LTC Properties (LTC) 10-K 22 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Feb. 16, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	LTC PROPERTIES INC
Entity Central Index Key	887,905
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,450,826
Entity Common Stock, Shares Outstanding		37,517,629
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate investments:
Land	$ 106,841	$ 80,024
Buildings and improvements	1,091,845	869,814
Accumulated depreciation and amortization	(251,265)	(223,315)
Real property investments, net	947,421	726,523
Mortgage loans receivable, net of loan loss reserve: 2015—$2,190; 2014—$1,673	217,529	165,656
Real estate investments, net	1,164,950	892,179
Investment in unconsolidated joint ventures	24,042
Investments, net	1,188,992	892,179
Other assets:
Cash and cash equivalents	12,942	25,237
Debt issue costs, net	2,865	2,733
Interest receivable	4,536	597
Straight-line rent receivable, net of allowance for doubtful accounts: 2015—$833; 2014—$731	42,685	32,651
Prepaid expenses and other assets	21,443	9,931
Notes receivable	1,961	1,442
Total assets	1,275,424	964,770
LIABILITIES
Bank borrowings	120,500
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049	451,372	280,584
Accrued interest	3,974	3,556
Accrued incentives and earn-outs	12,722	3,258
Accrued expenses and other liabilities	27,654	17,251
Total liabilities	616,222	304,649
Stockholders' equity:
Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2015—0; 2014—2,000		38,500
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2015—37,548; 2014—35,480	375	355
Capital in excess of par value	758,676	717,396
Cumulative net income	928,328	855,247
Accumulated other comprehensive income	47	82
Cumulative distributions	(1,028,224)	(951,459)
Total equity	659,202	660,121
Total liabilities and equity	$ 1,275,424	$ 964,770

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage loans receivable, loan loss reserve	$ 2,190	$ 1,673
Straight-line rent receivable, allowance for doubtful accounts	833	731
Debt issue costs, net	$ 2,865	$ 2,733
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	2,000,000
Preferred stock, shares outstanding	0	2,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	37,548,000	35,480,000
Common stock, shares outstanding	37,548,000	35,480,000
Senior Unsecured Debt
Debt issue costs, net	$ 1,095	$ 1,049

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental income	$ 113,080	$ 101,849	$ 98,166
Interest income from mortgage loans	22,119	16,553	6,298
Interest and other income	1,004	559	510
Total revenues	136,203	118,961	104,974
Expenses:
Interest expense	17,497	13,128	11,364
Depreciation and amortization	29,431	25,529	24,389
Impairment on real estate	2,250
Provision for doubtful accounts	619	32	2,180
Acquisition costs	614	152	96
General and administrative expenses	15,116	11,680	11,540
Total expenses	65,527	50,521	49,569
Operating income	70,676	68,440	55,405
Income from unconsolidated joint venture	1,819
Gain on sale of real estate, net	586	4,959
Income from continuing operations	73,081	73,399	55,405
Discontinued operations:
Income from discontinued operations			805
Gain on sale of real estate, net			1,605
Net income from discontinued operations			2,410
Net income	73,081	73,399	57,815
Net income attributable to LTC Properties, Inc.	73,081	73,399	57,815
Income allocated to participating securities	(484)	(481)	(383)
Income allocated to preferred stockholders	(2,454)	(3,273)	(3,273)
Net income available to common stockholders	$ 70,143	$ 69,645	$ 54,159
Basic earnings per common share
Continuing operations (in dollars per share)	$ 1.97	$ 2.01	$ 1.56
Discontinued operations (in dollars per share)			0.07
Net income available to common stockholders	1.97	2.01	1.64
Diluted earnings per common share
Continuing operations (in dollars per share)	1.94	1.99	1.56
Discontinued operations (in dollars per share)			0.07
Net income available to common stockholders	$ 1.94	$ 1.99	$ 1.63
Weighted average shares used to calculate earnings per common share
Basic (in shares)	35,590	34,617	33,111
Diluted (in shares)	37,329	36,640	33,142

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 73,081	$ 73,399	$ 57,815
Reclassification adjustment (Note 9)	(35)	(35)	(35)
Comprehensive income	$ 73,046	$ 73,364	$ 57,780

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Parent	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Accumulated Distributions in Excess of Net Income	Noncontrolling Interest	Total
Balance at Dec. 31, 2012	$ 463,101	$ 38,500	$ 305	$ 510,236	$ 724,033	$ 152	$ (810,125)	$ 7	$ 463,108
Balance (in shares) at Dec. 31, 2012		2,000	30,544
Equity activity
Reclassification adjustment	(35)					(35)			(35)
Issuance of common stock	175,598		$ 42	175,556					175,598
Issuance of common stock (in shares)			4,152
Issuance of restricted stock (in shares)			35
Net income	57,815				57,815				57,815
Vesting of restricted stock	2,591			2,591					2,591
Stock option exercises	523			523					523
Stock option exercises (in shares)			22
Non-controlling interests preferred return								$ (7)	(7)
Preferred stock dividends	(3,272)						(3,272)		(3,272)
Common stock dividends	(63,631)						(63,631)		(63,631)
Other	(252)			(252)					(252)
Other (in shares)			(7)
Balance at Dec. 31, 2013	632,438	$ 38,500	$ 347	688,654	781,848	117	(877,028)		632,438
Balance (in shares) at Dec. 31, 2013		2,000	34,746
Equity activity
Reclassification adjustment	(35)					(35)			(35)
Issuance of common stock	24,644		$ 6	24,638					24,644
Issuance of common stock (in shares)			600
Issuance of restricted stock			$ 1	(1)
Issuance of restricted stock (in shares)			95
Net income	73,399				73,399				73,399
Vesting of restricted stock	3,241			3,241					3,241
Vested stock options	12			12					12
Stock option exercises	1,071		$ 1	1,070					1,071
Stock option exercises (in shares)			45
Preferred stock dividends	(3,273)						(3,273)		(3,273)
Common stock dividends	(71,158)						(71,158)		(71,158)
Other	(218)			(218)					(218)
Other (in shares)			(6)
Balance at Dec. 31, 2014	660,121	$ 38,500	$ 355	717,396	855,247	82	(951,459)		660,121
Balance (in shares) at Dec. 31, 2014		2,000	35,480
Equity activity
Reclassification adjustment	(35)					(35)			(35)
Issuance of restricted stock			$ 1	(1)
Issuance of restricted stock (in shares)			92
Net income	73,081				73,081				73,081
Vesting of restricted stock	3,992			3,992					3,992
Vested stock options	14			14					14
Stock option exercises	79			79					79
Stock option exercises (in shares)			3
Conversion of Series C Preferred Stock		$ (38,500)	$ 20	38,480
Conversion of Series C Preferred Stock (in shares)		(2,000)	2,000
Preferred stock dividends	(2,454)						(2,454)		(2,454)
Common stock dividends	(74,311)						(74,311)		(74,311)
Other	(1,285)		$ (1)	(1,284)					(1,285)
Other (in shares)			(27)
Balance at Dec. 31, 2015	$ 659,202		$ 375	$ 758,676	$ 928,328	$ 47	$ (1,028,224)		$ 659,202
Balance (in shares) at Dec. 31, 2015			37,548

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF EQUITY
Dividends paid per common share (in dollars per share)	$ 0.54	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 2.070	$ 2.040	$ 1.905

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES:
Net income	$ 73,081	$ 73,399	$ 57,815
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (continuing and discontinued operations)	29,431	25,529	24,706
Stock-based compensation expense	4,006	3,253	2,591
Impairment on real estate	2,250
Gain on sale of assets, net	(586)	(4,959)	(1,605)
Income from unconsolidated joint ventures	(1,819)
Income distribution from unconsolidated joint ventures	552
Straight-line rental income	(10,136)	(3,002)	(3,955)
Amortization of lease inducement	1,680	841	660
Provision for doubtful accounts	619	32	2,180
Non-cash interest related to earn-out liabilities	409	18	256
Other non-cash items, net	985	779	726
(Increase) decrease in interest receivable	(3,939)	105	87
Decrease in accrued interest payable	418	132	145
Net change in other assets and liabilities	5,390	(365)	3,519
Net cash provided by operating activities	102,341	95,762	87,125
INVESTING ACTIVITIES:
Investment in real estate properties	(206,340)	(11,650)	(19,040)
Investment in real estate developments	(25,929)	(34,135)	(23,605)
Investment in real estate capital improvements	(7,534)	(13,967)	(6,992)
Capitalized interest	(827)	(1,506)	(932)
Proceeds from sale of real estate investments, net	1,537	33,593	11,001
Investment in real estate mortgage loans receivable	(67,134)	(9,374)	(129,358)
Principal payments received on mortgage loans receivable	4,808	9,155	1,933
Investment in unconsolidated joint ventures	(23,042)
Payment of working capital reserve	(805)
Advances under notes receivable	(1,554)	(1,263)	(1,004)
Principal payments received on notes receivable		113	3,110
Net cash used in investing activities	(326,820)	(29,034)	(164,887)
FINANCING ACTIVITIES:
Bank borrowings	291,000	37,500	93,000
Repayment of bank borrowings	(170,500)	(58,500)	(187,500)
Proceeds from issuance of senior unsecured notes	200,000	30,000	70,000
Principal payments on senior unsecured notes	(29,167)	(4,167)
Principal payments on bonds payable		(2,035)	(600)
Payment of earn-out liabilities			(7,000)
Proceeds from issuance of common stock		24,644	176,260
Stock option exercises	79	1,071	523
Distributions paid to stockholders	(76,765)	(74,431)	(66,904)
Distributions paid to non-controlling interests			(7)
Financing costs paid	(1,178)	(2,132)	(171)
Other	(1,285)	(219)	(252)
Net cash provided (used in) by financing activities	212,184	(48,269)	77,349
(Decrease) increase in cash and cash equivalents	(12,295)	18,459	(413)
Cash and cash equivalents, beginning of period	25,237	6,778	7,191
Cash and cash equivalents, end of period	12,942	25,237	6,778
Supplemental disclosure of cash flow information:
Interest paid	$ 16,078	$ 12,188	$ 10,466

The Company

The Company	12 Months Ended
	Dec. 31, 2015
General
The Company	1. The Company LTC Properties, Inc. (or LTC), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (or REIT) that invests primarily in senior housing and health care properties through property lease transactions, mortgage loans and other investments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly ‑owned subsidiaries and our controlled partnership, prior to its liquidation in 2013. All intercompany investments, accounts and transactions have been eliminated. 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 audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation, including changes in presentation of Provision for doubtful accounts as a result of the application of accounting guidance for presentation of each major income statement caption prescribed by Regulation S-X and change in presentation of Debt issue cost as a result of early adoption of accounting guidance for presentation of debt issuance cost as a reduction from the carrying amount of debt liability. These adjustments are normal and recurring in nature. Use of Estimates. Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (or GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in ‑place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in ‑place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease ‑up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in ‑place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight ‑line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 3 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles. Mortgage Loans Receivable. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mortgage loans we acquire are recorded at fair value at the time of purchase net of any related premium or discount which is amortized as a yield adjustment to interest income over the life of the loan. Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the expected collectability of our receivables and is maintained at a level believed adequate to absorb potential losses in our receivables. In determining the allowance we perform a quarterly evaluation of all receivables. If this evaluation indicates that there is a greater risk of receivable charge ‑offs, additional allowances are recorded in current period earnings. Debt Issuance Cost. In April 2015, FASB issued ASU No. 2015-03 (or ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (or ASU 2015-15). ASU 2015-15 allows debt issuance costs related to line of credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We h ave early adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015 using the full retrospective method as required by these ASUs and we elected to present debt issuance costs related to our unsecured revolving line of credit as an asset on our consolidated balance sheet. As a result, $1,049,000 of debt issuance costs previously reported within “debt issuance costs” were reclassified to “Senior unsecured notes” line item on our consolidated balance sheet as of December 31, 2014. Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Management assesses the impairment of properties individually and impairment losses are calculated as the excess of the carrying amount over the estimated fair value of assets as of the measurement date. In determining fair value, we use current appraisals or other third party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Also, we evaluate the carrying values of mortgage loans receivable on an individual basis. Management periodically evaluates the realizability of future cash flows from the mortgage loan receivable when events or circumstances, such as the non ‑receipt of principal and interest payments and/or significant deterioration of the financial condition of the borrower, indicate that the carrying amount of the mortgage loan receivable may not be recoverable. An impairment charge is recognized in current period earnings and is calculated as the difference between the carrying amount of the mortgage loan receivable and the discounted cash flows expected to be received, or if foreclosure is probable, the fair value of the collateral securing the mortgage. Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market ‑based measurement, not an entity ‑specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. 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 on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 14. Fair Value Measurements for the disclosure about fair value of our financial instruments. Consolidation. At inception, and on an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly-owned by us for consolidation, first under the variable interest model, then under the voting model. Our evaluation considers all of our variable interests, including common or preferred equity ownership, loans, and other participating instruments. The variable interest model applies to entities that meet both of the following criteria: • A legal structure been established to conduct business activities and to hold assets. • The entity established has variable interests - i.e. it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does not meet these criteria, or qualifies for a scope exception from the variable interest model, then we evaluate such entity under the voting model or apply other GAAP, including the cost or equity method of accounting. A legal entity is determined to be a variable interest entity (or VIE) if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The equity holders, as a group lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; • The obligation to absorb the entity's expected losses; • The right to receive the entity's expected residual returns; or 3) The entity is established with non-substantive voting rights (i.e. the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a variable interest entity VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, and eliminates the presumption that a general partner should consolidate a limited partnership. This update affects the consolidation analyses of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships. For public business entities, the update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of adopting this new guidance on our unconsolidated equity investments and other contractual relationships. Investment in unconsolidated joint ventures. From time to time, we provide funding to third party operators for the acquisition, development and construction (or ADC) of a property. Under an ADC arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate the ADC arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. If we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. If we determine the ADC arrangement should be accounted for as an investment rather than a loan, we evaluate the investment pursuant to ASC 805, Consolidation, to determine whether the ADC arrangement meets the definition of a VIE and whether we are the primary beneficiary. If the ADC arrangement is deemed to be a VIE but we are not the primary beneficiary, or if it is deemed to be a voting interest entity but we do not have a controlling financial interest, we account for our investment in the ADC arrangement using the equity method. Under the equity method, we initially record our investment at cost and subsequently recognize our share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Allocations of net income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage ownership interests. In certain circumstances where we have a substantive profit-sharing arrangement which provides a priority return on our investment, a portion of our equity in earnings may consist of a change in our claim on the net assets of the underlying joint venture. Distributions of operating profit from the joint ventures are reported as part of operating cash flows, while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. We perform a quarterly evaluation of our investment in unconsolidated joint ventures to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, writes the investment down to its estimated fair value as of the measurement date. Revenue Recognition. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non ‑performing after 60 days of non ‑ payment of amounts due and do not recognize unpaid mortgage interest income from that loan until the past due amounts have been received. Rental income from operating leases is generally recognized on a straight ‑line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: (i) a specified annual 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 revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically, and expect in the future, to not include contingent rents as income until received. We follow a policy related to rental income whereby we consider a lease to be non ‑performing after 60 days of non ‑payment of past due amounts and do not recognize unpaid rental income from that lease until the amounts have been received. Rental revenues relating to non ‑contingent leases that contain specified rental increases over the life of the lease are recognized on the straight ‑line basis. Recognizing income on a straight ‑line basis requires us to calculate the total non ‑contingent rent containing specified rental increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight ‑line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, the cash rent payments eventually exceed the straight ‑line rent which results in the straight ‑line rent receivable asset decreasing to zero over the remainder of the lease term. We assess the collectability of straight ‑line rent in accordance with the applicable accounting standards and our reserve policy. If the lessee becomes delinquent in rent owed under the terms of the lease, we may provide a reserve against the recognized straight ‑line rent receivable asset for a portion, up to its full value, that we estimate may not be recoverable. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan. 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. In July 2015, FASB approved a one-year deferral of the effective date to December 2017. However, the FASB will permit public companies to adopt the amendment as of the original effective date. Early adoption prior to the original effective date is not permitted. We are currently evaluating the effects of this adoption on our consolidated financial statements. Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. For Federal tax purposes, depreciation is generally calculated using the straight ‑line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight ‑line method over 40 years. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2015 , the tax basis of our net depreciable assets exceeds our book basis by approximately $56,074, 000 ( unaudited ), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two ‑step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more ‑likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our consolidated financial statements as General and administrative expenses. Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators for further discussion of concentrations of credit risk from our tenants. Discontinued Operations. Properties classified as held ‑for ‑sale on the consolidated balance sheet include only those properties available for immediate sale in their present condition and for which management believes that it is probable that a sale of the property will be completed within one year. Accordingly, we record reclassification adjustments to reflect properties sold subsequent to the respective consolidated balance sheet date as held ‑for ‑ sale in the prior period consolidated balance sheet. Properties held ‑for ‑sale are carried at the lower of cost or fair value less estimated selling costs. No depreciation expense is recognized on properties held ‑for ‑sale once they have been classified as such. The operating results of real estate assets designated as held ‑for ‑sale are included in discontinued operations in the consolidated statement of income. In addition, all gains and losses from real estate sold are also included in discontinued operations. 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. Extraordinary Items. In January 2015, FASB issued ASU No. 2015-01 (or ASU 2015-01), Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the separate classification, presentation and disclosure of extraordinary events and transactions. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We elected early adoption of ASU 2015-01 as of January 1, 2015. The adoption did not have a material impact on our consolidated financial statements. Net Income Per Share. Basic earnings per share is calculated using the weighted ‑average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share ‑based payments transactions are participating securities, we have applied the two ‑class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share ‑based payment awards that contain rights to non ‑forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. Stock ‑Based Compensation. The FASB requires all share ‑based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black ‑Scholes ‑Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on our statement of cash flows. Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in senior housing and health care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision ‑making purposes. Therefore, we have concluded that we operate as a single segment.

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2015
Major Operators
Major Operators	3. Major Operators We have four operators from each of which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operators as of December 31, 2015: Number of Number of Percentage of SNF ALF ROC SNF ALF Total Total Operator Centers Communities Communities Beds Units Revenue (1) Assets Prestige Healthcare (2) — % % Brookdale Senior Living (3) — — — % % Senior Care Centers (2) — — — % % Senior Lifestyle Corporation (2) — — — % % Totals % % (1) Includes rental income and interest income from mortgage loans. (2) A privately held company. (3) A subsidiary of Brookdale Senior Living, Inc. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Brookdale Senior Living, Senior Care Centers, Senior Lifestyle Corporation or any of our lessees and borrowers face financial difficulties, 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information For the year ended December 31, 2015 2014 2013 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (Note 5) $ $ — $ — Land conveyance applied to a mortgage and construction loan receivable (Note 5) — — Contingent liabilities related to real estate investments ( Note 5) — — Contingent liabilities related to lease incentives (Note 10) — Reclassification of pre-development loans ( Note 7) Restricted stock issued, net of cancellations (Note 9) — Preferred stock conversion (Note 9) — —

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2015
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. The following table summarizes our investment in owned properties at December 31, 2015 (dollar amounts in thousands) : Average Percentage Number Number of Investment Gross of of SNF ALF per Type of Property Investments Investments Properties (1) Beds (2) Units (2) Bed/Unit Assisted Living $ % — $ Skilled Nursing % — $ Range of Care % $ Under Development (3) % — — — — Other (4) % — — Totals $ % (1) We have investments in 28 states leased to 29 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes seven development projects, consisting of five MC communities with a total of 320 units, one 108 -unit ILF community and an 89 -unit combination ALF and MC community. (4) Includes one school, three parcels of land held ‑for ‑use and one behavioral health care hospital. The behavioral health care hospital has 2 skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed. 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 annual 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 revenues in excess of base amounts or (iv) specific dollar increases. During the year ended December 31, 2015, we received $134,000 of contingent rental income. We received no contingent rental income for the years ended December 31, 2014 and 2013. Acquisitions and Developments. The following table summarizes our investments for the twelve months ended December 31, 2015 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price (1) Costs (2) Costs Properties Beds/Units Skilled Nursing (3) $ $ $ Assisted Living (4) Other (5) Land (6) — — Totals $ $ $ (1) As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and is accreted to the settlement amount at the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. (2) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis ( $161 ) and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress ( $331 ). Additionally, transaction costs in the table above may differ from the acquisition costs line item in our consolidated statement of income ( $614 ) as a result of transaction costs from prior year’s acquisitions ( $35 ). (3) We purchased a property in Wisconsin by exercising our purchase option under a $10,600 mortgage and construction loan and equipped the property for $3,346 . The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054 lease incentive that will amortize as a yield adjustment over the life of the lease term. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000 . (4) Includes acquisition of a newly constructed 60 -unit MC community for $14,250 including a $2,000 working capital reserve which was recorded similarly to an earn-out and valued at $1,847 using a discounted cash flow analysis. As a result, our basis in the property was recorded at $14,132 which includes capitalized transaction costs. Additionally, we agreed to provide the lessee an earn-out up to $300 upon the property achieving a sustainable stipulated rent coverage ratio. When the working capital reserve and earn-out payments are funded, cash rent will increase by the amounts funded multiplied by the lease rate in effect at the time. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000 and we agreed to provide the lessee an incentive up to $10,000 , upon the portfolio achieving a sustainable stipulated rent coverage ratio, which will increase cash rent by the amount funded multiplied by the lease rate in effect at the time. (5) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300 . Also, as part of the agreement, we agreed to provide up to $3,000 for approved capital improvements. (6) We acquired five parcels of land and entered into development commitments up to an aggregate total of $70,298 , including the land purchases, for the development of three MC communities totaling 198 units, a 108 -unit IL community and an 89 -unit combination AL and MC community. We also purchased a parcel of land we previously leased pursuant to a ground lease. Additionally, we acquired land and existing improvements on a 56 -unit MC community and entered a development commitment up to a total of $13,524 , including the land purchase, to complete the development of the MC community. As discussed above, during the twelve months ended December 31, 2015, we acquired a portfolio of 10 independent, assisted living and memory care communities totaling 891 units for $142,000,000 in a business combination. The unaudited pro forma revenue and net income of the combined entity is provided below as if the acquisition date had been January 1, 2014 (in thousands except per share amounts): 2015 2014 Revenue $ $ Net income $ $ Basic earnings per common share: $ $ Diluted earnings per common share: $ $ Subsequent to December 31, 2015, we purchased a newly constructed 126 -bed skilled nursing center in Texas for $16,000,000 . During the twelve months ended December 31, 2015, we sold a 112 -bed skilled nursing center located in Texas for $1,600,000 , resulting in net sales proceed of $1,537,000 and a net gain on sale of $586,000 . Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 36 -unit closed assisted living community in Oregon for $1,500,000 . Simultaneously with the sale, we will enter into a mortgage loan agreement to provide up to $1,000,000 to the buyer. Accordingly, we expect to record a deferred gain on sale in the amount of approximately $120,000 . Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 48 -unit assisted living community in Florida for $1,750,000 . We performed a recoverability analysis on the property as of December 31, 2015 using probability-weighted cash flows giving consideration to are-leasing scenario (in which the property would continue to be held-and-used) and a sale scenario (in which the property is sold pursuant to the contingent purchase and sale agreement) and determined that a portion of carrying value of the property was not recoverable. Accordingly, we recorded an impairment charge of $2,250,000 to write the property down to its estimated sale price at December 31, 2015. During the twelve months ended December 31, 2015, we completed the following development, expansion and improvement projects (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 ALF 60 Colorado $ $ (1) Improvements 1 SNF 121 California Improvements 1 SNF 196 Texas Improvements 2 SNF 141 Tennessee 5 518 $ $ (1) The total funded amount includes acquired land of $1,425 . The following table summarizes our investment commitments as of December 31, 2015 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands) : Total Number Number Investment Commitment Remaining of of Type of Property Commitment Funded Commitment Properties Beds/Units Skilled Nursing (1) $ $ $ Assisted Living (2) Other (3) — Totals $ $ $ (1) Includes three commitments for renovation and expansion projects. (2) Includes the development of an IL community for $14,500 , five MC communities for a total of $65,034 and one ALF/MC community for $16,535 . Also, includes three commitments for renovation projects on 30 ALFs totaling $5,080 . (3) Includes a commitment for renovation of a behavioral health care hospital. Our construction in progress (or CIP) activity during the year ended December 31, 2015 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands) : CIP CIP Balance at Capitalized Conversions Balance at Type of Property 12/31/2014 Funded (1) Interest out of CIP 12/31/2015 Skilled nursing $ — $ $ — $ $ Assisted living Total $ $ $ $ $ (1) Excludes $8,048 of funding which was capitalized directly into building and includes the acquisition of the existing improvements of a 56 -unit MC community for $6,315 and the reclass of three pre ‑development loans with a total balance of $1,035 See Note 7. Notes Receivable for further discussion of pre ‑development loans. The following table summarizes our acquisitions during 2014 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Assisted Living (1) $ $ $ Land (2) — — — Totals $ $ $ (1) An assisted living community located in Colorado which was added to a master lease at an incremental initial cash yield of 6.5% . (2) We purchased a vacant parcel of land held-for-use in Michigan. Additionally, we purchased a vacant parcel of land in Illinois for $1,400 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator. The land was added to an existing master lease and we entered into development commitments in an amount up to $12,248 to fund the construction of a 66 -unit memory care community. During the twelve months ended December 31, 2014 , we sold 16 assisted living communities with a total of 615 units. The sales price for the 16 properties was $26,465,000 , resulting in net sales proceeds of $25,702,000 . As a result, we recorded a gain of $3,819,000 . During 2014, we also sold two assisted living communities located in Florida and Georgia with a total of 133 units, a school located in Minnesota, and a closed skilled nursing center for a combined sales price of $8,100,000 , resulting in net sales proceeds of $7,891,000 , and net gain on sale of $1,140,000 . During the twelve months ended December 31, 201 4, we completed the following development and improvement projects (dollar amounts in thousands) : Number Number of Type of of Type of Project Properties Property Beds/Units State 2014 Funding Total Funding Development 1 ALF 60 Colorado $ $ (1) Development 1 ALF 80 Texas (1) Development 1 SNF 143 Kentucky (1) Development 1 ALF 48 Colorado (1) Expansion/Renovation 1 ALF 72 Colorado Expansion/Renovation 2 ALF 123 Colorado Improvements 1 SNF 120 Florida Improvements 2 SNF 235 New Mexico 10 881 $ $ (1) The total funded amount includes acquired land. The following table summarizes our acquisitions for the twelve months ended December 31, 2013 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Skilled Nursing (1) $ $ $ Land (2) — — — Totals $ $ $ (1) A skilled nursing center located in Florida which was added to a master lease at an incremental initial cash yield of 8.75% . (2) We purchased three vacant parcels of land in Colorado for a total of $3,475 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator through May 2018 (unless earlier terminated as provided for therein). The land was added to an existing master lease and we entered into development commitments in an amount not to exceed $30,256 to fund the construction of three memory care communities, two with 60 units and the other with 48 units. We also purchased four parcels of land held-for-use in Michigan for $1,163 . During the year ended December 31, 2013, one of our lessees exercised its option to purchase six skilled nursing centers with a total of 230 beds located in Ohio for an all cash purchase price of $11,000,000 . As a result, we recorded a $2,619,000 gain on sale. Also, during 2013, we sold a 47 ‑bed skilled nursing center in Colorado for $1,000 and recognized a loss of $1,014,000 on the sale. During the twelve months ended December 31, 2013, we completed the following construction projects (dollar amounts in thousands) : Number Number of Type of of Type of Project Properties Property Beds/Units State 2013 Funding Total Funding Development 1 ALF (1) 60 Colorado $ $ Development 1 SNF (2) 120 Texas Development 1 ALF 77 Kansas (3) 3 257 $ (2) $ (1) Represents a memory care community. The funded amount includes acquired land of $1,882 . (2) This new property replaces a skilled nursing center in our existing portfolio. (3) The funded amount includes acquired land of $730 . Depreciation expense on buildings and improvements, including properties classified as held ‑for ‑sale, was $29,329,000 , $25,424,000 , and $24,568,000 for the years ended December 31, 2015 , 2014 and 2013, respectively. Future minimum base rents receivable under the remaining non ‑cancelable terms of operating leases including the skilled nursing center acquired subsequent to December 31, 2015, and excluding the effects of straight ‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent 2016 $ 2017 2018 2019 2020 Thereafter Set forth in the table below are the components of the income from discontinued operations for the year ended December 31, 2013 ( in thousands ): 2013 Rental income $ Total revenues Depreciation and amortization General and administrative expenses Total expenses Income from discontinued operations $ Mortgage Loans . The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2015 (dollar amounts in thousands) : Percentage Number Number Number of Investment Gross of of of SNF ALF per Type of Property Investments Investments Loans Properties (1) Beds (2) Units (2) Bed/Unit Skilled Nursing $ % — $ Assisted Living % — $ Other (3) % — — — n.a Totals $ % (1) We have investments in 8 states that include mortgages to 11 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes a parcel of land secured under a short-term mortgage loan. At December 31, 2015 , the mortgage loans had interest rates ranging from 7.3% to 13.9% and maturities ranging from 2016 to 2045. 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 2013, we funded the initial amount of $124,387,000 under a mortgage loan with a third ‑party borrower, secured by 15 skilled nursing centers with a total of 2,058 beds in Michigan. The loan agreement provides for additional commitments of $12,000,000 for capital improvements and, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the initial twelve years of the term, up to $40,000,000 of additional proceeds, for a total loan commitment of up to $176,387,000 . During the year ended December 31, 2015, we funded the $40,000,000 of additional proceeds. During the years ending December 31, 2015 and 2014 we funded $6,259,000 and $3,337,000 , respectively, under the $12,000,000 capital improvement commitment with $2,403,000 remaining as of December 31, 2015 . In addition, this mortgage loan provided the borrower a one ‑time option to prepay up to 50% of the then outstanding loan balance without penalty. In January 2015, we amended this mortgage loan to provide up to an additional $20,000,000 in loan proceeds for the redevelopment of two properties securing the loan (increasing the total capital improvement commitment to $32,000,000 and the total loan commitment to $196,387,000 ). As a result, our remaining commitment under the aggregate $32,000,000 capital improvement commitment was $22,403,000 at December 31, 2015. Also, we conveyed, to borrower, two parcels of land held-for-use adjacent to these properties to facilitate the projects. The estimated fair value of these parcels of $670,000 , based upon third-party appraisals, was recorded as a mortgage loan premium and will be amortized as a yield adjustment over the life of the lease. As partial consideration for the increased commitment and associated conveyance, the borrower forfeited their prepayment option. During the year ended December 31, 2015, we originated an $11,000,000 mortgage loan with the same borrower, initially funding $9,500,000 with a commitment to fund the balance for approved capital improvement projects. The loan is secured by a 157 -bed skilled nursing center in Michigan. Also, we originated another $20,000,000 mortgage loan with the same operator, initially funding $9,500,000 with a commitment to fund an additional $10,500,000 , of which, we funded $5,500,000 subsequent to December 31, 2015. This loan is secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 273 beds. These mortgage loans bear interest at 9.41% for five years, escalating annually thereafter by 2.25% and have a 30 -year term with interest- only payments for the initial three years. We have the option to purchase these properties under certain circumstances, including a change in regulatory environment. Furthermore, during the three months ended December 31, 2015, we originated a short-term loan in the amount of $1,208,000 to an existing operator. The loan is secured by a first lien mortgage encumbering a vacant parcel of land in Virginia and bears interest at 9% . Interest at the rate of 3% is payable at the beginning of each month commencing January 1, 2016, and interest at the rate of 6% shall accrue and is payable at the maturity date, February 28, 2016. The following table summarizes our additional loan commitments as of December 31, 2015, and amounts funded under these mortgage loans (dollar amounts in thousands): Additional Number Number Loan 2015 Commitment Remaining of of Type of Property Commitment Funding Funded Commitment Properties Beds/Units Skilled Nursing $ $ $ $ Assisted Living Totals $ $ $ $ During the twelve months ended December 30, 2015, we amended an existing mortgage loan secured by a 100 -unit independent living community in Arizona to provide up to $490,000 of additional proceeds for capital improvements. Also, during the twelve months ended December 31, 2015, we funded $360,000 under this amended mortgage loan and have a remaining commitment of $130,000 . At December 31, 2015 and 2014 the carrying values of the mortgage loans were $217,529,000 and $165,656,000 , respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2016 $ 2017 2018 2019 2020 Thereafter Total $ During the twelve months ended December 31, 2015 , 2014 and 2013, we received $2,321,000 , $2,159,000 , and $1,933,000 , respectively in regularly scheduled principal payments. During 2015, we received $2,487,000 plus accrued interest related to the early payoff of two mortgage loans secured by a range o f care community located in California and a skilled nursing center in Texas.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2015
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	6. Investment in Unconsolidated Joint Ventures During the year December 31, 2015, we made a preferred equity investment in an entity (the JV) that owns four properties providing independent, assisted living and memory care services. These properties are located in Arizona. At closing, we provided an initial preferred capital contribution of $20,143,000 and have committed to provide an additional preferred capital contribution of $5,507,000 for a total preferred capital contribution of $25,650,000 . As the preferred member of the JV, we are entitled to receive a 15% preferred return, a portion of which is paid in cash and a portion of which is deferred if the cash flow of the JV is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return will be accrued to the extent of the common member’s capital account balance in the underlying JV (as determined in accordance with GAAP). As of December 31, 2015, the common member’s capital account was reduced to $0 , and we discontinued accrual of the preferred return. We will continue to evaluate our claim on the estimated net assets of the underlying joint venture quarterly. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be paid upon redemption. In addition, we have the option to purchase either the properties owned by the JV or 100% of the common membership interest in the JV, which is exercisable between April 2018 and September 2019. If we elect not to exercise our purchase option, we have the right to put our preferred equity interest to the common member after September 2019 for an amount equal to the unpaid preferred equity investment balance and accrued preferred return thereon. The common equity member has the right to call our preferred interest at any time for an amount equal to the preferred equity investment balance and accrued preferred return thereon that would be due for the first 36 months, less amounts paid to us prior to the redemption date. The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct and w e are not entitled to share in the JV’s earnings or losses. As a result, we believe our maximum exposure to loss due to our investment in the JV would be limited to our preferred capital contributions plus any unpaid accrued preferred return. We have concluded that the JV meets the accounting criteria to be considered as a VIE. However, because we do not control the entity, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the JV. Therefore, we account for our JV investment using the equity method. During the twelve months ended December 31, 2015, we recognized $1,819,000 in income from our preferred equity investment in the JV. Additionally, during the twelve months ended December 31, 2015, we received $552,000 from our preferred equity investment in the JV. Additionally, during the year ended December 31, 2015, we originated a $2,900,000 mezzanine loan to develop a 99 -unit combination ALF, MC and ILF community. The loan matures on November 1, 2020 and bears interest at 10% for the first two years escalating to 12% until November 1, 2018 and, 15% thereafter. Interest is deferred for a period ending on the earlier of February 1, 2017 or the effective date of the certificate of occupancy. During this period, the borrower is not required to pay any interest, however the unpaid deferred interest will be added to the loan principal balance. In addition to the interest payments, the borrower is required to make cash flow participation payments. We have evaluated this ADC arrangement and determined that the characteristics are similar to a jointly-owned investment or partnership, and accordingly, the investment is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2015
Notes Receivable
Notes Receivable	7. Notes Receivable Notes receivable consist of various loans, and line of credit agreements with certain operators. During 2015, we committed to fund five new working capital loans to existing operators as follows ( dollar amounts in thousands ): Total Interest Maturity Type of Property Commitment Rate Date Assisted Living $ % Under Development % Under Development % Under Development % Under Development % Totals $ At December 31, 2015 , we had eight loan and line of credit agreements with commitments totaling $2,725,000 and a remaining combined commitment balance of $2,317,000 . The weighted average interest rate of these loan commitments is 9.9% . The following table summarizes our notes receivable activities for the fiscal years 2015, 2014 and 2013 (dollar amounts in thousands): Year ended December 31, 2015 2014 2013 Advances under notes receivable $ $ $ Principal payments received under notes receivable — Reclassed to real estate under development (1) Net increase (decrease) in notes receivable $ $ $ (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2015
Debt Obligations
Debt Obligations	8. Debt Obligations The following table sets forth information regarding debt obligations by component as of December 31, 2015 and 2014 (dollar amounts in thousands): Year ended December 31, 2015 2014 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 1.92% $ $ $ — $ Senior unsecured notes , net of debt issue costs 4.64% n.a. Total 4.07% $ $ (1) Represents weighted average of interest rate as of December 31, 2015. (2) Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. Bank Borrowings. During the three months ended December 31, 2015 , we exercised the $200,000,000 accordion feature under our Unsecured Credit Agreement increasing commitments to $600,000,000 . The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one ‑year extension option at our discretion, subject to customary conditions. Based on our leverage ratios at December 31, 2015 , the amended facility provides for interest annually at LIBOR plus 1 50 basis points and the unused commitment fee was 35 basis points. Financial covenants contained in the Unsecured Credit Agreement, which are measured quarterly, require us to maintain, among other things: (i) a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; (ii) a ratio of secured debt to total asset value not greater than 0.35 to 1.0; (iii) a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and (iv) a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. During the years ended December 31, 2015 and 2014, we borrowed $291,000,000 and $37,500,000 , respectively, under our Unsecured Credit Agreement. Additionally, during the years ended December 31, 2015 and 2014, we repaid $170,500,000 and $58,500,000 , respectively, under our unsecured revolving line of credits. At December 31, 2015 and 2014 , we were in compliance with all covenants. Senior Unsecured Notes . During 2015, we entered into a third amended and restated $200,000,000 private shelf agreement with Prudential Investment Management, Inc. (or Prudential) for a three -year term. After July 14, 2015 and for the balance of the term, the agreement provides for the possible issuance of additional senior unsecured fixed interest rate term notes up to the maximum availability upon us making our scheduled principal payments on existing notes then outstanding. Interest rates on any issuance under the shelf agreement will be set at a spread over applicable Treasury rates. Maturities of each issuance are at our election for up to 15 years from the date of issuance with a maximum average life of 12 years from the date of original issuance . During the year ended December 31, 2015, we sold $100,000,000 senior unsecured term notes to affiliates and managed accounts of Prudential Investment Management, Inc. (or individually and collectively Prudential) with an annual fixed rate of 4.5% under this shelf agreement. These notes have periodic scheduled principal payments and will mature on July 31, 2026. Accordingly, w e currently have $37,500,000 available for borrowing under this shelf agreement. Also, during 2015, we entered into a $100,000,000 note purchase and private shelf agreement with AIG Asset Management (U.S.) LLC (or AIG) for a three -year term and we sold $100,000,000 senior unsecured term notes to affiliates of AIG with a coupon of 4.26% . These notes have periodic scheduled principal payments and will mature on November 20, 2028. As a result of the sale, our shelf agreement with AIG has been exhausted with no more availability. We used the proceeds from the Prudential and AIG notes to fund acquisitions and developments, to pay down our unsecured revolving line of credit and for general corporate purposes. During 2014, we sold $30,000,000 senior unsecured term notes to Prudential. These notes bear interest at 4.5% and will mature on July 31, 2026. During the year ended December 31, 2015 and 2014, we paid $29,167,000 and $4,167,000 , respectively, in regularly scheduled principal payments. Bonds Payable. During 2014, we paid off a $1,400,000 multifamily tax ‑exempt revenue bond that was secured by five assisted living communities in Washington. These bonds bore interest at a variable rate that reset weekly. During 2014, we paid $635,000 in regularly scheduled principal payments. Scheduled Principal Payments. The following table represents our long term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2015 , and excludes the effects of interest and debt issue costs ( in thousands ): Total 2016 2017 2018 2019 2020 Thereafter Bank borrowings $ (1) $ — $ — $ $ — $ — $ — Senior unsecured notes (2) $ $ $ $ $ $ $ (1) At December 31, 2015 we had $479,500 available for borrowing under our unsecured revolving line of credit. Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. (2) Excludes debt issue costs of $1,095 .

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity
Equity	9. Equity Preferred Stock. Historically, 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 was convertible into 2,000,000 shares of our common stock at $19.25 per share and dividends were payable quarterly. During the year ended December 31, 2015, the sole holder of our Series C Preferred stock elected to convert all of its preferred shares into 2,000,000 shares of common stock. Accordingly, we had no preferred s tock outstanding as of De cember 31, 2015. Common Stock. During the year ended December 31, 2015, we entered into equity distribution agreements to issue and sell, from time to time, up to $200,000,000 in aggregate offering price of our common shares. Sales of common shares will be made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During 2015, we did not sell shares of common stock under our equity distribution agreement. At December 31, 2015, we had $200,000,000 available under this agreement. During 2014, we sold 600,000 shares of common stock at a price of $41.50 per share in a registered direct placement to certain institutional investors. The net proceeds of $24,644,000 were used to pay down amounts outstanding under our unsecured line of credit, to fund current developments and for general corporate purposes. During 2015 and 2014, we acquired 26,99 3 shares and 5,324 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2015 , we acquired 30,482 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. During 2013, we terminated our prior 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 2013, we sold 126,742 shares of common stock for $4,895,000 in net proceeds under our prior equity distribution agreement. In conjunction with the sale of common stock, we reclassified $662,000 of accumulated costs associated with the prior equity distribution agreement to additional paid in capital. Available Shelf Registration. On July 19, 2013, we filed an automatic shelf registration statement with the SEC to replace our prior shelf registration statement. The automatic shelf registration statement we filed in 2013 provides us with the capacity to publicly offer common stock, preferred stock, warrants, debt, depositary shares, or units. At December 31, 2015 we had availability of $575,100,000 under this automatic shelf registration statement. In advance of the three -year expiration of the automatic shelf registration statement we filed in 2013, we filed a new automatic shelf registration statement with the SEC on January 29, 2016 to provide us with additional capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. Distributions. We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2015 December 31, 2014 Declared Paid Declared Paid Preferred Stock Series C $ $ $ $ Common Stock (1) (1) (2) (2) Total $ $ $ $ (1) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. (2) Represents $0.17 per share per month for the twelve months ended December 31, 2014. In January 2016, we declared a monthly cash dividend of $0.1 8 per share on our common stock for the months of January, February and March 2016 payable on January 29, February 29 and March 31, 2016, respectively, to stockholders of record on January 21, February 19 and March 23, 2016, respectively. Accumulated Other Comprehensive Income. During prior years, we had investments in Real Estate Mortgage Investment Conduit (or REMIC) Certificates, and retained the non ‑investment grade certificates issued in the securitizations. During 2005, a loan was paid off in the last remaining REMIC pool which caused the last third party REMIC Certificate holders entitled to any principal payments to be paid off in full. After this transaction, we became the sole holder of the remaining REMIC Certificates and were therefore entitled to the entire principal outstanding of the loan pool underlying the remaining REMIC Certificates. Under the FASB accounting guidance relating to accounting for changes that result in a transferor regaining control of financial assets sold, a Special Purpose Entity (or SPE) may become non ‑qualified or tainted which generally results in the “repurchase” by the transferor of all the assets sold to and still held by the SPE. Since we were the sole REMIC Certificate holder entitled to principal from the underlying loan pool, we had all the risks and were entitled to all the rewards from the underlying loan pool. As required by the accounting guidance, the repurchase for the transferred assets was accounted for at fair value. The accumulated other comprehensive income balance represents the fair market value adjustment offset by any previously adjusted impairment charge which is amortized to increase interest income over the remaining life of the loans that we repurchased from the REMIC pool. At December 31, 2015 and 2014 , accumulated other comprehensive income was $47,000 and $82,000 , respectively. Stock Based Compensation Plans. During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaces the 2008 Equity Participation Plan (or the 2008 Plan ). Under the 2015 Plan, 1,400,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. During the twelve months ended December 31, 2015, no stock options or restricted stock were granted under this plan. Restricted Stock . Restricted stock activity for the years ended December 31, 2015 and 2014 was as follows: 2015 2014 Outstanding, January 1 Granted Vested Canceled — Outstanding, December 31 Compensation expense for the year $ $ During 2015 and 2014, we granted 92,150 and 95,000 shares of restricted common stock, respectively, under the 2008 Plan as follows: Price per Year No. of Shares Share Vesting Period 2015 $ ratably over 3 years $ ratably over 3 years $ June 2, 2016 2014 $ ratably over 3 years $ ratably over 3 years $ ratably over 3 years $ June 9, 2015 $ November 12, 2015 Compensation expense recognized related to the vesting of restricted common stock for the twelve months ended December 31, 2015 was $3,992,000 , compared to $3,241,000 for the same period in 2014. At December 31, 2015, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows: Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 2018 $ Stock Options. During 2015, we did not issue any stock options. During 2014, we issued 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. The fair value of these options was estimated utilizing the Black-Scholes-Merton valuation model and assumptions as of the grant date. In determining the estimated fair value, the expected life assumption was three years, the volatility was 0.21 , the risk free interest rate was 0.66% and the expected dividend yield was 5.31% . The fair value of the option granted was estimated to be $2.96 . Nonqualified stock option activity for the years ended December 31, 2015 and 2014 , was as follows: Weighted Average Shares Price 2015 2014 2015 2014 Outstanding, January 1 $ $ Granted — $ — $ Exercised $ $ Canceled — — $ — $ — Outstanding, December 31 $ $ Exercisable, December 31 (1) $ $ (1) The aggregate intrinsic value of exercisable options at December 31, 2015 , based upon the closing price of our common shares at December 31, 2015, the last trading day of 2015, was approximately $494,000 . Options exercisable at December 31, 2015 have a weighted average remaining contractual life of approximately 2.6 years. The options exercised during 2015 and 2014 were as follows: Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2015 $ $ $ 2014 $ $ $ (1) As of the exercise dates. We use the Black ‑Scholes ‑Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. The weighted average exercise share price of the options was $29.6 0 and $29.16 and the weighted average remaining contractual life was 2. 6 and 2. 7 years as of December 31, 2015 and 2014 , respectively. Compensation expense related to the vesting of stock options for the twelve months ended December 31, 2015, was $14,000 compared to $12,000 for the same periods in 2014. The following table summarizes our scheduled number of stock option awards vesting and remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options: Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 $

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at the estimate fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. During 2015 and 2014, we recorded non-cash interest expense of $409,000 and $18,000 , respectively, related to these contingent liabilities and the fair value of our contingent payments was $12,722,000 at December 31, 2015. At December 31, 2015, we had commitments as follows (in thousands): Investment 2015 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (Note 5) $ (1) $ $ $ Accrued incentives and earn-out liabilities Lease incentives Mortgage loans (Note 5) (1) Joint venture investments (Note 6) Notes receivable (Note 7) Totals $ $ $ $ (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties. 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 principals and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2015
Distributions
Distributions	11. Distributions We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2015, 2014 and 2013 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ): Year Ended December 31, 2015 2014 2013 Ordinary taxable distribution $ $ $ Return of capital Unrecaptured Section 1250 gain Total $ $ $

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2015
Net Income Per Common Share
Net Income Per Common Share	12. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) : For the year ended December 31, 2015 2014 2013 Income from continuing operations $ $ $ Less net income allocated to participating securities: Non-forfeitable dividends on participating securities Income allocated to participating securities Total net income allocated to participating securities Less net income allocated to preferred stockholders: Preferred stock dividends Total net income allocated to preferred stockholders Discontinued operations: Income from discontinued operations — — Gain on sale of assets, net — — Total net income from discontinued operations — — Net income available to common stockholders Effect of dilutive securities: Convertible preferred securities — Total effect of dilutive securities — Net income for diluted net income per share $ $ $ Shares for basic net income per share Effect of dilutive securities: Stock options Convertible preferred securities — Total effect of dilutive securities Shares for diluted net income per share Basic net income per share $ $ $ Diluted net income per share (1) $ $ $ (1) For the year ended December 31, 2013, the Series C Cumulative Convertible Preferred Stock was excluded from the computation of diluted net income per share as such inclusion would be anti ‑dilutive.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information
Quarterly Financial Information	13. Quarterly Financial Information For the quarter ended March 31, June 30, September 30, December 31, (unaudited, in thousands except per share amounts) 2015 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ 2014 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ NOTE: Quarterly and year ‑to ‑date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Fair Value Measurements	14. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates fair value because of the short ‑term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2015 and 2014 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2015 At December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value Mortgage loans receivable $ $ (1) $ $ (1) Bank borrowings (2) — — (2) Senior unsecured notes, net of debt issue costs (3) (3) Contingent liabilities (4) (4) (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at December 31, 2015 and 2014 was 8.9% and 8.6% , respectively. (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at December 31, 2015 and 2014 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 December 31, 2015 , the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026. At December 31, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.8% for those maturing before year 2020 and 4.55% for those maturing beyond year 2020. (4) Our contingent obligations under the accrued incentives and earn ‑out liabilities are classified as Level 3. We estimated the fair value of the contingent earn ‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk ‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At December 31, 2015 and December 31, 2014, the discount rate used to value our future cash outflow of the earn-out liability was 6.1% and 6.2% , respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events
Subsequent Events	15. Subsequent Events We had the following events occur subsequent to the balance sheet date. Real Estate—Owned Properties: W e purchased a newly constructed 126 -bed skilled nursing center in Texas for $16,000,000 . Additionally, we entered into a contingent purchase and sale agreement to sell a 36 -unit closed assisted living community in Oregon for $1,500,000 . Simultaneously with the sale, we will enter into a mortgage loan agreement to provide a mortgage loan of up to $1,000,000 to the buyer. Accordingly, we expect to record a deferred gain on sale in the amount of approximately $120,000 . Additionally, we entered into a contingent purchase and sale agreement to sell a 48 -unit assisted living community in Florida for $1,750,000 . See Note 5. Real Estate Investments for further discussion of the sale of the Florida assisted living community. Debt: We borrowed $32,000,000 under our unsecured revolving line of credit. Accordingly, we have $152,500,000 outstanding and $447,500,000 available for borrowing. Equity: We filed an automatic shelf registration statement with the SEC on January 29, 2016. Also, we acquired 30,482 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Additionally, we declared a monthly cash dividend of $0.1 8 per share on our common stock for the months of January, February and March 2016 , payable on January 29, February 29, and March 31, 2016, respectively, to stockholders of record on January 21, February 19, and March 23, 2016, respectively.

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2015
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions (Recovered) Balance at charged to beginning of costs and Charged to Balance at end Account Description period expenses other accounts Deductions (1) of period Year ended December 31, 2013 Loan loss reserves $ $ $ — $ $ Straight-line rent receivable allowance — $ $ $ — $ $ Year ended December 31, 2014 Loan loss reserves $ $ $ — $ — $ Straight-line rent receivable allowance — $ $ $ — $ $ Year ended December 31, 2015 Loan loss reserves $ $ $ — $ — $ Straight-line rent receivable allowance — — $ $ $ — $ — $ Deductions represent uncollectible accounts written off.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Skilled Nursing Properties: 134 Alamogordo, NM $ — $ $ $ $ $ $ $ 1985 2001 218 Albuquerque, NM — 2008 2005 219 Albuquerque, NM — 1982 2005 220 Albuquerque, NM — 1970 2005 042 Altoona, IA — 1973 1996 252 Amarillo, TX — — 2013 2011 214 Aransas Pass, TX — 2008 2004 247 Arlington, TX — — 2007 2011 171 Atlanta, GA — 1968 1999 040 Atmore, AL — 1974 1996 221 Beaumont, TX — 1950 2005 213 Beeville, TX — 1974 2004 215 Benbrook, TX — 1976 2005 007 Bradenton, FL — 2012 1993 256 Brownwood, TX — — 2011 2012 043 Carroll, IA — 1969 1996 177 Chesapeake, VA — 2007 1995 257 Cincinnati, OH — — 2009 2012 125 Clovis, NM — 2006 2001 129 Clovis, NM — 1995 2001 268 Cold Spring, KY — — 2014 2012 253 Colton, CA — — 1990 2011 211 Commerce City, CO — 1964 2004 212 Commerce City, CO — 1967 2004 246 Crowley, TX — — 2007 2011 235 Daleville, VA — — 2005 2010 258 Dayton, OH — — 2010 2012 196 Dresden, TN — 2014 2000 298 Fort Worth, TX — — 1998 2015 185 Gardner, KS — 2011 1999 248 Granbury, TX — — 2008 2011 044 Granger, IA — 1979 1996 205 Grapevine, TX — 1974 2002 172 Griffin, GA — — 1969 1999 250 Hewitt, TX — 2008 2011 051 Houston, TX — 1968 1996 054 Houston, TX — 2007 1996 055 Houston, TX — 2008 1996 208 Jacksonville, FL — 1987 2002 045 Jefferson, IA — 1972 1996 008 Lecanto, FL — 2012 1993 053 Mesa, AZ — 1996 1996 226 Mesa, AZ — 1979 2006 242 Mission, TX — — 2004 2010 041 Montgomery, AL — 1974 1996 115 Nacogdoches, TX — 1973 1997 233 Nacogdoches, TX — 1991 2010 249 Nacogdoches, TX — — 2007 2011 046 Norwalk, IA — 1975 1996 176 Olathe, KS — 1968 1999 251 Pasadena, TX — 2005 2011 210 Phoenix, AZ — 1982 2004 193 Phoenix, AZ — 1985 2000 047 Polk City, IA — 1976 1996 094 Portland, OR — 2007 1997 254 Red Oak, TX — — 2002 2012 124 Richland Hills, TX — 1976 2001 197 Ripley, TN — 2014 2000 LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 133 Roswell, NM $ — $ $ $ $ $ $ $ 1975 2001 081 Sacramento, CA — 2015 1997 085 Salina, KS — 1985 1997 281 Slinger, WI — — 2014 2015 243 Stephenville TX — 2009 2010 234 St. Petersburg, FL — 1988 2010 225 Tacoma, WA — 2009 2006 178 Tappahannock, VA — 1978 1995 270 Trinity, FL — — 2008 2013 192 Tucson, AZ — 1992 2000 209 Tyler, TX — 1974 2004 299 Weatherford, TX — — 1996 2015 Skilled Nursing Properties — Assisted Living Properties: 077 Ada, OK — — 1996 1996 136 Arlington, OH — — 1993 2001 105 Arvada, CO — 2014 1997 063 Athens, TX — 1995 1996 269 Aurora, CO — — 2014 2013 260 Aurora, CO — — 1999 2012 203 Bakersfield, CA — 2002 2001 117 Beatrice, NE — — 1997 1997 137 Bexley, OH — — 1992 2001 278 Castle Rock, CO — — 2012 2014 160 Central, SC — — 1998 1999 263 Chatham, NJ — — 2002 2012 240 Daytona Beach, FL — (2) 1996 2010 292 De Forest, WI — — 2006 2015 156 Denison, IA — — 1998 1998 057 Dodge City, KS — 1995 1995 083 Durant, OK — — 1997 1997 107 Edmond, OK — 1996 1997 122 Elkhart, IN — — 1997 1997 155 Erie, PA — — 1998 1999 100 Fremont ,OH — — 1997 1997 267 Frisco, TX — — 2014 2012 163 Fort Collins, CO — 2014 1999 170 Fort Collins, CO — 2014 1999 132 Fort Meyers, FL — 1998 1998 230 Fort Wayne, IN — 1996 2009 229 Fort Worth, TX — 2009 2008 167 Goldsboro, NC — 1998 1999 056 Great Bend, KS — 1995 1995 102 Greeley, CO — 1997 1997 284 Green Bay, WI — — 2004 2015 164 Greenville, NC — 1998 1999 062 Greenville, TX — 1995 1996 161 Greenwood, SC — — 1998 1999 241 Gulf Breeze, FL — 2000 2010 295 Jacksonville, FL — — 2015 2015 066 Jacksonville, TX — 1996 1996 285 Kenosha, WI — — 2008 2015 255 Littleton, CO — — 2013 2012 268 Littleton, CO — — 2014 2013 148 Longmont, CO — — 1998 1998 060 Longview, TX — 1995 1995 261 Louisville, CO — — 2000 2012 114 Loveland, CO — 1997 1997 068 Lufkin, TX — 1996 1996 LTC PROPERTIES, INC. SCHEDULE III Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 119 Madison, IN — — 1997 1997 061 Marshall, TX — 1995 1995 293 McHenry, IL — — 2005 2015 058 McPherson, KS — 1994 1995 239 Merritt Island, FL — 2004 2010 104 Millville, NJ — — 1997 1997 286 Milwaukee, WI — — 2007 2015 231 Monroeville, PA — 1997 2009 289 Neenah, WI — — 1991 2015 166 New Bern, NC — 1998 1999 118 Newark, OH — — 1997 1997 123 Newport Richey, FL — 1995 1998 074 Newport, OR — — 1996 1996 143 Niceville, FL — — 1998 1998 095 Norfolk, NE — — 1997 1997 290 Oshkosh, WI — — 2009 2015 291 Oshkosh, WI — — 2005 2015 232 Pittsburgh, PA — 1994 2009 165 Rocky Mount, NC — 1998 1999 141 Rocky River, OH — — 1998 1999 059 Salina, KS — 1994 1995 084 San Antonio, TX — — 1997 1997 092 San Antonio, TX — — 1997 1997 288 Sheboygan, WI — — 2006 2015 149 Shelby, NC — 1998 1998 150 Spring Hill, FL — — 1998 1998 103 Springfield, OH — 1997 1997 162 Sumter, SC — — 1998 1999 140 Tallahassee, FL — — 1998 1998 098 Tiffin, OH — — 1997 1997 088 Troy, OH — 1997 1997 080 Tulsa, OK — — 1997 1997 093 Tulsa, OK — — 1997 1997 238 Tupelo, MS — 2000 2010 075 Tyler, TX — — 1996 1996 202 Vacaville, CA — 2002 2001 091 Waco, TX — — 1997 1997 096 Wahoo, NE — — 1997 1997 108 Watauga, TX — — 1996 1997 287 Waukesha, WI — — 2009 2015 109 Weatherford, OK — 1996 1997 276 Westminster, CO — — 2015 2013 110 Wheelersburg, OH — — 1997 1997 259 Wichita, KS — — 2013 2012 076 Wichita Falls, TX — 1996 1996 120 Wichita Falls, TX — — 1997 1997 265 Williamstown, NJ — — 2000 2012 264 Williamstown, NJ — — 2000 2012 138 Worthington, OH — — — — 1993 2001 139 Worthington, OH — — — — 1995 2001 099 York, NE — — 1997 1997 Assisted Living Properties — Range of Care Properties: 199 Brownsville, TX — 2010 2004 168 Des Moines, IA — 1972 1999 26A Gardendale, AL — 2011 1996 194 Holyoke, CO — 1963 2000 245 Newberry, SC — 1995 2011 244 Newberry, SC — 2001 2011 236 Wytheville, VA — — 1996 2010 Range of Care Properties — LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: Properties: 297 Las Vegas, NV — — 1994 2015 159 Trenton, NJ — 1998 1998 Properties — Land : 271 Howell, MI — — — — — N/A 2013 275 Yale, MI — — — — — N/A 2013 999 Milford, MI — — — — — N/A 2014 Land — — — — — Other Properties — Properties Under Development: 277 Burr Ridge, IL — — — N/A 2014 279 Corpus Christi, TX — — — N/A 2015 296 Glenview, IL — — — N/A 2015 280 Murrells Inlet, SC — — — N/A 2015 294 Murrieta, CA — — — N/A 2015 282 Tinley Park, IL — — — N/A 2015 283 Wichita, KS — — — N/A 2015 Properties Under Development — — — $ — $ $ $ $ $ $ (3) $ (1) Depreciation is computed principally by the straight ‑line method for financial reporting purposes which generally range of a life from 3 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles. (2) Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 48 -unit assisted living community in Florida for $1,750 . Accordingly, we recorded an impairment charge of $2,250 to write the property down to its estimated sale price at December 31, 2015. (3) As of December 31, 2015 , our aggregate cost for Federal income tax purposes was $1,217,219 . LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2015, 2014 and 2013 is as follows: For the Year Ended December 31, 2015 2014 2013 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ $ $ Acquisitions Improvements Conversion of mortgage loans into owned properties — — Capitalized interest Other non-cash items (See Note 4) Conveyed land (See Note 4) — — Cost of real estate sold Impairment on real estate for sale — — Ending balance $ $ $ Accumulated depreciation: Balance at beginning of period $ $ $ Depreciation expense Cost of real estate sold Ending balance $ $ $

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2015
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands) Principal Amount of Carrying Loans Current Amount of Subject to (Unaudited) Monthly Face Mortgages Delinquent Number of Final Balloon Debt Amount of December 31, Principal or State Properties Units/Beds (3) Interest Rate (1) Maturity Date Amount (2) Service Mortgages 2015 Interest MI 9.53% 2043 $ $ $ $ $ — MI 9.41% 2045 — MI 9.41% 2045 — Various 7.21%-13.88% 2016-2019 — (4) $ $ $ $ $ — (1) Represents current stated interest rate. Generally, the loans have 30 ‑year amortization with principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. (2) Balloon payment is due upon maturity. (3) This number is based upon unit/bed counts shown on operating licenses provided to us by borrowers or units/beds as stipulated by mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi ‑patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de ‑licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. (4) Includes 19 first ‑lien mortgage loans as follows: Number of Loans Original loan amounts 11 $ 500 - $2,000 1 $2,001 - $3,000 2 $3,001 - $4,000 0 $4,001 - $5,000 1 $5,001 - $6,000 1 $6,001 - $7,000 3 $7,001 + Mortgage loans receivable activity for the years ended December 31, 2015, 2014 and 2013 is as follows: Balance— December 31, 2012 $ New mortgage loans Other additions Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2013 New mortgage loans Other additions Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2014 New mortgage loans Other additions Land conveyance Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2015 $

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
General
Basis of Presentation	Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly ‑owned subsidiaries and our controlled partnership, prior to its liquidation in 2013. All intercompany investments, accounts and transactions have been eliminated. 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 audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation, including changes in presentation of Provision for doubtful accounts as a result of the application of accounting guidance for presentation of each major income statement caption prescribed by Regulation S-X and change in presentation of Debt issue cost as a result of early adoption of accounting guidance for presentation of debt issuance cost as a reduction from the carrying amount of debt liability. These adjustments are normal and recurring in nature.
Consolidation	Consolidation. At inception, and on an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly-owned by us for consolidation, first under the variable interest model, then under the voting model. Our evaluation considers all of our variable interests, including common or preferred equity ownership, loans, and other participating instruments. The variable interest model applies to entities that meet both of the following criteria: • A legal structure been established to conduct business activities and to hold assets. • The entity established has variable interests - i.e. it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does not meet these criteria, or qualifies for a scope exception from the variable interest model, then we evaluate such entity under the voting model or apply other GAAP, including the cost or equity method of accounting. A legal entity is determined to be a variable interest entity (or VIE) if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The equity holders, as a group lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; • The obligation to absorb the entity's expected losses; • The right to receive the entity's expected residual returns; or 3) The entity is established with non-substantive voting rights (i.e. the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a variable interest entity VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, and eliminates the presumption that a general partner should consolidate a limited partnership. This update affects the consolidation analyses of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships. For public business entities, the update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of adopting this new guidance on our unconsolidated equity investments and other contractual relationships.
Use of Estimates	Use of Estimates. Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (or GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market.
Owned Properties	Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in ‑place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in ‑place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease ‑up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in ‑place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight ‑line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 3 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles.
Mortgage Loans Receivable	Mortgage Loans Receivable. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mortgage loans we acquire are recorded at fair value at the time of purchase net of any related premium or discount which is amortized as a yield adjustment to interest income over the life of the loan.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the expected collectability of our receivables and is maintained at a level believed adequate to absorb potential losses in our receivables. In determining the allowance we perform a quarterly evaluation of all receivables. If this evaluation indicates that there is a greater risk of receivable charge ‑offs, additional allowances are recorded in current period earnings.
Debt Issuance Cost	Debt Issuance Cost. In April 2015, FASB issued ASU No. 2015-03 (or ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (or ASU 2015-15). ASU 2015-15 allows debt issuance costs related to line of credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We have early adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015 using the full retrospective method as required by these ASUs and we elected to present debt issuance costs related to our unsecured revolving line of credit as an asset on our consolidated balance sheet. As a result, $1,049,000 of debt issuance costs previously reported within “debt issuance costs” were reclassified to “Senior unsecured notes” line item on our consolidated balance sheet as of December 31, 2014.
Impairments	Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Management assesses the impairment of properties individually and impairment losses are calculated as the excess of the carrying amount over the estimated fair value of assets as of the measurement date. In determining fair value, we use current appraisals or other third party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Also, we evaluate the carrying values of mortgage loans receivable on an individual basis. Management periodically evaluates the realizability of future cash flows from the mortgage loan receivable when events or circumstances, such as the non ‑receipt of principal and interest payments and/or significant deterioration of the financial condition of the borrower, indicate that the carrying amount of the mortgage loan receivable may not be recoverable. An impairment charge is recognized in current period earnings and is calculated as the difference between the carrying amount of the mortgage loan receivable and the discounted cash flows expected to be received, or if foreclosure is probable, the fair value of the collateral securing the mortgage.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market ‑based measurement, not an entity ‑specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. 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 on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 14. Fair Value Measurements for the disclosure about fair value of our financial instruments.
Investment in unconsolidated joint ventures	Investment in unconsolidated joint ventures. From time to time, we provide funding to third party operators for the acquisition, development and construction (or ADC) of a property. Under an ADC arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate the ADC arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. If we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. If we determine the ADC arrangement should be accounted for as an investment rather than a loan, we evaluate the investment pursuant to ASC 805, Consolidation, to determine whether the ADC arrangement meets the definition of a VIE and whether we are the primary beneficiary. If the ADC arrangement is deemed to be a VIE but we are not the primary beneficiary, or if it is deemed to be a voting interest entity but we do not have a controlling financial interest, we account for our investment in the ADC arrangement using the equity method. Under the equity method, we initially record our investment at cost and subsequently recognize our share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Allocations of net income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage ownership interests. In certain circumstances where we have a substantive profit-sharing arrangement which provides a priority return on our investment, a portion of our equity in earnings may consist of a change in our claim on the net assets of the underlying joint venture. Distributions of operating profit from the joint ventures are reported as part of operating cash flows, while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. We perform a quarterly evaluation of our investment in unconsolidated joint ventures to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, writes the investment down to its estimated fair value as of the measurement date.
Revenue Recognition	Revenue Recognition. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non ‑performing after 60 days of non ‑ payment of amounts due and do not recognize unpaid mortgage interest income from that loan until the past due amounts have been received. Rental income from operating leases is generally recognized on a straight ‑line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: (i) a specified annual 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 revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically, and expect in the future, to not include contingent rents as income until received. We follow a policy related to rental income whereby we consider a lease to be non ‑performing after 60 days of non ‑payment of past due amounts and do not recognize unpaid rental income from that lease until the amounts have been received. Rental revenues relating to non ‑contingent leases that contain specified rental increases over the life of the lease are recognized on the straight ‑line basis. Recognizing income on a straight ‑line basis requires us to calculate the total non ‑contingent rent containing specified rental increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight ‑line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, the cash rent payments eventually exceed the straight ‑line rent which results in the straight ‑line rent receivable asset decreasing to zero over the remainder of the lease term. We assess the collectability of straight ‑line rent in accordance with the applicable accounting standards and our reserve policy. If the lessee becomes delinquent in rent owed under the terms of the lease, we may provide a reserve against the recognized straight ‑line rent receivable asset for a portion, up to its full value, that we estimate may not be recoverable. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan. 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. In July 2015, FASB approved a one-year deferral of the effective date to December 2017. However, the FASB will permit public companies to adopt the amendment as of the original effective date. Early adoption prior to the original effective date is not permitted. We are currently evaluating the effects of this adoption on our consolidated financial statements.
Federal Income Taxes	Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. For Federal tax purposes, depreciation is generally calculated using the straight ‑line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight ‑line method over 40 years. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2015 , the tax basis of our net depreciable assets exceeds our book basis by approximately $56,074, 000 ( unaudited ), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two ‑step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more ‑likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our consolidated financial statements as General and administrative expenses.
Concentrations of Credit Risks	Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators for further discussion of concentrations of credit risk from our tenants.
Discontinued Operations	Discontinued Operations. Properties classified as held ‑for ‑sale on the consolidated balance sheet include only those properties available for immediate sale in their present condition and for which management believes that it is probable that a sale of the property will be completed within one year. Accordingly, we record reclassification adjustments to reflect properties sold subsequent to the respective consolidated balance sheet date as held ‑for ‑ sale in the prior period consolidated balance sheet. Properties held ‑for ‑sale are carried at the lower of cost or fair value less estimated selling costs. No depreciation expense is recognized on properties held ‑for ‑sale once they have been classified as such. The operating results of real estate assets designated as held ‑for ‑sale are included in discontinued operations in the consolidated statement of income. In addition, all gains and losses from real estate sold are also included in discontinued operations. 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.
Extraordinary Items	Extraordinary Items. In January 2015, FASB issued ASU No. 2015-01 (or ASU 2015-01), Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the separate classification, presentation and disclosure of extraordinary events and transactions. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We elected early adoption of ASU 2015-01 as of January 1, 2015. The adoption did not have a material impact on our consolidated financial statements.
Net Income Per Share	Net Income Per Share. Basic earnings per share is calculated using the weighted ‑average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share ‑based payments transactions are participating securities, we have applied the two ‑class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share ‑based payment awards that contain rights to non ‑forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities.
Stock-Based Compensation	Stock ‑Based Compensation. The FASB requires all share ‑based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black ‑Scholes ‑Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on our statement of cash flows.
Segment Disclosures	Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in senior housing and health care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision ‑making purposes. Therefore, we have concluded that we operate as a single segment.

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2015
Major Operators
Schedule of concentration of risk by major operators	Number of Number of Percentage of SNF ALF ROC SNF ALF Total Total Operator Centers Communities Communities Beds Units Revenue (1) Assets Prestige Healthcare (2) — % % Brookdale Senior Living (3) — — — % % Senior Care Centers (2) — — — % % Senior Lifestyle Corporation (2) — — — % % Totals % % (1) Includes rental income and interest income from mortgage loans. (2) A privately held company. (3) A subsidiary of Brookdale Senior Living, Inc.

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information	For the year ended December 31, 2015 2014 2013 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (Note 5) $ $ — $ — Land conveyance applied to a mortgage and construction loan receivable (Note 5) — — Contingent liabilities related to real estate investments ( Note 5) — — Contingent liabilities related to lease incentives (Note 10) — Reclassification of pre-development loans ( Note 7) Restricted stock issued, net of cancellations (Note 9) — Preferred stock conversion (Note 9) — —

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate Investments
Summary of investments in owned properties	The following table summarizes our investment in owned properties at December 31, 2015 (dollar amounts in thousands) : Average Percentage Number Number of Investment Gross of of SNF ALF per Type of Property Investments Investments Properties (1) Beds (2) Units (2) Bed/Unit Assisted Living $ % — $ Skilled Nursing % — $ Range of Care % $ Under Development (3) % — — — — Other (4) % — — Totals $ % (1) We have investments in 28 states leased to 29 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes seven development projects, consisting of five MC communities with a total of 320 units, one 108 -unit ILF community and an 89 -unit combination ALF and MC community. (4) Includes one school, three parcels of land held ‑for ‑use and one behavioral health care hospital. The behavioral health care hospital has 2 skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed.
Summary of acquisitions	Acquisitions and Developments. The following table summarizes our investments for the twelve months ended December 31, 2015 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price (1) Costs (2) Costs Properties Beds/Units Skilled Nursing (3) $ $ $ Assisted Living (4) Other (5) Land (6) — — Totals $ $ $ (1) As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and is accreted to the settlement amount at the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. (2) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis ($161) and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress ($331). Additionally, transaction costs in the table above may differ from the acquisition costs line item in our consolidated statement of income ($614) as a result of transaction costs from prior year’s acquisitions ($35). (3) We purchased a property in Wisconsin by exercising our purchase option under a $10,600 mortgage and construction loan and equipped the property for $3,346. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054 lease incentive that will amortize as a yield adjustment over the life of the lease term. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000. (4) Includes acquisition of a newly constructed 60-unit MC community for $14,250 including a $2,000 working capital reserve which was recorded similarly to an earn-out and valued at $1,847 using a discounted cash flow analysis. As a result, our basis in the property was recorded at $14,132 which includes capitalized transaction costs. Additionally, we agreed to provide the lessee an earn-out up to $300 upon the property achieving a sustainable stipulated rent coverage ratio. When the working capital reserve and earn-out payments are funded, cash rent will increase by the amounts funded multiplied by the lease rate in effect at the time. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000 and we agreed to provide the lessee an incentive up to $10,000, upon the portfolio achieving a sustainable stipulated rent coverage ratio, which will increase cash rent by the amount funded multiplied by the lease rate in effect at the time. (5) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. Also, as part of the agreement, we agreed to provide up to $3,000 for approved capital improvements. (6) We acquired five parcels of land and entered into development commitments up to an aggregate total of $70,298, including the land purchases, for the development of three MC communities totaling 198 units, a 108-unit IL community and an 89-unit combination AL and MC community. We also purchased a parcel of land we previously leased pursuant to a ground lease. Additionally, we acquired land and existing improvements on a 56-unit MC community and entered a development commitment up to a total of $13,524, including the land purchase, to complete the development of the MC community. The following table summarizes our acquisitions during 2014 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Assisted Living (1) $ $ $ Land (2) — — — Totals $ $ $ (1) An assisted living community located in Colorado which was added to a master lease at an incremental initial cash yield of 6.5%. (2) We purchased a vacant parcel of land held-for-use in Michigan. Additionally, we purchased a vacant parcel of land in Illinois for $1,400 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator. The land was added to an existing master lease and we entered into development commitments in an amount up to $12,248 to fund the construction of a 66-unit memory care community. The following table summarizes our acquisitions for the twelve months ended December 31, 2013 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Skilled Nursing (1) $ $ $ Land (2) — — — Totals $ $ $ (1) A skilled nursing center located in Florida which was added to a master lease at an incremental initial cash yield of 8.75%. (2) We purchased three vacant parcels of land in Colorado for a total of $3,475 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator through May 2018 (unless earlier terminated as provided for therein). The land was added to an existing master lease and we entered into development commitments in an amount not to exceed $30,256 to fund the construction of three memory care communities, two with 60 units and the other with 48 units. We also purchased four parcels of land held-for-use in Michigan for $1,163.
Schedule of completed development, improvement and construction projects	During the twelve months ended December 31, 2015 , we completed the following development and improvement projects (dollar amounts in thousands) : Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 ALF 60 Colorado $ $ (1) Improvements 1 SNF 121 California Improvements 1 SNF 196 Texas Improvements 2 SNF 141 Tennessee 5 518 $ $ (1) Completed an assisted living property in February 2015. The total funded amount includes acquired land of $1,4 25 . During the twelve months ended December 31, 2014, we completed the following construction projects (dollar amounts in thousands) : Number Number of Type of of Type of Project Properties Property Beds/Units State 2014 Funding Total Funding Development 1 ALF 60 Colorado $ $ (1) Development 1 ALF 80 Texas (2) Development 1 SNF 143 Kentucky (3) Development 1 ALF 48 Colorado (4) Expansion/Renovation 1 ALF 72 Colorado Expansion/Renovation 2 ALF 123 Colorado Improvements 1 SNF 120 Florida Improvements 2 SNF 235 New Mexico 10 881 $ (5) $ (5) (1) Completed a memory care property in August 2014. The total funded amount includes acquired land of $1,200. (2) Completed a memory care property in October 2014. The total funded amount includes acquired land of $1,000. (3) Completed in October 2014 and total funded amount includes acquired land of $2,050. (4) Completed a memory care property in December 2014. The total funded amount includes acquired land of $850. (5) In 2014, we funded $500 to purchase Texas Medicaid bed rights for a 122-bed skilled nursing property under an existing lease. Additionally, during 2014, we funded the final commitment balance of $551 on a newly developed 77-unit assisted living property in Kansas which opened in 2013. In January 2015, we funded an additional $4,711 under these completed projects . During the twelve months ended December 31, 2013, we completed the following construction projects (dollar amounts in thousands) : Number Number of Type of of Type of Project Properties Property Beds/Units State 2013 Funding Total Funding Development 1 ALF (1) 60 Colorado $ $ Development 1 SNF (2) 120 Texas Development 1 ALF 77 Kansas (3) 3 257 $ (2) $ (1) Represents a memory care community. The funded amount includes acquired land of $1,882. (2) This new property replaces a skilled nursing center in our existing portfolio. (3) The funded amount includes acquired land of $730.
Schedule of pro forma revenue and net income	2015 2014 Revenue $ $ Net income $ $ Basic earnings per common share: $ $ Diluted earnings per common share: $ $
Schedule of commitments	The following table summarizes our investment commitments as of December 31, 2015 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands) : Total Number Number Investment Commitment Remaining of of Type of Property Commitment Funded Commitment Properties Beds/Units Skilled Nursing (1) $ $ $ Assisted Living (2) Other (3) — Totals $ $ $ (1) Includes three commitments for renovation and expansion projects. (2) Includes the development of an IL community for $14,500 , five MC communities for a total of $65,034 and one ALF/MC community for $16,535 . Also, includes three commitments for renovation projects on 30 ALFs totaling $5,080 . (3) Includes a commitment for renovation of a behavioral health care hospital.
Schedule of development, redevelopment, renovation, and expansion activity	Our construction in progress (or CIP) activity during the year ended December 31, 2015 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands) : CIP CIP Balance at Capitalized Conversions Balance at Type of Property 12/31/2014 Funded (1) Interest out of CIP 12/31/2015 Skilled nursing $ — $ $ — $ $ Assisted living Total $ $ $ $ $ (1) Excludes $8,048 of funding which was capitalized directly into building and includes the acquisition of the existing improvements of a 56 -unit MC community for $6,315 and the reclass of three pre ‑development loans with a total balance of $1,035 See Note 7. Notes Receivable for further discussion of pre ‑development loans.
Schedule of future minimum base rents receivable	Future minimum base rents receivable under the remaining non ‑cancelable terms of operating leases including the skilled nursing center acquired subsequent to December 31, 2015, and excluding the effects of straight ‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent 2016 $ 2017 2018 2019 2020 Thereafter
Schedule of components of the income from discontinued operations	Set forth in the table below are the components of the income from discontinued operations for the year ended December 31, 2013 ( in thousands ): 2013 Rental income $ Total revenues Depreciation and amortization General and administrative expenses Total expenses Income from discontinued operations $
Summary of investments in mortgage loans secured by first mortgages	The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2015 (dollar amounts in thousands) : Percentage Number Number Number of Investment Gross of of of SNF ALF per Type of Property Investments Investments Loans Properties (1) Beds (2) Units (2) Bed/Unit Skilled Nursing $ % — $ Assisted Living % — $ Other (3) % — — — n.a Totals $ % (1) We have investments in 8 states that include mortgages to 11 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes a parcel of land secured under a short-term mortgage loan.
Schedule of additional loan commitments and amounts funded under the mortgage loans	Additional Number Number Loan 2015 Commitment Remaining of of Type of Property Commitment Funding Funded Commitment Properties Beds/Units Skilled Nursing $ $ $ $ Assisted Living Totals $ $ $ $
Scheduled of principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2016 $ 2017 2018 2019 2020 Thereafter Total $

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Receivable
Schedule of new working capital loans	Total Interest Maturity Type of Property Commitment Rate Date Assisted Living $ % Under Development % Under Development % Under Development % Under Development % Totals $
Summary of notes receivable activities	Year ended December 31, 2015 2014 2013 Advances under notes receivable $ $ $ Principal payments received under notes receivable — Reclassed to real estate under development (1) Net increase (decrease) in notes receivable $ $ $ (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects.

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Obligations
Schedule of Debt Obligations	Year ended December 31, 2015 2014 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 1.92% $ $ $ — $ Senior unsecured notes , net of debt issue costs 4.64% n.a. Total 4.07% $ $ (1) Represents weighted average of interest rate as of December 31, 2015. (2) Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing.
Schedule of principal payments and amounts due at maturity	The following table represents our long term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2015 , and excludes the effects of interest and debt issue costs ( in thousands ): Total 2016 2017 2018 2019 2020 Thereafter Bank borrowings $ (1) $ — $ — $ $ — $ — $ — Senior unsecured notes (2) $ $ $ $ $ $ $ (1) At December 31, 2015 we had $479,500 available for borrowing under our unsecured revolving line of credit. Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. (2) Excludes debt issue costs of $1,095 .

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stock Based Compensation Plans
Schedule of cash dividends declared and paid	We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2015 December 31, 2014 Declared Paid Declared Paid Preferred Stock Series C $ $ $ $ Common Stock (1) (1) (2) (2) Total $ $ $ $ (1) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. (2) Represents $0.17 per share per month for the twelve months ended December 31, 2014.
Schedule of restricted stock activity	. Restricted stock activity for the years ended December 31, 2015 and 2014 was as follows: 2015 2014 Outstanding, January 1 Granted Vested Canceled — Outstanding, December 31 Compensation expense for the year $ $
Schedule of nonqualified stock option activity	Weighted Average Shares Price 2015 2014 2015 2014 Outstanding, January 1 $ $ Granted — $ — $ Exercised $ $ Canceled — — $ — $ — Outstanding, December 31 $ $ Exercisable, December 31 (1) $ $ (1) The aggregate intrinsic value of exercisable options at December 31, 2015 , based upon the closing price of our common shares at December 31, 2015, the last trading day of 2015, was approximately $494,000 . Options exercisable at December 31, 2015 have a weighted average remaining contractual life of approximately 2.6 years.
Schedule of options exercised	Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2015 $ $ $ 2014 $ $ $ (1) As of the exercise dates.
2008 Plan
Stock Based Compensation Plans
Schedule of restricted stock granted	During 2015 and 2014, we granted 92,150 and 95,000 shares of restricted common stock, respectively, under the 2008 Plan as follows: Price per Year No. of Shares Share Vesting Period 2015 $ ratably over 3 years $ ratably over 3 years $ June 2, 2016 2014 $ ratably over 3 years $ ratably over 3 years $ ratably over 3 years $ June 9, 2015 $ November 12, 2015
Restricted stock
Stock Based Compensation Plans
Schedule of restricted common shares and stock options scheduled to vest and remaining compensation expense	Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 2018 $
Stock options
Stock Based Compensation Plans
Schedule of restricted common shares and stock options scheduled to vest and remaining compensation expense	Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies
Schedule of additional commitments	Investment 2015 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (Note 5) $ (1) $ $ $ Accrued incentives and earn-out liabilities Lease incentives Mortgage loans (Note 5) (1) Joint venture investments (Note 6) Notes receivable (Note 7) Totals $ $ $ $ (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2015
Distributions
Schedule of federal income tax classification of the per share common stock distributions	Year Ended December 31, 2015 2014 2013 Ordinary taxable distribution $ $ $ Return of capital Unrecaptured Section 1250 gain Total $ $ $

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Net Income Per Common Share
Schedule of basic and diluted net income per share	Basic and diluted net income per share was as follows (in thousands except per share amounts) : For the year ended December 31, 2015 2014 2013 Income from continuing operations $ $ $ Less net income allocated to participating securities: Non-forfeitable dividends on participating securities Income allocated to participating securities Total net income allocated to participating securities Less net income allocated to preferred stockholders: Preferred stock dividends Total net income allocated to preferred stockholders Discontinued operations: Income from discontinued operations — — Gain on sale of assets, net — — Total net income from discontinued operations — — Net income available to common stockholders Effect of dilutive securities: Convertible preferred securities — Total effect of dilutive securities — Net income for diluted net income per share $ $ $ Shares for basic net income per share Effect of dilutive securities: Stock options Convertible preferred securities — Total effect of dilutive securities Shares for diluted net income per share Basic net income per share $ $ $ Diluted net income per share (1) $ $ $ (1) For the year ended December 31, 2013, the Series C Cumulative Convertible Preferred Stock was excluded from the computation of diluted net income per share as such inclusion would be anti ‑dilutive.

Quarterly Financial Informati37

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information
Schedule of quarterly financial information	For the quarter ended March 31, June 30, September 30, December 31, (unaudited, in thousands except per share amounts) 2015 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ 2014 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ NOTE: Quarterly and year ‑to ‑date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
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 December 31, 2015 and 2014 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2015 At December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value Mortgage loans receivable $ $ (1) $ $ (1) Bank borrowings (2) — — (2) Senior unsecured notes, net of debt issue costs (3) (3) Contingent liabilities (4) (4) (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at December 31, 2015 and 2014 was 8.9% and 8.6% , respectively. (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at December 31, 2015 and 2014 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 December 31, 2015 , the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026. At December 31, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.8% for those maturing before year 2020 and 4.55% for those maturing beyond year 2020. (4) Our contingent obligations under the accrued incentives and earn ‑out liabilities are classified as Level 3. We estimated the fair value of the contingent earn ‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk ‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At December 31, 2015 and December 31, 2014, the discount rate used to value our future cash outflow of the earn-out liability was 6.1% and 6.2% , respectively.

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015
Computer Equipment | Minimum
Owned Properties
Useful life	3 years
Computer Equipment | Maximum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Minimum
Owned Properties
Useful life	3 years
Furniture and Fixtures | Maximum
Owned Properties
Useful life	15 years
Building | Minimum
Owned Properties
Useful life	35 years
Building | Maximum
Owned Properties
Useful life	50 years
Building Improvements | Minimum
Owned Properties
Useful life	10 years
Building Improvements | Maximum
Owned Properties
Useful life	20 years

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2015USD ($)propertyitem
Revenue Recognition
Maximum period over which loan is to be considered as non-performing	60 days
Methods used for calculation of annual increases over the rents of the prior year | item	4
Maximum period over which a lease is to be considered as non-performing	60 days
Federal Income Taxes
Period considered for calculation of depreciation for federal tax purpose	27 years 6 months
Period considered for determining the taxability of distributions to shareholders	40 years
(Excess) / Deficit of book basis of net depreciable assets over tax basis	$ 56,074,000
Discontinued Operations
Depreciation expense	$ 0
Assisted Living
Assisted living properties
Number of properties leased | property	64
Minimum
Revenue Recognition
Specified annual increase over the prior year's rent (as a percent)	2.00%
Maximum
Revenue Recognition
Specified annual increase over the prior year's rent (as a percent)	3.00%

Major Operators (Details)

Major Operators (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2016USD ($)	Jan. 31, 2015USD ($)itemproperty	Dec. 31, 2015USD ($)propertyitem	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Major Operators
Number of major operators			4
Total assets | $			$ 1,275,424	$ 964,770
Loan commitment | $			2,100
Amount funded | $			60,209	3,027	$ 124,387
Gain (loss) on sale of properties | $			586	$ 4,959
Total initial rent expected in first year | $			$ 118,326
SNF Beds
Major Operators
Number of beds/units			3,932
ALF Units
Major Operators
Number of beds/units			3,546
Skilled Nursing
Major Operators
Number of properties leased | property			29
Assisted Living
Major Operators
Number of properties leased | property			64
Assisted Living | Oregon
Major Operators
Sales price | $	$ 1,500
Range of Care
Major Operators
Number of properties leased | property			2
Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk
Major Operators
Concentration risk (as a percent)			45.40%
Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)			45.70%
Mortgage Loans on Real Estate
Major Operators
Number of properties | property			38
Mortgage Loans on Real Estate | SNF Beds
Major Operators
Number of beds/units			3,894
Mortgage Loans on Real Estate | ALF Units
Major Operators
Number of beds/units			270
Mortgage Loans on Real Estate | Skilled Nursing
Major Operators
Number of properties | property			30
Mortgage Loans on Real Estate | Skilled Nursing | SNF Beds
Major Operators
Number of beds/units			3,894
Mortgage Loans on Real Estate | Assisted Living
Major Operators
Number of properties | property			8
Mortgage Loans on Real Estate | Assisted Living | ALF Units
Major Operators
Number of beds/units			270
Additional Loan Commitments
Major Operators
Number of beds/units			2,588
Number of properties | property			19
Additional Loan Commitments | Skilled Nursing
Major Operators
Number of beds/units			2,488
Number of properties | property			18
Additional Loan Commitments | Assisted Living
Major Operators
Number of beds/units			100
Number of properties | property			1
Prestige | SNF Beds
Major Operators
Number of beds/units			2,488
Prestige | ALF Units
Major Operators
Number of beds/units			211
Prestige | Skilled Nursing
Major Operators
Number of properties leased | property			18
Prestige | Range of Care
Major Operators
Number of properties leased | property			2
Prestige | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk
Major Operators
Concentration risk (as a percent)			15.30%
Prestige | Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)			15.90%
Prestige | Mortgage Loans on Real Estate
Major Operators
Loan commitment | $		$ 196,387
Number of properties securing loan | property		2
Number of parcels of land		2
Prestige | Capital Improvement Loan Investment
Major Operators
Loan commitment | $		$ 32,000
Brookdale | ALF Units
Major Operators
Number of beds/units			1,704
Brookdale | Assisted Living
Major Operators
Number of properties leased | property			37
Brookdale | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk
Major Operators
Concentration risk (as a percent)			11.50%
Brookdale | Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)			6.20%
Senior Care | SNF Beds
Major Operators
Number of beds/units			1,444
Senior Care | Skilled Nursing
Major Operators
Number of properties leased | property			11
Senior Care | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk
Major Operators
Concentration risk (as a percent)			9.30%
Senior Care | Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)			9.50%
Senior Lifestyle | ALF Units
Major Operators
Number of beds/units			1,631
Senior Lifestyle | Assisted Living
Major Operators
Number of properties leased | property			27
Senior Lifestyle | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk
Major Operators
Concentration risk (as a percent)			9.30%
Senior Lifestyle | Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)			14.10%

Supplemental Cash Flow Inform42

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non-cash investing and financing transactions:
Reclassification of pre-development loans (Note 7)	$ 1,035	$ 304	$ 479
Restricted stock issued, net of cancellations (See Note 9)	1	1
Series C Preferred Stock
Non-cash investing and financing transactions:
Preferred stock conversion (See Note 9)	38,500
Mortgage loans receivable applied against purchase price to acquire real estate
Non-cash investing and financing transactions:
Noncash consideration given	10,600
Land conveyance applied to a mortgage and construction loan receivable
Non-cash investing and financing transactions:
Noncash consideration given	670
Real estate properties | Earn-out liabilities
Non-cash investing and financing transactions:
Contingent liabilities (See Note 5 and 10)	1,847
Lease incentives | Earn-out liabilities
Non-cash investing and financing transactions:
Contingent liabilities (See Note 5 and 10)	$ 8,013	$ 3,240

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details)	12 Months Ended
	Dec. 31, 2015USD ($)stateloanitemproperty$ / item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real Estate Investments
Number of Loans | loan	19
Operating leases
Contingent rent income | $	$ 134,000	$ 0	$ 0
Real Estate Investment
Real Estate Investments
Gross Investments | $	$ 1,198,686,000
Percentage of Investments	100.00%
Number of properties | property	175
Number of states | state	28
Number of operators	29
Operating leases
Number of ways to compute annual rent increases	4
Real Estate Investment | Minimum
Operating leases
Initial term of operating lease	10 years
Specified annual increase over the prior year's rent (as a percent)	2.00%
Real Estate Investment | Maximum
Operating leases
Initial term of operating lease	15 years
Specified annual increase over the prior year's rent (as a percent)	3.00%
Mortgage Loans on Real Estate
Real Estate Investments
Gross Investments | $	$ 219,719,000
Percentage of Investments	100.00%
Number of Loans | loan	19
Number of properties | property	38
Number of states | state	8
Number of operators	11
SNF Beds
Real Estate Investments
Number of Beds/Units	3,932
SNF Beds | Real Estate Investment
Real Estate Investments
Number of Beds/Units	9,407
SNF Beds | Mortgage Loans on Real Estate
Real Estate Investments
Number of Beds/Units	3,894
ALF Units
Real Estate Investments
Number of Beds/Units	3,546
ALF Units | Real Estate Investment
Real Estate Investments
Number of Beds/Units	5,461
ALF Units | Mortgage Loans on Real Estate
Real Estate Investments
Number of Beds/Units	270
Assisted Living | Real Estate Investment
Real Estate Investments
Gross Investments | $	$ 571,562,000
Percentage of Investments	47.70%
Number of properties | property	96
Average Investment per Bed/Unit | $ / item	110.19
Assisted Living | Mortgage Loans on Real Estate
Real Estate Investments
Gross Investments | $	$ 13,768,000
Percentage of Investments	6.30%
Number of Loans | loan	3
Number of properties | property	8
Average Investment per Bed/Unit | $ / item	50.99
Assisted Living | ALF Units | Real Estate Investment
Real Estate Investments
Number of Beds/Units	5,187
Assisted Living | ALF Units | Mortgage Loans on Real Estate
Real Estate Investments
Number of Beds/Units	270
Skilled Nursing | Real Estate Investment
Real Estate Investments
Gross Investments | $	$ 522,123,000
Percentage of Investments	43.60%
Number of properties | property	70
Average Investment per Bed/Unit | $ / item	60.33
Skilled Nursing | Mortgage Loans on Real Estate
Real Estate Investments
Gross Investments | $	$ 204,742,000
Percentage of Investments	93.20%
Number of Loans | loan	15
Number of properties | property	30
Average Investment per Bed/Unit | $ / item	52.58
Skilled Nursing | SNF Beds | Real Estate Investment
Real Estate Investments
Number of Beds/Units	8,655
Skilled Nursing | SNF Beds | Mortgage Loans on Real Estate
Real Estate Investments
Number of Beds/Units	3,894
Range of Care | Real Estate Investment
Real Estate Investments
Gross Investments | $	$ 43,907,000
Percentage of Investments	3.70%
Number of properties | property	7
Average Investment per Bed/Unit | $ / item	48.36
Range of Care | Mortgage Loans on Real Estate
Real Estate Investments
Gross Investments | $	$ 1,209,000
Percentage of Investments	0.50%
Number of Loans | loan	1
Range of Care | SNF Beds | Real Estate Investment
Real Estate Investments
Number of Beds/Units	634
Range of Care | ALF Units | Real Estate Investment
Real Estate Investments
Number of Beds/Units	274
Properties under Development | Real Estate Investment
Real Estate Investments
Gross Investments | $	$ 41,608,000
Percentage of Investments	3.50%
Other | Real Estate Investment
Real Estate Investments
Gross Investments | $	$ 19,486,000
Percentage of Investments	1.50%
Number of properties | property	2
Other | SNF Beds | Real Estate Investment
Real Estate Investments
Number of Beds/Units	118
Memory Care | Real Estate Investment
Real Estate Investments
Number of properties | property	5
Number of Beds/Units	320
Land | Real Estate Investment
Real Estate Investments
Number of properties	3
Independent Living | Real Estate Investment
Real Estate Investments
Number of properties | property	1
Number of Beds/Units	108
ALF & MC | Real Estate Investment
Real Estate Investments
Number of Beds/Units	89
Schools | Real Estate Investment
Real Estate Investments
Number of properties | property	1
Hospital
Real Estate Investments
Average Investment per Bed/Unit | $ / item	78.39
Hospital | SNF Beds
Real Estate Investments
Number of Beds/Units	2
Hospital | Hospital Beds
Real Estate Investments
Number of Beds/Units	116

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2016USD ($)item	Aug. 31, 2014USD ($)	Dec. 31, 2015USD ($)itemproperty$ / shares	Dec. 31, 2014USD ($)item$ / shares	Dec. 31, 2013USD ($)item
Real estate investments
Purchase Price			$ 218,626,000	$ 11,650,000	$ 19,040,000
Transaction Costs			1,071,000	21,000	58,000
Total Acquisition Costs			$ 219,697,000	$ 11,671,000	$ 19,098,000
Number of properties acquired			15	1
Number of beds/units acquired | item			1,429	48	130
Acquisition costs			$ 614,000	$ 152,000	$ 96,000
Investment Commitment			214,917,000
Funding			71,977,000
Pro forma revenue and net income
Revenue			143,414,000	130,488,000
Net income			$ 74,567,000	$ 76,060,000
Basic earnings per common share | $ / shares			$ 2.01	$ 2.09
Diluted earnings per common share | $ / shares			$ 1.98	$ 2.06
Completed development and improvement projects
Gain on sale of real estate, net					1,605,000
Other disclosures
Sale of property			$ 1,537,000	$ 33,593,000	$ 11,001,000
Impairment charges			2,250,000
Gain (loss) on sale of properties			586,000	4,959,000
Florida
Other disclosures
Impairment charges			2,250,000
Florida | Subsequent Event
Other disclosures
Number of beds or units in property sold | item	48
Sales price	$ 1,750,000
Florida | Skilled Nursing Property Acquisition
Real estate investments
Initial cash yield (as a percent)					8.75%
Real Estate Investment
Real estate investments
Investment Commitment			110,650,000
Real Estate Investment | 2015 Acquisitions
Real estate investments
Capitalization of transaction costs			161,000
Transaction costs capiltalized as part of construction in progress			331,000
Acquisition costs				35,000
Real Estate Investment | Land Acquisition | 2015 Acquisitions
Real estate investments
Purchase Price			$ 70,298,000
Number of land parcels acquired | item			5
Real Estate Investment | Wisconsin | 2015 Acquisitions
Real estate investments
Loan commitment under which the purchase option was exercised			$ 10,600,000
Payments to equip property			3,346,000
Real Estate Investment | Wisconsin | Skilled Nursing Property Acquisition | 2015 Acquisitions
Real estate investments
Lease inducement fee payments			1,054,000
Real Estate Investment | Texas | Skilled Nursing Property Acquisition | 2015 Acquisitions
Real estate investments
Purchase Price			$ 23,000,000
Number of properties acquired | property			2
Number of beds/units acquired | item			254
Real Estate Investment | Oregon | Subsequent Event
Other disclosures
Number of beds or units in property sold | item	36
Sales price	$ 1,500,000
Mortgage loan agreement amount	1,000,000
Real Estate Investment | Oregon | Subsequent Event | Forecast
Other disclosures
Gain (loss) on sale of properties	120,000
Additional Loan Commitments
Real estate investments
Investment Commitment			$ 52,490,000
Funding			$ 6,925,000
Real Estate Investment Completed Projects
Completed development and improvement projects
Number of Properties			5		3
Number of Beds/Units | item			518		257
Funding			$ 3,564,000	38,768,000	$ 17,462,000
Total Funding			$ 14,906,000	58,745,000	28,160,000
Maximum | Real Estate Investment
Real estate investments
Initial term of operating lease			15 years
Skilled Nursing
Real estate investments
Purchase Price			$ 36,946,000		14,402,000
Transaction Costs			87,000		58,000
Total Acquisition Costs			$ 37,033,000		$ 14,460,000
Number of properties acquired | property			3
Number of beds/units acquired | item			360		130
Skilled Nursing | Ohio
Completed development and improvement projects
Gain on sale of real estate, net					$ 2,619,000
Other disclosures
Sale of property					11,000,000
Skilled Nursing | Texas | Subsequent Event
Real estate investments
Purchase Price	$ 16,000,000
Number of beds/units acquired | item	126
Skilled Nursing | Real Estate Investment
Real estate investments
Investment Commitment			$ 6,500,000
Skilled Nursing | Additional Loan Commitments
Real estate investments
Investment Commitment			52,000,000
Funding			6,565,000
Skilled Nursing Properties with 47 Units | Colorado
Completed development and improvement projects
Gain on sale of real estate, net					$ (1,014,000)
Other disclosures
Number of beds or units in property sold | item					47
Sale of property					$ 1,000
ALF & MC | Real Estate Investment
Real estate investments
Investment Commitment			$ 16,535,000
ALF & MC | Real Estate Investment | Land Acquisition | 2015 Acquisitions
Real estate investments
Number of beds/units under development | item			89
Assisted Living
Real estate investments
Purchase Price			$ 156,097,000	9,800,000
Transaction Costs			590,000	21,000
Total Acquisition Costs			$ 156,687,000	$ 9,821,000
Number of properties acquired			11	1
Number of beds/units acquired | item			951	48
Assisted Living | Colorado
Real estate investments
Initial cash yield (as a percent)				6.50%
Assisted Living | Florida | Subsequent Event
Other disclosures
Number of beds or units in property sold | item	48
Sales price	$ 1,750,000
Gain (loss) on sale of properties	$ 120,000
Assisted Living | Oregon
Other disclosures
Number of beds or units in property sold | item	36
Sales price	$ 1,500,000
Assisted Living | Oregon | Subsequent Event
Other disclosures
Mortgage loan agreement amount	1,000,000
Assisted Living | Real Estate Investment
Real estate investments
Investment Commitment			$ 101,150,000
Assisted Living | Real Estate Investment | Florida and Georgia
Other disclosures
Number of beds or units in property sold | item				133
Assisted Living | Additional Loan Commitments
Real estate investments
Investment Commitment			490,000
Funding			360,000
Assisted Living | Real Estate Investment Completed Projects | Kansas
Pro forma revenue and net income
Acquired land					730,000
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions
Real estate investments
Purchase Price			14,250,000
Total Acquisition Costs			$ 14,132,000
Number of beds/units acquired | item			60
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | Working capital reserve
Real estate investments
Contingent consideration			$ 2,000
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | Rent coverage ratio stipulation
Real estate investments
Contingent consideration			300,000
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | Fair Value | Working capital reserve
Real estate investments
Contingent consideration			1,847,000
Memory Care | Real Estate Investment
Real estate investments
Investment Commitment			$ 65,034,000
Memory Care | Real Estate Investment | 2015 Acquisitions
Real estate investments
Number of beds/units acquired | item			56
Investment Commitment			$ 13,524,000
Memory Care | Real Estate Investment | Land Acquisition | 2015 Acquisitions
Real estate investments
Number of development commitments | item			3
Memory Care | Real Estate Investment Completed Projects | Colorado
Pro forma revenue and net income
Acquired land		$ 1,425,000			$ 1,882,000
Memory Care | Real Estate Development Commitments
Real estate investments
Number of development commitments | item					3
Memory Care | Real Estate Development Commitments | Maximum
Real estate investments
Investment Commitment					$ 30,256,000
Memory Care | Real Estate Development Commitments One
Real estate investments
Number of development commitments | item					2
Number of beds/units under development | item					60
Memory Care | Real Estate Development Commitments Two
Real estate investments
Number of beds/units under development | item					48
Other Properties
Real estate investments
Purchase Price			$ 9,250,000
Transaction Costs			42,000
Total Acquisition Costs			$ 9,292,000
Number of properties acquired | property			1
Number of beds/units acquired | item			118
Other Properties | Real Estate Investment
Real estate investments
Investment Commitment			$ 3,000,000
Land
Real estate investments
Purchase Price			16,333,000	$ 1,850,000	$ 4,638,000
Transaction Costs			352,000
Total Acquisition Costs			$ 16,685,000	1,850,000	4,638,000
Land | Illinois
Real estate investments
Purchase Price				1,400,000
Investment Commitment				$ 12,248,000
Number of beds/units under development | item				66
Land | Real Estate Investment | Colorado
Real estate investments
Purchase Price					$ 3,475,000
Number of development commitments | item					3
Land | Real Estate Investment | Michigan
Real estate investments
Purchase Price					$ 1,163,000
Land | Real Estate Development Commitments | Michigan
Real estate investments
Number of Parcels of Land | item					4
Independent Living | Real Estate Investment | Land Acquisition | 2015 Acquisitions
Real estate investments
Number of beds/units under development | item			108
Independent, ALF, and MC properties | Real Estate Investment | Land Acquisition | 2015 Acquisitions
Real estate investments
Number of beds/units under development | item			198
Independent, ALF, and MC properties | Real Estate Investment | Portfolio of 10 Properties | 2015 Acquisitions
Real estate investments
Purchase Price			$ 142,000,000
Number of properties acquired | item			10
Number of beds/units acquired | item			891
Independent, ALF, and MC properties | Real Estate Investment | Portfolio of 10 Properties | 2015 Acquisitions | Rent coverage ratio stipulation
Real estate investments
Contingent consideration			$ 10,000,000
Hospital | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | 2015 Acquisitions
Real estate investments
Purchase Price			9,300,000
Investment Commitment			$ 3,000,000
Hospital | Hospital Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | 2015 Acquisitions
Real estate investments
Number of beds/units acquired | item			116
Hospital | SNF Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | 2015 Acquisitions
Real estate investments
Number of beds/units acquired | item			2
Nursing Center [Member] | Real Estate Investment | Acquisition of 126-Bed Nursing Center | 2016 Acquisitions | Subsequent Event
Real estate investments
Purchase Price	$ 16,000,000
Number of beds/units acquired | item	126
Nursing Center [Member] | Real Estate Investment | Texas
Other disclosures
Number of beds or units in property sold | item			112
Sales price			$ 1,600,000
Sale of property			1,537,000
Gain (loss) on sale of properties			$ 586,000
Assisted Living Properties, School and Skilled Nursing Property [Member] | Real Estate Investment | Florida, Georgia and Minnesota
Other disclosures
Sales price				$ 8,100,000
Sale of property				7,891,000
Gain (loss) on sale of properties				$ 1,140,000
Extendicare Real Estate Investment Trust and Enlivant | Assisted Living | Real Estate Investment
Other disclosures
Number of beds or units in property sold | item				615
Sales price				$ 26,465,000
Sale of property				25,702,000
Gain (loss) on sale of properties				3,819,000
Development Project | Skillled Nursing Properties with 120 Units | Real Estate Investment Completed Projects | Texas
Completed development and improvement projects
Number of Properties | item					1
Number of Beds/Units | item					120
Funding					$ 5,065,000
Total Funding					$ 8,635,000
Development Project | Skilled Nursing Properties with 143 Units | Real Estate Investment Completed Projects | Kentucky
Completed development and improvement projects
Funding				10,579,000
Total Funding				20,904,000
Development Project | Assisted Living Properties with 60 Units | Real Estate Investment Completed Projects | Colorado
Completed development and improvement projects
Number of Properties			1		1
Number of Beds/Units | item			60		60
Funding			$ 1,522,000	6,351,000	$ 4,316,000
Total Funding			10,703,000	9,689,000	$ 9,850,000
Development Project | Assisted Living Properties with 77 Units [Member] | Real Estate Investment Completed Projects | Kansas
Completed development and improvement projects
Number of Properties | item					1
Number of Beds/Units | item					77
Funding					$ 8,081,000
Total Funding					$ 9,675,000
Development Project | Assisted Living Properties With 80 Units | Real Estate Investment Completed Projects | Texas
Completed development and improvement projects
Funding				2,300,000
Total Funding				5,691,000
Development Project | Assisted Living Properties with 48 Units | Real Estate Investment Completed Projects | Colorado
Completed development and improvement projects
Funding				7,257,000
Total Funding				8,744,000
Development Project | Independent Living
Real estate investments
Investment Commitment			14,500,000
Renovation Project | Assisted Living | Real Estate Investment
Real estate investments
Investment Commitment			$ 5,080,000
Expansion/Renovation Project | Assisted Living Properties with 123 Units | Real Estate Investment Completed Projects | Colorado
Completed development and improvement projects
Funding				5,091,000
Total Funding				5,095,000
Expansion/Renovation Project | Assisted Living Properties with 72 Units | Real Estate Investment Completed Projects | Colorado
Completed development and improvement projects
Funding				6,371,000
Total Funding				6,376,000
Improvements Project | Skilled Nursing Facility with 121 Units [Member] | Real Estate Investment Completed Projects | California
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			121
Funding			$ 1,481,000
Total Funding			$ 1,481,000
Improvements Project | Skilled Nursing Facility with 196 Units [Member] | Real Estate Investment Completed Projects | Texas
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			196
Funding			$ 522,000
Total Funding			$ 522,000
Improvements Project | Skilled Nursing Facility with 141 Units [Member] | Real Estate Investment Completed Projects | Tennessee
Completed development and improvement projects
Number of Properties | property			2
Number of Beds/Units | item			141
Funding			$ 39,000
Total Funding			$ 2,200,000
Improvements Project | Skilled Nursing Properties with 235 Units | Real Estate Investment Completed Projects | New Mexico
Completed development and improvement projects
Funding				319,000
Total Funding				1,746,000
Improvements Project | Skillled Nursing Properties with 120 Units | Real Estate Investment Completed Projects | Florida
Completed development and improvement projects
Funding				500,000
Total Funding				$ 500,000

Real Estate Investments - Commi

Real Estate Investments - Commitments (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2016USD ($)item	Aug. 31, 2014USD ($)	Dec. 31, 2015USD ($)itemproperty	Dec. 31, 2014USD ($)itemproperty	Dec. 31, 2013USD ($)itemproperty
Investment commitments
Investment Commitment			$ 214,917,000
Funding			71,977,000
Commitment Funded			77,530,000
Remaining Commitment			137,387,000
Pre-development loan balance reclassified to real estate under development			1,035,000	$ 304,000	$ 479,000
Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and renewal options
2,015			118,326,000
2,016			121,084,000
2,017			121,191,000
2,018			115,333,000
2,019			116,981,000
Thereafter			642,408,000
Discontinued operations
Rental income					1,123,000
Total revenues					1,123,000
Depreciation and amortization					(317,000)
General and administrative expenses					(1,000)
Total expenses					(318,000)
Income from discontinued operations					805,000
Development, redevelopment, renovation, and expansion activity
Commitments funding capitalized directly into building and improvements			8,048,000
Real estate investment disposal activity
Proceeds from sale of real estate investments, net			1,537,000	33,593,000	$ 11,001,000
Gain (loss) on sale of properties			586,000	$ 4,959,000
Number of properties | property					1
Florida | Subsequent Event
Real estate investment disposal activity
Number of beds or units in property sold | item	48
Sales price	$ 1,750,000
Real Estate Investment Completed Projects
Investment commitments
Number of Properties | property				10
Number of Beds/Units | item				881
Real Estate Investment
Investment commitments
Investment Commitment			110,650,000
Commitment Funded			42,391,000
Remaining Commitment			$ 68,259,000
Number of Properties | property			42
Number of Beds/Units | item			2,849
Real Estate Investment Development Redevelopment Renovation and Expansion Projects
Development, redevelopment, renovation, and expansion activity
CIP, Balance at the beginning of the period	$ 31,965,000		$ 8,671,000
Funded			32,765,000
Capitalized Interest			827,000
Conversions out of CIP			(10,298,000)
CIP, Balance at the end of the period			31,965,000	$ 8,671,000
Skilled Nursing
Real estate investment disposal activity
Number of properties | property					1
Skilled Nursing | Ohio
Real estate investment disposal activity
Proceeds from sale of real estate investments, net					$ 11,000,000
Number of lessees who have exercised purchase option | item					1
Number of properties for which lessee has exercised purchase option | property					6
Number of beds or units for which the lessee has exercised the purchase option | item					230
Skilled Nursing | Real Estate Investment
Investment commitments
Investment Commitment			6,500,000
Commitment Funded			1,253,000
Remaining Commitment			$ 5,247,000
Number of Properties | property			4
Number of Beds/Units | item			568
Skilled Nursing Properties with 47 Units | Colorado
Real estate investment disposal activity
Number of beds or units in property sold | item					47
Proceeds from sale of real estate investments, net					$ 1,000
ALF & MC | Real Estate Investment
Investment commitments
Investment Commitment			$ 16,535,000
Number of Properties | item			1
Assisted Living | Florida | Subsequent Event
Real estate investment disposal activity
Number of beds or units in property sold | item	48
Sales price	$ 1,750,000
Gain (loss) on sale of properties	120,000
Assisted Living | Real Estate Investment Completed Projects | Kansas
Investment commitments
Acquired land					730,000
Assisted Living | Real Estate Investment
Investment commitments
Investment Commitment			$ 101,150,000
Commitment Funded			41,138,000
Remaining Commitment			$ 60,012,000
Number of Properties | property			37
Number of Beds/Units | item			2,163
Assisted Living | Real Estate Investment | Georgia And Florida
Real estate investment disposal activity
Number of properties sold | property				2
Memory Care
Investment commitments
Pre-development loan balance reclassified to real estate under development			$ 1,035,000
Development, redevelopment, renovation, and expansion activity
Number of beds or units relating to the acquisition of existing improvements | property			56
Amount relating to the existing improvements acquired			$ 6,315,000
Memory Care | Real Estate Investment Completed Projects | Colorado
Investment commitments
Acquired land		$ 1,425,000			1,882,000
Memory Care | Real Estate Investment
Investment commitments
Investment Commitment			$ 65,034,000
Number of Properties | property			5
Memory Care | Real Estate Development Commitments | Maximum
Investment commitments
Investment Commitment					$ 30,256,000
Other Properties | Real Estate Investment
Investment commitments
Investment Commitment			$ 3,000,000
Remaining Commitment			$ 3,000,000
Number of Properties | property			1
Number of Beds/Units | item			118
Land | Illinois
Investment commitments
Investment Commitment				$ 12,248,000
Extendicare Real Estate Investment Trust and Enlivant | Assisted Living | Real Estate Investment
Real estate investment disposal activity
Number of properties sold | property				16
Number of beds or units in property sold | item				615
Sales price				$ 26,465,000
Proceeds from sale of real estate investments, net				25,702,000
Gain (loss) on sale of properties				$ 3,819,000
Development Project | Skilled Nursing | Real Estate Investment Development Redevelopment Renovation and Expansion Projects
Development, redevelopment, renovation, and expansion activity
CIP, Balance at the beginning of the period	1,252,000
Funded			$ 1,649,000
Conversions out of CIP			(397,000)
CIP, Balance at the end of the period			1,252,000
Development Project | Skilled Nursing Properties with 143 Units | Real Estate Investment Completed Projects | Kentucky
Investment commitments
Number of Properties | property				1
Number of Beds/Units | item				143
Development Project | Assisted Living Properties with 60 Units | Real Estate Investment Completed Projects | Colorado
Investment commitments
Number of Properties | property				1
Number of Beds/Units | item				60
Development Project | Assisted Living Properties With 80 Units | Real Estate Investment Completed Projects | Texas
Investment commitments
Number of Properties | property				1
Number of Beds/Units | item				80
Development Project | Assisted Living Properties with 48 Units | Real Estate Investment Completed Projects | Colorado
Investment commitments
Number of Properties | property				1
Number of Beds/Units | item				48
Development Project | Independent Living
Investment commitments
Investment Commitment			14,500,000
Redevelopment Renovation Expansion Projects | Assisted Living | Real Estate Investment Development Redevelopment Renovation and Expansion Projects
Development, redevelopment, renovation, and expansion activity
CIP, Balance at the beginning of the period	$ 30,713,000		8,671,000
Funded			31,116,000
Capitalized Interest			827,000
Conversions out of CIP			(9,901,000)
CIP, Balance at the end of the period			$ 30,713,000	$ 8,671,000
Expansion/Renovation Project | Assisted Living Properties with 72 Units | Real Estate Investment Completed Projects | Colorado
Investment commitments
Number of Properties | property				1
Number of Beds/Units | item				72
Expansion/Renovation Project | Assisted Living Properties with 123 Units | Real Estate Investment Completed Projects | Colorado
Investment commitments
Number of Properties | property				2
Number of Beds/Units | item				123
Renovation Project | Skilled Nursing | Real Estate Investment
Investment commitments
Number of investment commitments | property			3
Renovation Project | Assisted Living | Real Estate Investment
Investment commitments
Investment Commitment			$ 5,080,000
Number of Properties | property			30
Number of investment commitments | item			3
Improvements Project | Skillled Nursing Properties with 120 Units | Real Estate Investment Completed Projects | Florida
Investment commitments
Number of Properties | property				1
Number of Beds/Units | item				120
Improvements Project | Skilled Nursing Properties with 235 Units | Real Estate Investment Completed Projects | New Mexico
Investment commitments
Number of Properties | property				2
Number of Beds/Units | item				235

Real Estate Investments - Addit

Real Estate Investments - Additional Commitments and Future Minimum Payments (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)	Jan. 31, 2015USD ($)itemproperty	Dec. 31, 2015USD ($)itemproperty	Dec. 31, 2015USD ($)loanitemproperty	Dec. 31, 2014USD ($)itemproperty	Dec. 31, 2013USD ($)itemproperty
Additional Loan Commitments
Mortgage loan, origination amount			$ 220,767,000	$ 220,767,000
Investment Commitment			214,917,000	214,917,000
Funding				71,977,000
Commitment Funded			77,530,000	77,530,000
Loan Commitments			2,100,000	2,100,000
Amount Funded				71,977,000
Business Combination, Consideration Transferred				218,626,000	$ 11,650,000	$ 19,040,000
Carrying value of mortgage loans			217,529,000	217,529,000	165,656,000
Scheduled principal payments on mortgage loan receivables
Land			106,841,000	106,841,000	80,024,000
Scheduled principal payments received				$ 4,808,000	9,155,000	1,933,000
Mortgage Loans on Real Estate
Additional Loan Commitments
Interest rate for mortgage loans, low end of range (as a percent)				7.30%
Interest rate for mortgage loans, high end of range (as a percent)				13.90%
Carrying value of mortgage loans			217,529,000	$ 217,529,000	165,656,000
Scheduled principal payments on mortgage loan receivables
2,016			8,653,000	8,653,000
2,017			7,214,000	7,214,000
2,018			8,383,000	8,383,000
2,019			5,092,000	5,092,000
2,020			1,065,000	1,065,000
Thereafter			189,312,000	189,312,000
Total			$ 219,719,000	219,719,000
Amount received related to payoff of loan, excluding accrued interest				$ 2,487,000
Number of loans paid off | loan				2
Number of Properties | property			38	38
Scheduled principal payments received				$ 2,321,000	2,159,000	1,933,000
Mortgage Loans on Real Estate | Virginia
Additional Loan Commitments
Mortgage loan, origination amount			$ 1,208,000	1,208,000
Scheduled principal payments on mortgage loan receivables
Interest rate (as a percent)			9.00%
Interest payable at beginning of each month (as a percent)			3.00%
Interest accrued and payable at maturity date (as a percent)			6.00%
Additional Loan Commitments
Additional Loan Commitments
Investment Commitment			$ 52,490,000	52,490,000
Funding				6,925,000
Commitment Funded			10,263,000	10,263,000
Remaining Commitment			42,227,000	42,227,000
Amount Funded				6,925,000
Scheduled principal payments on mortgage loan receivables
Remaining loan commitments			$ 42,227,000	$ 42,227,000
Number of Properties | property			19	19
Number of Beds/Units | item			2,588	2,588
Skilled Nursing
Additional Loan Commitments
Business Combination, Consideration Transferred				$ 36,946,000		14,402,000
Skilled Nursing | Mortgage Loans on Real Estate
Scheduled principal payments on mortgage loan receivables
Number of Properties | property			30	30
Skilled Nursing | Mortgage Loans on Real Estate | Michigan
Additional Loan Commitments
Term of mortgage loan receivable				30 years
Scheduled principal payments on mortgage loan receivables
Number of properties securing loan | item			2	2
Number of beds or units securing loan | item				273
Interest rate for first five years				9.41%
Period during which loan bears the initial specified interest rate				5 years
Annual increase in interest rate (as percent)				2.25%
Term of mortgage loan receivable				30 years
Period of interest-only payments				3 years
Skilled Nursing | Additional Loan Commitments
Additional Loan Commitments
Investment Commitment			$ 52,000,000	$ 52,000,000
Funding				6,565,000
Commitment Funded			9,903,000	9,903,000
Remaining Commitment			42,097,000	42,097,000
Amount Funded				6,565,000
Scheduled principal payments on mortgage loan receivables
Remaining loan commitments			$ 42,097,000	$ 42,097,000
Number of Properties | property			18	18
Number of Beds/Units | item			2,488	2,488
Assisted Living
Additional Loan Commitments
Business Combination, Consideration Transferred				$ 156,097,000	9,800,000
Assisted Living | Mortgage Loans on Real Estate
Scheduled principal payments on mortgage loan receivables
Number of Properties | property			8	8
Assisted Living | Additional Loan Commitments
Additional Loan Commitments
Investment Commitment			$ 490,000	$ 490,000
Funding				360,000
Commitment Funded			360,000	360,000
Remaining Commitment			130,000	130,000
Amount Funded				360,000
Scheduled principal payments on mortgage loan receivables
Remaining loan commitments			$ 130,000	$ 130,000
Number of Properties | property			1	1
Number of Beds/Units | item			100	100
Prestige | Mortgage Loans on Real Estate
Additional Loan Commitments
Additional loan commitments available for capital improvements					12,000,000
Loan Commitments		$ 196,387,000
Scheduled principal payments on mortgage loan receivables
Number of parcels of land | item		2
Number of properties securing loan | property		2
Land			$ 670,000	$ 670,000
Prestige | Mortgage Loans on Real Estate | Michigan
Additional Loan Commitments
Loan Commitments						176,387,000
Additional loan proceeds available for expansion and renovation				40,000,000
Scheduled principal payments on mortgage loan receivables
Additional loan commitments based on certain operating metrics and valuation thresholds						$ 40,000,000
Period at beginning of loan term that certain operating metrics and valuation thresholds must be achieved and sustained to receive additional loan proceeds						12 years
Prestige | Capital Improvement Loan Investment
Additional Loan Commitments
Remaining Commitment			22,403,000	22,403,000
Loan Commitments		$ 32,000,000
Scheduled principal payments on mortgage loan receivables
Remaining loan commitments			22,403,000	22,403,000
Prestige | Capital Improvement Loan Investment | Michigan
Additional Loan Commitments
Funding				6,259,000	3,337,000
Remaining Commitment			2,403,000	2,403,000
Loan Commitments			12,000,000	12,000,000
Amount Funded				6,259,000	3,337,000
Scheduled principal payments on mortgage loan receivables
Remaining loan commitments			2,403,000	2,403,000
Prestige | Skilled Nursing | Mortgage Loans on Real Estate | Michigan
Additional Loan Commitments
Funding					124,387,000	$ 124,387,000
Amount Funded					$ 124,387,000	$ 124,387,000
Scheduled principal payments on mortgage loan receivables
Number of properties securing loan | property					15	15
Number of beds or units securing loan | item					2,058
Number of Beds/Units | item						2,058
Additional commitments for capital improvements						$ 12,000,000
Prestige | Skilled Nursing Center, 157 Units | Skilled Nursing | Mortgage Loans on Real Estate | Michigan
Additional Loan Commitments
Funding				9,500,000
Loan Commitments			11,000,000	11,000,000
Amount Funded				$ 9,500,000
Scheduled principal payments on mortgage loan receivables
Number of beds or units securing loan | item				157
Prestige | Skilled Nursing Center, 273 Units | Mortgage Loans on Real Estate | Michigan
Additional Loan Commitments
Funding				$ 9,500,000
Loan Commitments			$ 20,000,000	20,000,000
Amount Funded				9,500,000
Additional loan proceeds available for expansion and renovation				$ 10,500,000
Prestige | Subsequent Event | Skilled Nursing Center, 273 Units | Mortgage Loans on Real Estate | Michigan
Additional Loan Commitments
Funding	$ 5,500,000
Amount Funded	$ 5,500,000
Minimum | Mortgage Loans on Real Estate
Additional Loan Commitments
General amortization schedule of mortgage loans				20 years
Scheduled principal payments on mortgage loan receivables
Specified basis points for annual increase in interest rate (as a percent)				0.10%
Maximum | Mortgage Loans on Real Estate
Additional Loan Commitments
General amortization schedule of mortgage loans				30 years
Scheduled principal payments on mortgage loan receivables
Specified basis points for annual increase in interest rate (as a percent)				0.25%
Maximum | Prestige | Mortgage Loans on Real Estate
Additional Loan Commitments
Additional loan proceeds available for expansion and renovation		$ 20,000,000
Scheduled principal payments on mortgage loan receivables
Percentage of outstanding mortgage loan balance that may be prepaid without penalty				50.00%
Maximum | Prestige | Skilled Nursing | Mortgage Loans on Real Estate | Michigan
Scheduled principal payments on mortgage loan receivables
Percentage of loan balance outstanding between the third and twelfth years that may be prepaid without penalty						50.00%

Investment in Unconsolidated 47

Investment in Unconsolidated Joint Ventures - Investment (Details)	12 Months Ended
	Dec. 31, 2015USD ($)property
Investment in Unconsolidated Joint Ventures
Common members capital account balance	$ 0
Income from unconsolidated joint venture	1,819,000
Distribution from unconsolidated joint ventures	$ 552,000
Joint Venture | Primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of properties owned by joint venture | property	4
Initial preferred capital contribution in joint venture provided at closing.	$ 20,143,000
Additional preferred capital contributions in joint venture commited	5,507,000
Total preferred capital contributions in joint venture	$ 25,650,000
Preferred return percentage	15.00%
Percentage of common membership interest in the joint venture that may be purchased by the Company	100.00%
Period of payment of the preferred equity investment balance if the common equity member elects to call the preferred interest	36 months
Income from unconsolidated joint venture	$ 1,819,000
Distribution from unconsolidated joint ventures	$ 552,000

Investment in Unconsolidated 48

Investment in Unconsolidated Joint Ventures - ADC Arrangement (Details) - Combination ALF, MC and ILF community - ADC Arrangement	12 Months Ended
	Dec. 31, 2015USD ($)item
Investment in Unconsolidated Joint Ventures
Loans Receivable with Variable Rates of Interest | $	$ 2,900,000
Number of units | item	99
Interest rate period	2 years
Investment interest rate, after first two years (as a percent)	15.00%
Minimum
Investment in Unconsolidated Joint Ventures
Investment interest rate, first two years (as a percent)	10.00%
Maximum
Investment in Unconsolidated Joint Ventures
Investment interest rate, first two years (as a percent)	12.00%

Notes Receivable (Details)

Notes Receivable (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Notes Receivable
Loan commitment	$ 2,100,000
Reclassification of pre-development loans (Note 7)	1,035,000	$ 304,000	$ 479,000
Principal payments received under notes receivable		113,000	3,110,000
Amount funded	1,554,000	1,263,000	1,004,000
Notes receivable activities
Advances under notes receivable	1,554,000	1,263,000	1,004,000
Principal payments received under notes receivable		(113,000)	(3,110,000)
Reclassed to real estate under development	(1,035,000)	(304,000)	(479,000)
Net increase (decrease) in notes receivable	519,000	$ 846,000	$ (2,585,000)
Loan Receivable with 12.00% Interest Maturing 2017
Notes Receivable
Loan commitment	$ 400,000
Interest rate (as a percent)	12.00%
Loan Receivable with 12.25% Interest Maturing 2016
Notes Receivable
Loan commitment	$ 400,000
Interest rate (as a percent)	12.25%
Loan Receivable 2 with 12.00% Interest Maturing 2017
Notes Receivable
Loan commitment	$ 400,000
Interest rate (as a percent)	12.00%
Loan Receivable 3 with 12.00% Interest Maturing 2017
Notes Receivable
Loan commitment	$ 400,000
Interest rate (as a percent)	12.00%
Loans Receivable and Line of Credit Agreements
Notes Receivable
Loan commitment	$ 2,725,000
Number of commitments | item	8
Remaining loan commitments	$ 2,317,000
Weighted average interest rate (as a percent)	9.90%
Memory Care
Notes Receivable
Reclassification of pre-development loans (Note 7)	$ 1,035,000
Notes receivable activities
Reclassed to real estate under development	(1,035,000)
Assisted Living | Loan Receivable Maturing in Year 2020
Notes Receivable
Loan commitment	$ 500,000
Interest rate (as a percent)	6.50%

Debt Obligations (Details)

Debt Obligations (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Obligations
Applicable Interest Rate			4.07%
Outstanding Balance		$ 571,872,000	$ 571,872,000	$ 280,584,000
Proceeds from issuance of senior unsecured notes			200,000,000	30,000,000	$ 70,000,000
Amount outstanding Senior Unsecured Notes		451,372,000	451,372,000	280,584,000
Scheduled Principal Payments
Total		572,967,000	572,967,000
2,016		26,667,000	26,667,000
2,017		31,167,000	31,167,000
2,018		154,667,000	154,667,000
2,019		32,666,000	32,666,000
2,020		37,160,000	37,160,000
Thereafter		290,640,000	$ 290,640,000
Bank Borrowings - Line of Credit
Debt Obligations
Applicable Interest Rate			1.92%
Outstanding Balance		120,500,000	$ 120,500,000
Available for Borrowing		479,500,000	479,500,000	400,000,000
Amount borrowed			291,000,000	37,500,000
Maximum availability under Unsecured Credit Agreement		600,000,000	$ 600,000,000
Increase in bank borrowings		$ 200,000,000
Extension of maturity date			1 year
Description of interest rate			LIBOR
Basis spread over base rate (as a percent)			1.50%
Unused commitment fee (as a percent)			0.35%
Maximum ratio of total indebtedness to total asset value		0.5	0.5
Maximum ratio of secured debt to total asset value		0.35	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool		0.6	0.6
Minimum ratio of EBITDA to fixed charges		1.50	1.50
Repayment amount			$ 170,500,000	58,500,000
Scheduled Principal Payments
Total		$ 120,500,000	120,500,000
2,018		120,500,000	$ 120,500,000
Bank Borrowings - Line of Credit | Subsequent Event
Debt Obligations
Available for Borrowing	$ 447,500,000
Amount borrowed	32,000,000
Senior Unsecured Debt
Debt Obligations
Applicable Interest Rate			4.64%
Outstanding Balance		451,372,000	$ 451,372,000	280,584,000
Available for Borrowing		33,333,000	33,333,000
Repayments of debt			29,167,000	4,167,000
Scheduled Principal Payments
Total		452,467,000	452,467,000
2,016		26,667,000	26,667,000
2,017		31,167,000	31,167,000
2,018		34,167,000	34,167,000
2,019		32,666,000	32,666,000
2,020		37,160,000	37,160,000
Thereafter		290,640,000	290,640,000
Debt issuance costs			$ 1,095,000
Senior Unsecured Debt | Maximum
Debt Obligations
Maturity Period			15 years
Senior Unsecured Debt | Weighted Average
Debt Obligations
Maturity Period			12 years
Private Shelf Agreement Prudential
Debt Obligations
Maximum availability under Unsecured Credit Agreement		200,000,000	$ 200,000,000
Maturity Period			3 years
Senior Unsecured Term Notes 3.99 Percent Due 20 November 2021 [Member]
Debt Obligations
Proceeds from issuance of senior unsecured notes				$ 30,000,000
Stated interest rate (as a percent)				4.50%
Senior Unsecured Term Note 4.50 Percent Due 31 July 2026 [Member]
Debt Obligations
Available for Borrowing		$ 37,500,000	$ 37,500,000
Proceeds from issuance of senior unsecured notes			$ 100,000,000
Stated interest rate (as a percent)		4.50%	4.50%
Note Purchase and Private Shelf Agreement AIG
Debt Obligations
Maximum available for issuance under private shelf agreement			$ 100,000,000
Bonds
Debt Obligations
Face amount of debt		$ 1,400,000	1,400,000
Repayments of debt			$ 635,000
Number of assisted living properties securing debt instruments | property			5
Senior Unsecured Debt
Debt Obligations
Available for Borrowing		$ 479,500,000	$ 479,500,000
Senior Unsecured Debt | Subsequent Event
Debt Obligations
Outstanding Balance	152,500,000
Available for Borrowing	447,500,000
Amount borrowed	$ 32,000,000
Senior Unsecured Debt | Note Purchase and Private Shelf Agreement AIG
Debt Obligations
Stated interest rate (as a percent)		4.26%	4.26%
Maturity Period			3 years

Equity - Class of Stock, Distri

Equity - Class of Stock, Distributions (Details) - USD ($)	Jan. 29, 2016	Jan. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity
Preferred shares outstanding			0				2,000,000					0	2,000,000
Net proceeds													$ 24,644,000	$ 176,260,000
Dividend Distributions
Declared			$ 76,765,000				$ 74,431,000					$ 76,765,000	74,431,000
Paid												$ 76,765,000	$ 74,431,000	$ 66,904,000
Dividends per share declared (in dollars per share)			$ 0.54	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51
Dividends paid per common share (in dollars per share)			$ 0.54	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51		$ 2.070	$ 2.040	$ 1.905
Accumulated other comprehensive income
Accumulated other comprehensive income			$ 47,000				$ 82,000					$ 47,000	$ 82,000
Change from net income and transfers from non-controlling interest
Net income attributable to LTC Properties, Inc.												73,081,000	$ 73,399,000	$ 57,815,000
Subsequent Event | Dividend Payable, January 2016
Dividend Distributions
Dividends per share declared (in dollars per share)		$ 0.18
Subsequent Event | Dividend Payable, February 2016
Dividend Distributions
Dividends per share declared (in dollars per share)		0.18
Subsequent Event | Dividend Payable, March 2016
Dividend Distributions
Dividends per share declared (in dollars per share)		$ 0.18
Shelf Registration
Equity
Amount available under effective shelf registration statement			$ 575,100,000									$ 575,100,000
Automatic shelf registration statement, term (in years)												P3Y
Series C Preferred Stock
Equity
Preferred shares outstanding			0				2,000,000					0	2,000,000
Dividend Rate (as a percent)												8.50%	8.50%
Number of shares of common stock to be issued upon conversion												2,000,000
Conversion price per share												$ 19.25
Shares converted												2,000,000
Dividend Distributions
Declared			$ 2,454,000				$ 3,273,000					$ 2,454,000	$ 3,273,000
Paid												$ 2,454,000	$ 3,273,000
Common Stock
Equity
Number of shares repurchased												26,993	5,324
Dividend Distributions
Declared			$ 74,311,000				$ 71,158,000					$ 74,311,000	$ 71,158,000
Paid												74,311,000	$ 71,158,000
Dividends per share declared (in dollars per share)			$ 0.18								$ 0.17		$ 0.17
Dividends paid per common share (in dollars per share)			$ 0.18								$ 0.17		$ 0.17
Common Stock | Subsequent Event
Equity
Number of shares repurchased	30,482
Common Stock | Equity Distribution Agreement
Equity
Maximum offering capacity under shelf registration statement			$ 200,000,000									200,000,000
Amount available under effective shelf registration statement			$ 200,000,000									$ 200,000,000
Shares common stock sold														126,742
Net proceeds														$ 4,895,000
Maximum aggregate offering price of shares authorized for issuance under terminated agreement														85,686,000
Reclassification of accumulated costs to additional paid in capital														$ 662,000
Common Stock | Private Placement
Equity
Shares common stock sold													600,000
Sale price of common stock (in dollars per share)							$ 41.50						$ 41.50
Net proceeds													$ 24,644,000

Equity - 2015 Equity Participat

Equity - 2015 Equity Participation Plan (Details) - 2015 Plan	12 Months Ended
	Dec. 31, 2015shares
Stock Based Compensation Plans
Number of shares of common stock that have been reserved for awards (in shares)	1,400,000
Stock options
Stock Based Compensation Plans
Stock options granted (in shares)	0
Restricted stock
Stock Based Compensation Plans
Granted (in shares)	0

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - Restricted stock - 2008 Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restricted stock activity
Outstanding at the beginning of the year (in shares)	214,168	165,149
Granted (in shares)	92,150	95,000
Vested (in shares)	(118,331)	(45,981)
Canceled (in shares)	(640)
Outstanding at the end of the year (in shares)	187,347	214,168
Compensation expense
Compensation expense, vested awards	$ 3,992	$ 3,241
Remaining compensation expense	$ 4,221
2,016
Restricted stock activity
Outstanding at the end of the year (in shares)	102,060
Compensation expense
Remaining compensation expense	$ 2,618
2,017
Restricted stock activity
Outstanding at the end of the year (in shares)	57,367
Compensation expense
Remaining compensation expense	$ 1,416
2,018
Restricted stock activity
Outstanding at the end of the year (in shares)	27,920
Compensation expense
Remaining compensation expense	$ 187
Grant Date Price 36.81 | Three year vesting
Restricted stock activity
Granted (in shares)		59,000
Price per share		$ 36.81
Vesting period		3 years
Grant Date Price 38.43 | Three year vesting
Restricted stock activity
Granted (in shares)		3,000
Price per share		$ 38.43
Vesting period		3 years
Grant Date Price 40.05 | Three year vesting
Restricted stock activity
Granted (in shares)		15,000
Price per share		$ 40.05
Vesting period		3 years
Grant Date Price 40.05 | Vesting Date, June 9, 2015
Restricted stock activity
Granted (in shares)		10,500
Price per share		$ 40.05
Grant Date Price 41.34 | Vesting Date, November 12, 2015
Restricted stock activity
Granted (in shares)		7,500
Price per share		$ 41.34
Grant Date Price 44.45 | Three year vesting
Restricted stock activity
Granted (in shares)	65,750
Price per share	$ 44.45
Vesting period	3 years
Grant Date Price 42.30 | Three year vesting
Restricted stock activity
Granted (in shares)	18,000
Price per share	$ 42.30
Vesting period	3 years
Grant Date Price 42.30 | Vesting Date, June 2, 2016
Restricted stock activity
Granted (in shares)	8,400
Price per share	$ 42.30

Equity - Options (Details)

Equity - Options (Details) - Stock options - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stock Options
Vesting period	3 years
Fair value assumptions
Expected life	3 years
Volatility rate (as a percent)	0.21%
Risk free interest rate (as a percent)	0.66%
Expected dividend yield (as a percent)	5.31%
Fair value of option (in dollars per share)	$ 2.96
Nonqualified stock option activity
Outstanding at the beginning of the year (in shares)	43,334	73,334
Granted (in shares)		15,000
Exercised (in shares)	(3,333)	(45,000)
Outstanding at the end of the year (in shares)	40,001	43,334
Options exercisable at end of the period (in shares)	30,001	28,334
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 29.16	$ 23.97
Granted (in dollars per share)		38.43
Exercised (in dollars per share)	23.79	23.79
Outstanding at the end of the year (in dollars per share)	29.60	29.16
Exercisable at the end of the period (in dollars per share)	$ 31.99	$ 24.25
Other information
Aggregate intrinsic value of exercisable options at the end of the year	$ 494,000
Weighted average remaining contractual life of options exercisable	2 years 7 months 6 days	2 years 8 months 12 days
Value of options exercised	$ 79,000	$ 1,071,000
Market value of options on the date of exercise	140,000	1,840,000
Compensation expense, vested awards	$ 14,000	$ 12,000
Options scheduled to vest (in shares)	10,000
Remaining compensation expense	$ 18,000
2,016
Other information
Options scheduled to vest (in shares)	5,000
Remaining compensation expense	$ 15,000
2,017
Other information
Options scheduled to vest (in shares)	5,000
Remaining compensation expense	$ 3,000

Commitments and Contingencies -

Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Contingent consideration
Non-cash interest related to earn-out liabilities	$ 409	$ 18	$ 256
Accrued incentives and earn-outs	12,722	3,258
Earn-out liabilities
Contingent consideration
Non-cash interest related to earn-out liabilities	409	18
Level 3 | Fair Value
Contingent consideration
Accrued incentives and earn-outs	12,722	$ 3,258
Level 3 | Fair Value | Earn-out liabilities
Contingent consideration
Accrued incentives and earn-outs	$ 12,722

Commitments and Contingencies56

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Other Commitments [Line Items]
Investment Commitment	$ 214,917
Amount Funded	71,977
Commitments funded	(77,530)
Remaining commitment	137,387
Real estate properties
Other Commitments [Line Items]
Investment Commitment	110,650
Amount Funded	40,334
Commitments funded	(42,391)
Remaining commitment	68,259
Earn-out liabilities
Other Commitments [Line Items]
Investment Commitment	16,300
Amount Funded	805
Commitments funded	(805)
Remaining commitment	15,495
Lease incentives
Other Commitments [Line Items]
Investment Commitment	4,202
Amount Funded	587
Commitments funded	(620)
Remaining commitment	3,582
Mortgage loans
Other Commitments [Line Items]
Investment Commitment	52,490
Amount Funded	6,925
Commitments funded	(10,263)
Remaining commitment	42,227
Joint venture investments
Other Commitments [Line Items]
Investment Commitment	28,550
Amount Funded	23,043
Commitments funded	(23,043)
Remaining commitment	5,507
Notes receivable
Other Commitments [Line Items]
Investment Commitment	2,725
Amount Funded	283
Commitments funded	(408)
Remaining commitment	$ 2,317

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Distributions
Minimum distribution of taxable income (as a percent)									90.00%
Ordinary taxable distribution									$ 1.690	$ 1.474	$ 1.534
Return of capital									0.357	0.196	0.313
Unrecaptured Section 1250 gain									0.023	0.370	0.058
Total	$ 0.54	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 2.070	$ 2.040	$ 1.905

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income Per Common Share
Income from continuing operations									$ 73,081	$ 73,399	$ 55,405
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities									(480)	(465)	(381)
Income allocated to participating securities									(4)	(16)	(2)
Total net income allocated to participating securities									(484)	(481)	(383)
Less net income allocated to preferred stockholders:
Preferred stock dividends									(2,454)	(3,273)	(3,273)
Discontinued operations:
Income from discontinued operations											805
Gain on sale of real estate, net											1,605
Net income from discontinued operations											2,410
Net income available to common stockholders	$ 17,840	$ 18,708	$ 16,984	$ 16,611	$ 20,043	$ 16,181	$ 17,338	$ 16,083	70,143	69,645	54,159
Effect of dilutive securities:
Convertible preferred securities									2,454	3,273
Total effect of dilutive securities									2,454	3,273
Net income for diluted net income per share									$ 72,597	$ 72,918	$ 54,159
Shares for basic net income per share									35,590	34,617	33,111
Effect of dilutive securities:
Stock options (in shares)									13	23	31
Convertible preferred securities (in shares)									1,726	2,000
Total effect of dilutive securities (in shares)									1,739	2,023	31
Shares for diluted net income per share									37,329	36,640	33,142
Basic (in dollars per share)	$ 0.49	$ 0.53	$ 0.48	$ 0.47	$ 0.58	$ 0.47	$ 0.50	$ 0.47	$ 1.97	$ 2.01	$ 1.64
Diluted (in dollars per share)	$ 0.48	$ 0.52	$ 0.48	$ 0.47	$ 0.57	$ 0.46	$ 0.50	$ 0.46	$ 1.94	$ 1.99	$ 1.63

Quarterly Financial Informati59

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information
Revenues	$ 37,393	$ 34,943	$ 32,387	$ 31,480	$ 30,755	$ 29,541	$ 29,227	$ 29,438	$ 136,203	$ 118,961	$ 104,974
Net income available to common stockholders	$ 17,840	$ 18,708	$ 16,984	$ 16,611	$ 20,043	$ 16,181	$ 17,338	$ 16,083	$ 70,143	$ 69,645	$ 54,159
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.49	$ 0.53	$ 0.48	$ 0.47	$ 0.58	$ 0.47	$ 0.50	$ 0.47	$ 1.97	$ 2.01	$ 1.64
Diluted (in dollars per share)	0.48	0.52	0.48	0.47	0.57	0.46	0.50	0.46	1.94	1.99	1.63
Dividends per share declared (in dollars per share)	0.54	0.51	0.51	0.51	0.51	0.51	0.51	0.51
Dividends declared and paid per common share (in dollars per share)	$ 0.54	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 2.070	$ 2.040	$ 1.905

Fair Value Measurements - Summa

Fair Value Measurements - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair value measurements
Mortgage loans receivable	$ 217,529	$ 165,656
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049	451,372	280,584
Contingent liabilities	12,722	3,258
Fair Value
Fair value measurements
Bank borrowings	120,500
Carrying Value
Fair value measurements
Mortgage loans receivable	217,529	165,656
Bank borrowings	120,500
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049	451,372	280,584
Contingent liabilities	12,722	3,258
Level 3 | Fair Value
Fair value measurements
Mortgage loans receivable	257,335	198,977
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049	451,420	283,933
Contingent liabilities	$ 12,722	$ 3,258

Fair Value Measurements - Assum

Fair Value Measurements - Assumptions (Details) - Level 3 - Discounted Cash Flow Analysis	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Senior Unsecured Notes maturing before 2026
Fair value assumptions
Discount rate (as a percent)	4.35%
Senior Unsecured Notes maturing 2026 and after
Fair value assumptions
Discount rate (as a percent)	4.65%
Senior Unsecured Notes maturing before 2020
Fair value assumptions
Discount rate (as a percent)		3.80%
Senior Unsecured Notes maturing 2020 and after
Fair value assumptions
Discount rate (as a percent)		4.55%
Earn-out liabilities
Fair value assumptions
Discount rate (as a percent)	6.10%	6.20%
Mortgage Loans Receivable
Fair value assumptions
Discount rate (as a percent)	8.90%	8.60%

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 29, 2016shares	Jan. 31, 2016USD ($)item$ / shares	Dec. 31, 2015USD ($)$ / shares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2014USD ($)$ / shares	Sep. 30, 2014$ / shares	Jun. 30, 2014$ / shares	Mar. 31, 2014$ / shares	Sep. 30, 2015$ / shares	Dec. 31, 2015USD ($)itemshares	Dec. 31, 2014USD ($)item$ / sharesshares	Dec. 31, 2013USD ($)item
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Purchase Price												$ 218,626,000	$ 11,650,000	$ 19,040,000
Number of beds/units acquired | item												1,429	48	130
Gain (loss) on sale of properties												$ 586,000	$ 4,959,000
Debt Obligations
Outstanding Balance			$ 120,500,000									120,500,000
Equity
Dividends per share declared (in dollars per share) | $ / shares			$ 0.54	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51
Skilled Nursing
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Purchase Price												$ 36,946,000		$ 14,402,000
Number of beds/units acquired | item												360		130
Assisted Living
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Purchase Price												$ 156,097,000	$ 9,800,000
Number of beds/units acquired | item												951	48
Bank Borrowings - Line of Credit
Debt Obligations
Amount borrowed												$ 291,000,000	$ 37,500,000
Available for Borrowing			$ 479,500,000				$ 400,000,000					$ 479,500,000	$ 400,000,000
Subsequent Event | Dividend Payable, January 2016
Equity
Dividends per share declared (in dollars per share) | $ / shares		$ 0.18
Subsequent Event | Dividend Payable, February 2016
Equity
Dividends per share declared (in dollars per share) | $ / shares		0.18
Subsequent Event | Dividend Payable, March 2016
Equity
Dividends per share declared (in dollars per share) | $ / shares		$ 0.18
Subsequent Event | Bank Borrowings - Line of Credit
Debt Obligations
Amount borrowed		$ 32,000,000
Outstanding Balance		152,500,000
Available for Borrowing		447,500,000
Texas | Subsequent Event | Skilled Nursing
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Purchase Price		$ 16,000,000
Number of beds/units acquired | item		126
Oregon | Assisted Living
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Number of beds or units in property sold | item		36
Sales price		$ 1,500,000
Oregon | Subsequent Event | Assisted Living
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Mortgage loan agreement amount		$ 1,000,000
Oregon | Subsequent Event | Real Estate Investment
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Number of beds or units in property sold | item		36
Sales price		$ 1,500,000
Mortgage loan agreement amount		$ 1,000,000
Florida | Subsequent Event
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Number of beds or units in property sold | item		48
Sales price		$ 1,750,000
Florida | Subsequent Event | Assisted Living
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable
Number of beds or units in property sold | item		48
Sales price		$ 1,750,000
Gain (loss) on sale of properties		$ 120,000
Common Stock
Equity
Number of shares repurchased | shares												26,993	5,324
Dividends per share declared (in dollars per share) | $ / shares			$ 0.18								$ 0.17		$ 0.17
Common Stock | Subsequent Event
Equity
Number of shares repurchased | shares	30,482

SCHEDULE II VALUATION AND QUA63

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation and qualifying accounts
Balance at beginning of period	$ 2,404	$ 3,212	$ 2,339
(Recovered) charged to costs and expenses	619	32	2,180
Deductions		(840)	(1,307)
Balance at end of period	3,023	2,404	3,212
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	1,673	1,671	782
(Recovered) charged to costs and expenses	517	2	1,274
Deductions			(385)
Balance at end of period	2,190	1,673	1,671
Straight-line rent receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	731	1,541	1,557
(Recovered) charged to costs and expenses	102	30	906
Deductions		(840)	(922)
Balance at end of period	$ 833	$ 731	$ 1,541

SCHEDULE III REAL ESTATE AND 64

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Initial Cost to Company
Land	$ 106,841
Buildings and Improvements	1,009,850
Costs Capitalized Subsequent to acquisition	81,995
Gross Amount at Which Carried As of Year End
Land	106,841
Buildings and Improvements	1,091,845
Total	1,198,686	$ 949,838	$ 937,617	$ 900,095
Accum Deprec	251,265	$ 223,315	$ 218,700	$ 198,548
Skilled Nursing
Initial Cost to Company
Land	46,086
Buildings and Improvements	433,844
Costs Capitalized Subsequent to acquisition	42,193
Gross Amount at Which Carried As of Year End
Land	46,086
Buildings and Improvements	476,037
Total	522,123
Accum Deprec	119,772
Assisted Living
Initial Cost to Company
Land	44,096
Buildings and Improvements	496,208
Costs Capitalized Subsequent to acquisition	31,258
Gross Amount at Which Carried As of Year End
Land	44,096
Buildings and Improvements	527,466
Total	571,562
Accum Deprec	112,332
Range of Care
Initial Cost to Company
Land	2,733
Buildings and Improvements	35,800
Costs Capitalized Subsequent to acquisition	5,374
Gross Amount at Which Carried As of Year End
Land	2,733
Buildings and Improvements	41,174
Total	43,907
Accum Deprec	14,030
Other School and Land [Member]
Initial Cost to Company
Land	3,008
Buildings and Improvements	13,308
Costs Capitalized Subsequent to acquisition	3,170
Gross Amount at Which Carried As of Year End
Land	3,008
Buildings and Improvements	16,478
Total	19,486
Accum Deprec	5,131
School [Member]
Initial Cost to Company
Land	2,065
Buildings and Improvements	13,308
Costs Capitalized Subsequent to acquisition	3,170
Gross Amount at Which Carried As of Year End
Land	2,065
Buildings and Improvements	16,478
Total	18,543
Accum Deprec	5,131
Land
Initial Cost to Company
Land	943
Gross Amount at Which Carried As of Year End
Land	943
Total	943
Properties under Development
Initial Cost to Company
Land	10,918
Buildings and Improvements	30,690
Gross Amount at Which Carried As of Year End
Land	10,918
Buildings and Improvements	30,690
Total	41,608
Alamogordo 134 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	210
Buildings and Improvements	2,593
Costs Capitalized Subsequent to acquisition	641
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	3,234
Total	3,444
Accum Deprec	1,033
Albuquerque 218 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	1,696
Buildings and Improvements	3,891
Costs Capitalized Subsequent to acquisition	530
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	4,421
Total	6,117
Accum Deprec	1,503
Albuquerque 219 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	1,950
Buildings and Improvements	8,910
Costs Capitalized Subsequent to acquisition	207
Gross Amount at Which Carried As of Year End
Land	1,950
Buildings and Improvements	9,117
Total	11,067
Accum Deprec	3,038
Albuquerque 220 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	2,463
Buildings and Improvements	7,647
Costs Capitalized Subsequent to acquisition	9
Gross Amount at Which Carried As of Year End
Land	2,463
Buildings and Improvements	7,656
Total	10,119
Accum Deprec	2,545
Altoona 042 IA [Member] | Skilled Nursing
Initial Cost to Company
Land	105
Buildings and Improvements	2,309
Costs Capitalized Subsequent to acquisition	444
Gross Amount at Which Carried As of Year End
Land	105
Buildings and Improvements	2,753
Total	2,858
Accum Deprec	1,720
Amarillo 252 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	844
Costs Capitalized Subsequent to acquisition	7,925
Gross Amount at Which Carried As of Year End
Land	844
Buildings and Improvements	7,925
Total	8,769
Accum Deprec	930
Aransas Pass 214 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	154
Buildings and Improvements	1,276
Costs Capitalized Subsequent to acquisition	589
Gross Amount at Which Carried As of Year End
Land	154
Buildings and Improvements	1,865
Total	2,019
Accum Deprec	730
Arlington 247 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	1,016
Buildings and Improvements	13,649
Gross Amount at Which Carried As of Year End
Land	1,016
Buildings and Improvements	13,649
Total	14,665
Accum Deprec	2,448
Atlanta 171 GA [Member] | Skilled Nursing
Initial Cost to Company
Land	175
Buildings and Improvements	1,282
Costs Capitalized Subsequent to acquisition	3
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	1,285
Total	1,460
Accum Deprec	709
Atmore 040 AL [Member] | Skilled Nursing
Initial Cost to Company
Land	131
Buildings and Improvements	2,877
Costs Capitalized Subsequent to acquisition	196
Gross Amount at Which Carried As of Year End
Land	131
Buildings and Improvements	3,073
Total	3,204
Accum Deprec	1,760
Beaumont 221 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	370
Buildings and Improvements	1,141
Costs Capitalized Subsequent to acquisition	106
Gross Amount at Which Carried As of Year End
Land	370
Buildings and Improvements	1,247
Total	1,617
Accum Deprec	462
Beeville 213 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	186
Buildings and Improvements	1,197
Costs Capitalized Subsequent to acquisition	70
Gross Amount at Which Carried As of Year End
Land	186
Buildings and Improvements	1,267
Total	1,453
Accum Deprec	404
Benbrook 215 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	480
Buildings and Improvements	2,121
Costs Capitalized Subsequent to acquisition	102
Gross Amount at Which Carried As of Year End
Land	480
Buildings and Improvements	2,223
Total	2,703
Accum Deprec	798
Bradenton 007 FL [Member] | Skilled Nursing
Initial Cost to Company
Land	330
Buildings and Improvements	2,720
Costs Capitalized Subsequent to acquisition	160
Gross Amount at Which Carried As of Year End
Land	330
Buildings and Improvements	2,880
Total	3,210
Accum Deprec	1,880
Brownwood 256 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	164
Buildings and Improvements	6,336
Gross Amount at Which Carried As of Year End
Land	164
Buildings and Improvements	6,336
Total	6,500
Accum Deprec	729
Carroll 043 IA [Member] | Skilled Nursing
Initial Cost to Company
Land	47
Buildings and Improvements	1,033
Costs Capitalized Subsequent to acquisition	213
Gross Amount at Which Carried As of Year End
Land	47
Buildings and Improvements	1,246
Total	1,293
Accum Deprec	776
Chesapeake 177 VA [Member] | Skilled Nursing
Initial Cost to Company
Land	388
Buildings and Improvements	3,469
Costs Capitalized Subsequent to acquisition	1,097
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	4,566
Total	4,954
Accum Deprec	2,918
Cincinnati 257 OH [Member] | Skilled Nursing
Initial Cost to Company
Land	1,890
Buildings and Improvements	25,110
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	25,110
Total	27,000
Accum Deprec	1,967
Clovis 125 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	561
Buildings and Improvements	5,539
Costs Capitalized Subsequent to acquisition	307
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	5,846
Total	6,407
Accum Deprec	2,163
Clovis 129 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	598
Buildings and Improvements	5,902
Costs Capitalized Subsequent to acquisition	59
Gross Amount at Which Carried As of Year End
Land	598
Buildings and Improvements	5,961
Total	6,559
Accum Deprec	2,232
Coldspring 268 KY [Member] | Skilled Nursing
Initial Cost to Company
Land	2,050
Buildings and Improvements	21,496
Gross Amount at Which Carried As of Year End
Land	2,050
Buildings and Improvements	21,496
Total	23,546
Accum Deprec	1,145
Colton 253 CA [Member] | Skilled Nursing
Initial Cost to Company
Land	2,342
Buildings and Improvements	15,158
Gross Amount at Which Carried As of Year End
Land	2,342
Buildings and Improvements	15,158
Total	17,500
Accum Deprec	1,792
Commerce 211 CO [Member] | Skilled Nursing
Initial Cost to Company
Land	236
Buildings and Improvements	3,217
Costs Capitalized Subsequent to acquisition	167
Gross Amount at Which Carried As of Year End
Land	236
Buildings and Improvements	3,384
Total	3,620
Accum Deprec	1,299
Commerce City 212 CO [Member] | Skilled Nursing
Initial Cost to Company
Land	161
Buildings and Improvements	2,160
Costs Capitalized Subsequent to acquisition	95
Gross Amount at Which Carried As of Year End
Land	161
Buildings and Improvements	2,255
Total	2,416
Accum Deprec	843
Crowley 246 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	2,247
Buildings and Improvements	14,276
Gross Amount at Which Carried As of Year End
Land	2,247
Buildings and Improvements	14,276
Total	16,523
Accum Deprec	2,419
Daleville 235 VA [Member] | Skilled Nursing
Initial Cost to Company
Land	279
Buildings and Improvements	8,382
Gross Amount at Which Carried As of Year End
Land	279
Buildings and Improvements	8,382
Total	8,661
Accum Deprec	1,691
Dayton 258 OH [Member] | Skilled Nursing
Initial Cost to Company
Land	373
Buildings and Improvements	26,627
Gross Amount at Which Carried As of Year End
Land	373
Buildings and Improvements	26,627
Total	27,000
Accum Deprec	2,101
Dresden 196 TN [Member] | Skilled Nursing
Initial Cost to Company
Land	31
Buildings and Improvements	1,529
Costs Capitalized Subsequent to acquisition	1,073
Gross Amount at Which Carried As of Year End
Land	31
Buildings and Improvements	2,602
Total	2,633
Accum Deprec	797
Fort Worth 298 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	2,785
Buildings and Improvements	7,546
Gross Amount at Which Carried As of Year End
Land	2,785
Buildings and Improvements	7,546
Total	10,331
Accum Deprec	36
Gardner 185 KS [Member] | Skilled Nursing
Initial Cost to Company
Land	896
Buildings and Improvements	4,478
Costs Capitalized Subsequent to acquisition	4,150
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	8,628
Total	9,524
Accum Deprec	3,129
Granbury 248 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	836
Buildings and Improvements	6,693
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	6,693
Total	7,529
Accum Deprec	1,645
Granger 044 IA [Member] | Skilled Nursing
Initial Cost to Company
Land	62
Buildings and Improvements	1,356
Costs Capitalized Subsequent to acquisition	221
Gross Amount at Which Carried As of Year End
Land	62
Buildings and Improvements	1,577
Total	1,639
Accum Deprec	948
Grapevine 205 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	431
Buildings and Improvements	1,449
Costs Capitalized Subsequent to acquisition	188
Gross Amount at Which Carried As of Year End
Land	431
Buildings and Improvements	1,637
Total	2,068
Accum Deprec	817
Griffin 172 GA [Member] | Skilled Nursing
Initial Cost to Company
Land	500
Buildings and Improvements	2,900
Gross Amount at Which Carried As of Year End
Land	500
Buildings and Improvements	2,900
Total	3,400
Accum Deprec	1,484
Hewitt 250 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	1,780
Buildings and Improvements	8,220
Costs Capitalized Subsequent to acquisition	99
Gross Amount at Which Carried As of Year End
Land	1,780
Buildings and Improvements	8,319
Total	10,099
Accum Deprec	1,078
Houston 054 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	202
Buildings and Improvements	4,458
Costs Capitalized Subsequent to acquisition	1,426
Gross Amount at Which Carried As of Year End
Land	202
Buildings and Improvements	5,884
Total	6,086
Accum Deprec	3,548
Houston 051 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	365
Buildings and Improvements	3,769
Costs Capitalized Subsequent to acquisition	1,598
Gross Amount at Which Carried As of Year End
Land	365
Buildings and Improvements	5,367
Total	5,732
Accum Deprec	3,133
Houston 055 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	202
Buildings and Improvements	4,458
Costs Capitalized Subsequent to acquisition	1,359
Gross Amount at Which Carried As of Year End
Land	202
Buildings and Improvements	5,817
Total	6,019
Accum Deprec	3,432
Jacksonville 208 FL [Member] | Skilled Nursing
Initial Cost to Company
Land	486
Buildings and Improvements	1,981
Costs Capitalized Subsequent to acquisition	30
Gross Amount at Which Carried As of Year End
Land	486
Buildings and Improvements	2,011
Total	2,497
Accum Deprec	853
Jefferson 045 IA [Member] | Skilled Nursing
Initial Cost to Company
Land	86
Buildings and Improvements	1,883
Costs Capitalized Subsequent to acquisition	296
Gross Amount at Which Carried As of Year End
Land	86
Buildings and Improvements	2,179
Total	2,265
Accum Deprec	1,289
Lecanto 008 FL [Member] | Skilled Nursing
Initial Cost to Company
Land	351
Buildings and Improvements	2,665
Costs Capitalized Subsequent to acquisition	2,737
Gross Amount at Which Carried As of Year End
Land	351
Buildings and Improvements	5,402
Total	5,753
Accum Deprec	3,321
Mesa 053 AZ [Member] | Skilled Nursing
Initial Cost to Company
Land	305
Buildings and Improvements	6,909
Costs Capitalized Subsequent to acquisition	1,876
Gross Amount at Which Carried As of Year End
Land	305
Buildings and Improvements	8,785
Total	9,090
Accum Deprec	4,898
Mesa 226 AZ [Member] | Skilled Nursing
Initial Cost to Company
Land	1,095
Buildings and Improvements	2,330
Costs Capitalized Subsequent to acquisition	1,240
Gross Amount at Which Carried As of Year End
Land	1,095
Buildings and Improvements	3,570
Total	4,665
Accum Deprec	740
Mission 242 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	1,111
Buildings and Improvements	16,602
Gross Amount at Which Carried As of Year End
Land	1,111
Buildings and Improvements	16,602
Total	17,713
Accum Deprec	2,546
Montgomery 041 AL [Member] | Skilled Nursing
Initial Cost to Company
Land	242
Buildings and Improvements	5,327
Costs Capitalized Subsequent to acquisition	115
Gross Amount at Which Carried As of Year End
Land	242
Buildings and Improvements	5,442
Total	5,684
Accum Deprec	3,184
Nacogdoches 115 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	100
Buildings and Improvements	1,738
Costs Capitalized Subsequent to acquisition	168
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,906
Total	2,006
Accum Deprec	1,045
Nacogdoches 233 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	394
Buildings and Improvements	7,456
Costs Capitalized Subsequent to acquisition	268
Gross Amount at Which Carried As of Year End
Land	394
Buildings and Improvements	7,724
Total	8,118
Accum Deprec	1,442
Nacogdoches 249 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	1,015
Buildings and Improvements	11,109
Gross Amount at Which Carried As of Year End
Land	1,015
Buildings and Improvements	11,109
Total	12,124
Accum Deprec	2,225
Norwalk 046 IA [Member] | Skilled Nursing
Initial Cost to Company
Land	47
Buildings and Improvements	1,033
Costs Capitalized Subsequent to acquisition	239
Gross Amount at Which Carried As of Year End
Land	47
Buildings and Improvements	1,272
Total	1,319
Accum Deprec	788
Olathe 176 KS [Member] | Skilled Nursing
Initial Cost to Company
Land	520
Buildings and Improvements	1,872
Costs Capitalized Subsequent to acquisition	313
Gross Amount at Which Carried As of Year End
Land	520
Buildings and Improvements	2,185
Total	2,705
Accum Deprec	1,225
Pasadena 251 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	1,155
Buildings and Improvements	14,345
Costs Capitalized Subsequent to acquisition	522
Gross Amount at Which Carried As of Year End
Land	1,155
Buildings and Improvements	14,867
Total	16,022
Accum Deprec	1,667
Phoenix 210 AZ [Member] | Skilled Nursing
Initial Cost to Company
Land	334
Buildings and Improvements	3,383
Costs Capitalized Subsequent to acquisition	456
Gross Amount at Which Carried As of Year End
Land	334
Buildings and Improvements	3,839
Total	4,173
Accum Deprec	1,607
Phoenix 193 AZ [Member] | Skilled Nursing
Initial Cost to Company
Land	300
Buildings and Improvements	9,703
Costs Capitalized Subsequent to acquisition	92
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	9,795
Total	10,095
Accum Deprec	4,846
Polk City 047 IA [Member] | Skilled Nursing
Initial Cost to Company
Land	63
Buildings and Improvements	1,376
Costs Capitalized Subsequent to acquisition	153
Gross Amount at Which Carried As of Year End
Land	63
Buildings and Improvements	1,529
Total	1,592
Accum Deprec	928
Portland 094 OR [Member] | Skilled Nursing
Initial Cost to Company
Land	100
Buildings and Improvements	1,925
Costs Capitalized Subsequent to acquisition	2,652
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	4,577
Total	4,677
Accum Deprec	2,543
Red Oak 254 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	1,427
Buildings and Improvements	17,173
Gross Amount at Which Carried As of Year End
Land	1,427
Buildings and Improvements	17,173
Total	18,600
Accum Deprec	1,933
Richland Hills 124 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	144
Buildings and Improvements	1,656
Costs Capitalized Subsequent to acquisition	427
Gross Amount at Which Carried As of Year End
Land	144
Buildings and Improvements	2,083
Total	2,227
Accum Deprec	1,028
Ripley 197 TN [Member] | Skilled Nursing
Initial Cost to Company
Land	20
Buildings and Improvements	985
Costs Capitalized Subsequent to acquisition	1,638
Gross Amount at Which Carried As of Year End
Land	20
Buildings and Improvements	2,623
Total	2,643
Accum Deprec	724
Roswell 133 NM [Member] | Skilled Nursing
Initial Cost to Company
Land	568
Buildings and Improvements	5,235
Costs Capitalized Subsequent to acquisition	1,396
Gross Amount at Which Carried As of Year End
Land	568
Buildings and Improvements	6,631
Total	7,199
Accum Deprec	2,074
Sacramento 081 CA [Member] | Skilled Nursing
Initial Cost to Company
Land	220
Buildings and Improvements	2,929
Costs Capitalized Subsequent to acquisition	1,481
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	4,410
Total	4,630
Accum Deprec	1,775
Salina 085 KS [Member] | Skilled Nursing
Initial Cost to Company
Land	100
Buildings and Improvements	1,153
Costs Capitalized Subsequent to acquisition	628
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,781
Total	1,881
Accum Deprec	1,071
Slinger 281 WI [Member] | Skilled Nursing
Initial Cost to Company
Land	464
Buildings and Improvements	13,482
Gross Amount at Which Carried As of Year End
Land	464
Buildings and Improvements	13,482
Total	13,946
Accum Deprec	444
Stephenville 243 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	670
Buildings and Improvements	10,117
Costs Capitalized Subsequent to acquisition	500
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	10,617
Total	11,287
Accum Deprec	1,732
St. Petersburg 234 FL [Member] | Skilled Nursing
Initial Cost to Company
Land	1,070
Buildings and Improvements	7,930
Costs Capitalized Subsequent to acquisition	500
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	8,430
Total	9,500
Accum Deprec	1,418
Tacoma 225 WA [Member] | Skilled Nursing
Initial Cost to Company
Land	723
Buildings and Improvements	6,401
Costs Capitalized Subsequent to acquisition	901
Gross Amount at Which Carried As of Year End
Land	723
Buildings and Improvements	7,302
Total	8,025
Accum Deprec	2,496
Tappahannock 178 VA [Member] | Skilled Nursing
Initial Cost to Company
Land	375
Buildings and Improvements	1,327
Costs Capitalized Subsequent to acquisition	397
Gross Amount at Which Carried As of Year End
Land	375
Buildings and Improvements	1,724
Total	2,099
Accum Deprec	1,409
Trinity 270 FL [Member] | Skilled Nursing
Initial Cost to Company
Land	1,653
Buildings and Improvements	12,748
Gross Amount at Which Carried As of Year End
Land	1,653
Buildings and Improvements	12,748
Total	14,401
Accum Deprec	894
Tucson 192 AZ [Member] | Skilled Nursing
Initial Cost to Company
Land	276
Buildings and Improvements	8,924
Costs Capitalized Subsequent to acquisition	112
Gross Amount at Which Carried As of Year End
Land	276
Buildings and Improvements	9,036
Total	9,312
Accum Deprec	4,465
Tyler 209 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	300
Buildings and Improvements	3,071
Costs Capitalized Subsequent to acquisition	22
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	3,093
Total	3,393
Accum Deprec	1,033
Weatherford 299 TX [Member] | Skilled Nursing
Initial Cost to Company
Land	836
Buildings and Improvements	11,902
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	11,902
Total	12,738
Accum Deprec	47
Ada 077 OK [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,650
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,650
Total	1,750
Accum Deprec	805
Arlington 136 OH [Member] | Assisted Living
Initial Cost to Company
Land	629
Buildings and Improvements	6,973
Gross Amount at Which Carried As of Year End
Land	629
Buildings and Improvements	6,973
Total	7,602
Accum Deprec	2,524
Arvada 105 CO [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,810
Costs Capitalized Subsequent to acquisition	6,960
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,770
Total	9,870
Accum Deprec	1,861
Athens 063 TX [Member] | Assisted Living
Initial Cost to Company
Land	96
Buildings and Improvements	1,510
Costs Capitalized Subsequent to acquisition	50
Gross Amount at Which Carried As of Year End
Land	96
Buildings and Improvements	1,560
Total	1,656
Accum Deprec	778
Aurora 269 CO [Member] | Assisted Living
Initial Cost to Company
Land	850
Buildings and Improvements	8,583
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	8,583
Total	9,433
Accum Deprec	400
Aurora 260 CO [Member] | Assisted Living
Initial Cost to Company
Land	831
Buildings and Improvements	10,071
Gross Amount at Which Carried As of Year End
Land	831
Buildings and Improvements	10,071
Total	10,902
Accum Deprec	910
Bakersfield 203 CA [Member] | Assisted Living
Initial Cost to Company
Land	834
Buildings and Improvements	11,986
Costs Capitalized Subsequent to acquisition	812
Gross Amount at Which Carried As of Year End
Land	834
Buildings and Improvements	12,798
Total	13,632
Accum Deprec	5,166
Beatrice 117 NE [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,173
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,173
Total	2,273
Accum Deprec	1,014
Bexley 137 OH [Member] | Assisted Living
Initial Cost to Company
Land	306
Buildings and Improvements	4,196
Gross Amount at Which Carried As of Year End
Land	306
Buildings and Improvements	4,196
Total	4,502
Accum Deprec	1,520
Castle Rock 278 CO [Member] | Assisted Living
Initial Cost to Company
Land	759
Buildings and Improvements	9,041
Gross Amount at Which Carried As of Year End
Land	759
Buildings and Improvements	9,041
Total	9,800
Accum Deprec	218
Central 160 SC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,321
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,321
Total	2,421
Accum Deprec	898
Chatham 263 NJ [Member] | Assisted Living
Initial Cost to Company
Land	5,365
Buildings and Improvements	36,399
Gross Amount at Which Carried As of Year End
Land	5,365
Buildings and Improvements	36,399
Total	41,764
Accum Deprec	3,149
Daytona Beach 240 FL [Member] | Assisted Living
Initial Cost to Company
Land	900
Buildings and Improvements	3,400
Costs Capitalized Subsequent to acquisition, net of impairments	(1,992)
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	1,408
Total	2,308
Accum Deprec	558
De Forest 292 WI [Member] | Assisted Living
Initial Cost to Company
Land	485
Buildings and Improvements	5,568
Gross Amount at Which Carried As of Year End
Land	485
Buildings and Improvements	5,568
Total	6,053
Accum Deprec	60
Denison 156 IA [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,713
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,713
Total	2,813
Accum Deprec	1,210
Dodge City 057 KS [Member] | Assisted Living
Initial Cost to Company
Land	84
Buildings and Improvements	1,666
Costs Capitalized Subsequent to acquisition	4
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	1,670
Total	1,754
Accum Deprec	874
Durant 083 OK [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,769
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,769
Total	1,869
Accum Deprec	847
Edmond 107 OK [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,365
Costs Capitalized Subsequent to acquisition	526
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,891
Total	1,991
Accum Deprec	885
Elkhart 122 IN [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,435
Total	2,535
Accum Deprec	1,118
Erie 155 PA [Member] | Assisted Living
Initial Cost to Company
Land	850
Buildings and Improvements	7,477
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	7,477
Total	8,327
Accum Deprec	3,357
Fremont 100 OH [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,435
Total	2,535
Accum Deprec	1,143
Frisco 267 TX [Member] | Assisted Living
Initial Cost to Company
Land	1,000
Buildings and Improvements	5,154
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	5,154
Total	6,154
Accum Deprec	286
Ft Collins 163 CO [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,961
Costs Capitalized Subsequent to acquisition	3,405
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	6,366
Total	6,466
Accum Deprec	1,471
Ft Collins 170 CO [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	3,400
Costs Capitalized Subsequent to acquisition	4,622
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	8,022
Total	8,122
Accum Deprec	1,642
Ft Meyers 132 FL [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,728
Costs Capitalized Subsequent to acquisition	9
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,737
Total	2,837
Accum Deprec	1,237
Ft Wayne 230 IN [Member] | Assisted Living
Initial Cost to Company
Land	594
Buildings and Improvements	3,461
Costs Capitalized Subsequent to acquisition	731
Gross Amount at Which Carried As of Year End
Land	594
Buildings and Improvements	4,192
Total	4,786
Accum Deprec	939
Ft Worth 229 TX [Member] | Assisted Living
Initial Cost to Company
Land	333
Buildings and Improvements	4,385
Costs Capitalized Subsequent to acquisition	1,028
Gross Amount at Which Carried As of Year End
Land	333
Buildings and Improvements	5,413
Total	5,746
Accum Deprec	1,635
Goldsboro 167 NC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,385
Costs Capitalized Subsequent to acquisition	1
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,386
Total	2,486
Accum Deprec	859
Great Bend 056 KS [Member] | Assisted Living
Initial Cost to Company
Land	80
Buildings and Improvements	1,570
Costs Capitalized Subsequent to acquisition	21
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	1,591
Total	1,671
Accum Deprec	917
Greeley 102 CO [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,310
Costs Capitalized Subsequent to acquisition	270
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,580
Total	2,680
Accum Deprec	1,205
Green Bay 284 WI [Member] | Assisted Living
Initial Cost to Company
Land	1,660
Buildings and Improvements	19,079
Gross Amount at Which Carried As of Year End
Land	1,660
Buildings and Improvements	19,079
Total	20,739
Accum Deprec	231
Greenville 164 NC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,478
Costs Capitalized Subsequent to acquisition	2
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,480
Total	2,580
Accum Deprec	1,005
Greenville 062 TX [Member] | Assisted Living
Initial Cost to Company
Land	42
Buildings and Improvements	1,565
Costs Capitalized Subsequent to acquisition	29
Gross Amount at Which Carried As of Year End
Land	42
Buildings and Improvements	1,594
Total	1,636
Accum Deprec	804
Greenwood 161 SC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,638
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,638
Total	2,738
Accum Deprec	1,092
Gulf Breeze 241 FL [Member] | Assisted Living
Initial Cost to Company
Land	720
Buildings and Improvements	3,780
Costs Capitalized Subsequent to acquisition	256
Gross Amount at Which Carried As of Year End
Land	720
Buildings and Improvements	4,036
Total	4,756
Accum Deprec	664
Jacksonville 295 FL [Member] | Assisted Living
Initial Cost to Company
Land	1,389
Buildings and Improvements	12,756
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	12,756
Total	14,145
Accum Deprec	84
Jacksonville 066 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	26
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,926
Total	2,026
Accum Deprec	968
Kenosha 285 WI [Member] | Assisted Living
Initial Cost to Company
Land	936
Buildings and Improvements	12,361
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	12,361
Total	13,297
Accum Deprec	114
Littleton 255 CO [Member] | Assisted Living
Initial Cost to Company
Land	1,882
Buildings and Improvements	8,248
Gross Amount at Which Carried As of Year End
Land	1,882
Buildings and Improvements	8,248
Total	10,130
Accum Deprec	732
Littleton 268 CO [Member] | Assisted Living
Initial Cost to Company
Land	1,200
Buildings and Improvements	8,688
Gross Amount at Which Carried As of Year End
Land	1,200
Buildings and Improvements	8,688
Total	9,888
Accum Deprec	537
Longmont 148 CO [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,640
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,640
Total	2,740
Accum Deprec	1,183
Longview 060 TX [Member] | Assisted Living
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	78
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	1,646
Total	1,684
Accum Deprec	814
Louisville 261 CO [Member] | Assisted Living
Initial Cost to Company
Land	911
Buildings and Improvements	11,703
Gross Amount at Which Carried As of Year End
Land	911
Buildings and Improvements	11,703
Total	12,614
Accum Deprec	1,034
Loveland 114 CO [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,865
Costs Capitalized Subsequent to acquisition	270
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,135
Total	3,235
Accum Deprec	1,449
Lufkin 068 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,950
Costs Capitalized Subsequent to acquisition	36
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,986
Total	2,086
Accum Deprec	987
Madison 119 IN [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,435
Total	2,535
Accum Deprec	1,133
Marshall 061 TX [Member] | Assisted Living
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	479
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	2,047
Total	2,085
Accum Deprec	1,051
McHenry 293 IL [Member] | Assisted Living
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	28,976
Total	30,265
Accum Deprec	300
Mcpherson 058 KS [Member] | Assisted Living
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	4
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,575
Total	1,654
Accum Deprec	908
Merritt Island 239 FL [Member] | Assisted Living
Initial Cost to Company
Land	550
Buildings and Improvements	8,150
Costs Capitalized Subsequent to acquisition	88
Gross Amount at Which Carried As of Year End
Land	550
Buildings and Improvements	8,238
Total	8,788
Accum Deprec	1,338
Millville 104 NJ [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,825
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,825
Total	2,925
Accum Deprec	1,323
Milwaukee 286 WI [Member] | Assisted Living
Initial Cost to Company
Land	818
Buildings and Improvements	8,014
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	8,014
Total	8,832
Accum Deprec	86
Monroeville 231 PA [Member] | Assisted Living
Initial Cost to Company
Land	526
Buildings and Improvements	5,334
Costs Capitalized Subsequent to acquisition	435
Gross Amount at Which Carried As of Year End
Land	526
Buildings and Improvements	5,769
Total	6,295
Accum Deprec	1,150
Neenah 289 WI [Member] | Assisted Living
Initial Cost to Company
Land	694
Buildings and Improvements	20,839
Gross Amount at Which Carried As of Year End
Land	694
Buildings and Improvements	20,839
Total	21,533
Accum Deprec	209
New Bern 166 NC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,427
Costs Capitalized Subsequent to acquisition	1
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,428
Total	2,528
Accum Deprec	892
Newark 118 OH [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,435
Total	2,535
Accum Deprec	1,133
Newport Richey 123 FL [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	5,845
Costs Capitalized Subsequent to acquisition	664
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	6,509
Total	6,609
Accum Deprec	3,366
Newport 074 OR [Member] | Assisted Living
Initial Cost to Company
Land	621
Buildings and Improvements	2,050
Gross Amount at Which Carried As of Year End
Land	621
Buildings and Improvements	2,050
Total	2,671
Accum Deprec	1,290
Niceville 143 FL [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,680
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,680
Total	2,780
Accum Deprec	1,201
Norfolk 095 NE [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,123
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,123
Total	2,223
Accum Deprec	1,004
Oshkosh 290 WI [Member] | Assisted Living
Initial Cost to Company
Land	1,525
Buildings and Improvements	9,192
Gross Amount at Which Carried As of Year End
Land	1,525
Buildings and Improvements	9,192
Total	10,717
Accum Deprec	192
Oshkosh 291 WI [Member] | Assisted Living
Initial Cost to Company
Land	475
Buildings and Improvements	7,364
Gross Amount at Which Carried As of Year End
Land	475
Buildings and Improvements	7,364
Total	7,839
Accum Deprec	77
Pittsburgh 232 PA [Member] | Assisted Living
Initial Cost to Company
Land	470
Buildings and Improvements	2,615
Costs Capitalized Subsequent to acquisition	333
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	2,948
Total	3,418
Accum Deprec	646
Rocky Mount 165 NC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,494
Costs Capitalized Subsequent to acquisition	1
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,495
Total	2,595
Accum Deprec	943
Rocky River 141 OH [Member] | Assisted Living
Initial Cost to Company
Land	760
Buildings and Improvements	6,963
Gross Amount at Which Carried As of Year End
Land	760
Buildings and Improvements	6,963
Total	7,723
Accum Deprec	3,078
Salina 059 KS [Member] | Assisted Living
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	4
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,575
Total	1,654
Accum Deprec	908
San Antonio 084 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,900
Total	2,000
Accum Deprec	908
San Antonio 092 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,055
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,055
Total	2,155
Accum Deprec	977
Sheboygan 288 WI [Member] | Assisted Living
Initial Cost to Company
Land	1,168
Buildings and Improvements	5,382
Gross Amount at Which Carried As of Year End
Land	1,168
Buildings and Improvements	5,382
Total	6,550
Accum Deprec	64
Shelby 149 NC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,805
Costs Capitalized Subsequent to acquisition	2
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,807
Total	2,907
Accum Deprec	1,257
Spring Hill 150 FL [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,650
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,650
Total	2,750
Accum Deprec	1,188
Springfield 103 OH [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,035
Costs Capitalized Subsequent to acquisition	270
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,305
Total	2,405
Accum Deprec	1,074
Sumter 162 SC [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,351
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,351
Total	2,451
Accum Deprec	933
Tallahassee 140 FL [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	3,075
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,075
Total	3,175
Accum Deprec	1,381
Tiffin 098 OH [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,435
Total	2,535
Accum Deprec	1,143
Troy 088 OH [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	306
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,741
Total	2,841
Accum Deprec	1,292
Tulsa 080 OK [Member] | Assisted Living
Initial Cost to Company
Land	200
Buildings and Improvements	1,650
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	1,650
Total	1,850
Accum Deprec	798
Tulsa 093 OK [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,395
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,395
Total	2,495
Accum Deprec	1,135
Tupelo 238 MS [Member] | Assisted Living
Initial Cost to Company
Land	1,170
Buildings and Improvements	8,230
Costs Capitalized Subsequent to acquisition	30
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	8,260
Total	9,430
Accum Deprec	1,422
Tyler 075 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,800
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,800
Total	1,900
Accum Deprec	876
Vacaville 202 CA [Member] | Assisted Living
Initial Cost to Company
Land	1,662
Buildings and Improvements	11,634
Costs Capitalized Subsequent to acquisition	1,141
Gross Amount at Which Carried As of Year End
Land	1,662
Buildings and Improvements	12,775
Total	14,437
Accum Deprec	5,095
Waco 091 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,235
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,235
Total	2,335
Accum Deprec	1,060
Wahoo 096 NE [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,318
Total	2,418
Accum Deprec	1,089
Watauga 108 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,668
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,668
Total	1,768
Accum Deprec	786
Waukesha 287 WI [Member] | Assisted Living
Initial Cost to Company
Land	992
Buildings and Improvements	15,183
Gross Amount at Which Carried As of Year End
Land	992
Buildings and Improvements	15,183
Total	16,175
Accum Deprec	139
Weatherford 109 OK [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,669
Costs Capitalized Subsequent to acquisition	592
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,261
Total	2,361
Accum Deprec	1,055
Westminster 276 CO [Member] | Assisted Living
Initial Cost to Company
Land	1,425
Buildings and Improvements	9,575
Gross Amount at Which Carried As of Year End
Land	1,425
Buildings and Improvements	9,575
Total	11,000
Accum Deprec	320
Wheelersburg 110 OH [Member] | Assisted Living
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	2,435
Total	2,464
Accum Deprec	1,133
Wichita 259 KS [Member] | Assisted Living
Initial Cost to Company
Land	730
Costs Capitalized Subsequent to acquisition	9,682
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	9,682
Total	10,412
Accum Deprec	871
Wichita Falls 076 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	1,850
Costs Capitalized Subsequent to acquisition	82
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,932
Total	2,032
Accum Deprec	900
Wichita Falls 120 TX [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,750
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,750
Total	2,850
Accum Deprec	1,287
Williamstown 265 NJ [Member] | Assisted Living
Initial Cost to Company
Land	711
Buildings and Improvements	6,637
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	6,637
Total	7,348
Accum Deprec	644
Williamstown 264 NJ [Member] | Assisted Living
Initial Cost to Company
Land	711
Buildings and Improvements	8,649
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	8,649
Total	9,360
Accum Deprec	758
Worthington 138 OH [Member] | Assisted Living
Initial Cost to Company
Buildings and Improvements	6,102
Gross Amount at Which Carried As of Year End
Buildings and Improvements	6,102
Total	6,102
Accum Deprec	5,287
Worthington 139 OH [Member] | Assisted Living
Initial Cost to Company
Buildings and Improvements	3,402
Gross Amount at Which Carried As of Year End
Buildings and Improvements	3,402
Total	3,402
Accum Deprec	2,959
York 099 NE [Member] | Assisted Living
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,318
Total	2,418
Accum Deprec	1,089
Brownsville 199 TX [Member] | Range of Care
Initial Cost to Company
Land	302
Buildings and Improvements	1,856
Costs Capitalized Subsequent to acquisition	835
Gross Amount at Which Carried As of Year End
Land	302
Buildings and Improvements	2,691
Total	2,993
Accum Deprec	970
Des Moines 168 IA [Member] | Range of Care
Initial Cost to Company
Land	115
Buildings and Improvements	2,096
Costs Capitalized Subsequent to acquisition	1,433
Gross Amount at Which Carried As of Year End
Land	115
Buildings and Improvements	3,529
Total	3,644
Accum Deprec	1,875
Gardendale 26A AL [Member] | Range of Care
Initial Cost to Company
Land	100
Buildings and Improvements	7,550
Costs Capitalized Subsequent to acquisition	2,084
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,634
Total	9,734
Accum Deprec	4,878
Holyoke 194 CO [Member] | Range of Care
Initial Cost to Company
Land	211
Buildings and Improvements	1,513
Costs Capitalized Subsequent to acquisition	283
Gross Amount at Which Carried As of Year End
Land	211
Buildings and Improvements	1,796
Total	2,007
Accum Deprec	987
Newberry 245 SC [Member] | Range of Care
Initial Cost to Company
Land	439
Buildings and Improvements	4,639
Costs Capitalized Subsequent to acquisition	608
Gross Amount at Which Carried As of Year End
Land	439
Buildings and Improvements	5,247
Total	5,686
Accum Deprec	1,112
Newberry 244 SC [Member] | Range of Care
Initial Cost to Company
Land	919
Buildings and Improvements	5,454
Costs Capitalized Subsequent to acquisition	131
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	5,585
Total	6,504
Accum Deprec	1,034
Wytheville 236 VA [Member] | Range of Care
Initial Cost to Company
Land	647
Buildings and Improvements	12,692
Gross Amount at Which Carried As of Year End
Land	647
Buildings and Improvements	12,692
Total	13,339
Accum Deprec	3,174
Las Vegas 297 NV [Member] | School [Member]
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	7,308
Total	9,273
Accum Deprec	36
Trenton 159 NJ [Member] | School [Member]
Initial Cost to Company
Land	100
Buildings and Improvements	6,000
Costs Capitalized Subsequent to acquisition	3,170
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,170
Total	9,270
Accum Deprec	5,095
Howell 271 MI [Member] | Land
Initial Cost to Company
Land	420
Gross Amount at Which Carried As of Year End
Land	420
Total	420
Yale 275 MI [Member] | Land
Initial Cost to Company
Land	73
Gross Amount at Which Carried As of Year End
Land	73
Total	73
Milford 999 MI [Member] | Land
Initial Cost to Company
Land	450
Gross Amount at Which Carried As of Year End
Land	450
Total	450
Burr Ridge 277 IL [Member] | Properties under Development
Initial Cost to Company
Land	1,400
Buildings and Improvements	8,068
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	8,068
Total	9,468
Corpus Christi 279 TX [Member] | Properties under Development
Initial Cost to Company
Land	880
Buildings and Improvements	10,086
Gross Amount at Which Carried As of Year End
Land	880
Buildings and Improvements	10,086
Total	10,966
Glenview 296 IL [Member] | Properties under Development
Initial Cost to Company
Land	2,800
Buildings and Improvements	690
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	690
Total	3,490
Merrells Inlet 280 SC [Member] | Properties under Development
Initial Cost to Company
Land	2,490
Buildings and Improvements	3,558
Gross Amount at Which Carried As of Year End
Land	2,490
Buildings and Improvements	3,558
Total	6,048
Murrieta 294 CA [Member] | Properties under Development
Initial Cost to Company
Land	2,022
Buildings and Improvements	2,702
Gross Amount at Which Carried As of Year End
Land	2,022
Buildings and Improvements	2,702
Total	4,724
Tinley Park 282 IL [Member] | Properties under Development
Initial Cost to Company
Land	702
Buildings and Improvements	3,987
Gross Amount at Which Carried As of Year End
Land	702
Buildings and Improvements	3,987
Total	4,689
Wichita 283 KS [Member] | Properties under Development
Initial Cost to Company
Land	624
Buildings and Improvements	1,599
Gross Amount at Which Carried As of Year End
Land	624
Buildings and Improvements	1,599
Total	$ 2,223

SCHEDULE III REAL ESTATE AND 65

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation
Impairment charges		$ 2,250,000
Aggregate cost basis for Federal income tax purposes		1,217,219,000
Florida
Real Estate and Accumulated Depreciation
Impairment charges		$ 2,250,000
Florida | Subsequent Event
Real Estate and Accumulated Depreciation
Number of beds or units in property sold | item	48
Sales price	$ 1,750,000
Computer Equipment | Minimum
Real Estate and Accumulated Depreciation
Useful life		3 years
Computer Equipment | Maximum
Real Estate and Accumulated Depreciation
Useful life		5 years
Furniture and Fixtures | Minimum
Real Estate and Accumulated Depreciation
Useful life		3 years
Furniture and Fixtures | Maximum
Real Estate and Accumulated Depreciation
Useful life		15 years
Building | Minimum
Real Estate and Accumulated Depreciation
Useful life		35 years
Building | Maximum
Real Estate and Accumulated Depreciation
Useful life		50 years
Building Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life		10 years
Building Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life		20 years

SCHEDULE III REAL ESTATE AND 66

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Carrying cost
Balance at beginning of period	$ 949,838	$ 937,617	$ 900,095
Acquisitions	206,340	11,650	19,040
Improvements	33,463	48,102	30,597
Conversion of mortgage loans into owned properties	10,600
Capitalized interest	827	1,506	932
Other non-cash items (See Note 4)	2,882	304	479
Conveyed land (See Note 4)	(670)
Cost of real estate sold	(2,344)	(49,341)	(13,526)
Impairment on real estate for sale	(2,250)
Ending balance	1,198,686	949,838	937,617
Accumulated depreciation
Balance at beginning of period	223,315	218,700	198,548
Depreciation expense	29,329	25,424	24,568
Cost of real estate sold	(1,379)	(20,809)	(4,416)
Ending balance	$ 251,265	$ 223,315	$ 218,700

SCHEDULE IV MORTGAGE LOANS ON67

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)loanitemproperty
Mortgage loans on real estate
Number of properties | property	38
Number of beds/units | item	4,164
Balloon Amount	$ 185,594
Current Monthly Debt Service	1,905
Face Amount of Mortgages	220,767
Carrying Amount of Mortgages	$ 217,529
Amortization period of mortgage loans	30 years
Number of first-lien mortgage loans | loan	19
Michigan | Mortgage Loans on Real Estate Maturing in 2043 [Member]
Mortgage loans on real estate
Number of properties | property	15
Number of beds/units | item	2,058
Interest rate (as a percent)	9.53%
Balloon Amount	$ 146,983
Current Monthly Debt Service	1,371
Face Amount of Mortgages	164,387
Carrying Amount of Mortgages	$ 174,653
Michigan | Mortgage Loan on Real Estate Maturing in 2045 [Member]
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	157
Interest rate (as a percent)	9.41%
Balloon Amount	$ 8,825
Current Monthly Debt Service	74
Face Amount of Mortgages	9,500
Carrying Amount of Mortgages	$ 9,806
Michigan | Mortgage Loans on Real Estate Maturing in 2045 [Member]
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	273
Interest rate (as a percent)	9.41%
Balloon Amount	$ 8,420
Current Monthly Debt Service	74
Face Amount of Mortgages	9,500
Carrying Amount of Mortgages	$ 9,500
Various | Mortgage Loans on Real Estate Maturing Between 2016 to 2019
Mortgage loans on real estate
Number of properties | property	20
Number of beds/units | item	1,676
Balloon Amount	$ 21,366
Current Monthly Debt Service	386
Face Amount of Mortgages	37,380
Carrying Amount of Mortgages	$ 23,570

SCHEDULE IV MORTGAGE LOANS ON68

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details)	12 Months Ended
	Dec. 31, 2015loan
Mortgage loans on real estate
Number of Loans	19
Mortgage Loans between 500,000 and 2,000,000
Mortgage loans on real estate
Number of Loans	11
Mortgage Loans between 2,001,000 and 3,000,000
Mortgage loans on real estate
Number of Loans	1
Mortgage Loans between 3,001,000 and 4,000,000
Mortgage loans on real estate
Number of Loans	2
Mortgage Loans between 4,001,000 and 5,000,000
Mortgage loans on real estate
Number of Loans	0
Mortgage Loans between 5,001,000 and 6,000,000
Mortgage loans on real estate
Number of Loans	1
Mortgage Loans between 6,001,000 and 7,000,000
Mortgage loans on real estate
Number of Loans	1
Mortgage Loans over 7,000,000
Mortgage loans on real estate
Number of Loans	3

SCHEDULE IV MORTGAGE LOANS ON69

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage loans on real estate
Balance at the beginning of the period	$ 165,656	$ 165,444	$ 39,299
New mortgage loans	60,209	3,027	124,387
Other additions	6,925	6,347	4,971
Land conveyance	670
Amortization of mortgage premium	(6)	(5)	(6)
Collections of principal	(15,408)	(9,155)	(1,933)
Loan loss reserve	(517)	(2)	(1,274)
Balance at the end of the period	$ 217,529	$ 165,656	$ 165,444