LTC Properties (LTC) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 23, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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		39,242,732
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments:
Land	$ 127,774	$ 126,703
Buildings and improvements	1,317,917	1,295,899
Accumulated depreciation and amortization	(330,098)	(312,642)
Operating real estate property, net	1,115,593	1,109,960
Properties held-for-sale, net of accumulated depreciation: 2020-$0; 2019-$35,113		26,856
Real property investments, net	1,115,593	1,136,816
Mortgage loans receivable, net of loan loss reserve: 2020-$2,580; 2019-$2,560	256,069	254,099
Real estate investments, net	1,371,662	1,390,915
Notes receivable, net of loan loss reserve: 2020-$163; 2019-$181	16,093	17,927
Investments in unconsolidated joint ventures	1,023	19,003
Investments, net	1,388,778	1,427,845
Other assets:
Cash and cash equivalents	50,370	4,244
Debt issue costs related to bank borrowings	1,766	2,164
Interest receivable	29,701	26,586
Straight-line rent receivable	29,619	45,703
Lease incentives	2,471	2,552
Prepaid expenses and other assets	7,467	5,115
Total assets	1,510,172	1,514,209
LIABILITIES
Bank borrowings	89,900	93,900
Senior unsecured notes, net of debt issue costs: 2020-$735; 2019-$812	599,565	599,488
Accrued interest	4,587	4,983
Accrued expenses and other liabilities	28,815	30,412
Total liabilities	722,867	728,783
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2020-39,243; 2019-39,752	392	398
Capital in excess of par value	849,326	867,346
Cumulative net income	1,358,985	1,293,482
Cumulative distributions	(1,429,809)	(1,384,283)
Total LTC Properties, Inc. stockholders' equity	778,894	776,943
Non-controlling interests	8,411	8,483
Total equity	787,305	785,426
Total liabilities and equity	$ 1,510,172	$ 1,514,209

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Properties held-for-sale, accumulated depreciation	$ 0	$ 35,113
Mortgage loans receivable, loan loss reserve	2,580	2,560
Notes receivable, loan loss reserve	$ 163	$ 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	39,243	39,752
Common stock, shares outstanding	39,243	39,752
Senior Unsecured Notes
Debt issue costs, net	$ 735	$ 812

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rental income	$ 20,275	$ 38,277	$ 58,310	$ 75,901
Interest income from mortgage loans	7,820	7,351	15,597	14,662
Interest and other income	386	638	984	1,159
Total revenues	28,481	46,266	74,891	91,722
Expenses:
Interest expense	7,546	7,710	15,256	15,177
Depreciation and amortization	9,797	9,860	19,466	19,467
Provision for doubtful accounts		84	1	167
Transaction costs	64	200	134	200
Property tax expense	4,111	3,910	8,334	8,296
General and administrative expenses	4,580	4,596	9,680	9,167
Total expenses	26,098	26,360	52,871	52,474
Other operating income:
Gain on sale of real estate, net	189	500	44,043	500
Operating income	2,572	20,406	66,063	39,748
Loss on unconsolidated joint ventures	(620)		(620)
Income from unconsolidated joint ventures		128	231	1,213
Net income	1,952	20,534	65,674	40,961
Income allocated to non-controlling interests	(82)	(88)	(171)	(169)
Net income attributable to LTC Properties, Inc.	1,870	20,446	65,503	40,792
Income allocated to participating securities	(97)	(94)	(278)	(186)
Net income available to common stockholders	$ 1,773	$ 20,352	$ 65,225	$ 40,606
Earnings per common share:
Basic (in dollars per share)	$ 0.05	$ 0.51	$ 1.66	$ 1.03
Diluted (in dollars per share)	$ 0.05	$ 0.51	$ 1.66	$ 1.02
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,055	39,577	39,298	39,555
Diluted (in shares)	39,137	39,769	39,380	39,747
Dividends declared and payable per common share (in dollars per share)	$ 0.57	$ 0.57	$ 1.14	$ 1.14
Comprehensive Income:
Net income	$ 1,952	$ 20,534	$ 65,674	$ 40,961
Comprehensive income	$ 1,952	$ 20,534	$ 65,674	$ 40,961

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ 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		39,657,000
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		48,000
Issuance of restricted stock	(1)		(1)				(1)
Issuance of restricted stock (in shares)		78,000
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)		(44,000)
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		39,739,000
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		39,657,000
Equity activity
Stock option exercises (in shares)							0
Net income							$ 40,961
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		39,747,000
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
Balance at beginning 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		39,739,000
Equity activity
Common stock cash distributions	(22,653)				(22,653)		(22,653)
Issuance of restricted stock	(6)		(6)				(6)
Issuance of restricted stock (in shares)		8,000
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		39,747,000
Equity activity
Common stock cash distributions	(22,658)				(22,658)		(22,658)
Stock option exercises	123	$ 1	122				123
Stock option exercises (in shares)		5,000
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		39,752,000
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		39,752,000
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		82,000
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		76,000
Repurchase of common stock	(18,012)	$ (6)	(18,006)				(18,012)
Repurchase of common stock (in shares)		(616,000)
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)		(76,000)
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		39,218,000
Balance at beginning 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		39,752,000
Equity activity
Stock option exercises (in shares)							0
Net income							$ 65,674
Balance at end of period at Jun. 30, 2020	778,894	$ 392	849,326	1,358,985	(1,429,809)	8,411	787,305
Balance (in shares) at Jun. 30, 2020		39,243,000
Balance at beginning 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		39,218,000
Equity activity
Common stock cash distributions	(22,359)				(22,359)		(22,359)
Issuance of restricted stock	(7)		(7)				(7)
Issuance of restricted stock (in shares)		25,000
Stock-based compensation expense	1,761		1,761				1,761
Net income	1,870			1,870		82	1,952
Non-controlling interest distributions						(97)	(97)
Balance at end of period at Jun. 30, 2020	$ 778,894	$ 392	$ 849,326	$ 1,358,985	$ (1,429,809)	$ 8,411	$ 787,305
Balance (in shares) at Jun. 30, 2020		39,243,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	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	$ 0.57

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 65,674	$ 40,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,466	19,467
Stock-based compensation expense	3,539	3,312
Gain on sale of real estate, net	(44,043)	(500)
Loss on unconsolidated joint ventures	620
Income from unconsolidated joint ventures	(231)	(1,213)
Income distributions from unconsolidated joint ventures	231	1,402
Straight-line rental income	(1,473)	(2,513)
Change in straight-line rent receivable and lease incentives due to collectibility	17,742	1,926
Lease incentives funded	(13)	(283)
Amortization of lease incentives	209	181
Provision for doubtful accounts	1	167
Other non-cash items, net	512	505
Increase in interest receivable	(3,115)	(2,908)
(Decrease) increase in accrued interest payable	(396)	1,110
Net change in other assets and liabilities	(3,076)	58
Net cash provided by operating activities	55,647	61,672
INVESTING ACTIVITIES:
Investment in real estate properties	(13,581)	(16,112)
Investment in real estate developments	(10,348)	(13,012)
Investment in real estate capital improvements	(3,053)	(1,068)
Capitalized interest	(277)	(333)
Proceeds from sale of real estate, net	72,141	231
Investment in real estate mortgage loans receivable	(2,557)	(9,736)
Principal payments received on mortgage loans receivable	565	565
Investments in unconsolidated joint ventures	(58)	(293)
Proceeds from liquidation of investments in unconsolidated joint ventures	17,464	3,400
Advances and originations under notes receivable	(611)	(7,766)
Principal payments received on notes receivable	2,163	49
Net cash provided by (used in) investing activities	61,848	(44,075)
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	(45,526)	(45,583)
Contribution from non-controlling interests		46
Distributions paid to non-controlling interests	(243)	(177)
Financing costs paid	(35)	(35)
Withheld vested restricted stock and performance-based stock units to satisfy tax payments	(3,545)	(2,024)
Other	(8)	(6)
Net cash used in financing activities	(71,369)	(17,046)
Increase in cash, cash equivalents and restricted cash	46,126	551
Cash, cash equivalents and restricted cash, beginning of period	4,244	4,764
Cash, cash equivalents and restricted cash, end of period	50,370	5,315
Supplemental disclosure of cash flow information:
Interest paid	15,142	13,564
Non-cash investing and financing transactions:
Right of use asset		1,393
Lease liability		1,393
Reclassification of notes receivable to lease incentives	$ 300	$ 200

General

General	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 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 elected the first of the following two 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 Notes receivable . ​ ​ 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 ​ 6/30/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 20 ​ $ 2,580 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (18) ​ $ 163 ​ ​ 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 June 30, 2020, the total balance of accrued interest receivables of $29,701,000 was not included in the measurement of expected credit loss. For the three and six months ended June 30, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivables.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ $ 880,343 ​ 60.9 % 107 ​ — ​ 6,164 ​ $ 142.82 ​ Skilled Nursing ​ ​ 543,825 ​ 37.6 % 50 ​ 6,283 ​ 212 ​ $ 83.73 ​ Under Development (2) ​ ​ 10,163 ​ 0.7 % — ​ — ​ — ​ ​ — ​ Other (3) ​ ​ 11,360 ​ 0.8 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,445,691 ​ 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 ​ $ 68,001 ​ 2021 ​ 141,369 ​ 2022 ​ 128,751 ​ 2023 ​ 129,931 ​ 2024 ​ 126,406 ​ Thereafter ​ 623,574 ​ (1) Represents contractual cash rent, except for Anthem Memory Care (“Anthem”) lease which is based on projected cash to be received as agreed upon with the operator. An affiliate of Senior Lifestyle Corporation (“Senior Lifestyle”) operates 23 properties under a master lease with a combination of independent living, assisted living and memory care units. Senior Lifestyle was provided deferral of partial rent in April 2020. However, Senior Lifestyle failed to pay full rent for May and June of 2020. Contractual rent for the quarter ended June 30, 2020, was $4,560,000 of which we collected $1,805,000. The remaining outstanding accounts receivable balance of $2,755,000 is covered by a letter of credit and security deposit totaling $3,608,000. In July 2020, we received $1,081,000 of their contractual rent of $1,520,000. In accordance with ASC 842, we evaluated the collectibility of receiving substantially all of our lease payments from the Senior Lifestyle master lease through maturity and determined that we did not have the level of certainty required by the standard. Accordingly, we wrote-off a total $17,742,000 of straight-line rent receivable and lease incentives related to this master lease. As a result, we placed Senior Lifestyle on a cash basis effective July 2020. We are evaluating our options for the portfolio. Anthem operates 11 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. Anthem is current on rent payments through July 2020. 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. 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 $72,100,000. These 21 properties had a combined net book value of $29,100,000 and resulted in total gain on sale of $44,043,000 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 the 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. Senior Care is current on rent payments through July 2020. Subsequent to June 30, 2020, we consolidated our four leases with Brookdale Senior Living Communities, Inc (“Brookdale”) into one master lease and extended the term by one year to December 31, 2021. The master lease provides three renewal options consisting of a four-year renewal option, a five-year renewal option and a 10-year renewal option. The notice period for the first renewal option is January 1, 2021 to April 30, 2021. The economic terms of rent remain the same as the consolidated rent terms under the previous four separate lease agreements. The following table summarizes components of our rental income for the three and six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, Rental Income ​ ​ 2020 ​ ​ 2019 ​ ​ 2020 ​ ​ 2019 ​ Base cash rental income ​ $ 33,336 ​ $ 33,019 ​ $ 66,351 ​ $ 66,933 ​ Variable cash rental income ​ ​ 4,155 (1) ​ 4,077 (1) ​ 8,437 (1) ​ 8,562 (1) Straight-line rent ​ ​ 634 ​ ​ 1,275 ​ ​ 1,473 ​ ​ 2,513 ​ Change in straight-line rent receivable and lease incentives due to collectibility ​ ​ (17,742) (2) ​ — ​ ​ (17,742) (2) ​ (1,926) ​ Amortization of lease incentives ​ ​ (108) ​ ​ (94) ​ ​ (209) ​ ​ (181) ​ Total ​ $ 20,275 ​ $ 38,277 ​ $ 58,310 ​ $ 75,901 ​ (1) The variable rental income for the three and six months ended June 30, 2020, includes contingent rental income of $44 and $104 , respectively, and reimbursement of real estate taxes by our lessees of $4,111 and $8,333 , respectively. The variable rental income for the three and six months ended June 30, 2019 includes contingent rental income of $167 and $317 , respectively, and reimbursement of real estate taxes by our lessees of $3,910 and $8,245 , respectively. ​ (2) During the second quarter of 2020, Senior Lifestyle Corporation (“Senior Lifestyle”) failed to pay full rent for May and June 2020. In accordance with ASC 842, we evaluated the collectibility of receiving substantially all of our lease payments from the Senior Lifestyle master lease through maturity and determined that we did not have the level of certainty required by the standard. Accordingly, we wrote-off $17,557 of Senior Lifestyle’s straight-line rent receivable and $185 of Senior Lifestyle’s lease incentives related to this master lease. 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 ​ $ 36,072 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 30,372 ​ ​ 17,082 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,340 ​ ​ 12,720 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,152 ​ ​ 27,509 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 24,025 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,503 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 150,704 ​ $ 127,911 ​ ​ ​ (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 June 30, 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 $930,000, approximately 2% of contractual rent, for April through June 2020. Additionally, we granted deferred rent of $80,000 for July 2020. Through July 2020, we have received $347,000 of deferred rent payments. The remaining $663,000 balance of deferred rent is due to LTC over the next 24 months or upon the operators’ receipt of government funds from the U.S. Coronavirus Aid, Relief, and Economic Security ACT (the “CARES Act”). Acquisitions and Developments: The following table summarizes our acquisitions for the six months ended June 30, 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 ​ $ 176 ​ $ 16,895 ​ 1 ​ 74 ​ ​ Land (4) ​ ​ 110 ​ ​ 26 ​ ​ 136 ​ — ​ — Total ​ ​ ​ $ 16,829 ​ $ 202 ​ $ 17,031 ​ 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% . ​ (4) We acquired a parcel of land adjacent to an existing SNF in California. ​ During he following in development and improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Type of Property ​ Developments ​ Improvements ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 4,487 ​ $ 3,039 ​ $ 8,520 ​ $ 893 ​ Skilled Nursing Centers ​ ​ 5,861 ​ ​ 14 ​ ​ 4,492 ​ ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 175 ​ Total ​ $ 10,348 ​ $ 3,053 ​ $ 13,012 ​ $ 1,068 ​ ​ 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 ​ ALF/MC ​ 78 ​ Oregon (1) $ 18,443 Total ​ ​ ​ 1 ​ ​ ​ 78 ​ ​ ​ $ 18,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Development ​ 1 ​ SNF ​ 143 ​ Kentucky ​ $ 24,493 ​ ​ Development ​ 1 ​ ILF/ALF/MC ​ 110 ​ Wisconsin ​ ​ 21,872 Total ​ ​ ​ 2 ​ ​ ​ 253 ​ ​ ​ $ 46,365 (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 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ 102 (1) ​ ​ Arizona ​ SNF ​ 1 ​ 194 ​ ​ 12,550 ​ ​ 2,229 ​ ​ 10,292 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,364 ​ ​ ​ Iowa ​ SNF (2) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 9,005 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,993 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,287 ​ Total 2020 (3) ​ ​ ​ ​ ​ 21 ​ 2,411 ​ $ 74,800 ​ $ 29,084 ​ $ 44,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ 500 (4) ( (1) Gain recognized from the $90 repayment of a holdback related to a property sold during the fourth quarter of 2019 and the reassessment adjustment of $12 from the holdback under the expected value model per ASC Topic 606, Contracts with Customers (“ASC 606”). ​ (2) 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 606, we estimated and recorded the holdback value of $471 . During the six months ended June 30, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $91 . ​ (3) Properties sold within the Preferred Care portfolio. ​ (4) Gain recognized from the repayment of a holdback related to a portfolio of six ALFs sold during the second quarter of 2018. ​ 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 ​ $ 185,657 ​ SNF ​ 71.8 % 1 ​ 15 ​ 1,941 ​ $ 95.65 9.2% ​ 2045 ​ ​ 38,443 ​ SNF ​ 14.8 % 1 ​ 4 ​ 501 ​ $ 76.73 9.4% ​ 2045 ​ 19,624 ​ SNF ​ 7.6 % 1 ​ 2 ​ 205 ​ $ 95.73 9.6% ​ 2045 ​ ​ 14,925 ​ SNF ​ 5.8 % 1 ​ 1 ​ 157 ​ $ 95.06 Total ​ ​ ​ $ 258,649 ​ ​ ​ 100.0 % 4 ​ 22 ​ 2,804 ​ $ 92.24 (1) The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period increasing by 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 six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Originations and funding under mortgage loans receivable ​ $ 2,557 ​ $ 9,736 ​ Scheduled principal payments received ​ ​ (565) ​ ​ (565) ​ Mortgage loan premium amortization ​ ​ (2) ​ ​ (2) ​ Provision for loan loss reserve ​ ​ (20) ​ ​ (92) ​ Net increase in mortgage loans receivable ​ $ 1,970 ​ $ 9,077 ​ ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2020
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	3. Investment in Unconsolidated Joint Ventures We had a preferred equity investment in an unconsolidated joint venture that owned four communities located in Arizona, providing independent living, assisted living and memory care services. During the fourth quarter of 2019, the JV 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 other than temporary impairment loss from investment in unconsolidated joint ventures of $5,500,000 and wrote our preferred equity investment down to its estimated fair value at December 31, 2019. In April 2020, upon sale of the Properties, we received partial liquidation proceeds of $17,464,000 and incurred an additional $620,000 of loss. We anticipate receiving additional proceeds of $1,023,000 through December 31, 2020. The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures for the six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Received ​ 2020 ​ ALF/MC/ILF (1) $ 58 (1) $ 231 (1) $ 231 (1) Total ​ ​ ​ $ 58 ​ $ 231 ​ $ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ALF/MC/ILF ​ $ 293 ​ $ 553 ​ $ 727 ​ ​ ​ ALF/ILF/MC (2) ​ — (2) ​ 256 (2) ​ 243 (2) ​ ​ ALF/MC (2) ​ — (3) ​ 404 (3) ​ 432 (3) Total ​ ​ ​ $ 293 ​ $ 1,213 ​ $ 1,402 ​ (1) Relates to our preferred equity investment discussed above with a total preferred return of 15% . We had concluded that the joint venture was a variable interest entity (“VIE”) in accordance with GAAP. However, because we did not control the entity, nor we had any role in the day-to-day management, we were not the primary beneficiary of the joint venture. Therefore, we accounted for the joint venture investment using the equity method. ​ (2) 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. ​ (3) 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 Mezzanine loans $ 11,135 (1) $ 13,284 ​ Other loans ​ 5,121 ​ ​ 4,824 ​ Notes receivable reserve ​ (163) ​ ​ (181) ​ Total $ 16,093 ​ $ 17,927 ​ (1) Subsequent to June 30, 2020, we received $2,569 related to the partial paydown of a mezzanine loan. ​ The following table summarizes our notes receivable activity for the six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2020 ​ ​ 2019 ​ Advances under notes receivable $ 611 ​ $ 7,766 (1) Principal payments received under notes receivable ​ (2,163) ​ ​ (49) ​ Reclassified to lease incentives ​ (300) (2) ​ (200) (2) Notes receivable reserve ​ 18 ​ ​ (75) ​ Total $ (1,834) ​ $ 7,442 ​ (1) We originated a $6,800 mezzanine loan commitment for the development of a 204 -unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months . Additionally, we originated a $1,400 note agreement, funding $582 with a commitment to fund $818 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $200 with a commitment to fund $350 . The note bears interest at 7.5% . ​ (2) Represents interim working capital loans related to development projects which matured upon completion of the development projects and commencement of the master leases.

Lease Incentives

Lease Incentives	6 Months Ended
	Jun. 30, 2020
Lease Incentives
Lease Incentives	5. Lease Incentives Our lease incentive balances at June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 Non-contingent lease incentives ​ $ 2,471 ​ $ 2,552 ​ The following table summarizes our lease incentives activity for the six months ended June 30, 2020 and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ Non-contingent lease incentives ​ $ 13 ​ $ (209) ​ $ 115 (1) $ 283 ​ $ (181) ​ $ (11,893) '(2) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 2. Real Estate Investments 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. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 4. Notes Receivable 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	6 Months Ended
	Jun. 30, 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 June 30, 2020, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At June 30, 2020, we were in compliance with all covenants. Senior Unsecured Notes. The debt obligations by component as of June 30, 2020 and December 31, 2019 are as follows ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 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% ​ ​ 599,565 ​ ​ — ​ ​ 599,488 ​ ​ 21,500 ​ Total ​ 4.10% ​ $ 689,465 ​ $ 510,100 ​ $ 693,388 ​ $ 527,600 ​ (1) Represents weighted average of interest rate as of June 30, 2020. Our borrowings and repayments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 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	6 Months Ended
	Jun. 30, 2020
Equity
Equity	7. Equity Common Stock. During the six months ended June 30, 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 June 30, 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 ​ ​ 18,443 ​ ​ 1,081 ​ 2017 ​ Owned real estate and development ​ ILF/ALF/MC ​ WI ​ ​ 22,007 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,249 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 83,425 ​ $ 8,411 ​ ​ ​ Available Shelf Registration. Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 45,526 (2) $ 45,526 (2) $ 45,583 (3) $ 45,583 (3) ​ (1) Represents $0.19 per share per month for the six months ended June 30, 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 July 2020, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of July, August and September 2020, payable on July 31, August 31, and September 30, 2020, respectively, to stockholders of record on July 23, August 21, and September 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 June 30, 2020, we had 15,000 stock options outstanding and exercisable. During the six months ended June 30, 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 six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 ​ Outstanding, January 1 ​ ​ 345,633 ​ ​ 325,750 ​ Granted ​ ​ 167,375 ​ ​ 147,608 ​ Vested ​ ​ (165,051) (1) ​ (126,725) (2) Outstanding, June 30 ​ ​ 347,957 ​ ​ 346,633 ​ (1) Includes 81,574 performance-based stock units. ​ (2) Includes 48,225 performance-based stock units. During the six months ended June 30, 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) ​ ​ ​ 9,884 ​ $ 38.45 ​ May 27, 2021 ​ ​ ​ 15,000 ​ $ 38.45 ​ ratably over 3 years ​ ​ ​ 167,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 78,276 ​ $ 46.54 ​ ratably over 3 years ​ ​ ​ 60,836 ​ $ 46.54 ​ TSR targets (1) ​ ​ ​ 8,496 ​ $ 44.73 ​ May 29, 2020 ​ ​ ​ 147,608 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 six months ended June 30, 2020 and 2019 were $3,539,000 and $3,312,000 , respectively. At June 30, 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 ​ $ 3,566 2021 ​ ​ 5,201 2022 ​ ​ 2,729 2023 ​ ​ 276 Total ​ $ 11,772 ​ ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies At June 30, 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 ​ $ 24,563 (1) $ 8,553 ​ $ 13,525 ​ $ 11,038 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 9,000 ​ ​ — ​ ​ — ​ ​ 9,000 Mortgage loans ( Note 2. Real Estate Investments ​ ​ 27,200 (2) ​ 2,518 ​ ​ 8,462 ​ ​ 18,738 Notes receivable ( Note 4. Notes Receivable ​ ​ 1,354 ​ ​ 520 ​ ​ 520 ​ ​ 834 Total ​ $ 62,117 ​ $ 11,591 ​ $ 22,507 ​ $ 39,610 (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	6 Months Ended
	Jun. 30, 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 June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenue (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare ​ 24 ​ — ​ 2,922 ​ 93 ​ 19.9 % ​ 17.5 % ​ Senior Lifestyle Corporation ​ — ​ 23 ​ — ​ 1,457 ​ 11.4 % ​ 10.1 % ​ Total ​ 24 ​ 23 ​ 2,922 ​ 1,550 ​ 31.3 % ​ 27.6 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of June 30, 2020 and excludes rental income from lessee reimbursement and sold properties. ​ (2) Represents the net carrying value of the properties divided by the Total assets on the Consolidated Balance Sheets. 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	6 Months Ended
	Jun. 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Net income ​ $ 1,952 ​ $ 20,534 ​ $ 65,674 ​ $ 40,961 ​ Less income allocated to non-controlling interests ​ (82) ​ (88) ​ (171) ​ (169) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ ​ (97) ​ ​ (94) ​ ​ (191) ​ ​ (186) ​ Income allocated to participating securities ​ ​ — ​ ​ — ​ ​ (87) ​ ​ — ​ Total net income allocated to participating securities (1) ​ ​ (97) ​ ​ (94) ​ ​ (278) ​ ​ (186) ​ Net income available to common stockholders ​ ​ 1,773 ​ ​ 20,352 ​ ​ 65,225 ​ ​ 40,606 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 1,773 ​ $ 20,352 ​ $ 65,225 ​ $ 40,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ ​ 39,055 ​ ​ 39,577 ​ ​ 39,298 ​ ​ 39,555 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ — ​ ​ 5 ​ ​ — ​ ​ 5 ​ Performance-based stock units ​ ​ 82 ​ ​ 187 ​ ​ 82 ​ ​ 187 ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ ​ 82 ​ ​ 192 ​ ​ 82 ​ ​ 192 ​ Shares for diluted net income per share ​ ​ 39,137 ​ ​ 39,769 ​ ​ 39,380 ​ ​ 39,747 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.05 ​ $ 0.51 ​ $ 1.66 ​ $ 1.03 ​ Diluted net income per share ​ $ 0.05 ​ $ 0.51 ​ $ 1.66 ​ $ 1.02 ​ (1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities is calculated independently for each quarter and year-to-date period. Therefore, the sum of the amounts for the quarter may not agree with the amounts for the year. ​ (2) For the three and six months ended June 30, 2020, and 2019, 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 ​ At December 31, 2019 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 256,069 ​ $ 334,095 (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 ​ 599,565 ​ ​ 600,656 (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 June 30, 2020 and December 31, 2019 was 8.3% and 9.0% , respectively. ​ (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at June 30, 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 June 30, 2020, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.00% for those maturing before year 2026 and 4.25% 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	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	12. Subsequent Events Subsequent to June 30, 2020 the following events occurred: Real Estate: We consolidated our four leases with Brookdale into one master lease and extended the term by one year to December 31, 2021. The master lease provides three renewal options consisting of a four-year renewal option, a five-year renewal option and a 10-year renewal option. The notice period for the first renewal option is January 1, 2021 to April 30, 2021. The economic terms of rent remain the same as the consolidated rent terms under the previous four separate lease agreements. Notes Receivable: Equity:

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 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 elected the first of the following two 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 Notes receivable . ​ ​ 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 ​ 6/30/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 20 ​ $ 2,580 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (18) ​ $ 163 ​ ​ 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 June 30, 2020, the total balance of accrued interest receivables of $29,701,000 was not included in the measurement of expected credit loss. For the three and six months ended June 30, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivables.

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2020
General
Schedule of expected credit losses for our financial instruments	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 ​ 6/30/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 20 ​ $ 2,580 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (18) ​ $ 163 ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate Investments
Summary of investments in owned properties	The following table summarizes our investments in owned properties at June 30, 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 ​ $ 880,343 ​ 60.9 % 107 ​ — ​ 6,164 ​ $ 142.82 ​ Skilled Nursing ​ ​ 543,825 ​ 37.6 % 50 ​ 6,283 ​ 212 ​ $ 83.73 ​ Under Development (2) ​ ​ 10,163 ​ 0.7 % — ​ — ​ — ​ ​ — ​ Other (3) ​ ​ 11,360 ​ 0.8 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,445,691 ​ 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 ​ $ 68,001 ​ 2021 ​ 141,369 ​ 2022 ​ 128,751 ​ 2023 ​ 129,931 ​ 2024 ​ 126,406 ​ Thereafter ​ 623,574 ​ (1) Represents contractual cash rent, except for Anthem Memory Care (“Anthem”) lease which is based on projected cash to be received as agreed upon with the operator.
Summary of components of our rental income	The following table summarizes components of our rental income for the three and six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, Rental Income ​ ​ 2020 ​ ​ 2019 ​ ​ 2020 ​ ​ 2019 ​ Base cash rental income ​ $ 33,336 ​ $ 33,019 ​ $ 66,351 ​ $ 66,933 ​ Variable cash rental income ​ ​ 4,155 (1) ​ 4,077 (1) ​ 8,437 (1) ​ 8,562 (1) Straight-line rent ​ ​ 634 ​ ​ 1,275 ​ ​ 1,473 ​ ​ 2,513 ​ Change in straight-line rent receivable and lease incentives due to collectibility ​ ​ (17,742) (2) ​ — ​ ​ (17,742) (2) ​ (1,926) ​ Amortization of lease incentives ​ ​ (108) ​ ​ (94) ​ ​ (209) ​ ​ (181) ​ Total ​ $ 20,275 ​ $ 38,277 ​ $ 58,310 ​ $ 75,901 ​ (1) The variable rental income for the three and six months ended June 30, 2020, includes contingent rental income of $44 and $104 , respectively, and reimbursement of real estate taxes by our lessees of $4,111 and $8,333 , respectively. The variable rental income for the three and six months ended June 30, 2019 includes contingent rental income of $167 and $317 , respectively, and reimbursement of real estate taxes by our lessees of $3,910 and $8,245 , respectively. ​ (2) During the second quarter of 2020, Senior Lifestyle Corporation (“Senior Lifestyle”) failed to pay full rent for May and June 2020. In accordance with ASC 842, we evaluated the collectibility of receiving substantially all of our lease payments from the Senior Lifestyle master lease through maturity and determined that we did not have the level of certainty required by the standard. Accordingly, we wrote-off $17,557 of Senior Lifestyle’s straight-line rent receivable and $185 of Senior Lifestyle’s lease incentives related to this master lease.
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 ​ $ 36,072 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 30,372 ​ ​ 17,082 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,340 ​ ​ 12,720 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,152 ​ ​ 27,509 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 24,025 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,503 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 150,704 ​ $ 127,911 ​ ​ ​ (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 six months ended June 30, 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 ​ $ 176 ​ $ 16,895 ​ 1 ​ 74 ​ ​ Land (4) ​ ​ 110 ​ ​ 26 ​ ​ 136 ​ — ​ — Total ​ ​ ​ $ 16,829 ​ $ 202 ​ $ 17,031 ​ 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% . ​ (4) We acquired a parcel of land adjacent to an existing SNF in California. ​
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 ​ $ 4,487 ​ $ 3,039 ​ $ 8,520 ​ $ 893 ​ Skilled Nursing Centers ​ ​ 5,861 ​ ​ 14 ​ ​ 4,492 ​ ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 175 ​ Total ​ $ 10,348 ​ $ 3,053 ​ $ 13,012 ​ $ 1,068 ​
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 ​ ALF/MC ​ 78 ​ Oregon (1) $ 18,443 Total ​ ​ ​ 1 ​ ​ ​ 78 ​ ​ ​ $ 18,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Development ​ 1 ​ SNF ​ 143 ​ Kentucky ​ $ 24,493 ​ ​ Development ​ 1 ​ ILF/ALF/MC ​ 110 ​ Wisconsin ​ ​ 21,872 Total ​ ​ ​ 2 ​ ​ ​ 253 ​ ​ ​ $ 46,365 (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 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ 102 (1) ​ ​ Arizona ​ SNF ​ 1 ​ 194 ​ ​ 12,550 ​ ​ 2,229 ​ ​ 10,292 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,364 ​ ​ ​ Iowa ​ SNF (2) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 9,005 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,993 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,287 ​ Total 2020 (3) ​ ​ ​ ​ ​ 21 ​ 2,411 ​ $ 74,800 ​ $ 29,084 ​ $ 44,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ 500 (4) ( (1) Gain recognized from the $90 repayment of a holdback related to a property sold during the fourth quarter of 2019 and the reassessment adjustment of $12 from the holdback under the expected value model per ASC Topic 606, Contracts with Customers (“ASC 606”). ​ (2) 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 606, we estimated and recorded the holdback value of $471 . During the six months ended June 30, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $91 . ​ (3) Properties sold within the Preferred Care portfolio. ​ (4) Gain recognized from the repayment of a holdback related to a portfolio of six ALFs sold during the second quarter of 2018.
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 ​ $ 185,657 ​ SNF ​ 71.8 % 1 ​ 15 ​ 1,941 ​ $ 95.65 9.2% ​ 2045 ​ ​ 38,443 ​ SNF ​ 14.8 % 1 ​ 4 ​ 501 ​ $ 76.73 9.4% ​ 2045 ​ 19,624 ​ SNF ​ 7.6 % 1 ​ 2 ​ 205 ​ $ 95.73 9.6% ​ 2045 ​ ​ 14,925 ​ SNF ​ 5.8 % 1 ​ 1 ​ 157 ​ $ 95.06 Total ​ ​ ​ $ 258,649 ​ ​ ​ 100.0 % 4 ​ 22 ​ 2,804 ​ $ 92.24 (1) The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period increasing by 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 six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ Originations and funding under mortgage loans receivable ​ $ 2,557 ​ $ 9,736 ​ Scheduled principal payments received ​ ​ (565) ​ ​ (565) ​ Mortgage loan premium amortization ​ ​ (2) ​ ​ (2) ​ Provision for loan loss reserve ​ ​ (20) ​ ​ (92) ​ Net increase in mortgage loans receivable ​ $ 1,970 ​ $ 9,077 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
Investment in Unconsolidated Joint Ventures
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 six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Received ​ 2020 ​ ALF/MC/ILF (1) $ 58 (1) $ 231 (1) $ 231 (1) Total ​ ​ ​ $ 58 ​ $ 231 ​ $ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ALF/MC/ILF ​ $ 293 ​ $ 553 ​ $ 727 ​ ​ ​ ALF/ILF/MC (2) ​ — (2) ​ 256 (2) ​ 243 (2) ​ ​ ALF/MC (2) ​ — (3) ​ 404 (3) ​ 432 (3) Total ​ ​ ​ $ 293 ​ $ 1,213 ​ $ 1,402 ​ (1) Relates to our preferred equity investment discussed above with a total preferred return of 15% . We had concluded that the joint venture was a variable interest entity (“VIE”) in accordance with GAAP. However, because we did not control the entity, nor we had any role in the day-to-day management, we were not the primary beneficiary of the joint venture. Therefore, we accounted for the joint venture investment using the equity method. ​ (2) 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. ​ (3) 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020 and December 31, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 Mezzanine loans $ 11,135 (1) $ 13,284 ​ Other loans ​ 5,121 ​ ​ 4,824 ​ Notes receivable reserve ​ (163) ​ ​ (181) ​ Total $ 16,093 ​ $ 17,927 ​ (1) Subsequent to June 30, 2020, we received $2,569 related to the partial paydown of a mezzanine loan.
Schedule of new loan commitments	The following table summarizes our notes receivable activity for the six months ended June 30, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2020 ​ ​ 2019 ​ Advances under notes receivable $ 611 ​ $ 7,766 (1) Principal payments received under notes receivable ​ (2,163) ​ ​ (49) ​ Reclassified to lease incentives ​ (300) (2) ​ (200) (2) Notes receivable reserve ​ 18 ​ ​ (75) ​ Total $ (1,834) ​ $ 7,442 ​ (1) We originated a $6,800 mezzanine loan commitment for the development of a 204 -unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months . Additionally, we originated a $1,400 note agreement, funding $582 with a commitment to fund $818 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $200 with a commitment to fund $350 . The note bears interest at 7.5% . ​ (2) Represents interim working capital loans related to development projects which matured upon completion of the development projects and commencement of the master leases.

Lease Incentives (Tables)

Lease Incentives (Tables)	6 Months Ended
	Jun. 30, 2020
Lease Incentives
Summary of lease incentives by component	Our lease incentive balances at June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 Non-contingent lease incentives ​ $ 2,471 ​ $ 2,552
Summary of lease incentive activity	The following table summarizes our lease incentives activity for the six months ended June 30, 2020 and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ Non-contingent lease incentives ​ $ 13 ​ $ (209) ​ $ 115 (1) $ 283 ​ $ (181) ​ $ (11,893) '(2) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 2. Real Estate Investments 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. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion.

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Obligations
Schedule of Debt Obligations	The debt obligations by component as of June 30, 2020 and December 31, 2019 are as follows ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 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% ​ ​ 599,565 ​ ​ — ​ ​ 599,488 ​ ​ 21,500 ​ Total ​ 4.10% ​ $ 689,465 ​ $ 510,100 ​ $ 693,388 ​ $ 527,600 ​ (1) Represents weighted average of interest rate as of June 30, 2020.
Schedule of borrowings and repayments	Our borrowings and repayments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 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 (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity
Schedule of consolidated VIEs	As of June 30, 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 ​ ​ 18,443 ​ ​ 1,081 ​ 2017 ​ Owned real estate and development ​ ILF/ALF/MC ​ WI ​ ​ 22,007 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,249 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 83,425 ​ $ 8,411 ​ ​ ​
Schedule of cash dividends declared and paid	Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 45,526 (2) $ 45,526 (2) $ 45,583 (3) $ 45,583 (3) ​ (1) Represents $0.19 per share per month for the six months ended June 30, 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 six months ended June 30, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 ​ Outstanding, January 1 ​ ​ 345,633 ​ ​ 325,750 ​ Granted ​ ​ 167,375 ​ ​ 147,608 ​ Vested ​ ​ (165,051) (1) ​ (126,725) (2) Outstanding, June 30 ​ ​ 347,957 ​ ​ 346,633 ​ (1) Includes 81,574 performance-based stock units. ​ (2) Includes 48,225 performance-based stock units.
Schedule of restricted stock granted	During the six months ended June 30, 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) ​ ​ ​ 9,884 ​ $ 38.45 ​ May 27, 2021 ​ ​ ​ 15,000 ​ $ 38.45 ​ ratably over 3 years ​ ​ ​ 167,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 78,276 ​ $ 46.54 ​ ratably over 3 years ​ ​ ​ 60,836 ​ $ 46.54 ​ TSR targets (1) ​ ​ ​ 8,496 ​ $ 44.73 ​ May 29, 2020 ​ ​ ​ 147,608 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ $ 3,566 2021 ​ ​ 5,201 2022 ​ ​ 2,729 2023 ​ ​ 276 Total ​ $ 11,772

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Schedule of commitments	At June 30, 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 ​ $ 24,563 (1) $ 8,553 ​ $ 13,525 ​ $ 11,038 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 9,000 ​ ​ — ​ ​ — ​ ​ 9,000 Mortgage loans ( Note 2. Real Estate Investments ​ ​ 27,200 (2) ​ 2,518 ​ ​ 8,462 ​ ​ 18,738 Notes receivable ( Note 4. Notes Receivable ​ ​ 1,354 ​ ​ 520 ​ ​ 520 ​ ​ 834 Total ​ $ 62,117 ​ $ 11,591 ​ $ 22,507 ​ $ 39,610 (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)	6 Months Ended
	Jun. 30, 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 (2) ​ ​ Prestige Healthcare ​ 24 ​ — ​ 2,922 ​ 93 ​ 19.9 % ​ 17.5 % ​ Senior Lifestyle Corporation ​ — ​ 23 ​ — ​ 1,457 ​ 11.4 % ​ 10.1 % ​ Total ​ 24 ​ 23 ​ 2,922 ​ 1,550 ​ 31.3 % ​ 27.6 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of June 30, 2020 and excludes rental income from lessee reimbursement and sold properties. ​ (2) Represents the net carrying value of the properties divided by the Total assets on the Consolidated Balance Sheets.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ Net income ​ $ 1,952 ​ $ 20,534 ​ $ 65,674 ​ $ 40,961 ​ Less income allocated to non-controlling interests ​ (82) ​ (88) ​ (171) ​ (169) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ ​ (97) ​ ​ (94) ​ ​ (191) ​ ​ (186) ​ Income allocated to participating securities ​ ​ — ​ ​ — ​ ​ (87) ​ ​ — ​ Total net income allocated to participating securities (1) ​ ​ (97) ​ ​ (94) ​ ​ (278) ​ ​ (186) ​ Net income available to common stockholders ​ ​ 1,773 ​ ​ 20,352 ​ ​ 65,225 ​ ​ 40,606 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 1,773 ​ $ 20,352 ​ $ 65,225 ​ $ 40,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ ​ 39,055 ​ ​ 39,577 ​ ​ 39,298 ​ ​ 39,555 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ — ​ ​ 5 ​ ​ — ​ ​ 5 ​ Performance-based stock units ​ ​ 82 ​ ​ 187 ​ ​ 82 ​ ​ 187 ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ ​ 82 ​ ​ 192 ​ ​ 82 ​ ​ 192 ​ Shares for diluted net income per share ​ ​ 39,137 ​ ​ 39,769 ​ ​ 39,380 ​ ​ 39,747 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.05 ​ $ 0.51 ​ $ 1.66 ​ $ 1.03 ​ Diluted net income per share ​ $ 0.05 ​ $ 0.51 ​ $ 1.66 ​ $ 1.02 ​ (1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities is calculated independently for each quarter and year-to-date period. Therefore, the sum of the amounts for the quarter may not agree with the amounts for the year. ​ (2) For the three and six months ended June 30, 2020, and 2019, 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)	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 ​ At December 31, 2019 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 256,069 ​ $ 334,095 (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 ​ 599,565 ​ ​ 600,656 (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 June 30, 2020 and December 31, 2019 was 8.3% and 9.0% , respectively. ​ (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at June 30, 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 June 30, 2020, the discount rate used to value our future cash outflow of our senior unsecured notes was 4.00% for those maturing before year 2026 and 4.25% 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)	6 Months Ended
	Jun. 30, 2020USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Number of operating segments | segment	1
Provision for federal or state income taxes	$ 0
Cumulative effect of the adoption of the ASC 842				$ (42,808,000)
Expected credit losses for financial instruments
Interest Receivable		$ 29,701,000	$ 26,586,000
Mortgage Loans Receivable
Expected credit losses for financial instruments
Balance at the Beginning of the period	2,580,000
Increase/Decrease in Expected Credit Loss	2,580,000	2,580,000	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	163,000
Increase/Decrease in Expected Credit Loss	163,000	$ 163,000	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 | Restatement Adjustment | Mortgage Loans Receivable
Expected credit losses for financial instruments
Increase/Decrease in Expected Credit Loss	20,000		20,000
Balance at the End of the Period	20,000
ASU 2016-13 | Restatement Adjustment | Notes Receivable
Expected credit losses for financial instruments
Increase/Decrease in Expected Credit Loss	(18,000)		$ (18,000)
Balance at the End of the Period	$ (18,000)

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)propertyitemstate$ / item	Jun. 30, 2019item
Real Estate [Line Items]
Number of beds/units under development		204
Real Estate Investment
Real Estate [Line Items]
Gross Investment | $	$ 1,445,691
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
Real Estate Investment | Minimum
Operating leases
Initial lease term	10 years
Specified annual increase over the prior year's rent (as a percent)	2.00%
Real Estate Investment | Maximum
Operating leases
Initial lease term	15 years
Specified annual increase over the prior year's rent (as a percent)	2.50%
Real Estate Investment | SNF Beds
Real Estate [Line Items]
Number of beds/units	6,401
Real Estate Investment | ALF Units
Real Estate [Line Items]
Number of beds/units	6,376
ALF | Real Estate Investment
Real Estate [Line Items]
Gross Investment | $	$ 880,343
Percentage of Investment	60.90%
Number of properties | property	107
Investment per Bed/Unit | $ / item	142.82
ALF | Real Estate Investment | ALF Units
Real Estate [Line Items]
Number of beds/units	6,164
SNF | Real Estate Investment
Real Estate [Line Items]
Gross Investment | $	$ 543,825
Percentage of Investment	37.60%
Number of properties | property	50
Investment per Bed/Unit | $ / item	83.73
SNF | Real Estate Investment | SNF Beds
Real Estate [Line Items]
Number of beds/units	6,283
SNF | Real Estate Investment | ALF Units
Real Estate [Line Items]
Number of beds/units	212
Properties under Development | Real Estate Investment
Real Estate [Line Items]
Gross Investment | $	$ 10,163
Percentage of Investment	0.70%
Properties under Development | Real Estate Investment | Combination ALF and MC community | Oregon | Developments
Real Estate [Line Items]
Number of beds/units under development	90
Other | Real Estate Investment
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 | Real Estate Investment | SNF Beds
Real Estate [Line Items]
Number of beds/units	118
Hospital | Real Estate Investment
Real Estate [Line Items]
Number of properties | property	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) $ in Thousands	Jun. 30, 2020USD ($)
Future minimum base rents receivable
2020	$ 68,001
2021	141,369
2022	128,751
2023	129,931
2024	126,406
Thereafter	$ 623,574

Real Estate Investments - Opera

Real Estate Investments - Operator changes (Details)	Oct. 04, 2019USD ($)	Jul. 31, 2020USD ($)leaseitem	Jun. 30, 2020USD ($)property	Mar. 31, 2020USD ($)propertyitem	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017item	Dec. 31, 2019USD ($)
Other disclosures
Rental income			$ 20,275,000		$ 38,277,000	$ 58,310,000		$ 75,901,000
Proceeds from sale of real estate, net						72,141,000		231,000
Gain on sale of real estate, net			189,000		$ 500,000	$ 44,043,000		$ 500,000
Net book value											$ 26,856,000
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
Number of properties under two master leases | item										24
Number of master leases | item										2
Number of properties sold | property				21
Number of beds or units in property sold | item				2,411
Proceeds from sale of real estate, net				$ 72,100,000			$ 77,900,000
Gain on sale of real estate, net				44,043,000			44,000,000
Net book value				$ 29,100,000			$ 29,100,000				$ 35,600,000
Senior Lifestyle Corporation
Other disclosures
Number of properties in default | property						23
Contractual rent		$ 1,520,000	4,560,000
Remaining outstanding accounts receivable			2,755,000			$ 2,755,000
Rent receivable line of credit and security deposit as collateral			3,608,000			$ 3,608,000
Write-off of rent receivable and lease incentives		17,742,000
Rental income		$ 1,081,000	$ 1,805,000
Brookdale Senior Living | Subsequent Event
Other disclosures
Number of leases consolidated | lease		4
Number of renewal option | item		3
Renewal term option one		4 years
Renewal term option two		5 years
Renewal term option three		10 years
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)	1 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	Jul. 31, 2020USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Jul. 31, 2020USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Real estate investments
Carrying value		$ 1,115,593,000			$ 1,115,593,000		$ 1,136,816,000
Income and Expenses, Lessor [Abstract]
Base cash rental income		33,336,000	$ 33,019,000		66,351,000	$ 66,933,000
Variable cash rental income		4,155,000	4,077,000		8,437,000	8,562,000
Straight-Line Rent		634,000	1,275,000		1,473,000	2,513,000
Change in straight-line rent receivable and lease incentives due to collectibility		(17,742,000)			(17,742,000)	(1,926,000)
Amortization of Lease Incentives		(108,000)	(94,000)		(209,000)	(181,000)
Total Rental Income		20,275,000	38,277,000		58,310,000	75,901,000
Reimbursement Of Real Estate Tax Expense		4,111,000	3,910,000		8,333,000	8,245,000
Contingent rental income		44,000	$ 167,000		104,000	317,000
Non-contingent lease incentives, Write off					185,000	$ (12,093,000)
Rent deferral	$ 80,000	$ 930,000		$ 80,000	$ 930,000
Rent deferral, as a percent of contractual rent		2.00%			2.00%
Deferred rent received				347,000
Remaining balance of deferred rent	663,000			$ 663,000
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment		$ 150,704,000			$ 150,704,000
Carrying value		127,911,000			$ 127,911,000
Senior Lifestyle Corporation
Income and Expenses, Lessor [Abstract]
Total Rental Income	$ 1,081,000	1,805,000
Non-contingent lease incentives, Write off		185,000
Write-off of straight line rent receivable		$ 17,557,000
ALF | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property		2			2
Gross Investment		$ 30,372,000			$ 30,372,000
Carrying value		$ 17,082,000			$ 17,082,000
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			1
Gross Investment		$ 14,340,000			$ 14,340,000
Carrying value		$ 12,720,000			$ 12,720,000
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky
Real estate investments
Number of properties | property		2			2
Gross Investment		$ 30,152,000			$ 30,152,000
Carrying value		$ 27,509,000			$ 27,509,000
MC | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of properties | property		2			2
Gross Investment		$ 25,265,000			$ 25,265,000
Carrying value		$ 24,025,000			$ 24,025,000
ALF and MC | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property		2			2
Gross Investment		$ 38,895,000			$ 38,895,000
Carrying value		$ 36,072,000			$ 36,072,000
ALF and MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Number of properties | property		1			1
Gross Investment		$ 11,680,000			$ 11,680,000
Carrying value		$ 10,503,000			$ 10,503,000
Real Estate Investment
Real estate investments
Number of properties | property		158			158
Gross Investment		$ 1,445,691,000			$ 1,445,691,000
Real Estate Investment | ALF
Real estate investments
Number of properties | property		107			107
Gross Investment		$ 880,343,000			$ 880,343,000

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions and Developments (Details)	6 Months Ended
	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)item	Dec. 31, 2019USD ($)
Real estate investments
Purchase Price		$ 16,829,000
Transaction Costs		202,000
Total Acquisition Costs		$ 17,031,000
Number of properties acquired		1
Number of beds/units acquired | item		74
Number of units under development | item		204
Investment Commitment	$ 62,117,000
Non-controlling interests	8,411,000		$ 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		176,000
Total Acquisition Costs		$ 16,895,000
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%
2019 Acquisitions | Land
Real estate investments
Purchase Price		$ 110,000
Transaction Costs		26,000
Total Acquisition Costs		$ 136,000

Real Estate Investments - Types

Real Estate Investments - Types of property Development and Improvement (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Real estate investments
Invested in projects	$ 11,591,000
Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	10,348,000	$ 13,012,000
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	3,053,000	1,068,000
ALF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	4,487,000	8,520,000
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	3,039,000	893,000
SNF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	5,861,000	4,492,000
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 14,000
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 175,000

Real Estate Investments - Devel

Real Estate Investments - Development and Improvement Projects (Details) - Real Estate Development Commitments - Real Estate Investment Completed Projects $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)itemproperty	Jun. 30, 2019USD ($)propertyitem
Completed development and improvement projects
Number of Properties | property	1	2
Number of Beds/Units | item	78	253
Total Investment | $	$ 18,443	$ 46,365
ALF and MC | Developments | Oregon
Completed development and improvement projects
Number of Properties | property	1
Number of Beds/Units | item	78
Total Investment | $	$ 18,443
SNF | Developments | Kentucky
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		143
Total Investment | $		$ 24,493
ILF/ALF/MC | Developments | Wisconsin
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		110
Total Investment | $		$ 21,872

Real Estate Investments - Prope

Real Estate Investments - Property Sales (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)propertyitem	Jun. 30, 2019USD ($)	Jun. 30, 2018property	Jun. 30, 2020USD ($)itemproperty	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Disposals and other
Carrying value	$ 1,115,593,000				$ 1,115,593,000			$ 1,136,816,000
Net Gain	189,000		$ 500,000		$ 44,043,000		$ 500,000
ALF
Disposals and other
Number of properties sold | property				6
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					44,043,000		$ 500,000
Net Gain					102,000
Holdback repayment					90,000
Reassessment adjustment					$ 12,000
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					$ 10,292,000
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					$ 10,364,000
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					$ 1,993,000
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					9,005,000
Holdback amount	150,000	$ 838,000			150,000	$ 838,000
Realizable holdback amount		$ 471,000			$ 91,000
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					$ 12,287,000
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		$ 44,043,000				$ 44,000,000

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)loanitemstateproperty$ / item
Mortgage Loans
Real Estate [Line Items]
Gross Investment | $	$ 258,649
Percentage of Investment	100.00%
Number of Loans | loan	4
Number of properties | property	22
Investment per Bed/Unit | $ / item	92.24
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 | $	$ 185,657
Percentage of Investment	71.80%
Number of Loans | loan	1
Number of properties | property	15
Investment per Bed/Unit | $ / item	95.65
Mortgage loans with 9.20% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.20%
Gross Investment | $	$ 38,443
Percentage of Investment	14.80%
Number of Loans | loan	1
Number of properties | property	4
Investment per Bed/Unit | $ / item	76.73
Mortgage loans with 9.40% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.40%
Gross Investment | $	$ 19,624
Percentage of Investment	7.60%
Number of Loans | loan	1
Number of properties | property	2
Investment per Bed/Unit | $ / item	95.73
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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Mortgage Loans
Originations and fundings under mortgage loans receivable	$ 2,557	$ 9,736
Scheduled principal payments received	(565)	(565)
Mortgage loan premium amortization	(2)	(2)
Provision for loan loss reserve	(20)	(92)
Net increase in mortgage loans receivable	$ 1,970	$ 9,077

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2020USD ($)	Dec. 31, 2019USD ($)property	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)item	Dec. 31, 2020USD ($)
Investment in Unconsolidated Joint Ventures
Carrying Value		$ 19,003,000	$ 1,023,000
Cash Interest Received			231,000	$ 1,402,000
Income Recognized			231,000	1,213,000
Liquidation proceeds			$ 17,464,000	3,400,000
Joint Venture
Investment in Unconsolidated Joint Ventures
Liquidation proceeds	$ 17,464,000
Additional proceeds					$ 1,023,000
Amount of gains (losses) on liquidation	$ (620,000)
Joint Venture | Preferred Equity Investment | Arizona
Investment in Unconsolidated Joint Ventures
Number of properties owned by joint venture | property			4
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Cash Interest Received			$ 231,000	1,402,000
Capital Contributions			58,000	293,000
Income Recognized			231,000	1,213,000
Combination ILF, ALF and MC community | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Cash Interest Received			231,000	727,000
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 | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Preferred return percentage			15.00%
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				243,000
Income Recognized				$ 256,000
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 ($)	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Notes receivable activities
Mezzanine loan Funded			$ 6,800,000
Notes receivable reserve		$ (163,000)		$ (181,000)
Total		16,093,000		17,927,000
Principal payments received on notes receivable		2,163,000	$ 49,000
Mezzanine loan with 12.0% Interest
Notes receivable activities
Mezzanine loan Funded		11,135,000		13,284,000
Mezzanine loan with 12.0% Interest | Subsequent Event
Notes receivable activities
Principal payments received on notes receivable	$ 2,569,000
Other loans
Notes receivable activities
Mezzanine loan Funded		$ 5,121,000		$ 4,824,000

Notes Receivable - Notes Receiv

Notes Receivable - Notes Receivable Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Notes receivable activities
Advances under notes receivable	$ 611	$ 7,766
Principal payments received under notes receivable	(2,163)	(49)
Reclassified to lease incentives	(300)	(200)
Notes receivable reserve	(18)	75
Total	$ (1,834)	$ 7,442

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Notes receivable activities
Notes receivable, gross	$ 6,800
Number of beds/units under development | item	204
Mezzanine loan with 12.0% Interest
Notes receivable activities
Notes receivable, gross		$ 11,135	$ 13,284
204-unit ILF/ALF/MC
Notes receivable activities
Loan Term	5 years
Interest rate (as a percent)	12.00%
204-unit ILF/ALF/MC | Mezzanine loan with 12.0% Interest
Notes receivable activities
Loan Term	46 months
204-unit ILF/ALF/MC | $1400 note agreement
Notes receivable activities
Notes receivable, gross	$ 582
Interest rate (as a percent)	7.00%
Mezzanine loan principal amount	$ 1,400
Mezzanine Loan Committed to fund	818
204-unit ILF/ALF/MC | $550 Note Agreement
Notes receivable activities
Notes receivable, gross	$ 200
Interest rate (as a percent)	7.50%
Mezzanine loan principal amount	$ 550
Mezzanine Loan Committed to fund	$ 350

Lease Incentives (Details)

Lease Incentives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Lease Incentives
Non-contingent lease incentives	$ 2,471		$ 2,471		$ 2,552
Non-contingent lease incentives, funding			13	$ 283
Non-contingent lease incentives, Amortization	$ (108)	$ (94)	(209)	(181)
Reclassification of Notes Receivable to Lease Incentives			300	200
Adjustment			115	(11,893)
Non-contingent lease incentives, Write off			$ 185	$ (12,093)

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings Terms (Details) - Bank Borrowings - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2018
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%
LIBOR
Debt Obligations
Basis spread over base rate (as a percent)	1.15%

Debt Obligations - Summary (Det

Debt Obligations - Summary (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Obligations
Applicable Interest Rate (as a percent)	4.10%
Borrowings	$ 24,000	$ 36,900
Outstanding Balance	689,465		$ 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	$ 599,565		599,488
Available for borrowing			$ 21,500
Principal payments on senior unsecured notes		$ 4,167
Senior Unsecured Notes | Minimum
Debt Obligations
Interest rate (as a percent)	3.85%
Senior Unsecured Notes | Maximum
Debt Obligations
Interest rate (as a percent)	5.03%

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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 ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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) - USD ($)	6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Equity
Shares authorized for repurchase		5,000,000
Number of shares purchased	615,827
Average price per share	$ 29.25
Total purchase price of shares	$ 18,012,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Noncontrolling interest
Gross Consolidated Assets		$ 1,510,172	$ 1,514,209
Non-controlling interests		8,411	$ 8,483
Purchase Price	$ 16,829
Investment Commitment		62,117
Number of beds/units under development | item	204
Partnership
Noncontrolling interest
Gross Consolidated Assets		83,425
Non-controlling interests		8,411
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		18,443
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		22,007
Non-controlling interests		2,305
South Carolina | 2017 Acquisitions | Partnership | ALF and MC
Noncontrolling interest
Gross Consolidated Assets		11,680
Non-controlling interests		$ 1,249

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						6 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividend Distributions
Paid										$ 45,526	$ 45,583
Dividends declared and payable per common share (in dollars per share)				$ 0.57				$ 0.57		$ 1.14	$ 1.14
Common Stock cash distributions				$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Common Stock
Dividend Distributions
Declared				$ 45,526				$ 45,583		$ 45,526	$ 45,583
Paid										$ 45,526	$ 45,583
Common Stock cash distributions										$ 0.19	$ 0.19
Common Stock | Subsequent Event
Dividend Distributions
Dividends declared and payable 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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock Based Compensation Plans
Options outstanding (in shares)	15,000
Options exercisable (in shares)	15,000
Stock options granted (in shares)	0	0
Options exercised (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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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)	167,375	147,608
Vested (in shares)	(165,051)	(126,725)
Outstanding at the end of the year (in shares)	347,957	346,633
Performance-based stock units
Restricted stock and performance based stock units activity
Vested (in shares)	(81,574)	(48,225)

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - Restricted stock and performance-based stock units - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restricted stock awards
Number of shares granted	167,375	147,608
Compensation expense related to share-based award	$ 3,539,000	$ 3,312,000
Nonvested awards
Remaining compensation expense	11,772,000
2020
Nonvested awards
Remaining compensation expense	3,566,000
2021
Nonvested awards
Remaining compensation expense	5,201,000
2022
Nonvested awards
Remaining compensation expense	2,729,000
2023
Nonvested awards
Remaining compensation expense	$ 276,000
Grant Date Price $48.95 | Three year vesting
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 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 awards
Vesting period	3 years
Grant Date Price $38.45 | Three year vesting
Restricted stock awards
Number of shares granted	15,000
Granted (in dollars per share)	$ 38.45
Vesting period	3 years
Grant Date Price $38.45 | Vesting Date, May 27, 2021
Restricted stock awards
Number of shares granted	9,884
Granted (in dollars per share)	$ 38.45
Grant Date Price $46.54 | Three year vesting
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 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 awards
Vesting period		3 years
Grant Date Price $44.73 | Vesting Date, May 29, 2020
Restricted stock awards
Number of shares granted		8,496
Granted (in dollars per share)		$ 44.73

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Commitments and Contingencies
Investment Commitment	$ 62,117
2019 Funding	11,591
Total Commitments funded	22,507
Remaining commitment	39,610
Real estate properties
Commitments and Contingencies
Investment Commitment	24,563
2019 Funding	8,553
Total Commitments funded	13,525
Remaining commitment	11,038
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	9,000
Remaining commitment	9,000
Mortgage loans
Commitments and Contingencies
Investment Commitment	27,200
2019 Funding	2,518
Total Commitments funded	8,462
Remaining commitment	18,738
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	520
Total Commitments funded	520
Remaining commitment	$ 834

Major Operators (Details)

Major Operators (Details)	6 Months Ended
	Jun. 30, 2020propertyitem
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)	31.30%
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	19.90%
Total Revenue | Operator Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	11.40%
Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)	27.60%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	17.50%
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, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 1,952	$ 63,722	$ 12,631	$ 27,280	$ 20,534	$ 20,427	$ 65,674	$ 40,961
Less income allocated to non-controlling interests	(82)				(88)		(171)	(169)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities	(97)				(94)		(191)	(186)
Income allocated to participating securities							(87)
Total net income allocated to participating securities	(97)				(94)		(278)	(186)
Net income available to common stockholders	1,773				20,352		65,225	40,606
Net income for diluted net income per share	$ 1,773				$ 20,352		$ 65,225	$ 40,606
Reconciliation of shares
Shares for basic net income per share	39,055				39,577		39,298	39,555
Effect of dilutive securities: (Shares)
Total effect of dilutive securities (in shares)	82				192		82	192
Shares for diluted net income per share	39,137				39,769		39,380	39,747
Basic (in dollars per share)	$ 0.05				$ 0.51		$ 1.66	$ 1.03
Diluted (in dollars per share)	$ 0.05				$ 0.51		$ 1.66	$ 1.02
Stock options
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)					5			5
Performance-based stock units
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)	82				187		82	187

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Jun. 30, 2020USD ($)item	Dec. 31, 2019USD ($)item
Fair value measurements
Mortgage loans receivable	$ 256,069	$ 254,099
Senior unsecured notes, net of debt issue costs	$ 599,565	$ 599,488
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.0400	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	0.0425	0.0390
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent) | item	0.083	0.090
Carrying Value
Fair value measurements
Mortgage loans receivable	$ 256,069	$ 254,099
Bank borrowings	89,900	93,900
Senior unsecured notes, net of debt issue costs	599,565	599,488
Fair Value
Fair value measurements
Bank borrowings	89,900	93,900
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable	334,095	312,824
Senior unsecured notes, net of debt issue costs	$ 600,656	$ 612,375

Subsequent Events - Real Estate

Subsequent Events - Real Estate (Details) - Brookdale Senior Living - Subsequent Event	1 Months Ended
	Jul. 31, 2020leaseitem
Subsequent Event [Line Items]
Number of leases consolidated | lease	4
Number of renewal option | item	3
Renewal term option one	4 years
Renewal term option two	5 years
Renewal term option three	10 years

Subsequent Events - Notes Recei

Subsequent Events - Notes Receivable (Details) - USD ($)	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Subsequent Events
Principal payments received on notes receivable		$ 2,163,000	$ 49,000
Subsequent Event | Mezzanine loan with 12.0% Interest
Subsequent Events
Principal payments received on notes receivable	$ 2,569,000

Subsequent Events - Equity (Det

Subsequent Events - Equity (Details) - $ / shares	1 Months Ended			3 Months Ended		6 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity
Dividends declared and payable per common share (in dollars per share)				$ 0.57	$ 0.57	$ 1.14	$ 1.14
Subsequent Event | Common Stock
Equity
Dividends declared and payable per common share (in dollars per share)	$ 0.19	$ 0.19	$ 0.19