LTC Properties (LTC) 10-K 1 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
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, 2017
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			$ 2,002,931
Entity Common Stock, Shares Outstanding		39,628,835
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate investments:
Land	$ 124,041	$ 116,096
Buildings and improvements	1,262,335	1,185,467
Accumulated depreciation and amortization	(304,117)	(275,861)
Operating real estate property, net	1,082,259	1,025,702
Properties held-for-sale, net of accumulated depreciation: 2017—$1,916; 2016—$0	3,830
Real property investments, net	1,086,089	1,025,702
Mortgage loans receivable, net of loan loss reserve: 2017—$2,255; 2016—$2,315	223,907	229,801
Real estate investments, net	1,309,996	1,255,503
Notes receivable, net of loan loss reserve: 2017—$166; 2016—$166	16,402	16,427
Investment in unconsolidated joint ventures	29,898	25,221
Investments, net	1,356,296	1,297,151
Other assets:
Cash and cash equivalents	5,213	7,991
Debt issue costs related to bank borrowing	810	1,847
Interest receivable	15,050	9,683
Straight-line rent receivable, net of allowance for doubtful accounts: 2017—$814; 2016—$960	64,490	55,276
Prepaid expenses and other assets	23,711	22,948
Total assets	1,465,570	1,394,896
LIABILITIES
Bank borrowings	96,500	107,100
Senior unsecured notes, net of debt issue costs: 2017—$1,131; 2016—$1,009	571,002	502,291
Accrued interest	5,276	4,675
Accrued incentives and earn-outs	8,916	12,229
Accrued expenses and other liabilities	25,228	28,553
Total liabilities	706,922	654,848
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2017—39,570; 2016—39,221	396	392
Capital in excess of par value	856,992	839,005
Cumulative net income	1,100,783	1,013,443
Cumulative distributions	(1,203,011)	(1,112,792)
Accumulated other comprehensive income	0	0
Total LTC Properties, Inc. stockholders’ equity	755,160	740,048
Non-controlling interests	3,488
Total equity	758,648	740,048
Total liabilities and equity	$ 1,465,570	$ 1,394,896

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Properties held-for-sale, accumulated depreciation	$ 1,916	$ 0
Mortgage loans receivable, loan loss reserve	2,255	2,315
Notes receivable, loan loss reserve	166	166
Straight-line rent receivable, allowance for doubtful accounts	$ 814	$ 960
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	39,570	39,221
Common stock, shares outstanding	39,570	39,221
Senior Unsecured Notes
Debt issue costs, net	$ 1,131	$ 1,009

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental income	$ 137,657	$ 133,527	$ 113,080
Interest income from mortgage loans	26,769	27,321	22,119
Interest and other income	3,639	735	1,004
Total revenues	168,065	161,583	136,203
Expenses:
Interest expense	29,949	26,442	17,497
Depreciation and amortization	37,610	35,932	29,431
Impairment charges	1,880	766	2,250
(Recovery) provision for doubtful accounts	(206)	457	619
Transaction costs	56	179	744
General and administrative expenses	17,513	17,412	14,986
Total expenses	86,802	81,188	65,527
Operating income	81,263	80,395	70,676
Income from unconsolidated joint ventures	2,263	1,138	1,819
Gain on sale of real estate, net	3,814	3,582	586
Net income	87,340	85,115	73,081
Income allocated to participating securities	(362)	(385)	(484)
Income allocated to preferred stockholders			(2,454)
Net income available to common stockholders	$ 86,978	$ 84,730	$ 70,143
Earnings per common share:
Basic (in dollars per share)	$ 2.21	$ 2.21	$ 1.97
Diluted (in dollars per share)	$ 2.20	$ 2.21	$ 1.94
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,409	38,388	35,590
Diluted (in shares)	39,637	38,597	37,329

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 87,340	$ 85,115	$ 73,081
Reclassification adjustment (Note 9)		(47)	(35)
Comprehensive income	$ 87,340	$ 85,068	$ 73,046

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Parent	Preferred Stock	Common Stock	Capital in Excess of Par Value	Cumulative Net Income	Accumulated Other Comprehensive Income (Loss)	Cumulative Distributions	Non-controlling Interests	Total
Balance - beginning of period 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
Options exercised (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 cash distributions (2017 - $2.28, 2016 - $2.19 and 2015 - $2.07 per share)	(74,311)						(74,311)		(74,311)
Other	(1,285)		$ (1)	(1,284)					(1,285)
Other (in shares)			(27)
Balance - end of period 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
Equity activity
Reclassification adjustment	(47)					$ (47)			(47)
Issuance of common stock	78,136		$ 16	78,120					78,136
Issuance of common stock (in shares)			1,643
Issuance of restricted stock	(41)		$ 1	(42)					(41)
Issuance of restricted stock (in shares)			73
Net income	85,115				85,115				85,115
Vesting of restricted stock	4,265			4,265					4,265
Vested stock options	15			15					15
Stock option exercises	159			159					159
Options exercised (in shares)			7
Common stock cash distributions (2017 - $2.28, 2016 - $2.19 and 2015 - $2.07 per share)	(84,568)						(84,568)		(84,568)
Other	(2,188)			(2,188)					(2,188)
Other (in shares)			(50)
Balance - end of period at Dec. 31, 2016	740,048		$ 392	839,005	1,013,443		(1,112,792)		740,048
Balance (in shares) at Dec. 31, 2016			39,221
Equity activity
Issuance of common stock	14,529		$ 3	14,526					14,529
Issuance of common stock (in shares)			313
Issuance of restricted stock	(20)		$ 1	(21)					(20)
Issuance of restricted stock (in shares)			85
Net income	87,340				87,340				87,340
Vesting of restricted stock	5,247			5,247					5,247
Vested stock options	2			2					2
Stock option exercises	202			202					202
Options exercised (in shares)			8
Non-controlling interests contribution								$ 3,488	3,488
Common stock cash distributions (2017 - $2.28, 2016 - $2.19 and 2015 - $2.07 per share)	(90,219)						(90,219)		(90,219)
Other	(1,969)			(1,969)					(1,969)
Other (in shares)			(57)
Balance - end of period at Dec. 31, 2017	$ 755,160		$ 396	$ 856,992	$ 1,100,783		$ (1,203,011)	$ 3,488	$ 758,648
Balance (in shares) at Dec. 31, 2017			39,570

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF EQUITY
Dividends paid per common share (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.54	$ 0.54	$ 0.54	$ 2.28	$ 2.19	$ 2.07

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES:
Net income	$ 87,340	$ 85,115	$ 73,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,610	35,932	29,431
Stock-based compensation expense	5,249	4,280	4,006
Impairment charges	1,880	766	2,250
Gain on sale of real estate, net	(3,814)	(3,582)	(586)
Income from unconsolidated joint ventures	(2,263)	(1,138)	(1,819)
Income distributions from unconsolidated joint ventures	1,738	1,695	552
Straight-line rental income	(10,694)	(13,477)	(10,136)
Amortization of lease incentives	2,209	1,945	1,680
Provision for doubtful accounts	(206)	457	619
Non-cash interest related to contingent liabilities	602	684	409
Effect of earn-out and related lease inducement write-off	(842)
Other non-cash items, net	1,282	1,216	985
Increase in interest receivable	(5,367)	(5,147)	(3,939)
Decrease in accrued interest payable	601	701	418
Net change in other assets and liabilities	(10,020)	(3,739)	5,390
Net cash provided by operating activities	105,305	105,708	102,341
INVESTING ACTIVITIES:
Investment in real estate properties	(82,405)	(74,923)	(206,340)
Investment in real estate developments	(22,901)	(42,342)	(25,929)
Investment in real estate capital improvements	(2,899)	(6,792)	(7,534)
Capitalized interest	(908)	(1,408)	(827)
Proceeds from sale of real estate, net	15,413	17,369	1,537
Investment in real estate mortgage loans receivable	(11,913)	(20,685)	(67,134)
Principal payments received on mortgage loans receivable	17,863	8,278	4,808
Investment in unconsolidated joint ventures	(3,848)	(1,770)	(23,042)
Payment of working capital reserve	(439)	(2,756)	(805)
Advances and originations under notes receivable		(14,969)	(1,554)
Principal payments received on notes receivable	25	100
Net cash used in investing activities	(92,012)	(139,898)	(326,820)
FINANCING ACTIVITIES:
Bank borrowings	113,000	123,600	291,000
Repayment of bank borrowings	(123,600)	(137,000)	(170,500)
Proceeds from issuance of senior unsecured notes	100,000	77,500	200,000
Principal payments on senior unsecured notes	(31,167)	(26,667)	(29,167)
Proceeds from common stock issued	14,578	78,592
Stock option exercises	202	159	79
Distributions paid to stockholders	(90,219)	(84,568)	(76,765)
Contribution from non-controlling interests	3,488
Financing costs paid	(363)	(147)	(1,178)
Other	(1,990)	(2,230)	(1,285)
Net cash (used in) provided by financing activities	(16,071)	29,239	212,184
Decrease in cash and cash equivalents	(2,778)	(4,951)	(12,295)
Cash and cash equivalents, beginning of period	7,991	12,942	25,237
Cash and cash equivalents, end of period	5,213	7,991	12,942
Supplemental disclosure of cash flow information:
Interest paid	$ 28,070	$ 24,490	$ 16,078

The Company

The Company	12 Months Ended
	Dec. 31, 2017
The Company
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 seniors housing and health care properties through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (or SNF), assisted living communities (or ALF), independent living communities (or ILF), memory care communities (or MC) and combinations thereof.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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 consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Consolidation of entities is based on determination of the primary beneficiary. In order to be considered the primary beneficiary, the member should be able to exercise power over and receive benefits from the entity. Power over the company is based on the provisions of operating agreement that provides us with a controlling financial interest in the entity. Under the terms of the operating agreement, we, as the general member, are responsible for the management of the company’s assets, business and affairs. Our rights and duties in management of the company includes making all operating decisions, setting the capital budget, executing all contracts, making all employment decisions, and handling the purchase and disposition of assets, among others. We, as the general member, are responsible for the ongoing, major, and central operations of the company and make all management decisions. In addition, we, as the general member, assume the risk for all operating losses, capital losses, and are entitled to substantially all capital gains (appreciation) and accordingly, receive substantial benefits from the company. The Financial Accounting Standards Board (or FASB) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members exercise power over a limited liability company and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non-managing members have certain specific rights as described in the guidance. The limited members have virtually no rights and are precluded from taking part in the operation, management or control of the company. The limited members are also precluded from transferring their interests without the expressed permission of the general member. However, we could transfer our interest without consultation or permission of the limited members. We consolidated the companies in accordance with the guidance. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, 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 Transaction costs to incorporate costs related to terminated transactions which was reclassified from General and administrative expenses . These adjustments are normal and recurring in nature. Going Concern. In August 2014, the FASB issued Accounting Standards Update (or ASU) 2014-15, Presentation of Financial Statements— Going Concern (Subtopic 205-40) : Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update define management’s responsibility under U.S. generally accepted accounting principles (or GAAP) to evaluate when and how substantial doubt about the organization’s ability to continue as a going concern should be disclosed in the financial statement footnotes. This ASU expands disclosure requirements about principal conditions or events that raise substantial doubt. It also requires disclosing management’s evaluation of the significance of those conditions or events in relationship to the organization’s ability to meet its obligations, and management’s plans that are intended to either alleviate substantial doubt or to mitigate conditions or events that raise substantial doubt. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016. The adoption of this ASU did not have a material impact on our financial statements or disclosures. Use of Estimates. Preparation of the consolidated financial statements in conformity with 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. In January 2017, the FASB issued ASU No. 2017-01(or ASU 2017-01), Business Combinations (Topic 805): Clarifying Definition of a Business . ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. We early adopted ASU 2017-01 in 2017. Historically, our acquisitions qualified as either a business combination or asset acquisition. The adoption of this ASU did not have a material impact on our results of operations or financial condition as most of our acquisitions of investment properties will continue to qualify as asset acquisitions. In February 2017, the FASB issued ASU No. 2017-05 (or ASU 2017-05), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. ASU 2017-05 defines an in-substance nonfinancial asset and clarifies guidance related to partial sales of nonfinancial assets. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The adoption of this ASU did not have a material impact on the consolidated financial statements and related notes. 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, 5 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. 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 entity (or VIE), 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. · LTC has a variable interest in the entity - 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 meet the above criteria and doesn’t qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a 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 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. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. The adoption of this ASU did not have a material impact on our consolidated financial statements. Mortgage Loans Receivable, Net of Loan Loss Reserve. 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. Additionally, we record an estimated allowance for doubtful accounts, as described below. Mezzanine Loans. In 2015 we strategically decided to allocate a portion of our capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects or value-add opportunities on existing operational properties. We seek market-based, risk-adjusted rates of return typically between 12-18% with the loan term typically between four to eight years. Security for mezzanine loans can include all or a portion of the following credit enhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans are recorded for GAAP purposes as either a loan, under notes receivable, or joint venture, under investment in unconsolidated joint ventures, depending upon specifics of the loan terms and related credit enhancements. 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. These ADC arrangements can have characteristics similar to a loan or 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 the ADC arrangement 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. We evaluate our ADC arrangements first pursuant to ASC 805, Consolidation , to determine whether the ADC arrangement meets the definition of a VIE, as explained above, 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 periodically perform 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, write the investment down to its estimated fair value as of the measurement date. In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of this ASU did not have a material impact on our consolidated financial statements. Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts. The allowance for doubtful accounts depends on the expected collectability of our receivables which is based on considerations including the certainty of payment, payment history and other relevant factors. The allowance for doubtful accounts 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 or placement on non-accrual status may be required. 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. We early adopted ASU 2015-03 and ASU 2015-15 in 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 sheets. Accrued incentives and earn-outs. As part of our acquisitions and/or amendments, 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 inputs 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. 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 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. Revenue Recognition. 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. 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 interest income from that loan until the past due amounts have been received. 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 states that “ an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In doing so, companies may need to use more judgement and make more estimates than under today’s guidance. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. Additionally, the FASB has issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and Licensing, and ASU 2016-12, Narrow-Scope Improvements and Practical Expedients. The new standard and its amendments are effective on January 1, 2018, and permit reporting entities to apply the standard using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or full retrospective approach. We have assessed our revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. We have evaluated the provisions of ASU 2014-09 and its related updates and closely monitored developments and additional guidance to determine the potential impact of the new standard. Accordingly, we have concluded that this standard will not have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09. We have adopted this standard using the modified retrospective adoption method on January 1, 2018. Leases In February 2016, the FASB issued ASU No. 2016-02 (or ASU 2016-02), Leases (Topic 842) . The objective of this ASU is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 modifies existing guidance by requiring lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2017
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, 2017: Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF Beds Units Revenue (1) Assets Prestige Healthcare 22 — 2,798 93 16.9 % 15.8 % Senior Lifestyle Corporation — 23 — 1,457 11.6 % 11.1 % Brookdale Senior Living — 37 — 1,702 9.8 % 5.0 % Senior Care Centers 11 — 1,444 — 9.6 % 7.6 % Totals 33 60 4,242 3,252 % % (1) Includes rental income and interest income from mortgage loans and excludes income from properties sold and mortgage loans paid off during 2017. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, Brookdale Senior Living, Senior Care Centers 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information For the year ended December 31, 2017 2016 2015 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (Note 5) $ — $ — $ 10,600 Land conveyance applied to a mortgage and construction loan receivable (Note 5) — — 670 Contingent liabilities related to real estate investments ( Note 5) — 1,847 1,847 Contingent liabilities related to lease incentives (Note 10) — — 8,013 Reclassification of pre-development loans ( Note 7) — 237 1,035 Restricted stock issued, net of cancellations (Note 9) 1 1 1 Preferred stock conversion (Note 9) — — 38,500

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2017
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. As of December 31, 2017, we owned 181 health care real estate properties located in 28 states and consisting of 105 ALFs, 75 SNFs and 1 behavioral health care hospital. These properties are operated by 29 operators. Please see Item 1. Business. Portfolio for a table that summarizes our owned properties as of December 31, 2017. Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (or collectively ALF). Historically, we had a property classification identified as Range of care communities (or ROC) which consisted of properties providing skilled nursing and any combinations of assisted living, independent living and/or memory care services. Since we only have six ROC remaining and given that these properties derive materially all of their revenue from skilled nursing services, we elected to reclassify them into SNF property classification for all periods reported. Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Depreciation expense on buildings and improvements, including properties classified as held‑for‑sale, was $37,492,000, $35,809,000, and $29,329,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases excluding the effects of straight‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent (1) 2018 $ 129,873 2019 129,641 2020 131,948 2021 117,646 2022 104,016 Thereafter 674,779 (1) Represents contractual annual cash rent, except for one master lease which is based on an agreed upon cash rent. See below for more information. During the second quarter of 2017, we issued a notice of default on a master lease with Anthem Memory Care covering one property under development and ten additional operational memory care communities resulting from that lessee’s partial payment of minimum rent. In conjunction with our negotiations to transition two of the operational properties to another operator in our portfolio, during second quarter of 2017, we wrote off $1,880,000 of straight-line rent and other receivables related to these two properties during the second quarter of 2017. Subsequently, we agreed to leave these two properties in this portfolio. During the fourth quarter of 2017, we entered into a forbearance agreement with our Anthem Memory Care whereby we have agreed not to pursue enforcement of our rights and remedies pertaining to known events of default under the master lease and our guarantees through December 31, 2017, with the stipulation that Anthem Memory Care pay $400,000 per month toward their obligations of the master lease through December 31, 2017. We are currently negotiating the terms and length of a further forbearance agreement. Acquisitions. The following table summarizes our acquisitions for the twelve months ended December 31, 2017 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Assisted Living (2) $ 81,018 $ 569 $ 81,587 5 400 Land (3) 800 18 818 — — Totals $ 81,818 $ 587 $ 82,405 5 400 (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. We expense the cost related to terminated transactions, and transaction costs related to the prior year due to timing. (2) We acquired a 107-unit ALF and a 73-unit MC for an aggregate purchase price of $38,813, a 60-unit MC for $15,650 and a 73-unit ALF/MC community for $16,555. Furthermore, we entered into a partnership agreement and acquired an 87-unit ALF/MC community for $10,000. See Note 9. Equity for further discussion related to our partnerships and non-controlling interest. (3) We entered into a partnership agreement for the acquisition of land and development of a 110-unit ILF/ALF/MC community in Wisconsin. The commitment totals approximately $22,471, including the land purchase. See Note 9. Equity for further discussion related to our partnerships and non-controlling interest. The following table summarizes our acquisitions for the twelve months ended December 31, 2016 (dollar amounts in thousands) : Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ 16,000 $ 45 $ 16,045 1 126 Assisted Living (3) 53,550 423 53,973 4 250 Land (4) 6,891 108 6,999 — — Totals $ 76,441 $ 576 $ 77,017 5 376 (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. We expense the cost related to terminated transactions, and transaction costs related to the prior year due to timing. (2) We acquired a newly constructed 126-bed SNF in Texas. (3) We acquired a newly constructed MC in Kentucky for $14,250 which includes a $2,000 holdback, a newly constructed ALF and MC in Georgia for $14,300 and two MCs in Kansas for an aggregate purchase price of $25,000. (4) We acquired a parcel of land and improvement and entered into a development commitment of up to $24,325, including the land and bed rights purchase, for the development of a 143-bed SNF in Kentucky. Also, we purchased a parcel of land in Illinois and entered into a development commitment to construct a MC. The commitment totals approximately $14,500, including the land purchase. The following table summarizes our acquisitions for the twelve months ended December 31, 2015 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ 36,946 $ 87 $ 37,033 3 360 Assisted Living (3) 156,097 590 156,687 11 951 Other (4) 9,250 42 9,292 1 118 Land (5) 16,333 352 16,685 — — Totals $ 218,626 $ 1,071 $ 219,697 15 1,429 (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. We expense the cost related to terminated transactions, and transaction costs related to the prior year due to timing. (2) 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. Also, we acquired two SNFs in Texas totaling 254 beds for an aggregate purchase price of $23,000. (3) 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. Also includes acquisition of a portfolio comprised of 10 ILFs, ALFs and MCs for $142,000. (4) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. (5) 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 ALF 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. Developments and Improvements. The following table summarizes our investment in development and improvement projects for the years 2017, 2016 and 2015 (in thousands) : Developments Improvements 2017 2016 2015 2017 2016 2015 Assisted Living Communities $ 17,667 $ 41,859 $ 24,099 $ 1,152 $ 3,034 $ 3,950 Skilled Nursing Centers 5,234 483 1,830 1,356 3,758 3,584 Other — — — 391 - - Totals $ 22,901 $ 42,342 $ 25,929 $ 2,899 $ 6,792 $ 7,534 Completed Projects. The following table summarizes our completed projects during the year ended December 31, 2017 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2017 Funding Total Funding Development 1 MC 66 Illinois $ 7,753 $ 13,498 The following table summarizes our completed projects during the year ended December 31, 2016 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2016 Funding Total Funding Development 1 MC 66 Illinois $ 2,980 $ 12,248 Development 1 MC 56 Texas 1,110 11,776 Development 1 MC 66 Illinois 7,331 11,962 Development 1 MC 66 California 7,716 12,400 Development 1 ALF/MC 89 South Carolina 9,170 15,080 Development 1 ILF 108 Kansas 11,235 13,423 Improvement 1 SNF 160 Arizona 3,432 4,672 7 611 $ 42,974 $ 81,561 The following table summarizes our completed projects during the year ended December 31, 2015 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 MC 60 Colorado $ 1,522 $ 10,703 Improvement 1 SNF 121 California 1,481 1,481 Improvement 1 SNF 196 Texas 522 522 Improvement 2 SNF 141 Tennessee 39 2,200 5 518 $ 3,564 $ 14,906 Property Sales. During 2017, we sold five assisted living communities with a carrying value of $10,107,000 for an aggregate price of $15,650,000. These properties were located in Indiana, Oregon and Iowa with a total of 211 units. As a result of these transactions, we recognized a net gain on sale of $4,985,000. Furthermore, we donated an 85-unit SNF located in Texas with a carrying value of $1,170,000 to a nonprofit health care provider. During 2016, we sold two assisted living communities located in Florida and two skilled nursing centers in Texas with an aggregate carrying value of $9,791,000 for an aggregate price of $13,600,000. As a result of these sales, we recognized a net gain on sale of $3,775,000. Also, we sold a school in New Jersey for $3,850,000 with a carrying value of $3,997,000 and recorded a loss on sale of $193,000. During 2015, we sold a 112-bed skilled nursing center located in Texas with a carrying value of $965,000 for $1,600,000, resulting in net sales proceed of $1,537,000 and a net gain on sale of $586,000. Mortgage Loans. At December 31, 2017, the mortgage loans had interest rates ranging from 9.4% to 11.2% and maturities ranging from 2019 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. Please see Item 1. Business. Portfolio for a table that summarizes our loaned properties as of December 31, 2017. The following table summarizes our mortgage loan activity for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year ended December 31, 2017 2016 2015 Originations and funding under mortgage loans receivable $ 11,913 $ 20,685 $ 67,134 Pay-offs received (16,665) (6,036) (2,487) Scheduled principal payments received (1,202) (2,242) (2,321) Net (decrease) increase in mortgage loans receivable $ (5,954) $ 12,407 $ 62,326 At December 31, 2017 and 2016 the carrying values of the mortgage loans were $223,907,000 and $229,801,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2018 $ 1,077 2019 2,124 2020 8,815 2021 1,065 2022 1,065 Thereafter 212,016 Total $ 226,162 The following table summarizes our early mortgage loan payoffs during the years 2017, 2016 and 2015 (dollar amounts in thousands) : Early Number Principal of Payoff Loans State 2017 $ 10,795 AZ/MI/TX 2016 $ 6,036 MI/TX/WA 2015 $ 2,487 CA/TX

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2017
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	6. Investment in Unconsolidated Joint Ventures Our investment in unconsolidated joint ventures consists of a preferred equity investment and two mezzanine loans which are accounted for as unconsolidated joint ventures in accordance with GAAP. Preferred Equity Investment: We provided a total preferred capital contribution commitment of $25,650,000 to an entity (or the JV) that owns four properties in Arizona that provide independent, assisted living and memory care services. The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct support and we are not entitled to share in the JV’s earnings or losses. As a result, we believe our maximum exposure to loss related 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 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 the JV investment using the equity method. 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. The unpaid preferred return will be accrued to the extent of the common member’s capital account balance in the underlying JV. Since the common member’s capital account balance is $0, we did not record the deferred portion of the preferred return during the years ended December 31, 2017, and 2016. We recorded $1,000,000 of deferred portion of the preferred return during 2015. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be paid upon redemption. During the years ended December 31, 2017, 2016 and 2015, we funded $1,101,000, $1,770,000 and $23,042,000, respectively, of preferred capital contribution to the JV. During the twelve months ended December 31, 2017, 2016 and 2015, we recognized $1,560,000, $1,138,000 and $1,819,000, respectively, in income and received $1,436,000, $1,695,000 and $552,000, respectively, of cash interest from our preferred equity investment in JV. Mezzanine Loans: During 2016, we entered into a $3,400,000 seven-year term mezzanine loan commitment for the development of a 127-unit seniors housing community in Florida which will provide a combination of assisted living, memory care and independent living services. The loan agreement provides us a 15% preferred return, a portion of which is paid in cash and the remaining unpaid portion is deferred and subsequently paid to us at times set forth in the loan agreement. We 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. During 2017, we funded $2,747,000 under this mezzanine loan and withheld $653,000 which will be applied to interest. During the year ended December 31, 2017, we recognized $192,000 in income from unconsolidated joint ventures related to this loan. We also have a $2,900,000 mezzanine loan to develop a 99-unit seniors housing community in Florida which will provide a combination of assisted living, memory care and independent living services. The loan bears interest at 10% and will escalate to 15%. Interest payments were deferred and no interest was recorded between the time of the commencement of the loan and February 1, 2017, the first payment date per the terms of the loan agreement. 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. We used the effective interest method to recognize interest income and recorded the difference between the effective interest income and cash interest income to the loan principal balance. During the year ended December 31, 2017, we recognized $511,000 in income from unconsolidated joint ventures and received $302,000 of cash interest related to this loan. At December 31, 2017 and 2016, the outstanding balance under this loan was $3,077,000 and $2,900,000, respectively.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2017
Notes Receivable.
Notes Receivable	7. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. At December 31, 2017, 2016 and 2015, we had $16,402,000, $16,427,000 and $1,961,000, respectively, of net notes receivable. The following table summarizes our notes receivable activities for the fiscal years 2016, 2015 and 2014 (dollar amounts in thousands): Year ended December 31, 2017 2016 2015 Advances and originations under notes receivable $ - $ 14,969 $ 1,554 Principal payments received under notes receivable (25) (100) - Reclassified to real estate under development (1) — (237) (1,035) Notes receivable reserve — (166) — Net (decrease) increase in notes receivable $ (25) $ 14,466 $ 519 (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects. During 2017, we did not commit to fund new loans. During 2016, we committed to fund three new loans to existing operators, including two mezzanine loans. We have evaluated these mezzanine loans according to ADC guidance and determined that the characteristics are similar to a loan, and accordingly, these investments are recorded as loans. The following table summarizes our new loan commitments during 2016 ( dollar amounts in thousands ): Total Interest Maturity Type of Property Commitment Rate Date Skilled Nursing $ 1,400 (1) 15.00 % Assisted Living 325 12.00 % Skilled Nursing 12,500 (2) 12.41 % Totals $ 14,225 (1) We originated a $1,400 mezzanine loan on two skilled nursing centers, funding $1,200 at closing with a commitment to fund an additional $200 upon achieving coverage ratios. The skilled nursing centers are located in Oregon, totaling 146 beds. (2) We purchased a $12,500 mezzanine loan on a portfolio of 64 skilled nursing centers located in eight states. The mezzanine loan has a rate of LIBOR plus 11.75%. 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 $ 6.50 % Under Development 12.00 % Under Development 12.25 % Under Development 12.00 % Under Development 12.00 % Totals $ 2,100

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2017
Debt Obligations
Debt Obligations	8. Debt Obligations Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up 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, 2017, the facility provides for interest annually at LIBOR plus 150 basis points and the unused commitment fee was 35 basis points. At December 31, 2017, 2016 and 2015, we were in compliance with all covenants. 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. Senior Unsecured Notes . During 2017, we amended our shelf agreement with affiliates and managed accounts of Prudential Investment Management, Inc. (or Prudential) to increase our shelf commitment to $337,500,000. The following table sets forth information regarding debt obligations by component as of December 31, 2017 and 2016 (dollar amounts in thousands): At December 31, 2017 At December 31, 2016 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 2.90% $ 96,500 $ 503,500 $ 107,100 $ 492,900 Senior unsecured notes, net of debt issue costs (3) 4.50% 571,002 63,667 502,291 22,500 Total 4.27% $ 667,502 $ 567,167 $ 609,391 $ 515,400 (1) Represents weighted average of interest rate as of December 31, 2017. (2) Subsequent to December 31, 2017, we borrowed $24,000 under our unsecured revolving line of credit, accordingly we have $120,500 outstanding balance and $479,500 available for borrowing. (3) Subsequent to December 31, 2017, we paid $4,167 in regular scheduled principal payments, accordingly we have $566,835 outstanding and $67,833 available under our senior unsecured notes. Our borrowings and repayments for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands): Year ended December 31, 2017 2016 2015 Borrowings Repayments Borrowings Repayments Borrowings Repayments Bank borrowings $ 113,000 $ (123,600) $ 123,600 $ (137,000) $ 291,000 $ (170,500) Senior unsecured notes 100,000 (1) (31,167) 77,500 (2) (26,667) 200,000 (3) (29,167) Total $ 213,000 $ (154,767) $ 201,100 $ (163,667) $ 491,000 $ (199,667) (1) During the year ended December 31, 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5%, have scheduled principal payments and mature on February 16, 2032. (2) During the year ended December 31, 2016, we sold 10-year senior unsecured term notes in the amount of $37,500 to Prudential. The notes bear interest at an annual fixed rate of 4.15%, have scheduled principal payments and will mature in 2028. Additionally, we sold 10-year senior unsecured notes in the amount of $40,000 to affiliated insurance company investment advisory clients of AIG Asset Management (U.S.) LLC. The notes bear interest at a coupon of 3.99%, have scheduled principal payments and will mature in 2031. (3) During the year ended December 31, 2015, we sold 15-year senior unsecured notes in the amount of $100,000 to Prudential. The notes bear interest at an annual fixed rate of 4.5%, have scheduled principal payments and will mature on July 31, 2026. Additionally, we sold 13-year senior unsecured notes in the amount of $100,000 to AIG. The notes bear interest at an annual fixed rate of 4.26%, have scheduled principal payments and will mature on November 20, 2028. Scheduled Principal Payments. The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2017, and excludes the effects of interest and debt issue costs ( in thousands ): Total 2018 2019 2020 2021 2022 Thereafter Bank borrowings $ 96,500 (1) $ 96,500 $ — $ — $ — $ — $ — Senior unsecured notes 572,133 (2) 38,167 33,666 40,160 47,160 48,160 364,820 $ 668,633 $ 134,667 $ 33,666 $ 40,160 $ 47,160 $ 48,160 $ 364,820 (1) Subsequent to December 31, 2017, we borrowed $24,000 under our unsecured revolving line of credit. Accordingly, we have $120,500 outstanding and $479,500 available under our unsecured revolving line of credit. (2) Subsequent to December 31, 2017, we paid $4,167 in regular scheduled principal payments, accordingly we have $566,835 outstanding and $67,833 available under our senior unsecured notes. .

Equity

Equity	12 Months Ended
	Dec. 31, 2017
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, 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 stock outstanding as of December 31, 2017. Common Stock. We have entered into equity distribution agreement with sales agents 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 the year ended December 31, 2017, we sold 312,881 shares of common stock for $14,600,000 in net proceeds under our equity distribution agreement. In conjunction with the sale of common stock, we paid $260,000 as compensation to our sales agents and we reclassified $49,000 of accumulated costs associated with this agreement to additional paid in capital. Accordingly, at December 31, 2017, we had $185,162,000 available under our equity distribution agreement. During the year ended December 31, 2016, we sold 1,643,017 shares of common stock for $78,600,000 in net proceeds under our equity distribution agreement. In conjunction with the sale of common stock, we paid $1,400,000 as compensation to our sales agents and we reclassified $463,000 of accumulated costs associated with this agreement to additional paid in capital. During 2015, we did not sell shares of common stock. During the years 2017, 2016 and 2015, we acquired 42,089 shares, 49,405 shares and 26,993 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2017, we acquired 28,256 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Non-controlling Interests. During 2017, we entered into a partnership and acquired an 87-unit ALF and MC community for $10,000,000. Additionally, we entered into a partnership for the acquisition of land and development of a 110-unit ILF/ALF/MC community in Wisconsin. The commitment totals approximately $22,471,000 including the land purchase. We hold a 90% economic interest in both partnerships. Since we exercise power over and receive benefits from the partnerships, we are considered the primary beneficiary of the partnerships. Accordingly, we consolidated the partnerships and carried the non-controlling interests at cost. Shelf Registration Statement. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time publicly raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Distributions. We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2017 2016 2015 Declared Paid Declared Paid Declared Paid Preferred Stock Series C $ — $ — $ — $ — $ 2,454 $ 2,454 Common Stock 90,219 (1) 90,219 (1) 84,568 (2) 84,568 (2) 74,311 (3) 74,311 (3) Total $ 90,219 $ 90,219 $ 84,568 $ 84,568 $ 76,765 $ 76,765 (1) Represents $0.19 per share per month for the year ended December 31, 2017. (2) Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016. (3) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. In January 2018, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February and March 2018 payable on January 31, February 28 and March 30, 2018, respectively, to stockholders of record on January 23, February 20 and March 22, 2018, 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 both December 31, 2017 and 2016, accumulated other comprehensive income was $0. Stock Based Compensation Plans. During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaced 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. As of December 31, 2017, we have 1,048,000 shares of common stock reserved for awards under the 2015 Plan. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. Restricted Stock and performance-based stock units. Restricted stock and performance based stock units activity for the years ended December 31, 2017, 2016 and 2015 was as follows: 2017 2016 2015 Outstanding, January 1 210,573 187,347 214,168 Granted 143,057 127,087 92,150 Vested (85,343) (103,861) (118,331) Canceled (24,106) — (640) Outstanding, December 31 244,181 210,573 187,347 Compensation expense related to restricted stock and performance based stock units for the year $ 5,247,000 $ 4,265,000 $ 3,992,000 During 2017, 2016 and 2015, we granted 143,057, 127,087 and 92,150 shares of restricted common stock, respectively, under the 2015 plan and 2008 Plan as follows: No. of Price per Year Shares/Units Share Vesting Period 2017 $ ratably over 3 years 57,881 $ 45.76 TSR targets (1) 7,416 $ 48.55 June 1, 2018 3,000 $ 50.50 ratably over 3 years 2016 $ 43.24 ratably over 3 years 54,107 $ 46.87 TSR targets (2) 7,680 $ 46.87 June 1, 2017 2015 $ ratably over 3 years 18,000 $ 42.30 ratably over 3 years 8,400 $ 42.30 June 2, 2016 (1) Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years. (2) Vesting is based on achieving certain total TSR targets in 3.7 years with acceleration opportunity in 2.7 years. Subsequent to December 31, 2017, we granted 147,990 shares of restricted common stock at $38.18 per share. Out of these shares, 81,819 vest ratably from the grant date over a three-year period and 66,171 vest based on achieving certain TSR targets in 4 years with acceleration opportunity in 3 years. At December 31, 2017, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows: Number Remaining of Compensation Vesting Date Awards Expense 2018 75,149 $ 3,947,000 2019 92,218 (1) 2,149,000 2020 76,814 (2) 259,000 244,181 $ 6,355,000 (1) Includes 54,107 performance-based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense. (2) Includes 57,881 performance-based stock units. See (1) above for valuation methodology. Stock Options. During 2017, 2016 and 2015, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2017, 2016 and 2015, was as follows: Weighted Average Shares Price 2017 2016 2015 2017 2016 2015 Outstanding, January 1 33,334 40,001 43,334 $ 30.76 $ 29.60 $ 29.16 Granted — — — n.a n.a n.a Exercised (8,334) (6,667) (3,333) $ 24.31 $ 23.79 $ 23.79 Canceled — — — n.a n.a n.a Outstanding, December 31 25,000 33,334 40,001 $ 32.92 $ 30.76 $ 29.60 Exercisable, December 31 (1) 25,000 28,334 30,001 $ 32.92 $ 45.45 $ 31.99 (1) The aggregate intrinsic value of exercisable options at December 31, 2017, based upon the closing price of our common shares at December 29, 2017, the last trading day of 2017, was approximately $266,000. Options exercisable at December 31, 2017 have a weighted average remaining contractual life of approximately 3.5 years. The options exercised during 2017, 2016 and 2015 were as follows: Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2017 8,334 $ 24.31 $ 202,000 $ 410,797 2016 6,667 $ 23.79 $ 159,000 $ 311,000 2015 3,333 $ 23.79 $ 79,000 $ 140,000 (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 $32.92, $30.76 and $29.60 and the weighted average remaining contractual life was 3.5, 2.9 and 2.6 years as of December 31, 2017, 2016 and 2015, respectively. Compensation expense related to the vesting of stock options for the years ended December 31, 2017, 2016 and 2015 was $2,000, $15,000 and $14,000, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies At December 31, 2017, we had commitments as follows (in thousands): Total Investment 2017 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (See Note 5. Real Estate Investments ) $ 91,468 (1) $ 22,162 $ 38,497 $ 52,971 Accrued incentives and earn-out liabilities (2) 19,000 — — 19,000 Lease incentives 6,090 2,245 2,245 3,845 Mortgage loans (See Note 5.Real Estate Investments ) 51,000 (1) 11,913 17,252 33,748 Joint venture investments (See Note 6. Investments in Unconsolidated Joint Ventures ) 25,650 1,101 23,014 2,636 Notes receivable (See Note 7. Notes Receivable ) 500 — — 500 Totals $ 193,708 $ 37,421 $ 81,008 $ 112,700 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. (2) During the twelve months ended December 31, 2017, we recorded non-cash interest expense of $602 related to these contingent liabilities and the fair value of our outstanding payments was $8,916 at December 31, 2017. We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2017
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 2017, 2016 and 2015 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ): Year Ended December 31, 2017 2016 2015 Ordinary taxable distribution $ 1.607 $ 1.485 $ 1.690 Return of capital 0.444 0.556 0.357 Unrecaptured Section 1250 gain 0.163 0.149 0.023 Long-term capital gain 0.066 — — Total $ 2.280 $ 2.190 $ 2.070

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Income from continuing operations $ 87,340 $ 85,115 $ 73,081 Less net income allocated to participating securities: Non-forfeitable dividends on participating securities (350) (373) (480) Income allocated to participating securities (12) (12) (4) Total net income allocated to participating securities (362) (385) (484) Less net income allocated to preferred stockholders: Preferred stock dividends — — (2,454) Total net income allocated to preferred stockholders — — (2,454) Net income available to common stockholders 86,978 84,730 70,143 Effect of dilutive securities: Participating securities 385 — Convertible preferred securities — — 2,454 Total effect of dilutive securities 362 385 2,454 Net income for diluted net income per share $ 87,340 $ 85,115 $ 72,597 Shares for basic net income per share 39,409 38,388 35,590 Effect of dilutive securities: Stock options 10 13 13 Performance-based stock units 67 27 — Participating securities 151 169 — Convertible preferred securities — — 1,726 Total effect of dilutive securities 228 209 1,739 Shares for diluted net income per share 39,637 38,597 37,329 Basic net income per share $ 2.21 $ 2.21 $ 1.97 Diluted net income per share $ 2.20 $ 2.21 $ 1.94

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2017
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) 2017 Revenues $ 42,622 $ 42,468 $ 41,246 $ 41,729 Net income available to common stockholders $ 21,416 $ 25,273 $ 20,536 $ 19,753 Net income per common share available to common stockholders: Basic $ 0.54 $ 0.64 $ 0.52 $ 0.50 Diluted $ 0.54 $ 0.64 $ 0.52 $ 0.50 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 2016 Revenues $ 38,604 $ 39,996 $ 40,842 $ 42,141 Net income available to common stockholders $ 19,757 $ 22,075 $ 22,321 $ 20,577 Net income per common share available to common stockholders: Basic $ 0.53 $ 0.58 $ 0.57 $ 0.53 Diluted $ 0.53 $ 0.58 $ 0.57 $ 0.53 Dividends per share declared $ 0.54 $ 0.54 $ 0.54 $ 0.57 Dividends per share paid $ 0.54 $ 0.54 $ 0.54 $ 0.57 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, 2017
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, 2017 and 2016 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2017 At December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value Mortgage loans receivable $ 223,907 $ 278,224 (1) $ 229,801 $ 294,319 (1) Bank borrowings 96,500 96,500 (2) 107,100 107,100 (2) Senior unsecured notes, net of debt issue costs 571,002 577,126 (3) 502,291 498,915 (3) Accrued incentives and earn-outs 8,916 8,916 (4) 12,229 12,229 (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, 2017 and 2016 was 8.7% and 8.2%, 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, 2017 and 2016 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, 2017, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.10% for those maturing before year 2026 and 4.30% for those maturing at or beyond year 2026. At December 31, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.47% for those maturing before year 2026 and 4.60% for those maturing beyond year 2026. (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, 2017 and December 31, 2016, the discount rate used to value our future cash outflow of the earn-out liability was 6.2% and 5.9%, respectively. .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events
Subsequent Events	15. Subsequent Events The following events occurred subsequent to the balance sheet date. Debt: We borrowed $24,000,000 under our unsecured revolving line of credit. Accordingly, we have $120,500,000 outstanding and $479,500,000 available for borrowing under our unsecured revolving line of credit. Additionally, we paid $4,167,000 in regular scheduled principal payments, accordingly we have $566,835,000 outstanding and $67,833,000 available under our senior unsecured notes. Equity: We declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February and March 2018, payable on January 31, February 28, and March 30, 2018, respectively, to stockholders of record on January 23, February 20, and March 22, 2018, respectively. Also, we acquired 28,256 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we granted 147,990 shares of restricted common stock at $38.18 per share. Out of these shares, 81,819 vest ratably from the grant date over a three-year period and 66,171 vest based on achieving certain TSR targets in 4 years with acceleration opportunity in 3 years.

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2017
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	LTC PROPERTIES, INC. 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, 2015 Loan loss reserves $ 1,673 $ 517 $ — $ — $ 2,190 Straight-line rent receivable allowance 731 102 — — 833 $ 2,404 $ 619 $ — $ — $ 3,023 Year ended December 31, 2016 Loan loss reserves $ 2,190 $ 125 $ — $ — $ 2,315 Other notes receivable allowance — 166 — — 166 Straight-line rent receivable allowance 833 166 — (39) 960 $ 3,023 $ 457 $ — $ (39) $ 3,441 Year ended December 31, 2017 Loan loss reserves $ 2,315 $ (60) $ — $ — $ 2,255 Other notes receivable allowance 166 — — — 166 Straight-line rent receivable allowance 960 (146) — — 814 $ 3,441 $ (206) $ — $ — $ 3,235 (1) Deductions represent uncollectible accounts written off.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2017
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2017 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 $ — $ 210 $ 2,593 $ 641 $ 210 $ 3,234 $ 3,444 $ 1,283 1985 2001 218 Albuquerque, NM — 1,696 3,891 530 1,696 4,421 6,117 1,728 2008 2005 219 Albuquerque, NM — 1,950 8,910 207 1,950 9,117 11,067 3,460 1982 2005 220 Albuquerque, NM — 2,463 7,647 9 2,463 7,656 10,119 2,890 1970 2005 042 Altoona, IA — 105 2,309 444 105 2,753 2,858 1,854 1973 1996 252 Amarillo, TX — 844 — 7,925 844 7,925 8,769 1,624 2013 2011 214 Aransas Pass, TX — 154 1,276 589 154 1,865 2,019 835 2008 2004 247 Arlington, TX — 1,016 13,649 — 1,016 13,649 14,665 3,469 2007 2011 171 Atlanta, GA — 175 1,282 3 175 1,285 1,460 735 1968 1999 040 Atmore, AL — 131 2,877 196 131 3,073 3,204 1,927 1974 1996 221 Beaumont, TX — 370 1,141 106 370 1,247 1,617 514 1950 2005 213 Beeville, TX — 186 1,197 70 186 1,267 1,453 463 1974 2004 007 Bradenton, FL — 330 2,720 160 330 2,880 3,210 2,036 2012 1993 256 Brownwood, TX — 164 6,336 — 164 6,336 6,500 1,145 2011 2012 043 Carroll, IA — 47 1,033 213 47 1,246 1,293 837 1969 1996 177 Chesapeake, VA — 388 3,469 2,777 388 6,246 6,634 3,206 2017 1995 257 Cincinnati, OH — 1,890 25,110 — 1,890 25,110 27,000 3,119 2009 2012 125 Clovis, NM — 561 5,539 307 561 5,846 6,407 2,447 2006 2001 129 Clovis, NM — 598 5,902 59 598 5,961 6,559 2,518 1995 2001 268 Coldspring, KY — 2,050 21,496 — 2,050 21,496 23,546 3,158 2014 2012 253 Colton, CA — 2,342 15,158 — 2,342 15,158 17,500 2,652 1990 2011 211 Commerce City, CO — 236 3,217 167 236 3,384 3,620 1,452 1964 2004 212 Commerce City, CO — 161 2,160 95 161 2,255 2,416 947 1967 2004 246 Crowley, TX — 2,247 14,276 — 2,247 14,276 16,523 3,459 2007 2011 235 Daleville, VA — 279 8,382 — 279 8,382 8,661 2,231 2005 2010 258 Dayton, OH — 373 26,627 — 373 26,627 27,000 3,330 2010 2012 168 Des Moines, IA — 115 2,096 1,433 115 3,529 3,644 2,034 1972 1999 196 Dresden, TN — 31 1,529 1,073 31 2,602 2,633 996 2014 2000 298 Forth Worth, TX — 2,785 7,546 — 2,785 7,546 10,331 906 1998 2015 026 Gardendale, AL — 100 7,550 2,084 100 9,634 9,734 5,539 2011 1996 185 Gardner, KS — 896 4,478 4,150 896 8,628 9,524 3,560 2011 1999 248 Granbury, TX — 836 6,693 — 836 6,693 7,529 2,288 2008 2011 044 Granger, IA — 62 1,356 221 62 1,577 1,639 1,031 1979 1996 205 Grapevine, TX — 431 1,449 188 431 1,637 2,068 880 1974 2002 172 Griffin, GA — 500 2,900 — 500 2,900 3,400 1,635 1969 1999 250 Hewitt, TX — 1,780 8,220 99 1,780 8,319 10,099 1,570 2008 2011 194 Holyoke, CO — 211 1,513 283 211 1,796 2,007 1,053 1963 2000 051 Houston, TX — 365 3,769 1,598 365 5,367 5,732 3,383 1968 1996 054 Houston, TX — 202 4,458 1,426 202 5,884 6,086 3,849 2007 1996 055 Houston, TX — 202 4,458 1,359 202 5,817 6,019 3,730 2008 1996 208 Jacksonville, FL — 486 1,981 30 486 2,011 2,497 941 1987 2002 045 Jefferson, IA — 86 1,883 296 86 2,179 2,265 1,406 1972 1996 008 Lecanto, FL — 351 2,665 2,737 351 5,402 5,753 3,597 2012 1993 300 Mansfield, TX — 2,890 13,110 — 2,890 13,110 16,000 936 2015 2016 053 Mesa, AZ — 305 6,909 1,876 305 8,785 9,090 5,387 1996 1996 226 Mesa, AZ — 1,095 2,330 4,673 1,095 7,003 8,098 1,161 2016 2006 242 Mission, TX — 1,111 16,602 — 1,111 16,602 17,713 3,588 2004 2010 041 Montgomery, AL — 242 5,327 115 242 5,442 5,684 3,480 1974 1996 115 Nacogdoches, TX — 100 1,738 168 100 1,906 2,006 1,124 1973 1997 233 Nacogdoches, TX — 394 7,456 268 394 7,724 8,118 1,885 1991 2010 249 Nacogdoches, TX — 1,015 11,109 — 1,015 11,109 12,124 3,143 2007 2011 245 Newberry, SC — 439 4,639 608 439 5,247 5,686 1,577 1995 2011 244 Newberry, SC — 919 5,454 131 919 5,585 6,504 1,463 2001 2011 046 Norwalk, IA — 47 1,033 239 47 1,272 1,319 864 1975 1996 176 Olathe, KS — 520 1,872 313 520 2,185 2,705 1,342 1968 1999 251 Pasadena, TX — 1,155 14,345 522 1,155 14,867 16,022 2,564 2005 2011 210 Phoenix, AZ — 334 3,383 456 334 3,839 4,173 1,765 1982 2004 193 Phoenix, AZ — 300 9,703 92 300 9,795 10,095 5,349 1985 2000 047 Polk City, IA — 63 1,376 153 63 1,529 1,592 1,006 1976 1996 094 Portland, OR — 100 1,925 2,652 100 4,577 4,677 2,930 2007 1997 254 Red Oak, TX — 1,427 17,173 — 1,427 17,173 18,600 2,964 2002 2012 124 Richland Hills, TX — 144 1,656 427 144 2,083 2,227 1,114 1976 2001 197 Ripley, TN — 20 985 1,638 20 2,623 2,643 975 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, 2017 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 133 Roswell, NM $ — $ 568 $ 5,235 $ 1,396 $ 568 $ 6,631 $ 7,199 $ 2,546 1975 2001 081 Sacramento, CA — 220 2,929 1,481 220 4,410 4,630 2,145 2015 1997 085 Salina, KS — 100 1,153 628 100 1,781 1,881 1,158 1985 1997 281 Slinger, WI — 464 13,482 — 464 13,482 13,946 1,508 2014 2015 234 St. Petersburg, FL — 1,070 7,930 500 1,070 8,430 9,500 1,882 1988 2010 243 Stephenville, TX — 670 10,117 500 670 10,617 11,287 2,332 2009 2010 225 Tacoma, WA — 723 6,401 901 723 7,302 8,025 2,916 2009 2006 178 Tappahannock, VA — 375 1,327 397 375 1,724 2,099 1,464 1978 1995 270 Trinity, FL — 1,653 12,748 — 1,653 12,748 14,401 1,719 2008 2013 192 Tucson, AZ — 276 8,924 112 276 9,036 9,312 4,929 1992 2000 299 Weatherford, TX — 836 11,902 — 836 11,902 12,738 1,166 1996 2015 236 Wytheville, VA — 647 12,167 — 647 12,167 12,814 4,122 1996 2010 Skilled Nursing Properties — 50,627 475,181 51,721 50,627 526,902 577,529 Assisted Living Properties: 077 Ada, OK — 100 1,650 — 100 1,650 1,750 886 1996 1996 136 Arlington, OH — 629 6,973 — 629 6,973 7,602 2,866 1993 2001 105 Arvada, CO — 100 2,810 6,960 100 9,770 9,870 2,590 2014 1997 304 Athens, GA — 1,056 13,326 — 1,056 13,326 14,382 581 2016 2016 063 Athens, TX — 96 1,510 104 96 1,614 1,710 876 1995 1996 269 Aurora, CO — 850 8,583 — 850 8,583 9,433 1,165 2014 2013 260 Aurora, CO — 831 10,071 — 831 10,071 10,902 1,516 1999 2012 203 Bakersfield, CA — 834 11,986 812 834 12,798 13,632 5,806 2002 2001 117 Beatrice, NE — 100 2,173 151 100 2,324 2,424 1,141 1997 1997 137 Bexley, OH — 306 4,196 — 306 4,196 4,502 1,725 1992 2001 277 Burr Ridge, IL — 1,400 11,102 — 1,400 11,102 12,502 791 2016 2014 278 Castle Rock, CO — 759 9,041 — 759 9,041 9,800 621 2012 2014 160 Central, SC — 100 2,321 — 100 2,321 2,421 1,000 1998 1999 263 Chatham, NJ — 5,365 36,399 — 5,365 36,399 41,764 5,248 2002 2012 307 Clovis, CA — 2,542 19,126 — 2,542 19,126 21,668 275 2014 2017 308 Clovis, CA — 3,054 14,172 — 3,054 14,172 17,226 196 2016 2017 279 Corpus Christi, TX — 880 11,440 — 880 11,440 12,320 716 2016 2015 292 De Forest, WI — 485 5,568 7 485 5,575 6,060 422 2006 2015 057 Dodge City, KS — 84 1,666 4 84 1,670 1,754 954 1995 1995 083 Durant, OK — 100 1,769 — 100 1,769 1,869 933 1997 1997 107 Edmond, OK — 100 1,365 526 100 1,891 1,991 978 1996 1997 155 Erie, PA — 850 7,477 — 850 7,477 8,327 3,704 1998 1999 163 Ft. Collins, CO — 100 2,961 3,405 100 6,366 6,466 1,996 2014 1999 170 Ft. Collins, CO — 100 3,400 4,622 100 8,022 8,122 2,221 2014 1999 132 Ft. Meyers, FL — 100 2,728 9 100 2,737 2,837 1,372 1998 1998 229 Ft. Worth, TX — 333 4,385 1,028 333 5,413 5,746 1,916 2009 2008 100 Fremont ,OH — 100 2,435 86 100 2,521 2,621 1,287 1997 1997 267 Frisco, TX — 1,000 5,154 — 1,000 5,154 6,154 746 2014 2012 296 Glenview, IL 2,800 11,313 — 2,800 11,313 14,113 35 2017 2015 167 Goldsboro, NC — 100 2,385 1 100 2,386 2,486 957 1998 1999 056 Great Bend, KS — 80 1,570 21 80 1,591 1,671 1,007 1995 1995 102 Greeley, CO — 100 2,310 270 100 2,580 2,680 1,332 1997 1997 284 Green Bay, WI — 1,660 19,079 152 1,660 19,231 20,891 1,438 2004 2015 164 Greenville, NC — 100 2,478 2 100 2,480 2,580 1,118 1998 1999 062 Greenville, TX — 42 1,565 84 42 1,649 1,691 898 1995 1996 161 Greenwood, SC — 100 2,638 — 100 2,638 2,738 1,216 1998 1999 241 Gulf Breeze, FL — 720 3,780 261 720 4,041 4,761 963 2000 2010 295 Jacksonville, FL — 1,389 12,756 — 1,389 12,756 14,145 760 2015 2015 066 Jacksonville, TX — 100 1,900 77 100 1,977 2,077 1,078 1996 1996 310 Kansas City, MO 1,072 15,552 — 1,072 15,552 16,624 64 2017 2017 285 Kenosha, WI — 936 12,361 76 936 12,437 13,373 803 2008 2015 255 Littleton, CO — 1,882 8,248 — 1,882 8,248 10,130 1,317 2013 2012 268 Littleton, CO — 1,200 8,688 — 1,200 8,688 9,888 1,306 2014 2013 148 Longmont, CO — 100 2,640 — 100 2,640 2,740 1,313 1998 1998 060 Longview, TX — 38 1,568 127 38 1,695 1,733 922 1995 1995 261 Louisville, CO — 911 11,703 — 911 11,703 12,614 1,724 2000 2012 301 Louisville, KY — 1,021 13,157 — 1,021 13,157 14,178 586 2016 2016 114 Loveland, CO — 100 2,865 270 100 3,135 3,235 1,603 1997 1997 068 Lufkin, TX — 100 1,950 94 100 2,044 2,144 1,105 1996 1996 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, 2017 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 061 Marshall, TX — 38 1,568 534 38 2,102 2,140 1,172 1995 1995 293 McHenry, IL — 1,289 28,976 53 1,289 29,029 30,318 2,107 2005 2015 058 McPherson, KS — 79 1,571 4 79 1,575 1,654 997 1994 1995 239 Merritt Island, FL — 550 8,150 100 550 8,250 8,800 1,867 2004 2010 104 Millville, NJ — 100 2,825 667 100 3,492 3,592 1,516 1997 1997 286 Milwaukee, WI — 818 8,014 36 818 8,050 8,868 609 2007 2015 231 Monroeville, PA — 526 5,334 435 526 5,769 6,295 1,537 1997 2009 280 Murrells Inlet, SC — 2,490 14,185 — 2,490 14,185 16,675 651 2016 2015 294 Murrieta, CA — 2,022 11,136 — 2,022 11,136 13,158 554 2016 2015 289 Neenah, WI — 694 20,839 142 694 20,981 21,675 1,456 1991 2015 166 New Bern, NC — 100 2,427 1 100 2,428 2,528 993 1998 1999 118 Newark, OH — 100 2,435 236 100 2,671 2,771 1,270 1997 1997 143 Niceville, FL — 100 2,680 — 100 2,680 2,780 1,333 1998 1998 095 Norfolk, NE — 100 2,123 52 100 2,175 2,275 1,119 1997 1997 290 Oshkosh, WI — 1,525 9,192 34 1,525 9,226 10,751 1,347 2009 2015 291 Oshkosh, WI — 475 7,364 39 475 7,403 7,878 548 2005 2015 302 Overland Park, KS — 2,297 11,882 203 2,297 12,085 14,382 582 2013 2016 232 Pittsburgh, PA — 470 2,615 333 470 2,948 3,418 872 1994 2009 165 Rocky Mount, NC — 100 2,494 1 100 2,495 2,595 1,050 1998 1999 141 Rocky River, OH — 760 6,963 — 760 6,963 7,723 3,405 1998 1999 059 Salina, KS — 79 1,571 4 79 1,575 1,654 997 1994 1995 084 San Antonio, TX — 100 1,900 — 100 1,900 2,000 1,001 1997 1997 092 San Antonio, TX — 100 2,055 — 100 2,055 2,155 1,077 1997 1997 288 Sheboygan, WI — 1,168 5,382 131 1,168 5,513 6,681 453 2006 2015 149 Shelby, NC — 100 2,805 2 100 2,807 2,907 1,395 1998 1998 312 Spartanburg, SC — 254 9,906 — 254 9,906 10,160 — 1999 2017 150 Spring Hill, FL — 100 2,650 — 100 2,650 2,750 1,318 1998 1998 103 Springfield, OH — 100 2,035 270 100 2,305 2,405 1,187 1997 1997 162 Sumter, SC — 100 2,351 — 100 2,351 2,451 1,038 1998 1999 140 Tallahassee, FL — 100 3,075 — 100 3,075 3,175 1,533 1998 1998 098 Tiffin, OH — 100 2,435 62 100 2,497 2,597 1,274 1997 1997 282 Tinley Park, IL — 702 11,481 — 702 11,481 12,183 643 2016 2015 088 Troy, OH — 100 2,435 559 100 2,994 3,094 1,458 1997 1997 080 Tulsa, OK — 200 1,650 — 200 1,650 1,850 879 1997 1997 093 Tulsa, OK — 100 2,395 — 100 2,395 2,495 1,252 1997 1997 238 Tupelo, MS — 1,170 8,230 30 1,170 8,260 9,430 1,970 2000 2010 075 Tyler, TX — 100 1,800 — 100 1,800 1,900 964 1996 1996 202 Vacaville, CA — 1,662 11,634 1,141 1,662 12,775 14,437 5,770 2002 2001 091 Waco, TX — 100 2,235 — 100 2,235 2,335 1,170 1997 1997 096 Wahoo, NE — 100 2,318 50 100 2,368 2,468 1,219 1997 1997 108 Watauga, TX — 100 1,668 — 100 1,668 1,768 868 1996 1997 287 Waukesha, WI — 992 15,183 122 992 15,305 16,297 993 2009 2015 109 Weatherford, OK — 100 1,669 592 100 2,261 2,361 1,166 1996 1997 309 West Chester, OH — 2,355 13,553 — 2,355 13,553 15,908 196 2017 2017 276 Westminster, CO — 1,425 9,575 — 1,425 9,575 11,000 1,093 2015 2013 110 Wheelersburg, OH — 29 2,435 128 29 2,563 2,592 1,267 1997 1997 303 Wichita, KS — 1,422 9,957 202 1,422 10,159 11,581 502 2011 2016 259 Wichita, KS — 730 — 9,682 730 9,682 10,412 1,683 2013 2012 283 Wichita, KS — 624 13,846 — 624 13,846 14,470 429 2016 2015 076 Wichita Falls, TX — 100 1,850 — 100 1,850 1,950 991 1996 1996 120 Wichita Falls, TX — 100 2,750 131 100 2,881 2,981 1,445 1997 1997 265 Williamstown, NJ — 711 6,637 — 711 6,637 7,348 1,073 2000 2012 264 Williamstown, NJ — 711 8,649 — 711 8,649 9,360 1,263 2000 2012 138 Worthington, OH — — 6,102 — — 6,102 6,102 6,102 1993 2001 139 Worthington, OH — — 3,402 — — 3,402 3,402 3,402 1995 2001 099 York, NE — 100 2,318 70 100 2,388 2,488 1,220 1997 1997 Assisted Living Properties — 67,572 679,003 35,195 67,572 714,198 781,770 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, 2017 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 — 1,965 7,308 392 1,965 7,700 9,665 463 1990/1994 2015 Properties — 1,965 7,308 392 1,965 7,700 9,665 463 Land : 271 Howell, MI — 420 — — 420 — 420 — N/A 2013 275 Yale, MI — 73 — — 73 — 73 — N/A 2013 999 Milford, MI — 450 — — 450 — 450 — N/A 2014 Land — 943 — — 943 — 943 — Other Properties — 2,908 7,308 392 2,908 7,700 10,608 463 Properties Under Development: 305 Union, KY — 10,629 — 10,629 11,487 — N/A 2016 311 Cedarburg, WI — 818 2,160 — 818 2,160 2,978 — N/A 2017 306 Oaklawn, IL — 1,591 6,159 — 1,591 6,159 7,750 — N/A 2016 Properties Under Development — 3,267 18,948 — 3,267 18,948 22,215 — $ — $ 124,374 $ 1,180,440 $ 87,308 $ 124,374 $ 1,267,748 $ 1,392,122 (2) $ 306,033 (1) Depreciation is computed principally by the straight‑line method for financial reporting purposes which generally range of a life from 5 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) As of December 31, 2017, our aggregate cost for Federal income tax purposes was $1,408. LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2017, 2016 and 2015 is as follows: For the Year Ended December 31, 2017 2016 2015 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ 1,301,563 $ 1,198,686 $ 949,838 Acquisitions 82,405 74,923 206,340 Improvements 25,800 49,134 33,463 Conversion of mortgage loans into owned properties — — 10,600 Capitalized interest 908 1,408 827 Other non-cash items (See Note 4) — 2,460 2,882 Conveyed land (See Note 4) — — (670) Cost of real estate sold (18,554) (24,282) (2,344) Impairment on real estate for sale — (766) (2,250) Ending balance $ 1,392,122 $ 1,301,563 $ 1,198,686 Accumulated depreciation: Balance at beginning of period $ 275,861 $ 251,265 $ 223,315 Depreciation expense 37,492 35,809 29,329 Cost of real estate sold (7,320) (11,213) (1,379) Ending balance $ 306,033 $ 275,861 $ 251,265

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2017
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	LTC PROPERTIES, INC. 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 2017 Interest MI 15 2,055 9.53% 2043 $ 160,165 $ 1,470 $ 187,165 $ 184,471 $ — MI 2 263 9.41% 2045 16,205 136 17,285 17,112 — MI 1 157 9.41% 2045 11,816 98 12,491 12,366 — MI 2 205 9.41% 2020 8,948 71 8,948 8,858 — UT 1 84 11.20% 2019 1,006 15 1,400 1,100 — 21 (4) 2,764 $ 198,140 $ 1,790 $ 227,289 $ 223,907 $ — (1) Represents current stated interest rate. Generally, the loans have 20 year to 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 5 first‑lien mortgage loans as follows: Number of Loans Original loan amounts 1 $ 500 - $2,000 0 $2,001 - $3,000 0 $3,001 - $4,000 0 $4,001 - $5,000 0 $5,001 - $6,000 0 $6,001 - $7,000 4 $7,001 + Mortgage loans receivable activity for the years ended December 31, 2017, 2016 and 2015 is as follows: Balance— December 31, 2014 $ 165,656 New mortgage loans 60,209 Other additions 6,925 Land conveyance 670 Amortization of mortgage premium (6) Collections of principal (15,408) Foreclosures — Loan loss reserve (517) Other deductions — Balance— December 31, 2015 217,529 New mortgage loans 13,250 Other additions 7,435 Land conveyance — Amortization of mortgage premium (10) Collections of principal (8,278) Foreclosures — Loan loss reserve (125) Other deductions — Balance— December 31, 2016 229,801 New mortgage loans — Other additions 11,913 Amortization of mortgage premium (4) Collections of principal (17,863) Foreclosures — Loan loss reserve 60 Other deductions — Balance— December 31, 2017 $ 223,907

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly‑owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Consolidation of entities is based on determination of the primary beneficiary. In order to be considered the primary beneficiary, the member should be able to exercise power over and receive benefits from the entity. Power over the company is based on the provisions of operating agreement that provides us with a controlling financial interest in the entity. Under the terms of the operating agreement, we, as the general member, are responsible for the management of the company’s assets, business and affairs. Our rights and duties in management of the company includes making all operating decisions, setting the capital budget, executing all contracts, making all employment decisions, and handling the purchase and disposition of assets, among others. We, as the general member, are responsible for the ongoing, major, and central operations of the company and make all management decisions. In addition, we, as the general member, assume the risk for all operating losses, capital losses, and are entitled to substantially all capital gains (appreciation) and accordingly, receive substantial benefits from the company. The Financial Accounting Standards Board (or FASB) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members exercise power over a limited liability company and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non-managing members have certain specific rights as described in the guidance. The limited members have virtually no rights and are precluded from taking part in the operation, management or control of the company. The limited members are also precluded from transferring their interests without the expressed permission of the general member. However, we could transfer our interest without consultation or permission of the limited members. We consolidated the companies in accordance with the guidance. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, 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 Transaction costs to incorporate costs related to terminated transactions which was reclassified from General and administrative expenses . These adjustments are normal and recurring in nature.
Use of Estimates	Use of Estimates. Preparation of the consolidated financial statements in conformity with 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. In January 2017, the FASB issued ASU No. 2017-01(or ASU 2017-01), Business Combinations (Topic 805): Clarifying Definition of a Business . ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. We early adopted ASU 2017-01 in 2017. Historically, our acquisitions qualified as either a business combination or asset acquisition. The adoption of this ASU did not have a material impact on our results of operations or financial condition as most of our acquisitions of investment properties will continue to qualify as asset acquisitions. In February 2017, the FASB issued ASU No. 2017-05 (or ASU 2017-05), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. ASU 2017-05 defines an in-substance nonfinancial asset and clarifies guidance related to partial sales of nonfinancial assets. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The adoption of this ASU did not have a material impact on the consolidated financial statements and related notes. 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, 5 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.
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 entity (or VIE), 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. · LTC has a variable interest in the entity - 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 meet the above criteria and doesn’t qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a 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 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.
Mortgage Loans Receivable, Net of Loan Loss Reserve	Mortgage Loans Receivable, Net of Loan Loss Reserve. 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. Additionally, we record an estimated allowance for doubtful accounts, as described below.
Mezzanine Loans	Mezzanine Loans. In 2015 we strategically decided to allocate a portion of our capital deployment toward mezzanine loans to grow relationships with operating companies that have not typically utilized sale leaseback financing as a component of their capital structure. Mezzanine financing sits between senior debt and common equity in the capital structure, and typically is used to finance development projects or value-add opportunities on existing operational properties. We seek market-based, risk-adjusted rates of return typically between 12-18% with the loan term typically between four to eight years. Security for mezzanine loans can include all or a portion of the following credit enhancements; secured second mortgage, pledge of equity interests and personal/corporate guarantees. Mezzanine loans are recorded for GAAP purposes as either a loan, under notes receivable, or joint venture, under investment in unconsolidated joint ventures, depending upon specifics of the loan terms and related credit enhancements.
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. These ADC arrangements can have characteristics similar to a loan or 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 the ADC arrangement 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. We evaluate our ADC arrangements first pursuant to ASC 805, Consolidation , to determine whether the ADC arrangement meets the definition of a VIE, as explained above, 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 periodically perform 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, write the investment down to its estimated fair value as of the measurement date.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts. The allowance for doubtful accounts depends on the expected collectability of our receivables which is based on considerations including the certainty of payment, payment history and other relevant factors. The allowance for doubtful accounts 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 or placement on non-accrual status may be required.
Accrued incentives and earn-outs	Accrued incentives and earn-outs. As part of our acquisitions and/or amendments, 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 inputs 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.
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 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.
Revenue Recognition	Revenue Recognition. 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. 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 interest income from that loan until the past due amounts have been received. 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.
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. 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.
Properties held-for-sale	Properties held-for-sale. 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. 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. Under ASU 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, 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. We have not reclassified results of operations for properties disposed as discontinued operations as these disposals do not represent strategic shifts in our operations. Subsequent to December 31, 2017, we entered into a contract to sell a portfolio of six senior living communities in Ohio and Pennsylvania. These properties are leased under a master lease that expires on April 30, 2018. The anticipated closing date of the sale, subject to customary conditions precedent to closing, is May 1, 2018. As a result, these properties were classified as held-for-sale during the first quarter of 2018.
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. Also, we use the Monte Carlo model to estimate the value of performance based stock units granted to employees. These models require 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 statements 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 seniors 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.
ASU 2014-15
Summary of Significant Accounting Policies
New Accounting Pronouncement	Going Concern. In August 2014, the FASB issued Accounting Standards Update (or ASU) 2014-15, Presentation of Financial Statements— Going Concern (Subtopic 205-40) : Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update define management’s responsibility under U.S. generally accepted accounting principles (or GAAP) to evaluate when and how substantial doubt about the organization’s ability to continue as a going concern should be disclosed in the financial statement footnotes. This ASU expands disclosure requirements about principal conditions or events that raise substantial doubt. It also requires disclosing management’s evaluation of the significance of those conditions or events in relationship to the organization’s ability to meet its obligations, and management’s plans that are intended to either alleviate substantial doubt or to mitigate conditions or events that raise substantial doubt. ASU No. 2014-15 is effective for annual periods ending after December 15, 2016. The adoption of this ASU did not have a material impact on our financial statements or disclosures.
ASU 2017-01
Summary of Significant Accounting Policies
New Accounting Pronouncement	In January 2017, the FASB issued ASU No. 2017-01(or ASU 2017-01), Business Combinations (Topic 805): Clarifying Definition of a Business . ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for transactions that have not been reported in previously issued (or available to be issued) financial statements. We early adopted ASU 2017-01 in 2017. Historically, our acquisitions qualified as either a business combination or asset acquisition. The adoption of this ASU did not have a material impact on our results of operations or financial condition as most of our acquisitions of investment properties will continue to qualify as asset acquisitions.
ASU 2017-05
Summary of Significant Accounting Policies
New Accounting Pronouncement	In February 2017, the FASB issued ASU No. 2017-05 (or ASU 2017-05), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets. ASU 2017-05 defines an in-substance nonfinancial asset and clarifies guidance related to partial sales of nonfinancial assets. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The adoption of this ASU did not have a material impact on the consolidated financial statements and related notes.
ASU 2015-02
Summary of Significant Accounting Policies
New Accounting Pronouncement	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. ASU 2015-02 is effective for periods beginning after December 15, 2015, for public companies. The adoption of this ASU did not have a material impact on our consolidated financial statements.
ASU 2016-07
Summary of Significant Accounting Policies
New Accounting Pronouncement	In March 2016, FASB issued ASU No. 2016-07 (or ASU 2016-07), Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. ASU 2016-07 eliminates retroactive adjustment of an investment upon an investment qualifying for the equity method of accounting and requires the equity method investor to adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The adoption of this ASU did not have a material impact on our consolidated financial statements.
ASU 2015-03
Summary of Significant Accounting Policies
New Accounting Pronouncement	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. We early adopted ASU 2015-03 and ASU 2015-15 in 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 sheets.
ASU 2014-09
Summary of Significant Accounting Policies
New Accounting Pronouncement	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 states that “ an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In doing so, companies may need to use more judgement and make more estimates than under today’s guidance. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. Additionally, the FASB has issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU 2016-10, Identifying Performance Obligations and Licensing, and ASU 2016-12, Narrow-Scope Improvements and Practical Expedients. The new standard and its amendments are effective on January 1, 2018, and permit reporting entities to apply the standard using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or full retrospective approach. We have assessed our revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. We have evaluated the provisions of ASU 2014-09 and its related updates and closely monitored developments and additional guidance to determine the potential impact of the new standard. Accordingly, we have concluded that this standard will not have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09. We have adopted this standard using the modified retrospective adoption method on January 1, 2018.
ASU 2016-02
Summary of Significant Accounting Policies
New Accounting Pronouncement	Leases In February 2016, the FASB issued ASU No. 2016-02 (or ASU 2016-02), Leases (Topic 842) . The objective of this ASU is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU 2016-02 modifies existing guidance by requiring lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance of operating leases. Consistent with present standards, we will continue to account for lease revenue on a straight-line basis for most leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after beginning of the earliest comparative period in the financial statements. In conjunction with evaluating the impact of the new revenue recognition standard, we have begun our process for implementing this guidance, including identifying any non-lease components in our lease arrangements. We will continue to evaluate this guidance and the impact to us, as both lessor and lessee, on our consolidated financial statements.
ASU 2015-01
Summary of Significant Accounting Policies
New Accounting Pronouncement	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. The adoption did not have a material impact on our consolidated financial statements.
ASU 2016-09
Summary of Significant Accounting Policies
New Accounting Pronouncement	In March 2016, FASB issued ASU No. 2016-09 (or ASU 2016-09), Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 addresses several aspects of the accounting for share-based payment award transactions, including: ( a ) income tax consequences; ( b ) classification of awards as either equity or liabilities; and ( c ) classification on the statement of cash flows. ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on our financial statements or disclosures.
ASU 2016-15
Summary of Significant Accounting Policies
New Accounting Pronouncement	Cash Flow Presentation. In August 2016, FASB issued ASU No. 2016-15 (or ASU 2016-15), Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force) . ASU 2016-15 provides guidance that reduces the diversity in practice of the classification of certain cash receipts and cash payments within the statement of cash flows. This guidance is effective for fiscal periods beginning after December 15, 2017. The adoption of this guidance did not have a material impact on our financial statements.

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2017
Major Operators
Schedule of concentration of risk by major operators	Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF Beds Units Revenue (1) Assets Prestige Healthcare 22 — 2,798 93 16.9 % 15.8 % Senior Lifestyle Corporation — 23 — 1,457 11.6 % 11.1 % Brookdale Senior Living — 37 — 1,702 9.8 % 5.0 % Senior Care Centers 11 — 1,444 — 9.6 % 7.6 % Totals 33 60 4,242 3,252 % % (1) Includes rental income and interest income from mortgage loans and excludes income from properties sold and mortgage loans paid off during 2017.

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Information
Supplemental Cash Flow Information	For the year ended December 31, 2017 2016 2015 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (Note 5) $ — $ — $ 10,600 Land conveyance applied to a mortgage and construction loan receivable (Note 5) — — 670 Contingent liabilities related to real estate investments ( Note 5) — 1,847 1,847 Contingent liabilities related to lease incentives (Note 10) — — 8,013 Reclassification of pre-development loans ( Note 7) — 237 1,035 Restricted stock issued, net of cancellations (Note 9) 1 1 1 Preferred stock conversion (Note 9) — — 38,500

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate Investments
Schedule of future minimum base rents receivable	Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases excluding the effects of straight‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent (1) 2018 $ 129,873 2019 129,641 2020 131,948 2021 117,646 2022 104,016 Thereafter 674,779 (1) Represents contractual annual cash rent, except for one master lease which is based on an agreed upon cash rent. See below for more information.
Summary of investments acquired	Acquisitions. The following table summarizes our acquisitions for the twelve months ended December 31, 2017 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Assisted Living (2) $ 81,018 $ 569 $ 81,587 5 400 Land (3) 800 18 818 — — Totals $ 81,818 $ 587 $ 82,405 5 400 (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. We expense the cost related to terminated transactions, and transaction costs related to the prior year due to timing. (2) We acquired a 107-unit ALF and a 73-unit MC for an aggregate purchase price of $38,813, a 60-unit MC for $15,650 and a 73-unit ALF/MC community for $16,555. Furthermore, we entered into a partnership agreement and acquired an 87-unit ALF/MC community for $10,000. See Note 9. Equity for further discussion related to our partnerships and non-controlling interest. (3) We entered into a partnership agreement for the acquisition of land and development of a 110-unit ILF/ALF/MC community in Wisconsin. The commitment totals approximately $22,471, including the land purchase. See Note 9. Equity for further discussion related to our partnerships and non-controlling interest. The following table summarizes our acquisitions for the twelve months ended December 31, 2016 (dollar amounts in thousands) : Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ 16,000 $ 45 $ 16,045 1 126 Assisted Living (3) 53,550 423 53,973 4 250 Land (4) 6,891 108 6,999 — — Totals $ 76,441 $ 576 $ 77,017 5 376 (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. We expense the cost related to terminated transactions, and transaction costs related to the prior year due to timing. (2) We acquired a newly constructed 126-bed SNF in Texas. (3) We acquired a newly constructed MC in Kentucky for $14,250 which includes a $2,000 holdback, a newly constructed ALF and MC in Georgia for $14,300 and two MCs in Kansas for an aggregate purchase price of $25,000. (4) We acquired a parcel of land and improvement and entered into a development commitment of up to $24,325, including the land and bed rights purchase, for the development of a 143-bed SNF in Kentucky. Also, we purchased a parcel of land in Illinois and entered into a development commitment to construct a MC. The commitment totals approximately $14,500, including the land purchase. The following table summarizes our acquisitions for the twelve months ended December 31, 2015 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs (1) Costs Properties Beds/Units Skilled Nursing (2) $ 36,946 $ 87 $ 37,033 3 360 Assisted Living (3) 156,097 590 156,687 11 951 Other (4) 9,250 42 9,292 1 118 Land (5) 16,333 352 16,685 — — Totals $ 218,626 $ 1,071 $ 219,697 15 1,429 (1) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of our construction in progress. We expense the cost related to terminated transactions, and transaction costs related to the prior year due to timing. (2) 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. Also, we acquired two SNFs in Texas totaling 254 beds for an aggregate purchase price of $23,000. (3) 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. Also includes acquisition of a portfolio comprised of 10 ILFs, ALFs and MCs for $142,000. (4) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. (5) 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 ALF 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.
Schedule of investment in development and improvement projects	Developments and Improvements. The following table summarizes our investment in development and improvement projects for the years 2017, 2016 and 2015 (in thousands) : Developments Improvements 2017 2016 2015 2017 2016 2015 Assisted Living Communities $ 17,667 $ 41,859 $ 24,099 $ 1,152 $ 3,034 $ 3,950 Skilled Nursing Centers 5,234 483 1,830 1,356 3,758 3,584 Other — — — 391 - - Totals $ 22,901 $ 42,342 $ 25,929 $ 2,899 $ 6,792 $ 7,534
Schedule of completed projects	Completed Projects. The following table summarizes our completed projects during the year ended December 31, 2017 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2017 Funding Total Funding Development 1 MC 66 Illinois $ 7,753 $ 13,498 The following table summarizes our completed projects during the year ended December 31, 2016 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2016 Funding Total Funding Development 1 MC 66 Illinois $ 2,980 $ 12,248 Development 1 MC 56 Texas 1,110 11,776 Development 1 MC 66 Illinois 7,331 11,962 Development 1 MC 66 California 7,716 12,400 Development 1 ALF/MC 89 South Carolina 9,170 15,080 Development 1 ILF 108 Kansas 11,235 13,423 Improvement 1 SNF 160 Arizona 3,432 4,672 7 611 $ 42,974 $ 81,561 The following table summarizes our completed projects during the year ended December 31, 2015 (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 MC 60 Colorado $ 1,522 $ 10,703 Improvement 1 SNF 121 California 1,481 1,481 Improvement 1 SNF 196 Texas 522 522 Improvement 2 SNF 141 Tennessee 39 2,200 5 518 $ 3,564 $ 14,906
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year ended December 31, 2017 2016 2015 Originations and funding under mortgage loans receivable $ 11,913 $ 20,685 $ 67,134 Pay-offs received (16,665) (6,036) (2,487) Scheduled principal payments received (1,202) (2,242) (2,321) Net (decrease) increase in mortgage loans receivable $ (5,954) $ 12,407 $ 62,326
Scheduled principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2018 $ 1,077 2019 2,124 2020 8,815 2021 1,065 2022 1,065 Thereafter 212,016 Total $ 226,162
Schedule of early mortgage loan payoffs	The following table summarizes our early mortgage loan payoffs during the years 2017, 2016 and 2015 (dollar amounts in thousands) : Early Number Principal of Payoff Loans State 2017 $ 10,795 AZ/MI/TX 2016 $ 6,036 MI/TX/WA 2015 $ 2,487 CA/TX

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Receivable.
Summary of notes receivable activities	The following table summarizes our notes receivable activities for the fiscal years 2016, 2015 and 2014 (dollar amounts in thousands): Year ended December 31, 2017 2016 2015 Advances and originations under notes receivable $ - $ 14,969 $ 1,554 Principal payments received under notes receivable (25) (100) - Reclassified to real estate under development (1) — (237) (1,035) Notes receivable reserve — (166) — Net (decrease) increase in notes receivable $ (25) $ 14,466 $ 519 (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects.
Schedule of new loan commitments	The following table summarizes our new loan commitments during 2016 ( dollar amounts in thousands ): Total Interest Maturity Type of Property Commitment Rate Date Skilled Nursing $ 1,400 (1) 15.00 % Assisted Living 325 12.00 % Skilled Nursing 12,500 (2) 12.41 % Totals $ 14,225 (1) We originated a $1,400 mezzanine loan on two skilled nursing centers, funding $1,200 at closing with a commitment to fund an additional $200 upon achieving coverage ratios. The skilled nursing centers are located in Oregon, totaling 146 beds. (2) We purchased a $12,500 mezzanine loan on a portfolio of 64 skilled nursing centers located in eight states. The mezzanine loan has a rate of LIBOR plus 11.75%. 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 $ 6.50 % Under Development 12.00 % Under Development 12.25 % Under Development 12.00 % Under Development 12.00 % Totals $ 2,100

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Obligations
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of December 31, 2017 and 2016 (dollar amounts in thousands): At December 31, 2017 At December 31, 2016 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 2.90% $ 96,500 $ 503,500 $ 107,100 $ 492,900 Senior unsecured notes, net of debt issue costs (3) 4.50% 571,002 63,667 502,291 22,500 Total 4.27% $ 667,502 $ 567,167 $ 609,391 $ 515,400 (1) Represents weighted average of interest rate as of December 31, 2017. (2) Subsequent to December 31, 2017, we borrowed $24,000 under our unsecured revolving line of credit, accordingly we have $120,500 outstanding balance and $479,500 available for borrowing. (3) Subsequent to December 31, 2017, we paid $4,167 in regular scheduled principal payments, accordingly we have $566,835 outstanding and $67,833 available under our senior unsecured notes.
Schedule of borrowings and repayments	Our borrowings and repayments for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands): Year ended December 31, 2017 2016 2015 Borrowings Repayments Borrowings Repayments Borrowings Repayments Bank borrowings $ 113,000 $ (123,600) $ 123,600 $ (137,000) $ 291,000 $ (170,500) Senior unsecured notes 100,000 (1) (31,167) 77,500 (2) (26,667) 200,000 (3) (29,167) Total $ 213,000 $ (154,767) $ 201,100 $ (163,667) $ 491,000 $ (199,667) (1) During the year ended December 31, 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5%, have scheduled principal payments and mature on February 16, 2032. (2) During the year ended December 31, 2016, we sold 10-year senior unsecured term notes in the amount of $37,500 to Prudential. The notes bear interest at an annual fixed rate of 4.15%, have scheduled principal payments and will mature in 2028. Additionally, we sold 10-year senior unsecured notes in the amount of $40,000 to affiliated insurance company investment advisory clients of AIG Asset Management (U.S.) LLC. The notes bear interest at a coupon of 3.99%, have scheduled principal payments and will mature in 2031. (3) During the year ended December 31, 2015, we sold 15-year senior unsecured notes in the amount of $100,000 to Prudential. The notes bear interest at an annual fixed rate of 4.5%, have scheduled principal payments and will mature on July 31, 2026. Additionally, we sold 13-year senior unsecured notes in the amount of $100,000 to AIG. The notes bear interest at an annual fixed rate of 4.26%, have scheduled principal payments and will mature on November 20, 2028.
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, 2017, and excludes the effects of interest and debt issue costs ( in thousands ): Total 2018 2019 2020 2021 2022 Thereafter Bank borrowings $ 96,500 (1) $ 96,500 $ — $ — $ — $ — $ — Senior unsecured notes 572,133 (2) 38,167 33,666 40,160 47,160 48,160 364,820 $ 668,633 $ 134,667 $ 33,666 $ 40,160 $ 47,160 $ 48,160 $ 364,820 (1) Subsequent to December 31, 2017, we borrowed $24,000 under our unsecured revolving line of credit. Accordingly, we have $120,500 outstanding and $479,500 available under our unsecured revolving line of credit. (2) Subsequent to December 31, 2017, we paid $4,167 in regular scheduled principal payments, accordingly we have $566,835 outstanding and $67,833 available under our senior unsecured notes. .

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity
Schedule of cash dividends declared and paid	We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2017 2016 2015 Declared Paid Declared Paid Declared Paid Preferred Stock Series C $ — $ — $ — $ — $ 2,454 $ 2,454 Common Stock 90,219 (1) 90,219 (1) 84,568 (2) 84,568 (2) 74,311 (3) 74,311 (3) Total $ 90,219 $ 90,219 $ 84,568 $ 84,568 $ 76,765 $ 76,765 (1) Represents $0.19 per share per month for the year ended December 31, 2017. (2) Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016. (3) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015.
Schedule of restricted stock activity	Restricted Stock and performance-based stock units. Restricted stock and performance based stock units activity for the years ended December 31, 2017, 2016 and 2015 was as follows: 2017 2016 2015 Outstanding, January 1 210,573 187,347 214,168 Granted 143,057 127,087 92,150 Vested (85,343) (103,861) (118,331) Canceled (24,106) — (640) Outstanding, December 31 244,181 210,573 187,347 Compensation expense related to restricted stock and performance based stock units for the year $ 5,247,000 $ 4,265,000 $ 3,992,000
Schedule of restricted stock granted	During 2017, 2016 and 2015, we granted 143,057, 127,087 and 92,150 shares of restricted common stock, respectively, under the 2015 plan and 2008 Plan as follows: No. of Price per Year Shares/Units Share Vesting Period 2017 $ ratably over 3 years 57,881 $ 45.76 TSR targets (1) 7,416 $ 48.55 June 1, 2018 3,000 $ 50.50 ratably over 3 years 2016 $ 43.24 ratably over 3 years 54,107 $ 46.87 TSR targets (2) 7,680 $ 46.87 June 1, 2017 2015 $ ratably over 3 years 18,000 $ 42.30 ratably over 3 years 8,400 $ 42.30 June 2, 2016 (1) Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years. (2) Vesting is based on achieving certain total TSR targets in 3.7 years with acceleration opportunity in 2.7 years.
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense	At December 31, 2017, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows: Number Remaining of Compensation Vesting Date Awards Expense 2018 75,149 $ 3,947,000 2019 92,218 (1) 2,149,000 2020 76,814 (2) 259,000 244,181 $ 6,355,000 (1) Includes 54,107 performance-based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense. (2) Includes 57,881 performance-based stock units. See (1) above for valuation methodology.
Schedule of nonqualified stock option activity	Weighted Average Shares Price 2017 2016 2015 2017 2016 2015 Outstanding, January 1 33,334 40,001 43,334 $ 30.76 $ 29.60 $ 29.16 Granted — — — n.a n.a n.a Exercised (8,334) (6,667) (3,333) $ 24.31 $ 23.79 $ 23.79 Canceled — — — n.a n.a n.a Outstanding, December 31 25,000 33,334 40,001 $ 32.92 $ 30.76 $ 29.60 Exercisable, December 31 (1) 25,000 28,334 30,001 $ 32.92 $ 45.45 $ 31.99 (1) The aggregate intrinsic value of exercisable options at December 31, 2017, based upon the closing price of our common shares at December 29, 2017, the last trading day of 2017, was approximately $266,000. Options exercisable at December 31, 2017 have a weighted average remaining contractual life of approximately 3.5 years.
Schedule of options exercised	Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2017 8,334 $ 24.31 $ 202,000 $ 410,797 2016 6,667 $ 23.79 $ 159,000 $ 311,000 2015 3,333 $ 23.79 $ 79,000 $ 140,000 (1) As of the exercise dates.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Schedule of commitments	At December 31, 2017, we had commitments as follows (in thousands): Total Investment 2017 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (See Note 5. Real Estate Investments ) $ 91,468 (1) $ 22,162 $ 38,497 $ 52,971 Accrued incentives and earn-out liabilities (2) 19,000 — — 19,000 Lease incentives 6,090 2,245 2,245 3,845 Mortgage loans (See Note 5.Real Estate Investments ) 51,000 (1) 11,913 17,252 33,748 Joint venture investments (See Note 6. Investments in Unconsolidated Joint Ventures ) 25,650 1,101 23,014 2,636 Notes receivable (See Note 7. Notes Receivable ) 500 — — 500 Totals $ 193,708 $ 37,421 $ 81,008 $ 112,700 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. (2) During the twelve months ended December 31, 2017, we recorded non-cash interest expense of $602 related to these contingent liabilities and the fair value of our outstanding payments was $8,916 at December 31, 2017.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2017
Distributions
Schedule of federal income tax classification of the per share common stock distributions	Year Ended December 31, 2017 2016 2015 Ordinary taxable distribution $ 1.607 $ 1.485 $ 1.690 Return of capital 0.444 0.556 0.357 Unrecaptured Section 1250 gain 0.163 0.149 0.023 Long-term capital gain 0.066 — — Total $ 2.280 $ 2.190 $ 2.070

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Income from continuing operations $ 87,340 $ 85,115 $ 73,081 Less net income allocated to participating securities: Non-forfeitable dividends on participating securities (350) (373) (480) Income allocated to participating securities (12) (12) (4) Total net income allocated to participating securities (362) (385) (484) Less net income allocated to preferred stockholders: Preferred stock dividends — — (2,454) Total net income allocated to preferred stockholders — — (2,454) Net income available to common stockholders 86,978 84,730 70,143 Effect of dilutive securities: Participating securities 385 — Convertible preferred securities — — 2,454 Total effect of dilutive securities 362 385 2,454 Net income for diluted net income per share $ 87,340 $ 85,115 $ 72,597 Shares for basic net income per share 39,409 38,388 35,590 Effect of dilutive securities: Stock options 10 13 13 Performance-based stock units 67 27 — Participating securities 151 169 — Convertible preferred securities — — 1,726 Total effect of dilutive securities 228 209 1,739 Shares for diluted net income per share 39,637 38,597 37,329 Basic net income per share $ 2.21 $ 2.21 $ 1.97 Diluted net income per share $ 2.20 $ 2.21 $ 1.94

Quarterly Financial Informati37

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
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) 2017 Revenues $ 42,622 $ 42,468 $ 41,246 $ 41,729 Net income available to common stockholders $ 21,416 $ 25,273 $ 20,536 $ 19,753 Net income per common share available to common stockholders: Basic $ 0.54 $ 0.64 $ 0.52 $ 0.50 Diluted $ 0.54 $ 0.64 $ 0.52 $ 0.50 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 2016 Revenues $ 38,604 $ 39,996 $ 40,842 $ 42,141 Net income available to common stockholders $ 19,757 $ 22,075 $ 22,321 $ 20,577 Net income per common share available to common stockholders: Basic $ 0.53 $ 0.58 $ 0.57 $ 0.53 Diluted $ 0.53 $ 0.58 $ 0.57 $ 0.53 Dividends per share declared $ 0.54 $ 0.54 $ 0.54 $ 0.57 Dividends per share paid $ 0.54 $ 0.54 $ 0.54 $ 0.57 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, 2017
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, 2017 and 2016 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2017 At December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value Mortgage loans receivable $ 223,907 $ 278,224 (1) $ 229,801 $ 294,319 (1) Bank borrowings 96,500 96,500 (2) 107,100 107,100 (2) Senior unsecured notes, net of debt issue costs 571,002 577,126 (3) 502,291 498,915 (3) Accrued incentives and earn-outs 8,916 8,916 (4) 12,229 12,229 (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, 2017 and 2016 was 8.7% and 8.2%, 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, 2017 and 2016 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, 2017, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.10% for those maturing before year 2026 and 4.30% for those maturing at or beyond year 2026. At December 31, 2016, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.47% for those maturing before year 2026 and 4.60% for those maturing beyond year 2026. (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, 2017 and December 31, 2016, the discount rate used to value our future cash outflow of the earn-out liability was 6.2% and 5.9%, respectively. .

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2017segment
The Company
Number of operating segments	1

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Owned Properties (Details)	12 Months Ended
	Dec. 31, 2017
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	5 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 Accoun41

Summary of Significant Accounting Policies - Mezzanine Loans (Details) - Mezzanine Loans	12 Months Ended
	Dec. 31, 2017
Minimum
Mortgage loans on real estate
Interest rate for mortgage loan (as a percent)	12.00%
Loan Term	4 years
Maximum
Mortgage loans on real estate
Interest rate for mortgage loan (as a percent)	18.00%
Loan Term	8 years

Summary of Significant Accoun42

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2017item
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	4
Maximum period over which a lease is to be considered as non-performing	60 days
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%

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Taxes (Details)	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Federal Income Taxes
Provision for federal or state income taxes	$ 0	$ 0	$ 0
Minimum distribution of taxable income (as a percent)	90.00%
Distribution percentage	100
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

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Properties Held-for-sale (Details)	Mar. 31, 2018property
Letter of intent | Properties held-for-sale | Subsequent Event
Real Estate Investments
Number of properties	6

Major Operators (Details)

Major Operators (Details)	12 Months Ended
	Dec. 31, 2017itemproperty
Major Operators
Number of major operators	4
Operator Concentration Risk | SNF
Major Operators
Number of properties | property	33
Number of beds	4,242
Operator Concentration Risk | ALF
Major Operators
Number of properties | property	60
Number of beds/units	3,252
Operator Concentration Risk | Prestige Healthcare | SNF
Major Operators
Number of properties | property	22
Number of beds	2,798
Operator Concentration Risk | Prestige Healthcare | ALF
Major Operators
Number of beds/units	93
Operator Concentration Risk | Senior Lifestyle Corporation | ALF
Major Operators
Number of properties | property	23
Number of beds/units	1,457
Operator Concentration Risk | Brookdale Senior Living | ALF
Major Operators
Number of properties | property	37
Number of beds/units	1,702
Operator Concentration Risk | Senior Care Centers | SNF
Major Operators
Number of properties | property	11
Number of beds	1,444
Total Revenue | Credit Concentration Risk
Major Operators
Concentration risk (as a percent)	47.90%
Total Revenue | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	16.90%
Total Revenue | Credit Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	11.60%
Total Revenue | Credit Concentration Risk | Brookdale Senior Living
Major Operators
Concentration risk (as a percent)	9.80%
Total Revenue | Credit Concentration Risk | Senior Care Centers
Major Operators
Concentration risk (as a percent)	9.60%
Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)	39.50%
Total Assets | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	15.80%
Total Assets | Operator Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	11.10%
Total Assets | Operator Concentration Risk | Brookdale Senior Living
Major Operators
Concentration risk (as a percent)	5.00%
Total Assets | Operator Concentration Risk | Senior Care Centers
Major Operators
Concentration risk (as a percent)	7.60%

Supplemental Cash Flow Inform46

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-cash investing and financing transactions:
Reclassification of pre-development loans (Note 7)		$ 237	$ 1,035
Restricted stock issued, net of cancellations (Note 9)	$ 1	1	1
Series C Preferred Stock
Non-cash investing and financing transactions:
Preferred stock conversion (Note 9)			38,500
Mortgage loans receivable applied against purchase price to acquire real estate
Non-cash investing and financing transactions:
Noncash consideration given (Note 5)			10,600
Land conveyance applied to a mortgage and construction loan receivable
Non-cash investing and financing transactions:
Noncash consideration given (Note 5)			670
Real estate properties | Accrued incentives and earn-out liabilities
Non-cash investing and financing transactions:
Contingent liabilities (Note 5 and 10)		$ 1,847	1,847
Lease incentives | Accrued incentives and earn-out liabilities
Non-cash investing and financing transactions:
Contingent liabilities (Note 5 and 10)			$ 8,013

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) - Real Estate Investment	Dec. 31, 2017property
Real Estate Investments
Number of properties	181
Number of states	28
Number of operators	29
ALF
Real Estate Investments
Number of properties	105
SNF
Real Estate Investments
Number of properties	75
ROC
Real Estate Investments
Number of properties	6
Hospital
Real Estate Investments
Number of properties	1

Real Estate Investments - Depre

Real Estate Investments - Depreciation and Base Rents (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)lease	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Depreciation
Depreciation expense	$ 37,492	$ 35,809	$ 29,329
Number of master leases with agreed upon cash rent | lease	1
Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and renewal options
2,018	$ 129,873
2,019	129,641
2,020	131,948
2,021	117,646
2,022	104,016
Thereafter	$ 674,779

Real Estate Investments - Opera

Real Estate Investments - Operator changes (Details) - Anthem Memory Care $ in Thousands	3 Months Ended
	Dec. 31, 2017USD ($)property	Jun. 30, 2017USD ($)property
MC | Master lease in default
Other disclosures
Number of properties in default		10
Properties under Development | Master lease in default
Other disclosures
Number of properties in default		1
Properties acquired or in transition | Operator agreements in transition
Other disclosures
Number of properties in transition	2	2
Write-off | $		$ 1,880
Monthly minimum rent | $	$ 400

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)itemproperty	Dec. 31, 2015USD ($)itemproperty
Real estate investments
Investment Commitment	$ 193,708
2017 Acquisitions
Real estate investments
Purchase Price	81,818
Transaction Costs	587
Total Acquisition Costs	$ 82,405
Number of properties acquired | property	5
Number of beds/units acquired | item	400
2017 Acquisitions | ALF
Real estate investments
Purchase Price	$ 81,018
Transaction Costs	569
Total Acquisition Costs	$ 81,587
Number of properties acquired | property	5
Number of beds/units acquired | item	400
2017 Acquisitions | ALF | 107-unit ALF and a 73-unit MC
Real estate investments
Number of beds/units acquired | item	107
2017 Acquisitions | MC | 107-unit ALF and a 73-unit MC
Real estate investments
Number of beds/units acquired | item	73
2017 Acquisitions | MC | Memory Care Property with 60 Units
Real estate investments
Purchase Price	$ 15,650
Number of beds/units acquired | item	60
2017 Acquisitions | Land
Real estate investments
Purchase Price	$ 800
Transaction Costs	18
Total Acquisition Costs	818
2017 Acquisitions | ALF & MC | 107-unit ALF and a 73-unit MC
Real estate investments
Purchase Price	38,813
2017 Acquisitions | ALF & MC | 73-unit ALF/MC
Real estate investments
Purchase Price	$ 16,555
Number of beds/units acquired | item	73
2017 Acquisitions | ALF & MC | 87-unit ALF/MC
Real estate investments
Purchase Price	$ 10,000
Number of beds/units acquired | item	87
2017 Acquisitions | ALF/ILF/MC | Wisconsin
Real estate investments
Investment Commitment	$ 22,471
Number of beds/units under development | item	110
2016 Acquisitions
Real estate investments
Purchase Price		$ 76,441
Transaction Costs		576
Total Acquisition Costs		$ 77,017
Number of properties acquired | property		5
Number of beds/units acquired | item		376
2016 Acquisitions | SNF
Real estate investments
Purchase Price		$ 16,000
Transaction Costs		45
Total Acquisition Costs		$ 16,045
Number of properties acquired | property		1
Number of beds/units acquired | item		126
2016 Acquisitions | SNF | Texas
Real estate investments
Number of beds/units acquired | item		126
2016 Acquisitions | ALF
Real estate investments
Purchase Price		$ 53,550
Transaction Costs		423
Total Acquisition Costs		$ 53,973
Number of properties acquired | property		4
Number of beds/units acquired | item		250
2016 Acquisitions | MC | Kentucky
Real estate investments
Purchase Price		$ 14,250
2016 Acquisitions | MC | Kentucky | Holdback
Real estate investments
Contingent consideration		2,000
2016 Acquisitions | MC | Kansas
Real estate investments
Purchase Price		$ 25,000
Number of properties acquired | property		2
2016 Acquisitions | Land
Real estate investments
Purchase Price		$ 6,891
Transaction Costs		108
Total Acquisition Costs		$ 6,999
2016 Acquisitions | Land | Real Estate Development Commitments | Kentucky
Real estate investments
Number of beds/units under development | item		143
2016 Acquisitions | Land | Real Estate Development Commitments | Illinois
Real estate investments
Investment Commitment		$ 14,500
2016 Acquisitions | Land | Real Estate Development Commitments | Maximum | Kentucky
Real estate investments
Investment Commitment		24,325
2016 Acquisitions | ALF & MC | Georgia
Real estate investments
Purchase Price		$ 14,300
2015 Acquisitions
Real estate investments
Purchase Price			$ 218,626
Transaction Costs			1,071
Total Acquisition Costs			$ 219,697
Number of properties acquired | property			15
Number of beds/units acquired | property			1,429
2015 Acquisitions | SNF
Real estate investments
Purchase Price			$ 36,946
Transaction Costs			87
Total Acquisition Costs			$ 37,033
Number of properties acquired | property			3
Number of beds/units acquired | property			360
2015 Acquisitions | SNF | Real Estate Investment | Texas
Real estate investments
Purchase Price			$ 23,000
Number of properties acquired | property			2
Number of beds/units acquired | item			254
2015 Acquisitions | SNF | Real Estate Investment | Wisconsin
Real estate investments
Loan commitment under which the purchase option was exercised			$ 10,600
Payments to acquire productive assets			3,346
2015 Acquisitions | ALF
Real estate investments
Purchase Price			156,097
Transaction Costs			590
Total Acquisition Costs			$ 156,687
Number of properties acquired | property			11
Number of beds/units acquired | property			951
2015 Acquisitions | ALF | Memory Care Property with 60 Units | Real Estate Investment
Real estate investments
Purchase Price			$ 14,250
Total Acquisition Costs			$ 14,132
Number of beds/units acquired | property			60
2015 Acquisitions | ALF | Memory Care Property with 60 Units | Real Estate Investment | Working capital reserve
Real estate investments
Contingent consideration			$ 2,000
2015 Acquisitions | ALF | Memory Care Property with 60 Units | Real Estate Investment | Working capital reserve | Fair Value
Real estate investments
Contingent consideration			$ 1,847
2015 Acquisitions | MC | Real Estate Development Commitments
Real estate investments
Number of beds/units acquired | item			56
2015 Acquisitions | MC | Real Estate Development Commitments | Land Acquisition
Real estate investments
Number of properties acquired | property			3
Number of beds/units acquired | item			198
Number of land parcels acquired | property			5
2015 Acquisitions | MC | Real Estate Development Commitments | Illinois | Land Acquisition
Real estate investments
Number of beds/units acquired | item			108
2015 Acquisitions | MC | Real Estate Development Commitments, Commitments One | Maximum
Real estate investments
Investment Commitment			$ 70,298
2015 Acquisitions | MC | Real Estate Development Commitments, Commitments Two | Maximum
Real estate investments
Investment Commitment			13,524
2015 Acquisitions | Other Properties
Real estate investments
Purchase Price			9,250
Transaction Costs			42
Total Acquisition Costs			$ 9,292
Number of properties acquired | property			1
Number of beds/units acquired | property			118
2015 Acquisitions | Other Properties | Hospital Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital
Real estate investments
Purchase Price			$ 9,300
Number of beds/units acquired | item			116
2015 Acquisitions | Other Properties | SNF Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital
Real estate investments
Number of beds/units acquired | item			2
2015 Acquisitions | Land
Real estate investments
Purchase Price			$ 16,333
Transaction Costs			352
Total Acquisition Costs			$ 16,685
2015 Acquisitions | ALF & MC | Real Estate Development Commitments | Land Acquisition
Real estate investments
Number of beds/units acquired | item			89
2015 Acquisitions | ALF/ILF/MC | Real Estate Investment
Real estate investments
Purchase Price			$ 142,000
Number of properties acquired | property			10

Real Estate Investments - Devel

Real Estate Investments - Development and Improvement Projects (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)itemproperty	Dec. 31, 2015USD ($)itemproperty
Real estate investments
Investment Commitment	$ 193,708
Real Estate Investment Completed Projects
Completed development and improvement projects
Number of Properties | property		7	5
Number of Beds/Units | item		611	518
Funding		$ 42,974	$ 3,564
Total Funding		81,561	14,906
Developments
Completed development and improvement projects
Funding	22,901	42,342	25,929
Improvements
Completed development and improvement projects
Funding	2,899	6,792	7,534
ALF | Developments
Real estate investments
Investment Commitment	17,667	41,859	24,099
ALF | Improvements
Real estate investments
Investment Commitment	1,152	3,034	3,950
SNF | Developments
Real estate investments
Investment Commitment	5,234	483	1,830
SNF | Improvements
Real estate investments
Investment Commitment	1,356	$ 3,758	$ 3,584
SNF | Improvements | Real Estate Investment Completed Projects | Texas
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			196
Funding			$ 522
Total Funding			$ 522
SNF | Improvements | 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
Total Funding			$ 1,481
SNF | Improvements | Real Estate Investment Completed Projects | Arizona
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		160
Funding		$ 3,432
Total Funding		$ 4,672
SNF | Improvements | Real Estate Investment Completed Projects | Tennessee
Completed development and improvement projects
Number of Properties | property			2
Number of Beds/Units | item			141
Funding			$ 39
Total Funding			$ 2,200
Other Properties | Improvements
Real estate investments
Investment Commitment	$ 391
MC Units | Developments | Real Estate Investment Completed Projects | Texas
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		56
Funding		$ 1,110
Total Funding		$ 11,776
MC Units | Developments | Real Estate Investment Completed Projects | California
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		66
Funding		$ 7,716
Total Funding		$ 12,400
MC Units | Developments | Real Estate Investment Completed Projects | Colorado
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			60
Funding			$ 1,522
Total Funding			$ 10,703
MC Units | Developments | Real Estate Development Commitments | Real Estate Investment Completed Projects | Illinois
Completed development and improvement projects
Number of Properties | property	1
Number of Beds/Units | item	66
Funding	$ 7,753
Total Funding	$ 13,498
MC Units | Developments | Real Estate Development Commitments, Commitments One | Real Estate Investment Completed Projects | Illinois
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		66
Funding		$ 2,980
Total Funding		$ 12,248
MC Units | Developments | Real Estate Development Commitments, Commitments Two | Real Estate Investment Completed Projects | Illinois
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		66
Funding		$ 7,331
Total Funding		$ 11,962
ALF & MC | Developments | Real Estate Investment Completed Projects | South Carolina
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		89
Funding		$ 9,170
Total Funding		$ 15,080
ILF | Developments | Real Estate Investment Completed Projects | Kansas
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		108
Funding		$ 11,235
Total Funding		$ 13,423

Real Estate Investments - Prope

Real Estate Investments - Property Sales (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)item
Disposals and other
Carrying value	$ 1,086,089	$ 1,025,702
Proceeds from sale of real estate, net	15,413	17,369	$ 1,537
Gain (loss) on sale of properties	3,814	3,582	586
Impairment charges	$ 1,880	$ 766	2,250
ALF | Real Estate Investment
Disposals and other
Number of properties sold | property	5
Carrying value	$ 10,107
Sales price	$ 15,650
Number of beds or units in property sold | item	211
Gain (loss) on sale of properties	$ 4,985
ALF | Real Estate Investment | Florida
Disposals and other
Number of properties sold | property		2
SNF | Real Estate Investment | Texas
Disposals and other
Number of properties sold | property		2
Carrying value			965
Sales price			1,600
Proceeds from sale of real estate, net			$ 1,537
Number of beds or units in property sold | item	85		112
Gain (loss) on sale of properties			$ 586
Donation of property	$ 1,170
ALF and SNF | Real Estate Investment | Florida and Texas
Disposals and other
Carrying value		$ 9,791
Sales price		13,600
Gain (loss) on sale of properties		3,775
School | Real Estate Investment | New Jersey
Disposals and other
Carrying value		3,997
Sales price		3,850
Gain (loss) on sale of properties		$ (193)

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loans (Details) - Mortgage Loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans
Originations and fundings under mortgage loans receivable	$ 11,913	$ 20,685	$ 67,134
Pay-offs received	(16,665)	(6,036)	(2,487)
Scheduled principal payments received	(1,202)	(2,242)	(2,321)
Net (decrease) increase in mortgage loans receivable	$ (5,954)	$ 12,407	$ 62,326
Minimum
Mortgage Loans
Interest rate for mortgage loan (as a percent)	9.40%
General amortization schedule of mortgage loans	20 years
Specified basis points for annual increase in interest rate (as a percent)	0.10%
Maximum
Mortgage Loans
Interest rate for mortgage loan (as a percent)	11.20%
General amortization schedule of mortgage loans	30 years
Specified basis points for annual increase in interest rate (as a percent)	0.25%

Real Estate Investments - Mor54

Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans
Carrying value of mortgage loans	$ 223,907	$ 229,801
Mortgage Loans
Mortgage Loans
Carrying value of mortgage loans	223,907	$ 229,801
Scheduled principal payments on mortgage loan receivables
2,018	1,077
2,019	2,124
2,020	8,815
2,021	1,065
2,022	1,065
Thereafter	212,016
Total	$ 226,162

Real Estate Investments - Mor55

Real Estate Investments - Mortgage Loans - Early Payoffs (Details) - Mortgage Loans $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Early mortgage loan payoffs
Pay-offs received	$ 16,665	$ 6,036	$ 2,487
AZ/MI/PA/TX/VA
Early mortgage loan payoffs
Pay-offs received	$ 10,795
Number of Loans | loan	4
MI/TX/WA
Early mortgage loan payoffs
Pay-offs received		$ 6,036
Number of Loans | loan		9
CA/TX
Early mortgage loan payoffs
Pay-offs received			$ 2,487
Number of Loans | loan			2

Investment in Unconsolidated 56

Investment in Unconsolidated Joint Ventures - Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loanproperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Investment in Unconsolidated Joint Ventures
Income from unconsolidated joint ventures	$ 2,263	$ 1,138	$ 1,819
Distribution from unconsolidated joint ventures	$ 1,738	1,695	552
Joint Venture
Investment in Unconsolidated Joint Ventures
Number of Loans | loan	2
Joint Venture | Not primary beneficiary | Preferred Equity Investment
Investment in Unconsolidated Joint Ventures
Total preferred capital contributions in joint venture	$ 25,650
Number of properties owned by joint venture | property	4
Preferred return percentage	15.00%
Common members capital account balance	$ 0
Deferred preferred return accrued	0	0	1,000
Additional preferred capital contribution commitment	1,101	1,770	23,042
Income from unconsolidated joint ventures	1,560	1,138	1,819
Distribution from unconsolidated joint ventures	$ 1,436	$ 1,695	$ 552

Investment in Unconsolidated 57

Investment in Unconsolidated Joint Ventures - Mezzanine Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Investment in Unconsolidated Joint Ventures
Notes receivable	$ 16,402	$ 16,427	$ 1,961
Real Estate Development Commitments, Commitments Two | Mezzanine Loans | Combination ALF, MC and ILF community | ADC Arrangement
Investment in Unconsolidated Joint Ventures
Term of loan		7 years
Number of units | item		127
Preferred return percentage		15.00%
Payments to fund mezzanine loan	2,747
Amount withheld for interest	653
Loans receivable		$ 3,400
Interest income	$ 192
Real Estate Development Commitments, Commitments One | Mezzanine Loans | Combination ALF, MC and ILF community | ADC Arrangement
Investment in Unconsolidated Joint Ventures
Number of units | item	99
Loans receivable	$ 2,900
Interest income	511
Cash interest received	302
Notes receivable	$ 3,077	$ 2,900
Real Estate Development Commitments, Commitments One | Mezzanine Loans | Combination ALF, MC and ILF community | ADC Arrangement | Minimum
Investment in Unconsolidated Joint Ventures
Stated interest rate (as a percent)	10.00%
Real Estate Development Commitments, Commitments One | Mezzanine Loans | Combination ALF, MC and ILF community | ADC Arrangement | Maximum
Investment in Unconsolidated Joint Ventures
Stated interest rate (as a percent)	15.00%

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Notes Receivable
Notes receivable	$ 16,402	$ 16,427	$ 1,961
Notes receivable activities
Advances and originations under notes receivable		14,969	1,554
Principal payments received under notes receivable	(25)	(100)
Reclassified to real estate under development		(237)	(1,035)
Notes Receivable reserve		(166)
Net increase in notes receivable	$ (25)	$ 14,466	$ 519

Notes Receivable - Other Inform

Notes Receivable - Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)state	Dec. 31, 2016USD ($)loan	Dec. 31, 2016USD ($)item	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)loan
New and on-going commitments
Amounts funded							$ 14,969	$ 1,554
Notes Receivable | Commitments to Extend Credit
New and on-going commitments
Number of Loans | loan	0		3
Working Capital Loans | Commitments to Extend Credit
New and on-going commitments
Total commitments								2,100
Working Capital Loans | Commitments to Extend Credit | ALF
New and on-going commitments
Total commitments								$ 500
Interest rate (as a percent)								6.50%
Working Capital Loans | Loan Receivable with 12.00% Interest Maturing in 2017, Loan one | Commitments to Extend Credit
New and on-going commitments
Total commitments								$ 400
Interest rate (as a percent)								12.00%
Working Capital Loans | Loan Receivable with 12.25% Interest Maturing in 2016 | Commitments to Extend Credit
New and on-going commitments
Total commitments								$ 400
Interest rate (as a percent)								12.25%
Working Capital Loans | Loan Receivable with 12.00% Interest Maturing in 2017, Loan two | Commitments to Extend Credit
New and on-going commitments
Total commitments								$ 400
Interest rate (as a percent)								12.00%
Working Capital Loans | Loan Receivable with 12.00% Interest Maturing in 2017, Loan three | Commitments to Extend Credit
New and on-going commitments
Total commitments								$ 400
Interest rate (as a percent)								12.00%
Working Capital Loans | Notes Receivable | Commitments to Extend Credit
New and on-going commitments
Number of Loans | loan								5
Total commitments	$ 14,225
Working Capital Loans | Notes Receivable | Loan Receivable with 15.00% Interest Maturing 2021 | Commitments to Extend Credit | SNF
New and on-going commitments
Total commitments							1,400
Working Capital Loans | Notes Receivable | Loan Receivable with 12.00% Interest Maturing 2018 | Commitments to Extend Credit | ALF
New and on-going commitments
Total commitments							325
Working Capital Loans | Notes Receivable | Loan Receivable with 12.41% Interest Maturing 2021 | Commitments to Extend Credit | SNF
New and on-going commitments
Total commitments							12,500
Mezzanine Loans | Notes Receivable | Commitments to Extend Credit
New and on-going commitments
Number of Loans | loan			2
Total commitments							$ 12,500
Number of states		8			64
Mezzanine Loans | Notes Receivable | Commitments to Extend Credit | LIBOR
New and on-going commitments
Basis spread on variable rate (as a percent)		11.75%	11.75%	11.75%	11.75%	11.75%	11.75%
Mezzanine Loans | Notes Receivable | Commitments to Extend Credit | SNF | Oregon
New and on-going commitments
Total commitments							$ 1,400
Number of states | property					2
Amounts funded							1,200
Remaining commitments		$ 200	$ 200	$ 200	$ 200	$ 200	$ 200
Number of beds or units securing loan | item				146
Mezzanine Loans | Notes Receivable | Loan Receivable with 15.00% Interest Maturing 2021 | Commitments to Extend Credit | SNF
New and on-going commitments
Interest rate (as a percent)						15.00%
Mezzanine Loans | Notes Receivable | Loan Receivable with 12.00% Interest Maturing 2018 | Commitments to Extend Credit | ALF
New and on-going commitments
Interest rate (as a percent)						12.00%
Mezzanine Loans | Notes Receivable | Loan Receivable with 12.41% Interest Maturing 2021 | Commitments to Extend Credit | SNF
New and on-going commitments
Interest rate (as a percent)						12.41%

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings Terms (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Bank Borrowings
Debt Obligations
Maximum available under facility	$ 600,000,000
Additional extension period option	1 year
Unused commitment fee (as a percent)	0.35%
Financial covenants
Maximum ratio of total indebtedness to total asset value	0.5
Maximum ratio of secured debt to total asset value	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	0.6
Minimum ratio of EBITDA to fixed charges	1.50
Bank Borrowings | LIBOR
Debt Obligations
Basis spread over base rate (as a percent)	1.50%
Private Shelf Agreement Prudential | Senior Unsecured Notes
Debt Obligations
Maximum available under facility	$ 337,500,000

Debt Obligations - Summary (Det

Debt Obligations - Summary (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Obligations
Applicable Interest Rate (as a percent)		4.27%
Outstanding Balance		$ 667,502	$ 609,391
Available for borrowing		567,167	515,400
Borrowings		213,000	201,100	$ 491,000
Payments on debt		$ 154,767	163,667	199,667
Bank Borrowings
Debt Obligations
Applicable Interest Rate (as a percent)		2.90%
Outstanding Balance		$ 96,500	107,100
Available for borrowing		503,500	492,900
Borrowings		113,000	123,600	291,000
Payments on debt		$ 123,600	137,000	170,500
Bank Borrowings | Subsequent Event
Debt Obligations
Outstanding Balance	$ 120,500
Available for borrowing	479,500
Borrowings	24,000
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)		4.50%
Outstanding Balance		$ 571,002	502,291
Available for borrowing		63,667	22,500
Borrowings		100,000	77,500	200,000
Payments on debt		$ 31,167	$ 26,667	$ 29,167
Senior Unsecured Notes | Subsequent Event
Debt Obligations
Outstanding Balance	566,835
Available for borrowing	67,833
Payments on debt	$ 4,167

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Payments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Obligations
Borrowings	$ 213,000,000	$ 201,100,000	$ 491,000,000
Repayments	$ (154,767,000)	(163,667,000)	(199,667,000)
Applicable Interest Rate (as a percent)	4.27%
Bank Borrowings
Debt Obligations
Borrowings	$ 113,000,000	123,600,000	291,000,000
Repayments	$ (123,600,000)	(137,000,000)	(170,500,000)
Applicable Interest Rate (as a percent)	2.90%
Senior Unsecured Notes
Debt Obligations
Borrowings	$ 100,000,000	77,500,000	200,000,000
Repayments	$ (31,167,000)	$ (26,667,000)	$ (29,167,000)
Applicable Interest Rate (as a percent)	4.50%
Senior Unsecured Notes | Private Shelf Agreement Prudential
Debt Obligations
Debt term	15 years	10 years	15 years
Face amount of debt	$ 100,000,000	$ 37,500,000	$ 100,000,000
Stated interest rate (as a percent)	4.50%	4.15%	4.50%
Senior Unsecured Notes | Note Purchase and Private Shelf Agreement AIG
Debt Obligations
Debt term		10 years	13 years
Face amount of debt		$ 40,000,000	$ 100,000,000
Stated interest rate (as a percent)		3.99%	4.26%

Debt Obligations - Future Matur

Debt Obligations - Future Maturities (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Scheduled Principal Payments
2,018		$ 134,667
2,019		33,666
2,020		40,160
2,021		47,160
2,022		48,160
Thereafter		364,820
Total		668,633
Other information
Amount borrowed		213,000	$ 201,100	$ 491,000
Outstanding Balance		667,502	609,391
Available for borrowing		567,167	515,400
Payments on debt		154,767	163,667	199,667
Bank Borrowings
Scheduled Principal Payments
2,018		96,500
Total		96,500
Other information
Amount borrowed		113,000	123,600	291,000
Outstanding Balance		96,500	107,100
Available for borrowing		503,500	492,900
Payments on debt		123,600	137,000	170,500
Senior Unsecured Notes
Scheduled Principal Payments
2,018		38,167
2,019		33,666
2,020		40,160
2,021		47,160
2,022		48,160
Thereafter		364,820
Total		572,133
Other information
Amount borrowed		100,000	77,500	200,000
Outstanding Balance		571,002	502,291
Available for borrowing		63,667	22,500
Payments on debt		$ 31,167	$ 26,667	$ 29,167
Subsequent Event | Bank Borrowings
Other information
Amount borrowed	$ 24,000
Outstanding Balance	120,500
Available for borrowing	479,500
Subsequent Event | Senior Unsecured Notes
Other information
Outstanding Balance	566,835
Available for borrowing	67,833
Payments on debt	$ 4,167

Equity - Class of Stock Disclos

Equity - Class of Stock Disclosures - Preferred Stock (Details) - Series C Preferred Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2014
Equity
Preferred shares outstanding		0	2,000,000
Dividend Rate (as a percent)	8.50%
Number of shares of common stock to be issued upon conversion	2,000,000
Conversion price per share	$ 19.25
Shares converted	2,000,000

Equity - Class of Stock Discl65

Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity
Net proceeds		$ 14,578,000	$ 78,592,000
Common Stock
Equity
Number of shares repurchased		42,089	49,405	26,993
Common Stock | Subsequent Event
Equity
Number of shares repurchased	28,256
Common Stock | Original Agreement
Equity
Maximum offering capacity under shelf registration statement		$ 200,000,000
Shares common stock sold		312,881	1,643,017	0
Net proceeds		$ 14,600,000	$ 78,600,000
Compensation paid to sales agents		260,000	1,400,000
Reclassification of accumulated costs to additional paid in capital		49,000	$ 463,000
Amount available under effective shelf registration statement		$ 185,162,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item
Noncontrolling interest
Investment Commitment	$ 193,708
2017 Acquisitions
Noncontrolling interest
Number of beds/units acquired | item	400
Purchase Price	$ 81,818
2017 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Number of beds/units acquired | item	87
Purchase Price	$ 10,000
Economic interest held (as a percent)	90.00%
2017 Acquisitions | Partnership | ALF/ILF/MC
Noncontrolling interest
Number of beds/units under development | item	110
Investment Commitment	$ 22,471
Economic interest held (as a percent)	90.00%

Equity - Class of Stock Discl67

Equity - Class of Stock Disclosures - Dividends and AOCI (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended																																					3 Months Ended								12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Nov. 30, 2016	Oct. 31, 2016	Sep. 30, 2016	Aug. 31, 2016	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 29, 2016	Jan. 31, 2016	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividend Distributions
Declared		$ 90,219												$ 84,568												$ 76,765												$ 90,219				$ 84,568				$ 90,219	$ 84,568	$ 76,765
Paid																																														$ 90,219	$ 84,568	$ 76,765
Dividends per share declared (in dollars per share)																																						$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.54	$ 0.54	$ 0.54
Dividends paid per common share (in dollars per share)																																						$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.54	$ 0.54	$ 0.54	$ 2.28	$ 2.19	$ 2.07
Accumulated other comprehensive income
Accumulated other comprehensive income		0												0																								$ 0				$ 0				$ 0	$ 0
Subsequent Event | Dividend Payable, January 31, 2018
Dividend Distributions
Dividends per share declared (in dollars per share)	$ 0.19
Dividends Payable, Date to be Paid	Jan. 31, 2018
Dividends Payable, Date of Record	Jan. 23, 2018
Subsequent Event | Dividend Payable, February 28, 2018
Dividend Distributions
Dividends per share declared (in dollars per share)	$ 0.19
Dividends Payable, Date to be Paid	Feb. 28, 2018
Dividends Payable, Date of Record	Feb. 20, 2018
Subsequent Event | Dividend Payable, March 30, 2018
Dividend Distributions
Dividends per share declared (in dollars per share)	$ 0.19
Dividends Payable, Date to be Paid	Mar. 30, 2018
Dividends Payable, Date of Record	Mar. 22, 2018
Common Stock
Dividend Distributions
Declared		$ 90,219												$ 84,568												$ 74,311												$ 90,219				$ 84,568				90,219	84,568	$ 74,311
Paid																																														$ 90,219	$ 84,568	74,311
Dividends per share declared (in dollars per share)		$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17
Dividends paid per common share (in dollars per share)		$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.17
Series C Preferred Stock
Dividend Distributions
Declared																										$ 2,454																						2,454
Paid																																																$ 2,454

Equity - Restricted Stock and p

Equity - Restricted Stock and performance-based stock units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
2015 Plan
Stock Based Compensation Plans
Total shares reserved for issuance		1,048,000		1,400,000
Restricted stock
Restricted stock and performance based stock units activity
Granted (in shares)		143,057	127,087	92,150
Restricted stock | Grant Date Price $45.76 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		74,760
Price per share		$ 45.76
Vesting period		3 years
Restricted stock | Grant Date Price $45.76 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)		57,881
Price per share		$ 45.76
Vesting period		4 years
Restricted stock | Grant Date Price $45.76 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period		3 years
Restricted stock | Grant Date Price $48.55 | Vesting Date, June 1, 2018
Restricted stock and performance based stock units activity
Granted (in shares)		7,416
Price per share		$ 48.55
Restricted stock | Grant Date Price $50.50 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		3,000
Price per share		$ 50.50
Vesting period		3 years
Restricted stock | Grant Date Price $43.24 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			65,300
Price per share			$ 43.24
Vesting period			3 years
Restricted stock | Grant Date Price $46.87 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)			54,107
Price per share			$ 46.87
Vesting period			3 years 8 months 12 days
Restricted stock | Grant Date Price $46.87 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period			2 years 8 months 12 days
Restricted stock | Grant Date Price $46.87 | Vesting Date, June 1, 2017
Restricted stock and performance based stock units activity
Granted (in shares)			7,680
Price per share			$ 46.87
Restricted stock | Grant Date Price $44.45 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)				65,750
Price per share				$ 44.45
Vesting period				3 years
Restricted stock | Grant Date Price $42.30 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)				18,000
Price per share				$ 42.30
Vesting period				3 years
Restricted stock | Grant Date Price $42.30 | Vesting Date, June 2, 2016
Restricted stock and performance based stock units activity
Granted (in shares)				8,400
Price per share				$ 42.30
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	244,181	210,573	187,347	214,168
Granted (in shares)		143,057	127,087	92,150
Vested (in shares)		(85,343)	(103,861)	(118,331)
Canceled (in shares)		(24,106)		(640)
Outstanding at the end of the year (in shares)		244,181	210,573	187,347
Compensation expense
Compensation expense related to share-based award		$ 5,247	$ 4,265	$ 3,992
Remaining compensation expense		$ 6,355
Restricted stock and performance-based stock units | 2018
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	75,149
Outstanding at the end of the year (in shares)		75,149
Compensation expense
Remaining compensation expense		$ 3,947
Restricted stock and performance-based stock units | 2019
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	92,218
Outstanding at the end of the year (in shares)		92,218
Compensation expense
Remaining compensation expense		$ 2,149
Restricted stock and performance-based stock units | 2020
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	76,814
Outstanding at the end of the year (in shares)		76,814
Compensation expense
Remaining compensation expense		$ 259
Performance-based stock units | 2019
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	54,107
Outstanding at the end of the year (in shares)		54,107
Performance-based stock units | 2020
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	57,881
Outstanding at the end of the year (in shares)		57,881
Subsequent Event | Restricted stock | 2015 Plan | Grant Date Price $38.18
Stock Based Compensation Plans
Stock options granted (in shares)	147,990
Restricted stock and performance based stock units activity
Granted (in shares)	147,990
Price per share	$ 38.18
Subsequent Event | Restricted stock | 2015 Plan | Grant Date Price $38.18 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	81,819
Vesting period	3 years
Subsequent Event | Restricted stock | 2015 Plan | Grant Date Price $38.18 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	66,171
Vesting period	4 years
Subsequent Event | Restricted stock | 2015 Plan | Grant Date Price $38.18 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period	3 years

Equity - Options (Details)

Equity - Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 30.76	$ 29.60
Outstanding at the end of the year (in dollars per share)	$ 32.92	$ 30.76	$ 29.60
Other information
Weighted average remaining contractual life (in years)	3 years 6 months	2 years 10 months 24 days	2 years 7 months 6 days
Stock options
Nonqualified stock option activity
Outstanding, beginning of period	33,334	40,001	43,334
Granted (in shares)			0
Exercised (in shares)	(8,334)	(6,667)	(3,333)
Outstanding, end of period	25,000	33,334	40,001
Options exercisable at end of the period (in shares)	25,000	28,334	30,001
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 30.76	$ 29.60	$ 29.16
Exercised (in dollars per share)	24.31	23.79	23.79
Outstanding at the end of the year (in dollars per share)	32.92	30.76	29.60
Exercisable at the end of the period (in dollars per share)	$ 32.92	$ 45.45	$ 31.99
Other information
Aggregate intrinsic value of exercisable options at the end of the year	$ 266,000
Weighted average remaining contractual life of options exercisable	3 years 6 months
Value of options exercised	$ 202,000	$ 159,000	$ 79,000
Market value of options on the date of exercise	410,797	311,000	140,000
Compensation expense related to share-based award	$ 2,000	$ 15,000	$ 14,000

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Commitments and Contingencies
Investment Commitment	$ 193,708
2017 Funding	37,421
Commitments funded	81,008
Remaining commitment	112,700
Real estate properties
Commitments and Contingencies
Investment Commitment	91,468
2017 Funding	22,162
Commitments funded	38,497
Remaining commitment	52,971
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	19,000
Remaining commitment	19,000
Lease incentives
Commitments and Contingencies
Investment Commitment	6,090
2017 Funding	2,245
Commitments funded	2,245
Remaining commitment	3,845
Mortgage loans
Commitments and Contingencies
Investment Commitment	51,000
2017 Funding	11,913
Commitments funded	17,252
Remaining commitment	33,748
Joint venture investments
Commitments and Contingencies
Investment Commitment	25,650
2017 Funding	1,101
Commitments funded	23,014
Remaining commitment	2,636
Notes receivable
Commitments and Contingencies
Investment Commitment	500
Remaining commitment	$ 500

Commitments and Contingencies71

Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Contingent consideration
Non-cash interest related to contingent liabilities	$ 602	$ 684	$ 409
Accrued incentives and earn-outs	8,916	12,229
Real Estate Investment | Accrued incentives and earn-out liabilities
Contingent consideration
Non-cash interest related to contingent liabilities	602
Fair Value | Level 3
Contingent consideration
Accrued incentives and earn-outs	8,916	$ 12,229
Fair Value | Real Estate Investment | Accrued incentives and earn-out liabilities
Contingent consideration
Accrued incentives and earn-outs	$ 8,916

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Distributions
Minimum distribution of taxable income (as a percent)									90.00%
Ordinary taxable distribution									$ 1.607	$ 1.485	$ 1.690
Return of capital									0.444	0.556	0.357
Unrecaptured Section 1250 gain									0.163	0.149	0.023
Long-term capital gain									0.066
Total	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.54	$ 0.54	$ 0.54	$ 2.28	$ 2.19	$ 2.07

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income									$ 87,340	$ 85,115	$ 73,081
Less net income allocated to participating securities:
Nonforfeitable dividends on participating securities									(350)	(373)	(480)
Income allocated to participating securities									(12)	(12)	(4)
Total net income allocated to participating securities									(362)	(385)	(484)
Less net income allocated to preferred stockholders:
Preferred stock dividends											(2,454)
Total net income allocated to preferred stockholders											(2,454)
Net income available to common stockholders	$ 19,753	$ 20,536	$ 25,273	$ 21,416	$ 20,577	$ 22,321	$ 22,075	$ 19,757	86,978	84,730	70,143
Effect of dilutive securities:
Participating securities									362	385
Convertible preferred securities											2,454
Dilutive Securities, Effect on Basic Earnings Per Share, Total									362	385	2,454
Net income for diluted net income per share									$ 87,340	$ 85,115	$ 72,597
Shares for basic net income per share									39,409	38,388	35,590
Effect of dilutive securities: (Shares)
Convertible preferred securities (in shares)											1,726
Total effect of dilutive securities (in shares)									228	209	1,739
Shares for diluted net income per share									39,637	38,597	37,329
Basic (in dollars per share)	$ 0.50	$ 0.52	$ 0.64	$ 0.54	$ 0.53	$ 0.57	$ 0.58	$ 0.53	$ 2.21	$ 2.21	$ 1.97
Diluted (in dollars per share)	$ 0.50	$ 0.52	$ 0.64	$ 0.54	$ 0.53	$ 0.57	$ 0.58	$ 0.53	$ 2.20	$ 2.21	$ 1.94
Stock options
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)									10	13	13
Performance-based stock units
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)									67	27
Participating Securities
Effect of dilutive securities: (Shares)
Participating securities									151	169

Quarterly Financial Informati74

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information
Revenues	$ 41,729	$ 41,246	$ 42,468	$ 42,622	$ 42,141	$ 40,842	$ 39,996	$ 38,604	$ 168,065	$ 161,583	$ 136,203
Net income available to common stockholders	$ 19,753	$ 20,536	$ 25,273	$ 21,416	$ 20,577	$ 22,321	$ 22,075	$ 19,757	$ 86,978	$ 84,730	$ 70,143
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.50	$ 0.52	$ 0.64	$ 0.54	$ 0.53	$ 0.57	$ 0.58	$ 0.53	$ 2.21	$ 2.21	$ 1.97
Diluted (in dollars per share)	0.50	0.52	0.64	0.54	0.53	0.57	0.58	0.53	2.20	2.21	1.94
Dividends per share declared (in dollars per share)	0.57	0.57	0.57	0.57	0.57	0.54	0.54	0.54
Dividends declared and paid per common share (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.54	$ 0.54	$ 0.54	$ 2.28	$ 2.19	$ 2.07

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair value measurements
Mortgage loans receivable	$ 223,907	$ 229,801
Senior unsecured notes, net of debt issue costs	571,002	502,291
Accrued incentives and earn-outs	8,916	12,229
Carrying Value
Fair value measurements
Mortgage loans receivable	223,907	229,801
Bank borrowings	96,500	107,100
Senior unsecured notes, net of debt issue costs	571,002	502,291
Accrued incentives and earn-outs	8,916	12,229
Fair Value
Fair value measurements
Bank borrowings	96,500	107,100
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable	278,224	294,319
Senior unsecured notes, net of debt issue costs	577,126	498,915
Accrued incentives and earn-outs	$ 8,916	$ 12,229

Fair Value Measurements - Assum

Fair Value Measurements - Assumptions (Details) - Level 3 - Discounted Cash Flow Analysis	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Senior Unsecured Notes maturing before 2026
Fair value assumptions
Discount rate (as a percent)	4.10%	4.47%
Senior Unsecured Notes maturing 2026 and after
Fair value assumptions
Discount rate (as a percent)	4.30%	4.60%
Accrued incentives and earn-out liabilities
Fair value assumptions
Discount rate (as a percent)	6.20%	5.90%
Mortgage Loans Receivable
Fair value assumptions
Discount rate (as a percent)	8.70%	8.20%

Subsequent Events - Debt Obliga

Subsequent Events - Debt Obligations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Obligations
Amount borrowed		$ 213,000	$ 201,100	$ 491,000
Payments on debt		154,767	163,667	199,667
Outstanding Balance		667,502	609,391
Available for borrowing		567,167	515,400
Bank Borrowings
Debt Obligations
Amount borrowed		113,000	123,600	291,000
Payments on debt		123,600	137,000	170,500
Outstanding Balance		96,500	107,100
Available for borrowing		503,500	492,900
Bank Borrowings | Subsequent Event
Debt Obligations
Amount borrowed	$ 24,000
Outstanding Balance	120,500
Available for borrowing	479,500
Senior Unsecured Notes
Debt Obligations
Amount borrowed		100,000	77,500	200,000
Payments on debt		31,167	26,667	$ 29,167
Outstanding Balance		571,002	502,291
Available for borrowing		$ 63,667	$ 22,500
Senior Unsecured Notes | Subsequent Event
Debt Obligations
Payments on debt	4,167
Outstanding Balance	566,835
Available for borrowing	$ 67,833

Subsequent Events - Equity (Det

Subsequent Events - Equity (Details) - $ / shares

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2018

Dec. 31, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 30, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 30, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 31, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 31, 2016

Jun. 30, 2016

May 31, 2016

Apr. 30, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 31, 2016

Dec. 31, 2015

Nov. 30, 2015

Oct. 31, 2015

Sep. 30, 2015

Aug. 31, 2015

Jul. 31, 2015

Jun. 30, 2015

May 31, 2015

Apr. 30, 2015

Mar. 31, 2015

Feb. 28, 2015

Jan. 31, 2015

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Equity

Dividends per share declared (in dollars per share)

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.54

$ 0.54

$ 0.54

Restricted stock

Equity

Number of shares granted

143,057

127,087

92,150

Common Stock

Equity

Dividends per share declared (in dollars per share)

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.18

$ 0.17

$ 0.17

$ 0.17

$ 0.17

$ 0.17

$ 0.17

$ 0.17

$ 0.17

$ 0.17

Number of shares repurchased

42,089

49,405

26,993

Subsequent Event | 2015 Plan | Restricted stock | Grant Date Price $38.18

Equity

Number of shares granted

147,990

Price per share

$ 38.18

Subsequent Event | 2015 Plan | Restricted stock | Three year vesting | Grant Date Price $38.18

Equity

Number of shares granted

81,819

Vesting period

3 years

Subsequent Event | 2015 Plan | Restricted stock | TSR Targets | Grant Date Price $38.18

Equity

Number of shares granted

66,171

Vesting period

4 years

Subsequent Event | 2015 Plan | Restricted stock | Accelerated TSR Targets | Grant Date Price $38.18

Equity

Vesting period

3 years

Subsequent Event | Common Stock

Equity

Number of shares repurchased

28,256

Dividend Payable, January 31, 2018 | Subsequent Event

Equity

Dividends per share declared (in dollars per share)

$ 0.19

Dividends payable, date to be paid

Jan. 31, 2018

Dividends payable, date of record

Jan. 23, 2018

Dividend Payable, February 28, 2018 | Subsequent Event

Equity

Dividends per share declared (in dollars per share)

$ 0.19

Dividends payable, date to be paid

Feb. 28, 2018

Dividends payable, date of record

Feb. 20, 2018

Dividend Payable, March 30, 2018 | Subsequent Event

Equity

Dividends per share declared (in dollars per share)

$ 0.19

Dividends payable, date to be paid

Mar. 30, 2018

Dividends payable, date of record

Mar. 22, 2018

SCHEDULE II VALUATION AND QUA79

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation and qualifying accounts
Balance at beginning of period	$ 3,441	$ 3,023	$ 2,404
(Recovered) charged to costs and expenses	(206)	457	619
Deductions		(39)
Balance at end of period	3,235	3,441	3,023
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	2,315	2,190	1,673
(Recovered) charged to costs and expenses	(60)	125	517
Balance at end of period	2,255	2,315	2,190
Other notes receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	166
(Recovered) charged to costs and expenses		166
Balance at end of period	166	166
Straight-line rent receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	960	833	731
(Recovered) charged to costs and expenses	(146)	166	102
Deductions		(39)
Balance at end of period	$ 814	$ 960	$ 833

SCHEDULE III REAL ESTATE AND 80

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Initial Cost to Company
Land	$ 124,374
Buildings and Improvements	1,180,440
Costs Capitalized Subsequent to acquisition	87,308
Gross Amount at Which Carried As of Year End
Land	124,374
Buildings and Improvements	1,267,748
Total	1,392,122	$ 1,301,563	$ 1,198,686	$ 949,838
Accum Deprec	306,033	$ 275,861	$ 251,265	$ 223,315
SNF
Initial Cost to Company
Land	50,627
Buildings and Improvements	475,181
Costs Capitalized Subsequent to acquisition	51,721
Gross Amount at Which Carried As of Year End
Land	50,627
Buildings and Improvements	526,902
Total	577,529
Accum Deprec	164,221
ALF
Initial Cost to Company
Land	67,572
Buildings and Improvements	679,003
Costs Capitalized Subsequent to acquisition	35,195
Gross Amount at Which Carried As of Year End
Land	67,572
Buildings and Improvements	714,198
Total	781,770
Accum Deprec	141,349
Other School and Land
Initial Cost to Company
Land	2,908
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	392
Gross Amount at Which Carried As of Year End
Land	2,908
Buildings and Improvements	7,700
Total	10,608
Accum Deprec	463
School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	392
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	7,700
Total	9,665
Accum Deprec	463
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	3,267
Buildings and Improvements	18,948
Gross Amount at Which Carried As of Year End
Land	3,267
Buildings and Improvements	18,948
Total	22,215
134 Alamogordo, NM | SNF
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	1,283
218 Albuquerque, NM | SNF
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	1,728
219 Albuquerque, NM | SNF
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	3,460
220 Albuquerque, NM | SNF
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	2,890
042 Altoona, IA | SNF
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	1,854
252 Amarillo, TX | SNF
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	1,624
214 Aransas Pass, TX | SNF
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	835
247 Arlington, TX | SNF
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	3,469
171 Atlanta, GA | SNF
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	735
040 Atmore, AL | SNF
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	1,927
221 Beaumont, TX | SNF
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	514
213 Beeville, TX | SNF
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	463
007 Bradenton, FL | SNF
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	2,036
256 Brownwood, TX | SNF
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	1,145
043 Carroll, IA | SNF
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	837
177 Chesapeake, VA | SNF
Initial Cost to Company
Land	388
Buildings and Improvements	3,469
Costs Capitalized Subsequent to acquisition	2,777
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	6,246
Total	6,634
Accum Deprec	3,206
257 Cincinnati, OH | SNF
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	3,119
125 Clovis, NM | SNF
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	2,447
129 Clovis, NM | SNF
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	2,518
268 Coldspring, KY | SNF
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	3,158
253 Colton, CA | SNF
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	2,652
211 Commerce City, CO | SNF
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	1,452
212 Commerce City, CO | SNF
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	947
246 Crowley, TX | SNF
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	3,459
235 Daleville, VA | SNF
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	2,231
258 Dayton, OH | SNF
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	3,330
168 Des Moines, IA | SNF
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	2,034
196 Dresden, TN | SNF
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	996
298 Forth Worth, TX | SNF
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	906
026 Gardendale, AL | SNF
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	5,539
185 Gardner, KS | SNF
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	3,560
248 Granbury, TX | SNF
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	2,288
044 Granger, IA | SNF
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	1,031
205 Grapevine, TX | SNF
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	880
172 Griffin, GA | SNF
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	1,635
250 Hewitt, TX | SNF
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	1,570
194 Holyoke, CO | SNF
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	1,053
051 Houston, TX | SNF
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	3,383
054 Houston, TX | SNF
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	3,849
055 Houston, TX | SNF
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	3,730
208 Jacksonville, FL | SNF
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	941
045 Jefferson, IA | SNF
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	1,406
008 Lecanto, FL | SNF
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	3,597
300 Mansfield, TX | SNF
Initial Cost to Company
Land	2,890
Buildings and Improvements	13,110
Gross Amount at Which Carried As of Year End
Land	2,890
Buildings and Improvements	13,110
Total	16,000
Accum Deprec	936
053 Mesa, AZ | SNF
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	5,387
226 Mesa, AZ | SNF
Initial Cost to Company
Land	1,095
Buildings and Improvements	2,330
Costs Capitalized Subsequent to acquisition	4,673
Gross Amount at Which Carried As of Year End
Land	1,095
Buildings and Improvements	7,003
Total	8,098
Accum Deprec	1,161
242 Mission, TX | SNF
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	3,588
041 Montgomery, AL | SNF
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	3,480
115 Nacogdoches, TX | SNF
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	1,124
233 Nacogdoches, TX | SNF
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	1,885
249 Nacogdoches, TX | SNF
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	3,143
245 Newberry, SC | SNF
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	1,577
244 Newberry, SC | SNF
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	1,463
046 Norwalk, IA | SNF
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	864
176 Olathe, KS | SNF
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	1,342
251 Pasadena, TX | SNF
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	2,564
210 Phoenix, AZ | SNF
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	1,765
193 Phoenix, AZ | SNF
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	5,349
047 Polk City, IA | SNF
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	1,006
094 Portland, OR | SNF
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	2,930
254 Red Oak, TX | SNF
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	2,964
124 Richland Hills, TX | SNF
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	1,114
197 Ripley, TN | SNF
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	975
133 Roswell, NM | SNF
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	2,546
081 Sacramento, CA | SNF
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	2,145
085 Salina, KS | SNF
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	1,158
281 Slinger, WI | SNF
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	1,508
234 St. Petersburg, FL | SNF
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	1,882
243 Stephenville TX | SNF
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	2,332
225 Tacoma, WA | SNF
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	2,916
178 Tappahannock, VA | SNF
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	1,464
270 Trinity, FL | SNF
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	1,719
192 Tucson, AZ | SNF
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	4,929
299 Weatherford, TX | SNF
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	1,166
236 Wytheville, VA | SNF
Initial Cost to Company
Land	647
Buildings and Improvements	12,167
Gross Amount at Which Carried As of Year End
Land	647
Buildings and Improvements	12,167
Total	12,814
Accum Deprec	4,122
077 Ada, OK | ALF
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	886
136 Arlington, OH | ALF
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	2,866
105 Arvada, CO | ALF
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	2,590
304 Athens, GA | ALF
Initial Cost to Company
Land	1,056
Buildings and Improvements	13,326
Gross Amount at Which Carried As of Year End
Land	1,056
Buildings and Improvements	13,326
Total	14,382
Accum Deprec	581
063 Athens, TX | ALF
Initial Cost to Company
Land	96
Buildings and Improvements	1,510
Costs Capitalized Subsequent to acquisition	104
Gross Amount at Which Carried As of Year End
Land	96
Buildings and Improvements	1,614
Total	1,710
Accum Deprec	876
269 Aurora, CO | ALF
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	1,165
260 Aurora, CO | ALF
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	1,516
203 Bakersfield, CA | ALF
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	5,806
117 Beatrice, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,173
Costs Capitalized Subsequent to acquisition	151
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,324
Total	2,424
Accum Deprec	1,141
137 Bexley, OH | ALF
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	1,725
277 Burr Ridge, IL | ALF
Initial Cost to Company
Land	1,400
Buildings and Improvements	11,102
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	11,102
Total	12,502
Accum Deprec	791
278 Castle Rock, CO | ALF
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	621
160 Central, SC | ALF
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	1,000
263 Chatham, NJ | ALF
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	5,248
307 Clovis, CA | ALF
Initial Cost to Company
Land	2,542
Buildings and Improvements	19,126
Gross Amount at Which Carried As of Year End
Land	2,542
Buildings and Improvements	19,126
Total	21,668
Accum Deprec	275
308 Clovis, CA | ALF
Initial Cost to Company
Land	3,054
Buildings and Improvements	14,172
Gross Amount at Which Carried As of Year End
Land	3,054
Buildings and Improvements	14,172
Total	17,226
Accum Deprec	196
279 Corpus Christi, TX | ALF
Initial Cost to Company
Land	880
Buildings and Improvements	11,440
Gross Amount at Which Carried As of Year End
Land	880
Buildings and Improvements	11,440
Total	12,320
Accum Deprec	716
292 De Forest, WI | ALF
Initial Cost to Company
Land	485
Buildings and Improvements	5,568
Costs Capitalized Subsequent to acquisition	7
Gross Amount at Which Carried As of Year End
Land	485
Buildings and Improvements	5,575
Total	6,060
Accum Deprec	422
057 Dodge City, KS | ALF
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	954
083 Durant, OK | ALF
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	933
107 Edmond, OK | ALF
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	978
155 Erie, PA | ALF
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	3,704
163 Ft. Collins, CO | ALF
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	1,996
170 Ft. Collins, CO | ALF
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	2,221
132 Ft. Meyers, FL | ALF
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	1,372
229 Ft. Worth, TX | ALF
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	1,916
100 Fremont ,OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	86
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,521
Total	2,621
Accum Deprec	1,287
267 Frisco, TX | ALF
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	746
296 Glenview, IL | ALF
Initial Cost to Company
Land	2,800
Buildings and Improvements	11,313
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	11,313
Total	14,113
Accum Deprec	35
167 Goldsboro, NC | ALF
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	957
056 Great Bend, KS | ALF
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	1,007
102 Greeley, CO | ALF
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	1,332
284 Green Bay, WI | ALF
Initial Cost to Company
Land	1,660
Buildings and Improvements	19,079
Costs Capitalized Subsequent to acquisition	152
Gross Amount at Which Carried As of Year End
Land	1,660
Buildings and Improvements	19,231
Total	20,891
Accum Deprec	1,438
164 Greenville, NC | ALF
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	1,118
062 Greenville, TX | ALF
Initial Cost to Company
Land	42
Buildings and Improvements	1,565
Costs Capitalized Subsequent to acquisition	84
Gross Amount at Which Carried As of Year End
Land	42
Buildings and Improvements	1,649
Total	1,691
Accum Deprec	898
161 Greenwood, SC | ALF
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	1,216
241 Gulf Breeze, FL | ALF
Initial Cost to Company
Land	720
Buildings and Improvements	3,780
Costs Capitalized Subsequent to acquisition	261
Gross Amount at Which Carried As of Year End
Land	720
Buildings and Improvements	4,041
Total	4,761
Accum Deprec	963
295 Jacksonville, FL | ALF
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	760
066 Jacksonville, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	77
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,977
Total	2,077
Accum Deprec	1,078
310 Kansas City, MO | ALF
Initial Cost to Company
Land	1,072
Buildings and Improvements	15,552
Gross Amount at Which Carried As of Year End
Land	1,072
Buildings and Improvements	15,552
Total	16,624
Accum Deprec	64
285 Kenosha, WI | ALF
Initial Cost to Company
Land	936
Buildings and Improvements	12,361
Costs Capitalized Subsequent to acquisition	76
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	12,437
Total	13,373
Accum Deprec	803
255 Littleton, CO | ALF
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	1,317
268 Littleton, CO | ALF
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	1,306
148 Longmont, CO | ALF
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	1,313
060 Longview, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	127
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	1,695
Total	1,733
Accum Deprec	922
261 Louisville, CO | ALF
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	1,724
301 Louisville, KY | ALF
Initial Cost to Company
Land	1,021
Buildings and Improvements	13,157
Gross Amount at Which Carried As of Year End
Land	1,021
Buildings and Improvements	13,157
Total	14,178
Accum Deprec	586
114 Loveland, CO | ALF
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	1,603
068 Lufkin, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,950
Costs Capitalized Subsequent to acquisition	94
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,044
Total	2,144
Accum Deprec	1,105
061 Marshall, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	534
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	2,102
Total	2,140
Accum Deprec	1,172
293 McHenry, IL | ALF
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Costs Capitalized Subsequent to acquisition	53
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	29,029
Total	30,318
Accum Deprec	2,107
058 McPherson, KS | ALF
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	997
239 Merritt Island, FL | ALF
Initial Cost to Company
Land	550
Buildings and Improvements	8,150
Costs Capitalized Subsequent to acquisition	100
Gross Amount at Which Carried As of Year End
Land	550
Buildings and Improvements	8,250
Total	8,800
Accum Deprec	1,867
104 Millville, NJ | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,825
Costs Capitalized Subsequent to acquisition	667
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,492
Total	3,592
Accum Deprec	1,516
286 Milwaukee, WI | ALF
Initial Cost to Company
Land	818
Buildings and Improvements	8,014
Costs Capitalized Subsequent to acquisition	36
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	8,050
Total	8,868
Accum Deprec	609
231 Monroeville, PA | ALF
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	1,537
280 Merrells Inlet, SC | ALF
Initial Cost to Company
Land	2,490
Buildings and Improvements	14,185
Gross Amount at Which Carried As of Year End
Land	2,490
Buildings and Improvements	14,185
Total	16,675
Accum Deprec	651
294 Murrieta, CA | ALF
Initial Cost to Company
Land	2,022
Buildings and Improvements	11,136
Gross Amount at Which Carried As of Year End
Land	2,022
Buildings and Improvements	11,136
Total	13,158
Accum Deprec	554
289 Neenah, WI | ALF
Initial Cost to Company
Land	694
Buildings and Improvements	20,839
Costs Capitalized Subsequent to acquisition	142
Gross Amount at Which Carried As of Year End
Land	694
Buildings and Improvements	20,981
Total	21,675
Accum Deprec	1,456
166 New Bern, NC | ALF
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	993
118 Newark, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	236
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,671
Total	2,771
Accum Deprec	1,270
143 Niceville, FL | ALF
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	1,333
095 Norfolk, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,123
Costs Capitalized Subsequent to acquisition	52
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,175
Total	2,275
Accum Deprec	1,119
290 Oshkosh, WI | ALF
Initial Cost to Company
Land	1,525
Buildings and Improvements	9,192
Costs Capitalized Subsequent to acquisition	34
Gross Amount at Which Carried As of Year End
Land	1,525
Buildings and Improvements	9,226
Total	10,751
Accum Deprec	1,347
291 Oshkosh, WI | ALF
Initial Cost to Company
Land	475
Buildings and Improvements	7,364
Costs Capitalized Subsequent to acquisition	39
Gross Amount at Which Carried As of Year End
Land	475
Buildings and Improvements	7,403
Total	7,878
Accum Deprec	548
302 Overland Park, KS | ALF
Initial Cost to Company
Land	2,297
Buildings and Improvements	11,882
Costs Capitalized Subsequent to acquisition	203
Gross Amount at Which Carried As of Year End
Land	2,297
Buildings and Improvements	12,085
Total	14,382
Accum Deprec	582
232 Pittsburgh, PA | ALF
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	872
165 Rocky Mount, NC | ALF
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	1,050
141 Rocky River, OH | ALF
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	3,405
059 Salina, KS | ALF
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	997
084 San Antonio, TX | ALF
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	1,001
092 San Antonio, TX | ALF
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	1,077
288 Sheboygan, WI | ALF
Initial Cost to Company
Land	1,168
Buildings and Improvements	5,382
Costs Capitalized Subsequent to acquisition	131
Gross Amount at Which Carried As of Year End
Land	1,168
Buildings and Improvements	5,513
Total	6,681
Accum Deprec	453
149 Shelby, NC | ALF
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	1,395
312 Spartanburg, SC | ALF
Initial Cost to Company
Land	254
Buildings and Improvements	9,906
Gross Amount at Which Carried As of Year End
Land	254
Buildings and Improvements	9,906
Total	10,160
150 Spring Hill, FL | ALF
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	1,318
103 Springfield, OH | ALF
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	1,187
162 Sumter, SC | ALF
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	1,038
140 Tallahassee, FL | ALF
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	1,533
098 Tiffin, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	62
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,497
Total	2,597
Accum Deprec	1,274
282 Tinley Park, IL | ALF
Initial Cost to Company
Land	702
Buildings and Improvements	11,481
Gross Amount at Which Carried As of Year End
Land	702
Buildings and Improvements	11,481
Total	12,183
Accum Deprec	643
088 Troy, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	559
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,994
Total	3,094
Accum Deprec	1,458
080 Tulsa, OK | ALF
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	879
093 Tulsa, OK | ALF
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	1,252
238 Tupelo, MS | ALF
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	1,970
075 Tyler, TX | ALF
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	964
202 Vacaville, CA | ALF
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	5,770
091 Waco, TX | ALF
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	1,170
096 Wahoo, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	50
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,368
Total	2,468
Accum Deprec	1,219
108 Watauga, TX | ALF
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	868
287 Waukesha, WI | ALF
Initial Cost to Company
Land	992
Buildings and Improvements	15,183
Costs Capitalized Subsequent to acquisition	122
Gross Amount at Which Carried As of Year End
Land	992
Buildings and Improvements	15,305
Total	16,297
Accum Deprec	993
109 Weatherford, OK | ALF
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	1,166
309 West Chester, OH | ALF
Initial Cost to Company
Land	2,355
Buildings and Improvements	13,553
Gross Amount at Which Carried As of Year End
Land	2,355
Buildings and Improvements	13,553
Total	15,908
Accum Deprec	196
276 Westminster, CO | ALF
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	1,093
110 Wheelersburg, OH | ALF
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	128
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	2,563
Total	2,592
Accum Deprec	1,267
303 Wichita, KS | ALF
Initial Cost to Company
Land	1,422
Buildings and Improvements	9,957
Costs Capitalized Subsequent to acquisition	202
Gross Amount at Which Carried As of Year End
Land	1,422
Buildings and Improvements	10,159
Total	11,581
Accum Deprec	502
259 Wichita, KS | ALF
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	1,683
283 Wichita, KS | ALF
Initial Cost to Company
Land	624
Buildings and Improvements	13,846
Gross Amount at Which Carried As of Year End
Land	624
Buildings and Improvements	13,846
Total	14,470
Accum Deprec	429
076 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,850
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,850
Total	1,950
Accum Deprec	991
120 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,750
Costs Capitalized Subsequent to acquisition	131
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,881
Total	2,981
Accum Deprec	1,445
265 Williamstown, NJ | ALF
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	1,073
264 Williamstown, NJ | ALF
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	1,263
138 Worthington, OH | ALF
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	6,102
139 Worthington, OH | ALF
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	3,402
099 York, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	70
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,388
Total	2,488
Accum Deprec	1,220
297 Las Vegas, NV | School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	392
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	7,700
Total	9,665
Accum Deprec	463
271 Howell, MI | Land
Initial Cost to Company
Land	420
Gross Amount at Which Carried As of Year End
Land	420
Total	420
275 Yale, MI | Land
Initial Cost to Company
Land	73
Gross Amount at Which Carried As of Year End
Land	73
Total	73
999 Milford, MI | Land
Initial Cost to Company
Land	450
Gross Amount at Which Carried As of Year End
Land	450
Total	450
305 Union, KY | Properties under Development
Initial Cost to Company
Land	858
Buildings and Improvements	10,629
Gross Amount at Which Carried As of Year End
Land	858
Buildings and Improvements	10,629
Total	11,487
311 Cedarburg, WI | Properties under Development
Initial Cost to Company
Land	818
Buildings and Improvements	2,160
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	2,160
Total	2,978
306 Oaklawn, IL | Properties under Development
Initial Cost to Company
Land	1,591
Buildings and Improvements	6,159
Gross Amount at Which Carried As of Year End
Land	1,591
Buildings and Improvements	6,159
Total	$ 7,750

SCHEDULE III REAL ESTATE AND 81

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost basis for Federal income tax purposes	$ 1,408
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	5 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 82

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Carrying cost
Balance at beginning of period	$ 1,301,563	$ 1,198,686	$ 949,838
Acquisitions	82,405	74,923	206,340
Improvements	25,800	49,134	33,463
Conversion of mortgage loans into owned properties			10,600
Capitalized interest	908	1,408	827
Other non-cash items (See Note 4)		2,460	2,882
Conveyed land (See Note 4)			(670)
Cost of real estate sold	(18,554)	(24,282)	(2,344)
Impairment on real estate for sale		(766)	(2,250)
Ending balance	1,392,122	1,301,563	1,198,686
Accumulated depreciation
Balance at beginning of period	275,861	251,265	223,315
Depreciation expense	37,492	35,809	29,329
Cost of real estate sold	(7,320)	(11,213)	(1,379)
Ending balance	$ 306,033	$ 275,861	$ 251,265

SCHEDULE IV MORTGAGE LOANS ON83

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)itemproperty
Mortgage loans on real estate
Number of properties | property	21
Number of beds/units | item	2,764
Balloon Amount	$ 198,140
Current Monthly Debt Service	1,790
Face amount of originated mortgages	227,289
Carrying Amount of Mortgages	223,907
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Michigan | Mortgage Loans on Real Estate Maturing in 2043
Mortgage loans on real estate
Number of properties | property	15
Number of beds/units | item	2,055
Interest rate (as a percent)	9.53%
Balloon Amount	$ 160,165
Current Monthly Debt Service	1,470
Face amount of originated mortgages	187,165
Carrying Amount of Mortgages	$ 184,471
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 263 Beds/Units
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	263
Interest rate (as a percent)	9.41%
Balloon Amount	$ 16,205
Current Monthly Debt Service	136
Face amount of originated mortgages	17,285
Carrying Amount of Mortgages	$ 17,112
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 157 Beds/Units
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	$ 11,816
Current Monthly Debt Service	98
Face amount of originated mortgages	12,491
Carrying Amount of Mortgages	$ 12,366
Michigan | Mortgage Loans On Real Estate Maturing In 2020
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	205
Interest rate (as a percent)	9.41%
Balloon Amount	$ 8,948
Current Monthly Debt Service	71
Face amount of originated mortgages	8,948
Carrying Amount of Mortgages	8,858
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
UTAH | Mortgage Loans On Real Estate Maturing in 2019
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	84
Interest rate (as a percent)	11.20%
Balloon Amount	$ 1,006
Current Monthly Debt Service	15
Face amount of originated mortgages	1,400
Carrying Amount of Mortgages	$ 1,100
Mortgage Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)	9.40%
General amortization schedule of mortgage loans	20 years
Mortgage Loans | Maximum
Mortgage loans on real estate
Interest rate (as a percent)	11.20%
General amortization schedule of mortgage loans	30 years

SCHEDULE IV MORTGAGE LOANS ON84

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)loan
Mortgage loans on real estate
Original loan amounts	$ 227,289
First-lien mortgage loans
Mortgage loans on real estate
Number of Loans | loan	5
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000
Mortgage loans on real estate
Number of Loans | loan	1
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 500
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 2,000
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 2,001
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 3,000
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 3,001
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 4,000
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 4,001
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 5,000
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 5,001
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 6,000
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 6,001
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 7,000
First-lien mortgage loans | Mortgage Loans over 7,000,000
Mortgage loans on real estate
Number of Loans | loan	4
First-lien mortgage loans | Mortgage Loans over 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 7,001

SCHEDULE IV MORTGAGE LOANS ON85

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Mortgage loans on real estate
Balance at the beginning of the period	$ 229,801	$ 217,529	$ 165,656
New mortgage loans		13,250	60,209
Other additions	11,913	7,435	6,925
Land conveyance			670
Amortization of mortgage premium	(4)	(10)	(6)
Collections of principal	(17,863)	(8,278)	(15,408)
Loan loss reserve	60	(125)	(517)
Balance at the end of the period	$ 223,907	$ 229,801	$ 217,529