] | Assisted Living Facility Units [Member]	'
Real Estate Investments	'
Number of Beds/Units	4,620
Skilled Nursing Properties [Member]	'
Real Estate Investments	'
Gross Investments	460,197
Percentage of Investments	47.60%
Number of properties	68
Average Investment per Bed/Unit	55,690
Number of beds/units under development	143
Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member]	'
Real Estate Investments	'
Number of Beds/Units	8,264
Range of Care Properties [Member]	'
Real Estate Investments	'
Gross Investments	43,906
Percentage of Investments	4.60%
Number of properties	8
Average Investment per Bed/Unit	48,350
Range of Care Properties [Member] | Skilled Nursing Facility Beds [Member]	'
Real Estate Investments	'
Number of Beds/Units	634
Range of Care Properties [Member] | Assisted Living Facility Units [Member]	'
Real Estate Investments	'
Number of Beds/Units	274
Properties under Development [Member]	'
Real Estate Investments	'
Gross Investments	36,096
Percentage of Investments	3.70%
Other Senior Housing Properties [Member]	'
Real Estate Investments	'
Gross Investments	$10,883
Percentage of Investments	1.10%
Number of properties	1
Number of parcels of land	5
Schools [Member]	'
Real Estate Investments	'
Number of properties	1
Memory Care Property [Member]	'
Real Estate Investments	'
Number of beds/units under development	108
Assisted Living and Memory Care Properties [Member]	'
Real Estate Investments	'
Number of beds/units under development	80

Real_Estate_Investments_Detail1

Real Estate Investments (Details 2) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

1 Months Ended

3 Months Ended

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Oct. 31, 2014

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Sep. 30, 2013

Oct. 31, 2014

Oct. 31, 2014

Oct. 31, 2014

Dec. 31, 2014

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Capital Improvement Commitments [Member]

Capital Improvement Commitments [Member]

Memory Care Property with 60 Units [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Memory Care Property [Member]

Memory Care Property [Member]

Memory Care Property [Member]

Assisted Living and Memory Care Properties [Member]

Schools [Member]

Land [Member]

Land [Member]

Land [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

item

Subsequent Event [Member]

Development Properties [Member]

Redevelopment Renovation Expansion Projects [Member]

Georgia Florida And Minnesota [Member]

Real Estate Investment [Member]

Maximum [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Development Commitments [Member]

Real Estate Development Commitments [Member]

Real Estate Development Commitments [Member]

Real Estate Development Commitments [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Development Commitments [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

property

item

item

property

Real Estate Investment [Member]

Colorado

property

Development Properties [Member]

Redevelopment Renovation Expansion Projects [Member]

Ohio And Colorado [Member]

Ohio

Colorado

property

Development Properties [Member]

Redevelopment Renovation Expansion Projects [Member]

Georgia And Florida [Member]

Colorado

Colorado

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Minnesota

Michigan

Illinois

Real Estate Investment [Member]

Scenario, Forecast [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

item

item

item

item

property

item

item

item

item

property

item

Subsequent Event [Member]

item

Colorado

Illinois

property

property

Parcel Of Land In Michigan [Member]

Parcel Of Land In Illinois [Member]

Colorado

Subsequent Event [Member]

Subsequent Event [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

item

property

Subsequent Event [Member]

Subsequent Event [Member]

Two Parcels Of Land In Colorado [Member]

property

Subsequent Event [Member]

Subsequent Event [Member]

property

property

property

Real estate investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments for expansion

'

'

'

'

'

'

'

'

'

'

$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

'

'

'

'

'

'

'

'

'

'U.S. Treasury 10-year note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of days prior to funding

'

'

'

'

'

'

'

'

'

'5 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis points added/deducted from the base rate (as a percent)

'

'

'

'

'

'

'

'

'

-4.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Funds requested

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment Commitment

'

'

'

60,325,000

'

'

'

'

'

'

'

'

26,200,000

'

'

'

'

'

34,125,000

'

'

'

'

'

20,325,000

19,553,000

12,248,000

5,800,000

'

'

'

'

'

'

'

'

2014 Funding

'

'

'

22,937,000

'

4,485,000

'

'

'

'

'

'

6,727,000

'

'

'

'

'

16,210,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment funded

'

'

'

41,586,000

4,485,000

'

'

'

'

'

'

'

18,056,000

'

'

'

'

'

23,530,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining Commitment

'

'

'

18,739,000

14,254,000

14,254,000

'

'

'

'

'

'

8,144,000

'

'

'

'

'

10,595,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Properties

'

'

'

9

'

'

'

'

'

'

'

'

4

'

'

'

'

'

5

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

Number of Beds/Units

'

'

'

678

'

'

'

'

'

'

'

60

404

'

'

'

'

'

274

'

'

'

'

'

'

'

66

'

'

'

'

'

'

'

'

'

Initial annual rate of lease (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.30%

'

'

'

'

'

'

'

'

'

Number of developments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

'

'

'

'

'

'

'

'

'

Number of properties under expansion

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount invested for expansion, renovation and construction of properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount funded during the period for commitments on completed capital projects

'

'

'

869,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of expired commitment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Development, redevelopment, renovation, and expansion

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Projects

'

'

'

14

'

'

6

8

'

'

'

'

'

1

5

'

'

'

'

5

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Development, redevelopment, renovation, and expansion activity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CIP, Balance at the beginning of the period

'

'

'

14,668,000

'

'

12,227,000

2,441,000

'

'

'

'

'

5,893,000

2,433,000

'

'

'

'

6,334,000

8,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Funded

'

'

'

35,236,000

'

'

23,371,000

11,865,000

'

'

'

'

'

5,608,000

1,124,000

'

'

'

'

17,763,000

10,741,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capitalized Interest

'

'

'

1,216,000

'

'

1,016,000

200,000

'

'

'

'

'

438,000

'

'

'

'

'

578,000

200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversions out of CIP

'

'

'

-16,155,000

'

'

-8,531,000

-7,264,000

'

'

'

'

'

'

-1,433,000

'

'

'

'

-8,531,000

-6,191,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CIP, Balance at the end of the period

'

'

'

34,965,000

'

'

28,083,000

6,882,000

'

'

'

'

'

11,939,000

2,124,000

'

'

'

'

16,144,000

4,758,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount funded during the period for commitments on completed capital projects capitalized directly into building

'

'

'

864,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment commitments for completed construction projects

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Beds/Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50

'

'

'

'

'

'

'

'

'

'

'

'

'

2014 Funding

'

'

'

'

'

'

'

'

'

'

'

6,192,000

'

'

'

'

'

'

'

'

'

'

6,102,000

4,485,000

'

'

'

'

'

'

'

'

'

'

'

'

Total Funding

'

'

'

'

'

'

'

'

'

'

'

9,931,000

'

'

'

'

'

'

'

'

'

'

6,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate investment acquisition and disposal activity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

450,000

1,400,000

2,050,000

'

'

'

'

Number of properties sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

'

2

'

'

'

'

'

'

1

'

'

'

16

'

16

'

Number of beds or units in property sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

277

'

'

'

133

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sales price

'

'

'

'

'

'

'

'

7,850,000

'

'

'

'

'

'

11,001,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,465,000

'

Proceeds from sale of real estate investments, net

'

7,707,000

11,001,000

'

'

'

'

'

7,707,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain (loss) on sale of property

'

1,140,000

'

'

'

'

'

'

1,140,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,909,000

Number of properties acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

Gain on sale of real estate, net

2,619,000

'

1,605,000

'

'

'

'

'

'

'

'

'

'

'

'

1,605,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties to be closed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

1

'

Net book value of property to be closed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$954,000

'

'

Real_Estate_Investments_Detail2

Real Estate Investments (Details 3) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Loan Investment with Maximum Proceeds Subject to Certain Conditions and Certain Operating Metrics and Valuation Thresholds [Member]

Capital Improvement Loan Investment [Member]

Skilled Nursing Facility Beds [Member]

Assisted Living Facility Units [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties with 106 Units [Member]

Skilled Nursing Properties with 106 Units [Member]

Skilled Nursing Properties with 106 Units [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Range of Care Properties [Member]

Range of Care Properties [Member]

Range of Care Properties [Member]

Independent Living Properties With 100 Units [Member]

loan

Minimum [Member]

Maximum [Member]

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Skilled Nursing Facility Beds [Member]

Mortgage and Construction Loans on Real Estate [Member]

Mortgage and Construction Loans on Real Estate [Member]

Mortgage and Construction Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Assisted Living Facility Units [Member]

Mortgage Loans on Real Estate [Member]

Skilled Nursing Facility Beds [Member]

Assisted Living Facility Units [Member]

Mortgage Loans on Real Estate [Member]

item

item

item

loan

Mortgage Loans on Real Estate [Member]

item

Subsequent Event [Member]

loan

Mortgage Loans on Real Estate [Member]

loan

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Arizona

state

property

item

property

item

property

item

item

item

property

Mortgage Loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross Investments

'

'

$173,051,000

'

'

'

'

'

'

'

$155,672,000

'

'

'

'

$14,992,000

'

$2,387,000

'

'

'

Percentage of Investments

'

'

100.00%

'

'

'

'

'

'

'

90.00%

'

'

'

'

8.60%

'

1.40%

'

'

'

Number of Loans

'

'

21

'

'

'

'

'

'

'

16

'

'

'

'

4

'

1

'

'

'

Number of Properties

'

'

43

'

'

'

'

'

'

'

33

'

'

'

'

9

'

1

'

'

'

Number of Beds/Units

'

'

'

'

'

'

'

'

4,018

385

'

3,919

106

'

'

'

311

'

99

74

100

Investment per Bed/Unit

'

'

'

'

'

'

'

'

'

'

39,720

'

'

'

'

48,210

'

13,800

'

'

'

Number of states

'

'

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of operators

'

'

13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate for mortgage loans, low end of range (as a percent)

'

'

7.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate for mortgage loans, high end of range (as a percent)

'

'

13.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

General amortization schedule of mortgage loans

'

'

'

'

'20 years

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Specified basis points for annual increase in interest rate (as a percent)

'

'

'

'

0.10%

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

Scheduled principal payments received

1,609,000

1,429,000

1,609,000

1,429,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount funded under loan

664,000

795,000

'

'

'

'

'

1,512,000

'

'

'

'

3,010,000

2,816,000

'

'

'

'

'

'

3,027,000

Loan commitment

'

'

'

'

'

'

'

'

'

'

'

'

10,600,000

'

10,600,000

'

'

'

'

'

'

Remaining Commitment

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

Mortgage loan commitment for capital improvements

'

'

'

'

'

'

'

12,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional loan proceeds committed

'

'

'

'

'

'

40,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Remaining Commitment

'

'

'

'

'

'

'

$10,487,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Term of mortgage loan receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

Notes_Receivable_Details

Notes Receivable (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Notes Receivable	'	'
Principal payments received	$112,000	$2,716,000
Other Loans and Lines of Credit [Member]	'	'
Notes Receivable	'	'
Principal payments received	112,000	2,716,000
Amount funded	664,000	795,000
Number of commitments	9	'
Loan commitment	2,963,000	'
Total funded loan commitments	1,147,000	'
Remaining Commitment	1,816,000	'
Average interest rate (as a percent)	12.00%	'
Term Loan Eight And One Half Percent [Member] | Other Loans and Lines of Credit [Member]	'	'
Notes Receivable	'	'
Principal payments received	'	$2,372,000
Interest rate (as a percent)	'	8.50%

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	9 Months Ended		9 Months Ended		1 Months Ended		9 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Oct. 31, 2014	Oct. 31, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
			Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Line of Credit [Member]	Senior Unsecured Debt [Member]	Senior Unsecured Debt [Member]	Senior Unsecured Term Note 4.50 Percent Due 31 July 2026 [Member]	Bonds [Member]	Bonds [Member]
				London Interbank Offered Rate (LIBOR) [Member]	Subsequent Event [Member]	Subsequent Event [Member]				property
						London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations	'	'	'	'	'	'	'	'	'	'	'
Maximum availability under Unsecured Credit Agreement	'	'	$240,000,000	'	$400,000,000	'	'	'	'	'	'
Possible total maximum availability under Unsecured Credit Agreement	'	'	350,000,000	'	600,000,000	'	'	'	'	'	'
Description of interest rate	'	'	'	'LIBOR	'	'LIBOR	'	'	'	'	'
Basis spread over base rate (as a percent)	'	'	'	1.50%	'	1.25%	'	'	'	'	'
Unused commitment fee (as a percent)	'	'	0.30%	'	0.30%	'	'	'	'	'	'
Amount borrowed	'	'	28,500,000	'	9,000,000	'	'	'	'	'	'
Repayments of debt	'	'	30,000,000	'	'	'	4,167,000	'	'	635,000	600,000
Amount outstanding Senior Unsecured Notes	281,633,000	255,800,000	19,500,000	'	24,000,000	'	281,633,000	255,800,000	'	'	'
Amount outstanding under Unsecured Credit Agreement	19,500,000	21,000,000	'	'	'	'	'	'	'	'	'
Amount available for borrowing under Unsecured Credit Agreement	'	'	220,500,000	'	376,000,000	'	'	'	'	'	'
Weighted average interest rate (as a percent)	'	'	'	'	'	'	4.80%	'	'	3.30%	'
Amount outstanding	'	'	'	'	'	'	'	'	'	1,400,000	2,035,000
Number of assisted living properties securing debt instruments	'	'	'	'	'	'	'	'	'	5	'
Decrease in drawn pricing, basis point (as a percent)	'	'	'	'	0.25%	'	'	'	'	'	'
Additional extension period option	'	'	'1 year	'	'	'	'	'	'	'	'
Extension of maturity date	'	'	'	'	'1 year	'	'	'	'	'	'
Stated interest rate (as a percent)	'	'	'	'	'	'	'	'	4.50%	'	'
Notes issued	'	'	'	'	'	'	'	'	30,000,000	'	'
Amount borrowed	30,000,000	'	'	'	'	'	'	'	'	'	'
Repayment amount	'	'	'	'	$4,500,000	'	'	'	'	'	'

Equity_Details

Equity (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity activity	'	'	'	'
Beginning balance	'	'	$632,438	'
Net income	17,122	17,286	52,399	43,165
Vesting of Stock option and restricted common stock	'	'	2,326	2,050
Stock option exercise	'	'	277	'
Reclassification adjustment	-9	-9	-27	-26
Preferred stock dividends	'	'	-2,454	'
Common stock dividends	'	'	-53,275	'
Other	'	'	-7	'
Ending balance	$631,677	'	$631,677	'

Equity_Details_2

Equity (Details 2) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 19, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Aug. 31, 2014

Jul. 31, 2014

Jun. 30, 2014

31-May-14

Apr. 30, 2014

Mar. 31, 2014

Feb. 28, 2014

Jan. 31, 2014

Sep. 30, 2013

Aug. 31, 2013

Jul. 31, 2013

Jun. 30, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2013

Feb. 28, 2013

Jan. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 31, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2013

item

item

Shelf Registration [Member]

Series C Preferred Stock [Member]

Series C Preferred Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Subsequent Event [Member]

Equity Distribution Agreement [Member]

Equity Distribution Agreement [Member]

Underwritten Public Offering [Member]

Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares outstanding

2,000,000

'

'

2,000,000

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend Rate (as a percent)

'

'

'

'

'

8.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock 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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200

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

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

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment of accrued distributions to former limited partners

'

7,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividend Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Declared

55,729,000

48,363,000

'

'

'

2,454,000

2,454,000

53,275,000

'

'

'

'

'

'

'

'

45,909,000

'

'

'

'

'

'

'

'

53,275,000

45,909,000

'

'

'

'

Paid

55,729,000

48,363,000

'

'

'

2,454,000

2,454,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53,275,000

45,909,000

'

'

'

'

Cash dividend declared per common share per month (in dollars per share)

'

'

'

'

'

'

'

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

'

'

'

'

'

'

Cash dividend paid per common share per month (in dollars per share)

'

'

'

'

'

'

'

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.17

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

$0.16

'

'

'

'

'

'

Cash dividend declared per common share per month (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.17

'

'

'

Sale price of common stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$44.50

Fees and costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,748,000

Accumulated other comprehensive income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated other comprehensive income

$91,000

'

'

$117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity_Details_3

Equity (Details 3) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options	'	'	'	'
2014	$3,000	'	$3,000	'
2015	15,000	'	15,000	'
2016	15,000	'	15,000	'
2017	2,000	'	2,000	'
Employee Stock Option [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Number of shares exercised	'	'	11,666	22,000
Value of options exercised	277,000	523,000	277,000	523,000
Market value on the date of exercise	455,000	865,000	455,000	865,000
Exercise price (in dollars per share)	'	'	$38.43	'
Stock options granted (in shares)	'	'	15,000	0
Options outstanding at end of the period (in shares)	76,668	'	76,668	'
Options exercisable at end of the period (in shares)	61,668	'	61,668	'
Compensation expense related to the vesting of stock awards	4,000	'	9,000	'
Vesting period	'	'	'3 years	'
Employee Stock Option [Member] | Vesting Through December 31 2014 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	0	'	0	'
Employee Stock Option [Member] | Vesting Through December 31 2015 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	5,000	'	5,000	'
Employee Stock Option [Member] | Vesting Through December 31 2016 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	5,000	'	5,000	'
Employee Stock Option [Member] | Vesting Through December 31 2017 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	5,000	'	5,000	'
Employee Stock Option [Member] | Vesting Beyond 2017 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	0	'	0	'
Restricted Stock [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Compensation expense related to the vesting of stock awards	873,000	542,000	2,317,000	2,050,000
Granted (in shares)	'	'	87,500	34,400
Options outstanding	240,381	'	240,381	'
Shares vested due to retirement of former SVP Marketing and Strategic Planning	'	'	'	18,180
Compensation expense related to the accelerated vesting	'	'	'	457,000
Remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options	'	'	'	'
2014	873,000	'	873,000	'
2015	2,484,000	'	2,484,000	'
2016	1,262,000	'	1,262,000	'
2017	$190,000	'	$190,000	'
Restricted Stock [Member] | Vesting Through December 31 2014 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	33,713	'	33,713	'
Restricted Stock [Member] | Vesting Through December 31 2015 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	110,211	'	110,211	'
Restricted Stock [Member] | Vesting Through December 31 2016 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	66,726	'	66,726	'
Restricted Stock [Member] | Vesting Through December 31 2017 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	29,731	'	29,731	'
Restricted Stock [Member] | Vesting Beyond 2017 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Options scheduled to vest (in shares)	0	'	0	'
Restricted Stock [Member] | Grant Date Price 36.26 [Member] | Vesting Date 1 June 2016 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	'	20,000
Price per share	'	'	'	$36.26
Restricted Stock [Member] | Grant Date Price 36.81 [Member] | Vesting over Three Year Period from Grant Date [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	59,000	'
Vesting period	'	'	'3 years	'
Price per share	'	'	$36.81	'
Restricted Stock [Member] | Grant Date Price 38.43 [Member] | Vesting over Three Year Period from Grant Date [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	3,000	'
Vesting period	'	'	'3 years	'
Price per share	'	'	$38.43	'
Restricted Stock [Member] | Grant Date Price 46.54 [Member] | Vesting over Three Year Period from Grant Date [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	'	8,400
Vesting period	'	'	'	'3 years
Price per share	'	'	'	$46.54
Restricted Stock [Member] | Grant Date Price 41.83 [Member] | Vesting over Three Year Period from Grant Date [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	'	6,000
Vesting period	'	'	'	'3 years
Price per share	'	'	'	$41.83
Restricted Stock [Member] | Grant Date Price40.05[Member] | Vesting Date 9 June2015 [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	10,500	'
Price per share	'	'	$40.05	'
Restricted Stock [Member] | Grant Date Price40.05[Member] | Vesting over Three Year Period from Grant Date [Member]	'	'	'	'
Stock Based Compensation Plans	'	'	'	'
Granted (in shares)	'	'	15,000	'
Vesting period	'	'	'3 years	'
Price per share	'	'	$40.05	'

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, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Capital Improvement Loan Investment [Member]

Loan Investment with Maximum Proceeds Subject to Certain Conditions and Certain Operating Metrics and Valuation Thresholds [Member]

Other Loans and Lines of Credit [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member]

Maximum [Member]

Subsequent Event [Member]

Capital Improvement Commitments [Member]

Real Estate Investment [Member]

property

Capital Improvement Commitments [Member]

Commitments and Contingencies

'

'

'

'

'

'

'

'

'

'

'

'

Contingent liability paid

$7,000,000

$7,000,000

'

'

'

'

'

'

'

'

'

'

Contingent liabilities

'

'

0

'

'

'

'

'

'

'

'

'

Non-cash interest expense

36,000

256,000

'

'

'

'

'

'

'

'

'

'

Total commitments to develop, redevelop, renovate or expand properties

'

'

'

'

'

'

60,325,000

'

'

'

60,325,000

'

Amount Funded

'

'

'

'

'

'

22,937,000

'

4,485,000

'

'

'

Commitments funded

'

'

'

'

'

'

41,586,000

4,485,000

'

'

41,586,000

'

Remaining commitment

'

'

'

10,487,000

'

'

18,739,000

14,254,000

14,254,000

'

18,739,000

'

Commitments per year

'

'

'

'

'

'

'

'

'

'

'

5,000,000

Number of properties agreed to be funded for expansion

'

'

'

'

'

'

'

'

'

37

'

'

Loan commitment

'

'

'

'

'

2,963,000

'

'

'

'

'

'

Funded loan commitments

'

'

'

1,512,000

'

1,147,000

'

'

'

'

'

'

Remaining loan commitment

'

'

'

'

'

1,816,000

'

'

'

'

'

'

Mortgage loan commitment for capital improvements

'

'

'

12,000,000

'

'

'

'

'

'

'

'

Additional loan proceeds committed

'

'

'

'

$40,000,000

'

'

'

'

'

'

'

Major_Operators_Details

Major Operators (Details) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Oct. 31, 2014

Jan. 01, 2015

Oct. 31, 2014

Dec. 31, 2014

Oct. 31, 2014

Jan. 01, 2015

Jan. 01, 2015

Jan. 01, 2015

Jan. 01, 2015

Jan. 01, 2015

item

Minimum [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Assets, Total [Member]

Assets, Total [Member]

Rental Revenue and Interest Income from Mortgage Loans [Member]

Rental Revenue and Interest Income from Mortgage Loans [Member]

Rental Revenue and Interest Income from Mortgage Loans [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Prestige Healthcare [Member]

Prestige Healthcare [Member]

Prestige Healthcare [Member]

Prestige Healthcare [Member]

Prestige Healthcare [Member]

Senior Care Centers LLC [Member]

Senior Care Centers LLC [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Brookdale [Member]

Brookdale [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Operator Concentration Risk [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Affiliate Of Senior Lifestyle [Member]

Affiliate Of Senior Lifestyle [Member]

Affiliate Of Senior Lifestyle [Member]

Affiliate Of Veritas Incare [Member]

Affiliate Of Veritas Incare [Member]

Skilled Nursing Facility Beds [Member]

Assisted Living Facility Units [Member]

Skilled Nursing Properties [Member]

Range of Care Properties [Member]

Land [Member]

Skilled Nursing Properties [Member]

Skilled Nursing Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Prestige Healthcare [Member]

Senior Care Centers LLC [Member]

Prestige Healthcare [Member]

Senior Care Centers LLC [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

item

item

property

property

item

property

Skilled Nursing Facility Beds [Member]

property

Assisted Living Facility Units [Member]

item

item

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Washington Oregon Idaho And Arizona [Member]

Washington Oregon Idaho And Arizona [Member]

Oregon

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Indiana Iowa Ohio Nebraska And New Jersey [Member]

Texas

Texas

item

item

property

property

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

property

item

item

item

property

property

Major Operators

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of major operators

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of combined rental and interest income derived from each of the major operators

'

'

10.00%

'

'

'

'

'

'

'

'

'

12.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of parcels of land managed

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties leased

'

'

'

'

'

15

2

'

9

'

37

'

'

37

'

'

'

'

'

'

'

'

'

'

'

'

'

13

'

7

Number of beds/units

'

'

'

2,176

93

'

'

'

'

1,190

'

1,429

'

1,709

'

'

'

'

'

'

'

'

'

'

'

'

'

500

'

278

Total rental revenue and interest income from mortgage loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8,223,000

'

'

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

8.40%

'

14.40%

10.70%

11.20%

10.50%

9.40%

'

'

'

'

'

'

'

'

'

'

'

Total assets

952,571,000

931,410,000

'

'

'

'

'

'

'

'

'

'

79,795,000

'

136,874,000

102,290,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of agreements entered into

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

Number of properties to be sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16

'

16

'

'

'

'

'

'

'

Number of units to be sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

615

'

'

'

'

'

'

'

Sales price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,465,000

'

'

'

'

'

'

'

Gain (loss) on sale of property

1,140,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,909,000

'

'

'

'

'

'

Number of properties re-leased to other operators

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20

20

'

'

'

'

'

'

'

'

Net book value of property to be closed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

954,000

'

'

'

'

'

Term of lease agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'15 years

'

'

'10 years

'

Increase in rent over the current annual rent in the master lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,100,000

'

'

'

Total initial rent expected in first year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,461,000

Specified annual increase over the prior year's rent (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.60%

'

'

2.50%

'

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, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings per Share	'	'	'	'
Income from continuing operations	$17,122	$14,429	$52,399	$40,755
Less net income allocated to participating securities:	'	'	'	'
Nonforfeitable dividends on participating securities	-123	-93	-343	-282
Allocation of undistributed income to participating securities	'	-2	'	-2
Total net income allocated to participating securities	-123	-95	-343	-284
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	16,181	13,516	49,602	38,017
Discontinued operations:	'	'	'	'
Income from discontinued operations	'	238	'	805
Gain on sale of real estate, net	'	2,619	'	1,605
Net income from discontinued operations	'	2,857	'	2,410
Net income available to common stockholders	16,181	16,373	49,602	40,427
Effect of dilutive securities:	'	'	'	'
Convertible preferred securities	818	818	2,454	2,454
Net income for diluted net income per share	$16,999	$17,191	$52,056	$42,881
Shares for basic net income per share	34,605	34,553	34,596	32,625
Effect of dilutive securities:	'	'	'	'
Stock options (in shares)	24	27	24	32
Convertible preferred securities (in shares)	2,000	2,000	2,000	2,000
Shares for diluted net income per share	36,629	36,580	36,620	34,657
Basic net income per share (in dollars per share)	$0.47	$0.47	$1.43	$1.24
Diluted net income per share (in dollars per share)	$0.46	$0.47	$1.42	$1.24

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Fair value measurements	'	'
Mortgage loans receivable	171,321,000	165,444,000
Senior unsecured notes	281,633,000	255,800,000
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Term Notes Due on or before 14 January 2019 [Member]	'	'
Fair value measurements	'	'
Discount rate (as a percent)	3.95%	3.95%
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Notes Maturing Beyond 2020 [Member]	'	'
Fair value measurements	'	'
Discount rate (as a percent)	4.80%	4.25%
Fair Value, Inputs, Level 3 [Member] | Mortgage Receivable [Member]	'	'
Fair value measurements	'	'
Discount rate (as a percent)	8.30%	8.40%
Reported Value Measurement [Member]	'	'
Fair value measurements	'	'
Mortgage loans receivable	171,321,000	165,444,000
Bonds payable	1,400,000	2,035,000
Bank borrowings	19,500,000	21,000,000
Senior unsecured notes	281,633,000	255,800,000
Estimate of Fair Value Measurement [Member]	'	'
Fair value measurements	'	'
Bonds payable	1,400,000	2,035,000
Bank borrowings	19,500,000	21,000,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair value measurements	'	'
Mortgage loans receivable	202,816,000	200,248,000
Senior unsecured notes	280,899,000	262,351,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

9 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Oct. 31, 2014

Oct. 31, 2014

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Oct. 31, 2014

Nov. 03, 2014

Oct. 31, 2014

Oct. 31, 2014

Oct. 31, 2014

Jan. 01, 2015

Oct. 31, 2014

Line of Credit [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Other Loans and Lines of Credit [Member]

Mortgage Loans on Real Estate [Member]

Mortgage Loans on Real Estate [Member]

Mortgage and Construction Loans on Real Estate [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Common Stock [Member]

Colorado

Colorado

Colorado

Washington

Illinois

Illinois

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

Extendicare Real Estate Investment Trust and Enlivant [Member]

property

Assisted Living Properties [Member]

Real Estate Development Commitments [Member]

property

Assisted Living Properties [Member]

Skilled Nursing Properties with 106 Units [Member]

Line of Credit [Member]

Real Estate Investment [Member]

Mortgage and Construction Loans on Real Estate [Member]

Subsequent Event [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Subsequent Event [Member]

property

Memory Care Property [Member]

property

Skilled Nursing Properties with 106 Units [Member]

Assisted Living Properties [Member]

Real Estate Development Commitments [Member]

Real Estate Investment [Member]

Bonds [Member]

Real Estate Investment [Member]

Real Estate Investment [Member]

Scenario, Forecast [Member]

Scenario, Forecast [Member]

Real Estate Investment [Member]

item

Memory Care Property [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Real Estate Development Commitments [Member]

Parcel Of Land In Illinois [Member]

Assisted Living Properties [Member]

Assisted Living Properties [Member]

Scenario, Forecast [Member]

property

Memory Care Property [Member]

Land [Member]

property

property

Assisted Living Properties [Member]

item

property

Investment Commitment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount Funded

'

'

'

'

$22,937,000

'

$16,210,000

'

'

'

'

'

'

$4,485,000

'

'

'

'

'

'

'

'

'

'

'

Remaining Commitment

'

'

'

'

18,739,000

14,254,000

10,595,000

'

'

'

'

'

'

14,254,000

'

'

'

'

'

'

'

'

'

'

'

Purchase Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,400,000

'

'

'

Number of beds/units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

66

'

'

'

'

Investment Commitments.

'

'

'

'

60,325,000

'

34,125,000

20,325,000

'

'

'

'

'

'

'

'

'

19,553,000

'

'

12,248,000

'

'

'

'

Initial annual rate of lease (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.30%

'

'

'

'

Investment commitments for completed construction projects

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Beds/Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50

'

'

'

'

'

'

'

'

2014 Funding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,102,000

'

4,485,000

'

'

'

'

'

'

Total Funding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,600,000

'

'

'

'

'

'

'

'

Mortgage Loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan commitment

'

'

'

'

'

'

'

'

2,963,000

'

'

10,600,000

'

'

10,600,000

'

'

'

'

'

'

'

'

'

'

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum availability under Unsecured Credit Agreement

'

'

'

240,000,000

'

'

'

'

'

'

'

'

400,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Possible total maximum availability under Unsecured Credit Agreement

'

'

'

350,000,000

'

'

'

'

'

'

'

'

600,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in drawn pricing, basis point (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

Extension of maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

Amount borrowed

'

'

'

28,500,000

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Repayment amount

'

'

'

'

'

'

'

'

'

'

'

'

4,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount outstanding Senior Unsecured Notes

281,633,000

'

255,800,000

19,500,000

'

'

'

'

'

'

'

'

24,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount available for borrowing under Unsecured Credit Agreement

'

'

'

220,500,000

'

'

'

'

'

'

'

'

376,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Payment of tax- exempt revenue bonds

$635,000

$600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,400,000

'

'

'

'

'

Number of Real Estate Properties

'

'

'

'

174

'

97

'

'

43

9

'

'

'

'

'

'

'

'

5

'

'

'

'

'

Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash dividend declared per common share per month (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.17

'

'

'

'

'

'

'

'

'

Major Operators

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties re-leased to other operators

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20

20

'

Number of properties sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16

'

16

Number of properties to be closed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

1