LTC Properties (LTC) 10-K 18 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 11, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	1-11314
Entity Registrant Name	LTC PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	71-0720518
Entity Address, Address Line One	2829 Townsgate Road, Suite 350
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	981-8655
Title of 12(b) Security	Common stock, $.01 Par Value
Trading Symbol	LTC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,450,403,000
Entity Common Stock, Shares Outstanding		39,242,225
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments:
Land	$ 127,774	$ 126,703
Buildings and improvements	1,324,227	1,295,899
Accumulated depreciation and amortization	(349,643)	(312,642)
Operating real estate property, net	1,102,358	1,109,960
Properties held-for-sale, net of accumulated depreciation: 2020-$0; 2019-$35,113		26,856
Real property investments, net	1,102,358	1,136,816
Mortgage loans receivable, net of loan loss reserve: 2020-$2,592; 2019-$2,560	257,251	254,099
Real estate investments, net	1,359,609	1,390,915
Notes receivable, net of loan loss reserve: 2020-$146; 2019-$181	14,465	17,927
Investments in unconsolidated joint ventures	11,340	19,003
Investments, net	1,385,414	1,427,845
Other assets:
Cash and cash equivalents	7,772	4,244
Debt issue costs related to bank borrowings	1,324	2,164
Interest receivable	32,746	26,586
Straight-line rent receivable	24,452	45,703
Lease incentives	2,462	2,552
Prepaid expenses and other assets	5,316	5,115
Total assets	1,459,486	1,514,209
LIABILITIES
Bank borrowings	89,900	93,900
Senior unsecured notes, net of debt issue costs: 2020-$658; 2019-$812	559,482	599,488
Accrued interest	4,216	4,983
Accrued expenses and other liabilities	30,082	30,412
Total liabilities	683,680	728,783
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2020-39,242; 2019-39,752	392	398
Capital in excess of par value	852,780	867,346
Cumulative net income	1,388,775	1,293,482
Cumulative distributions	(1,474,545)	(1,384,283)
Total LTC Properties, Inc. stockholders' equity	767,402	776,943
Non-controlling interests	8,404	8,483
Total equity	775,806	785,426
Total liabilities and equity	$ 1,459,486	$ 1,514,209

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Properties held-for-sale, accumulated depreciation	$ 0	$ 35,113
Mortgage loans receivable, loan loss reserve	2,592	2,560
Notes receivable, loan loss reserve	$ 146	$ 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	39,242	39,752
Common stock, shares outstanding	39,242	39,752
Senior Unsecured Notes
Debt issue costs, net	$ 658	$ 812

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income	$ 126,094,000	$ 152,755,000	$ 135,405,000
Interest income from mortgage loans	31,396,000	29,991,000	28,200,000
Interest and other income	1,847,000	2,558,000	5,040,000
Total revenues	159,337,000	185,304,000	168,645,000
Expenses:
Interest expense	29,705,000	30,582,000	30,196,000
Depreciation and amortization	39,071,000	39,216,000	37,555,000
Impairment charges	3,977,000	0	0
(Recovery) provision for doubtful accounts	(3,000)	166,000	87,000
Transaction costs	299,000	365,000	84,000
Property tax expense	15,065,000	16,755,000
General and administrative expenses	19,710,000	18,453,000	19,193,000
Total expenses	107,824,000	105,537,000	87,115,000
Other operating income:
Gain on sale of real estate, net	44,117,000	2,106,000	70,682,000
Operating income	95,630,000	81,873,000	152,212,000
Gain from property insurance proceeds	373,000	2,111,000
Loss on unconsolidated joint ventures	(758,000)
Impairment loss from investments in unconsolidated joint ventures		5,500,000
Income from unconsolidated joint ventures	432,000	2,388,000	2,864,000
Net income	95,677,000	80,872,000	155,076,000
Income allocated to non-controlling interests	(384,000)	(346,000)	(95,000)
Net income attributable to LTC Properties, Inc.	95,293,000	80,526,000	154,981,000
Income allocated to participating securities	(422,000)	(391,000)	(625,000)
Net income available to common stockholders	$ 94,871,000	$ 80,135,000	$ 154,356,000
Earnings per common share:
Basic (in dollars per share)	$ 2.42	$ 2.03	$ 3.91
Diluted (in dollars per share)	$ 2.42	$ 2.02	$ 3.89
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,179	39,571	39,477
Diluted (in shares)	39,264	39,759	39,839
Comprehensive Income:
Net income	$ 95,677,000	$ 80,872,000	$ 155,076,000
Comprehensive income	$ 95,677,000	$ 80,872,000	$ 155,076,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	ParentCumulative Effect of Adoption	ParentAs Adjusted Balance	Parent	Common StockAs Adjusted Balance	Common Stock	Capital in Excess of Par ValueAs Adjusted Balance	Capital in Excess of Par Value	Cumulative Net IncomeCumulative Effect of Adoption	Cumulative Net IncomeAs Adjusted Balance	Cumulative Net Income	Cumulative DistributionsAs Adjusted Balance	Cumulative Distributions	Non-controlling InterestsAs Adjusted Balance	Non-controlling Interests	Cumulative Effect of Adoption	As Adjusted Balance	Total
Balance at beginning of period at Dec. 31, 2017			$ 755,160		$ 396		$ 856,992			$ 1,100,783		$ (1,203,011)		$ 3,488			$ 758,648
Balance (in shares) at Dec. 31, 2017					39,570
Equity activity
Issuance of common stock			929				929										929
Issuance of common stock (in shares)					22
Issuance of restricted stock			(8)		$ 1		(9)										(8)
Issuance of restricted stock (in shares)					91
Net income			154,981							154,981				95			155,076
Stock-based compensation expense			5,870				5,870										5,870
Stock option exercises			123				123										123
Stock option exercises (in shares)					5
Non-controlling interests contributions														3,963			3,963
Non-controlling interest distributions														(65)			(65)
Common stock cash distributions			(90,372)									(90,372)					(90,372)
Other			(1,193)				(1,193)										(1,193)
Other (in shares)					(31)
Balance at end of period at Dec. 31, 2018			825,490		$ 397		862,712			1,255,764		(1,293,383)		7,481			832,971
Balance (in shares) at Dec. 31, 2018					39,657
Equity activity
Issuance of restricted stock			(7)				(7)										(7)
Issuance of restricted stock (in shares)					86
Net income			80,526							80,526				346			80,872
Stock-based compensation expense			6,566				6,566										6,566
Vesting of performance-based stock units			(301)									(301)					(301)
Vesting of performance-based stock units (in shares)					48
Stock option exercises			123		$ 1		122										123
Stock option exercises (in shares)					5
Non-controlling interests contributions														965			965
Non-controlling interest distributions														(309)			(309)
Common stock cash distributions			(90,599)									(90,599)					(90,599)
Other			(2,047)				(2,047)										(2,047)
Other (in shares)					(44)
Balance at end of period at Dec. 31, 2019	$ (42,808)	$ 782,682	776,943	$ 397	$ 398	$ 862,712	867,346	$ (42,808)	$ 1,212,956	1,293,482	$ (1,293,383)	(1,384,283)	$ 7,481	8,483	$ (42,808)	$ 790,163	785,426
Balance (in shares) at Dec. 31, 2019				39,657	39,752
Equity activity
Repurchase of common stock			(18,012)		$ (6)		(18,006)										(18,012)
Repurchase of common stock (in shares)					(616)
Issuance of restricted stock			(8)		$ 1		(9)										(8)
Issuance of restricted stock (in shares)					101
Net income			95,293							95,293				384			95,677
Stock-based compensation expense			7,012				7,012										7,012
Vesting of performance-based stock units			(586)									(586)					(586)
Vesting of performance-based stock units (in shares)					82
Non-controlling interest distributions														(463)			(463)
Common stock cash distributions			(89,676)									(89,676)					(89,676)
Other			(3,564)		$ (1)		(3,563)										(3,564)
Other (in shares)					(77)
Balance at end of period at Dec. 31, 2020			$ 767,402		$ 392		$ 852,780			$ 1,388,775		$ (1,474,545)		$ 8,404			$ 775,806
Balance (in shares) at Dec. 31, 2020					39,242

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES:
Net income	$ 95,677	$ 80,872	$ 155,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,071	39,216	37,555
Stock-based compensation expense	7,012	6,566	5,870
Impairment charges	3,977	5,500
Gain on sale of real estate, net	(44,117)	(2,106)	(70,682)
Loss on unconsolidated joint ventures	758
Income from unconsolidated joint ventures	(432)	(2,388)	(2,864)
Income distributions from unconsolidated joint ventures	432	2,991	2,371
Insurance proceeds for damaged property			2,619
Payment for remediation of damaged property			(508)
Straight-line rental income	(1,778)	(4,487)	(9,550)
Adjustment for collectibility of rental income and lease incentives	23,214	1,926
Lease incentives funded	(220)	(387)	(1,272)
Amortization of lease incentives	426	385	2,092
(Recovery) provision for doubtful accounts	(3)	166	87
Non-cash interest related to contingent liabilities			377
Non-cash income related to earn-out and related lease incentive write-off			(3,074)
Other non-cash items, net	1,033	1,016	1,180
Increase in interest receivable	(6,161)	(5,854)	(5,682)
(Decrease) increase in accrued interest payable	(767)	803	(1,096)
Net change in other assets and liabilities	(2,021)	(1,750)	3,036
Net cash provided by operating activities	116,101	122,469	115,535
INVESTING ACTIVITIES:
Investment in real estate properties	(13,581)	(58,414)	(40,408)
Investment in real estate developments	(16,699)	(20,524)	(35,279)
Investment in real estate capital improvements	(6,913)	(2,839)	(3,249)
Capitalized interest	(354)	(608)	(1,248)
Proceeds from sale of real estate, net	72,141	14,009	92,749
Investment in real estate mortgage loans receivable	(4,253)	(12,342)	(21,364)
Principal payments received on mortgage loans receivable	1,065	1,065	2,136
Investments in unconsolidated joint ventures	(8,520)	(472)	(670)
Proceeds from liquidation of investments in unconsolidated joint ventures	17,848	6,601
Advances and originations under notes receivable	(2,078)	(8,967)	(124)
Principal payments received on notes receivable	5,275	3,503	3,848
Net cash provided by (used in) investing activities	43,931	(78,988)	(3,609)
FINANCING ACTIVITIES:
Bank borrowings	24,000	107,900	116,200
Repayment of bank borrowings	(28,000)	(126,000)	(100,700)
Proceeds from issuance of senior unsecured notes		100,000
Principal payments on senior unsecured notes	(40,160)	(33,667)	(38,166)
Stock repurchase plan	(18,012)
Proceeds from common stock issued			1,005
Stock option exercises		123	123
Distributions paid to stockholders	(90,262)	(90,899)	(90,372)
Contribution from non-controlling interests		965	3,963
Distributions paid to non-controlling interests	(463)	(309)	(65)
Financing costs paid	(35)	(61)	(3,162)
Withheld vested restricted stock and performance-based stock units	(3,564)	(2,047)	(1,193)
Other	(8)	(6)	(8)
Net cash used in financing activities	(156,504)	(44,001)	(112,375)
Increase (decrease) in cash, cash equivalents and restricted cash	3,528	(520)	(449)
Cash, cash equivalents and restricted cash, beginning of period	4,244	4,764	5,213
Cash, cash equivalents and restricted cash, end of period	7,772	4,244	4,764
Supplemental disclosure of cash flow information:
Interest paid	$ 29,443	$ 28,767	$ 30,116

The Company

The Company	12 Months Ended
	Dec. 31, 2020
General
The Company	1. The Company LTC Properties, Inc. (“LTC”), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (“REIT”) that invests primarily in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing, joint ventures construction financing and structured finance solutions including preferred equity, bridge, mezzanine and unitranche 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. ILF, ALF, MC and combinations thereof are included in the ALF classification.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Consolidation. ● A legal structure has been established to conduct business activities and to hold assets. ● LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does meet the above criteria and does not qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1. The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2. The equity holders, as a group, lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: ● The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ● The obligation to absorb the entity's expected losses; ● The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. The Financial Accounting Standards Board (“FASB”) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members can exercise power over a limited liability company, and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non-managing members have certain specific rights as described in the guidance. The limited members have virtually no rights and are precluded from taking part in the operation, management or control of the company. The limited members are also precluded from transferring their interests without the expressed permission of the general member. However, general partners could transfer their interest without consultation or permission of the limited members. We consolidated the companies in accordance with the guidance. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Use of Estimates. Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles. During the fourth quarter of 2019 we sold a 170-bed skilled nursing center in our portfolio which was under a triple net master lease agreement. The property was evacuated in 2017 due to damages caused by hurricane and our operator provided us with insurance proceeds for remediation of the property. Upon sale of the property, we released our operator from its contractual obligation under the master lease to return the property back to its original condition, took possession of the remaining insurance proceeds of $2,111,000 and recorded this amount as Gain from property insurance proceeds Consolidated Statements of Income and Comprehensive Income Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mezzanine Loans. four Investments in unconsolidated joint ventures. jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated JV under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. We evaluate our ADC arrangements first pursuant to ASC 805, Consolidation We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date. Allowance for Doubtful Accounts. , Measurement of Credit Losses on Financial Instruments We adopted ASU 2016-13 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ /(Decrease) ​ ​ ​ ​ ​ ​ ​ Balance ​ in Expected ​ Balance ​ ​ ​ Balance Sheet ​ at ​ Credit Loss ​ at ​ Description ​ Location ​ 12/31/2019 ​ During the Year ​ 12/31/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 32 ​ $ 2,592 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (35) ​ $ 146 ​ ​ We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2020, the total balance of accrued interest receivable of $32,746,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivable. Accrued incentives. payments to our sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable, the contingent payment is recorded as a liability at the estimate fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes management’s probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2020, 2019 and 2018, we recognized impairment charges of $3,977,000, $0 and $0 respectively, related to our real property investments. Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements Revenue Recognition. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) a calculation based on the Consumer Price Index; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until all possible contingencies have been resolved. Historically, we have not included contingent rents as income until received and will we continue our historical policy. During the years ended December 31, 2020, 2019 and 2018, we received $111,000, $464,000 and $470,000, respectively, of contingent rental income. We follow a policy related to rental income whereby we consider a lease to be non-performing after 60 days of non-payment of past due amounts and do not recognize unpaid rental income from that lease until the amounts have been received. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non-performing after 60 days of non-payment of amounts due and do not recognize unpaid interest income from that loan until the past due amounts have been received. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and begins reducing down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers: Topic 606 Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In doing so, companies may need to use more judgment and make more estimates. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. Additionally, the FASB has issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. Topic 606, Contracts with Customers year of adoption or full retrospective approach. We have adopted this standard using the modified retrospective adoption method on January 1, 2018. We concluded that this standard did not have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09. Leases: 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. ​ Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight-line method over 40 years. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2020, the net book basis of our depreciable assets exceeded our net tax basis by approximately $9,939,000 (unaudited), primarily due to faster depreciation for tax, and to differences previously mentioned above. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our consolidated financial statements as general and administrative expenses. Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators Properties held-for-sale. Properties classified as held-for-sale on the consolidated balance sheet include only those properties available for immediate sale in their present condition and for which management believes that it is probable that a sale of the property will be completed within one year. Properties held-for-sale are carried at the lower of cost or fair value less estimated selling costs. No depreciation expense is recognized on properties held-for-sale once they have been classified as such. Under ASU No. 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units granted to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. ​

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2020
Major Operators
Major Operators	3. Major Operators We have two operators from each of which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operators as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenue (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare (3) ​ 24 ​ — ​ 2,922 ​ 93 ​ 19.7 % ​ 18.2 % ​ Senior Lifestyle Corporation (4) ​ — ​ 23 ​ — ​ 1,457 ​ 10.7 % ​ 10.0 % ​ Total ​ 24 ​ 23 ​ 2,922 ​ 1,550 ​ 30.4 % ​ 28.2 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 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 . ​ (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. ​ (4) See Note 5. Real Estate Investments for further information regarding Senior Lifestyle. 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, or in the event any such operator does not renew and/or extend its relationship with us.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Preferred return reserve related to investments in unconsolidated joint ventures ( Note 6 ​ $ 2,878 ​ $ — ​ $ — ​ Reclassification of notes receivable to lease incentives ( Note 7 ​ ​ 300 ​ ​ 200 ​ ​ — ​ Restricted stock issued, net of cancellations ( Note 10 ​ — ​ — ​ 1 ​ ​

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2020
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively “ALF”). Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Depreciation expense on buildings and improvements, including properties classified as held-for-sale, was $38,945,000, $39,094,000, and $37,416,000 for the years ended December 31, 2020, 2019 and 2018, respectively. Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease inducement and renewal options are as follows ( in thousands ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2021 ​ $ 139,053 ​ 2022 ​ 129,864 ​ 2023 ​ 130,477 ​ 2024 ​ 129,407 ​ 2025 ​ 116,296 ​ Thereafter ​ 507,352 ​ (1) Represents contractual annual cash rent, except for Anthem Memory Care (“Anthem”) master lease which is based on estimated cash payments. See below for more disclosures relating to Anthem. 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 deferred rent in the amount of $394,000 in April 2020 which has since been fully repaid, however, they failed to pay full rent during the second quarter of 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 a total $17,742,000 of straight-line rent receivable and lease incentives related to this master lease during the second quarter of 2020 and accounted for the Senior Lifestyle master lease on a cash basis effective July 2020. During April through December 2020, we received $9,200,000 of Senior Lifestyle’s $13,800,000 contractual rent due and applied their letter of credit and deposits totaling $3,725,000 to the remaining $850,000 balance of fourth quarter rent, $249,000 to unaccrued past due third quarter rent, $2,501,000 to accrued second quarter rent receivable and $125,000 to notes receivable. At December 31, 2020, Senior Lifestyle owed us $1,002,000 past due unaccrued rent. Also, during the fourth quarter of 2020, we recorded an impairment charge of $3,036,000 related to a memory care community that was operated by Senior Lifestyle. Subsequent to December 31, 2020, we transitioned 11 assisted living communities previously leased to Senior Lifestyle to two operators. These communities are located in Illinois, Ohio and Wisconsin. Total cash rent expected under these master lease agreements is $5,250,000 for the first lease year, $7,078,000 for the second lease year and $7,303,000 for the third lease year, escalating 2% annually thereafter. We are currently evaluating our options for the remaining 12 assisted communities operated by Senior Lifestyle, which may include re-leasing or selling some or all of the properties. During the third quarter of 2020, an operator paid $542,000 of its contractual rent of $1,299,000. In accordance with ASC 842, we evaluated the collectibility of receiving substantially all of our lease payments from the operator’s master lease through maturity and determined that we did not have the level of certainty required by the standard. Accordingly, we wrote-off $1,156,000 of straight-line rent receivable related to this master lease during the third quarter of 2020. Effective September 1, 2020, we consolidated our two master leases with the operator into one combined master lease. Under the new combined master lease, we agreed to abate $570,000 of third quarter of 2020 rent along with $80,000 that had been deferred in second quarter of 2020. During the fourth quarter of 2020, we granted a $1,057,000 deferral of rent of the operator’s $1,299,000 contractual rent. The remaining deferred balance due from the operator is $355,000 as of December 31, 2020. On August 10, 2020, in the Quarterly Report on Form 10-Q, Genesis Healthcare, Inc. (“Genesis”) reported doubt regarding its ability to continue as a going concern. Accordingly, we evaluated the collectibility of receiving substantially all of our lease payments from the Genesis master lease through maturity in accordance with ASC 842, and determined that we did not have the level of certainty required by the standard. As a result, we wrote-off $4,316,000 of straight-line rent receivable related to this master lease during the third quarter of 2020 and transitioned rental revenue recognition to cash basis in third quarter of 2020. Genesis is current on rent payments through February 2021. Anthem Memory Care (“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. 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 paid us annual cash rent of $9,900,000 in 2020, and we anticipate they will pay annual cash rent of $10,800,000 for the year ended December 31, 2021. We receive regular financial performance updates from Anthem and continue to monitor their performance obligations under the master lease agreement. Anthem has paid their agreed upon rent through February 2021. 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 subleased 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 by the end of 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 $72,100,000. These 21 properties had a combined net book value of $29,100,000 and resulted in total gain on sale of $44,073,000. 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 the December 2018 unpaid rent, late fees and reimbursement of legal cost totaling $1,596,000 from Senior Lifestyle. In March 2020, Senior Care emerged from bankruptcy and affirmed our master lease. We continue to evaluate the collectibility of our Senior Care master lease on a quarterly basis. Senior Care is current on all its rent payments through February 2021. During the year ended December 31, 2020, we consolidated four separate lease agreements into a single consolidated master lease with Brookdale Senior Living Communities, Inc (“Brookdale”) and extended the lease maturity date by one year to December 31, 2021. This new 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 rent terms remain the same as the consolidated rent terms under the previous four separate lease agreements. In addition, we have extended a $4,000,000 capital commitment to Brookdale, which is available through December 31, 2021 at a 7% yield. As of December 31, 2020, we funded $1,700,000 under this commitment with a remaining commitment of $2,300,000. Brookdale is current on rent payments through February 2021. The following table summarizes components of our rental income for the years ended December 31, 2020, 2019 and 2018 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Rental Income ​ ​ 2020 ​ ​ 2019 ​ ​ 2018 ​ Base cash rental income ​ $ 132,789 ​ $ 134,117 ​ $ 127,477 ​ Variable cash rental income ​ ​ 15,167 (1) ​ 16,462 (1) ​ 470 (1) Straight-line rent ​ ​ 1,778 (2) ​ 4,487 (2) ​ 9,550 (2) Adjustment for collectability of rental income and lease incentives ​ ​ (23,214) (3) ​ (1,926) (4) ​ — ​ Amortization of lease incentives ​ ​ (426) ​ ​ (385) ​ ​ (2,092) ​ Total ​ $ 126,094 ​ $ 152,755 ​ $ 135,405 ​ (1) The variable rental income for the year ended December 31, 2020 and 2019 includes contingent rental income of $111 and $464 , respectively. Additionally, the variable rental income for the year ended December 31, 2020 and 2019 includes reimbursement of real estate taxes by our lessees. As discussed above, we adopted ASC 842 using a modified retrospective approach as of the adoption date of January 1, 2019. Accordingly, we are not required to report this revenue stream for periods prior to January 1, 2019. Accordingly, the variable income for the year ended December 31, 2018, represents contingent rental income. ​ (2) In accordance with ASC 842 lease accounting guidance, we evaluated the collectibility of lease payments through maturity and determined it was not probable that we would collect substantially all of the contractual obligations from certain master leases through maturity. Decreased due to these leases being accounted for on cash-basis. ​ (3) Represents the write-off of straight-line rent receivable balances related to Senior Lifestyle, Genesis and another operator. ​ (4) During the first quarter of 2019, we terminated a lease agreement and transitioned two operating seniors housing communities under the lease agreement to a new operator. As a result of the lease termination, we wrote-off $1,926 straight-line rent receivable in accordance with ASC 842. Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Carrying ​ Option ​ State ​ Property ​ Properties ​ ​ Investments ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 35,601 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 30,849 ​ ​ 17,092 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,835 ​ ​ 13,031 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,342 ​ ​ 27,315 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 23,715 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,213 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 151,866 ​ $ 126,967 ​ ​ ​ (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. ​ Acquisitions. (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) ​ $ 35,719 ​ $ 315 ​ $ 36,034 ​ 3 ​ 230 ​ ​ Skilled Nursing (4) ​ ​ 19,500 ​ ​ 97 ​ ​ 19,597 ​ 1 ​ 90 ​ ​ Land (5) ​ ​ 2,732 ​ ​ 51 ​ ​ 2,783 ​ — ​ — Total ​ ​ ​ $ 57,951 ​ $ 463 ​ $ 58,414 ​ 4 ​ 320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Assisted Living (6)(7) ​ $ 39,600 ​ $ 65 ​ $ 39,665 3 ​ 177 ​ ​ Land (8) ​ 695 ​ 48 ​ 743 — — Total ​ ​ ​ $ 40,295 ​ $ 113 ​ $ 40,408 3 177 (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 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 $15,976 in cash. Our economic interest in the real estate JV is approximately 95% . Additionally, we acquired an 80 -unit MC and a 76 -unit ALF/MC in Michigan for an aggregate purchase price of $19,000 . ​ (4) We acquired a newly constructed 90 -bed SNF located in Missouri. ​ (5) We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and committed to develop a 90 -bed SNF in Missouri. The commitment totals approximately $17,400 . ​ (6) We acquired two MC in Texas. ​ (7) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 89 -unit ILF for $14,400 and to own the real estate and develop a 78 -unit ALF/MC for $18,108 in Oregon. ​ (8) We acquired an ALF and a MC in California, a MC in Ohio and an ALF/MC in Missouri. Furthermore, we entered into a JV and acquired an ALF/MC community. ​ (9) We entered into a JV for the acquisition of land and development of an ILF/ALF/MC community in Wisconsin. For further discussion related to the JV transactions discussed above and our partnerships and non-controlling interests, see Note 10. Equity. Developments and Improvements. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Type of Property ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 4,491 ​ $ 6,842 ​ ​ $ 14,088 ​ $ 2,544 ​ ​ $ 27,505 ​ $ 2,292 ​ Skilled Nursing Centers ​ ​ 12,208 ​ ​ 71 ​ ​ ​ 6,436 ​ ​ — ​ ​ ​ 7,774 ​ ​ 500 ​ Other ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 295 ​ ​ ​ — ​ ​ 457 ​ Total ​ $ 16,699 ​ $ 6,913 ​ ​ $ 20,524 ​ $ 2,839 ​ ​ $ 35,279 ​ $ 3,249 ​ ​ Completed Projects. (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 ​ $ 18,447 ​ ​ Development ​ 1 ​ SNF ​ 90 ​ Missouri ​ ​ 16,587 Total ​ ​ ​ 2 ​ ​ ​ 168 ​ ​ ​ $ 35,034 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Development ​ 1 ​ SNF ​ 143 ​ Kentucky ​ $ 24,974 ​ ​ Development ​ 1 ​ ILF/ALF/MC ​ 110 ​ Wisconsin ​ ​ 21,999 Total ​ ​ ​ 2 ​ ​ ​ 253 ​ ​ ​ $ 46,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Development ​ 1 ​ MC ​ 66 ​ Illinois ​ $ 14,668 Total ​ ​ ​ 1 ​ ​ ​ 66 ​ ​ ​ $ 14,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Properties held-for-sale . The following table summarizes our properties held-for-sale at years ended December 31, 2020 and 2019 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ At December 31, ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ 2020 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Colorado ​ SNF ​ 3 ​ 275 ​ $ 8,045 ​ $ 3,774 ​ ​ ​ Iowa ​ SNF ​ 7 ​ 544 ​ ​ 14,610 ​ ​ 9,723 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 14,111 ​ ​ 6,674 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 25,203 ​ ​ 14,942 ​ Total ​ ​ ​ ​ ​ 20 ​ 2,217 ​ $ 61,969 ​ $ 35,113 ​ ​ ​ Property Sales (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain (Loss) ​ 2020 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ 129 (1) ​ ​ Arizona ​ SNF ​ 1 ​ 194 ​ ​ 12,550 ​ ​ 2,229 ​ ​ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,364 ​ ​ ​ Iowa ​ SNF (2) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 9,051 ​ ​ ​ 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 ​ $ 44,117 (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ N/A ​ n/a ​ — ​ — ​ $ — ​ $ — ​ $ 500 (4) ​ ​ Arizona, Georgia and Texas ​ SNF (5) 3 ​ 478 ​ ​ 15,310 ​ ​ 8,995 ​ ​ 5,556 ​ ​ ​ Texas ​ ALF (6) 1 ​ 140 ​ ​ 1 ​ ​ 3,830 ​ ​ (3,950) ​ Total 2019 ​ ​ ​ ​ ​ 4 ​ 618 ​ $ 15,311 ​ $ 12,825 ​ $ 2,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Alabama ​ SNF ​ 4 ​ 454 ​ $ 27,975 ​ $ 5,695 ​ $ 21,987 ​ ​ ​ Kansas ​ ALF (7) — ​ — ​ ​ 350 ​ ​ 346 ​ ​ — ​ ​ ​ Ohio and Pennsylvania ​ ALF ​ 6 ​ 320 ​ ​ 67,500 ​ ​ 16,352 ​ ​ 48,695 ​ Total 2018 ​ ​ ​ ​ ​ 10 ​ 774 ​ $ 95,825 ​ $ 22,393 ​ $ 70,682 ​ (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 $39 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 year ended December 31, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $229 . ​ (3) Properties sold within the Preferred Care portfolio. ​ (4) Gain recognized due to the receipt of funds held in escrow related to a portfolio of six ALFs sold during the second quarter of 2018. ​ (5) We sold a property, previously operated by Preferred Care, located in Texas with a carrying value of $871 for $140 . Additionally, we sold a property, previously operated by Preferred Care, located in Arizona with a carrying value of $6,485 for $7,250 . This transaction includes a holdback of $1,091 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 $613 . Also, we sold a SNF located in Georgia with a carrying value of $1,639 for $7,920 . ​ (6) We sold an ALF located in Texas with a carrying value of $3,830 . ​ (7) We sold land adjacent to an existing ALF community in Kansas. Mortgage Loans. Item 1. Business—Portfolio The following table summarizes our mortgage loan activity for the years ended December 31, 2020, 2019 and 2018 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 Originations and funding under mortgage loans receivable ​ $ 4,253 (1) $ 12,342 (2) $ 21,364 (3) Pay-offs received ​ ​ — ​ ​ — ​ ​ (1,086) ​ Scheduled principal payments received ​ ​ (1,065) ​ ​ (1,065) ​ ​ (1,050) ​ Mortgage loan premium amortization ​ ​ (4) ​ ​ (4) ​ ​ (4) ​ Provision for loan loss reserve ​ ​ (32) ​ ​ (113) ​ ​ (192) ​ Net increase in mortgage loans receivable ​ $ 3,152 ​ $ 11,160 ​ $ 19,032 ​ (1) During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% and escalating by 2.25% thereafter. ​ (2) During 2019, we funded an additional $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41% fixed for two years and escalating by 2.25% thereafter. ​ (3) During 2018, we funded an additional $7,400 under an existing mortgage loan for the purchase of a 112 -bed SNF in Michigan. The incremental funding bears interest at 8.7% , fixed for five years , and escalating by 2.25% thereafter. Also, we funded additional loan proceeds of $7,125 under an existing mortgage loan for the purchase of a 126 -bed SNF in Michigan. This incremental funding bears interest at 9.41% , fixed for five years , and escalating by 2.25% thereafter. ​ At December 31, 2020 and 2019 the carrying values of the mortgage loans were $257,251,000 and $254,099,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2021 ​ $ 1,175 ​ 2022 ​ 1,175 ​ 2023 ​ 1,175 ​ 2024 ​ 1,175 ​ 2025 ​ 1,175 ​ Thereafter ​ 253,968 ​ Total ​ $ 259,843 ​ ​ ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2020
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	6. Investments 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 would 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 the amount of expected proceeds at December 31, 2019. Upon sale of the Properties during the year ended December 31, 2020, we received liquidation proceeds totaling $17,848,000 and incurred an additional $758,000 of loss. During 2020, we provided preferred capital contribution commitments to two joint ventures. We determined that each of these JVs meets the accounting criteria to be considered a variable interest entity (“VIE”). We are not the primary beneficiary of the VIEs as we do not have both: 1) the power to direct the activities that most significantly affect the VIE’s economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we do have significant influence over the JVs. Therefore, we accounted for the joint venture investments using the equity method of accounting. The following table provides information regarding these preferred equity investments (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Investment ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Commitment ​ ​ Value ​ Washington ​ UDP ​ Preferred Equity (1) 12 % ​ 7 % ​ — ​ $ — (1) $ 6,340 (1) Washington ​ UDP ​ Preferred Equity (2) 12 % ​ 8 % ​ — ​ ​ 13,000 (2) ​ 5,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ $ 13,000 ​ $ 11,340 ​ (1) Invested $6,340 of preferred equity in an entity that will develop a 95 -unit ALF/MC in Washington. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8% . After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14% . ​ (2) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . Our investment represents 11.6% of the estimated total investment. The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2020, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Received ​ 2020 ​ ALF/MC/ILF (1) $ 58 (1) $ 231 (1) $ 231 (1) ​ ​ UDP (2) ​ 6,340 (2) ​ 169 (2) ​ 168 (2) ​ ​ UDP (3) ​ 5,000 (3) ​ 32 (3) ​ 32 (3) Total ​ ​ ​ $ 11,398 ​ $ 432 ​ $ 431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ALF/MC/ILF (1) $ 472 (1) $ 1,029 (1) $ 1,580 (1) ​ ​ ALF/ILF/MC (4) ​ — (4) ​ 955 (4) ​ 979 (4) ​ ​ ALF/MC (5) ​ — (5) ​ 404 (5) ​ 432 (5) Total ​ ​ ​ $ 472 ​ $ 2,388 ​ $ 2,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ ALF/MC/ILF (1) $ 670 (1) $ 2,041 (1) $ 1,975 (1) ​ ​ ALF/IL/MC (4) ​ — (4) ​ 511 (4) ​ 396 (4) ​ ​ UDP-ALF/MC (5) ​ — (5) ​ 312 (5) ​ — (5) Total ​ ​ ​ $ 670 ​ $ 2,864 ​ $ 2,371 ​ (1) Relates to our preferred equity investment in an entity that owned four ALFs in Arizona discussed above with a total preferred return of 15% . During the year ended December 31, 2020, the properties comprising the JV were sold. ​ (2) During the third quarter of 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. ​ (3) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . ​ (4) 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. ​ (5) 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	12 Months Ended
	Dec. 31, 2020
Notes Receivable.
Notes Receivable	7. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2020 and 2019 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2020 ​ 2019 Mezzanine loans $ 8,445 ​ $ 13,284 ​ Other loans ​ 6,166 ​ ​ 4,824 ​ Notes receivable reserve ​ (146) ​ ​ (181) ​ Total $ 14,465 ​ $ 17,927 ​ ​ The following table summarizes our notes receivable activity for the years ended December 31, 2020 through 2018 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2020 ​ ​ 2019 ​ ​ 2018 Advances under notes receivable $ 2,078 (1) $ 8,967 (4) $ 124 Principal payments received under notes receivable ​ (5,275) (2) ​ (3,503) ​ ​ (3,848) Reclassified to lease incentives ​ (300) (3) ​ (200) (3) ​ — Notes receivable reserve ​ 35 ​ ​ (52) ​ ​ 37 Net (decrease) increase $ (3,462) ​ $ 5,212 ​ $ (3,687) (1) Funding under working capital notes with interest ranging between 5.0% and 7.5% and maturities between 2025 and 2030. ​ (2) Subsequent to December 31, 2020, we received $900 to pay off a note receivable. ​ (3) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. ​ (4) 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 $1,304 with a commitment to fund $96 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50 . The note bears interest at 7.5% .

Lease Incentives

Lease Incentives	12 Months Ended
	Dec. 31, 2020
Lease Incentives
Lease Incentives	8. Lease Incentives The following table summarizes lease incentives as of December 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ ​ ​ 2020 ​ ​ 2019 Non-contingent lease incentives ​ $ 2,462 ​ $ 2,552 ​ The following table summarizes our lease incentive activity for the years ended December 31, 2020, 2019 and 2018 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ ​ Funding ​ ​ Amortization ​ ​ Write-off ​ Non-contingent lease incentives ​ $ 220 ​ $ (426) ​ $ 115 (1) $ 387 ​ $ (385) ​ $ (11,893) (2) $ 1,272 ​ $ (1,733) ​ $ — ​ Contingent lease incentives ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (359) ​ ​ (6,219) (3) Net increase (decrease) ​ $ 220 ​ $ (426) ​ $ 115 ​ $ 387 ​ $ (385) ​ $ (11,893) ​ $ 1,272 ​ $ (2,092) ​ $ (6,219) ​ (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. 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 5. 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 7. Notes Receivable for further discussion. ​ (3) We entered into an amended master lease agreement with Senior Lifestyle Management, LLC (“Senior Lifestyle”). Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive. ​ ​ Non-contingent lease incentives represent payments made to our lessees for various reasons including entering into a new lease or lease amendments and extensions. Contingent lease incentives represent potential contingent earn-out payments that may be made to our lessees in the future, as part of our lease agreements. From time to time, we may commit to provide contingent payments to our lessees, upon our properties achieving certain rent coverage ratios. Once the contingent payment becomes probable and estimable, the contingent payment is recorded as a lease incentive. Lease incentives are amortized as a yield adjustment to rental income over the remaining life of the lease.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2020
Debt Obligations
Debt Obligations	9. Debt Obligations Bank Borrowings. (i) a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; (ii) a ratio of secured debt to total asset value not greater than 0.35 to 1.0; (iii) a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and (iv) a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. Senior Unsecured Notes (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ At December 31, 2019 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Bank borrowings (2) ​ 1.38% ​ $ 89,900 ​ $ 510,100 ​ $ 93,900 ​ $ 506,100 ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.37% ​ ​ 559,482 ​ ​ — ​ ​ 599,488 ​ ​ 21,500 ​ Total ​ 3.96% ​ $ 649,382 ​ $ 510,100 ​ $ 693,388 ​ $ 527,600 ​ (1) Represents weighted average of interest rate as of December 31, 2020. ​ (2) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ​ (3) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. Our borrowings and repayments for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ ​ Borrowings ​ ​ Repayments Bank borrowings ​ $ 24,000 (1) $ (28,000) ​ $ 107,900 ​ $ (126,000) ​ $ 116,200 ​ $ (100,700) Senior unsecured notes ​ ​ — ​ ​ (40,160) (2) ​ 100,000 (3) ​ (33,667) ​ ​ - ​ ​ (38,166) Total ​ $ 24,000 ​ $ (68,160) ​ $ 207,900 ​ $ (159,667) ​ $ 116,200 ​ $ (138,866) (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. ​ (3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85% , have scheduled principal payments and mature on October 20, 2031. ​ ​ Scheduled Principal Payments. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 2021 2022 2023 2024 2025 Thereafter Bank borrowings ​ $ 89,900 (1) $ — (1) $ 89,900 ​ $ — ​ $ — ​ $ — ​ $ — ​ Senior unsecured notes ​ 560,140 (2) 47,160 (2) 48,160 ​ 49,160 ​ 49,160 ​ 49,500 ​ 317,000 ​ ​ ​ $ 650,040 ​ $ 47,160 ​ $ 138,060 ​ $ 49,160 ​ $ 49,160 ​ $ 49,500 ​ $ 317,000 ​ (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity
Equity	10. Equity Non-controlling Interests. 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 ​ ​ 2,858 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,447 ​ ​ 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 ​ ​ 1,241 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 83,429 ​ $ 8,404 ​ ​ Common Stock. We had separate equity distribution agreements (collectively “Original Equity Distribution Agreements”) to offer and sell, from time to time up to $200,000,000 During 2019, the Original Equity Distribution Agreements expired, and we entered into new separate equity distribution agreements (collectively “Equity Distribution Agreements”) to offer and sell, from time to time, up to $200,000,000 in aggregate offering price of shares of common shares. Sales of common shares will be made by means of ordinary brokers’ transactions, which may include block trades or transactions that are deemed to be “at the market” offerings. As of December 31, 2020 and 2019, no shares were issued under the Equity Distribution Agreements. Accordingly, at December 31, 2020, we had $200,000,000 available under the Equity Distribution Agreements. During the years 2020, 2019 and 2018, we acquired 76,574 shares, 45,030 shares and 31,326 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Stock Repurchase Plan. Shelf Registration Statement. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time publicly raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires on February 28, 2022. Distributions. We declared and paid the following cash dividends (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 90,262 (2) $ 90,262 (2) $ 90,899 (3) $ 90,899 (3) $ 90,372 ​ $ 90,372 ​ ​ (1) Represents $0.19 per share per month for the years ended December 31, 2020, 2019 and 2018. ​ (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 January 2021, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2021 Stock Based Compensation Plans. During 2015, we adopted, and our stockholders approved the 2015 Equity Participation Plan (the “2015 Plan”) . Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2020 and 2019 and 2018 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2020 ​ 2019 ​ 2018 Outstanding, January 1 ​ ​ 163,569 ​ ​ 156,297 ​ ​ 140,899 ​ Granted ​ ​ 101,348 ​ ​ 86,772 ​ ​ 90,547 ​ Vested ​ ​ (84,477) ​ ​ (79,500) ​ ​ (75,149) ​ Outstanding, December 31 ​ ​ 180,440 ​ ​ 163,569 ​ ​ 156,297 ​ ​ During the years ended December 31, 2020, 2019 and 2018, we granted 66,027, 60,836 and 66,171, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2020, 2019 and 2018, the number of vested performance-based stock units were 81,574, 48,225 and 0, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2020, 2019 and 2018 were $7,012,000, $6,566,000 and $5,870,000. During 2020, 2019 and 2018, we granted 167,375, 147,608 and 156,718 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ Year ​ Shares/Units ​ Share ​ Vesting Period ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 81,819 ​ $ 38.18 ​ ratably over 3 years ​ ​ ​ 66,171 ​ $ 38.18 ​ TSR targets (1) ​ ​ ​ 8,728 ​ $ 41.25 ​ May 30, 2019 ​ ​ ​ 156,718 ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . At December 31, 2020, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Remaining ​ ​ of ​ Compensation Vesting Date ​ Awards Expense 2021 ​ 159,537 (1) $ 5,201 2022 ​ 117,417 (2) ​ 2,729 2023 ​ 96,520 (3) ​ 367 Total ​ 373,474 ​ $ 8,297 (1) Includes 66,171 performance-based stock units. The performance-based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense. ​ (2) Includes 60,836 performance-based stock units. See (1) above for valuation methodology. ​ (3) Includes 66,027 performance-based stock units. See (1) above for valuation methodology. Stock Options. During 2020, 2019 and 2018, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2020 and 2019 and 2018, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ ​ 2019 ​ 2018 Outstanding, January 1 15,000 ​ 20,000 25,000 $ 38.43 ​ $ 34.99 $ 32.92 ​ Granted — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Exercised — ​ (5,000) (5,000) ​ ​ n/a ​ $ 24.65 ​ $ 24.65 ​ Canceled — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Outstanding, December 31 15,000 ​ 15,000 20,000 ​ $ 38.43 ​ $ 38.43 ​ $ 34.99 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) 15,000 ​ 15,000 2,000 ​ $ 38.43 ​ $ 38.43 ​ $ 34.99 ​ (1) The aggregate intrinsic value of exercisable options at December 31, 2020, based upon the closing price of our common shares at December 31, 2020, the last trading day of 2020, was approximately $7,200 . Options exercisable at December 31, 2020, 2019 and 2018 have a weighted average remaining contractual life of approximately 2.2 years, 3.2 years, and 3.3 years, respectively. ​ The options exercised during 2020, 2019 and 2018 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Exercise ​ Option ​ Market ​ ​ Exercised ​ Price ​ Value ​ Value (1) 2020 ​ — ​ $ n/a ​ $ — ​ $ — ​ 2019 ​ 5,000 ​ $ 24.65 ​ $ 123,000 ​ $ 233,000 ​ 2018 ​ 5,000 ​ $ 24.65 ​ $ 123,000 ​ $ 205,000 ​ (1) As of the exercise dates. ​ We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. Compensation expense related to the vesting of stock options for the years ended December 31, 2020, 2019 and 2018 was $0.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies At December 31, 2020, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2020 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties Note 5. Real Estate Investments ​ $ 12,670 (1) $ 6,481 ​ $ 7,347 ​ $ 5,323 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 9,000 ​ ​ — ​ ​ — ​ ​ 9,000 Mortgage loans ( Note 5. Real Estate Investments ​ ​ 25,500 (2) ​ 2,782 ​ ​ 7,755 ​ ​ 17,745 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ​ ​ 13,000 ​ ​ 5,000 ​ ​ 5,000 ​ ​ 8,000 Notes receivable ( Note 7. Notes Receivable ​ ​ 2,090 ​ ​ 1,383 ​ ​ 1,383 ​ ​ 707 Total ​ $ 62,260 ​ $ 15,646 ​ $ 21,485 ​ $ 40,775 (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 $7,500 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 lessees to purchase the properties they currently lease from us. See Note 5. 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.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2020
Distributions
Distributions	12. Distributions We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2020, 2019 and 2018 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 Ordinary taxable distribution $ 0.936 $ 2.084 $ 0.349 ​ Unrecaptured Section 1250 gain ​ 0.894 ​ 0.132 ​ 0.636 ​ Long-term capital gain ​ 0.450 ​ 0.064 ​ 1.295 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​ ​

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2020
Net Income Per Common Share
Net Income Per Common Share	13. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ Net income ​ $ 95,677 $ 80,872 $ 155,076 ​ Less income allocated to non-controlling interests ​ (384) ​ (346) ​ (95) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (397) ​ (372) ​ (357) ​ Income allocated to participating securities ​ (25) ​ (19) ​ (268) ​ Total net income allocated to participating securities (1) ​ (422) ​ (391) ​ (625) ​ Net income available to common stockholders ​ 94,871 ​ 80,135 ​ 154,356 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ 625 ​ Net income for diluted net income per share ​ $ 94,871 ​ $ 80,135 ​ $ 154,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,179 ​ 39,571 ​ 39,477 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ — ​ 4 ​ 3 ​ Performance-based stock units ​ ​ 85 ​ ​ 184 ​ ​ 203 ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ 156 ​ Total effect of dilutive securities ​ 85 ​ 188 ​ 362 ​ Shares for diluted net income per share ​ 39,264 ​ 39,759 ​ 39,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 2.42 ​ $ 2.03 ​ $ 3.91 ​ Diluted net income per share ​ $ 2.42 ​ $ 2.02 ​ $ 3.89 ​ (1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities in 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 years ended December 31, 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.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information
Quarterly Financial Information	14. Quarterly Financial Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the quarter ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ (unaudited, in thousands except per share amounts) 2020 ​ ​ ​ ​ ​ Revenues ​ $ 46,410 ​ $ 28,481 ​ $ 38,173 ​ $ 46,273 ​ Net income available to common stockholders ​ $ 63,370 ​ $ 1,773 ​ $ 12,114 ​ $ 17,470 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.60 ​ $ 0.05 ​ $ 0.31 ​ $ 0.45 ​ Diluted ​ $ 1.60 ​ $ 0.05 ​ $ 0.31 ​ $ 0.45 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 45,456 ​ $ 46,266 ​ $ 47,119 ​ $ 46,463 ​ Net income available to common stockholders ​ $ 20,254 ​ $ 20,352 ​ $ 27,080 ​ $ 12,449 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.51 ​ $ 0.51 ​ $ 0.68 ​ $ 0.31 ​ Diluted ​ $ 0.51 ​ $ 0.51 ​ $ 0.68 ​ $ 0.31 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ ​ ​ NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	16. Subsequent Events The following events occurred subsequent to the balance sheet date: Real Estate. Debt. Paid $7,000,000 in regular scheduled principal payments under our senior unsecured notes. Accordingly, we have $552,482,000 outstanding, net of debt issue costs, under our senior unsecured notes. Additionally, we borrowed $9,000,000 under our unsecured revolving line of credit. Accordingly, we have $98,900,000 outstanding and $501,100,000 available for borrowing under our unsecured revolving line of credit. Notes Receivable. Received $900,000 for the payoff of a note receivable. Equity. March 2021

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2020
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	LTC PROPERTIES, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Recovered) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ charged to ​ Charged to ​ ​ ​ ​ ​ ​ ​ ​ beginning of ​ costs and ​ other ​ ​ ​ ​ Balance at end Account Description ​ period ​ expenses ​ accounts (1) ​ Deductions (2) ​ of period Year ended December 31, 2018 ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 2,255 ​ $ 192 ​ $ — ​ $ — ​ $ 2,447 ​ Other notes receivable allowance ​ ​ 166 ​ ​ (38) ​ ​ — ​ ​ — ​ ​ 128 ​ Straight-line rent receivable allowance ​ 814 ​ (68) ​ — ​ — ​ 746 ​ ​ ​ $ 3,235 ​ $ 86 ​ $ — ​ $ — ​ $ 3,321 ​ Year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 2,447 ​ $ 113 ​ $ — ​ $ — ​ $ 2,560 ​ Other notes receivable allowance ​ ​ 128 ​ ​ 53 ​ ​ — ​ ​ — ​ ​ 181 ​ Straight-line rent receivable allowance ​ 746 ​ — ​ (746) ​ — ​ — ​ ​ ​ $ 3,321 ​ $ 166 ​ $ (746) ​ $ — ​ $ 2,741 ​ Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 2,560 ​ $ 32 ​ $ — ​ $ — ​ $ 2,592 ​ Other notes receivable allowance ​ ​ 181 ​ ​ (35) ​ ​ — ​ ​ — ​ ​ 146 ​ ​ ​ $ 2,741 ​ $ (3) ​ $ — ​ $ — ​ $ 2,738 ​ (1) In conjunction with adoption of ASC 842, we wrote-off our 1% general straight-line reserve. The write-off was charged to retained earnings. ​ (2) Deductions represent uncollectible accounts written off.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ Encumbrances ​ Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. ​ renovation date ​ date Skilled Nursing Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ 134 Alamogordo, NM $ — $ 210 $ 2,593 $ 641 $ 210 $ 3,234 $ 3,444 $ 1,583 1985 2001 ​ 218 Albuquerque, NM ​ — ​ 1,696 ​ 3,891 ​ 530 ​ 1,696 ​ 4,421 ​ 6,117 ​ 2,067 2008 2005 ​ 219 Albuquerque, NM ​ — ​ 1,950 ​ 8,910 ​ 207 ​ 1,950 ​ 9,117 ​ 11,067 ​ 4,091 1982 2005 ​ 220 Albuquerque, NM ​ — ​ 2,463 ​ 7,647 ​ 9 ​ 2,463 ​ 7,656 ​ 10,119 ​ 3,407 1970 2005 ​ 252 Amarillo, TX ​ — ​ 844 ​ — ​ 7,925 ​ 844 ​ 7,925 ​ 8,769 ​ 2,179 2013 2011 ​ 247 Arlington, TX ​ — ​ 1,016 ​ 13,649 ​ — ​ 1,016 ​ 13,649 ​ 14,665 ​ 4,393 2007 2011 ​ 007 Bradenton, FL ​ — ​ 330 ​ 2,720 ​ 160 ​ 330 ​ 2,880 ​ 3,210 ​ 2,265 2012 1993 ​ 256 Brownwood, TX ​ — ​ 164 ​ 6,336 ​ — ​ 164 ​ 6,336 ​ 6,500 ​ 1,770 2011 2012 ​ 177 Chesapeake, VA ​ — ​ 388 ​ 3,469 ​ 2,777 ​ 388 ​ 6,246 ​ 6,634 ​ 3,762 2017 1995 ​ 257 Cincinnati, OH ​ — ​ 1,890 ​ 25,110 ​ — ​ 1,890 ​ 25,110 ​ 27,000 ​ 4,927 2009 2012 ​ 125 Clovis, NM ​ — ​ 561 ​ 5,539 ​ 307 ​ 561 ​ 5,846 ​ 6,407 ​ 2,872 2006 2001 ​ 129 Clovis, NM ​ — ​ 598 ​ 5,902 ​ 59 ​ 598 ​ 5,961 ​ 6,559 ​ 2,949 1995 2001 ​ 267 Cold Spring, KY ​ ​ — ​ ​ 2,050 ​ ​ 21,496 ​ ​ — ​ ​ 2,050 ​ ​ 21,496 ​ ​ 23,546 ​ ​ 5,288 ​ 2014 ​ 2012 ​ 253 Colton, CA ​ — ​ 2,474 ​ 15,158 ​ — ​ 2,474 ​ 15,158 ​ 17,632 ​ 3,942 1990 2011 ​ 246 Crowley, TX ​ — ​ 2,247 ​ 14,276 ​ — ​ 2,247 ​ 14,276 ​ 16,523 ​ 4,551 2007 2011 ​ 235 Daleville, VA ​ — ​ 279 ​ 8,382 ​ — ​ 279 ​ 8,382 ​ 8,661 ​ 2,801 2005 2010 ​ 258 Dayton, OH ​ — ​ 373 ​ 26,627 ​ — ​ 373 ​ 26,627 ​ 27,000 ​ 5,269 2010 2012 ​ 196 Dresden, TN ​ — ​ 31 ​ 1,529 ​ 1,073 ​ 31 ​ 2,602 ​ 2,633 ​ 1,261 2014 2000 ​ 298 Forth Worth, TX ​ ​ — ​ ​ 2,785 ​ ​ 7,546 ​ ​ — ​ ​ 2,785 ​ ​ 7,546 ​ ​ 10,331 ​ ​ 2,211 ​ 1998 ​ 2015 ​ 026 Gardendale, AL ​ ​ — ​ ​ 100 ​ ​ 7,550 ​ ​ 2,084 ​ ​ 100 ​ ​ 9,634 ​ ​ 9,734 ​ ​ 6,470 ​ 2011 ​ 1996 ​ 248 Granbury, TX ​ — ​ 836 ​ 6,693 ​ — ​ 836 ​ 6,693 ​ 7,529 ​ 2,789 2008 2011 ​ 250 Hewitt, TX ​ — ​ 1,780 ​ 8,220 ​ 99 ​ 1,780 ​ 8,319 ​ 10,099 ​ 2,298 2008 2011 ​ 319 Independence, MO ​ ​ — ​ ​ 2,644 ​ ​ 13,942 ​ ​ — ​ ​ 2,644 ​ ​ 13,942 ​ ​ 16,586 ​ ​ 180 ​ 2020 ​ 2019 ​ 318 Kansas City, MO ​ ​ — ​ ​ 1,229 ​ ​ 18,369 ​ ​ 69 ​ ​ 1,229 ​ ​ 18,438 ​ ​ 19,667 ​ ​ 726 ​ 2018 ​ 2019 ​ 008 Lecanto, FL ​ — ​ 351 ​ 2,665 ​ 2,737 ​ 351 ​ 5,402 ​ 5,753 ​ 4,011 2012 1993 ​ 322 Longview, TX ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ 13,581 ​ ​ 425 ​ 2014 ​ 2020 ​ 300 Mansfield, TX ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ 16,000 ​ ​ 2,400 ​ 2015 ​ 2016 ​ 053 Mesa, AZ ​ — ​ 305 ​ 6,909 ​ 1,876 ​ 305 ​ 8,785 ​ 9,090 ​ 6,121 1996 1996 ​ 242 Mission, TX ​ — ​ 1,111 ​ 16,602 ​ — ​ 1,111 ​ 16,602 ​ 17,713 ​ 4,868 2004 2010 ​ 115 Nacogdoches, TX ​ — ​ 100 ​ 1,738 ​ 168 ​ 100 ​ 1,906 ​ 2,006 ​ 1,243 1973 1997 ​ 233 Nacogdoches, TX ​ — ​ 394 ​ 7,456 ​ 268 ​ 394 ​ 7,724 ​ 8,118 ​ 2,463 1991 2010 ​ 249 Nacogdoches, TX ​ — ​ 1,015 ​ 11,109 ​ — ​ 1,015 ​ 11,109 ​ 12,124 ​ 4,007 2007 2011 ​ 245 Newberry, SC ​ ​ — ​ ​ 439 ​ ​ 4,639 ​ ​ 608 ​ ​ 439 ​ ​ 5,247 ​ ​ 5,686 ​ ​ 1,959 ​ 1995 ​ 2011 ​ 244 Newberry, SC ​ ​ — ​ ​ 919 ​ ​ 5,454 ​ ​ 131 ​ ​ 919 ​ ​ 5,585 ​ ​ 6,504 ​ ​ 2,060 ​ 2001 ​ 2011 ​ 251 Pasadena, TX ​ — ​ 1,155 ​ 14,345 ​ 522 ​ 1,155 ​ 14,867 ​ 16,022 ​ 3,890 2005 2011 ​ 193 Phoenix, AZ ​ — ​ 300 ​ 9,703 ​ 92 ​ 300 ​ 9,795 ​ 10,095 ​ 6,105 1985 2000 ​ 094 Portland, OR ​ — ​ 100 ​ 1,925 ​ 3,152 ​ 100 ​ 5,077 ​ 5,177 ​ 3,661 2007 1997 ​ 254 Red Oak, TX ​ — ​ 1,427 ​ 17,173 ​ — ​ 1,427 ​ 17,173 ​ 18,600 ​ 4,510 2002 2012 ​ 197 Ripley, TN ​ — ​ 20 ​ 985 ​ 1,638 ​ 20 ​ 2,623 ​ 2,643 ​ 1,305 2014 2000 ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ ​ Encumbrances Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. renovation date date 133 Roswell, NM $ — $ 568 $ 5,235 $ 1,396 $ 568 $ 6,631 $ 7,199 $ 3,161 ​ 1975 ​ 2001 ​ 081 Sacramento, CA ​ ​ — ​ 220 ​ ​ 2,929 ​ ​ 1,481 ​ ​ 220 ​ ​ 4,410 ​ ​ 4,630 ​ ​ 2,638 ​ 2015 ​ 1997 ​ 281 Slinger, WI ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ 13,946 ​ ​ 3,030 ​ 2014 ​ 2015 ​ 234 St. Petersburg, FL ​ ​ — ​ 1,070 ​ ​ 7,930 ​ ​ 500 ​ ​ 1,070 ​ ​ 8,430 ​ ​ 9,500 ​ ​ 2,488 ​ 1988 ​ 2010 ​ 243 Stephenville, TX ​ ​ — ​ ​ 670 ​ ​ 10,117 ​ ​ 500 ​ ​ 670 ​ ​ 10,617 ​ ​ 11,287 ​ ​ 3,218 ​ 2009 ​ 2010 ​ 225 Tacoma, WA ​ ​ — ​ 723 ​ ​ 6,401 ​ ​ 901 ​ ​ 723 ​ ​ 7,302 ​ ​ 8,025 ​ ​ 3,469 ​ 2009 ​ 2006 ​ 178 Tappahannock, VA ​ ​ — ​ ​ 375 ​ ​ 1,327 ​ ​ 397 ​ ​ 375 ​ ​ 1,724 ​ ​ 2,099 ​ ​ 1,528 ​ 1978 ​ 1995 ​ 270 Trinity, FL ​ ​ — ​ 1,653 ​ ​ 12,748 ​ ​ — ​ ​ 1,653 ​ ​ 12,748 ​ ​ 14,401 ​ ​ 2,956 ​ 2008 ​ 2013 ​ 192 Tucson, AZ ​ ​ — ​ 276 ​ ​ 8,924 ​ ​ 112 ​ ​ 276 ​ ​ 9,036 ​ ​ 9,312 ​ ​ 5,626 ​ 1992 ​ 2000 ​ 305 Union, KY ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ 24,974 ​ ​ 1,652 ​ 2019 ​ 2016 ​ 299 Weatherford, TX ​ ​ — ​ ​ 836 ​ ​ 11,902 ​ ​ — ​ ​ 836 ​ ​ 11,902 ​ ​ 12,738 ​ ​ 2,845 ​ 1996 ​ 2015 ​ 236 Wytheville, VA ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ 12,814 ​ ​ 4,866 ​ 1996 ​ 2010 ​ Skilled Nursing Properties ​ $ — $ 49,229 ​ $ 478,821 ​ $ 32,419 ​ $ 49,229 ​ $ 511,240 ​ $ 560,469 ​ $ 160,556 ​ ​ ​ ​ ​ Assisted Living Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 317 Abington, VA ​ ​ — ​ ​ 541 ​ ​ 16,355 ​ ​ — ​ ​ 541 ​ ​ 16,355 ​ ​ 16,896 ​ ​ 815 ​ 2015 ​ 2019 ​ 077 Ada, OK ​ ​ — ​ 100 ​ ​ 1,650 ​ ​ 89 ​ ​ 100 ​ ​ 1,739 ​ ​ 1,839 ​ ​ 1,008 ​ 1996 ​ 1996 ​ 105 Arvada, CO ​ ​ — ​ 100 ​ ​ 2,810 ​ ​ 7,003 ​ ​ 100 ​ ​ 9,813 ​ ​ 9,913 ​ ​ 3,514 ​ 2014 ​ 1997 ​ 304 Athens, GA ​ ​ — ​ ​ 1,056 ​ ​ 13,326 ​ ​ — ​ ​ 1,056 ​ ​ 13,326 ​ ​ 14,382 ​ ​ 1,681 ​ 2016 ​ 2016 ​ 063 Athens, TX ​ ​ — ​ 96 ​ ​ 1,510 ​ ​ 104 ​ ​ 96 ​ ​ 1,614 ​ ​ 1,710 ​ ​ 1,033 ​ 1995 ​ 1996 ​ 320 Auburn Hills, MI ​ ​ — ​ ​ 1,964 ​ ​ 4,577 ​ ​ 1,024 ​ ​ 1,964 ​ ​ 5,601 ​ ​ 7,565 ​ ​ 324 ​ 1995 ​ 2019 ​ 269 Aurora, CO ​ ​ — ​ 850 ​ ​ 8,583 ​ ​ — ​ ​ 850 ​ ​ 8,583 ​ ​ 9,433 ​ ​ 2,133 ​ 2014 ​ 2013 ​ 260 Aurora, CO ​ ​ — ​ 831 ​ ​ 10,071 ​ ​ — ​ ​ 831 ​ ​ 10,071 ​ ​ 10,902 ​ ​ 2,370 ​ 1999 ​ 2012 ​ 203 Bakersfield, CA ​ ​ — ​ 834 ​ ​ 11,986 ​ ​ 2,208 ​ ​ 834 ​ ​ 14,194 ​ ​ 15,028 ​ ​ 6,854 ​ 2002 ​ 2001 ​ 117 Beatrice, NE ​ ​ — ​ 100 ​ ​ 2,173 ​ ​ 243 ​ ​ 100 ​ ​ 2,416 ​ ​ 2,516 ​ ​ 1,367 ​ 1997 ​ 1997 ​ 277 Burr Ridge, IL ​ ​ — ​ ​ 1,400 ​ ​ 11,102 ​ ​ — ​ ​ 1,400 ​ ​ 11,102 ​ ​ 12,502 ​ ​ 2,106 ​ 2016 ​ 2014 ​ 278 Castle Rock, CO ​ ​ — ​ ​ 759 ​ ​ 6,005 ​ ​ — ​ ​ 759 ​ ​ 6,005 ​ ​ 6,764 ​ ​ 1,264 ​ 2012 ​ 2014 ​ 311 Cedarburg, WI ​ ​ — ​ ​ 924 ​ ​ 21,083 ​ ​ — ​ ​ 924 ​ ​ 21,083 ​ ​ 22,007 ​ ​ 1,441 ​ 2019 ​ 2017 ​ 160 Central, SC ​ ​ — ​ 100 ​ ​ 2,321 ​ ​ 85 ​ ​ 100 ​ ​ 2,406 ​ ​ 2,506 ​ ​ 1,153 ​ 1998 ​ 1999 ​ 263 Chatham, NJ ​ ​ — ​ 5,365 ​ ​ 36,399 ​ ​ — ​ ​ 5,365 ​ ​ 36,399 ​ ​ 41,764 ​ ​ 8,252 ​ 2002 ​ 2012 ​ 307 Clovis, CA ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ 21,668 ​ ​ 1,923 ​ 2014 ​ 2017 ​ 308 Clovis, CA ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ 17,226 ​ ​ 1,371 ​ 2016 ​ 2017 ​ 279 Corpus Christi, TX ​ ​ — ​ ​ 880 ​ ​ 11,440 ​ ​ 147 ​ ​ 880 ​ ​ 11,587 ​ ​ 12,467 ​ ​ 2,076 ​ 2016 ​ 2015 ​ 292 De Forest, WI ​ ​ — ​ ​ 485 ​ ​ 5,568 ​ ​ 43 ​ ​ 485 ​ ​ 5,611 ​ ​ 6,096 ​ ​ 895 ​ 2006 ​ 2015 ​ 057 Dodge City, KS ​ ​ — ​ 84 ​ ​ 1,666 ​ ​ 7 ​ ​ 84 ​ ​ 1,673 ​ ​ 1,757 ​ ​ 1,074 ​ 1995 ​ 1995 ​ 083 Durant, OK ​ ​ — ​ 100 ​ ​ 1,769 ​ ​ 36 ​ ​ 100 ​ ​ 1,805 ​ ​ 1,905 ​ ​ 1,063 ​ 1997 ​ 1997 ​ 107 Edmond, OK ​ ​ — ​ 100 ​ ​ 1,365 ​ ​ 636 ​ ​ 100 ​ ​ 2,001 ​ ​ 2,101 ​ ​ 1,117 ​ 1996 ​ 1997 ​ 163 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 2,961 ​ ​ 3,479 ​ ​ 100 ​ ​ 6,440 ​ ​ 6,540 ​ ​ 2,710 ​ 2014 ​ 1999 ​ 170 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 3,400 ​ ​ 4,684 ​ ​ 100 ​ ​ 8,084 ​ ​ 8,184 ​ ​ 3,079 ​ 2014 ​ 1999 ​ 132 Ft. Meyers, FL ​ ​ — ​ 100 ​ ​ 2,728 ​ ​ 10 ​ ​ 100 ​ ​ 2,738 ​ ​ 2,838 ​ ​ 1,574 ​ 1998 ​ 1998 ​ 315 Ft. Worth, TX ​ ​ — ​ ​ 1,534 ​ ​ 11,099 ​ ​ — ​ ​ 1,534 ​ ​ 11,099 ​ ​ 12,633 ​ ​ 791 ​ 2014 ​ 2018 ​ 100 Fremont ,OH ​ ​ — ​ 100 ​ ​ 2,435 ​ ​ 117 ​ ​ 100 ​ ​ 2,552 ​ ​ 2,652 ​ ​ 1,514 ​ 1997 ​ 1997 ​ 267 Frisco, TX ​ ​ — ​ 1,000 ​ ​ 5,154 ​ ​ — ​ ​ 1,000 ​ ​ 5,154 ​ ​ 6,154 ​ ​ 1,348 ​ 2014 ​ 2012 ​ 314 Frisco, TX ​ ​ — ​ ​ 2,216 ​ ​ 10,417 ​ ​ — ​ ​ 2,216 ​ ​ 10,417 ​ ​ 12,633 ​ ​ 759 ​ 2015 ​ 2018 ​ 296 Glenview, IL ​ ​ — ​ ​ 2,800 ​ ​ 14,248 ​ ​ — ​ ​ 2,800 ​ ​ 14,248 ​ ​ 17,048 ​ ​ 1,672 ​ 2017 ​ 2015 ​ 167 Goldsboro, NC ​ ​ — ​ 100 ​ ​ 2,385 ​ ​ 64 ​ ​ 100 ​ ​ 2,449 ​ ​ 2,549 ​ ​ 1,104 ​ 1998 ​ 1999 ​ 056 Great Bend, KS ​ ​ — ​ 80 ​ ​ 1,570 ​ ​ 21 ​ ​ 80 ​ ​ 1,591 ​ ​ 1,671 ​ ​ 1,142 ​ 1995 ​ 1995 ​ 102 Greeley, CO ​ ​ — ​ 100 ​ ​ 2,310 ​ ​ 313 ​ ​ 100 ​ ​ 2,623 ​ ​ 2,723 ​ ​ 1,523 ​ 1997 ​ 1997 ​ 284 Green Bay, WI ​ ​ — ​ ​ 1,660 ​ ​ 19,079 ​ ​ 404 ​ ​ 1,660 ​ ​ 19,483 ​ ​ 21,143 ​ ​ 3,223 ​ 2004 ​ 2015 ​ 164 Greenville, NC ​ ​ — ​ 100 ​ ​ 2,478 ​ ​ 17 ​ ​ 100 ​ ​ 2,495 ​ ​ 2,595 ​ ​ 1,288 ​ 1998 ​ 1999 ​ 062 Greenville, TX ​ ​ — ​ 42 ​ ​ 1,565 ​ ​ 84 ​ ​ 42 ​ ​ 1,649 ​ ​ 1,691 ​ ​ 1,043 ​ 1995 ​ 1996 ​ 161 Greenwood, SC ​ ​ — ​ 100 ​ ​ 2,638 ​ ​ 135 ​ ​ 100 ​ ​ 2,773 ​ ​ 2,873 ​ ​ 1,403 ​ 1998 ​ 1999 ​ 241 Gulf Breeze, FL ​ ​ — ​ 720 ​ ​ 2,839 ​ ​ 261 ​ ​ 720 ​ ​ 3,100 ​ ​ 3,820 ​ ​ 1,342 ​ 2000 ​ 2010 ​ 295 Jacksonville, FL ​ ​ — ​ ​ 1,389 ​ ​ 12,756 ​ ​ 689 ​ ​ 1,389 ​ ​ 13,445 ​ ​ 14,834 ​ ​ 1,803 ​ 2015 ​ 2015 ​ 066 Jacksonville, TX ​ ​ — ​ 100 ​ ​ 1,900 ​ ​ 77 ​ ​ 100 ​ ​ 1,977 ​ ​ 2,077 ​ ​ 1,253 ​ 1996 ​ 1996 ​ 310 Kansas City, MO ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ 16,624 ​ ​ 1,249 ​ 2017 ​ 2017 ​ 285 Kenosha, WI ​ ​ — ​ ​ 936 ​ ​ 12,361 ​ ​ 245 ​ ​ 936 ​ ​ 12,606 ​ ​ 13,542 ​ ​ 1,878 ​ 2008 ​ 2015 ​ 255 Littleton, CO ​ ​ — ​ ​ 1,882 ​ ​ 8,248 ​ ​ — ​ ​ 1,882 ​ ​ 8,248 ​ ​ 10,130 ​ ​ 1,887 ​ 2013 ​ 2012 ​ 268 Littleton, CO ​ ​ — ​ ​ 1,200 ​ ​ 8,688 ​ ​ — ​ ​ 1,200 ​ ​ 8,688 ​ ​ 9,888 ​ ​ 2,228 ​ 2014 ​ 2013 ​ 148 Longmont, CO ​ ​ — ​ ​ 100 ​ ​ 2,640 ​ ​ 2 ​ ​ 100 ​ ​ 2,642 ​ ​ 2,742 ​ ​ 1,508 ​ 1998 ​ 1998 ​ 060 Longview, TX ​ ​ — ​ ​ 38 ​ ​ 1,568 ​ ​ 127 ​ ​ 38 ​ ​ 1,695 ​ ​ 1,733 ​ ​ 1,088 ​ 1995 ​ 1995 ​ 261 Louisville, CO ​ ​ — ​ ​ 911 ​ ​ 11,703 ​ ​ — ​ ​ 911 ​ ​ 11,703 ​ ​ 12,614 ​ ​ 2,703 ​ 2000 ​ 2012 ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land ​ improvements acquisition Land improvements Total (1) deprec. renovation date date 301 Louisville, KY ​ $ — ​ $ 1,021 ​ $ 13,157 ​ $ 110 ​ $ 1,021 ​ $ 13,267 ​ $ 14,288 ​ $ 1,648 ​ 2016 ​ 2016 ​ 114 Loveland, CO ​ ​ — ​ ​ 100 ​ ​ 2,865 ​ ​ 293 ​ ​ 100 ​ ​ 3,158 ​ ​ 3,258 ​ ​ 1,836 ​ 1997 ​ 1997 ​ 068 Lufkin, TX ​ ​ — ​ ​ 100 ​ ​ 1,950 ​ ​ 94 ​ ​ 100 ​ ​ 2,044 ​ ​ 2,144 ​ ​ 1,289 ​ 1996 ​ 1996 ​ 061 Marshall, TX ​ ​ — ​ ​ 38 ​ ​ 1,568 ​ ​ 534 ​ ​ 38 ​ ​ 2,102 ​ ​ 2,140 ​ ​ 1,360 ​ 1995 ​ 1995 ​ 293 McHenry, IL ​ ​ — ​ ​ 1,289 ​ ​ 28,976 ​ ​ 310 ​ ​ 1,289 ​ ​ 29,286 ​ ​ 30,575 ​ ​ 4,592 ​ 2005 ​ 2015 ​ 058 McPherson, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 9 ​ ​ 79 ​ ​ 1,580 ​ ​ 1,659 ​ ​ 1,130 ​ 1994 ​ 1995 ​ 313 Medford, OR ​ ​ ​ ​ ​ 636 ​ ​ 17,810 ​ ​ — ​ ​ 636 ​ ​ 17,810 ​ ​ 18,446 ​ ​ 481 ​ 2020 ​ 2018 ​ 316 Medford, OR ​ ​ — ​ ​ 750 ​ ​ 13,650 ​ ​ — ​ ​ 750 ​ ​ 13,650 ​ ​ 14,400 ​ ​ 1,006 ​ 1984 ​ 2018 ​ 239 Merritt Island, FL ​ ​ — ​ ​ 550 ​ ​ 8,150 ​ ​ 100 ​ ​ 550 ​ ​ 8,250 ​ ​ 8,800 ​ ​ 2,586 ​ 2004 ​ 2010 ​ 104 Millville, NJ ​ ​ — ​ ​ 100 ​ ​ 2,825 ​ ​ 832 ​ ​ 100 ​ ​ 3,657 ​ ​ 3,757 ​ ​ 1,895 ​ 1997 ​ 1997 ​ 286 Milwaukee, WI ​ ​ — ​ ​ 818 ​ ​ 8,014 ​ ​ 65 ​ ​ 818 ​ ​ 8,079 ​ ​ 8,897 ​ ​ 1,309 ​ 2007 ​ 2015 ​ 231 Monroeville, PA ​ ​ — ​ ​ 526 ​ ​ 5,334 ​ ​ 435 ​ ​ 526 ​ ​ 5,769 ​ ​ 6,295 ​ 2,018 1997 ​ 2009 ​ 280 Murrells Inlet, SC ​ ​ — ​ ​ 2,490 ​ ​ 14,185 ​ ​ — ​ ​ 2,490 ​ ​ 14,185 ​ ​ 16,675 ​ ​ 2,318 ​ 2016 ​ 2015 ​ 294 Murrieta, CA ​ ​ — ​ ​ 2,022 ​ ​ 11,136 ​ ​ — ​ ​ 2,022 ​ ​ 11,136 ​ ​ 13,158 ​ ​ 1,872 ​ 2016 ​ 2015 ​ 289 Neenah, WI ​ ​ — ​ ​ 694 ​ ​ 20,839 ​ ​ 251 ​ ​ 694 ​ ​ 21,090 ​ ​ 21,784 ​ ​ 3,189 ​ 1991 ​ 2015 ​ 166 New Bern, NC ​ ​ — ​ ​ 100 ​ ​ 2,427 ​ ​ 7 ​ ​ 100 ​ ​ 2,434 ​ ​ 2,534 ​ 1,146 1998 ​ 1999 ​ 118 Newark, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 295 ​ ​ 100 ​ ​ 2,730 ​ ​ 2,830 ​ 1,521 1997 ​ 1997 ​ 143 Niceville, FL ​ ​ — ​ ​ 100 ​ ​ 2,680 ​ ​ 64 ​ ​ 100 ​ ​ 2,744 ​ ​ 2,844 ​ 1,531 1998 ​ 1998 ​ 095 Norfolk, NE ​ ​ — ​ ​ 100 ​ ​ 2,123 ​ ​ 311 ​ ​ 100 ​ ​ 2,434 ​ ​ 2,534 ​ 1,368 1997 ​ 1997 ​ 306 Oak Lawn, IL ​ ​ — ​ ​ 1,591 ​ ​ 13,772 ​ ​ — ​ ​ 1,591 ​ ​ 13,772 ​ ​ 15,363 ​ ​ 1,303 ​ 2018 ​ 2016 ​ 290 Oshkosh, WI ​ ​ — ​ ​ 1,525 ​ ​ 9,192 ​ ​ 184 ​ ​ 1,525 ​ ​ 9,376 ​ ​ 10,901 ​ ​ 3,084 ​ 2009 ​ 2015 ​ 291 Oshkosh, WI ​ ​ — ​ ​ 475 ​ ​ 7,364 ​ ​ 44 ​ ​ 475 ​ ​ 7,408 ​ ​ 7,883 ​ ​ 1,189 ​ 2005 ​ 2015 ​ 302 Overland Park, KS ​ ​ — ​ ​ 1,951 ​ ​ 11,882 ​ ​ 281 ​ ​ 1,951 ​ ​ 12,163 ​ ​ 14,114 ​ ​ 1,733 ​ 2013 ​ 2016 ​ 232 Pittsburgh, PA ​ ​ — ​ ​ 470 ​ ​ 2,615 ​ ​ 333 ​ ​ 470 ​ ​ 2,948 ​ ​ 3,418 ​ 1,119 1994 ​ 2009 ​ 165 Rocky Mount, NC ​ ​ — ​ ​ 100 ​ ​ 2,494 ​ ​ 194 ​ ​ 100 ​ ​ 2,688 ​ ​ 2,788 ​ 1,211 1998 ​ 1999 ​ 059 Salina, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 139 ​ ​ 79 ​ ​ 1,710 ​ ​ 1,789 ​ 1,132 1994 ​ 1995 ​ 084 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 1,900 ​ ​ 13 ​ ​ 100 ​ ​ 1,913 ​ ​ 2,013 ​ 1,141 1997 ​ 1997 ​ 092 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 2,055 ​ ​ 33 ​ ​ 100 ​ ​ 2,088 ​ ​ 2,188 ​ 1,229 1997 ​ 1997 ​ 288 Sheboygan, WI ​ ​ — ​ ​ 1,168 ​ ​ 5,382 ​ ​ 245 ​ ​ 1,168 ​ ​ 5,627 ​ ​ 6,795 ​ ​ 1,024 ​ 2006 ​ 2015 ​ 149 Shelby, NC ​ ​ — ​ ​ 100 ​ ​ 2,805 ​ ​ 112 ​ ​ 100 ​ ​ 2,917 ​ ​ 3,017 ​ 1,603 1998 ​ 1998 ​ 312 Spartanburg, SC ​ ​ — ​ ​ 254 ​ ​ 9,906 ​ ​ 1,520 ​ ​ 254 ​ ​ 11,426 ​ ​ 11,680 ​ ​ 1,467 ​ 1999 ​ 2017 ​ 150 Spring Hill, FL ​ ​ — ​ ​ 100 ​ ​ 2,650 ​ ​ 24 ​ ​ 100 ​ ​ 2,674 ​ ​ 2,774 ​ 1,514 1998 ​ 1998 ​ 103 Springfield, OH ​ ​ — ​ ​ 100 ​ ​ 2,035 ​ ​ 300 ​ ​ 100 ​ ​ 2,335 ​ ​ 2,435 ​ 1,358 1997 ​ 1997 ​ 321 Sterling Heights, MI ​ ​ — ​ ​ 1,133 ​ ​ 11,487 ​ ​ 992 ​ ​ 1,133 ​ ​ 12,479 ​ ​ 13,612 ​ ​ 525 ​ 1997 ​ 2019 ​ 162 Sumter, SC ​ ​ — ​ ​ 100 ​ ​ 2,351 ​ ​ 84 ​ ​ 100 ​ ​ 2,435 ​ ​ 2,535 ​ 1,196 1998 ​ 1999 ​ 140 Tallahassee, FL ​ ​ — ​ ​ 100 ​ ​ 3,075 ​ ​ 2 ​ ​ 100 ​ ​ 3,077 ​ ​ 3,177 ​ 1,760 1998 ​ 1998 ​ 098 Tiffin, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 279 ​ ​ 100 ​ ​ 2,714 ​ ​ 2,814 ​ 1,506 1997 ​ 1997 ​ 282 Tinley Park, IL ​ ​ — ​ ​ 702 ​ ​ 11,481 ​ ​ — ​ ​ 702 ​ ​ 11,481 ​ ​ 12,183 ​ ​ 1,942 ​ 2016 ​ 2015 ​ 088 Troy, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 608 ​ ​ 100 ​ ​ 3,043 ​ ​ 3,143 ​ 1,735 1997 ​ 1997 ​ 080 Tulsa, OK ​ ​ — ​ ​ 200 ​ ​ 1,650 ​ ​ 11 ​ ​ 200 ​ ​ 1,661 ​ ​ 1,861 ​ 1,000 1997 ​ 1997 ​ 093 Tulsa, OK ​ ​ — ​ ​ 100 ​ ​ 2,395 ​ ​ 23 ​ ​ 100 ​ ​ 2,418 ​ ​ 2,518 ​ 1,429 1997 ​ 1997 ​ 238 Tupelo, MS ​ ​ — ​ ​ 1,170 ​ ​ 8,230 ​ ​ 30 ​ ​ 1,170 ​ ​ 8,260 ​ ​ 9,430 ​ 2,669 2000 ​ 2010 ​ 075 Tyler, TX ​ ​ — ​ ​ 100 ​ ​ 1,800 ​ ​ 10 ​ ​ 100 ​ ​ 1,810 ​ ​ 1,910 ​ 1,096 1996 ​ 1996 ​ 202 Vacaville, CA ​ ​ — ​ ​ 1,662 ​ ​ 11,634 ​ ​ 2,524 ​ ​ 1,662 ​ ​ 14,158 ​ ​ 15,820 ​ 6,903 2002 ​ 2001 ​ 091 Waco, TX ​ ​ — ​ ​ 100 ​ ​ 2,235 ​ ​ 134 ​ ​ 100 ​ ​ 2,369 ​ ​ 2,469 ​ 1,335 1997 ​ 1997 ​ 096 Wahoo, NE ​ ​ — ​ ​ 100 ​ ​ 2,318 ​ ​ 166 ​ ​ 100 ​ ​ 2,484 ​ ​ 2,584 ​ 1,463 1997 ​ 1997 ​ 108 Watauga, TX ​ ​ — ​ ​ 100 ​ ​ 1,668 ​ ​ 12 ​ ​ 100 ​ ​ 1,680 ​ ​ 1,780 ​ 990 1996 ​ 1997 ​ 287 Waukesha, WI ​ ​ — ​ ​ 992 ​ ​ 15,183 ​ ​ 235 ​ ​ 992 ​ ​ 15,418 ​ ​ 16,410 ​ ​ 2,340 ​ 2009 ​ 2015 ​ 109 Weatherford, OK ​ ​ — ​ ​ 100 ​ ​ 1,669 ​ ​ 601 ​ ​ 100 ​ ​ 2,270 ​ ​ 2,370 ​ 1,334 1996 ​ 1997 ​ 309 West Chester, OH ​ ​ — ​ ​ 2,355 ​ ​ 13,553 ​ ​ 145 ​ ​ 2,355 ​ ​ 13,698 ​ ​ 16,053 ​ ​ 1,379 ​ 2017 ​ 2017 ​ 276 Westminster, CO ​ ​ — ​ ​ 1,425 ​ ​ 9,575 ​ ​ — ​ ​ 1,425 ​ ​ 9,575 ​ ​ 11,000 ​ ​ 2,146 ​ 2015 ​ 2013 ​ 110 Wheelersburg, OH ​ ​ — ​ ​ 29 ​ ​ 2,435 ​ ​ 250 ​ ​ 29 ​ ​ 2,685 ​ ​ 2,714 ​ 1,529 1997 ​ 1997 ​ 303 Wichita, KS ​ ​ — ​ ​ 1,422 ​ ​ 9,957 ​ ​ 285 ​ ​ 1,422 ​ ​ 10,242 ​ ​ 11,664 ​ ​ 1,498 ​ 2011 ​ 2016 ​ 259 Wichita, KS ​ ​ — ​ ​ 730 ​ ​ — ​ ​ 9,682 ​ ​ 730 ​ ​ 9,682 ​ ​ 10,412 ​ 2,484 2013 ​ 2012 ​ 283 Wichita, KS ​ ​ — ​ ​ 624 ​ ​ 13,846 ​ ​ — ​ ​ 624 ​ ​ 13,846 ​ ​ 14,470 ​ ​ 1,652 ​ 2016 ​ 2015 ​ 076 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 1,850 ​ ​ 10 ​ ​ 100 ​ ​ 1,860 ​ ​ 1,960 ​ 1,126 1996 ​ 1996 ​ 120 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 2,750 ​ ​ 131 ​ ​ 100 ​ ​ 2,881 ​ ​ 2,981 ​ 1,687 1997 ​ 1997 ​ 265 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ 7,348 ​ 1,662 2000 ​ 2012 ​ 264 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ 9,360 ​ 1,983 2000 ​ 2012 ​ 099 York, NE ​ ​ — ​ ​ 100 ​ ​ 2,318 ​ ​ 122 ​ ​ 100 ​ ​ 2,440 ​ ​ 2,540 ​ 1,431 1997 ​ 1997 ​ Assisted Living Properties ​ $ — ​ $ 75,637 ​ $ 758,713 ​ $ 45,822 ​ $ 75,637 ​ $ 804,535 ​ $ 880,172 ​ $ 187,948 ​ ​ ​ ​ ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 297 Las Vegas, NV ​ ​ — ​ ​ 1,965 ​ ​ 7,308 ​ ​ 1,144 ​ ​ 1,965 ​ ​ 8,452 ​ ​ 10,417 ​ ​ 1,139 ​ 1990/1994 ​ 2015 ​ Properties ​ ​ — ​ ​ 1,965 ​ 7,308 ​ ​ 1,144 ​ ​ 1,965 ​ 8,452 ​ 10,417 ​ ​ 1,139 ​ ​ ​ ​ ​ Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 271 Howell, MI ​ ​ — ​ ​ 420 ​ — ​ ​ — ​ ​ 420 ​ — ​ 420 ​ ​ — ​ N/A ​ 2013 ​ 272 Milford, MI ​ ​ — ​ ​ 450 ​ — ​ ​ — ​ ​ 450 ​ — ​ 450 ​ ​ — ​ N/A ​ 2014 ​ 275 Yale, MI ​ ​ — ​ ​ 73 ​ — ​ ​ — ​ ​ 73 ​ — ​ 73 ​ ​ — ​ N/A ​ 2013 ​ Land ​ ​ — ​ ​ 943 ​ — ​ ​ — ​ ​ 943 ​ — ​ 943 ​ ​ — ​ ​ ​ ​ ​ Other Properties ​ ​ — ​ ​ 2,908 ​ 7,308 ​ ​ 1,144 ​ ​ 2,908 ​ 8,452 ​ 11,360 ​ ​ 1,139 ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 127,774 ​ $ 1,244,842 ​ $ 79,385 ​ $ 127,774 ​ $ 1,324,227 ​ $ 1,452,001 (2) $ 349,643 ​ ​ ​ ​ ​ (1) Depreciation is computed principally by the straight-line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles . ​ (2) As of December 31, 2020, our aggregate cost for Federal income tax purposes was $1,458,253 . ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2020, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 Reconciliation of real estate: ​ ​ ​ ​ Carrying cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 1,484,571 ​ $ 1,421,456 ​ $ 1,392,122 ​ Acquisitions ​ 13,581 ​ 58,414 ​ 40,408 ​ Improvements ​ 23,612 ​ 23,363 ​ 38,528 ​ Capitalized interest ​ 354 ​ 608 ​ 1,248 ​ Cost of real estate sold ​ (66,140) ​ (19,270) ​ (50,850) ​ Impairment loss from real estate investments ​ (3,977) ​ — ​ — ​ Ending balance ​ $ 1,452,001 ​ $ 1,484,571 ​ $ 1,421,456 ​ Accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 347,755 ​ $ 314,875 ​ $ 306,033 ​ Depreciation expense ​ 38,945 ​ 39,094 ​ 37,416 ​ Cost of real estate sold ​ (37,057) ​ (6,214) ​ (28,574) ​ Ending balance ​ $ 349,643 ​ $ 347,755 ​ $ 314,875 ​ ​

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2020
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	LTC PROPERTIES, INC. SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ Amount of ​ Subject to ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Face ​ Mortgages ​ Delinquent ​ ​ Number of ​ ​ ​ Final ​ Balloon ​ Debt ​ Amount of ​ December 31, ​ Principal or State ​ Properties ​ Units/Beds (3) ​ Interest Rate (1) ​ Maturity Date ​ Amount (2) ​ Service ​ Mortgages ​ 2020 ​ Interest MI ​ 15 ​ 1,941 ​ 10.14% ​ 2043 ​ $ 163,214 ​ $ 1,569 ​ $ 190,214 ​ $ 184,506 ​ $ — ​ MI 4 501 ​ 9.33% ​ 2045 ​ 35,180 ​ 303 ​ 39,010 ​ 38,541 ​ — ​ MI 1 157 ​ 9.62% ​ 2045 ​ 14,325 ​ 120 ​ 15,000 ​ 14,776 ​ — ​ MI ​ 2 ​ 205 ​ 9.41% ​ 2045 ​ ​ 19,624 ​ ​ 154 ​ ​ 19,624 ​ ​ 19,428 ​ ​ — ​ ​ 22 (4) 2,804 ​ ​ ​ ​ ​ $ 232,343 ​ $ 2,146 ​ $ 263,848 ​ $ 257,251 ​ $ — ​ (1) Represents current stated interest rate. Generally, the loans have a 30-year amortization with principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. ​ (2) Balloon payment is due upon maturity. ​ (3) This number is based upon unit/bed counts shown on operating licenses provided to us by borrowers or units/beds as stipulated by mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. ​ (4) Includes 4 first-lien mortgage loans as follows: ​ ​ ​ ​ ​ ​ Number of Loans Original loan amounts 0 ​ ​ $ 500 - $2,000 ​ 0 ​ ​ $2,001 - $3,000 ​ 0 ​ ​ $3,001 - $4,000 ​ 0 ​ ​ $4,001 - $5,000 ​ 0 ​ ​ $5,001 - $6,000 ​ 0 ​ ​ $6,001 - $7,000 ​ 4 ​ ​ $7,001 + ​ ​ Mortgage loans receivable activity for the years ended December 31, 2020, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Balance— December 31, 2017 $ 223,907 New mortgage loans ​ 14,525 Other additions ​ 6,839 Land conveyance ​ ​ — Amortization of mortgage premium ​ (4) Collections of principal ​ (2,136) Foreclosures ​ — Loan loss reserve ​ (192) Other deductions ​ — Balance— December 31, 2018 ​ 242,939 New mortgage loans ​ 7,500 Other additions ​ 4,842 Land conveyance ​ ​ — Amortization of mortgage premium ​ (4) Collections of principal ​ (1,065) Foreclosures ​ — Loan loss reserve ​ (113) Other deductions ​ — Balance— December 31, 2019 ​ 254,099 New mortgage loans ​ — Other additions ​ 4,253 Land conveyance ​ ​ — Amortization of mortgage premium ​ (4) Collections of principal ​ (1,065) Foreclosures ​ — Loan loss reserve ​ (32) Other deductions ​ — Balance— December 31, 2020 ​ $ 257,251 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.
Use of Estimates	Use of Estimates. Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Cash Equivalents	Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Owned Properties	Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles. During the fourth quarter of 2019 we sold a 170-bed skilled nursing center in our portfolio which was under a triple net master lease agreement. The property was evacuated in 2017 due to damages caused by hurricane and our operator provided us with insurance proceeds for remediation of the property. Upon sale of the property, we released our operator from its contractual obligation under the master lease to return the property back to its original condition, took possession of the remaining insurance proceeds of $2,111,000 and recorded this amount as Gain from property insurance proceeds Consolidated Statements of Income and Comprehensive Income
Consolidation	Consolidation. ● A legal structure has been established to conduct business activities and to hold assets. ● LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does meet the above criteria and does not qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1. The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2. The equity holders, as a group, lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: ● The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ● The obligation to absorb the entity's expected losses; ● The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control.
Mortgage Loans Receivable, Net of Loan Loss Reserve	Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis.
Mezzanine Loans	Mezzanine Loans. four
Investment in unconsolidated joint ventures	Investments in unconsolidated joint ventures. jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated JV under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. We evaluate our ADC arrangements first pursuant to ASC 805, Consolidation We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts. , Measurement of Credit Losses on Financial Instruments We adopted ASU 2016-13 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ /(Decrease) ​ ​ ​ ​ ​ ​ ​ Balance ​ in Expected ​ Balance ​ ​ ​ Balance Sheet ​ at ​ Credit Loss ​ at ​ Description ​ Location ​ 12/31/2019 ​ During the Year ​ 12/31/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 32 ​ $ 2,592 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (35) ​ $ 146 ​ ​ We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2020, the total balance of accrued interest receivable of $32,746,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivable.
Accrued incentives	Accrued incentives. payments to our sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable, the contingent payment is recorded as a liability at the estimate fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates.
Impairments	Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes management’s probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2020, 2019 and 2018, we recognized impairment charges of $3,977,000, $0 and $0 respectively, related to our real property investments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements
Revenue Recognition	Revenue Recognition. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) a calculation based on the Consumer Price Index; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until all possible contingencies have been resolved. Historically, we have not included contingent rents as income until received and will we continue our historical policy. During the years ended December 31, 2020, 2019 and 2018, we received $111,000, $464,000 and $470,000, respectively, of contingent rental income. We follow a policy related to rental income whereby we consider a lease to be non-performing after 60 days of non-payment of past due amounts and do not recognize unpaid rental income from that lease until the amounts have been received. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non-performing after 60 days of non-payment of amounts due and do not recognize unpaid interest income from that loan until the past due amounts have been received. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. Similar to the accounting methodology of straight-line rent, the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan thus creating an effective interest receivable asset included in the interest receivable line item in our consolidated balance sheet and begins reducing down to zero when, at some point during the mortgage loan, the stated interest rate is higher than the actual interest rate. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan.
Leases	Leases: 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. ​
Federal Income Taxes	Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight-line method over 40 years. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2020, the net book basis of our depreciable assets exceeded our net tax basis by approximately $9,939,000 (unaudited), primarily due to faster depreciation for tax, and to differences previously mentioned above. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our consolidated financial statements as general and administrative expenses.
Concentrations of Credit Risks	Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators
Properties held-for-sale	Properties held-for-sale. Properties classified as held-for-sale on the consolidated balance sheet include only those properties available for immediate sale in their present condition and for which management believes that it is probable that a sale of the property will be completed within one year. Properties held-for-sale are carried at the lower of cost or fair value less estimated selling costs. No depreciation expense is recognized on properties held-for-sale once they have been classified as such. Under ASU No. 2014-08 Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
Net Income Per Share	Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities.
Stock-Based Compensation	Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units granted to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows
Segment Disclosures	Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment.
ASU 2014-09
Summary of Significant Accounting Policies
New Accounting Pronouncements	In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers: Topic 606 Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In doing so, companies may need to use more judgment and make more estimates. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. Additionally, the FASB has issued targeted updates to clarify specific implementation issues of ASU 2014-09. These updates include ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients. Topic 606, Contracts with Customers year of adoption or full retrospective approach. We have adopted this standard using the modified retrospective adoption method on January 1, 2018. We concluded that this standard did not have a material impact on our results of operations or financial condition, as a substantial portion of our revenues consists of rental income from leasing arrangements and interest income from loan arrangements, both of which are specifically excluded from ASU 2014-09.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
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 Year ​ 12/31/2020 ​ Expected credit losses for mortgage loans receivable ​ Mortgage loans receivable, net of loan loss reserve ​ $ 2,560 ​ $ 32 ​ $ 2,592 ​ Expected credit losses for notes receivable ​ Notes receivable, net of loan loss reserve ​ $ 181 ​ $ (35) ​ $ 146 ​

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2020
Major Operators
Schedule of concentration of risk by major operators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenue (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare (3) ​ 24 ​ — ​ 2,922 ​ 93 ​ 19.7 % ​ 18.2 % ​ Senior Lifestyle Corporation (4) ​ — ​ 23 ​ — ​ 1,457 ​ 10.7 % ​ 10.0 % ​ Total ​ 24 ​ 23 ​ 2,922 ​ 1,550 ​ 30.4 % ​ 28.2 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 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 . ​ (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. ​ (4) See Note 5. Real Estate Investments for further information regarding Senior Lifestyle.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information
Supplemental Cash Flow Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Preferred return reserve related to investments in unconsolidated joint ventures ( Note 6 ​ $ 2,878 ​ $ — ​ $ — ​ Reclassification of notes receivable to lease incentives ( Note 7 ​ ​ 300 ​ ​ 200 ​ ​ — ​ Restricted stock issued, net of cancellations ( Note 10 ​ — ​ — ​ 1 ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate Investments
Schedule of future minimum base rents receivable	Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease inducement and renewal options are as follows ( in thousands ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2021 ​ $ 139,053 ​ 2022 ​ 129,864 ​ 2023 ​ 130,477 ​ 2024 ​ 129,407 ​ 2025 ​ 116,296 ​ Thereafter ​ 507,352 ​ (1) Represents contractual annual cash rent, except for Anthem Memory Care (“Anthem”) master lease which is based on estimated cash payments. See below for more disclosures relating to Anthem.
Summary of components of our rental income	The following table summarizes components of our rental income for the years ended December 31, 2020, 2019 and 2018 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Rental Income ​ ​ 2020 ​ ​ 2019 ​ ​ 2018 ​ Base cash rental income ​ $ 132,789 ​ $ 134,117 ​ $ 127,477 ​ Variable cash rental income ​ ​ 15,167 (1) ​ 16,462 (1) ​ 470 (1) Straight-line rent ​ ​ 1,778 (2) ​ 4,487 (2) ​ 9,550 (2) Adjustment for collectability of rental income and lease incentives ​ ​ (23,214) (3) ​ (1,926) (4) ​ — ​ Amortization of lease incentives ​ ​ (426) ​ ​ (385) ​ ​ (2,092) ​ Total ​ $ 126,094 ​ $ 152,755 ​ $ 135,405 ​ (1) The variable rental income for the year ended December 31, 2020 and 2019 includes contingent rental income of $111 and $464 , respectively. Additionally, the variable rental income for the year ended December 31, 2020 and 2019 includes reimbursement of real estate taxes by our lessees. As discussed above, we adopted ASC 842 using a modified retrospective approach as of the adoption date of January 1, 2019. Accordingly, we are not required to report this revenue stream for periods prior to January 1, 2019. Accordingly, the variable income for the year ended December 31, 2018, represents contingent rental income. ​ (2) In accordance with ASC 842 lease accounting guidance, we evaluated the collectibility of lease payments through maturity and determined it was not probable that we would collect substantially all of the contractual obligations from certain master leases through maturity. Decreased due to these leases being accounted for on cash-basis. ​ (3) Represents the write-off of straight-line rent receivable balances related to Senior Lifestyle, Genesis and another operator. ​ (4) During the first quarter of 2019, we terminated a lease agreement and transitioned two operating seniors housing communities under the lease agreement to a new operator. As a result of the lease termination, we wrote-off $1,926 straight-line rent receivable in accordance with ASC 842.
Summary of information about purchase options included in our lease agreements	Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Carrying ​ Option ​ State ​ Property ​ Properties ​ ​ Investments ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 35,601 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 30,849 ​ ​ 17,092 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,835 ​ ​ 13,031 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,342 ​ ​ 27,315 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 23,715 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,213 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 151,866 ​ $ 126,967 ​ ​ ​ (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. (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) ​ $ 35,719 ​ $ 315 ​ $ 36,034 ​ 3 ​ 230 ​ ​ Skilled Nursing (4) ​ ​ 19,500 ​ ​ 97 ​ ​ 19,597 ​ 1 ​ 90 ​ ​ Land (5) ​ ​ 2,732 ​ ​ 51 ​ ​ 2,783 ​ — ​ — Total ​ ​ ​ $ 57,951 ​ $ 463 ​ $ 58,414 ​ 4 ​ 320 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Assisted Living (6)(7) ​ $ 39,600 ​ $ 65 ​ $ 39,665 3 ​ 177 ​ ​ Land (8) ​ 695 ​ 48 ​ 743 — — Total ​ ​ ​ $ 40,295 ​ $ 113 ​ $ 40,408 3 177 (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 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 $15,976 in cash. Our economic interest in the real estate JV is approximately 95% . Additionally, we acquired an 80 -unit MC and a 76 -unit ALF/MC in Michigan for an aggregate purchase price of $19,000 . ​ (4) We acquired a newly constructed 90 -bed SNF located in Missouri. ​ (5) We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and committed to develop a 90 -bed SNF in Missouri. The commitment totals approximately $17,400 . ​ (6) We acquired two MC in Texas. ​ (7) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 89 -unit ILF for $14,400 and to own the real estate and develop a 78 -unit ALF/MC for $18,108 in Oregon. ​ (8) We acquired an ALF and a MC in California, a MC in Ohio and an ALF/MC in Missouri. Furthermore, we entered into a JV and acquired an ALF/MC community. ​ (9) We entered into a JV for the acquisition of land and development of an ILF/ALF/MC community in Wisconsin.
Schedule of investment in development and improvement projects	Developments and Improvements. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ Type of Property ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 4,491 ​ $ 6,842 ​ ​ $ 14,088 ​ $ 2,544 ​ ​ $ 27,505 ​ $ 2,292 ​ Skilled Nursing Centers ​ ​ 12,208 ​ ​ 71 ​ ​ ​ 6,436 ​ ​ — ​ ​ ​ 7,774 ​ ​ 500 ​ Other ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 295 ​ ​ ​ — ​ ​ 457 ​ Total ​ $ 16,699 ​ $ 6,913 ​ ​ $ 20,524 ​ $ 2,839 ​ ​ $ 35,279 ​ $ 3,249 ​
Schedule of completed projects	Completed Projects. (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 ​ $ 18,447 ​ ​ Development ​ 1 ​ SNF ​ 90 ​ Missouri ​ ​ 16,587 Total ​ ​ ​ 2 ​ ​ ​ 168 ​ ​ ​ $ 35,034 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Development ​ 1 ​ SNF ​ 143 ​ Kentucky ​ $ 24,974 ​ ​ Development ​ 1 ​ ILF/ALF/MC ​ 110 ​ Wisconsin ​ ​ 21,999 Total ​ ​ ​ 2 ​ ​ ​ 253 ​ ​ ​ $ 46,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Development ​ 1 ​ MC ​ 66 ​ Illinois ​ $ 14,668 Total ​ ​ ​ 1 ​ ​ ​ 66 ​ ​ ​ $ 14,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of properties held-for-sale	Properties held-for-sale . The following table summarizes our properties held-for-sale at years ended December 31, 2020 and 2019 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ At December 31, ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ 2020 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Colorado ​ SNF ​ 3 ​ 275 ​ $ 8,045 ​ $ 3,774 ​ ​ ​ Iowa ​ SNF ​ 7 ​ 544 ​ ​ 14,610 ​ ​ 9,723 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 14,111 ​ ​ 6,674 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 25,203 ​ ​ 14,942 ​ Total ​ ​ ​ ​ ​ 20 ​ 2,217 ​ $ 61,969 ​ $ 35,113 ​
Schedule of real estate investment property sold	Property Sales (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain (Loss) ​ 2020 ​ N/A ​ N/A ​ — ​ — ​ $ — ​ $ — ​ $ 129 (1) ​ ​ Arizona ​ SNF ​ 1 ​ 194 ​ ​ 12,550 ​ ​ 2,229 ​ ​ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,364 ​ ​ ​ Iowa ​ SNF (2) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 9,051 ​ ​ ​ 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 ​ $ 44,117 (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ N/A ​ n/a ​ — ​ — ​ $ — ​ $ — ​ $ 500 (4) ​ ​ Arizona, Georgia and Texas ​ SNF (5) 3 ​ 478 ​ ​ 15,310 ​ ​ 8,995 ​ ​ 5,556 ​ ​ ​ Texas ​ ALF (6) 1 ​ 140 ​ ​ 1 ​ ​ 3,830 ​ ​ (3,950) ​ Total 2019 ​ ​ ​ ​ ​ 4 ​ 618 ​ $ 15,311 ​ $ 12,825 ​ $ 2,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ Alabama ​ SNF ​ 4 ​ 454 ​ $ 27,975 ​ $ 5,695 ​ $ 21,987 ​ ​ ​ Kansas ​ ALF (7) — ​ — ​ ​ 350 ​ ​ 346 ​ ​ — ​ ​ ​ Ohio and Pennsylvania ​ ALF ​ 6 ​ 320 ​ ​ 67,500 ​ ​ 16,352 ​ ​ 48,695 ​ Total 2018 ​ ​ ​ ​ ​ 10 ​ 774 ​ $ 95,825 ​ $ 22,393 ​ $ 70,682 ​ (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 $39 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 year ended December 31, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $229 . ​ (3) Properties sold within the Preferred Care portfolio. ​ (4) Gain recognized due to the receipt of funds held in escrow related to a portfolio of six ALFs sold during the second quarter of 2018. ​ (5) We sold a property, previously operated by Preferred Care, located in Texas with a carrying value of $871 for $140 . Additionally, we sold a property, previously operated by Preferred Care, located in Arizona with a carrying value of $6,485 for $7,250 . This transaction includes a holdback of $1,091 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 $613 . Also, we sold a SNF located in Georgia with a carrying value of $1,639 for $7,920 . ​ (6) We sold an ALF located in Texas with a carrying value of $3,830 . ​ (7) We sold land adjacent to an existing ALF community in Kansas.
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the years ended December 31, 2020, 2019 and 2018 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 Originations and funding under mortgage loans receivable ​ $ 4,253 (1) $ 12,342 (2) $ 21,364 (3) Pay-offs received ​ ​ — ​ ​ — ​ ​ (1,086) ​ Scheduled principal payments received ​ ​ (1,065) ​ ​ (1,065) ​ ​ (1,050) ​ Mortgage loan premium amortization ​ ​ (4) ​ ​ (4) ​ ​ (4) ​ Provision for loan loss reserve ​ ​ (32) ​ ​ (113) ​ ​ (192) ​ Net increase in mortgage loans receivable ​ $ 3,152 ​ $ 11,160 ​ $ 19,032 ​ (1) During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% and escalating by 2.25% thereafter. ​ (2) During 2019, we funded an additional $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41% fixed for two years and escalating by 2.25% thereafter. ​ (3) During 2018, we funded an additional $7,400 under an existing mortgage loan for the purchase of a 112 -bed SNF in Michigan. The incremental funding bears interest at 8.7% , fixed for five years , and escalating by 2.25% thereafter. Also, we funded additional loan proceeds of $7,125 under an existing mortgage loan for the purchase of a 126 -bed SNF in Michigan. This incremental funding bears interest at 9.41% , fixed for five years , and escalating by 2.25% thereafter.
Scheduled principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2021 ​ $ 1,175 ​ 2022 ​ 1,175 ​ 2023 ​ 1,175 ​ 2024 ​ 1,175 ​ 2025 ​ 1,175 ​ Thereafter ​ 253,968 ​ Total ​ $ 259,843 ​
Schedule of early mortgage loan payoffs	​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2020
Investment in Unconsolidated Joint Ventures
Summary of the preferred equity investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Investment ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Commitment ​ ​ Value ​ Washington ​ UDP ​ Preferred Equity (1) 12 % ​ 7 % ​ — ​ $ — (1) $ 6,340 (1) Washington ​ UDP ​ Preferred Equity (2) 12 % ​ 8 % ​ — ​ ​ 13,000 (2) ​ 5,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ $ 13,000 ​ $ 11,340 ​ (1) Invested $6,340 of preferred equity in an entity that will develop a 95 -unit ALF/MC in Washington. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8% . After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14% . ​ (2) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . Our investment represents 11.6% of the estimated total investment.
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2020, 2019 and 2018 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Received ​ 2020 ​ ALF/MC/ILF (1) $ 58 (1) $ 231 (1) $ 231 (1) ​ ​ UDP (2) ​ 6,340 (2) ​ 169 (2) ​ 168 (2) ​ ​ UDP (3) ​ 5,000 (3) ​ 32 (3) ​ 32 (3) Total ​ ​ ​ $ 11,398 ​ $ 432 ​ $ 431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ALF/MC/ILF (1) $ 472 (1) $ 1,029 (1) $ 1,580 (1) ​ ​ ALF/ILF/MC (4) ​ — (4) ​ 955 (4) ​ 979 (4) ​ ​ ALF/MC (5) ​ — (5) ​ 404 (5) ​ 432 (5) Total ​ ​ ​ $ 472 ​ $ 2,388 ​ $ 2,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ ALF/MC/ILF (1) $ 670 (1) $ 2,041 (1) $ 1,975 (1) ​ ​ ALF/IL/MC (4) ​ — (4) ​ 511 (4) ​ 396 (4) ​ ​ UDP-ALF/MC (5) ​ — (5) ​ 312 (5) ​ — (5) Total ​ ​ ​ $ 670 ​ $ 2,864 ​ $ 2,371 ​ (1) Relates to our preferred equity investment in an entity that owned four ALFs in Arizona discussed above with a total preferred return of 15% . During the year ended December 31, 2020, the properties comprising the JV were sold. ​ (2) During the third quarter of 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. ​ (3) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . ​ (4) 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. ​ (5) 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)	12 Months Ended
	Dec. 31, 2020
Notes Receivable.
Summary of mezzanine loans and other loan arrangements	Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2020 and 2019 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2020 ​ 2019 Mezzanine loans $ 8,445 ​ $ 13,284 ​ Other loans ​ 6,166 ​ ​ 4,824 ​ Notes receivable reserve ​ (146) ​ ​ (181) ​ Total $ 14,465 ​ $ 17,927 ​
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the years ended December 31, 2020 through 2018 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2020 ​ ​ 2019 ​ ​ 2018 Advances under notes receivable $ 2,078 (1) $ 8,967 (4) $ 124 Principal payments received under notes receivable ​ (5,275) (2) ​ (3,503) ​ ​ (3,848) Reclassified to lease incentives ​ (300) (3) ​ (200) (3) ​ — Notes receivable reserve ​ 35 ​ ​ (52) ​ ​ 37 Net (decrease) increase $ (3,462) ​ $ 5,212 ​ $ (3,687) (1) Funding under working capital notes with interest ranging between 5.0% and 7.5% and maturities between 2025 and 2030. ​ (2) Subsequent to December 31, 2020, we received $900 to pay off a note receivable. ​ (3) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. ​ (4) 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 $1,304 with a commitment to fund $96 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50 . The note bears interest at 7.5% .

Lease Incentives (Tables)

Lease Incentives (Tables)	12 Months Ended
	Dec. 31, 2020
Lease Incentives
Summary of lease incentives by component	The following table summarizes lease incentives as of December 31, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ ​ ​ 2020 ​ ​ 2019 Non-contingent lease incentives ​ $ 2,462 ​ $ 2,552
Summary of lease incentive activity	The following table summarizes our lease incentive activity for the years ended December 31, 2020, 2019 and 2018 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ ​ Funding ​ ​ Amortization ​ ​ Adjustment ​ ​ Funding ​ ​ Amortization ​ ​ Write-off ​ Non-contingent lease incentives ​ $ 220 ​ $ (426) ​ $ 115 (1) $ 387 ​ $ (385) ​ $ (11,893) (2) $ 1,272 ​ $ (1,733) ​ $ — ​ Contingent lease incentives ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (359) ​ ​ (6,219) (3) Net increase (decrease) ​ $ 220 ​ $ (426) ​ $ 115 ​ $ 387 ​ $ (385) ​ $ (11,893) ​ $ 1,272 ​ $ (2,092) ​ $ (6,219) ​ (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. 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 5. 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 7. Notes Receivable for further discussion. ​ (3) We entered into an amended master lease agreement with Senior Lifestyle Management, LLC (“Senior Lifestyle”). Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, we wrote-off the Senior Lifestyle contingent lease incentive. ​ ​

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Obligations
Schedule of Debt Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ At December 31, 2019 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Bank borrowings (2) ​ 1.38% ​ $ 89,900 ​ $ 510,100 ​ $ 93,900 ​ $ 506,100 ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.37% ​ ​ 559,482 ​ ​ — ​ ​ 599,488 ​ ​ 21,500 ​ Total ​ 3.96% ​ $ 649,382 ​ $ 510,100 ​ $ 693,388 ​ $ 527,600 ​ (1) Represents weighted average of interest rate as of December 31, 2020. ​ (2) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ​ (3) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.
Schedule of borrowings and repayments	Our borrowings and repayments for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ ​ Borrowings ​ ​ Repayments Bank borrowings ​ $ 24,000 (1) $ (28,000) ​ $ 107,900 ​ $ (126,000) ​ $ 116,200 ​ $ (100,700) Senior unsecured notes ​ ​ — ​ ​ (40,160) (2) ​ 100,000 (3) ​ (33,667) ​ ​ - ​ ​ (38,166) Total ​ $ 24,000 ​ $ (68,160) ​ $ 207,900 ​ $ (159,667) ​ $ 116,200 ​ $ (138,866) (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes. ​ (3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85% , have scheduled principal payments and mature on October 20, 2031. ​ ​
Schedule of principal payments and amounts due at maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 2021 2022 2023 2024 2025 Thereafter Bank borrowings ​ $ 89,900 (1) $ — (1) $ 89,900 ​ $ — ​ $ — ​ $ — ​ $ — ​ Senior unsecured notes ​ 560,140 (2) 47,160 (2) 48,160 ​ 49,160 ​ 49,160 ​ 49,500 ​ 317,000 ​ ​ ​ $ 650,040 ​ $ 47,160 ​ $ 138,060 ​ $ 49,160 ​ $ 49,160 ​ $ 49,500 ​ $ 317,000 ​ (1) Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity
Schedule of consolidated VIEs	As of December 31, 2020, we have the following consolidated VIEs ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2019 ​ Owned real estate ​ ALF/MC ​ VA ​ $ 16,895 ​ $ 919 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,400 ​ ​ 2,858 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,447 ​ ​ 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 ​ ​ 1,241 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 83,429 ​ $ 8,404 ​
Schedule of cash dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 90,262 (2) $ 90,262 (2) $ 90,899 (3) $ 90,899 (3) $ 90,372 ​ $ 90,372 ​ ​ (1) Represents $0.19 per share per month for the years ended December 31, 2020, 2019 and 2018. ​ (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 options exercised	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ Options ​ Exercise ​ Option ​ Market ​ ​ Exercised ​ Price ​ Value ​ Value (1) 2020 ​ — ​ $ n/a ​ $ — ​ $ — ​ 2019 ​ 5,000 ​ $ 24.65 ​ $ 123,000 ​ $ 233,000 ​ 2018 ​ 5,000 ​ $ 24.65 ​ $ 123,000 ​ $ 205,000 ​ (1) As of the exercise dates.
Schedule of restricted stock activity	Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2020 and 2019 and 2018 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2020 ​ 2019 ​ 2018 Outstanding, January 1 ​ ​ 163,569 ​ ​ 156,297 ​ ​ 140,899 ​ Granted ​ ​ 101,348 ​ ​ 86,772 ​ ​ 90,547 ​ Vested ​ ​ (84,477) ​ ​ (79,500) ​ ​ (75,149) ​ Outstanding, December 31 ​ ​ 180,440 ​ ​ 163,569 ​ ​ 156,297 ​ ​ During the years ended December 31, 2020, 2019 and 2018, we granted 66,027, 60,836 and 66,171, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2020, 2019 and 2018, the number of vested performance-based stock units were 81,574, 48,225 and 0, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2020, 2019 and 2018 were $7,012,000, $6,566,000 and $5,870,000.
Schedule of restricted stock granted	During 2020, 2019 and 2018, we granted 167,375, 147,608 and 156,718 shares of restricted common stock and performance-based stock units, respectively, under the 2015 plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ Year ​ Shares/Units ​ Share ​ Vesting Period ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ 81,819 ​ $ 38.18 ​ ratably over 3 years ​ ​ ​ 66,171 ​ $ 38.18 ​ TSR targets (1) ​ ​ ​ 8,728 ​ $ 41.25 ​ May 30, 2019 ​ ​ ​ 156,718 ​ ​ ​ ​ ​ ​ (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	At December 31, 2020, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Remaining ​ ​ of ​ Compensation Vesting Date ​ Awards Expense 2021 ​ 159,537 (1) $ 5,201 2022 ​ 117,417 (2) ​ 2,729 2023 ​ 96,520 (3) ​ 367 Total ​ 373,474 ​ $ 8,297 (1) Includes 66,171 performance-based stock units. The performance-based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense. ​ (2) Includes 60,836 performance-based stock units. See (1) above for valuation methodology. ​ (3) Includes 66,027 performance-based stock units. See (1) above for valuation methodology.
Schedule of nonqualified stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2020 ​ 2019 ​ 2018 ​ 2020 ​ ​ 2019 ​ 2018 Outstanding, January 1 15,000 ​ 20,000 25,000 $ 38.43 ​ $ 34.99 $ 32.92 ​ Granted — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Exercised — ​ (5,000) (5,000) ​ ​ n/a ​ $ 24.65 ​ $ 24.65 ​ Canceled — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Outstanding, December 31 15,000 ​ 15,000 20,000 ​ $ 38.43 ​ $ 38.43 ​ $ 34.99 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) 15,000 ​ 15,000 2,000 ​ $ 38.43 ​ $ 38.43 ​ $ 34.99 ​ (1) The aggregate intrinsic value of exercisable options at December 31, 2020, based upon the closing price of our common shares at December 31, 2020, the last trading day of 2020, was approximately $7,200 . Options exercisable at December 31, 2020, 2019 and 2018 have a weighted average remaining contractual life of approximately 2.2 years, 3.2 years, and 3.3 years, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Schedule of commitments	At December 31, 2020, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2020 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties Note 5. Real Estate Investments ​ $ 12,670 (1) $ 6,481 ​ $ 7,347 ​ $ 5,323 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 9,000 ​ ​ — ​ ​ — ​ ​ 9,000 Mortgage loans ( Note 5. Real Estate Investments ​ ​ 25,500 (2) ​ 2,782 ​ ​ 7,755 ​ ​ 17,745 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ​ ​ 13,000 ​ ​ 5,000 ​ ​ 5,000 ​ ​ 8,000 Notes receivable ( Note 7. Notes Receivable ​ ​ 2,090 ​ ​ 1,383 ​ ​ 1,383 ​ ​ 707 Total ​ $ 62,260 ​ $ 15,646 ​ $ 21,485 ​ $ 40,775 (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 $7,500 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.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2020
Distributions
Schedule of federal income tax classification of the per share common stock distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 Ordinary taxable distribution $ 0.936 $ 2.084 $ 0.349 ​ Unrecaptured Section 1250 gain ​ 0.894 ​ 0.132 ​ 0.636 ​ Long-term capital gain ​ 0.450 ​ 0.064 ​ 1.295 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2020
Net Income Per Common Share
Schedule of basic and diluted net income per share	Basic and diluted net income per share was as follows (in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ Net income ​ $ 95,677 $ 80,872 $ 155,076 ​ Less income allocated to non-controlling interests ​ (384) ​ (346) ​ (95) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (397) ​ (372) ​ (357) ​ Income allocated to participating securities ​ (25) ​ (19) ​ (268) ​ Total net income allocated to participating securities (1) ​ (422) ​ (391) ​ (625) ​ Net income available to common stockholders ​ 94,871 ​ 80,135 ​ 154,356 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ 625 ​ Net income for diluted net income per share ​ $ 94,871 ​ $ 80,135 ​ $ 154,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,179 ​ 39,571 ​ 39,477 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ — ​ 4 ​ 3 ​ Performance-based stock units ​ ​ 85 ​ ​ 184 ​ ​ 203 ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ 156 ​ Total effect of dilutive securities ​ 85 ​ 188 ​ 362 ​ Shares for diluted net income per share ​ 39,264 ​ 39,759 ​ 39,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 2.42 ​ $ 2.03 ​ $ 3.91 ​ Diluted net income per share ​ $ 2.42 ​ $ 2.02 ​ $ 3.89 ​ (1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities in 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 years ended December 31, 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.

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information
Schedule of quarterly financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the quarter ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ (unaudited, in thousands except per share amounts) 2020 ​ ​ ​ ​ ​ Revenues ​ $ 46,410 ​ $ 28,481 ​ $ 38,173 ​ $ 46,273 ​ Net income available to common stockholders ​ $ 63,370 ​ $ 1,773 ​ $ 12,114 ​ $ 17,470 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.60 ​ $ 0.05 ​ $ 0.31 ​ $ 0.45 ​ Diluted ​ $ 1.60 ​ $ 0.05 ​ $ 0.31 ​ $ 0.45 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 45,456 ​ $ 46,266 ​ $ 47,119 ​ $ 46,463 ​ Net income available to common stockholders ​ $ 20,254 ​ $ 20,352 ​ $ 27,080 ​ $ 12,449 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.51 ​ $ 0.51 ​ $ 0.68 ​ $ 0.31 ​ Diluted ​ $ 0.51 ​ $ 0.51 ​ $ 0.68 ​ $ 0.31 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ ​ ​ NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ At December 31, 2019 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 257,251 ​ $ 299,751 (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 ​ 559,482 ​ ​ 560,140 (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 December 31, 2020 and 2019 was 10.0% 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 December 31, 2020 and 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 December 31, 2020, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.25% for those maturing before year 2026 and 3.50% for those maturing at or beyond year 2026. At December 31, 2019, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.70% for those maturing before year 2026 and 3.90% for those maturing beyond year 2026.

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2020segment
General
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Owned Properties (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item
Owned Properties
Number of beds damaged | item	114	170
Gain from property insurance proceeds | $	$ 373,000	$ 2,111,000
Computer Equipment | Minimum
Owned Properties
Useful life	3 years
Computer Equipment | Maximum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Minimum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Maximum
Owned Properties
Useful life	15 years
Building | Minimum
Owned Properties
Useful life	35 years
Building | Maximum
Owned Properties
Useful life	50 years
Site Improvements | Minimum
Owned Properties
Useful life	10 years
Site Improvements | Maximum
Owned Properties
Useful life	20 years
Building Improvements | Minimum
Owned Properties
Useful life	10 years
Building Improvements | Maximum
Owned Properties
Useful life	50 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Allowance for Doubtful Accounts
Accrued interest receivable				$ 32,746,000
Write-off of accrued interest receivable	$ 0	$ 0
Impairments
Impairment of Real Estate	3,977,000	0	$ 0
Mortgage Loans Receivable
Allowance for Doubtful Accounts
Balance at the Beginning of the Period	2,560,000
Increase/(Decrease) in Expected Credit Loss	2,592,000	2,560,000		2,592,000
Balance at the End of the Period	2,592,000	2,560,000
Mortgage Loans Receivable | Restatement Adjustment | ASU 2016-13
Allowance for Doubtful Accounts
Increase/(Decrease) in Expected Credit Loss	32,000			32,000
Balance at the End of the Period	32,000
Notes Receivable
Allowance for Doubtful Accounts
Balance at the Beginning of the Period	181,000
Increase/(Decrease) in Expected Credit Loss	146,000	181,000		146,000
Balance at the End of the Period	146,000	$ 181,000
Notes Receivable | Restatement Adjustment | ASU 2016-13
Allowance for Doubtful Accounts
Increase/(Decrease) in Expected Credit Loss	(35,000)			$ (35,000)
Balance at the End of the Period	$ (35,000)
Minimum
Mortgage loans on real estate
Interest rate (as a percent)	5.00%
Maximum
Mortgage loans on real estate
Interest rate (as a percent)	7.50%
Mezzanine Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)	8.00%
Loan Term	4 years
Mezzanine Loans | Maximum
Mortgage loans on real estate
Interest rate (as a percent)	12.00%
Loan Term	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Revenue Recognition
Maximum period over which loan is to be considered as non-performing	60 days
Variable cash rental income | $	$ 15,167,000	$ 16,462,000	$ 470,000
Variable cash rental income previous | $	$ 111,000	$ 464,000	$ 470,000
Maximum period over which a lease is to be considered as non-performing	60 days
Minimum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year | item	1
Specified annual increase over the prior year's rent (as a percent)	2.00%
Maximum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year | item	4
Specified annual increase over the prior year's rent (as a percent)	3.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Leases (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cumulative effect of the adoption of the ASC 842	$ 775,806,000	$ 785,426,000		$ 832,971,000	$ 758,648,000
Cumulative Effect of Adoption
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cumulative effect of the adoption of the ASC 842		$ (42,808,000)
Cumulative Effect of Adoption | ASU 2016-02
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cumulative effect of the adoption of the ASC 842			$ 42,808,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Federal Income Taxes
Provision for federal or state income taxes	$ 0	$ 0	$ 0
Minimum distribution of taxable income (as a percent)	90.00%
Distribution percentage	100
Period considered for calculation of depreciation for federal tax purpose	27 years 6 months
Period considered for determining the taxability of distributions to shareholders	40 years
(Excess) / Deficit of book basis of net depreciable assets over tax basis	$ 9,939,000

Major Operators (Details)

Major Operators (Details)	12 Months Ended
	Dec. 31, 2020itemproperty
Major Operators
Number of major operators	2
Prestige Healthcare | SNF
Major Operators
Number of beds | property	24
Number of beds/units	2,922
Prestige Healthcare | ALF
Major Operators
Number of beds/units	93
Senior Lifestyle Corporation | ALF
Major Operators
Number of beds | property	23
Number of beds/units	1,457
Operator Concentration Risk | SNF
Major Operators
Number of beds | property	24
Number of beds/units	2,922
Operator Concentration Risk | ALF
Major Operators
Number of beds | property	23
Number of beds/units	1,550
Total Revenue | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)	30.40%
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	19.70%
Total Revenue | Operator Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	10.70%
Total Assets | Operator Concentration Risk
Major Operators
Concentration risk (as a percent)	28.20%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	18.20%
Total Assets | Credit Concentration Risk | Senior Lifestyle Corporation
Major Operators
Concentration risk (as a percent)	10.00%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-cash investing and financing transactions:
Preferred return reserve related to investment in unconsolidated joint ventures	$ 2,878
Reclassification of notes receivable to lease incentives	$ 300	$ 200
Restricted stock issued, net of cancellations (Note 10)			$ 1

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) - Real Estate Investment	Dec. 31, 2020property
Real estate investments
Number of properties	159
Number of states	27
Number of operators	29
ALF
Real estate investments
Number of properties	107
SNF
Real estate investments
Number of properties	51
Hospital
Real estate investments
Number of properties	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation
Depreciation expense	$ 38,945	$ 39,094	$ 37,416
Future minimum base rents receivable
2021	139,053
2022	129,864
2023	130,477
2024	129,407
2025	116,296
Thereafter	$ 507,352

Real Estate Investments - Opera

Real Estate Investments - Operator changes (Details)	Oct. 04, 2019USD ($)	Jan. 31, 2021USD ($)facility	Jul. 31, 2020USD ($)	Dec. 31, 2020USD ($)propertyitem	Sep. 30, 2020USD ($)lease	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)itemproperty	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)propertyitem	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)itempropertylease	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 19, 2021item	Apr. 30, 2020USD ($)
Other disclosures
Rental income											$ 126,094,000	$ 152,755,000	$ 135,405,000
Impairment charges											3,977,000	5,500,000
Proceeds from sale of real estate, net											72,141,000	14,009,000	92,749,000
Gain on sale of real estate, net											$ 44,117,000	2,106,000	$ 70,682,000
Net book value												26,856,000
Anthem Memory Care
Other disclosures
Number of properties in default | property											11
Minimum cash rent received											$ 9,900,000
Anthem Memory Care | Forecast
Other disclosures
Minimum cash rent received										$ 10,800,000
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							44,073,000	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
Rent deferral															$ 394,000
Rental income									$ 9,200,000
Contractual rent									13,800,000
Rent receivable line of credit and security deposit as collateral				$ 3,725,000					3,725,000		$ 3,725,000
Remaining outstanding accounts receivable				850,000					850,000		850,000
Unaccrued contractual rent				1,002,000	$ 249,000				1,002,000		1,002,000
Accrued lease rent receivable					2,501,000
Contractual rent allocated to notes receivable					125,000
Write-off of rent receivable and lease incentives			$ 17,742,000
Impairment charges				3,036,000
Senior Lifestyle Corporation | Subsequent Event
Other disclosures
Incremental lease rent , First year		$ 5,250,000
Incremental lease rent , second year		7,078,000
Incremental lease rent , three year		$ 7,303,000
Percentage of incremental annual rent		2.00%
Number of assisted communities | item														12
Percentage of contractual amount due		50.00%
Number of properties sold | facility		11
Veritas Senior Living, LLC
Other disclosures
Rent deferral				1,057,000					1,057,000		1,057,000
Rental income					542,000
Contractual rent				1,299,000	1,299,000
Write-off of rent receivable and lease incentives					$ 1,156,000
Number of master lease into combined one | lease					2
Abated cash rent					$ 570,000	$ 80,000
Impairment charges					941,000
Remaining deferred rent due				$ 355,000					$ 355,000		$ 355,000
Genesis healthcare
Other disclosures
Write-off of rent receivable and lease incentives					$ 4,316,000
Brookdale Senior Living
Other disclosures
Number of leases consolidated | lease											4
Number of renewal option | item				3					3		3
Renewal term option one											4 years
Renewal term option two											5 years
Renewal term option three											10 years
Capital commitment											$ 4,000,000
Percentage of capital commitment yield											7.00%
Funded commitment											$ 1,700,000
Remaining capital commitment											$ 2,300,000
Senior Care Centers
Other disclosures
Court ordered payment amount	$ 1,596,000
Real Estate Investment
Other disclosures
Number of operators | property				29					29		29
Number of properties | property				159					159		159

Real Estate Investments - Lease

Real Estate Investments - Lease (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)item	Dec. 31, 2020USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real estate investments
Carrying value		$ 1,102,358,000	$ 1,102,358,000	$ 1,136,816,000
Income and Expenses, Lessor [Abstract]
Base cash rental income			132,789,000
Base cash rental income previous				134,117,000	$ 127,477,000
Variable cash rental income			15,167,000	16,462,000	470,000
Variable cash rental income previous			111,000	464,000	470,000
Straight-Line Rent			1,778,000	4,487,000	9,550,000
Change in straight-line rent receivable and lease incentives due to collectibility			(23,214,000)	(1,926,000)
Amortization of Lease Incentives			(426,000)	(385,000)	(2,092,000)
Total Rental Income			126,094,000	152,755,000	135,405,000
Total Rental Income previous				152,755,000	$ 135,405,000
Real estate taxes reimbursed			111,000	$ 464,000
Number of operating seniors | item	2
Rent receivable written off	$ 1,926,000
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment		151,866,000	151,866,000
Carrying value		126,967,000	$ 126,967,000
Senior Lifestyle Corporation
Income and Expenses, Lessor [Abstract]
Total Rental Income		$ 9,200,000
ALF | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property		2	2
Gross Investment		$ 30,849,000	$ 30,849,000
Carrying value		$ 17,092,000	$ 17,092,000
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		$ 14,835,000	$ 14,835,000
Carrying value		$ 13,031,000	$ 13,031,000
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky
Real estate investments
Number of properties | property		2	2
Gross Investment		$ 30,342,000	$ 30,342,000
Carrying value		$ 27,315,000	$ 27,315,000
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		$ 23,715,000	$ 23,715,000
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		$ 35,601,000	$ 35,601,000
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		$ 10,213,000	$ 10,213,000
Real Estate Investment
Real estate investments
Number of properties | property		159	159
Real Estate Investment | ALF
Real estate investments
Number of properties | property		107	107

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)itemproperty	Dec. 31, 2019USD ($)itemproperty	Dec. 31, 2018USD ($)itemproperty
Real estate investments
Stockholders' Equity Attributable to Noncontrolling Interest	$ 8,404	$ 8,483
Investment Commitment	62,260
Number of beds/units under development | item		204
Properties under Development | Missouri
Real estate investments
Investment Commitment		$ 17,400
SNF Beds | Missouri
Real estate investments
Number of beds/units under development | item		90
SNF | Missouri | Developments
Real estate investments
Number of beds/units under development | item		90
2020 Acquisitions | SNF
Real estate investments
Purchase Price	13,500
Transaction Costs	81
Total Acquisition Costs	$ 13,581
Number of properties acquired | property	1
Number of beds/units acquired | item	140
2019 Acquisitions
Real estate investments
Purchase Price		$ 57,951
Transaction Costs		463
Total Acquisition Costs		$ 58,414
Number of properties acquired | property		4
Number of beds/units acquired | item		320
2019 Acquisitions | Michigan
Real estate investments
Purchase Price		$ 19,000
2019 Acquisitions | SNF
Real estate investments
Purchase Price		19,500
Transaction Costs		97
Total Acquisition Costs		$ 19,597
Number of properties acquired | property		1
Number of beds/units acquired | item		90
2019 Acquisitions | ALF
Real estate investments
Purchase Price		$ 35,719
Transaction Costs		315
Total Acquisition Costs		$ 36,034
Number of properties acquired | property		3
Number of beds/units acquired | item		230
2019 Acquisitions | MC | Michigan
Real estate investments
Number of beds/units acquired | item		80
2019 Acquisitions | Land
Real estate investments
Purchase Price		$ 2,732
Transaction Costs		51
Total Acquisition Costs		$ 2,783
2019 Acquisitions | ALF and MC | Michigan
Real estate investments
Number of beds/units acquired | item		76
2019 Acquisitions | ALF and MC | 74-Unit ALF/MC
Real estate investments
Stockholders' Equity Attributable to Noncontrolling Interest		$ 919
Real Estate Investment Economic Interest in Joint Venture Percentage		95.00%
Investment Commitment		$ 15,976
Number of beds/units under development | item		74
2018 Acquisitions
Real estate investments
Purchase Price			$ 40,295
Transaction Costs			113
Total Acquisition Costs			$ 40,408
Number of properties acquired | property			3
Number of beds/units acquired | item			177
2018 Acquisitions | ALF
Real estate investments
Purchase Price			$ 39,600
Transaction Costs			65
Total Acquisition Costs			$ 39,665
Number of properties acquired | property			3
Number of beds/units acquired | item			177
2018 Acquisitions | ILF | 89-unit ILF
Real estate investments
Purchase Price			$ 14,400
Number of beds/units under development | item			89
2018 Acquisitions | MC | Texas
Real estate investments
Number of properties acquired | property			2
2018 Acquisitions | Land
Real estate investments
Purchase Price			$ 695
Transaction Costs			48
Total Acquisition Costs			743
2018 Acquisitions | ALF and MC | 78-unit ALF/MC | Oregon
Real estate investments
Purchase Price			$ 18,108
Number of beds/units under development | item			78

Real Estate Investments - Types

Real Estate Investments - Types of property Development and Improvement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real estate investments
Invested in projects	$ 15,646
Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	16,699	$ 20,524	$ 35,279
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	6,913	2,839	3,249
ALF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	4,491	14,088	27,505
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	6,842	2,544	2,292
SNF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects	12,208	6,436	7,774
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 71		500
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 295	$ 457

Real Estate Investments - Devel

Real Estate Investments - Development and Improvement Projects (Details) - Real Estate Development Commitments - Real Estate Investment Completed Projects $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)itemproperty	Dec. 31, 2019USD ($)propertyitem	Dec. 31, 2018USD ($)itemproperty
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			66
Total Investment | $			$ 14,668
Developments
Completed development and improvement projects
Number of Properties | property	2	2
Number of Beds/Units | item	168	253
Total Investment | $	$ 35,034	$ 46,973
ALF and MC | Developments | Oregon
Completed development and improvement projects
Number of Properties | property	1
Number of Beds/Units | item	78
Total Investment | $	$ 18,447
SNF | Developments | Missouri
Completed development and improvement projects
Number of Properties | property	1
Number of Beds/Units | item	90
Total Investment | $	$ 16,587
SNF | Developments | Kentucky
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		143
Total Investment | $		$ 24,974
MC Units | Developments | Illinois
Completed development and improvement projects
Number of Properties | property			1
Number of Beds/Units | item			66
Total Investment | $			$ 14,668
ILF/ALF/MC | Developments | Wisconsin
Completed development and improvement projects
Number of Properties | property		1
Number of Beds/Units | item		110
Total Investment | $		$ 21,999

Real Estate Investments - Prope

Real Estate Investments - Properties held-for-sale (Details) $ in Thousands	Dec. 31, 2020USD ($)propertyitem	Dec. 31, 2019USD ($)itemproperty
Real estate investments
Accumulated depreciation	$ 349,643	$ 312,642
Properties held-for-sale
Real estate investments
Number of properties | property	20
Gross Investment	$ 61,969
Accumulated depreciation	$ 35,113
Number of beds/units | item	2,217
SNF | Properties held-for-sale | Colorado
Real estate investments
Number of properties | property		3
Gross Investment		$ 8,045
Accumulated depreciation		$ 3,774
Number of beds/units | item		275
SNF | Properties held-for-sale | Iowa
Real estate investments
Number of properties | property		7
Gross Investment		$ 14,610
Accumulated depreciation		$ 9,723
Number of beds/units | item		544
SNF | Properties held-for-sale | Kansas
Real estate investments
Number of properties | property		3
Gross Investment		$ 14,111
Accumulated depreciation		$ 6,674
Number of beds/units | item		250
SNF | Properties held-for-sale | Texas
Real estate investments
Number of properties | property		7
Gross Investment		$ 25,203
Accumulated depreciation		$ 14,942
Number of beds/units | item		1,148

Real Estate Investments - Pro_2

Real Estate Investments - Property Sales (Details)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)itemproperty	Jun. 30, 2018facility	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)itemproperty	Dec. 31, 2019USD ($)itemproperty	Dec. 31, 2018USD ($)propertyitem
Disposals and other
Carrying value				$ 1,102,358,000	$ 1,136,816,000
Net Gain				44,117,000	2,106,000	$ 70,682,000
Net Gain				129,000	500,000
Impairment charges				$ 3,977,000	$ 0	$ 0
Properties sold
Disposals and other
Number of properties sold | property				21	4	10
Number of beds or units in property sold | item				2,411	618	774
Sales price				$ 74,800,000	$ 15,311,000	$ 95,825,000
Carrying value				29,084,000	12,825,000	22,393,000
Net Gain				44,117,000	2,106,000	$ 70,682,000
Holdback repayment				90,000
Reassessment adjustment				$ 39,000
Properties sold | SNF
Disposals and other
Holdback amount					1,091,000
Realizable holdback amount					$ 613,000
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
Net Gain				$ 10,293,000
Properties sold | SNF | Colorado
Disposals and other
Number of properties sold | property				3
Number of beds or units in property sold | item				275
Sales price				$ 15,000,000
Carrying value				4,271,000
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
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
Net Gain				9,051,000
Holdback amount	$ 838,000		$ 838,000	150,000
Realizable holdback amount	$ 471,000			$ 229,000
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
Net Gain				$ 12,287,000
Properties sold | SNF | Arizona, Georgia and Texas
Disposals and other
Number of properties sold | property					3
Number of beds or units in property sold | item					478
Sales price					$ 15,310,000
Carrying value					8,995,000
Net Gain					5,556,000
Properties sold | SNF | Georgia
Disposals and other
Carrying value					1,639,000
Proceeds from sale of properties					$ 7,920,000
Properties sold | SNF | Alabama
Disposals and other
Number of properties sold | property						4
Number of beds or units in property sold | item						454
Sales price						$ 27,975,000
Carrying value						5,695,000
Net Gain						21,987,000
Properties sold | ALF
Disposals and other
Number of facilities sold | facility		6
Properties sold | ALF | Kansas
Disposals and other
Sales price						350,000
Carrying value						$ 346,000
Properties sold | ALF | Texas
Disposals and other
Number of properties sold | property					1
Number of beds or units in property sold | item					140
Sales price					$ 1,000
Carrying value					3,830,000
Net Gain					(3,950,000)
Properties sold | ALF | Ohio and Pennsylvania
Disposals and other
Number of properties sold | property						6
Number of beds or units in property sold | item						320
Sales price						$ 67,500,000
Carrying value						16,352,000
Net Gain						$ 48,695,000
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	$ 44,073,000		$ 44,000,000
Preferred Care, Inc. | Properties sold | Texas
Disposals and other
Carrying value					871,000
Proceeds from sale of properties					140,000
Preferred Care, Inc. | Properties sold | SNF | Arizona
Disposals and other
Carrying value					6,485,000
Proceeds from sale of properties					$ 7,250,000

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loans Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)item
Mortgage Loans
Originations and fundings under mortgage loans receivable	$ 4,253	$ 12,342	$ 21,364
Pay-offs received			(1,086)
Scheduled principal payments received	(1,065)	(1,065)	(1,050)
Mortgage loan premium amortization	(4)	(4)	(4)
Provision for loan loss reserve	(32)	(113)	(192)
Net increase in mortgage loans receivable	$ 3,152	11,160	$ 19,032
Minimum
Mortgage Loans
Interest rate (as a percent)	5.00%
Maximum
Mortgage Loans
Interest rate (as a percent)	7.50%
Mortgage Loans
Mortgage Loans
Loan Term	30 years
Mortgage Loans | Minimum
Mortgage Loans
Interest rate (as a percent)	9.30%
Mortgage Loans | Maximum
Mortgage Loans
Interest rate (as a percent)	10.10%
Mortgages with 9.41% Interest, fixed for two years, and escalating by 2.25% thereafter | Mortgage Loans
Mortgage Loans
Additions to mortgage loans		$ 7,500
Interest rate (as a percent)		9.41%
Loan Term		2 years
Specified basis points for annual increase in interest rate (as a percent)		2.25%
Mortgages With 8.89 Percent Interest With Escalation [Member] | Mortgage Loans
Mortgage Loans
Additions to mortgage loans	$ 2,000
Interest rate (as a percent)	8.89%
Specified basis points for annual increase in interest rate (as a percent)	2.25%
Michigan | SNF | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter
Mortgage Loans
Interest rate (as a percent)			8.70%
Loan Term			5 years
Specified basis points for annual increase in interest rate (as a percent)			2.25%
Michigan | SNF | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter | Mortgage Loans
Mortgage Loans
Additions to mortgage loans			$ 7,400
Michigan | SNF | Mortgages with 9.41% Interest, fixed for five years, and escalating by 2.25% thereafter
Mortgage Loans
Additions to mortgage loans			$ 7,125
Interest rate (as a percent)			9.41%
Loan Term			5 years
Specified basis points for annual increase in interest rate (as a percent)			2.25%
SNF Beds | Michigan | SNF | Mortgages with 8.7% Interest, fixed for five years, and escalating by 2.25% thereafter
Mortgage Loans
Number of beds/units | item			112
SNF Beds | Michigan | SNF | Mortgages with 9.41% Interest, fixed for five years, and escalating by 2.25% thereafter
Mortgage Loans
Number of beds/units | item			126

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate investments
Carrying value of mortgage loans	$ 257,251	$ 254,099
Mortgage Loans
Real estate investments
Carrying value of mortgage loans	257,251	$ 254,099
Scheduled principal payments on mortgage loan receivables
2021	1,175
2022	1,175
2023	1,175
2024	1,175
2025	1,175
Thereafter	253,968
Total	$ 259,843

Real Estate Investments - Mor_3

Real Estate Investments - Mortgage Loans - Early Payoffs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Early mortgage loan payoffs
Early Principal Payoff	$ 1,086

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)propertyitem	Dec. 31, 2019USD ($)itemproperty	Dec. 31, 2018USD ($)
Investment in Unconsolidated Joint Ventures
Carrying Value		$ 11,340,000	$ 19,003,000
Income Recognized		432,000	2,388,000	$ 2,864,000
Cash Interest Received		432,000	2,991,000	2,371,000
Impairment loss from investments in unconsolidated joint ventures			5,500,000
Liquidation proceeds		17,848,000	6,601,000
Joint Venture
Investment in Unconsolidated Joint Ventures
Liquidation proceeds		17,848,000
Amount of gains (losses) on liquidation		$ (758,000)
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
Capital Contributions		$ 11,398,000	472,000	670,000
Income Recognized		432,000	2,388,000	2,864,000
Cash Interest Received		431,000	$ 2,991,000	2,371,000
Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Investment commitment		13,000,000
Carrying Value		11,340,000
Combination ILF, ALF and MC community | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of properties owned by joint venture for sale | property			4
Impairment loss from investments in unconsolidated joint ventures			$ 5,500,000
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions		58,000	472,000	670,000
Income Recognized		231,000	1,029,000	2,041,000
Cash Interest Received		$ 231,000	$ 1,580,000	1,975,000
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Arizona
Investment in Unconsolidated Joint Ventures
Preferred return percentage		15.00%
Combination ALF, ILF, 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
Income Recognized			955,000
Cash Interest Received			$ 979,000
Combination ALF/MC | Joint Venture | Not primary beneficiary | Preferred Equity Investment
Investment in Unconsolidated Joint Ventures
Capital Contributions		$ 6,340,000
Income Recognized		169,000
Cash Interest Received		$ 168,000
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of beds/units	95
Capital Contributions	$ 6,340,000
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage		12.00%
Contractual cash portion		7.00%
Number of beds/units | item		95
Carrying Value		$ 6,340,000
Percentage of Investment		15.50%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent
Investment in Unconsolidated Joint Ventures
Percentage of cash return		8.00%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Minimum
Investment in Unconsolidated Joint Ventures
Percentage of cash return		7.00%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Maximum
Investment in Unconsolidated Joint Ventures
Percentage of cash return		9.00%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | The Internal Rate of Return is Between Twelve and Fourteen Percent | Minimum
Investment in Unconsolidated Joint Ventures
Percentage of cash return		12.00%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | The Internal Rate of Return is Between Twelve and Fourteen Percent | Maximum
Investment in Unconsolidated Joint Ventures
Percentage of cash return		14.00%
Combination 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
Income Recognized			404,000
Cash Interest Received			$ 432,000
Combination ILF/ALF | Joint Venture | Not primary beneficiary | Preferred Equity Investment | Washington
Investment in Unconsolidated Joint Ventures
Capital Contributions		$ 5,000,000
Income Recognized		32,000
Cash Interest Received		$ 32,000
Combination ILF/ALF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage		12.00%
Contractual cash portion		8.00%
Number of beds/units | item		267
Investment commitment		$ 13,000,000
Carrying Value		$ 5,000,000
Percentage of Investment		11.60%
Percentage of cash return		8.00%
Percentage of internal rate of return		12.00%
Amount of joint venture investment		$ 13,000,000
Combination ALF/IL/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized				511,000
Cash Interest Received				396,000
Combination UDP-ALF/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized				$ 312,000

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Notes receivable activities
Mezzanine loan		$ 6,800
Notes receivable reserve	$ (146)	(181)
Total	14,465	17,927
Mezzanine loan
Notes receivable activities
Mezzanine loan	8,445	13,284
Other loans
Notes receivable activities
Mezzanine loan	$ 6,166	$ 4,824

Notes Receivable - Other Inform

Notes Receivable - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Abstract]
Advances under notes receivable	$ 2,078	$ 8,967	$ 124
Principal payments received under notes receivable	(5,275)	(3,503)	(3,848)
Reclassified to lease incentives	300	200
Notes Receivable reserve	35	(52)	37
Net (decrease) increase	$ (3,462)	$ 5,212	$ (3,687)

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Notes receivable activities
Notes receivable, gross		$ 6,800
Number of beds/units under development | item		204
Principal payments received on notes receivable	$ 5,275	$ 3,503	$ 3,848
Minimum
Notes receivable activities
Interest rate (as a percent)	5.00%
Maximum
Notes receivable activities
Interest rate (as a percent)	7.50%
Mezzanine loan
Notes receivable activities
Notes receivable, gross	$ 8,445	$ 13,284
Notes Receivable
Notes receivable activities
Principal payments received on notes receivable	$ 900
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% Interest
Notes receivable activities
Loan Term		46 months
204-unit ILF/ALF/MC | $1400 note agreement
Notes receivable activities
Notes receivable, gross		$ 1,304
Interest rate (as a percent)		7.00%
Loan principal amount		$ 1,400
Committed to fund		96
204-unit ILF/ALF/MC | $550 Note Agreement
Notes receivable activities
Notes receivable, gross		$ 500
Interest rate (as a percent)		7.50%
Loan principal amount		$ 550
Committed to fund		$ 50

Lease Incentives (Details)

Lease Incentives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lease Incentives
Non-contingent lease incentives	$ 2,462	$ 2,552
Non-contingent lease incentives, funding	220	387	$ 1,272
Total funding	220	387	1,272
Non-contingent lease incentives, Amortization	(426)	(385)	(1,733)
Contingent lease incentives, Amortization			(359)
Total amortization	(426)	(385)	(2,092)
Non-contingent lease incentives, Adjustment	115	(11,893)
Total Adjustment	115	(11,893)
Non-contingent lease incentives, Write off	185	12,093
Contingent lease incentives, Write off			(6,219)
Total Write off			$ (6,219)
Reclassified to lease incentives	$ 300	$ 200

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings Terms (Details) - Bank Borrowings	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2018USD ($)
Debt Obligations
Maximum available under facility	$ 1,000,000,000	$ 600,000,000
Additional extension period option	1 year
Unused commitment fee (as a percent)	20.00%
Financial covenants
Maximum ratio of total indebtedness to total asset value	0.5
Maximum ratio of secured debt to total asset value	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	0.6
Minimum ratio of EBITDA to fixed charges	1.50
LIBOR
Debt Obligations
Basis spread over base rate (as a percent)	115.00%

Debt Obligations - Component (D

Debt Obligations - Component (Details) - USD ($)	Feb. 19, 2021	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Amount borrowed			$ 24,000,000	$ 207,900,000	$ 116,200,000
Applicable Interest Rate (as a percent)			3.96%
Outstanding Balance			$ 649,382,000	693,388,000
Available for borrowing			510,100,000	527,600,000
Payments on debt			$ 68,160,000	159,667,000	138,866,000
Minimum
Debt Obligations
Interest rate (as a percent)			5.00%
Maximum
Debt Obligations
Interest rate (as a percent)			7.50%
Bank Borrowings
Debt Obligations
Amount borrowed			$ 24,000,000	107,900,000	116,200,000
Applicable Interest Rate (as a percent)			1.38%
Outstanding Balance			$ 89,900,000	93,900,000
Available for borrowing			510,100,000	506,100,000
Payments on debt			$ 28,000,000	126,000,000	100,700,000
Bank Borrowings | Subsequent Event
Debt Obligations
Amount borrowed		$ 9,000,000
Outstanding Balance		98,900,000
Available for borrowing		$ 501,100,000
Senior Unsecured Notes
Debt Obligations
Amount borrowed				100,000,000
Applicable Interest Rate (as a percent)			4.37%
Outstanding Balance	$ 552,482,000		$ 559,482,000	599,488,000
Available for borrowing				21,500,000
Payments on debt	7,000,000		$ 40,160,000	$ 33,667,000	$ 38,166,000
Senior Unsecured Notes | Subsequent Event
Debt Obligations
Outstanding Balance	552,482,000
Payments on debt	$ 7,000,000
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 Payments (Details) - USD ($)	Feb. 19, 2021	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Borrowings			$ 24,000,000	$ 207,900,000	$ 116,200,000
Repayments			(68,160,000)	(159,667,000)	(138,866,000)
Outstanding Balance			649,382,000	693,388,000
Available for borrowing			510,100,000	527,600,000
Bank Borrowings
Debt Obligations
Borrowings			24,000,000	107,900,000	116,200,000
Repayments			(28,000,000)	(126,000,000)	(100,700,000)
Outstanding Balance			89,900,000	93,900,000
Available for borrowing			510,100,000	506,100,000
Bank Borrowings | Subsequent Event
Debt Obligations
Borrowings		$ 9,000,000
Outstanding Balance		98,900,000
Available for borrowing		$ 501,100,000
Senior Unsecured Notes
Debt Obligations
Borrowings				100,000,000
Repayments	$ (7,000,000)		(40,160,000)	(33,667,000)	$ (38,166,000)
Outstanding Balance	552,482,000		$ 559,482,000	599,488,000
Available for borrowing				21,500,000
Senior Unsecured Notes | Private Shelf Agreement Prudential
Debt Obligations
Face amount of debt				$ 100,000,000
Stated interest rate (as a percent)				3.85%
Senior Unsecured Notes | Subsequent Event
Debt Obligations
Repayments	(7,000,000)
Outstanding Balance	$ 552,482,000

Debt Obligations - Future Matur

Debt Obligations - Future Maturities (Details) - USD ($)	Feb. 19, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2021
Scheduled Principal Payments
2021		$ 47,160,000
2022		138,060,000
2023		49,160,000
2024		49,160,000
2025		49,500,000
Thereafter		317,000,000
Total		650,040,000
Other information
Payments on debt		68,160,000	$ 159,667,000	$ 138,866,000
Outstanding Balance		649,382,000	693,388,000
Bank Borrowings
Scheduled Principal Payments
2022		89,900,000
Total		89,900,000
Other information
Payments on debt		28,000,000	126,000,000	100,700,000
Outstanding Balance		89,900,000	93,900,000
Bank Borrowings | Subsequent Event
Other information
Outstanding Balance					$ 98,900,000
Senior Unsecured Notes
Scheduled Principal Payments
2021		47,160,000
2022		48,160,000
2023		49,160,000
2024		49,160,000
2025		49,500,000
Thereafter		317,000,000
Total		560,140,000
Other information
Payments on debt	$ 7,000,000	40,160,000	33,667,000	$ 38,166,000
Outstanding Balance	552,482,000	$ 559,482,000	$ 599,488,000
Senior Unsecured Notes | Subsequent Event
Other information
Payments on debt	7,000,000
Outstanding Balance	$ 552,482,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Noncontrolling interest
Gross Consolidated Assets	$ 1,514,209		$ 1,459,486
Non-controlling interests	8,483		8,404
Partnership
Noncontrolling interest
Gross Consolidated Assets			83,429
Non-controlling interests			8,404
2018 Acquisitions
Noncontrolling interest
Purchase Price		$ 40,295
2018 Acquisitions | ALF
Noncontrolling interest
Purchase Price		$ 39,600
2019 Acquisitions
Noncontrolling interest
Purchase Price	57,951
2019 Acquisitions | SNF
Noncontrolling interest
Purchase Price	19,500
2019 Acquisitions | ALF
Noncontrolling interest
Purchase Price	$ 35,719
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			18,447
Non-controlling interests			1,081
Oregon | 2018 Acquisitions | Partnership | ILF
Noncontrolling interest
Gross Consolidated Assets			14,400
Non-controlling interests			2,858
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
Noncontrolling interest
Gross Consolidated Assets			11,680
Non-controlling interests			$ 1,241

Equity - Class of Stock Disclos

Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity
Proceeds from common stock issued, net of issuance costs			$ 1,005,000
Common Stock
Equity
Number of shares repurchased	76,574	45,030	31,326
Common Stock | Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement	$ 200,000,000	$ 200,000,000
Shares common stock sold	0		22,244
Proceeds from common stock issued, net of issuance costs			$ 1,005,000
Compensation paid to sales agents			18,000
Reclassification of accumulated costs to additional paid in capital			76,000
Amount available under effective shelf registration statement	$ 200,000,000		$ 184,139,000

Equity - Share Repurchase Plan

Equity - Share Repurchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 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 - Class of Stock Discl_2

Equity - Class of Stock Disclosures - Dividends and AOCI (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended																																							3 Months Ended									12 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividend Distributions
Paid																																																	$ 90,262	$ 90,899	$ 90,372
Dividends declared and paid per common share																																									$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Common Stock cash distributions																																									$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280
Subsequent Event | Dividend Payable, January 31, 2021
Dividend Distributions
Dividends declared and paid per common share																																								$ 0.19
Subsequent Event | Dividend Payable, February 28, 2021
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Dividend Payable, March 31,2021
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock
Dividend Distributions
Declared				$ 90,262												$ 90,899												$ 90,372													$ 90,262				$ 90,899				$ 90,262	$ 90,899	$ 90,372
Paid																																																	90,262	$ 90,899	$ 90,372
Dividends declared and paid per common share				$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19
Common Stock | Subsequent Event | Dividend Payable, January 31, 2021
Dividend Distributions
Dividends declared and paid per common share			$ 0.19
Performance-based stock units | Common Stock
Dividend Distributions
Declared				$ 586																																					$ 586								586
Paid																																																	$ 300

Equity - Restricted Stock and p

Equity - Restricted Stock and performance-based stock units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2015
Restricted stock
Restricted stock and performance based stock units activity
Outstanding at the beginning of the year (in shares)	163,569	156,297	140,899
Granted (in shares)	101,348	86,772	90,547
Vested (in shares)	(84,477)	(79,500)	(75,149)
Outstanding at the end of the year (in shares)	180,440	163,569	156,297
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	167,375	147,608	156,718
Outstanding at the end of the year (in shares)	373,474
Compensation expense
Remaining compensation expense	$ 8,297,000
Restricted stock and performance-based stock units | 2021
Restricted stock and performance based stock units activity
Outstanding at the end of the year (in shares)	159,537
Compensation expense
Remaining compensation expense	$ 5,201,000
Restricted stock and performance-based stock units | 2022
Restricted stock and performance based stock units activity
Outstanding at the end of the year (in shares)	117,417
Compensation expense
Remaining compensation expense	$ 2,729,000
Restricted stock and performance-based stock units | 2023
Restricted stock and performance based stock units activity
Outstanding at the end of the year (in shares)	96,520
Compensation expense
Remaining compensation expense	$ 367,000
Restricted stock and performance-based stock units | Grant Date Price $48.95 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	76,464
Price per share	$ 48.95
Vesting period	3 years
Restricted stock and performance-based stock units | Grant Date Price $49.98 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	66,027
Price per share	$ 49.98
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	15,000
Price per share	$ 38.45
Vesting period	3 years
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Vesting Date, May 27, 2021
Restricted stock and performance based stock units activity
Granted (in shares)	9,884
Restricted stock and performance-based stock units | Grant Date Price $46.54 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		78,276
Price per share		$ 46.54
Vesting period		3 years
Restricted stock and performance-based stock units | Grant Date Price $46.54 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)		60,836
Price per share		$ 46.54
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			81,819
Price per share			$ 38.18
Vesting period			3 years
Restricted stock and performance-based stock units | Grant Date Price $38.18 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)			66,171
Price per share			$ 38.18
Vesting period			4 years
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period			3 years
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 27, 2021
Restricted stock and performance based stock units activity
Price per share	$ 38.45
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 29, 2020
Restricted stock and performance based stock units activity
Granted (in shares)		8,496
Price per share		$ 44.73
Restricted stock and performance-based stock units | Grant Date Price $41.25 | Vesting Date, May 30, 2019
Restricted stock and performance based stock units activity
Granted (in shares)			8,728
Price per share			$ 41.25
Performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	66,027	60,836	66,171
Vested (in shares)	(81,574)	(48,225)	0
Compensation expense
Compensation expense related to share-based award	$ 7,012,000	$ 6,566,000	$ 5,870,000
Performance-based stock units | 2021
Restricted stock and performance based stock units activity
Outstanding at the end of the year (in shares)	66,171
Performance-based stock units | 2022
Restricted stock and performance based stock units activity
Outstanding at the end of the year (in shares)	60,836
Performance-based stock units | 2023
Restricted stock and performance based stock units activity
Outstanding at the end of the year (in shares)	66,027
2015 Plan
Stock Based Compensation Plans
Total shares reserved for issuance	426,451			1,400,000

Equity - Options (Details)

Equity - Options (Details) - Stock options - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Nonqualified stock option activity
Outstanding, beginning of period	15,000	20,000	25,000
Granted (in shares)			0
Exercised (in shares)		(5,000)	(5,000)
Outstanding, end of period	15,000	15,000	20,000
Options exercisable (in shares)	15,000	15,000	2,000
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 38.43	$ 34.99	$ 32.92
Exercised (in dollars per share)		24.65	24.65
Outstanding at the end of the year (in dollars per share)	38.43	38.43	34.99
Exercisable at the end of the period (in dollars per share)	$ 38.43	$ 38.43	$ 34.99
Other information
Aggregate intrinsic value of exercisable options at the end of the year	$ 7,200,000
Weighted average remaining contractual life of options exercisable	2 years 2 months 12 days	3 years 2 months 12 days	3 years 3 months 18 days
Options Value		$ 123,000	$ 123,000
Market Value		$ 233,000	$ 205,000
Compensation expense related to share-based award	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Commitments and Contingencies
Investment Commitment	$ 62,260
2020 Funding	15,646
Total Commitments funded	21,485
Remaining commitment	40,775
Real estate properties
Commitments and Contingencies
Investment Commitment	12,670
2020 Funding	6,481
Total Commitments funded	7,347
Remaining commitment	5,323
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	9,000
Remaining commitment	9,000
Mortgage loans
Commitments and Contingencies
Investment Commitment	25,500
2020 Funding	2,782
Total Commitments funded	7,755
Remaining commitment	17,745
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	7,500
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	18,000
Joint venture investments
Commitments and Contingencies
Investment Commitment	13,000
2020 Funding	5,000
Total Commitments funded	5,000
Remaining commitment	8,000
Notes receivable
Commitments and Contingencies
Investment Commitment	2,090
2020 Funding	1,383
Total Commitments funded	1,383
Remaining commitment	$ 707

Commitments and Contingencies_2

Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitment
Carrying value	$ 1,102,358	$ 1,136,816

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Distributions
Minimum distribution of taxable income (as a percent)									90.00%
Ordinary taxable distribution									$ 0.936	$ 2.084	$ 0.349
Unrecaptured Section 1250 gain									0.894	0.132	0.636
Long-term capital gain									0.450	0.064	1.295
Total	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income									$ 95,677	$ 80,872	$ 155,076
Less income allocated to non-controlling interests									(384)	(346)	(95)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities									(397)	(372)	(357)
Income allocated to participating securities									(25)	(19)	(268)
Total net income allocated to participating securities									(422)	(391)	(625)
Net income available to common stockholders									94,871	80,135	154,356
Effect of dilutive securities:
Participating securities											625
Net income for diluted net income per share									$ 94,871	$ 80,135	$ 154,981
Shares for basic net income per share									39,179	39,571	39,477
Effect of dilutive securities: (Shares)
Total effect of dilutive securities (in shares)									85	188	362
Shares for diluted net income per share									39,264	39,759	39,839
Basic (in dollars per share)	$ 0.45	$ 0.31	$ 0.05	$ 1.60	$ 0.31	$ 0.68	$ 0.51	$ 0.51	$ 2.42	$ 2.03	$ 3.91
Diluted (in dollars per share)	$ 0.45	$ 0.31	$ 0.05	$ 1.60	$ 0.31	$ 0.68	$ 0.51	$ 0.51	$ 2.42	$ 2.02	$ 3.89
Stock options
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)										4	3
Performance-based stock units
Effect of dilutive securities: (Shares)
Stock options and performance-based stock units (in shares)									85	184	203
Participating Securities
Effect of dilutive securities: (Shares)
Participating securities											156

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information
Revenues	$ 46,273	$ 38,173	$ 28,481	$ 46,410	$ 46,463	$ 47,119	$ 46,266	$ 45,456	$ 159,337	$ 185,304	$ 168,645
Net income available to common stockholders	$ 17,470	$ 12,114	$ 1,773	$ 63,370	$ 12,449	$ 27,080	$ 20,352	$ 20,254
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.45	$ 0.31	$ 0.05	$ 1.60	$ 0.31	$ 0.68	$ 0.51	$ 0.51	$ 2.42	$ 2.03	$ 3.91
Diluted (in dollars per share)	0.45	0.31	0.05	1.60	0.31	0.68	0.51	0.51	2.42	2.02	3.89
Dividends declared and paid per common share	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.57
Dividends declared and paid per common share (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item
Fair value measurements
Mortgage loans receivable	$ 257,251	$ 254,099
Senior unsecured notes, net of debt issue costs	$ 559,482	$ 599,488
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash outflows discount rate (as a percent) | item	3.25	3.70
Level 3 | Senior Unsecured Notes maturing 2026 and after | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash outflows discount rate (as a percent) | item	3.50	3.90
Level 3 | Mortgage Loans Receivable | Discount Rate | Discounted Cash Flow Analysis
Fair value measurements
Future cash inflows discount rate (as a percent)	10	9
Carrying Value
Fair value measurements
Mortgage loans receivable	$ 257,251	$ 254,099
Bank borrowings	89,900	93,900
Senior unsecured notes, net of debt issue costs	559,482	599,488
Fair Value
Fair value measurements
Bank borrowings	89,900	93,900
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable	299,751	312,824
Senior unsecured notes, net of debt issue costs	$ 560,140	$ 612,375

Subsequent Events - Real Estate

Subsequent Events - Real Estate (Details) - Subsequent Event	Feb. 19, 2021USD ($)item	Jan. 31, 2021USD ($)facility
Subsequent Event [Line Items]
Revenue from one-time escalation reduction	$ 530,000,000
Senior Lifestyle Corporation
Subsequent Event [Line Items]
Number of properties sold | facility		11
Incremental lease rent , First year		$ 5,250,000
Incremental lease rent , second year		7,078,000
Incremental lease rent , three year		$ 7,303,000
Percentage of incremental annual rent		2.00%
Percentage of contractual amount due		50.00%
Number of assisted communities | item	12

Subsequent Events - Debt Obliga

Subsequent Events - Debt Obligations (Details) - USD ($)	Feb. 19, 2021	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Amount borrowed			$ 24,000,000	$ 207,900,000	$ 116,200,000
Payments on debt			68,160,000	159,667,000	138,866,000
Outstanding Balance			649,382,000	693,388,000
Available for borrowing			510,100,000	527,600,000
Senior Unsecured Notes
Debt Obligations
Amount borrowed				100,000,000
Payments on debt	$ 7,000,000		40,160,000	33,667,000	38,166,000
Outstanding Balance	552,482,000		559,482,000	599,488,000
Available for borrowing				21,500,000
Bank Borrowings
Debt Obligations
Amount borrowed			24,000,000	107,900,000	116,200,000
Payments on debt			28,000,000	126,000,000	$ 100,700,000
Outstanding Balance			89,900,000	93,900,000
Available for borrowing			$ 510,100,000	$ 506,100,000
Subsequent Event | Senior Unsecured Notes
Debt Obligations
Payments on debt	7,000,000
Outstanding Balance	$ 552,482,000
Subsequent Event | Bank Borrowings
Debt Obligations
Amount borrowed		$ 9,000,000
Outstanding Balance		98,900,000
Available for borrowing		$ 501,100,000

Subsequent Events - Notes Recei

Subsequent Events - Notes Receivable (Details) - USD ($) $ in Thousands	Feb. 19, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Events
Principal payments received on notes receivable		$ 5,275	$ 3,503	$ 3,848
Notes Receivable
Subsequent Events
Principal payments received on notes receivable		$ 900
Subsequent Event | Notes Receivable
Subsequent Events
Principal payments received on notes receivable	$ 900

Subsequent Events - Equity (Det

Subsequent Events - Equity (Details) - $ / shares	1 Months Ended																																							3 Months Ended									12 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019	Jun. 30, 2019	May 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	May 31, 2018	Apr. 30, 2018	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity
Dividends declared and paid per common share																																									$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Restricted stock
Equity
Number of shares granted																																																	101,348	86,772	90,547
Restricted stock and performance-based stock units
Equity
Number of shares granted																																																	167,375	147,608	156,718
Common Stock
Equity
Dividends declared and paid per common share				$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19
Number of shares repurchased																																																	76,574	45,030	31,326
Dividend Payable, January 31, 2021 | Subsequent Event
Equity
Dividends declared and paid per common share																																								$ 0.19
Dividend Payable, January 31, 2021 | Subsequent Event | Common Stock
Equity
Dividends declared and paid per common share			$ 0.19
Dividend Payable, February 28, 2021 | Subsequent Event
Equity
Dividends declared and paid per common share		$ 0.19
Dividend Payable, March 31,2021 | Subsequent Event
Equity
Dividends declared and paid per common share	$ 0.19

SCHEDULE II VALUATION AND QUA_2

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation and qualifying accounts
Balance at beginning of period	$ 2,741	$ 3,321	$ 3,235
(Recovered) charged to costs and expenses	(3)	166	86
Charged to other accounts		(746)
Balance at end of period	$ 2,738	2,741	3,321
Percentage of provision on rent receivables (in percentage)	1.00%
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	$ 2,560	2,447	2,255
(Recovered) charged to costs and expenses	32	113	192
Balance at end of period	2,592	2,560	2,447
Other notes receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	181	128	166
(Recovered) charged to costs and expenses	(35)	53	(38)
Balance at end of period	$ 146	181	128
Straight-line rent receivable allowance
Valuation and qualifying accounts
Balance at beginning of period		746	814
(Recovered) charged to costs and expenses			(68)
Charged to other accounts		$ (746)
Balance at end of period			$ 746

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Initial Cost to Company
Land	$ 127,774
Buildings and Improvements	1,244,842
Costs Capitalized Subsequent to acquisition	79,385
Gross Amount at Which Carried As of Year End
Land	127,774
Buildings and Improvements	1,324,227
Total	1,452,001	$ 1,484,571	$ 1,421,456	$ 1,392,122
Accum Deprec	349,643	$ 347,755	$ 314,875	$ 306,033
SNF
Initial Cost to Company
Land	49,229
Buildings and Improvements	478,821
Costs Capitalized Subsequent to acquisition	32,419
Gross Amount at Which Carried As of Year End
Land	49,229
Buildings and Improvements	511,240
Total	560,469
Accum Deprec	160,556
ALF
Initial Cost to Company
Land	75,637
Buildings and Improvements	758,713
Costs Capitalized Subsequent to acquisition	45,822
Gross Amount at Which Carried As of Year End
Land	75,637
Buildings and Improvements	804,535
Total	880,172
Accum Deprec	187,948
Other School and Land
Initial Cost to Company
Land	2,908
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,144
Gross Amount at Which Carried As of Year End
Land	2,908
Buildings and Improvements	8,452
Total	11,360
Accum Deprec	1,139
School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,144
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	8,452
Total	10,417
Accum Deprec	1,139
Land
Initial Cost to Company
Land	943
Gross Amount at Which Carried As of Year End
Land	943
Total	943
134 Alamogordo, NM | SNF
Initial Cost to Company
Land	210
Buildings and Improvements	2,593
Costs Capitalized Subsequent to acquisition	641
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	3,234
Total	3,444
Accum Deprec	1,583
218 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,696
Buildings and Improvements	3,891
Costs Capitalized Subsequent to acquisition	530
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	4,421
Total	6,117
Accum Deprec	2,067
219 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,950
Buildings and Improvements	8,910
Costs Capitalized Subsequent to acquisition	207
Gross Amount at Which Carried As of Year End
Land	1,950
Buildings and Improvements	9,117
Total	11,067
Accum Deprec	4,091
220 Albuquerque, NM | SNF
Initial Cost to Company
Land	2,463
Buildings and Improvements	7,647
Costs Capitalized Subsequent to acquisition	9
Gross Amount at Which Carried As of Year End
Land	2,463
Buildings and Improvements	7,656
Total	10,119
Accum Deprec	3,407
252 Amarillo, TX | SNF
Initial Cost to Company
Land	844
Costs Capitalized Subsequent to acquisition	7,925
Gross Amount at Which Carried As of Year End
Land	844
Buildings and Improvements	7,925
Total	8,769
Accum Deprec	2,179
247 Arlington, TX | SNF
Initial Cost to Company
Land	1,016
Buildings and Improvements	13,649
Gross Amount at Which Carried As of Year End
Land	1,016
Buildings and Improvements	13,649
Total	14,665
Accum Deprec	4,393
007 Bradenton, FL | SNF
Initial Cost to Company
Land	330
Buildings and Improvements	2,720
Costs Capitalized Subsequent to acquisition	160
Gross Amount at Which Carried As of Year End
Land	330
Buildings and Improvements	2,880
Total	3,210
Accum Deprec	2,265
256 Brownwood, TX | SNF
Initial Cost to Company
Land	164
Buildings and Improvements	6,336
Gross Amount at Which Carried As of Year End
Land	164
Buildings and Improvements	6,336
Total	6,500
Accum Deprec	1,770
177 Chesapeake, VA | SNF
Initial Cost to Company
Land	388
Buildings and Improvements	3,469
Costs Capitalized Subsequent to acquisition	2,777
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	6,246
Total	6,634
Accum Deprec	3,762
257 Cincinnati, OH | SNF
Initial Cost to Company
Land	1,890
Buildings and Improvements	25,110
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	25,110
Total	27,000
Accum Deprec	4,927
125 Clovis, NM | SNF
Initial Cost to Company
Land	561
Buildings and Improvements	5,539
Costs Capitalized Subsequent to acquisition	307
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	5,846
Total	6,407
Accum Deprec	2,872
129 Clovis, NM | SNF
Initial Cost to Company
Land	598
Buildings and Improvements	5,902
Costs Capitalized Subsequent to acquisition	59
Gross Amount at Which Carried As of Year End
Land	598
Buildings and Improvements	5,961
Total	6,559
Accum Deprec	2,949
267 Cold Spring, KY | SNF
Initial Cost to Company
Land	2,050
Buildings and Improvements	21,496
Gross Amount at Which Carried As of Year End
Land	2,050
Buildings and Improvements	21,496
Total	23,546
Accum Deprec	5,288
253 Colton, CA | SNF
Initial Cost to Company
Land	2,474
Buildings and Improvements	15,158
Gross Amount at Which Carried As of Year End
Land	2,474
Buildings and Improvements	15,158
Total	17,632
Accum Deprec	3,942
246 Crowley, TX | SNF
Initial Cost to Company
Land	2,247
Buildings and Improvements	14,276
Gross Amount at Which Carried As of Year End
Land	2,247
Buildings and Improvements	14,276
Total	16,523
Accum Deprec	4,551
235 Daleville, VA | SNF
Initial Cost to Company
Land	279
Buildings and Improvements	8,382
Gross Amount at Which Carried As of Year End
Land	279
Buildings and Improvements	8,382
Total	8,661
Accum Deprec	2,801
258 Dayton, OH | SNF
Initial Cost to Company
Land	373
Buildings and Improvements	26,627
Gross Amount at Which Carried As of Year End
Land	373
Buildings and Improvements	26,627
Total	27,000
Accum Deprec	5,269
196 Dresden, TN | SNF
Initial Cost to Company
Land	31
Buildings and Improvements	1,529
Costs Capitalized Subsequent to acquisition	1,073
Gross Amount at Which Carried As of Year End
Land	31
Buildings and Improvements	2,602
Total	2,633
Accum Deprec	1,261
298 Forth Worth, TX | SNF
Initial Cost to Company
Land	2,785
Buildings and Improvements	7,546
Gross Amount at Which Carried As of Year End
Land	2,785
Buildings and Improvements	7,546
Total	10,331
Accum Deprec	2,211
026 Gardendale, AL | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	7,550
Costs Capitalized Subsequent to acquisition	2,084
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,634
Total	9,734
Accum Deprec	6,470
248 Granbury, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	6,693
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	6,693
Total	7,529
Accum Deprec	2,789
250 Hewitt, TX | SNF
Initial Cost to Company
Land	1,780
Buildings and Improvements	8,220
Costs Capitalized Subsequent to acquisition	99
Gross Amount at Which Carried As of Year End
Land	1,780
Buildings and Improvements	8,319
Total	10,099
Accum Deprec	2,298
319 Independence, MO | SNF
Initial Cost to Company
Land	2,644
Buildings and Improvements	13,942
Gross Amount at Which Carried As of Year End
Land	2,644
Buildings and Improvements	13,942
Total	16,586
Accum Deprec	180
318 Kansas City, MO | SNF
Initial Cost to Company
Land	1,229
Buildings and Improvements	18,369
Costs Capitalized Subsequent to acquisition	69
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	18,438
Total	19,667
Accum Deprec	726
008 Lecanto, FL | SNF
Initial Cost to Company
Land	351
Buildings and Improvements	2,665
Costs Capitalized Subsequent to acquisition	2,737
Gross Amount at Which Carried As of Year End
Land	351
Buildings and Improvements	5,402
Total	5,753
Accum Deprec	4,011
322 Longview, Tx | SNF
Initial Cost to Company
Land	1,405
Buildings and Improvements	12,176
Gross Amount at Which Carried As of Year End
Land	1,405
Buildings and Improvements	12,176
Total	13,581
Accum Deprec	425
300 Mansfield, TX | SNF
Initial Cost to Company
Land	2,890
Buildings and Improvements	13,110
Gross Amount at Which Carried As of Year End
Land	2,890
Buildings and Improvements	13,110
Total	16,000
Accum Deprec	2,400
053 Mesa, AZ | SNF
Initial Cost to Company
Land	305
Buildings and Improvements	6,909
Costs Capitalized Subsequent to acquisition	1,876
Gross Amount at Which Carried As of Year End
Land	305
Buildings and Improvements	8,785
Total	9,090
Accum Deprec	6,121
242 Mission, TX | SNF
Initial Cost to Company
Land	1,111
Buildings and Improvements	16,602
Gross Amount at Which Carried As of Year End
Land	1,111
Buildings and Improvements	16,602
Total	17,713
Accum Deprec	4,868
115 Nacogdoches, TX | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	1,738
Costs Capitalized Subsequent to acquisition	168
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,906
Total	2,006
Accum Deprec	1,243
233 Nacogdoches, TX | SNF
Initial Cost to Company
Land	394
Buildings and Improvements	7,456
Costs Capitalized Subsequent to acquisition	268
Gross Amount at Which Carried As of Year End
Land	394
Buildings and Improvements	7,724
Total	8,118
Accum Deprec	2,463
249 Nacogdoches, TX | SNF
Initial Cost to Company
Land	1,015
Buildings and Improvements	11,109
Gross Amount at Which Carried As of Year End
Land	1,015
Buildings and Improvements	11,109
Total	12,124
Accum Deprec	4,007
245 Newberry, SC | SNF
Initial Cost to Company
Land	439
Buildings and Improvements	4,639
Costs Capitalized Subsequent to acquisition	608
Gross Amount at Which Carried As of Year End
Land	439
Buildings and Improvements	5,247
Total	5,686
Accum Deprec	1,959
244 Newberry, SC | SNF
Initial Cost to Company
Land	919
Buildings and Improvements	5,454
Costs Capitalized Subsequent to acquisition	131
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	5,585
Total	6,504
Accum Deprec	2,060
251 Pasadena, TX | SNF
Initial Cost to Company
Land	1,155
Buildings and Improvements	14,345
Costs Capitalized Subsequent to acquisition	522
Gross Amount at Which Carried As of Year End
Land	1,155
Buildings and Improvements	14,867
Total	16,022
Accum Deprec	3,890
193 Phoenix, AZ | SNF
Initial Cost to Company
Land	300
Buildings and Improvements	9,703
Costs Capitalized Subsequent to acquisition	92
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	9,795
Total	10,095
Accum Deprec	6,105
094 Portland, OR | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	1,925
Costs Capitalized Subsequent to acquisition	3,152
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	5,077
Total	5,177
Accum Deprec	3,661
254 Red Oak, TX | SNF
Initial Cost to Company
Land	1,427
Buildings and Improvements	17,173
Gross Amount at Which Carried As of Year End
Land	1,427
Buildings and Improvements	17,173
Total	18,600
Accum Deprec	4,510
197 Ripley, TN | SNF
Initial Cost to Company
Land	20
Buildings and Improvements	985
Costs Capitalized Subsequent to acquisition	1,638
Gross Amount at Which Carried As of Year End
Land	20
Buildings and Improvements	2,623
Total	2,643
Accum Deprec	1,305
133 Roswell, NM | SNF
Initial Cost to Company
Land	568
Buildings and Improvements	5,235
Costs Capitalized Subsequent to acquisition	1,396
Gross Amount at Which Carried As of Year End
Land	568
Buildings and Improvements	6,631
Total	7,199
Accum Deprec	3,161
081 Sacramento, CA | SNF
Initial Cost to Company
Land	220
Buildings and Improvements	2,929
Costs Capitalized Subsequent to acquisition	1,481
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	4,410
Total	4,630
Accum Deprec	2,638
281 Slinger, WI | SNF
Initial Cost to Company
Land	464
Buildings and Improvements	13,482
Gross Amount at Which Carried As of Year End
Land	464
Buildings and Improvements	13,482
Total	13,946
Accum Deprec	3,030
234 St. Petersburg, FL | SNF
Initial Cost to Company
Land	1,070
Buildings and Improvements	7,930
Costs Capitalized Subsequent to acquisition	500
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	8,430
Total	9,500
Accum Deprec	2,488
243 Stephenville TX | SNF
Initial Cost to Company
Land	670
Buildings and Improvements	10,117
Costs Capitalized Subsequent to acquisition	500
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	10,617
Total	11,287
Accum Deprec	3,218
225 Tacoma, WA | SNF
Initial Cost to Company
Land	723
Buildings and Improvements	6,401
Costs Capitalized Subsequent to acquisition	901
Gross Amount at Which Carried As of Year End
Land	723
Buildings and Improvements	7,302
Total	8,025
Accum Deprec	3,469
178 Tappahannock, VA | SNF
Initial Cost to Company
Land	375
Buildings and Improvements	1,327
Costs Capitalized Subsequent to acquisition	397
Gross Amount at Which Carried As of Year End
Land	375
Buildings and Improvements	1,724
Total	2,099
Accum Deprec	1,528
270 Trinity, FL | SNF
Initial Cost to Company
Land	1,653
Buildings and Improvements	12,748
Gross Amount at Which Carried As of Year End
Land	1,653
Buildings and Improvements	12,748
Total	14,401
Accum Deprec	2,956
192 Tucson, AZ | SNF
Initial Cost to Company
Land	276
Buildings and Improvements	8,924
Costs Capitalized Subsequent to acquisition	112
Gross Amount at Which Carried As of Year End
Land	276
Buildings and Improvements	9,036
Total	9,312
Accum Deprec	5,626
299 Weatherford, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	11,902
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	11,902
Total	12,738
Accum Deprec	2,845
236 Wytheville, VA | SNF
Initial Cost to Company
Land	647
Buildings and Improvements	12,167
Gross Amount at Which Carried As of Year End
Land	647
Buildings and Improvements	12,167
Total	12,814
Accum Deprec	4,866
077 Ada, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,650
Costs Capitalized Subsequent to acquisition	89
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,739
Total	1,839
Accum Deprec	1,008
317 Abington, VA | ALF
Initial Cost to Company
Land	541
Buildings and Improvements	16,355
Gross Amount at Which Carried As of Year End
Land	541
Buildings and Improvements	16,355
Total	16,896
Accum Deprec	815
105 Arvada, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,810
Costs Capitalized Subsequent to acquisition	7,003
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,813
Total	9,913
Accum Deprec	3,514
304 Athens, GA | ALF
Initial Cost to Company
Land	1,056
Buildings and Improvements	13,326
Gross Amount at Which Carried As of Year End
Land	1,056
Buildings and Improvements	13,326
Total	14,382
Accum Deprec	1,681
063 Athens, TX | ALF
Initial Cost to Company
Land	96
Buildings and Improvements	1,510
Costs Capitalized Subsequent to acquisition	104
Gross Amount at Which Carried As of Year End
Land	96
Buildings and Improvements	1,614
Total	1,710
Accum Deprec	1,033
320 Auburn Hills, MI | ALF
Initial Cost to Company
Land	1,964
Buildings and Improvements	4,577
Costs Capitalized Subsequent to acquisition	1,024
Gross Amount at Which Carried As of Year End
Land	1,964
Buildings and Improvements	5,601
Total	7,565
Accum Deprec	324
269 Aurora, CO | ALF
Initial Cost to Company
Land	850
Buildings and Improvements	8,583
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	8,583
Total	9,433
Accum Deprec	2,133
260 Aurora, CO | ALF
Initial Cost to Company
Land	831
Buildings and Improvements	10,071
Gross Amount at Which Carried As of Year End
Land	831
Buildings and Improvements	10,071
Total	10,902
Accum Deprec	2,370
203 Bakersfield, CA | ALF
Initial Cost to Company
Land	834
Buildings and Improvements	11,986
Costs Capitalized Subsequent to acquisition	2,208
Gross Amount at Which Carried As of Year End
Land	834
Buildings and Improvements	14,194
Total	15,028
Accum Deprec	6,854
117 Beatrice, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,173
Costs Capitalized Subsequent to acquisition	243
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,416
Total	2,516
Accum Deprec	1,367
277 Burr Ridge, IL | ALF
Initial Cost to Company
Land	1,400
Buildings and Improvements	11,102
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	11,102
Total	12,502
Accum Deprec	2,106
278 Castle Rock, CO | ALF
Initial Cost to Company
Land	759
Buildings and Improvements	6,005
Gross Amount at Which Carried As of Year End
Land	759
Buildings and Improvements	6,005
Total	6,764
Accum Deprec	1,264
160 Central, SC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,321
Costs Capitalized Subsequent to acquisition	85
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,406
Total	2,506
Accum Deprec	1,153
263 Chatham, NJ | ALF
Initial Cost to Company
Land	5,365
Buildings and Improvements	36,399
Gross Amount at Which Carried As of Year End
Land	5,365
Buildings and Improvements	36,399
Total	41,764
Accum Deprec	8,252
307 Clovis, CA | ALF
Initial Cost to Company
Land	2,542
Buildings and Improvements	19,126
Gross Amount at Which Carried As of Year End
Land	2,542
Buildings and Improvements	19,126
Total	21,668
Accum Deprec	1,923
308 Clovis, CA | ALF
Initial Cost to Company
Land	3,054
Buildings and Improvements	14,172
Gross Amount at Which Carried As of Year End
Land	3,054
Buildings and Improvements	14,172
Total	17,226
Accum Deprec	1,371
279 Corpus Christi, TX | ALF
Initial Cost to Company
Land	880
Buildings and Improvements	11,440
Costs Capitalized Subsequent to acquisition	147
Gross Amount at Which Carried As of Year End
Land	880
Buildings and Improvements	11,587
Total	12,467
Accum Deprec	2,076
292 De Forest, WI | ALF
Initial Cost to Company
Land	485
Buildings and Improvements	5,568
Costs Capitalized Subsequent to acquisition	43
Gross Amount at Which Carried As of Year End
Land	485
Buildings and Improvements	5,611
Total	6,096
Accum Deprec	895
057 Dodge City, KS | ALF
Initial Cost to Company
Land	84
Buildings and Improvements	1,666
Costs Capitalized Subsequent to acquisition	7
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	1,673
Total	1,757
Accum Deprec	1,074
083 Durant, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,769
Costs Capitalized Subsequent to acquisition	36
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,805
Total	1,905
Accum Deprec	1,063
107 Edmond, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,365
Costs Capitalized Subsequent to acquisition	636
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,001
Total	2,101
Accum Deprec	1,117
163 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,961
Costs Capitalized Subsequent to acquisition	3,479
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	6,440
Total	6,540
Accum Deprec	2,710
170 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	3,400
Costs Capitalized Subsequent to acquisition	4,684
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	8,084
Total	8,184
Accum Deprec	3,079
132 Ft. Meyers, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,728
Costs Capitalized Subsequent to acquisition	10
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,738
Total	2,838
Accum Deprec	1,574
315 Ft. Worth, TX | ALF
Initial Cost to Company
Land	1,534
Buildings and Improvements	11,099
Gross Amount at Which Carried As of Year End
Land	1,534
Buildings and Improvements	11,099
Total	12,633
Accum Deprec	791
100 Fremont ,OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	117
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,552
Total	2,652
Accum Deprec	1,514
267 Frisco, TX | ALF
Initial Cost to Company
Land	1,000
Buildings and Improvements	5,154
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	5,154
Total	6,154
Accum Deprec	1,348
314 Frisco, TX | ALF
Initial Cost to Company
Land	2,216
Buildings and Improvements	10,417
Gross Amount at Which Carried As of Year End
Land	2,216
Buildings and Improvements	10,417
Total	12,633
Accum Deprec	759
296 Glenview, IL | ALF
Initial Cost to Company
Land	2,800
Buildings and Improvements	14,248
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	14,248
Total	17,048
Accum Deprec	1,672
167 Goldsboro, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,385
Costs Capitalized Subsequent to acquisition	64
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,449
Total	2,549
Accum Deprec	1,104
056 Great Bend, KS | ALF
Initial Cost to Company
Land	80
Buildings and Improvements	1,570
Costs Capitalized Subsequent to acquisition	21
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	1,591
Total	1,671
Accum Deprec	1,142
102 Greeley, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,310
Costs Capitalized Subsequent to acquisition	313
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,623
Total	2,723
Accum Deprec	1,523
284 Green Bay, WI | ALF
Initial Cost to Company
Land	1,660
Buildings and Improvements	19,079
Costs Capitalized Subsequent to acquisition	404
Gross Amount at Which Carried As of Year End
Land	1,660
Buildings and Improvements	19,483
Total	21,143
Accum Deprec	3,223
164 Greenville, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,478
Costs Capitalized Subsequent to acquisition	17
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,495
Total	2,595
Accum Deprec	1,288
062 Greenville, TX | ALF
Initial Cost to Company
Land	42
Buildings and Improvements	1,565
Costs Capitalized Subsequent to acquisition	84
Gross Amount at Which Carried As of Year End
Land	42
Buildings and Improvements	1,649
Total	1,691
Accum Deprec	1,043
161 Greenwood, SC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,638
Costs Capitalized Subsequent to acquisition	135
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,773
Total	2,873
Accum Deprec	1,403
241 Gulf Breeze, FL | ALF
Initial Cost to Company
Land	720
Buildings and Improvements	2,839
Costs Capitalized Subsequent to acquisition	261
Gross Amount at Which Carried As of Year End
Land	720
Buildings and Improvements	3,100
Total	3,820
Accum Deprec	1,342
295 Jacksonville, FL | ALF
Initial Cost to Company
Land	1,389
Buildings and Improvements	12,756
Costs Capitalized Subsequent to acquisition	689
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	13,445
Total	14,834
Accum Deprec	1,803
066 Jacksonville, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	77
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,977
Total	2,077
Accum Deprec	1,253
310 Kansas City, MO | ALF
Initial Cost to Company
Land	1,072
Buildings and Improvements	15,552
Gross Amount at Which Carried As of Year End
Land	1,072
Buildings and Improvements	15,552
Total	16,624
Accum Deprec	1,249
285 Kenosha, WI | ALF
Initial Cost to Company
Land	936
Buildings and Improvements	12,361
Costs Capitalized Subsequent to acquisition	245
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	12,606
Total	13,542
Accum Deprec	1,878
255 Littleton, CO | ALF
Initial Cost to Company
Land	1,882
Buildings and Improvements	8,248
Gross Amount at Which Carried As of Year End
Land	1,882
Buildings and Improvements	8,248
Total	10,130
Accum Deprec	1,887
268 Littleton, CO | ALF
Initial Cost to Company
Land	1,200
Buildings and Improvements	8,688
Gross Amount at Which Carried As of Year End
Land	1,200
Buildings and Improvements	8,688
Total	9,888
Accum Deprec	2,228
148 Longmont, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,640
Costs Capitalized Subsequent to acquisition	2
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,642
Total	2,742
Accum Deprec	1,508
060 Longview, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	127
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	1,695
Total	1,733
Accum Deprec	1,088
261 Louisville, CO | ALF
Initial Cost to Company
Land	911
Buildings and Improvements	11,703
Gross Amount at Which Carried As of Year End
Land	911
Buildings and Improvements	11,703
Total	12,614
Accum Deprec	2,703
301 Louisville, KY | ALF
Initial Cost to Company
Land	1,021
Buildings and Improvements	13,157
Costs Capitalized Subsequent to acquisition	110
Gross Amount at Which Carried As of Year End
Land	1,021
Buildings and Improvements	13,267
Total	14,288
Accum Deprec	1,648
114 Loveland, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,865
Costs Capitalized Subsequent to acquisition	293
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,158
Total	3,258
Accum Deprec	1,836
068 Lufkin, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,950
Costs Capitalized Subsequent to acquisition	94
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,044
Total	2,144
Accum Deprec	1,289
061 Marshall, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	534
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	2,102
Total	2,140
Accum Deprec	1,360
293 McHenry, IL | ALF
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Costs Capitalized Subsequent to acquisition	310
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	29,286
Total	30,575
Accum Deprec	4,592
058 McPherson, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	9
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,580
Total	1,659
Accum Deprec	1,130
313 Medford, OR | ALF
Initial Cost to Company
Land	636
Buildings and Improvements	17,810
Gross Amount at Which Carried As of Year End
Land	636
Buildings and Improvements	17,810
Total	18,446
Accum Deprec	481
316 Medford, OR | ALF
Initial Cost to Company
Land	750
Buildings and Improvements	13,650
Gross Amount at Which Carried As of Year End
Land	750
Buildings and Improvements	13,650
Total	14,400
Accum Deprec	1,006
239 Merritt Island, FL | ALF
Initial Cost to Company
Land	550
Buildings and Improvements	8,150
Costs Capitalized Subsequent to acquisition	100
Gross Amount at Which Carried As of Year End
Land	550
Buildings and Improvements	8,250
Total	8,800
Accum Deprec	2,586
104 Millville, NJ | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,825
Costs Capitalized Subsequent to acquisition	832
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,657
Total	3,757
Accum Deprec	1,895
286 Milwaukee, WI | ALF
Initial Cost to Company
Land	818
Buildings and Improvements	8,014
Costs Capitalized Subsequent to acquisition	65
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	8,079
Total	8,897
Accum Deprec	1,309
231 Monroeville, PA | ALF
Initial Cost to Company
Land	526
Buildings and Improvements	5,334
Costs Capitalized Subsequent to acquisition	435
Gross Amount at Which Carried As of Year End
Land	526
Buildings and Improvements	5,769
Total	6,295
Accum Deprec	2,018
280 Murrells Inlet, SC | ALF
Initial Cost to Company
Land	2,490
Buildings and Improvements	14,185
Gross Amount at Which Carried As of Year End
Land	2,490
Buildings and Improvements	14,185
Total	16,675
Accum Deprec	2,318
294 Murrieta, CA | ALF
Initial Cost to Company
Land	2,022
Buildings and Improvements	11,136
Gross Amount at Which Carried As of Year End
Land	2,022
Buildings and Improvements	11,136
Total	13,158
Accum Deprec	1,872
289 Neenah, WI | ALF
Initial Cost to Company
Land	694
Buildings and Improvements	20,839
Costs Capitalized Subsequent to acquisition	251
Gross Amount at Which Carried As of Year End
Land	694
Buildings and Improvements	21,090
Total	21,784
Accum Deprec	3,189
166 New Bern, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,427
Costs Capitalized Subsequent to acquisition	7
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,434
Total	2,534
Accum Deprec	1,146
118 Newark, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	295
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,730
Total	2,830
Accum Deprec	1,521
143 Niceville, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,680
Costs Capitalized Subsequent to acquisition	64
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,744
Total	2,844
Accum Deprec	1,531
095 Norfolk, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,123
Costs Capitalized Subsequent to acquisition	311
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,434
Total	2,534
Accum Deprec	1,368
290 Oshkosh, WI | ALF
Initial Cost to Company
Land	1,525
Buildings and Improvements	9,192
Costs Capitalized Subsequent to acquisition	184
Gross Amount at Which Carried As of Year End
Land	1,525
Buildings and Improvements	9,376
Total	10,901
Accum Deprec	3,084
291 Oshkosh, WI | ALF
Initial Cost to Company
Land	475
Buildings and Improvements	7,364
Costs Capitalized Subsequent to acquisition	44
Gross Amount at Which Carried As of Year End
Land	475
Buildings and Improvements	7,408
Total	7,883
Accum Deprec	1,189
302 Overland Park, KS | ALF
Initial Cost to Company
Land	1,951
Buildings and Improvements	11,882
Costs Capitalized Subsequent to acquisition	281
Gross Amount at Which Carried As of Year End
Land	1,951
Buildings and Improvements	12,163
Total	14,114
Accum Deprec	1,733
232 Pittsburgh, PA | ALF
Initial Cost to Company
Land	470
Buildings and Improvements	2,615
Costs Capitalized Subsequent to acquisition	333
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	2,948
Total	3,418
Accum Deprec	1,119
165 Rocky Mount, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,494
Costs Capitalized Subsequent to acquisition	194
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,688
Total	2,788
Accum Deprec	1,211
059 Salina, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	139
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,710
Total	1,789
Accum Deprec	1,132
084 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	13
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,913
Total	2,013
Accum Deprec	1,141
092 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,055
Costs Capitalized Subsequent to acquisition	33
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,088
Total	2,188
Accum Deprec	1,229
288 Sheboygan, WI | ALF
Initial Cost to Company
Land	1,168
Buildings and Improvements	5,382
Costs Capitalized Subsequent to acquisition	245
Gross Amount at Which Carried As of Year End
Land	1,168
Buildings and Improvements	5,627
Total	6,795
Accum Deprec	1,024
149 Shelby, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,805
Costs Capitalized Subsequent to acquisition	112
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,917
Total	3,017
Accum Deprec	1,603
312 Spartanburg, SC | ALF
Initial Cost to Company
Land	254
Buildings and Improvements	9,906
Costs Capitalized Subsequent to acquisition	1,520
Gross Amount at Which Carried As of Year End
Land	254
Buildings and Improvements	11,426
Total	11,680
Accum Deprec	1,467
150 Spring Hill, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,650
Costs Capitalized Subsequent to acquisition	24
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,674
Total	2,774
Accum Deprec	1,514
103 Springfield, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,035
Costs Capitalized Subsequent to acquisition	300
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,335
Total	2,435
Accum Deprec	1,358
321 Sterling Heights, MI | ALF
Initial Cost to Company
Land	1,133
Buildings and Improvements	11,487
Costs Capitalized Subsequent to acquisition	992
Gross Amount at Which Carried As of Year End
Land	1,133
Buildings and Improvements	12,479
Total	13,612
Accum Deprec	525
162 Sumter, SC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,351
Costs Capitalized Subsequent to acquisition	84
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,435
Total	2,535
Accum Deprec	1,196
140 Tallahassee, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	3,075
Costs Capitalized Subsequent to acquisition	2
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,077
Total	3,177
Accum Deprec	1,760
098 Tiffin, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	279
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,714
Total	2,814
Accum Deprec	1,506
282 Tinley Park, IL | ALF
Initial Cost to Company
Land	702
Buildings and Improvements	11,481
Gross Amount at Which Carried As of Year End
Land	702
Buildings and Improvements	11,481
Total	12,183
Accum Deprec	1,942
088 Troy, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	608
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,043
Total	3,143
Accum Deprec	1,735
080 Tulsa, OK | ALF
Initial Cost to Company
Land	200
Buildings and Improvements	1,650
Costs Capitalized Subsequent to acquisition	11
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	1,661
Total	1,861
Accum Deprec	1,000
093 Tulsa, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,395
Costs Capitalized Subsequent to acquisition	23
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,418
Total	2,518
Accum Deprec	1,429
238 Tupelo, MS | ALF
Initial Cost to Company
Land	1,170
Buildings and Improvements	8,230
Costs Capitalized Subsequent to acquisition	30
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	8,260
Total	9,430
Accum Deprec	2,669
075 Tyler, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,800
Costs Capitalized Subsequent to acquisition	10
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,810
Total	1,910
Accum Deprec	1,096
202 Vacaville, CA | ALF
Initial Cost to Company
Land	1,662
Buildings and Improvements	11,634
Costs Capitalized Subsequent to acquisition	2,524
Gross Amount at Which Carried As of Year End
Land	1,662
Buildings and Improvements	14,158
Total	15,820
Accum Deprec	6,903
091 Waco, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,235
Costs Capitalized Subsequent to acquisition	134
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,369
Total	2,469
Accum Deprec	1,335
096 Wahoo, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	166
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,484
Total	2,584
Accum Deprec	1,463
108 Watauga, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,668
Costs Capitalized Subsequent to acquisition	12
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,680
Total	1,780
Accum Deprec	990
287 Waukesha, WI | ALF
Initial Cost to Company
Land	992
Buildings and Improvements	15,183
Costs Capitalized Subsequent to acquisition	235
Gross Amount at Which Carried As of Year End
Land	992
Buildings and Improvements	15,418
Total	16,410
Accum Deprec	2,340
109 Weatherford, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,669
Costs Capitalized Subsequent to acquisition	601
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,270
Total	2,370
Accum Deprec	1,334
309 West Chester, OH | ALF
Initial Cost to Company
Land	2,355
Buildings and Improvements	13,553
Costs Capitalized Subsequent to acquisition	145
Gross Amount at Which Carried As of Year End
Land	2,355
Buildings and Improvements	13,698
Total	16,053
Accum Deprec	1,379
276 Westminster, CO | ALF
Initial Cost to Company
Land	1,425
Buildings and Improvements	9,575
Gross Amount at Which Carried As of Year End
Land	1,425
Buildings and Improvements	9,575
Total	11,000
Accum Deprec	2,146
110 Wheelersburg, OH | ALF
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	250
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	2,685
Total	2,714
Accum Deprec	1,529
303 Wichita, KS | ALF
Initial Cost to Company
Land	1,422
Buildings and Improvements	9,957
Costs Capitalized Subsequent to acquisition	285
Gross Amount at Which Carried As of Year End
Land	1,422
Buildings and Improvements	10,242
Total	11,664
Accum Deprec	1,498
259 Wichita, KS | ALF
Initial Cost to Company
Land	730
Costs Capitalized Subsequent to acquisition	9,682
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	9,682
Total	10,412
Accum Deprec	2,484
283 Wichita, KS | ALF
Initial Cost to Company
Land	624
Buildings and Improvements	13,846
Gross Amount at Which Carried As of Year End
Land	624
Buildings and Improvements	13,846
Total	14,470
Accum Deprec	1,652
076 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,850
Costs Capitalized Subsequent to acquisition	10
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,860
Total	1,960
Accum Deprec	1,126
120 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,750
Costs Capitalized Subsequent to acquisition	131
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,881
Total	2,981
Accum Deprec	1,687
265 Williamstown, NJ | ALF
Initial Cost to Company
Land	711
Buildings and Improvements	6,637
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	6,637
Total	7,348
Accum Deprec	1,662
264 Williamstown, NJ | ALF
Initial Cost to Company
Land	711
Buildings and Improvements	8,649
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	8,649
Total	9,360
Accum Deprec	1,983
099 York, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	122
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,440
Total	2,540
Accum Deprec	1,431
297 Las Vegas, NV | School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,144
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	8,452
Total	10,417
Accum Deprec	1,139
271 Howell, MI | Land
Initial Cost to Company
Land	420
Gross Amount at Which Carried As of Year End
Land	420
Total	420
272 Milford, MI | Land
Initial Cost to Company
Land	450
Gross Amount at Which Carried As of Year End
Land	450
Total	450
275 Yale, MI | Land
Initial Cost to Company
Land	73
Gross Amount at Which Carried As of Year End
Land	73
Total	73
305 Union, KY | SNF
Initial Cost to Company
Land	858
Buildings and Improvements	24,116
Gross Amount at Which Carried As of Year End
Land	858
Buildings and Improvements	24,116
Total	24,974
Accum Deprec	1,652
311 Cedarburg, WI | ALF
Initial Cost to Company
Land	924
Buildings and Improvements	21,083
Gross Amount at Which Carried As of Year End
Land	924
Buildings and Improvements	21,083
Total	22,007
Accum Deprec	1,441
306 Oaklawn, IL | ALF
Initial Cost to Company
Land	1,591
Buildings and Improvements	13,772
Gross Amount at Which Carried As of Year End
Land	1,591
Buildings and Improvements	13,772
Total	15,363
Accum Deprec	$ 1,303

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost basis for Federal income tax purposes	$ 1,458,253
Computer Equipment | Minimum
Real Estate and Accumulated Depreciation
Useful life	3 years
Computer Equipment | Maximum
Real Estate and Accumulated Depreciation
Useful life	5 years
Furniture and Fixtures | Minimum
Real Estate and Accumulated Depreciation
Useful life	5 years
Furniture and Fixtures | Maximum
Real Estate and Accumulated Depreciation
Useful life	15 years
Building | Minimum
Real Estate and Accumulated Depreciation
Useful life	35 years
Building | Maximum
Real Estate and Accumulated Depreciation
Useful life	50 years
Site Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Site Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	20 years
Building Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Building Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	50 years

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Carrying cost
Balance at beginning of period	$ 1,484,571	$ 1,421,456	$ 1,392,122
Acquisitions	13,581	58,414	40,408
Improvements	23,612	23,363	38,528
Capitalized interest	354	608	1,248
Cost of real estate sold	(66,140)	(19,270)	(50,850)
Impairment loss from real estate investments	(3,977)
Ending balance	1,452,001	1,484,571	1,421,456
Accumulated depreciation
Balance at beginning of period	347,755	314,875	306,033
Depreciation expense	38,945	39,094	37,416
Cost of real estate sold	(37,057)	(6,214)	(28,574)
Ending balance	$ 349,643	$ 347,755	$ 314,875

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)itemproperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Mortgage loans on real estate
Number of properties | property	22
Number of beds/units | item	2,804
Balloon Amount	$ 232,343
Current Monthly Debt Service	2,146
Face amount of originated mortgages	263,848
Carrying Amount of Mortgages	257,251	$ 254,099	$ 242,939	$ 223,907
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | Property with 2029 Beds/Units
Mortgage loans on real estate
Number of properties | property	15
Number of beds/units | item	1,941
Interest rate (as a percent)	10.14%
Balloon Amount	$ 163,214
Current Monthly Debt Service	1,569
Face amount of originated mortgages	190,214
Carrying Amount of Mortgages	$ 184,506
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 501 Beds/Units
Mortgage loans on real estate
Number of properties | property	4
Number of beds/units | item	501
Interest rate (as a percent)	9.33%
Balloon Amount	$ 35,180
Current Monthly Debt Service	303
Face amount of originated mortgages	39,010
Carrying Amount of Mortgages	$ 38,541
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 157 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	157
Interest rate (as a percent)	9.62%
Balloon Amount	$ 14,325
Current Monthly Debt Service	120
Face amount of originated mortgages	15,000
Carrying Amount of Mortgages	$ 14,776
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 205 Beds/Units
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	205
Interest rate (as a percent)	9.41%
Balloon Amount	$ 19,624
Current Monthly Debt Service	154
Face amount of originated mortgages	19,624
Carrying Amount of Mortgages	19,428
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Minimum
Mortgage loans on real estate
Interest rate (as a percent)	5.00%
Maximum
Mortgage loans on real estate
Interest rate (as a percent)	7.50%
Mortgage Loans
Mortgage loans on real estate
Loan Term	30 years
Mortgage Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)	9.30%
Mortgage Loans | Maximum
Mortgage loans on real estate
Interest rate (as a percent)	10.10%

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan
Mortgage loans on real estate
Original loan amounts	$ 263,848
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 500
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 2,000
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 2,001
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 3,000
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 3,001
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 4,000
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 4,001
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 5,000
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 5,001
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 6,000
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 6,001
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 7,000
First-lien mortgage loans | Mortgage Loans over 7,000,000
Mortgage loans on real estate
Number of Loans | loan	4
First-lien mortgage loans | Mortgage Loans over 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 7,001

SCHEDULE IV MORTGAGE LOANS ON_4

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage loans on real estate
Balance at the beginning of the period	$ 254,099	$ 242,939	$ 223,907
New mortgage loans		7,500	14,525
Other additions	4,253	4,842	6,839
Amortization of mortgage premium	(4)	(4)	(4)
Collections of principal	(1,065)	(1,065)	(2,136)
Loan loss reserve	(32)	(113)	(192)
Balance at the end of the period	$ 257,251	$ 254,099	$ 242,939