LTC Properties (LTC) 10-K 28 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 25, 2019	Jun. 30, 2018
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, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,667,067,000
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		39,713,946
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments:
Land	$ 125,358	$ 124,041
Buildings and improvements	1,290,352	1,262,335
Accumulated depreciation and amortization	(312,959)	(304,117)
Operating real estate property, net	1,102,751	1,082,259
Properties held-for-sale, net of accumulated depreciation: 2018—$1,916; 2017—$1,916	3,830	3,830
Real property investments, net	1,106,581	1,086,089
Mortgage loans receivable, net of loan loss reserve: 2018—$2,447; 2017—$2,255	242,939	223,907
Real estate investments, net	1,349,520	1,309,996
Notes receivable, net of loan loss reserve: 2018—$128; 2017—$166	12,715	16,402
Investments in unconsolidated joint ventures	30,615	29,898
Investments, net	1,392,850	1,356,296
Other assets:
Cash and cash equivalents	2,656	5,213
Restricted cash	2,108
Debt issue costs related to bank borrowings	2,989	810
Interest receivable	20,732	15,050
Straight-line rent receivable, net of allowance for doubtful accounts: 2018—$746; 2017—$814	73,857	64,490
Lease incentives	14,443	21,481
Prepaid expenses and other assets	3,985	2,230
Total assets	1,513,620	1,465,570
LIABILITIES
Bank borrowings	112,000	96,500
Senior unsecured notes, net of debt issue costs: 2018—$938; 2017—$1,131	533,029	571,002
Accrued interest	4,180	5,276
Accrued incentives and earn-outs		8,916
Accrued expenses and other liabilities	31,440	25,228
Total liabilities	680,649	706,922
Stockholders’ equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2018—39,657; 2017—39,570	397	396
Capital in excess of par value	862,712	856,992
Cumulative net income	1,255,764	1,100,783
Cumulative distributions	(1,293,383)	(1,203,011)
Total LTC Properties, Inc. stockholders’ equity	825,490	755,160
Non-controlling interests	7,481	3,488
Total equity	832,971	758,648
Total liabilities and equity	$ 1,513,620	$ 1,465,570

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Properties held-for-sale, accumulated depreciation	$ 1,916	$ 1,916
Mortgage loans receivable, loan loss reserve	2,447	2,255
Notes receivable, loan loss reserve	128	166
Straight-line rent receivable, allowance for doubtful accounts	$ 746	$ 814
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	39,657	39,570
Common stock, shares outstanding	39,657	39,570
Senior Unsecured Notes
Debt issue costs, net	$ 938	$ 1,131

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental income	$ 135,405	$ 137,657	$ 133,527
Interest income from mortgage loans	28,200	26,769	27,321
Interest and other income	5,040	3,639	735
Total revenues	168,645	168,065	161,583
Expenses:
Interest expense	30,196	29,949	26,442
Depreciation and amortization	37,555	37,610	35,932
Impairment charges		1,880	766
Provision (recovery) for doubtful accounts	87	(206)	457
Transaction costs	84	56	179
General and administrative expenses	19,193	17,513	17,412
Total expenses	87,115	86,802	81,188
Other operating income:
Gain on sale of real estate, net	70,682	3,814	3,582
Operating income	152,212	85,077	83,977
Income from unconsolidated joint ventures	2,864	2,263	1,138
Net income	155,076	87,340	85,115
Income allocated to non-controlling interests	(95)
Net income attributable to LTC Properties, Inc.	154,981	87,340	85,115
Income allocated to participating securities	(625)	(362)	(385)
Net income available to common stockholders	$ 154,356	$ 86,978	$ 84,730
Earnings per common share:
Basic (in dollars per share)	$ 3.91	$ 2.21	$ 2.21
Diluted (in dollars per share)	$ 3.89	$ 2.20	$ 2.21
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,477	39,409	38,388
Diluted (in shares)	39,839	39,637	38,597
Comprehensive Income:
Net income	$ 155,076	$ 87,340	$ 85,115
Reclassification adjustment			(47)
Comprehensive income	$ 155,076	$ 87,340	$ 85,068

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Parent	Common Stock	Capital in Excess of Par Value	Cumulative Net Income	Accumulated Other Comprehensive Income (Loss)	Cumulative Distributions	Non-controlling Interests	Total
Balance at beginning 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
Stock option exercises (in shares)		7
Common stock cash distributions	(84,568)					(84,568)		(84,568)
Other	(2,188)		(2,188)					(2,188)
Other (in shares)		(50)
Balance at 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
Stock option exercises (in shares)		8
Non-controlling interests contribution							$ 3,488	3,488
Common stock cash distributions	(90,219)					(90,219)		(90,219)
Other	(1,969)		(1,969)					(1,969)
Other (in shares)		(57)
Balance at 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
Equity activity
Issuance of common stock	929		929					929
Issuance of common stock (in shares)		22
Issuance of restricted stock	(8)	$ 1	(9)					(8)
Issuance of restricted stock (in shares)		91
Net income	154,981			154,981			95	155,076
Vesting of restricted stock	5,870		5,870					5,870
Stock option exercises	123		123					123
Stock option exercises (in shares)		5
Non-controlling interests contribution							3,963	3,963
Non-controlling interest distributions							(65)	(65)
Common stock cash distributions	(90,372)					(90,372)		(90,372)
Other	(1,193)		(1,193)					(1,193)
Other (in shares)		(31)
Balance at end of period at Dec. 31, 2018	$ 825,490	$ 397	$ 862,712	$ 1,255,764		$ (1,293,383)	$ 7,481	$ 832,971
Balance (in shares) at Dec. 31, 2018		39,657

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF EQUITY
Dividends paid per common share (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.190

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES:
Net income	$ 155,076,000	$ 87,340,000	$ 85,115,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,555,000	37,610,000	35,932,000
Stock-based compensation expense	5,870,000	5,249,000	4,280,000
Impairment charges		1,880,000	766,000
Gain on sale of real estate, net	(70,682,000)	(3,814,000)	(3,582,000)
Income from unconsolidated joint ventures	(2,864,000)	(2,263,000)	(1,138,000)
Income distributions from unconsolidated joint ventures	2,371,000	1,738,000	1,695,000
Insurance proceeds for damaged property	2,619,000
Payment for remediation of damaged property	(508,000)
Straight-line rental income	(9,550,000)	(10,694,000)	(13,477,000)
Lease incentives funded	(1,272,000)	(6,544,000)	(4,827,000)
Amortization of lease incentives	2,092,000	2,209,000	1,955,000
Provision for doubtful accounts	87,000	(206,000)	457,000
Non-cash interest related to contingent liabilities	377,000	602,000	684,000
Non-cash income related to earn-out and related lease incentive write-off	(3,074,000)	(842,000)	(16,000)
Other non-cash items, net	1,180,000	1,282,000	1,216,000
Increase in interest receivable	(5,682,000)	(5,367,000)	(5,147,000)
(Decrease) increase in accrued interest payable	(1,096,000)	601,000	701,000
Net change in other assets and liabilities	3,036,000	(3,476,000)	1,094,000
Net cash provided by operating activities	115,535,000	105,305,000	105,708,000
INVESTING ACTIVITIES:
Investment in real estate properties	(40,408,000)	(82,405,000)	(74,923,000)
Investment in real estate developments	(35,279,000)	(22,901,000)	(42,342,000)
Investment in real estate capital improvements	(3,249,000)	(2,899,000)	(6,792,000)
Capitalized interest	(1,248,000)	(908,000)	(1,408,000)
Proceeds from sale of real estate, net	92,749,000	15,413,000	17,369,000
Investment in real estate mortgage loans receivable	(21,364,000)	(11,913,000)	(20,685,000)
Principal payments received on mortgage loans receivable	2,136,000	17,863,000	8,278,000
Investments in unconsolidated joint ventures	(670,000)	(3,848,000)	(1,770,000)
Payment of working capital reserve		(439,000)	(2,756,000)
Advances and originations under notes receivable	(124,000)		(14,969,000)
Principal payments received on notes receivable	3,848,000	25,000	100,000
Net cash used in investing activities	(3,609,000)	(92,012,000)	(139,898,000)
FINANCING ACTIVITIES:
Bank borrowings	116,200,000	113,000,000	123,600,000
Repayment of bank borrowings	(100,700,000)	(123,600,000)	(137,000,000)
Proceeds from issuance of senior unsecured notes		100,000,000	77,500,000
Principal payments on senior unsecured notes	(38,166,000)	(31,167,000)	(26,667,000)
Proceeds from common stock issued	1,005,000	14,578,000	78,592,000
Stock option exercises	123,000	202,000	159,000
Distributions paid to stockholders	(90,372,000)	(90,219,000)	(84,568,000)
Contribution from non-controlling interests	3,963,000	3,488,000
Distributions paid to non-controlling interests	(65,000)
Financing costs paid	(3,162,000)	(363,000)	(147,000)
Other	(1,201,000)	(1,990,000)	(2,230,000)
Net cash (used in) provided by financing activities	(112,375,000)	(16,071,000)	29,239,000
Decrease in cash, cash equivalents and restricted cash	(449,000)	(2,778,000)	(4,951,000)
Cash, cash equivalents and restricted cash, beginning of period	5,213,000	7,991,000	12,942,000
Cash, cash equivalents and restricted cash, end of period	4,764,000	5,213,000	7,991,000
Supplemental disclosure of cash flow information:
Interest paid	$ 30,116,000	$ 28,070,000	$ 24,490,000

The Company

The Company	12 Months Ended
	Dec. 31, 2018
The Company
The Company	1. The Company LTC Properties, Inc. (“LTC”), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (“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 (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. ALF, ILF, MC and combinations thereof are included in the ALF classification.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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 the 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 include 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 (“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 Gain on sale of real estate, net on the consolidated statement of income and comprehensive income. The Company has included Gain on sale of real estate, net as a component of Operating Income to present gain and losses on sales of properties in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X as part of Release No. 33-10532; 34-83875; IC-33203, which had required REITs to present gain and losses on sale of properties outside of continuing operations in the income statement. These adjustments are normal and recurring in nature. Going Concern. In August 2014, the FASB issued Accounting Standards Update (“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 (“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. We adopted this ASU in 2017. 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. Restricted Cash. In November 2016, the FASB issued ASU No 2016-18 (“ASU 2016-18”), Restricted Cash . ASU 2016-18 requires an entity to reconcile and explain the period over period change in total cash, cash equivalent and restricted cash within its consolidated statement of cash flows. During the third quarter of 2017, a 170-bed skilled nursing center in our portfolio was evacuated due to damages caused by Hurricane Harvey. This property is located in Texas and operated under a triple net master lease agreement. We periodically evaluate properties 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. Based upon a quarterly assessment of this property using the recoverability test, we concluded the property has not been impaired. As of December 31, 2018, the gross value and the carrying value of the property were $2,021,000 and $1,133,000, respectively. The provisions of our triple net lease agreements impose certain obligations on our operators including: · Acquire property insurance, subject to certain criteria; · Continue paying rent in the event of any property damage or destruction; and · Return the leased property back to us at the end of the lease term, in the same condition originally received. During the second quarter of 2018, our operator provided us with insurance proceeds of $2,619,000 to be used for remediation of the property as noted in the provisions of our master lease agreement. Accordingly, we have classified the insurance proceeds as restricted cash on our consolidated financial statements. 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 an asset acquisition or a business combination. 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(“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. ASU 2017-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We early adopted this standard in 2017. As a result of adopting ASU 2017-01, most of our acquisitions of investment properties will qualify as asset acquisitions. In February 2017, the FASB issued ASU No. 2017-05 (“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. We adopted this standard in 2018. 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 15 years for site improvements, 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 (“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 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 (“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 (“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. 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 (“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) (“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. Upon adoption of ASU 2015-15, 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. Based on our assessment, during the years ended December 31, 2018, 2017 and 2016, we recognized impairment charges of $0, $1,880,000 and $766,000, respectively. 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 15. 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. During the years ended December 31, 2018, 2017 and 2016, we received $470,000, $457,000 and $517,000, respectively, of contingent rental income. 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. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. 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 (“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 judgment and make more estimates. 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 Perfo

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2018
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, 2018: Number of Number of Percentage of SNF ALF Total Total Operator SNF ALF Beds Units Revenue (1) Assets Prestige Healthcare 24 — 3,010 93 18.0 % 16.7 % Senior Lifestyle Corporation — 23 — 1,457 11.8 % 10.5 % Brookdale Senior Living — 37 — 1,702 9.9 % 4.6 % Senior Care Centers 11 — 1,444 — 8.8 % 7.1 % Total 35 60 4,454 3,252 48.5 % 38.9 % (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2018. 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. On December 4, 2018, Senior Care Centers, LLC. and affiliates and subsidiaries (“Senior Care”) filed for Chapter 11 bankruptcy as a result of lease terminations from certain landlords and on-going operational challenges. Pursuant to the U.S. Bankruptcy Code, Senior Care has an initial period of 120 days from the petition date to assume or reject the lease. As security under the lease, we hold a letter of credit in the amount of approximately $2,000,000, maintenance and repair escrows of approximately $2,200,000 and property tax escrows of approximately $1,800,000. Senior Care did not pay us December 2018 rent, but has paid us January and February 2019 rent.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information For the year ended December 31, 2018 2017 2016 (in thousands) Non-cash investing and financing transactions: Contingent liabilities related to real estate investments ( Note 5) $ — $ — $ 1,847 Reclassification of pre-development loans ( Note 7) — — 237 Restricted stock issued, net of cancellations (Note 10) 1 1 1

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2018
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. As of December 31, 2018, we owned 175 health care real estate properties located in 28 states and consisting of 103 ALFs, 71 SNFs and 1 behavioral health care hospital. These properties are operated by 28 operators. Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively “ALF”). 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 $37,416,000, $37,492,000, and $35,809,000 for the years ended December 31, 2018, 2017 and 2016, 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) 2019 $ 133,666 2020 140,353 2021 131,284 2022 121,235 2023 124,897 Thereafter 760,163 (1) Represents contractual annual cash rent, except for two master leases which are based on agreed upon cash rents. See below for more information. During 2017, we issued a notice of default to Anthem Memory Care (“Anthem”) resulting from Anthem’s partial payment of minimum rent. Anthem operates 11 operational memory care communities under a master lease. We are currently not pursuing enforcement of the guarantees and our rights and remedies pertaining to known events of default under the master lease, with the stipulation that Anthem achieve sufficient performance and pay an agreed upon cash rent for these 11 properties. During 2018, Anthem paid the agreed upon minimum cash rent of $5,200,000. We receive regular financial performance updates from Anthem and continue to monitor Anthem’s performance obligations under the master lease agreement. On December 4, 2018, Senior Care Centers, LLC. and affiliates and subsidiaries (“Senior Care”) filed for Chapter 11 bankruptcy as a result of lease terminations from certain landlords and on-going operational challenges. Pursuant to the U.S. Bankruptcy Code, Senior Care has an initial period of 120 days from the petition date to assume or reject the lease. As security under the lease, we hold a letter of credit in the amount of approximately $2,000,000, maintenance and repair escrows of approximately $2,200,000 and property tax escrows of approximately $1,800,000. Senior Care did not pay us December 2018 rent, but has paid us January and February 2019 rent. Acquisitions. The following table summarizes our acquisitions for the years ended December 31, 2018 through 2016 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Year Type of Property Price Costs (1) Costs Properties Beds/Units 2018 (2) Assisted Living (3) (4) $ 39,600 $ 65 $ 39,665 3 177 Land (4) 695 48 743 — — Total $ 40,295 $ 113 $ 40,408 3 177 2017 Assisted Living (5) $ 81,018 $ 569 $ 81,587 5 400 Land (6) 800 18 818 — — Total $ 81,818 $ 587 $ 82,405 5 400 2016 Skilled Nursing (7) $ 16,000 $ 45 $ 16,045 1 126 Assisted Living (8) 53,550 423 53,973 4 250 Land (9) 6,891 108 6,999 — — Total $ 76,441 $ 576 $ 77,017 5 376 (1) Represents cost associated with our acquisitions; however, upon adoption of ASU 2017-01, our acquisitions meet the definition of an asset acquisition resulting in capitalization of transaction costs to the properties’ basis. For our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Transaction costs per our consolidated statements of income and comprehensive income represents current and prior year transaction costs due to timing and terminated transactions. (2) Subsequent to December 31, 2018, we entered into a joint venture (“ JV”) to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,950 in cash. Our economic interest in the real estate JV will be approximately 95%. (3) We acquired two MC in Texas. (4) We entered into a JV to develop, purchase and own seniors housing properties. During 2018, the JV purchased land for the development of a 78-unit ALF/MC in Oregon for a total anticipated project cost of $18,108. The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. Additionally, during 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89-unit ILF adjacent to the 78-unit ALF/MC we are developing for $14,400. The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88%. We account for the JV on a consolidated basis. See Note 10. Equity for further discussion related to our partnerships and non-controlling interests. (5) We acquired an ALF and a MC in California, a MC in Ohio and an ALF/MC in Missouri. Furthermore, we entered into a JV and acquired an ALF/MC community. See Note 10. Equity for further discussion related to our partnerships and non-controlling interest. (6) We entered into a JV for the acquisition of land and development of an ALF/MC/ILF community in Wisconsin. See Note 10. Equity for further discussion related to our partnerships and non-controlling interest. (7) We acquired a newly constructed SNF in Texas. (8) We acquired a newly constructed MC in Kentucky, a newly constructed ALF/MC in Georgia and two MCs in Kansas. (9) We acquired a parcel of land and improvement and entered into a development commitment for the development of a SNF. Also, we purchased a parcel of land in Illinois and entered into a development commitment to construct a MC. Developments and Improvements. The following table summarizes our investment in development and improvement projects for the years 2018, 2017 and 2016 (in thousands) : 2018 2017 2016 Type of Property Developments Improvements Developments Improvements Developments Improvements Assisted Living Communities $ 27,505 $ 2,292 $ 17,667 $ 1,152 $ 41,859 $ 3,034 Skilled Nursing Centers 7,774 500 5,234 1,356 483 3,758 Other — 457 — 391 — — Total $ 35,279 $ 3,249 $ 22,901 $ 2,899 $ 42,342 $ 6,792 Completed Projects. The following table summarizes our completed projects during the years ended December 31, 2018, 2017 and 2016 (dollar amounts in thousands): Number Type Number of of of Total Year Type of Project Properties Property Beds/Units State Investment 2018 Development 1 MC 66 Illinois $ 14,998 Total 1 66 $ 14,998 2017 Development 1 MC 66 Illinois $ 13,498 Total 1 66 $ 13,498 2016 Development 1 MC 66 Illinois $ 12,248 Development 1 MC 56 Texas 11,776 Development 1 MC 66 Illinois 11,962 Development 1 MC 66 California 12,400 Development 1 ALF/MC 89 South Carolina 15,080 Development 1 ILF 108 Kansas 13,423 Improvement 1 SNF 160 Arizona 4,672 Total 7 611 $ 81,561 Properties held-for-sale . The following table summarizes our properties held-for-sale at December 31, 2018 (dollar amounts in thousands): Type Number Number of of Gross Accumulated of State Property Properties Investment Depreciation Beds/units Texas ILF 1 5,746 1,916 140 Totals 1 $ 5,746 $ 1,916 140 Property Sales . The following table summarizes property sales during the years ended December 31, 2018 through 2016 (dollar amounts in thousands): Type Number Number Net of of of Sales Carrying Gain Year State Properties Properties Beds Price Value (Loss) 2018 Alabama, Florida and Georgia SNF $ 27,975 $ 5,695 $ 21,987 Kansas ALF (1) — — 350 346 — Ohio and Pennsylvania ALF 67,500 16,352 48,695 Total 2018 10 774 $ 95,825 $ 22,393 $ 70,682 2017 Indiana, Iowa and Oregon ALF $ 15,650 $ 10,107 $ 4,985 Texas SNF (2) — 1,170 (1,171) Total 2017 $ 15,650 $ 11,277 $ 3,814 2016 Florida ALF $ 6,850 $ 4,869 $ 1,973 Texas SNF 235 6,750 4,923 1,802 New Jersey OTH — 3,850 3,997 (193) Total 2016 $ 17,450 $ 13,789 $ 3,582 (1) We sold land adjacent to an existing ALF community in Kansas. (2) We donated a SNF with a carrying value of $1,170 to a nonprofit health care provider. Mortgage Loans. At December 31, 2018, the mortgage loans had interest rates ranging from 9.2% to 9.7% and maturities ranging from 2020 to 2045. In addition, some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30‑year term. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 2.25%. Please see Item 1. Business. Portfolio for a table that summarizes our loaned properties as of December 31, 2018. The following table summarizes our mortgage loan activity for the years ended December 31, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Originations and funding under mortgage loans receivable $ 21,364 (1) $ 11,913 $ 20,685 Pay-offs received (1,086) (16,665) (6,036) Scheduled principal payments received (1,050) (1,198) (2,242) Mortgage loan (premiums) (4) (4) (10) (Provision for)/ recovery of loan loss reserve (192) 60 (125) Net increase (decrease) in mortgage loans receivable $ 19,032 $ (5,894) $ 12,272 (1) During 2018, we funded an additional $7,400 under an existing mortgage loan for the purchase of a 112-bed SNF in Michigan. The incremental funding bears interest at 8.7%, fixed for five years, and escalating by 2.25% thereafter. Also, we funded additional loan proceeds of $7,125 under an existing mortgage loan for the purchase of a 126-bed SNF in Michigan. This incremental funding bears interest at 9.41%, fixed for five years, and escalating by 2.25% thereafter. At December 31, 2018 and 2017 the carrying values of the mortgage loans were $242,939,000 and $223,907,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2019 $ 1,065 2020 8,815 2021 1,175 2022 1,175 2023 1,175 Thereafter 231,981 Total $ 245,386 The following table summarizes our early mortgage loan payoffs during the years 2018, 2017 and 2016 (dollar amounts in thousands) : Early Number Principal of Payoff Loans State 2018 $ 1,086 UT 2017 $ 10,795 AZ/MO/TX 2016 $ 6,036 MO/TX/WA

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2018
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. The following table summarizes our investment in unconsolidated joint ventures (dollar amounts in thousands): Type Type Total Currently Number of of Preferred Paid in of Investment Carrying State Properties Investment Return Cash Beds/ Units Commitment Value Arizona ALF/MC/ILF Preferred Equity (1) % % $ 25,650 $ 24,032 Florida ALF/IL/MC Mezzanine (2) % % 2,900 (3) 3,183 (3) Florida UDP-ALF/MC Mezzanine (2) % % 3,400 3,400 Total $ 31,950 $ 30,615 (1) We have concluded that the JV is a VIE in accordance with GAAP. 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. (2) We evaluated these ADC arrangements and determined that the characteristics are similar to jointly-owned investments or partnerships, and accordingly, these investments are accounted for as unconsolidated joint ventures under the equity method of accounting instead of loan accounting. (3) Since interest payments were deferred and no interest was recorded for the first twelve months of the loan, we used the effective interest method in accordance with GAAP to recognize interest income and recorded the difference between the effective interest income and cash interest income to the loan principal balance. The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2018, 2017 and 2016 (in thousands): Type of Capital Income Cash Interest Year Properties Contribution Recognized Received 2018 ALF/MC/ILF $ 670 $ 2,041 $ 1,975 ALF/IL/MC — 511 396 UDP-ALF/MC — 312 (1) — (1) Total 2018 $ 670 $ 2,864 $ 2,371 2017 ALF/MC/ILF 1,101 1,560 1,436 ALF/IL/MC — 511 302 UDP-ALF/MC 2,747 192 (1) — (1) Total 2017 $ 3,848 $ 2,263 $ 1,738 2016 ALF/MC/ILF $ 1,770 $ 1,138 $ 1,695 ALF/IL/MC — — — UDP-ALF/MC — — — Total 2016 $ 1,770 $ 1,138 $ 1,695 (1) We withheld $653 at the time of loan origination which is being applied to interest. As of December 31, 2018, we still hold $177 which will be applied to future interest.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2018
Notes Receivable.
Notes Receivable	7. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2018 and 2017 ( in thousands ): At December 31, 2018 2017 Mezzanine loans $ 9,868 $ 13,700 Other loans 2,975 2,868 Notes receivable reserve (128) (166) Total $ 12,715 $ 16,402 The following table summarizes our notes receivable activity for the years ended December 31, 2018 through 2016 ( in thousands ): Year ended December 31, 2018 2017 2016 Advances under notes receivable $ 124 $ — $ 14,969 Principal payments received under notes receivable (3,848) (25) (100) Reclassified to real estate under development (1) — — (237) Notes receivable reserve 37 — (166) Net (decrease) increase in notes receivable $ (3,687) $ (25) $ 14,466 (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects. During the fourth quarter of 2018, we entered into a $6,828,000 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia which will be funded during the first quarter of 2019. The mezzanine loan has a five-year term and bears interest at 12%, with 8% current-pay during the first 46 months of the loan, and the balance accruing to the note and 12% current-pay thereafter.

Lease Incentives

Lease Incentives	12 Months Ended
	Dec. 31, 2018
Lease Incentives
Lease Incentives	8. Lease Incentives The following table summarizes lease incentives by component as of December 31, 2018 and 2017 (in thousands): At December 31, 2018 2017 Non-contingent lease incentives $ 14,443 $ 14,904 Contingent lease incentives — 6,577 Total $ 14,443 $ 21,481 The following table summarizes our lease incentive activity for the years ended December 31, 2018, 2017 and 2016 (in thousands) : 2018 2017 2016 Funding Amortization Write-off Funding Amortization Write-off Funding Amortization Write-off Non-contingent lease incentives $ 1,272 $ (1,733) $ — $ 6,544 $ (1,590) $ (1,205) (2) $ 4,559 $ (1,207) $ — Contingent lease incentives — (359) (6,219) (1) — (619) (2,634) (3) 268 (748) (514) (4) Net increase (decrease) in lease incentives $ 1,272 $ (2,092) $ (6,219) $ 6,544 $ (2,209) $ (3,839) $ 4,827 $ (1,955) $ (514) (1) We entered into an amended master lease agreement with Senior Lifestyle Management, LLC (“Senior Lifestyle”). Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive. (2) Represents the write-off of lease incentives related to two MC communities due to negotiations to transition these properties to another operator in our portfolio that never materialized. (3) Represents the write-off of lease incentive related to an ALF due to a change to the business model at the property that resulted in lower net operating income and the improbability of paying the earn-out. (4) Represents the write-off of lease incentive related to two MC due to transitioning these properties to another operator in our portfolio. Non-contingent lease incentives represent payments made to our lessees for various reasons including entering into a new lease or lease amendments and extensions. Contingent lease incentives represent potential contingent earn-out payments that may be made to our lessees in the future, as part of our lease agreements. From time to time, we may commit to provide contingent payments to our lessees, upon our properties achieving certain rent coverage ratios. Once the contingent payment becomes probable and estimable, the contingent payment is recorded as a lease incentive. Lease incentives are amortized as a yield adjustment to rental income over the remaining life of the lease.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2018
Debt Obligations
Debt Obligations	9. Debt Obligations Bank Borrowings. During 2018, we amended and restated our unsecured credit agreement to replace the previous unsecured credit agreement, prior to its expiration on October 14, 2018. The amended credit agreement maintains the $600,000,000 aggregate commitment of the lenders under the prior agreement and provides for the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000. The amended credit agreement extends the maturity of the credit agreement to June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Additionally, the amended credit agreement decreases the interest rate margins and converts from the payment of unused commitment fees to a facility fee. Based on our leverage at December 31, 2018, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At December 31, 2018 and 2017 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. (“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, 2018 and 2017 (dollar amounts in thousands): Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 3.69% $ 112,000 $ 488,000 $ 96,500 $ 503,500 Senior unsecured notes, net of debt issue costs (3) 4.50% 533,029 93,833 571,002 63,667 Total 4.36% $ 645,029 $ 581,833 $ 667,502 $ 567,167 (1) Represents weighted average of interest rate as of December 31, 2018. (2) Subsequent to December 31, 2018, we borrowed $26,400, net, under our unsecured revolving line of credit, accordingly we have $138,400 outstanding balance and $461,600 available for borrowing. (3) Subsequent to December 31, 2018, we paid $4,167 in regular scheduled principal payments, accordingly we have $528,862 outstanding and $98,000 available under our senior unsecured notes. Our borrowings and repayments for the years ended December 31, 2018, 2017 and 2016 are as follows (in thousands): 2018 2017 2016 Debt Obligations Borrowings Repayments Borrowings Repayments Borrowings Repayments Bank borrowings $ 116,200 $ (100,700) $ 113,000 $ (123,600) $ 123,600 $ (137,000) Senior unsecured notes — (38,166) 100,000 (1) (31,167) 77,500 (2) (26,667) Total $ 116,200 $ (138,866) $ 213,000 $ (154,767) $ 201,100 $ (163,667) (1) During 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. Scheduled Principal Payments. The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2018, and excludes the effects of interest and debt issue costs ( in thousands ): Total 2019 2020 2021 2022 2023 Thereafter Bank borrowings $ (1) $ — $ — $ — $ $ — $ — Senior unsecured notes (2) 48,160 Total $ $ $ $ $ $ $ (1) Subsequent to December 31, 2018, we borrowed $26,400, net under our unsecured revolving line of credit. Accordingly, we have $138,400 outstanding and $461,600 available under our unsecured revolving line of credit. (2) Subsequent to December 31, 2018, we paid $4,167 in regular scheduled principal payments, accordingly we have $528,862 outstanding and $98,000 available under our senior unsecured notes. .

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity
Equity	10. Equity Common Stock. We have an equity distribution agreement to issue and sell, from time to time, up to $200,000,000 in aggregate offering price of our company 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, 2018, we sold 22,244 shares of common stock for $1,005,000 in net proceeds under our equity distribution agreement. In conjunction with the sale of common stock, we paid $18,000 as compensation to our sales agents and we reclassified $76,000 of accumulated costs associated with this agreement to additional paid in capital. Accordingly, at December 31, 2018, we had $184,139,000 available under our equity distribution agreement. 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. During the years 2018, 2017 and 2016, we acquired 31,326 shares, 42,089 shares and 49,405 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2018, we acquired 20,345 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Non-controlling Interests. During 2018 and 2017, we entered into partnerships to develop and/or own real estate. Given that our limited members do not have the substantive kick-out rights, liquidation rights, or participation rights, we have concluded that the partnerships are VIEs. Since we exercise power over and receive benefits from the VIEs, we are considered the primary beneficiary. Accordingly, we consolidate the VIEs and record the non-controlling interests at cost. As of December 31, 2018, we have the following consolidated VIEs ( in thousands ): Gross Investment Property Consolidated Non-Controlling Year (1) Purpose Type State Assets Interests 2018 Owned real estate ILF OR $ 14,400 (2) $ 2,857 (2) 2018 Owned real estate and development UDP OR 4,606 (2) 1,081 (2) 2017 Owned real estate and development UDP WI 16,665 (3) 2,272 (3) 2017 Owned real estate ALF SC 11,195 1,271 Total $ 46,866 $ 7,481 (1) Subsequent to December 31, 2018, we entered into a JV to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,950 in cash. Our economic interest in the real estate JV will be approximately 95%. We account for the JV on a consolidated basis. (2) We entered into a JV to develop, purchase and own seniors housing properties. During 2018, the JV purchased land for the development of a 78-unit ALF/MC for a total anticipated project cost of $18,108. The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. Additionally, during 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89-unit ILF adjacent to the 78-unit ALF/MC we are developing for $14,400. The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88%. We account for the JV on a consolidated basis. (3) We entered into a JV to own the real estate and develop a 110-unit ILF/ALF/MC community in Wisconsin. The commitment totals approximately $22,471. 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, 2018 2017 2016 Declared Paid Declared Paid Declared Paid Common Stock $ 90,372 (1) $ 90,372 (1) $ 90,219 (1) $ 90,219 (1) 84,568 (2) 84,568 (2) (1) Represents $0.19 per share per month for the years ended December 31, 2018, and 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. In January 2019, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February and March 2019 payable on January 31, February 28 and March 29, 2019, respectively, to stockholders of record on January 23, February 20 and March 21, 2019, respectively. Stock Based Compensation Plans. During 2015, we adopted, and our stockholders approved the 2015 Equity Participation Plan (the “2015 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, 2018, we have 825,457 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, 2018, 2017 and 2016 was as follows: 2018 2017 2016 Outstanding, January 1 244,181 210,573 187,347 Granted 156,718 143,057 127,087 Vested (75,149) (85,343) (103,861) Cancelled — (24,106) — Outstanding, December 31 325,750 244,181 210,573 Compensation expense related to restricted stock and performance based stock units for the year $ 5,870,000 $ 5,247,000 $ 4,265,000 During 2018, 2017 and 2016, we granted 156,718, 143,057 and 127,087 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows: No. of Price per Year Shares/Units Share Vesting Period 2018 $ ratably over 3 years 66,171 $ 38.18 TSR targets (1) 8,728 $ 41.25 ratably over 1 year 2017 $ 45.76 ratably over 3 years 57,881 $ 45.76 TSR targets (1) 7,416 $ 48.55 ratably over 1 year 3,000 $ 50.50 ratably over 3 years 2016 $ ratably over 3 years 54,107 $ 46.87 TSR targets (2) 7,680 $ 46.87 ratably over 1 year (1) Vesting is based on achieving certain total shareholder return (“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, 2018, we granted 139,112 shares of restricted common stock and performance-based stock units at $46.54 per share. Out of these shares, 78,276 vest ratably from the grant date over a three-year period and 60,836 vest based on achieving certain TSR targets in 4 years with acceleration opportunity in 3 years. At December 31, 2018, 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 2019 128,214 (1) 4,250,000 2020 104,085 (2) 2,210,000 2021 93,451 (3) 238,000 Total 325,750 $ 6,698,000 (1) Includes 49,728 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 53,554 performance-based stock units. See (1) above for valuation methodology. (3) Includes 66,171 performance-based stock units. See (1) above for valuation methodology. Stock Options. During 2018, 2017 and 2016, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2018, 2017 and 2016, was as follows: Weighted Average Shares Price 2018 2017 2016 2018 2017 2016 Outstanding, January 1 25,000 33,334 40,001 $ 32.92 $ 30.76 $ 29.60 Granted — — — n.a n.a n.a Exercised (5,000) (8,334) (6,667) $ 24.65 $ 24.31 $ 23.79 Canceled — — — n.a n.a n.a Outstanding, December 31 20,000 25,000 33,334 $ 34.99 $ 32.92 $ 30.76 Exercisable, December 31 (1) 20,000 25,000 28,334 $ 34.99 $ 32.92 $ 45.45 (1) The aggregate intrinsic value of exercisable options at December 31, 2018, based upon the closing price of our common shares at December 31, 2018, the last trading day of 2018, was approximately $134,000. Options exercisable at December 31, 2018, 2017 and 2016 have a weighted average remaining contractual life of approximately 3.3 years, 3.5 years, and 2.9 years, respectively. The options exercised during 2018, 2017 and 2016 were as follows: Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2018 5,000 $ 24.65 $ 123,000 $ 205,000 2017 8,334 $ 24.31 $ 202,000 $ 410,797 2016 6,667 $ 23.79 $ 159,000 $ 311,000 (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. Compensation expense related to the vesting of stock options for the years ended December 31, 2018, 2017 and 2016 was $0, $2,000 and $15,000, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies At December 31, 2018, we had commitments as follows (in thousands): Total Investment 2018 Commitment Remaining Commitment Funding Funded Commitment Real estate properties ( Note 5. Real Estate Investments ) $ 77,882 (1) $ 28,343 $ 45,787 $ 32,095 Accrued incentives and earn-out liabilities 9,000 (2) — — 9,000 Mortgage loans ( Note 5. Real Estate Investments ) 64,200 (3) 4,330 18,591 45,609 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ) 25,650 670 23,684 1,966 Notes receivable ( Note 7. Notes Receivable ) 7,828 (4) 124 124 7,704 Total $ 184,560 $ 33,467 $ 88,186 $ 96,374 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. Additionally, we have certain master leases that provide for additional capital expenditure allowance upon pre-approval of projects. (2) During the twelve months ended December 31, 2018, we recorded non-cash interest expense of $377 related to these contingent liabilities. During the fourth quarter of 2018, we entered into an amended master lease agreement with Senior Lifestyle. Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive of $6,219 and the related earn-out liability of $9,292 which resulted in income of approximately $3,000. (3) $35,700 represents commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $28,500 represents contingent funding upon the borrower achieving certain coverage ratios. (4) During the fourth quarter of 2018, we entered into a $6,800 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia which will be funded during the first quarter of 2019. The mezzanine loan has a five-year term and bears interest at 12%, with 8% current-pay during the first 46 months of the loan, and the balance accruing to the note and 12% current-pay thereafter. Also, some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements: Type Number of of Gross Carrying Option State Property Properties Investments Value Window Kansas MC $ 25,692 $ 23,906 2019-2021 Texas MC 25,265 24,955 2025-2027 Total $ 50,957 $ 48,861 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, 2018
Distributions
Distributions	12. 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 2018, 2017 and 2016 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ): Year Ended December 31, 2018 2017 2016 Ordinary taxable distribution $ 0.349 $ 1.607 $ 1.485 Return of capital — 0.444 0.556 Unrecaptured Section 1250 gain 0.636 0.163 0.149 Long-term capital gain 1.295 0.066 — Total $ 2.280 $ 2.280 $ 2.190

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2018
Net Income Per Common Share
Net Income Per Common Share	13. 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, 2018 2017 2016 Net income $ $ $ Less income allocated to non-controlling interests (95) — — Less income allocated to participating securities: Non-forfeitable dividends on participating securities (357) (350) (373) Income allocated to participating securities (268) (12) (12) Total net income allocated to participating securities (625) (362) (385) Net income available to common stockholders Effect of dilutive securities: Participating securities 362 385 Net income for diluted net income per share $ $ $ Shares for basic net income per share 39,477 Effect of dilutive securities: Stock options 3 10 13 Performance-based stock units 203 67 27 Participating securities 156 151 169 Total effect of dilutive securities 362 228 209 Shares for diluted net income per share 39,839 Basic net income per share $ 3.91 $ 2.21 $ 2.21 Diluted net income per share $ 3.89 $ 2.20 $ 2.21

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information
Quarterly Financial Information	14. Quarterly Financial Information For the quarter ended March 31, June 30, September 30, December 31, (unaudited, in thousands except per share amounts) 2018 Revenues $ 41,810 $ 41,472 $ 41,776 $ 43,587 Net income available to common stockholders $ 20,271 $ 68,658 $ 34,782 $ 30,645 Net income per common share available to common stockholders: Basic $ 0.51 $ 1.74 $ 0.88 $ 0.78 Diluted $ 0.51 $ 1.73 $ 0.88 $ 0.77 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 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 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, 2018
Fair Value Measurements
Fair Value Measurements	15. 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, 2018 and 2017 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2018 At December 31, 2017 Carrying Fair Carrying Fair Value Value Value Value Mortgage loans receivable $ 242,939 $ 295,492 (1) $ 223,907 $ 278,224 (1) Bank borrowings 112,000 112,000 (2) 96,500 96,500 (2) Senior unsecured notes, net of debt issue costs 533,029 508,613 (3) 571,002 577,126 (3) Accrued incentives and earn-outs — — (4) 8,916 8,916 (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, 2018 and 2017 was 9.0% and 8.7%, 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, 2018 and 2017 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, 2018, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.15% for those maturing before year 2026 and 5.40% for those maturing at or beyond year 2026. 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 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 the discount rate used to value our future cash outflow of the earn-out liability was 6.2%. Furthermore, during the fourth quarter of 2018, we entered into an amended master lease agreement with Senior Lifestyle. Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent earn-out liability of $9,292. .

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events
Subsequent Events	16. Subsequent Events The following events occurred subsequent to the balance sheet date. Real Estate. We entered into a JV to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919,000 of equity and we contributed $15,950,000 in cash. Our economic interest in the real estate JV will be approximately 95%. Debt: We borrowed $26,400,000, net under our unsecured revolving line of credit. Accordingly, we have $138,400,000 outstanding and $461,600,000 available for borrowing under our unsecured revolving line of credit. Additionally, we paid $4,167,000 in regular scheduled principal payments, accordingly we have $528,862,000 outstanding and $98,000,000 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 2019, payable on January 31, February 28, and March 29, 2019, respectively, to stockholders of record on January 23, February 20, and March 21, 2019, respectively. Also, we acquired 20,345 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we granted 139,112 shares of restricted common stock and performance-based stock units at $46.54 per share. Out of these shares, 78,276 vest ratably from the grant date over a three-year period and 60,836 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, 2018
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, 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 Year ended December 31, 2018 Loan loss reserves $ 2,255 $ 192 $ — $ — $ 2,447 Other notes receivable allowance 166 (38) — — 128 Straight-line rent receivable allowance 814 (68) — — 746 $ 3,235 $ 86 $ — $ — $ 3,321 (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, 2018
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, 2018 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 $ 1,408 1985 2001 218 Albuquerque, NM — 1,696 3,891 530 1,696 4,421 6,117 1,841 2008 2005 219 Albuquerque, NM — 1,950 8,910 207 1,950 9,117 11,067 3,670 1982 2005 220 Albuquerque, NM — 2,463 7,647 9 2,463 7,656 10,119 3,062 1970 2005 042 Altoona, IA — 105 2,309 444 105 2,753 2,858 1,920 1973 1996 252 Amarillo, TX — 844 — 7,925 844 7,925 8,769 1,871 2013 2011 214 Aransas Pass, TX — 154 1,276 589 154 1,865 2,019 888 2008 2004 247 Arlington, TX — 1,016 13,649 — 1,016 13,649 14,665 3,801 2007 2011 221 Beaumont, TX — 370 1,141 106 370 1,247 1,617 541 1950 2005 213 Beeville, TX — 186 1,197 70 186 1,267 1,453 493 1974 2004 007 Bradenton, FL — 330 2,720 160 330 2,880 3,210 2,112 2012 1993 256 Brownwood, TX — 164 6,336 — 164 6,336 6,500 1,354 2011 2012 043 Carroll, IA — 47 1,033 213 47 1,246 1,293 867 1969 1996 177 Chesapeake, VA — 388 3,469 2,777 388 6,246 6,634 3,395 2017 1995 257 Cincinnati, OH — 1,890 25,110 — 1,890 25,110 27,000 3,694 2009 2012 125 Clovis, NM — 561 5,539 307 561 5,846 6,407 2,588 2006 2001 129 Clovis, NM — 598 5,902 59 598 5,961 6,559 2,662 1995 2001 268 Coldspring, KY — 2,050 21,496 — 2,050 21,496 23,546 4,091 2014 2012 253 Colton, CA — 2,342 15,158 — 2,342 15,158 17,500 3,082 1990 2011 211 Commerce City, CO — 236 3,217 167 236 3,384 3,620 1,529 1964 2004 212 Commerce City, CO — 161 2,160 95 161 2,255 2,416 999 1967 2004 246 Crowley, TX — 2,247 14,276 — 2,247 14,276 16,523 3,841 2007 2011 235 Daleville, VA — 279 8,382 — 279 8,382 8,661 2,421 2005 2010 258 Dayton, OH — 373 26,627 — 373 26,627 27,000 3,945 2010 2012 168 Des Moines, IA — 115 2,096 1,433 115 3,529 3,644 2,114 1972 1999 196 Dresden, TN — 31 1,529 1,073 31 2,602 2,633 1,095 2014 2000 298 Forth Worth, TX — 2,785 7,546 — 2,785 7,546 10,331 1,341 1998 2015 026 Gardendale, AL — 100 7,550 2,084 100 9,634 9,734 5,863 2011 1996 185 Gardner, KS — 896 4,478 4,150 896 8,628 9,524 3,773 2011 1999 248 Granbury, TX — 836 6,693 — 836 6,693 7,529 2,473 2008 2011 044 Granger, IA — 62 1,356 221 62 1,577 1,639 1,072 1979 1996 205 Grapevine, TX — 431 1,449 188 431 1,637 2,068 912 1974 2002 172 Griffin, GA — 500 2,900 — 500 2,900 3,400 1,711 1969 1999 250 Hewitt, TX — 1,780 8,220 99 1,780 8,319 10,099 1,815 2008 2011 194 Holyoke, CO — 211 1,513 283 211 1,796 2,007 1,085 1963 2000 051 Houston, TX — 365 3,769 1,598 365 5,367 5,732 3,508 1968 1996 054 Houston, TX — 202 4,458 1,426 202 5,884 6,086 3,996 2007 1996 055 Houston, TX — 202 4,458 1,359 202 5,817 6,019 3,880 2008 1996 045 Jefferson, IA — 86 1,883 296 86 2,179 2,265 1,464 1972 1996 008 Lecanto, FL — 351 2,665 2,737 351 5,402 5,753 3,735 2012 1993 300 Mansfield, TX — 2,890 13,110 — 2,890 13,110 16,000 1,424 2015 2016 053 Mesa, AZ — 305 6,909 1,876 305 8,785 9,090 5,632 1996 1996 226 Mesa, AZ — 1,095 2,330 4,673 1,095 7,003 8,098 1,407 2016 2006 242 Mission, TX — 1,111 16,602 — 1,111 16,602 17,713 4,014 2004 2010 115 Nacogdoches, TX — 100 1,738 168 100 1,906 2,006 1,164 1973 1997 233 Nacogdoches, TX — 394 7,456 268 394 7,724 8,118 2,077 1991 2010 249 Nacogdoches, TX — 1,015 11,109 — 1,015 11,109 12,124 3,451 2007 2011 245 Newberry, SC — 439 4,639 608 439 5,247 5,686 1,744 1995 2011 244 Newberry, SC — 919 5,454 131 919 5,585 6,504 1,634 2001 2011 046 Norwalk, IA — 47 1,033 239 47 1,272 1,319 895 1975 1996 176 Olathe, KS — 520 1,872 313 520 2,185 2,705 1,393 1968 1999 251 Pasadena, TX — 1,155 14,345 522 1,155 14,867 16,022 3,012 2005 2011 210 Phoenix, AZ — 334 3,383 456 334 3,839 4,173 1,844 1982 2004 193 Phoenix, AZ — 300 9,703 92 300 9,795 10,095 5,601 1985 2000 047 Polk City, IA — 63 1,376 153 63 1,529 1,592 1,046 1976 1996 094 Portland, OR — 100 1,925 3,152 100 5,077 5,177 3,166 2007 1997 254 Red Oak, TX — 1,427 17,173 — 1,427 17,173 18,600 3,479 2002 2012 124 Richland Hills, TX — 144 1,656 427 144 2,083 2,227 1,155 1976 2001 197 Ripley, TN — 20 985 1,638 20 2,623 2,643 1,101 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, 2018 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 $ 2,782 1975 2001 081 Sacramento, CA — 220 2,929 1,481 220 4,410 4,630 2,330 2015 1997 085 Salina, KS — 100 1,153 628 100 1,781 1,881 1,201 1985 1997 281 Slinger, WI — 464 13,482 — 464 13,482 13,946 2,040 2014 2015 234 St. Petersburg, FL — 1,070 7,930 500 1,070 8,430 9,500 2,084 1988 2010 243 Stephenville, TX — 670 10,117 500 670 10,617 11,287 2,627 2009 2010 225 Tacoma, WA — 723 6,401 901 723 7,302 8,025 3,105 2009 2006 178 Tappahannock, VA — 375 1,327 397 375 1,724 2,099 1,487 1978 1995 270 Trinity, FL — 1,653 12,748 — 1,653 12,748 14,401 2,131 2008 2013 192 Tucson, AZ — 276 8,924 112 276 9,036 9,312 5,162 1992 2000 299 Weatherford, TX — 836 11,902 — 836 11,902 12,738 1,726 1996 2015 236 Wytheville, VA — 647 12,167 — 647 12,167 12,814 4,370 1996 2010 Skilled Nursing Properties $ — $ 49,593 $ 463,714 $ 51,877 $ 49,593 $ 515,591 $ 565,184 $ 172,196 Assisted Living Properties: 077 Ada, OK — 100 1,650 — 100 1,650 1,750 926 1996 1996 105 Arvada, CO — 100 2,810 6,960 100 9,770 9,870 2,955 2014 1997 304 Athens, GA — 1,056 13,326 — 1,056 13,326 14,382 948 2016 2016 063 Athens, TX — 96 1,510 104 96 1,614 1,710 929 1995 1996 269 Aurora, CO — 850 8,583 — 850 8,583 9,433 1,548 2014 2013 260 Aurora, CO — 831 10,071 — 831 10,071 10,902 1,819 1999 2012 203 Bakersfield, CA — 834 11,986 812 834 12,798 13,632 6,115 2002 2001 117 Beatrice, NE — 100 2,173 183 100 2,356 2,456 1,211 1997 1997 277 Burr Ridge, IL — 1,400 11,102 — 1,400 11,102 12,502 1,229 2016 2014 278 Castle Rock, CO — 759 9,041 — 759 9,041 9,800 823 2012 2014 160 Central, SC — 100 2,321 — 100 2,321 2,421 1,050 1998 1999 263 Chatham, NJ — 5,365 36,399 — 5,365 36,399 41,764 6,297 2002 2012 307 Clovis, CA — 2,542 19,126 — 2,542 19,126 21,668 824 2014 2017 308 Clovis, CA — 3,054 14,172 — 3,054 14,172 17,226 587 2016 2017 279 Corpus Christi, TX — 880 11,440 — 880 11,440 12,320 1,166 2016 2015 292 De Forest, WI — 485 5,568 8 485 5,576 6,061 594 2006 2015 057 Dodge City, KS — 84 1,666 4 84 1,670 1,754 994 1995 1995 083 Durant, OK — 100 1,769 — 100 1,769 1,869 977 1997 1997 107 Edmond, OK — 100 1,365 526 100 1,891 1,991 1,024 1996 1997 163 Ft. Collins, CO — 100 2,961 3,405 100 6,366 6,466 2,258 2014 1999 170 Ft. Collins, CO — 100 3,400 4,622 100 8,022 8,122 2,510 2014 1999 132 Ft. Meyers, FL — 100 2,728 9 100 2,737 2,837 1,440 1998 1998 229 Ft. Worth, TX — 333 4,385 1,028 333 5,413 5,746 1,916 2009 2008 315 Ft. Worth, TX — 1,534 11,099 — 1,534 11,099 12,633 158 2014 2018 100 Fremont ,OH — 100 2,435 106 100 2,541 2,641 1,363 1997 1997 267 Frisco, TX — 1,000 5,154 — 1,000 5,154 6,154 977 2014 2012 314 Frisco, TX — 2,216 10,417 — 2,216 10,417 12,633 152 2015 2018 296 Glenview, IL 2,800 14,248 — 2,800 14,248 17,048 568 2017 2015 167 Goldsboro, NC — 100 2,385 1 100 2,386 2,486 1,006 1998 1999 056 Great Bend, KS — 80 1,570 21 80 1,591 1,671 1,052 1995 1995 102 Greeley, CO — 100 2,310 270 100 2,580 2,680 1,395 1997 1997 284 Green Bay, WI — 1,660 19,079 356 1,660 19,435 21,095 2,015 2004 2015 164 Greenville, NC — 100 2,478 2 100 2,480 2,580 1,175 1998 1999 062 Greenville, TX — 42 1,565 84 42 1,649 1,691 947 1995 1996 161 Greenwood, SC — 100 2,638 — 100 2,638 2,738 1,278 1998 1999 241 Gulf Breeze, FL — 720 3,780 261 720 4,041 4,761 1,093 2000 2010 295 Jacksonville, FL — 1,389 12,756 39 1,389 12,795 14,184 1,098 2015 2015 066 Jacksonville, TX — 100 1,900 77 100 1,977 2,077 1,137 1996 1996 310 Kansas City, MO 1,072 15,552 — 1,072 15,552 16,624 448 2017 2017 285 Kenosha, WI — 936 12,361 165 936 12,526 13,462 1,155 2008 2015 255 Littleton, CO — 1,882 8,248 — 1,882 8,248 10,130 1,548 2013 2012 268 Littleton, CO — 1,200 8,688 — 1,200 8,688 9,888 1,690 2014 2013 148 Longmont, CO — 100 2,640 — 100 2,640 2,740 1,378 1998 1998 060 Longview, TX — 38 1,568 127 38 1,695 1,733 978 1995 1995 261 Louisville, CO — 911 11,703 — 911 11,703 12,614 2,069 2000 2012 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, 2018 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 301 Louisville, KY $ — $ 1,021 $ 13,157 $ — $ 1,021 $ 13,157 $ 14,178 937 2016 2016 114 Loveland, CO — 100 2,865 270 100 3,135 3,235 1,681 1997 1997 068 Lufkin, TX — 100 1,950 94 100 2,044 2,144 1,167 1996 1996 061 Marshall, TX — 38 1,568 534 38 2,102 2,140 1,235 1995 1995 293 McHenry, IL — 1,289 28,976 123 1,289 29,099 30,388 2,978 2005 2015 058 McPherson, KS — 79 1,571 4 79 1,575 1,654 1,041 1994 1995 316 Medford, OR — 750 13,650 — 750 13,650 14,400 144 1984 2018 239 Merritt Island, FL — 550 8,150 100 550 8,250 8,800 2,107 2004 2010 104 Millville, NJ — 100 2,825 708 100 3,533 3,633 1,631 1997 1997 286 Milwaukee, WI — 818 8,014 56 818 8,070 8,888 861 2007 2015 231 Monroeville, PA — 526 5,334 435 526 5,769 6,295 1,714 1997 2009 280 Murrells Inlet, SC — 2,490 14,185 — 2,490 14,185 16,675 1,207 2016 2015 294 Murrieta, CA — 2,022 11,136 — 2,022 11,136 13,158 993 2016 2015 289 Neenah, WI — 694 20,839 212 694 21,051 21,745 2,028 1991 2015 166 New Bern, NC — 100 2,427 1 100 2,428 2,528 1,044 1998 1999 118 Newark, OH — 100 2,435 275 100 2,710 2,810 1,351 1997 1997 143 Niceville, FL — 100 2,680 — 100 2,680 2,780 1,399 1998 1998 095 Norfolk, NE — 100 2,123 165 100 2,288 2,388 1,191 1997 1997 306 Oak Lawn, IL — 1,591 13,772 — 1,591 13,772 15,363 281 2018 2016 290 Oshkosh, WI — 1,525 9,192 108 1,525 9,300 10,825 1,930 2009 2015 291 Oshkosh, WI — 475 7,364 40 475 7,404 7,879 776 2005 2015 302 Overland Park, KS — 1,951 11,882 259 1,951 12,141 14,092 958 2013 2016 232 Pittsburgh, PA — 470 2,615 333 470 2,948 3,418 972 1994 2009 165 Rocky Mount, NC — 100 2,494 1 100 2,495 2,595 1,103 1998 1999 059 Salina, KS — 79 1,571 4 79 1,575 1,654 1,041 1994 1995 084 San Antonio, TX — 100 1,900 — 100 1,900 2,000 1,048 1997 1997 092 San Antonio, TX — 100 2,055 — 100 2,055 2,155 1,128 1997 1997 288 Sheboygan, WI — 1,168 5,382 180 1,168 5,562 6,730 660 2006 2015 149 Shelby, NC — 100 2,805 2 100 2,807 2,907 1,464 1998 1998 312 Spartanburg, SC — 254 9,906 1,035 254 10,941 11,195 407 1999 2017 150 Spring Hill, FL — 100 2,650 — 100 2,650 2,750 1,383 1998 1998 103 Springfield, OH — 100 2,035 270 100 2,305 2,405 1,244 1997 1997 162 Sumter, SC — 100 2,351 — 100 2,351 2,451 1,091 1998 1999 140 Tallahassee, FL — 100 3,075 — 100 3,075 3,175 1,608 1998 1998 098 Tiffin, OH — 100 2,435 94 100 2,529 2,629 1,346 1997 1997 282 Tinley Park, IL — 702 11,481 — 702 11,481 12,183 1,076 2016 2015 088 Troy, OH — 100 2,435 593 100 3,028 3,128 1,548 1997 1997 080 Tulsa, OK — 200 1,650 — 200 1,650 1,850 919 1997 1997 093 Tulsa, OK — 100 2,395 — 100 2,395 2,495 1,311 1997 1997 238 Tupelo, MS — 1,170 8,230 30 1,170 8,260 9,430 2,203 2000 2010 075 Tyler, TX — 100 1,800 — 100 1,800 1,900 1,008 1996 1996 202 Vacaville, CA — 1,662 11,634 1,141 1,662 12,775 14,437 6,098 2002 2001 091 Waco, TX — 100 2,235 — 100 2,235 2,335 1,225 1997 1997 096 Wahoo, NE — 100 2,318 119 100 2,437 2,537 1,293 1997 1997 108 Watauga, TX — 100 1,668 — 100 1,668 1,768 908 1996 1997 287 Waukesha, WI — 992 15,183 187 992 15,370 16,362 1,435 2009 2015 109 Weatherford, OK — 100 1,669 592 100 2,261 2,361 1,222 1996 1997 309 West Chester, OH — 2,355 13,553 — 2,355 13,553 15,908 587 2017 2017 276 Westminster, CO — 1,425 9,575 — 1,425 9,575 11,000 1,480 2015 2013 110 Wheelersburg, OH — 29 2,435 239 29 2,674 2,703 1,344 1997 1997 303 Wichita, KS — 1,422 9,957 221 1,422 10,178 11,600 828 2011 2016 259 Wichita, KS — 730 — 9,682 730 9,682 10,412 2,057 2013 2012 283 Wichita, KS — 624 13,846 — 624 13,846 14,470 837 2016 2015 076 Wichita Falls, TX — 100 1,850 — 100 1,850 1,950 1,036 1996 1996 120 Wichita Falls, TX — 100 2,750 131 100 2,881 2,981 1,526 1997 1997 265 Williamstown, NJ — 711 6,637 — 711 6,637 7,348 1,287 2000 2012 264 Williamstown, NJ — 711 8,649 — 711 8,649 9,360 1,516 2000 2012 099 York, NE — 100 2,318 78 100 2,396 2,496 1,289 1997 1997 Assisted Living Properties $ — $ 70,772 $ 695,763 $ 37,486 $ 70,772 $ 733,249 $ 804,021 142,002 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, 2018 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 7,308 849 1,965 8,157 10,122 677 1990/1994 2015 Properties — 1,965 7,308 849 1,965 8,157 10,122 677 Land : 271 Howell, MI — 420 — — 420 — 420 — N/A 2013 272 Milford, MI — 450 — — 450 — 450 — N/A 2014 275 Yale, MI — 73 — — 73 — 73 — N/A 2013 Land — 943 — — 943 — 943 — Other Properties — 2,908 7,308 849 2,908 8,157 11,065 677 Properties Under Development: 305 Union, KY — 19,057 — 19,057 19,915 — N/A 2016 311 Cedarburg, WI — 924 15,741 — 924 15,741 16,665 — N/A 2017 313 Medford, OR — 636 3,970 — 636 3,970 4,606 — N/A 2018 Properties Under Development — 2,418 38,768 — 2,418 38,768 41,186 — $ — $ 125,691 $ 1,205,553 $ 90,212 $ 125,691 $ 1,295,765 $ 1,421,456 (2) $ 314,875 (1) Depreciation is computed principally by the straight‑line method for financial reporting purposes which generally range of a life from (2) As of December 31, 2018, our aggregate cost for Federal income tax purposes was $1,435,334. LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2018, 2017 and 2016 is as follows: For the Year Ended December 31, 2018 2017 2016 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ 1,392,122 $ 1,301,563 $ 1,198,686 Acquisitions 40,408 82,405 74,923 Improvements 38,528 25,800 49,134 Capitalized interest 1,248 908 1,408 Other non-cash items (See Note 4) — — 2,460 Cost of real estate sold (50,850) (18,554) (24,282) Impairment on real estate for sale — — (766) Ending balance $ 1,421,456 $ 1,392,122 $ 1,301,563 Accumulated depreciation: Balance at beginning of period $ 306,033 $ 275,861 $ 251,265 Depreciation expense 37,416 37,492 35,809 Cost of real estate sold (28,574) (7,320) (11,213) Ending balance $ 314,875 $ 306,033 $ 275,861

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2018
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 2018 Interest MI 15 2,029 9.71% 2043 $ 160,855 $ 1,500 $ 187,855 $ 184,160 $ — MI 4 501 9.22% 2045 29,487 257 33,317 32,984 — MI 1 157 9.41% 2045 14,325 117 15,000 14,825 — MI 2 205 9.41% 2020 11,081 89 11,081 10,970 — 22 (4) 2,892 $ 215,748 $ 1,963 $ 247,253 $ 242,939 $ — (1) Represents current stated interest rate. Generally, the loans have a 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 4 first‑lien mortgage loans as follows: Number of Loans Original loan amounts 0 $ 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, 2018, 2017 and 2016 is as follows: 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 Land conveyance (4) Amortization of mortgage premium (17,863) Collections of principal — Foreclosures 60 Loan loss reserve — Other deductions — Balance— December 31, 2017 223,907 New mortgage loans 14,525 Other additions 6,839 Land conveyance — Amortization of mortgage premium (4) Collections of principal (2,136) Foreclosures — Loan loss reserve (192) Other deductions — Balance— December 31, 2018 $ 242,939

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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 the 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 include 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 (“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 Gain on sale of real estate, net on the consolidated statement of income and comprehensive income. The Company has included Gain on sale of real estate, net as a component of Operating Income to present gain and losses on sales of properties in accordance with ASC 360-10-45-5. The change was made for the prior periods as the Securities and Exchange Commission has eliminated Rule 3-15(a) of Regulation S-X as part of Release No. 33-10532; 34-83875; IC-33203, which had required REITs to present gain and losses on sale of properties outside of continuing operations in the income statement. 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.
Restricted Cash	Restricted Cash. In November 2016, the FASB issued ASU No 2016-18 (“ASU 2016-18”), Restricted Cash . ASU 2016-18 requires an entity to reconcile and explain the period over period change in total cash, cash equivalent and restricted cash within its consolidated statement of cash flows. During the third quarter of 2017, a 170-bed skilled nursing center in our portfolio was evacuated due to damages caused by Hurricane Harvey. This property is located in Texas and operated under a triple net master lease agreement. We periodically evaluate properties 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. Based upon a quarterly assessment of this property using the recoverability test, we concluded the property has not been impaired. As of December 31, 2018, the gross value and the carrying value of the property were $2,021,000 and $1,133,000, respectively. The provisions of our triple net lease agreements impose certain obligations on our operators including: · Acquire property insurance, subject to certain criteria; · Continue paying rent in the event of any property damage or destruction; and · Return the leased property back to us at the end of the lease term, in the same condition originally received. During the second quarter of 2018, our operator provided us with insurance proceeds of $2,619,000 to be used for remediation of the property as noted in the provisions of our master lease agreement. Accordingly, we have classified the insurance proceeds as restricted cash on our consolidated financial statements.
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 an asset acquisition or a business combination. 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(“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. ASU 2017-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We early adopted this standard in 2017. As a result of adopting ASU 2017-01, most of our acquisitions of investment properties will qualify as asset acquisitions. In February 2017, the FASB issued ASU No. 2017-05 (“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. We adopted this standard in 2018. 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 15 years for site improvements, 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 (“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 (“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. Based on our assessment, during the years ended December 31, 2018, 2017 and 2016, we recognized impairment charges of $0, $1,880,000 and $766,000, respectively. 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 15. 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. During the years ended December 31, 2018, 2017 and 2016, we received $470,000, $457,000 and $517,000, respectively, of contingent rental income. 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. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and reduces down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. 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. At December 31, 2018, the tax basis of our net depreciable assets exceeds our book basis by approximately $25,639,000 (unaudited), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP, and to differences previously mentioned above. 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. In 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”) , Measurement of Credit Losses on Financial Instruments (Topic 326). This standard requires a new forward looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements. 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 (“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.
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 (“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 (“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. We adopted this ASU in 2017. The adoption of this ASU did not have a material impact on our financial statements or disclosures.
ASU 2016-18
Summary of Significant Accounting Policies
New Accounting Pronouncement	Restricted Cash. In November 2016, the FASB issued ASU No 2016-18 (“ASU 2016-18”), Restricted Cash . ASU 2016-18 requires an entity to reconcile and explain the period over period change in total cash, cash equivalent and restricted cash within its consolidated statement of cash flows.
ASU 2017-01
Summary of Significant Accounting Policies
New Accounting Pronouncement	In January 2017, the FASB issued ASU No. 2017-01(“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. ASU 2017-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We early adopted this standard in 2017. As a result of adopting ASU 2017-01, most of our acquisitions of investment properties will 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 (“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. We adopted this standard in 2018. The adoption of this ASU did not have a material impact on the consolidated financial statements and related notes.
ASU 2016-07
Summary of Significant Accounting Policies
New Accounting Pronouncement	In March 2016, FASB issued ASU No. 2016-07 (“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 2015-03
Summary of Significant Accounting Policies
New Accounting Pronouncement	Debt Issuance Cost. In April 2015, FASB issued ASU No. 2015-03 (“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) (“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. Upon adoption of ASU 2015-15, 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 (“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 judgment and make more estimates. 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 adopted this standard using the modified retrospective adoption method on January 1, 2018. Accordingly, we concluded that this standard did 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.
ASU 2016-02
Summary of Significant Accounting Policies
New Accounting Pronouncement	Leases. In February 2016, the FASB issued ASU No. 2016-02 (“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. ASC 842 represents a significant overhaul of the accounting treatment for leases governing substantially all leases, real estate leases included, with the most significant change being that most leases, including most operating leases, will now be capitalized on the balance sheet. 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. ASU 2016-02 requires the lessors to identify lease and non-lease components of a lease agreement. ASU 2016-02 will govern the recognition of revenue for lease components. Revenue related to non-lease components under lease agreements will be subject to the revenue recognition standard, upon adoption of this ASU. Additionally, in July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with the option to elect a practical expedient allowing them to not separate lease and non-lease components and instead, to account for those components as a single lease component. This practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the non-lease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease-based or service-based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease-based would be accounted for under ASU 2016-02 and predominantly service-based would be accounted for under the Revenue ASUs). This practical expedient option is available as a single election that must be consistently applied to all existing leases at the date of adoption. ASU 2018-11 also provides a practical expedient that allows companies to use an optional transition method. Under the optional transition method, a cumulative adjustment to retained earnings during the period of adoption is recorded and prior periods would not require restatement. Consequently, entities that elect both the practical expedient and the optional transitional method will apply the new lease ASU prospectively to leases commencing or modified after January 1, 2019 and will not be required to apply the disclosures under the new lease ASU to comparative periods. ASC 842 has subsequently been amended by other issued ASUs to clarify and improve the standard as well as to provide certain practical expedients. In December 2018, the FASB issued ASU 2018-20 (“ ASU 2018-20”), Narrow-Scope Improvements for Lessors, which amends ASC 842 to require the lessors to exclude the lessor costs that are directly paid by the lessee to third parties on lessor’s behalf from variable payments. However, the lessor costs that are paid by the lessor and reimbursed by the lessee are required to be included in variable payments. Accordingly, we will begin reporting revenues and expenses within our leased properties, which are subject to non-cancelable triple-net leases, for certain real estate taxes that are reimbursed by our lessees in accordance with their respective leases with us. Furthermore, ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs and use of the standard’s effective date as the date of initial application. ASU 2016-02 and its amendments, which now have formally entered into the FASB codification as ASC 842, are now effective on January 1, 2019. We expect to elect these practical expedients and adopt ASC 842 on January 1, 2019 using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019.

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2018
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 24 — 3,010 93 18.0 % 16.7 % Senior Lifestyle Corporation — 23 — 1,457 11.8 % 10.5 % Brookdale Senior Living — 37 — 1,702 9.9 % 4.6 % Senior Care Centers 11 — 1,444 — 8.8 % 7.1 % Total 35 60 4,454 3,252 48.5 % 38.9 % (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2018.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Information
Supplemental Cash Flow Information	For the year ended December 31, 2018 2017 2016 (in thousands) Non-cash investing and financing transactions: Contingent liabilities related to real estate investments ( Note 5) $ — $ — $ 1,847 Reclassification of pre-development loans ( Note 7) — — 237 Restricted stock issued, net of cancellations (Note 10) 1 1 1

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2018
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) 2019 $ 133,666 2020 140,353 2021 131,284 2022 121,235 2023 124,897 Thereafter 760,163 (1) Represents contractual annual cash rent, except for two master leases which are based on agreed upon cash rents. See below for more information.
Summary of investments acquired	Acquisitions. The following table summarizes our acquisitions for the years ended December 31, 2018 through 2016 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Year Type of Property Price Costs (1) Costs Properties Beds/Units 2018 (2) Assisted Living (3) (4) $ 39,600 $ 65 $ 39,665 3 177 Land (4) 695 48 743 — — Total $ 40,295 $ 113 $ 40,408 3 177 2017 Assisted Living (5) $ 81,018 $ 569 $ 81,587 5 400 Land (6) 800 18 818 — — Total $ 81,818 $ 587 $ 82,405 5 400 2016 Skilled Nursing (7) $ 16,000 $ 45 $ 16,045 1 126 Assisted Living (8) 53,550 423 53,973 4 250 Land (9) 6,891 108 6,999 — — Total $ 76,441 $ 576 $ 77,017 5 376 (1) Represents cost associated with our acquisitions; however, upon adoption of ASU 2017-01, our acquisitions meet the definition of an asset acquisition resulting in capitalization of transaction costs to the properties’ basis. For our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Transaction costs per our consolidated statements of income and comprehensive income represents current and prior year transaction costs due to timing and terminated transactions. (2) Subsequent to December 31, 2018, we entered into a joint venture (“ JV”) to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,950 in cash. Our economic interest in the real estate JV will be approximately 95%. (3) We acquired two MC in Texas. (4) We entered into a JV to develop, purchase and own seniors housing properties. During 2018, the JV purchased land for the development of a 78-unit ALF/MC in Oregon for a total anticipated project cost of $18,108. The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. Additionally, during 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89-unit ILF adjacent to the 78-unit ALF/MC we are developing for $14,400. The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88%. We account for the JV on a consolidated basis. See Note 10. Equity for further discussion related to our partnerships and non-controlling interests. (5) We acquired an ALF and a MC in California, a MC in Ohio and an ALF/MC in Missouri. Furthermore, we entered into a JV and acquired an ALF/MC community. See Note 10. Equity for further discussion related to our partnerships and non-controlling interest. (6) We entered into a JV for the acquisition of land and development of an ALF/MC/ILF community in Wisconsin. See Note 10. Equity for further discussion related to our partnerships and non-controlling interest. (7) We acquired a newly constructed SNF in Texas. (8) We acquired a newly constructed MC in Kentucky, a newly constructed ALF/MC in Georgia and two MCs in Kansas. (9) We acquired a parcel of land and improvement and entered into a development commitment for the development of a SNF. Also, we purchased a parcel of land in Illinois and entered into a development commitment to construct a MC.
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 2018, 2017 and 2016 (in thousands) : 2018 2017 2016 Type of Property Developments Improvements Developments Improvements Developments Improvements Assisted Living Communities $ 27,505 $ 2,292 $ 17,667 $ 1,152 $ 41,859 $ 3,034 Skilled Nursing Centers 7,774 500 5,234 1,356 483 3,758 Other — 457 — 391 — — Total $ 35,279 $ 3,249 $ 22,901 $ 2,899 $ 42,342 $ 6,792
Schedule of completed projects	Completed Projects. The following table summarizes our completed projects during the years ended December 31, 2018, 2017 and 2016 (dollar amounts in thousands): Number Type Number of of of Total Year Type of Project Properties Property Beds/Units State Investment 2018 Development 1 MC 66 Illinois $ 14,998 Total 1 66 $ 14,998 2017 Development 1 MC 66 Illinois $ 13,498 Total 1 66 $ 13,498 2016 Development 1 MC 66 Illinois $ 12,248 Development 1 MC 56 Texas 11,776 Development 1 MC 66 Illinois 11,962 Development 1 MC 66 California 12,400 Development 1 ALF/MC 89 South Carolina 15,080 Development 1 ILF 108 Kansas 13,423 Improvement 1 SNF 160 Arizona 4,672 Total 7 611 $ 81,561
Summary of properties held-for-sale	Properties held-for-sale . The following table summarizes our properties held-for-sale at December 31, 2018 (dollar amounts in thousands): Type Number Number of of Gross Accumulated of State Property Properties Investment Depreciation Beds/units Texas ILF 1 5,746 1,916 140 Totals 1 $ 5,746 $ 1,916 140
Schedule of real estate investment property sold	Property Sales . The following table summarizes property sales during the years ended December 31, 2018 through 2016 (dollar amounts in thousands): Type Number Number Net of of of Sales Carrying Gain Year State Properties Properties Beds Price Value (Loss) 2018 Alabama, Florida and Georgia SNF $ 27,975 $ 5,695 $ 21,987 Kansas ALF (1) — — 350 346 — Ohio and Pennsylvania ALF 67,500 16,352 48,695 Total 2018 10 774 $ 95,825 $ 22,393 $ 70,682 2017 Indiana, Iowa and Oregon ALF $ 15,650 $ 10,107 $ 4,985 Texas SNF (2) — 1,170 (1,171) Total 2017 $ 15,650 $ 11,277 $ 3,814 2016 Florida ALF $ 6,850 $ 4,869 $ 1,973 Texas SNF 235 6,750 4,923 1,802 New Jersey OTH — 3,850 3,997 (193) Total 2016 $ 17,450 $ 13,789 $ 3,582 (1) We sold land adjacent to an existing ALF community in Kansas. We donated a SNF with a carrying value of $1,170 to a nonprofit health care provider.
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the years ended December 31, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Originations and funding under mortgage loans receivable $ 21,364 (1) $ 11,913 $ 20,685 Pay-offs received (1,086) (16,665) (6,036) Scheduled principal payments received (1,050) (1,198) (2,242) Mortgage loan (premiums) (4) (4) (10) (Provision for)/ recovery of loan loss reserve (192) 60 (125) Net increase (decrease) in mortgage loans receivable $ 19,032 $ (5,894) $ 12,272
Scheduled principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2019 $ 1,065 2020 8,815 2021 1,175 2022 1,175 2023 1,175 Thereafter 231,981 Total $ 245,386
Schedule of early mortgage loan payoffs	The following table summarizes our early mortgage loan payoffs during the years 2018, 2017 and 2016 (dollar amounts in thousands) : Early Number Principal of Payoff Loans State 2018 $ 1,086 UT 2017 $ 10,795 AZ/MO/TX 2016 $ 6,036 MO/TX/WA

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2018
Investment in Unconsolidated Joint Ventures
Summary of investments in unconsolidated joint ventures	The following table summarizes our investment in unconsolidated joint ventures (dollar amounts in thousands): Type Type Total Currently Number of of Preferred Paid in of Investment Carrying State Properties Investment Return Cash Beds/ Units Commitment Value Arizona ALF/MC/ILF Preferred Equity (1) % % $ 25,650 $ 24,032 Florida ALF/IL/MC Mezzanine (2) % % 2,900 (3) 3,183 (3) Florida UDP-ALF/MC Mezzanine (2) % % 3,400 3,400 Total $ 31,950 $ 30,615 (1) We have concluded that the JV is a VIE in accordance with GAAP. 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. (2) We evaluated these ADC arrangements and determined that the characteristics are similar to jointly-owned investments or partnerships, and accordingly, these investments are accounted for as unconsolidated joint ventures under the equity method of accounting instead of loan accounting. (3) Since interest payments were deferred and no interest was recorded for the first twelve months of the loan, we used the effective interest method in accordance with GAAP to recognize interest income and recorded the difference between the effective interest income and cash interest income to the loan principal balance.
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2018, 2017 and 2016 (in thousands): Type of Capital Income Cash Interest Year Properties Contribution Recognized Received 2018 ALF/MC/ILF $ 670 $ 2,041 $ 1,975 ALF/IL/MC — 511 396 UDP-ALF/MC — 312 (1) — (1) Total 2018 $ 670 $ 2,864 $ 2,371 2017 ALF/MC/ILF 1,101 1,560 1,436 ALF/IL/MC — 511 302 UDP-ALF/MC 2,747 192 (1) — (1) Total 2017 $ 3,848 $ 2,263 $ 1,738 2016 ALF/MC/ILF $ 1,770 $ 1,138 $ 1,695 ALF/IL/MC — — — UDP-ALF/MC — — — Total 2016 $ 1,770 $ 1,138 $ 1,695 We withheld $653 at the time of loan origination which is being applied to interest. As of December 31, 2018, we still hold $177 which will be applied to future interest.

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Receivable.
Summary of mezzanine loans and other loan arrangements	Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2018 and 2017 ( in thousands ): At December 31, 2018 2017 Mezzanine loans $ 9,868 $ 13,700 Other loans 2,975 2,868 Notes receivable reserve (128) (166) Total $ 12,715 $ 16,402
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the years ended December 31, 2018 through 2016 ( in thousands ): Year ended December 31, 2018 2017 2016 Advances under notes receivable $ 124 $ — $ 14,969 Principal payments received under notes receivable (3,848) (25) (100) Reclassified to real estate under development (1) — — (237) Notes receivable reserve 37 — (166) Net (decrease) increase in notes receivable $ (3,687) $ (25) $ 14,466 (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects. During the fourth quarter of 2018, we entered into a $6,828,000 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia which will be funded during the first quarter of 2019. The mezzanine loan has a five-year term and bears interest at 12%, with 8% current-pay during the first 46 months of the loan, and the balance accruing to the note and 12% current-pay thereafter.

Lease Incentives (Tables)

Lease Incentives (Tables)	12 Months Ended
	Dec. 31, 2018
Lease Incentives
Summary of lease incentives by component	The following table summarizes lease incentives by component as of December 31, 2018 and 2017 (in thousands): At December 31, 2018 2017 Non-contingent lease incentives $ 14,443 $ 14,904 Contingent lease incentives — 6,577 Total $ 14,443 $ 21,481
Summary of lease incentive activity	The following table summarizes our lease incentive activity for the years ended December 31, 2018, 2017 and 2016 (in thousands) : 2018 2017 2016 Funding Amortization Write-off Funding Amortization Write-off Funding Amortization Write-off Non-contingent lease incentives $ 1,272 $ (1,733) $ — $ 6,544 $ (1,590) $ (1,205) (2) $ 4,559 $ (1,207) $ — Contingent lease incentives — (359) (6,219) (1) — (619) (2,634) (3) 268 (748) (514) (4) Net increase (decrease) in lease incentives $ 1,272 $ (2,092) $ (6,219) $ 6,544 $ (2,209) $ (3,839) $ 4,827 $ (1,955) $ (514) (1) We entered into an amended master lease agreement with Senior Lifestyle Management, LLC (“Senior Lifestyle”). Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive. (2) Represents the write-off of lease incentives related to two MC communities due to negotiations to transition these properties to another operator in our portfolio that never materialized. (3) Represents the write-off of lease incentive related to an ALF due to a change to the business model at the property that resulted in lower net operating income and the improbability of paying the earn-out. (4) Represents the write-off of lease incentive related to two MC due to transitioning these properties to another operator in our portfolio.

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Obligations
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of December 31, 2018 and 2017 (dollar amounts in thousands): Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 3.69% $ 112,000 $ 488,000 $ 96,500 $ 503,500 Senior unsecured notes, net of debt issue costs (3) 4.50% 533,029 93,833 571,002 63,667 Total 4.36% $ 645,029 $ 581,833 $ 667,502 $ 567,167 (1) Represents weighted average of interest rate as of December 31, 2018. (2) Subsequent to December 31, 2018, we borrowed $26,400, net, under our unsecured revolving line of credit, accordingly we have $138,400 outstanding balance and $461,600 available for borrowing. (3) Subsequent to December 31, 2018, we paid $4,167 in regular scheduled principal payments, accordingly we have $528,862 outstanding and $98,000 available under our senior unsecured notes.
Schedule of borrowings and repayments	Our borrowings and repayments for the years ended December 31, 2018, 2017 and 2016 are as follows (in thousands): 2018 2017 2016 Debt Obligations Borrowings Repayments Borrowings Repayments Borrowings Repayments Bank borrowings $ 116,200 $ (100,700) $ 113,000 $ (123,600) $ 123,600 $ (137,000) Senior unsecured notes — (38,166) 100,000 (1) (31,167) 77,500 (2) (26,667) Total $ 116,200 $ (138,866) $ 213,000 $ (154,767) $ 201,100 $ (163,667) (1) During 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.
Schedule of principal payments and amounts due at maturity	Scheduled Principal Payments. The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2018, and excludes the effects of interest and debt issue costs ( in thousands ): Total 2019 2020 2021 2022 2023 Thereafter Bank borrowings $ (1) $ — $ — $ — $ $ — $ — Senior unsecured notes (2) 48,160 Total $ $ $ $ $ $ $ (1) Subsequent to December 31, 2018, we borrowed $26,400, net under our unsecured revolving line of credit. Accordingly, we have $138,400 outstanding and $461,600 available under our unsecured revolving line of credit. (2) Subsequent to December 31, 2018, we paid $4,167 in regular scheduled principal payments, accordingly we have $528,862 outstanding and $98,000 available under our senior unsecured notes.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity
Schedule of consolidated VIEs	As of December 31, 2018, we have the following consolidated VIEs ( in thousands ): Gross Investment Property Consolidated Non-Controlling Year (1) Purpose Type State Assets Interests 2018 Owned real estate ILF OR $ 14,400 (2) $ 2,857 (2) 2018 Owned real estate and development UDP OR 4,606 (2) 1,081 (2) 2017 Owned real estate and development UDP WI 16,665 (3) 2,272 (3) 2017 Owned real estate ALF SC 11,195 1,271 Total $ 46,866 $ 7,481 (1) Subsequent to December 31, 2018, we entered into a JV to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,950 in cash. Our economic interest in the real estate JV will be approximately 95%. We account for the JV on a consolidated basis. (2) We entered into a JV to develop, purchase and own seniors housing properties. During 2018, the JV purchased land for the development of a 78-unit ALF/MC for a total anticipated project cost of $18,108. The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. Additionally, during 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89-unit ILF adjacent to the 78-unit ALF/MC we are developing for $14,400. The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88%. We account for the JV on a consolidated basis. (3) We entered into a JV to own the real estate and develop a 110-unit ILF/ALF/MC community in Wisconsin. The commitment totals approximately $22,471.
Schedule of cash dividends declared and paid	We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2018 2017 2016 Declared Paid Declared Paid Declared Paid Common Stock $ 90,372 (1) $ 90,372 (1) $ 90,219 (1) $ 90,219 (1) 84,568 (2) 84,568 (2) (1) Represents $0.19 per share per month for the years ended December 31, 2018, and 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.
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, 2018, 2017 and 2016 was as follows: 2018 2017 2016 Outstanding, January 1 244,181 210,573 187,347 Granted 156,718 143,057 127,087 Vested (75,149) (85,343) (103,861) Cancelled — (24,106) — Outstanding, December 31 325,750 244,181 210,573 Compensation expense related to restricted stock and performance based stock units for the year $ 5,870,000 $ 5,247,000 $ 4,265,000
Schedule of restricted stock granted	During 2018, 2017 and 2016, we granted 156,718, 143,057 and 127,087 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows: No. of Price per Year Shares/Units Share Vesting Period 2018 $ ratably over 3 years 66,171 $ 38.18 TSR targets (1) 8,728 $ 41.25 ratably over 1 year 2017 $ 45.76 ratably over 3 years 57,881 $ 45.76 TSR targets (1) 7,416 $ 48.55 ratably over 1 year 3,000 $ 50.50 ratably over 3 years 2016 $ ratably over 3 years 54,107 $ 46.87 TSR targets (2) 7,680 $ 46.87 ratably over 1 year (1) Vesting is based on achieving certain total shareholder return (“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, 2018, 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 2019 128,214 (1) 4,250,000 2020 104,085 (2) 2,210,000 2021 93,451 (3) 238,000 Total 325,750 $ 6,698,000 (1) Includes 49,728 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 53,554 performance-based stock units. See (1) above for valuation methodology. (3) Includes 66,171 performance-based stock units. See (1) above for valuation methodology.
Schedule of nonqualified stock option activity	Weighted Average Shares Price 2018 2017 2016 2018 2017 2016 Outstanding, January 1 25,000 33,334 40,001 $ 32.92 $ 30.76 $ 29.60 Granted — — — n.a n.a n.a Exercised (5,000) (8,334) (6,667) $ 24.65 $ 24.31 $ 23.79 Canceled — — — n.a n.a n.a Outstanding, December 31 20,000 25,000 33,334 $ 34.99 $ 32.92 $ 30.76 Exercisable, December 31 (1) 20,000 25,000 28,334 $ 34.99 $ 32.92 $ 45.45 (1) The aggregate intrinsic value of exercisable options at December 31, 2018, based upon the closing price of our common shares at December 31, 2018, the last trading day of 2018, was approximately $134,000. Options exercisable at December 31, 2018, 2017 and 2016 have a weighted average remaining contractual life of approximately 3.3 years, 3.5 years, and 2.9 years, respectively.
Schedule of options exercised	Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2018 5,000 $ 24.65 $ 123,000 $ 205,000 2017 8,334 $ 24.31 $ 202,000 $ 410,797 2016 6,667 $ 23.79 $ 159,000 $ 311,000 (1) As of the exercise dates.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies
Schedule of commitments	At December 31, 2018, we had commitments as follows (in thousands): Total Investment 2018 Commitment Remaining Commitment Funding Funded Commitment Real estate properties ( Note 5. Real Estate Investments ) $ 77,882 (1) $ 28,343 $ 45,787 $ 32,095 Accrued incentives and earn-out liabilities 9,000 (2) — — 9,000 Mortgage loans ( Note 5. Real Estate Investments ) 64,200 (3) 4,330 18,591 45,609 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ) 25,650 670 23,684 1,966 Notes receivable ( Note 7. Notes Receivable ) 7,828 (4) 124 124 7,704 Total $ 184,560 $ 33,467 $ 88,186 $ 96,374 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. Additionally, we have certain master leases that provide for additional capital expenditure allowance upon pre-approval of projects. (2) During the twelve months ended December 31, 2018, we recorded non-cash interest expense of $377 related to these contingent liabilities. During the fourth quarter of 2018, we entered into an amended master lease agreement with Senior Lifestyle. Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive of $6,219 and the related earn-out liability of $9,292 which resulted in income of approximately $3,000. (3) $35,700 represents commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $28,500 represents contingent funding upon the borrower achieving certain coverage ratios. (4) During the fourth quarter of 2018, we entered into a $6,800 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia which will be funded during the first quarter of 2019. The mezzanine loan has a five-year term and bears interest at 12%, with 8% current-pay during the first 46 months of the loan, and the balance accruing to the note and 12% current-pay thereafter.
Schedule of purchase options included in lease agreements	The following table summarizes information about purchase options included in our lease agreements: Type Number of of Gross Carrying Option State Property Properties Investments Value Window Kansas MC $ 25,692 $ 23,906 2019-2021 Texas MC 25,265 24,955 2025-2027 Total $ 50,957 $ 48,861

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2018
Distributions
Schedule of federal income tax classification of the per share common stock distributions	Year Ended December 31, 2018 2017 2016 Ordinary taxable distribution $ 0.349 $ 1.607 $ 1.485 Return of capital — 0.444 0.556 Unrecaptured Section 1250 gain 0.636 0.163 0.149 Long-term capital gain 1.295 0.066 — Total $ 2.280 $ 2.280 $ 2.190

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Net income $ $ $ Less income allocated to non-controlling interests (95) — — Less income allocated to participating securities: Non-forfeitable dividends on participating securities (357) (350) (373) Income allocated to participating securities (268) (12) (12) Total net income allocated to participating securities (625) (362) (385) Net income available to common stockholders Effect of dilutive securities: Participating securities 362 385 Net income for diluted net income per share $ $ $ Shares for basic net income per share 39,477 Effect of dilutive securities: Stock options 3 10 13 Performance-based stock units 203 67 27 Participating securities 156 151 169 Total effect of dilutive securities 362 228 209 Shares for diluted net income per share 39,839 Basic net income per share $ 3.91 $ 2.21 $ 2.21 Diluted net income per share $ 3.89 $ 2.20 $ 2.21

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
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) 2018 Revenues $ 41,810 $ 41,472 $ 41,776 $ 43,587 Net income available to common stockholders $ 20,271 $ 68,658 $ 34,782 $ 30,645 Net income per common share available to common stockholders: Basic $ 0.51 $ 1.74 $ 0.88 $ 0.78 Diluted $ 0.51 $ 1.73 $ 0.88 $ 0.77 Dividends per share declared $ 0.57 $ 0.57 $ 0.57 $ 0.57 Dividends per share paid $ 0.57 $ 0.57 $ 0.57 $ 0.57 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 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, 2018
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, 2018 and 2017 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2018 At December 31, 2017 Carrying Fair Carrying Fair Value Value Value Value Mortgage loans receivable $ 242,939 $ 295,492 (1) $ 223,907 $ 278,224 (1) Bank borrowings 112,000 112,000 (2) 96,500 96,500 (2) Senior unsecured notes, net of debt issue costs 533,029 508,613 (3) 571,002 577,126 (3) Accrued incentives and earn-outs — — (4) 8,916 8,916 (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, 2018 and 2017 was 9.0% and 8.7%, 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, 2018 and 2017 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, 2018, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.15% for those maturing before year 2026 and 5.40% for those maturing at or beyond year 2026. 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 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 the discount rate used to value our future cash outflow of the earn-out liability was 6.2%. Furthermore, during the fourth quarter of 2018, we entered into an amended master lease agreement with Senior Lifestyle. Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent earn-out liability of $9,292. .

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2018segment
The Company
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Restricted Cash (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2017item
Summary of Significant Accounting Policies
Number of beds damaged | item			170
Gross value of damaged property		$ 2,021,000
Carrying value of damaged property		1,133,000
Insurance proceeds	$ 2,619,000	$ 2,619,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Owned Properties (Details)	12 Months Ended
	Dec. 31, 2018
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
Site Improvements | Minimum
Owned Properties
Useful life	10 years
Site Improvements | Maximum
Owned Properties
Useful life	15 years
Building Improvements | Minimum
Owned Properties
Useful life	10 years
Building Improvements | Maximum
Owned Properties
Useful life	20 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Impairments
Asset Impairment Charges	$ 0	$ 1,880,000	$ 766,000
Minimum | Mezzanine Loans
Mortgage loans on real estate
Interest rate for mortgage loan (as a percent)	12.00%
Loan Term	4 years
Maximum | Mezzanine Loans
Mortgage loans on real estate
Interest rate for mortgage loan (as a percent)	18.00%
Loan Term	8 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Revenue Recognition
Maximum period over which loan is to be considered as non-performing	60 days
Contingent rental income | $	$ 470,000	$ 457,000	$ 517,000
Maximum period over which a lease is to be considered as non-performing	60 days
Minimum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year	1
Specified annual increase over the prior year's rent (as a percent)	2.00%
Maximum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year	4
Specified annual increase over the prior year's rent (as a percent)	3.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Taxes (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
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
(Excess) / Deficit of book basis of net depreciable assets over tax basis	$ 25,639,000

Major Operators (Details)

Major Operators (Details)	Dec. 04, 2018USD ($)	Dec. 31, 2018propertyitem
Major Operators
Number of major operators		4
Number of beds/units		811
Prestige Healthcare | SNF
Major Operators
Number of beds | property		24
Number of beds/units		3,010
Prestige Healthcare | ALF
Major Operators
Number of beds/units		93
Senior Lifestyle Corporation | ALF
Major Operators
Number of beds | property		23
Number of beds/units		1,457
Brookdale Senior Living | ALF
Major Operators
Number of beds | property		37
Number of beds/units		1,702
Senior Care Centers
Major Operators
Petition Date and Reject The Lease Period	120 days
Letter of credit | $	$ 2,000,000
Maintenance and repair escrows | $	2,200,000
Property tax escrows | $	$ 1,800,000
Senior Care Centers | SNF
Major Operators
Number of beds | property		11
Number of beds/units		1,444
Operator Concentration Risk | SNF
Major Operators
Number of beds | property		35
Number of beds/units		4,454
Operator Concentration Risk | ALF
Major Operators
Number of beds | property		60
Number of beds/units		3,252
Total Revenue | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)		48.50%
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)		18.00%
Total Revenue | Operator Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)		11.80%
Total Revenue | Operator Concentration Risk | Brookdale Senior Living
Major Operators
Concentration risk (as a percent)		9.90%
Total Revenue | Operator Concentration Risk | Senior Care Centers
Major Operators
Concentration risk (as a percent)		8.80%
Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)		38.90%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)		16.70%
Total Assets | Credit Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)		10.50%
Total Assets | Credit Concentration Risk | Brookdale Senior Living
Major Operators
Concentration risk (as a percent)		4.60%
Total Assets | Credit Concentration Risk | Senior Care Centers
Major Operators
Concentration risk (as a percent)		7.10%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-cash investing and financing transactions:
Reclassification of pre-development loans (Note 7)			$ 237
Restricted stock issued, net of cancellations (Note 10)	$ 1	$ 1	1
Real estate properties | Accrued incentives and earn-out liabilities
Non-cash investing and financing transactions:
Contingent liabilities (Note 5)			$ 1,847

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) - Real Estate Investment	Dec. 31, 2018property
Real Estate Investments
Number of properties	175
Number of states	28
Number of operators	28
ALF
Real Estate Investments
Number of properties	103
SNF
Real Estate Investments
Number of properties	71
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, 2018USD ($)lease	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Depreciation
Depreciation expense	$ 37,416	$ 37,492	$ 35,809
Number of master leases with agreed upon cash rent | lease	2
Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and renewal options
2,019	$ 133,666
2,020	140,353
2,021	131,284
2,022	121,235
2,023	124,897
Thereafter	$ 760,163

Real Estate Investments - Opera

Real Estate Investments - Operator changes (Details)	Dec. 04, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017property
Anthem Memory Care
Other disclosures
Number of properties in default | property			11
Minimum cash rent received		$ 5,200,000
Senior Care Centers
Other disclosures
Petition Date and Reject The Lease Period	120 days
Letter of credit	$ 2,000,000
Maintenance and repair escrows	2,200,000
Property tax escrows	$ 1,800,000

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)itemproperty	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)itemproperty
Real estate investments
Stockholders' Equity Attributable to Noncontrolling Interest		$ 7,481,000	$ 3,488,000
Investment Commitment		184,560,000
ALF and MC | 74-Unit ALF/MC
Real estate investments
Number of beds/units acquired | item	74
Real Estate Investment Economic Interest in Joint Venture Percentage	95.00%
2018 Acquisitions
Real estate investments
Purchase Price		40,295,000
Transaction Costs		113,000
Total Acquisition Costs		$ 40,408,000
Number of properties acquired | property		3
Number of beds/units acquired | item		177
Real Estate Investment Economic Interest in Joint Venture Percentage		88.00%
2018 Acquisitions | ALF
Real estate investments
Purchase Price		$ 39,600,000
Transaction Costs		65,000
Total Acquisition Costs		$ 39,665,000
Number of properties acquired | property		3
Number of beds/units acquired | item		177
2018 Acquisitions | ILF | 89-unit ILF
Real estate investments
Purchase Price		$ 14,400,000
Stockholders' Equity Attributable to Noncontrolling Interest		2,857,000
Investment Commitment		$ 11,543,000
Number of beds/units under development | item		89
2018 Acquisitions | MC | Texas
Real estate investments
Number of properties acquired | property		2
2018 Acquisitions | Land
Real estate investments
Purchase Price		$ 695,000
Transaction Costs		48,000
Total Acquisition Costs		743,000
2018 Acquisitions | ALF and MC
Real estate investments
Real Estate Investment Economic Interest in Joint Venture Percentage	95.00%
2018 Acquisitions | ALF and MC | 74-Unit ALF/MC
Real estate investments
Stockholders' Equity Attributable to Noncontrolling Interest	$ 919,000
Investment Commitment	15,950,000
2018 Acquisitions | ALF and MC | 78-unit ALF/MC
Real estate investments
Purchase Price		18,108,000
Stockholders' Equity Attributable to Noncontrolling Interest		$ 1,081,000
Number of beds/units acquired | item		78
Investment Commitment		$ 17,027,000
Number of beds/units under development | item		78
2017 Acquisitions
Real estate investments
Purchase Price			81,818,000
Transaction Costs			587,000
Total Acquisition Costs			$ 82,405,000
Number of properties acquired | property			5
Number of beds/units acquired | item			400
2017 Acquisitions | ALF
Real estate investments
Purchase Price			$ 81,018,000
Transaction Costs			569,000
Total Acquisition Costs			$ 81,587,000
Number of properties acquired | property			5
Number of beds/units acquired | item			400
2017 Acquisitions | Land
Real estate investments
Purchase Price			$ 800,000
Transaction Costs			18,000
Total Acquisition Costs			$ 818,000
2016 Acquisitions
Real estate investments
Purchase Price				$ 76,441,000
Transaction Costs				576,000
Total Acquisition Costs				$ 77,017,000
Number of properties acquired | property				5
Number of beds/units acquired | item				376
2016 Acquisitions | SNF
Real estate investments
Purchase Price				$ 16,000,000
Transaction Costs				45,000
Total Acquisition Costs				$ 16,045,000
Number of properties acquired | property				1
Number of beds/units acquired | item				126
2016 Acquisitions | ALF
Real estate investments
Purchase Price				$ 53,550,000
Transaction Costs				423,000
Total Acquisition Costs				$ 53,973,000
Number of properties acquired | property				4
Number of beds/units acquired | item				250
2016 Acquisitions | MC | Kansas
Real estate investments
Number of properties acquired | property				2
2016 Acquisitions | Land
Real estate investments
Purchase Price				$ 6,891,000
Transaction Costs				108,000
Total Acquisition Costs				$ 6,999,000
Subsequent Event | ALF and MC | 74-Unit ALF/MC
Real estate investments
Stockholders' Equity Attributable to Noncontrolling Interest	919,000
Investment Commitment	$ 15,950,000
Subsequent Event | 2018 Acquisitions | ALF and MC | 74-Unit ALF/MC
Real estate investments
Number of beds/units acquired | item	919
Real Estate Investment Economic Interest in Joint Venture Percentage	95.00%
Number of beds/units under development | item	74
Subsequent Event | 2018 Acquisitions | ALF and MC | 78-unit ALF/MC
Real estate investments
Contingent consideration	$ 15,950,000

Real Estate Investments - Types

Real Estate Investments - Types of property Development and Improvement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real estate investments
Invested in projects	$ 33,467
Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	35,279	$ 22,901	$ 42,342
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	3,249	2,899	6,792
ALF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	27,505	17,667	41,859
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	2,292	1,152	3,034
SNF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	7,774	5,234	483
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	500	1,356	$ 3,758
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 457	$ 391

Real Estate Investments - Devel

Real Estate Investments - Development and Improvement Projects (Details) - Real Estate Investment Completed Projects $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)itemproperty	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)itemproperty
Completed development and improvement projects
Number of Properties | property	1	1	7
Number of Beds/Units | item	66	66	611
Total Investment | $	$ 14,998	$ 13,498	$ 81,561
ALF and MC | Developments | South Carolina
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			89
Total Investment | $			$ 15,080
ILF | Developments | Kansas
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			108
Total Investment | $			$ 13,423
SNF | Improvements | Arizona
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			160
Total Investment | $			$ 4,672
MC Units | Developments | Illinois
Completed development and improvement projects
Number of Properties | property	1	1
Number of Beds/Units | item	66	66
Total Investment | $	$ 14,998	$ 13,498
MC Units | Developments | Texas
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			56
Total Investment | $			$ 11,776
MC Units | Developments | California
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			66
Total Investment | $			$ 12,400
MC Units | Developments | Real Estate Development Commitments, Commitments One | Illinois
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			66
Total Investment | $			$ 12,248
MC Units | Developments | Real Estate Development Commitments, Commitments Two | Illinois
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			66
Total Investment | $			$ 11,962

Real Estate Investments - Prope

Real Estate Investments - Properties held-for-sale (Details) $ in Thousands	Dec. 31, 2018USD ($)itemproperty	Dec. 31, 2017USD ($)
Real estate investments
Accumulated depreciation	$ 312,959	$ 304,117
Number of beds/units | item	811
Properties held-for-sale
Real estate investments
Number of properties | property	1
Gross Investment	$ 5,746
Accumulated depreciation	$ 1,916
Number of beds/units | item	140
ILF | Properties held-for-sale | Texas
Real estate investments
Number of properties | property	1
Gross Investment	$ 5,746
Accumulated depreciation	$ 1,916
Number of beds/units | item	140

Real Estate Investments - Pro_2

Real Estate Investments - Property Sales (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)itemproperty	Dec. 31, 2017USD ($)itemproperty	Dec. 31, 2016USD ($)itemproperty
Disposals and other
Carrying value	$ 1,106,581	$ 1,086,089
Proceeds from sale of real estate, net	92,749	15,413	$ 17,369
Net Gain (Loss)	70,682	3,814	3,582
Impairment charges		1,880	766
Properties sold
Disposals and other
Carrying value	22,393	11,277	13,789
Sales price	$ 95,825	$ 15,650	$ 17,450
Number of beds or units in property sold | item	774	296	409
Number of properties sold | property	10	6	5
Net Gain (Loss)	$ 70,682	$ 3,814	$ 3,582
Properties sold | ALF
Disposals and other
Carrying value	16,352
Sales price	$ 67,500
Number of beds or units in property sold | item	320
Number of properties sold | property	6
Net Gain (Loss)	$ 48,695
Properties sold | ALF | Florida
Disposals and other
Carrying value			4,869
Sales price			$ 6,850
Number of beds or units in property sold | item			174
Number of properties sold | property			2
Net Gain (Loss)			$ 1,973
Properties sold | ALF | Kansas
Disposals and other
Carrying value	346
Sales price	350
Properties sold | ALF | Indiana and Iowa
Disposals and other
Carrying value		10,107
Sales price		$ 15,650
Number of beds or units in property sold | item		211
Number of properties sold | property		5
Net Gain (Loss)		$ 4,985
Properties sold | SNF | Alabama
Disposals and other
Carrying value	5,695
Sales price	$ 27,975
Number of beds or units in property sold | item	454
Number of properties sold | property	4
Net Gain (Loss)	$ 21,987
Properties sold | SNF | Texas
Disposals and other
Carrying value		$ 1,170	4,923
Sales price			$ 6,750
Number of beds or units in property sold | item		85	235
Number of properties sold | property		1	2
Net Gain (Loss)		$ (1,171)	$ 1,802
Properties sold | OTH | New Jersey
Disposals and other
Carrying value			3,997
Sales price			$ 3,850
Number of properties sold | property			1
Net Gain (Loss)			$ (193)

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans
Originations and fundings under mortgage loans receivable	$ 21,364	$ 11,913	$ 20,685
Pay-offs received	(1,086)	(16,665)	(6,036)
Scheduled principal payments received	(1,050)	(1,198)	(2,242)
Mortgage loan (premiums)	(4)	(4)	(10)
(Provision for)/ recovery of loan loss reserve	(192)	60	(125)
Net increase (decrease) in mortgage loans receivable	$ 19,032	$ (5,894)	$ 12,272
Mortgage Loans
Mortgage Loans
General amortization schedule of mortgage loans	30 years
Mortgage Loans | Minimum
Mortgage Loans
Interest rate for mortgage loan (as a percent)	9.20%
General amortization schedule of mortgage loans	30 years
Mortgage Loans | Maximum
Mortgage Loans
Interest rate for mortgage loan (as a percent)	9.70%
Specified basis points for annual increase in interest rate (as a percent)	0.0225%

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loan Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item
Mortgage Loans
Number of Units in Real Estate Property	811
Mortgage Loans
Mortgage Loans
General amortization schedule of mortgage loans	30 years
Michigan | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | SNF
Mortgage Loans
Interest rate for mortgage loan (as a percent)	8.70%
Specified basis points for annual increase in interest rate (as a percent)	2.25%
General amortization schedule of mortgage loans	5 years
Michigan | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | SNF | SNF Beds
Mortgage Loans
Number of Units in Real Estate Property	112
Michigan | Mortgages with 9.41% Interest, fixed for five years, and escalating by 2.25% thereafter | SNF
Mortgage Loans
Interest rate for mortgage loan (as a percent)	9.41%
Specified basis points for annual increase in interest rate (as a percent)	2.25%
General amortization schedule of mortgage loans	5 years
Additions to mortgage loans | $	$ 7,125
Michigan | Mortgages with 9.41% Interest, fixed for five years, and escalating by 2.25% thereafter | SNF | SNF Beds
Mortgage Loans
Number of Units in Real Estate Property	126
Michigan | Mortgage Loans | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | SNF
Mortgage Loans
Additions to mortgage loans | $	$ 7,400

Real Estate Investments - Mor_3

Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans
Carrying value of mortgage loans	$ 242,939	$ 223,907
Mortgage Loans
Mortgage Loans
Carrying value of mortgage loans	242,939	$ 223,907
Scheduled principal payments on mortgage loan receivables
2,019	1,065
2,020	8,815
2,021	1,175
2,022	1,175
2,023	1,175
Thereafter	231,981
Total	$ 245,386

Real Estate Investments - Mor_4

Real Estate Investments - Mortgage Loans - Early Payoffs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Early mortgage loan payoffs
Pay-offs received	$ 1,086	$ 16,665	$ 6,036
AZ/MI/PA/TX/VA | Mortgage Loans
Early mortgage loan payoffs
Pay-offs received		$ 10,795
Number of Loans | loan		4
UT | Mortgage Loans
Early mortgage loan payoffs
Pay-offs received	$ 1,086
Number of Loans | loan	1
MI/TX/WA | Mortgage Loans
Early mortgage loan payoffs
Pay-offs received			$ 6,036
Number of Loans | loan			9

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loanitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	811
Investment commitment	$ 31,950
Carrying Value	30,615	$ 29,898
Capital Contributions	670	3,848	$ 1,770
Income Recognized	2,864	2,263	1,138
Cash Interest Received	$ 2,371	1,738	1,695
Joint Venture
Investment in Unconsolidated Joint Ventures
Number of Loans | loan	2
Combination ALF, MC and ILF community | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Preferred return percentage	15.00%
Currently paid in cash as a percentage	7.00%
Number of beds/units | item	585
Investment commitment	$ 25,650
Carrying Value	24,032
Capital Contributions	670	1,101	1,770
Income Recognized	2,041	1,560	1,138
Cash Interest Received	1,975	1,436	$ 1,695
Combination ALF/IL/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	511	511
Cash Interest Received	$ 396	302
Combination ALF/IL/MC | Mezzanine Loans | ADC Arrangement
Investment in Unconsolidated Joint Ventures
Preferred return percentage	15.00%
Currently paid in cash as a percentage	12.00%
Number of beds/units | item	99
Investment commitment	$ 2,900
Carrying Value	3,183
Combination UDP-ALF/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions		2,747
Income Recognized	312	192
Amount withheld for interest	$ 177	$ 653
Combination UDP-ALF/MC | Mezzanine Loans | ADC Arrangement
Investment in Unconsolidated Joint Ventures
Preferred return percentage	15.00%
Currently paid in cash as a percentage	10.00%
Number of beds/units | item	127
Investment commitment	$ 3,400
Carrying Value	$ 3,400

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Notes receivable activities
Notes receivable reserve	$ (128)	$ (166)
Total	12,715	16,402
Mezzanine loans
Notes receivable activities
Financing Receivable, Gross	9,868	13,700
Other loans
Notes receivable activities
Financing Receivable, Gross	$ 2,975	$ 2,868

Notes Receivable - Other Inform

Notes Receivable - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Abstract]
Advances under notes receivable	$ 124		$ 14,969
Principal payments received under notes receivable	(3,848)	$ (25)	(100)
Reclassified to real estate under development			(237)
Notes Receivable reserve	37		(166)
Net (decrease) increase in notes receivable	$ (3,687)	$ (25)	$ 14,466

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details) - Mezzanine loans	3 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Notes receivable activities
Notes receivable, gross	$ 9,868,000	$ 13,700,000
204-unit ILF/ALF/MC
Notes receivable activities
Notes receivable, gross	$ 6,828,000
Number of beds/units under development | item	204
Loan Term	5 years
Interest rate (as a percent)	12.00%
Mezzanine loan with 8% Interest, fixed for 46 months, and increasing to 12% thereafter | 204-unit ILF/ALF/MC
Notes receivable activities
Loan Term	46 months
Interest rate (as a percent)	8.00%
Mezzanine loan with 12% Interest | 204-unit ILF/ALF/MC
Notes receivable activities
Interest rate (as a percent)	12.00%

Lease Incentives (Details)

Lease Incentives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item
Lease Incentives
Non-contingent lease incentives	$ 14,443	$ 14,904
Contingent lease incentives		6,577
Total	14,443	21,481
Non-contingent lease incentives, funding	1,272	6,544	$ 4,559
Contingent lease incentives, funding			268
Total funding	1,272	6,544	4,827
Non-contingent lease incentives, Amortization	(1,733)	(1,590)	(1,207)
Contingent lease incentives, Amortization	(359)	(619)	(748)
Total amortization	(2,092)	(2,209)	(1,955)
Non-contingent lease incentives, Write off		(1,205)
Contingent lease incentives, Write off		(2,634)	(514)
Total Write off	$ (6,219)	$ (3,839)	$ (514)
Number of properties with lease incentives write-offs | item		2	2

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings Terms (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Obligations
Maximum available under facility	$ 1,000,000,000	$ 600,000,000
Additional extension period option	1 year
Unused commitment fee (as a percent)	20.00%
LIBOR
Debt Obligations
Basis spread over base rate (as a percent)	115.00%
Bank Borrowings
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
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 ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Applicable Interest Rate (as a percent)		4.36%
Outstanding Balance		$ 645,029,000	$ 667,502,000
Available for borrowing		581,833,000	567,167,000
Borrowings		116,200,000	213,000,000	$ 201,100,000
Payments on debt		$ 138,866,000	154,767,000	163,667,000
Bank Borrowings
Debt Obligations
Applicable Interest Rate (as a percent)		3.69%
Outstanding Balance		$ 112,000,000	96,500,000
Available for borrowing		488,000,000	503,500,000
Borrowings		116,200,000	113,000,000	123,600,000
Payments on debt		$ 100,700,000	123,600,000	137,000,000
Bank Borrowings | Subsequent Event
Debt Obligations
Outstanding Balance	$ 138,400,000
Available for borrowing	461,600,000
Borrowings	26,400,000
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)		4.50%
Outstanding Balance		$ 533,029,000	571,002,000
Available for borrowing		93,833,000	63,667,000
Borrowings			100,000,000	77,500,000
Payments on debt		$ 38,166,000	$ 31,167,000	$ 26,667,000
Senior Unsecured Notes | Subsequent Event
Debt Obligations
Outstanding Balance	528,862,000
Available for borrowing	98,000,000
Payments on debt	$ 4,167,000

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Borrowings	$ 116,200	$ 213,000	$ 201,100
Repayments	$ (138,866)	(154,767)	(163,667)
Applicable Interest Rate (as a percent)	4.36%
Bank Borrowings
Debt Obligations
Borrowings	$ 116,200	113,000	123,600
Repayments	$ (100,700)	(123,600)	(137,000)
Applicable Interest Rate (as a percent)	3.69%
Senior Unsecured Notes
Debt Obligations
Borrowings		100,000	77,500
Repayments	$ (38,166)	$ (31,167)	$ (26,667)
Applicable Interest Rate (as a percent)	4.50%
Senior Unsecured Notes | Private Shelf Agreement Prudential
Debt Obligations
Debt term		15 years	10 years
Face amount of debt		$ 100,000	$ 37,500
Stated interest rate (as a percent)		4.50%	4.15%
Senior Unsecured Notes | Note Purchase and Private Shelf Agreement AIG
Debt Obligations
Debt term			10 years
Face amount of debt			$ 40,000
Stated interest rate (as a percent)			3.99%

Debt Obligations - Future Matur

Debt Obligations - Future Maturities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Scheduled Principal Payments
2,019		$ 33,667,000
2,020		40,160,000
2,021		47,160,000
2,022		160,160,000
2,023		49,160,000
Thereafter		315,660,000
Total		645,967,000
Other information
Amount borrowed		116,200,000	$ 213,000,000	$ 201,100,000
Outstanding Balance		645,029,000	667,502,000
Available for borrowing		581,833,000	567,167,000
Payments on debt		138,866,000	154,767,000	163,667,000
Bank Borrowings
Scheduled Principal Payments
2,022		112,000,000
Total		112,000,000
Other information
Amount borrowed		116,200,000	113,000,000	123,600,000
Outstanding Balance		112,000,000	96,500,000
Available for borrowing		488,000,000	503,500,000
Payments on debt		100,700,000	123,600,000	137,000,000
Senior Unsecured Notes
Scheduled Principal Payments
2,019		33,667,000
2,020		40,160,000
2,021		47,160,000
2,022		48,160,000
2,023		49,160,000
Thereafter		315,660,000
Total		533,967,000
Other information
Amount borrowed			100,000,000	77,500,000
Outstanding Balance		533,029,000	571,002,000
Available for borrowing		93,833,000	63,667,000
Payments on debt		$ 38,166,000	$ 31,167,000	$ 26,667,000
Subsequent Event | Bank Borrowings
Other information
Amount borrowed	$ 26,400,000
Outstanding Balance	138,400,000
Available for borrowing	461,600,000
Subsequent Event | Senior Unsecured Notes
Other information
Outstanding Balance	528,862,000
Available for borrowing	98,000,000
Payments on debt	$ 4,167,000

Equity - Class of Stock Disclos

Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity
Proceeds from common stock issued, net of issuance costs		$ 1,005,000	$ 14,578,000	$ 78,592,000
Common Stock
Equity
Number of shares repurchased		31,326	42,089	49,405
Common Stock | Subsequent Event
Equity
Number of shares repurchased	20,345
Common Stock | Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement		$ 200,000,000
Shares common stock sold		22,244	312,881
Proceeds from common stock issued, net of issuance costs		$ 1,005,000	$ 14,600,000
Compensation paid to sales agents		18,000	260,000
Reclassification of accumulated costs to additional paid in capital		76,000	$ 49,000
Amount available under effective shelf registration statement		$ 184,139,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
Noncontrolling interest
Gross Consolidated Assets		$ 46,866
Non-controlling interests		7,481	$ 3,488
Investment Commitment		$ 184,560
2017 Acquisitions
Noncontrolling interest
Number of beds/units acquired | item			400
Purchase Price			$ 81,818
2017 Acquisitions | ALF
Noncontrolling interest
Number of beds/units acquired | item			400
Purchase Price			$ 81,018
2018 Acquisitions
Noncontrolling interest
Number of beds/units acquired | item		177
Purchase Price		$ 40,295
Economic interest in joint venture		88.00%
2018 Acquisitions | ALF
Noncontrolling interest
Number of beds/units acquired | item		177
Purchase Price		$ 39,600
2018 Acquisitions | ALF and MC
Noncontrolling interest
Economic interest in joint venture	95.00%
Oregon | 2018 Acquisitions | Properties under Development
Noncontrolling interest
Gross Consolidated Assets		4,606
Non-controlling interests		1,081
Oregon | 2018 Acquisitions | ILF
Noncontrolling interest
Gross Consolidated Assets		14,400
Non-controlling interests		2,857
Wisconsin | 2017 Acquisitions | Properties under Development
Noncontrolling interest
Gross Consolidated Assets		16,665
Non-controlling interests		2,272
South Carolina | 2017 Acquisitions | ALF
Noncontrolling interest
Gross Consolidated Assets		11,195
Non-controlling interests		1,271
110-unit ILF/ALF/MC | Wisconsin | 2017 Acquisitions | ALF/ILF/MC
Noncontrolling interest
Investment Commitment			$ 22,471
Number of beds/units under development | item			110
89-unit ILF | 2018 Acquisitions | ILF
Noncontrolling interest
Non-controlling interests		2,857
Purchase Price		14,400
Investment Commitment		$ 11,543
Number of beds/units under development | item		89
78-unit ALF/MC | 2018 Acquisitions | ALF and MC
Noncontrolling interest
Non-controlling interests		$ 1,081
Number of beds/units acquired | item		78
Purchase Price		$ 18,108
Investment Commitment		$ 17,027
Number of beds/units under development | item		78
74-Unit ALF/MC | ALF and MC
Noncontrolling interest
Number of beds/units acquired | item	74
Economic interest in joint venture	95.00%
74-Unit ALF/MC | 2018 Acquisitions | ALF and MC
Noncontrolling interest
Non-controlling interests	$ 919
Investment Commitment	$ 15,950

Equity - Class of Stock Discl_2

Equity - Class of Stock Disclosures - Dividends and AOCI (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended																																				3 Months Ended									12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	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	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividend Distributions
Paid																																														$ 90,372	$ 90,219	$ 84,568
Dividends declared and paid per common share (in dollars per share)																																						$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Dividends paid per common share (in dollars per share)																																						$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.190
Subsequent Event | Dividend Payable, October 2018
Dividend Distributions
Dividends declared and paid per common share (in dollars per share)																																					$ 0.19
Dividends Payable, Date to be Paid																																					Jan. 31, 2019
Dividends Payable, Date of Record																																					Jan. 23, 2019
Subsequent Event | Dividend Payable, November 2018
Dividend Distributions
Dividends declared and paid per common share (in dollars per share)																																					$ 0.19
Dividends Payable, Date to be Paid																																					Feb. 28, 2019
Dividends Payable, Date of Record																																					Feb. 20, 2019
Subsequent Event | Dividend Payable, December 2018 28, 2018
Dividend Distributions
Dividends declared and paid per common share (in dollars per share)																																					$ 0.19
Dividends Payable, Date to be Paid																																					Mar. 29, 2019
Dividends Payable, Date of Record																																					Mar. 21, 2019
Common Stock
Dividend Distributions
Declared	$ 90,372												$ 90,219												$ 84,568													$ 90,372				$ 90,219				$ 90,372	$ 90,219	$ 84,568
Paid																																														$ 90,372	$ 90,219	$ 84,568
Dividends declared and 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	$ 0.19	$ 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
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	$ 0.19	$ 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

Equity - Restricted Stock and p

Equity - Restricted Stock and performance-based stock units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
2015 Plan
Stock Based Compensation Plans
Total shares reserved for issuance		825,457			1,400,000
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	325,750	244,181	210,573	187,347
Granted (in shares)		156,718	143,057	127,087
Vested (in shares)		(75,149)	(85,343)	(103,861)
Canceled (in shares)			(24,106)
Outstanding at the end of the year (in shares)		325,750	244,181	210,573
Compensation expense
Compensation expense related to share-based award		$ 5,870	$ 5,247	$ 4,265
Remaining compensation expense		$ 6,698
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)	128,214
Outstanding at the end of the year (in shares)		128,214
Compensation expense
Remaining compensation expense		$ 4,250
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)	104,085
Outstanding at the end of the year (in shares)		104,085
Compensation expense
Remaining compensation expense		$ 2,210
Restricted stock and performance-based stock units | 2021
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	93,451
Outstanding at the end of the year (in shares)		93,451
Compensation expense
Remaining compensation expense		$ 238
Restricted stock and performance-based stock units | Grant Date Price $41.25 | One year Vesting
Restricted stock and performance based stock units activity
Vesting period		1 year
Restricted stock and performance-based stock units | Grant Date Price $45.76 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		81,819
Price per share		$ 38.18
Vesting period		3 years
Restricted stock and performance-based stock units | Grant Date Price $45.76 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)		66,171
Price per share		$ 38.18
Vesting period		4 years
Restricted stock and performance-based stock units | Grant Date Price $45.76 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period		3 years
Restricted stock and performance-based stock units | Grant Date Price $48.55 | One year Vesting
Restricted stock and performance based stock units activity
Granted (in shares)			7,416
Price per share			$ 48.55
Vesting period		1 year
Restricted stock and performance-based stock units | Grant Date Price $48.55 | Vesting Date, June 1, 2018
Restricted stock and performance based stock units activity
Granted (in shares)		8,728
Price per share		$ 41.25
Restricted stock and performance-based stock units | Grant Date Price $50.50 | Three year vesting
Restricted stock and performance based stock units activity
Vesting period		3 years
Restricted stock and performance-based stock units | Grant Date Price $43.24 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			74,760	65,300
Price per share			$ 45.76	$ 43.24
Vesting period			3 years	3 years
Restricted stock and performance-based stock units | Grant Date Price $46.87 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			3,000
Price per share			$ 50.50
Restricted stock and performance-based stock units | Grant Date Price $46.87 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)			57,881	54,107
Price per share			$ 45.76	$ 46.87
Vesting period				3 years 8 months 12 days
Restricted stock and performance-based stock units | 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 and performance-based stock units | Grant Date Price $46.87 | One year Vesting
Restricted stock and performance based stock units activity
Granted (in shares)				7,680
Price per share				$ 46.87
Vesting period				1 year
Performance-based stock units | 2019
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	49,728
Outstanding at the end of the year (in shares)		49,728
Performance-based stock units | 2020
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	53,554
Outstanding at the end of the year (in shares)		53,554
Performance-based stock units | 2021
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	66,171
Outstanding at the end of the year (in shares)		66,171
Subsequent Event | Restricted stock and performance-based stock units | 2015 Plan | Grant Date Price $38.18
Stock Based Compensation Plans
Stock options granted (in shares)	139,112
Restricted stock and performance based stock units activity
Granted (in shares)	139,112
Price per share	$ 46.54
Subsequent Event | Restricted stock and performance-based stock units | 2015 Plan | Grant Date Price $38.18 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	78,276
Vesting period	3 years
Subsequent Event | Restricted stock and performance-based stock units | 2015 Plan | Grant Date Price $38.18 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	60,836
Vesting period	4 years
Subsequent Event | Restricted stock and performance-based stock units | 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) - Stock options - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Nonqualified stock option activity
Outstanding, beginning of period	25,000	33,334	40,001
Granted (in shares)			0
Exercised (in shares)	(5,000)	(8,334)	(6,667)
Outstanding, end of period	20,000	25,000	33,334
Options exercisable at end of the period (in shares)	20,000	25,000	28,334
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 32.92	$ 30.76	$ 29.60
Exercised (in dollars per share)	24.65	24.31	23.79
Outstanding at the end of the year (in dollars per share)	34.99	32.92	30.76
Exercisable at the end of the period (in dollars per share)	$ 34.99	$ 32.92	$ 45.45
Other information
Aggregate intrinsic value of exercisable options at the end of the year	$ 134,000
Weighted average remaining contractual life of options exercisable	3 years 3 months 18 days	3 years 6 months	2 years 10 months 24 days
Value of options exercised	$ 123,000	$ 202,000	$ 159,000
Market value of options on the date of exercise	205,000	410,797	311,000
Compensation expense related to share-based award	$ 0	$ 2,000	$ 15,000

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments and Contingencies
Investment Commitment	$ 184,560,000	$ 184,560,000
2018 Funding		33,467,000
Total Commitments funded	88,186,000	88,186,000
Remaining commitment	96,374,000	96,374,000
Amortization of Financing Costs		377,000	$ 602,000	$ 684,000
Contingent lease incentives, Write off			(2,634,000)	(514,000)
Fair value of earn-out liability			8,916,000
Operating Leases, Income Statement, Lease Revenue		135,405,000	137,657,000	$ 133,527,000
Mezzanine loans
Commitments and Contingencies
Notes receivable, gross	9,868,000	9,868,000	$ 13,700,000
Mezzanine loans | 204-unit ILF/ALF/MC
Commitments and Contingencies
Notes receivable, gross	$ 6,828,000	6,828,000
Number of beds/units under development | item	204
Loan Term	5 years
Interest rate (as a percent)	12.00%
Mezzanine loans | Mezzanine loan with 8% Interest, fixed for 46 months, and increasing to 12% thereafter | 204-unit ILF/ALF/MC
Commitments and Contingencies
Loan Term	46 months
Interest rate (as a percent)	8.00%
Mezzanine loans | Mezzanine loan with 12% Interest | 204-unit ILF/ALF/MC
Commitments and Contingencies
Interest rate (as a percent)	12.00%
Master lease agreement | Senior Lifestyle
Commitments and Contingencies
Contingent lease incentives, Write off		(6,219,000)
Earn-out liability, Write off		9,292,000
Operating Leases, Income Statement, Lease Revenue		3,000,000
Real Estate Investment | Accrued incentives and earn-out liabilities
Commitments and Contingencies
Amortization of Financing Costs		377,000
Real estate properties
Commitments and Contingencies
Investment Commitment	$ 77,882,000	77,882,000
2018 Funding		28,343,000
Total Commitments funded	45,787,000	45,787,000
Remaining commitment	32,095,000	32,095,000
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	9,000,000	9,000,000
Remaining commitment	9,000,000	9,000,000
Mortgage loans
Commitments and Contingencies
Investment Commitment	64,200,000	64,200,000
2018 Funding		4,330,000
Total Commitments funded	18,591,000	18,591,000
Remaining commitment	45,609,000	45,609,000
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	35,700,000	35,700,000
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	28,500,000	28,500,000
Joint venture investments
Commitments and Contingencies
Investment Commitment	25,650,000	25,650,000
2018 Funding		670,000
Total Commitments funded	23,684,000	23,684,000
Remaining commitment	1,966,000	1,966,000
Notes receivable
Commitments and Contingencies
Investment Commitment	7,828,000	7,828,000
2018 Funding		124,000
Total Commitments funded	124,000	124,000
Remaining commitment	$ 7,704,000	$ 7,704,000

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Consideration (Details) $ in Thousands	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Commitment
Carrying value	$ 1,106,581	$ 1,086,089
Purchase Options to Lessees
Commitment
Gross Investment	50,957
Carrying value	$ 48,861
Purchase Options to Lessees | MC | Kansas
Commitment
Number of Real Estate Properties | property	2
Gross Investment	$ 25,692
Carrying value	$ 23,906
Purchase Options to Lessees | MC | Texas
Commitment
Number of Real Estate Properties | property	2
Gross Investment	$ 25,265
Carrying value	$ 24,955

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Distributions
Minimum distribution of taxable income (as a percent)									90.00%
Ordinary taxable distribution									$ 0.349	$ 1.607	$ 1.485
Return of capital										0.444	0.556
Unrecaptured Section 1250 gain									0.636	0.163	0.149
Long-term capital gain									1.295	0.066
Total	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.190

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income									$ 155,076	$ 87,340	$ 85,115
Less income allocated to non-controlling interests									(95)
Less income allocated to participating securities:
Nonforfeitable dividends on participating securities									(357)	(350)	(373)
Income allocated to participating securities									(268)	(12)	(12)
Total net income allocated to participating securities									(625)	(362)	(385)
Net income available to common stockholders	$ 30,645	$ 34,782	$ 68,658	$ 20,271	$ 19,753	$ 20,536	$ 25,273	$ 21,416	154,356	86,978	84,730
Effect of dilutive securities:
Participating securities									625	362	385
Net income for diluted net income per share									$ 154,981	$ 87,340	$ 85,115
Shares for basic net income per share									39,477	39,409	38,388
Effect of dilutive securities: (Shares)
Total effect of dilutive securities (in shares)									362	228	209
Shares for diluted net income per share									39,839	39,637	38,597
Basic (in dollars per share)	$ 0.78	$ 0.88	$ 1.74	$ 0.51	$ 0.50	$ 0.52	$ 0.64	$ 0.54	$ 3.91	$ 2.21	$ 2.21
Diluted (in dollars per share)	$ 0.77	$ 0.88	$ 1.73	$ 0.51	$ 0.50	$ 0.52	$ 0.64	$ 0.54	$ 3.89	$ 2.20	$ 2.21
Stock options
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)									3	10	13
Performance-based stock units
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)									203	67	27
Participating Securities
Effect of dilutive securities: (Shares)
Participating securities									156	151	169

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information
Revenues	$ 43,587	$ 41,776	$ 41,472	$ 41,810	$ 41,729	$ 41,246	$ 42,468	$ 42,622	$ 168,645	$ 168,065	$ 161,583
Net income available to common stockholders	$ 30,645	$ 34,782	$ 68,658	$ 20,271	$ 19,753	$ 20,536	$ 25,273	$ 21,416	$ 154,356	$ 86,978	$ 84,730
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.78	$ 0.88	$ 1.74	$ 0.51	$ 0.50	$ 0.52	$ 0.64	$ 0.54	$ 3.91	$ 2.21	$ 2.21
Diluted (in dollars per share)	0.77	0.88	1.73	0.51	0.50	0.52	0.64	0.54	3.89	2.20	2.21
Dividends declared and paid per common share (in dollars per share)	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.57
Dividends declared and paid per common share (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.190

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
Fair value measurements
Mortgage loans receivable	$ 242,939	$ 223,907
Senior unsecured notes, net of debt issue costs	533,029	571,002
Accrued incentives and earn-outs		$ 8,916
Senior Lifestyle | Master lease agreement
Fair value measurements
Contingent earn-out liability, write off	$ 9,292
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash outflows discount rate (as a percent) | item	5.15	4.10
Level 3 | Senior Unsecured Notes maturing 2026 and after | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash outflows discount rate (as a percent) | item	5.40	4.30
Level 3 | Accrued incentives and earn-out liabilities | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash outflows discount rate (as a percent) | item		6.20
Level 3 | Mortgage Loans Receivable | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash inflows discount rate (as a percent) | item	0.09	8.70
Carrying Value
Fair value measurements
Mortgage loans receivable	$ 242,939	$ 223,907
Bank borrowings	112,000	96,500
Senior unsecured notes, net of debt issue costs	533,029	571,002
Accrued incentives and earn-outs		8,916
Fair Value
Fair value measurements
Bank borrowings	112,000	96,500
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable	295,492	278,224
Senior unsecured notes, net of debt issue costs	$ 508,613	577,126
Accrued incentives and earn-outs		$ 8,916

Subsequent Events - Debt Obliga

Subsequent Events - Debt Obligations (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Obligations
Stockholders' Equity Attributable to Noncontrolling Interest		$ 7,481,000	$ 3,488,000
Investment Commitments.		184,560,000
Amount borrowed		116,200,000	213,000,000	$ 201,100,000
Payments on debt		138,866,000	154,767,000	163,667,000
Outstanding Balance		645,029,000	667,502,000
Available for borrowing		581,833,000	567,167,000
Bank Borrowings
Debt Obligations
Amount borrowed		116,200,000	113,000,000	123,600,000
Payments on debt		100,700,000	123,600,000	137,000,000
Outstanding Balance		112,000,000	96,500,000
Available for borrowing		488,000,000	503,500,000
Bank Borrowings | Subsequent Event
Debt Obligations
Amount borrowed	$ 26,400,000
Outstanding Balance	138,400,000
Available for borrowing	461,600,000
Senior Unsecured Notes
Debt Obligations
Amount borrowed			100,000,000	77,500,000
Payments on debt		38,166,000	31,167,000	$ 26,667,000
Outstanding Balance		533,029,000	571,002,000
Available for borrowing		$ 93,833,000	$ 63,667,000
Senior Unsecured Notes | Subsequent Event
Debt Obligations
Payments on debt	4,167,000
Outstanding Balance	528,862,000
Available for borrowing	$ 98,000,000
74-Unit ALF/MC | ALF and MC
Debt Obligations
Number of Beds or Units in Real Estate Property Sold | item		74
Real Estate Investment Economic Interest in Joint Venture Percentage	95.00%
74-Unit ALF/MC | ALF and MC | Subsequent Event
Debt Obligations
Stockholders' Equity Attributable to Noncontrolling Interest	$ 919,000
Investment Commitments.	$ 15,950,000

Subsequent Events - Equity (Det

Subsequent Events - Equity (Details) - $ / shares

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2018

Nov. 30, 2018

Oct. 31, 2018

Sep. 30, 2018

Aug. 31, 2018

Jul. 31, 2018

Jun. 30, 2018

May 31, 2018

Apr. 30, 2018

Mar. 31, 2018

Feb. 28, 2018

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

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Equity

Dividends declared and paid per common share (in dollars per share)

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

Restricted stock and performance-based stock units

Equity

Number of shares granted

156,718

143,057

127,087

Common Stock

Equity

Dividends declared and 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

$ 0.19

$ 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

Number of shares repurchased

31,326

42,089

49,405

Subsequent Event | 2015 Plan | Restricted stock and performance-based stock units | Grant Date Price $38.18

Equity

Number of shares granted

139,112

Price per share

$ 46.54

Subsequent Event | 2015 Plan | Restricted stock and performance-based stock units | Three year vesting | Grant Date Price $38.18

Equity

Number of shares granted

78,276

Vesting period

3 years

Subsequent Event | 2015 Plan | Restricted stock and performance-based stock units | TSR Targets | Grant Date Price $38.18

Equity

Number of shares granted

60,836

Vesting period

4 years

Subsequent Event | 2015 Plan | Restricted stock and performance-based stock units | Accelerated TSR Targets | Grant Date Price $38.18

Equity

Vesting period

3 years

Subsequent Event | Common Stock

Equity

Number of shares repurchased

20,345

Dividend Payable, October 2018 | Subsequent Event

Equity

Dividends declared and paid per common share (in dollars per share)

$ 0.19

Dividends payable, date to be paid

Jan. 31, 2019

Dividends payable, date of record

Jan. 23, 2019

Dividend Payable, November 2018 | Subsequent Event

Equity

Dividends declared and paid per common share (in dollars per share)

$ 0.19

Dividends payable, date to be paid

Feb. 28, 2019

Dividends payable, date of record

Feb. 20, 2019

Dividend Payable, December 2018 28, 2018 | Subsequent Event

Equity

Dividends declared and paid per common share (in dollars per share)

$ 0.19

Dividends payable, date to be paid

Mar. 29, 2019

Dividends payable, date of record

Mar. 21, 2019

SCHEDULE II VALUATION AND QUA_2

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Valuation and qualifying accounts
Balance at beginning of period	$ 3,235	$ 3,441	$ 3,023
(Recovered) charged to costs and expenses	86	(206)	457
Deductions			(39)
Balance at end of period	3,321	3,235	3,441
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	2,255	2,315	2,190
(Recovered) charged to costs and expenses	192	(60)	125
Balance at end of period	2,447	2,255	2,315
Other notes receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	166	166
(Recovered) charged to costs and expenses	(38)		166
Balance at end of period	128	166	166
Straight-line rent receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	814	960	833
(Recovered) charged to costs and expenses	(68)	(146)	166
Deductions			(39)
Balance at end of period	$ 746	$ 814	$ 960

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Initial Cost to Company
Land	$ 125,691
Buildings and Improvements	1,205,553
Costs Capitalized Subsequent to acquisition	90,212
Gross Amount at Which Carried As of Year End
Land	125,691
Buildings and Improvements	1,295,765
Total	1,421,456	$ 1,392,122	$ 1,301,563	$ 1,198,686
Accum Deprec	314,875	$ 306,033	$ 275,861	$ 251,265
SNF
Initial Cost to Company
Land	49,593
Buildings and Improvements	463,714
Costs Capitalized Subsequent to acquisition	51,877
Gross Amount at Which Carried As of Year End
Land	49,593
Buildings and Improvements	515,591
Total	565,184
Accum Deprec	172,196
ALF
Initial Cost to Company
Land	70,772
Buildings and Improvements	695,763
Costs Capitalized Subsequent to acquisition	37,486
Gross Amount at Which Carried As of Year End
Land	70,772
Buildings and Improvements	733,249
Total	804,021
Accum Deprec	142,002
Other School and Land
Initial Cost to Company
Land	2,908
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	849
Gross Amount at Which Carried As of Year End
Land	2,908
Buildings and Improvements	8,157
Total	11,065
Accum Deprec	677
School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	849
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	8,157
Total	10,122
Accum Deprec	677
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	2,418
Buildings and Improvements	38,768
Gross Amount at Which Carried As of Year End
Land	2,418
Buildings and Improvements	38,768
Total	41,186
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	1,408
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	1,841
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	3,670
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	3,062
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	1,920
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	1,871
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	888
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	3,801
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	541
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	493
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	2,112
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	1,354
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	867
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	3,395
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	3,694
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	2,588
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	2,662
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	4,091
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	3,082
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	1,529
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	999
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	3,841
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	2,421
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	3,945
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	2,114
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	1,095
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	1,341
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	5,863
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	3,773
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	2,473
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	1,072
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	912
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	1,711
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	1,815
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	1,085
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	3,508
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	3,996
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	3,880
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	1,464
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	3,735
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	1,424
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	5,632
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	1,407
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	4,014
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	1,164
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	2,077
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	3,451
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	1,744
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	1,634
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	895
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	1,393
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	3,012
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	1,844
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	5,601
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	1,046
094 Portland, OR | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	1,925
Costs Capitalized Subsequent to acquisition	3,152
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	5,077
Total	5,177
Accum Deprec	3,166
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	3,479
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	1,155
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	1,101
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	2,782
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	2,330
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	1,201
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	2,040
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	2,084
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	2,627
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	3,105
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	1,487
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	2,131
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	5,162
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	1,726
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	4,370
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	926
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	2,955
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	948
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	929
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	1,548
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	1,819
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	6,115
117 Beatrice, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,173
Costs Capitalized Subsequent to acquisition	183
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,356
Total	2,456
Accum Deprec	1,211
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	1,229
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	823
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	1,050
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	6,297
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	824
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	587
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	1,166
292 De Forest, WI | ALF
Initial Cost to Company
Land	485
Buildings and Improvements	5,568
Costs Capitalized Subsequent to acquisition	8
Gross Amount at Which Carried As of Year End
Land	485
Buildings and Improvements	5,576
Total	6,061
Accum Deprec	594
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	994
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	977
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	1,024
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	2,258
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	2,510
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	1,440
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
315 Ft. Worth, TX | ALF
Initial Cost to Company
Land	1,534
Buildings and Improvements	11,099
Gross Amount at Which Carried As of Year End
Land	1,534
Buildings and Improvements	11,099
Total	12,633
Accum Deprec	158
100 Fremont ,OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	106
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,541
Total	2,641
Accum Deprec	1,363
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	977
314 Frisco, TX | ALF
Initial Cost to Company
Land	2,216
Buildings and Improvements	10,417
Gross Amount at Which Carried As of Year End
Land	2,216
Buildings and Improvements	10,417
Total	12,633
Accum Deprec	152
296 Glenview, IL | ALF
Initial Cost to Company
Land	2,800
Buildings and Improvements	14,248
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	14,248
Total	17,048
Accum Deprec	568
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	1,006
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	1,052
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	1,395
284 Green Bay, WI | ALF
Initial Cost to Company
Land	1,660
Buildings and Improvements	19,079
Costs Capitalized Subsequent to acquisition	356
Gross Amount at Which Carried As of Year End
Land	1,660
Buildings and Improvements	19,435
Total	21,095
Accum Deprec	2,015
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	1,175
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	947
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	1,278
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	1,093
295 Jacksonville, FL | ALF
Initial Cost to Company
Land	1,389
Buildings and Improvements	12,756
Costs Capitalized Subsequent to acquisition	39
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	12,795
Total	14,184
Accum Deprec	1,098
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	1,137
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	448
285 Kenosha, WI | ALF
Initial Cost to Company
Land	936
Buildings and Improvements	12,361
Costs Capitalized Subsequent to acquisition	165
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	12,526
Total	13,462
Accum Deprec	1,155
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	1,548
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	1,690
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	1,378
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	978
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	2,069
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	937
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	1,681
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	1,167
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	1,235
293 McHenry, IL | ALF
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Costs Capitalized Subsequent to acquisition	123
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	29,099
Total	30,388
Accum Deprec	2,978
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	1,041
316 Medford, OR | ALF
Initial Cost to Company
Land	750
Buildings and Improvements	13,650
Gross Amount at Which Carried As of Year End
Land	750
Buildings and Improvements	13,650
Total	14,400
Accum Deprec	144
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	2,107
104 Millville, NJ | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,825
Costs Capitalized Subsequent to acquisition	708
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,533
Total	3,633
Accum Deprec	1,631
286 Milwaukee, WI | ALF
Initial Cost to Company
Land	818
Buildings and Improvements	8,014
Costs Capitalized Subsequent to acquisition	56
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	8,070
Total	8,888
Accum Deprec	861
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	1,714
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	1,207
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	993
289 Neenah, WI | ALF
Initial Cost to Company
Land	694
Buildings and Improvements	20,839
Costs Capitalized Subsequent to acquisition	212
Gross Amount at Which Carried As of Year End
Land	694
Buildings and Improvements	21,051
Total	21,745
Accum Deprec	2,028
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	1,044
118 Newark, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	275
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,710
Total	2,810
Accum Deprec	1,351
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	1,399
095 Norfolk, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,123
Costs Capitalized Subsequent to acquisition	165
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,288
Total	2,388
Accum Deprec	1,191
290 Oshkosh, WI | ALF
Initial Cost to Company
Land	1,525
Buildings and Improvements	9,192
Costs Capitalized Subsequent to acquisition	108
Gross Amount at Which Carried As of Year End
Land	1,525
Buildings and Improvements	9,300
Total	10,825
Accum Deprec	1,930
291 Oshkosh, WI | ALF
Initial Cost to Company
Land	475
Buildings and Improvements	7,364
Costs Capitalized Subsequent to acquisition	40
Gross Amount at Which Carried As of Year End
Land	475
Buildings and Improvements	7,404
Total	7,879
Accum Deprec	776
302 Overland Park, KS | ALF
Initial Cost to Company
Land	1,951
Buildings and Improvements	11,882
Costs Capitalized Subsequent to acquisition	259
Gross Amount at Which Carried As of Year End
Land	1,951
Buildings and Improvements	12,141
Total	14,092
Accum Deprec	958
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	972
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	1,103
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	1,041
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	1,048
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	1,128
288 Sheboygan, WI | ALF
Initial Cost to Company
Land	1,168
Buildings and Improvements	5,382
Costs Capitalized Subsequent to acquisition	180
Gross Amount at Which Carried As of Year End
Land	1,168
Buildings and Improvements	5,562
Total	6,730
Accum Deprec	660
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	1,464
312 Spartanburg, SC | ALF
Initial Cost to Company
Land	254
Buildings and Improvements	9,906
Costs Capitalized Subsequent to acquisition	1,035
Gross Amount at Which Carried As of Year End
Land	254
Buildings and Improvements	10,941
Total	11,195
Accum Deprec	407
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	1,383
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	1,244
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	1,091
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	1,608
098 Tiffin, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	94
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,529
Total	2,629
Accum Deprec	1,346
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	1,076
088 Troy, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	593
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,028
Total	3,128
Accum Deprec	1,548
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	919
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	1,311
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	2,203
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	1,008
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	6,098
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	1,225
096 Wahoo, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	119
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,437
Total	2,537
Accum Deprec	1,293
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	908
287 Waukesha, WI | ALF
Initial Cost to Company
Land	992
Buildings and Improvements	15,183
Costs Capitalized Subsequent to acquisition	187
Gross Amount at Which Carried As of Year End
Land	992
Buildings and Improvements	15,370
Total	16,362
Accum Deprec	1,435
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	1,222
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	587
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	1,480
110 Wheelersburg, OH | ALF
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	239
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	2,674
Total	2,703
Accum Deprec	1,344
303 Wichita, KS | ALF
Initial Cost to Company
Land	1,422
Buildings and Improvements	9,957
Costs Capitalized Subsequent to acquisition	221
Gross Amount at Which Carried As of Year End
Land	1,422
Buildings and Improvements	10,178
Total	11,600
Accum Deprec	828
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	2,057
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	837
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	1,036
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	1,526
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	1,287
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	1,516
099 York, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	78
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,396
Total	2,496
Accum Deprec	1,289
297 Las Vegas, NV | School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	849
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	8,157
Total	10,122
Accum Deprec	677
271 Howell, MI | Land
Initial Cost to Company
Land	420
Gross Amount at Which Carried As of Year End
Land	420
Total	420
272 Milford, MI
Initial Cost to Company
Land	450
Gross Amount at Which Carried As of Year End
Land	450
Total	450
275 Yale, MI | Land
Initial Cost to Company
Land	73
Gross Amount at Which Carried As of Year End
Land	73
Total	73
305 Union, KY | Properties under Development
Initial Cost to Company
Land	858
Buildings and Improvements	19,057
Gross Amount at Which Carried As of Year End
Land	858
Buildings and Improvements	19,057
Total	19,915
311 Cedarburg, WI | Properties under Development
Initial Cost to Company
Land	924
Buildings and Improvements	15,741
Gross Amount at Which Carried As of Year End
Land	924
Buildings and Improvements	15,741
Total	16,665
306 Oaklawn, IL | ALF
Initial Cost to Company
Land	1,591
Buildings and Improvements	13,772
Gross Amount at Which Carried As of Year End
Land	1,591
Buildings and Improvements	13,772
Total	15,363
Accum Deprec	281
313 Medford, OR | Properties under Development
Initial Cost to Company
Land	636
Buildings and Improvements	3,970
Gross Amount at Which Carried As of Year End
Land	636
Buildings and Improvements	3,970
Total	$ 4,606

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost basis for Federal income tax purposes	$ 1,435,334
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
Site Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Site Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	15 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 _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Carrying cost
Balance at beginning of period	$ 1,392,122	$ 1,301,563	$ 1,198,686
Acquisitions	40,408	82,405	74,923
Improvements	38,528	25,800	49,134
Capitalized interest	1,248	908	1,408
Other non-cash items (See Note 4)			2,460
Cost of real estate sold	(50,850)	(18,554)	(24,282)
Impairment on real estate for sale			(766)
Ending balance	1,421,456	1,392,122	1,301,563
Accumulated depreciation
Balance at beginning of period	306,033	275,861	251,265
Depreciation expense	37,416	37,492	35,809
Cost of real estate sold	(28,574)	(7,320)	(11,213)
Ending balance	$ 314,875	$ 306,033	$ 275,861

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)itemproperty	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage loans on real estate
Number of properties | property	22
Number of beds/units | item	2,892
Balloon Amount	$ 215,748
Current Monthly Debt Service	1,963
Face amount of originated mortgages	247,253
Carrying Amount of Mortgages	242,939	$ 223,907	$ 229,801	$ 217,529
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	2,029
Interest rate (as a percent)	9.71%
Balloon Amount	$ 160,855
Current Monthly Debt Service	1,500
Face amount of originated mortgages	187,855
Carrying Amount of Mortgages	$ 184,160
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 501 Beds/Units
Mortgage loans on real estate
Number of properties | property	4
Number of beds/units | item	501
Interest rate (as a percent)	9.22%
Balloon Amount	$ 29,487
Current Monthly Debt Service	257
Face amount of originated mortgages	33,317
Carrying Amount of Mortgages	$ 32,984
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	$ 14,325
Current Monthly Debt Service	117
Face amount of originated mortgages	15,000
Carrying Amount of Mortgages	$ 14,825
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	$ 11,081
Current Monthly Debt Service	89
Face amount of originated mortgages	11,081
Carrying Amount of Mortgages	10,970
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mortgage Loans
Mortgage loans on real estate
General amortization schedule of mortgage loans	30 years
Mortgage Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)	9.20%
General amortization schedule of mortgage loans	30 years
Mortgage Loans | Maximum
Mortgage loans on real estate
Interest rate (as a percent)	9.70%

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan
Mortgage loans on real estate
Original loan amounts	$ 247,253
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000
Mortgage loans on real estate
Number of Loans | loan	0
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 ON_4

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage loans on real estate
Balance at the beginning of the period	$ 223,907	$ 229,801	$ 217,529
New mortgage loans	14,525		13,250
Other additions	6,839	11,913	7,435
Land conveyance		(4)
Amortization of mortgage premium	(4)	(17,863)	(10)
Collections of principal	(2,136)		(8,278)
Foreclosures		60
Loan loss reserve	(192)		(125)
Balance at the end of the period	$ 242,939	$ 223,907	$ 229,801