LTC Properties (LTC) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	1-11314
Entity Registrant Name	LTC PROPERTIES INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	71-0720518
Entity Address, Address Line One	2829 Townsgate Road, Suite 350
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	981-8655
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	LTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,217,848
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Land	$ 127,774	$ 126,703
Buildings and improvements	1,310,403	1,295,899
Accumulated depreciation and amortization	(320,332)	(312,642)
Operating real estate property, net	1,117,845	1,109,960
Properties held-for-sale, net of accumulated depreciation: 2020-$0; 2019-$35,113		26,856
Real property investments, net	1,117,845	1,136,816
Mortgage loans receivable, net of loan loss reserve: 2020-$2,563; 2019-$2,560	254,396	254,099
Real estate investments, net	1,372,241	1,390,915
Notes receivable, net of loan loss reserve: 2020-$180; 2019-$181	17,769	17,927
Investments in unconsolidated joint ventures	19,061	19,003
Investments, net	1,409,071	1,427,845
Other assets:
Cash and cash equivalents	30,888	4,244
Debt issue costs related to bank borrowings	1,948	2,164
Interest receivable	28,097	26,586
Straight-line rent receivable	46,541	45,703
Lease incentives	2,764	2,552
Prepaid expenses and other assets	5,476	5,115
Total assets	1,524,785	1,514,209
LIABILITIES
Bank borrowings	89,900	93,900
Senior unsecured notes, net of debt issue costs: 2020-$773; 2019-$812	599,527	599,488
Accrued interest	3,503	4,983
Accrued expenses and other liabilities	25,800	30,412
Total liabilities	718,730	728,783
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2020-39,218; 2019-39,752	392	398
Capital in excess of par value	847,572	867,346
Cumulative net income	1,357,115	1,293,482
Cumulative distributions	(1,407,450)	(1,384,283)
Total LTC Properties, Inc. stockholders' equity	797,629	776,943
Non-controlling interests	8,426	8,483
Total equity	806,055	785,426
Total liabilities and equity	$ 1,524,785	$ 1,514,209

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Properties held-for-sale, accumulated depreciation	$ 0	$ 35,113
Mortgage loans receivable, loan loss reserve	2,563	2,560
Notes receivable, loan loss reserve	$ 179	$ 181
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	39,218	39,752
Common stock, shares outstanding	39,218	39,752
Senior Unsecured Notes
Debt issue costs, net	$ 773	$ 812

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 38,035	$ 37,624
Interest income from mortgage loans	7,777	7,311
Interest and other income	598	521
Total revenues	46,410	45,456
Expenses:
Interest expense	7,710	7,467
Depreciation and amortization	9,669	9,607
Provision for doubtful accounts	1	83
Transaction costs	70
Property tax expense	4,223	4,386
General and administrative expenses	5,100	4,571
Total expenses	26,773	26,114
Other operating income:
Gain on sale of real estate, net	43,854
Operating income	63,491	19,342
Income from unconsolidated joint ventures	231	1,085
Net income	63,722	20,427
Income allocated to non-controlling interests	(89)	(81)
Net income attributable to LTC Properties, Inc.	63,633	20,346
Income allocated to participating securities	(263)	(92)
Net income available to common stockholders	$ 63,370	$ 20,254
Earnings per common share:
Basic (in dollars per share)	$ 1.60	$ 0.51
Diluted (in dollars per share)	$ 1.60	$ 0.51
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,539	39,532
Diluted (in shares)	39,541	39,874
Dividends declared and paid per common share (in dollars per share)	$ 0.57	$ 0.57
Comprehensive Income:
Net income	$ 63,722	$ 20,427
Comprehensive income	$ 63,722	$ 20,427

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	Cumulative Distributions	Non-controlling Interests	Total
Balance at beginning 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
Equity activity
Common stock cash distributions	(22,631)				(22,631)		(22,631)
Vesting of performance-based stock units	(300)				(300)		(300)
Vesting of performance-based stock units		48
Issuance of restricted stock	(1)		(1)				(1)
Issuance of restricted stock (in shares)		78
Stock-based compensation expense	1,689		1,689				1,689
Net income	20,346			20,346		81	20,427
Non-controlling interests contributions						919	919
Non-controlling interest distributions						(89)	(89)
Other	(2,024)		(2,024)				(2,024)
Other (in shares)		(44)
Balance at end of period at Mar. 31, 2019	779,761	$ 397	862,376	1,233,302	(1,316,314)	8,392	788,153
Balance (in shares) at Mar. 31, 2019		39,739
Equity activity
Cumulative effect of the adoption of the ASC 842	(42,808)			(42,808)			(42,808)
As Adjusted Balance at January 1, 2019	782,682	$ 397	862,712	1,212,956	(1,293,383)	7,481	790,163
Common stock cash distributions	(22,653)				(22,653)		(22,653)
Issuance of restricted stock	(6)		(6)				(6)
Issuance of restricted stock (in shares)		8
Stock-based compensation expense	1,623		1,623				1,623
Net income	20,446			20,446		88	20,534
Non-controlling interests contributions						46	46
Non-controlling interest distributions						(87)	(87)
Balance at end of period at Jun. 30, 2019	779,171	$ 397	863,993	1,253,748	(1,338,967)	8,439	787,610
Balance (in shares) at Jun. 30, 2019		39,747
Equity activity
Common stock cash distributions	(22,658)				(22,658)		(22,658)
Stock option exercises	123	$ 1	122				123
Stock option exercises (in shares)		5
Stock-based compensation expense	1,626		1,626				1,626
Net income	27,192			27,192		88	27,280
Non-controlling interest distributions						(67)	(67)
Other	(20)		(20)				(20)
Balance at end of period at Sep. 30, 2019	785,434	$ 398	865,721	1,280,940	(1,361,625)	8,460	793,894
Balance (in shares) at Sep. 30, 2019		39,752
Equity activity
Common stock cash distributions	(22,658)				(22,658)		(22,658)
Stock-based compensation expense	1,625		1,625				1,625
Net income	12,542			12,542		89	12,631
Non-controlling interest distributions						(66)	(66)
Balance at end of period at Dec. 31, 2019	776,943	$ 398	867,346	1,293,482	(1,384,283)	8,483	785,426
Balance (in shares) at Dec. 31, 2019		39,752
Equity activity
Common stock cash distributions	(22,581)				(22,581)		(22,581)
Vesting of performance-based stock units	(586)				(586)		(586)
Vesting of performance-based stock units		82
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		76
Repurchase of common stock	(18,012)	$ (6)	(18,006)				(18,012)
Repurchase of common stock (in shares)		(616)
Stock-based compensation expense	1,777		1,777				1,777
Net income	63,633			63,633		89	63,722
Non-controlling interest distributions						(146)	(146)
Other	(3,545)	$ (1)	(3,544)				(3,545)
Other (in shares)		(76)
Balance at end of period at Mar. 31, 2020	$ 797,629	$ 392	$ 847,572	$ 1,357,115	$ (1,407,450)	$ 8,426	$ 806,055
Balance (in shares) at Mar. 31, 2020		39,218

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019
OPERATING ACTIVITIES:
Net income	$ 63,722	$ 12,631	$ 20,534	$ 20,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,669			9,607
Stock-based compensation expense	1,777			1,689
Gain on sale of real estate, net	(43,854)
Income from unconsolidated joint ventures	(231)			(1,085)
Income distributions from unconsolidated joint ventures	231			1,105
Straight-line rental income	(839)			(1,238)
Adjustment for collectability of rental income				1,926
Lease incentives funded	(13)
Amortization of lease incentives	101			87
Provision for doubtful accounts	1			83
Other non-cash items, net	256			252
Increase in interest receivable	(1,511)			(1,444)
(Decrease) increase in accrued interest payable	(1,480)			13
Net change in other assets and liabilities	(3,975)			(4,635)
Net cash provided by operating activities	23,854			26,787
INVESTING ACTIVITIES:
Investment in real estate properties	(13,581)			(15,971)
Investment in real estate developments	(4,854)			(6,957)
Investment in real estate capital improvements	(1,119)			(259)
Capitalized interest	(191)			(260)
Proceeds from sale of real estate, net	71,905			225
Investment in real estate mortgage loans receivable	(366)			(1,454)
Principal payments received on mortgage loans receivable	65			65
Investments in unconsolidated joint ventures	(58)			(293)
Proceeds from dissolution of unconsolidated joint ventures				3,400
Advances and originations under notes receivable	(141)			(6,953)
Principal payments received on notes receivable				41
Net cash provided by (used in) investing activities	51,660			(28,416)
FINANCING ACTIVITIES:
Bank borrowings	24,000			36,900
Repayment of bank borrowings	(28,000)			(2,000)
Principal payments on senior unsecured notes				(4,167)
Stock repurchase plan	(18,012)
Distributions paid to stockholders	(23,167)			(22,931)
Distributions paid to non-controlling interests	(146)			(90)
Other	(3,545)			(2,024)
Net cash (used in) provided by financing activities	(48,870)			5,688
Increase in cash, cash equivalents and restricted cash	26,644			4,059
Cash, cash equivalents and restricted cash, beginning of period	4,244		$ 8,823	4,764
Cash, cash equivalents and restricted cash, end of period	30,888	$ 4,244		8,823
Supplemental disclosure of cash flow information:
Interest paid	8,935			7,202
Non-cash investing and financing transactions:
Right of use asset				1,445
Lease liability				$ 1,445
Reclassified to lease incentives	$ 300

General

General	3 Months Ended
	Mar. 31, 2020
General
General	1. Genera l LTC Properties, Inc., a health care real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in seniors housing and health care properties primarily 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. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment. We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results for a full year. No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders. New Accounting Pronouncements New Accounting Standards Adopted by Our Company In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 (“ASU 2016-02”), Leases Topic 842, Leases ● Modify the accounting and lease classification criteria; ​ ● On a quarterly basis, on an individual lease basis, assess the collectibility of substantially all of the lease payments through maturity. If collectibility is not probable, the lease income recorded during the period would be limited to lesser of the income that would have been recognized if collection were probable, and the lease payments received; and ​ ● 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. As a result of adopting ASU 2016-02 on January 1, 2019, using the modified retrospective transition approach, we evaluated the collectibility of our lease payments and determined that the level of collectibility certainty cannot be achieved for certain operators. Accordingly, we recognized a cumulative effect adjustment to equity of $42,808,000. Additionally, we now report real estate taxes that are reimbursed by our operators as Rental income Property tax expense Consolidated Statements of Income and Comprehensive Income In April 2020, the FASB staff released a set of four questions and answers to provide guidance regarding accounting for lease concessions in response to the novel coronavirus (“COVID-19”) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We are still evaluating these methods: ● Account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, increase the lease receivable and continue to recognize income. ​ ● Account for the rent deferrals as variable lease payments. In 2016, the FASB issued ASU No. 2016-13 , Measurement of Credit Losses on Financial Instruments We adopted ASU 2016-13 on January 1, 2020 and determined our Mortgage loans receivable and Notes receivable are within the scope of this ASU. We deem delinquency a credit quality indicator and consider delinquency to be 60 days of non-payment of amounts due. We utilize the probability of default and discounted cash flow methods to estimate expected credit losses. Additionally, we stress-tested the results to reflect the impact of unknown adverse future events including recessions, public health outbreaks and pandemics or epidemics, such as the coronavirus pandemic (“COVID-19”). We concluded that the adoption of ASU 2016-13 did not have a material impact on our financial statements at March 31, 2020 given that the historical reserves we had previously established approximated the expected credit losses computed by the models we utilized in the adoption of ASU 2016-13. The expected credit losses for our financial instruments that are within the scope of ASU 2016-13 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ /(Decrease) ​ ​ ​ ​ ​ ​ ​ Balance ​ in Expected ​ Balance ​ ​ ​ Balance Sheet ​ at ​ Credit Loss ​ at ​ Description ​ Location ​ 12/31/2019 ​ During the Quarter ​ 3/31/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 3 ​ $ 2,563 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (2) ​ $ 179 ​ We elected not to measure an allowance for expected credit losses on accrued interest receivables as we have a policy in place to reserve or write off accrued interest receivables in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivables by reversing interest income and/or recognizing credit loss expense. As of March 31, 2020, total balance of accrued interest receivables of $28,097,000 was not included in the measurement of expected credit loss. For the three months ended March 31, 2020 and 2019, Company did not recognize any write-off of accrued interest receivables.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2020
Real Estate Investments
Real Estate Investments	2. Real Estate Investments 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 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 review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Owned Properties. Our Owned properties are leased pursuant to non-cancelable operating leases generally with an initial term of 10 to 15 years . Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease: (i) a specified percentage increase over the prior year’s rent, generally between 2.0% and 2.5% ; (ii) a calculation based on the Consumer Price Index; (iii) as a percentage of facility net patient revenues in excess of base amounts; or (iv) specific dollar increases. Our leases that contain fixed annual rental escalations and/or have annual rental escalations that are contingent upon changes in the Consumer Price Index, are generally recognized on a straight-line basis over the minimum lease period. Certain leases have annual rental escalations that are contingent upon changes in the gross operating revenues of the property. This revenue is not recognized until the appropriate contingencies have been resolved. ​ The following table summarizes our investments in owned properties at March 31, 2020 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Percentage ​ Number ​ Number of ​ Investment ​ ​ Gross ​ of ​ of ​ SNF ​ ALF ​ per Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Beds ​ Units ​ Bed/Unit Assisted Living ​ $ 876,319 ​ 60.9 % 107 ​ — ​ 6,164 ​ $ 142.17 ​ Skilled Nursing ​ ​ 543,814 ​ 37.8 % 50 ​ 6,283 ​ 212 ​ $ 83.73 ​ Under Development (2) ​ ​ 6,684 ​ 0.5 % — ​ — ​ — ​ ​ — ​ Other (3) ​ ​ 11,360 ​ 0.8 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,438,177 ​ 100.0 % 158 ​ 6,401 ​ 6,376 ​ ​ ​ ​ (1) We own properties in 27 states that are leased to 29 different operators. ​ (2) Represents a 90 -bed SNF development project located in Missouri. ​ (3) Includes three parcels of land held-for-use, and one behavioral health care hospital. Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent receivable, amortization of lease incentives and renewal options are as follows (in thousands): ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2020 ​ $ 101,584 ​ 2021 ​ 127,050 ​ 2022 ​ 128,250 ​ 2023 ​ 129,900 ​ 2024 ​ 126,374 ​ Thereafter ​ 625,531 ​ (1) Represents contractual cash rent, except for Anthem Memory Care (“Anthem”) lease which is based on cash rent received. See below for more information. Anthem operates 11 operational memory care communities under a master lease and was placed in default in 2017 resulting from Anthem’s partial payment of its minimum rent. However, we did not enforce our rights and remedies pertaining to the event of default, under the stipulation that Anthem achieves sufficient performance and pays agreed upon rent. We currently anticipate that Anthem will pay $9,900,000 of annual cash rent during 2020. However, COVID-19 may adversely impact Anthem’s operating cash flow and ability to pay rent. In accordance with ASC 842 lease accounting guidance, at January 1, 2019, we evaluated the collectibility of straight-line rent receivable and lease incentive balances related to Anthem and determined that it was not probable that we would collect substantially all of the contractual lease obligations through maturity. Accordingly, we wrote-off the balances to equity as of January 1, 2019, as required by the ASC 842 transition guidance. Preferred Care, Inc. (“Preferred Care”) and affiliated entities filed for Chapter 11 bankruptcy in 2017 as a result of a multi-million-dollar judgment in a lawsuit in Kentucky against Preferred Care and certain affiliated entities. Preferred Care leased 24 properties (“Properties”) under two master leases from us and the Preferred Care operating entities that sublease those Properties did not file for bankruptcy. In accordance with ASC 842 lease accounting guidance, at January 1, 2019, we evaluated the collectibility of straight-line rent receivable and lease incentive balances related to Preferred Care and determined it was not probable that we would collect substantially all of the contractual lease obligations through maturity. Accordingly, we wrote-off the balances to equity as of January 1, 2019, as required by the ASC 842 transition guidance. Preferred Care did not affirm our master leases and subsequently filed for Chapter 7 bankruptcy in 2019. The monthly contractual obligation under the master leases was approximately $1,000,000, however, during the third quarter of 2019, Preferred Care began paying only $55,000 of monthly rent. During the fourth quarter of 2019, we entered into multiple contracts to sell the Properties, all of which were completed during the first quarter of 2020. The combined net proceeds from the sales, including the 2019 transactions, was approximately $77,900,000 resulting in a total gain of approximately $44,000,000. The Properties had a combined net book value of $35,600,000. The 21 properties sold in the first quarter of 2020, which included 2,411 beds in Arizona, Colorado, Iowa, Kansas and Texas, were sold through multiple transactions and generated net proceeds of approximately $71,900,000. These 21 properties had a combined net book value of $29,100,000 and resulted in total gain on sale of $43,900,000 in the first quarter of 2020 which was recorded as Gain on sale of real estate, net 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 in December 2018. Senior Care did not pay us December 2018 rent and accordingly, in December 2018, we placed Senior Care on a cash basis. In accordance with ASC 842 lease accounting guidance, at January 1, 2019, we evaluated the collectibility of straight-line rent receivable and lease incentive balance related to Senior Care and determined it was not probable that we would collect substantially all of the contractual lease obligations through maturity. Accordingly, we wrote-off the balances to equity as of January 1, 2019, as required by the ASC 842 transition guidance. During 2019, we received a court ordered reimbursement from Senior Care for the December 2018 unpaid rent, late fees and legal costs totaling $1,596,000. In March 2020, Senior Care emerged from bankruptcy and affirmed our master lease. Senior Care is current on all its rent, real estate property tax escrow and maintenance deposits. The following table summarizes components of our rental income for the three months ended March 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Rental Income ​ ​ 2020 ​ ​ 2019 ​ Base cash rental income ​ $ 33,015 ​ $ 33,914 ​ Variable cash rental income ​ ​ 4,282 (1) ​ 4,485 (1) Straight-line rent ​ ​ 839 ​ ​ 1,238 ​ Adjustment for collectibility of rental income ​ ​ — ​ ​ (1,926) (2) Amortization of lease incentives ​ ​ (101) ​ ​ (87) ​ Total ​ $ 38,035 ​ $ 37,624 ​ (1) The variable rental income for the three months ended March 31, 2020, includes $60 related to contingent rental income and $4,222 related to our real estate taxes which were reimbursed by our operators. The variable rental income for the three months ended March 31, 2019 includes $150 related to contingent rental income and $4,335 related to our real estate taxes which were reimbursed by our operators. Per the provisions of ASC 842, any lessor cost, paid by the lessor and reimbursed by the lessee, must be included as a lease payment. ​ (2) During the first quarter of 2019, we terminated a lease agreement and transitioned two operating seniors housing communities under the lease agreement to a new operator. As a result of the lease termination, we wrote-off $1,926 straight-line rent receivable to contra-revenue in accordance with ASC 842. ​ 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 (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Carrying ​ Option ​ State ​ Property ​ Properties ​ ​ Investments ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 36,307 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 29,655 ​ ​ 16,588 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,201 ​ ​ 12,670 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,152 ​ ​ 27,698 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 24,180 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,648 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 149,848 ​ $ 128,091 ​ ​ ​ (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, and on March 13, 2020, the United States declared a national emergency with regard to COVID-19. As required by ASC 842, we assess the collectibility of our lease payments through maturity on a quarterly basis. At March 31, 2020, in conjunction with the rising levels of uncertainty related to the adverse effects of COVID-19, we assessed the probability of collecting substantially all of our lease payments through maturity and concluded that we did not have sufficient information available to evaluate the impact of COVID-19 on the collectibility of our lease payments. The extent to which COVID-19 could impact our operators and the collectibility of our future lease payments will depend on the future developments including the financial impact significance and the duration of the pandemic. We will continue to evaluate the collectibility of our lease payments through maturity on a quarterly basis, including the financial impact of COVID-19. If we determine that we do not have the level of collectibility certainty required by ASC 842 related to certain operators, all or a portion of our straight-line rent receivable and other lease receivables will be written-off. In recognition of the unique conditions affecting our operators, we have agreed to rent deferrals for certain operators totaling $772,000 for April 2020, of which $137,000 was returned back to us. The $772,000 April rent deferrals represent approximately 7% of our April contractual rent. Acquisitions and Developments: The following table summarizes our acquisitions for the three months ended March 31, 2020 and 2019 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ Type of Property ​ Price ​ Costs (1) ​ Costs ​ Properties ​ Beds/Units 2020 ​ Skilled Nursing (2) ​ $ 13,500 ​ $ 81 ​ $ 13,581 1 ​ 140 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Assisted Living (3) ​ $ 16,719 ​ $ 171 ​ $ 16,890 ​ 1 ​ 74 (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) We acquired a SNF located in Texas. ​ (3) We entered into a joint venture (“ JV”) (consolidated on our financial statements) to purchase an existing operational 74 -unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,971 in cash. Our economic interest in the real estate JV is approximately 95% . During he following in development and improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Type of Property ​ Developments ​ Improvements ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 2,386 ​ $ 1,116 ​ $ 4,507 ​ $ 256 ​ Skilled Nursing Centers ​ ​ 2,468 ​ ​ 3 ​ ​ 2,450 ​ ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ Total ​ $ 4,854 ​ $ 1,119 ​ $ 6,957 ​ $ 259 ​ Completed Developments. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ ​ ​ Total Year ​ Type of Project ​ Properties ​ Property ​ Beds/Units ​ State ​ Investment 2020 ​ Development (1) ​ 1 ​ ALF/MC ​ 78 ​ Oregon ​ $ 16,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Development ​ 1 ​ SNF ​ 143 ​ Kentucky ​ $ 24,974 (1) Certificate of occupancy was received in March 2020, however, due to the COVID-19 pandemic, we have consented to delay the opening of this community to a later date to be determined. Properties Sold. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain ​ 2020 ​ Arizona ​ SNF ​ 1 ​ 194 ​ $ 12,550 ​ $ 2,229 ​ $ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,365 ​ ​ ​ Iowa ​ SNF (1) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 8,914 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,994 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,288 ​ Total 2020 (2) ​ ​ ​ ​ ​ 21 (2) 2,411 (2) $ 74,800 (2) $ 29,084 (2) $ 43,854 (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ — ​ ( (1) This transaction includes a holdback of $838 which is held in an interest-bearing account with an escrow holder on behalf of the buyer for potential specific losses. Using the expected value model per ASC Topic 606, Contracts with Customers , we estimated and recorded the holdback value of $471 . ​ (2) Properties sold within the Preferred Care portfolio. ​ Mortgage Loans. (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ per Interest Rate (1) ​ Maturity ​ Investment ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Bed/Unit 9.9% ​ 2043 ​ $ 186,159 ​ SNF ​ 72.4 % 1 ​ 15 ​ 1,941 ​ $ 95.91 9.2% ​ 2045 ​ ​ 36,362 ​ SNF ​ 14.2 % 1 ​ 4 ​ 501 ​ $ 72.58 9.4% ​ 2045 ​ 19,513 ​ SNF ​ 7.6 % 1 ​ 2 ​ 205 ​ $ 95.19 9.6% ​ 2045 ​ ​ 14,925 ​ SNF ​ 5.8 % 1 ​ 1 ​ 157 ​ $ 95.06 Total ​ ​ ​ $ 256,959 ​ ​ ​ 100.0 % 4 ​ 22 ​ 2,804 ​ $ 91.64 (1) The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period based upon a specified increase of 2.25% . ​ (2) Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30 -year term. ​ (3) The properties securing these mortgage loans are located in one state and are operated by one operator. The following table summarizes our mortgage loan activity for the three months ended March 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Originations and funding under mortgage loans receivable ​ $ 366 ​ $ 1,454 ​ Scheduled principal payments received ​ ​ (65) ​ ​ (65) ​ Mortgage loan premium amortization ​ ​ (1) ​ ​ — ​ Provision for loan loss reserve ​ ​ (3) ​ ​ (14) ​ Net increase in mortgage loans receivable ​ $ 297 ​ $ 1,375 ​ ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2020
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	3. Investment in Unconsolidated Joint Ventures The following table summarizes our investment in an unconsolidated joint venture as of March 31, 2020 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Investment ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Commitment ​ ​ Value ​ Arizona ​ ALF/MC/ILF ​ Preferred Equity (1) 15 % ​ 8 % (2) 585 ​ $ — ​ $ 19,061 (3) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 585 ​ $ — ​ $ 19,061 ​ (1) We have concluded that the JV is a variable interest entity (“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) Effective second quarter of 2019, this JV was placed on the cash basis due to delinquency of our preferred return. ​ (3) During the fourth quarter of 2019, we recorded an impairment loss of $5,500 to write-down our preferred equity investment to its estimated fair value. See below for more detail. During the fourth quarter of 2019, the JV in which we hold our preferred equity investment signed a contract to sell the four properties comprising the JV(“Properties”). The contract was subject to standard due diligence and other contingencies to close, all of which were met in January 2020. Accordingly, based on the information available to us regarding alternatives and courses of action, we performed a recoverability test on the carrying value of our preferred equity investment and concluded that a portion of our preferred equity investment will not be recoverable. Therefore, we recorded an impairment loss from investment in unconsolidated joint ventures of $5,500,000 and wrote our preferred equity investment down to its estimated fair value. In April 2020, the Properties were sold and we received partial liquidation proceeds of $17,200,000. We anticipate receiving additional proceeds of approximately $1,300,000 and expect to recognize a loss on liquidation of unconsolidated joint ventures of approximately $600,000 in the second quarter of 2020 related to the dissolution of this joint venture. The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures for the three months ended March31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Received ​ 2020 ​ ALF/MC/ILF ​ $ 58 ​ $ 231 ​ $ 231 ​ Total ​ ​ ​ $ 58 ​ $ 231 ​ $ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ALF/MC/ILF ​ $ 293 ​ $ 553 ​ $ 552 ​ ​ ​ ALF/ILF/MC (1) ​ — (1) ​ 128 (1) ​ 121 (1) ​ ​ ALF/MC (2) ​ — (2) ​ 404 (2) ​ 432 (2) Total ​ ​ ​ $ 293 ​ $ 1,085 ​ $ 1,105 ​ (1) We had a $2,900 mezzanine loan commitment for a 99 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. 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. During the third quarter of 2019, the mezzanine loan was paid off. ​ (2) We had a $3,400 mezzanine loan commitment for the development of a 127 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. During the first quarter of 2019, the mezzanine loan was paid off.

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2020
Notes Receivable.
Notes Receivable	4. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components as of March 31, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 Mezzanine loans $ 13,284 ​ $ 13,284 ​ Other loans ​ 4,664 ​ ​ 4,824 ​ Notes receivable reserve ​ (179) ​ ​ (181) ​ Total $ 17,769 ​ $ 17,927 ​ ​ The following table summarizes our notes receivable activity for the three months ended March 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2020 ​ ​ 2019 ​ Advances under notes receivable $ 141 ​ $ 6,953 ​ Principal payments received under notes receivable ​ — ​ ​ (41) ​ Reclassified to lease incentives ​ (300) (1) ​ — ​ Notes receivable reserve ​ 1 ​ ​ (69) ​ Total $ (158) ​ $ 6,843 ​ (1) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease.

Lease Incentives

Lease Incentives	3 Months Ended
	Mar. 31, 2020
Lease Incentives
Lease Incentives	5. Lease Incentives Our lease incentive balances at March 31, 2020 and December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ December 31, 2019 Non-contingent lease incentives ​ $ 2,764 ​ $ 2,552 ​ The following table summarizes our lease incentives activity for the three months ended March 31, 2020 and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Reclassification ​ ​ Funding ​ ​ Amortization ​ ​ Write-off ​ Non-contingent lease incentives ​ $ 13 ​ $ (101) ​ $ 300 (1) $ — ​ $ (87) ​ $ (12,093) (2) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion. ​ (2) In accordance with ASC 842 lease standard adopted on January 1, 2019, we wrote-off $12,093 of lease incentives related to leases for which we determined it is not probable we will collect substantially all of the contractual lease obligation through maturity. See Note 1. General for further discussion. 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	3 Months Ended
	Mar. 31, 2020
Debt Obligations
Debt Obligations	6. Debt Obligations Bank Borrowings. We have an unsecured credit agreement that provides for a revolving aggregate commitment of the lenders of up to $600,000,000 with the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000 . The unsecured credit agreement matures on June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2020 , the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At March 31, 2020 , we were in compliance with all covenants. Senior Unsecured Notes. affiliates and managed accounts of The debt obligations by component as of March 31, 2020 and December 31, 2019 are as follows ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2020 ​ At December 31, 2019 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Bank borrowings ​ 2.22% ​ $ 89,900 ​ $ 510,100 ​ $ 93,900 ​ $ 506,100 ​ Senior unsecured notes, net of debt issue costs ​ 4.39% ​ ​ 599,527 ​ ​ — ​ ​ 599,488 ​ ​ 21,500 ​ Total ​ 4.10% ​ $ 689,427 ​ $ 510,100 ​ $ 693,388 ​ $ 527,600 ​ (1) Represents weighted average of interest rate as of March 31, 2020 . Our borrowings and repayments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2020 ​ 2019 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Bank borrowings ​ $ 24,000 ​ $ (28,000) ​ $ 36,900 ​ $ (2,000) ​ Senior unsecured notes ​ ​ — ​ ​ — ​ ​ — ​ ​ (4,167) ​ Total ​ $ 24,000 ​ $ (28,000) ​ $ 36,900 ​ $ (6,167) ​ ​

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity
Equity	7. Equity Common Stock. During the three months ended March 31, 2020 and 2019, we acquired 76,067 shares and 44,543 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Stock Repurchase Plan. Non-controlling Interests. As of March 31,2020, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2019 ​ Owned real estate ​ ALF/MC ​ VA ​ $ 16,895 ​ $ 919 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,400 ​ ​ 2,857 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 16,341 ​ ​ 1,081 ​ 2017 ​ Owned real estate and development ​ ILF/ALF/MC ​ WI ​ ​ 22,009 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,264 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 81,325 ​ $ 8,426 ​ ​ ​ Available Shelf Registration. ​ Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 23,167 (2) $ 23,167 (2) $ 22,931 (3) $ 22,931 (3) ​ (1) Represents $0.19 per share per month for the three months ended March 31, 2020 and 2019 . ​ (2) Includes $586 related to the vesting of performance-based stock units. ​ (3) Includes $300 related to the vesting of performance-based stock units. In April 2020, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of April, May and June 2020, payable on April 30, May 29, and June 30, 2020, respectively, to stockholders of record on April 22, May 21, and June 22, 2020, respectively. Stock-Based Compensation Under our 2015 Equity Participation Plan (“the 2015 Plan”), 1,400,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. At March 31, 2020 , we had 15,000 stock options outstanding and exercisable. During the three months ended March 31, 2020 and 2019 , no stock options were granted or exercised. The following table summarizes our restricted stock and performance-based stock units activity for the three months ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2020 ​ 2019 ​ Outstanding, January 1 ​ ​ 345,633 ​ ​ 325,750 ​ Granted ​ ​ 142,491 ​ ​ 139,112 ​ Vested ​ ​ (156,555) (1) ​ (117,997) (2) Outstanding, March 31 ​ ​ 331,569 ​ ​ 346,865 ​ (1) Includes 81,574 performance-based stock units. ​ (2) Includes 48,225 performance-based stock units. During the three months ended March 31, 2020 and 2019 , we granted restricted stock and performance-based stock units under the 2015 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ Year ​ Shares/Units ​ Share ​ Vesting Period ​ 2020 ​ 76,464 ​ $ 48.95 ​ ratably over 3 years ​ ​ ​ 66,027 ​ $ 49.98 ​ TSR targets (1) ​ ​ ​ 142,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 78,276 ​ $ 46.54 ​ ratably over 3 years ​ ​ ​ 60,836 ​ $ 46.54 ​ TSR targets (1) ​ ​ ​ 139,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . Compensation expense recognized related to the vesting of restricted common stock and performance-based stock units for the three months ended March 31, 2020 and 2019 were $1,777,000 and $1,689,000 , respectively. At March 31, 2020 , the 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2020 ​ $ 4,993 2021 ​ ​ 4,851 2022 ​ ​ 2,536 2023 ​ ​ 196 Total ​ $ 12,576 ​ ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies At March 31, 2020, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2020 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties Note 2. Real Estate Investments ​ $ 41,336 (1) $ 5,602 ​ $ 23,963 ​ $ 17,373 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 10,500 ​ ​ — ​ ​ — ​ ​ 10,500 Mortgage loans ( Note 2. Real Estate Investments ​ ​ 27,200 (2) ​ 326 ​ ​ 6,271 ​ ​ 20,929 Notes receivable ( Note 4. Notes Receivable ​ ​ 1,354 ​ ​ 50 ​ ​ 50 ​ ​ 1,304 Total ​ $ 80,390 ​ $ 5,978 ​ $ 30,284 ​ $ 50,106 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ​ (2) Represents $9,200 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. ​ Also, some of our lease agreements provide purchase options allowing the lessee to purchase the properties they currently lease from us. See Note 2. Real Estate Investments We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

Major Operators

Major Operators	3 Months Ended
	Mar. 31, 2020
Major Operators
Major Operators	9. Major Operators We have two operators from each of which we derive 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 March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenue (1) ​ ​ Assets ​ ​ Prestige Healthcare ​ 24 ​ — ​ 2,922 ​ 93 ​ 17.7 % ​ 17.3 % ​ Senior Lifestyle Corporation ​ — ​ 23 ​ — ​ 1,457 ​ 10.9 % ​ 10.1 % ​ Total ​ 24 ​ 23 ​ 2,922 ​ 1,550 ​ 28.6 % ​ 27.4 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of March 31, 2020 and excludes rental income from lessee reimbursement and sold properties. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, impact upon services or occupancy levels due to COVID-19, or in the event any such operator does not renew and/or extend its relationship with us.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings per Share
Earnings per Share	10. Earnings per Share The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2020 ​ 2019 ​ Net income ​ $ 63,722 $ 20,427 Less income allocated to non-controlling interests ​ (89) ​ (81) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (94) ​ (92) ​ Income allocated to participating securities ​ (169) ​ — ​ Total net income allocated to participating securities ​ (263) ​ (92) ​ Net income available to common stockholders ​ 63,370 ​ 20,254 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Participating securities ​ ​ — ​ ​ 92 ​ Net income for diluted net income per share ​ $ 63,370 ​ $ 20,346 ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,539 ​ 39,532 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Stock options ​ 2 ​ 4 ​ Performance-based stock units ​ ​ — (1) ​ 181 ​ Participating securities ​ ​ — (2) ​ 157 ​ Total effect of dilutive securities ​ 2 ​ 342 ​ Shares for diluted net income per share ​ 39,541 ​ 39,874 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 1.60 ​ $ 0.51 ​ Diluted net income per share ​ $ 1.60 ​ $ 0.51 ​ (1) At March 31, 2020, no performance-based stock units would be earned based on TSR targets. ​ (2) For the three months ended March 31, 2020, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	11. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of 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 March 31, 2020 and December 31, 2019 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2020 ​ At December 31, 2019 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 254,396 ​ $ 316,295 (1) $ 254,099 ​ $ 312,824 (1) Bank borrowings ​ 89,900 ​ ​ 89,900 (2) ​ 93,900 ​ ​ 93,900 (2) Senior unsecured notes, net of debt issue costs ​ 599,527 ​ ​ 564,050 (3) ​ 599,488 ​ ​ 612,375 (3) (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2020 and December 31, 2019 was 9.0% . ​ (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2020 and December 31, 2019 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 March 31, 2020, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.25% for those maturing before year 2026 and 5.50% for those maturing at or beyond year 2026. At December 31, 2019, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.70% for those maturing before year 2026 and 3.90% for those maturing at or beyond year 2026. ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	12. Subsequent Events Subsequent to March 31, 2020 the following events occurred: Investment in Unconsolidated Joint Ventures: Equity:

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2020
General
Basis of Presentation	We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries.
Reclassifications	All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2020 and 2019 are not necessarily indicative of the results for a full year.
Income taxes	No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.
New Accounting Pronouncement	New Accounting Pronouncements New Accounting Standards Adopted by Our Company In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 (“ASU 2016-02”), Leases Topic 842, Leases ● Modify the accounting and lease classification criteria; ​ ● On a quarterly basis, on an individual lease basis, assess the collectibility of substantially all of the lease payments through maturity. If collectibility is not probable, the lease income recorded during the period would be limited to lesser of the income that would have been recognized if collection were probable, and the lease payments received; and ​ ● 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. As a result of adopting ASU 2016-02 on January 1, 2019, using the modified retrospective transition approach, we evaluated the collectibility of our lease payments and determined that the level of collectibility certainty cannot be achieved for certain operators. Accordingly, we recognized a cumulative effect adjustment to equity of $42,808,000. Additionally, we now report real estate taxes that are reimbursed by our operators as Rental income Property tax expense Consolidated Statements of Income and Comprehensive Income In April 2020, the FASB staff released a set of four questions and answers to provide guidance regarding accounting for lease concessions in response to the novel coronavirus (“COVID-19”) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We are still evaluating these methods: ● Account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, increase the lease receivable and continue to recognize income. ​ ● Account for the rent deferrals as variable lease payments. In 2016, the FASB issued ASU No. 2016-13 , Measurement of Credit Losses on Financial Instruments We adopted ASU 2016-13 on January 1, 2020 and determined our Mortgage loans receivable and Notes receivable are within the scope of this ASU. We deem delinquency a credit quality indicator and consider delinquency to be 60 days of non-payment of amounts due. We utilize the probability of default and discounted cash flow methods to estimate expected credit losses. Additionally, we stress-tested the results to reflect the impact of unknown adverse future events including recessions, public health outbreaks and pandemics or epidemics, such as the coronavirus pandemic (“COVID-19”). We concluded that the adoption of ASU 2016-13 did not have a material impact on our financial statements at March 31, 2020 given that the historical reserves we had previously established approximated the expected credit losses computed by the models we utilized in the adoption of ASU 2016-13. The expected credit losses for our financial instruments that are within the scope of ASU 2016-13 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ /(Decrease) ​ ​ ​ ​ ​ ​ ​ Balance ​ in Expected ​ Balance ​ ​ ​ Balance Sheet ​ at ​ Credit Loss ​ at ​ Description ​ Location ​ 12/31/2019 ​ During the Quarter ​ 3/31/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 3 ​ $ 2,563 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (2) ​ $ 179 ​ We elected not to measure an allowance for expected credit losses on accrued interest receivables as we have a policy in place to reserve or write off accrued interest receivables in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivables by reversing interest income and/or recognizing credit loss expense. As of March 31, 2020, total balance of accrued interest receivables of $28,097,000 was not included in the measurement of expected credit loss. For the three months ended March 31, 2020 and 2019, Company did not recognize any write-off of accrued interest receivables.

General (Tables)

General (Tables)	3 Months Ended
	Mar. 31, 2020
General
Schedule of expected credit losses for our financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ /(Decrease) ​ ​ ​ ​ ​ ​ ​ Balance ​ in Expected ​ Balance ​ ​ ​ Balance Sheet ​ at ​ Credit Loss ​ at ​ Description ​ Location ​ 12/31/2019 ​ During the Quarter ​ 3/31/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 3 ​ $ 2,563 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (2) ​ $ 179 ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Investments
Summary of investments in owned properties	The following table summarizes our investments in owned properties at March 31, 2020 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Percentage ​ Number ​ Number of ​ Investment ​ ​ Gross ​ of ​ of ​ SNF ​ ALF ​ per Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Beds ​ Units ​ Bed/Unit Assisted Living ​ $ 876,319 ​ 60.9 % 107 ​ — ​ 6,164 ​ $ 142.17 ​ Skilled Nursing ​ ​ 543,814 ​ 37.8 % 50 ​ 6,283 ​ 212 ​ $ 83.73 ​ Under Development (2) ​ ​ 6,684 ​ 0.5 % — ​ — ​ — ​ ​ — ​ Other (3) ​ ​ 11,360 ​ 0.8 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,438,177 ​ 100.0 % 158 ​ 6,401 ​ 6,376 ​ ​ ​ ​ (1) We own properties in 27 states that are leased to 29 different operators. ​ (2) Represents a 90 -bed SNF development project located in Missouri. ​ (3) Includes three parcels of land held-for-use, and one behavioral health care hospital.
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 receivable, amortization of lease incentives and renewal options are as follows (in thousands): ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2020 ​ $ 101,584 ​ 2021 ​ 127,050 ​ 2022 ​ 128,250 ​ 2023 ​ 129,900 ​ 2024 ​ 126,374 ​ Thereafter ​ 625,531 ​ (1) Represents contractual cash rent, except for Anthem Memory Care (“Anthem”) lease which is based on cash rent received. See below for more information.
Summary of components of our rental income	The following table summarizes components of our rental income for the three months ended March 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Rental Income ​ ​ 2020 ​ ​ 2019 ​ Base cash rental income ​ $ 33,015 ​ $ 33,914 ​ Variable cash rental income ​ ​ 4,282 (1) ​ 4,485 (1) Straight-line rent ​ ​ 839 ​ ​ 1,238 ​ Adjustment for collectibility of rental income ​ ​ — ​ ​ (1,926) (2) Amortization of lease incentives ​ ​ (101) ​ ​ (87) ​ Total ​ $ 38,035 ​ $ 37,624 ​ (1) The variable rental income for the three months ended March 31, 2020, includes $60 related to contingent rental income and $4,222 related to our real estate taxes which were reimbursed by our operators. The variable rental income for the three months ended March 31, 2019 includes $150 related to contingent rental income and $4,335 related to our real estate taxes which were reimbursed by our operators. Per the provisions of ASC 842, any lessor cost, paid by the lessor and reimbursed by the lessee, must be included as a lease payment. ​ (2) During the first quarter of 2019, we terminated a lease agreement and transitioned two operating seniors housing communities under the lease agreement to a new operator. As a result of the lease termination, we wrote-off $1,926 straight-line rent receivable to contra-revenue in accordance with ASC 842.
Summary of information about purchase options included in our lease agreements	​ 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 (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Carrying ​ Option ​ State ​ Property ​ Properties ​ ​ Investments ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 36,307 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 29,655 ​ ​ 16,588 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,201 ​ ​ 12,670 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,152 ​ ​ 27,698 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 24,180 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,648 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 149,848 ​ $ 128,091 ​ ​ ​ (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies.
Summary of investments acquired	Acquisitions and Developments: The following table summarizes our acquisitions for the three months ended March 31, 2020 and 2019 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ Type of Property ​ Price ​ Costs (1) ​ Costs ​ Properties ​ Beds/Units 2020 ​ Skilled Nursing (2) ​ $ 13,500 ​ $ 81 ​ $ 13,581 1 ​ 140 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Assisted Living (3) ​ $ 16,719 ​ $ 171 ​ $ 16,890 ​ 1 ​ 74 (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) We acquired a SNF located in Texas. ​ (3) We entered into a joint venture (“ JV”) (consolidated on our financial statements) to purchase an existing operational 74 -unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,971 in cash. Our economic interest in the real estate JV is approximately 95% .
Schedule of investment in development and improvement projects	During he following in development and improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Type of Property ​ Developments ​ Improvements ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 2,386 ​ $ 1,116 ​ $ 4,507 ​ $ 256 ​ Skilled Nursing Centers ​ ​ 2,468 ​ ​ 3 ​ ​ 2,450 ​ ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ Total ​ $ 4,854 ​ $ 1,119 ​ $ 6,957 ​ $ 259 ​
Schedule of completed projects	Completed Developments. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ ​ ​ Total Year ​ Type of Project ​ Properties ​ Property ​ Beds/Units ​ State ​ Investment 2020 ​ Development (1) ​ 1 ​ ALF/MC ​ 78 ​ Oregon ​ $ 16,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Development ​ 1 ​ SNF ​ 143 ​ Kentucky ​ $ 24,974 (1) Certificate of occupancy was received in March 2020, however, due to the COVID-19 pandemic, we have consented to delay the opening of this community to a later date to be determined.
Schedule of real estate investment property sold	Properties Sold. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain ​ 2020 ​ Arizona ​ SNF ​ 1 ​ 194 ​ $ 12,550 ​ $ 2,229 ​ $ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,365 ​ ​ ​ Iowa ​ SNF (1) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 8,914 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,994 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,288 ​ Total 2020 (2) ​ ​ ​ ​ ​ 21 (2) 2,411 (2) $ 74,800 (2) $ 29,084 (2) $ 43,854 (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ — ​ ( (1) This transaction includes a holdback of $838 which is held in an interest-bearing account with an escrow holder on behalf of the buyer for potential specific losses. Using the expected value model per ASC Topic 606, Contracts with Customers , we estimated and recorded the holdback value of $471 . ​ (2) Properties sold within the Preferred Care portfolio. ​
Summary of investments in mortgage loans secured by first mortgages	Mortgage Loans. (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ per Interest Rate (1) ​ Maturity ​ Investment ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Bed/Unit 9.9% ​ 2043 ​ $ 186,159 ​ SNF ​ 72.4 % 1 ​ 15 ​ 1,941 ​ $ 95.91 9.2% ​ 2045 ​ ​ 36,362 ​ SNF ​ 14.2 % 1 ​ 4 ​ 501 ​ $ 72.58 9.4% ​ 2045 ​ 19,513 ​ SNF ​ 7.6 % 1 ​ 2 ​ 205 ​ $ 95.19 9.6% ​ 2045 ​ ​ 14,925 ​ SNF ​ 5.8 % 1 ​ 1 ​ 157 ​ $ 95.06 Total ​ ​ ​ $ 256,959 ​ ​ ​ 100.0 % 4 ​ 22 ​ 2,804 ​ $ 91.64 (1) The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period based upon a specified increase of 2.25% . ​ (2) Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30 -year term. ​ (3) The properties securing these mortgage loans are located in one state and are operated by one operator.
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the three months ended March 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Originations and funding under mortgage loans receivable ​ $ 366 ​ $ 1,454 ​ Scheduled principal payments received ​ ​ (65) ​ ​ (65) ​ Mortgage loan premium amortization ​ ​ (1) ​ ​ — ​ Provision for loan loss reserve ​ ​ (3) ​ ​ (14) ​ Net increase in mortgage loans receivable ​ $ 297 ​ $ 1,375 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
Investment in Unconsolidated Joint Ventures
Summary of investments in unconsolidated joint ventures	The following table summarizes our investment in an unconsolidated joint venture as of March 31, 2020 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Investment ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Commitment ​ ​ Value ​ Arizona ​ ALF/MC/ILF ​ Preferred Equity (1) 15 % ​ 8 % (2) 585 ​ $ — ​ $ 19,061 (3) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 585 ​ $ — ​ $ 19,061 ​ (1) We have concluded that the JV is a variable interest entity (“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) Effective second quarter of 2019, this JV was placed on the cash basis due to delinquency of our preferred return. ​ (3) During the fourth quarter of 2019, we recorded an impairment loss of $5,500 to write-down our preferred equity investment to its estimated fair value. See below for more detail.
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 for the three months ended March31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Received ​ 2020 ​ ALF/MC/ILF ​ $ 58 ​ $ 231 ​ $ 231 ​ Total ​ ​ ​ $ 58 ​ $ 231 ​ $ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ALF/MC/ILF ​ $ 293 ​ $ 553 ​ $ 552 ​ ​ ​ ALF/ILF/MC (1) ​ — (1) ​ 128 (1) ​ 121 (1) ​ ​ ALF/MC (2) ​ — (2) ​ 404 (2) ​ 432 (2) Total ​ ​ ​ $ 293 ​ $ 1,085 ​ $ 1,105 ​ (1) We had a $2,900 mezzanine loan commitment for a 99 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. 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. During the third quarter of 2019, the mezzanine loan was paid off. ​ (2) We had a $3,400 mezzanine loan commitment for the development of a 127 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. During the first quarter of 2019, the mezzanine loan was paid off.

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
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 as of March 31, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 Mezzanine loans $ 13,284 ​ $ 13,284 ​ Other loans ​ 4,664 ​ ​ 4,824 ​ Notes receivable reserve ​ (179) ​ ​ (181) ​ Total $ 17,769 ​ $ 17,927 ​

Lease Incentives (Tables)

Lease Incentives (Tables)	3 Months Ended
	Mar. 31, 2020
Lease Incentives
Summary of lease incentives by component	Our lease incentive balances at March 31, 2020 and December 31, 2019 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ December 31, 2019 Non-contingent lease incentives ​ $ 2,764 ​ $ 2,552
Summary of lease incentive activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Reclassification ​ ​ Funding ​ ​ Amortization ​ ​ Write-off ​ Non-contingent lease incentives ​ $ 13 ​ $ (101) ​ $ 300 (1) $ — ​ $ (87) ​ $ (12,093) (2) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion. ​ (2) In accordance with ASC 842 lease standard adopted on January 1, 2019, we wrote-off $12,093 of lease incentives related to leases for which we determined it is not probable we will collect substantially all of the contractual lease obligation through maturity. See Note 1. General for further discussion.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Obligations
Schedule of Debt Obligations	The debt obligations by component as of March 31, 2020 and December 31, 2019 are as follows ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2020 ​ At December 31, 2019 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Bank borrowings ​ 2.22% ​ $ 89,900 ​ $ 510,100 ​ $ 93,900 ​ $ 506,100 ​ Senior unsecured notes, net of debt issue costs ​ 4.39% ​ ​ 599,527 ​ ​ — ​ ​ 599,488 ​ ​ 21,500 ​ Total ​ 4.10% ​ $ 689,427 ​ $ 510,100 ​ $ 693,388 ​ $ 527,600 ​ (1) Represents weighted average of interest rate as of March 31, 2020 .

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity
Schedule of consolidated VIEs	As of March 31,2020, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2019 ​ Owned real estate ​ ALF/MC ​ VA ​ $ 16,895 ​ $ 919 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,400 ​ ​ 2,857 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 16,341 ​ ​ 1,081 ​ 2017 ​ Owned real estate and development ​ ILF/ALF/MC ​ WI ​ ​ 22,009 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,264 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 81,325 ​ $ 8,426 ​ ​ ​
Schedule of cash dividends declared and paid	Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 23,167 (2) $ 23,167 (2) $ 22,931 (3) $ 22,931 (3) ​ (1) Represents $0.19 per share per month for the three months ended March 31, 2020 and 2019 . ​ (2) Includes $586 related to the vesting of performance-based stock units. ​ (3) Includes $300 related to the vesting of performance-based stock units.
Schedule of restricted stock activity	The following table summarizes our restricted stock and performance-based stock units activity for the three months ended March 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2020 ​ 2019 ​ Outstanding, January 1 ​ ​ 345,633 ​ ​ 325,750 ​ Granted ​ ​ 142,491 ​ ​ 139,112 ​ Vested ​ ​ (156,555) (1) ​ (117,997) (2) Outstanding, March 31 ​ ​ 331,569 ​ ​ 346,865 ​ (1) Includes 81,574 performance-based stock units. ​ (2) Includes 48,225 performance-based stock units.
Schedule of restricted stock granted	During the three months ended March 31, 2020 and 2019 , we granted restricted stock and performance-based stock units under the 2015 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ Year ​ Shares/Units ​ Share ​ Vesting Period ​ 2020 ​ 76,464 ​ $ 48.95 ​ ratably over 3 years ​ ​ ​ 66,027 ​ $ 49.98 ​ TSR targets (1) ​ ​ ​ 142,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 78,276 ​ $ 46.54 ​ ratably over 3 years ​ ​ ​ 60,836 ​ $ 46.54 ​ TSR targets (1) ​ ​ ​ 139,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years .
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense	​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2020 ​ $ 4,993 2021 ​ ​ 4,851 2022 ​ ​ 2,536 2023 ​ ​ 196 Total ​ $ 12,576

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Schedule of commitments	At March 31, 2020, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2020 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties Note 2. Real Estate Investments ​ $ 41,336 (1) $ 5,602 ​ $ 23,963 ​ $ 17,373 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 10,500 ​ ​ — ​ ​ — ​ ​ 10,500 Mortgage loans ( Note 2. Real Estate Investments ​ ​ 27,200 (2) ​ 326 ​ ​ 6,271 ​ ​ 20,929 Notes receivable ( Note 4. Notes Receivable ​ ​ 1,354 ​ ​ 50 ​ ​ 50 ​ ​ 1,304 Total ​ $ 80,390 ​ $ 5,978 ​ $ 30,284 ​ $ 50,106 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ​ (2) Represents $9,200 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. ​

Major Operators (Tables)

Major Operators (Tables)	3 Months Ended
	Mar. 31, 2020
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 ​ — ​ 2,922 ​ 93 ​ 17.7 % ​ 17.3 % ​ Senior Lifestyle Corporation ​ — ​ 23 ​ — ​ 1,457 ​ 10.9 % ​ 10.1 % ​ Total ​ 24 ​ 23 ​ 2,922 ​ 1,550 ​ 28.6 % ​ 27.4 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of March 31, 2020 and excludes rental income from lessee reimbursement and sold properties.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings per Share
Schedule of basic and diluted net income per share	The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2020 ​ 2019 ​ Net income ​ $ 63,722 $ 20,427 Less income allocated to non-controlling interests ​ (89) ​ (81) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (94) ​ (92) ​ Income allocated to participating securities ​ (169) ​ — ​ Total net income allocated to participating securities ​ (263) ​ (92) ​ Net income available to common stockholders ​ 63,370 ​ 20,254 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Participating securities ​ ​ — ​ ​ 92 ​ Net income for diluted net income per share ​ $ 63,370 ​ $ 20,346 ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,539 ​ 39,532 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Stock options ​ 2 ​ 4 ​ Performance-based stock units ​ ​ — (1) ​ 181 ​ Participating securities ​ ​ — (2) ​ 157 ​ Total effect of dilutive securities ​ 2 ​ 342 ​ Shares for diluted net income per share ​ 39,541 ​ 39,874 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 1.60 ​ $ 0.51 ​ Diluted net income per share ​ $ 1.60 ​ $ 0.51 ​ (1) At March 31, 2020, no performance-based stock units would be earned based on TSR targets. ​ (2) For the three months ended March 31, 2020, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2020 ​ At December 31, 2019 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 254,396 ​ $ 316,295 (1) $ 254,099 ​ $ 312,824 (1) Bank borrowings ​ 89,900 ​ ​ 89,900 (2) ​ 93,900 ​ ​ 93,900 (2) Senior unsecured notes, net of debt issue costs ​ 599,527 ​ ​ 564,050 (3) ​ 599,488 ​ ​ 612,375 (3) (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2020 and December 31, 2019 was 9.0% . ​ (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2020 and December 31, 2019 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 March 31, 2020, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.25% for those maturing before year 2026 and 5.50% for those maturing at or beyond year 2026. At December 31, 2019, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.70% for those maturing before year 2026 and 3.90% for those maturing at or beyond year 2026.

General (Details)

General (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Number of operating segments | segment	1
Provision for federal or state income taxes	$ 0
Real estate taxes reimbursed	4,222,000	$ 4,335,000
Cumulative effect of the adoption of the ASC 842		(42,808,000)
Expected credit losses for financial instruments
Interest Receivable		$ 28,097,000	$ 28,097,000	$ 26,586,000
Mortgage Loans Receivable
Expected credit losses for financial instruments
Balance at the Beginning of the period	2,563,000
Increase/Decreaes in Expected Credit Loss	2,563,000		2,563,000	2,560,000
Balance at the End of the Period	2,560,000
Notes Receivable
Expected credit losses for financial instruments
Balance at the Beginning of the period	179,000
Increase/Decreaes in Expected Credit Loss	179,000		$ 179,000	181,000
Balance at the End of the Period	181,000
ASU 2016-02
Cumulative effect of the adoption of the ASC 842					$ 42,808,000
ASU 2016-13
Delinquency period			60 days
ASU 2016-13 | Restatement Adjustment | Mortgage Loans Receivable
Expected credit losses for financial instruments
Increase/Decreaes in Expected Credit Loss	3,000			3,000
Balance at the End of the Period	3,000
ASU 2016-13 | Restatement Adjustment | Notes Receivable
Expected credit losses for financial instruments
Increase/Decreaes in Expected Credit Loss	(2,000)			$ (2,000)
Balance at the End of the Period	$ (2,000)

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) - Real Estate Investment $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)itempropertystate$ / item
Real Estate [Line Items]
Gross Investment | $	$ 1,438,177
Percentage of Investment	100.00%
Number of properties | property	158
Number of states | state	27
Number of operators	29
Operating leases
Number of ways to compute annual rent increases	4
Minimum
Operating leases
Initial lease term	10 years
Specified annual increase over the prior year's rent (as a percent)	2.00%
Maximum
Operating leases
Initial lease term	15 years
Specified annual increase over the prior year's rent (as a percent)	2.50%
SNF Beds
Real Estate [Line Items]
Number of beds/units	6,401
ALF Units
Real Estate [Line Items]
Number of beds/units	6,376
ALF
Real Estate [Line Items]
Gross Investment | $	$ 876,319
Percentage of Investment	60.90%
Number of properties | property	107
Investment per Bed/Unit | $ / item	142.17
ALF | ALF Units
Real Estate [Line Items]
Number of beds/units	6,164
SNF
Real Estate [Line Items]
Gross Investment | $	$ 543,814
Percentage of Investment	37.80%
Number of properties | property	50
Investment per Bed/Unit | $ / item	83.73
SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units	6,283
SNF | ALF Units
Real Estate [Line Items]
Number of beds/units	212
Properties under Development
Real Estate [Line Items]
Gross Investment | $	$ 6,684
Percentage of Investment	0.50%
Properties under Development | Combination ALF and MC community | Oregon | Developments
Real Estate [Line Items]
Number of beds/units under development	90
Other
Real Estate [Line Items]
Gross Investment | $	$ 11,360
Percentage of Investment	0.80%
Number of properties | property	1
Number of parcels of land	3
Other | SNF Beds
Real Estate [Line Items]
Number of beds/units	118
Hospital
Real Estate [Line Items]
Number of properties | property	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) $ in Thousands	Mar. 31, 2020USD ($)
Future minimum base rents receivable
2020	$ 101,584
2021	127,050
2022	128,250
2023	129,900
2024	126,374
Thereafter	$ 625,531

Real Estate Investments - Opera

Real Estate Investments - Operator changes (Details)	Oct. 04, 2019USD ($)	Mar. 31, 2020USD ($)propertyitem	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2017item	Dec. 31, 2019USD ($)
Other disclosures
Rental income		$ 38,035,000		$ 37,624,000
Proceeds from sale of real estate, net		71,905,000		$ 225,000
Gain on sale of real estate, net		43,854,000
Net book value								$ 26,856,000
Rent in year two		127,050,000			$ 127,050,000
Rent in year three		128,250,000			128,250,000
Rent in year four		$ 129,900,000			129,900,000
Anthem Memory Care
Other disclosures
Number of properties in default | property		11
Anthem Memory Care | Forecast
Other disclosures
Minimum cash rent received						$ 9,900,000
Preferred Care, Inc.
Other disclosures
Minimum cash rent received			$ 55,000
Number of properties under two master leases | item							24
Number of master leases | item							2
Number of properties sold | property		21
Minimum cash rent receivable			$ 1,000,000
Number of beds or units in property sold | item		2,411
Proceeds from sale of real estate, net		$ 71,900,000			77,900,000
Gain on sale of real estate, net		43,900,000			44,000,000
Net book value		$ 29,100,000			$ 29,100,000			$ 35,600,000
Senior Care Centers
Other disclosures
Court ordered payment amount	$ 1,596,000
Real Estate Investment
Other disclosures
Number of properties | property		158			158
Real Estate Investment | Maximum
Other disclosures
Initial lease term		15 years			15 years

Real Estate Investments - Lease

Real Estate Investments - Lease (Details)	Apr. 23, 2020USD ($)	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)item	Dec. 31, 2019USD ($)
Real estate investments
Carrying value		$ 1,117,845,000		$ 1,136,816,000
Income and Expenses, Lessor [Abstract]
Base cash rental income		33,015,000	$ 33,914,000
Variable cash rental income		4,282,000	4,485,000
Straight-Line Rent		839,000	1,238,000
Adjustment for collectability of rental income			(1,926,000)
Amortization of Lease Incentives		(101,000)	(87,000)
Total Rental Income		38,035,000	37,624,000
Reimbursement Of Real Estate Tax Expense		4,222,000	4,335,000
Contingent rental income		60,000	$ 150,000
Number of operating seniors | item			2
Rent receivable written off			$ 1,926,000
Rent deferral		$ 772,000
Rent deferral, as a percent of contractual rent		7.00%
Subsequent Event
Income and Expenses, Lessor [Abstract]
Deferred Rent Received	$ 137,000
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment		$ 149,848,000
Carrying value		$ 128,091,000
ALF | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property		2
Gross Investment		$ 29,655,000
Carrying value		$ 16,588,000
ALF | Purchase Option in Lease Arrangements | California | Minimum
Real estate investments
Purchase option ending period		24 months
ALF | Purchase Option in Lease Arrangements | California | Maximum
Real estate investments
Purchase option ending period		48 months
MC | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of properties | property		1
Gross Investment		$ 14,201,000
Carrying value		$ 12,670,000
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky
Real estate investments
Number of properties | property		2
Gross Investment		$ 30,152,000
Carrying value		$ 27,698,000
MC | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of properties | property		2
Gross Investment		$ 25,265,000
Carrying value		$ 24,180,000
ALF and MC | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property		2
Gross Investment		$ 38,895,000
Carrying value		$ 36,307,000
ALF and MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Number of properties | property		1
Gross Investment		$ 11,680,000
Carrying value		$ 10,648,000
Real Estate Investment
Real estate investments
Number of properties | property		158
Gross Investment		$ 1,438,177,000
Real Estate Investment | ALF
Real estate investments
Number of properties | property		107
Gross Investment		$ 876,319,000

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions and Developments (Details)	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)item	Dec. 31, 2019USD ($)
Real estate investments
Investment Commitment	$ 80,390,000
Non-controlling interests	8,426,000		$ 8,483,000
ALF and MC | 74-Unit ALF/MC
Real estate investments
Investment Commitment		$ 15,971,000
Non-controlling interests		919,000
2020 Acquisitions | SNF
Real estate investments
Purchase Price	13,500,000
Transaction Costs	81,000
Total Acquisition Costs	$ 13,581,000
Number of properties acquired	1
Number of beds/units acquired | item	140
2019 Acquisitions | ALF
Real estate investments
Purchase Price		16,719,000
Transaction Costs		171,000
Total Acquisition Costs		$ 16,890,000
Number of properties acquired		1
Number of beds/units acquired | item		74
2019 Acquisitions | ALF and MC | 74-Unit ALF/MC
Real estate investments
Number of units under development | item		74
Economic interest in joint venture		95.00%

Real Estate Investments - Types

Real Estate Investments - Types of property Development and Improvement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real estate investments
Invested in projects	$ 5,978,000
Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	4,854,000	$ 6,957,000
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	1,119,000	259,000
ALF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	2,386,000	4,507,000
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	1,116,000	256,000
SNF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	2,468,000	2,450,000
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 3,000
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 3,000

Real Estate Investments - Devel

Real Estate Investments - Development and Improvement Projects (Details) - Developments - Real Estate Development Commitments - Real Estate Investment Completed Projects $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)propertyitem	Mar. 31, 2019USD ($)itemproperty
ALF and MC | Oregon
Completed development and improvement projects
Number of Properties | property	1
Number of Beds/Units | item	78
Total Investment | $	$ 16,341
SNF | Kentucky
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		143
Total Investment | $		$ 24,974

Real Estate Investments - Prope

Real Estate Investments - Property Sales (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2020USD ($)itemproperty	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disposals and other
Carrying value	$ 1,117,845,000	$ 1,117,845,000	$ 1,136,816,000
Net Gain (Loss)	$ 43,854,000
Properties sold
Disposals and other
Number of properties sold | property	21
Number of beds or units in property sold | item	2,411
Sales price	$ 74,800,000
Carrying value	29,084,000	29,084,000
Net Gain (Loss)	$ 43,854,000
Properties sold | SNF | Arizona
Disposals and other
Number of properties sold | property	1
Number of beds or units in property sold | item	194
Sales price	$ 12,550,000
Carrying value	2,229,000	2,229,000
Net Gain (Loss)	$ 10,293,000
Properties sold | SNF | Colorado
Disposals and other
Number of properties sold | property	3
Number of beds or units in property sold | item	275
Sales price	$ 15,000,000
Carrying value	4,271,000	4,271,000
Net Gain (Loss)	$ 10,365,000
Properties sold | SNF | Kansas
Disposals and other
Number of properties sold | property	3
Number of beds or units in property sold | item	250
Sales price	$ 9,750,000
Carrying value	7,438,000	7,438,000
Net Gain (Loss)	$ 1,994,000
Properties sold | SNF | Iowa
Disposals and other
Number of properties sold | property	7
Number of beds or units in property sold | item	544
Sales price	$ 14,500,000
Carrying value	4,886,000	4,886,000
Net Gain (Loss)	8,914,000
Holdback amount	838,000	838,000
Realizable holdback amount	$ 471,000
Properties sold | SNF | Texas
Disposals and other
Number of properties sold | property	7
Number of beds or units in property sold | item	1,148
Sales price	$ 23,000,000
Carrying value	10,260,000	10,260,000
Net Gain (Loss)	$ 12,288,000
Preferred Care, Inc.
Disposals and other
Number of properties sold | property	21
Number of beds or units in property sold | item	2,411
Net Gain (Loss)	$ 43,900,000	$ 44,000,000

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loanitempropertystate$ / item
Mortgage Loans
Real Estate [Line Items]
Gross Investment | $	$ 256,959
Percentage of Investment	100.00%
Number of Loans | loan	4
Number of properties | property	22
Investment per Bed/Unit | $ / item	91.64
Specified basis points for annual increase in interest rate (as a percent)	2.25%
Loan Term	30 years
Number of states | state	1
Number of operators	1
Mortgage loans with 9.90% Interest Maturing 2043 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.90%
Gross Investment | $	$ 186,159
Percentage of Investment	72.40%
Number of Loans | loan	1
Number of properties | property	15
Investment per Bed/Unit | $ / item	95.91
Mortgage loans with 9.20% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.20%
Gross Investment | $	$ 36,362
Percentage of Investment	14.20%
Number of Loans | loan	1
Number of properties | property	4
Investment per Bed/Unit | $ / item	72.58
Mortgage loans with 9.40% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.40%
Gross Investment | $	$ 19,513
Percentage of Investment	7.60%
Number of Loans | loan	1
Number of properties | property	2
Investment per Bed/Unit | $ / item	95.19
Mortgage loans with 9.6% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	9.60%
Mortgage loans with 9.6% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Gross Investment | $	$ 14,925
Percentage of Investment	5.80%
Number of Loans | loan	1
Number of properties | property	1
Investment per Bed/Unit | $ / item	95.06
SNF Beds | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	2,804
SNF Beds | Mortgage loans with 9.90% Interest Maturing 2043 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	1,941
SNF Beds | Mortgage loans with 9.20% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	501
SNF Beds | Mortgage loans with 9.40% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	205
SNF Beds | Mortgage loans with 9.6% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	157

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Mortgage Loans
Originations and fundings under mortgage loans receivable	$ 366	$ 1,454
Scheduled principal payments received	(65)	(65)
Mortgage loan premium amortization	(1)
(Provision for) recovery of loan loss reserve	(3)	(14)
Net increase (decrease) in mortgage loans receivable	$ 297	$ 1,375

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details)	Apr. 20, 2020USD ($)property	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)property	Mar. 31, 2019USD ($)item
Investment in Unconsolidated Joint Ventures
Carrying Value			$ 19,061,000	$ 19,003,000
Cash Interest Received			231,000		$ 1,105,000
Income Recognized			$ 231,000		1,085,000
Liquidation proceeds					3,400,000
Joint Venture
Investment in Unconsolidated Joint Ventures
Number of beds/units | item			585
Carrying Value			$ 19,061,000
Joint Venture | Subsequent Event
Investment in Unconsolidated Joint Ventures
Number of properties owned by joint venture | property	4
Liquidation proceeds	$ 17,200,000
Additional proceeds		$ 1,300,000
Amount of gains (losses) on liquidation		$ 600,000
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Cash Interest Received			231,000		1,105,000
Capital Contributions			58,000		293,000
Income Recognized			$ 231,000		1,085,000
Combination ILF, ALF and MC community | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Preferred return percentage			15.00%
Contractual cash portion			8.00%
Number of beds/units | item			585
Carrying Value			$ 19,061,000
Cash Interest Received			231,000		552,000
Number of properties owned by joint venture | property				4
Capital Contributions			58,000		293,000
Income Recognized			$ 231,000		$ 553,000
Impairment loss from investments in unconsolidated joint ventures				$ 5,500,000
Combination ALF/IL/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Preferred return percentage					15.00%
Number of beds/units | item					99
Investment commitment					$ 2,900,000
Cash Interest Received					121,000
Income Recognized					$ 128,000
Combination UDP-ALF/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Preferred return percentage					15.00%
Number of beds/units | item					127
Investment commitment					$ 3,400,000
Cash Interest Received					432,000
Income Recognized					$ 404,000

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Notes receivable activities
Notes receivable reserve		$ (179)	$ (181)
Total		17,769	17,927
Principal payments received on notes receivable	$ 41
Mezzanine loan with 12.0% Interest
Notes receivable activities
Mezzanine loan Funded		13,284	13,284
Other loans
Notes receivable activities
Mezzanine loan Funded		$ 4,664	$ 4,824

Notes Receivable - Notes Receiv

Notes Receivable - Notes Receivable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Notes receivable activities
Advances under notes receivable	$ 141	$ 6,953
Principal payments received under notes receivable		(41)
Reclassified to lease incentives	(300)
Notes receivable reserve	(1)	69
Total	$ (158)	$ 6,843

Lease Incentives (Details)

Lease Incentives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lease Incentives
Non-contingent lease incentives	$ 2,764		$ 2,552
Non-contingent lease incentives, funding	13
Non-contingent lease incentives, Amortization	(101)	$ (87)
Reclassification of Notes Receivable to Lease Incentives	$ 300
Non-contingent lease incentives, Write off		$ (12,093)

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings Terms (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Feb. 16, 2020	Dec. 31, 2018
Bank Borrowings
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)	0.20%
Bank Borrowings | LIBOR
Debt Obligations
Basis spread over base rate (as a percent)	1.15%
Senior Unsecured Notes | Private Shelf Agreement Prudential
Debt Obligations
Maximum available under facility		$ 337,500,000
Availability		$ 21,500,000

Debt Obligations - Summary (Det

Debt Obligations - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Obligations
Applicable Interest Rate (as a percent)	4.10%
Borrowings	$ 24,000	$ 36,900
Outstanding Balance	689,427		$ 693,388
Available for borrowing	$ 510,100		527,600
Principal payments on senior unsecured notes		4,167
Bank Borrowings
Debt Obligations
Applicable Interest Rate (as a percent)	2.22%
Outstanding Balance	$ 89,900		93,900
Available for borrowing	$ 510,100		506,100
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)	4.39%
Outstanding Balance	$ 599,527		599,488
Available for borrowing			$ 21,500
Principal payments on senior unsecured notes		$ 4,167

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Borrowings
Bank borrowings	$ 24,000	$ 36,900
Total	24,000	36,900
Repayments
Repayment of bank borrowings	(28,000)	(2,000)
Principal payments on senior unsecured notes		(4,167)
Total	(28,000)	(6,167)
Bank Borrowings
Borrowings
Bank borrowings	24,000	36,900
Repayments
Repayment of bank borrowings	$ (28,000)	(2,000)
Senior Unsecured Notes
Repayments
Principal payments on senior unsecured notes		$ (4,167)

Equity - Class of Stock Disclos

Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - Common Stock - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity
Number of shares repurchased	76,067	44,543
Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement	$ 200,000,000
Shares common stock sold	0
Amount available under effective shelf registration statement	$ 200,000,000

Equity - Share Repurchase Plan

Equity - Share Repurchase Plan (Details)	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Equity
Shares authorized for repurchase	5,000,000
Number of shares purchased	615,827
Average price per share | $ / shares	$ 29.25
Total purchase price of shares | $	$ 18,000,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Noncontrolling interest
Gross Consolidated Assets		$ 1,524,785	$ 1,514,209
Non-controlling interests		8,426	$ 8,483
Investment Commitment		80,390
Partnership
Noncontrolling interest
Gross Consolidated Assets		81,325
Non-controlling interests		8,426
2019 Acquisitions | ALF
Noncontrolling interest
Purchase Price	$ 16,719
Virginia | 2019 Acquisitions | Partnership | ALF and MC
Noncontrolling interest
Gross Consolidated Assets		16,895
Non-controlling interests		919
Oregon | 2018 Acquisitions | Partnership | Properties under Development
Noncontrolling interest
Gross Consolidated Assets		16,341
Non-controlling interests		1,081
Oregon | 2018 Acquisitions | Partnership | ILF
Noncontrolling interest
Gross Consolidated Assets		14,400
Non-controlling interests		2,857
Wisconsin | 2017 Acquisitions | Partnership | Properties under Development
Noncontrolling interest
Gross Consolidated Assets		22,009
Non-controlling interests		2,305
South Carolina | 2017 Acquisitions | Partnership | ALF
Noncontrolling interest
Gross Consolidated Assets		11,680
Non-controlling interests		$ 1,264

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
	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Dividend Distributions
Paid				$ 23,167				$ 22,931
Dividends declared and paid per common share (in dollars per share)				$ 0.57				$ 0.57
Common Stock cash distributions				$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Common Stock
Dividend Distributions
Declared				$ 23,167				$ 22,931
Paid				$ 23,167				$ 22,931
Common Stock cash distributions				$ 0.19				$ 0.19
Common Stock | Subsequent Event
Dividend Distributions
Dividends declared and paid per common share (in dollars per share)	$ 0.19	$ 0.19	$ 0.19
Common Stock | Performance-based stock units
Dividend Distributions
Paid				$ 586				$ 300

Equity - Options (Details)

Equity - Options (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Based Compensation Plans
Options outstanding (in shares)	15,000
Options exercisable (in shares)	15,000
Stock options granted (in shares)	0	0
2015 Plan
Stock Based Compensation Plans
Total shares reserved for issuance of common stock related to the conversion of preferred stock	1,400,000

Equity - Restricted Stock and p

Equity - Restricted Stock and performance-based stock units (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	345,633	325,750
Granted (in shares)	142,491	139,112
Vested (in shares)	(156,555)	(117,997)
Outstanding at the end of the year (in shares)	331,569	346,865
Performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	0
Vested (in shares)	(81,574)	(48,225)

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Performance-based stock units
Restricted stock awards
Number of shares granted	0
Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted	142,491	139,112
Compensation expense related to share-based award	$ 1,777,000	$ 1,689,000
Nonvested awards
Remaining compensation expense	12,576,000
2020 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense	4,993,000
2021 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense	4,851,000
2022 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense	2,536,000
2023 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense	$ 196,000
Grant Date Price $48.95 | Three year vesting | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted	76,464
Granted (in dollars per share)	$ 48.95
Vesting period	3 years
Grant Date Price $49.98 | TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted	66,027
Granted (in dollars per share)	$ 49.98
Vesting period	4 years
Grant Date Price $49.98 | Accelerated TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Vesting period	3 years
Grant Date Price $46.54 | Three year vesting | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted		78,276
Granted (in dollars per share)		$ 46.54
Vesting period		3 years
Grant Date Price $46.54 | TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted		60,836
Granted (in dollars per share)		$ 46.54
Vesting period		4 years
Grant Date Price $46.54 | Accelerated TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Vesting period	3 years

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Commitments and Contingencies
Investment Commitment	$ 80,390
2019 Funding	5,978
Total Commitments funded	30,284
Remaining commitment	50,106
Real estate properties
Commitments and Contingencies
Investment Commitment	41,336
2019 Funding	5,602
Total Commitments funded	23,963
Remaining commitment	17,373
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	10,500
Remaining commitment	10,500
Mortgage loans
Commitments and Contingencies
Investment Commitment	27,200
2019 Funding	326
Total Commitments funded	6,271
Remaining commitment	20,929
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	9,200
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	18,000
Notes receivable
Commitments and Contingencies
Investment Commitment	1,354
2019 Funding	50
Total Commitments funded	50
Remaining commitment	$ 1,304

Major Operators (Details)

Major Operators (Details)	3 Months Ended
	Mar. 31, 2020itemproperty
Major Operators
Number of major operators	2
Prestige Healthcare | SNF
Major Operators
Number of beds | property	24
Number of beds/units	2,922
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
Operator Concentration Risk | SNF
Major Operators
Number of beds | property	24
Number of beds/units	2,922
Operator Concentration Risk | ALF
Major Operators
Number of beds | property	23
Number of beds/units	1,550
Total Revenue | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)	28.60%
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	17.70%
Total Revenue | Operator Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	10.90%
Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)	27.40%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	17.30%
Total Assets | Credit Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	10.10%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Net income	$ 63,722	$ 12,631	$ 27,280	$ 20,534	$ 20,427
Less income allocated to non-controlling interests	(89)				(81)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities	(94)				(92)
Income allocated to participating securities	(169)
Total net income allocated to participating securities	(263)				(92)
Net income available to common stockholders	63,370				20,254
Effect of dilutive securities:
Participating securities					92
Net income for diluted net income per share	$ 63,370				$ 20,346
Reconciliation of shares
Shares for basic net income per share	39,539,000				39,532,000
Effect of dilutive securities: (Shares)
Total effect of dilutive securities (in shares)	2,000				342,000
Shares for diluted net income per share	39,541,000				39,874,000
Basic (in dollars per share)	$ 1.60				$ 0.51
Diluted (in dollars per share)	$ 1.60				$ 0.51
Stock options
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)	2,000				4,000
Performance-based stock units
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)					181,000
Number of shares granted	0
Participating Securities
Effect of dilutive securities: (Shares)
Participating securities					157,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item
Fair value measurements
Mortgage loans receivable	$ 254,396	$ 254,099
Senior unsecured notes, net of debt issue costs	$ 599,527	$ 599,488
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.0525	0.0370
Level 3 | Senior Unsecured Notes maturing 2026 and after | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.0550	0.0390
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent) | item	0.090	0.090
Carrying Value
Fair value measurements
Mortgage loans receivable	$ 254,396	$ 254,099
Bank borrowings	89,900	93,900
Senior unsecured notes, net of debt issue costs	599,527	599,488
Fair Value
Fair value measurements
Bank borrowings	89,900	93,900
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable	316,295	312,824
Senior unsecured notes, net of debt issue costs	$ 564,050	$ 612,375

Subsequent Events - Investment

Subsequent Events - Investment in Unconsolidated Joint Ventures (Details)	Apr. 20, 2020USD ($)property	Jun. 30, 2020USD ($)	Mar. 31, 2019USD ($)
Subsequent Events
Liquidation proceeds			$ 3,400,000
Subsequent Event | Joint Venture
Subsequent Events
Number of properties owned by joint venture | property	4
Liquidation proceeds	$ 17,200,000
Additional proceeds		$ 1,300,000
Amount of gains (losses) on liquidation		$ 600,000

Subsequent Events - Equity (Det

Subsequent Events - Equity (Details) - $ / shares	1 Months Ended			3 Months Ended
	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Equity
Dividends declared and paid per common share (in dollars per share)				$ 0.57	$ 0.57
Subsequent Event | Common Stock
Equity
Dividends declared and paid per common share (in dollars per share)	$ 0.19	$ 0.19	$ 0.19