LTC Properties (LTC) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	1-11314
Entity Registrant Name	LTC PROPERTIES INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	71-0720518
Entity Address, Address Line One	2829 Townsgate Road, Suite 350
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	981-8655
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	LTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,364,622
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Investments:
Land	$ 126,331,000	$ 127,774,000
Buildings and improvements	1,314,707,000	1,324,227,000
Accumulated depreciation and amortization	(354,623,000)	(349,643,000)
Operating real estate property, net	1,086,415,000	1,102,358,000
Properties held-for-sale, net of accumulated depreciation: 2021-$3,512; 2020-$0	4,512,000
Real property investments, net	1,090,927,000	1,102,358,000
Mortgage loans receivable, net of loan loss reserve: 2021-$2,592; 2020-$2,592	257,282,000	257,251,000
Real estate investments, net	1,348,209,000	1,359,609,000
Notes receivable, net of loan loss reserve: 2021-$137; 2020-$146	13,577,000	14,465,000
Investments in unconsolidated joint ventures	19,340,000	11,340,000
Investments, net	1,381,126,000	1,385,414,000
Other assets:
Cash and cash equivalents	8,201,000	7,772,000
Debt issue costs related to bank borrowings	1,104,000	1,324,000
Interest receivable	34,491,000	32,746,000
Straight-line rent receivable	24,377,000	24,452,000
Lease incentives	2,349,000	2,462,000
Prepaid expenses and other assets	3,655,000	5,316,000
Total assets	1,455,303,000	1,459,486,000
LIABILITIES
Bank borrowings	106,900,000	89,900,000
Senior unsecured notes, net of debt issue costs: 2021-$619; 2020-$658	552,521,000	559,482,000
Accrued interest	3,347,000	4,216,000
Accrued expenses and other liabilities	27,764,000	30,082,000
Total liabilities	690,532,000	683,680,000
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2021-39,362; 2020-39,242	394,000	392,000
Capital in excess of par value	851,150,000	852,780,000
Cumulative net income	1,402,537,000	1,388,775,000
Cumulative distributions	(1,497,714,000)	(1,474,545,000)
Total LTC Properties, Inc. stockholders' equity	756,367,000	767,402,000
Non-controlling interests	8,404,000	8,404,000
Total equity	764,771,000	775,806,000
Total liabilities and equity	$ 1,455,303,000	$ 1,459,486,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Properties held-for-sale, accumulated depreciation	$ 3,512	$ 0
Mortgage loans receivable, loan loss reserve	2,592	2,592
Notes receivable, loan loss reserve	$ 137	$ 146
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	39,362	39,242
Common stock, shares outstanding	39,362	39,242
Senior Unsecured Notes
Debt issue costs, net	$ 619	$ 658

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental income	$ 31,973	$ 38,035
Interest income from mortgage loans	7,922	7,777
Interest and other income	385	598
Total revenues	40,280	46,410
Expenses:
Interest expense	6,972	7,710
Depreciation and amortization	9,877	9,669
(Recovery) provision for doubtful accounts	(9)	1
Transaction costs	92	70
Property tax expense	3,981	4,223
General and administrative expenses	5,033	5,100
Total expenses	25,946	26,773
Other operating income:
(Loss) gain on sale of real estate, net	(773)	43,854
Operating income	13,561	63,491
Income from unconsolidated joint ventures	289	231
Net income	13,850	63,722
Income allocated to non-controlling interests	(88)	(89)
Net income attributable to LTC Properties, Inc.	13,762	63,633
Income allocated to participating securities	(120)	(263)
Net income available to common stockholders	$ 13,642	$ 63,370
Earnings per common share:
Basic (in dollars per share)	$ 0.35	$ 1.60
Diluted (in dollars per share)	$ 0.35	$ 1.60
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,100	39,539
Diluted (in shares)	39,179	39,541
Dividends declared and paid per common share	$ 0.57	$ 0.57
Comprehensive Income:
Net income	$ 13,850	$ 63,722
Comprehensive income	$ 13,850	$ 63,722

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Parent	Common Stock	Capital in Excess of Par Value	Cumulative Net Income	Cumulative Distributions	Non-controlling Interests	Total
Balance at beginning of period at Dec. 31, 2019	$ 776,943	$ 398	$ 867,346	$ 1,293,482	$ (1,384,283)	$ 8,483	$ 785,426
Balance (in shares) at Dec. 31, 2019		39,752
Equity activity
Common stock cash distributions	(22,581)				(22,581)		(22,581)
Vesting of performance-based stock units, including the payment of distributions	(586)				(586)		(586)
Vesting of performance-based stock units, including the payment of distributions (in shares)		82
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		76
Repurchase of common stock	(18,012)	$ (6)	(18,006)				(18,012)
Repurchase of common stock (in shares)		(616)
Stock-based compensation expense	1,777		1,777				1,777
Net income	63,633			63,633		89	63,722
Non-controlling interest distributions						(146)	(146)
Other	(3,545)	$ (1)	(3,544)				(3,545)
Other (in shares)		(76)
Balance at end of period at Mar. 31, 2020	797,629	$ 392	847,572	1,357,115	(1,407,450)	8,426	806,055
Balance (in shares) at Mar. 31, 2020		39,218
Equity activity
Common stock cash distributions	(22,359)				(22,359)		(22,359)
Issuance of restricted stock	(7)		(7)				(7)
Issuance of restricted stock (in shares)		25
Stock-based compensation expense	1,761		1,761				1,761
Net income	1,870			1,870		82	1,952
Non-controlling interest distributions						(97)	(97)
Balance at end of period at Jun. 30, 2020	778,894	$ 392	849,326	1,358,985	(1,429,809)	8,411	787,305
Balance (in shares) at Jun. 30, 2020		39,243
Equity activity
Common stock cash distributions	(22,368)				(22,368)		(22,368)
Stock-based compensation expense	1,693		1,693				1,693
Net income	12,217			12,217		121	12,338
Non-controlling interest distributions						(128)	(128)
Other	(19)		(19)				(19)
Other (in shares)		(1)
Balance at end of period at Sep. 30, 2020	770,417	$ 392	851,000	1,371,202	(1,452,177)	8,404	778,821
Balance (in shares) at Sep. 30, 2020		39,242
Equity activity
Common stock cash distributions	(22,368)				(22,368)		(22,368)
Issuance of restricted stock	(1)		(1)				(1)
Stock-based compensation expense	1,781		1,781				1,781
Net income	17,573			17,573		92	17,665
Non-controlling interest distributions						(92)	(92)
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
Equity activity
Common stock cash distributions	(22,405)				(22,405)		(22,405)
Vesting of performance-based stock units, including the payment of distributions	(764)	$ 1	(1)		(764)		(764)
Vesting of performance-based stock units, including the payment of distributions (in shares)		109
Stock-based compensation expense	1,852		1,852				1,852
Net income	13,762			13,762		88	13,850
Non-controlling interest distributions						(88)	(88)
Cash paid for taxes in lieu of common shares	(3,470)		(3,470)				(3,470)
Cash paid for taxes in lieu of common shares (in shares)		(84)
Other	(10)	$ 1	(11)				(10)
Other (in shares)		95
Balance at end of period at Mar. 31, 2021	$ 756,367	$ 394	$ 851,150	$ 1,402,537	$ (1,497,714)	$ 8,404	$ 764,771
Balance (in shares) at Mar. 31, 2021		39,362

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
OPERATING ACTIVITIES:
Net income	$ 13,850	$ 17,665	$ 1,952	$ 63,722
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,877			9,669
Stock-based compensation expense	1,852			1,777
Loss (gain) on sale of real estate, net	773			(43,854)
Income from unconsolidated joint ventures	(289)			(231)
Income distributions from unconsolidated joint ventures	164			231
Straight-line rental income	(682)			(839)
Adjustment for collectibility of rental income and lease incentives	758
Lease incentives funded				(13)
Amortization of lease incentives	112			101
(Recovery) provision for doubtful accounts	(9)			1
Other non-cash items, net	260			256
Increase in interest receivable	(1,745)			(1,511)
Decrease in accrued interest payable	(869)			(1,480)
Net change in other assets and liabilities	(2,793)			(3,975)
Net cash provided by operating activities	21,259			23,854
INVESTING ACTIVITIES:
Investment in real estate properties				(13,581)
Investment in real estate developments				(4,854)
Investment in real estate capital improvements	(1,044)			(1,119)
Capitalized interest				(191)
Proceeds from sale of real estate, net	1,765			71,905
Investment in real estate mortgage loans receivable	(158)			(366)
Principal payments received on mortgage loans receivable	125			65
Investments in unconsolidated joint ventures	(5,676)			(58)
Advances and originations under notes receivable	(1,656)			(141)
Principal payments received on notes receivable	2,553
Net cash (used in) provided by investing activities	(4,091)			51,660
FINANCING ACTIVITIES:
Bank borrowings	17,000			24,000
Repayment of bank borrowings				(28,000)
Principal payments on senior unsecured notes	(7,000)
Stock repurchase plan				(18,012)
Distributions paid to stockholders	(23,169)			(23,167)
Distributions paid to non-controlling interests	(88)			(146)
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units	(3,470)			(3,545)
Other	(12)
Net cash used in financing activities	(16,739)			(48,870)
Increase in cash, cash equivalents and restricted cash	429			26,644
Cash, cash equivalents and restricted cash, beginning of period	7,772		$ 30,888	4,244	$ 4,244
Cash, cash equivalents and restricted cash, end of period	8,201	$ 7,772		30,888	$ 7,772
Supplemental disclosure of cash flow information:
Interest paid	7,582			8,935
Non-cash investing and financing transactions:
Reclassification of notes receivable to lease incentives				$ 300
Preferred return reserve related to investment in unconsolidated joint ventures	$ 2,324

General

General	3 Months Ended
	Mar. 31, 2021
General
General	1. Genera l LTC Properties, Inc., a health care real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest primarily in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision-making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment. We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results for a full year. No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders. New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through March 31, 2021, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve. ​

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2021
Real Estate Investments
Real Estate Investments	2. Real Estate Investments Assisted living communities, independent living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively “ALF”). Any reference to the number of properties or facilities, number of units, number of beds, number of operators and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Owned Properties. Our Owned properties are leased pursuant to non-cancelable operating leases generally with an initial term of 10 to 15 years . Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non-capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease: (i) a specified percentage increase over the prior year’s rent, generally between 2.0% and 2.5% ; (ii) a calculation based on the Consumer Price Index; (iii) as a percentage of facility net patient revenues in excess of base amounts; or (iv) specific dollar increases. Our leases that contain fixed annual rental escalations and/or have annual rental escalations that are contingent upon changes in the Consumer Price Index, are generally recognized on a straight-line basis over the minimum lease period. Certain leases have annual rental escalations that are contingent upon changes in the gross operating revenues of the property. This revenue is not recognized until the appropriate contingencies have been resolved. The following table summarizes our investments in owned properties at March 31, 2021 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Percentage ​ Number ​ Number of ​ Investment ​ ​ Gross ​ of ​ of ​ SNF ​ ALF ​ per Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Beds ​ Units ​ Bed/Unit Assisted Living ​ $ 877,233 ​ 60.5 % 106 ​ — ​ 6,103 ​ $ 143.74 ​ Skilled Nursing ​ ​ 560,469 ​ 38.7 % 51 ​ 6,277 ​ 212 ​ $ 86.37 ​ Other (2) ​ ​ 11,360 ​ 0.8 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,449,062 ​ 100.0 % 158 ​ 6,395 ​ 6,315 ​ ​ ​ ​ (1) We own properties in 27 states that are leased to 30 different operators. ​ (2) Includes three parcels of land held-for-use, and one behavioral health care hospital. Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent receivable, amortization of lease incentives and renewal options are as follows (in thousands): ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2021 ​ $ 104,798 ​ 2022 ​ 144,536 ​ 2023 ​ 130,486 ​ 2024 ​ 131,146 ​ 2025 ​ 116,304 ​ Thereafter ​ 507,382 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash payments. We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. We write-off uncollectible operator receivable balances, including straight line rent receivable balances, as a reduction to rental income in the period such balances are no longer probable of being collected. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis for those customer receivable balances deemed uncollectible. As of March 31, 2021, we have 16 operators that are being accounted for on a “cash-basis”. We wrote-off straight-line rent receivable of $758,000 and $0 for the three months ended March 31, 2021 and 2020, respectively. We continue to take into account the current financial condition of our operators, including consideration of the impact of COVID-19, in our estimation of our uncollectible accounts and deferred rents receivable at March 31, 2021. We are closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known. ​ The following table summarizes components of our rental income for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Rental Income ​ ​ 2021 ​ ​ 2020 ​ Base cash rental income ​ $ 28,623 (1) $ 33,015 ​ Variable cash rental income ​ ​ 3,538 (2) ​ 4,282 (2) Straight-line rent ​ ​ 682 (3) ​ 839 ​ Adjustment for collectability of rental income and lease incentives ​ ​ (758) (4) ​ — ​ Amortization of lease incentives ​ ​ (112) ​ ​ (101) ​ Total ​ $ 31,973 ​ $ 38,035 ​ (1) Decreased primarily due to reduction of rent from Senior Lifestyle and abated and deferred rent partially offset by increased rent from acquisitions and completion of development projects and contractual rent increases. ​ (2) The variable rental income for the three months ended March 31, 2021, includes reimbursement of real estate taxes by our lessees of $3,538 . The variable rental income for the three months ended March 31, 2020 includes contingent rental income of $60 and $4,222 related to reimbursement of real estate taxes by our lessees. ​ (3) Decreased due to more leases accounted for on a cash basis and normal amortization partially offset by increases due to a 50% reduction in 2021 rent escalations for those leases accounted for on a straight-line basis. ​ (4) Represents a straight-line rent receivable write-off. 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 ​ $ 35,366 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 31,037 ​ ​ 17,033 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,986 ​ ​ 13,076 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,342 ​ ​ 27,116 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 23,560 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,067 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 152,205 ​ $ 126,218 ​ ​ ​ (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, and on March 13, 2020, the United States declared a national emergency with regard to COVID-19. At March 31, 2021, in conjunction with the continued levels of uncertainty related to the adverse effects of COVID-19, we assessed the probability of collecting substantially all of our lease payments through maturity and concluded that we did not have sufficient information available to evaluate the impact of COVID-19 on the collectibility of our lease payments. The extent to which COVID-19 could impact our operators and the collectibility of our future lease payments will depend on the future developments including the financial impact significance, government support and subsidies and the duration of the pandemic. In recognition of the pandemic impact affecting our operators, we have agreed to rent abatements totaling $600,000 and rent deferrals for certain operators totaling $1,144,000 during the first quarter of 2021. The $1,743,000 in rent abatements and deferrals during the three months ended March 31, 2021, represented approximately 4% of our first quarter of 2021 contractual rent. Additionally, we reduced 2021 rent and interest escalations by 50% to support eligible operators during the continuing COVID-19 crisis. The rent and interest escalation reductions were given in the form of a rent and interest credit in recognition of operators’ increased costs due to COVID-19. We have elected to recognize the rent credits given to the eligible operators where we accrue rent on a straight-line basis over the remaining life of those respective leases. During the first quarter of 2021, we recognized a decrease of $292,000 of GAAP revenue and $1,200,000 in funds available for distribution. Acquisitions and Developments: The following table summarizes our acquisitions for the three months ended March 31, 2021 and 2020 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ Type of Property ​ Price ​ Costs ​ Costs ​ Properties ​ Beds/Units 2021 ​ n/a ​ $ — ​ $ — ​ $ — — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Skilled Nursing (1) ​ $ 13,500 ​ $ 81 ​ $ 13,581 ​ 1 ​ 140 (1) We acquired a SNF located in Texas. During he following in development and improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Type of Property ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 1,044 ​ ​ $ 2,386 ​ $ 1,116 ​ Skilled Nursing Centers ​ ​ — ​ ​ — ​ ​ ​ 2,468 ​ ​ 3 ​ Total ​ $ — ​ $ 1,044 ​ ​ $ 4,854 ​ $ 1,119 ​ Completed Developments. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ ​ ​ Total Year ​ Type of Project ​ Properties ​ Property ​ Beds/Units ​ State ​ Investment 2020 ​ Development ​ 1 ​ ALF/MC ​ 78 ​ Oregon ​ $ 18,447 Properties Sold. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ (Loss) gain (1) 2021 ​ Florida ​ ALF ​ 1 ​ — ​ $ 2,000 ​ $ 2,625 ​ $ (861) ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 88 (2) (3) Total 2021 ​ ​ ​ ​ ​ 1 ​ — ​ $ 2,000 ​ $ 2,625 ​ $ (773) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Arizona ​ SNF ​ 1 ​ 194 ​ $ 12,550 ​ $ 2,229 ​ $ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,365 ​ ​ ​ Iowa ​ SNF (3) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 8,914 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,994 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,288 ​ Total 2020 ​ ​ ​ ​ ​ 21 ​ 2,411 ​ $ 74,800 ​ $ 29,084 ​ $ 43,854 ​ ( (1) Calculation of net (loss) gain includes cost of sales. ​ (2) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2019 and 2020, under the expected value model per ASC Topic 606, Contracts with Customers (“ASC 606”). ​ (3) One of the transactions 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. During 2020, we received $150 of the holdback. The remaining holdback expires in March 2022. Using the expected value model per ASC 606, we estimated and recorded the holdback value of $471 at closing. ​ Properties held-for-sale. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ 2021 ​ WA ​ SNF ​ 1 ​ 123 ​ $ 8,024 ​ $ 3,512 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Mortgage Loans. (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ per Interest Rate (1) ​ Maturity ​ Investment ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Bed/Unit 10.1% ​ 2043 ​ $ 186,362 ​ SNF ​ 71.7 % 1 ​ 15 ​ 1,941 ​ $ 96.01 9.3% ​ 2045 ​ ​ 38,862 ​ SNF ​ 15.0 % 1 ​ 4 ​ 501 ​ $ 77.57 9.4% ​ 2045 ​ 19,750 ​ SNF ​ 7.6 % 1 ​ 2 ​ 205 ​ $ 96.34 9.6% ​ 2045 ​ ​ 14,900 ​ SNF ​ 5.7 % 1 ​ 1 ​ 157 ​ $ 94.90 Total ​ ​ ​ $ 259,874 ​ ​ ​ 100.0 % 4 ​ 22 ​ 2,804 ​ $ 92.68 (1) The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period increasing by 2.25% . ​ (2) Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30 -year term. ​ (3) The properties securing these mortgage loans are located in one state and are operated by one operator. The following table summarizes our mortgage loan activity for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Originations and funding under mortgage loans receivable ​ $ 158 ​ $ 366 ​ Scheduled principal payments received ​ ​ (125) ​ ​ (65) ​ Mortgage loan premium amortization ​ ​ (2) ​ ​ (1) ​ Provision for loan loss reserve ​ ​ — ​ ​ (3) ​ Net increase in mortgage loans receivable ​ $ 31 ​ $ 297 ​ We apply , Measurement of Credit Losses on Financial Instruments . As of March 31, 2021, the accrued interest receivable of $34,491,000 was not included in the measurement of expected credit losses on the mortgage loan receivable and notes receivable (see Note 4). We elected not to measure an allowance for expected credit losses on the related accrued interest receivable using the expected credit loss standard. Rather, we have elected to write-off accrued interest receivable by reversing interest income and/or recognizing credit loss expense as incurred. We review the collectability of the accrued interest receivable quarterly as part of our review of the mortgage loan or notes receivables including the performance of the underlying collateral. For the three months ended March 31, 2021 and 2020, the Company did not write-off any accrued interest receivable.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	3. Investment in Unconsolidated Joint Ventures We had a preferred equity investment in an unconsolidated joint venture (“JV”) that owned four communities located in Arizona, providing independent living, assisted living and memory care services. During 2020, the JV sold the four properties comprising the JV (“Properties”) and received liquidation proceeds totaling $17,848,000 and incurred $758,000 of losses. During 2020, we provided preferred capital contribution commitments to two joint ventures (“JVs”). 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 JVs as we do not have the power to direct the activities that most significantly affect the JVs’ economic performance. However, we do have significant influence over the JVs. Therefore, we have accounted for the JVs 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 % ​ — ​ ​ — (2) ​ 13,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ $ — ​ $ 19,340 ​ (1) Invested $6,340 of preferred equity in an entity that will develop and own a 95 -unit ALF and MC in Washington and withheld $1,425 as a reserve. 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% until achieving an IRR ranging between 12% to 14% . ​ (2) Invested $13,000 of preferred equity in an entity that will develop and own a 267 -unit ILF and ALF in Washington and withheld $3,777 as a reserve. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% until achieving an IRR ranging between 12% and 14% . The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ 2021 ​ UDP (1) $ — (1) $ 112 (1) $ 75 (1) ​ ​ UDP (2) ​ 8,000 (2) ​ 177 (2) ​ 89 (2) Total ​ ​ ​ $ 8,000 ​ $ 289 ​ $ 164 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ALF/MC/ILF (3) $ 58 (3) $ 231 (3) $ 231 (3) Total ​ ​ ​ $ 58 ​ $ 231 ​ $ 231 ​ (1) During 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. ​ (2) During the first quarter of 2021, we funded the remaining $8,000 related to a $13,000 preferred equity investment commitment in an entity that will develop and own a 267 -unit ILF and ALF in Washington. ​ (3) Relates to our preferred equity investment in Arizona discussed above. During 2020, the properties comprising the JV were sold.

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2021
Notes Receivable.
Notes Receivable	4. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components as of March 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Mezzanine loans $ 7,461 ​ $ 8,445 ​ Other loans ​ 6,253 ​ ​ 6,166 ​ Notes receivable loan loss reserve ​ (137) ​ ​ (146) ​ Total $ 13,577 ​ $ 14,465 ​ ​ The following table summarizes our notes receivable activity for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ ​ 2020 ​ Advances under notes receivable $ 1,656 (1) $ 141 ​ Principal payments received under notes receivable ​ (2,553) ​ ​ — ​ Reclassified to lease incentives ​ — ​ ​ (300) (2) Notes receivable loan loss reserve ​ 9 ​ ​ 1 ​ Net decrease $ (888) ​ $ (158) ​ (1) Funding under working capital notes with interest ranging between 5% and 8% and maturities between 2022 and 2027. ​ (2) Represents interim working capital loans related to development projects which matured upon completion of the development projects and commencement of the master leases. ​

Lease Incentives

Lease Incentives	3 Months Ended
	Mar. 31, 2021
Lease Incentives
Lease Incentives	5. Lease Incentives Our lease incentive balances at March 31, 2021 and December 31, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 Non-contingent lease incentives ​ $ 2,349 ​ $ 2,462 The following table summarizes our lease incentives activity for the three months ended March 31, 2021 and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Funding ​ ​ Amortization ​ ​ Reclassification ​ Non-contingent lease incentives ​ $ — ​ $ (112) ​ $ 13 ​ $ (101) ​ $ 300 (1) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion. Non-contingent lease incentives represent payments made to our lessees for various reasons including entering into a new lease or lease amendments and extensions. Contingent lease incentives represent potential contingent earn-out payments that may be made to our lessees in the future, as part of our lease agreements. From time to time, we may commit to provide contingent payments to our lessees, upon our properties achieving certain rent coverage ratios. Once the contingent payment becomes probable and estimable, the contingent payment is recorded as a lease incentive. Lease incentives are amortized as a yield adjustment to rental income over the remaining life of the lease.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2021
Debt Obligations
Debt Obligations	6. Debt Obligations Bank Borrowings. We have an unsecured credit agreement that provides for a revolving aggregate commitment of the lenders of up to $600,000,000 with the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000 . The unsecured credit agreement matures on June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2021, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At March 31, 2021, we were in compliance with all covenants. Senior Unsecured Notes. The debt obligations by component as of March 31, 2021 and December 31, 2020 are as follows ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2021 ​ At December 31, 2020 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Bank borrowings (2) ​ 1.30% ​ $ 106,900 ​ $ 493,100 ​ $ 89,900 ​ $ 510,100 ​ Senior unsecured notes, net of debt issue costs ​ 4.37% ​ ​ 552,521 ​ ​ — ​ ​ 559,482 ​ ​ — ​ Total ​ 3.87% ​ $ 659,421 ​ $ 493,100 ​ $ 649,382 ​ $ 510,100 ​ (1) Represents weighted average of interest rate as of March 31, 2021. ​ (2) Subsequent to March 31, 2021, we paid down $5,000 under our unsecured revolving line of credit. Accordingly, we have $101,900 outstanding and $498,100 available for borrowing under our unsecured revolving line of credit at April 29, 2021. Our borrowings and repayments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Bank borrowings ​ $ 17,000 ​ $ — (1) $ 24,000 ​ $ (28,000) ​ Senior unsecured notes ​ ​ — ​ ​ (7,000) ​ ​ — ​ ​ — ​ Total ​ $ 17,000 ​ $ (7,000) ​ $ 24,000 ​ $ (28,000) ​ (1) Subsequent to March 31, 2021, we paid down $5,000 under our unsecured revolving line of credit. Accordingly, we have $101,900 outstanding and $498,100 available for borrowing under our unsecured revolving line of credit at April 29, 2021. ​

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity
Equity	7. Equity Non-controlling Interests. As of March 31, 2021, 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 ​ ​ ​ Common Stock. During the three months ended March 31, 2021 and 2020, we acquired 84,616 shares and 76,067 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Stock Repurchase Plan. Available Shelf Registration. Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 23,169 (2) $ 23,169 (2) $ 23,167 (3) $ 23,167 (3) ​ (1) Represents $0.19 per share per month for the three months ended March 31, 2021 and 2020 . ​ (2) Includes $764 of distributions that were paid as a result of the vesting of performance-based stock units. ​ (3) Includes $586 of distributions that were paid as a result of the vesting of performance-based stock units. In April 2021, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of April , May and June 2021, payable on April 30 , May 28 , and June 30 , 2021, respectively, to stockholders of record on April 22 , May 20 , and June 22 , 2021, respectively. Stock-Based Compensation Under our 2015 Equity Participation Plan (“the 2015 Plan”), 1,400,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2015 Plan are set by our compensation committee at its discretion. At March 31, 2021 , we had 15,000 stock options outstanding and exercisable. During the three months ended March 31, 2021 and 2020 , no stock options were granted or exercised. The following table summarizes our restricted stock activity for the three months ended March 31, 2021 and 2020 : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Outstanding, January 1 ​ ​ 180,440 ​ ​ 163,569 ​ Granted ​ ​ 95,293 ​ ​ 76,464 ​ Vested ​ ​ (78,482) ​ ​ (74,981) ​ Outstanding, March 31 ​ ​ 197,251 ​ ​ 165,052 ​ D uring the three months ended March 31, 2021 and 2020, we granted 71,892 and 66,027 , respectively, of performance-based stock units. Additionally, during the three months ended March 31, 2021 and 2020, the number of vested performance-based stock units were 108,720 and 81,574 , respectively. During the three months ended March 31, 2021 and 2020 , we granted restricted stock and performance-based stock units under the 2015 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ Year ​ Shares/Units (1) ​ Share ​ Vesting Period ​ 2021 ​ 95,293 ​ $ 42.27 ​ ratably over 3 years ​ ​ ​ 71,892 ​ $ 42.27 ​ TSR targets (2) ​ ​ ​ 167,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 76,464 ​ $ 48.95 ​ ratably over 3 years ​ ​ ​ 66,027 ​ $ 49.98 ​ TSR targets (2) ​ ​ ​ 142,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Subsequent to March 31, 2021, we granted 3,000 shares of restricted stock at $43.14 per share vesting over one year . ​ (2) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . ​ Compensation expense recognized related to the vesting of restricted common stock and performance-based stock units for the three months ended March 31, 2021 and 2020 were $1,852,000 and $1,777,000 , respectively. At March 31, 2021 , the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2021 ​ $ 5,534 2022 ​ ​ 5,216 2023 ​ ​ 2,855 2023 ​ ​ 303 Total ​ $ 13,908 ​ ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies At March 31, 2021, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2021 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties Note 2. Real Estate Investments ​ $ 16,085 (1) $ 829 ​ $ 8,176 ​ $ 7,909 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 9,000 ​ ​ — ​ ​ — ​ ​ 9,000 Mortgage loans ( Note 2. Real Estate Investments ​ ​ 21,000 (2) ​ 32 ​ ​ 3,413 ​ ​ 17,587 Notes receivable ( Note 4. Notes Receivable ​ ​ 1,845 ​ ​ 353 ​ ​ 1,090 ​ ​ 755 Total ​ $ 47,930 ​ $ 1,214 ​ $ 12,679 ​ $ 35,251 (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 $3,000 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. Also, some of our lease agreements provide purchase options allowing the lessee to purchase the properties they currently lease from us. See Note 2. Real Estate Investments We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims. ​

Major Operators

Major Operators	3 Months Ended
	Mar. 31, 2021
Major Operators
Major Operators	9. Major Operators We have one operator that derives 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operator as of March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 20.6 % ​ 18.3 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of March 31, 2021 and excludes variable 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. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, impact upon services or occupancy levels due to COVID-19, or in the event any such operator does not renew and/or extend its relationship with us.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings per Share
Earnings per Share	10. Earnings per Share The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, ​ ​ 2021 ​ 2020 ​ ​ Net income ​ $ 13,850 $ 63,722 ​ Less income allocated to non-controlling interests ​ (88) ​ (89) ​ ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (120) ​ (94) ​ ​ Income allocated to participating securities ​ — ​ (169) ​ ​ Total net income allocated to participating securities ​ (120) ​ (263) ​ ​ Net income available to common stockholders ​ 13,642 ​ 63,370 ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ Net income for diluted net income per share ​ $ 13,642 ​ $ 63,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,100 ​ 39,539 ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ 1 ​ 2 ​ ​ Performance-based stock units ​ ​ 78 ​ ​ — (2) ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ Total effect of dilutive securities ​ 79 ​ 2 ​ ​ Shares for diluted net income per share ​ 39,179 ​ 39,541 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.35 ​ $ 1.60 ​ ​ Diluted net income per share ​ $ 0.35 ​ $ 1.60 ​ ​ (1) For the three months ended March 31, 2021, and 2020, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (2) At March 31, 2020, no performance-based stock units would be earned based on TSR targets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements	11. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not elect the fair value option for any of our financial assets and financial liabilities. The carrying amount of cash and cash equivalents, prepaid expenses and other assets, accrued interest, accrued expenses and other liabilities approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of March 31, 2021 and December 31, 2020 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2021 ​ At December 31, 2020 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 257,282 ​ $ 301,097 (1) $ 257,251 ​ $ 299,751 (1) Notes receivable ​ 13,577 ​ 13,410 (2) 14,465 ​ 13,893 (2) Bank borrowings ​ 106,900 ​ ​ 106,900 (3) ​ 89,900 ​ ​ 89,900 (3) Senior unsecured notes, net of debt issue costs ​ 552,521 ​ ​ 573,095 (4) ​ 559,482 ​ ​ 560,140 (4) (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2021 and December 31, 2020 was 10.0% . ​ (2) Our investments in notes receivable are classified as Level 3. 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 flows of the notes receivable at March 31, 2021 and December 31, 2020, were 6.0% and 6.6% , respectively. ​ (3) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2021 and December 31, 20 20 based upon prevailing market interest rates for similar debt arrangements. ​ (4) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At March 31, 2021 , 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, 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. ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	12. Subsequent Events Subsequent to March 31, 2021 the following events occurred: Debt: Equity: We declared a monthly cash dividend of $0.19 per share on our common stock for the months of April , May and June 2021, payable on April 30, May 28, and June 30, 2021, respectively to stockholders of record on April 22, May 20, and June 22, 2021, respectively.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
General
Basis of Presentation	We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries.
Reclassifications	All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results for a full year.
Income taxes	No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through March 31, 2021, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate Investments
Summary of investments in owned properties	The following table summarizes our investments in owned properties at March 31, 2021 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Percentage ​ Number ​ Number of ​ Investment ​ ​ Gross ​ of ​ of ​ SNF ​ ALF ​ per Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Beds ​ Units ​ Bed/Unit Assisted Living ​ $ 877,233 ​ 60.5 % 106 ​ — ​ 6,103 ​ $ 143.74 ​ Skilled Nursing ​ ​ 560,469 ​ 38.7 % 51 ​ 6,277 ​ 212 ​ $ 86.37 ​ Other (2) ​ ​ 11,360 ​ 0.8 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,449,062 ​ 100.0 % 158 ​ 6,395 ​ 6,315 ​ ​ ​ ​ (1) We own properties in 27 states that are leased to 30 different operators. ​ (2) Includes three parcels of land held-for-use, and one behavioral health care hospital.
Schedule of future minimum base rents receivable	Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent receivable, amortization of lease incentives and renewal options are as follows (in thousands): ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2021 ​ $ 104,798 ​ 2022 ​ 144,536 ​ 2023 ​ 130,486 ​ 2024 ​ 131,146 ​ 2025 ​ 116,304 ​ Thereafter ​ 507,382 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash payments.
Summary of components of our rental income	The following table summarizes components of our rental income for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Rental Income ​ ​ 2021 ​ ​ 2020 ​ Base cash rental income ​ $ 28,623 (1) $ 33,015 ​ Variable cash rental income ​ ​ 3,538 (2) ​ 4,282 (2) Straight-line rent ​ ​ 682 (3) ​ 839 ​ Adjustment for collectability of rental income and lease incentives ​ ​ (758) (4) ​ — ​ Amortization of lease incentives ​ ​ (112) ​ ​ (101) ​ Total ​ $ 31,973 ​ $ 38,035 ​ (1) Decreased primarily due to reduction of rent from Senior Lifestyle and abated and deferred rent partially offset by increased rent from acquisitions and completion of development projects and contractual rent increases. ​ (2) The variable rental income for the three months ended March 31, 2021, includes reimbursement of real estate taxes by our lessees of $3,538 . The variable rental income for the three months ended March 31, 2020 includes contingent rental income of $60 and $4,222 related to reimbursement of real estate taxes by our lessees. ​ (3) Decreased due to more leases accounted for on a cash basis and normal amortization partially offset by increases due to a 50% reduction in 2021 rent escalations for those leases accounted for on a straight-line basis. ​ (4) Represents a straight-line rent receivable write-off.
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 ​ $ 35,366 ​ 2024-2029 ​ California ​ ALF ​ 2 ​ ​ 31,037 ​ ​ 17,033 ​ 2021-TBD (1) Florida ​ MC ​ 1 ​ ​ 14,986 ​ ​ 13,076 ​ 2028-2029 ​ Kentucky and Ohio ​ MC ​ 2 ​ ​ 30,342 ​ ​ 27,116 ​ 2028-2029 ​ Texas ​ MC ​ 2 ​ ​ 25,265 ​ ​ 23,560 ​ 2025-2027 ​ South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 10,067 ​ 2028-2029 ​ Total ​ ​ ​ ​ ​ $ 152,205 ​ $ 126,218 ​ ​ ​ (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies.
Summary of investments acquired	Acquisitions and Developments: The following table summarizes our acquisitions for the three months ended March 31, 2021 and 2020 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ Type of Property ​ Price ​ Costs ​ Costs ​ Properties ​ Beds/Units 2021 ​ n/a ​ $ — ​ $ — ​ $ — — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Skilled Nursing (1) ​ $ 13,500 ​ $ 81 ​ $ 13,581 ​ 1 ​ 140 (1) We acquired a SNF located in Texas.
Schedule of investment in development and improvement projects	During he following in development and improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Type of Property ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 1,044 ​ ​ $ 2,386 ​ $ 1,116 ​ Skilled Nursing Centers ​ ​ — ​ ​ — ​ ​ ​ 2,468 ​ ​ 3 ​ Total ​ $ — ​ $ 1,044 ​ ​ $ 4,854 ​ $ 1,119 ​ Completed Developments. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ ​ ​ Total Year ​ Type of Project ​ Properties ​ Property ​ Beds/Units ​ State ​ Investment 2020 ​ Development ​ 1 ​ ALF/MC ​ 78 ​ Oregon ​ $ 18,447
Schedule of completed projects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Type of Property ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 1,044 ​ ​ $ 2,386 ​ $ 1,116 ​ Skilled Nursing Centers ​ ​ — ​ ​ — ​ ​ ​ 2,468 ​ ​ 3 ​ Total ​ $ — ​ $ 1,044 ​ ​ $ 4,854 ​ $ 1,119 ​
Schedule of real estate investment property sold	Properties Sold. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ (Loss) gain (1) 2021 ​ Florida ​ ALF ​ 1 ​ — ​ $ 2,000 ​ $ 2,625 ​ $ (861) ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 88 (2) (3) Total 2021 ​ ​ ​ ​ ​ 1 ​ — ​ $ 2,000 ​ $ 2,625 ​ $ (773) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Arizona ​ SNF ​ 1 ​ 194 ​ $ 12,550 ​ $ 2,229 ​ $ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,365 ​ ​ ​ Iowa ​ SNF (3) 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 8,914 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,994 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,288 ​ Total 2020 ​ ​ ​ ​ ​ 21 ​ 2,411 ​ $ 74,800 ​ $ 29,084 ​ $ 43,854 ​ ( (1) Calculation of net (loss) gain includes cost of sales. ​ (2) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2019 and 2020, under the expected value model per ASC Topic 606, Contracts with Customers (“ASC 606”). ​ (3) One of the transactions 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. During 2020, we received $150 of the holdback. The remaining holdback expires in March 2022. Using the expected value model per ASC 606, we estimated and recorded the holdback value of $471 at closing.
Summary of properties held-for-sale	Properties held-for-sale. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ 2021 ​ WA ​ SNF ​ 1 ​ 123 ​ $ 8,024 ​ $ 3,512 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ $ — ​ ​
Summary of investments in mortgage loans secured by first mortgages	Mortgage Loans. (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ per Interest Rate (1) ​ Maturity ​ Investment ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Bed/Unit 10.1% ​ 2043 ​ $ 186,362 ​ SNF ​ 71.7 % 1 ​ 15 ​ 1,941 ​ $ 96.01 9.3% ​ 2045 ​ ​ 38,862 ​ SNF ​ 15.0 % 1 ​ 4 ​ 501 ​ $ 77.57 9.4% ​ 2045 ​ 19,750 ​ SNF ​ 7.6 % 1 ​ 2 ​ 205 ​ $ 96.34 9.6% ​ 2045 ​ ​ 14,900 ​ SNF ​ 5.7 % 1 ​ 1 ​ 157 ​ $ 94.90 Total ​ ​ ​ $ 259,874 ​ ​ ​ 100.0 % 4 ​ 22 ​ 2,804 ​ $ 92.68 (1) The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period increasing by 2.25% . ​ (2) Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30 -year term. ​ (3) The properties securing these mortgage loans are located in one state and are operated by one operator.
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Originations and funding under mortgage loans receivable ​ $ 158 ​ $ 366 ​ Scheduled principal payments received ​ ​ (125) ​ ​ (65) ​ Mortgage loan premium amortization ​ ​ (2) ​ ​ (1) ​ Provision for loan loss reserve ​ ​ — ​ ​ (3) ​ Net increase in mortgage loans receivable ​ $ 31 ​ $ 297 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
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 % ​ — ​ ​ — (2) ​ 13,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ $ — ​ $ 19,340 ​ (1) Invested $6,340 of preferred equity in an entity that will develop and own a 95 -unit ALF and MC in Washington and withheld $1,425 as a reserve. 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% until achieving an IRR ranging between 12% to 14% . ​ (2) Invested $13,000 of preferred equity in an entity that will develop and own a 267 -unit ILF and ALF in Washington and withheld $3,777 as a reserve. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% until achieving an IRR ranging between 12% and 14% .
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ 2021 ​ UDP (1) $ — (1) $ 112 (1) $ 75 (1) ​ ​ UDP (2) ​ 8,000 (2) ​ 177 (2) ​ 89 (2) Total ​ ​ ​ $ 8,000 ​ $ 289 ​ $ 164 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ALF/MC/ILF (3) $ 58 (3) $ 231 (3) $ 231 (3) Total ​ ​ ​ $ 58 ​ $ 231 ​ $ 231 ​ (1) During 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. ​ (2) During the first quarter of 2021, we funded the remaining $8,000 related to a $13,000 preferred equity investment commitment in an entity that will develop and own a 267 -unit ILF and ALF in Washington. ​ (3) Relates to our preferred equity investment in Arizona discussed above. During 2020, the properties comprising the JV were sold.

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Receivable.
Summary of mezzanine loans and other loan arrangements	Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components as of March 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Mezzanine loans $ 7,461 ​ $ 8,445 ​ Other loans ​ 6,253 ​ ​ 6,166 ​ Notes receivable loan loss reserve ​ (137) ​ ​ (146) ​ Total $ 13,577 ​ $ 14,465 ​
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the three months ended March 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ ​ 2020 ​ Advances under notes receivable $ 1,656 (1) $ 141 ​ Principal payments received under notes receivable ​ (2,553) ​ ​ — ​ Reclassified to lease incentives ​ — ​ ​ (300) (2) Notes receivable loan loss reserve ​ 9 ​ ​ 1 ​ Net decrease $ (888) ​ $ (158) ​ (1) Funding under working capital notes with interest ranging between 5% and 8% and maturities between 2022 and 2027. ​ (2) Represents interim working capital loans related to development projects which matured upon completion of the development projects and commencement of the master leases.

Lease Incentives (Tables)

Lease Incentives (Tables)	3 Months Ended
	Mar. 31, 2021
Lease Incentives
Summary of lease incentives by component	Our lease incentive balances at March 31, 2021 and December 31, 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ December 31, 2020 Non-contingent lease incentives ​ $ 2,349 ​ $ 2,462
Summary of lease incentive activity	The following table summarizes our lease incentives activity for the three months ended March 31, 2021 and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Funding ​ ​ Amortization ​ ​ Funding ​ ​ Amortization ​ ​ Reclassification ​ Non-contingent lease incentives ​ $ — ​ $ (112) ​ $ 13 ​ $ (101) ​ $ 300 (1) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 4. Notes Receivable for further discussion.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Obligations
Schedule of Debt Obligations	The debt obligations by component as of March 31, 2021 and December 31, 2020 are as follows ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2021 ​ At December 31, 2020 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Bank borrowings (2) ​ 1.30% ​ $ 106,900 ​ $ 493,100 ​ $ 89,900 ​ $ 510,100 ​ Senior unsecured notes, net of debt issue costs ​ 4.37% ​ ​ 552,521 ​ ​ — ​ ​ 559,482 ​ ​ — ​ Total ​ 3.87% ​ $ 659,421 ​ $ 493,100 ​ $ 649,382 ​ $ 510,100 ​ (1) Represents weighted average of interest rate as of March 31, 2021. ​ (2) Subsequent to March 31, 2021, we paid down $5,000 under our unsecured revolving line of credit. Accordingly, we have $101,900 outstanding and $498,100 available for borrowing under our unsecured revolving line of credit at April 29, 2021.
Schedule of borrowings and repayments	Our borrowings and repayments are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Bank borrowings ​ $ 17,000 ​ $ — (1) $ 24,000 ​ $ (28,000) ​ Senior unsecured notes ​ ​ — ​ ​ (7,000) ​ ​ — ​ ​ — ​ Total ​ $ 17,000 ​ $ (7,000) ​ $ 24,000 ​ $ (28,000) ​ (1) Subsequent to March 31, 2021, we paid down $5,000 under our unsecured revolving line of credit. Accordingly, we have $101,900 outstanding and $498,100 available for borrowing under our unsecured revolving line of credit at April 29, 2021.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity
Schedule of consolidated VIEs	As of March 31, 2021, 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	Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 23,169 (2) $ 23,169 (2) $ 23,167 (3) $ 23,167 (3) ​ (1) Represents $0.19 per share per month for the three months ended March 31, 2021 and 2020 . ​ (2) Includes $764 of distributions that were paid as a result of the vesting of performance-based stock units. ​ (3) Includes $586 of distributions that were paid as a result of the vesting of performance-based stock units.
Schedule of restricted stock activity	The following table summarizes our restricted stock activity for the three months ended March 31, 2021 and 2020 : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2021 ​ 2020 ​ Outstanding, January 1 ​ ​ 180,440 ​ ​ 163,569 ​ Granted ​ ​ 95,293 ​ ​ 76,464 ​ Vested ​ ​ (78,482) ​ ​ (74,981) ​ Outstanding, March 31 ​ ​ 197,251 ​ ​ 165,052 ​
Schedule of restricted stock granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ Year ​ Shares/Units (1) ​ Share ​ Vesting Period ​ 2021 ​ 95,293 ​ $ 42.27 ​ ratably over 3 years ​ ​ ​ 71,892 ​ $ 42.27 ​ TSR targets (2) ​ ​ ​ 167,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 76,464 ​ $ 48.95 ​ ratably over 3 years ​ ​ ​ 66,027 ​ $ 49.98 ​ TSR targets (2) ​ ​ ​ 142,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Subsequent to March 31, 2021, we granted 3,000 shares of restricted stock at $43.14 per share vesting over one year . ​ (2) 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 March 31, 2021 , the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (in thousands): ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2021 ​ $ 5,534 2022 ​ ​ 5,216 2023 ​ ​ 2,855 2023 ​ ​ 303 Total ​ $ 13,908

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Schedule of commitments	At March 31, 2021, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2021 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties Note 2. Real Estate Investments ​ $ 16,085 (1) $ 829 ​ $ 8,176 ​ $ 7,909 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 9,000 ​ ​ — ​ ​ — ​ ​ 9,000 Mortgage loans ( Note 2. Real Estate Investments ​ ​ 21,000 (2) ​ 32 ​ ​ 3,413 ​ ​ 17,587 Notes receivable ( Note 4. Notes Receivable ​ ​ 1,845 ​ ​ 353 ​ ​ 1,090 ​ ​ 755 Total ​ $ 47,930 ​ $ 1,214 ​ $ 12,679 ​ $ 35,251 (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 $3,000 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios.

Major Operators (Tables)

Major Operators (Tables)	3 Months Ended
	Mar. 31, 2021
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 ​ 20.6 % ​ 18.3 % ​ (1) Includes rental income from owned properties and interest income from mortgage loans as of March 31, 2021 and excludes variable 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.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings per Share
Schedule of basic and diluted net income per share	The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, ​ ​ 2021 ​ 2020 ​ ​ Net income ​ $ 13,850 $ 63,722 ​ Less income allocated to non-controlling interests ​ (88) ​ (89) ​ ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (120) ​ (94) ​ ​ Income allocated to participating securities ​ — ​ (169) ​ ​ Total net income allocated to participating securities ​ (120) ​ (263) ​ ​ Net income available to common stockholders ​ 13,642 ​ 63,370 ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ Net income for diluted net income per share ​ $ 13,642 ​ $ 63,370 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,100 ​ 39,539 ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ 1 ​ 2 ​ ​ Performance-based stock units ​ ​ 78 ​ ​ — (2) ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ Total effect of dilutive securities ​ 79 ​ 2 ​ ​ Shares for diluted net income per share ​ 39,179 ​ 39,541 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.35 ​ $ 1.60 ​ ​ Diluted net income per share ​ $ 0.35 ​ $ 1.60 ​ ​ (1) For the three months ended March 31, 2021, and 2020, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (2) At March 31, 2020, no performance-based stock units would be earned based on TSR targets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	The carrying value and fair value of our financial instruments as of March 31, 2021 and December 31, 2020 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2021 ​ At December 31, 2020 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Mortgage loans receivable ​ $ 257,282 ​ $ 301,097 (1) $ 257,251 ​ $ 299,751 (1) Notes receivable ​ 13,577 ​ 13,410 (2) 14,465 ​ 13,893 (2) Bank borrowings ​ 106,900 ​ ​ 106,900 (3) ​ 89,900 ​ ​ 89,900 (3) Senior unsecured notes, net of debt issue costs ​ 552,521 ​ ​ 573,095 (4) ​ 559,482 ​ ​ 560,140 (4) (1) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at March 31, 2021 and December 31, 2020 was 10.0% . ​ (2) Our investments in notes receivable are classified as Level 3. 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 flows of the notes receivable at March 31, 2021 and December 31, 2020, were 6.0% and 6.6% , respectively. ​ (3) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at March 31, 2021 and December 31, 20 20 based upon prevailing market interest rates for similar debt arrangements. ​ (4) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At March 31, 2021 , 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, 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.

General (Details)

General (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment
General
Number of operating segments | segment	1
Provision for federal or state income taxes | $	$ 0

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) - Real Estate Investment $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)propertyitemstate$ / item
Real Estate [Line Items]
Gross Investment | $	$ 1,449,062
Percentage of Investment	100.00%
Number of properties | property	158
Number of states | state	27
Number of operators	30
Operating leases
Number of ways to compute annual rent increases	4
Minimum
Operating leases
Initial lease term	10 years
Specified annual increase over the prior year's rent (as a percent)	2.00%
Maximum
Operating leases
Initial lease term	15 years
Specified annual increase over the prior year's rent (as a percent)	2.50%
SNF Beds
Real Estate [Line Items]
Number of beds/units	6,395
ALF Units
Real Estate [Line Items]
Number of beds/units	6,315
ALF
Real Estate [Line Items]
Gross Investment | $	$ 877,233
Percentage of Investment	60.50%
Number of properties | property	106
Investment per Bed/Unit | $ / item	143.74
ALF | ALF Units
Real Estate [Line Items]
Number of beds/units	6,103
SNF
Real Estate [Line Items]
Gross Investment | $	$ 560,469
Percentage of Investment	38.70%
Number of properties | property	51
Investment per Bed/Unit | $ / item	86.37
SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units	6,277
SNF | ALF Units
Real Estate [Line Items]
Number of beds/units	212
Other
Real Estate [Line Items]
Gross Investment | $	$ 11,360
Percentage of Investment	0.80%
Number of properties | property	1
Number of parcels of land	3
Other | SNF Beds
Real Estate [Line Items]
Number of beds/units	118
Hospital
Real Estate [Line Items]
Number of properties | property	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) $ in Thousands	Mar. 31, 2021USD ($)
Future minimum base rents receivable
2021	$ 104,798
2022	144,536
2023	130,486
2024	131,146
2025	116,304
Thereafter	$ 507,382

Real Estate Investments - Lease

Real Estate Investments - Lease (Details)	3 Months Ended
	Mar. 31, 2021USD ($)propertyitem	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Real estate investments
Number of operators | item	16
Write-off of straight-line rent	$ 758,000	$ 0
Carrying value	1,090,927,000		$ 1,102,358,000
Income and Expenses, Lessor [Abstract]
Base cash rental income	28,623,000	33,015,000
Variable cash rental income	3,538,000	4,282,000
Straight-Line Rent	682,000	839,000
Adjustment for collectability of rental income and lease incentives	(758,000)
Amortization of Lease Incentives	(112,000)	(101,000)
Total Rental Income	31,973,000	38,035,000
Real estate taxes reimbursed	$ 3,538,000	4,222,000
Contingent rental income		$ 60,000
Percentage of contractual amount due	50.00%
Rent deferrals	$ 1,144,000
Rent abatements	600,000
Rent abatements and deferrals	$ 1,743,000
Percentage of contractual rent	4.00%
Percentage of reduction in rent and interest escalations	50.00%
Decrease of revenue	$ 292,000
Decrease in retained earnings	1,200,000
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment	152,205,000
Carrying value	$ 126,218,000
ALF | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property	2
Gross Investment	$ 31,037,000
Carrying value	$ 17,033,000
ALF | Purchase Option in Lease Arrangements | California | Minimum
Real estate investments
Purchase option ending period	24 months
ALF | Purchase Option in Lease Arrangements | California | Maximum
Real estate investments
Purchase option ending period	48 months
MC | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of properties | property	1
Gross Investment	$ 14,986,000
Carrying value	$ 13,076,000
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky
Real estate investments
Number of properties | property	2
Gross Investment	$ 30,342,000
Carrying value	$ 27,116,000
MC | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of properties | property	2
Gross Investment	$ 25,265,000
Carrying value	$ 23,560,000
ALF and MC | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property	2
Gross Investment	$ 38,895,000
Carrying value	$ 35,366,000
ALF and MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Number of properties | property	1
Gross Investment	$ 11,680,000
Carrying value	$ 10,067,000
Real Estate Investment
Real estate investments
Number of properties | property	158
Gross Investment	$ 1,449,062,000
Real Estate Investment | ALF
Real estate investments
Number of properties | property	106
Gross Investment	$ 877,233,000

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions and Developments (Details) - 2020 Acquisitions - SNF	3 Months Ended
	Mar. 31, 2020USD ($)item
Real estate investments
Purchase Price	$ 13,500,000
Transaction Costs	81,000
Total Acquisition Costs	$ 13,581,000
Number of properties acquired	1
Number of beds/units acquired | item	140

Real Estate Investments - Types

Real Estate Investments - Types of property Development and Improvement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real estate investments
Invested in projects	$ 1,214
Developments | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 4,854
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	1,044	1,119
ALF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects		2,386
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 1,044	1,116
SNF | Developments | Development and Improvement Commitments
Real estate investments
Invested in projects		2,468
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 3

Real Estate Investments - Devel

Real Estate Investments - Development and Improvement Projects (Details) - ALF and MC - Developments - Real Estate Development Commitments - Real Estate Investment Completed Projects - Oregon $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)propertyitem
Completed development and improvement projects
Number of Properties | property	1
Number of Beds/Units | item	78
Total Investment | $	$ 18,447

Real Estate Investments - Prope

Real Estate Investments - Property Sales (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)propertyitem	Dec. 31, 2020USD ($)
Disposals and other
Carrying value	$ 1,090,927		$ 1,102,358
Net (Loss) gain	(773)	$ 43,854
Net gain	$ 88
Properties sold
Disposals and other
Number of properties sold | property	1	21
Number of beds or units in property sold | item		2,411
Sales price	$ 2,000	$ 74,800
Carrying value	2,625	29,084
Net (Loss) gain	$ (773)	43,854
Holdback amount		$ 838
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
Carrying value		2,229
Net (Loss) gain		$ 10,293
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
Carrying value		4,271
Net (Loss) gain		$ 10,365
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
Carrying value		4,886
Net (Loss) gain		8,914
Holdback amount			$ 150
Realizable holdback amount		$ 471
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
Carrying value		7,438
Net (Loss) gain		$ 1,994
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
Carrying value		10,260
Net (Loss) gain		$ 12,288
Properties sold | ALF | Florida
Disposals and other
Number of properties sold | property	1
Sales price	$ 2,000
Carrying value	2,625
Net (Loss) gain	$ (861)

Real Estate Investments - Pro_2

Real Estate Investments - Properties held-for-sale (Details) $ in Thousands	Mar. 31, 2021USD ($)itemproperty	Dec. 31, 2020USD ($)
Real estate investments
Accumulated depreciation	$ 354,623	$ 349,643
SNF | Properties held-for-sale | Washington
Real estate investments
Number of properties | property	1
Gross Investment	$ 8,024
Accumulated depreciation	$ 3,512
Number of beds/units | item	123

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)loanpropertyitemstate$ / item
Mortgage Loans
Real Estate [Line Items]
Gross Investment | $	$ 259,874
Percentage of Investment	100.00%
Number of Loans | loan	4
Number of properties | property	22
Investment per Bed/Unit | $ / item	92.68
Specified basis points for annual increase in interest rate (as a percent)	2.25%
Loan Term	30 years
Number of states | state	1
Number of operators	1
Mortgage loans with 10.1% Interest Maturing 2043 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	10.10%
Gross Investment | $	$ 186,362
Percentage of Investment	71.70%
Number of Loans | loan	1
Number of properties | property	15
Investment per Bed/Unit | $ / item	96.01
Mortgage loans with 9.3% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.30%
Gross Investment | $	$ 38,862
Percentage of Investment	15.00%
Number of Loans | loan	1
Number of properties | property	4
Investment per Bed/Unit | $ / item	77.57
Mortgage loans with 9.4% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Interest rate (as a percent)	9.40%
Gross Investment | $	$ 19,750
Percentage of Investment	7.60%
Number of Loans | loan	1
Number of properties | property	2
Investment per Bed/Unit | $ / item	96.34
Mortgage loans with 9.6% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	9.60%
Mortgage loans with 9.6% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Gross Investment | $	$ 14,900
Percentage of Investment	5.70%
Number of Loans | loan	1
Number of properties | property	1
Investment per Bed/Unit | $ / item	94.90
SNF Beds | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	2,804
SNF Beds | Mortgage loans with 10.1% Interest Maturing 2043 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	1,941
SNF Beds | Mortgage loans with 9.3% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	501
SNF Beds | Mortgage loans with 9.4% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	205
SNF Beds | Mortgage loans with 9.6% Interest Maturing 2045 | SNF | Mortgage Loans
Real Estate [Line Items]
Number of beds/units	157

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Real Estate Investments
Originations and fundings under mortgage loans receivable	$ 158,000	$ 366,000
Scheduled principal payments received	(125,000)	(65,000)
Mortgage loan premium amortization	(2,000)	(1,000)
Provision for loan loss reserve		(3,000)
Net increase in mortgage loans receivable	31,000	297,000
Interest receivable	34,491,000		$ 32,746,000
Write-off of accrued interest receivable	$ 0	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)itemproperty	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)propertyitem
Investment in Unconsolidated Joint Ventures
Carrying Value	$ 19,340,000		$ 11,340,000
Income Recognized	289,000	$ 231,000
Cash Interest Received	$ 164,000	231,000
Joint Venture
Investment in Unconsolidated Joint Ventures
Number of properties owned by joint venture for sale | property			4
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	$ 8,000,000	58,000
Income Recognized	289,000	231,000
Cash Interest Received	164,000	231,000
Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Carrying Value	19,340,000
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions		58,000
Income Recognized		231,000
Cash Interest Received		$ 231,000
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of beds/units | item			95
Capital Contributions			$ 6,340,000
Income Recognized	112,000
Cash Interest Received	$ 75,000
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
Reserve withheld	$ 1,425,000
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 ILF/ALF | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions	$ 8,000,000
Income Recognized	177,000
Cash Interest Received	$ 89,000
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	13,000,000
Reserve withheld	$ 3,777,000
Percentage of Investment	11.60%
Additional preferred capital contributions in joint venture committed	$ 8,000,000
Amount of joint venture investment	$ 13,000,000
Combination ILF/ALF | 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 ILF/ALF | 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 Investment	12.00%
Combination ILF/ALF | 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 Investment	14.00%

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Notes receivable activities
Notes receivable loan loss reserve	$ (137)	$ (146)
Total	13,577	14,465
Mezzanine loan
Notes receivable activities
Mezzanine loan	7,461	8,445
Other loans
Notes receivable activities
Mezzanine loan	$ 6,253	$ 6,166

Notes Receivable - Notes Receiv

Notes Receivable - Notes Receivable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Notes receivable activities
Advances under notes receivable	$ 1,656	$ 141
Principal payments received under notes receivable	(2,553)
Reclassified to lease incentives		(300)
Notes receivable loan loss reserve	9	1
Net decrease	$ (888)	$ (158)

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details)	3 Months Ended
	Mar. 31, 2021
Minimum
Notes receivable activities
Interest rate (as a percent)	5.00%
Maximum
Notes receivable activities
Interest rate (as a percent)	8.00%

Lease Incentives (Details)

Lease Incentives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lease Incentives
Non-contingent lease incentives	$ 2,349		$ 2,462
Non-contingent lease incentives, funding		$ 13
Non-contingent lease incentives, Amortization	$ (112)	(101)
Reclassified to lease incentives		$ 300

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings (Details) - Bank Borrowings - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2018
Debt Obligations
Maximum available under facility	$ 1,000,000,000	$ 600,000,000
Additional extension period option	1 year
Unused commitment fee (as a percent)	0.20%
LIBOR
Debt Obligations
Basis spread over base rate (as a percent)	1.15%

Debt Obligations - Component (D

Debt Obligations - Component (Details) - USD ($) $ in Thousands	Apr. 29, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Obligations
Applicable Interest Rate (as a percent)		3.87%
Outstanding Balance		$ 659,421		$ 649,382
Available for borrowing		$ 493,100		510,100
Repayment paid			$ 28,000
Minimum
Debt Obligations
Interest rate (as a percent)		5.00%
Maximum
Debt Obligations
Interest rate (as a percent)		8.00%
Bank Borrowings
Debt Obligations
Applicable Interest Rate (as a percent)		1.30%
Outstanding Balance		$ 106,900		89,900
Available for borrowing		$ 493,100		510,100
Repayment paid			$ 28,000
Bank Borrowings | Subsequent Event
Debt Obligations
Outstanding Balance	$ 101,900
Available for borrowing	498,100
Repayment paid	$ 5,000
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)		4.37%
Outstanding Balance		$ 552,521		$ 559,482
Senior Unsecured Notes | Minimum
Debt Obligations
Interest rate (as a percent)		3.85%
Senior Unsecured Notes | Maximum
Debt Obligations
Interest rate (as a percent)		5.03%

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($) $ in Thousands	Apr. 29, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Borrowings
Bank borrowings		$ 17,000	$ 24,000
Total		17,000	24,000
Repayments
Bank borrowings			(28,000)
Senior unsecured notes		(7,000)
Total		(7,000)	(28,000)
Outstanding Balance		659,421		$ 649,382
Available for borrowing		493,100		510,100
Bank Borrowings
Borrowings
Bank borrowings		17,000	24,000
Repayments
Bank borrowings			$ (28,000)
Outstanding Balance		106,900		89,900
Available for borrowing		493,100		510,100
Bank Borrowings | Subsequent Event
Repayments
Bank borrowings	$ (5,000)
Outstanding Balance	101,900
Available for borrowing	$ 498,100
Senior Unsecured Notes
Repayments
Senior unsecured notes		(7,000)
Outstanding Balance		$ 552,521		$ 559,482

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Noncontrolling interest
Gross Consolidated Assets	$ 1,455,303	$ 1,459,486
Non-controlling interests	8,404	$ 8,404
Partnership
Noncontrolling interest
Gross Consolidated Assets	83,429
Non-controlling interests	8,404
Virginia | 2019 Acquisitions | Partnership | ALF and MC
Noncontrolling interest
Gross Consolidated Assets	16,895
Non-controlling interests	919
Oregon | 2018 Acquisitions | Partnership | ALF and MC
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 | ILF/ALF/MC
Noncontrolling interest
Gross Consolidated Assets	22,007
Non-controlling interests	2,305
South Carolina | 2017 Acquisitions | Partnership | ALF and MC
Noncontrolling interest
Gross Consolidated Assets	11,680
Non-controlling interests	$ 1,241

Equity - Common Stock (Details)

Equity - Common Stock (Details) - Common Stock - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity
Number of shares repurchased	84,616	76,067
Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement	$ 200,000,000
Shares common stock sold	0
Amount available under effective shelf registration statement	$ 200,000,000

Equity - Stock Repurchase Plan

Equity - Stock Repurchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 12, 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 - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Dividend Distributions
Paid				$ 23,169				$ 23,167
Common Stock cash distributions				$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Dividends declared and paid per common share				$ 0.57				$ 0.57
Subsequent Event | Dividend Payable, April 30, 2021
Dividend Distributions
Dividends declared and paid per common share			$ 0.19
Subsequent Event | Dividend Payable, May 28, 2021
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Dividend Payable, June 30, 2021
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock
Dividend Distributions
Declared				$ 23,169				$ 23,167
Paid				$ 23,169				$ 23,167
Common Stock cash distributions				$ 0.19				$ 0.19
Common Stock | Subsequent Event | Dividend Payable, April 30, 2021
Dividend Distributions
Dividends declared and paid per common share			$ 0.19
Common Stock | Subsequent Event | Dividend Payable, May 28, 2021
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Common Stock | Subsequent Event | Dividend Payable, June 30, 2021
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock | Performance-based stock units
Dividend Distributions
Paid				$ 764				$ 586

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Based Compensation Plans
Options outstanding (in shares)	15,000
Options exercisable (in shares)	15,000
Stock options granted (in shares)	0	0
2015 Plan
Stock Based Compensation Plans
Total shares reserved for issuance of common stock related to the conversion of preferred stock	1,400,000

Equity - Restricted Stock and p

Equity - Restricted Stock and performance-based stock units (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	167,185	142,491
Performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	71,892	66,027
Vested (in shares)	(108,720)	(81,574)
Outstanding at the end of the period (in shares)		0
Restricted stock
Restricted stock and performance based stock units activity
Outstanding at the beginning of the period (in shares)	180,440	163,569
Granted (in shares)	95,293	76,464
Vested (in shares)	(78,482)	(74,981)
Outstanding at the end of the period (in shares)	197,251	165,052

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Restricted stock
Restricted stock awards
Number of shares granted		95,293	76,464
Number of vesting of performance-based stock units (in shares)		78,482	74,981
Restricted stock | Subsequent Event
Restricted stock awards
Number of shares granted	3,000
Number of vesting of performance-based stock units (in shares)	43.14
Vesting period	1 year
Performance-based stock units
Restricted stock awards
Number of shares granted		71,892	66,027
Number of vesting of performance-based stock units (in shares)		108,720	81,574
Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted		167,185	142,491
Compensation expense related to share-based award		$ 1,852,000	$ 1,777,000
Nonvested awards
Remaining compensation expense		13,908,000
2021 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense		5,534,000
2022 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense		5,216,000
2023 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense		2,855,000
2023 | Restricted stock and performance-based stock units
Nonvested awards
Remaining compensation expense		$ 303,000
Grant Date Price 42.27 | Three year vesting | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted		95,293
Granted (in dollars per share)		$ 42.27
Vesting period		3 years
Grant Date Price 42.27 | TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted		71,892
Granted (in dollars per share)		$ 42.27
Vesting period		4 years
Grant Date Price 42.27 | Accelerated TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Vesting period		3 years
Grant Date Price $48.95 | Three year vesting | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted			76,464
Granted (in dollars per share)			$ 48.95
Vesting period			3 years
Grant Date Price $49.98 | TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Number of shares granted			66,027
Granted (in dollars per share)			$ 49.98
Vesting period			4 years
Grant Date Price $49.98 | Accelerated TSR Targets | Restricted stock and performance-based stock units
Restricted stock awards
Vesting period			3 years

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Commitments and Contingencies
Investment Commitment	$ 47,930
2021 Funding	1,214
Total Commitment funded	12,679
Remaining commitment	35,251
Real estate properties
Commitments and Contingencies
Investment Commitment	16,085
2021 Funding	829
Total Commitment funded	8,176
Remaining commitment	7,909
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	9,000
Remaining commitment	9,000
Mortgage loans
Commitments and Contingencies
Investment Commitment	21,000
2021 Funding	32
Total Commitment funded	3,413
Remaining commitment	17,587
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	3,000
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	18,000
Notes receivable
Commitments and Contingencies
Investment Commitment	1,845
2021 Funding	353
Total Commitment funded	1,090
Remaining commitment	$ 755

Major Operators (Details)

Major Operators (Details)	3 Months Ended
	Mar. 31, 2021propertyitem
Major Operators
Number of major operators	1
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
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	20.60%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	18.30%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Net income	$ 13,850	$ 17,665	$ 12,338	$ 1,952	$ 63,722
Less income allocated to non-controlling interests	(88)				(89)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities	(120)				(94)
Income allocated to participating securities					(169)
Total net income allocated to participating securities	(120)				(263)
Net income available to common stockholders	13,642				63,370
Net income for diluted net income per share	$ 13,642				$ 63,370
Reconciliation of shares
Shares for basic net income per share	39,100,000				39,539,000
Effect of dilutive securities:
Total effect of dilutive securities (in shares)	79,000				2,000
Shares for diluted net income per share	39,179,000				39,541,000
Basic net income per share (in dollars per share)	$ 0.35				$ 1.60
Diluted net income per share (in dollars per share)	$ 0.35				$ 1.60
Stock options
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)	1,000				2,000
Performance-based stock units
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)	78,000
Performance-based stock units would be earned based on TSR targets					0

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Fair value measurements
Mortgage loans receivable	$ 257,282	$ 257,251
Notes receivable	13,577	14,465
Senior unsecured notes, net of debt issue costs	$ 552,521	$ 559,482
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.0325	0.0325
Level 3 | Senior Unsecured Notes maturing 2026 and after | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.0350	0.0350
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent) | item	0.100	0.100
Level 3 | Notes Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent) | item	0.060	0.066
Carrying Value
Fair value measurements
Mortgage loans receivable	$ 257,282	$ 257,251
Notes receivable	13,577	14,465
Bank borrowings	106,900	89,900
Senior unsecured notes, net of debt issue costs	552,521	559,482
Fair Value
Fair value measurements
Notes receivable	13,410	13,893
Bank borrowings	106,900	89,900
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable	301,097	299,751
Senior unsecured notes, net of debt issue costs	$ 573,095	$ 560,140

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 29, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt:
Repayment paid						$ 28,000
Outstanding Balance					$ 659,421		$ 649,382
Available for borrowing					$ 493,100		510,100
Equity
Dividends declared and paid per common share					$ 0.57	$ 0.57
Bank Borrowings
Debt:
Repayment paid						$ 28,000
Outstanding Balance					$ 106,900		89,900
Available for borrowing					$ 493,100		$ 510,100
Subsequent Event | Dividend Payable, April 30, 2021
Equity
Dividends declared and paid per common share				$ 0.19
Subsequent Event | Dividend Payable, April 30, 2021 | Common Stock
Equity
Dividends declared and paid per common share				$ 0.19
Subsequent Event | Dividend Payable, May 28, 2021
Equity
Dividends declared and paid per common share			$ 0.19
Subsequent Event | Dividend Payable, May 28, 2021 | Common Stock
Equity
Dividends declared and paid per common share			$ 0.19
Subsequent Event | Dividend Payable, June 30, 2021
Equity
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Dividend Payable, June 30, 2021 | Common Stock
Equity
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Bank Borrowings
Debt:
Repayment paid	$ 5,000
Outstanding Balance	101,900
Available for borrowing	$ 498,100