Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 10, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 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, SuiteĀ 350 | ||
Entity Address, City or Town | Westlake Village | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91361 | ||
City Area Code | 805 | ||
Local Phone Number | 981-8655 | ||
Title of 12(b) Security | Common stock, $.01 Par Value | ||
Trading Symbol | LTC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,479,570,000 | ||
Entity Common Stock, Shares Outstanding | 39,496,909 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Los Angeles, California | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000887905 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Land | $ 123,239 | $ 127,774 |
Buildings and improvements | 1,285,318 | 1,324,227 |
Accumulated depreciation and amortization | (374,606) | (349,643) |
Real property investments, net | 1,033,951 | 1,102,358 |
Mortgage loans receivable, net of loan loss reserve: 2021-$3,473; 2020-$2,592 | 344,442 | 257,251 |
Real estate investments, net | 1,378,393 | 1,359,609 |
Notes receivable, net of loan loss reserve: 2021-$286; 2020-$146 | 28,337 | 14,465 |
Investments in unconsolidated joint ventures | 19,340 | 11,340 |
Investments, net | 1,426,070 | 1,385,414 |
Other assets: | ||
Cash and cash equivalents | 5,161 | 7,772 |
Debt issue costs related to bank borrowings | 3,057 | 1,324 |
Interest receivable | 39,522 | 32,746 |
Straight-line rent receivable | 24,146 | 24,452 |
Lease incentives | 2,678 | 2,462 |
Prepaid expenses and other assets | 4,191 | 5,316 |
Total assets | 1,504,825 | 1,459,486 |
LIABILITIES | ||
Revolving line of credit | 110,900 | 89,900 |
Term loans, net of debt issue costs: 2021-$637; 2020-$0 | 99,363 | |
Senior unsecured notes, net of debt issue costs: 2021-$524; 2020-$658 | 512,456 | 559,482 |
Accrued interest | 3,745 | 4,216 |
Accrued expenses and other liabilities | 33,234 | 30,082 |
Total liabilities | 759,698 | 683,680 |
Stockholders' equity: | ||
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2021-39,374; 2020-39,242 | 394 | 392 |
Capital in excess of par value | 856,895 | 852,780 |
Cumulative net income | 1,444,636 | 1,388,775 |
Accumulated other comprehensive income | (172) | |
Cumulative distributions | (1,565,039) | (1,474,545) |
Total LTC Properties, Inc. stockholders' equity | 736,714 | 767,402 |
Non-controlling interests | 8,413 | 8,404 |
Total equity | 745,127 | 775,806 |
Total liabilities and equity | $ 1,504,825 | $ 1,459,486 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Mortgage loans receivable, loan loss reserve | $ 3,473 | $ 2,592 |
Notes receivable, loan loss reserve | $ 286 | $ 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 | 39,374 | 39,242 |
Common stock, shares outstanding | 39,374 | 39,242 |
Term loans | ||
Debt issue costs, net | $ 637 | $ 0 |
Senior Unsecured Notes | ||
Debt issue costs, net | $ 524 | $ 658 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Rental income | $ 121,125,000 | $ 126,094,000 | $ 152,755,000 |
Interest income from mortgage loans | 32,811,000 | 31,396,000 | 29,991,000 |
Interest and other income | 1,386,000 | 1,847,000 | 2,558,000 |
Total revenues | 155,322,000 | 159,337,000 | 185,304,000 |
Expenses: | |||
Interest expense | 27,375,000 | 29,705,000 | 30,582,000 |
Depreciation and amortization | 38,296,000 | 39,071,000 | 39,216,000 |
Impairment charges | 0 | 3,977,000 | 0 |
Provision (recovery) for credit losses | 1,021,000 | (3,000) | 166,000 |
Transaction costs | 4,433,000 | 299,000 | 365,000 |
Property tax expense | 15,392,000 | 15,065,000 | 16,755,000 |
General and administrative expenses | 21,460,000 | 19,710,000 | 18,453,000 |
Total expenses | 107,977,000 | 107,824,000 | 105,537,000 |
Other operating income: | |||
Gain on sale of real estate, net | 7,462,000 | 44,117,000 | 2,106,000 |
Operating income | 54,807,000 | 95,630,000 | 81,873,000 |
Gain from property insurance proceeds | 373,000 | 2,111,000 | |
Loss on unconsolidated joint ventures | (758,000) | ||
Impairment loss from investments in unconsolidated joint ventures | 5,500,000 | ||
Income from unconsolidated joint ventures | 1,417,000 | 432,000 | 2,388,000 |
Net income | 56,224,000 | 95,677,000 | 80,872,000 |
Income allocated to non-controlling interests | (363,000) | (384,000) | (346,000) |
Net income attributable to LTC Properties, Inc. | 55,861,000 | 95,293,000 | 80,526,000 |
Income allocated to participating securities | (458,000) | (422,000) | (391,000) |
Net income available to common stockholders | $ 55,403,000 | $ 94,871,000 | $ 80,135,000 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 1.41 | $ 2.42 | $ 2.03 |
Diluted (in dollars per share) | $ 1.41 | $ 2.42 | $ 2.02 |
Weighted average shares used to calculate earnings per common share: | |||
Basic (in shares) | 39,156 | 39,179 | 39,571 |
Diluted (in shares) | 39,156 | 39,264 | 39,759 |
Comprehensive Income: | |||
Net income | $ 56,224,000 | $ 95,677,000 | $ 80,872,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | ParentCumulative Effect of Adoption | ParentAs Adjusted Balance | Parent | Common StockAs Adjusted Balance | Common Stock | Capital in Excess of Par ValueAs Adjusted Balance | Capital in Excess of Par Value | Cumulative Net IncomeCumulative Effect of Adoption | Cumulative Net IncomeAs Adjusted Balance | Cumulative Net Income | Accumulated Other Comprehensive Income (Loss) | Cumulative DistributionsAs Adjusted Balance | Cumulative Distributions | Non-controlling InterestsAs Adjusted Balance | Non-controlling Interests | Cumulative Effect of Adoption | As Adjusted Balance | Total |
Balance at beginning of period at Dec. 31, 2018 | $ (42,808) | $ 782,682 | $ 825,490 | $ 397 | $ 397 | $ 862,712 | $ 862,712 | $ (42,808) | $ 1,212,956 | $ 1,255,764 | $ (1,293,383) | $ (1,293,383) | $ 7,481 | $ 7,481 | $ (42,808) | $ 790,163 | $ 832,971 | |
Balance (in shares) at Dec. 31, 2018 | 39,657 | 39,657 | ||||||||||||||||
Equity activity | ||||||||||||||||||
Issuance of restricted stock | (7) | (7) | (7) | |||||||||||||||
Issuance of restricted stock (in shares) | 86 | |||||||||||||||||
Net income | 80,526 | 80,526 | 346 | 80,872 | ||||||||||||||
Stock-based compensation expense | 6,566 | 6,566 | 6,566 | |||||||||||||||
Vesting of performance-based stock units, including the payment of distributions | (301) | (301) | (301) | |||||||||||||||
Vesting of performance-based stock units, including the payment of distributions (in shares) | 48 | |||||||||||||||||
Stock option exercises | 123 | $ 1 | 122 | 123 | ||||||||||||||
Stock option exercises (in shares) | 5 | |||||||||||||||||
Non-controlling interests contributions | 965 | 965 | ||||||||||||||||
Non-controlling interest distributions | (309) | (309) | ||||||||||||||||
Common stock cash distributions | (90,599) | (90,599) | (90,599) | |||||||||||||||
Other | (2,047) | (2,047) | (2,047) | |||||||||||||||
Other (in shares) | (44) | |||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 39,752 | |||||||||||||||||
Balance at end of period at Dec. 31, 2019 | 776,943 | $ 398 | 867,346 | 1,293,482 | (1,384,283) | 8,483 | 785,426 | |||||||||||
Equity activity | ||||||||||||||||||
Repurchase of common stock | (18,012) | $ (6) | (18,006) | (18,012) | ||||||||||||||
Repurchase of common stock (in shares) | (616) | |||||||||||||||||
Issuance of restricted stock | (8) | $ 1 | (9) | (8) | ||||||||||||||
Issuance of restricted stock (in shares) | 101 | |||||||||||||||||
Net income | 95,293 | 95,293 | 384 | 95,677 | ||||||||||||||
Stock-based compensation expense | 7,012 | 7,012 | 7,012 | |||||||||||||||
Vesting of performance-based stock units, including the payment of distributions | (586) | (586) | (586) | |||||||||||||||
Vesting of performance-based stock units, including the payment of distributions (in shares) | 82 | |||||||||||||||||
Non-controlling interest distributions | (463) | (463) | ||||||||||||||||
Common stock cash distributions | (89,676) | (89,676) | (89,676) | |||||||||||||||
Other | (3,564) | $ (1) | (3,563) | (3,564) | ||||||||||||||
Other (in shares) | (77) | |||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 39,242 | |||||||||||||||||
Balance at end of period at Dec. 31, 2020 | 767,402 | $ 392 | 852,780 | 1,388,775 | (1,474,545) | 8,404 | 775,806 | |||||||||||
Equity activity | ||||||||||||||||||
Net income | 55,861 | 55,861 | 363 | 56,224 | ||||||||||||||
Stock-based compensation expense | 7,760 | 7,760 | 7,760 | |||||||||||||||
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 | |||||||||||||||||
Non-controlling interests contributions | 9 | 9 | ||||||||||||||||
Non-controlling interest distributions | (363) | (363) | ||||||||||||||||
Common stock cash distributions | (89,730) | (89,730) | (89,730) | |||||||||||||||
Cash paid for taxes in lieu of common shares | (3,573) | (3,573) | (3,573) | |||||||||||||||
Cash paid for taxes in lieu of common shares (in shares) | (87) | |||||||||||||||||
Fair market valuation adjustment for interest rate swap | (172) | $ (172) | (172) | |||||||||||||||
Other | (70) | $ 1 | (71) | (70) | ||||||||||||||
Other (in shares) | 110 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 39,374 | |||||||||||||||||
Balance at end of period at Dec. 31, 2021 | $ 736,714 | $ 394 | $ 856,895 | $ 1,444,636 | $ (172) | $ (1,565,039) | $ 8,413 | $ 745,127 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF EQUITY | |||||||||||
Common Stock cash distributions | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Net income | $ 56,224 | $ 95,677 | $ 80,872 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 38,296 | 39,071 | 39,216 |
Stock-based compensation expense | 7,760 | 7,012 | 6,566 |
Impairment charges | 3,977 | 5,500 | |
Gain on sale of real estate, net | (7,462) | (44,117) | (2,106) |
Loss on unconsolidated joint ventures | 758 | ||
Income from unconsolidated joint ventures | (1,417) | (432) | (2,388) |
Income distributions from unconsolidated joint ventures | 432 | 2,991 | |
Straight-line rental income | (467) | (1,778) | (4,487) |
Adjustment for collectibility of rental income and lease incentives | 758 | 23,214 | 1,926 |
Lease incentives funded | (824) | (220) | (387) |
Operating Lease Amortization of Lease Incentives | 608 | 426 | 385 |
Provision (recovery) for credit losses | 1,021 | (3) | 166 |
Other non-cash items, net | 972 | 1,033 | 1,016 |
Increase in interest receivable | (6,776) | (6,161) | (5,854) |
(Decrease) increase in accrued interest payable | (471) | (767) | 803 |
Net change in other assets and liabilities | 2,962 | (2,021) | (1,750) |
Net cash provided by operating activities | 91,184 | 116,101 | 122,469 |
INVESTING ACTIVITIES: | |||
Investment in real estate properties | (13,581) | (58,414) | |
Investment in real estate developments | (16,699) | (20,524) | |
Investment in real estate capital improvements | (6,298) | (6,913) | (2,839) |
Capitalized interest | (354) | (608) | |
Proceeds from sale of real estate, net | 43,627 | 72,141 | 14,009 |
Investment in real estate mortgage loans receivable | (88,955) | (4,253) | (12,342) |
Principal payments received on mortgage loans receivable | 1,175 | 1,065 | 1,065 |
Investments in unconsolidated joint ventures | (5,676) | (8,520) | (472) |
Proceeds from liquidation of investments in unconsolidated joint ventures | 17,848 | 6,601 | |
Advances and originations under notes receivable | (16,353) | (2,078) | (8,967) |
Principal payments received on notes receivable | 2,694 | 5,275 | 3,503 |
Net cash (used in) provided by investing activities | (69,786) | 43,931 | (78,988) |
FINANCING ACTIVITIES: | |||
Borrowings from revolving line of credit | 204,400 | 24,000 | 107,900 |
Borrowings from term loans | 100,000 | ||
Repayment of revolving line of credit | (183,400) | (28,000) | (126,000) |
Proceeds from issuance of senior unsecured notes | 100,000 | ||
Principal payments on senior unsecured notes | (47,160) | (40,160) | (33,667) |
Stock repurchase plan | (18,012) | ||
Stock option exercises | 123 | ||
Distributions paid to stockholders | (90,494) | (90,262) | (90,899) |
Contribution from non-controlling interests | 9 | 965 | |
Distributions paid to non-controlling interests | (363) | (463) | (309) |
Financing costs paid | (3,358) | (35) | (61) |
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units | (3,573) | (3,564) | (2,047) |
Other | (70) | (8) | (6) |
Net cash used in financing activities | (24,009) | (156,504) | (44,001) |
(Decrease) increase in cash, cash equivalents and restricted cash | (2,611) | 3,528 | (520) |
Cash, cash equivalents and restricted cash, beginning of period | 7,772 | 4,244 | 4,764 |
Cash, cash equivalents and restricted cash, end of period | 5,161 | 7,772 | 4,244 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 26,724 | $ 29,443 | $ 28,767 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2021 | |
General | |
The Company | 1. The Company LTC Properties, Inc. (āLTCā), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (āREITā) that invests primarily in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and 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 (āSNFā), assisted living communities (āALFā), independent living communities (āILFā), memory care communities (āMCā) and combinations thereof. We also invest in other (āOTHā) types of properties, such as land parcels, projects under development (āUDPā) and behavioral health care hospitals. ILF, ALF, MC and combinations thereof are included in the ALF classification. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firmās audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Consolidation. ā A legal structure has been established to conduct business activities and to hold assets. ā LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does meet the above criteria and does not qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1. The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2. The equity holders, as a group, lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: ā The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ā The obligation to absorb the entity's expected losses; ā The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (āGAAPā) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, revenue recognition including the collectibility of tenant receivables and asset impairment. Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenantās lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles. During the fourth quarter of 2019 we sold a 170-bed skilled nursing center in our portfolio which was under a triple net master lease agreement. The property was evacuated in 2017 due to damages caused by hurricane and our operator provided us with insurance proceeds for remediation of the property. Upon sale of the property, we released our operator from its contractual obligation under the master lease to return the property back to its original condition, took possession of the remaining insurance proceeds of $2,111,000 and recorded this amount as Gain from property insurance proceeds Consolidated Statements of Income Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mezzanine Loans. four Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to Accounting Standard Codification (āASCā) 810, Consolidation income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage ownership interests. In certain circumstances where we have a substantive profit-sharing arrangement which provides a priority return on our investment, a portion of our equity in earnings may consist of a change in our claim on the net assets of the underlying JV. Distributions of operating profit from the JVs are reported as part of operating cash flows, while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Currently we do not have any ADC arrangements. We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date. Loan Loss Reserve. ASC 326, Financial Instruments- Credit Losses We adopted ASC 326 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2021, the total balance of accrued interest receivable of $39,522,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2021, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivable. Accrued incentives. Prepaid expenses and other assets Consolidated Balance Sheets Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes managementās probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2021, 2020 and 2019, we recognized impairment charges of $0, $3,977,000 and $0, respectively, related to our real property investments. Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entityās own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements Derivative Instruments. Footnote 9. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets . Revenue Recognition- Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: (i) a specified annual increase over the prior yearās rent, generally between 2.0% and 3.0%; (ii) a calculation based on the Consumer Price Index; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until the contingencies have been resolved. Historically, we have not included contingent rents as income until received and will we continue our historical policy. During the years ended December 31, 2021, 2020 and 2019, we received $0, $111,000 and $464,000, respectively, of contingent rental income. As a result of adopting ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (āCOVID-19ā) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We elected to account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, we increased the lease receivable and continued to recognize income. We recognized the rent abatements given to the operators where we accrue rent on a straight-line basis, over the remaining life of those respective leases. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized over the term of the lease on a straight-line basis. Revenue Recognition- Interest Income. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non-performing after 60 days Interest receivable Consolidated Balance Sheets Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight-line method over 40 years for assets placed in service prior to 2018 and 30 years for assets placed in service after 2017. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2021, the net book basis of our depreciable assets exceeded our net tax basis by approximately $24,983,000 (unaudited), primarily due to faster depreciation for tax, and to differences previously mentioned above. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our Consolidated Statements of Income General and administrative expenses Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon managementās periodic review of our portfolio. See Note 3. Major Operators Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units granted to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. ā |
Major Operators
Major Operators | 12 Months Ended |
Dec. 31, 2021 | |
Major Operators | |
Major Operators | 3. Major Operators We have one operator from which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operator as of December 31, 2021: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā Percentage of ā ā ā ā ā ā ā SNF ā ALF ā Total ā ā Total ā ā Operator ā SNF ā ALF ā Beds ā Units ā Revenue (1) ā ā Assets (2) ā ā Prestige Healthcare (3) ā 24 ā ā ā 2,845 ā 93 ā 21.3 % ā 17.6 % ā (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2021. ā (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . ā (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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 4. Supplemental Cash Flow Information ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 2019 ā ā (in thousands) Non-cash investing and financing transactions: ā ā ā ā ā ā ā Mortgage loans receivable reserve withheld at origination ( Footnote 5 ā $ 298 ā $ ā ā $ ā ā Preferred return reserve related to investment in unconsolidated joint ventures ( Footnote 6 ā ā 2,324 ā ā 2,878 ā ā ā ā Notes receivable reserve withheld at origination ( Footnote 7 ā ā 353 ā ā ā ā ā ā ā Reclassification of notes receivable to lease incentives ( Footnote 7 ā ā ā ā ā 300 ā ā 200 ā Change in fair value of interest rate swaps ( Footnote 9 ā ā 172 ā ā ā ā ā ā ā ā |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Investments | |
Real Estate Investments | 5. Real Estate Investments Owned Properties. Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively āALFā). Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firmās review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. During 2018, Senior Care Centers, LLC and affiliates and subsidiaries (āSenior Careā) filed for Chapter 11 bankruptcy. During 2019, while in bankruptcy, Senior Care assumed LTCās master lease and in March 2020, Senior Care emerged from bankruptcy. Concurrent with their emergence from bankruptcy, in accordance with the order confirming Senior Careās plan of reorganization, Abri Health Services, LLC (āAbri Healthā) was formed as the parent company of reorganized Senior Care and became co-tenant and co-obligor with reorganized Senior Care under our master lease. In March 2021, Senior Care and Abri Health (collectively, āLesseeā) defaulted on payment obligations owed under the master lease. Accordingly, we sent a notice of default and applied proceeds from letters of credit to certain obligations owed under the master lease. Furthermore, we sent the Lessee a notice of termination of the master lease to be effective April 17, 2021. On April 16, 2021, the Lessee filed for Chapter 11 bankruptcy. In August 2021, the United States Bankruptcy Court approved a settlement agreement between the Lessee and LTC. The settlement provided for, among other things, a one-time payment of $3,250,000 from LTC to the affiliates of the Lessee which we expensed as transaction costs and paid in 2021. Depreciation expense on buildings and improvements, including properties classified as held-for-sale, was $38,192,000, $38,945,000, and $39,094,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease inducement and renewal options are as follows ( in thousands ā ā ā ā ā ā Cash ā ā Rent (1) 2022 ā 116,816 ā 2023 ā 102,465 ā 2024 ā 104,813 ā 2025 ā 85,351 ā 2026 ā ā 68,747 ā Thereafter ā 255,990 ā (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash payments and the Senior Care and Abri Health master lease. We monitor the collectibility 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 and lease incentives 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 December 31, 2021, we have 19 operators that are being accounted for on a cash-basis representing approximately 52.6% of our rental income for the year ended December 31, 2021. We wrote-off straight-line rent receivable and lease incentives balances of $758,000, $23,214,000 and $1,926,000 for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes components of our rental income for the years ended December 31, 2021, 2020 and 2019 ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā Rental Income ā ā 2021 ā ā 2020 ā ā 2019 ā Base cash rental income ā $ 107,692 (1) $ 132,789 ā $ 134,117 ā Variable cash rental income ā ā 14,332 (2) ā 15,167 (2) ā 16,462 (1) Straight-line rent ā ā 467 (3) ā 1,778 (3) ā 4,487 (2) Adjustment for collectibility of rental income and lease incentives ā ā (758) (4) ā (23,214) (4) ā (1,926) (4) Amortization of lease incentives ā ā (608) ā ā (426) ā ā (385) ā Total ā $ 121,125 ā $ 126,094 ā $ 152,755 ā (1) Decreased primarily due to defaults of payments for lease obligations from Senior Lifestyle Corporation (āSenior Lifestyleā) and Senior Care and Abri Health, abated and deferred rent and reduced rent from a sold property. This decrease was partially offset by increased rent from re-leasing 18 properties previously leased to Senior Lifestyle, completion of development projects and contractual rent increases. ā (2) The variable rental income for the years ended December 31, 2021, 2020 and 2019 includes contingent rental income of $0 , $111 and $464 , respectively. Additionally, the variable rental income for the years ended December 31, 2021, 2020 and 2019 includes reimbursement of real estate taxes by our lessees. ā (3) Decreased due to more leases accounted for on a cash basis. ā (4) Represents straight-line rent receivable and lease incentives write-offs. 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): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā ā ā ā ā ā ā ā ā ā ā of ā of ā ā Gross ā ā Carrying ā Option ā State ā Property ā Properties ā ā Investments ā ā Value ā Window ā California ā ALF/MC ā 2 ā $ 38,895 ā $ 34,660 ā 2024-2029 ā California ā ALF ā 2 ā ā 31,814 ā ā 17,034 ā 2021-TBD (1) Colorado ā ALF ā 1 ā ā 6,764 ā ā 5,338 ā 2022-2026 ā Florida ā MC ā 1 ā ā 15,201 ā ā 12,956 ā 2028-2029 ā Kentucky and Ohio ā MC ā 2 ā ā 30,421 ā ā 26,595 ā 2028-2029 ā Nebraska ā ALF ā 3 ā ā 7,633 ā ā 3,188 ā TBD (2) Texas ā MC ā 2 ā ā 25,265 ā ā 23,095 ā 2021-2027 ā South Carolina ā ALF/MC ā 1 ā ā 11,680 ā ā 9,632 ā 2028-2029 ā Total ā ā ā ā ā $ 167,673 ā $ 132,498 ā ā ā (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. Subsequent to December 31, 2021, the current operator of the ALFs with a total of 232 units exercised the purchase option under their lease for approximately $43,700 . ā (2) Subject to the properties achieving certain coverage ratios. 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 December 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 $3,359,000 and rent deferrals, net of repayments, for certain operators totaling $4,639,000 during the year ended December 31, 2021. The $7,998,000 in rent abatements and deferrals, net of repayments, during the year ended December 31, 2021, represented approximately 5.1% of our contractual rent for the year ended December 31, 2021. Additionally, we proactively 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 operatorsā 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 year ended December 31, 2021, we recognized a decrease of $528,000 of GAAP revenue and $1,337,000 of cash revenue. Acquisitions. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā Number ā Number ā ā ā ā Purchase ā Transaction ā Acquisition ā of ā of Year ā Type of Property ā Price ā Costs ā Costs ā Properties ā Beds/Units 2021 ā n/a ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā Skilled Nursing (1) ā $ 13,500 ā $ 81 ā $ 13,581 ā 1 ā 140 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā Assisted Living (2) ā $ 35,719 ā $ 315 ā $ 36,034 3 ā 230 ā ā Skilled Nursing (3) ā ā 19,500 ā ā 97 ā ā 19,597 ā 1 ā 90 ā ā Land (4) ā 2,732 ā 51 ā 2,783 ā ā Total 2019 ā ā ā $ 57,951 ā $ 463 ā $ 58,414 4 320 (1) We acquired a SNF located in Texas. ā (2) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 74 -unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,976 in cash. Our economic interest in the real estate JV is approximately 95% . Additionally, we acquired an 80 -unit MC and a 76 -unit ALF/MC in Michigan for an aggregate purchase price of $19,000 . ā (3) We acquired a newly constructed 90 -bed SNF located in Missouri. ā (4) We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and committed to develop a 90 -bed SNF in Missouri. The commitment totals approximately $17,400 . For further discussion related to the JV transactions discussed above and our partnerships and non-controlling interests, see Note 10. Equity. Developments and Improvements. (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 ā Type of Property ā Developments ā Improvements ā ā Developments ā Improvements ā ā Developments ā Improvements ā Assisted Living Communities ā $ ā ā $ 5,846 ā ā $ 4,491 ā $ 6,842 ā ā $ 14,088 ā $ 2,544 ā Skilled Nursing Centers ā ā ā ā ā 452 ā ā ā 12,208 ā ā 71 ā ā ā 6,436 ā ā ā ā Other ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 295 ā Total ā $ ā ā $ 6,298 ā ā $ 16,699 ā $ 6,913 ā ā $ 20,524 ā $ 2,839 ā ā Completed Projects. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number ā Type ā Number ā ā ā ā ā ā ā of ā of ā of ā ā ā ā Total Year ā Properties ā Property ā Beds/Units ā State ā Investment 2021 ā ā ā n/a ā ā ā n/a ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 1 ā ALF/MC ā 78 ā Oregon ā $ 18,447 ā ā 1 ā SNF ā 90 ā Missouri ā ā 16,587 Total 2020 ā 2 ā ā ā 168 ā ā ā $ 35,034 ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 1 ā SNF ā 143 ā Kentucky ā $ 24,974 ā ā 1 ā ILF/ALF/MC ā 110 ā Wisconsin ā ā 21,999 Total 2019 ā 2 ā ā ā 253 ā ā ā $ 46,973 ā ā ā ā ā ā ā ā ā ā ā ā ā Property Sales (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā Number ā ā ā ā ā ā ā ā ā ā ā ā ā ā of ā of ā of ā ā Sales ā ā Carrying ā ā Net ā Year (1) ā State ā Properties ā Properties ā Beds/Units ā ā Price ā ā Value ā ā Gain (loss) (2) ā 2021 ā n/a ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 363 (3) ā ā Florida ā ALF ā 1 ā ā ā ā 2,000 ā ā 2,626 ā ā (858) ā ā ā Nebraska ā ALF ā 1 ā 40 ā ā 900 ā ā 1,079 ā ā (200) ā ā ā Washington ā SNF ā 1 ā 123 ā ā 7,700 ā ā 4,513 ā ā 2,562 ā ā ā Wisconsin ā ALF ā 3 ā 263 ā ā 35,000 ā ā 28,295 ā ā 5,595 ā Total 2021 ā ā ā ā ā 6 ā 426 ā $ 45,600 ā $ 36,513 ā $ 7,462 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā n/a ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 129 (3) ā ā Arizona ā SNF ā 1 ā 194 ā ā 12,550 ā ā 2,229 ā ā 10,293 ā ā ā Colorado ā SNF ā 3 ā 275 ā ā 15,000 ā ā 4,271 ā ā 10,364 ā ā ā Iowa ā SNF ā 7 ā 544 ā ā 14,500 ā ā 4,886 ā ā 9,051 ā ā ā Kansas ā SNF ā 3 ā 250 ā ā 9,750 ā ā 7,438 ā ā 1,993 ā ā ā Texas ā SNF ā 7 ā 1,148 ā ā 23,000 ā ā 10,260 ā ā 12,287 ā Total 2020 ā ā ā ā ā 21 ā 2,411 ā $ 74,800 ā $ 29,084 ā $ 44,117 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā n/a ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 500 (4) ā ā Arizona, Georgia and Texas ā SNF ā 3 ā 478 ā ā 15,310 ā ā 8,995 ā ā 5,556 ā ā ā Texas ā ALF ā 1 ā 140 ā ā 1 ā ā 3,830 ā ā (3,950) ā Total 2019 ā ā ā ā ā 4 ā 618 ā $ 15,311 ā $ 12,825 ā $ 2,106 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Subsequent to December 31, 2021, an operator of two ALFs in California with a total of 232 units exercised the purchase option under their lease for approximately $43,700 . The communities have a gross book value of $31,800 and a net book value of $17,000 Additionally, we entered into an agreement with the current operator to sell a 74-unit ALF in Virginia for $16,900 . The community has a gross value of $16,900 and a net book value of $15,700 . In connection with the sale, the current operator will pay a $1,200 lease termination fee. ā (2) Calculation of net gain (loss) includes cost of sales. ā (3) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019. ā (4) Gain recognized due to the receipt of funds held in escrow related to a portfolio of six ALFs sold during the second quarter of 2018. Mortgage Loans. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Percentage ā Number of ā Investment ā ā ā ā ā ā Gross ā of ā of ā ā ā ā ā SNF ā ALF ā per Interest Rate ā Maturity ā State ā Investment ā Property ā Investment ā Loans (1) ā Properties (2) ā Beds ā Units ā Bed/Unit 7.5% ā 2022 ā MO ā $ 1,780 ā OTH ā 0.5 % 1 ā ā (3) ā ā ā ā $ n/a 7.5% ā 2024 ā LA ā ā 27,101 ā SNF ā 7.8 % 1 ā 1 ā 189 ā ā ā $ 143.39 7.8% ā 2025 ā FL ā ā 11,880 ā ALF ā 3.4 % 1 ā 1 ā ā ā 68 ā $ 174.71 7.3% ā 2025 ā NC/SC ā ā 48,006 ā ALF ā 13.8 % 1 ā 13 ā ā ā 523 ā $ 91.79 10.4% (4) ā 2043 ā MI ā ā 185,358 ā SNF ā 53.3 % 1 ā 15 ā 1,875 ā ā ā $ 98.86 9.5% (4) ā 2045 ā MI ā ā 39,140 ā SNF ā 11.2 % 1 ā 4 ā 501 ā ā $ 78.12 9.6% (4) ā 2045 ā MI ā 19,750 ā SNF ā 5.7 % 1 ā 2 ā 205 ā ā $ 96.34 9.6% (4) ā 2045 ā MI ā ā 14,900 ā SNF ā 4.3 % 1 ā 1 ā 146 ā ā ā $ 102.05 Total ā ā ā ā ā $ 347,915 ā ā ā 100.0 % 8 ā 37 ā 2,916 591 ā $ 99.21 (1) Some loans contain certain guarantees and/or provide for certain facility fees. ā (2) Our mortgage loans are secured by properties located in six states with five borrowers. ā (3) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. ā (4) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. ā The following table summarizes our mortgage loan activity for the years ended December 31, 2021, 2020 and 2019 ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā ā 2020 ā 2019 Originations and funding under mortgage loans receivable ā $ 88,955 (1) ā $ 4,253 (2) $ 12,342 (3) Application of interest reserve ā ā 298 ā ā ā ā ā ā ā ā Scheduled principal payments received ā ā (1,175) ā ā ā (1,065) ā ā (1,065) ā Mortgage loan premium amortization ā ā (6) ā ā ā (4) ā ā (4) ā Provision for loan loss reserve ā ā (881) ā ā ā (32) ā ā (113) ā Net increase in mortgage loans receivable ā $ 87,191 ā ā $ 3,152 ā $ 11,160 ā (1) During 2021, we funded the following: a. $1,638 mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF in Missouri and withheld an interest reserve of $142 . The mortgage loan term is one year at a yield of 7.5% ; b. $27,047 mortgage loan secured by a 189 -bed skilled nursing center in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5% ; c. $11,724 mortgage loan secured by a 68 -unit assisted living and memory care community in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions; d. $48,006 mortgage loan for the purchase of a 13 -property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496 . The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and ā e. $540 additional capital funding under our existing mortgage loans. ā (2) During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% escalating by 2.25% thereafter. ā (3) During 2019, we funded an additional $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41% fixed for two years and escalating by 2.25% thereafter. ā ā At December 31, 2021 and 2020 the carrying values of the mortgage loans were $344,442,000 and $257,251,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ā ā ā ā ā ā ā Scheduled ā ā Principal 2022 ā $ 2,955 ā 2023 ā 1,175 ā 2024 ā 28,222 ā 2025 ā 61,061 ā 2026 ā 1,175 ā Thereafter ā 253,327 ā Total ā $ 347,915 ā ā ā |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Unconsolidated Joint Ventures | |
Investment in Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures We had a preferred equity investment in an unconsolidated joint venture that owned four communities located in Arizona, providing independent living, assisted living and memory care services. During 2019, the JV signed a contract to sell the four properties comprising the JV. Accordingly, based on the information available to us, we performed a recoverability test on the carrying value of our preferred equity investment and concluded that a portion of our preferred equity investment would not be recoverable. Therefore, we recorded $5,500,000 other-than-temporary impairment loss from investment in unconsolidated joint ventures and wrote our preferred equity investment down to the amount of expected proceeds. Upon sale of the four properties comprising the JV during the year ended December 31, 2020, we received liquidation proceeds totaling $17,848,000 and incurred an additional $758,000 of loss. During 2020, we provided preferred capital contribution commitments to two joint ventures. We determined that each of these JVs meets the accounting criteria to be considered a VIE. We are not the primary beneficiary of the VIEs as we do not have both: 1) the power to direct the activities that most significantly affect the VIEās economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we do have significant influence over the JVs. Therefore, we accounted for the joint venture investments using the equity method of accounting. The following table provides information regarding these preferred equity investments (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Type ā Total ā ā Contractual ā ā Number ā ā ā ā ā ā of ā of ā Preferred ā ā Cash ā ā of ā ā Carrying ā State ā Properties ā Investment ā Return ā ā Portion ā ā Beds/ Units ā ā Value ā Washington ā ALF/MC ā Preferred Equity (1) 12%-14% ā ā 7% ā ā ā ā $ 6,340 (1) Washington ā UDP ā Preferred Equity (2) 12% ā ā 8% ā ā ā ā ā 13,000 (2) Total ā ā ā ā ā ā ā ā ā ā ā ā ā $ 19,340 ā (1) Invested $6,340 of preferred equity in an entity that for development a 95 -unit ALF/MC in Washington. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (āIRRā) is 8% . After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14% , depending upon timing of redemption. During the fourth quarter of 2021, the entity completed the development project and received its certificate of occupancy. ā (2) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . Our investment represents 11.6% of the estimated total investment. The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2021, 2020 and 2019 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā ā ā ā ā of ā ā Capital ā ā Income ā ā Cash Interest ā Year ā Properties ā ā Contribution ā ā Recognized ā ā Earned ā 2021 ā ALF/MC (1) $ ā ā $ 450 ā $ 412 ā ā ā UDP (2) ā 8,000 ā ā 967 ā ā 880 ā Total ā ā ā $ 8,000 ā $ 1,417 ā $ 1,292 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā ALF/MC/ILF (3) $ 58 ā $ 231 ā $ 231 ā ā ā UDP (1) ā 6,340 ā ā 169 ā ā 169 ā ā ā UDP (2) ā 5,000 ā ā 32 ā ā 32 ā Total ā ā ā $ 11,398 ā $ 432 ā $ 432 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā ALF/MC/ILF (3) $ 472 ā $ 1,029 ā $ 1,580 ā ā ā ALF/IL/MC (4) ā ā ā ā 955 ā ā 979 ā ā ā ALF/MC (5) ā ā ā ā 404 ā ā 432 ā Total ā ā ā $ 472 ā $ 2,388 ā $ 2,991 ā (1) During the third quarter of 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. During the fourth quarter of 2021, the entity completed the development project. We withheld a total of $1,425 related to this preferred equity investment. ā (2) During 2020, we entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . During the years ended December 30, 2021 and 2020, we withheld $2,324 and $1,453 , respectively, a total of $3,777 related to this preferred equity investment. ā (3) Relates to our preferred equity investment in an entity that owned four ALFs in Arizona discussed above with a total preferred return of 15% . During the year ended December 31, 2020, the properties comprising the JV were sold. ā (4) We had a $2,900 mezzanine loan commitment for a 99 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. Since interest payments were deferred and no interest was recorded for the first twelve months of the loan, we used the effective interest method in accordance with GAAP to recognize interest income and recorded the difference between the effective interest income and cash interest income to the loan principal balance. During the third quarter of 2019, the mezzanine loan was paid off. ā (5) We had a $3,400 mezzanine loan commitment for the development of a 127 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. During the first quarter of 2019, the mezzanine loan was paid off. ā |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Notes Receivable. | |
Notes Receivable | 7. Notes Receivable Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components at December 31, 2021 and 2020 ( in thousands ā ā ā ā ā ā ā ā At December 31, ā 2021 ā 2020 Mezzanine loans $ 11,815 ā $ 8,445 ā Other loans (1) ā 16,808 ā ā 6,166 ā Notes receivable loan loss reserve ā (286) ā ā (146) ā Total $ 28,337 ā $ 14,465 ā (1) Subsequent to December 31, 2021, we funded an additional $5,750 under the HMG Healthcare, LLC (āHMGā) working capital loan. The following table summarizes our notes receivable activity for the years ended December 31, 2021 through 2019 ( in thousands ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā ā 2020 ā ā 2019 ā Advances under notes receivable $ 16,353 (1) $ 2,078 ā $ 8,967 (2) Interest reserve withheld ā 353 ā ā ā ā ā ā ā Principal payments received under notes receivable ā (2,694) ā ā (5,275) ā ā (3,503) ā Reclassified to lease incentives ā ā ā ā (300) (3) ā (200) (3) Notes receivable reserve ā (140) ā ā 35 ā ā (52) ā Net increase (decrease) in notes receivable $ 13,872 ā $ (3,462) ā $ 5,212 ā (1) Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0% and maturities between 2022 and 2031. During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided the operator a $25,000 secured working capital loan maturing in September 2022 to facilitate the transition of the 11 properties from Senior Care and Abri Health. During 2021, we funded $9,900 under this working capital loan and funded an additional $5,750 subsequent to December 31, 2021. ā (2) During 2019, we originated a $6,800 mezzanine loan commitment for the development of a 204 -unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months . Additionally, we originated a $1,400 note agreement, funding $1,304 with a commitment to fund $96 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50 . The note bears interest at 7.5% ā (3) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. |
Lease Incentives
Lease Incentives | 12 Months Ended |
Dec. 31, 2021 | |
Lease Incentives | |
Lease Incentives | 8. Lease Incentives The following table summarizes lease incentives as of December 31, 2021 and 2020 (in thousands): ā ā ā ā ā ā ā ā ā ā December 31, ā ā ā 2021 ā ā 2020 Non-contingent lease incentives ā $ 2,678 ā $ 2,462 ā The following table summarizes our lease incentive activity for the years ended December 31, 2021, 2020 and 2019 (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 ā ā ā ā Funding ā ā Amortization ā ā Funding ā ā Amortization ā ā Adjustment ā ā Funding ā ā Amortization ā ā Adjustment ā Non-contingent lease incentives ā $ 824 ā $ (608) ā $ 220 ā $ (426) ā $ 115 (1) $ 387 ā $ (385) ā $ (11,893) (2) (1) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 5. Real Estate Investments for further discussion. ā (2) In accordance with ASC 842 lease standard adopted on January 1, 2019, we wrote-off $12,093 of lease incentives related to leases for which we determined it is not probable we will collect substantially all of the contractual lease obligation through maturity. See Note 2. Summary of Significant Accounting Policies for further discussion. Additionally, we reclassified a $200 interim working capital loan as lease incentive. See Note 7. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Debt Obligations | |
Debt Obligations | 9. Debt Obligations Unsecured Credit Facility. In advance of expiration of the Original Credit Agreement, during the fourth quarter of 2021, we entered into the Third Amended and Restated credit agreement (the āCredit Agreementā) to replace the Original Credit Agreement. The Credit Agreement decreased the aggregate commitment of the lenders under the Original Credit Agreement to $500,000,000 comprised of a $400,000,000 revolving credit facility (the āRevolving Line of Creditā) and two $50,000,000 term loans (the āTerm Loansā). The Credit Agreement permits us to request increases to the Revolving Line of Credit and Term Loans commitments up to a total of $1,000,000,000, extends the maturity of the Revolving Line of Credit to November 19, 2025 and provides for a one-year extension option at our discretion, subject to customary conditions. The Term Loans mature on November 19, 2025 and November 19, 2026. Based on our leverage at December 31, 2021, the Revolving Line of Credit provides for interest annually at LIBOR plus 115 points and a facility fee of 20 basis point and the Term Loans provide for interest annually at LIBOR plus 135 points. At December 31, 2021 and 2020, we were in compliance with all covenants. Financial covenants contained in the Credit Agreement, which are measured quarterly, require us to maintain, among other things: (i) a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; (ii) a ratio of secured debt to total asset value not greater than 0.35 to 1.0; (iii) a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and (iv) a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. Interest Rate Swap Agreements. four Consolidated Balance Sheets Accumulated other comprehensive income (loss) Consolidated Balance Sheets As of December 31, 2021, the terms of our Interest Rate Swaps are as follows ( dollar amounts in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Notional ā ā ā Date Entered ā Maturity Date ā Swap Rate ā ā Rate Index ā ā Amount ā ā Fair Value November 2021 ā November 19, 2025 ā 2.56% ā ā 1-month LIBOR ā $ 50,000 ā $ (38) November 2021 ā November 19, 2026 ā 2.69% ā ā 1-month LIBOR ā ā 50,000 ā ā (134) ā ā ā ā ā ā ā ā ā $ 100,000 ā $ (172) ā Senior Unsecured Notes (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2021 ā At December 31, 2020 ā ā ā Applicable ā ā ā Available ā ā ā Available ā ā ā Interest ā Outstanding ā for ā Outstanding ā for ā Debt Obligations ā Rate (1) ā Balance ā Borrowing ā Balance ā Borrowing ā Revolving line of credit (2) ā 1.36% ā $ 110,900 ā $ 289,100 ā $ 89,900 ā $ 510,100 ā Term loans, net of debt issue costs ā 2.63% ā ā 99,363 ā ā ā ā ā n/a ā ā n/a ā Senior unsecured notes, net of debt issue costs (3) ā 4.35% ā ā 512,456 ā ā ā ā ā 559,482 ā ā ā ā Total ā 3.65% ā $ 722,719 ā $ 289,100 ā $ 649,382 ā $ 510,100 ā (1) Represents weighted average of interest rate as of December 31, 2021. ā (2) Subsequent to December 31, 2021, we borrowed $22,000 under our Revolving Line of Credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our Revolving Line of Credit. ā (3) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes. ā ā Our borrowings and repayments for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā 2019 Debt Obligations ā ā Borrowings ā ā Repayments ā Borrowings ā Repayments ā ā Borrowings ā ā Repayments Revolving line of credit ā $ 204,400 (1) $ (183,400) ā $ 24,000 ā $ (28,000) ā $ 107,900 ā $ (126,000) Term loans ā ā 100,000 ā ā ā ā ā n/a ā ā n/a ā ā n/a ā ā n/a Senior unsecured notes ā ā ā ā ā (47,160) (2) ā ā ā ā (40,160) ā ā 100,000 (3) ā (33,667) Total ā $ 304,400 ā $ (230,560) ā $ 24,000 ā $ (68,160) ā $ 207,900 ā $ (159,667) (1) Subsequent to December 31, 2021, we borrowed $22,000 under our Revolving Line of Credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our Revolving Line of Credit. ā (2) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes. ā (3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85% , have scheduled principal payments and mature on October 20, 2031. Scheduled Principal Payments. in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā 2022 ā 2023 ā 2024 ā 2025 ā 2026 ā Thereafter Revolving line of credit ā $ 110,900 (1) $ ā ā $ ā ā $ ā ā $ 110,900 (1) $ ā ā $ ā ā Term loans ā ā 100,000 ā ā ā ā ā ā ā ā ā ā ā 50,000 ā ā 50,000 ā ā ā ā Senior unsecured notes ā 512,980 (2) 48,160 (2) 49,160 ā 49,160 ā 49,500 ā ā 51,500 ā 265,500 ā ā ā $ 723,880 ā $ 48,160 ā $ 49,160 ā $ 49,160 ā $ 210,400 ā $ 101,500 ā $ 265,500 ā (1) Subsequent to December 31, 2021, we borrowed $22,000 under our unsecured revolving line of credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our unsecured revolving line of credit. ā (2) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes. ā |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity | |
Equity | 10. Equity Non-controlling Interests. in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā ā ā Investment ā ā ā Property ā ā ā ā Consolidated ā ā Non-Controlling ā Year ā Purpose ā Type ā State ā ā Assets ā ā Interests ā 2019 ā Owned real estate ā ALF/MC ā VA ā $ 16,895 ā $ 919 ā 2018 ā Owned real estate ā ILF ā OR ā ā 14,400 ā ā 2,857 ā 2018 ā Owned real estate and development ā ALF/MC ā OR ā ā 18,447 ā ā 1,091 ā 2017 ā Owned real estate and development ā ILF/ALF/MC ā WI ā ā 22,007 ā ā 2,305 ā 2017 ā Owned real estate ā ALF/MC ā SC ā ā 11,680 ā ā 1,241 ā Total ā ā ā ā ā ā ā $ 83,429 ā $ 8,413 ā ā Common Stock. We have separate equity distribution agreements (collectively, āEquity Distribution Agreementsā) to offer and sell, from time to time, up to $200,000,000 in aggregate offering price of shares of our common stock. During the years ended December 31, 2021, 2020 and 2019, no shares were issued under the Equity Distribution Agreements. Accordingly, we had $200,000,000 available under the Equity Distribution Agreements. During the years 2021, 2020 and 2019, we acquired 87,249 shares, 76,574 shares and 45,030 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Stock Repurchase Plan. Shelf Registration Statement. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time publicly raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires on February 28, 2022. We intend to file a new automatic shelf registration statement with the SEC prior to the expiration of the current registration statement. Distributions. We declared and paid the following cash dividends (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 ā ā ā Declared ā Paid ā Declared ā Paid ā Declared ā Paid ā Common Stock (1) ā $ 90,494 (2) $ 90,494 (2) $ 90,262 (2) $ 90,262 (2) $ 90,899 (2) $ 90,899 (2) ā (1) Represents $0.19 per share per month for the years ended December 31, 2021, 2020 and 2019. ā (2) During the years ended December 31, 2021, 2020 and 2019, we paid $764 , $586 and $300 , respectively as a result of vesting of the performance-based stock units. ā In January 2022, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2022 Stock Based Compensation Plans. During 2021, we adopted, and our stockholders approved the 2021 Equity Participation Plan (the ā2021 Planā) which replaces the 2015 Equity Participation Plan (the ā2015 Planā) . Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2021 and 2020 and 2019 was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 Outstanding, January 1 ā ā 180,440 ā ā 163,569 ā ā 156,297 ā Granted ā ā 110,348 ā ā 101,348 ā ā 86,772 ā Vested ā ā (93,366) ā ā (84,477) ā ā (79,500) ā Outstanding, December 31 ā ā 197,422 ā ā 180,440 ā ā 163,569 ā ā During the years ended December 31, 2021, 2020 and 2019, we granted 71,892, 66,027 and 60,836, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2021, 2020 and 2019, the number of vested performance-based stock units were 108,720, 81,574 and 48,225, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2021, 2020 and 2019 were $7,760,000, $7,012,000 and $6,566,000. During 2021, 2020 and 2019, we granted 182,240, 167,375 and 147,608 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows: ā ā ā ā ā ā ā ā ā ā ā No. of ā Price per ā ā ā Year ā Shares/Units ā Share ā Vesting Period ā 2021 ā 95,293 ā $ 42.27 ā ratably over 3 years ā ā ā 71,892 ā $ 42.27 ā TSR targets (1) ā ā ā 12,055 ā $ 39.40 ā May 26, 2022 ā ā ā 3,000 ā $ 43.14 ā April 1, 2022 ā ā ā 182,240 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 76,464 ā $ 48.95 ā ratably over 3 years ā ā ā 66,027 ā $ 49.98 ā TSR targets (1) ā ā ā 9,884 ā $ 38.45 ā May 27, 2021 ā ā ā 15,000 ā $ 38.45 ā ratably over 3 years ā ā ā 167,375 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 78,276 ā $ 46.54 ā ratably over 3 years ā ā ā 60,836 ā $ 46.54 ā TSR targets (1) ā ā ā 8,496 ā $ 44.73 ā May 29, 2020 ā ā ā 147,608 ā ā ā ā ā ā (1) Vesting is based on achieving certain total shareholder return (āTSRā) targets in 4 years with acceleration opportunity in 3 years . At December 31, 2021, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ā ā ā ā ā ā ā ā ā Number ā Remaining ā ā of ā Compensation Vesting Date ā Awards Expense 2022 ā 164,232 (1) ā 5,447 2023 ā 128,282 (2) ā 2,855 2024 ā 103,663 (3) ā 303 Total ā 396,177 ā $ 8,605 (1) Includes 60,836 performance-based stock units. The performance-based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. We recognize the fair value of the awards over the applicable vesting period as compensation expense. ā (2) Includes 66,027 performance-based stock units. See (1) above for valuation methodology. ā (3) Includes 71,892 performance-based stock units. See (1) above for valuation methodology. Stock Options. During 2021, 2020 and 2019, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2021 and 2020 and 2019, was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted Average ā ā Shares ā Price ā ā 2021 ā 2020 ā 2019 ā 2021 ā ā 2020 ā 2019 Outstanding, January 1 15,000 ā 15,000 20,000 $ 38.43 ā $ 38.43 $ 34.99 ā Granted ā ā ā ā ā ā n/a ā ā n/a ā ā n/a ā Exercised ā ā ā (5,000) ā $ n/a ā $ n/a ā $ 24.65 ā Canceled ā ā ā ā ā ā n/a ā ā n/a ā ā n/a ā Outstanding, December 31 15,000 ā 15,000 15,000 ā $ 38.43 ā $ 38.43 ā $ 38.43 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Exercisable, December 31 (1) 15,000 ā 15,000 15,000 ā $ 38.43 ā $ 38.43 ā $ 38.43 ā (1) The aggregate intrinsic value of exercisable options at December 31, 2021, based upon the closing price of our common shares at December 31, 2021, the last trading day of 2021, was approximately $0 . Options exercisable at December 31, 2021, 2020 and 2019 have a weighted average remaining contractual life of approximately 1.2 years, 2.2 years, and 3.2 years, respectively. ā The options exercised during 2021, 2020 and 2019 were as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā ā ā ā ā ā ā ā Options ā Exercise ā Option ā Market ā ā Exercised ā Price ā Value ā Value (1) 2021 ā ā ā $ n/a ā $ ā ā $ ā ā 2020 ā ā ā $ n/a ā $ ā ā $ ā ā 2019 ā 5,000 ā $ 24.65 ā $ 123,000 ā $ 233,000 ā (1) As of the exercise dates. ā We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. Compensation expense related to the vesting of stock options for the years ended December 31, 2021, 2020 and 2019 was $0. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies At December 31, 2021, we had commitments as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā ā ā ā ā Investment ā 2021 ā Commitment ā Remaining ā ā Commitment ā Funding ā Funded ā Commitment Real estate properties Note 5. Real Estate Investments ā $ 14,920 (1) $ 1,882 ā $ 3,898 ā $ 11,022 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ā ā 9,130 ā ā 74 ā ā 74 ā ā 9,056 Mortgage loans ( Note 5. Real Estate Investments ā ā 32,225 (2) ā 414 ā ā 3,795 ā ā 28,430 Notes receivable ( Note 7. Notes Receivable ā ā 26,925 ā ā 10,403 ā ā 11,007 ā ā 15,918 Total ā $ 83,200 ā $ 12,773 ā $ 18,774 ā $ 64,426 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ā (2) Represents $14,225 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. Also, some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. See Note 5. Real Estate Investments We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2021 | |
Distributions | |
Distributions | 12. Distributions We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2021, 2020 and 2019 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā 2019 Ordinary taxable distribution $ 1.220 $ 0.936 $ 2.084 ā Return of capital ā 0.750 ā ā ā ā ā Unrecaptured Section 1250 gain ā 0.252 ā 0.894 ā 0.132 ā Long-term capital gain ā 0.058 ā 0.450 ā 0.064 ā Total ā $ 2.280 ā $ 2.280 ā $ 2.280 ā ā |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Net Income Per Common Share | |
Net Income Per Common Share | 13. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended December 31, ā ā 2021 ā 2020 ā 2019 ā Net income ā $ 56,224 $ 95,677 $ 80,872 ā Less income allocated to non-controlling interests ā (363) ā (384) ā (346) ā Less income allocated to participating securities: ā ā ā ā ā ā ā ā ā ā Non-forfeitable dividends on participating securities ā (458) ā (397) ā (372) ā Income allocated to participating securities ā ā ā (25) ā (19) ā Total net income allocated to participating securities ā (458) ā (422) ā (391) ā Net income available to common stockholders ā 55,403 ā 94,871 ā 80,135 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Participating securities (1) ā ā ā ā ā ā ā ā ā ā Net income for diluted net income per share ā $ 55,403 ā $ 94,871 ā $ 80,135 ā ā ā ā ā ā ā ā ā ā ā ā Shares for basic net income per share ā 39,156 ā 39,179 ā 39,571 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Stock options ā ā (2) ā (2) 4 ā Performance-based stock units ā ā ā (3) ā 85 ā ā 184 ā Participating securities (1) ā ā ā ā ā ā ā ā ā ā Total effect of dilutive securities ā ā ā 85 ā 188 ā Shares for diluted net income per share ā 39,156 ā 39,264 ā 39,759 ā ā ā ā ā ā ā ā ā ā ā ā Basic net income per share ā $ 1.41 ā $ 2.42 ā $ 2.03 ā Diluted net income per share ā $ 1.41 ā $ 2.42 ā $ 2.02 ā (1) For the years ended December 31, 2021, 2020 and 2019, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ā (2) For the years ended December 31, 2021 and 2020, the stock options have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ā (3) For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets. ā |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information | |
Quarterly Financial Information | 14. Quarterly Financial Information ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the quarter ended ā ā March 31, ā June 30, ā September 30, ā December 31, ā ā (unaudited, in thousands except per share amounts) 2021 ā ā ā ā ā Revenues ā $ 40,280 ā $ 38,129 ā $ 37,472 ā $ 39,441 ā Net income available to common stockholders ā $ 13,642 ā $ 18,126 ā $ 10,909 ā $ 12,726 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 0.35 ā $ 0.46 ā $ 0.28 ā $ 0.32 ā Diluted ā $ 0.35 ā $ 0.46 ā $ 0.28 ā $ 0.32 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā Revenues ā $ 46,410 ā $ 28,481 ā $ 38,173 ā $ 46,273 ā Net income available to common stockholders ā $ 63,370 ā $ 1,773 ā $ 12,114 ā $ 17,470 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 ā Diluted ā $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā ā ā NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. ā |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 15. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2021 and 2020 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2021 ā At December 31, 2020 ā ā ā Carrying ā Fair ā Carrying ā Fair ā ā ā Value ā Value ā Value ā Value ā Mortgage loans receivable, net of loan loss reserve ā $ 344,442 ā $ 405,162 (1) $ 257,251 ā $ 299,751 (1) Notes receivable, net of loan loss reserve ā 28,337 ā 28,653 (2) 14,465 ā 13,893 (2) Revolving line of credit ā 110,900 ā ā 110,900 (3) ā 89,900 ā ā 89,900 (3) Term loans, net of debt issue costs ā ā 99,363 ā ā 100,000 (3) ā ā ā ā ā ā Senior unsecured notes, net of debt issue costs ā 512,456 ā ā 540,045 (4) ā 559,482 ā ā 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 December 31, 2021 and 2020 was 9.5% and 10.0% , respectively. ā (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 December 31, 2021 and 2020, were 5.6% and 6.6% , respectively. ā (3) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at December 31, 2021 and 2020 based upon prevailing market interest rates for similar debt arrangements. ā (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 managementās estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2021, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.00% for those maturing before year 2030 and 3.25% for those maturing at or beyond year 2030. 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 beyond year 2026. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events The following events occurred subsequent to the balance sheet date: Real Estate Investments. Owned Properties. Notes Receivable. Debt. We borrowed $22,000,000 under our unsecured revolving line of credit. Accordingly, we have $132,900,000 outstanding and $267,100,000 available for borrowing under our unsecured revolving line of credit. Additionally, we repaid $7,000,000 in regular scheduled principal payments under our senior unsecured notes. Accordingly, we have $505,456,000 outstanding, net of debt issue costs, under our senior unsecured notes. Equity. We declared a monthly cash dividend of February March 2022 January 31 February 28 March 31, 2022 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LTC PROPERTIES, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Additions ā ā ā ā ā ā ā ā ā ā ā (Recovered) ā ā ā ā ā ā ā ā ā ā ā Balance at ā charged to ā Charged to ā ā ā ā ā ā ā ā beginning of ā costs and ā other ā ā ā ā Balance at end Account Description ā period ā expenses ā accounts (1) ā Deductions (2) ā of period Year ended December 31, 2019 ā ā ā ā ā ā Loan loss reserves ā $ 2,447 ā $ 113 ā $ ā ā $ ā ā $ 2,560 ā Other notes receivable allowance ā ā 128 ā ā 53 ā ā ā ā ā ā ā ā 181 ā Straight-line rent receivable allowance ā 746 ā ā ā (746) ā ā ā ā ā ā ā $ 3,321 ā $ 166 ā $ (746) ā $ ā ā $ 2,741 ā Year ended December 31, 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan loss reserves ā $ 2,560 ā $ 32 ā $ ā ā $ ā ā $ 2,592 ā Other notes receivable allowance ā ā 181 ā ā (35) ā ā ā ā ā ā ā ā 146 ā Straight-line rent receivable allowance ā ā ā ā ā ā ā ā ā ā ā ā ā $ 2,741 ā $ (3) ā $ ā ā $ ā ā $ 2,738 ā Year ended December 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Loan loss reserves ā $ 2,592 ā $ 881 ā $ ā ā $ ā ā $ 3,473 ā Other notes receivable allowance ā ā 146 ā ā 140 ā ā ā ā ā ā ā ā 286 ā ā ā $ 2,738 ā $ 1,021 ā $ ā ā $ ā ā $ 3,759 ā (1) In conjunction with adoption of ASC 842, we wrote-off our 1% general straight-line reserve. The write-off was charged to retained earnings. ā (2) Deductions represent uncollectible accounts written off. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā ā Encumbrances ā Land ā improvements ā acquisition ā Land ā improvements ā Total (1) ā deprec. ā renovation date ā date Skilled Nursing Properties: ā ā ā ā ā ā ā ā ā 134 Alamogordo, NM $ ā $ 210 $ 2,593 $ 641 $ 210 $ 3,234 $ 3,444 $ 1,663 1985 2001 ā 218 Albuquerque, NM ā ā ā 1,696 ā 3,891 ā 530 ā 1,696 ā 4,421 ā 6,117 ā 2,180 2008 2005 ā 219 Albuquerque, NM ā ā ā 1,950 ā 8,910 ā 207 ā 1,950 ā 9,117 ā 11,067 ā 4,302 1982 2005 ā 220 Albuquerque, NM ā ā ā 2,463 ā 7,647 ā 9 ā 2,463 ā 7,656 ā 10,119 ā 3,579 1970 2005 ā 252 Amarillo, TX ā ā ā 844 ā ā ā 7,925 ā 844 ā 7,925 ā 8,769 ā 2,333 2013 2011 ā 247 Arlington, TX ā ā ā 1,016 ā 13,649 ā 2 ā 1,016 ā 13,651 ā 14,667 ā 4,689 2007 2011 ā 007 Bradenton, FL ā ā ā 330 ā 2,720 ā 160 ā 330 ā 2,880 ā 3,210 ā 2,342 2012 1993 ā 256 Brownwood, TX ā ā ā 164 ā 6,336 ā 4 ā 164 ā 6,340 ā 6,504 ā 1,978 2011 2012 ā 177 Chesapeake, VA ā ā ā 388 ā 3,469 ā 2,777 ā 388 ā 6,246 ā 6,634 ā 3,940 2017 1995 ā 257 Cincinnati, OH ā ā ā 1,890 ā 25,110 ā ā ā 1,890 ā 25,110 ā 27,000 ā 5,433 2009 2012 ā 125 Clovis, NM ā ā ā 561 ā 5,539 ā 307 ā 561 ā 5,846 ā 6,407 ā 3,013 2006 2001 ā 129 Clovis, NM ā ā ā 598 ā 5,902 ā 59 ā 598 ā 5,961 ā 6,559 ā 3,092 1995 2001 ā 267 Cold Spring, KY ā ā ā ā ā 2,050 ā ā 21,496 ā ā ā ā ā 2,050 ā ā 21,496 ā ā 23,546 ā ā 5,648 ā 2014 ā 2012 ā 253 Colton, CA ā ā ā 2,474 ā 15,158 ā ā ā 2,474 ā 15,158 ā 17,632 ā 4,372 1990 2011 ā 246 Crowley, TX ā ā ā 2,247 ā 14,276 ā 10 ā 2,247 ā 14,286 ā 16,533 ā 4,906 2007 2011 ā 235 Daleville, VA ā ā ā 279 ā 8,382 ā ā ā 279 ā 8,382 ā 8,661 ā 2,990 2005 2010 ā 258 Dayton, OH ā ā ā 373 ā 26,627 ā ā ā 373 ā 26,627 ā 27,000 ā 5,806 2010 2012 ā 196 Dresden, TN ā ā ā 31 ā 1,529 ā 1,073 ā 31 ā 2,602 ā 2,633 ā 1,330 2014 2000 ā 298 Forth Worth, TX ā ā ā ā ā 2,785 ā ā 7,546 ā ā 17 ā ā 2,785 ā ā 7,563 ā ā 10,348 ā ā 2,647 ā 1998 ā 2015 ā 026 Gardendale, AL ā ā ā ā ā 100 ā ā 7,550 ā ā 2,084 ā ā 100 ā ā 9,634 ā ā 9,734 ā ā 6,774 ā 2011 ā 1996 ā 248 Granbury, TX ā ā ā 836 ā 6,693 ā 79 ā 836 ā 6,772 ā 7,608 ā 2,951 2008 2011 ā 250 Hewitt, TX ā ā ā 1,780 ā 8,220 ā 129 ā 1,780 ā 8,349 ā 10,129 ā 2,540 2008 2011 ā 319 Independence, MO ā ā ā ā ā 2,644 ā ā 13,942 ā ā 73 ā ā 2,644 ā ā 14,015 ā ā 16,659 ā ā 843 ā 2020 ā 2019 ā 318 Kansas City, MO ā ā ā ā ā 1,229 ā ā 18,369 ā ā 69 ā ā 1,229 ā ā 18,438 ā ā 19,667 ā ā 1,240 ā 2018 ā 2019 ā 008 Lecanto, FL ā ā ā 351 ā 2,665 ā 2,737 ā 351 ā 5,402 ā 5,753 ā 4,149 2012 1993 ā 322 Longview, TX ā ā ā ā ā 1,405 ā ā 12,176 ā ā ā ā ā 1,405 ā ā 12,176 ā ā 13,581 ā ā 849 ā 2014 ā 2020 ā 300 Mansfield, TX ā ā ā ā ā 2,890 ā ā 13,110 ā ā ā ā ā 2,890 ā ā 13,110 ā ā 16,000 ā ā 2,889 ā 2015 ā 2016 ā 053 Mesa, AZ ā ā ā 305 ā 6,909 ā 1,876 ā 305 ā 8,785 ā 9,090 ā 6,365 1996 1996 ā 242 Mission, TX ā ā ā 1,111 ā 16,602 ā 18 ā 1,111 ā 16,620 ā 17,731 ā 5,296 2004 2010 ā 115 Nacogdoches, TX ā ā ā 100 ā 1,738 ā 168 ā 100 ā 1,906 ā 2,006 ā 1,283 1973 1997 ā 233 Nacogdoches, TX ā ā ā 394 ā 7,456 ā 268 ā 394 ā 7,724 ā 8,118 ā 2,656 1991 2010 ā 249 Nacogdoches, TX ā ā ā 1,015 ā 11,109 ā 13 ā 1,015 ā 11,122 ā 12,137 ā 4,285 2007 2011 ā 245 Newberry, SC ā ā ā ā ā 439 ā ā 4,639 ā ā 777 ā ā 439 ā ā 5,416 ā ā 5,855 ā ā 2,220 ā 1995 ā 2011 ā 244 Newberry, SC ā ā ā ā ā 919 ā ā 5,454 ā ā 135 ā ā 919 ā ā 5,589 ā ā 6,508 ā ā 2,121 ā 2001 ā 2011 ā 251 Pasadena, TX ā ā ā 1,155 ā 14,345 ā 522 ā 1,155 ā 14,867 ā 16,022 ā 4,296 2005 2011 ā 193 Phoenix, AZ ā ā ā 300 ā 9,703 ā 92 ā 300 ā 9,795 ā 10,095 ā 6,356 1985 2000 ā 094 Portland, OR ā ā ā 100 ā 1,925 ā 3,152 ā 100 ā 5,077 ā 5,177 ā 3,909 2007 1997 ā 254 Red Oak, TX ā ā ā 1,427 ā 17,173 ā 24 ā 1,427 ā 17,197 ā 18,624 ā 5,027 2002 2012 ā 197 Ripley, TN ā ā ā 20 ā 985 ā 1,638 ā 20 ā 2,623 ā 2,643 ā 1,386 2014 2000 ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā ā ā Encumbrances Land ā improvements ā acquisition ā Land ā improvements ā Total (1) ā deprec. renovation date date 133 Roswell, NM $ ā $ 568 $ 5,235 $ 1,396 $ 568 $ 6,631 $ 7,199 $ 3,341 ā 1975 ā 2001 ā 081 Sacramento, CA ā ā ā ā 220 ā ā 2,929 ā ā 1,481 ā ā 220 ā ā 4,410 ā ā 4,630 ā ā 2,765 ā 2015 ā 1997 ā 281 Slinger, WI ā ā ā ā ā 464 ā ā 13,482 ā ā ā ā ā 464 ā ā 13,482 ā ā 13,946 ā ā 3,473 ā 2014 ā 2015 ā 234 St. Petersburg, FL ā ā ā ā 1,070 ā ā 7,930 ā ā 500 ā ā 1,070 ā ā 8,430 ā ā 9,500 ā ā 2,690 ā 1988 ā 2010 ā 243 Stephenville, TX ā ā ā ā ā 670 ā ā 10,117 ā ā 505 ā ā 670 ā ā 10,622 ā ā 11,292 ā ā 3,514 ā 2009 ā 2010 ā 178 Tappahannock, VA ā ā ā ā ā 375 ā ā 1,327 ā ā 397 ā ā 375 ā ā 1,724 ā ā 2,099 ā ā 1,548 ā 1978 ā 1995 ā 270 Trinity, FL ā ā ā ā 1,653 ā ā 12,748 ā ā ā ā ā 1,653 ā ā 12,748 ā ā 14,401 ā ā 3,369 ā 2008 ā 2013 ā 192 Tucson, AZ ā ā ā ā 276 ā ā 8,924 ā ā 112 ā ā 276 ā ā 9,036 ā ā 9,312 ā ā 5,858 ā 1992 ā 2000 ā 305 Union, KY ā ā ā ā ā 858 ā ā 24,116 ā ā ā ā ā 858 ā ā 24,116 ā ā 24,974 ā ā 2,560 ā 2019 ā 2016 ā 299 Weatherford, TX ā ā ā ā ā 836 ā ā 11,902 ā ā 4 ā ā 836 ā ā 11,906 ā ā 12,742 ā ā 3,405 ā 1996 ā 2015 ā 236 Wytheville, VA ā ā ā ā ā 647 ā ā 12,167 ā ā ā ā ā 647 ā ā 12,167 ā ā 12,814 ā ā 5,115 ā 1996 ā 2010 ā Skilled Nursing Properties ā $ ā $ 48,506 ā $ 472,420 ā $ 31,970 ā $ 48,506 ā $ 504,390 ā $ 552,896 ā $ 171,316 ā ā ā ā ā Assisted Living Properties: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 317 Abington, VA ā ā ā ā ā 541 ā ā 16,355 ā ā ā ā ā 541 ā ā 16,355 ā ā 16,896 ā ā 1,240 ā 2014 ā 2019 ā 077 Ada, OK ā ā ā ā 100 ā ā 1,650 ā ā 89 ā ā 100 ā ā 1,739 ā ā 1,839 ā ā 1,055 ā 1996 ā 1996 ā 105 Arvada, CO ā ā ā ā 100 ā ā 2,810 ā ā 7,012 ā ā 100 ā ā 9,822 ā ā 9,922 ā ā 3,770 ā 2014 ā 1997 ā 304 Athens, GA ā ā ā ā ā 1,056 ā ā 13,326 ā ā ā ā ā 1,056 ā ā 13,326 ā ā 14,382 ā ā 2,048 ā 2016 ā 2016 ā 063 Athens, TX ā ā ā ā 96 ā ā 1,510 ā ā 104 ā ā 96 ā ā 1,614 ā ā 1,710 ā ā 1,081 ā 1995 ā 1996 ā 320 Auburn Hills, MI ā ā ā ā ā 1,964 ā ā 4,577 ā ā 1,149 ā ā 1,964 ā ā 5,726 ā ā 7,690 ā ā 683 ā 1995 ā 2019 ā 269 Aurora, CO ā ā ā ā 850 ā ā 8,583 ā ā ā ā ā 850 ā ā 8,583 ā ā 9,433 ā ā 2,349 ā 2014 ā 2013 ā 260 Aurora, CO ā ā ā ā 831 ā ā 10,071 ā ā ā ā ā 831 ā ā 10,071 ā ā 10,902 ā ā 2,617 ā 1999 ā 2012 ā 203 Bakersfield, CA ā ā ā ā 834 ā ā 11,986 ā ā 2,696 ā ā 834 ā ā 14,682 ā ā 15,516 ā ā 7,352 ā 2002 ā 2001 ā 117 Beatrice, NE ā ā ā ā 100 ā ā 2,173 ā ā 243 ā ā 100 ā ā 2,416 ā ā 2,516 ā ā 1,444 ā 1997 ā 1997 ā 277 Burr Ridge, IL ā ā ā ā ā 1,400 ā ā 11,102 ā ā ā ā ā 1,400 ā ā 11,102 ā ā 12,502 ā ā 2,432 ā 2016 ā 2014 ā 278 Castle Rock, CO ā ā ā ā ā 759 ā ā 6,005 ā ā ā ā ā 759 ā ā 6,005 ā ā 6,764 ā ā 1,426 ā 2012 ā 2014 ā 311 Cedarburg, WI ā ā ā ā ā 924 ā ā 21,083 ā ā ā ā ā 924 ā ā 21,083 ā ā 22,007 ā ā 2,253 ā 2019 ā 2017 ā 160 Central, SC ā ā ā ā 100 ā ā 2,321 ā ā 87 ā ā 100 ā ā 2,408 ā ā 2,508 ā ā 1,213 ā 1998 ā 1999 ā 263 Chatham, NJ ā ā ā ā 5,365 ā ā 36,399 ā ā 587 ā ā 5,365 ā ā 36,986 ā ā 42,351 ā ā 9,166 ā 2002 ā 2012 ā 307 Clovis, CA ā ā ā ā ā 2,542 ā ā 19,126 ā ā ā ā ā 2,542 ā ā 19,126 ā ā 21,668 ā ā 2,473 ā 2014 ā 2017 ā 308 Clovis, CA ā ā ā ā ā 3,054 ā ā 14,172 ā ā ā ā ā 3,054 ā ā 14,172 ā ā 17,226 ā ā 1,762 ā 2016 ā 2017 ā 279 Corpus Christi, TX ā ā ā ā ā 880 ā ā 11,440 ā ā 296 ā ā 880 ā ā 11,736 ā ā 12,616 ā ā 2,447 ā 2016 ā 2015 ā 292 De Forest, WI ā ā ā ā ā 485 ā ā 5,568 ā ā 45 ā ā 485 ā ā 5,613 ā ā 6,098 ā ā 1,046 ā 2006 ā 2015 ā 057 Dodge City, KS ā ā ā ā 84 ā ā 1,666 ā ā 9 ā ā 84 ā ā 1,675 ā ā 1,759 ā ā 1,115 ā 1995 ā 1995 ā 083 Durant, OK ā ā ā ā 100 ā ā 1,769 ā ā 36 ā ā 100 ā ā 1,805 ā ā 1,905 ā ā 1,110 ā 1997 ā 1997 ā 107 Edmond, OK ā ā ā ā 100 ā ā 1,365 ā ā 636 ā ā 100 ā ā 2,001 ā ā 2,101 ā ā 1,172 ā 1996 ā 1997 ā 163 Ft. Collins, CO ā ā ā ā 100 ā ā 2,961 ā ā 3,625 ā ā 100 ā ā 6,586 ā ā 6,686 ā ā 2,925 ā 2014 ā 1999 ā 170 Ft. Collins, CO ā ā ā ā 100 ā ā 3,400 ā ā 4,746 ā ā 100 ā ā 8,146 ā ā 8,246 ā ā 3,372 ā 2014 ā 1999 ā 132 Ft. Meyers, FL ā ā ā ā 100 ā ā 2,728 ā ā 37 ā ā 100 ā ā 2,765 ā ā 2,865 ā ā 1,642 ā 1998 ā 1998 ā 315 Ft. Worth, TX ā ā ā ā ā 1,534 ā ā 11,099 ā ā ā ā ā 1,534 ā ā 11,099 ā ā 12,633 ā ā 1,107 ā 2014 ā 2018 ā 100 Fremont ,OH ā ā ā ā 100 ā ā 2,435 ā ā 132 ā ā 100 ā ā 2,567 ā ā 2,667 ā ā 1,585 ā 1997 ā 1997 ā 267 Frisco, TX ā ā ā ā 1,000 ā ā 5,154 ā ā ā ā ā 1,000 ā ā 5,154 ā ā 6,154 ā ā 1,508 ā 2014 ā 2012 ā 314 Frisco, TX ā ā ā ā ā 2,216 ā ā 10,417 ā ā ā ā ā 2,216 ā ā 10,417 ā ā 12,633 ā ā 1,063 ā 2015 ā 2018 ā 296 Glenview, IL ā ā ā ā ā 2,800 ā ā 14,248 ā ā ā ā ā 2,800 ā ā 14,248 ā ā 17,048 ā ā 2,224 ā 2017 ā 2015 ā 167 Goldsboro, NC ā ā ā ā 100 ā ā 2,385 ā ā 68 ā ā 100 ā ā 2,453 ā ā 2,553 ā ā 1,159 ā 1998 ā 1999 ā 056 Great Bend, KS ā ā ā ā 80 ā ā 1,570 ā ā 21 ā ā 80 ā ā 1,591 ā ā 1,671 ā ā 1,187 ā 1995 ā 1995 ā 102 Greeley, CO ā ā ā ā 100 ā ā 2,310 ā ā 480 ā ā 100 ā ā 2,790 ā ā 2,890 ā ā 1,598 ā 1997 ā 1997 ā 284 Green Bay, WI ā ā ā ā ā 1,660 ā ā 19,079 ā ā 466 ā ā 1,660 ā ā 19,545 ā ā 21,205 ā ā 3,834 ā 2004 ā 2015 ā 164 Greenville, NC ā ā ā ā 100 ā ā 2,478 ā ā 69 ā ā 100 ā ā 2,547 ā ā 2,647 ā ā 1,347 ā 1998 ā 1999 ā 062 Greenville, TX ā ā ā ā 42 ā ā 1,565 ā ā 84 ā ā 42 ā ā 1,649 ā ā 1,691 ā ā 1,089 ā 1995 ā 1996 ā 161 Greenwood, SC ā ā ā ā 100 ā ā 2,638 ā ā 137 ā ā 100 ā ā 2,775 ā ā 2,875 ā ā 1,473 ā 1998 ā 1999 ā 295 Jacksonville, FL ā ā ā ā ā 1,389 ā ā 12,756 ā ā 1,056 ā ā 1,389 ā ā 13,812 ā ā 15,201 ā ā 2,247 ā 2015 ā 2015 ā 066 Jacksonville, TX ā ā ā ā 100 ā ā 1,900 ā ā 77 ā ā 100 ā ā 1,977 ā ā 2,077 ā ā 1,309 ā 1996 ā 1996 ā 310 Kansas City, MO ā ā ā ā ā 1,072 ā ā 15,552 ā ā ā ā ā 1,072 ā ā 15,552 ā ā 16,624 ā ā 1,660 ā 2017 ā 2017 ā 285 Kenosha, WI ā ā ā ā ā 936 ā ā 12,361 ā ā 365 ā ā 936 ā ā 12,726 ā ā 13,662 ā ā 2,244 ā 2008 ā 2015 ā 255 Littleton, CO ā ā ā ā ā 1,882 ā ā 8,248 ā ā ā ā ā 1,882 ā ā 8,248 ā ā 10,130 ā ā 2,057 ā 2013 ā 2012 ā 268 Littleton, CO ā ā ā ā ā 1,200 ā ā 8,688 ā ā ā ā ā 1,200 ā ā 8,688 ā ā 9,888 ā ā 2,449 ā 2014 ā 2013 ā 148 Longmont, CO ā ā ā ā ā 100 ā ā 2,640 ā ā 41 ā ā 100 ā ā 2,681 ā ā 2,781 ā ā 1,576 ā 1998 ā 1998 ā 060 Longview, TX ā ā ā ā ā 38 ā ā 1,568 ā ā 127 ā ā 38 ā ā 1,695 ā ā 1,733 ā ā 1,135 ā 1995 ā 1995 ā 261 Louisville, CO ā ā ā ā ā 911 ā ā 11,703 ā ā ā ā ā 911 ā ā 11,703 ā ā 12,614 ā ā 2,992 ā 2000 ā 2012 ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā Encumbrances Land ā improvements acquisition Land improvements Total (1) deprec. renovation date date 301 Louisville, KY ā $ ā ā $ 1,021 ā $ 13,157 ā $ 123 ā $ 1,021 ā $ 13,280 ā $ 14,301 ā $ 2,023 ā 2016 ā 2016 ā 114 Loveland, CO ā ā ā ā ā 100 ā ā 2,865 ā ā 293 ā ā 100 ā ā 3,158 ā ā 3,258 ā ā 1,915 ā 1997 ā 1997 ā 068 Lufkin, TX ā ā ā ā ā 100 ā ā 1,950 ā ā 94 ā ā 100 ā ā 2,044 ā ā 2,144 ā ā 1,346 ā 1996 ā 1996 ā 061 Marshall, TX ā ā ā ā ā 38 ā ā 1,568 ā ā 534 ā ā 38 ā ā 2,102 ā ā 2,140 ā ā 1,420 ā 1995 ā 1995 ā 293 McHenry, IL ā ā ā ā ā 1,289 ā ā 28,976 ā ā 774 ā ā 1,289 ā ā 29,750 ā ā 31,039 ā ā 5,420 ā 2005 ā 2015 ā 058 McPherson, KS ā ā ā ā ā 79 ā ā 1,571 ā ā 11 ā ā 79 ā ā 1,582 ā ā 1,661 ā ā 1,176 ā 1994 ā 1995 ā 313 Medford, OR ā ā ā ā ā 636 ā ā 17,810 ā ā ā ā ā 636 ā ā 17,810 ā ā 18,446 ā ā 1,134 ā 2020 ā 2018 ā 316 Medford, OR ā ā ā ā ā 750 ā ā 13,650 ā ā ā ā ā 750 ā ā 13,650 ā ā 14,400 ā ā 1,437 ā 2005 ā 2018 ā 239 Merritt Island, FL ā ā ā ā ā 550 ā ā 8,150 ā ā 100 ā ā 550 ā ā 8,250 ā ā 8,800 ā ā 2,820 ā 2004 ā 2010 ā 104 Millville, NJ ā ā ā ā ā 100 ā ā 2,825 ā ā 848 ā ā 100 ā ā 3,673 ā ā 3,773 ā ā 2,035 ā 1997 ā 1997 ā 286 Milwaukee, WI ā ā ā ā ā 818 ā ā 8,014 ā ā 134 ā ā 818 ā ā 8,148 ā ā 8,966 ā ā 1,530 ā 2007 ā 2015 ā 231 Monroeville, PA ā ā ā ā ā 526 ā ā 5,334 ā ā 439 ā ā 526 ā ā 5,773 ā ā 6,299 ā 2,169 1997 ā 2009 ā 280 Murrells Inlet, SC ā ā ā ā ā 2,490 ā ā 14,185 ā ā 59 ā ā 2,490 ā ā 14,244 ā ā 16,734 ā ā 2,840 ā 2016 ā 2015 ā 294 Murrieta, CA ā ā ā ā ā 2,022 ā ā 11,136 ā ā ā ā ā 2,022 ā ā 11,136 ā ā 13,158 ā ā 2,270 ā 2016 ā 2015 ā 289 Neenah, WI ā ā ā ā ā 694 ā ā 20,839 ā ā 251 ā ā 694 ā ā 21,090 ā ā 21,784 ā ā 3,763 ā 1991 ā 2015 ā 166 New Bern, NC ā ā ā ā ā 100 ā ā 2,427 ā ā 7 ā ā 100 ā ā 2,434 ā ā 2,534 ā 1,197 1998 ā 1999 ā 118 Newark, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 323 ā ā 100 ā ā 2,758 ā ā 2,858 ā 1,608 1997 ā 1997 ā 143 Niceville, FL ā ā ā ā ā 100 ā ā 2,680 ā ā 66 ā ā 100 ā ā 2,746 ā ā 2,846 ā 1,603 1998 ā 1998 ā 095 Norfolk, NE ā ā ā ā ā 100 ā ā 2,123 ā ā 311 ā ā 100 ā ā 2,434 ā ā 2,534 ā 1,455 1997 ā 1997 ā 306 Oak Lawn, IL ā ā ā ā ā 1,591 ā ā 13,772 ā ā ā ā ā 1,591 ā ā 13,772 ā ā 15,363 ā ā 1,814 ā 2018 ā 2016 ā 302 Overland Park, KS ā ā ā ā ā 1,951 ā ā 11,882 ā ā 281 ā ā 1,951 ā ā 12,163 ā ā 14,114 ā ā 2,121 ā 2013 ā 2016 ā 232 Pittsburgh, PA ā ā ā ā ā 470 ā ā 2,615 ā ā 360 ā ā 470 ā ā 2,975 ā ā 3,445 ā 1,193 1994 ā 2009 ā 165 Rocky Mount, NC ā ā ā ā ā 100 ā ā 2,494 ā ā 222 ā ā 100 ā ā 2,716 ā ā 2,816 ā 1,278 1998 ā 1999 ā 059 Salina, KS ā ā ā ā ā 79 ā ā 1,571 ā ā 165 ā ā 79 ā ā 1,736 ā ā 1,815 ā 1,188 1994 ā 1995 ā 084 San Antonio, TX ā ā ā ā ā 100 ā ā 1,900 ā ā 13 ā ā 100 ā ā 1,913 ā ā 2,013 ā 1,190 1997 ā 1997 ā 092 San Antonio, TX ā ā ā ā ā 100 ā ā 2,055 ā ā 393 ā ā 100 ā ā 2,448 ā ā 2,548 ā 1,293 1997 ā 1997 ā 288 Sheboygan, WI ā ā ā ā ā 1,168 ā ā 5,382 ā ā 320 ā ā 1,168 ā ā 5,702 ā ā 6,870 ā ā 1,196 ā 2006 ā 2015 ā 149 Shelby, NC ā ā ā ā ā 100 ā ā 2,805 ā ā 190 ā ā 100 ā ā 2,995 ā ā 3,095 ā 1,685 1998 ā 1998 ā 312 Spartanburg, SC ā ā ā ā ā 254 ā ā 9,906 ā ā 1,520 ā ā 254 ā ā 11,426 ā ā 11,680 ā ā 2,048 ā 1999 ā 2017 ā 150 Spring Hill, FL ā ā ā ā ā 100 ā ā 2,650 ā ā 57 ā ā 100 ā ā 2,707 ā ā 2,807 ā 1,586 1998 ā 1998 ā 103 Springfield, OH ā ā ā ā ā 100 ā ā 2,035 ā ā 337 ā ā 100 ā ā 2,372 ā ā 2,472 ā 1,422 1997 ā 1997 ā 321 Sterling Heights, MI ā ā ā ā ā 1,133 ā ā 11,487 ā ā 1,111 ā ā 1,133 ā ā 12,598 ā ā 13,731 ā ā 1,077 ā 1997 ā 2019 ā 162 Sumter, SC ā ā ā ā ā 100 ā ā 2,351 ā ā 576 ā ā 100 ā ā 2,927 ā ā 3,027 ā 1,273 1998 ā 1999 ā 140 Tallahassee, FL ā ā ā ā ā 100 ā ā 3,075 ā ā 102 ā ā 100 ā ā 3,177 ā ā 3,277 ā 1,841 1998 ā 1998 ā 098 Tiffin, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 300 ā ā 100 ā ā 2,735 ā ā 2,835 ā 1,588 1997 ā 1997 ā 282 Tinley Park, IL ā ā ā ā ā 702 ā ā 11,481 ā ā ā ā ā 702 ā ā 11,481 ā ā 12,183 ā ā 2,308 ā 2016 ā 2015 ā 088 Troy, OH ā ā ā ā ā 100 ā ā 2,435 ā ā 619 ā ā 100 ā ā 3,054 ā ā 3,154 ā 1,829 1997 ā 1997 ā 080 Tulsa, OK ā ā ā ā ā 200 ā ā 1,650 ā ā 14 ā ā 200 ā ā 1,664 ā ā 1,864 ā 1,041 1997 ā 1997 ā 093 Tulsa, OK ā ā ā ā ā 100 ā ā 2,395 ā ā 23 ā ā 100 ā ā 2,418 ā ā 2,518 ā 1,491 1997 ā 1997 ā 238 Tupelo, MS ā ā ā ā ā 1,170 ā ā 8,230 ā ā 30 ā ā 1,170 ā ā 8,260 ā ā 9,430 ā 2,901 2000 ā 2010 ā 075 Tyler, TX ā ā ā ā ā 100 ā ā 1,800 ā ā 85 ā ā 100 ā ā 1,885 ā ā 1,985 ā 1,146 1996 ā 1996 ā 202 Vacaville, CA ā ā ā ā ā 1,662 ā ā 11,634 ā ā 3,002 ā ā 1,662 ā ā 14,636 ā ā 16,298 ā 7,428 2002 ā 2001 ā 091 Waco, TX ā ā ā ā ā 100 ā ā 2,235 ā ā 677 ā ā 100 ā ā 2,912 ā ā 3,012 ā 1,420 2021 ā 1997 ā 096 Wahoo, NE ā ā ā ā ā 100 ā ā 2,318 ā ā 166 ā ā 100 ā ā 2,484 ā ā 2,584 ā 1,546 1997 ā 1997 ā 108 Watauga, TX ā ā ā ā ā 100 ā ā 1,668 ā ā 18 ā ā 100 ā ā 1,686 ā ā 1,786 ā 1,033 1996 ā 1997 ā 109 Weatherford, OK ā ā ā ā ā 100 ā ā 1,669 ā ā 611 ā ā 100 ā ā 2,280 ā ā 2,380 ā 1,392 1996 ā 1997 ā 309 West Chester, OH ā ā ā ā ā 2,355 ā ā 13,553 ā ā 212 ā ā 2,355 ā ā 13,765 ā ā 16,120 ā ā 1,803 ā 2017 ā 2017 ā 276 Westminster, CO ā ā ā ā ā 1,425 ā ā 9,575 ā ā ā ā ā 1,425 ā ā 9,575 ā ā 11,000 ā ā 2,403 ā 2015 ā 2013 ā 110 Wheelersburg, OH ā ā ā ā ā 29 ā ā 2,435 ā ā 260 ā ā 29 ā ā 2,695 ā ā 2,724 ā 1,620 1997 ā 1997 ā 303 Wichita, KS ā ā ā ā ā 1,422 ā ā 9,957 ā ā 285 ā ā 1,422 ā ā 10,242 ā ā 11,664 ā ā 1,836 ā 2011 ā 2016 ā 259 Wichita, KS ā ā ā ā ā 730 ā ā ā ā ā 9,682 ā ā 730 ā ā 9,682 ā ā 10,412 ā 2,698 2013 ā 2012 ā 283 Wichita, KS ā ā ā ā ā 624 ā ā 13,846 ā ā ā ā ā 624 ā ā 13,846 ā ā 14,470 ā ā 2,053 ā 2016 ā 2015 ā 076 Wichita Falls, TX ā ā ā ā ā 100 ā ā 1,850 ā ā 10 ā ā 100 ā ā 1,860 ā ā 1,960 ā 1,173 1996 ā 1996 ā 120 Wichita Falls, TX ā ā ā ā ā 100 ā ā 2,750 ā ā 131 ā ā 100 ā ā 2,881 ā ā 2,981 ā 1,765 1997 ā 1997 ā 265 Williamstown, NJ ā ā ā ā ā 711 ā ā 6,637 ā ā ā ā ā 711 ā ā 6,637 ā ā 7,348 ā 1,822 2000 ā 2012 ā 264 Williamstown, NJ ā ā ā ā ā 711 ā ā 8,649 ā ā ā ā ā 711 ā ā 8,649 ā ā 9,360 ā 2,197 2000 ā 2012 ā Assisted Living Properties ā $ ā ā $ 71,825 ā $ 721,817 ā $ 50,659 ā $ 71,825 ā $ 772,476 ā $ 844,301 ā $ 201,895 ā ā ā ā ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā capitalized ā Gross amount at which carried at ā ā ā ā ā ā ā ā ā ā ā ā Initial cost to company ā subsequent ā December 31, 2021 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Building and ā to ā ā ā ā Building and ā ā ā ā Accum ā Construction/ ā Acquisition ā Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Properties: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 297 Las Vegas, NV ā ā ā ā ā 1,965 ā ā 7,308 ā ā 1,144 ā ā 1,965 ā ā 8,452 ā ā 10,417 ā ā 1,395 ā 1990/1994 ā 2015 ā Properties ā ā ā ā ā 1,965 ā 7,308 ā ā 1,144 ā ā 1,965 ā 8,452 ā 10,417 ā ā 1,395 ā ā ā ā ā Land ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 271 Howell, MI ā ā ā ā ā 420 ā ā ā ā ā ā ā 420 ā ā ā 420 ā ā ā ā N/A ā 2013 ā 272 Milford, MI ā ā ā ā ā 450 ā ā ā ā ā ā ā 450 ā ā ā 450 ā ā ā ā N/A ā 2014 ā 275 Yale, MI ā ā ā ā ā 73 ā ā ā ā ā ā ā 73 ā ā ā 73 ā ā ā ā N/A ā 2013 ā Land ā ā ā ā ā 943 ā ā ā ā ā ā ā 943 ā ā ā 943 ā ā ā ā ā ā ā ā Other Properties ā ā ā ā ā 2,908 ā 7,308 ā ā 1,144 ā ā 2,908 ā 8,452 ā 11,360 ā ā 1,395 ā ā ā ā ā ā ā $ ā ā $ 123,239 ā $ 1,201,545 ā $ 83,773 ā $ 123,239 ā $ 1,285,318 ā $ 1,408,557 (2) $ 374,606 ā ā ā ā ā (1) Depreciation is computed principally by the straight-line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles . ā (2) As of December 31, 2021, our aggregate cost for Federal income tax purposes was $1,413,709 (unaudited). ā ā LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2021, 2020 and 2019 is as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā For the Year Ended December 31, ā ā 2021 ā 2020 ā 2019 Reconciliation of real estate: ā ā ā ā Carrying cost: ā ā ā ā ā ā ā ā ā ā Balance at beginning of period ā $ 1,452,001 ā $ 1,484,571 ā $ 1,421,456 ā Acquisitions ā ā ā 13,581 ā 58,414 ā Improvements ā 6,298 ā 23,612 ā 23,363 ā Capitalized interest ā ā ā 354 ā 608 ā Cost of real estate sold ā (49,742) ā (66,140) ā (19,270) ā Impairmentloss from real estate investments ā ā ā (3,977) ā ā ā Ending balance ā $ 1,408,557 ā $ 1,452,001 ā $ 1,484,571 ā Accumulated depreciation: ā ā ā ā ā ā ā ā ā ā Balance at beginning of period ā $ 349,643 ā $ 347,755 ā $ 314,875 ā Depreciation expense ā 38,192 ā 38,945 ā 39,094 ā Cost of real estate sold ā (13,229) ā (37,057) ā (6,214) ā Ending balance ā $ 374,606 ā $ 349,643 ā $ 347,755 ā ā |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2021 | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | LTC PROPERTIES, INC. SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Amount of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Carrying ā Loans ā ā ā ā ā ā ā ā ā ā ā ā ā Current ā ā ā ā Amount of ā Subject to ā ā (Unaudited) ā ā ā ā ā ā ā ā Monthly ā Face ā Mortgages ā Delinquent ā ā Number of ā ā ā Final ā Balloon ā Debt ā Amount of ā December 31, ā Principal or State ā Properties ā Units/Beds (1) ā Interest Rate (2) ā Maturity Date ā Amount (3) ā Service ā Mortgages ā 2020 ā Interest MI ā 15 ā 1,875 ā 10.40% ā 2043 ā $ 163,214 ā $ 1,596 ā $ 190,214 ā $ 183,510 ā $ ā ā MI 4 501 ā 9.50% ā 2045 ā 35,539 ā 309 ā 39,369 ā 38,749 ā ā ā MI 1 146 ā 9.60% ā 2045 ā 14,325 ā 122 ā 15,000 ā 14,751 ā ā ā MI ā 2 ā 205 ā 9.60% ā 2045 ā ā 19,750 ā ā 158 ā ā 19,750 ā ā 19,552 ā ā ā ā FL ā 1 ā 68 ā 7.80% ā 2025 ā ā 11,880 ā ā 82 ā ā 11,880 ā ā 11,761 ā ā ā ā LA ā 1 ā 189 ā 7.50% ā 2024 ā ā 27,101 ā ā 172 ā ā 27,101 ā ā 26,830 ā ā ā ā MO ā ā ā ā ā 7.50% ā 2022 ā ā 1,780 ā ā 11 ā ā 1,780 ā ā 1,762 ā ā ā ā NC ā 12 (4) 478 ā 7.30% ā 2025 ā ā 43,876 ā ā 322 ā ā 43,876 ā ā 43,437 ā ā ā ā SC ā 1 (4) 45 ā 7.30% ā 2025 ā ā 4,131 ā ā ā ā ā 4,131 ā ā 4,090 ā ā ā ā ā 37 (5) 3,507 ā ā ā ā ā $ 321,596 ā $ 2,772 ā $ 353,101 ā $ 344,442 ā $ ā ā (1) This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. ā (2) Represents current stated interest rate. Generally, the loans have a 30-year amortization with principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. ā (3) Balloon payment is due upon maturity. ā (4) Represents a single mortgage loan secured by 13 assisted living communities. The mortgage loan was allocated by state for reporting purposes only. ā (5) Includes 8 first-lien mortgage loans as follows: ā ā ā ā ā ā Number of Loans Original loan amounts 1 ā ā $ 500 - $2,000 ā 0 ā ā $2,001 - $3,000 ā 0 ā ā $3,001 - $4,000 ā 0 ā ā $4,001 - $5,000 ā 0 ā ā $5,001 - $6,000 ā 0 ā ā $6,001 - $7,000 ā 7 ā ā $7,001 + ā ā Mortgage loans receivable activity for the years ended December 31, 2021, 2020 and 2019 is as follows: ā ā ā ā ā ā ā ā Balanceā December 31, 2018 $ 242,939 New mortgage loans ā 7,500 Other additions ā 4,842 Amortization of mortgage premium ā (4) Collections of principal ā (1,065) Foreclosures ā ā Loan loss reserve ā (113) Other deductions ā ā Balanceā December 31, 2019 ā 254,099 New mortgage loans ā ā Other additions ā 4,253 Amortization of mortgage premium ā (4) Collections of principal ā (1,065) Foreclosures ā ā Loan loss reserve ā (32) Other deductions ā ā Balanceā December 31, 2020 ā 257,251 New mortgage loans ā 88,415 Other additions ā 540 Application of interest reserve ā ā 298 Amortization of mortgage premium ā (6) Collections of principal ā (1,175) Foreclosures ā ā Loan loss reserve ā (881) Other deductions ā ā Balanceā December 31, 2021 ā $ 344,442 ā |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firmās audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. |
Consolidation | Consolidation. ā A legal structure has been established to conduct business activities and to hold assets. ā LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does meet the above criteria and does not qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1. The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2. The equity holders, as a group, lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: ā The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ā The obligation to absorb the entity's expected losses; ā The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. |
Use of Estimates | Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (āGAAPā) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, revenue recognition including the collectibility of tenant receivables and asset impairment. Reference Rate Reform. Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Cash Equivalents | Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. |
Owned Properties | Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenantās lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles. During the fourth quarter of 2019 we sold a 170-bed skilled nursing center in our portfolio which was under a triple net master lease agreement. The property was evacuated in 2017 due to damages caused by hurricane and our operator provided us with insurance proceeds for remediation of the property. Upon sale of the property, we released our operator from its contractual obligation under the master lease to return the property back to its original condition, took possession of the remaining insurance proceeds of $2,111,000 and recorded this amount as Gain from property insurance proceeds Consolidated Statements of Income |
Mortgage Loans Receivable, Net of Loan Loss Reserve | Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. |
Mezzanine Loans | Mezzanine Loans. four |
Investment in unconsolidated joint ventures | Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to Accounting Standard Codification (āASCā) 810, Consolidation income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage ownership interests. In certain circumstances where we have a substantive profit-sharing arrangement which provides a priority return on our investment, a portion of our equity in earnings may consist of a change in our claim on the net assets of the underlying JV. Distributions of operating profit from the JVs are reported as part of operating cash flows, while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Currently we do not have any ADC arrangements. We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date. |
Loan Loss Reserve | Loan Loss Reserve. ASC 326, Financial Instruments- Credit Losses We adopted ASC 326 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2021, the total balance of accrued interest receivable of $39,522,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2021, 2020 and 2019, Company did not recognize any write-off related to accrued interest receivable. |
Accrued incentives | Accrued incentives. Prepaid expenses and other assets Consolidated Balance Sheets |
Impairments | Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes managementās probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2021, 2020 and 2019, we recognized impairment charges of $0, $3,977,000 and $0, respectively, related to our real property investments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entityās own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements |
Derivatives Instruments | Derivative Instruments. Footnote 9. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets . |
Revenue Recognition | Revenue Recognition- Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: (i) a specified annual increase over the prior yearās rent, generally between 2.0% and 3.0%; (ii) a calculation based on the Consumer Price Index; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until the contingencies have been resolved. Historically, we have not included contingent rents as income until received and will we continue our historical policy. During the years ended December 31, 2021, 2020 and 2019, we received $0, $111,000 and $464,000, respectively, of contingent rental income. As a result of adopting ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (āCOVID-19ā) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We elected to account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, we increased the lease receivable and continued to recognize income. We recognized the rent abatements given to the operators where we accrue rent on a straight-line basis, over the remaining life of those respective leases. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized over the term of the lease on a straight-line basis. Revenue Recognition- Interest Income. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non-performing after 60 days Interest receivable Consolidated Balance Sheets |
Gains on sale of Real Estate, Net | Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. |
Federal Income Taxes | Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight-line method over 40 years for assets placed in service prior to 2018 and 30 years for assets placed in service after 2017. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2021, the net book basis of our depreciable assets exceeded our net tax basis by approximately $24,983,000 (unaudited), primarily due to faster depreciation for tax, and to differences previously mentioned above. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our Consolidated Statements of Income General and administrative expenses |
Concentrations of Credit Risks | Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon managementās periodic review of our portfolio. See Note 3. Major Operators |
Properties held-for-sale | Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets |
Net Income Per Share | Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. |
Stock-Based Compensation | Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units granted to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows |
Segment Disclosures | Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. |
Major Operators (Tables)
Major Operators (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major Operators | |
Schedule of concentration of risk by major operators | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā Percentage of ā ā ā ā ā ā ā SNF ā ALF ā Total ā ā Total ā ā Operator ā SNF ā ALF ā Beds ā Units ā Revenue (1) ā ā Assets (2) ā ā Prestige Healthcare (3) ā 24 ā ā ā 2,845 ā 93 ā 21.3 % ā 17.6 % ā (1) Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2021. ā (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . ā (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 2019 ā ā (in thousands) Non-cash investing and financing transactions: ā ā ā ā ā ā ā Mortgage loans receivable reserve withheld at origination ( Footnote 5 ā $ 298 ā $ ā ā $ ā ā Preferred return reserve related to investment in unconsolidated joint ventures ( Footnote 6 ā ā 2,324 ā ā 2,878 ā ā ā ā Notes receivable reserve withheld at origination ( Footnote 7 ā ā 353 ā ā ā ā ā ā ā Reclassification of notes receivable to lease incentives ( Footnote 7 ā ā ā ā ā 300 ā ā 200 ā Change in fair value of interest rate swaps ( Footnote 9 ā ā 172 ā ā ā ā ā ā ā |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Investments | |
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease inducement and renewal options are as follows ( in thousands ā ā ā ā ā ā Cash ā ā Rent (1) 2022 ā 116,816 ā 2023 ā 102,465 ā 2024 ā 104,813 ā 2025 ā 85,351 ā 2026 ā ā 68,747 ā Thereafter ā 255,990 ā (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash payments and the Senior Care and Abri Health master lease. |
Summary of components of our rental income | The following table summarizes components of our rental income for the years ended December 31, 2021, 2020 and 2019 ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā Rental Income ā ā 2021 ā ā 2020 ā ā 2019 ā Base cash rental income ā $ 107,692 (1) $ 132,789 ā $ 134,117 ā Variable cash rental income ā ā 14,332 (2) ā 15,167 (2) ā 16,462 (1) Straight-line rent ā ā 467 (3) ā 1,778 (3) ā 4,487 (2) Adjustment for collectibility of rental income and lease incentives ā ā (758) (4) ā (23,214) (4) ā (1,926) (4) Amortization of lease incentives ā ā (608) ā ā (426) ā ā (385) ā Total ā $ 121,125 ā $ 126,094 ā $ 152,755 ā (1) Decreased primarily due to defaults of payments for lease obligations from Senior Lifestyle Corporation (āSenior Lifestyleā) and Senior Care and Abri Health, abated and deferred rent and reduced rent from a sold property. This decrease was partially offset by increased rent from re-leasing 18 properties previously leased to Senior Lifestyle, completion of development projects and contractual rent increases. ā (2) The variable rental income for the years ended December 31, 2021, 2020 and 2019 includes contingent rental income of $0 , $111 and $464 , respectively. Additionally, the variable rental income for the years ended December 31, 2021, 2020 and 2019 includes reimbursement of real estate taxes by our lessees. ā (3) Decreased due to more leases accounted for on a cash basis. ā (4) Represents straight-line rent receivable and lease incentives write-offs. |
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): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā ā ā ā ā ā ā ā ā ā ā of ā of ā ā Gross ā ā Carrying ā Option ā State ā Property ā Properties ā ā Investments ā ā Value ā Window ā California ā ALF/MC ā 2 ā $ 38,895 ā $ 34,660 ā 2024-2029 ā California ā ALF ā 2 ā ā 31,814 ā ā 17,034 ā 2021-TBD (1) Colorado ā ALF ā 1 ā ā 6,764 ā ā 5,338 ā 2022-2026 ā Florida ā MC ā 1 ā ā 15,201 ā ā 12,956 ā 2028-2029 ā Kentucky and Ohio ā MC ā 2 ā ā 30,421 ā ā 26,595 ā 2028-2029 ā Nebraska ā ALF ā 3 ā ā 7,633 ā ā 3,188 ā TBD (2) Texas ā MC ā 2 ā ā 25,265 ā ā 23,095 ā 2021-2027 ā South Carolina ā ALF/MC ā 1 ā ā 11,680 ā ā 9,632 ā 2028-2029 ā Total ā ā ā ā ā $ 167,673 ā $ 132,498 ā ā ā (1) The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. Subsequent to December 31, 2021, the current operator of the ALFs with a total of 232 units exercised the purchase option under their lease for approximately $43,700 . ā (2) Subject to the properties achieving certain coverage ratios. |
Summary of acquisitions | Acquisitions. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā Number ā Number ā ā ā ā Purchase ā Transaction ā Acquisition ā of ā of Year ā Type of Property ā Price ā Costs ā Costs ā Properties ā Beds/Units 2021 ā n/a ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā Skilled Nursing (1) ā $ 13,500 ā $ 81 ā $ 13,581 ā 1 ā 140 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā Assisted Living (2) ā $ 35,719 ā $ 315 ā $ 36,034 3 ā 230 ā ā Skilled Nursing (3) ā ā 19,500 ā ā 97 ā ā 19,597 ā 1 ā 90 ā ā Land (4) ā 2,732 ā 51 ā 2,783 ā ā Total 2019 ā ā ā $ 57,951 ā $ 463 ā $ 58,414 4 320 (1) We acquired a SNF located in Texas. ā (2) We entered into a JV (consolidated on our financial statements) to purchase an existing operational 74 -unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,976 in cash. Our economic interest in the real estate JV is approximately 95% . Additionally, we acquired an 80 -unit MC and a 76 -unit ALF/MC in Michigan for an aggregate purchase price of $19,000 . ā (3) We acquired a newly constructed 90 -bed SNF located in Missouri. ā (4) We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and committed to develop a 90 -bed SNF in Missouri. The commitment totals approximately $17,400 . |
Schedule of development and improvement projects | Developments and Improvements. (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 ā Type of Property ā Developments ā Improvements ā ā Developments ā Improvements ā ā Developments ā Improvements ā Assisted Living Communities ā $ ā ā $ 5,846 ā ā $ 4,491 ā $ 6,842 ā ā $ 14,088 ā $ 2,544 ā Skilled Nursing Centers ā ā ā ā ā 452 ā ā ā 12,208 ā ā 71 ā ā ā 6,436 ā ā ā ā Other ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 295 ā Total ā $ ā ā $ 6,298 ā ā $ 16,699 ā $ 6,913 ā ā $ 20,524 ā $ 2,839 ā |
Schedule of completed developments | Completed Projects. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number ā Type ā Number ā ā ā ā ā ā ā of ā of ā of ā ā ā ā Total Year ā Properties ā Property ā Beds/Units ā State ā Investment 2021 ā ā ā n/a ā ā ā n/a ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 1 ā ALF/MC ā 78 ā Oregon ā $ 18,447 ā ā 1 ā SNF ā 90 ā Missouri ā ā 16,587 Total 2020 ā 2 ā ā ā 168 ā ā ā $ 35,034 ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 1 ā SNF ā 143 ā Kentucky ā $ 24,974 ā ā 1 ā ILF/ALF/MC ā 110 ā Wisconsin ā ā 21,999 Total 2019 ā 2 ā ā ā 253 ā ā ā $ 46,973 ā ā ā ā ā ā ā ā ā ā ā ā |
Schedule of property sold | Property Sales (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Number ā Number ā ā ā ā ā ā ā ā ā ā ā ā ā ā of ā of ā of ā ā Sales ā ā Carrying ā ā Net ā Year (1) ā State ā Properties ā Properties ā Beds/Units ā ā Price ā ā Value ā ā Gain (loss) (2) ā 2021 ā n/a ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 363 (3) ā ā Florida ā ALF ā 1 ā ā ā ā 2,000 ā ā 2,626 ā ā (858) ā ā ā Nebraska ā ALF ā 1 ā 40 ā ā 900 ā ā 1,079 ā ā (200) ā ā ā Washington ā SNF ā 1 ā 123 ā ā 7,700 ā ā 4,513 ā ā 2,562 ā ā ā Wisconsin ā ALF ā 3 ā 263 ā ā 35,000 ā ā 28,295 ā ā 5,595 ā Total 2021 ā ā ā ā ā 6 ā 426 ā $ 45,600 ā $ 36,513 ā $ 7,462 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā n/a ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 129 (3) ā ā Arizona ā SNF ā 1 ā 194 ā ā 12,550 ā ā 2,229 ā ā 10,293 ā ā ā Colorado ā SNF ā 3 ā 275 ā ā 15,000 ā ā 4,271 ā ā 10,364 ā ā ā Iowa ā SNF ā 7 ā 544 ā ā 14,500 ā ā 4,886 ā ā 9,051 ā ā ā Kansas ā SNF ā 3 ā 250 ā ā 9,750 ā ā 7,438 ā ā 1,993 ā ā ā Texas ā SNF ā 7 ā 1,148 ā ā 23,000 ā ā 10,260 ā ā 12,287 ā Total 2020 ā ā ā ā ā 21 ā 2,411 ā $ 74,800 ā $ 29,084 ā $ 44,117 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā n/a ā n/a ā ā ā ā ā $ ā ā $ ā ā $ 500 (4) ā ā Arizona, Georgia and Texas ā SNF ā 3 ā 478 ā ā 15,310 ā ā 8,995 ā ā 5,556 ā ā ā Texas ā ALF ā 1 ā 140 ā ā 1 ā ā 3,830 ā ā (3,950) ā Total 2019 ā ā ā ā ā 4 ā 618 ā $ 15,311 ā $ 12,825 ā $ 2,106 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā (1) Subsequent to December 31, 2021, an operator of two ALFs in California with a total of 232 units exercised the purchase option under their lease for approximately $43,700 . The communities have a gross book value of $31,800 and a net book value of $17,000 Additionally, we entered into an agreement with the current operator to sell a 74-unit ALF in Virginia for $16,900 . The community has a gross value of $16,900 and a net book value of $15,700 . In connection with the sale, the current operator will pay a $1,200 lease termination fee. ā (2) Calculation of net gain (loss) includes cost of sales. ā (3) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019. ā (4) Gain recognized due to the receipt of funds held in escrow related to a portfolio of six ALFs sold during the second quarter of 2018. |
Schedule of mortgage loans secured by first mortgage | Mortgage Loans. (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Percentage ā Number of ā Investment ā ā ā ā ā ā Gross ā of ā of ā ā ā ā ā SNF ā ALF ā per Interest Rate ā Maturity ā State ā Investment ā Property ā Investment ā Loans (1) ā Properties (2) ā Beds ā Units ā Bed/Unit 7.5% ā 2022 ā MO ā $ 1,780 ā OTH ā 0.5 % 1 ā ā (3) ā ā ā ā $ n/a 7.5% ā 2024 ā LA ā ā 27,101 ā SNF ā 7.8 % 1 ā 1 ā 189 ā ā ā $ 143.39 7.8% ā 2025 ā FL ā ā 11,880 ā ALF ā 3.4 % 1 ā 1 ā ā ā 68 ā $ 174.71 7.3% ā 2025 ā NC/SC ā ā 48,006 ā ALF ā 13.8 % 1 ā 13 ā ā ā 523 ā $ 91.79 10.4% (4) ā 2043 ā MI ā ā 185,358 ā SNF ā 53.3 % 1 ā 15 ā 1,875 ā ā ā $ 98.86 9.5% (4) ā 2045 ā MI ā ā 39,140 ā SNF ā 11.2 % 1 ā 4 ā 501 ā ā $ 78.12 9.6% (4) ā 2045 ā MI ā 19,750 ā SNF ā 5.7 % 1 ā 2 ā 205 ā ā $ 96.34 9.6% (4) ā 2045 ā MI ā ā 14,900 ā SNF ā 4.3 % 1 ā 1 ā 146 ā ā ā $ 102.05 Total ā ā ā ā ā $ 347,915 ā ā ā 100.0 % 8 ā 37 ā 2,916 591 ā $ 99.21 (1) Some loans contain certain guarantees and/or provide for certain facility fees. ā (2) Our mortgage loans are secured by properties located in six states with five borrowers. ā (3) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. ā (4) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. |
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the years ended December 31, 2021, 2020 and 2019 ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā ā 2020 ā 2019 Originations and funding under mortgage loans receivable ā $ 88,955 (1) ā $ 4,253 (2) $ 12,342 (3) Application of interest reserve ā ā 298 ā ā ā ā ā ā ā ā Scheduled principal payments received ā ā (1,175) ā ā ā (1,065) ā ā (1,065) ā Mortgage loan premium amortization ā ā (6) ā ā ā (4) ā ā (4) ā Provision for loan loss reserve ā ā (881) ā ā ā (32) ā ā (113) ā Net increase in mortgage loans receivable ā $ 87,191 ā ā $ 3,152 ā $ 11,160 ā (1) During 2021, we funded the following: a. $1,638 mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF in Missouri and withheld an interest reserve of $142 . The mortgage loan term is one year at a yield of 7.5% ; b. $27,047 mortgage loan secured by a 189 -bed skilled nursing center in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5% ; c. $11,724 mortgage loan secured by a 68 -unit assisted living and memory care community in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions; d. $48,006 mortgage loan for the purchase of a 13 -property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496 . The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and ā e. $540 additional capital funding under our existing mortgage loans. ā (2) During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% escalating by 2.25% thereafter. ā (3) During 2019, we funded an additional $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41% fixed for two years and escalating by 2.25% thereafter. ā |
Scheduled principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ā ā ā ā ā ā ā Scheduled ā ā Principal 2022 ā $ 2,955 ā 2023 ā 1,175 ā 2024 ā 28,222 ā 2025 ā 61,061 ā 2026 ā 1,175 ā Thereafter ā 253,327 ā Total ā $ 347,915 ā |
Investment in Unconsolidated _2
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Unconsolidated Joint Ventures | |
Summary of the preferred equity investments | The following table provides information regarding these preferred equity investments (dollar amounts in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā Type ā Total ā ā Contractual ā ā Number ā ā ā ā ā ā of ā of ā Preferred ā ā Cash ā ā of ā ā Carrying ā State ā Properties ā Investment ā Return ā ā Portion ā ā Beds/ Units ā ā Value ā Washington ā ALF/MC ā Preferred Equity (1) 12%-14% ā ā 7% ā ā ā ā $ 6,340 (1) Washington ā UDP ā Preferred Equity (2) 12% ā ā 8% ā ā ā ā ā 13,000 (2) Total ā ā ā ā ā ā ā ā ā ā ā ā ā $ 19,340 ā (1) Invested $6,340 of preferred equity in an entity that for development a 95 -unit ALF/MC in Washington. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (āIRRā) is 8% . After achieving an 8% IRR, the cash rate drops to 8% with an IRR ranging between 12% to 14% , depending upon timing of redemption. During the fourth quarter of 2021, the entity completed the development project and received its certificate of occupancy. ā (2) Entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . Our investment represents 11.6% of the estimated total investment. |
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures | The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2021, 2020 and 2019 (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Type ā ā ā ā ā of ā ā Capital ā ā Income ā ā Cash Interest ā Year ā Properties ā ā Contribution ā ā Recognized ā ā Earned ā 2021 ā ALF/MC (1) $ ā ā $ 450 ā $ 412 ā ā ā UDP (2) ā 8,000 ā ā 967 ā ā 880 ā Total ā ā ā $ 8,000 ā $ 1,417 ā $ 1,292 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā ALF/MC/ILF (3) $ 58 ā $ 231 ā $ 231 ā ā ā UDP (1) ā 6,340 ā ā 169 ā ā 169 ā ā ā UDP (2) ā 5,000 ā ā 32 ā ā 32 ā Total ā ā ā $ 11,398 ā $ 432 ā $ 432 ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā ALF/MC/ILF (3) $ 472 ā $ 1,029 ā $ 1,580 ā ā ā ALF/IL/MC (4) ā ā ā ā 955 ā ā 979 ā ā ā ALF/MC (5) ā ā ā ā 404 ā ā 432 ā Total ā ā ā $ 472 ā $ 2,388 ā $ 2,991 ā (1) During the third quarter of 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95 -unit ALF and MC. During the fourth quarter of 2021, the entity completed the development project. We withheld a total of $1,425 related to this preferred equity investment. ā (2) During 2020, we entered into a preferred equity agreement in an entity that will develop and own a 267 -unit ILF/ALF in Washington with a total investment commitment of $13,000 . During the years ended December 30, 2021 and 2020, we withheld $2,324 and $1,453 , respectively, a total of $3,777 related to this preferred equity investment. ā (3) Relates to our preferred equity investment in an entity that owned four ALFs in Arizona discussed above with a total preferred return of 15% . During the year ended December 31, 2020, the properties comprising the JV were sold. ā (4) We had a $2,900 mezzanine loan commitment for a 99 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. Since interest payments were deferred and no interest was recorded for the first twelve months of the loan, we used the effective interest method in accordance with GAAP to recognize interest income and recorded the difference between the effective interest income and cash interest income to the loan principal balance. During the third quarter of 2019, the mezzanine loan was paid off. ā (5) We had a $3,400 mezzanine loan commitment for the development of a 127 -unit seniors housing community in Florida with a total preferred return of 15% . The mezzanine loan was an ADC arrangement which we determined it to have characteristics similar to a jointly-owned arrangement and recorded it as an unconsolidated joint venture. During the first quarter of 2019, the mezzanine loan was paid off. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Receivable. | |
Summary of mezzanine loans and other loan arrangements | ā ā ā ā ā ā ā ā At December 31, ā 2021 ā 2020 Mezzanine loans $ 11,815 ā $ 8,445 ā Other loans (1) ā 16,808 ā ā 6,166 ā Notes receivable loan loss reserve ā (286) ā ā (146) ā Total $ 28,337 ā $ 14,465 ā (1) Subsequent to December 31, 2021, we funded an additional $5,750 under the HMG Healthcare, LLC (āHMGā) working capital loan. |
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the years ended December 31, 2021 through 2019 ( in thousands ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā ā 2020 ā ā 2019 ā Advances under notes receivable $ 16,353 (1) $ 2,078 ā $ 8,967 (2) Interest reserve withheld ā 353 ā ā ā ā ā ā ā Principal payments received under notes receivable ā (2,694) ā ā (5,275) ā ā (3,503) ā Reclassified to lease incentives ā ā ā ā (300) (3) ā (200) (3) Notes receivable reserve ā (140) ā ā 35 ā ā (52) ā Net increase (decrease) in notes receivable $ 13,872 ā $ (3,462) ā $ 5,212 ā (1) Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0% and maturities between 2022 and 2031. During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided the operator a $25,000 secured working capital loan maturing in September 2022 to facilitate the transition of the 11 properties from Senior Care and Abri Health. During 2021, we funded $9,900 under this working capital loan and funded an additional $5,750 subsequent to December 31, 2021. ā (2) During 2019, we originated a $6,800 mezzanine loan commitment for the development of a 204 -unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months . Additionally, we originated a $1,400 note agreement, funding $1,304 with a commitment to fund $96 . The note bears interest at 7.0% . Further, we originated a $550 note agreement, funding $500 with a commitment to fund $50 . The note bears interest at 7.5% ā (3) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease. |
Lease Incentives (Tables)
Lease Incentives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease Incentives | |
Summary of lease incentives by component | The following table summarizes lease incentives as of December 31, 2021 and 2020 (in thousands): ā ā ā ā ā ā ā ā ā ā December 31, ā ā ā 2021 ā ā 2020 Non-contingent lease incentives ā $ 2,678 ā $ 2,462 |
Summary of lease incentive activity | ā ā ā ā ā ā ā ā ā ā December 31, ā ā ā 2021 ā ā 2020 Non-contingent lease incentives ā $ 2,678 ā $ 2,462 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Obligations | |
Schedule of Debt Obligations | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2021 ā At December 31, 2020 ā ā ā Applicable ā ā ā Available ā ā ā Available ā ā ā Interest ā Outstanding ā for ā Outstanding ā for ā Debt Obligations ā Rate (1) ā Balance ā Borrowing ā Balance ā Borrowing ā Revolving line of credit (2) ā 1.36% ā $ 110,900 ā $ 289,100 ā $ 89,900 ā $ 510,100 ā Term loans, net of debt issue costs ā 2.63% ā ā 99,363 ā ā ā ā ā n/a ā ā n/a ā Senior unsecured notes, net of debt issue costs (3) ā 4.35% ā ā 512,456 ā ā ā ā ā 559,482 ā ā ā ā Total ā 3.65% ā $ 722,719 ā $ 289,100 ā $ 649,382 ā $ 510,100 ā (1) Represents weighted average of interest rate as of December 31, 2021. ā (2) Subsequent to December 31, 2021, we borrowed $22,000 under our Revolving Line of Credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our Revolving Line of Credit. ā (3) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes. ā ā Our borrowings and repayments for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā 2019 Debt Obligations ā ā Borrowings ā ā Repayments ā Borrowings ā Repayments ā ā Borrowings ā ā Repayments Revolving line of credit ā $ 204,400 (1) $ (183,400) ā $ 24,000 ā $ (28,000) ā $ 107,900 ā $ (126,000) Term loans ā ā 100,000 ā ā ā ā ā n/a ā ā n/a ā ā n/a ā ā n/a Senior unsecured notes ā ā ā ā ā (47,160) (2) ā ā ā ā (40,160) ā ā 100,000 (3) ā (33,667) Total ā $ 304,400 ā $ (230,560) ā $ 24,000 ā $ (68,160) ā $ 207,900 ā $ (159,667) (1) Subsequent to December 31, 2021, we borrowed $22,000 under our Revolving Line of Credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our Revolving Line of Credit. ā (2) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes. ā (3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85% , have scheduled principal payments and mature on October 20, 2031. |
Schedule of interest rate swaps | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Notional ā ā ā Date Entered ā Maturity Date ā Swap Rate ā ā Rate Index ā ā Amount ā ā Fair Value November 2021 ā November 19, 2025 ā 2.56% ā ā 1-month LIBOR ā $ 50,000 ā $ (38) November 2021 ā November 19, 2026 ā 2.69% ā ā 1-month LIBOR ā ā 50,000 ā ā (134) ā ā ā ā ā ā ā ā ā $ 100,000 ā $ (172) |
Schedule of borrowings and repayments | ā ā |
Schedule of principal payments and amounts due at maturity | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā 2022 ā 2023 ā 2024 ā 2025 ā 2026 ā Thereafter Revolving line of credit ā $ 110,900 (1) $ ā ā $ ā ā $ ā ā $ 110,900 (1) $ ā ā $ ā ā Term loans ā ā 100,000 ā ā ā ā ā ā ā ā ā ā ā 50,000 ā ā 50,000 ā ā ā ā Senior unsecured notes ā 512,980 (2) 48,160 (2) 49,160 ā 49,160 ā 49,500 ā ā 51,500 ā 265,500 ā ā ā $ 723,880 ā $ 48,160 ā $ 49,160 ā $ 49,160 ā $ 210,400 ā $ 101,500 ā $ 265,500 ā (1) Subsequent to December 31, 2021, we borrowed $22,000 under our unsecured revolving line of credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our unsecured revolving line of credit. ā (2) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity | |
Schedule of consolidated VIEs | As of December 31, 2021, we have the following consolidated VIEs ( in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross ā ā ā ā Investment ā ā ā Property ā ā ā ā Consolidated ā ā Non-Controlling ā Year ā Purpose ā Type ā State ā ā Assets ā ā Interests ā 2019 ā Owned real estate ā ALF/MC ā VA ā $ 16,895 ā $ 919 ā 2018 ā Owned real estate ā ILF ā OR ā ā 14,400 ā ā 2,857 ā 2018 ā Owned real estate and development ā ALF/MC ā OR ā ā 18,447 ā ā 1,091 ā 2017 ā Owned real estate and development ā ILF/ALF/MC ā WI ā ā 22,007 ā ā 2,305 ā 2017 ā Owned real estate ā ALF/MC ā SC ā ā 11,680 ā ā 1,241 ā Total ā ā ā ā ā ā ā $ 83,429 ā $ 8,413 ā |
Schedule of cash dividends declared and paid | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 ā ā ā Declared ā Paid ā Declared ā Paid ā Declared ā Paid ā Common Stock (1) ā $ 90,494 (2) $ 90,494 (2) $ 90,262 (2) $ 90,262 (2) $ 90,899 (2) $ 90,899 (2) ā (1) Represents $0.19 per share per month for the years ended December 31, 2021, 2020 and 2019. ā (2) During the years ended December 31, 2021, 2020 and 2019, we paid $764 , $586 and $300 , respectively as a result of vesting of the performance-based stock units. ā |
Schedule of options exercised | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā ā ā ā ā ā ā ā Options ā Exercise ā Option ā Market ā ā Exercised ā Price ā Value ā Value (1) 2021 ā ā ā $ n/a ā $ ā ā $ ā ā 2020 ā ā ā $ n/a ā $ ā ā $ ā ā 2019 ā 5,000 ā $ 24.65 ā $ 123,000 ā $ 233,000 ā (1) As of the exercise dates. |
Schedule of restricted stock activity | Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2021 and 2020 and 2019 was as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā 2021 ā 2020 ā 2019 Outstanding, January 1 ā ā 180,440 ā ā 163,569 ā ā 156,297 ā Granted ā ā 110,348 ā ā 101,348 ā ā 86,772 ā Vested ā ā (93,366) ā ā (84,477) ā ā (79,500) ā Outstanding, December 31 ā ā 197,422 ā ā 180,440 ā ā 163,569 ā ā During the years ended December 31, 2021, 2020 and 2019, we granted 71,892, 66,027 and 60,836, respectively, of performance-based stock units. Additionally, during the years ended December 31, 2021, 2020 and 2019, the number of vested performance-based stock units were 108,720, 81,574 and 48,225, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2021, 2020 and 2019 were $7,760,000, $7,012,000 and $6,566,000. |
Schedule of restricted stock granted | During 2021, 2020 and 2019, we granted 182,240, 167,375 and 147,608 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows: ā ā ā ā ā ā ā ā ā ā ā No. of ā Price per ā ā ā Year ā Shares/Units ā Share ā Vesting Period ā 2021 ā 95,293 ā $ 42.27 ā ratably over 3 years ā ā ā 71,892 ā $ 42.27 ā TSR targets (1) ā ā ā 12,055 ā $ 39.40 ā May 26, 2022 ā ā ā 3,000 ā $ 43.14 ā April 1, 2022 ā ā ā 182,240 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 ā 76,464 ā $ 48.95 ā ratably over 3 years ā ā ā 66,027 ā $ 49.98 ā TSR targets (1) ā ā ā 9,884 ā $ 38.45 ā May 27, 2021 ā ā ā 15,000 ā $ 38.45 ā ratably over 3 years ā ā ā 167,375 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2019 ā 78,276 ā $ 46.54 ā ratably over 3 years ā ā ā 60,836 ā $ 46.54 ā TSR targets (1) ā ā ā 8,496 ā $ 44.73 ā May 29, 2020 ā ā ā 147,608 ā ā ā ā ā ā (1) Vesting is based on achieving certain total shareholder return (āTSRā) targets in 4 years with acceleration opportunity in 3 years . |
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | At December 31, 2021, the total number of restricted common stock that are scheduled to vest, performance-based stock units that could possibly vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ā ā ā ā ā ā ā ā ā Number ā Remaining ā ā of ā Compensation Vesting Date ā Awards Expense 2022 ā 164,232 (1) ā 5,447 2023 ā 128,282 (2) ā 2,855 2024 ā 103,663 (3) ā 303 Total ā 396,177 ā $ 8,605 (1) Includes 60,836 performance-based stock units. The performance-based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. We recognize the fair value of the awards over the applicable vesting period as compensation expense. ā (2) Includes 66,027 performance-based stock units. See (1) above for valuation methodology. ā (3) Includes 71,892 performance-based stock units. See (1) above for valuation methodology. |
Schedule of nonqualified stock option activity | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted Average ā ā Shares ā Price ā ā 2021 ā 2020 ā 2019 ā 2021 ā ā 2020 ā 2019 Outstanding, January 1 15,000 ā 15,000 20,000 $ 38.43 ā $ 38.43 $ 34.99 ā Granted ā ā ā ā ā ā n/a ā ā n/a ā ā n/a ā Exercised ā ā ā (5,000) ā $ n/a ā $ n/a ā $ 24.65 ā Canceled ā ā ā ā ā ā n/a ā ā n/a ā ā n/a ā Outstanding, December 31 15,000 ā 15,000 15,000 ā $ 38.43 ā $ 38.43 ā $ 38.43 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Exercisable, December 31 (1) 15,000 ā 15,000 15,000 ā $ 38.43 ā $ 38.43 ā $ 38.43 ā (1) The aggregate intrinsic value of exercisable options at December 31, 2021, based upon the closing price of our common shares at December 31, 2021, the last trading day of 2021, was approximately $0 . Options exercisable at December 31, 2021, 2020 and 2019 have a weighted average remaining contractual life of approximately 1.2 years, 2.2 years, and 3.2 years, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Schedule of commitments | At December 31, 2021, we had commitments as follows (in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total ā ā ā ā ā Investment ā 2021 ā Commitment ā Remaining ā ā Commitment ā Funding ā Funded ā Commitment Real estate properties Note 5. Real Estate Investments ā $ 14,920 (1) $ 1,882 ā $ 3,898 ā $ 11,022 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ā ā 9,130 ā ā 74 ā ā 74 ā ā 9,056 Mortgage loans ( Note 5. Real Estate Investments ā ā 32,225 (2) ā 414 ā ā 3,795 ā ā 28,430 Notes receivable ( Note 7. Notes Receivable ā ā 26,925 ā ā 10,403 ā ā 11,007 ā ā 15,918 Total ā $ 83,200 ā $ 12,773 ā $ 18,774 ā $ 64,426 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ā (2) Represents $14,225 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Distributions | |
Schedule of federal income tax classification of the per share common stock distributions | ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā 2019 Ordinary taxable distribution $ 1.220 $ 0.936 $ 2.084 ā Return of capital ā 0.750 ā ā ā ā ā Unrecaptured Section 1250 gain ā 0.252 ā 0.894 ā 0.132 ā Long-term capital gain ā 0.058 ā 0.450 ā 0.064 ā Total ā $ 2.280 ā $ 2.280 ā $ 2.280 ā |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net Income Per Common Share | |
Schedule of basic and diluted net income per share | Basic and diluted net income per share was as follows (in thousands except per share amounts) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended December 31, ā ā 2021 ā 2020 ā 2019 ā Net income ā $ 56,224 $ 95,677 $ 80,872 ā Less income allocated to non-controlling interests ā (363) ā (384) ā (346) ā Less income allocated to participating securities: ā ā ā ā ā ā ā ā ā ā Non-forfeitable dividends on participating securities ā (458) ā (397) ā (372) ā Income allocated to participating securities ā ā ā (25) ā (19) ā Total net income allocated to participating securities ā (458) ā (422) ā (391) ā Net income available to common stockholders ā 55,403 ā 94,871 ā 80,135 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Participating securities (1) ā ā ā ā ā ā ā ā ā ā Net income for diluted net income per share ā $ 55,403 ā $ 94,871 ā $ 80,135 ā ā ā ā ā ā ā ā ā ā ā ā Shares for basic net income per share ā 39,156 ā 39,179 ā 39,571 ā Effect of dilutive securities: ā ā ā ā ā ā ā ā ā ā Stock options ā ā (2) ā (2) 4 ā Performance-based stock units ā ā ā (3) ā 85 ā ā 184 ā Participating securities (1) ā ā ā ā ā ā ā ā ā ā Total effect of dilutive securities ā ā ā 85 ā 188 ā Shares for diluted net income per share ā 39,156 ā 39,264 ā 39,759 ā ā ā ā ā ā ā ā ā ā ā ā Basic net income per share ā $ 1.41 ā $ 2.42 ā $ 2.03 ā Diluted net income per share ā $ 1.41 ā $ 2.42 ā $ 2.02 ā (1) For the years ended December 31, 2021, 2020 and 2019, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ā (2) For the years ended December 31, 2021 and 2020, the stock options have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ā (3) For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information | |
Schedule of quarterly financial information | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the quarter ended ā ā March 31, ā June 30, ā September 30, ā December 31, ā ā (unaudited, in thousands except per share amounts) 2021 ā ā ā ā ā Revenues ā $ 40,280 ā $ 38,129 ā $ 37,472 ā $ 39,441 ā Net income available to common stockholders ā $ 13,642 ā $ 18,126 ā $ 10,909 ā $ 12,726 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 0.35 ā $ 0.46 ā $ 0.28 ā $ 0.32 ā Diluted ā $ 0.35 ā $ 0.46 ā $ 0.28 ā $ 0.32 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā Revenues ā $ 46,410 ā $ 28,481 ā $ 38,173 ā $ 46,273 ā Net income available to common stockholders ā $ 63,370 ā $ 1,773 ā $ 12,114 ā $ 17,470 ā Net income per common share available to common stockholders: ā ā ā ā ā ā ā ā ā ā ā ā ā Basic ā $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 ā Diluted ā $ 1.60 ā $ 0.05 ā $ 0.31 ā $ 0.45 ā Dividends per share declared ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā Dividends per share paid ā $ 0.57 ā $ 0.57 ā $ 0.57 ā $ 0.57 ā ā ā NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements | |
Schedule of carrying value and fair value of the entity's financial instruments | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2021 ā At December 31, 2020 ā ā ā Carrying ā Fair ā Carrying ā Fair ā ā ā Value ā Value ā Value ā Value ā Mortgage loans receivable, net of loan loss reserve ā $ 344,442 ā $ 405,162 (1) $ 257,251 ā $ 299,751 (1) Notes receivable, net of loan loss reserve ā 28,337 ā 28,653 (2) 14,465 ā 13,893 (2) Revolving line of credit ā 110,900 ā ā 110,900 (3) ā 89,900 ā ā 89,900 (3) Term loans, net of debt issue costs ā ā 99,363 ā ā 100,000 (3) ā ā ā ā ā ā Senior unsecured notes, net of debt issue costs ā 512,456 ā ā 540,045 (4) ā 559,482 ā ā 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 December 31, 2021 and 2020 was 9.5% and 10.0% , respectively. ā (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 December 31, 2021 and 2020, were 5.6% and 6.6% , respectively. ā (3) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at December 31, 2021 and 2020 based upon prevailing market interest rates for similar debt arrangements. ā (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 managementās estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2021, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.00% for those maturing before year 2030 and 3.25% for those maturing at or beyond year 2030. 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 beyond year 2026. |
The Company (Details)
The Company (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
General | |
Number of operating segments | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Owned Properties (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | |
Owned Properties | |||
Number of beds damaged | item | 114 | 170 | |
Gain from property insurance proceeds | $ | $ 373,000 | $ 2,111,000 | |
Computer Equipment | Minimum | |||
Owned Properties | |||
Useful life | 3 years | ||
Computer Equipment | Maximum | |||
Owned Properties | |||
Useful life | 5 years | ||
Furniture and Fixtures | Minimum | |||
Owned Properties | |||
Useful life | 5 years | ||
Furniture and Fixtures | Maximum | |||
Owned Properties | |||
Useful life | 15 years | ||
Building | Minimum | |||
Owned Properties | |||
Useful life | 35 years | ||
Building | Maximum | |||
Owned Properties | |||
Useful life | 50 years | ||
Site Improvements | Minimum | |||
Owned Properties | |||
Useful life | 10 years | ||
Site Improvements | Maximum | |||
Owned Properties | |||
Useful life | 20 years | ||
Building Improvements | Minimum | |||
Owned Properties | |||
Useful life | 10 years | ||
Building Improvements | Maximum | |||
Owned Properties | |||
Useful life | 50 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts | |||
Accrued interest receivable | $ 39,522,000 | ||
Write-off of accrued interest receivable | 0 | $ 0 | $ 0 |
Impairments | |||
Impairment of Real Estate | $ 0 | $ 3,977,000 | $ 0 |
Minimum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 4.00% | ||
Maximum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 8.00% | ||
Mezzanine Loans | Minimum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 7.00% | ||
Loan Term | 4 years | ||
Mezzanine Loans | Maximum | |||
Mortgage loans on real estate | |||
Interest rate (as a percent) | 12.00% | ||
Loan Term | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Derivative Instruments (Details) | Dec. 31, 2021USD ($)item |
Summary of Significant Accounting Policies | |
Number of interest rate swaps | item | 2 |
Notional Amount | $ | $ 100,000,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Revenue Recognition | |||
Maximum period over which loan is to be considered as non-performing | 60 days | ||
Variable cash rental income | $ | $ 14,332 | $ 15,167 | $ 16,462 |
Contingent rental income | $ | $ 0 | $ 111 | $ 464 |
Minimum | |||
Revenue Recognition | |||
Methods used for calculation of annual increases over the rents of the prior year | item | 1 | ||
Specified annual increase over the prior year's rent (as a percent) | 2.00% | ||
Maximum | |||
Revenue Recognition | |||
Methods used for calculation of annual increases over the rents of the prior year | item | 4 | ||
Specified annual increase over the prior year's rent (as a percent) | 3.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Leases (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Cumulative effect of the adoption of the ASC 842 | $ 745,127,000 | $ 775,806,000 | $ 785,426,000 | $ 832,971,000 | |
Cumulative Effect of Adoption | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Cumulative effect of the adoption of the ASC 842 | $ (42,808,000) | ||||
Cumulative Effect of Adoption | ASU 2016-02 | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Cumulative effect of the adoption of the ASC 842 | $ 42,808,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal Income Taxes | ||||
Provision for federal or state income taxes | $ 0 | $ 0 | $ 0 | |
Minimum distribution of taxable income (as a percent) | 90.00% | |||
Distribution percentage | 100 | |||
Period considered for calculation of depreciation for federal tax purpose | 27 years 6 months | |||
Period considered for determining the taxability of distributions to shareholders | 40 years | 30 years | ||
(Excess) / Deficit of book basis of net depreciable assets over tax basis | $ 24,983,000 |
Major Operators (Details)
Major Operators (Details) | 12 Months Ended |
Dec. 31, 2021propertyitem | |
Major Operators | |
Number of major operators | 1 |
Prestige Healthcare | SNF | |
Major Operators | |
Number of beds | property | 24 |
Number of beds/units | 2,845 |
Prestige Healthcare | ALF | |
Major Operators | |
Number of beds/units | 93 |
Total Revenue | Operator Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 21.30% |
Total Assets | Credit Concentration Risk | Prestige Healthcare | |
Major Operators | |
Concentration risk (as a percent) | 17.60% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-cash investing and financing transactions: | |||
Mortgage loan receivable reserve withheld at origination (Footnote 5) | $ 298 | ||
Preferred return reserve related to investment in unconsolidated joint ventures (Footnote 6) | 2,324 | $ 2,878 | |
Notes receivable reserve withheld at origination (Footnote 7) | 353 | ||
Reclassification of notes receivable to lease incentives (Footnote 7) | $ 300 | $ 200 | |
Change in fair value of interest rate swaps (Footnote 9 ) | $ 172 |
Real Estate Investments - Owned
Real Estate Investments - Owned Properties (Details) - Real Estate Investment | 12 Months Ended |
Dec. 31, 2021USD ($)property | |
Real Estate [Line Items] | |
Number of properties | 153 |
Number of states | 26 |
Number of operators | 30 |
Payment to affiliates | $ | $ 3,250,000 |
ALF | |
Real Estate [Line Items] | |
Number of properties | 102 |
SNF | |
Real Estate [Line Items] | |
Number of properties | 50 |
Hospital | |
Real Estate [Line Items] | |
Number of properties | 1 |
Real Estate Investments - Base
Real Estate Investments - Base Rents (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation | |||
Depreciation expense | $ 38,192 | $ 38,945 | $ 39,094 |
Future minimum base rents receivable | |||
2022 | 116,816 | ||
2023 | 102,465 | ||
2024 | 104,813 | ||
2025 | 85,351 | ||
2026 | 68,747 | ||
Thereafter | $ 255,990 |
Real Estate Investments - Lease
Real Estate Investments - Lease (Details) | Jan. 01, 2022USD ($)property | Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Real estate investments | ||||
Number of operators | item | 19 | |||
Rental income on cash basis | 52.6 | |||
Write-off of straight-line rent and lease incentives balances | $ 758,000 | $ 23,214,000 | $ 1,926,000 | |
Carrying value | 1,033,951,000 | 1,102,358,000 | ||
Gain on sale of real estate, net | 7,462,000 | 44,117,000 | 2,106,000 | |
Income and Expenses, Lessor [Abstract] | ||||
Base cash rental income | 107,692,000 | 132,789,000 | 134,117,000 | |
Variable cash rental income | 14,332,000 | 15,167,000 | 16,462,000 | |
Straight-Line Rent | 467,000 | 1,778,000 | 4,487,000 | |
Adjustment for collectibility of rental income and lease incentives | (758,000) | (23,214,000) | (1,926,000) | |
Amortization of Lease Incentives | (608,000) | (426,000) | (385,000) | |
Total Rental Income | 121,125,000 | 126,094,000 | 152,755,000 | |
Contingent rental income | 0 | $ 111,000 | $ 464,000 | |
Rent deferrals | 4,639,000 | |||
Rent abatements | 3,359,000 | |||
Rent abatements and deferrals | $ 7,998,000 | |||
Percentage of contractual rent | 5.10% | |||
Percentage of reduction in rent and interest escalations | 50.00% | |||
Decrease of revenue | $ (528,000) | |||
Decrease in cash | (1,337,000) | |||
Purchase Option in Lease Arrangements | ||||
Real estate investments | ||||
Gross Investment | 167,673,000 | |||
Carrying value | $ 132,498,000 | |||
ALF | Purchase Option in Lease Arrangements | California | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 31,814,000 | |||
Carrying value | $ 17,034,000 | |||
ALF | Purchase Option in Lease Arrangements | California | Subsequent Event | ||||
Real estate investments | ||||
Number of properties | property | 232 | |||
Gross Investment | $ 31,800,000 | |||
Carrying value | 17,000,000 | |||
Income and Expenses, Lessor [Abstract] | ||||
Sales price | $ 43,700,000 | |||
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 | |||
ALF | Purchase Option in Lease Arrangements | Colorado | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 6,764,000 | |||
Carrying value | $ 5,338,000 | |||
ALF | Purchase Option in Lease Arrangements | Nebraska | ||||
Real estate investments | ||||
Number of properties | property | 3 | |||
Gross Investment | $ 7,633,000 | |||
Carrying value | $ 3,188,000 | |||
MC | Purchase Option in Lease Arrangements | Florida | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 15,201,000 | |||
Carrying value | $ 12,956,000 | |||
MC | Purchase Option in Lease Arrangements | Ohio and Kentucky | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 30,421,000 | |||
Carrying value | $ 26,595,000 | |||
MC | Purchase Option in Lease Arrangements | Texas | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 25,265,000 | |||
Carrying value | $ 23,095,000 | |||
ALF & MC | Purchase Option in Lease Arrangements | California | ||||
Real estate investments | ||||
Number of properties | property | 2 | |||
Gross Investment | $ 38,895,000 | |||
Carrying value | $ 34,660,000 | |||
ALF & MC | Purchase Option in Lease Arrangements | South Carolina | ||||
Real estate investments | ||||
Number of properties | property | 1 | |||
Gross Investment | $ 11,680,000 | |||
Carrying value | $ 9,632,000 | |||
Real Estate Investment | ||||
Real estate investments | ||||
Number of properties | property | 153 | |||
Real Estate Investment | ALF | ||||
Real estate investments | ||||
Number of properties | property | 102 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2021USD ($) | |
Real estate investments | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 8,404 | $ 8,413 | |
Investment Commitment | $ 83,200 | ||
Number of beds/units under development | item | 204 | ||
Properties under Development | Missouri | |||
Real estate investments | |||
Investment Commitment | $ 17,400 | ||
SNF Beds | Missouri | |||
Real estate investments | |||
Number of beds/units under development | item | 90 | ||
SNF | Missouri | Development | |||
Real estate investments | |||
Number of beds/units under development | item | 90 | ||
2020 Acquisitions | SNF | |||
Real estate investments | |||
Purchase Price | 13,500 | ||
Transaction Costs | 81 | ||
Total Acquisition Costs | $ 13,581 | ||
Number of properties acquired | property | 1 | ||
Number of beds/units acquired | item | 140 | ||
2019 Acquisitions | |||
Real estate investments | |||
Purchase Price | $ 57,951 | ||
Transaction Costs | 463 | ||
Total Acquisition Costs | $ 58,414 | ||
Number of properties acquired | property | 4 | ||
Number of beds/units acquired | item | 320 | ||
2019 Acquisitions | Michigan | |||
Real estate investments | |||
Purchase Price | $ 19,000 | ||
2019 Acquisitions | SNF | |||
Real estate investments | |||
Purchase Price | 19,500 | ||
Transaction Costs | 97 | ||
Total Acquisition Costs | $ 19,597 | ||
Number of properties acquired | property | 1 | ||
Number of beds/units acquired | item | 90 | ||
2019 Acquisitions | ALF | |||
Real estate investments | |||
Purchase Price | $ 35,719 | ||
Transaction Costs | 315 | ||
Total Acquisition Costs | $ 36,034 | ||
Number of properties acquired | property | 3 | ||
Number of beds/units acquired | item | 230 | ||
2019 Acquisitions | MC | Michigan | |||
Real estate investments | |||
Number of beds/units acquired | item | 80 | ||
2019 Acquisitions | Land | |||
Real estate investments | |||
Purchase Price | $ 2,732 | ||
Transaction Costs | 51 | ||
Total Acquisition Costs | $ 2,783 | ||
2019 Acquisitions | ALF & MC | Michigan | |||
Real estate investments | |||
Number of beds/units acquired | item | 76 | ||
2019 Acquisitions | ALF & MC | 74-Unit ALF/MC | |||
Real estate investments | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 919 | ||
Real Estate Investment Economic Interest in Joint Venture Percentage | 95.00% | ||
Investment Commitment | $ 15,976 | ||
Number of beds/units under development | item | 74 |
Real Estate Investments - Types
Real Estate Investments - Types of property Development and Improvement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate investments | |||
Invested in projects | $ 12,773 | ||
Development | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 16,699 | $ 20,524 | |
Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 6,298 | 6,913 | 2,839 |
ALF | Development | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 4,491 | 14,088 | |
ALF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 5,846 | 6,842 | 2,544 |
SNF | Development | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | 12,208 | 6,436 | |
SNF | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 452 | $ 71 | |
Other | Improvements | Development and Improvement Commitments | |||
Real estate investments | |||
Invested in projects | $ 295 |
Real Estate Investments - Devel
Real Estate Investments - Development and Improvement Projects (Details) - Real Estate Development Commitments - Real Estate Investment Completed Projects $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)propertyitem | Dec. 31, 2019USD ($)propertyitem | |
Completed development and improvement projects | ||
Number of Properties | property | 2 | 2 |
Number of Beds/Units | item | 168 | 253 |
Total Investment | $ | $ 35,034 | $ 46,973 |
SNF | Missouri | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 90 | |
Total Investment | $ | $ 16,587 | |
SNF | Kentucky | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 143 | |
Total Investment | $ | $ 24,974 | |
ALF & MC | Oregon | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 78 | |
Total Investment | $ | $ 18,447 | |
ALF/ILF/MC | Wisconsin | ||
Completed development and improvement projects | ||
Number of Properties | property | 1 | |
Number of Beds/Units | item | 110 | |
Total Investment | $ | $ 21,999 |
Real Estate Investments - Prope
Real Estate Investments - Property Sales (Details) | Jan. 01, 2022USD ($)property | Jun. 30, 2018facility | Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($)propertyitem | Jun. 30, 2022USD ($) |
Disposals and other | ||||||
Carrying value | $ 1,033,951,000 | $ 1,102,358,000 | ||||
Net Gain (loss) | 7,462,000 | 44,117,000 | $ 2,106,000 | |||
Impairment charges | 0 | $ 3,977,000 | $ 0 | |||
Purchase Option in Lease Arrangements | ||||||
Disposals and other | ||||||
Carrying value | 132,498,000 | |||||
Gross Investment | $ 167,673,000 | |||||
Real Estate Investment | ||||||
Disposals and other | ||||||
Number of properties | property | 153 | |||||
SNF | Real Estate Investment | ||||||
Disposals and other | ||||||
Number of properties | property | 50 | |||||
ALF | Nebraska | Purchase Option in Lease Arrangements | ||||||
Disposals and other | ||||||
Carrying value | $ 3,188,000 | |||||
Number of properties | property | 3 | |||||
Gross Investment | $ 7,633,000 | |||||
ALF | Colorado | Purchase Option in Lease Arrangements | ||||||
Disposals and other | ||||||
Carrying value | $ 5,338,000 | |||||
Number of properties | property | 1 | |||||
Gross Investment | $ 6,764,000 | |||||
ALF | California | Purchase Option in Lease Arrangements | ||||||
Disposals and other | ||||||
Carrying value | $ 17,034,000 | |||||
Number of properties | property | 2 | |||||
Gross Investment | $ 31,814,000 | |||||
ALF | Virginia | 74-Unit ALF/MC | Forecast | ||||||
Disposals and other | ||||||
Lease termination fee payable | $ 1,200,000 | |||||
ALF | Real Estate Investment | ||||||
Disposals and other | ||||||
Number of properties | property | 102 | |||||
Properties sold | ||||||
Disposals and other | ||||||
Number of properties sold | property | 6 | 21 | 4 | |||
Number of beds or units in property sold | item | 426 | 2,411 | 618 | |||
Sales price | $ 45,600,000 | $ 74,800,000 | $ 15,311,000 | |||
Carrying value | 36,513,000 | 29,084,000 | 12,825,000 | |||
Net Gain (loss) | 7,462,000 | 44,117,000 | 2,106,000 | |||
Net Gain (loss) | $ 363,000 | $ 129,000 | $ 500,000 | |||
Properties sold | SNF | Arizona | ||||||
Disposals and other | ||||||
Number of properties sold | property | 1 | |||||
Number of beds or units in property sold | item | 194 | |||||
Sales price | $ 12,550,000 | |||||
Carrying value | 2,229,000 | |||||
Net Gain (loss) | $ 10,293,000 | |||||
Properties sold | SNF | Colorado | ||||||
Disposals and other | ||||||
Number of properties sold | property | 3 | |||||
Number of beds or units in property sold | item | 275 | |||||
Sales price | $ 15,000,000 | |||||
Carrying value | 4,271,000 | |||||
Net Gain (loss) | $ 10,364,000 | |||||
Properties sold | SNF | Iowa | ||||||
Disposals and other | ||||||
Number of properties sold | property | 7 | |||||
Number of beds or units in property sold | item | 544 | |||||
Sales price | $ 14,500,000 | |||||
Carrying value | 4,886,000 | |||||
Net Gain (loss) | $ 9,051,000 | |||||
Properties sold | SNF | Kansas | ||||||
Disposals and other | ||||||
Number of properties sold | property | 3 | |||||
Number of beds or units in property sold | item | 250 | |||||
Sales price | $ 9,750,000 | |||||
Carrying value | 7,438,000 | |||||
Net Gain (loss) | $ 1,993,000 | |||||
Properties sold | SNF | Texas | ||||||
Disposals and other | ||||||
Number of properties sold | property | 7 | |||||
Number of beds or units in property sold | item | 1,148 | |||||
Sales price | $ 23,000,000 | |||||
Carrying value | 10,260,000 | |||||
Net Gain (loss) | $ 12,287,000 | |||||
Properties sold | SNF | Washington | ||||||
Disposals and other | ||||||
Number of properties sold | property | 1 | |||||
Number of beds or units in property sold | item | 123 | |||||
Sales price | $ 7,700,000 | |||||
Carrying value | 4,513,000 | |||||
Net Gain (loss) | $ 2,562,000 | |||||
Properties sold | SNF | Arizona, Georgia and Texas | ||||||
Disposals and other | ||||||
Number of properties sold | property | 3 | |||||
Number of beds or units in property sold | item | 478 | |||||
Sales price | $ 15,310,000 | |||||
Carrying value | 8,995,000 | |||||
Net Gain (loss) | $ 5,556,000 | |||||
Properties sold | ALF | ||||||
Disposals and other | ||||||
Number of facilities sold | facility | 6 | |||||
Properties sold | ALF | Florida | ||||||
Disposals and other | ||||||
Number of properties sold | property | 1 | |||||
Sales price | $ 2,000,000 | |||||
Carrying value | 2,626,000 | |||||
Net Gain (loss) | $ (858,000) | |||||
Properties sold | ALF | Nebraska | ||||||
Disposals and other | ||||||
Number of properties sold | property | 1 | |||||
Number of beds or units in property sold | item | 40 | |||||
Sales price | $ 900,000 | |||||
Carrying value | 1,079,000 | |||||
Net Gain (loss) | $ (200,000) | |||||
Properties sold | ALF | Wisconsin | ||||||
Disposals and other | ||||||
Number of properties sold | property | 3 | |||||
Number of beds or units in property sold | item | 263 | |||||
Sales price | $ 35,000,000 | |||||
Carrying value | 28,295,000 | |||||
Net Gain (loss) | $ 5,595,000 | |||||
Properties sold | ALF | Texas | ||||||
Disposals and other | ||||||
Number of properties sold | property | 1 | |||||
Number of beds or units in property sold | item | 140 | |||||
Sales price | $ 1,000 | |||||
Carrying value | 3,830,000 | |||||
Net Gain (loss) | $ (3,950,000) | |||||
Subsequent Event | ALF | California | Purchase Option in Lease Arrangements | ||||||
Disposals and other | ||||||
Sales price | $ 43,700,000 | |||||
Carrying value | $ 17,000,000 | |||||
Number of ALFs operator who exercised the purchase option under their lease | property | 2 | |||||
Number of properties | property | 232 | |||||
Gross Investment | $ 31,800,000 | |||||
Subsequent Event | ALF | Virginia | 74-Unit ALF/MC | ||||||
Disposals and other | ||||||
Sales price | 16,900,000 | |||||
Carrying value | 15,700,000 | |||||
Gross Investment | $ 16,900,000 | |||||
Subsequent Event | ALF | Virginia | 74-Unit ALF/MC | Forecast | ||||||
Disposals and other | ||||||
Lease termination fee payable | $ 1,200,000 |
Real Estate Investments - Mortg
Real Estate Investments - Mortgage Loan (Details) - Mortgage Loans $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)propertyloanitemstate$ / item | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 2.25% |
Gross Investment | $ | $ 347,915 |
Percentage of Investment | 100.00% |
Number of Loans | loan | 8 |
Number of properties | property | 37 |
Investment per Bed/Unit | $ / item | 99.21 |
Number of borrowers | 5 |
Number of states in which properties are located | state | 6 |
SNF Beds | |
Real Estate [Line Items] | |
Number of beds/units | 2,916 |
ALF Units | |
Real Estate [Line Items] | |
Number of beds/units | 591 |
Mortgage loans with 7.5% Interest Maturing 2022 | SNF | |
Real Estate [Line Items] | |
Number of beds/units | 91 |
Mortgage loans with 7.5% Interest Maturing 2022 | SNF | Missouri | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 7.50% |
Gross Investment | $ | $ 1,638 |
Number of beds/units | 91 |
Mortgage loans with 7.5% Interest Maturing 2022 | OTH | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 7.50% |
Gross Investment | $ | $ 1,780 |
Percentage of Investment | 0.50% |
Number of Loans | loan | 1 |
Mortgages With 7.75% Interest | ALF | Florida | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 7.75% |
Gross Investment | $ | $ 11,724 |
Number of beds/units | 68 |
Loan Commitments | $ | $ 4,177 |
Mortgages With 7.5 Percent Interest | ALF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 7.50% |
Gross Investment | $ | $ 27,101 |
Percentage of Investment | 7.80% |
Number of Loans | loan | 1 |
Number of properties | property | 1 |
Investment per Bed/Unit | $ / item | 143.39 |
Mortgages With 7.5 Percent Interest | ALF | SNF Beds | |
Real Estate [Line Items] | |
Number of beds/units | 189 |
Mortgage loans with 7.8% Interest Maturing 2025 | ALF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 7.80% |
Gross Investment | $ | $ 11,880 |
Percentage of Investment | 3.40% |
Number of Loans | loan | 1 |
Number of properties | property | 1 |
Investment per Bed/Unit | $ / item | 174.71 |
Mortgage loans with 7.8% Interest Maturing 2025 | ALF | ALF Units | |
Real Estate [Line Items] | |
Number of beds/units | 68 |
Mortgage loans with 7.3% Interest Maturing 2025 | ALF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 7.30% |
Gross Investment | $ | $ 48,006 |
Percentage of Investment | 13.80% |
Number of Loans | loan | 1 |
Number of properties | property | 13 |
Investment per Bed/Unit | $ / item | 91.79 |
Mortgage loans with 7.3% Interest Maturing 2025 | ALF | ALF Units | |
Real Estate [Line Items] | |
Number of beds/units | 523 |
Mortgage loans with 10.4% Interest Maturing 2043 | SNF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 10.40% |
Gross Investment | $ | $ 185,358 |
Percentage of Investment | 53.30% |
Number of Loans | loan | 1 |
Number of properties | property | 15 |
Investment per Bed/Unit | $ / item | 98.86 |
Mortgage loans with 10.4% Interest Maturing 2043 | SNF | SNF Beds | |
Real Estate [Line Items] | |
Number of beds/units | 1,875 |
Mortgage loans with 9.5% Interest Maturing 2045 | SNF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 9.50% |
Gross Investment | $ | $ 39,140 |
Percentage of Investment | 11.20% |
Number of Loans | loan | 1 |
Number of properties | property | 4 |
Investment per Bed/Unit | $ / item | 78.12 |
Mortgage loans with 9.5% Interest Maturing 2045 | SNF | SNF Beds | |
Real Estate [Line Items] | |
Number of beds/units | 501 |
Mortgage loans with 9.6% Interest Maturing 2045, A | SNF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 9.60% |
Gross Investment | $ | $ 19,750 |
Percentage of Investment | 5.70% |
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, A | SNF | SNF Beds | |
Real Estate [Line Items] | |
Number of beds/units | 205 |
Mortgage loans with 9.6% Interest Maturing 2045, B | SNF | |
Real Estate [Line Items] | |
Interest rate (as a percent) | 9.60% |
Gross Investment | $ | $ 14,900 |
Percentage of Investment | 4.30% |
Number of Loans | loan | 1 |
Number of properties | property | 1 |
Investment per Bed/Unit | $ / item | 102.05 |
Mortgage loans with 9.6% Interest Maturing 2045, B | SNF | SNF Beds | |
Real Estate [Line Items] | |
Number of beds/units | 146 |
Real Estate Investments - Mor_2
Real Estate Investments - Mortgage Loans Activity (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Mortgage Loans | ||||
Additions to mortgage loans | $ 9,900,000 | |||
Originations and funding under mortgage loans receivable | 88,955,000 | $ 4,253,000 | $ 12,342,000 | |
Application of interest reserve | 298,000 | |||
Scheduled principal payments received | (1,175,000) | (1,065,000) | (1,065,000) | |
Mortgage loan premium amortization | (6,000) | (4,000) | (4,000) | |
Provision for loan loss reserve | (881,000) | (32,000) | (113,000) | |
Net (decrease) increase in mortgage loans receivable | 87,191,000 | 3,152,000 | 11,160,000 | |
Interest receivable | 39,522,000 | 32,746,000 | ||
Write-off of accrued interest receivable | 0 | 0 | 0 | |
Carrying Amount of Mortgages | $ 344,442,000 | $ 257,251,000 | 254,099,000 | $ 242,939,000 |
Minimum | ||||
Mortgage Loans | ||||
Interest rate (as a percent) | 4.00% | |||
Maximum | ||||
Mortgage Loans | ||||
Interest rate (as a percent) | 8.00% | |||
Mortgage Loans | ||||
Mortgage Loans | ||||
Additions to mortgage loans | $ 540,000 | |||
Gross Investment | $ 347,915,000 | |||
Loan Term | 30 years | |||
Interest rate (as a percent) | 2.25% | |||
Mortgages with 9.41% Interest, fixed for two years, and escalating by 2.25% thereafter | Mortgage Loans | ||||
Mortgage Loans | ||||
Additions to mortgage loans | $ 7,500,000 | |||
Specified basis points for annual increase in interest rate (as a percent) | 2.25% | |||
Loan Term | 2 years | |||
Interest rate (as a percent) | 9.41% | |||
Mortgages With 8.89 Percent Interest With Escalation [Member] | Mortgage Loans | ||||
Mortgage Loans | ||||
Additions to mortgage loans | $ 2,000,000 | |||
Specified basis points for annual increase in interest rate (as a percent) | 2.25% | |||
Interest rate (as a percent) | 8.89% | |||
SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans | ||||
Mortgage Loans | ||||
Number of beds/units | item | 91 | |||
Missouri | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans | ||||
Mortgage Loans | ||||
Gross Investment | $ 1,638,000 | |||
Number of beds/units | item | 91 | |||
Amount With held in Reserve | $ 142,000 | |||
Loan Term | 1 year | |||
Interest rate (as a percent) | 7.50% | |||
Louisiana | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans | ||||
Mortgage Loans | ||||
Gross Investment | $ 27,047,000 | |||
Number of beds/units | item | 189 | |||
Loan Term | 3 years | |||
Interest rate (as a percent) | 7.50% | |||
Extension term number of options | item | 1 | |||
Extension term | 12 months | |||
Florida | ALF | Mortgages With 7.75% Interest | Mortgage Loans | ||||
Mortgage Loans | ||||
Gross Investment | $ 11,724,000 | |||
Number of beds/units | item | 68 | |||
Amount With held in Reserve | $ 806,000 | |||
Loan Term | 4 years | |||
Interest rate (as a percent) | 7.75% | |||
Origination/Funding | $ 4,177,000 | |||
Application of mortgage premium | 156,000 | |||
California | Mortgage Loans | ||||
Mortgage Loans | ||||
Amount With held in Reserve | $ 4,496,000 | |||
Loan Term | 4 years | |||
Number of real estate properties acquired | item | 13 | |||
Carrying Amount of Mortgages | $ 48,006,000 | |||
Funded commitment | 6,097,000 | |||
Commitment for working capital | $ 650,000 | |||
California | ALF | Mortgages With 7.75% Interest | Mortgage Loans | ||||
Mortgage Loans | ||||
Interest rate (as a percent) | 7.25% | |||
SNF Beds | Mortgage Loans | ||||
Mortgage Loans | ||||
Number of beds/units | item | 2,916 |
Real Estate Investments - Mor_3
Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate investments | ||
Carrying value of mortgage loans | $ 344,442 | $ 257,251 |
Mortgage Loans | ||
Real estate investments | ||
Carrying value of mortgage loans | 344,442 | $ 257,251 |
Scheduled principal payments on mortgage loan receivables | ||
2022 | 2,955 | |
2023 | 1,175 | |
2024 | 28,222 | |
2025 | 61,061 | |
2026 | 1,175 | |
Thereafter | 253,327 | |
Total | $ 347,915 |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Investment (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2020USD ($)itemproperty | Dec. 31, 2019USD ($)itemproperty | Sep. 30, 2020USD ($)item | |
Investment in Unconsolidated Joint Ventures | |||||
Carrying Value | $ 19,340,000 | $ 19,340,000 | $ 11,340,000 | ||
Income Recognized | $ 1,417,000 | 432,000 | $ 2,388,000 | ||
Cash Interest Received | 432,000 | 2,991,000 | |||
Impairment loss from investments in unconsolidated joint ventures | 5,500,000 | ||||
Liquidation proceeds | $ 17,848,000 | 6,601,000 | |||
Joint Venture | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of properties owned by joint venture for sale | property | 4 | ||||
Liquidation proceeds | $ 17,848,000 | ||||
Additional proceeds | 758,000 | ||||
Joint Venture | Preferred Equity Investment | Arizona | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of properties owned by joint venture | property | 4 | 4 | |||
Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Capital Contributions | $ 8,000,000 | 11,398,000 | 472,000 | ||
Income Recognized | 1,417,000 | 432,000 | 2,388,000 | ||
Cash Interest Received | 1,292,000 | 432,000 | 2,991,000 | ||
Preferred Equity Investment | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Carrying Value | $ 19,340,000 | 19,340,000 | |||
Combination ALF, MC and ILF community | Joint Venture | Not primary beneficiary | Preferred Equity Investment | |||||
Investment in Unconsolidated Joint Ventures | |||||
Impairment loss from investments in unconsolidated joint ventures | 5,500,000 | ||||
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Capital Contributions | 58,000 | 472,000 | |||
Income Recognized | 231,000 | 1,029,000 | |||
Cash Interest Received | 231,000 | $ 1,580,000 | |||
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Arizona | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 15.00% | ||||
Number of beds/units | item | 4 | ||||
UDP | Joint Venture | Not primary beneficiary | Preferred Equity Investment | Washington | |||||
Investment in Unconsolidated Joint Ventures | |||||
Capital Contributions | 8,000,000 | ||||
Income Recognized | 967,000 | ||||
Cash Interest Received | $ 880,000 | ||||
UDP | 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 | 267 | |||
Carrying Value | $ 13,000,000 | $ 13,000,000 | |||
Percentage of Investment | 11.60% | 11.60% | |||
Percentage of cash return | 8.00% | ||||
Percentage of internal rate of return | 12.00% | ||||
Investment commitment | $ 13,000,000 | ||||
UDP | Mezzanine Loans | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Capital Contributions | 5,000,000 | ||||
Income Recognized | 32,000 | ||||
Cash Interest Received | $ 32,000 | ||||
Combination ALF, ILF, MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of properties owned by joint venture for sale | property | 4 | ||||
Combination ALF, ILF, MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 15.00% | ||||
Number of beds/units | item | 99 | ||||
Investment commitment | $ 2,900,000 | ||||
Combination ALF/MC | Joint Venture | Not primary beneficiary | Preferred Equity Investment | |||||
Investment in Unconsolidated Joint Ventures | |||||
Income Recognized | 450,000 | ||||
Cash Interest Received | $ 412,000 | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of beds/units | item | 95 | ||||
Carrying Value | $ 6,340,000 | ||||
Investment commitment withheld related to preferred equity investment. | $ 1,425,000 | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | |||||
Investment in Unconsolidated Joint Ventures | |||||
Contractual cash portion | 7.00% | ||||
Number of beds/units | item | 95 | 95 | |||
Carrying Value | $ 6,340,000 | $ 6,340,000 | |||
Percentage of Investment | 15.50% | 15.50% | |||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Minimum | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 12.00% | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Maximum | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 14.00% | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | |||||
Investment in Unconsolidated Joint Ventures | |||||
Percentage of cash return | 8.00% | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Minimum | |||||
Investment in Unconsolidated Joint Ventures | |||||
Percentage of cash return | 7.00% | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Maximum | |||||
Investment in Unconsolidated Joint Ventures | |||||
Percentage of cash return | 9.00% | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | The Internal Rate of Return is Between Twelve and Fourteen Percent | Minimum | |||||
Investment in Unconsolidated Joint Ventures | |||||
Percentage of cash return | 12.00% | ||||
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | The Internal Rate of Return is Between Twelve and Fourteen Percent | Maximum | |||||
Investment in Unconsolidated Joint Ventures | |||||
Percentage of cash return | 14.00% | ||||
Combination ALF/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Preferred return percentage | 15.00% | ||||
Number of beds/units | item | 127 | ||||
Investment commitment | 3,400,000 | ||||
Capital Contributions | $ 6,340,000 | ||||
Income Recognized | 169,000 | 404,000 | |||
Cash Interest Received | $ 169,000 | 432,000 | |||
Combination ILF/ALF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | |||||
Investment in Unconsolidated Joint Ventures | |||||
Number of beds/units | item | 267 | ||||
Amount of joint venture investment | $ 13,000,000 | ||||
Reserve for preferred equity investment | 3,777,000 | ||||
Investment commitment withheld related to preferred equity investment. | $ 2,324,000 | $ 1,453,000 | |||
Combination ALF/IL/MC | Mezzanine Loans | Joint Venture | Not primary beneficiary | |||||
Investment in Unconsolidated Joint Ventures | |||||
Income Recognized | 955,000 | ||||
Cash Interest Received | $ 979,000 |
Notes Receivable - Components (
Notes Receivable - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Notes receivable activities | |||
Mezzanine loan | $ 6,800 | ||
Notes receivable loan loss reserve | $ (286) | $ (146) | |
Total | 28,337 | 14,465 | |
Mezzanine loan | |||
Notes receivable activities | |||
Mezzanine loan | 11,815 | 8,445 | |
Other loans | |||
Notes receivable activities | |||
Mezzanine loan | $ 16,808 | $ 6,166 |
Notes Receivable - Other Inform
Notes Receivable - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Advances under notes receivable | $ 16,353 | $ 2,078 | $ 8,967 |
Interest reserve withheld | 353 | ||
Principal payments received under notes receivable | (2,694) | (5,275) | (3,503) |
Reclassified to lease incentives | 300 | 200 | |
Notes receivable reserve | (140) | 35 | (52) |
Net increase (decrease) in notes receivable | $ 13,872 | $ (3,462) | $ 5,212 |
Notes Receivable - New Loan Com
Notes Receivable - New Loan Commitment (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2022USD ($)item | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)item | |
Notes receivable activities | |||||
Number of beds/units under development | item | 204 | ||||
Financing Receivable, Gross | $ 6,800 | ||||
Interest reserve withheld | $ 353 | ||||
Funded under working capital | $ 540 | $ 4,253 | $ 4,842 | ||
Minimum | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 4.00% | ||||
Maximum | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 8.00% | ||||
Mezzanine loan | |||||
Notes receivable activities | |||||
Financing Receivable, Gross | $ 11,815 | $ 8,445 | |||
Mezzanine loan | loan with 8% for the first 18 months increasing to 10.5% thereafter | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 10.50% | ||||
Mezzanine loan | Loan with 8.0% for the first 18 months increasing to 10.5% thereafter with an internal rate of return ("IRR") of 10.5%. | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 8.00% | ||||
Financing Receivable, Gross | $ 4,355 | ||||
Loan Term | 3 years | ||||
Extension term number of options | item | 2 | ||||
Extension term | 12 months | ||||
Interest reserve withheld | $ 353 | ||||
204-unit ILF/ALF/MC | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 12.00% | ||||
Loan Term | 5 years | ||||
204-unit ILF/ALF/MC | Mezzanine loan with 12% Interest | |||||
Notes receivable activities | |||||
Loan Term | 46 months | ||||
204-unit ILF/ALF/MC | $1400 note agreement | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 7.00% | ||||
Financing Receivable, Gross | $ 1,304 | ||||
Loan principal amount | 1,400 | ||||
Committed to fund | $ 96 | ||||
204-unit ILF/ALF/MC | $550 Note Agreement | |||||
Notes receivable activities | |||||
Interest rate (as a percent) | 7.50% | ||||
Financing Receivable, Gross | $ 500 | ||||
Loan principal amount | 550 | ||||
Committed to fund | $ 50 | ||||
Subsequent Event | |||||
Notes receivable activities | |||||
Funded under working capital | $ 5,750 | ||||
HMG Healthcare, LLC | Subsequent Event | Secured loan maturing in September 2022 | |||||
Notes receivable activities | |||||
Financing Receivable, Gross | $ 25,000 | $ 5,750 | |||
Number of properties in transition | item | 11 |
Lease Incentives (Details)
Lease Incentives (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lease Incentives | ||||
Non-contingent lease incentives | $ 2,678 | $ 2,462 | ||
Non-contingent lease incentives, funding | 824 | 220 | $ 387 | |
Non-contingent lease incentives, Amortization | $ (608) | (426) | (385) | |
Non-contingent lease incentives, Adjustment | 115 | (11,893) | ||
Reclassified to lease incentives | 300 | $ 200 | ||
Non-contingent lease incentives, Write off | $ (12,093) | $ (185) |
Debt Obligations - Bank Borrowi
Debt Obligations - Bank Borrowings (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)item | Dec. 31, 2018USD ($) | |
Debt Obligations | ||
Maximum available under facility | $ 1,000,000,000 | |
Number of term loans | item | 2 | |
Bank Borrowings | ||
Debt Obligations | ||
Maximum available under facility | $ 600,000,000 | |
Additional extension period option | 1 year | |
Unused commitment fee (as a percent) | 0.20% | |
Financial covenants | ||
Maximum ratio of total indebtedness to total asset value | 0.5 | |
Maximum ratio of secured debt to total asset value | 0.35 | |
Maximum ratio of unsecured debt to the value of the unencumbered asset pool | 0.6 | |
Minimum ratio of EBITDA to fixed charges | 1.50 | |
Bank Borrowings | LIBOR | ||
Debt Obligations | ||
Basis spread over base rate (as a percent) | 1.15% | |
Credit Agreement | ||
Debt Obligations | ||
Maximum available under facility | $ 500,000,000 | |
Contingent increase in maximum borrowing capacity | $ 1,000,000,000 | |
Additional extension period option | 1 year | |
Revolving Credit Facility | ||
Debt Obligations | ||
Maximum available under facility | $ 400,000,000 | |
Term loans | ||
Debt Obligations | ||
Maximum available under facility | $ 50,000,000 | |
Term loans | LIBOR | ||
Debt Obligations | ||
Basis spread over base rate (as a percent) | 1.35% |
Debt Obligations - Interest Rat
Debt Obligations - Interest Rate Swap Agreement (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021USD ($)item | Dec. 31, 2021USD ($)item | |
Debt Obligations | ||
Number of interest rate swaps | item | 2 | 2 |
Notional Amount | $ 100,000,000 | $ 100,000,000 |
Fair Value | $ (172,000) | $ (172,000) |
Interest Rate Swap | ||
Debt Obligations | ||
Number of interest rate swaps | item | 2 | 2 |
Interest Rate Swap | Minimum | ||
Debt Obligations | ||
Debt instrument term | 4 years | |
Interest Rate Swap | Maximum | ||
Debt Obligations | ||
Debt instrument term | 5 years | |
Interest Rate Swap | Cash Flow Hedging | ||
Debt Obligations | ||
Decrease in fair value | $ 172,000,000 | |
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025 | ||
Debt Obligations | ||
Notional Amount | 50,000,000 | $ 50,000,000 |
Fair Value | (38,000) | (38,000) |
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026 | ||
Debt Obligations | ||
Notional Amount | 50,000,000 | 50,000,000 |
Fair Value | $ (134,000) | $ (134,000) |
Interest Rate Swap | Cash Flow Hedging | LIBOR | Maturing on November 19, 2025 | ||
Debt Obligations | ||
Swap rate (in percentage) | 2.56% | 2.56% |
Interest Rate Swap | Cash Flow Hedging | LIBOR | Maturing on November 19, 2026 | ||
Debt Obligations | ||
Swap rate (in percentage) | 2.69% | 2.69% |
Debt Obligations - Component (D
Debt Obligations - Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Dec. 31, 2020 | |
Debt Obligations | |||
Applicable Interest Rate (as a percent) | 3.65% | ||
Term loans, net of debt issue cost | $ 722,719 | $ 649,382 | |
Available for borrowing | $ 289,100 | 510,100 | |
Minimum | |||
Debt Obligations | |||
Interest rate (as a percent) | 4.00% | ||
Maximum | |||
Debt Obligations | |||
Interest rate (as a percent) | 8.00% | ||
Bank Borrowings | |||
Debt Obligations | |||
Applicable Interest Rate (as a percent) | 1.36% | ||
Term loans, net of debt issue cost | $ 110,900 | 89,900 | |
Available for borrowing | $ 289,100 | 510,100 | |
Term loans | |||
Debt Obligations | |||
Applicable Interest Rate (as a percent) | 2.63% | ||
Term loans, net of debt issue cost | $ 99,363 | ||
Senior Unsecured Notes | |||
Debt Obligations | |||
Applicable Interest Rate (as a percent) | 4.35% | ||
Term loans, net of debt issue cost | $ 512,456 | $ 505,456 | $ 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 | Feb. 17, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowings | ||||
Borrowings from revolving line of credit | $ 204,400 | $ 24,000 | $ 107,900 | |
Total | 304,400 | 24,000 | 207,900 | |
Repayments | ||||
Bank borrowings | (183,400) | (28,000) | (126,000) | |
Senior unsecured notes | (47,160) | (40,160) | (33,667) | |
Total | (230,560) | (68,160) | (159,667) | |
Term loans, net of debt issue cost | 722,719 | 649,382 | ||
Available for borrowing | 289,100 | 510,100 | ||
Bank Borrowings | ||||
Borrowings | ||||
Total | 204,400 | 24,000 | 107,900 | |
Repayments | ||||
Total | (183,400) | (28,000) | (126,000) | |
Term loans, net of debt issue cost | 110,900 | 89,900 | ||
Available for borrowing | 289,100 | 510,100 | ||
Term loans | ||||
Borrowings | ||||
Total | 100,000 | |||
Repayments | ||||
Term loans, net of debt issue cost | 99,363 | |||
Senior Unsecured Notes | ||||
Borrowings | ||||
Total | 100,000 | |||
Repayments | ||||
Total | $ (7,000) | (47,160) | (40,160) | (33,667) |
Term loans, net of debt issue cost | $ 505,456 | $ 512,456 | $ 559,482 | |
Senior Unsecured Notes | Private Shelf Agreement Prudential | ||||
Repayments | ||||
Face amount of debt | $ 100,000 | |||
Fixed interest rate (as a percent) | 3.85% |
Debt Obligations - Future Matur
Debt Obligations - Future Maturities (Details) - USD ($) | Feb. 17, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2022 |
Scheduled Principal Payments | ||||||
2022 | $ 48,160,000 | |||||
2023 | 49,160,000 | |||||
2024 | 49,160,000 | |||||
2025 | 210,400,000 | |||||
2026 | 101,500,000 | |||||
Thereafter | 265,500,000 | |||||
Total | 723,880,000 | |||||
Other information | ||||||
Borrowings | 304,400,000 | $ 24,000,000 | $ 207,900,000 | |||
Term loans, net of debt issue cost | 722,719,000 | 649,382,000 | ||||
Available for borrowing | 289,100,000 | 510,100,000 | ||||
Payments on debt | 230,560,000 | 68,160,000 | 159,667,000 | |||
Subsequent Event | ||||||
Other information | ||||||
Available for borrowing | $ 267,100,000 | |||||
Bank Borrowings | ||||||
Scheduled Principal Payments | ||||||
2025 | 110,900,000 | |||||
Total | 110,900,000 | |||||
Other information | ||||||
Borrowings | 204,400,000 | 24,000,000 | 107,900,000 | |||
Term loans, net of debt issue cost | 110,900,000 | 89,900,000 | ||||
Available for borrowing | 289,100,000 | 510,100,000 | ||||
Payments on debt | 183,400,000 | 28,000,000 | 126,000,000 | |||
Bank Borrowings | Subsequent Event | ||||||
Other information | ||||||
Borrowings | 22,000,000 | |||||
Term loans, net of debt issue cost | 132,900,000 | |||||
Available for borrowing | 267,100,000 | |||||
Senior Unsecured Notes | ||||||
Scheduled Principal Payments | ||||||
2022 | 48,160,000 | |||||
2023 | 49,160,000 | |||||
2024 | 49,160,000 | |||||
2025 | 49,500,000 | |||||
2026 | 51,500,000 | |||||
Thereafter | 265,500,000 | |||||
Total | 512,980,000 | |||||
Other information | ||||||
Borrowings | 100,000,000 | |||||
Term loans, net of debt issue cost | $ 505,456,000 | 512,456,000 | 559,482,000 | |||
Payments on debt | 7,000,000 | 47,160,000 | $ 40,160,000 | 33,667,000 | ||
Senior Unsecured Notes | Subsequent Event | ||||||
Other information | ||||||
Term loans, net of debt issue cost | 505,456,000 | $ 132,900,000 | $ 505,456,000 | |||
Payments on debt | $ 7,000,000 | |||||
Senior Unsecured Notes | Private Shelf Agreement Prudential | ||||||
Other information | ||||||
Face amount of debt | $ 100,000,000 | |||||
Term loans | ||||||
Scheduled Principal Payments | ||||||
2025 | 50,000,000 | |||||
2026 | 50,000,000 | |||||
Total | 100,000,000 | |||||
Other information | ||||||
Borrowings | 100,000,000 | |||||
Term loans, net of debt issue cost | $ 99,363,000 |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling interest | |||
Gross Consolidated Assets | $ 1,504,825 | $ 1,459,486 | |
Non-controlling interests | 8,413 | $ 8,404 | |
Partnership | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 83,429 | ||
Non-controlling interests | 8,413 | ||
2019 Acquisitions | |||
Noncontrolling interest | |||
Purchase Price | $ 57,951 | ||
2019 Acquisitions | SNF | |||
Noncontrolling interest | |||
Purchase Price | 19,500 | ||
2019 Acquisitions | ALF | |||
Noncontrolling interest | |||
Purchase Price | $ 35,719 | ||
Virginia | 2019 Acquisitions | Partnership | ALF & MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 16,895 | ||
Non-controlling interests | 919 | ||
Oregon | 2018 Acquisitions | Partnership | ALF & MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 18,447 | ||
Non-controlling interests | 1,091 | ||
Oregon | 2018 Acquisitions | Partnership | ILF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 14,400 | ||
Non-controlling interests | 2,857 | ||
Wisconsin | 2017 Acquisitions | Partnership | ALF/ILF/MC | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 22,007 | ||
Non-controlling interests | 2,305 | ||
South Carolina | 2017 Acquisitions | Partnership | ALF | |||
Noncontrolling interest | |||
Gross Consolidated Assets | 11,680 | ||
Non-controlling interests | $ 1,241 |
Equity - Class of Stock Disclos
Equity - Class of Stock Disclosures - Common Stock and Shelf Registrations (Details) - Common Stock - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity | |||
Number of shares repurchased | 87,249 | 76,574 | 45,030 |
Equity Distribution Agreements | |||
Equity | |||
Maximum offering capacity under shelf registration statement | $ 200,000,000 | ||
Shares common stock sold | 0 | 0 | 0 |
Equity - Stock Repurchase Plan
Equity - Stock Repurchase Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Equity | ||
Shares authorized for repurchase | 5,000,000 | |
Number of shares purchased | 615,827 | |
Average price per share | $ 29.25 | |
Total purchase price of shares | $ 18,012,000 |
Equity - Class of Stock Discl_2
Equity - Class of Stock Disclosures - Dividends and AOCI (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend Distributions | ||||||||||||||
Paid | $ 90,494 | $ 90,262 | $ 90,899 | |||||||||||
Dividends declared and paid per common share | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | ||||||
Common Stock cash distributions | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 | |||
Subsequent Event | Dividend Payable, January 31, 2022 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Subsequent Event | Dividend Payable, February 28, 2022 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Subsequent Event | Dividend Payable, March 31, 2022 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Common Stock | ||||||||||||||
Dividend Distributions | ||||||||||||||
Declared | $ 90,494 | $ 90,262 | $ 90,494 | $ 90,262 | $ 90,899 | |||||||||
Paid | $ 90,494 | $ 90,262 | $ 90,899 | |||||||||||
Dividends declared and paid per common share | $ 0.19 | $ 0.19 | $ 0.19 | |||||||||||
Common Stock | Subsequent Event | Dividend Payable, January 31, 2022 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Common Stock | Subsequent Event | Dividend Payable, February 28, 2022 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Common Stock | Subsequent Event | Dividend Payable, March 31, 2022 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Performance-based stock units | Common Stock | ||||||||||||||
Dividend Distributions | ||||||||||||||
Paid | $ 764 | $ 586 | $ 300 |
Equity - Restricted Stock and p
Equity - Restricted Stock and performance-based stock units (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Restricted stock | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the beginning of the period (in shares) | 180,440 | 163,569 | 156,297 | |
Granted (in shares) | 110,348 | 101,348 | 86,772 | |
Vested (in shares) | (93,366) | (84,477) | (79,500) | |
Outstanding at the end of the period (in shares) | 197,422 | 180,440 | 163,569 | |
Restricted stock and performance-based stock units | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 182,240 | 167,375 | 147,608 | |
Outstanding at the end of the period (in shares) | 396,177 | |||
Compensation expense | ||||
Remaining compensation expense | $ 8,605,000 | |||
Restricted stock and performance-based stock units | 2022 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the period (in shares) | 164,232 | |||
Compensation expense | ||||
Remaining compensation expense | $ 5,447,000 | |||
Restricted stock and performance-based stock units | 2023 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the period (in shares) | 128,282 | |||
Compensation expense | ||||
Remaining compensation expense | $ 2,855,000 | |||
Restricted stock and performance-based stock units | 2024 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the period (in shares) | 103,663 | |||
Compensation expense | ||||
Remaining compensation expense | $ 303,000 | |||
Restricted stock and performance-based stock units | Grant Date Price 42.27 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 95,293 | |||
Granted (in dollars per share) | $ 42.27 | |||
Restricted stock and performance-based stock units | Grant Date Price 42.27 | TSR Targets | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 71,892 | |||
Granted (in dollars per share) | $ 42.27 | |||
Restricted stock and performance-based stock units | Grant Date Price $39.40 | Vesting Date, May 27, 2021 | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 12,055 | |||
Restricted stock and performance-based stock units | Grant Date Price $48.95 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 76,464 | |||
Granted (in dollars per share) | $ 48.95 | |||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $49.98 | TSR Targets | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 66,027 | |||
Granted (in dollars per share) | $ 49.98 | |||
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 15,000 | |||
Granted (in dollars per share) | $ 38.45 | |||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Vesting Date, May 29, 2020 | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 9,884 | |||
Granted (in dollars per share) | $ 38.45 | |||
Restricted stock and performance-based stock units | Grant Date Price $43.14 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 3,000 | |||
Granted (in dollars per share) | $ 43.14 | |||
Restricted stock and performance-based stock units | Grant Date Price $46.54 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 78,276 | |||
Granted (in dollars per share) | $ 46.54 | |||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $46.54 | TSR Targets | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 60,836 | |||
Granted (in dollars per share) | $ 46.54 | |||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Three year vesting | ||||
Restricted stock and performance based stock units activity | ||||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | TSR Targets | ||||
Restricted stock and performance based stock units activity | ||||
Vesting period | 4 years | |||
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Accelerated TSR Targets | ||||
Restricted stock and performance based stock units activity | ||||
Vesting period | 3 years | |||
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 27, 2021 | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in dollars per share) | $ 39.40 | |||
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 30, 2019 | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 8,496 | |||
Granted (in dollars per share) | $ 44.73 | |||
Performance-based stock units | ||||
Restricted stock and performance based stock units activity | ||||
Granted (in shares) | 71,892 | 66,027 | 60,836 | |
Vested (in shares) | (108,720) | (81,574) | (48,225) | |
Outstanding at the end of the period (in shares) | 0 | |||
Compensation expense | ||||
Compensation expense related to share-based award | $ 7,760,000 | $ 7,012,000 | $ 6,566,000 | |
Performance-based stock units | 2022 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the period (in shares) | 60,836 | |||
Performance-based stock units | 2023 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the period (in shares) | 66,027 | |||
Performance-based stock units | 2024 | ||||
Restricted stock and performance based stock units activity | ||||
Outstanding at the end of the period (in shares) | 71,892 | |||
2015 Plan | ||||
Stock Based Compensation Plans | ||||
Total shares reserved for issuance | 1,679,793 | 1,900,000 |
Equity - Options (Details)
Equity - Options (Details) - Stock options - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nonqualified stock option activity | |||
Outstanding, beginning of period | 15,000 | 15,000 | 20,000 |
Granted (in shares) | 0 | ||
Exercised (in shares) | (5,000) | ||
Outstanding, end of period | 15,000 | 15,000 | 15,000 |
Options exercisable (in shares) | 15,000 | 15,000 | 15,000 |
Weighted Average Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 38.43 | $ 38.43 | $ 34.99 |
Exercised (in dollars per share) | 24.65 | ||
Outstanding at the end of the year (in dollars per share) | 38.43 | 38.43 | 38.43 |
Exercisable at the end of the period (in dollars per share) | $ 38.43 | $ 38.43 | $ 38.43 |
Other information | |||
Aggregate intrinsic value of exercisable options at the end of the year | $ 0 | ||
Weighted average remaining contractual life of options exercisable | 1 year 2 months 12 days | 2 years 2 months 12 days | 3 years 2 months 12 days |
Options Value | $ 123,000 | ||
Market Value | 233,000 | ||
Compensation expense related to share-based award | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Commitments and Contingencies | |
Investment Commitment | $ 83,200 |
2021 Funding | 12,773 |
Total Commitment funded | 18,774 |
Remaining commitment | 64,426 |
Real estate properties | |
Commitments and Contingencies | |
Investment Commitment | 14,920 |
2021 Funding | 1,882 |
Total Commitment funded | 3,898 |
Remaining commitment | 11,022 |
Accrued incentives and earn-out liabilities | |
Commitments and Contingencies | |
Investment Commitment | 9,130 |
2021 Funding | 74 |
Total Commitment funded | 74 |
Remaining commitment | 9,056 |
Mortgage loans | |
Commitments and Contingencies | |
Investment Commitment | 32,225 |
2021 Funding | 414 |
Total Commitment funded | 3,795 |
Remaining commitment | 28,430 |
Commitments To Expand and Renovate Properties | |
Commitments and Contingencies | |
Investment Commitment | 14,225 |
Contingent Funding Commitments | |
Commitments and Contingencies | |
Investment Commitment | 18,000 |
Notes receivable | |
Commitments and Contingencies | |
Investment Commitment | 26,925 |
2021 Funding | 10,403 |
Total Commitment funded | 11,007 |
Remaining commitment | $ 15,918 |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90.00% | ||||||||||
Ordinary taxable distribution | $ 1.220 | $ 0.936 | $ 2.084 | ||||||||
Return of capital | 0.750 | ||||||||||
Unrecaptured Section 1250 gain | 0.252 | 0.894 | 0.132 | ||||||||
Long-term capital gain | 0.058 | 0.450 | 0.064 | ||||||||
Total | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 56,224 | $ 95,677 | $ 80,872 | ||||||||
Less income allocated to non-controlling interests | (363) | (384) | (346) | ||||||||
Less income allocated to participating securities: | |||||||||||
Non-forfeitable dividends on participating securities | (458) | (397) | (372) | ||||||||
Income allocated to participating securities | (25) | (19) | |||||||||
Total net income allocated to participating securities | (458) | (422) | (391) | ||||||||
Net income available to common stockholders | 55,403 | 94,871 | 80,135 | ||||||||
Net income for diluted net income per share | $ 55,403 | $ 94,871 | $ 80,135 | ||||||||
Shares for basic net income per share | 39,156,000 | 39,179,000 | 39,571,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Total effect of dilutive securities (in shares) | 85,000 | 188,000 | |||||||||
Shares for diluted net income per share | 39,156,000 | 39,264,000 | 39,759,000 | ||||||||
Basic (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.46 | $ 0.35 | $ 0.45 | $ 0.31 | $ 0.05 | $ 1.60 | $ 1.41 | $ 2.42 | $ 2.03 |
Diluted (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.46 | $ 0.35 | $ 0.45 | $ 0.31 | $ 0.05 | $ 1.60 | $ 1.41 | $ 2.42 | $ 2.02 |
Stock options | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options and performance-based stock units (in shares) | 4,000 | ||||||||||
Performance-based stock units | |||||||||||
Effect of dilutive securities: | |||||||||||
Stock options and performance-based stock units (in shares) | 85,000 | 184,000 | |||||||||
Performance-based stock units would be earned based on TSR targets | 0 | 0 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 39,441 | $ 37,472 | $ 38,129 | $ 40,280 | $ 46,273 | $ 38,173 | $ 28,481 | $ 46,410 | $ 155,322 | $ 159,337 | $ 185,304 |
Net income available to common stockholders | $ 12,726 | $ 10,909 | $ 18,126 | $ 13,642 | $ 17,470 | $ 12,114 | $ 1,773 | $ 63,370 | |||
Net income per common share available to common stockholders: | |||||||||||
Basic net income per share (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.46 | $ 0.35 | $ 0.45 | $ 0.31 | $ 0.05 | $ 1.60 | $ 1.41 | $ 2.42 | $ 2.03 |
Diluted net income per share (in dollars per share) | 0.32 | 0.28 | 0.46 | 0.35 | 0.45 | 0.31 | 0.05 | 1.60 | 1.41 | 2.42 | 2.02 |
Dividends declared and paid per common share | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | |||
Dividends declared and paid per common share (in dollars per share) | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.280 | $ 2.280 | $ 2.280 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item |
Fair value measurements | ||
Mortgage loans receivable, net of loan loss reserve | $ 344,442 | $ 257,251 |
Notes receivable, net of loan loss reserve | 28,337 | 14,465 |
Term loans, net of debt issue cost | 722,719 | 649,382 |
Senior unsecured notes, net of debt issue costs | $ 512,456 | $ 559,482 |
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 3 | |
Level 3 | Senior Unsecured Notes maturing 2030 and after | Discount Rate | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 3.25 | |
Level 3 | Senior Unsecured Notes maturing before 2026 | Discount Rate | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 3.25 | |
Level 3 | Senior Unsecured Notes maturing 2026 and after | Discount Rate | ||
Fair value measurements | ||
Future cash outflows discount rate (as a percent) | item | 3.50 | |
Level 3 | Mortgage Loans Receivable | Discount Rate | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | 9.5 | 10 |
Level 3 | Notes Receivable | Discount Rate | ||
Fair value measurements | ||
Future cash inflows discount rate (as a percent) | 5.6 | 6.6 |
Carrying Value | ||
Fair value measurements | ||
Mortgage loans receivable, net of loan loss reserve | $ 344,442 | $ 257,251 |
Notes receivable, net of loan loss reserve | 28,337 | 14,465 |
Revolving line of credit | 110,900 | 89,900 |
Term loans, net of debt issue cost | 99,363 | |
Senior unsecured notes, net of debt issue costs | 512,456 | 559,482 |
Fair Value | ||
Fair value measurements | ||
Notes receivable, net of loan loss reserve | 28,653 | 13,893 |
Revolving line of credit | 110,900 | 89,900 |
Term loans, net of debt issue cost | 100,000 | |
Fair Value | Level 3 | ||
Fair value measurements | ||
Mortgage loans receivable, net of loan loss reserve | 405,162 | 299,751 |
Senior unsecured notes, net of debt issue costs | $ 540,045 | $ 560,140 |
Subsequent Events - Real Estate
Subsequent Events - Real Estate (Details) | Jan. 01, 2022USD ($)property | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2022USD ($) |
Subsequent Event [Line Items] | |||||
Carrying value | $ 1,033,951,000 | $ 1,102,358,000 | |||
Net Gain (loss) | 7,462,000 | $ 44,117,000 | $ 2,106,000 | ||
Purchase Option in Lease Arrangements | |||||
Subsequent Event [Line Items] | |||||
Gross Investment | 167,673,000 | ||||
Carrying value | $ 132,498,000 | ||||
California | ALF | Purchase Option in Lease Arrangements | |||||
Subsequent Event [Line Items] | |||||
Number of properties | property | 2 | ||||
Gross Investment | $ 31,814,000 | ||||
Carrying value | $ 17,034,000 | ||||
Virginia | ALF | 74-Unit ALF/MC | Forecast | |||||
Subsequent Event [Line Items] | |||||
Lease termination fee payable | $ 1,200,000 | ||||
Subsequent Event | California | ALF | Purchase Option in Lease Arrangements | |||||
Subsequent Event [Line Items] | |||||
Number of ALFs operator who exercised the purchase option under their lease | property | 2 | ||||
Number of properties | property | 232 | ||||
Sales price | $ 43,700,000 | ||||
Gross Investment | 31,800,000 | ||||
Carrying value | 17,000,000 | ||||
Subsequent Event | Virginia | ALF | 74-Unit ALF/MC | |||||
Subsequent Event [Line Items] | |||||
Sales price | 16,900,000 | ||||
Gross Investment | 16,900,000 | ||||
Carrying value | $ 15,700,000 | ||||
Subsequent Event | Virginia | ALF | 74-Unit ALF/MC | Forecast | |||||
Subsequent Event [Line Items] | |||||
Lease termination fee payable | $ 1,200,000 |
Subsequent Events - Notes Recei
Subsequent Events - Notes Receivable (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)item | Jan. 01, 2022USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Subsequent Events | ||||
Financing Receivable, Gross | $ 6,800,000 | |||
Mezzanine loan | ||||
Subsequent Events | ||||
Financing Receivable, Gross | $ 11,815,000 | $ 8,445,000 | ||
Mezzanine loan | Loan with 8.0% for the first 18 months increasing to 10.5% thereafter with an internal rate of return ("IRR") of 10.5%. | ||||
Subsequent Events | ||||
Financing Receivable, Gross | $ 4,355,000 | |||
Loan Term | 3 years | |||
Extension term number of options | item | 2 | |||
Extension term | 12 months | |||
Interest rate (as a percent) | 8.00% | |||
Subsequent Event | Mezzanine loan | Loan with 8.0% for the first 18 months increasing to 10.5% thereafter with an internal rate of return ("IRR") of 10.5%. | ||||
Subsequent Events | ||||
Face amount of debt | $ 5,750,000 |
Subsequent Events - Debt Obliga
Subsequent Events - Debt Obligations (Details) - USD ($) | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 17, 2022 | Jan. 31, 2022 | Dec. 31, 2018 |
Debt Obligations | |||||||
Borrowings from revolving line of credit | $ 204,400,000 | $ 24,000,000 | $ 107,900,000 | ||||
Revolving line of credit | 110,900,000 | 89,900,000 | |||||
Maximum available under facility | 1,000,000,000 | ||||||
Payments on debt | 47,160,000 | 40,160,000 | $ 33,667,000 | ||||
Term loans, net of debt issue cost | 722,719,000 | 649,382,000 | |||||
Senior Unsecured Notes | |||||||
Debt Obligations | |||||||
Term loans, net of debt issue cost | 512,456,000 | 559,482,000 | $ 505,456,000 | ||||
Bank Borrowings | |||||||
Debt Obligations | |||||||
Maximum available under facility | $ 600,000,000 | ||||||
Term loans, net of debt issue cost | $ 110,900,000 | $ 89,900,000 | |||||
Subsequent Event | Senior Unsecured Notes | |||||||
Debt Obligations | |||||||
Borrowings from revolving line of credit | $ 22,000,000 | ||||||
Revolving line of credit | 132,900,000 | ||||||
Maximum available under facility | 267,100,000 | ||||||
Payments on debt | 7,000,000 | ||||||
Term loans, net of debt issue cost | $ 505,456,000 | $ 505,456,000 | $ 132,900,000 | ||||
Subsequent Event | Bank Borrowings | |||||||
Debt Obligations | |||||||
Term loans, net of debt issue cost | $ 132,900,000 |
Subsequent Events - Equity (Det
Subsequent Events - Equity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | ||||||
Common Stock | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | $ 0.19 | $ 0.19 | |||||||||||
Dividend Payable, January 31, 2022 | Subsequent Event | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Dividend Payable, January 31, 2022 | Subsequent Event | Common Stock | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Dividend Payable, February 28, 2022 | Subsequent Event | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Dividend Payable, February 28, 2022 | Subsequent Event | Common Stock | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Dividend Payable, March 31, 2022 | Subsequent Event | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 | |||||||||||||
Dividend Payable, March 31, 2022 | Subsequent Event | Common Stock | ||||||||||||||
Equity | ||||||||||||||
Dividends declared and paid per common share | $ 0.19 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 2,738 | $ 2,741 | $ 3,321 |
(Recovered) charged to costs and expenses | 1,021 | (3) | 166 |
Charged to other accounts | (746) | ||
Balance at end of period | $ 3,759 | 2,738 | 2,741 |
Percentage of provision on rent receivables (in percentage) | 1.00% | ||
Loan loss reserves | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 2,592 | 2,560 | 2,447 |
(Recovered) charged to costs and expenses | 881 | 32 | 113 |
Balance at end of period | 3,473 | 2,592 | 2,560 |
Other notes receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 146 | 181 | 128 |
(Recovered) charged to costs and expenses | 140 | (35) | 53 |
Balance at end of period | $ 286 | $ 146 | 181 |
Straight-line rent receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 746 | ||
Charged to other accounts | $ (746) |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Initial Cost to Company | ||||
Land | $ 123,239 | |||
Buildings and Improvements | 1,201,545 | |||
Costs Capitalized Subsequent to acquisition | 83,773 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 123,239 | |||
Buildings and Improvements | 1,285,318 | |||
Total | 1,408,557 | $ 1,452,001 | $ 1,484,571 | $ 1,421,456 |
Accum Deprec | 374,606 | $ 349,643 | $ 347,755 | $ 314,875 |
SNF | ||||
Initial Cost to Company | ||||
Land | 48,506 | |||
Buildings and Improvements | 472,420 | |||
Costs Capitalized Subsequent to acquisition | 31,970 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 48,506 | |||
Buildings and Improvements | 504,390 | |||
Total | 552,896 | |||
Accum Deprec | 171,316 | |||
ALF | ||||
Initial Cost to Company | ||||
Land | 71,825 | |||
Buildings and Improvements | 721,817 | |||
Costs Capitalized Subsequent to acquisition | 50,659 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 71,825 | |||
Buildings and Improvements | 772,476 | |||
Total | 844,301 | |||
Accum Deprec | 201,895 | |||
Other School and Land | ||||
Initial Cost to Company | ||||
Land | 2,908 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,908 | |||
Buildings and Improvements | 8,452 | |||
Total | 11,360 | |||
Accum Deprec | 1,395 | |||
School | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 8,452 | |||
Total | 10,417 | |||
Accum Deprec | 1,395 | |||
Land | ||||
Initial Cost to Company | ||||
Land | 943 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 943 | |||
Total | 943 | |||
134 Alamogordo, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 210 | |||
Buildings and Improvements | 2,593 | |||
Costs Capitalized Subsequent to acquisition | 641 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 210 | |||
Buildings and Improvements | 3,234 | |||
Total | 3,444 | |||
Accum Deprec | 1,663 | |||
218 Albuquerque, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 1,696 | |||
Buildings and Improvements | 3,891 | |||
Costs Capitalized Subsequent to acquisition | 530 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,696 | |||
Buildings and Improvements | 4,421 | |||
Total | 6,117 | |||
Accum Deprec | 2,180 | |||
219 Albuquerque, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 1,950 | |||
Buildings and Improvements | 8,910 | |||
Costs Capitalized Subsequent to acquisition | 207 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,950 | |||
Buildings and Improvements | 9,117 | |||
Total | 11,067 | |||
Accum Deprec | 4,302 | |||
220 Albuquerque, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 2,463 | |||
Buildings and Improvements | 7,647 | |||
Costs Capitalized Subsequent to acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,463 | |||
Buildings and Improvements | 7,656 | |||
Total | 10,119 | |||
Accum Deprec | 3,579 | |||
252 Amarillo, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 844 | |||
Costs Capitalized Subsequent to acquisition | 7,925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 844 | |||
Buildings and Improvements | 7,925 | |||
Total | 8,769 | |||
Accum Deprec | 2,333 | |||
247 Arlington, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,016 | |||
Buildings and Improvements | 13,649 | |||
Costs Capitalized Subsequent to acquisition | 2 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,016 | |||
Buildings and Improvements | 13,651 | |||
Total | 14,667 | |||
Accum Deprec | 4,689 | |||
007 Bradenton, FL | SNF | ||||
Initial Cost to Company | ||||
Land | 330 | |||
Buildings and Improvements | 2,720 | |||
Costs Capitalized Subsequent to acquisition | 160 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 330 | |||
Buildings and Improvements | 2,880 | |||
Total | 3,210 | |||
Accum Deprec | 2,342 | |||
256 Brownwood, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 164 | |||
Buildings and Improvements | 6,336 | |||
Costs Capitalized Subsequent to acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 164 | |||
Buildings and Improvements | 6,340 | |||
Total | 6,504 | |||
Accum Deprec | 1,978 | |||
177 Chesapeake, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 388 | |||
Buildings and Improvements | 3,469 | |||
Costs Capitalized Subsequent to acquisition | 2,777 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 388 | |||
Buildings and Improvements | 6,246 | |||
Total | 6,634 | |||
Accum Deprec | 3,940 | |||
257 Cincinnati, OH | SNF | ||||
Initial Cost to Company | ||||
Land | 1,890 | |||
Buildings and Improvements | 25,110 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,890 | |||
Buildings and Improvements | 25,110 | |||
Total | 27,000 | |||
Accum Deprec | 5,433 | |||
125 Clovis, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 561 | |||
Buildings and Improvements | 5,539 | |||
Costs Capitalized Subsequent to acquisition | 307 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 561 | |||
Buildings and Improvements | 5,846 | |||
Total | 6,407 | |||
Accum Deprec | 3,013 | |||
129 Clovis, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 598 | |||
Buildings and Improvements | 5,902 | |||
Costs Capitalized Subsequent to acquisition | 59 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 598 | |||
Buildings and Improvements | 5,961 | |||
Total | 6,559 | |||
Accum Deprec | 3,092 | |||
267 Cold Spring, KY | SNF | ||||
Initial Cost to Company | ||||
Land | 2,050 | |||
Buildings and Improvements | 21,496 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,050 | |||
Buildings and Improvements | 21,496 | |||
Total | 23,546 | |||
Accum Deprec | 5,648 | |||
253 Colton, CA | SNF | ||||
Initial Cost to Company | ||||
Land | 2,474 | |||
Buildings and Improvements | 15,158 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,474 | |||
Buildings and Improvements | 15,158 | |||
Total | 17,632 | |||
Accum Deprec | 4,372 | |||
246 Crowley, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,247 | |||
Buildings and Improvements | 14,276 | |||
Costs Capitalized Subsequent to acquisition | 10 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,247 | |||
Buildings and Improvements | 14,286 | |||
Total | 16,533 | |||
Accum Deprec | 4,906 | |||
235 Daleville, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 279 | |||
Buildings and Improvements | 8,382 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 279 | |||
Buildings and Improvements | 8,382 | |||
Total | 8,661 | |||
Accum Deprec | 2,990 | |||
258 Dayton, OH | SNF | ||||
Initial Cost to Company | ||||
Land | 373 | |||
Buildings and Improvements | 26,627 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 373 | |||
Buildings and Improvements | 26,627 | |||
Total | 27,000 | |||
Accum Deprec | 5,806 | |||
196 Dresden, TN | SNF | ||||
Initial Cost to Company | ||||
Land | 31 | |||
Buildings and Improvements | 1,529 | |||
Costs Capitalized Subsequent to acquisition | 1,073 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 31 | |||
Buildings and Improvements | 2,602 | |||
Total | 2,633 | |||
Accum Deprec | 1,330 | |||
298 Forth Worth, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,785 | |||
Buildings and Improvements | 7,546 | |||
Costs Capitalized Subsequent to acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,785 | |||
Buildings and Improvements | 7,563 | |||
Total | 10,348 | |||
Accum Deprec | 2,647 | |||
026 Gardendale, AL | SNF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 7,550 | |||
Costs Capitalized Subsequent to acquisition | 2,084 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,634 | |||
Total | 9,734 | |||
Accum Deprec | 6,774 | |||
248 Granbury, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 836 | |||
Buildings and Improvements | 6,693 | |||
Costs Capitalized Subsequent to acquisition | 79 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 836 | |||
Buildings and Improvements | 6,772 | |||
Total | 7,608 | |||
Accum Deprec | 2,951 | |||
250 Hewitt, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,780 | |||
Buildings and Improvements | 8,220 | |||
Costs Capitalized Subsequent to acquisition | 129 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,780 | |||
Buildings and Improvements | 8,349 | |||
Total | 10,129 | |||
Accum Deprec | 2,540 | |||
319 Independence, MO | SNF | ||||
Initial Cost to Company | ||||
Land | 2,644 | |||
Buildings and Improvements | 13,942 | |||
Costs Capitalized Subsequent to acquisition | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,644 | |||
Buildings and Improvements | 14,015 | |||
Total | 16,659 | |||
Accum Deprec | 843 | |||
318 Kansas City, MO | SNF | ||||
Initial Cost to Company | ||||
Land | 1,229 | |||
Buildings and Improvements | 18,369 | |||
Costs Capitalized Subsequent to acquisition | 69 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,229 | |||
Buildings and Improvements | 18,438 | |||
Total | 19,667 | |||
Accum Deprec | 1,240 | |||
008 Lecanto, FL | SNF | ||||
Initial Cost to Company | ||||
Land | 351 | |||
Buildings and Improvements | 2,665 | |||
Costs Capitalized Subsequent to acquisition | 2,737 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 351 | |||
Buildings and Improvements | 5,402 | |||
Total | 5,753 | |||
Accum Deprec | 4,149 | |||
322 Longview, Tx | SNF | ||||
Initial Cost to Company | ||||
Land | 1,405 | |||
Buildings and Improvements | 12,176 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,405 | |||
Buildings and Improvements | 12,176 | |||
Total | 13,581 | |||
Accum Deprec | 849 | |||
300 Mansfield, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 2,890 | |||
Buildings and Improvements | 13,110 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,890 | |||
Buildings and Improvements | 13,110 | |||
Total | 16,000 | |||
Accum Deprec | 2,889 | |||
053 Mesa, AZ | SNF | ||||
Initial Cost to Company | ||||
Land | 305 | |||
Buildings and Improvements | 6,909 | |||
Costs Capitalized Subsequent to acquisition | 1,876 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 305 | |||
Buildings and Improvements | 8,785 | |||
Total | 9,090 | |||
Accum Deprec | 6,365 | |||
242 Mission, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,111 | |||
Buildings and Improvements | 16,602 | |||
Costs Capitalized Subsequent to acquisition | 18 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,111 | |||
Buildings and Improvements | 16,620 | |||
Total | 17,731 | |||
Accum Deprec | 5,296 | |||
115 Nacogdoches, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,738 | |||
Costs Capitalized Subsequent to acquisition | 168 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,906 | |||
Total | 2,006 | |||
Accum Deprec | 1,283 | |||
233 Nacogdoches, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 394 | |||
Buildings and Improvements | 7,456 | |||
Costs Capitalized Subsequent to acquisition | 268 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 394 | |||
Buildings and Improvements | 7,724 | |||
Total | 8,118 | |||
Accum Deprec | 2,656 | |||
249 Nacogdoches, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,015 | |||
Buildings and Improvements | 11,109 | |||
Costs Capitalized Subsequent to acquisition | 13 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,015 | |||
Buildings and Improvements | 11,122 | |||
Total | 12,137 | |||
Accum Deprec | 4,285 | |||
245 Newberry, SC | SNF | ||||
Initial Cost to Company | ||||
Land | 439 | |||
Buildings and Improvements | 4,639 | |||
Costs Capitalized Subsequent to acquisition | 777 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 439 | |||
Buildings and Improvements | 5,416 | |||
Total | 5,855 | |||
Accum Deprec | 2,220 | |||
244 Newberry, SC | SNF | ||||
Initial Cost to Company | ||||
Land | 919 | |||
Buildings and Improvements | 5,454 | |||
Costs Capitalized Subsequent to acquisition | 135 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 919 | |||
Buildings and Improvements | 5,589 | |||
Total | 6,508 | |||
Accum Deprec | 2,121 | |||
251 Pasadena, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,155 | |||
Buildings and Improvements | 14,345 | |||
Costs Capitalized Subsequent to acquisition | 522 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,155 | |||
Buildings and Improvements | 14,867 | |||
Total | 16,022 | |||
Accum Deprec | 4,296 | |||
193 Phoenix, AZ | SNF | ||||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings and Improvements | 9,703 | |||
Costs Capitalized Subsequent to acquisition | 92 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 9,795 | |||
Total | 10,095 | |||
Accum Deprec | 6,356 | |||
094 Portland, OR | SNF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,925 | |||
Costs Capitalized Subsequent to acquisition | 3,152 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 5,077 | |||
Total | 5,177 | |||
Accum Deprec | 3,909 | |||
254 Red Oak, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 1,427 | |||
Buildings and Improvements | 17,173 | |||
Costs Capitalized Subsequent to acquisition | 24 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,427 | |||
Buildings and Improvements | 17,197 | |||
Total | 18,624 | |||
Accum Deprec | 5,027 | |||
197 Ripley, TN | SNF | ||||
Initial Cost to Company | ||||
Land | 20 | |||
Buildings and Improvements | 985 | |||
Costs Capitalized Subsequent to acquisition | 1,638 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 20 | |||
Buildings and Improvements | 2,623 | |||
Total | 2,643 | |||
Accum Deprec | 1,386 | |||
133 Roswell, NM | SNF | ||||
Initial Cost to Company | ||||
Land | 568 | |||
Buildings and Improvements | 5,235 | |||
Costs Capitalized Subsequent to acquisition | 1,396 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 568 | |||
Buildings and Improvements | 6,631 | |||
Total | 7,199 | |||
Accum Deprec | 3,341 | |||
081 Sacramento, CA | SNF | ||||
Initial Cost to Company | ||||
Land | 220 | |||
Buildings and Improvements | 2,929 | |||
Costs Capitalized Subsequent to acquisition | 1,481 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 220 | |||
Buildings and Improvements | 4,410 | |||
Total | 4,630 | |||
Accum Deprec | 2,765 | |||
281 Slinger, WI | SNF | ||||
Initial Cost to Company | ||||
Land | 464 | |||
Buildings and Improvements | 13,482 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 464 | |||
Buildings and Improvements | 13,482 | |||
Total | 13,946 | |||
Accum Deprec | 3,473 | |||
234 St. Petersburg, FL | SNF | ||||
Initial Cost to Company | ||||
Land | 1,070 | |||
Buildings and Improvements | 7,930 | |||
Costs Capitalized Subsequent to acquisition | 500 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,070 | |||
Buildings and Improvements | 8,430 | |||
Total | 9,500 | |||
Accum Deprec | 2,690 | |||
243 Stephenville TX | SNF | ||||
Initial Cost to Company | ||||
Land | 670 | |||
Buildings and Improvements | 10,117 | |||
Costs Capitalized Subsequent to acquisition | 505 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 670 | |||
Buildings and Improvements | 10,622 | |||
Total | 11,292 | |||
Accum Deprec | 3,514 | |||
178 Tappahannock, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 375 | |||
Buildings and Improvements | 1,327 | |||
Costs Capitalized Subsequent to acquisition | 397 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 375 | |||
Buildings and Improvements | 1,724 | |||
Total | 2,099 | |||
Accum Deprec | 1,548 | |||
270 Trinity, FL | SNF | ||||
Initial Cost to Company | ||||
Land | 1,653 | |||
Buildings and Improvements | 12,748 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,653 | |||
Buildings and Improvements | 12,748 | |||
Total | 14,401 | |||
Accum Deprec | 3,369 | |||
192 Tucson, AZ | SNF | ||||
Initial Cost to Company | ||||
Land | 276 | |||
Buildings and Improvements | 8,924 | |||
Costs Capitalized Subsequent to acquisition | 112 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 276 | |||
Buildings and Improvements | 9,036 | |||
Total | 9,312 | |||
Accum Deprec | 5,858 | |||
299 Weatherford, TX | SNF | ||||
Initial Cost to Company | ||||
Land | 836 | |||
Buildings and Improvements | 11,902 | |||
Costs Capitalized Subsequent to acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 836 | |||
Buildings and Improvements | 11,906 | |||
Total | 12,742 | |||
Accum Deprec | 3,405 | |||
236 Wytheville, VA | SNF | ||||
Initial Cost to Company | ||||
Land | 647 | |||
Buildings and Improvements | 12,167 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 647 | |||
Buildings and Improvements | 12,167 | |||
Total | 12,814 | |||
Accum Deprec | 5,115 | |||
077 Ada, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,650 | |||
Costs Capitalized Subsequent to acquisition | 89 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,739 | |||
Total | 1,839 | |||
Accum Deprec | 1,055 | |||
317 Abington, VA | ALF | ||||
Initial Cost to Company | ||||
Land | 541 | |||
Buildings and Improvements | 16,355 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 541 | |||
Buildings and Improvements | 16,355 | |||
Total | 16,896 | |||
Accum Deprec | 1,240 | |||
105 Arvada, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,810 | |||
Costs Capitalized Subsequent to acquisition | 7,012 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,822 | |||
Total | 9,922 | |||
Accum Deprec | 3,770 | |||
304 Athens, GA | ALF | ||||
Initial Cost to Company | ||||
Land | 1,056 | |||
Buildings and Improvements | 13,326 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,056 | |||
Buildings and Improvements | 13,326 | |||
Total | 14,382 | |||
Accum Deprec | 2,048 | |||
063 Athens, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 96 | |||
Buildings and Improvements | 1,510 | |||
Costs Capitalized Subsequent to acquisition | 104 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 96 | |||
Buildings and Improvements | 1,614 | |||
Total | 1,710 | |||
Accum Deprec | 1,081 | |||
320 Auburn Hills, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,964 | |||
Buildings and Improvements | 4,577 | |||
Costs Capitalized Subsequent to acquisition | 1,149 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,964 | |||
Buildings and Improvements | 5,726 | |||
Total | 7,690 | |||
Accum Deprec | 683 | |||
269 Aurora, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 850 | |||
Buildings and Improvements | 8,583 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 850 | |||
Buildings and Improvements | 8,583 | |||
Total | 9,433 | |||
Accum Deprec | 2,349 | |||
260 Aurora, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 831 | |||
Buildings and Improvements | 10,071 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 831 | |||
Buildings and Improvements | 10,071 | |||
Total | 10,902 | |||
Accum Deprec | 2,617 | |||
203 Bakersfield, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 834 | |||
Buildings and Improvements | 11,986 | |||
Costs Capitalized Subsequent to acquisition | 2,696 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 834 | |||
Buildings and Improvements | 14,682 | |||
Total | 15,516 | |||
Accum Deprec | 7,352 | |||
117 Beatrice, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,173 | |||
Costs Capitalized Subsequent to acquisition | 243 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,416 | |||
Total | 2,516 | |||
Accum Deprec | 1,444 | |||
277 Burr Ridge, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Improvements | 11,102 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,400 | |||
Buildings and Improvements | 11,102 | |||
Total | 12,502 | |||
Accum Deprec | 2,432 | |||
278 Castle Rock, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 759 | |||
Buildings and Improvements | 6,005 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 759 | |||
Buildings and Improvements | 6,005 | |||
Total | 6,764 | |||
Accum Deprec | 1,426 | |||
160 Central, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,321 | |||
Costs Capitalized Subsequent to acquisition | 87 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,408 | |||
Total | 2,508 | |||
Accum Deprec | 1,213 | |||
263 Chatham, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 5,365 | |||
Buildings and Improvements | 36,399 | |||
Costs Capitalized Subsequent to acquisition | 587 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,365 | |||
Buildings and Improvements | 36,986 | |||
Total | 42,351 | |||
Accum Deprec | 9,166 | |||
307 Clovis, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 2,542 | |||
Buildings and Improvements | 19,126 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,542 | |||
Buildings and Improvements | 19,126 | |||
Total | 21,668 | |||
Accum Deprec | 2,473 | |||
308 Clovis, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 3,054 | |||
Buildings and Improvements | 14,172 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,054 | |||
Buildings and Improvements | 14,172 | |||
Total | 17,226 | |||
Accum Deprec | 1,762 | |||
279 Corpus Christi, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 880 | |||
Buildings and Improvements | 11,440 | |||
Costs Capitalized Subsequent to acquisition | 296 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 880 | |||
Buildings and Improvements | 11,736 | |||
Total | 12,616 | |||
Accum Deprec | 2,447 | |||
292 De Forest, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 485 | |||
Buildings and Improvements | 5,568 | |||
Costs Capitalized Subsequent to acquisition | 45 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 485 | |||
Buildings and Improvements | 5,613 | |||
Total | 6,098 | |||
Accum Deprec | 1,046 | |||
057 Dodge City, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 84 | |||
Buildings and Improvements | 1,666 | |||
Costs Capitalized Subsequent to acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 84 | |||
Buildings and Improvements | 1,675 | |||
Total | 1,759 | |||
Accum Deprec | 1,115 | |||
083 Durant, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,769 | |||
Costs Capitalized Subsequent to acquisition | 36 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,805 | |||
Total | 1,905 | |||
Accum Deprec | 1,110 | |||
107 Edmond, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,365 | |||
Costs Capitalized Subsequent to acquisition | 636 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,001 | |||
Total | 2,101 | |||
Accum Deprec | 1,172 | |||
163 Ft. Collins, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,961 | |||
Costs Capitalized Subsequent to acquisition | 3,625 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 6,586 | |||
Total | 6,686 | |||
Accum Deprec | 2,925 | |||
170 Ft. Collins, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,400 | |||
Costs Capitalized Subsequent to acquisition | 4,746 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 8,146 | |||
Total | 8,246 | |||
Accum Deprec | 3,372 | |||
132 Ft. Meyers, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,728 | |||
Costs Capitalized Subsequent to acquisition | 37 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,765 | |||
Total | 2,865 | |||
Accum Deprec | 1,642 | |||
315 Ft. Worth, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 1,534 | |||
Buildings and Improvements | 11,099 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,534 | |||
Buildings and Improvements | 11,099 | |||
Total | 12,633 | |||
Accum Deprec | 1,107 | |||
100 Fremont ,OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 132 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,567 | |||
Total | 2,667 | |||
Accum Deprec | 1,585 | |||
267 Frisco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Improvements | 5,154 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 5,154 | |||
Total | 6,154 | |||
Accum Deprec | 1,508 | |||
314 Frisco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 2,216 | |||
Buildings and Improvements | 10,417 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,216 | |||
Buildings and Improvements | 10,417 | |||
Total | 12,633 | |||
Accum Deprec | 1,063 | |||
296 Glenview, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 2,800 | |||
Buildings and Improvements | 14,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,800 | |||
Buildings and Improvements | 14,248 | |||
Total | 17,048 | |||
Accum Deprec | 2,224 | |||
167 Goldsboro, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,385 | |||
Costs Capitalized Subsequent to acquisition | 68 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,453 | |||
Total | 2,553 | |||
Accum Deprec | 1,159 | |||
056 Great Bend, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 80 | |||
Buildings and Improvements | 1,570 | |||
Costs Capitalized Subsequent to acquisition | 21 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 80 | |||
Buildings and Improvements | 1,591 | |||
Total | 1,671 | |||
Accum Deprec | 1,187 | |||
102 Greeley, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,310 | |||
Costs Capitalized Subsequent to acquisition | 480 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,790 | |||
Total | 2,890 | |||
Accum Deprec | 1,598 | |||
284 Green Bay, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Costs Capitalized Subsequent to acquisition | 466 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,545 | |||
Total | 21,205 | |||
Accum Deprec | 3,834 | |||
164 Greenville, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,478 | |||
Costs Capitalized Subsequent to acquisition | 69 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,547 | |||
Total | 2,647 | |||
Accum Deprec | 1,347 | |||
062 Greenville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Costs Capitalized Subsequent to acquisition | 84 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42 | |||
Buildings and Improvements | 1,649 | |||
Total | 1,691 | |||
Accum Deprec | 1,089 | |||
161 Greenwood, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,638 | |||
Costs Capitalized Subsequent to acquisition | 137 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,775 | |||
Total | 2,875 | |||
Accum Deprec | 1,473 | |||
295 Jacksonville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,756 | |||
Costs Capitalized Subsequent to acquisition | 1,056 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 13,812 | |||
Total | 15,201 | |||
Accum Deprec | 2,247 | |||
066 Jacksonville, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 77 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,977 | |||
Total | 2,077 | |||
Accum Deprec | 1,309 | |||
310 Kansas City, MO | ALF | ||||
Initial Cost to Company | ||||
Land | 1,072 | |||
Buildings and Improvements | 15,552 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,072 | |||
Buildings and Improvements | 15,552 | |||
Total | 16,624 | |||
Accum Deprec | 1,660 | |||
285 Kenosha, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Costs Capitalized Subsequent to acquisition | 365 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 12,726 | |||
Total | 13,662 | |||
Accum Deprec | 2,244 | |||
255 Littleton, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 1,882 | |||
Buildings and Improvements | 8,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,882 | |||
Buildings and Improvements | 8,248 | |||
Total | 10,130 | |||
Accum Deprec | 2,057 | |||
268 Littleton, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Improvements | 8,688 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,200 | |||
Buildings and Improvements | 8,688 | |||
Total | 9,888 | |||
Accum Deprec | 2,449 | |||
148 Longmont, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,640 | |||
Costs Capitalized Subsequent to acquisition | 41 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,681 | |||
Total | 2,781 | |||
Accum Deprec | 1,576 | |||
060 Longview, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 127 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 1,695 | |||
Total | 1,733 | |||
Accum Deprec | 1,135 | |||
261 Louisville, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 911 | |||
Buildings and Improvements | 11,703 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 911 | |||
Buildings and Improvements | 11,703 | |||
Total | 12,614 | |||
Accum Deprec | 2,992 | |||
301 Louisville, KY | ALF | ||||
Initial Cost to Company | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,157 | |||
Costs Capitalized Subsequent to acquisition | 123 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,021 | |||
Buildings and Improvements | 13,280 | |||
Total | 14,301 | |||
Accum Deprec | 2,023 | |||
114 Loveland, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,865 | |||
Costs Capitalized Subsequent to acquisition | 293 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,158 | |||
Total | 3,258 | |||
Accum Deprec | 1,915 | |||
068 Lufkin, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to acquisition | 94 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,044 | |||
Total | 2,144 | |||
Accum Deprec | 1,346 | |||
061 Marshall, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 534 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 2,102 | |||
Total | 2,140 | |||
Accum Deprec | 1,420 | |||
293 McHenry, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Costs Capitalized Subsequent to acquisition | 774 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,289 | |||
Buildings and Improvements | 29,750 | |||
Total | 31,039 | |||
Accum Deprec | 5,420 | |||
058 McPherson, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 11 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,582 | |||
Total | 1,661 | |||
Accum Deprec | 1,176 | |||
313 Medford, OR | ALF | ||||
Initial Cost to Company | ||||
Land | 636 | |||
Buildings and Improvements | 17,810 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 636 | |||
Buildings and Improvements | 17,810 | |||
Total | 18,446 | |||
Accum Deprec | 1,134 | |||
316 Medford, OR | ALF | ||||
Initial Cost to Company | ||||
Land | 750 | |||
Buildings and Improvements | 13,650 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 750 | |||
Buildings and Improvements | 13,650 | |||
Total | 14,400 | |||
Accum Deprec | 1,437 | |||
239 Merritt Island, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 550 | |||
Buildings and Improvements | 8,150 | |||
Costs Capitalized Subsequent to acquisition | 100 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 550 | |||
Buildings and Improvements | 8,250 | |||
Total | 8,800 | |||
Accum Deprec | 2,820 | |||
104 Millville, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Costs Capitalized Subsequent to acquisition | 848 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,673 | |||
Total | 3,773 | |||
Accum Deprec | 2,035 | |||
286 Milwaukee, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Costs Capitalized Subsequent to acquisition | 134 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 8,148 | |||
Total | 8,966 | |||
Accum Deprec | 1,530 | |||
231 Monroeville, PA | ALF | ||||
Initial Cost to Company | ||||
Land | 526 | |||
Buildings and Improvements | 5,334 | |||
Costs Capitalized Subsequent to acquisition | 439 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 526 | |||
Buildings and Improvements | 5,773 | |||
Total | 6,299 | |||
Accum Deprec | 2,169 | |||
280 Merrells Inlet, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 2,490 | |||
Buildings and Improvements | 14,185 | |||
Costs Capitalized Subsequent to acquisition | 59 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,490 | |||
Buildings and Improvements | 14,244 | |||
Total | 16,734 | |||
Accum Deprec | 2,840 | |||
294 Murrieta, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 2,022 | |||
Buildings and Improvements | 11,136 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,022 | |||
Buildings and Improvements | 11,136 | |||
Total | 13,158 | |||
Accum Deprec | 2,270 | |||
289 Neenah, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 694 | |||
Buildings and Improvements | 20,839 | |||
Costs Capitalized Subsequent to acquisition | 251 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 694 | |||
Buildings and Improvements | 21,090 | |||
Total | 21,784 | |||
Accum Deprec | 3,763 | |||
166 New Bern, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,427 | |||
Costs Capitalized Subsequent to acquisition | 7 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,434 | |||
Total | 2,534 | |||
Accum Deprec | 1,197 | |||
118 Newark, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 323 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,758 | |||
Total | 2,858 | |||
Accum Deprec | 1,608 | |||
143 Niceville, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,680 | |||
Costs Capitalized Subsequent to acquisition | 66 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,746 | |||
Total | 2,846 | |||
Accum Deprec | 1,603 | |||
095 Norfolk, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,123 | |||
Costs Capitalized Subsequent to acquisition | 311 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,434 | |||
Total | 2,534 | |||
Accum Deprec | 1,455 | |||
302 Overland Park, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,951 | |||
Buildings and Improvements | 11,882 | |||
Costs Capitalized Subsequent to acquisition | 281 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,951 | |||
Buildings and Improvements | 12,163 | |||
Total | 14,114 | |||
Accum Deprec | 2,121 | |||
232 Pittsburgh, PA | ALF | ||||
Initial Cost to Company | ||||
Land | 470 | |||
Buildings and Improvements | 2,615 | |||
Costs Capitalized Subsequent to acquisition | 360 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 470 | |||
Buildings and Improvements | 2,975 | |||
Total | 3,445 | |||
Accum Deprec | 1,193 | |||
165 Rocky Mount, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,494 | |||
Costs Capitalized Subsequent to acquisition | 222 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,716 | |||
Total | 2,816 | |||
Accum Deprec | 1,278 | |||
059 Salina, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 165 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,736 | |||
Total | 1,815 | |||
Accum Deprec | 1,188 | |||
084 San Antonio, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 13 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,913 | |||
Total | 2,013 | |||
Accum Deprec | 1,190 | |||
092 San Antonio, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,055 | |||
Costs Capitalized Subsequent to acquisition | 393 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,448 | |||
Total | 2,548 | |||
Accum Deprec | 1,293 | |||
288 Sheboygan, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,382 | |||
Costs Capitalized Subsequent to acquisition | 320 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,702 | |||
Total | 6,870 | |||
Accum Deprec | 1,196 | |||
149 Shelby, NC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,805 | |||
Costs Capitalized Subsequent to acquisition | 190 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,995 | |||
Total | 3,095 | |||
Accum Deprec | 1,685 | |||
312 Spartanburg, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 254 | |||
Buildings and Improvements | 9,906 | |||
Costs Capitalized Subsequent to acquisition | 1,520 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 254 | |||
Buildings and Improvements | 11,426 | |||
Total | 11,680 | |||
Accum Deprec | 2,048 | |||
150 Spring Hill, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,650 | |||
Costs Capitalized Subsequent to acquisition | 57 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,707 | |||
Total | 2,807 | |||
Accum Deprec | 1,586 | |||
103 Springfield, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,035 | |||
Costs Capitalized Subsequent to acquisition | 337 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,372 | |||
Total | 2,472 | |||
Accum Deprec | 1,422 | |||
321 Sterling Heights, MI | ALF | ||||
Initial Cost to Company | ||||
Land | 1,133 | |||
Buildings and Improvements | 11,487 | |||
Costs Capitalized Subsequent to acquisition | 1,111 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,133 | |||
Buildings and Improvements | 12,598 | |||
Total | 13,731 | |||
Accum Deprec | 1,077 | |||
162 Sumter, SC | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,351 | |||
Costs Capitalized Subsequent to acquisition | 576 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,927 | |||
Total | 3,027 | |||
Accum Deprec | 1,273 | |||
140 Tallahassee, FL | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,075 | |||
Costs Capitalized Subsequent to acquisition | 102 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,177 | |||
Total | 3,277 | |||
Accum Deprec | 1,841 | |||
098 Tiffin, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,735 | |||
Total | 2,835 | |||
Accum Deprec | 1,588 | |||
282 Tinley Park, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 702 | |||
Buildings and Improvements | 11,481 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 702 | |||
Buildings and Improvements | 11,481 | |||
Total | 12,183 | |||
Accum Deprec | 2,308 | |||
088 Troy, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 619 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,054 | |||
Total | 3,154 | |||
Accum Deprec | 1,829 | |||
080 Tulsa, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Improvements | 1,650 | |||
Costs Capitalized Subsequent to acquisition | 14 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 200 | |||
Buildings and Improvements | 1,664 | |||
Total | 1,864 | |||
Accum Deprec | 1,041 | |||
093 Tulsa, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,395 | |||
Costs Capitalized Subsequent to acquisition | 23 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,418 | |||
Total | 2,518 | |||
Accum Deprec | 1,491 | |||
238 Tupelo, MS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,170 | |||
Buildings and Improvements | 8,230 | |||
Costs Capitalized Subsequent to acquisition | 30 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,170 | |||
Buildings and Improvements | 8,260 | |||
Total | 9,430 | |||
Accum Deprec | 2,901 | |||
075 Tyler, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,800 | |||
Costs Capitalized Subsequent to acquisition | 85 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,885 | |||
Total | 1,985 | |||
Accum Deprec | 1,146 | |||
202 Vacaville, CA | ALF | ||||
Initial Cost to Company | ||||
Land | 1,662 | |||
Buildings and Improvements | 11,634 | |||
Costs Capitalized Subsequent to acquisition | 3,002 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,662 | |||
Buildings and Improvements | 14,636 | |||
Total | 16,298 | |||
Accum Deprec | 7,428 | |||
091 Waco, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,235 | |||
Costs Capitalized Subsequent to acquisition | 677 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,912 | |||
Total | 3,012 | |||
Accum Deprec | 1,420 | |||
096 Wahoo, NE | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Costs Capitalized Subsequent to acquisition | 166 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,484 | |||
Total | 2,584 | |||
Accum Deprec | 1,546 | |||
108 Watauga, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,668 | |||
Costs Capitalized Subsequent to acquisition | 18 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,686 | |||
Total | 1,786 | |||
Accum Deprec | 1,033 | |||
109 Weatherford, OK | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,669 | |||
Costs Capitalized Subsequent to acquisition | 611 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,280 | |||
Total | 2,380 | |||
Accum Deprec | 1,392 | |||
309 West Chester, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,553 | |||
Costs Capitalized Subsequent to acquisition | 212 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,355 | |||
Buildings and Improvements | 13,765 | |||
Total | 16,120 | |||
Accum Deprec | 1,803 | |||
276 Westminster, CO | ALF | ||||
Initial Cost to Company | ||||
Land | 1,425 | |||
Buildings and Improvements | 9,575 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,425 | |||
Buildings and Improvements | 9,575 | |||
Total | 11,000 | |||
Accum Deprec | 2,403 | |||
110 Wheelersburg, OH | ALF | ||||
Initial Cost to Company | ||||
Land | 29 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 260 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 29 | |||
Buildings and Improvements | 2,695 | |||
Total | 2,724 | |||
Accum Deprec | 1,620 | |||
303 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 1,422 | |||
Buildings and Improvements | 9,957 | |||
Costs Capitalized Subsequent to acquisition | 285 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,422 | |||
Buildings and Improvements | 10,242 | |||
Total | 11,664 | |||
Accum Deprec | 1,836 | |||
259 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 730 | |||
Costs Capitalized Subsequent to acquisition | 9,682 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 730 | |||
Buildings and Improvements | 9,682 | |||
Total | 10,412 | |||
Accum Deprec | 2,698 | |||
283 Wichita, KS | ALF | ||||
Initial Cost to Company | ||||
Land | 624 | |||
Buildings and Improvements | 13,846 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 624 | |||
Buildings and Improvements | 13,846 | |||
Total | 14,470 | |||
Accum Deprec | 2,053 | |||
076 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Costs Capitalized Subsequent to acquisition | 10 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,860 | |||
Total | 1,960 | |||
Accum Deprec | 1,173 | |||
120 Wichita Falls, TX | ALF | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to acquisition | 131 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,881 | |||
Total | 2,981 | |||
Accum Deprec | 1,765 | |||
265 Williamstown, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 711 | |||
Buildings and Improvements | 6,637 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 711 | |||
Buildings and Improvements | 6,637 | |||
Total | 7,348 | |||
Accum Deprec | 1,822 | |||
264 Williamstown, NJ | ALF | ||||
Initial Cost to Company | ||||
Land | 711 | |||
Buildings and Improvements | 8,649 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 711 | |||
Buildings and Improvements | 8,649 | |||
Total | 9,360 | |||
Accum Deprec | 2,197 | |||
297 Las Vegas, NV | School | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Costs Capitalized Subsequent to acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 8,452 | |||
Total | 10,417 | |||
Accum Deprec | 1,395 | |||
271 Howell, MI | Land | ||||
Initial Cost to Company | ||||
Land | 420 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 420 | |||
Total | 420 | |||
272 Milford, MI | Land | ||||
Initial Cost to Company | ||||
Land | 450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 450 | |||
Total | 450 | |||
275 Yale, MI | Land | ||||
Initial Cost to Company | ||||
Land | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 73 | |||
Total | 73 | |||
305 Union, KY | SNF | ||||
Initial Cost to Company | ||||
Land | 858 | |||
Buildings and Improvements | 24,116 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 858 | |||
Buildings and Improvements | 24,116 | |||
Total | 24,974 | |||
Accum Deprec | 2,560 | |||
311 Cedarburg, WI | ALF | ||||
Initial Cost to Company | ||||
Land | 924 | |||
Buildings and Improvements | 21,083 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 924 | |||
Buildings and Improvements | 21,083 | |||
Total | 22,007 | |||
Accum Deprec | 2,253 | |||
306 Oaklawn, IL | ALF | ||||
Initial Cost to Company | ||||
Land | 1,591 | |||
Buildings and Improvements | 13,772 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,591 | |||
Buildings and Improvements | 13,772 | |||
Total | 15,363 | |||
Accum Deprec | $ 1,814 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Real Estate and Accumulated Depreciation | |
Aggregate cost basis for Federal income tax purposes | $ 1,413,709 |
Computer Equipment | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 3 years |
Computer Equipment | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 5 years |
Furniture and Fixtures | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 5 years |
Furniture and Fixtures | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 15 years |
Building | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 35 years |
Building | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 50 years |
Site Improvements | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 10 years |
Site Improvements | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 20 years |
Building Improvements | Minimum | |
Real Estate and Accumulated Depreciation | |
Useful life | 10 years |
Building Improvements | Maximum | |
Real Estate and Accumulated Depreciation | |
Useful life | 50 years |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Carrying cost | |||
Balance at beginning of period | $ 1,452,001 | $ 1,484,571 | $ 1,421,456 |
Acquisitions | 13,581 | 58,414 | |
Improvements | 6,298 | 23,612 | 23,363 |
Capitalized interest | 354 | 608 | |
Cost of real estate sold | (49,742) | (66,140) | (19,270) |
Impairment loss from real estate investments | (3,977) | ||
Ending balance | 1,408,557 | 1,452,001 | 1,484,571 |
Accumulated depreciation | |||
Balance at beginning of period | 349,643 | 347,755 | 314,875 |
Depreciation expense | 38,192 | 38,945 | 39,094 |
Cost of real estate sold | (13,229) | (37,057) | (6,214) |
Ending balance | $ 374,606 | $ 349,643 | $ 347,755 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)propertyitem | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Mortgage loans on real estate | ||||
Number of properties | property | 37 | |||
Number of beds/units | item | 3,507 | |||
Balloon Amount | $ 321,596 | |||
Current Monthly Debt Service | 2,772 | |||
Face amount of originated mortgages | 353,101 | |||
Carrying Amount of Mortgages | 344,442 | $ 257,251 | $ 254,099 | $ 242,939 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Number of Assisted Communities | item | 13 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | Property with 1875 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 15 | |||
Number of beds/units | item | 1,875 | |||
Interest rate (as a percent) | 10.40% | |||
Balloon Amount | $ 163,214 | |||
Current Monthly Debt Service | 1,596 | |||
Face amount of originated mortgages | 190,214 | |||
Carrying Amount of Mortgages | $ 183,510 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 501 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 4 | |||
Number of beds/units | item | 501 | |||
Interest rate (as a percent) | 9.50% | |||
Balloon Amount | $ 35,539 | |||
Current Monthly Debt Service | 309 | |||
Face amount of originated mortgages | 39,369 | |||
Carrying Amount of Mortgages | $ 38,749 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 146 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 146 | |||
Interest rate (as a percent) | 9.60% | |||
Balloon Amount | $ 14,325 | |||
Current Monthly Debt Service | 122 | |||
Face amount of originated mortgages | 15,000 | |||
Carrying Amount of Mortgages | $ 14,751 | |||
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 205 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 2 | |||
Number of beds/units | item | 205 | |||
Interest rate (as a percent) | 9.60% | |||
Balloon Amount | $ 19,750 | |||
Current Monthly Debt Service | 158 | |||
Face amount of originated mortgages | 19,750 | |||
Carrying Amount of Mortgages | 19,552 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 68 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 68 | |||
Interest rate (as a percent) | 7.80% | |||
Balloon Amount | $ 11,880 | |||
Current Monthly Debt Service | 82 | |||
Face amount of originated mortgages | 11,880 | |||
Carrying Amount of Mortgages | 11,761 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Louisiana | Mortgage Loans on Real Estate Maturing in 2024 | Property with 189 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 189 | |||
Interest rate (as a percent) | 7.50% | |||
Balloon Amount | $ 27,101 | |||
Current Monthly Debt Service | 172 | |||
Face amount of originated mortgages | 27,101 | |||
Carrying Amount of Mortgages | 26,830 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Missouri | Mortgage Loans on Real Estate Maturing in 2022 | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 7.50% | |||
Balloon Amount | $ 1,780 | |||
Current Monthly Debt Service | 11 | |||
Face amount of originated mortgages | 1,780 | |||
Carrying Amount of Mortgages | 1,762 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
North Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 478 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 12 | |||
Number of beds/units | item | 478 | |||
Interest rate (as a percent) | 7.30% | |||
Balloon Amount | $ 43,876 | |||
Current Monthly Debt Service | 322 | |||
Face amount of originated mortgages | 43,876 | |||
Carrying Amount of Mortgages | 43,437 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
South Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 45 Beds/Units | ||||
Mortgage loans on real estate | ||||
Number of properties | property | 1 | |||
Number of beds/units | item | 45 | |||
Interest rate (as a percent) | 7.30% | |||
Balloon Amount | $ 4,131 | |||
Face amount of originated mortgages | 4,131 | |||
Carrying Amount of Mortgages | 4,090 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Minimum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 4.00% | |||
Maximum | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 8.00% | |||
Mortgage Loans | ||||
Mortgage loans on real estate | ||||
Interest rate (as a percent) | 2.25% | |||
Loan Term | 30 years |
SCHEDULE IV MORTGAGE LOANS ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)loan | |
Mortgage loans on real estate | |
Original loan amounts | $ 353,101 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 1 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 500 |
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | $ 2,000 |
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 2,001 |
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | $ 3,000 |
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 3,001 |
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | $ 4,000 |
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 4,001 |
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | $ 5,000 |
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 5,001 |
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | $ 6,000 |
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 0 |
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 6,001 |
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Maximum | |
Mortgage loans on real estate | |
Original loan amounts | $ 7,000 |
First-lien mortgage loans | Mortgage Loans over 7,000,000 | |
Mortgage loans on real estate | |
Number of Loans | loan | 7 |
First-lien mortgage loans | Mortgage Loans over 7,000,000 | Minimum | |
Mortgage loans on real estate | |
Original loan amounts | $ 7,001 |
SCHEDULE IV MORTGAGE LOANS ON_4
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $ 257,251 | $ 254,099 | $ 242,939 |
New mortgage loans | 88,415 | 7,500 | |
Other additions | 540 | 4,253 | 4,842 |
Application of interest reserve | 298 | ||
Amortization of mortgage premium | (6) | (4) | (4) |
Collections of principal | (1,175) | (1,065) | (1,065) |
Loan loss reserve | (881) | (32) | (113) |
Balance at the end of the period | $ 344,442 | $ 257,251 | $ 254,099 |