Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | OMEGA HEALTHCARE INVESTORS, INC. | ||
Entity Central Index Key | 0000888491 | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity File Number | 1-11316 | ||
Entity Tax Identification Number | 38-3041398 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock Shares Outstanding | 226,809,863 | ||
Entity Public Float | $ 7,941,285,634 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Address, Address Line One | 303 International Circle, Suite 200 | ||
Entity Address, City or Town | Hunt Valley | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21030 | ||
City Area Code | 410 | ||
Local Phone Number | 427-1700 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | OHI | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Omega OP | |||
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0001639315 | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 333-203447-11 | ||
Entity Tax Identification Number | 36-4796206 | ||
Entity Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Address, Address Line One | 303 International Circle, Suite 200 | ||
Entity Address, City or Town | Hunt Valley | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21030 | ||
City Area Code | 410 | ||
Local Phone Number | 427-1700 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate properties | ||
Real estate investments | $ 8,985,994 | $ 7,746,410 |
Less accumulated depreciation | (1,787,425) | (1,562,619) |
Real estate investments - net | 7,198,569 | 6,183,791 |
Investments in direct financing leases - net | 11,488 | 132,262 |
Mortgage notes receivable - net | 773,563 | 710,858 |
Total | 7,983,620 | 7,026,911 |
Other investments | 419,228 | 504,626 |
Investments in unconsolidated joint ventures | 199,884 | 31,045 |
Assets held for sale - net | 4,922 | 989 |
Total investments | 8,607,654 | 7,563,571 |
Cash and cash equivalents | 24,117 | 10,300 |
Restricted cash | 9,263 | 1,371 |
Contractual receivables - net | 27,122 | 33,826 |
Other receivables and lease inducements | 381,091 | 313,551 |
Goodwill | 644,415 | 643,950 |
Other assets | 102,462 | 24,308 |
Total assets | 9,796,124 | 8,590,877 |
LIABILITIES AND EQUITY | ||
Revolving line of credit | 125,000 | 313,000 |
Term loans - net | 804,738 | 898,726 |
Secured borrowings | 389,680 | |
Senior notes and other unsecured borrowings - net | 3,816,722 | 3,328,896 |
Accrued expenses and other liabilities | 312,040 | 272,172 |
Deferred income taxes | 11,350 | 13,599 |
Total liabilities | 5,459,530 | 4,826,393 |
Equity: | ||
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 226,631 shares as of December 31, 2019 and 202,346 as of December 31, 2018 | 22,663 | 20,235 |
Common stock - additional paid-in capital | 5,992,733 | 5,074,544 |
Cumulative net earnings | 2,463,436 | 2,130,511 |
Cumulative dividends paid | (4,303,546) | (3,739,197) |
Accumulated other comprehensive loss | (39,858) | (41,652) |
Total stockholders' equity | 4,135,428 | 3,444,441 |
Noncontrolling interest | 201,166 | 320,043 |
Total equity | 4,336,594 | 3,764,484 |
Owners' Equity: | ||
Total liabilities and equity | 9,796,124 | 8,590,877 |
Omega OP | ||
Real estate properties | ||
Real estate investments | 8,985,994 | 7,746,410 |
Less accumulated depreciation | (1,787,425) | (1,562,619) |
Real estate investments - net | 7,198,569 | 6,183,791 |
Investments in direct financing leases - net | 11,488 | 132,262 |
Mortgage notes receivable - net | 773,563 | 710,858 |
Total | 7,983,620 | 7,026,911 |
Other investments | 419,228 | 504,626 |
Investments in unconsolidated joint ventures | 199,884 | 31,045 |
Assets held for sale - net | 4,922 | 989 |
Total investments | 8,607,654 | 7,563,571 |
Cash and cash equivalents | 24,117 | 10,300 |
Restricted cash | 9,263 | 1,371 |
Contractual receivables - net | 27,122 | 33,826 |
Other receivables and lease inducements | 381,091 | 313,551 |
Goodwill | 644,415 | 643,950 |
Other assets | 102,462 | 24,308 |
Total assets | 9,796,124 | 8,590,877 |
LIABILITIES AND EQUITY | ||
Term loans - net | 74,763 | 99,553 |
Secured borrowings | 389,680 | |
Accrued expenses and other liabilities | 245,406 | 211,277 |
Deferred income taxes | 11,350 | 13,599 |
Intercompany loans payable | 4,738,331 | 4,501,964 |
Total liabilities | 5,459,530 | 4,826,393 |
Owners' Equity: | ||
General partners' equity | 4,135,428 | 3,444,441 |
Limited partners' equity | 200,950 | 320,043 |
Total owners' equity | 4,336,378 | 3,764,484 |
Noncontrolling interest | 216 | |
Total equity | 4,336,594 | 3,764,484 |
Total liabilities and equity | $ 9,796,124 | $ 8,590,877 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 350,000 | 350,000 |
Common stock, shares issued | 226,631 | 202,346 |
Common stock, shares outstanding | 226,631 | 202,346 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||
Rental income | $ 804,076 | $ 767,340 | $ 775,176 |
Income from direct financing leases | 1,036 | 1,636 | 32,336 |
Mortgage interest income | 76,542 | 70,312 | 66,202 |
Other investment income | 43,400 | 40,228 | 29,225 |
Miscellaneous income | 3,776 | 2,166 | 5,446 |
Total operating revenues | 928,830 | 881,682 | 908,385 |
Expenses | |||
Depreciation and amortization | 301,683 | 281,279 | 287,591 |
General and administrative | 57,869 | 63,508 | 47,683 |
Real estate taxes | 14,933 | ||
Acquisition and merger related costs | 5,115 | 383 | |
Impairment on real estate properties | 45,264 | 29,839 | 99,070 |
Impairment on direct financing leases | 7,917 | 27,168 | 198,199 |
Provision for uncollectible accounts | 6,689 | 14,580 | |
Total operating expenses | 432,781 | 408,866 | 647,123 |
Other operating income (loss) | |||
Gain on assets sold - net | 55,696 | 24,774 | 53,912 |
Operating income | 551,745 | 497,590 | 315,174 |
Other operating (loss) income | |||
Interest income and other - net | 856 | 313 | 267 |
Interest expense | (199,151) | (192,462) | (188,762) |
Interest - amortization of deferred financing costs | (9,564) | (8,960) | (9,516) |
Interest - refinancing costs | (21,965) | ||
Contractual settlement | 10,412 | ||
Realized (loss) gain on foreign exchange | (42) | 32 | 311 |
Interest and Other Income, Total | (207,901) | (201,077) | (209,253) |
Income tax expense | (2,844) | (3,010) | (3,248) |
Income from continuing operations | 343,844 | 296,513 | 105,921 |
Income from unconsolidated joint ventures | 10,947 | 381 | 2,237 |
Net income | 351,947 | 293,884 | 104,910 |
Net income attributable to noncontrolling interest | (10,824) | (12,306) | (4,491) |
Net income available to common stockholders/owners | $ 341,123 | $ 281,578 | $ 100,419 |
Basic: | |||
Net income available to common stockholders | $ 1.60 | $ 1.41 | $ 0.51 |
Diluted: | |||
Net income | $ 1.58 | $ 1.40 | $ 0.51 |
Weighted-average shares outstanding, Basic and Diluted | |||
Weighted-average shares outstanding, basic (in shares) | 213,404 | 200,279 | 197,738 |
Weighted-average shares outstanding, diluted (in shares) | 222,125 | 209,711 | 206,790 |
Omega OP | |||
Revenue | |||
Rental income | $ 804,076 | $ 767,340 | $ 775,176 |
Income from direct financing leases | 1,036 | 1,636 | 32,336 |
Mortgage interest income | 76,542 | 70,312 | 66,202 |
Other investment income | 43,400 | 40,228 | 29,225 |
Miscellaneous income | 3,776 | 2,166 | 5,446 |
Total operating revenues | 928,830 | 881,682 | 908,385 |
Expenses | |||
Depreciation and amortization | 301,683 | 281,279 | 287,591 |
General and administrative | 57,869 | 63,508 | 47,683 |
Real estate taxes | 14,933 | ||
Acquisition and merger related costs | 5,115 | 383 | |
Impairment on real estate properties | 45,264 | 29,839 | 99,070 |
Impairment on direct financing leases | 7,917 | 27,168 | 198,199 |
Provision for uncollectible accounts | 6,689 | 14,580 | |
Total operating expenses | 432,781 | 408,866 | 647,123 |
Other operating income (loss) | |||
Gain on assets sold - net | 55,696 | 24,774 | 53,912 |
Operating income | 551,745 | 497,590 | 315,174 |
Other operating (loss) income | |||
Interest income and other - net | 856 | 313 | 267 |
Interest expense | (199,151) | (192,462) | (188,762) |
Interest - amortization of deferred financing costs | (9,564) | (8,960) | (9,516) |
Interest - refinancing costs | (21,965) | ||
Contractual settlement | 10,412 | ||
Realized (loss) gain on foreign exchange | (42) | 32 | 311 |
Interest and Other Income, Total | (207,901) | (201,077) | (209,253) |
Income tax expense | (2,844) | (3,010) | (3,248) |
Income from continuing operations | 343,844 | 296,513 | 105,921 |
Income from unconsolidated joint ventures | 10,947 | 381 | 2,237 |
Net income | 351,947 | 293,884 | 104,910 |
Net income attributable to noncontrolling interest | 12 | ||
Net income available to common stockholders/owners | $ 351,959 | $ 293,884 | $ 104,910 |
Net income (loss) available to Omega OP Unit holders: | |||
Net income available to owners' | $ 1.60 | $ 1.41 | $ 0.51 |
Diluted: | |||
Net income | $ 1.58 | $ 1.40 | $ 0.51 |
Weighted-average shares outstanding, Basic and Diluted | |||
Weighted-average shares outstanding, basic (in shares) | 220,193 | 209,020 | 206,521 |
Weighted-average shares outstanding, diluted (in shares) | 222,125 | 209,711 | 206,790 |
Weighted-average Omega OP Units outstanding, basic (in shares) | 220,193 | 209,020 | 206,521 |
Weighted-average Omega OP Units outstanding, diluted (in shares) | 222,125 | 209,711 | 206,790 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 351,947 | $ 293,884 | $ 104,910 |
Other comprehensive income (loss): | |||
Foreign currency translation | 8,114 | (14,532) | 21,845 |
Cash flow hedges | (6,363) | 2,531 | 2,883 |
Total other comprehensive income (loss) | 1,751 | (12,001) | 24,728 |
Comprehensive income | 353,698 | 281,883 | 129,638 |
Comprehensive (income) loss attributable to noncontrolling interest | (10,781) | (11,807) | (5,542) |
Comprehensive income attributable to common stockholders/owners | 342,917 | 270,076 | 124,096 |
Omega OP | |||
Net income | 351,947 | 293,884 | 104,910 |
Other comprehensive income (loss): | |||
Foreign currency translation | 8,114 | (14,532) | 21,845 |
Cash flow hedges | (6,363) | 2,531 | 2,883 |
Total other comprehensive income (loss) | 1,751 | (12,001) | 24,728 |
Comprehensive income | 353,698 | 281,883 | 129,638 |
Comprehensive (income) loss attributable to noncontrolling interest | 12 | ||
Comprehensive income attributable to common stockholders/owners | $ 353,710 | $ 281,883 | $ 129,638 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Omega OPTotal Stockholders' Equity [Member] | Omega OPAccumulated Other Comprehensive Loss | Omega OPNoncontrolling Interest | Omega OP | Total Stockholders' Equity [Member]Scenario, Previously Reported [Member] | Total Stockholders' Equity [Member] | Common StockScenario, Previously Reported [Member] | Common Stock | Additional Paid-in CapitalScenario, Previously Reported [Member] | Additional Paid-in Capital | Cumulative Net EarningsScenario, Previously Reported [Member] | Cumulative Net Earnings | Cumulative DividendsScenario, Previously Reported [Member] | Cumulative Dividends | Accumulated Other Comprehensive LossScenario, Previously Reported [Member] | Accumulated Other Comprehensive Loss | Noncontrolling InterestScenario, Previously Reported [Member] | Noncontrolling Interest | Scenario, Previously Reported [Member] | Total |
Beginning balance at Dec. 31, 2016 | $ 3,858,745 | $ 19,614 | $ 4,861,408 | $ 1,738,937 | $ (2,707,387) | $ (53,827) | $ 353,241 | $ 4,211,986 | ||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Grant of restricted stock to company directors | 3 | (3) | ||||||||||||||||||
Stock-based compensation expense | 15,212 | 15,212 | 15,212 | |||||||||||||||||
Vesting/exercising of equity compensation plan | (2,143) | 12 | (2,155) | (2,143) | ||||||||||||||||
Dividend reinvestment plan | 36,722 | 120 | 36,602 | 36,722 | ||||||||||||||||
Grant of stock as payment of directors fees | 150 | 1 | 149 | 150 | ||||||||||||||||
Deferred compensation directors | 108 | 108 | 108 | |||||||||||||||||
Equity Shelf Program | 22,120 | 72 | 22,048 | 22,120 | ||||||||||||||||
Common dividends declared | (502,861) | (502,861) | (502,861) | |||||||||||||||||
Conversion of Omega OP Units to common stock | 2,942 | 9 | 2,933 | 2,942 | ||||||||||||||||
Redemption of Omega OP Units to common stock | (2,990) | (2,990) | ||||||||||||||||||
Omega OP Units distributions | (22,626) | (22,626) | ||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation | $ 21,845 | $ 21,845 | 20,916 | 20,916 | 929 | 21,845 | ||||||||||||||
Cash flow hedges | 2,883 | 2,883 | 2,761 | 2,761 | 122 | 2,883 | ||||||||||||||
Net income | 104,910 | 104,910 | 100,419 | 100,419 | 4,491 | 104,910 | ||||||||||||||
Total comprehensive income | 129,638 | 129,638 | 129,638 | |||||||||||||||||
Balance , ending at Dec. 31, 2017 | $ (31,640) | $ 3,555,091 | 3,564,668 | $ 19,831 | 19,831 | $ 4,936,302 | 4,936,302 | $ 1,839,356 | 1,848,933 | $ (3,210,248) | (3,210,248) | $ (30,150) | (30,150) | $ 333,167 | 333,590 | $ 3,888,258 | 3,898,258 | |||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Cumulative effect of accounting change | 10,000 | 10,000 | 9,577 | 9,577 | 423 | 10,000 | ||||||||||||||
Grant of restricted stock to company directors | 4 | (4) | ||||||||||||||||||
Stock-based compensation expense | 15,987 | 15,987 | 15,987 | |||||||||||||||||
Vesting/exercising of equity compensation plan, net of tax withholdings | (1,654) | 9 | (1,663) | (1,654) | ||||||||||||||||
Dividend reinvestment plan | 46,801 | 155 | 46,646 | 46,801 | ||||||||||||||||
Deferred compensation directors | 253 | 3 | 250 | 253 | ||||||||||||||||
Equity Shelf Program | 75,532 | 228 | 75,304 | 75,532 | ||||||||||||||||
Common dividends declared | (528,949) | (528,949) | (528,949) | |||||||||||||||||
Conversion of Omega OP Units to common stock | 1,727 | 5 | 1,722 | 1,727 | ||||||||||||||||
Redemption of Omega OP Units to common stock | (1,861) | (1,861) | ||||||||||||||||||
Omega OP Units distributions | (23,493) | (23,493) | ||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation | (14,532) | (14,532) | (13,924) | (13,924) | (608) | (14,532) | ||||||||||||||
Cash flow hedges | 2,531 | 2,531 | 2,422 | 2,422 | 109 | 2,531 | ||||||||||||||
Net income | 293,884 | 293,884 | 281,578 | 281,578 | 12,306 | 293,884 | ||||||||||||||
Total comprehensive income | 281,883 | 281,883 | 281,883 | |||||||||||||||||
Balance , ending at Dec. 31, 2018 | (43,640) | 3,444,441 | 20,235 | 5,074,544 | 2,130,511 | (3,739,197) | (41,652) | 320,043 | 3,764,484 | |||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Cumulative effect of accounting change | (8,490) | (8,490) | ||||||||||||||||||
Grant of restricted stock to company directors | 2 | (2) | ||||||||||||||||||
Stock-based compensation expense | 14,871 | 14,871 | 14,871 | |||||||||||||||||
Vesting/exercising of equity compensation plan, net of tax withholdings | (4,318) | 15 | (4,333) | (4,318) | ||||||||||||||||
Dividend reinvestment plan | 115,051 | 304 | 114,747 | 115,051 | ||||||||||||||||
Deferred compensation directors | 222 | 222 | 222 | |||||||||||||||||
Equity Shelf Program | 108,996 | 313 | 108,683 | 108,996 | ||||||||||||||||
Issuance of common stock - merger-related | 281,628 | 748 | 280,880 | 281,628 | ||||||||||||||||
Issuance of common stock | 295,867 | 750 | 295,117 | 295,867 | ||||||||||||||||
Common dividends declared | (564,349) | (564,349) | (564,349) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (6,648) | (6,648) | 6,648 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 114,948 | 296 | 114,652 | (114,948) | ||||||||||||||||
Omega OP Units distributions | (21,294) | (21,294) | ||||||||||||||||||
Noncontrolling interest - consolidated joint venture | $ 228 | 228 | 228 | 228 | ||||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation | 8,114 | 8,114 | 7,931 | 7,931 | 183 | 8,114 | ||||||||||||||
Cash flow hedges | (6,363) | (6,363) | (6,137) | (6,137) | (226) | (6,363) | ||||||||||||||
Net income | 351,959 | $ (12) | 351,947 | 341,123 | 341,123 | 10,824 | 351,947 | |||||||||||||
Total comprehensive income | $ 353,710 | $ 353,698 | 353,698 | |||||||||||||||||
Balance , ending at Dec. 31, 2019 | $ (41,889) | 4,135,428 | $ 22,663 | $ 5,992,733 | 2,463,436 | $ (4,303,546) | $ (39,858) | 201,166 | 4,336,594 | |||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Cumulative effect of accounting change | $ (8,198) | $ (8,198) | $ (292) | $ (8,490) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Dividend Per Common Share | $ 2.650 | $ 2.640 | $ 2.540 |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN OWNERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total Stockholders' Equity [Member]Omega OPScenario, Previously Reported [Member] | Total Stockholders' Equity [Member]Omega OP | Total Stockholders' Equity [Member] | Noncontrolling InterestOmega OP | Noncontrolling Interest | General PartnerOmega OPScenario, Previously Reported [Member] | General PartnerOmega OP | Limited PartnerOmega OPScenario, Previously Reported [Member] | Limited PartnerOmega OP | Omega OPScenario, Previously Reported [Member] | Omega OP | Total |
Balance, beginning at Dec. 31, 2016 | $ 4,211,986 | $ 3,858,745 | $ 353,241 | $ 4,211,986 | ||||||||
Balance (in units) at Dec. 31, 2016 | 196,142 | 8,862 | 205,004 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Contributions from partners | 75,111 | $ 75,111 | $ 75,111 | |||||||||
Contributions from partners (in units) | 2,167 | 2,167 | ||||||||||
Distributions to partners | (525,487) | $ (502,861) | $ (22,626) | $ (525,487) | ||||||||
Omega OP Unit conversions | (2,990) | $ (2,990) | $ (2,990) | |||||||||
Omega OP Unit conversions (in units) | (90) | (90) | ||||||||||
Comprehensive income: | ||||||||||||
Foreign currency translation | 21,845 | $ 20,916 | $ 929 | 20,916 | $ 929 | $ 21,845 | $ 21,845 | |||||
Cash flow hedges | 2,883 | 2,761 | 122 | 2,761 | 122 | 2,883 | 2,883 | |||||
Net income | 104,910 | 100,419 | 4,491 | 100,419 | 4,491 | 104,910 | 104,910 | |||||
Total comprehensive income | 129,638 | 129,638 | 129,638 | |||||||||
Balance, ending at Dec. 31, 2017 | $ 3,888,258 | 3,898,258 | $ 3,555,091 | $ 3,564,668 | $ 333,167 | $ 333,590 | $ 3,888,258 | $ 3,898,258 | ||||
Balance (in units) at Dec. 31, 2017 | 198,309 | 198,309 | 8,772 | 8,772 | 207,081 | 207,081 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Cumulative effect of accounting change (see Note 2) | 10,000 | 9,577 | 423 | $ 9,577 | $ 423 | $ 10,000 | 10,000 | |||||
Contributions from partners | 138,646 | $ 138,646 | $ 138,646 | |||||||||
Contributions from partners (in units) | 4,037 | 4,037 | ||||||||||
Distributions to partners | (552,442) | $ (528,949) | (23,493) | $ (552,442) | ||||||||
Omega OP Unit conversions | (1,861) | $ (1,861) | $ (1,861) | |||||||||
Omega OP Unit conversions (in units) | (58) | (58) | ||||||||||
Comprehensive income: | ||||||||||||
Foreign currency translation | (14,532) | (13,924) | (608) | (13,924) | $ (608) | $ (14,532) | (14,532) | |||||
Cash flow hedges | 2,531 | 2,422 | 109 | 2,422 | 109 | 2,531 | 2,531 | |||||
Net income | 293,884 | 281,578 | 12,306 | 281,578 | 12,306 | 293,884 | 293,884 | |||||
Total comprehensive income | 281,883 | 281,883 | 281,883 | |||||||||
Balance, ending at Dec. 31, 2018 | 3,764,484 | $ 3,444,441 | $ 320,043 | $ 3,764,484 | ||||||||
Balance (in units) at Dec. 31, 2018 | 202,346 | 8,714 | 211,060 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Cumulative effect of accounting change (see Note 2) | (8,490) | $ (8,198) | $ (292) | $ (8,490) | ||||||||
Contributions from partners | 927,265 | $ 927,265 | $ 927,265 | |||||||||
Contributions from partners (in units) | 24,285 | 24,285 | ||||||||||
Distributions to partners | (585,643) | $ (564,349) | (21,294) | $ (585,643) | ||||||||
Vesting/exercising of Omega OP Units | (6,648) | $ 6,648 | ||||||||||
Vesting/exercising of Omega OP Units (in units) | 173 | 173 | ||||||||||
Noncontrolling interest - consolidated joint venture | $ 228 | 228 | $ 228 | 228 | ||||||||
Omega OP Unit conversions | (114,948) | $ (114,948) | $ (114,948) | |||||||||
Omega OP Unit conversions (in units) | (2,956) | (2,956) | ||||||||||
Comprehensive income: | ||||||||||||
Foreign currency translation | 8,114 | 7,931 | 183 | 7,931 | $ 183 | $ 8,114 | 8,114 | |||||
Cash flow hedges | (6,363) | (6,137) | (226) | (6,137) | (226) | (6,363) | (6,363) | |||||
Net income | 351,959 | 341,123 | (12) | 10,824 | 341,123 | 10,836 | 351,947 | 351,947 | ||||
Total comprehensive income | 353,710 | 353,698 | 353,698 | |||||||||
Balance, ending at Dec. 31, 2019 | $ 4,336,378 | $ 216 | $ 4,135,428 | $ 200,950 | $ 4,336,594 | |||||||
Balance (in units) at Dec. 31, 2019 | 226,631 | 5,931 | 232,562 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Cumulative effect of accounting change (see Note 2) | $ (8,198) | $ (292) | $ (8,490) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 351,947 | $ 293,884 | $ 104,910 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 301,683 | 281,279 | 287,591 |
Impairment on real estate properties | 48,939 | 35,014 | 99,070 |
Impairment on direct financing leases | 7,917 | 27,168 | 198,199 |
Provision for uncollectible accounts | 6,689 | 14,580 | |
Provision for rental income | 11,120 | ||
Interest - amortization of deferred financing costs and refinancing costs | 9,564 | 8,960 | 19,711 |
Accretion of direct financing leases | 13 | 109 | (6,107) |
Stock-based compensation expense | 15,359 | 15,987 | 15,212 |
Gain on assets sold - net | (55,696) | (24,774) | (53,912) |
Amortization of acquired in-place leases - net | (5,904) | (10,707) | (11,910) |
Effective yield receivable on mortgage notes | (173) | (1,068) | (1,924) |
Interest paid-in-kind | (7,160) | (6,360) | |
Loss from unconsolidated joint venture | 22 | ||
Change in operating assets and liabilities - net: | |||
Contractual receivables | (5,931) | 2,368 | (36,621) |
Straight-line rent receivables | (46,580) | (61,559) | (25,240) |
Lease inducements | (42,071) | (32,738) | (8,419) |
Other operating assets and liabilities | (29,302) | (34,879) | (17,228) |
Net cash provided by operating activities | 553,747 | 499,373 | 577,912 |
Cash flows from investing activities | |||
Acquisition of a business, net of cash acquired | (59,616) | ||
Acquisition of real estate | (377,841) | (105,119) | (385,418) |
Net proceeds from sale of real estate investments | 219,262 | 309,586 | 257,812 |
Cash acquired in acquisition | 2,341 | ||
Investments in construction in progress | (139,678) | (139,441) | (86,689) |
Investments in direct financing leases | (7,183) | ||
Proceeds from sale of direct financing lease and related trust | 93,730 | 20,979 | 33,306 |
Placement of mortgage loans | (20,702) | (65,340) | (34,643) |
Collection of mortgage principal | 54,529 | 26,088 | 1,529 |
Investments in unconsolidated joint ventures | (103,963) | ||
Distributions from unconsolidated joint ventures in excess of earnings | 9,079 | 5,471 | 12,175 |
Capital improvements to real estate investments | (52,892) | (29,824) | (37,766) |
Receipts from insurance proceeds | 8,170 | 8,717 | 2,754 |
Investments in other investments | (100,312) | (385,707) | (139,047) |
Proceeds from other investments | 91,281 | 181,371 | 95,696 |
Net cash used in investing activities | (378,953) | (173,219) | (285,133) |
Cash flows from financing activities | |||
Proceeds from credit facility borrowings | 1,507,000 | 1,291,000 | 1,687,000 |
Payments on credit facility borrowings | (1,980,100) | (1,268,000) | (1,587,000) |
Noncontrolling members' contributions to consolidated joint venture | 228 | ||
Receipts of other long-term borrowings | 494,985 | 1,346,749 | |
Payments of other long-term borrowings | (101,222) | (2,049) | (1,252,788) |
Payments of financing related costs | (4,787) | (8) | (29,198) |
Receipts from dividend reinvestment plan | 115,051 | 46,801 | 36,722 |
Payments for exercised options and restricted stock | (4,556) | (1,654) | (2,143) |
Net proceeds from issuance of common stock | 404,863 | 75,532 | 22,120 |
Dividends paid | (564,127) | (528,696) | (502,603) |
Redemption of Omega OP Units | (134) | (48) | |
Distributions to Omega OP Unit Holders | (21,294) | (23,493) | (22,626) |
Net cash used in financing activities | (153,959) | (410,701) | (303,815) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 874 | (590) | 568 |
Increase (decrease) in cash, cash equivalents and restricted cash | 21,709 | (85,137) | (10,468) |
Cash, cash equivalents and restricted cash at beginning of year | 11,671 | 96,808 | 107,276 |
Cash, cash equivalents and restricted cash at end of year | 33,380 | 11,671 | 96,808 |
Omega OP | |||
Cash flows from operating activities | |||
Net income | 351,947 | 293,884 | 104,910 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 301,683 | 281,279 | 287,591 |
Impairment on real estate properties | 48,939 | 35,014 | 99,070 |
Impairment on direct financing leases | 7,917 | 27,168 | 198,199 |
Provision for uncollectible accounts | 6,689 | 14,580 | |
Provision for rental income | 11,120 | ||
Interest - amortization of deferred financing costs and refinancing costs | 9,564 | 8,960 | 19,711 |
Accretion of direct financing leases | 13 | 109 | (6,107) |
Stock-based compensation expense | 15,359 | 15,987 | 15,212 |
Gain on assets sold - net | (55,696) | (24,774) | (53,912) |
Amortization of acquired in-place leases - net | (5,904) | (10,707) | (11,910) |
Effective yield receivable on mortgage notes | (173) | (1,068) | (1,924) |
Interest paid-in-kind | (7,160) | (6,360) | |
Loss from unconsolidated joint venture | 22 | ||
Change in operating assets and liabilities - net: | |||
Contractual receivables | (5,931) | 2,368 | (36,621) |
Straight-line rent receivables | (46,580) | (61,559) | (25,240) |
Lease inducements | (42,071) | (32,738) | (8,419) |
Other operating assets and liabilities | (29,302) | (34,879) | (17,228) |
Net cash provided by operating activities | 553,747 | 499,373 | 577,912 |
Cash flows from investing activities | |||
Acquisition of a business, net of cash acquired | (59,616) | ||
Acquisition of real estate | (377,841) | (105,119) | (385,418) |
Net proceeds from sale of real estate investments | 219,262 | 309,586 | 257,812 |
Cash acquired in acquisition | 2,341 | ||
Investments in construction in progress | (139,678) | (139,441) | (86,689) |
Investments in direct financing leases | (7,183) | ||
Proceeds from sale of direct financing lease and related trust | 93,730 | 20,979 | 33,306 |
Placement of mortgage loans | (20,702) | (65,340) | (34,643) |
Collection of mortgage principal | 54,529 | 26,088 | 1,529 |
Investments in unconsolidated joint ventures | (103,963) | ||
Distributions from unconsolidated joint ventures in excess of earnings | 9,079 | 5,471 | 12,175 |
Capital improvements to real estate investments | (52,892) | (29,824) | (37,766) |
Receipts from insurance proceeds | 8,170 | 8,717 | 2,754 |
Investments in other investments | (100,312) | (385,707) | (139,047) |
Proceeds from other investments | 91,281 | 181,371 | 95,696 |
Net cash used in investing activities | (378,953) | (173,219) | (285,133) |
Cash flows from financing activities | |||
Proceeds from secured borrowing | 2,275 | ||
Repayments of secured borrowings | (1,222) | ||
Repayment of term loan | (25,000) | ||
Proceeds from intercompany loans payable from Omega | 1,999,710 | 1,291,000 | 3,033,749 |
Repayment of intercompany loans payable to Omega | (2,055,100) | (1,270,049) | (2,839,788) |
Payment of financing related costs incurred by Omega | (4,787) | (8) | (29,198) |
Noncontrolling members' contributions to consolidated joint venture | 228 | ||
Equity contributions from general partners | 515,358 | 120,679 | 56,699 |
Distributions to general partners | (564,127) | (528,696) | (502,603) |
Distributions to limited partners | (21,294) | (23,493) | (22,626) |
Redemption of Omega OP Units | (134) | (48) | |
Net cash used in financing activities | (153,959) | (410,701) | (303,815) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 874 | (590) | 568 |
Increase (decrease) in cash, cash equivalents and restricted cash | 21,709 | (85,137) | (10,468) |
Cash, cash equivalents and restricted cash at beginning of year | 11,671 | 96,808 | 107,276 |
Cash, cash equivalents and restricted cash at end of year | $ 33,380 | $ 11,671 | $ 96,808 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Organization Omega Healthcare Investors, Inc. (“Omega”) was formed as a real estate investment trust (“REIT”) and incorporated in the State of Maryland on March 31, 1992. Omega is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega's assets are owned directly or indirectly by, and all of Omega's operations are conducted directly or indirectly through, its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (“Omega OP”). Omega OP was formed as a limited partnership and organized in the State of Delaware on October 24, 2014. Unless stated otherwise or the context otherwise requires, the terms the “Company,” “we,” “our” and “us” means Omega and Omega OP, collectively. The Company has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States (“U.S.”) and the United Kingdom (“U.K.”). Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”), assisted living facilities (“ALFs”), and to a lesser extent, independent living facilities (“ILFs”), and rehabilitation and acute care facilities (“specialty facilities”) and medical office buildings (“MOBs”). Our core portfolio consists of long-term leases and mortgage agreements. All of our leases are “triple-net” leases, which require the operators (we use the term “operator” to refer to our tenants and mortgagors and their affiliates who manage and/or operate our properties) to pay all property-related expenses. Our mortgage revenue derives from fixed rate mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. Our other investment income derives from fixed and variable rate loans to our operators and/or their principals to fund working capital and capital expenditures. These loans, which may be either unsecured or secured by the collateral of the borrower, are classified as other investments. Omega OP is governed by the Second Amended and Restated Agreement of Limited Partnership of OHI Healthcare Properties Limited Partnership, dated as of April 1, 2015 (the “Partnership Agreement”). Omega has exclusive control over Omega OP’s day-to-day management pursuant to the Partnership Agreement. As of December 31, 2019, Omega owned approximately 97% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 3% of the outstanding Omega OP Units. On May 17, 2019, Omega and Omega OP completed their merger with MedEquities Realty Trust, Inc. (“MedEquities”) and its subsidiary operating partnership and the general partner of its subsidiary operating partnership. Pursuant to the Agreement and Plan of Merger, as amended by the First Amendment to the Agreement and Plan of Merger, dated March 26, 2019, (the “Merger Agreement”) Omega acquired MedEquities and MedEquities was merged with and into Omega (the “Merger”) at the effective time of the Merger with Omega continuing as the surviving company. At the effective time, each outstanding share of MedEquities common stock was converted into the right to receive (i) 0.235 of a share of Omega common stock, plus cash in lieu of fractional shares, and (ii) $2.00 in cash. Pursuant to the Merger Agreement, MedEquities declared a special dividend of $0.21 per share of MedEquities common stock (the “Pre-Closing Dividend”) payable to the holders of record of MedEquities common stock as of the trading day immediately prior to the closing date of the Merger, which dividend was payable following the effective time of the Merger together with the cash consideration under the Merger Agreement. For additional information see Note 3 – Properties. Consolidation Omega’s consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP, (iii) all direct and indirect wholly owned subsidiaries of Omega and (iv) other entities in which Omega or Omega OP has a majority voting interest and control. All intercompany transactions and balances have been eliminated in consolidation, and Omega’s net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. Omega OP’s consolidated financial statements include the accounts of (i) Omega OP, (ii) all direct and indirect wholly owned subsidiaries of Omega OP and (iii) other entities in which Omega OP has a majority voting interest and control. All intercompany transactions and balances have been eliminated in consolidation, and Omega OP’s net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: ● Level 1 - quoted prices for identical instruments in active markets; ● Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. Risks and Uncertainties The Company is subject to certain risks and uncertainties affecting the healthcare industry as a result of healthcare legislation and growing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the rising cost of healthcare services. Business Combinations We record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at fair value. Transaction costs are expensed as incurred as part of a business combination. In making estimates of fair value for purposes of recording the purchase, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities as well as other critical valuation metrics such as current capitalization rates and discount rates used to estimate the fair value of the tangible and intangible assets acquired (Level 3). When liabilities are assumed as part of a transaction, we consider information obtained about the liabilities and use similar valuation metrics (Level 3). In some instances when debt is assumed and an identifiable active market for similar debt is present, we use market interest rates for similar debt to estimate the fair value of the debt assumed (Level 2). The Company determines fair value as follows: ● Land is determined based on third party appraisals which typically include market comparables. ● Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as the residual approach. ● Furniture and fixtures are determined based on third party appraisals which typically utilize a replacement cost approach. ● Mortgages and other investments are valued using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings. ● Investments in joint ventures are valued based on the fair value of the joint ventures’ assets and liabilities. Differences, if any, between the Company’s basis and the joint venture’s basis are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings of the joint venture. ● Intangible assets and liabilities acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset or liability being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. ● Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. ● Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. ● Noncontrolling interests are valued using a stock price on the acquisition date. ● Goodwill represents the purchase price in excess of the fair value of assets acquired and liabilities assumed. Goodwill is not amortized. Asset Acquisitions For asset acquisitions, assets acquired and liabilities assumed are recognized by allocating the cost of the acquisition, including transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. The fair value of the assets acquired and liabilities assumed in an asset acquisition are determined in a consistent manner with the immediately preceding “Business Combinations” section. Variable Interest Entities GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise, if any, is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. Our variable interests in VIEs may be in the form of equity ownership, leases, guarantees and/or loans with our operators. We analyze our agreements and investments to determine whether our operators or unconsolidated joint ventures are VIEs and, if so, whether we are the primary beneficiary. We consolidate a VIE when we determine that we are its primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. Factors considered in determining whether we are the primary beneficiary of an entity include: (i) our voting rights, if any; (ii) our involvement in day-to-day capital and operating decisions; (iii) our risk and reward sharing; (iv) the financial condition of the operator or joint venture and (iv) our representation on the VIE’s board of directors. We perform this analysis on an ongoing basis. As of December 31, 2019, we have not consolidated any VIEs, as we do not have the power to direct the activities of any VIEs that most significantly impact their economic performance and we do not have the obligation to absorb losses or receive benefits of the VIEs that could be significant to the entities. Real Estate Investments and Depreciation The costs of significant improvements, renovations and replacements, including interest are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight three Lease Accounting In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Leases (Topic 842): Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements Leases (Topic 842): Narrow-Scope Improvements for Lessors Lessor Accounting Topic 842 requires lessors to account for leases using an approach that is substantially equivalent to the previous guidance for sales type leases, direct financing leases and operating leases. At the inception of the lease and over its term, we evaluate each lease to determine the proper lease classification. Certain of these leases provide our operators the contractual right to use and economically benefit from all of the physical space specified in the lease, therefore we have determined that they should be evaluated as lease arrangements. As a lessor, our leased real estate properties are leased under provisions of single or master leases with initial terms typically ranging from 5 to 15 years, plus renewal options. As of December 31, 2019, we have determined that all but two of our leases should be accounted for as operating leases. Two leases are accounted for as direct financing leases. Under the terms of the leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. For leases accounted for as operating leases, we retain ownership of the asset and record depreciation expense, see “Business Combinations” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. Certain direct financing leases include annual rent escalators; see “Revenue Recognition” below for further discussion regarding the recording of interest income on our direct financing leases. As of December 31, 2019 and 2018, we have no unamortized direct costs related to originating our direct financing leases recorded on our Consolidated Balance Sheets. Lessee Accounting At the inception of the lease and over its term, we evaluate each lease to determine the proper lease classification. Certain of these leases provide us the contractual right to use and economically benefit from all of the space specified in the lease. Therefore, we have determined that they should be evaluated as lease arrangements. As a lessee, the Company is party to ground and/or facility leases which are classified as operating leases. Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on the specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 1.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (e.g., increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. The initial terms of our ground leases range between 10 years and 100 years. Our office leases have initial terms of approximately 10 years. Certain leases have options to extend, terminate or purchase the asset and have been considered in our analysis of the lease term and the measurement of the right-of-use assets and lease liabilities. The discount rate utilized in forming the basis of our right of use assets and lease liabilities approximates our cost of debt. We have not recognized a right of use asset and/or lease liability for leases with terms of 12 months or less and without an option to purchase the underlying asset. On a monthly basis, we remeasure our lease liabilities at the present value of the future lease payments using the discount rate determined at lease commencement. Rental expense from operating leases is generally recognized on a straight-line basis over the lease term. We do not include in our measurement of our lease liability certain variable payments, including changes in an index until the specific events that trigger the variable payments have occurred. As a lessee, certain of our operating leases contain non-lease components, such as our proportionate share of common area expenses. We have determined that all of our operating leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as the lease components. We apply Topic 842 to the combined component. Lease expense derived from our operating leases is recorded in general and administrative in our Consolidated Statements of Operations. In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of a facility purchase or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases. Above market leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income. Real Estate Investment Impairment Management evaluates our real estate investments for impairment indicators at each reporting period, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance including the current payment status of contractual obligations and expectations of the ability to meet future contractual obligations, legal structure, as well as our intent with respect to holding or disposing of the asset. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to management’s estimate of future undiscounted cash flows of the underlying facilities. The estimated future undiscounted cash flows are generally based on the related lease which relates to one or more properties and may include cash flows from the eventual disposition of the asset. In some instances, there may be various potential outcomes for a real estate investment and its potential future cash flows. In these instances, the undiscounted future cash flows used to assess the recoverability are probability-weighted based on management’s best estimates as of the date of evaluation. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. Additionally, our evaluation of fair value may consider valuing the property as a nursing home or other healthcare facility as well as alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property as well as the fair value of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment to the Company’s assets in a future period that could be material to the Company’s results of operations. For the years ended December 31, 2019, 2018 and 2017, we recognized impairment on real estate properties of $45.3 million, $29.8 million and $99.1 million, respectively. Allowance for Losses on Mortgages, Other Investments and Direct Financing Leases The allowances for losses on mortgage notes receivable, other investments and direct financing leases (collectively, our “loans”) are maintained at a level believed adequate to absorb potential losses. The determination of the allowances is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, financial strength of the borrower and guarantors and the value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreements. Consistent with this definition, all loans on non-accrual status may be deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. When management identifies potential loan impairment indicators, the loan is written down to the present value of the expected future cash flows. In cases where expected future cash flows are not readily determinable, the loan is written down to the fair value of the underlying collateral. We may base our valuation on a loan’s observable market price, if any, or the fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the sale of the collateral. We account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impaired loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and/or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost-recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. As of December 31, 2019 and 2018, we had $5.1 million and $108.1 million, respectively, of reserves on our loans. Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence, but do not control the entities. The accounting policies for the unconsolidated joint ventures are the same as those of the Company. Under the equity method of accounting, the net equity investments of the Company are reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income and comprehensive income from the joint ventures are included in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, respectively. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in the unconsolidated joint ventures may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The estimated fair value of the investment is determined using a discounted cash flow model which is a Level 3 valuation. We consider a number of assumptions that are subject to economic and market uncertainties including, among others, rental rates, operating costs, capitalization rates, holding periods and discount rates. No impairment loss on our investments in unconsolidated joint ventures was recognized during the years ended December 31, 2019, 2018, or 2017. Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash, cash equivalents and restricted cash are held at major commercial banks. Certain cash account balances exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash, cash equivalents or restricted cash. Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms and other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our mortgage borrowings guaranteed by HUD. Contractual Receivables and Other Receivables and Lease Inducements Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception, modification or renewal of the lease, and are amortized as a reduction of rental income over the non-cancellable lease term. We assess the probability of collecting substantially all payments under our leases based on several factors, including, among other things, payment history of the lessee, the financial strength of the lessee and any guarantors, historical operations and operating trends and current and future economic conditions and expectations of performance. If our evaluation of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. On a quarterly basis, and more frequently as appropriate, we review our contractual interest receivables, effective yield interest receivables and direct financing lease receivables to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the operator to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement, if any. For a loan recognized on an effective yield basis or a direct financing lease, we generally provide an allowance for effective interest or income from direct financing leases when certain conditions or indicators of adverse collectability are present. If these accounts receivable balances are subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables and inducements by type is as follows: December 31, 2019 2018 (in thousands) Contractual receivables $ 27,122 $ 34,901 Allowance — (1,075) Contractual receivables – net $ 27,122 $ 33,826 Effective yield interest receivables $ 12,914 $ 12,741 Straight-line rent receivables 275,549 251,166 Lease inducements 92,628 49,644 Other receivables and lease inducements $ 381,091 $ 313,551 In 2019, we wrote-off approximately $11.1 million of contractual receivables, straight-line rent receivables and lease inducements to rental income, of which $9.9 million resulted from placing five operators on a cash-basis due to changes in our evaluation of the collectability of future rent payments due under the respective lease agreements. The remaining $1.2 million write-off of straight-line rent receivables to rental income resulted from transitioning a facility to another existing operator. In 2019, we paid certain operators $50.8 million which were accounted for as lease inducements that are amortized as a reduction to rental income over the remaining term of the lease. Of the $50.8 million, $15.0 million was paid to Genesis Healthcare, Inc. and $35.8 million was paid to seven other existing operators. In 2018, we paid an existing operator approximately $50 million in exchange for a reduction of such operator’s participation in an in-the-money purchase option. As a result, we recorded an approximate $28 million lease inducement that is being amortized as a reduction to rental income over the remaining term of the lease. The remaining $22 million was recorded as a reduction to our initial contingent liability. Our initial contingent liability was recorded in our merger with Aviv REIT, Inc. and included in accrued expenses and other liabilities on our Consolidated Balance Sheets. In 2018, we wrote-off approximately $11.5 million of straight-line rent receivables and contractual receivables to provision for uncollectible accounts, as a result of facility transitions and placing an operator on a cash basis. The provision for uncollectible accounts was offset by a recovery of approximately $4.8 million. In 2017, we recorded a provision for uncollectible accounts of approximately $9.3 million related to contractual and straight-line rent receivables for one of our operators and approximately $4.1 million of provision for uncollectible accounts, net of recoveries related to contractual and straight-line receivables of other operators and/or facilities that we intend to exit or transition. Goodwill Impairment We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment on an interim basis, we assess qualitative factors such as a significant decline in real estate valuations, current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance or a significant decline in the value of our market capitalization, to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying amount. On an annual basis during the fourth quarter of each fiscal year, or on an interim basis if we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying value, we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. The goodwill is not deductible for tax purposes. In the first step of the two-step goodwill impairment test (“Step 1”), we compare the fair value of the reporting unit to its net book value, including goodwill. As the Company has only one reporting unit, |
PROPERTIES
PROPERTIES | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTIES [Abstract] | |
PROPERTIES | NOTE 3 – PROPERTIES Leased Property Our leased real estate properties, represented by 782 SNFs, 114 ALFs, 28 specialty facilities and two medical office buildings at December 31, 2019, are leased under provisions of single or master operating leases. Also see Note 4 – Direct Financing Leases for information regarding additional properties accounted for as direct financing leases. A summary of our investment in leased real estate properties is as follows: December 31, 2019 2018 (in thousands) Buildings $ 7,056,106 $ 6,056,820 Land 901,246 786,174 Furniture and equipment 515,421 447,610 Site improvements 287,655 250,917 Construction in progress 225,566 204,889 Total real estate investments 8,985,994 7,746,410 Less accumulated depreciation (1,787,425) (1,562,619) Real estate investments – net $ 7,198,569 $ 6,183,791 For the years ended December 31, 2019, 2018 and 2017, we capitalized $13.9 million, $11.1 million and $8.0 million, respectively, of interest to our projects under development. 2019 Acquisitions and Other The following tables summarize the significant transactions that occurred in 2019: Number of Total Building & Site Furniture Initial Facilities Country/ Investment Land Improvements & Equipment Annual Period SNF ALF Specialty MOB State (in millions) Cash Yield (1) Q1 1 — — — OH $ 11.9 (3) $ 1.1 $ 10.1 $ 0.7 12.00 % Q2 20 1 11 1 CA, CT, IN, NV, SC, TN, TX 421.6 (2) 40.1 368.9 12.6 10.27 % Q2 7 1 3 — PA, VA 131.8 (3) 9.9 112.7 9.2 9.35 % Q3 3 — — — NC, VA 24.9 4.2 18.6 2.1 9.50 % Q4 58 2 — — FL, ID, KY, LA, MS, MO, MT, NC 735.2 61.5 619.4 54.3 8.71 % Total 89 4 14 1 $ 1,325.4 $ 116.8 $ 1,129.7 $ 78.9 (1) Initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (2) The acquisition was accounted for as a business combination. The Company estimated the fair value of the real estate investments acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the real estate investments acquired, as detailed, are subject to adjustment once the analysis is completed which will be completed within the allowable measurement period. The other acquisitions were accounted for as asset acquisitions. (3) Acquired via a deed-in-lieu of foreclosure. During 2019, we acquired one parcel of land (not reflected in the table above) for approximately $10.7 million with the intent of building a new facility for an existing operator. Encore Portfolio Acquisition On October 31, 2019, we completed the $757 million portfolio acquisition of 60 facilities (the “Encore Portfolio”). Consideration consisted of approximately $369 million of cash and the assumption of approximately $389 million in mortgage loans guaranteed by HUD. See Note 13 – Borrowing Arrangements for additional information. The following table highlights the fair value of the assets acquired and liabilities assumed on October 31, 2019: (in thousands) Fair value of net assets acquired: Real estate investments $ 735,182 Other investments 600 Contractual receivables 2,216 Cash 227 Other assets 28,173 Total investments 766,398 Secured borrowings (388,627) Accrued expenses and other liabilities (8,978) Fair value of net assets acquired $ 368,793 MedEquities Merger On May 17, 2019, Omega and Omega OP completed the MedEquities Merger. In accordance with the Merger Agreement, each share of MedEquities common stock issued and outstanding immediately prior thereto was converted into the right to receive (i) 0.235 of a share of Omega common stock plus the right to receive cash in lieu of any fractional shares of Omega common stock, and (ii) an amount in cash equal to $2.00 (the “Cash Consideration”). In connection with the MedEquities Merger, we issued approximately 7.5 million shares of Omega common stock and paid approximately $63.7 million of cash consideration to former MedEquities stockholders. We borrowed approximately $350 million under our existing senior unsecured revolving credit facility to fund the cash consideration and the repayment of MedEquities’ previously outstanding debt. As a result of the MedEquities Merger, we acquired 33 facilities subject to operating leases, four mortgages, three other investments and an investment in an The following table highlights the preliminary fair value of the assets acquired and liabilities assumed on May 17, 2019: (in thousands) Fair value of net assets acquired: Real estate investments (3) $ 421,600 Mortgage notes receivable (see Note 5) 108,097 Other investments 19,192 Investment in unconsolidated joint venture 73,834 Cash 4,067 Contractual receivables 1,461 Other assets (1) (3) 32,819 Total investments 661,070 Debt (285,100) Accrued expenses and other liabilities (2)(3) (30,421) Fair value of net assets acquired $ 345,549 (1) (2) (3) With the exception of real estate investments, above market lease assets and below market lease liabilities, the fair value estimates above are final. The MedEquities facilities acquired in 2019 are included in our results of operations from the date of acquisition. For the period from May 17, 2019 through December 31, 2019, we recognized approximately $35.2 million of total revenue from the assets acquired in connection with the MedEquities Merger. For the year ended December 31, 2019, we incurred approximately $5.1 million of acquisition and merger related costs associated with the MedEquities Merger. Pro Forma Acquisition Results The following unaudited pro forma information presents consolidated financial information as if the MedEquities Merger occurred on January 1, 2018. In the opinion of management, all significant necessary adjustments to reflect the effect of the merger have been made. The following pro forma information is not indicative of future operations. Pro Forma Year Ended December 31, 2019 2018 (in thousands, except per share amounts, unaudited) Pro forma revenues $ 950,318 $ 938,782 Pro forma net income $ 362,220 $ 321,232 Earnings per share – diluted: Net income – as reported $ 1.58 $ 1.40 Net income – pro forma $ 1.60 $ 1.48 2018 Acquisitions and Other Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Equipment Annual Period SNF ALF/ILF State (in millions) Cash Yield (3) Q1 — 1 UK $ 4.0 (1) $ 0.9 $ 2.9 $ 0.2 8.50 % Q1 — 1 UK 5.7 (2) 1.4 4.1 0.2 8.50 % Q1 1 — PA 7.4 1.6 5.4 0.4 9.50 % Q1 1 — VA 13.2 2.4 10.5 0.3 9.50 % Q2 5 — TX 22.8 0.5 20.4 1.9 9.50 % Q4 3 1 PA 35.1 4.1 29.2 1.8 9.50 % Q4 1 — IN 8.3 1.7 6.0 0.6 9.50 % Q4 1 — OH 9.2 0.8 7.9 0.5 9.50 % Total 12 3 $ 105.7 $ 13.4 $ 86.4 $ 5.9 (1) We recorded a non-cash deferred tax liability of approximately $0.4 million in connection with this acquisition. (2) We recorded a non-cash deferred tax liability of approximately $0.2 million in connection with this acquisition. (3) Initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (4) All of these acquisitions were accounted for as asset acquisitions. During 2018, we acquired two parcels of land (not reflected in the table above) for approximately $3.5 million with the intent of building new facilities for our existing operators. During 2018, we transitioned 21 SNFs and one ALF subject to direct financing leases (not reflected in the table above) with a net carrying value of approximately $184.5 million from an existing operator to five other existing operators subject to single or master operating leases with an initial annual cash yield of approximately 9%. We recorded approximately $184.5 million of real estate investments consisting of land ($11.2 million), building and site improvements ($159.1 million) and furniture and fixtures ($14.2 million) in partial satisfaction of the direct financing leases. In connection with these transitions, we provided the new operators with working capital loans with a maximum borrowing capacity of $45.7 million, commitments to fund capital improvements up to $10.6 million and indemnities with a maximum funding of $7.4 million. Claims against these indemnities must occur within 18 months to 36 months of the transition date. These indemnities were provided to the new operators upon transition and would be utilized in the event that the prior operator does not perform under their transition agreements. As of December 31, 2019, we have not and we do not expect to fund a material amount under these indemnity agreements. 2017 Acquisitions and Other Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Equipment Annual Period SNF ALF/ILF State (in millions) Cash Yield (2) Q1 — 1 VA $ 7.6 $ 0.5 $ 6.8 $ 0.3 7.50 % Q2 1 — NC 8.6 0.7 7.3 0.6 9.50 % Q2 — 18 UK 124.2 (1) 34.1 85.1 5.0 8.50 % Q3 — 1 TX 2.3 0.7 1.5 0.1 9.25 % Q3 15 — IN 211.0 18.0 180.2 12.8 9.50 % Q3 9 — TX 19.0 (3) 1.7 15.5 1.8 18.60 % Q4 6 — TX 40.0 1.0 35.1 3.9 9.25 % Total 31 20 $ 412.7 $ 56.7 $ 331.5 $ 24.5 (1) We recorded a non-cash deferred tax liability and acquisition costs of approximately $8.2 million and $1.2 million, respectively, in connection with this acquisition. (2) Initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (3) In July 2017, we transitioned nine SNFs formerly subject to a direct financing lease to another operator. As a result of terminating the direct financing lease, we wrote down the facilities to our original cost basis and recorded an impairment on the direct financing lease of approximately $1.8 million. See Note 4 – Direct Financing Leases for additional information. (4) All of these acquisitions were accounted for as asset acquisitions. During 2017, we acquired three parcels of land (not reflected in the table above) for approximately $6.7 million with the intent of building new facilities for existing operators. Asset Sales, Impairments and Other During the fourth quarter of 2019, we sold 11 facilities (three previously held for sale at September 30, 2019) for approximately $33.3 million in net cash proceeds recognizing a gain on sale of approximately $2.9 million. In addition, we recorded impairments on real estate properties of approximately $35.7 million on 17 facilities (five were subsequently reclassified to held for sale). In 2019, we sold 34 facilities (one was previously held for sale at December 31, 2018) for approximately $219.3 million in net cash proceeds recognizing a net gain of approximately $55.7 million. In addition, we recorded impairments on real estate properties of approximately $45.3 million on 23 facilities. After considering the impairments recorded and facilities sold during the year, the total net recorded investment in these properties was approximately $23.4 million as of December 31, 2019, with approximately $4.6 million related to properties classified as held for sale. Our impairments were offset by approximately $3.7 million of insurance proceeds received related to two facilities that were previously destroyed. In 2018, we sold 78 facilities (22 previously held for sale at December 31, 2017) subject to operating leases for approximately $309.6 million in net proceeds recognizing a gain on sale of approximately $24.8 million. In addition, we recorded impairments on real estate properties of approximately $35.0 million on 35 facilities. Our impairments were offset by $5.2 million of insurance proceeds received related to a facility destroyed in November 2017. After considering the impairments recorded and facilities sold during the year, the total net recorded investment in these properties was approximately $14.8 million as of December 31, 2018, with approximately $1.0 million related to properties classified as held for sale. Of the 78 facilities sold during 2018, we sold 12 SNFs on June 1, 2018 secured by HUD mortgages to subsidiaries of an existing operator. The Company sold the 12 SNF facilities with carrying values of approximately $62 million for approximately $78 million which consisted of $25 million of cash consideration and their assumption of approximately $53 million of our HUD mortgages. See Note 13 – Borrowing Arrangements for additional details. Simultaneously, subsidiaries of the operator assumed our HUD restricted cash accounts, deposits and escrows. The Company recorded a gain on sale of approximately $11 million after approximately $5 million of closing and other transaction related costs. In connection with this sale, we provided a principal of an existing operator an unsecured loan of approximately $39.7 million. In 2017, we sold 52 facilities (14 previously held for sale at December 31, 2016) subject to operating leases for approximately $257.8 million in net proceeds recognizing a gain on sale of approximately $53.9 million. In addition, we recorded impairments on real estate properties of approximately $99.1 million on 37 facilities including approximately $2.6 million of capitalized costs associated with the termination of construction projects with two of our operators. After considering the impairments recorded and facilities sold during the year, the total net recorded investment in these properties was approximately $125.1 million as of December 31, 2017. Of the 52 facilities sold in 2017, the sale of ten of these facilities did not initially qualify for sale accounting under the full accrual method. The ten SNFs with a carrying value of approximately $23.2 million were sold to a third-party for approximately $43.3 million, resulting in a total gain of approximately $17.5 million after $2.6 million of closing costs. In connection with this sale, we provided the buyer a $10.0 million loan. We recognized a net gain of approximately $7.5 million in 2017. Upon our adoption of ASU 2014-09 on January 1, 2018, we recognized $10.0 million of deferred gain related to this sale through opening equity on January 1, 2018. The 2019, 2018 and 2017 recorded impairments were primarily the result of decisions to exit certain non-strategic facilities and/or operators. We reduced the net book value of the impaired facilities to their estimated fair values or, with respect to the facilities reclassified to held for sale, to their estimated fair value less costs to sell. To estimate the fair value of the facilities, we utilized a market approach which considered binding sale agreements (a Level 1 input) and/or non-binding offers from unrelated third parties and/or broker quotes (a Level 3 inputs). |
DIRECT FINANCING LEASES
DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Direct Financing Leases [Abstract] | |
DIRECT FINANCING LEASES | NOTE 4 – DIRECT FINANCING LEASES The components of investments in direct financing leases consist of the following: December 31, 2019 2018 (in thousands) Minimum lease payments receivable $ 27,227 $ 28,294 Less unearned income (15,522) (16,577) Investment in non-Orianna direct financing leases 11,705 11,717 Investment in Orianna direct financing leases — 223,745 Less allowance for loss on Orianna direct financing leases — (103,200) Less allowance for loss on non-Orianna direct financing leases (217) — Investment in direct financing leases – net $ 11,488 $ 132,262 Properties subject to direct financing leases 2 17 Number of direct financing leases 2 3 The following table summarizes our investments in the direct financing leases by operator, net of allowance for loss: December 31, 2019 2018 (in thousands) Orianna $ — $ 120,545 Sun Mar Healthcare 11,488 11,491 Markleysburg Healthcare Investors, LP — 226 Investment in direct financing leases - net $ 11,488 $ 132,262 The following minimum rents are due under our direct financing leases for the next five years (in thousands): Contractual Rent Straight-Line Rent Total 2020 $ 1,170 (1,037) $ 133 2021 1,084 (915) 169 2022 1,106 (1,023) 83 2023 1,128 (1,014) 114 2024 1,151 (1,003) 148 Thereafter 21,588 (10,530) 11,058 $ 27,227 $ (15,522) $ 11,705 In 2018, we sold one SNF with a carrying value of approximately $15.4 million subject to a direct financing lease to an unrelated third-party for approximately $15.4 million. Orianna Direct Financing Lease and Operating Lease On November 27, 2013, we closed an aggregate $529 million purchase/leaseback transaction in connection with the acquisition of Ark Holding Company, Inc. (“Ark Holding”) by 4 West Holdings Inc. At closing, we acquired 55 SNFs and 1 ALF operated by Ark Holding and leased the facilities back to Ark Holding, now known as New Ark Investment Inc. (“New Ark” which does business as “Orianna Health Systems” and is herein referred to as “Orianna”), pursuant to four 50-year In addition to our direct financing leases with Orianna, we previously leased three facilities to Orianna under a master lease which was to expire in 2026. The remaining three facility lease was accounted for as an operating lease. Our recorded investment in the three facilities subject to this operating lease was $30.5 million as of December 31, 2018. On October 31, 2018, Orianna rejected the operating lease and as a result we transitioned these three facilities to an existing operator during the first quarter of 2019. In 2017, we sold eight facilities subject to direct financing leases with Orianna in the Northwest region and the Southeast region of the U.S. with a carrying value of approximately $36.4 million for approximately $33.3 million to unrelated third parties. These facilities were subject to direct financing leases with Orianna in the Northwest region and the Southeast region. We recorded approximately $3.3 million of impairment related to these sales. In addition, we transitioned nine SNFs, representing all of the facilities subject to another direct financing lease with Orianna in the Texas region, to an existing operator of ours pursuant to an operating lease. In connection with this transaction, we recorded the real estate properties at our original cost basis of approximately $19.0 million, eliminated our investment in the Texas region direct financing lease and recorded an impairment of approximately $1.8 million. In conjunction with this transaction, we also amended our Orianna Southeast region master lease to reduce the outstanding balance by $19.3 million. As a result of the lease amendment in 2017, we recorded an impairment on our investment in direct financing lease of approximately $20.8 million in 2017. In the third quarter of 2017, we recorded an allowance for loss on direct financing leases of $172.2 million with Orianna covering 38 facilities in the Southeast region of the U.S. The amount of the allowance was determined based on the fair value of the facilities subject to the direct financing lease. To estimate the fair value of the underlying collateral, we utilized an income approach and Level 3 inputs. Our estimate of fair value assumed annual rents ranging between $32.0 million and $38.0 million, rental yields between 9% and 10%, current and projected operating performance of the facilities, coverage ratios and bed values. In March 2018, Orianna commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). As described in Orianna’s filings with the Bankruptcy Court, we entered into a Restructuring Support Agreement (“RSA”) that was expected to form the basis for Orianna’s restructuring. The RSA provided for the recommencement, in April 2018, of partial rent payments at $1.0 million per month and established a specific timeline for the implementation of Orianna’s planned restructuring. The RSA provided for the transition of 23 facilities to new operators and the potential sale of the remaining 19 facilities subject to the plan of reorganization (the “Plan”), if approved by the Bankruptcy Court. To provide liquidity to Orianna during their Chapter 11 proceedings, we entered into a senior secured superpriority debtor-in-possession (“DIP”) credit agreement with Orianna for a revolving credit and term loan DIP financing of up to $30 million, which DIP financing was approved by the Bankruptcy Court on an interim basis on March 9, 2018 and on a final basis on May 14, 2018. On July 23, 2018, we notified Orianna that it was in default under the DIP credit agreement. On July 25, 2018, we terminated the RSA with its tenant, 4 West Holdings, and the sponsor of Orianna’s Plan. During the third quarter of 2018, we transitioned 22 facilities with a net carrying value of approximately $184.5 million from Orianna to five other existing operators with annual contractual rent of approximately $16.8 million. See Note 3 – Properties. In addition, during the second half of 2018, we sold Orianna’s headquarters and one SNF with a carrying value of approximately $5.5 million to unrelated third-parties for approximately $5.5 million. During the fourth quarter of 2018, the Bankruptcy Court ruled that Orianna’s Plan, if confirmed, would allow Orianna to use the value of Orianna’s remaining facilities to pay the administrative costs of Orianna’s Chapter 11 cases and to pay certain other creditor claims, with the net amount of such value being paid to us. As a result, we recorded $27.2 million in additional allowance for loss to reduce the remaining investment in the direct financing lease covering the remaining 15 facilities located in the Southeast region of the U.S. As of December 31, 2018, our net investment in the Orianna direct financing lease was approximately $120.5 million, net of an allowance of $103.2 million. On January 11, 2019, pursuant to a Bankruptcy Court order, affiliates of Orianna purchased the remaining 15 SNFs subject to the direct financing lease with Orianna for $176 million of consideration, comprised of $146 million in cash received by Orianna and a $30.0 million seller note held by the Company. The $30.0 million note bears interest at 6% per annum and matures on January 11, 2026. Interest on the unpaid principal balance is due quarterly in arrears. Commencing on January 11, 2022, quarterly principal payments are due based on a 15-year amortization schedule on the then outstanding principal balance of the loan. On the same date, Orianna repaid the DIP financing, including all related interest. On January 16, 2019, the Bankruptcy Court confirmed Orianna’s Plan, creating a Distribution Trust (the “Trust”) to distribute the proceeds from Orianna’s sale of the remaining 15 SNFs, as well as the Trust’s collections of Orianna’s accounts receivable portfolio. In January 2019, we reclassified our net investment in direct financing lease of $115.8 million from the Trust to other assets on our Consolidated Balance Sheet. For the period from January 16, 2019 through December 31, 2019, we received approximately $94 million from the Trust as a partial liquidation. In March 2019, we received updated information from the Trust indicating diminished collectability of the accounts receivable owed to us. As a result, we recorded an additional $7.7 million allowance. As of December 31, 2019, our remaining receivable from the Trust is approximately $14 million. As of December 31, 2019, the Trust was comprised of approximately $14 million of cash. |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Notes Receivable [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 - MORTGAGE NOTES RECEIVABLE As of December 31, 2019, mortgage notes receivable relate to nine fixed rate mortgages on 53 long-term care facilities. The mortgage notes are secured by first mortgage liens on the borrowers’ underlying real estate and personal property. The mortgage notes receivable relate to facilities located in eight states, operated by seven independent healthcare operating companies. We monitor compliance with mortgages and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding loans. The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: December 31, 2019 2018 (in thousands) Mortgage note due 2027; interest at 10.39% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 10.08% (1) 526,520 537,515 Other mortgage notes outstanding (2) 139,448 65,748 Mortgage notes receivable, gross 778,468 715,763 Allowance for loss on mortgage notes receivable (3) (4,905) (4,905) Total mortgages — net $ 773,563 $ 710,858 (1) Approximates the weighted average interest rate on 36 facilities. Three notes totaling approximately $36.2 million are construction mortgages with maturities through 2021 . The remaining loan balance matures in 2029 . (2) Other mortgage notes outstanding have a weighted average interest rate of 9.45% per annum and maturity dates through 2028 . (3) The allowance for loss on mortgage notes receivable relates to one mortgage with an operator. The carrying value and fair value of the mortgage note receivable is approximately $1.5 million at December 31, 2019 and December 31, 2018. $112.5 On January 17, 2014, we entered into a $112.5 million first mortgage loan with an existing operator. The loan is secured by seven SNFs and two ALFs located in Pennsylvania and Ohio, respectively. The mortgage is cross-defaulted and cross-collateralized with our existing master lease with the operator. In March 2018, we extended the maturity date to January 31, 2027 and provided an option to extend the maturity for a five year period through January 31, 2032 and a second option to extend the maturity through September 30, 2034. $526.5 On June 30, 2014, we entered into a mortgage loan agreement with Ciena Healthcare (“Ciena”) to refinance/consolidate $117 million in existing mortgages with maturity dates ranging from 2021 to 2023 on 17 facilities into one mortgage and simultaneously provide mortgage financing for an additional 14 facilities. The $415 million amortizing mortgage (the “Master Mortgage”) matures in 2029 and is secured by 25 facilities. The Master Mortgage note bore an initial interest rate of 9.0% per annum which increases by 0.225% per annum. As of December 31, 2019, the outstanding principal balance of the Master Mortgage note is approximately $380.8 million and the interest rate is 10.13% per annum. Subsequent to June 30, 2014, the Company amended its Master Mortgage with Ciena to provide for additional borrowings in the form of incremental facility mortgages, construction and/or improvement mortgages with maturities through 2029 with initial annual interest rates ranging between 8.5% and 10% and fixed annual escalators of 2% or 2.5% over the prior year’s interest rate, or a fixed increase of 0.225% per annum. As of December 31, 2019, the outstanding principal balance of these mortgage notes are approximately $101.7 million. In June 2018, we amended the Master Mortgage with Ciena to provide an additional $44.7 million mortgage note related to five SNFs located in Michigan. The mortgage note matures on June 30, 2029 and bears an initial annual interest rate of 9.5% which increases each year by 0.225%. As of December 31, 2019, the outstanding principal balance of this mortgage note is approximately $44.1 million. Additionally, the Company committed to fund an additional $9.6 million to Ciena if certain performance metrics are achieved by the portfolio. The mortgage notes with Ciena are cross-defaulted and cross-collateralized with our existing master lease and other investment notes with the operator. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Other Investments [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS A summary of our other investments is as follows: December 31, 2019 2018 (in thousands) Other investment note due 2019 $ — $ 131,452 Other investment notes due 2020-2025; interest at 8.15% (1) 58,687 46,287 Other investment notes due 2021; interest at 13.09% (1) 77,087 71,036 Other investment notes due 2023; interest at 7.32% (1) 65,000 65,000 Other investment note due 2023; interest at 12.00% 52,213 59,454 Other investment notes outstanding (2) 166,241 131,397 Total other investments $ 419,228 $ 504,626 (1) Approximate weighted average interest rate as of December 31, 2019. (2) Other investment notes have a weighted average interest rate of 8.38% and maturity dates through 2029 . Other investment note due 2019 On September 28, 2018, we provided a $131.3 million secured term loan to an unrelated third party. The loan was secured by a collateral assignment of mortgages covering seven SNFs, three independent living facilities and one ALF. The loan bore interest at 9.35% per annum and matured on May 31, 2019. The loan required monthly interest payments with the principal balance due at maturity. The borrower used the proceeds to repay existing indebtedness and pay a one-time distribution to its equity holders. In connection with this loan we incurred approximately $0.4 million of origination costs which are deferred and recognized over the term of the loan. On May 31, 2019, we acquired these facilities located in Pennsylvania (9) and Virginia (2) via deed-in-lieu of foreclosure and subsequently leased the facilities to an existing operator of the Company. Other investment note due 2020-2025 On September 30, 2016, we acquired and amended a term loan with a fair value of approximately $37.0 million with Agemo Holdings LLC (“Agemo” an entity formed in May 2018 to silo our leases and loans formerly held by Signature Healthcare). A $5.0 million tranche of the term loan that bore interest at 13% per annum was repaid in August 2017. The remaining $32.0 million tranche of the term loan bears interest at 9% per annum and currently matures on December 31, 2024. The $32.0 million term loan (and the $25.0 million working capital loan discussed below) is secured by a security interest in the collateral of Agemo. On May 7, 2018, the Company provided Agemo a $25.0 million secured working capital loan bearing interest at 7% per annum that matures on April 30, 2025. The proceeds of the working capital loan were used to pay operating expenses, settlement payments, fees, taxes and other costs approved by the Company. As of December 31, 2019, approximately $25.0 million is outstanding on this working capital loan. Additionally, on May 7, 2018, the Company also provided principals of Agemo a one year unsecured $2.8 million loan. The proceeds were used to pay down the Company’s contractual receivables outstanding. This loan was repaid in 2019. On November 5, 2019, the Company provided Agemo a $1.7 million term loan bearing interest at a fixed rate of 9% per annum and matures on March 31, 2020. As of December 31, 2019, $1.7 million is outstanding on this term loan. Our total loans outstanding with Agemo at December 31, 2019 approximate $58.7 million. Other investment notes due 2021 On July 29, 2016, we provided Genesis HealthCare, Inc. (“Genesis”) a $48.0 million secured term loan bearing interest at LIBOR with a floor of 1% plus 13% that was initially scheduled to mature on July 29, 2020. On May 9, 2019, we extended the maturity of this loan to November 30, 2021. This term loan (and the 2018 term loan discussed below) is secured by a perfected first priority lien on and security interest in certain collateral of Genesis. The term loan required monthly principal payments of $0.25 million through July 2019, and $0.5 million from August 2019 through maturity. In addition, a portion of the monthly interest accrued to the outstanding principal balance of the loan. In November 2017, we provided Genesis forbearance through February 2018. The forbearance allowed for the deferral of principal payments and permitted Genesis to accrue all interest due to the outstanding principal balance of the loan. On March 6, 2018, we amended certain terms of the 2016 term loan to Genesis. Commencing February 22, 2018, the 2016 term loan bears interest at a fixed rate of 14% per annum, of which 9% per annum shall be paid-in-kind. Additionally, the amended term loan does not require monthly payments of principal. All principal and accrued and unpaid interest will be due at maturity on November 30, 2021. As of December 31, 2019, approximately $59.6 million is outstanding on this term loan. Also on March 6, 2018, we provided Genesis an additional $16.0 million secured term loan bearing interest at a fixed rate of 10% per annum, of which 5% per annum is paid-in-kind, that was initially scheduled to mature on July 29, 2020. On May 9, 2019, we extended the maturity of this loan to November 30, 2021. As of December 31, 2019, approximately $17.5 million is outstanding on this term loan. Other investment note due 2023 On June 30, 2015, we entered into a $50.0 million secured revolving credit facility with subsidiaries of an existing operator. The note bears interest at approximately 6.66% per annum and matures in 2023. As of December 31, 2019, $50.0 million has been drawn and remains outstanding. On May 17, 2017, we entered into a separate secured $15.0 million revolving credit facility with subsidiaries of an existing operator. The note bears interest at 9.5% per annum and matures in 2023. As of December 31, 2019, $15.0 million has been drawn and remains outstanding. Other investment note due 2023 On February 26, 2016, we acquired and funded a $50.0 million mezzanine loan at a discount of approximately $0.75 million. In May 2018, the Company amended the mezzanine loan with the borrower which is secured by an equity interest in subsidiaries of the borrower. As part of the refinancing, the Company increased the mezzanine loan by $10.0 million, extended the maturity date to May 31, 2023 and fixed the interest rate at 12% per annum. The mezzanine loan requires semi-annual principal payments of $2.5 million commencing December 31, 2018. As of December 31, 2019, our total other investments outstanding with this borrower was approximately $52.2 million. In connection with the amendment, the Company recognized fees of approximately $1.1 million of which $0.5 million was paid at closing with the remainder due at maturity. The discount and loan fees are deferred and are being recognized on an effective basis over the term of the loan. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 – VARIABLE INTEREST ENTITIES The following operators are considered VIEs as of December 31, 2019 and 2018. Below is a summary of our assets and liabilities associated with each operator as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Agemo Agemo Orianna (in thousands) (in thousands) Assets Real estate investments – net $ 403,389 $ 413,396 $ 30,459 Investments in direct financing leases - net — — 120,545 Other investments 58,687 46,287 40,242 Contractual receivables 18,113 18,017 249 Straight-line rent receivables 46,247 34,203 — Lease inducement 6,810 2,362 — Above market lease — 2 — Subtotal 533,246 514,267 191,495 Collateral Letters of credit (9,253) (9,253) — Personal guarantee (8,000) (15,000) — Other collateral (403,389) (413,396) (176,253) Subtotal (420,642) (437,649) (176,253) Maximum exposure to loss $ 112,604 $ 76,618 $ 15,242 In determining our maximum exposure to loss from these VIEs, we considered the underlying value of the real estate subject to leases with these operators and other collateral, if any, supporting our other investments, which may include accounts receivable, security deposits, letters of credit or personal guarantees, if any. See Note 4 – Direct Financing Leases regarding our relationship with Orianna, Note 6 – Other Investments regarding the terms of the other investments and Note 20 – Commitments and Contingencies regarding our commitment to provide capital expenditure funding to our operators which includes Agemo. In May 2018, we reached an out-of-court restructuring agreement with Agemo that provided for the deferral of rent, the extension of the maturity of our lease and loans, and a working capital loan. If Agemo’s operations deteriorate any further and they are unable to meet their contractual obligations to us, we may be required to account for rental income from them on a cash basis and reserve approximately $71.2 million of contractual receivables, straight-line rent receivables and lease inducements. The table below reflects our total revenues from Agemo and Orianna for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Agemo Agemo Orianna Agemo Orianna (in thousands) Revenue Rental income $ 60,639 $ 59,291 $ — $ 62,287 $ 2,401 Income from direct financing leases — — — — 29,877 Other investment income 4,502 3,500 3,477 4,884 906 Total (1) $ 65,141 $ 62,791 $ 3,477 $ 67,171 $ 33,184 (1) For the years ended December 31, 2019, 2018 and 2017, we received cash rental income and other investment income from Agemo of approximately $53.7 million, $56.8 million and $39.8 million, respectively. |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | 12 Months Ended |
Dec. 31, 2019 | |
Investment in Unconsolidated Joint Venture [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | NOTE 8 – INVESTMENTS IN JOINT VENTURES Consolidated Joint Venture In February 2019, we entered into a joint venture to construct a 100,000 square foot medical office building in Lakeway, Texas with an estimated initial construction budget of approximately $36 million. The Company owns 90% of the venture with the remaining 10% owned by outside investors. During the first quarter of 2019, this consolidated joint venture acquired a parcel of land for approximately $3.6 million. Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount Ownership Initial Investment Initial Facility Facilities at December 31, Entity (1) % Date Investment (2) Type 12/31/2019 2019 2018 Second Spring Healthcare Investments (3) 15% 11/1/2016 $ 50,032 SNF 37 $ 22,504 $ 31,045 Lakeway Realty, L.L.C. (4) 51% 5/17/2019 73,834 Specialty facility 1 73,273 — Cindat Joint Venture (5) 49% 12/18/2019 103,810 ALF 67 103,976 — OMG Senior Housing, LLC 50% 12/6/2019 — ILF 1 — — OH CHS SNP, Inc. 9% 12/20/2019 153 N/A N/A 131 — $ 227,829 $ 199,884 $ 31,045 (1) These entities and their subsidiaries are not consolidated by the Company because it does not control, through voting rights or other means, the joint venture. (2) Our initial investment includes our transaction costs, if any. (3) During 2019, this joint venture sold 14 SNFs subject to an operating lease for approximately $311.8 million in net cash proceeds and recognized a gain on sale of approximately $64.0 million. During 2018, this joint venture sold 13 SNFs subject to an operating lease for approximately $164.0 million in net cash proceeds and recognized a loss on sale of approximately $4.6 million. During 2018, this joint venture also recorded $4.2 million of impairment expense on these real estate properties. (4) We acquired an interest in a joint venture that owns the Lakeway Regional Medical Center (the “Lakeway Hospital”) in Lakeway, Texas. (5) We acquired a 49% interest in Cindat Ice Portfolio JV, GP Limited, Cindat Ice Portfolio Holdings, LP and Cindat Ice Portfolio Lender, LP. Cindat Ice Portfolio Holdings, LP owns 67 care homes leased to two operators in the U.K. pursuant to operating leases. Cindat Ice Portfolio Lender, LP holds loans to a third-party operator. Our investment in Cindat Joint Venture consists primarily of real estate. Our initial basis difference of approximately $35 million will be amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. Year Ended December 31, Entity 2019 2018 2017 (in thousands) Second Spring Healthcare Investments $ 9,490 $ 381 $ 2,237 Lakeway Realty, L.L.C. 1,479 — — OMG Senior Housing, LLC (22) — — Total $ 10,947 $ 381 $ 2,237 Lakeway Partnership In connection with the MedEquities Merger on May 17, 2019, we acquired a 51% ownership interest in Lakeway Realty, L.L.C. (the “Lakeway Partnership”), a joint venture that owns the Lakeway Hospital. On the merger date, the Company’s ownership interest in the Lakeway Partnership had a fair value of approximately $73.8 million. Our investment in the Lakeway Partnership consists primarily of real estate. We estimated the fair value of the underlying real estate considering the lessees’ purchase option (Level 1) which is discussed in more detail below, third-party appraisals and discounted cash flows associated with the ground lease (Level 3). Our initial basis difference of approximately $69.9 million is being amortized on a straight-line basis over 40 years to income (loss) from unconsolidated joint ventures in the accompanying Consolidated Statements of Operations. The Company also acquired a first mortgage lien issued to Lakeway Partnership in the original principal amount of approximately $73.0 million bearing interest at 8% per annum based on a 25-year amortization schedule and maturing on March 20, 2025. We have determined the acquisition date fair value of the acquired mortgage is $69.1 million. The Lakeway Hospital is leased pursuant to a triple-net lease to Scott & White Hospital – Round Rock (the “Baylor Lessee”), with Baylor University Medical Center (“BUMC”) as guarantor. These entities are part of the Baylor Scott & White Health system. The lease provides that, commencing after completion of the third year of the lease (effective September 1, 2019) and subject to certain conditions, the Baylor Lessee has the option to purchase the Lakeway Hospital at a price equal to the aggregate base rent payable under the lease for the 12-month period following the date of the written notice from the Baylor Lessee to exercise the purchase option divided by (i) 6.5% if written notice is provided after completion of the third lease year and before completion of the tenth lease year or (ii) 7.0% if written notice is provided any time thereafter. In addition, the Baylor Lessee has a right of first refusal and a right of first offer in the event that the joint venture intends to sell or otherwise transfer Lakeway Hospital. Asset Management Fees We receive asset management fees from certain joint ventures for services provided. For the years ended December 31, 2019, 2018 and 2017, we recognized approximately $0.9 million, $1.8 million and $2.0 million, respectively, of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statements of Operations. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2019 | |
Assets Held for Sale [Abstract] | |
ASSETS HELD FOR SALE | NOTE 9 – ASSETS HELD FOR SALE The following is a summary of our assets held for sale: Properties Held For Sale Number of Net Book Value Properties (in thousands) December 31, 2017 22 $ 86,699 Properties sold/other (1) (48) (171,938) Properties added (2) 29 86,228 December 31, 2018 3 $ 989 Properties sold/other (1) (8) (6,486) Properties added (2) 11 10,419 December 31, 2019 (3) 6 $ 4,922 (1) In 2018, we sold 48 facilities for approximately $133.6 million in net proceeds recognizing a gain on sale of approximately $11.5 million. In 2019, we sold seven facilities for approximately $22.9 million in net proceeds recognizing a gain on sale of approximately $14.8 million. One facility classified as held for sale at December 31, 2018 was no longer considered held for sale during the second quarter of 2019 and was reclassified to leased property at approximately $0.3 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale. (2) In 2018, we recorded approximately $13.0 million of impairment expense to reduce 26 facilities and one ancillary building's book value to their estimated fair values less costs to sell before they were reclassified to assets held for sale. In 2019, we recorded approximately $9.2 million of impairment expense to reduce eight facilities’ book values to their estimated fair values less costs to sell before they were reclassified to assets held for sale. (3) We plan to sell the facilities classified as held for sale at December 31, 2019 within the next twelve months. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2019 | |
Intangibles [Abstract] | |
INTANGIBLES | NOTE 10 – INTANGIBLES The following is a summary of our intangibles as of December 31, 2019 and 2018: December 31, 2019 2018 (in thousands) Assets: Goodwill $ 644,415 $ 643,950 Above market leases $ 49,240 $ 22,410 Accumulated amortization (21,227) (19,203) Net intangible assets $ 28,013 $ 3,207 Liabilities: Below market leases $ 147,292 $ 143,669 Accumulated amortization (87,154) (79,226) Net intangible liabilities $ 60,138 $ 64,443 As disclosed in Note 3 – Properties, certain above market lease assets and below market lease liabilities acquired in the MedEquities Merger are subject to further adjustment pending completion of the purchase accounting. For the years ended December 31, 2019, 2018 and 2017, our net amortization related to intangibles was $5.9 million, $10.7 million and $11.9 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2020 – $4.9 million; 2021 – $4.7 million; 2022 – $4.4 million; 2023 – $4.2 million; 2024 – $4.0 million and $9.9 million thereafter. As of December 31, 2019, the weighted average remaining amortization period of above market lease assets is approximately eleven years and of below market lease liabilities is approximately nine years. The following is a summary of our goodwill: (in thousands) Balance as of December 31, 2017 $ 644,690 Less: foreign currency translation (740) Balance as of December 31, 2018 643,950 Add: foreign currency translation 465 Balance as of December 31, 2019 $ 644,415 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2019 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 - CONCENTRATION OF RISK As of December 31, 2019, our portfolio of real estate investments consisted of 987 healthcare facilities, located in 40 states and the U.K. and operated by 71 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled approximately $9.8 billion at December 31, 2019, with approximately 98% of our real estate investments related to long-term care facilities. Our portfolio is made up of 784 SNFs, 114 ALFs, 28 specialty facilities, two medical office buildings, fixed rate mortgages on 47 SNFs, two ALFs and four specialty facilities and six facilities that are closed and held for sale. At December 31, 2019, we also held other investments of approximately $419.2 million, consisting primarily of secured loans to third-party operators of our facilities and $199.9 million of investment in five unconsolidated joint ventures. At December 31, 2019 and 2018, we had investments with one operator/or manager that exceeded 10% of our total investments: Ciena Healthcare (“Ciena”). Ciena also generated approximately 10%, 11% and 10% of our total revenues for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019, the three states in which we had our highest concentration of investments were Florida (15%), Texas (10%) and Michigan (7%). |
LEASE AND MORTGAGE DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Security Deposits and Letters Of Credit [Abstract] | |
LEASE AND MORTGAGE DEPOSITS | NOTE 12 - LEASE AND MORTGAGE DEPOSITS We obtain liquidity deposits and other deposits, security deposits and letters of credit from certain operators pursuant to our lease and mortgage agreements. These generally represent the rental and/or mortgage interest for periods ranging from three The liquidity deposits and other deposits, security deposits and the letters of credit may be used in the event of lease and/or loan defaults, subject to applicable limitations under bankruptcy law with respect to operators filing under Chapter 11 of the United States Bankruptcy Code. Liquidity deposits and other deposits are recorded as restricted cash on our Consolidated Balance Sheets with the offset recorded as a liability in accrued expenses and other liabilities on our Consolidated Balance Sheets. Security deposits related to cash received from the operators are primarily recorded in cash and cash equivalents on our Consolidated Balance Sheets with a corresponding offset in accrued expenses and other liabilities on our Consolidated Balance Sheets. Additional security for rental and mortgage interest revenue from operators is provided by covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets of the operators, provisions for cross-default, provisions for cross-collateralization and by corporate or personal guarantees. |
BORROWING ARRANGEMENTS
BORROWING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
BORROWING ARRANGEMENTS [Abstract] | |
BORROWING ACTIVITIES AND ARRANGEMENTS | NOTE 13 - BORROWING ARRANGEMENTS The following is a summary of our long-term borrowings: Annual Interest Rate as of December 31, December 31, Maturity 2019 2019 2018 (in thousands) Secured borrowings: HUD mortgages (1) (4) 2046-2052 3.01 % $ 387,405 $ — Term loan (2) (4) 2021 5.00 % 2,275 — 389,680 — Unsecured borrowings: Revolving line of credit 2021 2.99 % 125,000 313,000 U.S. term loan 2022 3.25 % 350,000 425,000 Sterling term loan (3) 2022 2.16 % 132,480 127,990 Omega OP term loan (4) 2022 3.29 % 75,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Deferred financing costs – net (5) (2,742) (4,264) Total term loans – net 804,738 898,726 2023 notes 2023 4.375 % 700,000 700,000 2024 notes 2024 4.950 % 400,000 400,000 2025 notes 2025 4.500 % 400,000 400,000 2026 notes 2026 5.250 % 600,000 600,000 2027 notes 2027 4.500 % 700,000 700,000 2028 notes 2028 4.750 % 550,000 550,000 2029 notes 2029 3.625 % 500,000 — Subordinated debt 2021 9.000 % 13,541 20,000 Discount – net (23,041) (18,523) Deferred financing costs – net (23,778) (22,581) Total senior notes and other unsecured borrowings – net 3,816,722 3,328,896 Total unsecured borrowings – net 4,746,460 4,540,622 Total secured and unsecured borrowings – net (6) $ 5,136,140 $ 4,540,622 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2019. Secured by real estate assets with a net carrying value of $617.2 million as of December 31, 2019. (2) This borrowing is the debt of a consolidated joint venture. (3) This borrowing is denominated in British Pounds Sterling. (4) Omega OP or wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (5) The amount includes $0.2 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2019. (6) All borrowings are direct borrowings of Omega unless otherwise noted. HUD Mortgage Debt On October 31, 2019, we assumed approximately $389 million in mortgage loans guaranteed by HUD. The HUD loans have remaining terms ranging from 27 to 32 years and an average remaining term of 31 years with fixed interest rates ranging from 2.82% to 3.24%. The HUD loans may be prepaid subject to an initial penalty of 10% of the remaining principal balances in the first year and the prepayment penalty decreases each subsequent year by 1% until no penalty is required. All HUD loans are subject to the regulatory agreements that require escrow reserve funds to be deposited with the loan servicer for mortgage insurance premiums, property taxes, debt service and capital replacement expenditures. As of December 31, 2019, the Company has total escrow reserves of $25.0 million with the loan servicer that is reported within other assets on the Consolidated Balance Sheets. See Note 3 – Properties. HUD Mortgage Disposition On June 1, 2018, subsidiaries of an existing operator assumed approximately $53 million of our indebtedness guaranteed by HUD that secured 12 separate facilities located in Arkansas. In connection with our disposition of the mortgages, we wrote-off approximately $0.6 million of unamortized deferred costs that are recorded in Gain on assets sold – net on our Consolidated Statements of Operations. These fixed rate mortgages had a weighted average interest rate of approximately 3.06% per annum and matured in July 2044 Unsecured Borrowings 2017 Omega Credit Facilities On May 25, 2017, Omega entered into a credit agreement (the “2017 Omega Credit Agreement”) providing us with a new $1.8 billion senior unsecured revolving and term loan credit facility, consisting of a $1.25 billion senior unsecured multicurrency revolving credit facility (the “Revolving Credit Facility”), a $425 million senior unsecured U.S. Dollar term loan facility (the “U.S. Term Loan Facility”), and a £100 million senior unsecured British Pound Sterling term loan facility (the “Sterling Term Loan Facility” and, together with the Revolving Credit Facility and the U.S. Term Loan Facility, collectively, the “2017 Omega Credit Facilities”). The 2017 Omega Credit Agreement contains an accordion feature permitting us, subject to compliance with customary conditions, to increase the maximum aggregate commitments under the 2017 Omega Credit Facilities to $2.5 billion. The 2017 Omega Credit Facilities replaced the previous $1.25 billion senior unsecured 2014 revolving credit facility, the previous $200 million Tranche A-1 senior unsecured term loan facility, and the previous $350 million Tranche A-3 senior unsecured incremental term loan facility established under our 2014 credit agreement, which has been terminated (the “2014 Omega Credit Agreement”). We had previously repaid and terminated the $200 million Tranche A-2 senior unsecured term loan facility established under the 2014 Omega Credit Agreement, with proceeds from our $550 million and $150 million unsecured senior notes issued in April 2017. The Revolving Credit Facility bears interest at LIBOR plus an applicable percentage (with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Revolving Credit Facility matures on May 25, 2021, subject to an option by us to extend such maturity date for two, six month periods. The 2017 Omega Credit Agreement provides for the Revolving Credit Facility to be drawn in Euros, British Pounds Sterling, Canadian Dollars (collectively, “Alternative Currencies”) or U.S. Dollars, with a $900 million tranche available in U.S. Dollars and a $350 million tranche available in U.S. Dollars or Alternative Currencies. For purposes of the 2017 Omega Credit Facilities, references to LIBOR include the Canadian dealer offered rates for amounts offered in Canadian Dollars and any other Alternative Currency rate approved in accordance with the terms of the 2017 Omega Credit Agreement for amounts offered in any other non-London interbank offered rate quoted currency, as applicable. The U.S. Term Loan Facility and the Sterling Term Loan Facility bear interest at LIBOR plus an applicable percentage (with a range of 90 to 190 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The U.S. Term Loan Facility and the Sterling Term We recorded a non-cash charge of approximately $5.5 million in 2017 relating to the write-off of deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. 2017 Omega OP Term Loan Facility On May 25, 2017, Omega OP entered into a credit agreement (the “2017 Omega OP Credit Agreement”) providing it with a new $100 million senior unsecured term loan facility (the “2017 Omega OP Term Loan Facility”). The 2017 Omega OP Term Loan Facility bears interest at LIBOR plus an applicable percentage (with a range of 90 to 190 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The 2017 Omega OP Term Loan Facility matures on May 25, 2022. Omega OP’s obligations in connection with the 2017 Omega OP Term Loan Facility are not currently guaranteed, but will be jointly and severally guaranteed by any domestic subsidiary of Omega OP that provides a guaranty of any unsecured indebtedness of Omega or Omega OP for borrowed money evidenced by bonds, debentures, notes or other similar instruments in an amount of at least $50 million individually or in the aggregate. In connection with the MedEquities Merger on May 17, 2019, we assumed various interest rate swap contracts. We designated the interest rate swap contracts as cash flow hedges of interest rate risk associated with the 2017 Omega OP Credit Agreement. The assumed interest rate swap contracts effectively convert $75 million of our 2017 Omega OP Credit Agreement to an aggregate fixed rate of approximately 3.29% through February 10, 2022. The effective fixed rate achieved by the combination of the 2017 Omega OP Credit Agreement and the interest rate swaps could fluctuate up by 55 basis points or down by 45 basis points based on future changes to our credit ratings. The 2017 Omega OP Credit Agreement will be unhedged for the period after February 10, 2022 through its maturity on May 25, 2022. In September 2019, we used $25.0 million of proceeds from the senior notes issuance to repay borrowings under the 2017 Omega OP Term Loan Facility. At December 31, 2019, we had $75.0 million in outstanding borrowings under this facility. Amended 2015 Term Loan Facility On May 25, 2017, Omega entered into an amended and restated credit agreement (the “Amended 2015 Credit Agreement”), which amended and restated our previous $250 million senior unsecured term loan facility (the “Amended 2015 Term Loan Facility”). The Amended 2015 Term Loan Facility bears interest at LIBOR plus an applicable percentage (with a range of 140 to 235 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Amended 2015 Term Loan Facility continues to mature on December 16, 2022. The Amended 2015 Credit Agreement permits us, subject to compliance with customary conditions, to add one or more incremental tranches to the Amended 2015 Term Loan Facility in an aggregate principal amount not exceeding $150 million. Omega’s obligations under the 2017 Omega Credit Facilities and the Amended 2015 Term Loan Facility are jointly and severally guaranteed by Omega OP and any domestic subsidiary of Omega that provides a guaranty of any unsecured indebtedness of Omega for borrowed money evidenced by bonds, debentures, notes or other similar instruments in an amount of at least $50 million individually or in the aggregate. As a result of exposure to interest rate movements associated with the Amended 2015 Term Loan Facility, on December 16, 2015, we entered into various forward-starting interest rate swap arrangements, which effectively converted $250 million of our variable-rate debt based on one-month LIBOR to an aggregate fixed rate of approximately 3.8005% effective December 30, 2016. The effective fixed rate achieved by the combination of the Amended 2015 Term Loan Facility and the interest rate swaps could fluctuate up by 55 basis points or down by 40 basis points based on future changes to our credit ratings. Each of these swaps began on December 30, 2016 and mature on December 15, 2022. The interest rate for the Amended 2015 Term Loan Facility was not hedged for the portion of the term prior to December 30, 2016. $700 4.375% On July 12, 2016, we issued $700 million aggregate principal amount of our 4.375% Senior Notes due 2023 (the “2023 Notes”). The 2023 Notes were sold at an issue price of 99.739% of their face value before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $692.0 million. The net proceeds from the offering were used to repay outstanding borrowings under our revolving credit facility and for general corporate purposes. The 2023 Notes mature on August 1, 2023 and pay interest semi-annually. $400 4.95% On March 11, 2014, we sold $400 million aggregate principal amount of our 4.95% Senior Notes due 2024 (the “2024 Notes”). These notes were sold at an issue price of 98.58% of the principal amount of the notes, before the initial purchasers’ discount resulting in gross proceeds of approximately $394.3 million. The 2024 Notes mature on April 1, 2024 and pay interest semi-annually. $400 4.50% On September 11, 2014, we sold $250 million aggregate principal amount of our 4.50% Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes were sold at an issue price of 99.131% of their face value before the initial purchasers’ discount resulting in gross proceeds of approximately $247.8 million. The 2025 Notes mature on January 15, 2025 and pay interest semi-annually. On April 4, 2017, we issued an additional $150 million aggregate principal amount of our existing 2025 Notes (the “additional $150 million 2025 Notes”). The additional $150 million 2025 Notes were sold at an issue price of 99.540% of their face value before the underwriters’ discount. Our net proceeds from the additional $150 million 2025 Notes, after deducting underwriting discounts and expenses, were approximately $149.9 million (inclusive of accrued interest). See $ 550 Million 4.75% Senior Notes due 2028 $600 5.25% On September 23, 2015, we sold $600 million aggregate principal amount of our 5.25% Senior Notes due 2026 (the “2026 Notes”). The 2026 Notes were sold at an issue price of 99.717% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $594.4 million. The 2026 Notes mature on January 15, 2026 and pay interest semi-annually. $ 700 4.50% On March 18, 2015, we sold $700 million aggregate principal amount of our 4.50% Senior Notes due 2027 (the “2027 Notes”). The 2027 Notes were sold at an issue price of 98.546% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $683 million. The 2027 Notes mature on April 1, 2027 and pay interest semi-annually. $550 4.75% On April 4, 2017, we issued $550 million aggregate principal amount of our 4.75% Senior Notes due 2028 (the “2028 Notes”). The 2028 Notes mature on January 15, 2028. The 2028 Notes were sold at an issue price of 98.978% of their face value before the underwriters’ discount. Our net proceeds from the 2028 Notes offering, after deducting underwriting discounts and expenses, were approximately $540.8 million. The net proceeds from the 2028 Notes offering and the additional $150 million 2025 Notes offering were used to (i) redeem $500 Million 3.625% Senior Notes due 2029 On September 20, 2019, we issued $500 million aggregate principal amount of our 3.625% Senior Notes due 2029 (the “2029 Notes”). The 2029 Notes were sold at an issue price of 98.542% of their face value before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $487.8 million. and for general corporate purposes. Subordinated Debt Other Debt Assumption and Repayment In connection with the MedEquities Merger on May 17, 2019, we assumed a $125.0 million term loan and outstanding borrowings of $160.1 million under MedEquities’ previous revolving credit facility. We repaid the total outstanding balance on both the term loan and the revolving credit facility and terminated the related agreements on May 17, 2019. General Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2019 and 2018, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. Omega OP, the guarantor of Parent’s outstanding senior notes, does not directly own any substantive assets other than its interest in non-guarantor subsidiaries. The required principal payments, excluding the premium or discount and deferred financing costs on our secured and unsecured borrowings, for each of the five years following December 31, 2019 and the aggregate due thereafter are set forth below: (in thousands) 2020 $ 7,465 2021 148,508 2022 815,407 2023 708,168 2024 408,418 Thereafter 3,097,735 Total $ 5,185,701 The following summarizes the refinancing related costs: Year Ended December 31, 2019 2018 2017 (in thousands) Write-off of deferred financing costs and unamortized premiums due to refinancing (1) $ — $ — $ 10,195 Prepayment and other costs associated with refinancing (2) — — 11,770 Total debt extinguishment costs $ — $ — $ 21,965 (1) In 2017, we recorded (a) $4.7 million of write-offs of unamortized deferred costs associated with the early redemption of our 5.875% Notes and (b) $5.5 million of write-offs of unamortized deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. (2) In 2017, we paid $11.8 million of prepayment penalties associated with the early redemption of our 5.875% Notes. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 14 - FINANCIAL INSTRUMENTS The net carrying amount of cash and cash equivalents, restricted cash, contractual receivables, other assets and accrued expenses and other liabilities reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (Level 1). At December 31, 2019 and 2018, the net carrying amounts and fair values of other financial instruments were as follows: December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 11,488 $ 11,488 $ 132,262 $ 132,262 Mortgage notes receivable – net 773,563 819,083 710,858 735,892 Other investments – net 419,228 412,934 504,626 503,907 Total $ 1,204,279 $ 1,243,505 $ 1,347,746 $ 1,372,061 Liabilities: Revolving line of credit $ 125,000 $ 125,000 $ 313,000 $ 313,000 Term loan 2,275 2,275 — — U.S. term loan 348,878 350,000 423,065 425,000 Sterling term loan 132,059 132,480 127,394 127,990 Omega OP term loan 74,763 75,000 99,553 100,000 2015 term loan 249,038 250,000 248,713 250,000 4.375% notes due 2023 – net 695,812 749,693 694,643 700,062 4.95% notes due 2024 – net 395,702 442,327 394,691 406,386 4.50% notes due 2025 – net 396,163 430,529 395,402 392,122 5.25% notes due 2026 – net 595,732 675,078 595,027 605,700 4.50% notes due 2027 – net 689,445 759,475 687,981 671,555 4.75% notes due 2028 – net 541,891 602,967 540,883 537,508 3.625% notes due 2029 – net 488,263 500,792 — — HUD mortgages - net 387,405 379,866 — — Subordinated debt – net 13,714 15,253 20,270 22,589 Total $ 5,136,140 $ 5,490,735 $ 4,540,622 $ 4,551,912 Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. The following methods and assumptions were used in estimating fair value disclosures for financial instruments. ● Direct financing leases: The fair value of the investments in direct financing leases, excluding those related to Orianna, are estimated using a discounted cash flow analysis, using interest rates being offered for similar leases to borrowers with similar credit ratings (Level 3). For the Orianna direct financing lease as of December 31, 2018, the Company estimated the fair value of its investment based on the expected liquidating payments from the Trust as further described in Note 4 – Direct Financing Leases (Level 3). ● Mortgage notes receivable: The fair value of the mortgage notes receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Other investments: Other investments are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Revolving line of credit, secured borrowing and term loans: The fair value of our borrowings under variable rate agreements are estimated using a present value technique based on expected cash flows discounted using the current market rates (Level 3). ● Senior notes and subordinated debt: The fair value of our borrowings under fixed rate agreements are estimated using a present value technique based on inputs from trading activity provided by a third party (Level 2). ● HUD mortgages: The fair value of our borrowings under HUD debt agreements are estimated using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2). |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Taxes [Abstract] | |
TAXES | NOTE 15 – TAXES Omega and Omega OP, including their wholly owned subsidiaries were organized, have operated, and intend to continue to operate in a manner that enables Omega to qualify for taxation as a REIT under Sections 856 through 860 of the Code. On a quarterly and annual basis we perform several analyses to test our compliance within the REIT taxation rules. In order to qualify as a REIT, in addition to other requirements, we must: (i) distribute dividends (other than capital gain dividends) to our stockholders in an amount at least equal to (A) the sum of (a) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain), and (b) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of non-cash income on an annual basis, (ii) ensure that at least 75% and 95%, respectively, of our gross income is generated from qualifying sources that are described in the REIT tax law, (iii) ensure that at least 75% of our assets consist of qualifying assets, such as real property, mortgages, and other qualifying assets described in the REIT tax law, (iv) ensure that we do not own greater than 10% in voting power or value of securities of any one issuer, (v) ensure that we do not own either debt or equity securities of another company that are in excess of 5% of our total assets and (vi) ensure that no more than 20% of our assets are invested in one or more taxable REIT subsidiaries (and with respect to taxable years beginning before January 1, 2018, no more than 25%). In addition to the above requirements, the REIT rules require that no less than 100 stockholders own shares or an interest in the REIT and that five or fewer individuals do not own (directly or indirectly) more than 50% of the shares or proportionate interest in the REIT during the last half of any taxable year. If we fail to meet the above or any other requirements for qualification as a REIT in any tax year, we will be subject to federal income tax on our taxable income at regular corporate rates and may not be able to qualify as a REIT for the four We are also subject to federal taxation of 100% of the net income derived from the sale or other disposition of property, other than foreclosure property, that we held primarily for sale to customers in the ordinary course of a trade or business. We believe that we do not hold assets for sale to customers in the ordinary course of business and that none of the assets currently held for sale or that have been sold would be considered a prohibited transaction within the REIT taxation rules. So long as we qualify as a REIT under the Code, we generally will not be subject to federal income taxes on the REIT taxable income that we distribute to stockholders, subject to certain exceptions. In 2019, 2018, and 2017, we distributed dividends in excess of our taxable income. The definition of foreclosure property includes any “qualified health care property,” as defined in Code Section 856(e)(6) acquired by us as the result of the termination or expiration of a lease of such property. We have from time to time operated qualified healthcare facilities acquired in this manner for up to two years (or longer if an extension was granted). Properties that we had taken back in a foreclosure or bankruptcy and operated for our own account were treated as foreclosure properties for income tax purposes, pursuant to Code Section 856(e). Gross income from foreclosure properties was classified as “good income” for purposes of the annual REIT income tests upon making the election on the tax return. Once made, the income was classified as “good” for a period of three years, or until the properties were no longer operated for our own account. In all cases of foreclosure property, we utilized an independent contractor to conduct day-to-day operations to maintain REIT status. In certain cases, we operated these facilities through a taxable REIT subsidiary. As a result of the foregoing, we do not believe that our past participation in the operation of nursing homes increased the risk that we would fail to qualify as a REIT. We currently own stock in an entity that has elected to be taxed as a REIT. This subsidiary entity is required to individually satisfy all of the rules for qualification as a REIT qualification. Subject to the limitation under the REIT asset test rules, we are permitted to own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”). We have elected for five of our active subsidiaries to be treated as TRSs. Three of our TRSs are domestic and are subject to federal, state and local income taxes at the applicable corporate rates and the other two are subject to foreign income taxes. As of December 31, 2019, one of our TRSs that is subject to federal, state and local income taxes at the applicable corporate rates had a net operating loss carry-forward of approximately $5.7 million. Up to 100% of the net operating loss carry-forwards arising in taxable years ending prior to January 1, 2018, may be used to reduce taxable income for any taxable year during the eligible carry-forward period. The net operating loss carry-forward arising in tax years ending subsequent to December 31, 2018, may be used to reduce only 80% of taxable income for any taxable year during the eligible carry-forward period. Our net operating loss carry-forward is fully reserved as of December 31, 2019, with a valuation allowance due to uncertainties regarding realization. Under current law, our net operating loss carryforwards generated up through December 31, 2017 may be carried forward for no more than 20 years, and our net operating loss carryforward generated in our taxable years ended December 31, 2019 and December 31, 2018 may be carried forward indefinitely. In connection with the MedEquities Merger on May 17, 2019, we acquired MedEquities Realty TRS, LLC. MedEquities Realty TRS, LLC has no assets, liabilities, revenues, or expenses and, accordingly, we have no tax accrual or net operating loss carryforward associated with this entity as of December 31, 2019. For the year ended December 31, 2019, 2018 and 2017, we recorded approximately $0.9 million, $0.8 million and $2.4 million, respectively, of federal, state and local income tax provision. For the year ended December 31, 2019, 2018 and 2017, we recorded a provision for foreign income taxes of approximately $2.0 million, $2.2 million and $0.8 million, respectively. The above amounts include any income or franchise taxes payable to certain states and municipalities. The following is a summary of deferred tax assets and liabilities: December 31, 2019 2018 (in thousands) Deferred tax assets: Federal net operating loss carryforward $ 1,199 $ 1,213 Total deferred assets 1,199 1,213 Deferred tax liabilities: Foreign deferred tax liabilities (1) 11,350 13,599 Total net deferred liabilities before valuation allowances (10,151) (12,386) Valuation allowance on deferred tax asset (1,199) (1,213) Net deferred tax liabilities $ (11,350) $ (13,599) (1) The deferred tax liabilities primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted. The Tax Act includes numerous changes to existing U.S. tax law, including lowering the statutory U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. The changes from the Tax Act did not have a material impact to the Company’s financial statements. |
RETIREMENT ARRANGEMENTS
RETIREMENT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |
RETIREMENT ARRANGEMENTS | Our Company has a 401(k) Profit Sharing Plan covering all eligible employees. Under this plan, employees are eligible to make contributions, and we, at our discretion, may match contributions and make a profit sharing contribution. Amounts charged to operations with respect to these retirement arrangements totaled approximately $0.6 million in 2019, $0.5 million and $0.5 million in 2018 and 2017, respectively. In addition, we have a deferred stock compensation plan that allows employees and directors the ability to defer the receipt of stock awards (units). The deferred stock awards (units) participate in future dividends as well as the change in the value of the Company’s common stock. As of December 31, 2019 and 2018, the Company had 459,389 and 403,427 deferred stock units outstanding. |
STOCKHOLDERS'_OWNERS' EQUITY
STOCKHOLDERS'/OWNERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' / Owners' Equity [Abstract] | |
STOCKHOLDERS'/OWNERS' EQUITY | NOTE 17 – STOCKHOLDERS’/OWNERS’ EQUITY Forward Equity Sales Agreement In connection with a $300 million underwritten public offering, we entered into a forward equity sales agreement on September 9, 2019 to sell 7.5 million shares of our common stock at an initial net price of $40.01 per share, after underwriting discounts and commissions. On December 27, 2019, we settled the forward equity sale agreement by physical delivery of 7.5 million shares of common stock at $39.45 per share, net of dividends paid and interest received, for net proceeds of approximately $295.9 million. $500 Million Equity Shelf Program On September 3, 2015, we entered into separate Equity Distribution Agreements (collectively, the “Equity Shelf Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $500 million (the “2015 Equity Shelf Program”) with several financial institutions, each as a sales agent and/or principal (collectively, the “Managers”). Under the terms of the Equity Shelf Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $500 million. Sales of the shares, if any, are made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We pay each Manager compensation for sales of the shares equal to 2% of the gross sales price per share for shares sold through such Manager under the applicable Equity Shelf Agreements. For the year ended December 31, 2017, we issued approximately 0.7 million shares under the 2015 Equity Shelf Program, at an average price of $30.81 per share, net of issuance costs, generating net proceeds of approximately $22.1 million. For the year ended December 31, 2018, we issued approximately 2.3 million shares under the 2015 Equity Shelf Program, at an average price of $33.18 per share, net of issuance costs, generating net proceeds of approximately $75.5 million. For the year ended December 31, 2019, we issued approximately 3.1 million shares under the 2015 Equity Shelf Program, at an average price of $34.79 per share, net of issuance costs, generating net proceeds of approximately $109.0 million. Dividend Reinvestment and Common Stock Purchase Plan We have a Dividend Reinvestment and Common Stock Purchase Plan (the “DRSPP”) that allows for the reinvestment of dividends and the optional purchase of our common stock. For the year ended December 31, 2017, we issued 1.2 million shares of common stock for gross proceeds of approximately $36.7 million. For the year ended December 31, 2018, we issued 1.5 million shares of common stock for gross proceeds of approximately $46.8 million. For the year ended December 31, 2019, we issued 3.0 million shares of common stock for gross proceeds of approximately $115.1 million. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: As of and For the Year Ended December 31, 2019 2018 2017 (in thousands) Foreign Currency Translation: Beginning balance $ (47,704) $ (26,033) $ (54,948) Translation gain (loss) 12,646 (21,703) 28,604 Realized (loss) gain (42) 32 311 Ending balance (35,100) (47,704) (26,033) Derivative Instruments: Cash flow hedges: Beginning balance 3,994 1,463 (1,420) Unrealized (loss) gain (7,071) 2,593 5,221 Realized gain (1) 708 (62) (2,338) Ending balance (2,369) 3,994 1,463 Net investment hedge: Beginning balance 70 (7,070) — Unrealized (loss) gain (4,490) 7,140 (7,070) Ending balance (4,420) 70 (7,070) Total accumulated other comprehensive loss for Omega OP (2) (41,889) (43,640) (31,640) Add: portion included in noncontrolling interest 2,031 1,988 1,490 Total accumulated other comprehensive loss for Omega $ (39,858) $ (41,652) $ (30,150) (1) Recorded in interest expense on the Consolidated Statements of Operations. (2) These amounts are included in owners’ equity. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 18 – STOCK-BASED COMPENSATION Time Based Restricted Equity Awards Restricted stock, restricted stock units (“RSUs”) and profits interest units (“PIUs”) are subject to forfeiture if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of service or a change in control of the Company. Prior to vesting, ownership of the shares/units cannot be transferred. The restricted stock has the same dividend and voting rights as our common stock. RSUs accrue dividend equivalents but have no voting rights. PIUs accrue distributions, which are equivalent to dividend equivalents, but have no voting rights. Once vested, each RSU is settled by the issuance of one share of Omega common stock and each PIU is settled by the issuance of one partnership unit in Omega OP (“Omega OP Unit”), subject to certain conditions. Restricted stock and RSUs are valued at the price of our common stock on the date of grant. The PIUs are valued using a Monte Carlo model to estimate fair value. We expense the cost of these awards ratably over their vesting period. The following table summarizes the activity in restricted stock, RSUs, and PIUs for the years ended December 31, 2017, 2018 and 2019: Weighted - Number of Average Grant- Compensation Shares/Omega Date Fair Value Cost (1) OP Units per Share (in millions) Non-vested at December 31, 2016 336,053 $ 37.32 Granted during 2017 185,004 31.25 $ 5.8 Cancelled during 2017 (1,000) 34.78 Vested during 2017 (182,548) 39.58 Non-vested at December 31, 2017 337,509 32.78 Granted during 2018 217,717 28.19 $ 6.1 Cancelled during 2018 (5,941) 30.82 Vested during 2018 (190,412) 33.89 Non-vested at December 31, 2018 358,873 29.44 Granted during 2019 160,158 35.20 $ 5.6 Cancelled during 2019 (32,376) 30.38 Vested during 2019 (188,063) 31.01 Non-vested at December 31, 2019 298,592 $ 31.44 (1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant Performance Based Restricted Equity Awards Performance-based restricted equity awards include performance restricted stock units (“PRSUs”) and PIUs. PRSUs and PIUs are subject to forfeiture if the performance requirements are not achieved or if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. The PRSUs awarded in January 2014, March 2015, April 2015, July 2015, March 2016, January 2017, January 2018, and January 2019 and the PIUs awarded in March 2015, April 2015, July 2015, March 2016, January 2017, January 2018, and January 2019 have varying degrees of performance requirements to achieve vesting, and each PRSU and PIU award represents the right to a variable number of shares of common stock or partnership units. Each PIU once earned is convertible into one Omega OP Unit in Omega OP, subject to certain conditions. The vesting requirements are based on either the (i) total shareholder return (“TSR”) of Omega or (ii) Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index for awards before 2016 and in the FTSE NAREIT Equity Health Care Index for awards granted in or after 2016 (both “Relative TSR”). We expense the cost of these awards ratably over their service period. Prior to vesting and the distribution of shares or Omega OP Units, ownership of the PRSUs or PIUs cannot be transferred. Dividends on the PRSUs are accrued and only paid to the extent the applicable performance requirements are met. While each PIU is unearned, the employee receives a partnership distribution equal to 10% of the quarterly approved regular periodic distributions per Omega OP Unit. The remaining partnership distributions (which in the case of normal periodic distributions is equal to the total approved quarterly dividend on Omega’s common stock) on the PIUs accumulate, and if the PIUs are earned, the accumulated distributions are paid. We used a Monte Carlo model to estimate the fair value for the PRSUs and PIUs granted to the employees. The following are the significant assumptions used in estimating the value of the awards for grants made on the following dates: January 1, January 1, January 1, 2017 2018 2019 Closing price on date of grant $ 31.26 $ 27.54 $ 35.15 Dividend yield 7.81 % 9.44 % 7.51 % Risk free interest rate at time of grant 0.66 % to 1.58 % 1.60 % to 2.05 % 2.45 % to 2.51 % Expected volatility 22.82 % to 25.26 % 21.03 % to 23.24 % 21.78 % to 22.76 % The following table summarizes the activity in PRSUs and PIUs for the years ended December 31, 2017, 2018 and 2019: Weighted- Average Grant- Compensation Number of Date Fair Value Cost (1) Shares per Share (in millions) Non-vested at December 31, 2016 1,073,998 $ 16.08 Granted during 2017 685,064 14.87 $ 10.20 Cancelled during 2017 (5,361) 15.98 Forfeited during 2017 (392,921) 18.33 Vested during 2017 — — Non-vested at December 31, 2017 1,360,780 14.82 Granted during 2018 1,012,032 10.40 $ 10.50 Cancelled during 2017 — — Forfeited during 2018 (203,380) 11.82 Vested during 2018 — — Non-vested at December 31, 2018 2,169,432 13.04 Granted during 2019 822,584 14.80 $ 12.22 Cancelled during 2019 (125,885) 14.57 Forfeited during 2019 — — Vested during 2019 (2) (465,044) 15.89 Non-vested at December 31, 2019 2,401,087 $ 13.01 (1) Total compensation cost to be recognized on the awards was based on the grant date fair value. (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures The following table summarizes our total unrecognized compensation cost as of December 31, 2019 associated with restricted stock awards, RSU awards, PRSU awards, and PIU awards to employees: Weighted Average Grant Date Total Period of Unrecognized Average Compensation Expense Compensation Grant Fair Value Cost (in Recognition Cost (in Performance Vesting RSUs and PIUs Year Shares/ Units Per Unit/Share millions) (1) (in months) millions) Period Dates 1/1/2018 RSUs 2018 154,732 $ 27.54 $ 4.30 36 $ 1.30 N/A 12/31/2020 1/1/2019 RSUs 2019 27,464 35.15 1.00 36 0.60 N/A 12/31/2021 1/1/2019 PIUs 2019 91,992 34.89 3.20 36 2.10 N/A 12/31/2021 RSUs and PIUs Total 274,188 30.77 8.50 4.00 TSR PRSUs and PIUs 1/1/2017 - 2019 PRSUs 2017 386,220 12.61 4.90 48 1.20 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 - 2020 PRSUs 2018 658,042 7.31 4.80 48 2.40 1/1/2018 - 12/31/2020 Quarterly in 2021 1/1/2019 - 2021 PRSUs 2019 100,882 11.53 1.20 48 0.90 1/1/2019 - 12/31/2021 Quarterly in 2022 1/1/2019 - 2021 PIUs 2019 377,766 12.03 4.50 48 3.40 1/1/2019 - 12/31/2021 Quarterly in 2022 TSR PRSUs & PIUs Total 1,522,910 10.11 15.40 7.90 Relative TSR PRSUs and PIUs 1/1/2017 - 2019 Relative PRSUs 2017 271,832 18.02 4.90 48 1.20 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 - 2020 Relative PRSUs 2018 315,100 16.64 5.20 48 2.60 1/1/2018 - 12/31/2020 Quarterly in 2021 1/1/2019 - 2021 Relative PRSUs 2019 60,158 19.33 1.20 48 0.90 1/1/2019 - 12/31/2021 Quarterly in 2022 1/1/2019 - 2021 Relative PIUs 2019 231,087 19.67 4.50 48 3.40 1/1/2019 - 12/31/2021 Quarterly in 2022 Relative TSR PRSUs and PIUs Total 878,177 18.05 15.80 8.10 Grand Total 2,675,275 $ 14.83 $ 39.70 $ 20.00 (1) Total shares/units and compensation costs are net of shares/units cancelled. (2) This table excludes approximately $1.1 million of unrecognized compensation costs related to our directors Tax Withholding for Stock Compensation Plans Stock withheld to pay tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2019, 2018 and 2017, was $4.8 million, $1.7 million and $2.1 million, respectively. Shares Available for Issuance for Compensation Purposes On June 8, 2018, at the Annual Meeting of Stockholders, our stockholders approved the 2018 Stock Incentive Plan (the “2018 Plan”), which amended and restated the Company’s 2013 Stock Incentive Plan (the “2013 Plan”). The 2018 Plan is a comprehensive incentive compensation plan that allows for various types of equity-based compensation, including RSUs (including PRSUs), stock awards (including restricted stock), deferred restricted stock units, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, performance unit awards, certain cash-based awards (including performance-based cash awards), PIUs and other stock-based awards. The 2018 Plan increased the number of shares of common stock available for issuance under the 2013 Plan by 4.5 million. As of December 31, 2019, approximately 4.4 million shares of common stock were reserved for issuance to our employees, directors and consultants under our stock incentive plans. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2019 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 19 - DIVIDENDS Common Dividends The Board of Directors has declared common stock dividends as set forth below: Dividend per Record Date Payment Date Common Share January 31, 2019 February 15, 2019 $ 0.66 April 30, 2019 May 15, 2019 $ 0.66 July 31, 2019 August 15, 2019 $ 0.66 October 31, 2019 November 15, 2019 $ 0.67 January 31, 2020 February 14, 2020 $ 0.67 On the same dates listed above, Omega OP Unit holders received the same distributions per unit as those paid to the common stockholders of Omega. Per Share Distributions Per share distributions by our Company were characterized in the following manner for income tax purposes (unaudited): Year Ended December 31, Common 2019 2018 2017 Ordinary income $ 1.763 $ 1.691 $ 1.571 Return of capital 0.591 0.931 0.932 Capital gains 0.296 0.018 0.037 Total dividends paid $ 2.650 $ 2.640 $ 2.540 For additional information regarding dividends, see Note 15 – Taxes. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 20 – COMMITMENTS AND CONTINGENCIES Litigation On November 16, 2017, a purported securities class action complaint captioned Dror Gronich v. Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth Steve Klein v. Omega Healthcare Investors, Inc., C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth Pursuant to a Scheduling Order entered by the Court, lead plaintiff Setzer and additional plaintiff Earl Holtzman filed a Consolidated Amended Class Action Complaint on May 25, 2018 (the “Securities Class Action”). The Securities Class Action purports to be a class action brought on behalf of shareholders who acquired the Company’s securities between May 3, 2017 and October 31, 2017. The Securities Class Action alleges that the defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by making materially false and/or misleading statements, and by failing to disclose material adverse facts about the Company’s business, operations, and prospects, including the financial and operating results of one of the Company’s operators, the ability of such operator to make timely rent payments, and the impairment of certain of the Company’s leases and the uncollectibility of certain receivables. The Securities Class Action, which purports to assert claims for violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of the Exchange Act, seeks an unspecified amount of monetary damages, interest, fees and expenses of attorneys and experts, and other relief. The Company and the officers named in the Securities Class Action filed a Motion to Dismiss on July 17, 2018. On March 25, 2019, the Court entered an order dismissing with prejudice all claims against all defendants. Plaintiffs have appealed the order to the United States Court of Appeals for the Second Circuit. The appeal is fully briefed, and the Court heard oral argument on November 13, 2019. The Company is awaiting a decision on the appeal. The Board of Directors received a demand letter, dated April 9, 2018, from an attorney representing Phillip Swan (“Swan”), a purported current shareholder of the Company, relating to the subject matter covered by the Securities Class Action (the “Swan Shareholder Demand”). The letter demanded that the Board of Directors conduct an investigation into the statements and other matters at issue in the Securities Class Action and commence legal proceedings against each party identified as being responsible for the alleged activities. After an investigation and due consideration, and in the exercise of its business judgment, the Board determined that it is not in the best interests of the Company to commence litigation against any current or former officers or directors based on the matters raised in the Swan Shareholder Demand. In November 2018, the Board also received shareholder demands from two additional purported shareholders, Tom Bradley (“Bradley”) and Sarah Smith (“Smith”), each represented by the same counsel as Swan, that were substantively identical to the Swan Shareholder Demand (the “Bradley/Smith Shareholder Demands”). The Board reached the same conclusion with respect to those demands as it reached with the Swan Shareholder Demand. On August 22, 2018, Stourbridge Investments LLC, a purported stockholder of the Company, filed a derivative action purportedly on behalf of the Company in the United States District Court for the Southern District of New York against the current directors of the Company as well as certain officers alleging violations of Section 14(a) of the Securities Exchange Act of 1934 and state-law claims including breach of fiduciary duty. Stourbridge Investments LLC v. Callen et al., On January 30, 2019, Swan filed a derivative action in the Baltimore City Circuit Court of Maryland, purportedly on behalf of the Company against certain current and former directors of the Company as well as certain officers, asserting claims for breach of fiduciary duty, waste of corporate assets and unjust enrichment. Swan v. Pickett, et al., Bradley and Smith v. Callen, et al. Swan Separately, during February and March 2019, four lawsuits were filed by purported stockholders of MedEquities against MedEquities and its directors challenging the proposed merger between MedEquities and the Company. Two of the lawsuits also named the Company as a defendant. Three of these actions were dismissed during 2019, including both actions that named the Company as defendant. These actions were Brekka v. MedEquities Realty Trust, Inc., et al Scarantino v. McRoberts et al Bushansky v. MedEquities Realty Trust, Inc., et al. Russell v. MedEquities Realty Trust, Inc., et al Other In September 2016, MedEquities received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice (“DOJ”), which indicates that it is conducting an investigation regarding alleged violations of the False Claims Act, Stark Law and Anti-Kickback Statute in connection with claims that may have been submitted to Medicare and other federal payors for services rendered to patients at Lakeway Hospital or by providers with financial relationships with Lakeway Hospital. As a result of the acquisition of MedEquities, the Company owns a 51% interest in an unconsolidated partnership that owns Lakeway Hospital (the “Lakeway Partnership”). The CID requested certain documents and information related to the acquisition and ownership of Lakeway Hospital through the Lakeway Partnership. The Company has learned that the DOJ is investigating MedEquities’ conduct in connection with its investigation of financial relationships related to Lakeway Hospital, including allegations by the DOJ that these relationships violate and continue to violate the Anti-Kickback Statute and, as a result, related claims submitted to federal payors violated and continue to violate the False Claims Act. The Company is cooperating fully with the DOJ in connection with the CID and has produced all of the information that has been requested to date. The Company believes that the acquisition, ownership and leasing of Lakeway Hospital through the Lakeway Partnership was and is in compliance with all applicable laws. However, due to the uncertainties surrounding this matter and its ultimate outcome, we are unable to determine whether it is probable that any loss has been incurred. In addition, we are subject to various other legal proceedings, claims and other actions arising out of the normal course of business. While any legal proceeding or claim has an element of uncertainty, management believes that the outcome of each lawsuit, claim or legal proceeding that is pending or threatened, or all of them combined, will not have a material adverse effect on our consolidated financial position or results of operations. Indemnification Agreements In connection with certain facility transitions, we have agreed to indemnify certain operators in certain events. As of December 31, 2019, our maximum funding commitment under these indemnification agreements was approximately $12.8 million. Claims under these indemnification agreements may be made within 18 months to 72 months of the transition date. These indemnification agreements were provided to certain operators in connection with facility transitions and generally would be applicable in the event that the prior operators do not perform under their transition agreements. The Company does not expect to fund a material amount under these indemnification agreements. Commitments We have committed to fund the construction of new leased and mortgaged facilities, capital improvements and other commitments. We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at December 31, 2019, are outlined in the table below (in thousands): Total commitments $ 690,361 Amounts funded to date (1) (520,447) Remaining commitments $ 169,914 (1) Includes finance costs. Environmental Matters As of December 31, 2019 and 2018, we had identified conditional asset retirement obligations primarily related to the future removal and disposal of asbestos that is contained within certain of our real estate investment properties. The asbestos is appropriately contained, and we believe we are compliant with current environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. We are required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2019 and 2018, no |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 21 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the consolidated statements of cash flows for the year ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 24,117 $ 10,300 $ 85,937 Restricted cash 9,263 1,371 10,871 Cash, cash equivalents and restricted cash at end of period $ 33,380 $ 11,671 $ 96,808 Supplemental information: Interest paid during the period, net of amounts capitalized $ 205,943 $ 211,863 $ 182,832 Taxes paid during the period $ 5,097 $ 4,772 $ 4,141 Non cash investing activities Non cash acquisition of business (See Note 3) $ (566,966) $ — $ — Non cash acquisition of real estate (See Note 3) (531,801) (185,592) (27,170) Non cash proceeds from sale of real estate investments (See Note 3) — 53,118 — Non cash surrender of mortgage (See Note 3) 11,874 — — Non cash investment in other investments (27,408) (16,153) (6,353) Non cash proceeds from other investments (See Note 3 and Note 6) 149,542 7,000 30,187 Non cash settlement of direct financing lease (See Note 3 and Note 4) 4,970 184,462 18,989 Initial non cash right of use asset - ground leases 5,593 — — Initial non cash lease liability - ground leases (5,593) — — Non cash financing activities Debt assumed in merger (see Note 3) $ 285,100 $ — $ — Stock exchanged in merger (see Note 3) 281,865 — — Acquisition of other long term borrowings (see Note 13) 388,627 — — Non cash disposition of other long-term borrowings (see Note 13) — (53,118) — Non cash repayment of other long term debt (see Note 13) (6,459) — — Change in fair value of cash flow hedges (7,757) 2,531 2,970 Remeasurement of debt denominated in a foreign currency 4,490 (7,140) 7,070 |
SUMMARY OF QUARTERLY RESULTS (U
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | NOTE 22 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following summarizes the Omega and Omega OP’s quarterly results of operations for the years ended December 31, 2019 and 2018: Omega March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2019 Revenues $ 223,688 $ 225,279 $ 233,195 $ 246,668 Net income (1) $ 72,182 $ 75,671 $ 142,948 $ 61,146 Net income available to common stockholders $ 69,702 $ 73,141 $ 138,740 $ 59,540 Net income available to common per share: Basic $ 0.34 $ 0.35 $ 0.64 $ 0.27 Net income per share: Diluted $ 0.34 $ 0.34 $ 0.63 $ 0.27 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (2) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to common stockholders $ 84,220 $ 78,536 $ 56,606 $ 62,216 Net income available to common per share: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per share: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 Omega OP March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2019 Revenues $ 223,688 $ 225,279 $ 233,195 $ 246,668 Net income (1) $ 72,182 $ 75,671 $ 142,948 $ 61,146 Net income available to owners' $ 72,182 $ 75,671 $ 142,957 $ 61,149 Net income available to Omega OP Unit holders: Basic $ 0.34 $ 0.35 $ 0.64 $ 0.27 Net income per unit: Diluted $ 0.34 $ 0.34 $ 0.63 $ 0.27 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (2) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to owners' $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to Omega OP Unit holders: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per unit: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 (1) Amounts reflect provisions for uncollectible accounts and impairment on real estate properties and direct financing leases of $7.7 million, $5.7 million, $3.8 million and $35.9 million for the three month periods ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively. Amounts also reflect net gain (loss) on assets sold – net of approximately $3 ,000, $(0.3) million, $53.1 million and $2.9 million for the three months periods ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively. (2) Amounts reflect provisions (recovery) for uncollectible accounts and impairment (recovery) on real estate properties and direct financing leases of $12.7 million, $(0.5) million, $20.9 million and $30.6 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. Amounts also reflect net gain (loss) on assets sold of $17.5 million, $(2.9) million, $(5.4) million and $15.5 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. |
EARNINGS PER SHARE_UNIT
EARNINGS PER SHARE/UNIT | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per Share/Unit [Abstract] | |
EARNINGS PER SHARE/UNIT | NOTE 23 - EARNINGS PER SHARE/UNIT The following tables set forth the computation of basic and diluted earnings per share/unit: Omega Omega OP Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 (in thousands, except per share amounts) Numerator: Net income $ 351,947 $ 293,884 $ 104,910 $ 351,947 $ 293,884 $ 104,910 (Less) add: net (income) loss attributable to noncontrolling interests (10,824) (12,306) (4,491) 12 — — Net income available to common stockholders/Omega OP Unit holders $ 341,123 $ 281,578 $ 100,419 $ 351,959 $ 293,884 $ 104,910 Denominator: Denominator for basic earnings per share 213,404 200,279 197,738 220,193 209,020 206,521 Effect of dilutive securities: Common stock equivalents 1,753 691 269 1,753 691 269 Net forward share contract 179 — — 179 — — Noncontrolling interest – Omega OP Units 6,789 8,741 8,783 — — — Denominator for diluted earnings per share/unit 222,125 209,711 206,790 222,125 209,711 206,790 Earnings per share/unit - basic: Net income available to common stockholders/Omega OP Unit holders $ 1.60 $ 1.41 $ 0.51 $ 1.60 $ 1.41 $ 0.51 Earnings per share/unit – diluted: Net income $ 1.58 $ 1.40 $ 0.51 $ 1.58 $ 1.40 $ 0.51 In September 2019, the Company entered into a forward equity sales agreement to sell up to an aggregate of 7.5 million shares of our common stock at an initial net price of $40.01 per share, after underwriting discounts and commissions. On December 27, 2019, the Company completed the forward equity sale and issued the 7.5 million shares of common stock at a net price of $39.45 per share, and received approximately $295.9 million of net proceeds. See Note 17 – Stockholder/Owners’ Equity – Forward Equity Sales Agreement. The shares issuable prior to settlement of the forward equity sales agreement are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of the Company’s common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full physical settlement of the forward equity sales agreement over the number of common shares that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) December 31, 2019 Balance at Charged to Balance at Beginning of Provision Deductions or End of Description Period Accounts Other (1) Period Year Ended December 31, 2019: Allowance for doubtful accounts: Contractual receivables (2) $ 1,075 $ — $ 1,075 $ — Mortgage notes receivable 4,905 — — 4,905 Direct financing leases 103,200 7,917 110,900 217 Total $ 109,180 $ 7,917 $ 111,975 $ 5,122 Year Ended December 31, 2018: Allowance for doubtful accounts: Contractual receivables $ 8,463 $ (4,226) $ 3,162 $ 1,075 Other receivables and lease inducements — 10,962 10,962 — Mortgage notes receivable 4,905 — — 4,905 Other investments 373 (47) 326 — Direct financing leases 172,172 27,168 96,140 103,200 Total $ 185,913 $ 33,857 $ 110,590 $ 109,180 Year Ended December 31, 2017: Allowance for doubtful accounts: Contractual receivables $ 299 $ 8,491 $ 327 $ 8,463 Other receivables and lease inducements 58 4,901 4,959 — Mortgage notes receivable 3,934 971 — 4,905 Other investments 4,798 217 4,642 373 Direct financing leases — 198,199 26,027 172,172 Total $ 9,089 $ 212,779 $ 35,955 $ 185,913 (1) Uncollectible accounts written off, net of recoveries or adjustments. (2) The Company adopted Topic 842 on January 1, 2019. As a result of this adoption, lease related receivables are written off through rental income, as opposed to the provision account. As such, our lease receivables are no longer considered in the valuation and qualifying accounts. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) December 31, 2019 Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period (3) (5) Depreciation Acquisition (4) (7) in Latest Buildings and Carrying (6) Buildings and Accumulated Date of Date Income Statements Description (1) Encumbrances Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Consulate Health Care: Florida (ALF, SNF) (2) $ 57,250 $ 558,594 $ 2,607 $ — $ — $ 57,250 $ 561,201 $ 618,451 $ 35,609 1950 - 2000 1993 - 2019 25 years to 37 years Kentucky (SNF) 209 6,860 — — — 209 6,860 7,069 62 1976 2019 25 years Louisiana (SNF) (2) 1,751 25,249 — — — 1,751 25,249 27,000 226 1962 - 1988 2019 25 years Mississippi (SNF) (2) 3,548 56,606 — — — 3,548 56,606 60,154 497 1965 - 1974 2019 25 years Missouri (SNF) 204 4,380 — — — 204 4,380 4,584 53 1970 2019 25 years North Carolina (SNF) (2) 7,126 94,107 — — (711) 7,126 93,396 100,522 12,875 1969 - 1995 2010 - 2019 25 years to 36 years Pennsylvania (ALF, ILF, SNF) 8,361 82,661 — — — 8,361 82,661 91,022 2,366 1964 - 1999 2019 25 years Virginia (ALF, ILF, SNF) 1,588 39,215 — — — 1,588 39,215 40,803 1,149 1967 - 1975 2019 25 years Total Consulate Health Care: $ 80,037 $ 867,672 $ 2,607 $ — $ (711) $ 80,037 $ 869,568 $ 949,605 $ 52,837 Maplewood Real Estate Holdings, LLC: Connecticut (ALF) $ 25,063 $ 254,085 $ 6,761 $ — $ — $ 25,063 $ 260,846 $ 285,909 $ 35,990 1968 - 2015 2010 - 2017 30 years to 33 years Massachusetts (ALF, SNF) 19,041 113,728 15,964 — (680) 19,041 129,012 148,053 22,568 1988 - 2017 2014 30 years to 33 years New Jersey (ALF) 10,673 — 1,059 56 — 10,673 1,115 11,788 — N/A 2019 N/A New York (ALF) 118,606 — 154,373 32,026 — 118,606 186,399 305,005 — N/A 2015 N/A Ohio (ALF) 3,683 27,628 35 — — 3,683 27,663 31,346 4,633 1999 - 2016 2013 - 2014 30 years to 33 years Total Maplewood Real Estate Holdings, LLC $ 177,066 $ 395,441 $ 178,192 $ 32,082 $ (680) $ 177,066 $ 605,035 $ 782,101 $ 63,191 Agemo Holdings, LLC: Florida (SNF) $ 14,077 $ 166,901 $ 32,513 $ 1,333 $ — $ 14,077 $ 200,747 $ 214,824 $ 62,198 1940 - 1997 1996 - 2016 3 years to 39 years Georgia (SNF) 3,833 10,847 3,949 — — 3,833 14,796 18,629 10,762 1964 - 1970 2007 20 years Kentucky (SNF) 13,153 84,321 3,422 — — 13,153 87,743 100,896 29,174 1964 - 1980 1999 - 2016 20 years to 33 years Maryland (SNF) 1,480 19,663 1,183 — — 1,480 20,846 22,326 9,231 1959 - 1977 2010 29 years to 30 years Tennessee (ALF, SNF) 7,664 179,849 — — — 7,664 179,849 187,513 29,434 1966 - 2016 2014 - 2016 25 years to 30 years Total Agemo Holdings, LLC $ 40,207 $ 461,581 $ 41,067 $ 1,333 $ — $ 40,207 $ 503,981 $ 544,188 $ 140,799 Saber Health Group: Florida (SNF) $ 423 $ 4,422 $ 283 $ — $ — $ 423 $ 4,705 $ 5,128 $ 1,022 2009 2011 33 years North Carolina (SNF) 12,068 133,091 3,738 — — 12,068 136,829 148,897 22,983 1930 - 2019 2013 - 2019 25 years to 30 years Ohio (SNF) 4,128 92,898 5,422 — (268) 4,128 98,052 102,180 16,602 1979 - 2013 2011 - 2016 30 years to 33 years Pennsylvania (SNF) 7,134 124,476 5,070 — — 7,134 129,546 136,680 23,620 1873 - 2002 2007 - 2011 33 years Virginia (SNF) 14,285 121,320 6,510 — (405) 14,285 127,425 141,710 19,002 1964 - 2013 2013 - 2019 30 years Total Saber Health Group $ 38,038 $ 476,207 $ 21,023 $ — $ (673) $ 38,038 $ 496,557 $ 534,595 $ 83,229 CommuniCare Health Services, Inc.: Indiana (SNF) $ 20,029 $ 202,646 $ 810 $ — $ 6,093 $ 20,029 $ 209,549 $ 229,578 $ 24,010 1963 - 2015 2013 - 2018 20 years to 30 years Maryland (SNF) 7,190 74,029 4,690 — — 7,190 78,719 85,909 24,450 1921 - 1985 2010 - 2011 25 years to 30 years Ohio (SNF) 5,206 83,288 19,433 251 (3,004) 5,206 99,968 105,174 32,090 1962 - 1988 2005 - 2018 30 years to 39 years Pennsylvania (SNF) 1,753 18,533 11,299 — — 1,753 29,832 31,585 15,238 1950 - 1964 2005 39 years Virginia (SNF) 2,408 10,757 1,038 — — 2,408 11,795 14,203 1,011 1979 2018 30 years West Virginia (SNF) 450 14,759 184 — — 450 14,943 15,393 4,068 1963 2011 35 years Total CommuniCare Health Services, Inc. $ 37,036 $ 404,012 $ 37,454 $ 251 $ 3,089 $ 37,036 $ 444,806 $ 481,842 $ 100,867 Ciena Healthcare: Indiana (SNF) $ 321 $ 7,703 $ — $ — $ — $ 321 $ 7,703 $ 8,024 $ 1,556 1973 2014 33 years Michigan (ALF, SNF) 4,087 115,547 548 — — 4,087 116,095 120,182 21,179 1964 - 1997 2014 33 years North Carolina (SNF) 4,097 60,275 663 — — 4,097 60,938 65,035 11,395 1927 - 1992 2014 33 years Ohio (ALF, SNF) 10,343 159,847 131 — (80) 10,343 159,898 170,241 29,727 1960 - 2007 2010 - 2016 20 years to 33 years Virginia (SNF) 6,300 87,772 113 — (174) 6,126 87,885 94,011 13,760 1979 - 2007 2016 30 years Total Ciena HealthCare $ 25,148 $ 431,144 $ 1,455 $ — $ (254) $ 24,974 $ 432,519 $ 457,493 $ 77,617 SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION — continued (in thousands) December 31, 2019 Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period (3) (5) Depreciation Acquisition (6) (7) in Latest Buildings and Carrying (6) Buildings and Accumulated Date of Date Income Statements Description (1) Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Other: Alabama (SNF) $ 1,817 $ 33,356 $ 12,916 $ — $ — $ 1,817 $ 46,272 $ 48,089 $ 36,969 1960 - 1982 1992 - 1997 31 years to 33 years Arizona (ALF, SNF) 10,737 86,537 340 — — 10,737 86,877 97,614 19,218 1949 - 1999 2005 - 2014 33 years to 40 years Arkansas (ALF, SNF) 2,893 59,094 8,516 — (36) 2,893 67,574 70,467 35,854 1967 - 1988 1992 - 2014 25 years to 31 years California (ALF, SH, SNF, TBI) 90,514 504,011 5,122 — (599) 90,514 508,534 599,048 101,579 1927 - 2013 1997 - 2015 5 years to 35 years Colorado (ILF, SNF) 11,279 88,830 7,791 — — 11,279 96,621 107,900 41,148 1925 - 1975 1998 - 2016 20 years to 39 years Connecticut (SNF) 1,600 8,196 — — — 1,600 8,196 9,796 257 1991 2017 25 years Florida (ALF, SNF) 53,783 528,036 14,136 — (13,938) 52,843 529,174 582,017 175,542 1933 - 2019 1992 - 2017 2 years to 40 years Georgia (ALF, SNF) 3,740 47,689 769 — — 3,740 48,458 52,198 10,006 1967 - 1997 1998 - 2016 30 years to 40 years Idaho (SNF) 6,824 72,249 1,763 — (13,922) 6,824 60,090 66,914 16,518 1920 - 2008 1997 - 2019 25 years to 39 years Indiana (ALF, ILF, IRF, MOB, SH, SNF) 27,581 371,308 435 — (1,841) 27,560 369,923 397,483 107,818 1942 - 2008 1992 - 2018 20 years to 40 years Iowa (ALF, SNF) 2,343 59,310 — — — 2,343 59,310 61,653 13,956 1961 - 1998 2010 - 2014 23 years to 33 years Kansas (SNF) 4,153 43,482 14,218 — (4,850) 4,092 52,911 57,003 14,557 1957 - 1977 2005 - 2011 25 years Kentucky (ALF, SNF) 3,193 55,267 3,502 — — 3,193 58,769 61,962 12,174 1969 - 2002 2014 33 years Louisiana (SNF) 4,925 52,869 9,711 56 (709) 4,925 61,927 66,852 23,919 1957 - 1983 1997 - 2018 22 years to 39 years Massachusetts (SNF) 4,580 29,444 1,784 — — 4,580 31,228 35,808 19,731 1964 - 1992 1997 - 2010 20 years to 33 years Michigan (SNF) 830 30,921 — — — 830 30,921 31,751 8,355 1964 - 1975 2005 - 2011 25 years to 33 years Minnesota (ALF, ILF, SNF) 10,502 52,585 5,971 — — 10,502 58,556 69,058 12,128 1966 - 1983 2014 33 years Mississippi (SNF) 7,925 177,825 827 — — 7,925 178,652 186,577 29,510 1962 - 2008 2009 - 2013 20 years to 40 years Missouri (SNF) 6,063 105,351 693 — (30,351) 6,055 75,701 81,756 15,240 1955 - 1994 1999 - 2016 30 years to 33 years Montana (SNF) 1,631 19,486 — — — 1,631 19,486 21,117 2,267 1963 - 1971 2005 - 2019 25 years to 33 years Nebraska (SNF) 750 14,892 — — — 750 14,892 15,642 3,591 1966 - 1969 2012 - 2015 20 years to 33 years Nevada (BHS, SH, SNF, TBI) 12,901 112,553 9,413 — — 12,901 121,966 134,867 20,127 1972 - 2015 2009 - 2017 25 years to 33 years New Hampshire (ALF, SNF) 1,782 19,837 1,463 — — 1,782 21,300 23,082 10,267 1963 - 1999 1998 - 2006 33 years to 39 years New Mexico (SNF) 6,330 45,285 1,218 — — 6,330 46,503 52,833 8,019 1960 - 1985 2005 10 years to 33 years North Carolina (SNF) 2,188 29,108 3,696 — — 2,188 32,804 34,992 21,522 1964 - 1987 1994 - 2017 30 years to 33 years Ohio (SH, SNF) 12,348 161,815 2,880 — — 12,348 164,695 177,043 38,453 1920 - 1998 1994 - 2013 22 years to 39 years Oklahoma (SNF) 4,148 29,749 — — — 4,148 29,749 33,897 11,894 1965 - 2013 2010 - 2013 20 years to 33 years Oregon (ALF, SNF) 3,641 45,218 4,009 — — 3,641 49,227 52,868 9,757 1959 - 2004 2005 - 2014 25 years to 33 years Pennsylvania (ALF, ILF, SNF) 14,762 209,887 366 — (5) 14,756 210,254 225,010 68,089 1942 - 2012 2004 - 2018 20 years to 39 years Rhode Island (SNF) 3,658 35,083 4,792 — — 3,658 39,875 43,533 20,646 1965 - 1981 2006 39 years South Carolina (SNF) 8,500 78,312 1,800 — — 8,500 80,112 88,612 15,633 1959 - 2007 2014 - 2016 20 years to 33 years Tennessee (BHP, SNF) 5,793 87,413 5,594 — — 5,793 93,007 98,800 49,519 1974 - 2018 1992 - 2017 20 years to 31 years Texas (SH, ALF, BHS, IRF, MOB, SNF) 74,306 810,944 24,889 3 (39,578) 74,055 796,509 870,564 163,507 1949 - 2016 1997 - 2019 20 years to 40 years United Kingdom (ALF) 84,119 353,800 4,684 — (30,597) 80,242 331,764 412,006 46,210 1750 - 2012 2015 - 2018 30 years Vermont (SNF) 318 6,005 602 — — 318 6,607 6,925 2,937 1971 2004 39 years Virginia (ALF, SNF) 3,021 37,129 — — — 3,021 37,129 40,150 5,714 1989 - 1995 2010 - 2017 30 years to 40 years Washington (ALF, SNF) 11,719 138,055 2,855 — (68) 11,652 140,909 152,561 37,535 1930 - 2004 1995 - 2015 20 years to 33 years West Virginia (SNF) 1,523 52,187 6,878 — — 1,523 59,065 60,588 36,850 1961 - 1996 1994 - 2008 25 years to 39 years Wisconsin (SNF) 399 4,581 2,154 — — 399 6,735 7,134 1,869 1974 2005 33 years Total Other $ 509,119 $ 4,697,699 $ 165,787 $ 59 $ (136,494) $ 503,888 $ 4,732,282 $ 5,236,170 $ 1,268,885 Total $ 906,651 $ 7,733,756 $ 447,585 $ 33,725 $ (135,723) $ 901,246 $ 8,084,748 $ 8,985,994 $ 1,787,425 (1) (2) SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION — continued (in thousands) December 31, 2019 (3) Year Ended December 31, 2017 2018 2019 Balance at beginning of period $ 7,566,358 $ 7,655,960 $ 7,746,410 Acquisitions through foreclosure — — 143,753 Acquisitions (a) 419,333 294,202 1,201,924 Impairment (98,672) (35,014) (48,939) Improvements 116,786 187,408 170,997 Disposals/other (347,845) (356,146) (228,151) Balance at close of period $ 7,655,960 $ 7,746,410 $ 8,985,994 (a) (4) Year Ended December 31, 2017 2018 2019 Balance at beginning of period $ 1,240,336 $ 1,376,828 $ 1,562,619 Provisions for depreciation 287,189 280,871 301,177 Dispositions/other (150,697) (95,080) (76,371) Balance at close of period $ 1,376,828 $ 1,562,619 $ 1,787,425 (5) The reported amount of our real estate at December 31, 2019 is greater than the tax basis of the real estate by approximately $0.4 billion. (6) Reflects bed sales, impairments (including the write-off of accumulated depreciation), land easements and impacts from foreign currency exchange rates. (7) To the extent that we acquired an entity previously owning the underlying facility, the acquisition date reflects the date that the entity acquired the facility. |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE (in thousands) December 31, 2019 Carrying Amount of Carrying Loans Face Amount Subject to Final Amount of Delinquent Interest Fixed/ Maturity Prior of Mortgages Principal Grouping Description (1) Rate Variable Date Periodic Payment Terms Liens Mortgages (3) (4) (6) or Interest First Mortgages 1 Michigan (25 SNFs) 10.13 % F (2) 2029 Interest plus approximately $139.0 of principal payable monthly with $356,985 due at maturity None $ 415,000 $ 380,799 $ — 2 Michigan (5 SNFs) 9.73 % F (2) 2029 Interest plus approximately $10.0 of principal payable monthly with $42,341 due at maturity None 44,200 44,053 — 3 Michigan (3 SNFs) 9.95 % F (2) 2029 Interest plus approximately $3.0 of principal payable monthly with $10,466 due at maturity None 11,000 10,932 — 4 Maryland (3 SNFs) 13.75 % F (2) 2028 Interest payable monthly until maturity None 74,928 35,964 — 5 Ohio (2 SNFs) and Pennsylvania (5 SNFs and 2 ALFs) 10.39 % F (2) 2027 Interest payable monthly until maturity None 112,500 112,500 — 6 Idaho (1 specialty facility) 10.00 % F 2021 Interest payable monthly until maturity None 19,000 19,000 — 7 Texas (1specialty facility) 8.00 % F 2025 Interest plus approximately $109.0 of principal payable monthly with $60,272 due at maturity None 72,960 68,389 — 8 Texas (1 specialty facility) 8.50 % F 2020 Interest plus approximately $123.0 of principal payable monthly None 1,481 1,481 — 9 Massachusetts (1 specialty facility) 9.00 % F 2023 Interest plus approximately $46.0 of principal payable monthly with $6,078 due at maturity None 9,000 8,238 — 10 Tennessee ( 1 SNF) 8.35 % F 2015 Past due None 6,997 1,472 1,472 (5) 11 Michigan (1 SNF) 9.98 % F (2) 2029 Interest payable monthly until maturity None 455 455 — 12 Michigan (1 SNF) 9.02 % F (2) 2029 Interest payable monthly until maturity None 14,045 14,045 — 13 Michigan (1 SNF) 11.31 % F (2) 2029 Interest payable monthly until maturity None 4,112 4,112 — 14 Michigan (1 SNF) 11.60 % F (2) 2029 Interest payable monthly until maturity None 4,220 4,220 — 15 Michigan (6 SNFs) 11.04 % F (2) 2029 Interest payable monthly until maturity None 9,374 9,374 — 16 Michigan (6 SNFs) 10.23 % F (2) 2029 Interest payable monthly until maturity None 20,860 20,860 — 17 Michigan (3 SNFs) 9.73 % F (2) 2029 Interest payable monthly until maturity None 360 360 — 18 Michigan (4 SNFs) 9.50 % F (2) 2029 Interest payable monthly until maturity None 1,087 1,087 — Construction Mortgages 19 Michigan (1 SNF) 9.95 % F (2) 2019 Interest payable monthly until maturity None 14,826 14,826 — 20 Michigan (1 SNF) 9.95 % F (2) 2019 Interest payable monthly until maturity None 18,147 18,147 — 21 Ohio (1 SNF) 8.50 % F (2) 2021 Interest accrues until 12/1/2020 when interest becomes payable monthly until maturity None 3,249 3,249 — $ 857,801 $ 773,563 $ 1,472 (1) Loans included in this schedule represent first mortgages and construction mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. (2) Interest on the loans escalates annually at a fixed rate. (3) The aggregate cost for federal income tax purposes is approximately $779.1 million. SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE — continued (in thousands) December 31, 2019 (4) Year Ended December 31, 2017 2018 2019 Balance at beginning of period $ 639,343 $ 671,232 $ 710,858 Additions during period - new mortgage loans or additional fundings (a) 34,643 65,841 129,108 Deductions during period - collection of principal/other (b) (2,754) (26,215) (66,403) Balance at close of period $ 671,232 $ 710,858 $ 773,563 (a) The 2018 amount includes $0.5 million of non-cash interest paid-in-kind. The 2019 amount includes $0.3 million of non-cash interest paid-in-kind. (b) The 2017 amount includes $1.2 million of reserves and amortization of premium. The 2018 amount includes $0.1 million of amortization of premium. The 2019 amount includes $11.9 million of non-cash deed-in-lieu of foreclosure. (5) Mortgage written down to the fair value of the underlying collateral. (6) Mortgages included in the schedule which were extended during 2019 aggregated approximately $34.5 million. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurement | Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: ● Level 1 - quoted prices for identical instruments in active markets; ● Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to certain risks and uncertainties affecting the healthcare industry as a result of healthcare legislation and growing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the rising cost of healthcare services. |
Business Combinations | Business Combinations We record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at fair value. Transaction costs are expensed as incurred as part of a business combination. In making estimates of fair value for purposes of recording the purchase, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities as well as other critical valuation metrics such as current capitalization rates and discount rates used to estimate the fair value of the tangible and intangible assets acquired (Level 3). When liabilities are assumed as part of a transaction, we consider information obtained about the liabilities and use similar valuation metrics (Level 3). In some instances when debt is assumed and an identifiable active market for similar debt is present, we use market interest rates for similar debt to estimate the fair value of the debt assumed (Level 2). The Company determines fair value as follows: ● Land is determined based on third party appraisals which typically include market comparables. ● Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as the residual approach. ● Furniture and fixtures are determined based on third party appraisals which typically utilize a replacement cost approach. ● Mortgages and other investments are valued using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings. ● Investments in joint ventures are valued based on the fair value of the joint ventures’ assets and liabilities. Differences, if any, between the Company’s basis and the joint venture’s basis are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings of the joint venture. ● Intangible assets and liabilities acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset or liability being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. ● Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. ● Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. ● Noncontrolling interests are valued using a stock price on the acquisition date. ● Goodwill represents the purchase price in excess of the fair value of assets acquired and liabilities assumed. Goodwill is not amortized. |
Asset Acquisitions | Asset Acquisitions For asset acquisitions, assets acquired and liabilities assumed are recognized by allocating the cost of the acquisition, including transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. The fair value of the assets acquired and liabilities assumed in an asset acquisition are determined in a consistent manner with the immediately preceding “Business Combinations” section. |
Variable Interest Entities | Variable Interest Entities GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise, if any, is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. Our variable interests in VIEs may be in the form of equity ownership, leases, guarantees and/or loans with our operators. We analyze our agreements and investments to determine whether our operators or unconsolidated joint ventures are VIEs and, if so, whether we are the primary beneficiary. We consolidate a VIE when we determine that we are its primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. Factors considered in determining whether we are the primary beneficiary of an entity include: (i) our voting rights, if any; (ii) our involvement in day-to-day capital and operating decisions; (iii) our risk and reward sharing; (iv) the financial condition of the operator or joint venture and (iv) our representation on the VIE’s board of directors. We perform this analysis on an ongoing basis. As of December 31, 2019, we have not consolidated any VIEs, as we do not have the power to direct the activities of any VIEs that most significantly impact their economic performance and we do not have the obligation to absorb losses or receive benefits of the VIEs that could be significant to the entities. |
Real Estate Investments and Depreciation | Real Estate Investments and Depreciation The costs of significant improvements, renovations and replacements, including interest are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight three |
Lease Accounting | Lease Accounting In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Leases (Topic 842): Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements Leases (Topic 842): Narrow-Scope Improvements for Lessors Lessor Accounting Topic 842 requires lessors to account for leases using an approach that is substantially equivalent to the previous guidance for sales type leases, direct financing leases and operating leases. At the inception of the lease and over its term, we evaluate each lease to determine the proper lease classification. Certain of these leases provide our operators the contractual right to use and economically benefit from all of the physical space specified in the lease, therefore we have determined that they should be evaluated as lease arrangements. As a lessor, our leased real estate properties are leased under provisions of single or master leases with initial terms typically ranging from 5 to 15 years, plus renewal options. As of December 31, 2019, we have determined that all but two of our leases should be accounted for as operating leases. Two leases are accounted for as direct financing leases. Under the terms of the leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. For leases accounted for as operating leases, we retain ownership of the asset and record depreciation expense, see “Business Combinations” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. Certain direct financing leases include annual rent escalators; see “Revenue Recognition” below for further discussion regarding the recording of interest income on our direct financing leases. As of December 31, 2019 and 2018, we have no unamortized direct costs related to originating our direct financing leases recorded on our Consolidated Balance Sheets. Lessee Accounting At the inception of the lease and over its term, we evaluate each lease to determine the proper lease classification. Certain of these leases provide us the contractual right to use and economically benefit from all of the space specified in the lease. Therefore, we have determined that they should be evaluated as lease arrangements. As a lessee, the Company is party to ground and/or facility leases which are classified as operating leases. Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on the specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 1.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (e.g., increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. The initial terms of our ground leases range between 10 years and 100 years. Our office leases have initial terms of approximately 10 years. Certain leases have options to extend, terminate or purchase the asset and have been considered in our analysis of the lease term and the measurement of the right-of-use assets and lease liabilities. The discount rate utilized in forming the basis of our right of use assets and lease liabilities approximates our cost of debt. We have not recognized a right of use asset and/or lease liability for leases with terms of 12 months or less and without an option to purchase the underlying asset. On a monthly basis, we remeasure our lease liabilities at the present value of the future lease payments using the discount rate determined at lease commencement. Rental expense from operating leases is generally recognized on a straight-line basis over the lease term. We do not include in our measurement of our lease liability certain variable payments, including changes in an index until the specific events that trigger the variable payments have occurred. As a lessee, certain of our operating leases contain non-lease components, such as our proportionate share of common area expenses. We have determined that all of our operating leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as the lease components. We apply Topic 842 to the combined component. Lease expense derived from our operating leases is recorded in general and administrative in our Consolidated Statements of Operations. |
In-Place Leases | In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of a facility purchase or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases. Above market leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income. |
Real Estate Investment Impairment | Real Estate Investment Impairment Management evaluates our real estate investments for impairment indicators at each reporting period, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance including the current payment status of contractual obligations and expectations of the ability to meet future contractual obligations, legal structure, as well as our intent with respect to holding or disposing of the asset. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to management’s estimate of future undiscounted cash flows of the underlying facilities. The estimated future undiscounted cash flows are generally based on the related lease which relates to one or more properties and may include cash flows from the eventual disposition of the asset. In some instances, there may be various potential outcomes for a real estate investment and its potential future cash flows. In these instances, the undiscounted future cash flows used to assess the recoverability are probability-weighted based on management’s best estimates as of the date of evaluation. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. Additionally, our evaluation of fair value may consider valuing the property as a nursing home or other healthcare facility as well as alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property as well as the fair value of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment to the Company’s assets in a future period that could be material to the Company’s results of operations. For the years ended December 31, 2019, 2018 and 2017, we recognized impairment on real estate properties of $45.3 million, $29.8 million and $99.1 million, respectively. |
Allowance for Losses on Mortgages, Other Investments and Direct Financing Leases | Allowance for Losses on Mortgages, Other Investments and Direct Financing Leases The allowances for losses on mortgage notes receivable, other investments and direct financing leases (collectively, our “loans”) are maintained at a level believed adequate to absorb potential losses. The determination of the allowances is based on a quarterly evaluation of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, financial strength of the borrower and guarantors and the value of the underlying collateral. If such factors indicate that there is greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreements. Consistent with this definition, all loans on non-accrual status may be deemed impaired. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to full accrual status. When management identifies potential loan impairment indicators, the loan is written down to the present value of the expected future cash flows. In cases where expected future cash flows are not readily determinable, the loan is written down to the fair value of the underlying collateral. We may base our valuation on a loan’s observable market price, if any, or the fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the sale of the collateral. We account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impaired loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and/or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost-recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. As of December 31, 2019 and 2018, we had $5.1 million and $108.1 million, respectively, of reserves on our loans. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence, but do not control the entities. The accounting policies for the unconsolidated joint ventures are the same as those of the Company. Under the equity method of accounting, the net equity investments of the Company are reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income and comprehensive income from the joint ventures are included in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, respectively. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in the unconsolidated joint ventures may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The estimated fair value of the investment is determined using a discounted cash flow model which is a Level 3 valuation. We consider a number of assumptions that are subject to economic and market uncertainties including, among others, rental rates, operating costs, capitalization rates, holding periods and discount rates. No impairment loss on our investments in unconsolidated joint ventures was recognized during the years ended December 31, 2019, 2018, or 2017. |
Assets Held for Sale | Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash, cash equivalents and restricted cash are held at major commercial banks. Certain cash account balances exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash, cash equivalents or restricted cash. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms and other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our mortgage borrowings guaranteed by HUD. |
Contractual Receivables and Other Receivables and Lease Inducements | Contractual Receivables and Other Receivables and Lease Inducements Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception, modification or renewal of the lease, and are amortized as a reduction of rental income over the non-cancellable lease term. We assess the probability of collecting substantially all payments under our leases based on several factors, including, among other things, payment history of the lessee, the financial strength of the lessee and any guarantors, historical operations and operating trends and current and future economic conditions and expectations of performance. If our evaluation of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental income and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion. On a quarterly basis, and more frequently as appropriate, we review our contractual interest receivables, effective yield interest receivables and direct financing lease receivables to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the operator to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement, if any. For a loan recognized on an effective yield basis or a direct financing lease, we generally provide an allowance for effective interest or income from direct financing leases when certain conditions or indicators of adverse collectability are present. If these accounts receivable balances are subsequently deemed uncollectible, the receivable and allowance for doubtful account balance are written off. A summary of our net receivables and inducements by type is as follows: December 31, 2019 2018 (in thousands) Contractual receivables $ 27,122 $ 34,901 Allowance — (1,075) Contractual receivables – net $ 27,122 $ 33,826 Effective yield interest receivables $ 12,914 $ 12,741 Straight-line rent receivables 275,549 251,166 Lease inducements 92,628 49,644 Other receivables and lease inducements $ 381,091 $ 313,551 In 2019, we wrote-off approximately $11.1 million of contractual receivables, straight-line rent receivables and lease inducements to rental income, of which $9.9 million resulted from placing five operators on a cash-basis due to changes in our evaluation of the collectability of future rent payments due under the respective lease agreements. The remaining $1.2 million write-off of straight-line rent receivables to rental income resulted from transitioning a facility to another existing operator. In 2019, we paid certain operators $50.8 million which were accounted for as lease inducements that are amortized as a reduction to rental income over the remaining term of the lease. Of the $50.8 million, $15.0 million was paid to Genesis Healthcare, Inc. and $35.8 million was paid to seven other existing operators. In 2018, we paid an existing operator approximately $50 million in exchange for a reduction of such operator’s participation in an in-the-money purchase option. As a result, we recorded an approximate $28 million lease inducement that is being amortized as a reduction to rental income over the remaining term of the lease. The remaining $22 million was recorded as a reduction to our initial contingent liability. Our initial contingent liability was recorded in our merger with Aviv REIT, Inc. and included in accrued expenses and other liabilities on our Consolidated Balance Sheets. In 2018, we wrote-off approximately $11.5 million of straight-line rent receivables and contractual receivables to provision for uncollectible accounts, as a result of facility transitions and placing an operator on a cash basis. The provision for uncollectible accounts was offset by a recovery of approximately $4.8 million. In 2017, we recorded a provision for uncollectible accounts of approximately $9.3 million related to contractual and straight-line rent receivables for one of our operators and approximately $4.1 million of provision for uncollectible accounts, net of recoveries related to contractual and straight-line receivables of other operators and/or facilities that we intend to exit or transition. |
Goodwill Impairment | Goodwill Impairment We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment on an interim basis, we assess qualitative factors such as a significant decline in real estate valuations, current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance or a significant decline in the value of our market capitalization, to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying amount. On an annual basis during the fourth quarter of each fiscal year, or on an interim basis if we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying value, we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. The goodwill is not deductible for tax purposes. In the first step of the two-step goodwill impairment test (“Step 1”), we compare the fair value of the reporting unit to its net book value, including goodwill. As the Company has only one reporting unit, the fair value of the reporting unit is determined by reference to the market capitalization of the Company as determined through quoted market prices and adjusted for other relevant factors. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step (“Step 2”) of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit’s net assets other than goodwill and the fair value of the reporting unit. If the difference is less than the net book value of goodwill, impairment exists and is recorded. The Company has not been required to perform Step 2 of the process because the fair value of the reporting unit has significantly exceeded its book value at the measurement date. There was no impairment of goodwill during 2019, 2018, or 2017. |
Income Taxes | Income Taxes Omega and its wholly owned subsidiaries were organized to qualify for taxation as a REIT under Section 856 through 860 of the Internal Revenue Code (“Code”). As long as we qualify as a REIT; we will not be subject to federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRSs”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Omega OP is a pass-through entity for United States federal income tax purposes. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. We are subject to certain state and local income tax, franchise taxes and foreign taxes. The expense associated with these taxes are included in income tax expense on the Consolidated Statements of Operations. |
Revenue Recognition | Revenue Recognition On January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers We have various investments that generate revenue, including leased and mortgaged properties, as well as other investments, which include secured and unsecured loans. Rental income Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on the specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (e.g., increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. Rental income from operating leases is generally recognized on a straight-line basis over the lease term when we have determined that the collectibility of substantially all of the lease payments is probable. If we determine that it is not probable that substantially all of the lease payments will be collected, we account for the revenue under the lease on a cash basis. Changes in the assessment of probability are accounted for on a cumulative basis as if the lease had always been accounted for based on the current determination of the likelihood of collection potentially resulting in increased volatility of rental revenue. Some of our leases have options to extend, terminate or purchase the facilities, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in an index until the specific events that trigger the variable payments have occurred. Certain of our operating leases require the operators to reimburse us for property taxes and other expenditures that are not considered components of the lease and therefore no consideration is allocated to them as they do not result in the transfer of a good or service to the operators. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as the lease components. We apply Topic 842 to the combined component. Income derived from our leases is recorded in rental income in our Consolidated Statements of Operations. Prior to the adoption of Topic 842, we did not include amounts for property taxes and other expenditures in rental income. We have elected to exclude sales and other similar taxes from the measurement of lease revenue and expense. Income from direct financing leases We record direct financing lease income on a constant interest rate basis over the term of the lease. Costs related to originating direct financing leases are deferred and amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. Mortgage interest income and other investment income Mortgage interest income and other investment income is recognized as earned over the terms of the related mortgage notes or other investment. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. |
Stock-Based Compensation | Stock-Based Compensation We recognize stock-based compensation expense adjusted for estimated forfeitures to employees and directors, in general and administrative in our Consolidated Statements of Operations on a straight-line basis over the requisite service period of the awards. |
Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance | Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance External costs incurred from the placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings which approximates the effective interest method. Deferred financing costs related to our revolving line of credit are included in other assets on our Consolidated Balance Sheets and deferred financing costs related to our other borrowings are included as a direct deduction from the carrying amount of the related liability on our Consolidated Balance Sheets. Original issuance premium or discounts reflect the difference between the face amount of the debt issued and the cash proceeds received and are amortized on a straight-line basis over the term of the related borrowings. All premiums and discounts are recorded as an addition to or reduction from debt on our Consolidated Balance Sheets. Amortization of deferred financing costs and original issuance premiums or discounts totaled $9.6 million, $9.0 million and $9.5 million in 2019, 2018 and 2017, respectively, and are classified as interest - amortization of deferred financing costs on our Consolidated Statements of Operations. When financings are terminated, unamortized deferred financing costs and unamortized premiums or discounts, as well as charges incurred for the termination, are recognized as expense or income at the time the termination is made. Gains and losses from the extinguishment of debt are presented in interest-refinancing costs on our Consolidated Statements of Operations. |
Earnings Per Share/Unit | Earnings Per Share/Unit The computation of basic earnings per share/unit (“EPS” or “EPU”) is computed by dividing net income available to common stockholders/Omega OP Unit holders by the weighted-average number of shares of common stock/Omega OP Units outstanding during the relevant period. Diluted EPS/EPU is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares/Omega OP Units plus the effect of dilutive common equivalent shares/units during the respective period. Dilutive common shares/Omega OP Units reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including restricted stock and profit interest units, performance restricted stock and profit interest units, the assumed issuance of additional shares related to Omega OP Units held by outside investors and the effect of our forward equity agreement. Dilutive Omega OP Units reflect the assumed issuance of additional Omega OP Units pursuant to certain of our share-based compensation plans, including, restricted stock and profit interest units, performance restricted stock and profit interest units and the effect of our forward equity agreement. |
Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests | Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to Omega’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement. As of December 31, 2019, Omega owns approximately 97% of the issued and outstanding Omega OP Units, and investors own approximately 3% of the outstanding Omega OP Units. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests is the portion of equity not attributable to the respective reporting entity. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity or owners’ equity on our Consolidated Balance Sheets. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest. The noncontrolling interest for Omega represents the outstanding Omega OP Units held by outside investors and interests in a consolidated real estate joint venture not fully owned by Omega. The noncontrolling interest for Omega OP represents outside investors interests in a consolidated real estate joint venture not fully owned by Omega OP. |
Foreign Operations | Foreign Operations The U.S. dollar (“USD”) is the functional currency for our consolidated subsidiaries operating in the U.S. The functional currency for our consolidated subsidiaries operating in the U.K. is the British Pound (“GBP”). For our consolidated subsidiaries whose functional currency is not the USD, we translate their financial statements into the USD. We translate assets and liabilities at the exchange rate in effect as of the financial statement date. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in Omega OP’s owners’ equity and Omega’s accumulated other comprehensive loss (“AOCL”), as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interests, if applicable. We and certain of our consolidated subsidiaries may have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in results of operations, unless it is intercompany debt that is deemed to be long-term in nature in which case the adjustments are included in Omega OP’s owners’ equity and Omega’s AOCL and a proportionate amount of gain or loss is allocated to noncontrolling interests, if applicable. |
Derivative Instruments | Derivative Instruments Cash flow hedges During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at the inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities on the Consolidated Balance Sheets at fair value which is determined using a market approach and Level 2 inputs. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivatives designated in qualifying cash flow hedging relationships, the gain or loss on the derivative is recognized in Omega OP’s owners’ equity and Omega’s AOCL as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest, if applicable. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific forecasted transactions as well as recognized liabilities or assets on the Consolidated Balance Sheets. We also assess and document, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the current fair value of the derivative. As a matter of policy, we do not use derivatives for trading or speculative purposes. At December 31, 2019, $3.7 million of qualifying cash flow hedges were recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheet. At December 31, 2018, $4.0 million of qualifying cash flow hedges were recorded at fair value in other assets on our Consolidated Balance Sheet. Net investment hedge The Company is exposed to fluctuations in the GBP against its functional currency, the USD, relating to its investments in healthcare-related real estate properties located in the U.K. The Company uses a nonderivative, GBP-denominated term loan to manage its exposure to fluctuations in the GBP-USD exchange rate. The foreign currency transaction gain or loss on the nonderivative hedging instrument that is designated and qualifies as a net investment hedge is reported in Omega OP’s owners’ equity and Omega’s AOCL in our Consolidated Balance Sheets. |
Reclassification | Reclassification |
Recently and Pending Adoption Accounting Pronouncements | Accounting Pronouncements Adopted in 2019 Topic 842 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). Topic 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. Topic 842 requires lessors to account for leases using an approach that is substantially equivalent to the previous guidance for sales type leases, direct financing leases and operating leases. Topic 842 was adopted by us on January 1, 2019 using the modified retrospective method. Upon adoption, we applied the package of practical expedients that allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method, which allowed us to initially apply Topic 842 at the adoption date and recognize a cumulative effect adjustment to the opening balance of equity in the period of adoption. During the year ended December 31, 2019, we made an adjustment of approximately $8.5 million to the equity balance to reflect our assessment of the collectability of certain operator’s future contractual lease payments based on the facts and circumstances that existed as of January 1, 2019. In addition, provisions for uncollectible lease payments are recognized as a direct reduction to rental income. Prior to our adoption of Topic 842, provisions for uncollectible lease payments were recorded in provision for uncollectible accounts on our Consolidated Statements of Operations and were not reclassified to conform to the current period presentation. Upon adoption of Topic 842, we recorded total initial non-cash right of use assets and lease liabilities of approximately $11.1 million. We also began recording variable lease payments as rental income and real estate tax expense for those facilities’ property taxes that we pay directly and are reimbursed by our operators. For the year ended December 31, 2019, we recorded $12.1 million of rental income and $14.9 million of real estate tax expense in our Consolidated Statement of Operations. We also began recording rental income and ground lease expense for those assets we lease and are reimbursed by our operators and/or are paid for directly by our operators. For the year ended December 31, 2019, we recorded $0.8 million of rental income and $1.2 million of ground lease expense in our Consolidated Statement of Operations. At December 31, 2019, our leased real estate properties, included 784 SNFs, 114 ALFs, 28 specialty facilities and two MOBs. Year Ended December 31, 2019 (in thousands) Interest income – direct financing leases $ 1,036 Rental income – operating leases 792,010 Variable lease income – operating leases 12,066 Total lease income $ 804,076 Real estate tax expense $ 14,933 General and administrative – ground lease expense 1,208 Total $ 16,141 The following amounts reflect the estimated contractual rents due to us for the remainder of the initial terms of our operating leases as of December 31, 2019: (in thousands) 2020 $ 864,027 2021 884,432 2022 866,163 2023 860,369 2024 866,551 Thereafter 4,944,117 Total $ 9,285,659 As of December 31, 2019, the Company is a lessee under ground and/or facility leases related to 11 SNFs and two offices. December 31, 2019 (in thousands) Other assets - right of use assets $ 17,533 Accrued expenses and other liabilities – lease liabilities $ 18,033 Year Ended December 31, 2019 (in thousands) Operating lease cost Lease expense $ 2,110 Variable lease expense 129 Total lease expense $ 2,239 Rental income – ground lease income $ 842 Cash paid for amounts included in the measurement of lease liabilities $ 1,949 Weighted average remaining lease term (in years) 28 Weighted average discount rate 5.25% The following amounts reflect the maturities of our operating lease liabilities as of December 31, 2019: Future Rental Payments Accretion of Lease Liability Total 2020 $ 1,847 $ (929) $ 918 2021 1,878 (879) 999 2022 1,922 (824) 1,098 2023 1,967 (764) 1,203 2024 2,012 (699) 1,313 Thereafter 34,002 (21,500) 12,502 Total $ 43,628 $ (25,595) $ 18,033 Recent Accounting Pronouncements - Pending Adoption In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”), which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019. ASU 2016-13 specifically excludes from its scope receivables arising from operating leases accounted for under Topic 842. We plan to adopt ASU 2016-13 on January 1, 2020 using the modified retrospective approach. Therefore, financial information and disclosures under ASU 2016-13 will not be provided for periods prior to January 1, 2020. We are in the process of finalizing a company-wide governance structure, which provides implementation oversight to develop a credit loss methodology compliant with the standard. Our methodology includes consideration of historical losses, the credit profiles of our borrowers and/or lessees, and reasonable and supportable forecasts with respect to expected credit losses over the life of the asset. Certain of the Company’s financial assets which are not currently reserved for are within the scope of ASU 2016-13. These financial assets primarily include our investments in direct financing leases, mortgages notes receivable and other investments. We continue to evaluate the initial and subsequent impacts of adopting ASU 2016-13 on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | |
Schedule of Net Accounts Receivable | December 31, 2019 2018 (in thousands) Contractual receivables $ 27,122 $ 34,901 Allowance — (1,075) Contractual receivables – net $ 27,122 $ 33,826 Effective yield interest receivables $ 12,914 $ 12,741 Straight-line rent receivables 275,549 251,166 Lease inducements 92,628 49,644 Other receivables and lease inducements $ 381,091 $ 313,551 |
Schedule of lease balance sheet information | December 31, 2019 (in thousands) Other assets - right of use assets $ 17,533 Accrued expenses and other liabilities – lease liabilities $ 18,033 |
Schedule of operating lease cost | Year Ended December 31, 2019 (in thousands) Operating lease cost Lease expense $ 2,110 Variable lease expense 129 Total lease expense $ 2,239 Rental income – ground lease income $ 842 Cash paid for amounts included in the measurement of lease liabilities $ 1,949 Weighted average remaining lease term (in years) 28 Weighted average discount rate 5.25% |
Schedule of maturities operating lease liabilities | Future Rental Payments Accretion of Lease Liability Total 2020 $ 1,847 $ (929) $ 918 2021 1,878 (879) 999 2022 1,922 (824) 1,098 2023 1,967 (764) 1,203 2024 2,012 (699) 1,313 Thereafter 34,002 (21,500) 12,502 Total $ 43,628 $ (25,595) $ 18,033 |
Schedule of lessor income and expenses | Year Ended December 31, 2019 (in thousands) Interest income – direct financing leases $ 1,036 Rental income – operating leases 792,010 Variable lease income – operating leases 12,066 Total lease income $ 804,076 Real estate tax expense $ 14,933 General and administrative – ground lease expense 1,208 Total $ 16,141 |
Schedule of estimated contractual rent receivables under operating leases | The following amounts reflect the estimated contractual rents due to us for the remainder of the initial terms of our operating leases as of December 31, 2019: (in thousands) 2020 $ 864,027 2021 884,432 2022 866,163 2023 860,369 2024 866,551 Thereafter 4,944,117 Total $ 9,285,659 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |
Schedule of Investment in Leased Real Estate Properties | A summary of our investment in leased real estate properties is as follows: December 31, 2019 2018 (in thousands) Buildings $ 7,056,106 $ 6,056,820 Land 901,246 786,174 Furniture and equipment 515,421 447,610 Site improvements 287,655 250,917 Construction in progress 225,566 204,889 Total real estate investments 8,985,994 7,746,410 Less accumulated depreciation (1,787,425) (1,562,619) Real estate investments – net $ 7,198,569 $ 6,183,791 |
Schedule of Significant Acquisitions | The following tables summarize the significant transactions that occurred in 2019: Number of Total Building & Site Furniture Initial Facilities Country/ Investment Land Improvements & Equipment Annual Period SNF ALF Specialty MOB State (in millions) Cash Yield (1) Q1 1 — — — OH $ 11.9 (3) $ 1.1 $ 10.1 $ 0.7 12.00 % Q2 20 1 11 1 CA, CT, IN, NV, SC, TN, TX 421.6 (2) 40.1 368.9 12.6 10.27 % Q2 7 1 3 — PA, VA 131.8 (3) 9.9 112.7 9.2 9.35 % Q3 3 — — — NC, VA 24.9 4.2 18.6 2.1 9.50 % Q4 58 2 — — FL, ID, KY, LA, MS, MO, MT, NC 735.2 61.5 619.4 54.3 8.71 % Total 89 4 14 1 $ 1,325.4 $ 116.8 $ 1,129.7 $ 78.9 (1) Initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (2) The acquisition was accounted for as a business combination. The Company estimated the fair value of the real estate investments acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the real estate investments acquired, as detailed, are subject to adjustment once the analysis is completed which will be completed within the allowable measurement period. The other acquisitions were accounted for as asset acquisitions. (3) Acquired via a deed-in-lieu of foreclosure. Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Equipment Annual Period SNF ALF/ILF State (in millions) Cash Yield (3) Q1 — 1 UK $ 4.0 (1) $ 0.9 $ 2.9 $ 0.2 8.50 % Q1 — 1 UK 5.7 (2) 1.4 4.1 0.2 8.50 % Q1 1 — PA 7.4 1.6 5.4 0.4 9.50 % Q1 1 — VA 13.2 2.4 10.5 0.3 9.50 % Q2 5 — TX 22.8 0.5 20.4 1.9 9.50 % Q4 3 1 PA 35.1 4.1 29.2 1.8 9.50 % Q4 1 — IN 8.3 1.7 6.0 0.6 9.50 % Q4 1 — OH 9.2 0.8 7.9 0.5 9.50 % Total 12 3 $ 105.7 $ 13.4 $ 86.4 $ 5.9 (1) We recorded a non-cash deferred tax liability of approximately $0.4 million in connection with this acquisition. (2) We recorded a non-cash deferred tax liability of approximately $0.2 million in connection with this acquisition. (3) Initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (4) All of these acquisitions were accounted for as asset acquisitions. Number of Total Building & Site Furniture Initial Facilities Country/ Investment (4) Land Improvements & Equipment Annual Period SNF ALF/ILF State (in millions) Cash Yield (2) Q1 — 1 VA $ 7.6 $ 0.5 $ 6.8 $ 0.3 7.50 % Q2 1 — NC 8.6 0.7 7.3 0.6 9.50 % Q2 — 18 UK 124.2 (1) 34.1 85.1 5.0 8.50 % Q3 — 1 TX 2.3 0.7 1.5 0.1 9.25 % Q3 15 — IN 211.0 18.0 180.2 12.8 9.50 % Q3 9 — TX 19.0 (3) 1.7 15.5 1.8 18.60 % Q4 6 — TX 40.0 1.0 35.1 3.9 9.25 % Total 31 20 $ 412.7 $ 56.7 $ 331.5 $ 24.5 (1) We recorded a non-cash deferred tax liability and acquisition costs of approximately $8.2 million and $1.2 million, respectively, in connection with this acquisition. (2) Initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (3) In July 2017, we transitioned nine SNFs formerly subject to a direct financing lease to another operator. As a result of terminating the direct financing lease, we wrote down the facilities to our original cost basis and recorded an impairment on the direct financing lease of approximately $1.8 million. See Note 4 – Direct Financing Leases for additional information. (4) All of these acquisitions were accounted for as asset acquisitions. |
Schedule of recognized identified assets acquired and liabilities assumed | (in thousands) Fair value of net assets acquired: Real estate investments (3) $ 421,600 Mortgage notes receivable (see Note 5) 108,097 Other investments 19,192 Investment in unconsolidated joint venture 73,834 Cash 4,067 Contractual receivables 1,461 Other assets (1) (3) 32,819 Total investments 661,070 Debt (285,100) Accrued expenses and other liabilities (2)(3) (30,421) Fair value of net assets acquired $ 345,549 (1) (2) (3) With the exception of real estate investments, above market lease assets and below market lease liabilities, the fair value estimates above are final. |
Schedule of pro forma information not indicative of future operations | Pro Forma Year Ended December 31, 2019 2018 (in thousands, except per share amounts, unaudited) Pro forma revenues $ 950,318 $ 938,782 Pro forma net income $ 362,220 $ 321,232 Earnings per share – diluted: Net income – as reported $ 1.58 $ 1.40 Net income – pro forma $ 1.60 $ 1.48 |
Encore Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Schedule of recognized identified assets acquired and liabilities assumed | (in thousands) Fair value of net assets acquired: Real estate investments $ 735,182 Other investments 600 Contractual receivables 2,216 Cash 227 Other assets 28,173 Total investments 766,398 Secured borrowings (388,627) Accrued expenses and other liabilities (8,978) Fair value of net assets acquired $ 368,793 |
DIRECT FINANCING LEASES (Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Direct Financing Leases [Abstract] | |
Schedule of Components of Investment in Direct Financing Leases | The components of investments in direct financing leases consist of the following: December 31, 2019 2018 (in thousands) Minimum lease payments receivable $ 27,227 $ 28,294 Less unearned income (15,522) (16,577) Investment in non-Orianna direct financing leases 11,705 11,717 Investment in Orianna direct financing leases — 223,745 Less allowance for loss on Orianna direct financing leases — (103,200) Less allowance for loss on non-Orianna direct financing leases (217) — Investment in direct financing leases – net $ 11,488 $ 132,262 Properties subject to direct financing leases 2 17 Number of direct financing leases 2 3 |
Schedule of investment in the direct financing leases by operator | The following table summarizes our investments in the direct financing leases by operator, net of allowance for loss: December 31, 2019 2018 (in thousands) Orianna $ — $ 120,545 Sun Mar Healthcare 11,488 11,491 Markleysburg Healthcare Investors, LP — 226 Investment in direct financing leases - net $ 11,488 $ 132,262 |
Schedule of future cash flow and straight-line rents direct financing leases | The following minimum rents are due under our direct financing leases for the next five years (in thousands): Contractual Rent Straight-Line Rent Total 2020 $ 1,170 (1,037) $ 133 2021 1,084 (915) 169 2022 1,106 (1,023) 83 2023 1,128 (1,014) 114 2024 1,151 (1,003) 148 Thereafter 21,588 (10,530) 11,058 $ 27,227 $ (15,522) $ 11,705 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of other investments | The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: December 31, 2019 2018 (in thousands) Mortgage note due 2027; interest at 10.39% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 10.08% (1) 526,520 537,515 Other mortgage notes outstanding (2) 139,448 65,748 Mortgage notes receivable, gross 778,468 715,763 Allowance for loss on mortgage notes receivable (3) (4,905) (4,905) Total mortgages — net $ 773,563 $ 710,858 (1) Approximates the weighted average interest rate on 36 facilities. Three notes totaling approximately $36.2 million are construction mortgages with maturities through 2021 . The remaining loan balance matures in 2029 . (2) Other mortgage notes outstanding have a weighted average interest rate of 9.45% per annum and maturity dates through 2028 . (3) The allowance for loss on mortgage notes receivable relates to one mortgage with an operator. The carrying value and fair value of the mortgage note receivable is approximately $1.5 million at December 31, 2019 and December 31, 2018. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of other investments | A summary of our other investments is as follows: December 31, 2019 2018 (in thousands) Other investment note due 2019 $ — $ 131,452 Other investment notes due 2020-2025; interest at 8.15% (1) 58,687 46,287 Other investment notes due 2021; interest at 13.09% (1) 77,087 71,036 Other investment notes due 2023; interest at 7.32% (1) 65,000 65,000 Other investment note due 2023; interest at 12.00% 52,213 59,454 Other investment notes outstanding (2) 166,241 131,397 Total other investments $ 419,228 $ 504,626 (1) Approximate weighted average interest rate as of December 31, 2019. (2) Other investment notes have a weighted average interest rate of 8.38% and maturity dates through 2029 . |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) - Agemo Holdings LLC and Orianna Inc [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Variable Interest Entities | December 31, 2019 December 31, 2018 Agemo Agemo Orianna (in thousands) (in thousands) Assets Real estate investments – net $ 403,389 $ 413,396 $ 30,459 Investments in direct financing leases - net — — 120,545 Other investments 58,687 46,287 40,242 Contractual receivables 18,113 18,017 249 Straight-line rent receivables 46,247 34,203 — Lease inducement 6,810 2,362 — Above market lease — 2 — Subtotal 533,246 514,267 191,495 Collateral Letters of credit (9,253) (9,253) — Personal guarantee (8,000) (15,000) — Other collateral (403,389) (413,396) (176,253) Subtotal (420,642) (437,649) (176,253) Maximum exposure to loss $ 112,604 $ 76,618 $ 15,242 |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from Agemo and Orianna for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Agemo Agemo Orianna Agemo Orianna (in thousands) Revenue Rental income $ 60,639 $ 59,291 $ — $ 62,287 $ 2,401 Income from direct financing leases — — — — 29,877 Other investment income 4,502 3,500 3,477 4,884 906 Total (1) $ 65,141 $ 62,791 $ 3,477 $ 67,171 $ 33,184 (1) For the years ended December 31, 2019, 2018 and 2017, we received cash rental income and other investment income from Agemo of approximately $53.7 million, $56.8 million and $39.8 million, respectively. |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment in Unconsolidated Joint Venture [Abstract] | |
Schedule of equity method investments | The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount Ownership Initial Investment Initial Facility Facilities at December 31, Entity (1) % Date Investment (2) Type 12/31/2019 2019 2018 Second Spring Healthcare Investments (3) 15% 11/1/2016 $ 50,032 SNF 37 $ 22,504 $ 31,045 Lakeway Realty, L.L.C. (4) 51% 5/17/2019 73,834 Specialty facility 1 73,273 — Cindat Joint Venture (5) 49% 12/18/2019 103,810 ALF 67 103,976 — OMG Senior Housing, LLC 50% 12/6/2019 — ILF 1 — — OH CHS SNP, Inc. 9% 12/20/2019 153 N/A N/A 131 — $ 227,829 $ 199,884 $ 31,045 (1) These entities and their subsidiaries are not consolidated by the Company because it does not control, through voting rights or other means, the joint venture. (2) Our initial investment includes our transaction costs, if any. (3) During 2019, this joint venture sold 14 SNFs subject to an operating lease for approximately $311.8 million in net cash proceeds and recognized a gain on sale of approximately $64.0 million. During 2018, this joint venture sold 13 SNFs subject to an operating lease for approximately $164.0 million in net cash proceeds and recognized a loss on sale of approximately $4.6 million. During 2018, this joint venture also recorded $4.2 million of impairment expense on these real estate properties. (4) We acquired an interest in a joint venture that owns the Lakeway Regional Medical Center (the “Lakeway Hospital”) in Lakeway, Texas. (5) We acquired a 49% interest in Cindat Ice Portfolio JV, GP Limited, Cindat Ice Portfolio Holdings, LP and Cindat Ice Portfolio Lender, LP. Cindat Ice Portfolio Holdings, LP owns 67 care homes leased to two operators in the U.K. pursuant to operating leases. Cindat Ice Portfolio Lender, LP holds loans to a third-party operator. Our investment in Cindat Joint Venture consists primarily of real estate. Our initial basis difference of approximately $35 million will be amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. Year Ended December 31, Entity 2019 2018 2017 (in thousands) Second Spring Healthcare Investments $ 9,490 $ 381 $ 2,237 Lakeway Realty, L.L.C. 1,479 — — OMG Senior Housing, LLC (22) — — Total $ 10,947 $ 381 $ 2,237 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Assets Held for Sale [Abstract] | |
Schedule of Properties Held-for-Sale | Properties Held For Sale Number of Net Book Value Properties (in thousands) December 31, 2017 22 $ 86,699 Properties sold/other (1) (48) (171,938) Properties added (2) 29 86,228 December 31, 2018 3 $ 989 Properties sold/other (1) (8) (6,486) Properties added (2) 11 10,419 December 31, 2019 (3) 6 $ 4,922 (1) In 2018, we sold 48 facilities for approximately $133.6 million in net proceeds recognizing a gain on sale of approximately $11.5 million. In 2019, we sold seven facilities for approximately $22.9 million in net proceeds recognizing a gain on sale of approximately $14.8 million. One facility classified as held for sale at December 31, 2018 was no longer considered held for sale during the second quarter of 2019 and was reclassified to leased property at approximately $0.3 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale. (2) In 2018, we recorded approximately $13.0 million of impairment expense to reduce 26 facilities and one ancillary building's book value to their estimated fair values less costs to sell before they were reclassified to assets held for sale. In 2019, we recorded approximately $9.2 million of impairment expense to reduce eight facilities’ book values to their estimated fair values less costs to sell before they were reclassified to assets held for sale. (3) We plan to sell the facilities classified as held for sale at December 31, 2019 within the next twelve months. |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangibles [Abstract] | |
Schedule of Intangibles | The following is a summary of our intangibles as of December 31, 2019 and 2018: December 31, 2019 2018 (in thousands) Assets: Goodwill $ 644,415 $ 643,950 Above market leases $ 49,240 $ 22,410 Accumulated amortization (21,227) (19,203) Net intangible assets $ 28,013 $ 3,207 Liabilities: Below market leases $ 147,292 $ 143,669 Accumulated amortization (87,154) (79,226) Net intangible liabilities $ 60,138 $ 64,443 |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill: (in thousands) Balance as of December 31, 2017 $ 644,690 Less: foreign currency translation (740) Balance as of December 31, 2018 643,950 Add: foreign currency translation 465 Balance as of December 31, 2019 $ 644,415 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BORROWING ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | Annual Interest Rate as of December 31, December 31, Maturity 2019 2019 2018 (in thousands) Secured borrowings: HUD mortgages (1) (4) 2046-2052 3.01 % $ 387,405 $ — Term loan (2) (4) 2021 5.00 % 2,275 — 389,680 — Unsecured borrowings: Revolving line of credit 2021 2.99 % 125,000 313,000 U.S. term loan 2022 3.25 % 350,000 425,000 Sterling term loan (3) 2022 2.16 % 132,480 127,990 Omega OP term loan (4) 2022 3.29 % 75,000 100,000 2015 term loan 2022 3.80 % 250,000 250,000 Deferred financing costs – net (5) (2,742) (4,264) Total term loans – net 804,738 898,726 2023 notes 2023 4.375 % 700,000 700,000 2024 notes 2024 4.950 % 400,000 400,000 2025 notes 2025 4.500 % 400,000 400,000 2026 notes 2026 5.250 % 600,000 600,000 2027 notes 2027 4.500 % 700,000 700,000 2028 notes 2028 4.750 % 550,000 550,000 2029 notes 2029 3.625 % 500,000 — Subordinated debt 2021 9.000 % 13,541 20,000 Discount – net (23,041) (18,523) Deferred financing costs – net (23,778) (22,581) Total senior notes and other unsecured borrowings – net 3,816,722 3,328,896 Total unsecured borrowings – net 4,746,460 4,540,622 Total secured and unsecured borrowings – net (6) $ 5,136,140 $ 4,540,622 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2019. Secured by real estate assets with a net carrying value of $617.2 million as of December 31, 2019. (2) This borrowing is the debt of a consolidated joint venture. (3) This borrowing is denominated in British Pounds Sterling. (4) Omega OP or wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (5) The amount includes $0.2 million of net deferred financing costs related to the Omega OP term loan as of December 31, 2019. (6) All borrowings are direct borrowings of Omega unless otherwise noted. |
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | (in thousands) 2020 $ 7,465 2021 148,508 2022 815,407 2023 708,168 2024 408,418 Thereafter 3,097,735 Total $ 5,185,701 |
Schedule of refinancing related costs | Year Ended December 31, 2019 2018 2017 (in thousands) Write-off of deferred financing costs and unamortized premiums due to refinancing (1) $ — $ — $ 10,195 Prepayment and other costs associated with refinancing (2) — — 11,770 Total debt extinguishment costs $ — $ — $ 21,965 (1) In 2017, we recorded (a) $4.7 million of write-offs of unamortized deferred costs associated with the early redemption of our 5.875% Notes and (b) $5.5 million of write-offs of unamortized deferred financing costs associated with the termination of the 2014 Omega Credit Agreement. (2) In 2017, we paid $11.8 million of prepayment penalties associated with the early redemption of our 5.875% Notes. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 11,488 $ 11,488 $ 132,262 $ 132,262 Mortgage notes receivable – net 773,563 819,083 710,858 735,892 Other investments – net 419,228 412,934 504,626 503,907 Total $ 1,204,279 $ 1,243,505 $ 1,347,746 $ 1,372,061 Liabilities: Revolving line of credit $ 125,000 $ 125,000 $ 313,000 $ 313,000 Term loan 2,275 2,275 — — U.S. term loan 348,878 350,000 423,065 425,000 Sterling term loan 132,059 132,480 127,394 127,990 Omega OP term loan 74,763 75,000 99,553 100,000 2015 term loan 249,038 250,000 248,713 250,000 4.375% notes due 2023 – net 695,812 749,693 694,643 700,062 4.95% notes due 2024 – net 395,702 442,327 394,691 406,386 4.50% notes due 2025 – net 396,163 430,529 395,402 392,122 5.25% notes due 2026 – net 595,732 675,078 595,027 605,700 4.50% notes due 2027 – net 689,445 759,475 687,981 671,555 4.75% notes due 2028 – net 541,891 602,967 540,883 537,508 3.625% notes due 2029 – net 488,263 500,792 — — HUD mortgages - net 387,405 379,866 — — Subordinated debt – net 13,714 15,253 20,270 22,589 Total $ 5,136,140 $ 5,490,735 $ 4,540,622 $ 4,551,912 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxes [Abstract] | |
Schedule of deferred tax assets and liabilities | The following is a summary of deferred tax assets and liabilities: December 31, 2019 2018 (in thousands) Deferred tax assets: Federal net operating loss carryforward $ 1,199 $ 1,213 Total deferred assets 1,199 1,213 Deferred tax liabilities: Foreign deferred tax liabilities (1) 11,350 13,599 Total net deferred liabilities before valuation allowances (10,151) (12,386) Valuation allowance on deferred tax asset (1,199) (1,213) Net deferred tax liabilities $ (11,350) $ (13,599) (1) The deferred tax liabilities primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. |
STOCKHOLDERS'_OWNERS' EQUITY (T
STOCKHOLDERS'/OWNERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' / Owners' Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following is a summary of our accumulated other comprehensive loss, net of tax where applicable: As of and For the Year Ended December 31, 2019 2018 2017 (in thousands) Foreign Currency Translation: Beginning balance $ (47,704) $ (26,033) $ (54,948) Translation gain (loss) 12,646 (21,703) 28,604 Realized (loss) gain (42) 32 311 Ending balance (35,100) (47,704) (26,033) Derivative Instruments: Cash flow hedges: Beginning balance 3,994 1,463 (1,420) Unrealized (loss) gain (7,071) 2,593 5,221 Realized gain (1) 708 (62) (2,338) Ending balance (2,369) 3,994 1,463 Net investment hedge: Beginning balance 70 (7,070) — Unrealized (loss) gain (4,490) 7,140 (7,070) Ending balance (4,420) 70 (7,070) Total accumulated other comprehensive loss for Omega OP (2) (41,889) (43,640) (31,640) Add: portion included in noncontrolling interest 2,031 1,988 1,490 Total accumulated other comprehensive loss for Omega $ (39,858) $ (41,652) $ (30,150) (1) Recorded in interest expense on the Consolidated Statements of Operations. (2) These amounts are included in owners’ equity. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Schedule of activity in restricted stock and RSUs | The following table summarizes the activity in restricted stock, RSUs, and PIUs for the years ended December 31, 2017, 2018 and 2019: Weighted - Number of Average Grant- Compensation Shares/Omega Date Fair Value Cost (1) OP Units per Share (in millions) Non-vested at December 31, 2016 336,053 $ 37.32 Granted during 2017 185,004 31.25 $ 5.8 Cancelled during 2017 (1,000) 34.78 Vested during 2017 (182,548) 39.58 Non-vested at December 31, 2017 337,509 32.78 Granted during 2018 217,717 28.19 $ 6.1 Cancelled during 2018 (5,941) 30.82 Vested during 2018 (190,412) 33.89 Non-vested at December 31, 2018 358,873 29.44 Granted during 2019 160,158 35.20 $ 5.6 Cancelled during 2019 (32,376) 30.38 Vested during 2019 (188,063) 31.01 Non-vested at December 31, 2019 298,592 $ 31.44 (1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant |
Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model | January 1, January 1, January 1, 2017 2018 2019 Closing price on date of grant $ 31.26 $ 27.54 $ 35.15 Dividend yield 7.81 % 9.44 % 7.51 % Risk free interest rate at time of grant 0.66 % to 1.58 % 1.60 % to 2.05 % 2.45 % to 2.51 % Expected volatility 22.82 % to 25.26 % 21.03 % to 23.24 % 21.78 % to 22.76 % |
Schedule of activity in PRSUs and PIUs | The following table summarizes the activity in PRSUs and PIUs for the years ended December 31, 2017, 2018 and 2019: Weighted- Average Grant- Compensation Number of Date Fair Value Cost (1) Shares per Share (in millions) Non-vested at December 31, 2016 1,073,998 $ 16.08 Granted during 2017 685,064 14.87 $ 10.20 Cancelled during 2017 (5,361) 15.98 Forfeited during 2017 (392,921) 18.33 Vested during 2017 — — Non-vested at December 31, 2017 1,360,780 14.82 Granted during 2018 1,012,032 10.40 $ 10.50 Cancelled during 2017 — — Forfeited during 2018 (203,380) 11.82 Vested during 2018 — — Non-vested at December 31, 2018 2,169,432 13.04 Granted during 2019 822,584 14.80 $ 12.22 Cancelled during 2019 (125,885) 14.57 Forfeited during 2019 — — Vested during 2019 (2) (465,044) 15.89 Non-vested at December 31, 2019 2,401,087 $ 13.01 (1) Total compensation cost to be recognized on the awards was based on the grant date fair value. (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures |
Schedule of Unrecognized Compensation Awards | The following table summarizes our total unrecognized compensation cost as of December 31, 2019 associated with restricted stock awards, RSU awards, PRSU awards, and PIU awards to employees: Weighted Average Grant Date Total Period of Unrecognized Average Compensation Expense Compensation Grant Fair Value Cost (in Recognition Cost (in Performance Vesting RSUs and PIUs Year Shares/ Units Per Unit/Share millions) (1) (in months) millions) Period Dates 1/1/2018 RSUs 2018 154,732 $ 27.54 $ 4.30 36 $ 1.30 N/A 12/31/2020 1/1/2019 RSUs 2019 27,464 35.15 1.00 36 0.60 N/A 12/31/2021 1/1/2019 PIUs 2019 91,992 34.89 3.20 36 2.10 N/A 12/31/2021 RSUs and PIUs Total 274,188 30.77 8.50 4.00 TSR PRSUs and PIUs 1/1/2017 - 2019 PRSUs 2017 386,220 12.61 4.90 48 1.20 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 - 2020 PRSUs 2018 658,042 7.31 4.80 48 2.40 1/1/2018 - 12/31/2020 Quarterly in 2021 1/1/2019 - 2021 PRSUs 2019 100,882 11.53 1.20 48 0.90 1/1/2019 - 12/31/2021 Quarterly in 2022 1/1/2019 - 2021 PIUs 2019 377,766 12.03 4.50 48 3.40 1/1/2019 - 12/31/2021 Quarterly in 2022 TSR PRSUs & PIUs Total 1,522,910 10.11 15.40 7.90 Relative TSR PRSUs and PIUs 1/1/2017 - 2019 Relative PRSUs 2017 271,832 18.02 4.90 48 1.20 1/1/2017 - 12/31/2019 Quarterly in 2020 1/1/2018 - 2020 Relative PRSUs 2018 315,100 16.64 5.20 48 2.60 1/1/2018 - 12/31/2020 Quarterly in 2021 1/1/2019 - 2021 Relative PRSUs 2019 60,158 19.33 1.20 48 0.90 1/1/2019 - 12/31/2021 Quarterly in 2022 1/1/2019 - 2021 Relative PIUs 2019 231,087 19.67 4.50 48 3.40 1/1/2019 - 12/31/2021 Quarterly in 2022 Relative TSR PRSUs and PIUs Total 878,177 18.05 15.80 8.10 Grand Total 2,675,275 $ 14.83 $ 39.70 $ 20.00 (1) Total shares/units and compensation costs are net of shares/units cancelled. (2) This table excludes approximately $1.1 million of unrecognized compensation costs related to our directors |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividends [Abstract] | |
Schedule of declared common stock dividends | The Board of Directors has declared common stock dividends as set forth below: Dividend per Record Date Payment Date Common Share January 31, 2019 February 15, 2019 $ 0.66 April 30, 2019 May 15, 2019 $ 0.66 July 31, 2019 August 15, 2019 $ 0.66 October 31, 2019 November 15, 2019 $ 0.67 January 31, 2020 February 14, 2020 $ 0.67 |
Schedule of per share distribution for income tax purpose | Per share distributions by our Company were characterized in the following manner for income tax purposes (unaudited): Year Ended December 31, Common 2019 2018 2017 Ordinary income $ 1.763 $ 1.691 $ 1.571 Return of capital 0.591 0.931 0.932 Capital gains 0.296 0.018 0.037 Total dividends paid $ 2.650 $ 2.640 $ 2.540 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of remaining commitments | Total commitments $ 690,361 Amounts funded to date (1) (520,447) Remaining commitments $ 169,914 (1) Includes finance costs. |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Cash Flow Supplemental Disclosures | Year Ended December 31, 2019 2018 2017 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 24,117 $ 10,300 $ 85,937 Restricted cash 9,263 1,371 10,871 Cash, cash equivalents and restricted cash at end of period $ 33,380 $ 11,671 $ 96,808 Supplemental information: Interest paid during the period, net of amounts capitalized $ 205,943 $ 211,863 $ 182,832 Taxes paid during the period $ 5,097 $ 4,772 $ 4,141 Non cash investing activities Non cash acquisition of business (See Note 3) $ (566,966) $ — $ — Non cash acquisition of real estate (See Note 3) (531,801) (185,592) (27,170) Non cash proceeds from sale of real estate investments (See Note 3) — 53,118 — Non cash surrender of mortgage (See Note 3) 11,874 — — Non cash investment in other investments (27,408) (16,153) (6,353) Non cash proceeds from other investments (See Note 3 and Note 6) 149,542 7,000 30,187 Non cash settlement of direct financing lease (See Note 3 and Note 4) 4,970 184,462 18,989 Initial non cash right of use asset - ground leases 5,593 — — Initial non cash lease liability - ground leases (5,593) — — Non cash financing activities Debt assumed in merger (see Note 3) $ 285,100 $ — $ — Stock exchanged in merger (see Note 3) 281,865 — — Acquisition of other long term borrowings (see Note 13) 388,627 — — Non cash disposition of other long-term borrowings (see Note 13) — (53,118) — Non cash repayment of other long term debt (see Note 13) (6,459) — — Change in fair value of cash flow hedges (7,757) 2,531 2,970 Remeasurement of debt denominated in a foreign currency 4,490 (7,140) 7,070 |
SUMMARY OF QUARTERLY RESULTS _2
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of quarterly results of operations | Omega March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2019 Revenues $ 223,688 $ 225,279 $ 233,195 $ 246,668 Net income (1) $ 72,182 $ 75,671 $ 142,948 $ 61,146 Net income available to common stockholders $ 69,702 $ 73,141 $ 138,740 $ 59,540 Net income available to common per share: Basic $ 0.34 $ 0.35 $ 0.64 $ 0.27 Net income per share: Diluted $ 0.34 $ 0.34 $ 0.63 $ 0.27 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (2) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to common stockholders $ 84,220 $ 78,536 $ 56,606 $ 62,216 Net income available to common per share: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per share: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 |
Omega OP | |
Schedule of quarterly results of operations | Omega OP March 31, June 30, September 30, December 31, (in thousands, except per share amounts) 2019 Revenues $ 223,688 $ 225,279 $ 233,195 $ 246,668 Net income (1) $ 72,182 $ 75,671 $ 142,948 $ 61,146 Net income available to owners' $ 72,182 $ 75,671 $ 142,957 $ 61,149 Net income available to Omega OP Unit holders: Basic $ 0.34 $ 0.35 $ 0.64 $ 0.27 Net income per unit: Diluted $ 0.34 $ 0.34 $ 0.63 $ 0.27 2018 Revenues $ 220,199 $ 219,881 $ 221,852 $ 219,750 Net income (2) $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to owners' $ 87,933 $ 81,986 $ 59,062 $ 64,903 Net income available to Omega OP Unit holders: Basic $ 0.42 $ 0.39 $ 0.28 $ 0.31 Net income per unit: Diluted $ 0.42 $ 0.39 $ 0.28 $ 0.31 (1) Amounts reflect provisions for uncollectible accounts and impairment on real estate properties and direct financing leases of $7.7 million, $5.7 million, $3.8 million and $35.9 million for the three month periods ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively. Amounts also reflect net gain (loss) on assets sold – net of approximately $3 ,000, $(0.3) million, $53.1 million and $2.9 million for the three months periods ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively. (2) Amounts reflect provisions (recovery) for uncollectible accounts and impairment (recovery) on real estate properties and direct financing leases of $12.7 million, $(0.5) million, $20.9 million and $30.6 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. Amounts also reflect net gain (loss) on assets sold of $17.5 million, $(2.9) million, $(5.4) million and $15.5 million for the three month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, respectively. |
EARNINGS PER SHARE_UNIT (Tables
EARNINGS PER SHARE/UNIT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per Share/Unit [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | The following tables set forth the computation of basic and diluted earnings per share/unit: Omega Omega OP Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 (in thousands, except per share amounts) Numerator: Net income $ 351,947 $ 293,884 $ 104,910 $ 351,947 $ 293,884 $ 104,910 (Less) add: net (income) loss attributable to noncontrolling interests (10,824) (12,306) (4,491) 12 — — Net income available to common stockholders/Omega OP Unit holders $ 341,123 $ 281,578 $ 100,419 $ 351,959 $ 293,884 $ 104,910 Denominator: Denominator for basic earnings per share 213,404 200,279 197,738 220,193 209,020 206,521 Effect of dilutive securities: Common stock equivalents 1,753 691 269 1,753 691 269 Net forward share contract 179 — — 179 — — Noncontrolling interest – Omega OP Units 6,789 8,741 8,783 — — — Denominator for diluted earnings per share/unit 222,125 209,711 206,790 222,125 209,711 206,790 Earnings per share/unit - basic: Net income available to common stockholders/Omega OP Unit holders $ 1.60 $ 1.41 $ 0.51 $ 1.60 $ 1.41 $ 0.51 Earnings per share/unit – diluted: Net income $ 1.58 $ 1.40 $ 0.51 $ 1.58 $ 1.40 $ 0.51 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | May 17, 2019$ / shares | Dec. 31, 2019segment |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of reportable segment | segment | 1 | |
Omega OP | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of limited partnership interests owned | 97.00% | |
Other Investors | Omega OP | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of limited partnership interests owned | 3.00% | |
MedEquities | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Business combination acquirees' stockholders conversion ratio of acquirer's stock received | 0.235 | |
Business combination acquirees stockholder's additional cash amount per share received | $ 2 | |
Special cash dividend (per share) | $ 0.21 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2019USD ($)segmentshares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2019 | Dec. 31, 2019property | Dec. 31, 2019$ / shares | Dec. 31, 2019facility | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Accounting Policies [Line Items] | |||||||||
Impairment on real estate properties | $ 45,264,000 | $ 29,839,000 | $ 99,070,000 | ||||||
Loan loss reserves | 5,100,000 | 108,100,000 | |||||||
Equity method investment, other than temporary impairment | 0 | 0 | 0 | ||||||
Cash, FDIC insured amount | 250,000 | ||||||||
Lease inducements | 92,628,000 | 49,644,000 | |||||||
Accrued expenses and other liabilities | 312,040,000 | 272,172,000 | |||||||
Provisions for uncollectible accounts | 6,689,000 | 14,580,000 | |||||||
Recovery of provisions for other losses | 4,800,000 | ||||||||
Impairment of goodwill | $ 0 | 0 | 0 | ||||||
Number of Operating Segments | segment | 1 | ||||||||
Provision of of straight-line rent and contractual receivables | $ 11,100,000 | 11,500,000 | |||||||
Annual percentage increases over the rents of the prior year, minimum | 2.00% | ||||||||
Annual percentage increases over the rents of the prior year, maximum | 3.00% | ||||||||
Amortization of financing cost | $ 9,564,000 | $ 8,960,000 | 9,516,000 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | |||||||
Number of units tendered for redemption of unregistered shares | shares | 1 | ||||||||
Number of facilities owned | facility | 987 | ||||||||
Purchase price of buildings acquired paid in cash | $ 1,325,400,000 | $ 105,700,000 | 412,700,000 | ||||||
Net cash provided by (used in) operating activities | 553,747,000 | 499,373,000 | 577,912,000 | ||||||
Increase in cash, cash equivalents, and restricted cash | 21,709,000 | (85,137,000) | (10,468,000) | ||||||
Operating lease, right of use asset | 17,533,000 | ||||||||
Lease liability | 18,033,000 | ||||||||
Cumulative effect of accounting change | (8,490,000) | 10,000,000 | |||||||
Rental income | 804,076,000 | 767,340,000 | 775,176,000 | ||||||
Real estate tax expense | 14,933,000 | ||||||||
General and administrative - ground lease expense | $ 1,208,000 | ||||||||
Depreciation method | straight-line basis | ||||||||
Incentive To Lessee | $ 92,628,000 | 49,644,000 | |||||||
Contractual Receivable [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Provision of of straight-line rent and contractual receivables | 9,300,000 | ||||||||
Straight-Line Rent Receivable [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Provisions for uncollectible accounts | 4,100,000 | ||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Deferred gain resulting from sale of facilities to third party through retained earnings | $ 10,000,000 | ||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Operating lease, right of use asset | $ 11,100,000 | ||||||||
Cumulative effect of accounting change | $ 8,500,000 | ||||||||
Rental income | 12,100,000 | ||||||||
Real estate tax expense | 14,900,000 | ||||||||
Cash Flow Hedging [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Cash flow hedges recorded at fair value | $ 3,700,000 | 4,000,000 | |||||||
Omega OP | |||||||||
Accounting Policies [Line Items] | |||||||||
Percentage of limited partnership interests owned | 97.00% | ||||||||
Omega Op Units [Member] | Omega OP | |||||||||
Accounting Policies [Line Items] | |||||||||
Percentage of limited partnership interests owned | 97.00% | ||||||||
Other Investors | Omega OP | |||||||||
Accounting Policies [Line Items] | |||||||||
Percentage of limited partnership interests owned | 3.00% | ||||||||
Genesis HealthCare | |||||||||
Accounting Policies [Line Items] | |||||||||
Lease inducements | $ 15,000,000 | ||||||||
Incentive To Lessee | 15,000,000 | ||||||||
Existing Operator | |||||||||
Accounting Policies [Line Items] | |||||||||
Payment made to operator to buyout out in money purchase option | 50,000,000 | ||||||||
Lease inducements | 28,000,000 | ||||||||
Provision of of straight-line rent and contractual receivables | 1,200,000 | ||||||||
Incentive To Lessee | 28,000,000 | ||||||||
Reduction of contingent liability amount | 22,000,000 | ||||||||
Existing Operator | Accounting Standards Update 2016-02 [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Rental income | 800,000 | ||||||||
General and administrative - ground lease expense | 1,200,000 | ||||||||
Seven Other Existing Operators [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Lease inducements | 35,800,000 | ||||||||
Incentive To Lessee | 35,800,000 | ||||||||
Five Operators [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Provision of of straight-line rent and contractual receivables | 9,900,000 | ||||||||
Certain Operators [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Lease inducements | 50,800,000 | ||||||||
Incentive To Lessee | $ 50,800,000 | ||||||||
Building | Minimum | |||||||||
Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 20 years | ||||||||
Building | Maximum | |||||||||
Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 40 years | ||||||||
Site improvements | Minimum | |||||||||
Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 8 years | ||||||||
Site improvements | Maximum | |||||||||
Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 15 years | ||||||||
Furniture and Equipment | |||||||||
Accounting Policies [Line Items] | |||||||||
Purchase price of buildings acquired paid in cash | $ 78,900,000 | $ 5,900,000 | $ 24,500,000 | ||||||
Furniture and Equipment | Minimum | |||||||||
Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 3 years | ||||||||
Furniture and Equipment | Maximum | |||||||||
Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 10 years | ||||||||
Skill Nursing Facilities Leases [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of facilities owned | 782 | 784 | |||||||
Assisted Living Facilities Leased [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of facilities owned | 114 | 114 | |||||||
Specialty Facilities Leased [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of facilities owned | 28 | 28 | |||||||
Medical Office Buildings Leased [Member] | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of facilities owned | facility | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Basis of Presentation and Significant Accounting Policies [Abstract] | ||
Contractual receivables | $ 27,122 | $ 34,901 |
Allowance | (1,075) | |
Contractual receivables - net | 27,122 | 33,826 |
Effective yield interest receivables | 12,914 | 12,741 |
Straight-line rent receivables | 275,549 | 251,166 |
Lease inducements | 92,628 | 49,644 |
Other receivables and lease inducements | $ 381,091 | $ 313,551 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Lessee Disclosure) (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)facility | Dec. 31, 2018facility | |
Lessee, Lease, Description [Line Items] | ||
Lease, Practical Expedients, Package [true false] | true | |
Number of real estate properties | facility | 987 | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true | |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease, right-of-use asset | $ 17,533 | |
Operating lease liabilities | 18,033 | |
Operating lease cost | ||
Lease expense | 2,110 | |
Variable lease expense | 129 | |
Total lease expense | 2,239 | |
Rental income - ground lease income | 842 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,949 | |
Weighted average remaining lease term (in years) | 28 years | |
Weighted average discount rate | 5.25% | |
Future Rental Payments | ||
2020 | $ 1,847 | |
2021 | 1,878 | |
2022 | 1,922 | |
2023 | 1,967 | |
2024 | 2,012 | |
Thereafter | 34,002 | |
Total | 43,628 | |
Accretion of Lease Liability | ||
2020 | (929) | |
2021 | (879) | |
2022 | (824) | |
2023 | (764) | |
2024 | (699) | |
Thereafter | (21,500) | |
Total | (25,595) | |
Total | ||
2020 | 918 | |
2021 | 999 | |
2022 | 1,098 | |
2023 | 1,203 | |
2024 | 1,313 | |
Thereafter | 12,502 | |
Total | $ 18,033 | |
Office leases | ||
Lessee, Lease, Description [Line Items] | ||
Initial lease term (in years) | 10 years | |
Skilled Nursing Facilities | ||
Lessee, Lease, Description [Line Items] | ||
Number of real estate properties | facility | 784 | 12 |
Skilled Nursing Facilities | Ground and/or Facility Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Number of real estate properties | facility | 11 | |
Office Building [Member] | Ground and/or Facility Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Number of real estate properties | facility | 2 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Percentage of annual increase over prior year's rent | 3.00% | |
Maximum | Ground leases | ||
Lessee, Lease, Description [Line Items] | ||
Initial lease term (in years) | 100 years | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Percentage of annual increase over prior year's rent | 1.00% | |
Minimum | Ground leases | ||
Lessee, Lease, Description [Line Items] | ||
Initial lease term (in years) | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Lessor Disclosure) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)leasefacility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessor, Lease, Description [Line Items] | |||
Unamortized direct costs related to origination of direct financing leases | $ 0 | $ 0 | |
Number of real estate properties | facility | 987 | ||
Number of leases accounted for direct finance leases | lease | 2 | ||
Operating Lease, Lease Income [Abstract] | |||
Interest income - direct financing leases | $ 1,036 | ||
Rental income - operating leases | 792,010 | ||
Variable lease income - operating leases | 12,066 | ||
Total lease income | 804,076 | $ 767,340 | $ 775,176 |
Lessor, Lease, Lease Expenses [Abstract] | |||
Real estate taxes | 14,933 | ||
General and administrative - ground lease expense | 1,208 | ||
Total | 16,141 | ||
Estimated contractual rents due under operating leases | |||
2020 | 864,027 | ||
2021 | 884,432 | ||
2022 | 866,163 | ||
2023 | 860,369 | ||
2024 | 866,551 | ||
Thereafter | 4,944,117 | ||
Total | $ 9,285,659 | ||
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Operating leases initial term (in years) | 15 years | ||
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Operating leases initial term (in years) | 5 years |
PROPERTIES (Leased Property) (N
PROPERTIES (Leased Property) (Narrative) (Detail) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019facility | Dec. 31, 2019property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Real Estate Properties [Line Items] | |||||
Number of real estate properties | 987 | ||||
Capitalized interest | $ | $ 13.9 | $ 11.1 | $ 8 | ||
Skill Nursing Facilities Leases [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | 784 | 782 | |||
Assisted Living Facilities Leased [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | 114 | 114 | |||
Specialty Facilities Leased [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | 28 | 28 | |||
Medical Office Buildings Leased [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | 2 |
PROPERTIES (Summary of our inve
PROPERTIES (Summary of our investment in leased real estate properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 8,985,994 | $ 7,746,410 |
Less accumulated depreciation | (1,787,425) | (1,562,619) |
Real estate investments - net | 7,198,569 | 6,183,791 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 7,056,106 | 6,056,820 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 901,246 | 786,174 |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 515,421 | 447,610 |
Building And Site Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 287,655 | 250,917 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 225,566 | $ 204,889 |
PROPERTIES (Schedule of Signifi
PROPERTIES (Schedule of Significant Acquisitions) (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2017USD ($)facility | Dec. 31, 2019USD ($)facility | Sep. 30, 2019USD ($)facility | Jun. 30, 2019USD ($)facility | Mar. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Mar. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Sep. 30, 2017USD ($)facility | Jun. 30, 2017USD ($)facility | Mar. 31, 2017USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Oct. 31, 2019facility | |
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 987 | 987 | ||||||||||||||
Payments to acquire businesses, gross | $ 1,325,400 | $ 105,700 | $ 412,700 | |||||||||||||
Deferred tax liability | $ 10,151 | $ 12,386 | $ 10,151 | $ 12,386 | ||||||||||||
Ohio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 11,900 | $ 9,200 | ||||||||||||||
Initial Annual Cash Yield (%) | 12.00% | 9.50% | ||||||||||||||
California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 421,600 | |||||||||||||||
Initial Annual Cash Yield (%) | 10.27% | |||||||||||||||
North Carolina and Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 24,900 | |||||||||||||||
Initial Annual Cash Yield (%) | 9.50% | |||||||||||||||
Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 13,200 | $ 7,600 | ||||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 7.50% | ||||||||||||||
North Carolina | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 8,600 | |||||||||||||||
Initial Annual Cash Yield (%) | 9.50% | |||||||||||||||
United Kingdom | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 4,000 | $ 124,200 | ||||||||||||||
Initial Annual Cash Yield (%) | 8.50% | 8.50% | ||||||||||||||
Deferred tax liability | $ 400 | $ 8,200 | ||||||||||||||
Acquisitions costs | 1,200 | |||||||||||||||
UNITED KINGDOM One | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 5,700 | |||||||||||||||
Initial Annual Cash Yield (%) | 8.50% | |||||||||||||||
Deferred tax liability | $ 200 | |||||||||||||||
Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 22,800 | $ 40,000 | $ 2,300 | |||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.25% | 9.25% | |||||||||||||
Texas Two [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 19,000 | |||||||||||||||
Initial Annual Cash Yield (%) | 18.60% | |||||||||||||||
Indiana | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 8,300 | $ 211,000 | ||||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | ||||||||||||||
Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 131,800 | |||||||||||||||
Initial Annual Cash Yield (%) | 9.35% | |||||||||||||||
Pennsylvania | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 35,100 | $ 7,400 | ||||||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | ||||||||||||||
Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 735,200 | |||||||||||||||
Initial Annual Cash Yield (%) | 8.71% | |||||||||||||||
Skilled Nursing Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 784 | 12 | 784 | 12 | ||||||||||||
Skilled Nursing Facilities | Ohio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||||
Skilled Nursing Facilities | Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Skilled Nursing Facilities | Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 5 | |||||||||||||||
Skilled Nursing Facilities | Indiana | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||||
Skilled Nursing Facilities | Pennsylvania | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 3 | 1 | 3 | |||||||||||||
Assisted Living Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 114 | 114 | ||||||||||||||
Assisted Living and Independent Living Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 3 | 3 | ||||||||||||||
Assisted Living and Independent Living Facilities | United Kingdom | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Assisted Living and Independent Living Facilities | UNITED KINGDOM One | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Assisted Living and Independent Living Facilities | Pennsylvania | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||||
Specialty | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 28 | 28 | ||||||||||||||
Medical Office Building | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 2 | 2 | ||||||||||||||
Land | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 116,800 | $ 13,400 | 56,700 | |||||||||||||
Land | Ohio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 1,100 | $ 800 | ||||||||||||||
Land | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 40,100 | |||||||||||||||
Land | North Carolina and Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 4,200 | |||||||||||||||
Land | Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 2,400 | $ 500 | ||||||||||||||
Land | North Carolina | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 700 | |||||||||||||||
Land | United Kingdom | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 900 | 34,100 | ||||||||||||||
Land | UNITED KINGDOM One | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 1,400 | |||||||||||||||
Land | Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 500 | $ 1,000 | $ 700 | |||||||||||||
Land | Texas Two [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 1,700 | |||||||||||||||
Land | Indiana | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 1,700 | 18,000 | ||||||||||||||
Land | Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 9,900 | |||||||||||||||
Land | Pennsylvania | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 4,100 | 1,600 | ||||||||||||||
Land | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 61,500 | |||||||||||||||
Furniture and Equipment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 78,900 | 5,900 | 24,500 | |||||||||||||
Furniture and Equipment | Ohio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 700 | 500 | ||||||||||||||
Furniture and Equipment | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 12,600 | |||||||||||||||
Furniture and Equipment | North Carolina and Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 2,100 | |||||||||||||||
Furniture and Equipment | Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 300 | 300 | ||||||||||||||
Furniture and Equipment | North Carolina | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 600 | |||||||||||||||
Furniture and Equipment | United Kingdom | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 200 | 5,000 | ||||||||||||||
Furniture and Equipment | UNITED KINGDOM One | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 200 | |||||||||||||||
Furniture and Equipment | Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 1,900 | 3,900 | 100 | |||||||||||||
Furniture and Equipment | Texas Two [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 1,800 | |||||||||||||||
Furniture and Equipment | Indiana | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 600 | 12,800 | ||||||||||||||
Furniture and Equipment | Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 9,200 | |||||||||||||||
Furniture and Equipment | Pennsylvania | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 1,800 | 400 | ||||||||||||||
Furniture and Equipment | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 54,300 | |||||||||||||||
Building And Site Improvements | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 1,129,700 | $ 86,400 | $ 331,500 | |||||||||||||
Building And Site Improvements | Ohio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 10,100 | 7,900 | ||||||||||||||
Building And Site Improvements | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 368,900 | |||||||||||||||
Building And Site Improvements | North Carolina and Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 18,600 | |||||||||||||||
Building And Site Improvements | Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 10,500 | $ 6,800 | ||||||||||||||
Building And Site Improvements | North Carolina | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 7,300 | |||||||||||||||
Building And Site Improvements | United Kingdom | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 2,900 | $ 85,100 | ||||||||||||||
Building And Site Improvements | UNITED KINGDOM One | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 4,100 | |||||||||||||||
Building And Site Improvements | Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 20,400 | $ 35,100 | 1,500 | |||||||||||||
Building And Site Improvements | Texas Two [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 15,500 | |||||||||||||||
Building And Site Improvements | Indiana | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | 6,000 | $ 180,200 | ||||||||||||||
Building And Site Improvements | Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 112,700 | |||||||||||||||
Building And Site Improvements | Pennsylvania | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 29,200 | $ 5,400 | ||||||||||||||
Building And Site Improvements | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Payments to acquire businesses, gross | $ 619,400 | |||||||||||||||
Facilities Acquired [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 60 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 89 | 31 | 89 | 31 | ||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | Ohio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 20 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | North Carolina and Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 3 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | North Carolina | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 6 | 6 | ||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | Texas Two [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 9 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | Indiana | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 15 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 7 | |||||||||||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 58 | 58 | ||||||||||||||
Facilities Acquired [Member] | Assisted Living Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 4 | 4 | ||||||||||||||
Facilities Acquired [Member] | Assisted Living Facilities | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Acquired [Member] | Assisted Living Facilities | Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Acquired [Member] | Assisted Living Facilities | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 2 | 2 | ||||||||||||||
Facilities Acquired [Member] | Assisted Living and Independent Living Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 20 | 20 | ||||||||||||||
Facilities Acquired [Member] | Assisted Living and Independent Living Facilities | Virginia | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Acquired [Member] | Assisted Living and Independent Living Facilities | United Kingdom | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 18 | |||||||||||||||
Facilities Acquired [Member] | Assisted Living and Independent Living Facilities | Texas | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Acquired [Member] | Specialty | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 14 | 14 | ||||||||||||||
Facilities Acquired [Member] | Specialty | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 11 | |||||||||||||||
Facilities Acquired [Member] | Specialty | Pennsylvania And Virginia [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 3 | |||||||||||||||
Facilities Acquired [Member] | Medical Office Building | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||||
Facilities Acquired [Member] | Medical Office Building | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||||
Facilities Transitioned To Five Other Operators [Member] | Skilled Nursing Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 21 | 21 | ||||||||||||||
Facilities Transitioned To Five Other Operators [Member] | Assisted Living Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||||
Facilities Transitioned to Other Operators [Member] | Skilled Nursing Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of real estate properties | facility | 9 | |||||||||||||||
Recorded an impairment on direct financing lease | $ 1,800 | |||||||||||||||
Restructuring and Related Cost, Incurred Cost | $ 1,800 |
PROPERTIES (Encore Portfolio) (
PROPERTIES (Encore Portfolio) (Narrative) (Detail) $ in Thousands | Oct. 31, 2019USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Number of real estate properties | facility | 987 | |||
Purchase price of assets acquired | $ 757,000 | |||
Cash payment to acquire facilities | $ 369,000 | |||
Mortgage loans on real estate, new mortgage loans | $ 129,108 | $ 65,841 | $ 34,643 | |
Facilities Acquired [Member] | ||||
Number of real estate properties | facility | 60 | |||
Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | ||||
Mortgage loans on real estate, new mortgage loans | $ 389,000 |
PROPERTIES (MedEquities Merger)
PROPERTIES (MedEquities Merger) (Narrative) (Detail) $ / shares in Units, $ in Thousands, shares in Millions | Oct. 31, 2019USD ($)facility | May 17, 2019USD ($)loanitemfacility$ / sharesshares | Dec. 31, 2019USD ($)statefacility | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)statefacility | Dec. 31, 2019USD ($)statefacility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Consideration | $ 1,325,400 | $ 105,700 | $ 412,700 | |||||||||||
Cash payment to acquire facilities | $ 369,000 | |||||||||||||
Number of real estate properties | facility | 987 | 987 | 987 | |||||||||||
Number of states | state | 40 | 40 | 40 | |||||||||||
Acquisition related costs | $ 5,115 | 383 | ||||||||||||
Revenues | $ 246,668 | $ 233,195 | $ 225,279 | $ 223,688 | $ 219,750 | $ 221,852 | $ 219,881 | $ 220,199 | $ 928,830 | $ 881,682 | $ 908,385 | |||
MedEquities | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business combination acquirees' stockholders conversion ratio of acquirer's stock received | 0.235 | |||||||||||||
Business combination acquirees stockholder's additional cash amount per share received | $ / shares | $ 2 | |||||||||||||
Cash payment to acquire facilities | $ 63,700 | |||||||||||||
Number of shares issued | shares | 7.5 | |||||||||||||
Special cash dividend (per share) | $ / shares | $ 0.21 | |||||||||||||
Loan amount | $ 350,000 | |||||||||||||
Mortgage loans on real estate, number of loans | loan | 4 | |||||||||||||
Number of other investments acquired | item | 3 | |||||||||||||
Number of unconsolidated joint ventures acquired | item | 1 | |||||||||||||
Consideration | $ 346,000 | |||||||||||||
Acquisition related costs | $ 5,100 | |||||||||||||
Revenues | $ 35,200 | |||||||||||||
Facilities Acquired [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of real estate properties | facility | 60 | |||||||||||||
Facilities Acquired [Member] | MedEquities | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of real estate properties | facility | 33 |
PROPERTIES (Pro Forma Acquisiti
PROPERTIES (Pro Forma Acquisition Results) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 0.27 | $ 0.63 | $ 0.34 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.58 | $ 1.40 | $ 0.51 |
Pro Forma [Member] | |||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||
Pro forma revenues | $ 950,318 | $ 938,782 | |||||||||
Pro forma net income | $ 362,220 | $ 321,232 | |||||||||
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 1.58 | $ 1.40 | |||||||||
Net income - pro forma | $ 1.60 | $ 1.48 |
PROPERTIES (Fair Value of Asset
PROPERTIES (Fair Value of Assets Acquired and Liabilities Assumed) (Detail) - USD ($) $ in Thousands | May 17, 2019 | Oct. 31, 2019 |
Business Acquisition [Line Items] | ||
Real estate investments | $ 735,182 | |
Other investments | 600 | |
Cash | 227 | |
Contractual receivables | 2,216 | |
Other assets | 28,173 | |
Total investments | 766,398 | |
Accrued expenses and other liabilities | (8,978) | |
Fair value of net assets acquired | 368,793 | |
Secured Debt [Member] | ||
Business Acquisition [Line Items] | ||
Borrowings / debt | $ (388,627) | |
MedEquities | ||
Business Acquisition [Line Items] | ||
Real estate investments | $ 421,600 | |
Mortgage notes receivable (see Note 5) | 108,097 | |
Other investments | 19,192 | |
Investment in unconsolidated joint venture | 73,834 | |
Cash | 4,067 | |
Contractual receivables | 1,461 | |
Other assets | 32,819 | |
Total investments | 661,070 | |
Borrowings / debt | (285,100) | |
Accrued expenses and other liabilities | (30,421) | |
Fair value of net assets acquired | 345,549 | |
Above market lease assets, acquired | 26,800 | |
Below market leases, assumed | $ 7,500 |
PROPERTIES (Acquisitions and Ot
PROPERTIES (Acquisitions and Other) (Narrative) (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)propertyfacility | Dec. 31, 2018USD ($)facilityproperty | Dec. 31, 2017USD ($)facilityproperty | Oct. 31, 2019facility | |
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 987 | |||
Real estate investments | $ 8,985,994 | $ 7,746,410 | ||
Payments to acquire businesses, gross | 1,325,400 | 105,700 | $ 412,700 | |
Facilities Acquired [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 60 | |||
Parcels Acquired [Member] | ||||
Real Estate Properties [Line Items] | ||||
Payments to acquire businesses, gross | $ 10,700 | 3,500 | ||
3 Parcels of Land Acquired [Member} | ||||
Real Estate Properties [Line Items] | ||||
Payments to acquire businesses, gross | $ 6,700 | |||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Five Operators [Member] | ||||
Real Estate Properties [Line Items] | ||||
Carrying amount of facility Net | $ 184,500 | |||
Percentage of annual cash yield | 9.00% | |||
Skilled Nursing Facilities | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 784 | 12 | ||
Skilled Nursing Facilities | Facilities Acquired [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 89 | 31 | ||
Skilled Nursing Facilities | Facilities Transitioned To Five Other Operators [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 21 | |||
Assisted Living Facilities | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 114 | |||
Assisted Living Facilities | Facilities Acquired [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 4 | |||
Assisted Living Facilities | Facilities Transitioned To Five Other Operators [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | facility | 1 | |||
Land | ||||
Real Estate Properties [Line Items] | ||||
Number Of Properties Added | property | 3 | |||
Real estate investments | $ 901,246 | $ 786,174 | ||
Payments to acquire businesses, gross | $ 116,800 | $ 13,400 | $ 56,700 | |
Land | Parcels Acquired [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties | property | 1 | 2 | ||
Building And Site Improvements | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments | $ 287,655 | $ 250,917 | ||
Payments to acquire businesses, gross | 1,129,700 | 86,400 | 331,500 | |
Furniture and Equipment | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments | 515,421 | 447,610 | ||
Payments to acquire businesses, gross | $ 78,900 | 5,900 | $ 24,500 | |
Real Estate Investment | Existing Operator | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments | 184,500 | |||
Real Estate Investment | Land | Existing Operator | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments | 11,200 | |||
Real Estate Investment | Building And Site Improvements | Existing Operator | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments | 159,100 | |||
Real Estate Investment | Furniture and Equipment | Existing Operator | ||||
Real Estate Properties [Line Items] | ||||
Real estate investments | 14,200 | |||
Working Capital Loans [Member] | 21 Skilled Nursing Facilities and 1 Assisted Living Facility | Five Operators [Member] | ||||
Real Estate Properties [Line Items] | ||||
Maximum borrowing capacity | 45,700 | |||
Commitments to Fund Capital Improvement | 21 Skilled Nursing Facilities and 1 Assisted Living Facility | Five Operators [Member] | ||||
Real Estate Properties [Line Items] | ||||
Other investments, gross | 10,600 | |||
Indemnity Funding | 21 Skilled Nursing Facilities and 1 Assisted Living Facility | Five Operators [Member] | ||||
Real Estate Properties [Line Items] | ||||
Other investments, gross | $ 7,400 |
PROPERTIES (Asset Sales, Impair
PROPERTIES (Asset Sales, Impairments and Other) (Narrative) (Detail) $ in Thousands | Jun. 01, 2018USD ($)facility | Jan. 01, 2018USD ($) | Dec. 31, 2019USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)itemfacility |
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 987 | 987 | ||||
Payments to acquire businesses, gross | $ 1,325,400 | $ 105,700 | $ 412,700 | |||
Real estate investments - net | $ 7,198,569 | 7,198,569 | 6,183,791 | |||
11 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Total cash proceeds | 33,300 | |||||
Amount of gain (loss) from sale of facilities | 2,900 | |||||
10 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Amount of gain (loss) from sale of facilities | 7,500 | |||||
12 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Total cash proceeds | $ 25,000 | |||||
Amount of gain (loss) from sale of facilities | 11,000 | |||||
Loans Receivable, Net | 39,700 | |||||
Carrying amount of facility, operating | 62,000 | |||||
Closing cost | 5,000 | |||||
Assumption of HUD mortgages | 53,000 | |||||
Total proceeds | $ 78,000 | |||||
17 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Provision for impairment on real estate properties | $ 35,700 | |||||
23 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Provision for impairment on real estate properties | 45,300 | |||||
Recorded investment properties after impairments | 23,400 | |||||
34 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Total cash proceeds | 219,300 | |||||
Amount of gain (loss) from sale of facilities | 55,700 | |||||
35 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Provision for impairment on real estate properties | 35,000 | |||||
Recorded investment properties after impairments | 14,800 | |||||
37 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Provision for impairment on real estate properties | 99,100 | |||||
Recorded investment properties after impairments | 125,100 | |||||
Wrote off associated with the termination project | $ 2,600 | |||||
Number of operator | item | 2 | |||||
52 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Total cash proceeds | $ 257,800 | |||||
Amount of gain (loss) from sale of facilities | 53,900 | |||||
Deferred gain (loss) on sale of loans | $ 10,000 | $ 10,000 | ||||
78 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Total cash proceeds | 309,600 | |||||
Amount of gain (loss) from sale of facilities | $ 24,800 | |||||
2 Facilities with Damages | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment offset by insurance recovery | $ 3,700 | |||||
Skilled Nursing Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 784 | 784 | 12 | |||
Facilities Sold | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 78 | 52 | ||||
Facilities Sold | 11 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 11 | 11 | ||||
Facilities Sold | 34 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 34 | 34 | ||||
Facilities Sold | 78 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 12 | |||||
Facilities Sold | Skilled Nursing Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 1 | |||||
Carrying amount of facility | $ 15,400 | |||||
Total proceeds | $ 15,400 | |||||
Facilities Sold Previously Held-for-Sale [Member] | 11 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 3 | 3 | ||||
Facilities Sold Previously Held-for-Sale [Member] | 34 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 1 | 1 | ||||
Facilities Sold Previously Held-for-Sale [Member] | 52 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 14 | |||||
Facilities Sold Previously Held-for-Sale [Member] | 78 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 22 | |||||
Facilities Classified to Asset Held for Sale [Member] | 17 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 5 | 5 | ||||
Facilities Classified to Asset Held for Sale [Member] | 23 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Real estate investments - net | $ 4,600 | $ 4,600 | ||||
Facilities Classified to Asset Held for Sale [Member] | 35 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Recorded investment properties after impairments | $ 1,000 | |||||
Facilities With Impairment Charges [Member] | 17 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 17 | 17 | ||||
Facilities With Impairment Charges [Member] | 23 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 23 | 23 | ||||
Facilities With Impairment Charges [Member] | 35 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 35 | |||||
Facilities With Impairment Charges [Member] | 37 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 37 | |||||
Facilities That Incurred Damages [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 2 | 2 | ||||
Facilities That Incurred Damages [Member] | 35 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment offset by insurance recovery | $ 5,200 | |||||
Facilities Did Not Qualify For Sale Accounting Under Full Accrual Method [Member] | 10 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 10 | |||||
Amount of gain (loss) from sale of facilities | $ 17,500 | |||||
Closing cost | 2,600 | |||||
Carrying amount of facility | 23,200 | |||||
Total proceeds | $ 43,300 | |||||
Facilities Did Not Qualify For Sale Accounting Under Full Accrual Method [Member] | 52 Facilities | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | facility | 10 |
DIRECT FINANCING LEASES (Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) | Jan. 11, 2019USD ($)facility | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($)facility | Nov. 27, 2013USD ($)facilitylease | Dec. 31, 2018USD ($)facility | Sep. 30, 2018USD ($)facility | Jun. 30, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Sep. 30, 2017USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Oct. 31, 2019facility | Jan. 31, 2019USD ($) | Jan. 16, 2019facility | Jul. 31, 2017facility |
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 987 | 987 | |||||||||||||||
Approximate purchase price | $ 1,325,400,000 | $ 105,700,000 | $ 412,700,000 | ||||||||||||||
Impairment on real estate properties | 48,939,000 | 35,014,000 | 99,070,000 | ||||||||||||||
Rental income | 804,076,000 | 767,340,000 | 775,176,000 | ||||||||||||||
Operating lease, Lease income | 804,076,000 | 767,340,000 | 775,176,000 | ||||||||||||||
Other assets | $ 24,308,000 | $ 102,462,000 | 102,462,000 | 24,308,000 | |||||||||||||
Impairment on direct financing leases | $ 7,917,000 | $ 27,168,000 | 198,199,000 | ||||||||||||||
Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Approximate purchase price | $ 529,000,000 | ||||||||||||||||
Number of leases | lease | 4 | ||||||||||||||||
Master lease term | 50 years | ||||||||||||||||
Additional provision for uncollectible accounts | $ 27,200,000 | ||||||||||||||||
Amortization period | 15 years | ||||||||||||||||
Interest on lease per annum | 10.60% | ||||||||||||||||
Orianna | Restructuring Support Agreement ("RSA") | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Monthly rent payment under restructuring | $ 1,000,000 | ||||||||||||||||
Amount committed as debtor in possession financing | $ 30,000,000 | ||||||||||||||||
Operating Lease [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 3 | 3 | |||||||||||||||
Recorded investment in operating lease | $ 30,500,000 | $ 30,500,000 | |||||||||||||||
Southeast [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Carrying amount of facility Net | $ 120,500,000 | 120,500,000 | |||||||||||||||
Impairment on real estate properties | 20,800,000 | ||||||||||||||||
Outstanding receivable reduction | $ 19,300,000 | ||||||||||||||||
Allowance for loss under direct financing leases | $ 172,200,000 | $ 103,200,000 | |||||||||||||||
Southeast [Member] | Direct Financing Leases [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 15 | 15 | |||||||||||||||
Texas | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Approximate purchase price | $ 22,800,000 | $ 40,000,000 | 2,300,000 | ||||||||||||||
Facilities Sold | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 78 | 52 | 78 | 52 | |||||||||||||
Facilities Sold | Direct Financing Leases [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 8 | 8 | |||||||||||||||
Facilities Acquired [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 60 | ||||||||||||||||
Facilities Owned and Leased [Member] | Operating Lease [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 3 | 3 | |||||||||||||||
Facilities Transitioned to Other Operators [Member] | Orianna | Five Existing Operators [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 22 | ||||||||||||||||
Facilities Transitioned to Other Operators [Member] | Orianna | Restructuring Support Agreement ("RSA") | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 23 | ||||||||||||||||
Facilities Held for Sale or Closed [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 6 | 6 | |||||||||||||||
Facilities Held for Sale or Closed [Member] | Orianna | Restructuring Support Agreement ("RSA") | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 19 | ||||||||||||||||
Skilled Nursing Facilities | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 12 | 784 | 784 | 12 | |||||||||||||
Skilled Nursing Facilities | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 55 | ||||||||||||||||
Skilled Nursing Facilities | Texas | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 5 | ||||||||||||||||
Skilled Nursing Facilities | Facilities Sold | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 1 | 1 | |||||||||||||||
Carrying amount of facility | $ 15,400,000 | $ 15,400,000 | |||||||||||||||
Total proceeds | $ 15,400,000 | ||||||||||||||||
Skilled Nursing Facilities | Facilities Sold | Orianna | Distribution Trust [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 15 | ||||||||||||||||
Skilled Nursing Facilities | Facilities Sold | Direct Financing Leases [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 1 | ||||||||||||||||
Skilled Nursing Facilities | Facilities Acquired [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 31 | 89 | 89 | 31 | |||||||||||||
Skilled Nursing Facilities | Facilities Acquired [Member] | Texas | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 6 | 6 | |||||||||||||||
Skilled Nursing Facilities | Facilities Transitioned to Other Operators [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 9 | ||||||||||||||||
Skilled Nursing Facilities | Facilities Transitioned to Other Operators [Member] | Texas | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | 9 | 9 | |||||||||||||||
Assisted Living Facilities | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 114 | 114 | |||||||||||||||
Assisted Living Facilities | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 1 | ||||||||||||||||
Assisted Living Facilities | Facilities Acquired [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 4 | 4 | |||||||||||||||
Skilled Nursing Facilities and Headquarters [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Carrying amount of facility | $ 5,500,000 | ||||||||||||||||
Total proceeds | 5,500,000 | ||||||||||||||||
8 Facilities | Facilities Sold | Direct Financing Leases [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Carrying amount of facility | $ 36,400,000 | $ 36,400,000 | |||||||||||||||
Proceeds from sale of facility | 33,300,000 | ||||||||||||||||
8 Facilities | Facilities Sold | Northwest [Member] | Direct Financing Leases [Member] | Orianna | Sales Agreement [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Impairment on real estate properties | 3,300,000 | ||||||||||||||||
9 Facilities [Member] | Facilities Transitioned to Other Operators [Member] | Texas | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Impairment on real estate properties | 1,800,000 | ||||||||||||||||
Written down value of direct financing lease assets to original cost | $ 19,000,000 | ||||||||||||||||
15 Skilled Nursing Facilities [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Cash consideration sale of productive assets | $ 146,000,000 | ||||||||||||||||
15 Skilled Nursing Facilities [Member] | Direct Financing Leases [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Interest rate | 6.00% | ||||||||||||||||
Aggregate consideration | $ 176,000,000 | ||||||||||||||||
Cash consideration sale of productive assets | $ 94,000,000 | ||||||||||||||||
Other investments, gross | $ 30,000,000 | ||||||||||||||||
Other assets | 14,000,000 | $ 14,000,000 | $ 115,800,000 | ||||||||||||||
Impairment on direct financing leases | $ 7,700,000 | ||||||||||||||||
Assets Held-in-trust | $ 14,000,000 | $ 14,000,000 | |||||||||||||||
15 Skilled Nursing Facilities [Member] | Facilities Sold | Direct Financing Leases [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 15 | ||||||||||||||||
22 Facilities | Facilities Transitioned to Other Operators [Member] | Five Existing Operators [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Rental income | 16,800,000 | ||||||||||||||||
Operating lease, Lease income | 16,800,000 | ||||||||||||||||
22 Facilities | Facilities Transitioned to Other Operators [Member] | Orianna | Five Existing Operators [Member] | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Carrying amount of facility Net | $ 184,500,000 | ||||||||||||||||
38 Facilities | Southeast [Member] | Orianna | Minimum | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Fair value of annual rents | $ 32,000,000 | ||||||||||||||||
Rental yields | 9.00% | ||||||||||||||||
38 Facilities | Southeast [Member] | Orianna | Maximum | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Fair value of annual rents | $ 38,000,000 | ||||||||||||||||
Rental yields | 10.00% | ||||||||||||||||
Recorded Allowance On Direct Finance Lease [Member] | Southeast [Member] | Orianna | |||||||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||||||
Number of real estate properties | facility | 38 |
DIRECT FINANCING LEASES (Schedu
DIRECT FINANCING LEASES (Schedule of Components of Investment in Direct Financing Leases) (Detail) $ in Thousands | Dec. 31, 2019USD ($)leasefacility | Dec. 31, 2018USD ($)leasefacility |
Lessee, Lease, Description [Line Items] | ||
Minimum lease payments receivable | $ 27,227 | $ 28,294 |
Less unearned income | (15,522) | (16,577) |
Investment in direct financing leases | 11,705 | |
Investment in direct financing leases - net | $ 11,488 | $ 132,262 |
Number of real estate properties | facility | 987 | |
Number of direct financing leases | lease | 2 | 3 |
Orianna | ||
Lessee, Lease, Description [Line Items] | ||
Investment in direct financing leases | $ 223,745 | |
Less allowance for loss on direct financing leases | (103,200) | |
Non-Orianna | ||
Lessee, Lease, Description [Line Items] | ||
Investment in direct financing leases | $ 11,705 | $ 11,717 |
Less allowance for loss on direct financing leases | $ (217) | |
Facilities Subject to Direct Financing Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Number of real estate properties | facility | 2 | 17 |
DIRECT FINANCING LEASES (Sche_2
DIRECT FINANCING LEASES (Schedule of investment in the direct financing leases by operator) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Investments in direct financing leases - net | $ 11,488 | $ 132,262 |
Orianna | ||
Lessee, Lease, Description [Line Items] | ||
Investments in direct financing leases - net | 120,545 | |
Sun Mar Healthcare [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Investments in direct financing leases - net | $ 11,488 | 11,491 |
Markleysburg Healthcare Investors, LP [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Investments in direct financing leases - net | $ 226 |
DIRECT FINANCING LEASES (Sche_3
DIRECT FINANCING LEASES (Schedule of future cash flow and straight-line rents direct financing leases) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Direct Financing Leases [Abstract] | ||
2020, Contractual Rent | $ 1,170 | |
2021, Contractual Rent | 1,084 | |
2022, Contractual Rent | 1,106 | |
2023, Contractual Rent | 1,128 | |
2024, Contractual Rent | 1,151 | |
Thereafter, Contractual Rent | 21,588 | |
Total direct financing leases, Contractual Rent | 27,227 | |
2020, Straight-Line Rent | (1,037) | |
2021, Straight-Line Rent | (915) | |
2022, Straight-Line Rent | (1,023) | |
2023, Straight-Line Rent | (1,014) | |
2024, Straight-Line Rent | (1,003) | |
Thereafter, Straight-Line Rent | (10,530) | |
Total direct financing leases, Straight-Line Rent | (15,522) | $ (16,577) |
2020 | 133 | |
2021 | 169 | |
2022 | 83 | |
2023 | 114 | |
2024 | 148 | |
Thereafter | 11,058 | |
Investment in direct financing leases | $ 11,705 |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) | 12 Months Ended | ||
Dec. 31, 2019statefacilitypropertyentity | Dec. 31, 2018facility | Mar. 31, 2018facility | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | 987 | ||
Number of states | state | 40 | ||
Skilled Nursing Facilities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | 784 | 12 | |
Skilled Nursing Facilities | Pennsylvania | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | 3 | 1 | |
Skilled Nursing Facilities | Ohio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | 1 | ||
Assisted Living Facilities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | 114 | ||
Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of fixed rate mortgage | property | 9 | ||
Number of states | state | 8 | ||
Number of independent healthcare operating companies operating under mortgage notes receivable | entity | 7 | ||
Mortgage Receivable [Member] | Facilities Considered Long Term [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | property | 53 |
MORTGAGE NOTES RECEIVABLE (Sche
MORTGAGE NOTES RECEIVABLE (Schedule of Receivables) (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)propertycontractfacility | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loss on other investments | $ (4,905,000) | $ (4,905,000) | ||
Total mortgages - net | $ 773,563,000 | 710,858,000 | $ 671,232,000 | $ 639,343,000 |
Number of real estate properties | facility | 987 | |||
Mortgage Loans on Real Estate | $ 773,563,000 | 710,858,000 | $ 671,232,000 | $ 639,343,000 |
Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity year | 2028 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 778,468,000 | 715,763,000 | ||
Mortgage Receivable [Member] | Mortgage Note Due 2027 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 112,500,000 | 112,500,000 | ||
Mortgage loans on real estate, interest rate | 10.39% | |||
Maturity year | 2027 | |||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 526,520,000 | 537,515,000 | ||
Mortgage loans on real estate, interest rate | 10.08% | |||
Maturity year | 2029 | |||
Mortgage Receivable [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 139,448,000 | $ 65,748,000 | ||
Weighted Average [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, interest rate | 9.45% | |||
Commercial Borrower [Member] | Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, number of loans | contract | 1 | 1 | ||
Commercial Borrower [Member] | Mortgage Receivable [Member] | One Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total mortgages - net | $ 1,500,000 | $ 1,500,000 | ||
Mortgage Loans on Real Estate | $ 1,500,000 | $ 1,500,000 | ||
Construction Loans [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity year | 2029 | |||
Construction Loans [Member] | Mortgage Receivable [Member] | 3 Mortgage Notes Due Through 2021 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 36,200,000 | |||
Maturity year | 2021 | |||
Mortgage loans on real estate, number of loans | 3 | |||
Facilities Used in Weighted Average Interest Rate [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | property | 36 |
MORTGAGE NOTES RECEIVABLE (Note
MORTGAGE NOTES RECEIVABLE (Notes Due 2027 Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Jan. 17, 2014USD ($)facility | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 987 | |||
Skilled Nursing Facilities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 784 | 12 | ||
Assisted Living Facilities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 114 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 778,468 | $ 715,763 | ||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Ohio | Assisted Living Facilities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 2 | |||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 112,500 | $ 112,500 | ||
Maturity year | 2027 | |||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | 7 SNFs and 2 ALFs [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 112,500 | |||
Mortgage loans on real estate, maturity date | Jan. 31, 2027 | |||
Mortgage receivable extension option period | 5 years | |||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | Tranche One [Member] | 7 SNFs and 2 ALFs [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, maturity date | Jan. 31, 2032 | |||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | Tranche Two [Member] | 7 SNFs and 2 ALFs [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, maturity date | Sep. 30, 2034 | |||
Mortgage Note Due 2027 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Pennsylvania | Skilled Nursing Facilities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 7 |
MORTGAGE NOTES RECEIVABLE (No_2
MORTGAGE NOTES RECEIVABLE (Notes Due 2029 Narrative) (Detail) $ in Thousands | Jun. 30, 2014USD ($)propertyfacilitycontract | Jun. 30, 2018USD ($)property | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 773,563 | $ 710,858 | $ 671,232 | $ 639,343 | ||
Number of real estate properties | facility | 987 | |||||
Mortgage Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 778,468 | 715,763 | ||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 526,520 | $ 537,515 | ||||
Mortgage loans on real estate, interest rate | 10.08% | |||||
Maturity year | 2029 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 380,800 | |||||
Mortgage loans on real estate, interest rate | 9.00% | 10.13% | ||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | 17 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 117,000 | |||||
Mortgage loans on real estate, number of loans | contract | 1 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | 25 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 415,000 | |||||
Maturity year | 2029 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | Minimum | 17 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity year | 2021 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | Maximum | 17 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity year | 2023 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 101,700 | |||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans on real estate, interest rate | 8.50% | |||||
Percentage of mortgage loan fixed annual escalators | 2.00% | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage loans on real estate, interest rate | 10.00% | |||||
Percentage of mortgage loan fixed annual escalators | 2.50% | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | Tranche Two [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity year | 2029 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Second Amended Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage receivable, additional funds committed | $ 9,600 | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Second Amended Master Mortgage [Member] | 5 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Mortgage notes receivable | $ 44,700 | |||||
Mortgage notes receivable | $ 44,100 | |||||
Mortgage loans on real estate, interest rate | 9.50% | |||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | |||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Construction Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity year | 2029 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | 25 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of real estate properties | facility | 25 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | 14 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of real estate properties | property | 14 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | 17 Facilities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of real estate properties | property | 17 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Second Amended Master Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of real estate properties | property | 5 |
MORTGAGE NOTES RECEIVABLE (No_3
MORTGAGE NOTES RECEIVABLE (Notes Paid Off Narrative) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Notes Receivable [Abstract] | ||||
Mortgage Loans on Real Estate | $ 773,563 | $ 710,858 | $ 671,232 | $ 639,343 |
OTHER INVESTMENTS (Schedule of
OTHER INVESTMENTS (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Total other investments | $ 419,228 | $ 504,626 |
Other Investment Note Due 2019 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | 131,452 | |
Maturity year | 2019 | |
Other Investment Note Due 2023 interest at 7.32 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 65,000 | 65,000 |
Interest rate | 7.32% | |
Maturity year | 2023 | |
Other Investment Note Due 2023 interest at 12.00 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 52,213 | 59,454 |
Interest rate | 12.00% | |
Maturity year | 2023 | |
Other Investment Note Due 2021 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 77,087 | 71,036 |
Interest rate | 13.09% | |
Maturity year | 2021 | |
Other Investment notes outstanding | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 166,241 | 131,397 |
Interest rate | 8.38% | |
Maturity year | 2029 | |
Other Investment Note Due 2020 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 58,687 | $ 46,287 |
Interest rate | 8.15% | |
Minimum | Other Investment Note Due 2020 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2020 | |
Maximum | Other Investment Note Due 2020 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2025 |
OTHER INVESTMENTS (Note Due 201
OTHER INVESTMENTS (Note Due 2019 Narrative) (Detail) $ in Thousands | Sep. 28, 2018USD ($)property | Dec. 31, 2019property | Dec. 31, 2019USD ($) | Dec. 31, 2019facility | May 31, 2019facility | Dec. 31, 2018USD ($) |
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | facility | 987 | |||||
Other investments | $ | $ 419,228 | $ 504,626 | ||||
Assisted Living Facilities | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | facility | 114 | |||||
Skill Nursing Facilities Leases [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | 782 | 784 | ||||
Other Investment Note Due 2019 [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Other investments, gross | $ | $ 131,452 | |||||
Other Investment Note Due 2019 [Member] | 7 SNFs, 3 Independent Living Facilities and 1 ALF | ||||||
Schedule of Investments [Line Items] | ||||||
Investment Maturity Date | May 31, 2019 | |||||
Financing receivable, face amount | $ | $ 131,300 | |||||
Loans receivable fixed rate | 9.35% | |||||
Investment maturity date | May 31, 2019 | |||||
Origination costs | $ | $ 400 | |||||
Facilities Acquired [Member] | Other Investment Note Due 2019 [Member] | Pennsylvania | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | facility | 9 | |||||
Facilities Acquired [Member] | Other Investment Note Due 2019 [Member] | Virginia | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | facility | 2 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Other Investment Note Due 2019 [Member] | Assisted Living Facilities | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | property | 1 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Other Investment Note Due 2019 [Member] | Skill Nursing Facilities Leases [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | property | 7 | |||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Other Investment Note Due 2019 [Member] | Independent Living Facilities [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Number of real estate properties | property | 3 |
OTHER INVESTMENTS (Note Due 202
OTHER INVESTMENTS (Note Due 2020-2025 Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | |||||
Aug. 31, 2017 | Dec. 31, 2019 | Nov. 05, 2019 | Dec. 31, 2018 | May 07, 2018 | Sep. 30, 2016 | |
Other Investment Note Due 2020 Through 2025 [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 8.15% | |||||
Other investments, gross | $ 58,687 | $ 46,287 | ||||
Other Investment Note Due 2020 Through 2025 [Member] | Tranche Two [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Investment Maturity Date | Dec. 31, 2024 | |||||
Agemo Holdings LLC | Tranche One [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Proceeds from collection of notes receivable | $ 5,000 | |||||
Agemo Holdings LLC | Other Investment Note Due 2020 Through 2025 [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Financing receivable, face amount | $ 37,000 | |||||
Other investments, gross | 58,700 | |||||
Agemo Holdings LLC | Other Investment Note Due 2020 Through 2025 [Member] | Tranche One [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 13.00% | |||||
Agemo Holdings LLC | Other Investment Note Due 2020 Through 2025 [Member] | Tranche Two [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Financing receivable, face amount | $ 32,000 | |||||
Debt instrument, interest rate, stated percentage | 9.00% | |||||
Agemo Holdings LLC | Other Investment Note Due 2020 Through 2025 Second Loan [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Financing receivable, face amount | $ 25,000 | |||||
Investment Maturity Date | Apr. 30, 2025 | |||||
Debt instrument, interest rate, stated percentage | 7.00% | |||||
Other investments, gross | 25,000 | |||||
Agemo Holdings LLC | Other Investment Note Due 2020 Through 2025 Third Loan [Member] | Unsecured Debt [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Financing receivable, face amount | $ 2,800 | |||||
Agemo Holdings LLC | Other Investment Note Due 2020 Through 2025 Fourth Loan [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Financing receivable, face amount | $ 1,700 | |||||
Investment Maturity Date | Mar. 31, 2020 | |||||
Debt instrument, interest rate, stated percentage | 9.00% | |||||
Other investments, gross | $ 1,700 |
OTHER INVESTMENTS (Note Due 2_2
OTHER INVESTMENTS (Note Due 2021 Narrative) (Detail) - USD ($) $ in Thousands | Jul. 29, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Feb. 22, 2018 |
Schedule of Investments [Line Items] | |||||
Other investments | $ 419,228 | $ 504,626 | |||
Other Investment Note Due 2021 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 13.09% | ||||
Other investments, gross | $ 77,087 | $ 71,036 | |||
Genesis HealthCare | Other Investment Note Due 2021 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Other investments, gross | 77,100 | ||||
Loans Receivable Fixed Rate | 14.00% | ||||
Loans Receivable Interest Paid-In-Kind | 9.00% | ||||
Genesis HealthCare | Other Investment Note Due 2021 First Loan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 48,000 | ||||
Other investments | 59,600 | ||||
Investment Maturity Date | Jul. 29, 2020 | ||||
Genesis HealthCare | Other Investment Note Due 2021 First Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Schedule of Investments [Line Items] | |||||
LIBOR with floor rate | 1.00% | ||||
Basis spread on variable rate | 13.00% | ||||
Genesis HealthCare | Other Investment Note Due 2021 Second Loan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 16,000 | ||||
Other investments | $ 17,500 | ||||
Loans Receivable Fixed Rate | 10.00% | ||||
Loans Receivable Interest Paid-In-Kind | 5.00% | ||||
Investment Maturity Date | Jul. 29, 2020 | ||||
Genesis HealthCare | Debt Instrument, Redemption, Period One [Member] | Other Investment Note Due 2021 Second Loan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Notes Receivable Principal Payment | $ 250 | ||||
Genesis HealthCare | Debt Instrument, Redemption, Period Two [Member] | Other Investment Note Due 2021 Second Loan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Principal payments | $ 500 |
OTHER INVESTMENTS (Note Due 2_3
OTHER INVESTMENTS (Note Due 2023 Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||||
May 31, 2018 | Dec. 31, 2019 | May 17, 2017 | Feb. 26, 2016 | Jun. 30, 2015 | |
Other Investment Note Due 2023 6.66% [Member] | |||||
Schedule of Investments [Line Items] | |||||
Other investments, gross | $ 50,000 | ||||
Interest rate | 6.66% | ||||
Remaining outstanding amount of loan | $ 50,000 | ||||
Other Investment Note Due 2023 9.5% [Member] | |||||
Schedule of Investments [Line Items] | |||||
Other investments, gross | $ 15,000 | ||||
Interest rate | 9.50% | ||||
Remaining outstanding amount of loan | $ 15,000 | ||||
Other Investment Note Due 2023 Mezzanine Loan [Member] | |||||
Schedule of Investments [Line Items] | |||||
Financing receivable, face amount | $ 50,000 | ||||
Notes Receivable, Discount | $ 750 | ||||
Loan increase (decrease) | $ 10,000 | ||||
Loans Receivable Fixed Rate | 12.00% | ||||
Investment Maturity Date | May 31, 2023 | ||||
Notes Receivable Principal Payment | 2,500 | ||||
Notes Receivable, Fees Revenue | 1,100 | ||||
Notes Receivable, Fees Revenue Cash Received At Closing | $ 500 | ||||
Other investments, gross | $ 52,200 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Orianna | |||
Variable Interest Entity [Line Items] | |||
Revenue total | $ 33,184 | ||
Orianna | Rental Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 2,401 | ||
Orianna | Financing Leases Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 29,877 | ||
Orianna | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 906 | ||
Agemo Holdings LLC | |||
Variable Interest Entity [Line Items] | |||
Revenue total | $ 65,141 | 67,171 | |
Variable interest entity rental and other investment income | $ 56,800 | ||
Agemo Holdings LLC | Rental Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 60,639 | 62,287 | |
Variable interest entity rental and other investment income | 53,700 | 39,800 | |
Agemo Holdings LLC | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 4,502 | $ 4,884 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 191,495 | ||
Maximum exposure to loss | 15,242 | ||
Revenue total | 3,477 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 3,477 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Other Collateral [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (176,253) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Collateral Pledged [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (176,253) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Real Estate Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 30,459 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Investments In Direct Financing Leases [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 120,545 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 40,242 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Orianna | Accounts Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 249 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 533,246 | 514,267 | |
Maximum exposure to loss | 112,604 | 76,618 | |
Revenue total | 62,791 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Scenario, Plan [Member] | |||
Variable Interest Entity [Line Items] | |||
Contractual receivables, straight line rent receivable and lease inducements reserves | 71,200 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Rental Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 59,291 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Revenue total | 3,500 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Letters of credit | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (9,253) | (9,253) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Personal Guarantee Collateral [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (8,000) | (15,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Other Collateral [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (403,389) | (413,396) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Collateral Pledged [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (420,642) | (437,649) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Real Estate Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 403,389 | 413,396 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 58,687 | 46,287 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Accounts Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 18,113 | 18,017 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Straight-Line Rent Receivables [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | 46,247 | 34,203 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Lease inducement [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | $ 6,810 | 2,362 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Above market leases | |||
Variable Interest Entity [Line Items] | |||
Assets subtotal | $ 2 |
INVESTMENT IN UNCONSOLIDATED _3
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Consolidated Joint Ventures) (Narrative) (Details) - Medical Office Building - Lakeway Texas Joint Venture - Consolidated Entity $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2019USD ($)ft² | Mar. 31, 2019USD ($) | |
Number of square foot | ft² | 100,000 | |
Estimate of initial construction costs | $ 36 | |
Joint venture ownership percentage | 90.00% | |
Parcel of land acquired | $ 3.6 | |
Outside Investors | ||
Joint venture ownership percentage | 10.00% |
INVESTMENT IN UNCONSOLIDATED _4
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Unconsolidated Joint Ventures) (Narrative) (Details) $ in Thousands | Oct. 31, 2019USD ($)facility | May 17, 2019USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility |
Schedule of Equity Method Investments [Line Items] | ||||||
Face Amount of Mortgages | $ 857,801 | $ 857,801 | ||||
Investment in unconsolidated joint venture | $ 199,884 | 199,884 | $ 31,045 | |||
Payments to acquire facilities | $ 369,000 | |||||
Assets management fees recognized | 900 | 1,800 | $ 2,000 | |||
Impairment of Real Estate | $ 48,939 | $ 35,014 | $ 99,070 | |||
Number of real estate properties | facility | 987 | 987 | ||||
Skilled Nursing Facilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 784 | 784 | 12 | |||
Triple-net lease | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Threshold period of aggregate base rent payable at the option of purchase | 12 months | |||||
Threshold percentage if written notice provided after completion of third lease year and before completion of tenth lease year | 6.50% | |||||
Threshold Percentage if written notice after completion of tenth lease year | 7.00% | |||||
Second Spring Healthcare Investments [Member] | Skilled Nursing Facilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in unconsolidated joint venture | $ 22,504 | $ 22,504 | $ 31,045 | |||
Percentage of ownership interest | 15.00% | 15.00% | ||||
Number of real estate properties | facility | 37 | 37 | ||||
Lakeway Partnership [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Face Amount of Mortgages | $ 73,000 | |||||
Term | 25 years | |||||
Mortgage loans on real estate, interest rate | 8.00% | |||||
Mortgage loans on real estate, maturity date | Mar. 20, 2025 | |||||
Fair value of equity method investment | $ 73,800 | |||||
Fair value of mortgage | $ 69,100 | |||||
Percentage of ownership interest | 51.00% | |||||
Equity method investment, difference between carrying amount and underlying equity | $ 69,900 | |||||
Equity method investment difference between carrying amount and underlying equity treatment period | 40 years | |||||
Facilities Acquired [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 60 | |||||
Facilities Acquired [Member] | Skilled Nursing Facilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 89 | 89 | 31 | |||
Facilities Sold | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 78 | 52 | ||||
Facilities Sold | Skilled Nursing Facilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 1 | |||||
Facilities Sold | Second Spring Healthcare Investments [Member] | Skilled Nursing Facilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 14 | 14 | 13 | |||
MedEquities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to acquire facilities | $ 63,700 | |||||
MedEquities | Lakeway Partnership [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of ownership interest | 51.00% | |||||
MedEquities | Facilities Acquired [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate properties | facility | 33 |
INVESTMENT IN UNCONSOLIDATED _5
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Schedule of equity method investments) (Narrative) (Details) $ in Thousands | Dec. 31, 2019USD ($)facilityitem | Dec. 20, 2019USD ($) | Dec. 18, 2019USD ($) | May 17, 2019USD ($) | Nov. 01, 2016USD ($) | Dec. 31, 2019USD ($)facilityitem | Dec. 31, 2019USD ($)facilityitem | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility |
Investments in unconsolidated joint ventures | $ 199,884 | $ 199,884 | $ 199,884 | $ 31,045 | |||||
Number of real estate properties | facility | 987 | 987 | 987 | ||||||
Number of Operators | item | 71 | 71 | 71 | ||||||
Income (loss) from unconsolidated joint ventures | $ 10,947 | $ 381 | $ 2,237 | ||||||
Initial Investment | $ 227,829 | ||||||||
Skilled Nursing Facilities | |||||||||
Number of real estate properties | facility | 784 | 784 | 784 | 12 | |||||
Specialty | |||||||||
Number of real estate properties | facility | 28 | 28 | 28 | ||||||
Assisted Living Facilities | |||||||||
Number of real estate properties | facility | 114 | 114 | 114 | ||||||
Facilities Sold | |||||||||
Number of real estate properties | facility | 78 | 52 | |||||||
Facilities Sold | Skilled Nursing Facilities | |||||||||
Number of real estate properties | facility | 1 | ||||||||
Second Spring Healthcare Investments [Member] | |||||||||
Income (loss) from unconsolidated joint ventures | $ 9,490 | $ 381 | $ 2,237 | ||||||
Second Spring Healthcare Investments [Member] | Skilled Nursing Facilities | |||||||||
Ownership % | 15.00% | 15.00% | 15.00% | ||||||
Initial Investment Date | Nov. 1, 2016 | ||||||||
Investments in unconsolidated joint ventures | $ 22,504 | $ 22,504 | $ 22,504 | 31,045 | |||||
Number of real estate properties | facility | 37 | 37 | 37 | ||||||
Initial Investment | $ 50,032 | ||||||||
Second Spring Healthcare Investments [Member] | 14 SNFs | |||||||||
Sale of Property, Consideration Received on Transaction | $ 311,800 | ||||||||
Gain (loss) on assets sold - net | $ 64,000 | ||||||||
Second Spring Healthcare Investments [Member] | 13 SNFs | |||||||||
Sale of Property, Consideration Received on Transaction | 164,000 | ||||||||
Gain (loss) on assets sold - net | (4,600) | ||||||||
Provision for impairment on real estate properties | $ 4,200 | ||||||||
Second Spring Healthcare Investments [Member] | Facilities Sold | Skilled Nursing Facilities | |||||||||
Number of real estate properties | facility | 14 | 14 | 14 | 13 | |||||
Lakeway Partnership [Member] | |||||||||
Ownership % | 51.00% | ||||||||
Income (loss) from unconsolidated joint ventures | $ 1,479 | ||||||||
Equity method investment difference between carrying amount and underlying equity treatment period | 40 years | ||||||||
Equity method investment, difference between carrying amount and underlying equity | $ 69,900 | ||||||||
Lakeway Partnership [Member] | Specialty | |||||||||
Ownership % | 51.00% | 51.00% | 51.00% | ||||||
Initial Investment Date | May 17, 2019 | ||||||||
Investments in unconsolidated joint ventures | $ 73,273 | $ 73,273 | $ 73,273 | ||||||
Number of real estate properties | facility | 1 | 1 | 1 | ||||||
Initial Investment | $ 73,834 | ||||||||
Cindat Ice Portfolio JV GP Limited [Member] | |||||||||
Ownership % | 49.00% | 49.00% | 49.00% | ||||||
Equity method investment difference between carrying amount and underlying equity treatment period | 40 years | ||||||||
Equity method investment, difference between carrying amount and underlying equity | $ 35,000 | $ 35,000 | $ 35,000 | ||||||
Cindat Ice Portfolio JV GP Limited [Member] | Assisted Living Facilities | |||||||||
Ownership % | 49.00% | 49.00% | 49.00% | ||||||
Initial Investment Date | Dec. 18, 2019 | ||||||||
Investments in unconsolidated joint ventures | $ 103,976 | $ 103,976 | $ 103,976 | ||||||
Number of real estate properties | facility | 67 | 67 | 67 | ||||||
Initial Investment | $ 103,810 | ||||||||
Cindat Ice Portfolio JV GP Limited [Member] | 67 Facilities | |||||||||
Number of Operators | item | 2 | 2 | 2 | ||||||
Cindat Ice Portfolio JV GP Limited [Member] | Facilities Owned | Assisted Living Facilities | |||||||||
Number of real estate properties | facility | 67 | 67 | 67 | ||||||
OMG Senior Housing LLC [Member] | |||||||||
Income (loss) from unconsolidated joint ventures | $ (22) | ||||||||
OMG Senior Housing LLC [Member] | Independent Living Facilities [Member] | |||||||||
Ownership % | 50.00% | 50.00% | 50.00% | ||||||
Initial Investment Date | Dec. 6, 2019 | ||||||||
Number of real estate properties | facility | 1 | 1 | 1 | ||||||
OH CHS SNP Inc [Member] | |||||||||
Ownership % | 9.00% | 9.00% | 9.00% | ||||||
Initial Investment Date | Dec. 20, 2019 | ||||||||
Investments in unconsolidated joint ventures | $ 131 | $ 131 | $ 131 | ||||||
Initial Investment | $ 153 |
ASSETS HELD FOR SALE (Schedule
ASSETS HELD FOR SALE (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2019USD ($)facility | Jun. 30, 2019USD ($)facility | Dec. 31, 2018USD ($)facilityproperty | Dec. 31, 2017USD ($)facility | |
Number Of Properties | ||||||
Beginning Balance | property | 3 | 22 | ||||
Properties sold | property | (8) | (48) | ||||
Properties added | property | 11 | 29 | ||||
Ending balance | property | 6 | 3 | ||||
Net Book Value | ||||||
Beginning Balance | $ 989 | $ 86,699 | ||||
Properties sold | (6,486) | (171,938) | ||||
Properties added | 10,419 | 86,228 | ||||
Ending balance | 4,922 | 989 | ||||
Number of real estate properties | facility | 987 | |||||
Real Estate Investment Property, at Cost [Abstract] | ||||||
Real Estate Held-for-sale | 4,922 | 989 | $ 4,922 | $ 300 | $ 989 | $ 86,699 |
Skilled Nursing Facilities | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 784 | 12 | ||||
Assisted Living Facilities | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 114 | |||||
48 Facilities | ||||||
Net Book Value | ||||||
Net proceeds from sale of facilities held for sale | 133,600 | |||||
Gain (loss) from sale of facilities | 11,500 | |||||
26 Facilities and One Ancillary Building | ||||||
Net Book Value | ||||||
Impairment charges | $ 13,000 | |||||
8 Facilities | ||||||
Net Book Value | ||||||
Impairment charges | 9,200 | |||||
Facilities Sold | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 78 | 52 | ||||
Facilities Sold | Skilled Nursing Facilities | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 1 | |||||
Facilities Sold | 48 Facilities | ||||||
Net Book Value | ||||||
Number of real estate properties | property | 48 | |||||
Facilities Sold | 7 Facilities | ||||||
Net Book Value | ||||||
Net proceeds from sale of facilities held for sale | 22,900 | |||||
Gain (loss) from sale of facilities | $ 14,800 | |||||
Number of real estate properties | facility | 7 | |||||
Facilities No Longer Held for Sale [Member] | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 1 | |||||
Facilities With Impairment Charges [Member] | Facilities | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 8 | 26 | ||||
Facilities With Impairment Charges [Member] | Ancillary Building | ||||||
Net Book Value | ||||||
Number of real estate properties | facility | 1 |
INTANGIBLES (Narrative) (Detail
INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net amortization of intangible assets | $ 5.9 | $ 10.7 | $ 11.9 |
2020 | 4.9 | ||
2021 | 4.7 | ||
2022 | 4.4 | ||
2023 | 4.2 | ||
2024 | $ 4 | ||
Below market leases, weighted average remaining amortization, period | 9 years | ||
Thereafter | $ 9.9 | ||
Above market leases | |||
Weighted average remaining amortization | 11 years |
INTANGIBLES (Schedule of Intang
INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | |||
Goodwill | $ 644,415 | $ 643,950 | $ 644,690 |
Accumulated amortization | (21,227) | (19,203) | |
Net intangible assets | 28,013 | 3,207 | |
Liabilities: | |||
Below market leases | 147,292 | 143,669 | |
Accumulated amortization | (87,154) | (79,226) | |
Net intangible liabilities | 60,138 | 64,443 | |
Above market leases | |||
Assets: | |||
Gross intangible assets | $ 49,240 | $ 22,410 |
INTANGIBLES (Schedule of Reconc
INTANGIBLES (Schedule of Reconciliation of Goodwill) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance | $ 643,950 | $ 644,690 |
Add/(Less): foreign currency translation | 465 | (740) |
Balance | $ 644,415 | $ 643,950 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)facilitystateitemcontract | Dec. 31, 2018USD ($)facilitycontract | Dec. 31, 2017 | Jun. 30, 2018facility | |
Concentration Risk [Line Items] | ||||
Number of real estate properties | 987 | |||
Number of operators that met or exceeded ten percent threshold for revenues | contract | 1 | 1 | ||
Number of states | state | 40 | |||
Number of operators | item | 71 | |||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 9,800,000 | |||
Other investments | $ | 419,228 | $ 504,626 | ||
Investment in unconsolidated joint venture | $ | $ 199,884 | $ 31,045 | ||
Geographic Concentration Risk [Member] | Florida | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 15.00% | |||
Geographic Concentration Risk [Member] | Texas | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 10.00% | |||
Geographic Concentration Risk [Member] | Michigan | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 7.00% | |||
Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 98.00% | |||
Skilled Nursing Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 784 | 12 | ||
Skilled Nursing Facilities | Texas | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 5 | |||
Assisted Living Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 114 | |||
Specialty | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 28 | |||
Medical Office Building | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 2 | |||
Ciena Healthcare | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 10.00% | 11.00% | 10.00% | |
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 47 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 2 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 4 | |||
Facilities Held for Sale or Closed [Member] | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 6 |
LEASE AND MORTGAGE DEPOSITS (Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Period specified for rental and mortgage interest | 3 months | |
Maximum | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Period specified for rental and mortgage interest | 6 months | |
Lease and Mortgage Liquidity and Other Deposits [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Security Deposit | $ 9.3 | $ 1.4 |
Lease and Mortgage Security Deposits [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Security Deposit | 38.6 | 38.5 |
Lease and Mortgage Letter of Credit [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Security Deposit | $ 54.2 | $ 55.1 |
BORROWING ARRANGEMENTS (Schedul
BORROWING ARRANGEMENTS (Schedule of Borrowings) (Details) $ in Thousands, £ in Millions | May 24, 2017USD ($) | Apr. 05, 2017USD ($) | May 25, 2017GBP (£) | Dec. 31, 2019USD ($) | Sep. 20, 2019USD ($) | Dec. 31, 2018USD ($) | May 25, 2017USD ($) | Apr. 04, 2017USD ($) | Jul. 12, 2016USD ($) | Dec. 16, 2015USD ($) | Sep. 23, 2015USD ($) | Mar. 18, 2015USD ($) | Sep. 11, 2014USD ($) | Mar. 11, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Total secured borrowings - net | $ 389,680 | |||||||||||||
Revolving line of credit | 125,000 | $ 313,000 | ||||||||||||
Total term loans - net | 804,738 | 898,726 | ||||||||||||
Total senior notes and other unsecured borrowings - net | 3,816,722 | 3,328,896 | ||||||||||||
Total secured and unsecured borrowings - net | 5,136,140 | $ 4,540,622 | ||||||||||||
Hud Mortgage Assumed [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Assets pleadged as collateral, fair value | $ 617,200 | |||||||||||||
Tranche A One Term Loan Member | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan/facility terminated | $ 200,000 | |||||||||||||
Tranche A Two Term Loan Member | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan/facility terminated | $ 200,000 | |||||||||||||
Tranche A Three Term Loan Member | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term loan/facility terminated | $ 350,000 | |||||||||||||
Amended 2015 Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 150,000 | |||||||||||||
4.375% notes due 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 4.375% | 4.375% | ||||||||||||
4.95% notes due 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 4.95% | 4.95% | ||||||||||||
4.50% notes due 2025 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 4.50% | 4.50% | ||||||||||||
5.25% notes due 2026 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 5.25% | 5.25% | ||||||||||||
4.50% notes due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 4.50% | 4.50% | ||||||||||||
4.75% notes due 2028 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 4.75% | 4.75% | ||||||||||||
3.625% notes due 2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 3.625% | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total secured borrowings - net | $ 389,680 | |||||||||||||
Secured Debt [Member] | Hud Mortgage Assumed [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Rate | 3.01% | |||||||||||||
Total secured borrowings - net | $ 387,405 | |||||||||||||
Secured Debt [Member] | Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2021 | |||||||||||||
Rate | 5.00% | |||||||||||||
Total secured borrowings - net | $ 2,275 | |||||||||||||
Secured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total term loans - net | 75,000 | |||||||||||||
Unsecured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs - net | (23,778) | $ (22,581) | ||||||||||||
Total term loans - net | 804,738 | 898,726 | ||||||||||||
Discount - net | (23,041) | (18,523) | ||||||||||||
Total unsecured borrowings - net | $ 4,746,460 | 4,540,622 | ||||||||||||
Unsecured Debt [Member] | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2021 | |||||||||||||
Rate | 2.99% | |||||||||||||
Revolving line of credit | $ 125,000 | 313,000 | ||||||||||||
Unsecured Debt [Member] | Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs - net | $ (2,742) | (4,264) | ||||||||||||
Unsecured Debt [Member] | U.S. term loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2022 | |||||||||||||
Rate | 3.25% | |||||||||||||
Total term loans - net | $ 350,000 | 425,000 | 425,000 | |||||||||||
Unsecured Debt [Member] | Sterling term loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2022 | |||||||||||||
Rate | 2.16% | |||||||||||||
Total term loans - net | £ 100 | $ 132,480 | 127,990 | |||||||||||
Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2022 | |||||||||||||
Rate | 3.29% | |||||||||||||
Total term loans - net | $ 75,000 | 100,000 | 100,000 | |||||||||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2022 | |||||||||||||
Rate | 3.80% | |||||||||||||
Total term loans - net | $ 250,000 | 250,000 | $ 250,000 | $ 250,000 | ||||||||||
Unsecured Debt [Member] | Senior Notes And Other Unsecured Borrowings Net [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total senior notes and other unsecured borrowings - net | $ 3,816,722 | 3,328,896 | ||||||||||||
Unsecured Debt [Member] | Subordinated debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2021 | |||||||||||||
Rate | 9.00% | |||||||||||||
Long-term debt, gross | $ 13,541 | 20,000 | ||||||||||||
Senior Notes [Member] | 4.375% notes due 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2023 | |||||||||||||
Rate | 4.375% | 4.375% | ||||||||||||
Long-term debt, gross | $ 700,000 | 700,000 | $ 700,000 | |||||||||||
Senior Notes [Member] | 4.95% notes due 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2024 | |||||||||||||
Rate | 4.95% | 4.95% | ||||||||||||
Long-term debt, gross | $ 400,000 | 400,000 | $ 400,000 | |||||||||||
Senior Notes [Member] | 4.50% notes due 2025 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2025 | |||||||||||||
Rate | 4.50% | 4.50% | ||||||||||||
Long-term debt, gross | $ 400,000 | 400,000 | $ 150,000 | $ 250,000 | ||||||||||
Senior Notes [Member] | 5.25% notes due 2026 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2026 | |||||||||||||
Rate | 5.25% | 5.25% | ||||||||||||
Long-term debt, gross | $ 600,000 | 600,000 | $ 600,000 | |||||||||||
Senior Notes [Member] | 4.50% notes due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2027 | |||||||||||||
Rate | 4.50% | 4.50% | ||||||||||||
Long-term debt, gross | $ 700,000 | 700,000 | $ 700,000 | |||||||||||
Senior Notes [Member] | 4.75% notes due 2028 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2028 | |||||||||||||
Rate | 4.75% | 4.75% | ||||||||||||
Long-term debt, gross | $ 550,000 | 550,000 | $ 550,000 | |||||||||||
Senior Notes [Member] | 3.625% notes due 2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2029 | |||||||||||||
Rate | 3.625% | 3.625% | ||||||||||||
Long-term debt, gross | $ 500,000 | $ 500,000 | ||||||||||||
Omega OP | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs - net | (200) | |||||||||||||
Total secured borrowings - net | 389,680 | |||||||||||||
Total term loans - net | $ 74,763 | $ 99,553 | ||||||||||||
Minimum | Secured Debt [Member] | Hud Mortgage Assumed [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2046 | |||||||||||||
Minimum | Unsecured Debt [Member] | U.S. term loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.90% | |||||||||||||
Minimum | Unsecured Debt [Member] | Sterling term loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.90% | |||||||||||||
Minimum | Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.90% | |||||||||||||
Minimum | Unsecured Debt [Member] | Amended 2015 Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.40% | |||||||||||||
Maximum | Secured Debt [Member] | Hud Mortgage Assumed [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity | 2052 | |||||||||||||
Maximum | Unsecured Debt [Member] | U.S. term loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.90% | |||||||||||||
Maximum | Unsecured Debt [Member] | Sterling term loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.90% | |||||||||||||
Maximum | Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.90% | |||||||||||||
Maximum | Unsecured Debt [Member] | Amended 2015 Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.35% |
BORROWING ARRANGEMENTS (HUD Mor
BORROWING ARRANGEMENTS (HUD Mortgage) (Details) $ in Thousands | Oct. 31, 2019USD ($)facility | Jun. 01, 2018USD ($) | Jun. 30, 2018USD ($)facility | Dec. 31, 2019USD ($)facilityitem | Dec. 31, 2018USD ($)facility | Dec. 31, 2017USD ($)facility | Jun. 30, 2017facility |
Purchase Price of Assets Acquired | $ 757,000 | ||||||
Number of real estate properties | facility | 987 | ||||||
Mortgage loans on real estate, new mortgage loans | $ 129,108 | $ 65,841 | $ 34,643 | ||||
Number of Operators | item | 71 | ||||||
Rent to be received | $ 9,285,659 | ||||||
Write off of Deferred Debt Issuance Cost | $ 10,195 | ||||||
Skilled Nursing Facilities | |||||||
Number of real estate properties | facility | 784 | 12 | |||||
Skilled Nursing Facilities | Arkansas | |||||||
Write off of Deferred Debt Issuance Cost | $ 600 | ||||||
Debt weighted average interest rate | 3.06% | ||||||
Debt Instrument, Maturity Date | Jul. 31, 2044 | ||||||
Assisted Living Facilities | |||||||
Number of real estate properties | facility | 114 | ||||||
12 Facilities | |||||||
Assumption of HUD mortgages | $ 53,000 | ||||||
12 Facilities | Arkansas | |||||||
Assumption of HUD mortgages | $ 53,000 | ||||||
Facilities Acquired [Member] | |||||||
Number of real estate properties | facility | 60 | ||||||
Facilities Acquired [Member] | Skilled Nursing Facilities | |||||||
Number of real estate properties | facility | 89 | 31 | |||||
Facilities Acquired [Member] | Skilled Nursing Facilities | North Carolina | |||||||
Number of real estate properties | facility | 1 | ||||||
Facilities Acquired [Member] | Assisted Living Facilities | |||||||
Number of real estate properties | facility | 4 | ||||||
Facilities Sold Previously Held-for-Sale [Member] | Skilled Nursing Facilities | Arkansas | |||||||
Number of real estate properties | facility | 12 | ||||||
Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | |||||||
Mortgage loans on real estate, new mortgage loans | $ 389,000 | ||||||
Maturity term average | 31 years | ||||||
Prepayment penalty percentage, first year | 10.00% | ||||||
Prepayment penalty reduction percentage | 1.00% | ||||||
Escrow deposit | $ 25,000 | ||||||
Minimum | Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | |||||||
Debt weighted average interest rate | 2.82% | ||||||
Maturity term | 27 years | ||||||
Maximum | Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | |||||||
Debt weighted average interest rate | 3.24% | ||||||
Maturity term | 32 years |
BORROWING ARRANGEMENTS (Omega C
BORROWING ARRANGEMENTS (Omega Credit, Omega OP Term and Amended 2015 Term Loan Facilities) (Detail) $ in Thousands, £ in Millions | May 17, 2019USD ($) | May 24, 2017USD ($) | Apr. 05, 2017USD ($) | Dec. 16, 2015USD ($) | Sep. 30, 2019USD ($) | May 25, 2017GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 25, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | $ 125,000 | $ 313,000 | ||||||||
Term loans - net | 804,738 | 898,726 | ||||||||
Repayment of revolving credit facility | 1,980,100 | 1,268,000 | $ 1,587,000 | |||||||
Write-off of deferred financing costs | 10,195 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | LIBOR | |||||||||
Senior Unsecured Revolving And Term Loan Credit Facility 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit Facility Maximum Capacity | $ 1,800,000 | |||||||||
Omega Credit Facilities 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 2,500,000 | |||||||||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche one | 900,000 | |||||||||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche two | 350,000 | |||||||||
Sterling term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | LIBOR | |||||||||
Tranche A One Term Loan Member | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loan/facility terminated | $ 200,000 | |||||||||
Tranche A Two Term Loan Member | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loan/facility terminated | $ 200,000 | |||||||||
Tranche A Three Term Loan Member | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loan/facility terminated | 350,000 | |||||||||
Senior Unsecured 2014 Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | $ 1,250,000 | |||||||||
Long-term Debt, Gross | 550,000 | |||||||||
Omega Credit Facilities 2014 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write-off of deferred financing costs | $ 5,500 | |||||||||
Amended 2015 Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | LIBOR | |||||||||
Long-term Debt, Gross | 150,000 | |||||||||
2017 Omega OP Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | LIBOR | |||||||||
Amount of guaranty of unsecured indebtedness | 50,000 | |||||||||
Repayment of notes payable | $ 25,000 | |||||||||
Interest Rate Swap [Member] | 2017 Omega OP Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 75,000 | |||||||||
Rate | 3.29% | |||||||||
Maturity date | Feb. 10, 2022 | |||||||||
Interest Rate Swap [Member] | 2017 Omega OP Term Loan Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.45% | |||||||||
Interest Rate Swap [Member] | 2017 Omega OP Term Loan Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.55% | |||||||||
Secured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | 75,000 | |||||||||
Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | 804,738 | 898,726 | ||||||||
Unsecured debt | $ 4,746,460 | 4,540,622 | ||||||||
Unsecured Debt [Member] | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | 1,250,000 | |||||||||
Maturity date | May 25, 2021 | |||||||||
Unsecured Debt [Member] | Minimum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
Unsecured Debt [Member] | Maximum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.95% | |||||||||
Unsecured Debt [Member] | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | $ 125,000 | 313,000 | ||||||||
Rate | 2.99% | |||||||||
Unsecured Debt [Member] | U.S. term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 350,000 | 425,000 | 425,000 | |||||||
Rate | 3.25% | |||||||||
Unsecured Debt [Member] | U.S. term loan | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.90% | |||||||||
Unsecured Debt [Member] | U.S. term loan | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.90% | |||||||||
Unsecured Debt [Member] | US Term Loan And Sterling Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | LIBOR | |||||||||
Maturity date | May 25, 2022 | |||||||||
Unsecured Debt [Member] | Sterling term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | £ 100 | $ 132,480 | 127,990 | |||||||
Rate | 2.16% | |||||||||
Unsecured Debt [Member] | Sterling term loan | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.90% | |||||||||
Unsecured Debt [Member] | Sterling term loan | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.90% | |||||||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 250,000 | $ 250,000 | 250,000 | 250,000 | ||||||
Rate | 3.80% | |||||||||
Maturity date | Dec. 16, 2022 | |||||||||
Maximum aggregate principal amount available under credit facility | 150,000 | |||||||||
Amount of guaranty of unsecured indebtedness | 50,000 | |||||||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.40% | |||||||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.35% | |||||||||
Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 75,000 | $ 100,000 | $ 100,000 | |||||||
Rate | 3.29% | |||||||||
Maturity date | May 25, 2022 | |||||||||
Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.90% | |||||||||
Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.90% | |||||||||
Unsecured Debt [Member] | Interest Rate Swap [Member] | Amended 2015 Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | one-month LIBOR | |||||||||
Rate | 3.8005% | |||||||||
Maturity date | Dec. 15, 2022 | |||||||||
Unsecured Debt [Member] | Interest Rate Swap [Member] | Amended 2015 Term Loan Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.40% | |||||||||
Unsecured Debt [Member] | Interest Rate Swap [Member] | Amended 2015 Term Loan Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.55% |
BORROWING ARRANGEMENTS (Senior
BORROWING ARRANGEMENTS (Senior Notes) (Detail) - USD ($) $ in Thousands | Sep. 20, 2019 | Apr. 05, 2017 | Apr. 04, 2017 | Jun. 12, 2016 | Sep. 23, 2015 | Sep. 11, 2014 | Mar. 11, 2014 | Mar. 18, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 28, 2017 | Jul. 12, 2016 |
4.375% notes due 2023 | |||||||||||||
Interest rate | 4.375% | 4.375% | |||||||||||
4.95% notes due 2024 | |||||||||||||
Interest rate | 4.95% | 4.95% | |||||||||||
4.50% notes due 2025 | |||||||||||||
Interest rate | 4.50% | 4.50% | |||||||||||
5.25% notes due 2026 | |||||||||||||
Interest rate | 5.25% | 5.25% | |||||||||||
4.50% notes due 2027 | |||||||||||||
Interest rate | 4.50% | 4.50% | |||||||||||
4.75% notes due 2028 | |||||||||||||
Interest rate | 4.75% | 4.75% | |||||||||||
3.625% notes due 2029 | |||||||||||||
Interest rate | 3.625% | ||||||||||||
Tranche A Two Term Loan Member | |||||||||||||
Prepayment of term loan facility | $ 200,000 | ||||||||||||
Senior Notes [Member] | 4.375% notes due 2023 | |||||||||||||
Long-term Debt, Gross | $ 700,000 | $ 700,000 | $ 700,000 | ||||||||||
Interest rate | 4.375% | 4.375% | |||||||||||
Debt instrument issuance percentage of face value | 99.739% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 692,000 | ||||||||||||
Debt Instrument, Maturity Date | Aug. 1, 2023 | ||||||||||||
Senior Notes [Member] | 4.95% notes due 2024 | |||||||||||||
Long-term Debt, Gross | $ 400,000 | $ 400,000 | 400,000 | ||||||||||
Interest rate | 4.95% | 4.95% | |||||||||||
Debt instrument issuance percentage of face value | 98.58% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 394,300 | ||||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2024 | ||||||||||||
Senior Notes [Member] | 5.875% notes due 2024 [Member] | |||||||||||||
Long-term Debt, Gross | $ 400,000 | ||||||||||||
Interest rate | 5.875% | 5.875% | |||||||||||
Debt Instrument, Repurchase Amount | $ 400,000 | ||||||||||||
Senior Notes [Member] | 4.50% notes due 2025 | |||||||||||||
Long-term Debt, Gross | $ 150,000 | $ 250,000 | $ 400,000 | 400,000 | |||||||||
Interest rate | 4.50% | 4.50% | |||||||||||
Debt instrument issuance percentage of face value | 99.54% | 99.131% | |||||||||||
Proceeds from issuance of senior long-term debt | $ 149,900 | $ 247,800 | |||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2025 | ||||||||||||
Senior Notes [Member] | 4.50 % note due 2025 (2014 and 2017 issues) | |||||||||||||
Long-term Debt, Gross | $ 400,000 | ||||||||||||
Senior Notes [Member] | 5.25% notes due 2026 | |||||||||||||
Long-term Debt, Gross | $ 600,000 | $ 600,000 | 600,000 | ||||||||||
Interest rate | 5.25% | 5.25% | |||||||||||
Debt instrument issuance percentage of face value | 99.717% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 594,400 | ||||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2026 | ||||||||||||
Senior Notes [Member] | 4.50% notes due 2027 | |||||||||||||
Long-term Debt, Gross | $ 700,000 | $ 700,000 | 700,000 | ||||||||||
Interest rate | 4.50% | 4.50% | |||||||||||
Debt instrument issuance percentage of face value | 98.546% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 683,000 | ||||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2027 | ||||||||||||
Senior Notes [Member] | 4.75% notes due 2028 | |||||||||||||
Long-term Debt, Gross | $ 550,000 | $ 550,000 | $ 550,000 | ||||||||||
Interest rate | 4.75% | 4.75% | |||||||||||
Debt instrument issuance percentage of face value | 98.978% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 540,800 | ||||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2028 | ||||||||||||
Senior Notes [Member] | 3.625% notes due 2029 | |||||||||||||
Long-term Debt, Gross | $ 500,000 | $ 500,000 | |||||||||||
Interest rate | 3.625% | 3.625% | |||||||||||
Debt instrument issuance percentage of face value | 98.542% | ||||||||||||
Proceeds from issuance of senior long-term debt | $ 487,800 |
BORROWING ARRANGEMENTS (Subordi
BORROWING ARRANGEMENTS (Subordinated Debt) (Narrative) (Detail) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2010USD ($)item | |
Subordinated debt | Unsecured Debt [Member] | |||
Long-term Debt, Gross | $ 13,541 | $ 20,000 | |
Debt instrument, interest rate, stated percentage | 9.00% | ||
Five Subordinated Debt Notes [Member] | |||
Number of separate subordinated notes assumed | item | 5 | ||
Five Subordinated Debt Notes [Member] | Unsecured Debt [Member] | |||
Long-term Debt, Gross | $ 4,000 | ||
Offset assumed debt against unpaid rent | $ 6,500 |
BORROWING ARRANGEMENTS (Other D
BORROWING ARRANGEMENTS (Other Debt Assumptions and Replacement and General) (Detail) - MedEquities $ in Millions | May 17, 2019USD ($) |
Outstanding balance on line of credit assumed in merger | $ 160.1 |
Term Loan $125 Million | |
Merger assumed term loan | $ 125 |
BORROWING ARRANGEMENTS (Sched_2
BORROWING ARRANGEMENTS (Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
BORROWING ARRANGEMENTS [Abstract] | |
2020 | $ 7,465 |
2021 | 148,508 |
2022 | 815,407 |
2023 | 708,168 |
2024 | 408,418 |
Thereafter | 3,097,735 |
Totals | $ 5,185,701 |
BORROWING ARRANGEMENTS (Sched_3
BORROWING ARRANGEMENTS (Schedule of refinancing related costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
BORROWING ARRANGEMENTS [Abstract] | |||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 10,195 | ||
Prepayment and other costs associated with refinancing | 11,770 | ||
Total debt extinguishment costs | $ 21,965 |
BORROWING ARRANGEMENTS (Sched_4
BORROWING ARRANGEMENTS (Schedule of refinancing related costs) (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 28, 2017 | Mar. 11, 2014 | |
Financing Activities and Borrowing Arrangements [Line Items] | |||||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 10,195 | ||||
Prepayment and other costs associated with refinancing | 11,770 | ||||
4.95% notes due 2024 | |||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||
Interest rate | 4.95% | 4.95% | |||
Omega Credit Facilities 2014 [Member] | |||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||
Write off of deferred financing costs and unamortized premiums due to refinancing | 5,500 | ||||
Senior Notes [Member] | 4.95% notes due 2024 | |||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||
Interest rate | 4.95% | 4.95% | |||
Long-term Debt, Gross | $ 400,000 | $ 400,000 | $ 400,000 | ||
Senior Notes [Member] | 5.875% notes due 2024 [Member] | |||||
Financing Activities and Borrowing Arrangements [Line Items] | |||||
Write off of deferred financing costs and unamortized premiums due to refinancing | $ 4,700 | ||||
Interest rate | 5.875% | 5.875% | |||
Long-term Debt, Gross | $ 400,000 | ||||
Prepayment and other costs associated with refinancing | $ 11,800 | ||||
Loan redeemed | $ 400,000 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
4.375% notes due 2023 | ||
Liabilities: | ||
Notes issued, interest rate | 4.375% | 4.375% |
4.95% notes due 2024 | ||
Liabilities: | ||
Notes issued, interest rate | 4.95% | 4.95% |
4.50% notes due 2025 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | 4.50% |
5.25% notes due 2026 | ||
Liabilities: | ||
Notes issued, interest rate | 5.25% | 5.25% |
4.50% notes due 2027 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | 4.50% |
4.75% notes due 2028 | ||
Liabilities: | ||
Notes issued, interest rate | 4.75% | 4.75% |
3.625% notes due 2029 | ||
Liabilities: | ||
Notes issued, interest rate | 3.625% | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 11,488 | $ 132,262 |
Mortgage notes receivable - net | 773,563 | 710,858 |
Other investments - net | 419,228 | 504,626 |
Total | 1,204,279 | 1,347,746 |
Liabilities: | ||
Revolving line of credit | 125,000 | 313,000 |
Secured borrowing | 2,275 | |
U.S. term loan | 348,878 | 423,065 |
Sterling term loan | 132,059 | 127,394 |
Omega OP term loan | 74,763 | 99,553 |
2015 term loan | 249,038 | 248,713 |
Subordinated debt - net | 13,714 | 20,270 |
Total | 5,136,140 | 4,540,622 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 695,812 | 694,643 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 395,702 | 394,691 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 396,163 | 395,402 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 595,732 | 595,027 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 689,445 | 687,981 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 541,891 | 540,883 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 488,263 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage Assumed [Member] | ||
Liabilities: | ||
HUD debt - net | 387,405 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 11,488 | 132,262 |
Mortgage notes receivable - net | 819,083 | 735,892 |
Other investments - net | 412,934 | 503,907 |
Total | 1,243,505 | 1,372,061 |
Liabilities: | ||
Revolving line of credit | 125,000 | 313,000 |
Secured borrowing | 2,275 | |
U.S. term loan | 350,000 | 425,000 |
Sterling term loan | 132,480 | 127,990 |
Omega OP term loan | 75,000 | 100,000 |
2015 term loan | 250,000 | 250,000 |
Subordinated debt - net | 15,253 | 22,589 |
Total | 5,490,735 | 4,551,912 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 749,693 | 700,062 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 442,327 | 406,386 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 430,529 | 392,122 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 675,078 | 605,700 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 759,475 | 671,555 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 602,967 | $ 537,508 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 500,792 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage Assumed [Member] | ||
Liabilities: | ||
HUD debt - net | $ 379,866 |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)shareholdersubsidiary | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 22, 2017 | |
Taxes [Line Items] | ||||
Percentage of minimum taxable income is distributed | 90.00% | |||
Required dividend distribution by a REIT as a percent of net income from foreclosure property | 90.00% | |||
Required 75% of gross income test from qualifying sources | 75.00% | |||
Required 95% of gross income test from qualifying sources | 95.00% | |||
Required percentage of REIT qualifying assets | 75.00% | |||
Maximum ownership percentage of voting or value of any one security by REIT | 10.00% | |||
Maximum ownership percentage by REIT of either debt or equity securities of another company | 5.00% | |||
Maximum percentage of assets invested in one or more taxable REIT subsidiaries | 20.00% | |||
Maximum percentage of assets invested in one or more taxable REIT subsidiaries before January 1, 2018 | 25.00% | |||
Minimum number of stockholders who own shares or interest in the REIT | shareholder | 100 | |||
Maximum percentage of interest in REIT that five or fewer individuals own directly or indirectly | 50.00% | |||
Minimum number of subsequent years the company may not be able to qualify as a REIT | 4 years | |||
Percentage of income subject to federal taxation | 100.00% | |||
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage | 100.00% | |||
Number of Baby REIT subsidiaries | subsidiary | 1 | |||
Number of subsidiary elected for treated as TRSs | 5 | |||
Net operating loss carryforwards period | Under current law, our net operating loss carryforwards generated up through December 31, 2017 may be carried forward for no more than 20 years, and our net operating loss carryforward generated in our taxable years ended December 31, 2019 and December 31, 2018 may be carried forward indefinitely. | |||
Federal, state and local tax provision | $ 0.9 | $ 0.8 | $ 2.4 | |
Provision (benefit) for foreign income taxes | 2 | $ 2.2 | $ 0.8 | |
Taxable REIT Subsidiaries [Member] | ||||
Taxes [Line Items] | ||||
Net operating loss carry-forward | $ 5.7 | |||
Domestic Federal, State and Local | ||||
Taxes [Line Items] | ||||
Number of subsidiary elected for treated as TRSs | 3 | |||
Foreign Tax Authority | ||||
Taxes [Line Items] | ||||
Number of subsidiary elected for treated as TRSs | 2 | |||
Tax Year 2017 [Member] | ||||
Taxes [Line Items] | ||||
TCJA US corporate income tax rate | 35.00% | |||
Tax Years Prior to January 1 2018 [Member] | ||||
Taxes [Line Items] | ||||
Net operating loss percentage that can be used to reduce taxable income | 100.00% | |||
Tax Years Subsequent To December 31 2018 [Member] | ||||
Taxes [Line Items] | ||||
Percentage of reduction in taxable income against operating loss carry-forward | 80.00% | |||
Latest Tax Year [Member] | ||||
Taxes [Line Items] | ||||
TCJA US corporate income tax rate | 21.00% |
TAXES (Detail)
TAXES (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 1,199 | $ 1,213 |
Total deferred assets | 1,199 | 1,213 |
Deferred tax liabilities: | ||
Foreign deferred tax liabilities | 11,350 | 13,599 |
Total net deferred liabilities before valuation allowances | (10,151) | (12,386) |
Valuation allowance on deferred tax asset | (1,199) | (1,213) |
Net deferred tax liabilities | $ (11,350) | $ (13,599) |
RETIREMENT ARRANGEMENTS (Narrat
RETIREMENT ARRANGEMENTS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation Related Costs [Abstract] | |||
Amounts charged to operations with respect to retirement arrangements | $ 0.6 | $ 0.5 | $ 0.5 |
Deferred stock units outstanding | 459,389 | 403,427 |
STOCKHOLDERS'_OWNERS' EQUITY (F
STOCKHOLDERS'/OWNERS' EQUITY (Forward Equity Offering) (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 27, 2019 | Sep. 09, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2017 |
Issuance of common stock (in shares) | 1.2 | ||||
Forward equity sales agreement | |||||
Forward contract indexed to issuer's equity, shares | 7.5 | ||||
Equity offering amount | $ 300 | ||||
Forward contract indexed to issuer's equity, forward rate per share | $ 40.01 | $ 40.01 | |||
Issuance of common stock (in shares) | 7.5 | 7.5 | |||
Equity Issuance Price Per Share | $ 39.45 | ||||
Proceeds from issuance of common stock | $ 295.9 | ||||
Forward equity sales agreement | Maximum | |||||
Forward contract indexed to issuer's equity, shares | 7.5 |
STOCKHOLDERS'_OWNERS' EQUITY (E
STOCKHOLDERS'/OWNERS' EQUITY (Equity Shelf Program) (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 03, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Issuance of common stock (in shares) | 1.2 | |||
$500 Million Equity Shelf Program | ||||
Sales price, equity distribution agreement | $ 500 | |||
Compensation percentage for sale of shares | 2.00% | |||
Issuance of common stock (in shares) | 3.1 | 2.3 | 0.7 | |
Issuance of common stock, average price per share | $ 34.79 | $ 33.18 | $ 30.81 | |
Proceeds from issuance of common stock | $ 109 | $ 75.5 | $ 22.1 |
STOCKHOLDERS'_OWNERS' EQUITY (D
STOCKHOLDERS'/OWNERS' EQUITY (Dividend Reinvestment and Common Stock Purchase Plan) (Narrative) (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Issuance of common stock (in shares) | 1.2 | ||
Dividend Reinvestment And Common Stock Purchase Plan | |||
Issuance of common stock (in shares) | 3 | 1.5 | |
Net proceeds from issuance of common stock | $ 115.1 | $ 46.8 | $ 36.7 |
STOCKHOLDERS'_OWNERS' EQUITY (S
STOCKHOLDERS'/OWNERS' EQUITY (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 3,764,484 | $ 3,898,258 | $ 4,211,986 | |||
Balance , ending | 4,336,594 | 3,764,484 | 3,898,258 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,764,484 | 3,898,258 | 3,898,258 | $ 4,336,594 | $ 3,764,484 | $ 3,898,258 |
Add: portion included in noncontrolling interest | (201,166) | (320,043) | ||||
Stockholders Equity/AOCI | 4,135,428 | 3,444,441 | ||||
Accumulated Other Comprehensive Loss | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (41,652) | (30,150) | (53,827) | |||
Balance , ending | (39,858) | (41,652) | (30,150) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (39,858) | (41,652) | (30,150) | (39,858) | (41,652) | (30,150) |
Omega OP | Foreign Currency Translation [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (47,704) | (26,033) | (54,948) | |||
Translation gain (loss) | 12,646 | (21,703) | 28,604 | |||
Realized gain (loss) | (42) | 32 | 311 | |||
Balance , ending | (35,100) | (47,704) | (26,033) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (47,704) | (26,033) | (26,033) | (35,100) | (47,704) | (26,033) |
Omega OP | Cash Flow Hedges [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | 3,994 | 1,463 | (1,420) | |||
Unrealized (loss) gain | (7,071) | 2,593 | 5,221 | |||
Realized gain (loss) | 708 | (62) | (2,338) | |||
Balance , ending | (2,369) | 3,994 | 1,463 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,994 | 1,463 | 1,463 | (2,369) | 3,994 | 1,463 |
Omega OP | Net Investment Hedge [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | 70 | (7,070) | 0 | |||
Unrealized (loss) gain | (4,490) | 7,140 | (7,070) | |||
Balance , ending | (4,420) | 70 | (7,070) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 70 | 70 | 0 | (4,420) | 70 | (7,070) |
Omega OP | Accumulated Other Comprehensive Loss | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (43,640) | (31,640) | ||||
Balance , ending | (41,889) | (43,640) | (31,640) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (43,640) | $ (31,640) | $ (31,640) | (41,889) | (43,640) | (31,640) |
Add: portion included in noncontrolling interest | 2,031 | 1,988 | 1,490 | |||
Stockholders Equity/AOCI | $ (39,858) | $ (41,652) | $ (30,150) |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ in Thousands | Jun. 08, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of operating partnership units distributions | 10.00% | |||
Value of shares issued net of tax withholdings | $ 4,800 | $ 1,700 | $ 2,100 | |
Shares awarded, other than options | 2,675,275 | |||
Total Compensation Cost | $ 39,700 | |||
Unrecognized compensation cost | 20,000 | |||
Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 1,100 | |||
Stock Incentive Plan 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Increase in number of shares reserved for issuance | 4,500,000 | |||
Number of common shares reserved for future issuance | 4,400,000 |
STOCK-BASED COMPENSATION (Sched
STOCK-BASED COMPENSATION (Schedule of activity in restricted stock and RSUs) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,675,275 | ||
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 14.83 | ||
Total Compensation Cost | $ 39,700 | ||
Performance Restricted Stock Units And Profit Interest Units [Member] | |||
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 2,169,432 | 1,360,780 | 1,073,998 |
Granted | 822,584 | 1,012,032 | 685,064 |
Cancelled | (125,885) | 0 | (5,361) |
Forfeited | 0 | (203,380) | (392,921) |
Vested | (465,044) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,401,087 | 2,169,432 | 1,360,780 |
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 13.04 | $ 14.82 | $ 16.08 |
Granted | 14.80 | 10.40 | 14.87 |
Cancelled | 14.57 | 0 | 15.98 |
Forfeited | 0 | 11.82 | 18.33 |
Vested | 15.89 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 13.01 | $ 13.04 | $ 14.82 |
Total Compensation Cost | $ 12,220 | $ 10,500 | $ 10,200 |
Restricted Stock And Restricted Stock Units RSU And Profit Interest Units [Member] | |||
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 358,873 | 337,509 | 336,053 |
Granted | 160,158 | 217,717 | 185,004 |
Forfeited | (32,376) | (5,941) | (1,000) |
Vested | (188,063) | (190,412) | (182,548) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 298,592 | 358,873 | 337,509 |
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 29.44 | $ 32.78 | $ 37.32 |
Granted | 35.20 | 28.19 | 31.25 |
Forfeited | 30.38 | 30.82 | 34.78 |
Vested | 31.01 | 33.89 | 39.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 31.44 | $ 29.44 | $ 32.78 |
Total Compensation Cost | $ 5,600 | $ 6,100 | $ 5,800 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model) (Detail) - Performance Restricted Stock Units And Profit Interest Units [Member] - $ / shares | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 |
January 1, 2017 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price on date of grant | $ 31.26 | ||
Dividend yield | 7.81% | ||
Risk free interest rate at time of grant, minimum | 0.66% | ||
Risk free interest rate at time of grant, maximum | 1.58% | ||
Expected volatility, minimum | 22.82% | ||
Expected volatility, maximum | 25.26% | ||
January 1, 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price on date of grant | $ 27.54 | ||
Dividend yield | 9.44% | ||
Risk free interest rate at time of grant, minimum | 1.60% | ||
Risk free interest rate at time of grant, maximum | 2.05% | ||
Expected volatility, minimum | 21.03% | ||
Expected volatility, maximum | 23.24% | ||
January 1, 2019 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price on date of grant | $ 35.15 | ||
Dividend yield | 7.51% | ||
Risk free interest rate at time of grant, minimum | 2.45% | ||
Risk free interest rate at time of grant, maximum | 2.51% | ||
Expected volatility, minimum | 21.78% | ||
Expected volatility, maximum | 22.76% |
STOCK-BASED COMPENSATION (Sch_3
STOCK-BASED COMPENSATION (Schedule of Unrecognized Compensation Awards) (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 2,675,275 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.83 |
Total Compensation Cost | $ 39,700 |
Unrecognized compensation cost | $ 20,000 |
RSUs | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2018 |
Shares/Units | shares | 154,732 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 27.54 |
Total Compensation Cost | $ 4,300 |
Weighted Average Period of Expense Recognition | 36 months |
Unrecognized compensation cost | $ 1,300 |
Vesting Dates | 12/31/2020 |
RSUs | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2019 |
Shares/Units | shares | 27,464 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 35.15 |
Total Compensation Cost | $ 1,000 |
Weighted Average Period of Expense Recognition | 36 months |
Unrecognized compensation cost | $ 600 |
Vesting Dates | 12/31/2021 |
RSUs and PIUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 274,188 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 30.77 |
Total Compensation Cost | $ 8,500 |
Unrecognized compensation cost | $ 4,000 |
TSR PRSUs and TSR PIUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 1,522,910 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 10.11 |
Total Compensation Cost | $ 15,400 |
Unrecognized compensation cost | $ 7,900 |
TSR PRSUs | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2017 |
Shares/Units | shares | 386,220 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 12.61 |
Total Compensation Cost | $ 4,900 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 1,200 |
Performance Period | 1/1/2017 - 12/31/2019 |
Vesting Dates | Quarterly in 2020 |
TSR PRSUs | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2018 |
Shares/Units | shares | 658,042 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 7.31 |
Total Compensation Cost | $ 4,800 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 2,400 |
Performance Period | 1/1/2018 - 12/31/2020 |
Vesting Dates | Quarterly in 2021 |
TSR PRSUs | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2019 |
Shares/Units | shares | 100,882 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 11.53 |
Total Compensation Cost | $ 1,200 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 900 |
Performance Period | 1/1/2019 - 12/31/2021 |
Vesting Dates | Quarterly in 2022 |
TSR PIUs | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2019 |
Shares/Units | shares | 377,766 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 12.03 |
Total Compensation Cost | $ 4,500 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 3,400 |
Performance Period | 1/1/2019 - 12/31/2021 |
Vesting Dates | Quarterly in 2022 |
Relative TSR PRSUs and Relative TSR PIUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares/Units | shares | 878,177 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.05 |
Total Compensation Cost | $ 15,800 |
Unrecognized compensation cost | $ 8,100 |
Relative TSR PRSUs | January 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2017 |
Shares/Units | shares | 271,832 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.02 |
Total Compensation Cost | $ 4,900 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 1,200 |
Performance Period | 1/1/2017 - 12/31/2019 |
Vesting Dates | Quarterly in 2020 |
Relative TSR PRSUs | January 1, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2018 |
Shares/Units | shares | 315,100 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 16.64 |
Total Compensation Cost | $ 5,200 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 2,600 |
Performance Period | 1/1/2018 - 12/31/2020 |
Vesting Dates | Quarterly in 2021 |
Relative TSR PRSUs | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2019 |
Shares/Units | shares | 60,158 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 19.33 |
Total Compensation Cost | $ 1,200 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 900 |
Performance Period | 1/1/2019 - 12/31/2021 |
Vesting Dates | Quarterly in 2022 |
Relative TSR PIUs | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2019 |
Shares/Units | shares | 231,087 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 19.67 |
Total Compensation Cost | $ 4,500 |
Weighted Average Period of Expense Recognition | 48 months |
Unrecognized compensation cost | $ 3,400 |
Performance Period | 1/1/2019 - 12/31/2021 |
Vesting Dates | Quarterly in 2022 |
PIUs [Member] | January 1, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2019 |
Shares/Units | shares | 91,992 |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 34.89 |
Total Compensation Cost | $ 3,200 |
Weighted Average Period of Expense Recognition | 36 months |
Unrecognized compensation cost | $ 2,100 |
Vesting Dates | 12/31/2021 |
DIVIDENDS (Details)
DIVIDENDS (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
January 31, 2019 | |
Dividends Payable [Line Items] | |
Record Date | Jan. 31, 2019 |
Payment Date | Feb. 15, 2019 |
Dividend per Common Share | $ 0.66 |
April 30, 2019 | |
Dividends Payable [Line Items] | |
Record Date | Apr. 30, 2019 |
Payment Date | May 15, 2019 |
Dividend per Common Share | $ 0.66 |
July 31, 2019 | |
Dividends Payable [Line Items] | |
Record Date | Jul. 31, 2019 |
Payment Date | Aug. 15, 2019 |
Dividend per Common Share | $ 0.66 |
October 31, 2019 | |
Dividends Payable [Line Items] | |
Record Date | Oct. 31, 2019 |
Payment Date | Nov. 15, 2019 |
Dividend per Common Share | $ 0.67 |
January 31, 2020 | |
Dividends Payable [Line Items] | |
Record Date | Jan. 31, 2020 |
Payment Date | Feb. 14, 2020 |
Dividend per Common Share | $ 0.67 |
DIVIDENDS (Per Share Distributi
DIVIDENDS (Per Share Distributions) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||
Dividend Per Common Share | $ 2.650 | $ 2.640 | $ 2.540 |
Ordinary Income [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | 1.763 | 1.691 | 1.571 |
Return Of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | 0.591 | 0.931 | 0.932 |
Capital Gains [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | $ 0.296 | $ 0.018 | $ 0.037 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | May 17, 2019 | Dec. 31, 2018 | |
Total commitments | $ 690,361,000 | ||
Asset retirement obligation | 0 | $ 0 | |
Indemnification Agreement [Member] | |||
Total commitments | $ 12,800,000 | ||
Lakeway Partnership [Member] | |||
Equity Method Investment, Ownership Percentage | 51.00% | ||
Lakeway Partnership [Member] | MedEquities | |||
Equity Method Investment, Ownership Percentage | 51.00% | ||
Minimum | Indemnification Agreement [Member] | |||
Indemnification agreement occurrence period | 18 months | ||
Maximum | Indemnification Agreement [Member] | |||
Indemnification agreement occurrence period | 72 months |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of remaining commitments) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Total commitments | $ 690,361 |
Amounts funded to date | (520,447) |
Remaining commitments | $ 169,914 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 24,117 | $ 10,300 | $ 85,937 | |
Restricted cash | 9,263 | 1,371 | 10,871 | |
Cash, cash equivalents and restricted cash at end of period | 33,380 | 11,671 | 96,808 | $ 107,276 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 205,943 | 211,863 | 182,832 | |
Taxes paid during the period | 5,097 | 4,772 | 4,141 | |
Non cash investing activities | ||||
Non cash acquisition of a business (see Note 3) | (566,966) | 0 | 0 | |
Non cash acquisition of real estate (see Note 3) | (531,801) | (185,592) | (27,170) | |
Non cash proceeds from sale of real estate investments (See Note 3) | 0 | 53,118 | 0 | |
Non cash surrender of mortgage (See Note 3) | 11,874 | 0 | 0 | |
Non cash investment in other investments | (27,408) | (16,153) | (6,353) | |
Non cash proceeds from other investments (See Note 3 and Note 6) | 149,542 | 7,000 | 30,187 | |
Non cash settlement of direct financing lease (See Note 3 and Note 4) | 4,970 | 184,462 | 18,989 | |
Initial non cash right of use asset - ground leases | 5,593 | 0 | 0 | |
Initial non cash lease liability - ground leases | (5,593) | 0 | 0 | |
Non cash financing activities | ||||
Debt assumed in merger (see Note 3) | 285,100 | 0 | 0 | |
Stock exchanged in merger (see Note 3) | 281,865 | 0 | 0 | |
Acquisition of other long term borrowings (see Note 13) | 388,627 | 0 | 0 | |
Non cash disposition of other long-term borrowings (see Note 13) | 0 | (53,118) | 0 | |
Non cash repayment of other long term debt (see Note 13) | (6,459) | 0 | 0 | |
Change in fair value of cash flow hedges | (7,757) | 2,531 | 2,970 | |
Remeasurement of debt denominated in a foreign currency | $ 4,490 | $ (7,140) | $ 7,070 |
SUMMARY OF QUARTERLY RESULTS _3
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Quarterly Results [Line Items] | |||||||||||
Revenues | $ 246,668 | $ 233,195 | $ 225,279 | $ 223,688 | $ 219,750 | $ 221,852 | $ 219,881 | $ 220,199 | $ 928,830 | $ 881,682 | $ 908,385 |
Net income (loss) | 61,146 | 142,948 | 75,671 | 72,182 | 64,903 | 59,062 | 81,986 | 87,933 | 351,947 | 293,884 | 104,910 |
Net income available to common stockholders | $ 59,540 | $ 138,740 | $ 73,141 | $ 69,702 | $ 62,216 | $ 56,606 | $ 78,536 | $ 84,220 | $ 341,123 | $ 281,578 | $ 100,419 |
Net income (loss) available to common per share: | |||||||||||
Basic (in dollars per share) | $ 0.27 | $ 0.64 | $ 0.35 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.60 | $ 1.41 | $ 0.51 |
Net income (loss) per share | |||||||||||
Diluted (in dollars per share) | $ 0.27 | $ 0.63 | $ 0.34 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.58 | $ 1.40 | $ 0.51 |
Omega OP | |||||||||||
Summary Of Quarterly Results [Line Items] | |||||||||||
Revenues | $ 246,668 | $ 233,195 | $ 225,279 | $ 223,688 | $ 219,750 | $ 221,852 | $ 219,881 | $ 220,199 | $ 928,830 | $ 881,682 | $ 908,385 |
Net income (loss) | 61,146 | 142,948 | 75,671 | 72,182 | 64,903 | 59,062 | 81,986 | 87,933 | 351,947 | 293,884 | 104,910 |
Net income available to common stockholders | $ 61,149 | $ 142,957 | $ 75,671 | $ 72,182 | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 351,959 | $ 293,884 | $ 104,910 |
Net income (loss) available to Omega OP Unit holders: | |||||||||||
Basic (in dollars per share) | $ 0.27 | $ 0.64 | $ 0.35 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.60 | $ 1.41 | $ 0.51 |
Net income (loss) per unit | |||||||||||
Diluted (in dollars per share) | $ 0.27 | $ 0.63 | $ 0.34 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.58 | $ 1.40 | $ 0.51 |
SUMMARY OF QUARTERLY RESULTS _4
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Provisions for uncollectible accounts and impairment losses on real estate properties and direct financing leases | $ 35,900 | $ 3,800 | $ 5,700 | $ 7,700 | $ 30,600 | $ 20,900 | $ (500) | $ 12,700 | |||
Net gain (loss) on assets sold | $ 2,900 | $ 53,100 | $ (300) | $ 3 | $ 15,500 | $ (5,400) | $ (2,900) | $ 17,500 | $ 55,696 | $ 24,774 | $ 53,912 |
EARNINGS PER SHARE_UNIT (Narrat
EARNINGS PER SHARE/UNIT (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 27, 2019 | Sep. 09, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2017 |
Number of common stock sold | 1.2 | ||||
Forward equity sales agreement | |||||
Forward contract indexed to issuer's equity, shares | 7.5 | ||||
Forward contract indexed to issuer's equity, forward rate per share | $ 40.01 | $ 40.01 | |||
Number of common stock sold | 7.5 | 7.5 | |||
Equity Issuance Price Per Share | $ 39.45 | ||||
Proceeds from issuance of common stock | $ 295.9 | ||||
Forward equity sales agreement | Maximum | |||||
Forward contract indexed to issuer's equity, shares | 7.5 |
EARNINGS PER SHARE_UNIT (Schedu
EARNINGS PER SHARE/UNIT (Schedule of Computation of Basic and Diluted Earnings per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income | $ 61,146 | $ 142,948 | $ 75,671 | $ 72,182 | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 351,947 | $ 293,884 | $ 104,910 |
(Less) Add: net income attributable to noncontrolling interests | (10,824) | (12,306) | (4,491) | ||||||||
Net income available to common stockholders/owners | $ 59,540 | $ 138,740 | $ 73,141 | $ 69,702 | $ 62,216 | $ 56,606 | $ 78,536 | $ 84,220 | $ 341,123 | $ 281,578 | $ 100,419 |
Denominator: | |||||||||||
Denominator for basic earnings per share | 213,404 | 200,279 | 197,738 | ||||||||
Effect of dilutive securities: | |||||||||||
Common stock equivalents | 1,753 | 691 | 269 | ||||||||
Net forward share contract | 179 | ||||||||||
Noncontrolling interest - Omega OP Units | 6,789 | 8,741 | 8,783 | ||||||||
Denominator for diluted earnings per share | 222,125 | 209,711 | 206,790 | ||||||||
Earnings per share/unit - basic: | |||||||||||
Net income available to common stockholders | $ 0.27 | $ 0.64 | $ 0.35 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.60 | $ 1.41 | $ 0.51 |
Net income (loss) per share | |||||||||||
Net income | $ 0.27 | $ 0.63 | $ 0.34 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.58 | $ 1.40 | $ 0.51 |
Omega OP | |||||||||||
Numerator: | |||||||||||
Net income | $ 61,146 | $ 142,948 | $ 75,671 | $ 72,182 | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 351,947 | $ 293,884 | $ 104,910 |
(Less) Add: net income attributable to noncontrolling interests | 12 | ||||||||||
Net income available to common stockholders/owners | $ 61,149 | $ 142,957 | $ 75,671 | $ 72,182 | $ 64,903 | $ 59,062 | $ 81,986 | $ 87,933 | $ 351,959 | $ 293,884 | $ 104,910 |
Denominator: | |||||||||||
Denominator for basic earnings per share | 220,193 | 209,020 | 206,521 | ||||||||
Denominator for basic earnings per unit | 220,193 | 209,020 | 206,521 | ||||||||
Effect of dilutive securities: | |||||||||||
Common stock equivalents | 1,753 | 691 | 269 | ||||||||
Net forward share contract | 179 | ||||||||||
Denominator for diluted earnings per share | 222,125 | 209,711 | 206,790 | ||||||||
Denominator for diluted earnings per unit | 222,125 | 209,711 | 206,790 | ||||||||
Earnings per share/unit - basic: | |||||||||||
Net income available to owners' | $ 0.27 | $ 0.64 | $ 0.35 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.60 | $ 1.41 | $ 0.51 |
Net income (loss) per unit | |||||||||||
Diluted (in dollars per share) | $ 0.27 | $ 0.63 | $ 0.34 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.39 | $ 0.42 | $ 1.58 | $ 1.40 | $ 0.51 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | $ 109,180 | $ 185,913 | $ 9,089 |
Charged to Provision Accounts | 7,917 | 33,857 | 212,779 |
Deductions or Other | 111,975 | 110,590 | 35,955 |
Balance at End of Period | 5,122 | 109,180 | 185,913 |
Allowance for Contractual Receivables [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 1,075 | 8,463 | 299 |
Charged to Provision Accounts | (4,226) | 8,491 | |
Deductions or Other | 1,075 | 3,162 | 327 |
Balance at End of Period | 1,075 | 8,463 | |
Allowance Other Receivables and Lease Inducements [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 0 | 58 | |
Charged to Provision Accounts | 10,962 | 4,901 | |
Deductions or Other | 10,962 | 4,959 | |
Balance at End of Period | 0 | ||
Allowance for Mortagage Notes Receivable [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 4,905 | 4,905 | 3,934 |
Charged to Provision Accounts | 971 | ||
Deductions or Other | 0 | 0 | 0 |
Balance at End of Period | 4,905 | 4,905 | 4,905 |
Allowance For Doubtful Accounts Other Investments [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 373 | 4,798 | |
Charged to Provision Accounts | (47) | 217 | |
Deductions or Other | 326 | 4,642 | |
Balance at End of Period | 373 | ||
Allowance For Doubtful Accounts Direct Financing Leases [Member] | |||
Allowance for doubtful accounts: | |||
Balance at Beginning of Period | 103,200 | 172,172 | 0 |
Charged to Provision Accounts | 7,917 | 27,168 | 198,199 |
Deductions or Other | 110,900 | 96,140 | 26,027 |
Balance at End of Period | $ 217 | $ 103,200 | $ 172,172 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 906,651 | |||
Initial Cost to Company Buildings and Improvements | 7,733,756 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 447,585 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 33,725 | |||
Cost Capitalized Subsequent to Acquisition Other | (135,723) | |||
Gross Amount at Which Carried at Close of Period Land | 901,246 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 8,084,748 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 8,985,994 | $ 7,746,410 | $ 7,655,960 | $ 7,566,358 |
Accumulated Depreciation | 1,787,425 | $ 1,562,619 | $ 1,376,828 | $ 1,240,336 |
Consulate Health Care | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 80,037 | |||
Initial Cost to Company Buildings and Improvements | 867,672 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,607 | |||
Cost Capitalized Subsequent to Acquisition Other | (711) | |||
Gross Amount at Which Carried at Close of Period Land | 80,037 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 869,568 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 949,605 | |||
Accumulated Depreciation | 52,837 | |||
Consulate Health Care | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 57,250 | |||
Initial Cost to Company Buildings and Improvements | 558,594 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,607 | |||
Gross Amount at Which Carried at Close of Period Land | 57,250 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 561,201 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 618,451 | |||
Accumulated Depreciation | $ 35,609 | |||
Date Of Construction | 1950 - 2000 | |||
Date Acquired | 1993 - 2019 | |||
Consulate Health Care | Florida | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | Florida | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 37 years | |||
Consulate Health Care | Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 209 | |||
Initial Cost to Company Buildings and Improvements | 6,860 | |||
Gross Amount at Which Carried at Close of Period Land | 209 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,860 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,069 | |||
Accumulated Depreciation | $ 62 | |||
Date Of Construction | 1976 | |||
Date Acquired | 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,126 | |||
Initial Cost to Company Buildings and Improvements | 94,107 | |||
Cost Capitalized Subsequent to Acquisition Other | (711) | |||
Gross Amount at Which Carried at Close of Period Land | 7,126 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 93,396 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 100,522 | |||
Accumulated Depreciation | $ 12,875 | |||
Date Of Construction | 1969 - 1995 | |||
Date Acquired | 2010 - 2019 | |||
Consulate Health Care | North Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | North Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 36 years | |||
Consulate Health Care | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 8,361 | |||
Initial Cost to Company Buildings and Improvements | 82,661 | |||
Gross Amount at Which Carried at Close of Period Land | 8,361 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 82,661 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 91,022 | |||
Accumulated Depreciation | $ 2,366 | |||
Date Of Construction | 1964 - 1999 | |||
Date Acquired | 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,588 | |||
Initial Cost to Company Buildings and Improvements | 39,215 | |||
Gross Amount at Which Carried at Close of Period Land | 1,588 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 39,215 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 40,803 | |||
Accumulated Depreciation | $ 1,149 | |||
Date Of Construction | 1967 - 1975 | |||
Date Acquired | 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | Louisiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,751 | |||
Initial Cost to Company Buildings and Improvements | 25,249 | |||
Gross Amount at Which Carried at Close of Period Land | 1,751 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 25,249 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 27,000 | |||
Accumulated Depreciation | $ 226 | |||
Date Of Construction | 1962 - 1988 | |||
Date Acquired | 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | Mississippi | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,548 | |||
Initial Cost to Company Buildings and Improvements | 56,606 | |||
Gross Amount at Which Carried at Close of Period Land | 3,548 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 56,606 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 60,154 | |||
Accumulated Depreciation | $ 497 | |||
Date Of Construction | 1965 - 1974 | |||
Date Acquired | 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Consulate Health Care | Missouri | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 204 | |||
Initial Cost to Company Buildings and Improvements | 4,380 | |||
Gross Amount at Which Carried at Close of Period Land | 204 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 4,380 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 4,584 | |||
Accumulated Depreciation | $ 53 | |||
Date Of Construction | 1970 | |||
Date Acquired | 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Maplewood Real Estate Holdings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 177,066 | |||
Initial Cost to Company Buildings and Improvements | 395,441 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 178,192 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 32,082 | |||
Cost Capitalized Subsequent to Acquisition Other | (680) | |||
Gross Amount at Which Carried at Close of Period Land | 177,066 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 605,035 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 782,101 | |||
Accumulated Depreciation | 63,191 | |||
Maplewood Real Estate Holdings | Massachusetts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 19,041 | |||
Initial Cost to Company Buildings and Improvements | 113,728 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 15,964 | |||
Cost Capitalized Subsequent to Acquisition Other | (680) | |||
Gross Amount at Which Carried at Close of Period Land | 19,041 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 129,012 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 148,053 | |||
Accumulated Depreciation | $ 22,568 | |||
Date Of Construction | 1988 - 2017 | |||
Date Acquired | 2014 | |||
Maplewood Real Estate Holdings | Massachusetts | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Maplewood Real Estate Holdings | Massachusetts | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Maplewood Real Estate Holdings | New Jersey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 10,673 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,059 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 56 | |||
Gross Amount at Which Carried at Close of Period Land | 10,673 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 1,115 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 11,788 | |||
Date Of Construction | N/A | |||
Date Acquired | 2019 | |||
Maplewood Real Estate Holdings | New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 118,606 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 154,373 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 32,026 | |||
Gross Amount at Which Carried at Close of Period Land | 118,606 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 186,399 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 305,005 | |||
Date Of Construction | N/A | |||
Date Acquired | 2015 | |||
Maplewood Real Estate Holdings | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,683 | |||
Initial Cost to Company Buildings and Improvements | 27,628 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 35 | |||
Gross Amount at Which Carried at Close of Period Land | 3,683 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 27,663 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,346 | |||
Accumulated Depreciation | $ 4,633 | |||
Date Of Construction | 1999 - 2016 | |||
Date Acquired | 2013 - 2014 | |||
Maplewood Real Estate Holdings | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Maplewood Real Estate Holdings | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Maplewood Real Estate Holdings | Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 25,063 | |||
Initial Cost to Company Buildings and Improvements | 254,085 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,761 | |||
Gross Amount at Which Carried at Close of Period Land | 25,063 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 260,846 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 285,909 | |||
Accumulated Depreciation | $ 35,990 | |||
Date Of Construction | 1968 - 2015 | |||
Date Acquired | 2010 - 2017 | |||
Maplewood Real Estate Holdings | Connecticut | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Maplewood Real Estate Holdings | Connecticut | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Agemo Holdings LLC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 40,207 | |||
Initial Cost to Company Buildings and Improvements | 461,581 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 41,067 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 1,333 | |||
Gross Amount at Which Carried at Close of Period Land | 40,207 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 503,981 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 544,188 | |||
Accumulated Depreciation | 140,799 | |||
Agemo Holdings LLC | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 14,077 | |||
Initial Cost to Company Buildings and Improvements | 166,901 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 32,513 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 1,333 | |||
Gross Amount at Which Carried at Close of Period Land | 14,077 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 200,747 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 214,824 | |||
Accumulated Depreciation | $ 62,198 | |||
Date Of Construction | 1940 - 1997 | |||
Date Acquired | 1996 - 2016 | |||
Agemo Holdings LLC | Florida | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 3 years | |||
Agemo Holdings LLC | Florida | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Agemo Holdings LLC | Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,833 | |||
Initial Cost to Company Buildings and Improvements | 10,847 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,949 | |||
Gross Amount at Which Carried at Close of Period Land | 3,833 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,796 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 18,629 | |||
Accumulated Depreciation | $ 10,762 | |||
Date Of Construction | 1964 - 1970 | |||
Date Acquired | 2007 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Agemo Holdings LLC | Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 13,153 | |||
Initial Cost to Company Buildings and Improvements | 84,321 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,422 | |||
Gross Amount at Which Carried at Close of Period Land | 13,153 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,743 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 100,896 | |||
Accumulated Depreciation | $ 29,174 | |||
Date Of Construction | 1964 - 1980 | |||
Date Acquired | 1999 - 2016 | |||
Agemo Holdings LLC | Kentucky | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Agemo Holdings LLC | Kentucky | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Agemo Holdings LLC | Maryland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,480 | |||
Initial Cost to Company Buildings and Improvements | 19,663 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,183 | |||
Gross Amount at Which Carried at Close of Period Land | 1,480 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 20,846 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 22,326 | |||
Accumulated Depreciation | $ 9,231 | |||
Date Of Construction | 1959 - 1977 | |||
Date Acquired | 2010 | |||
Agemo Holdings LLC | Maryland | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years | |||
Agemo Holdings LLC | Maryland | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Agemo Holdings LLC | Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,664 | |||
Initial Cost to Company Buildings and Improvements | 179,849 | |||
Gross Amount at Which Carried at Close of Period Land | 7,664 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 179,849 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 187,513 | |||
Accumulated Depreciation | $ 29,434 | |||
Date Of Construction | 1966 - 2016 | |||
Date Acquired | 2014 - 2016 | |||
Agemo Holdings LLC | Tennessee | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Agemo Holdings LLC | Tennessee | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Saber Health Group | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 38,038 | |||
Initial Cost to Company Buildings and Improvements | 476,207 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 21,023 | |||
Cost Capitalized Subsequent to Acquisition Other | (673) | |||
Gross Amount at Which Carried at Close of Period Land | 38,038 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 496,557 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 534,595 | |||
Accumulated Depreciation | 83,229 | |||
Saber Health Group | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 4,128 | |||
Initial Cost to Company Buildings and Improvements | 92,898 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,422 | |||
Cost Capitalized Subsequent to Acquisition Other | (268) | |||
Gross Amount at Which Carried at Close of Period Land | 4,128 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 98,052 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 102,180 | |||
Accumulated Depreciation | $ 16,602 | |||
Date Of Construction | 1979 - 2013 | |||
Date Acquired | 2011 - 2016 | |||
Saber Health Group | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Saber Health Group | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Saber Health Group | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 423 | |||
Initial Cost to Company Buildings and Improvements | 4,422 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 283 | |||
Gross Amount at Which Carried at Close of Period Land | 423 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 4,705 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 5,128 | |||
Accumulated Depreciation | $ 1,022 | |||
Date Of Construction | 2009 | |||
Date Acquired | 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Saber Health Group | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,068 | |||
Initial Cost to Company Buildings and Improvements | 133,091 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,738 | |||
Gross Amount at Which Carried at Close of Period Land | 12,068 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 136,829 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 148,897 | |||
Accumulated Depreciation | $ 22,983 | |||
Date Of Construction | 1930 - 2019 | |||
Date Acquired | 2013 - 2019 | |||
Saber Health Group | North Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Saber Health Group | North Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Saber Health Group | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,134 | |||
Initial Cost to Company Buildings and Improvements | 124,476 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,070 | |||
Gross Amount at Which Carried at Close of Period Land | 7,134 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 129,546 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 136,680 | |||
Accumulated Depreciation | $ 23,620 | |||
Date Of Construction | 1873 - 2002 | |||
Date Acquired | 2007 - 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Saber Health Group | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 14,285 | |||
Initial Cost to Company Buildings and Improvements | 121,320 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,510 | |||
Cost Capitalized Subsequent to Acquisition Other | (405) | |||
Gross Amount at Which Carried at Close of Period Land | 14,285 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 127,425 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 141,710 | |||
Accumulated Depreciation | $ 19,002 | |||
Date Of Construction | 1964 - 2013 | |||
Date Acquired | 2013 - 2019 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 37,036 | |||
Initial Cost to Company Buildings and Improvements | 404,012 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 37,454 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 251 | |||
Cost Capitalized Subsequent to Acquisition Other | 3,089 | |||
Gross Amount at Which Carried at Close of Period Land | 37,036 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 444,806 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 481,842 | |||
Accumulated Depreciation | 100,867 | |||
Communicare Health Services, Inc | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 5,206 | |||
Initial Cost to Company Buildings and Improvements | 83,288 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 19,433 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 251 | |||
Cost Capitalized Subsequent to Acquisition Other | (3,004) | |||
Gross Amount at Which Carried at Close of Period Land | 5,206 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 99,968 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 105,174 | |||
Accumulated Depreciation | $ 32,090 | |||
Date Of Construction | 1962 - 1988 | |||
Date Acquired | 2005 - 2018 | |||
Communicare Health Services, Inc | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Communicare Health Services, Inc | Maryland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,190 | |||
Initial Cost to Company Buildings and Improvements | 74,029 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,690 | |||
Gross Amount at Which Carried at Close of Period Land | 7,190 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 78,719 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 85,909 | |||
Accumulated Depreciation | $ 24,450 | |||
Date Of Construction | 1921 - 1985 | |||
Date Acquired | 2010 - 2011 | |||
Communicare Health Services, Inc | Maryland | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Communicare Health Services, Inc | Maryland | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,753 | |||
Initial Cost to Company Buildings and Improvements | 18,533 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 11,299 | |||
Gross Amount at Which Carried at Close of Period Land | 1,753 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 29,832 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,585 | |||
Accumulated Depreciation | $ 15,238 | |||
Date Of Construction | 1950 - 1964 | |||
Date Acquired | 2005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Communicare Health Services, Inc | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,408 | |||
Initial Cost to Company Buildings and Improvements | 10,757 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,038 | |||
Gross Amount at Which Carried at Close of Period Land | 2,408 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 11,795 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 14,203 | |||
Accumulated Depreciation | $ 1,011 | |||
Date Of Construction | 1979 | |||
Date Acquired | 2018 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 20,029 | |||
Initial Cost to Company Buildings and Improvements | 202,646 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 810 | |||
Cost Capitalized Subsequent to Acquisition Other | 6,093 | |||
Gross Amount at Which Carried at Close of Period Land | 20,029 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 209,549 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 229,578 | |||
Accumulated Depreciation | $ 24,010 | |||
Date Of Construction | 1963 - 2015 | |||
Date Acquired | 2013 - 2018 | |||
Communicare Health Services, Inc | Indiana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Communicare Health Services, Inc | Indiana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Communicare Health Services, Inc | West Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 450 | |||
Initial Cost to Company Buildings and Improvements | 14,759 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 184 | |||
Gross Amount at Which Carried at Close of Period Land | 450 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,943 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 15,393 | |||
Accumulated Depreciation | $ 4,068 | |||
Date Of Construction | 1963 | |||
Date Acquired | 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Ciena Healthcare | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 25,148 | |||
Initial Cost to Company Buildings and Improvements | 431,144 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,455 | |||
Cost Capitalized Subsequent to Acquisition Other | (254) | |||
Gross Amount at Which Carried at Close of Period Land | 24,974 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 432,519 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 457,493 | |||
Accumulated Depreciation | 77,617 | |||
Ciena Healthcare | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 10,343 | |||
Initial Cost to Company Buildings and Improvements | 159,847 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 131 | |||
Cost Capitalized Subsequent to Acquisition Other | (80) | |||
Gross Amount at Which Carried at Close of Period Land | 10,343 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 159,898 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 170,241 | |||
Accumulated Depreciation | $ 29,727 | |||
Date Of Construction | 1960 - 2007 | |||
Date Acquired | 2010 - 2016 | |||
Ciena Healthcare | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Ciena Healthcare | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Ciena Healthcare | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,097 | |||
Initial Cost to Company Buildings and Improvements | 60,275 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 663 | |||
Gross Amount at Which Carried at Close of Period Land | 4,097 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 60,938 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 65,035 | |||
Accumulated Depreciation | $ 11,395 | |||
Date Of Construction | 1927 - 1992 | |||
Date Acquired | 2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Ciena Healthcare | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,300 | |||
Initial Cost to Company Buildings and Improvements | 87,772 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 113 | |||
Cost Capitalized Subsequent to Acquisition Other | (174) | |||
Gross Amount at Which Carried at Close of Period Land | 6,126 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,885 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 94,011 | |||
Accumulated Depreciation | $ 13,760 | |||
Date Of Construction | 1979 - 2007 | |||
Date Acquired | 2016 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Ciena Healthcare | Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 321 | |||
Initial Cost to Company Buildings and Improvements | 7,703 | |||
Gross Amount at Which Carried at Close of Period Land | 321 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 7,703 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 8,024 | |||
Accumulated Depreciation | $ 1,556 | |||
Date Of Construction | 1973 | |||
Date Acquired | 2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Ciena Healthcare | Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,087 | |||
Initial Cost to Company Buildings and Improvements | 115,547 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 548 | |||
Gross Amount at Which Carried at Close of Period Land | 4,087 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 116,095 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 120,182 | |||
Accumulated Depreciation | $ 21,179 | |||
Date Of Construction | 1964 - 1997 | |||
Date Acquired | 2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 509,119 | |||
Initial Cost to Company Buildings and Improvements | 4,697,699 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 165,787 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 59 | |||
Cost Capitalized Subsequent to Acquisition Other | (136,494) | |||
Gross Amount at Which Carried at Close of Period Land | 503,888 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 4,732,282 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 5,236,170 | |||
Accumulated Depreciation | 1,268,885 | |||
Other | Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 1,817 | |||
Initial Cost to Company Buildings and Improvements | 33,356 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 12,916 | |||
Gross Amount at Which Carried at Close of Period Land | 1,817 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 46,272 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 48,089 | |||
Accumulated Depreciation | $ 36,969 | |||
Date Of Construction | 1960 - 1982 | |||
Date Acquired | 1992 - 1997 | |||
Other | Alabama | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Other | Alabama | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Massachusetts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,580 | |||
Initial Cost to Company Buildings and Improvements | 29,444 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,784 | |||
Gross Amount at Which Carried at Close of Period Land | 4,580 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 31,228 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 35,808 | |||
Accumulated Depreciation | $ 19,731 | |||
Date Of Construction | 1964 - 1992 | |||
Date Acquired | 1997 - 2010 | |||
Other | Massachusetts | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Massachusetts | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,348 | |||
Initial Cost to Company Buildings and Improvements | 161,815 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,880 | |||
Gross Amount at Which Carried at Close of Period Land | 12,348 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 164,695 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 177,043 | |||
Accumulated Depreciation | $ 38,453 | |||
Date Of Construction | 1920 - 1998 | |||
Date Acquired | 1994 - 2013 | |||
Other | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Other | Ohio | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 53,783 | |||
Initial Cost to Company Buildings and Improvements | 528,036 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 14,136 | |||
Cost Capitalized Subsequent to Acquisition Other | (13,938) | |||
Gross Amount at Which Carried at Close of Period Land | 52,843 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 529,174 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 582,017 | |||
Accumulated Depreciation | $ 175,542 | |||
Date Of Construction | 1933 - 2019 | |||
Date Acquired | 1992 - 2017 | |||
Other | Florida | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 2 years | |||
Other | Florida | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,740 | |||
Initial Cost to Company Buildings and Improvements | 47,689 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 769 | |||
Gross Amount at Which Carried at Close of Period Land | 3,740 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 48,458 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 52,198 | |||
Accumulated Depreciation | $ 10,006 | |||
Date Of Construction | 1967 - 1997 | |||
Date Acquired | 1998 - 2016 | |||
Other | Georgia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Georgia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,193 | |||
Initial Cost to Company Buildings and Improvements | 55,267 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,502 | |||
Gross Amount at Which Carried at Close of Period Land | 3,193 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 58,769 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 61,962 | |||
Accumulated Depreciation | $ 12,174 | |||
Date Of Construction | 1969 - 2002 | |||
Date Acquired | 2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,793 | |||
Initial Cost to Company Buildings and Improvements | 87,413 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,594 | |||
Gross Amount at Which Carried at Close of Period Land | 5,793 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 93,007 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 98,800 | |||
Accumulated Depreciation | $ 49,519 | |||
Date Of Construction | 1974 - 2018 | |||
Date Acquired | 1992 - 2017 | |||
Other | Tennessee | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Tennessee | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Other | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,188 | |||
Initial Cost to Company Buildings and Improvements | 29,108 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,696 | |||
Gross Amount at Which Carried at Close of Period Land | 2,188 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 32,804 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 34,992 | |||
Accumulated Depreciation | $ 21,522 | |||
Date Of Construction | 1964 - 1987 | |||
Date Acquired | 1994 - 2017 | |||
Other | North Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | North Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 14,762 | |||
Initial Cost to Company Buildings and Improvements | 209,887 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 366 | |||
Cost Capitalized Subsequent to Acquisition Other | (5) | |||
Gross Amount at Which Carried at Close of Period Land | 14,756 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 210,254 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 225,010 | |||
Accumulated Depreciation | $ 68,089 | |||
Date Of Construction | 1942 - 2012 | |||
Date Acquired | 2004 - 2018 | |||
Other | Pennsylvania | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Pennsylvania | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,021 | |||
Initial Cost to Company Buildings and Improvements | 37,129 | |||
Gross Amount at Which Carried at Close of Period Land | 3,021 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 37,129 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 40,150 | |||
Accumulated Depreciation | $ 5,714 | |||
Date Of Construction | 1989 - 1995 | |||
Date Acquired | 2010 - 2017 | |||
Other | Virginia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Virginia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 27,581 | |||
Initial Cost to Company Buildings and Improvements | 371,308 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 435 | |||
Cost Capitalized Subsequent to Acquisition Other | (1,841) | |||
Gross Amount at Which Carried at Close of Period Land | 27,560 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 369,923 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 397,483 | |||
Accumulated Depreciation | $ 107,818 | |||
Date Of Construction | 1942 - 2008 | |||
Date Acquired | 1992 - 2018 | |||
Other | Indiana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Indiana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | West Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,523 | |||
Initial Cost to Company Buildings and Improvements | 52,187 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,878 | |||
Gross Amount at Which Carried at Close of Period Land | 1,523 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 59,065 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 60,588 | |||
Accumulated Depreciation | $ 36,850 | |||
Date Of Construction | 1961 - 1996 | |||
Date Acquired | 1994 - 2008 | |||
Other | West Virginia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | West Virginia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 830 | |||
Initial Cost to Company Buildings and Improvements | 30,921 | |||
Gross Amount at Which Carried at Close of Period Land | 830 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 30,921 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,751 | |||
Accumulated Depreciation | $ 8,355 | |||
Date Of Construction | 1964 - 1975 | |||
Date Acquired | 2005 - 2011 | |||
Other | Michigan | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Michigan | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 10,737 | |||
Initial Cost to Company Buildings and Improvements | 86,537 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 340 | |||
Gross Amount at Which Carried at Close of Period Land | 10,737 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 86,877 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 97,614 | |||
Accumulated Depreciation | $ 19,218 | |||
Date Of Construction | 1949 - 1999 | |||
Date Acquired | 2005 - 2014 | |||
Other | Arizona | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Arizona | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Arkansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,893 | |||
Initial Cost to Company Buildings and Improvements | 59,094 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,516 | |||
Cost Capitalized Subsequent to Acquisition Other | (36) | |||
Gross Amount at Which Carried at Close of Period Land | 2,893 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 67,574 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 70,467 | |||
Accumulated Depreciation | $ 35,854 | |||
Date Of Construction | 1967 - 1988 | |||
Date Acquired | 1992 - 2014 | |||
Other | Arkansas | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Arkansas | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Other | California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 90,514 | |||
Initial Cost to Company Buildings and Improvements | 504,011 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,122 | |||
Cost Capitalized Subsequent to Acquisition Other | (599) | |||
Gross Amount at Which Carried at Close of Period Land | 90,514 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 508,534 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 599,048 | |||
Accumulated Depreciation | $ 101,579 | |||
Date Of Construction | 1927 - 2013 | |||
Date Acquired | 1997 - 2015 | |||
Other | California | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 5 years | |||
Other | California | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Other | Colorado | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 11,279 | |||
Initial Cost to Company Buildings and Improvements | 88,830 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 7,791 | |||
Gross Amount at Which Carried at Close of Period Land | 11,279 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 96,621 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 107,900 | |||
Accumulated Depreciation | $ 41,148 | |||
Date Of Construction | 1925 - 1975 | |||
Date Acquired | 1998 - 2016 | |||
Other | Colorado | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Colorado | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Idaho | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,824 | |||
Initial Cost to Company Buildings and Improvements | 72,249 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,763 | |||
Cost Capitalized Subsequent to Acquisition Other | (13,922) | |||
Gross Amount at Which Carried at Close of Period Land | 6,824 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 60,090 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 66,914 | |||
Accumulated Depreciation | $ 16,518 | |||
Date Of Construction | 1920 - 2008 | |||
Date Acquired | 1997 - 2019 | |||
Other | Idaho | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Idaho | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | New Hampshire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,782 | |||
Initial Cost to Company Buildings and Improvements | 19,837 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,463 | |||
Gross Amount at Which Carried at Close of Period Land | 1,782 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 21,300 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 23,082 | |||
Accumulated Depreciation | $ 10,267 | |||
Date Of Construction | 1963 - 1999 | |||
Date Acquired | 1998 - 2006 | |||
Other | New Hampshire | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | New Hampshire | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | New Mexico | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,330 | |||
Initial Cost to Company Buildings and Improvements | 45,285 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,218 | |||
Gross Amount at Which Carried at Close of Period Land | 6,330 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 46,503 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 52,833 | |||
Accumulated Depreciation | $ 8,019 | |||
Date Of Construction | 1960 - 1985 | |||
Date Acquired | 2005 | |||
Other | New Mexico | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 10 years | |||
Other | New Mexico | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,600 | |||
Initial Cost to Company Buildings and Improvements | 8,196 | |||
Gross Amount at Which Carried at Close of Period Land | 1,600 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 8,196 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 9,796 | |||
Accumulated Depreciation | $ 257 | |||
Date Of Construction | 1991 | |||
Date Acquired | 2017 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Iowa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,343 | |||
Initial Cost to Company Buildings and Improvements | 59,310 | |||
Gross Amount at Which Carried at Close of Period Land | 2,343 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 59,310 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 61,653 | |||
Accumulated Depreciation | $ 13,956 | |||
Date Of Construction | 1961 - 1998 | |||
Date Acquired | 2010 - 2014 | |||
Other | Iowa | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 23 years | |||
Other | Iowa | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,153 | |||
Initial Cost to Company Buildings and Improvements | 43,482 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 14,218 | |||
Cost Capitalized Subsequent to Acquisition Other | (4,850) | |||
Gross Amount at Which Carried at Close of Period Land | 4,092 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 52,911 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 57,003 | |||
Accumulated Depreciation | $ 14,557 | |||
Date Of Construction | 1957 - 1977 | |||
Date Acquired | 2005 - 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Louisiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,925 | |||
Initial Cost to Company Buildings and Improvements | 52,869 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 9,711 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 56 | |||
Cost Capitalized Subsequent to Acquisition Other | (709) | |||
Gross Amount at Which Carried at Close of Period Land | 4,925 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 61,927 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 66,852 | |||
Accumulated Depreciation | $ 23,919 | |||
Date Of Construction | 1957 - 1983 | |||
Date Acquired | 1997 - 2018 | |||
Other | Louisiana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Other | Louisiana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Minnesota | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 10,502 | |||
Initial Cost to Company Buildings and Improvements | 52,585 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,971 | |||
Gross Amount at Which Carried at Close of Period Land | 10,502 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 58,556 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 69,058 | |||
Accumulated Depreciation | $ 12,128 | |||
Date Of Construction | 1966 - 1983 | |||
Date Acquired | 2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Mississippi | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,925 | |||
Initial Cost to Company Buildings and Improvements | 177,825 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 827 | |||
Gross Amount at Which Carried at Close of Period Land | 7,925 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 178,652 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 186,577 | |||
Accumulated Depreciation | $ 29,510 | |||
Date Of Construction | 1962 - 2008 | |||
Date Acquired | 2009 - 2013 | |||
Other | Mississippi | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Mississippi | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | Missouri | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,063 | |||
Initial Cost to Company Buildings and Improvements | 105,351 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 693 | |||
Cost Capitalized Subsequent to Acquisition Other | (30,351) | |||
Gross Amount at Which Carried at Close of Period Land | 6,055 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 75,701 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 81,756 | |||
Accumulated Depreciation | $ 15,240 | |||
Date Of Construction | 1955 - 1994 | |||
Date Acquired | 1999 - 2016 | |||
Other | Missouri | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Missouri | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Montana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,631 | |||
Initial Cost to Company Buildings and Improvements | 19,486 | |||
Gross Amount at Which Carried at Close of Period Land | 1,631 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 19,486 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 21,117 | |||
Accumulated Depreciation | $ 2,267 | |||
Date Of Construction | 1963 - 1971 | |||
Date Acquired | 2005 - 2019 | |||
Other | Montana | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Montana | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Nebraska | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 750 | |||
Initial Cost to Company Buildings and Improvements | 14,892 | |||
Gross Amount at Which Carried at Close of Period Land | 750 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,892 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 15,642 | |||
Accumulated Depreciation | $ 3,591 | |||
Date Of Construction | 1966 - 1969 | |||
Date Acquired | 2012 - 2015 | |||
Other | Nebraska | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Nebraska | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Nevada | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,901 | |||
Initial Cost to Company Buildings and Improvements | 112,553 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 9,413 | |||
Gross Amount at Which Carried at Close of Period Land | 12,901 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 121,966 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 134,867 | |||
Accumulated Depreciation | $ 20,127 | |||
Date Of Construction | 1972 - 2015 | |||
Date Acquired | 2009 - 2017 | |||
Other | Nevada | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Nevada | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Oklahoma | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,148 | |||
Initial Cost to Company Buildings and Improvements | 29,749 | |||
Gross Amount at Which Carried at Close of Period Land | 4,148 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 29,749 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 33,897 | |||
Accumulated Depreciation | $ 11,894 | |||
Date Of Construction | 1965 - 2013 | |||
Date Acquired | 2010 - 2013 | |||
Other | Oklahoma | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Oklahoma | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Oregon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,641 | |||
Initial Cost to Company Buildings and Improvements | 45,218 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,009 | |||
Gross Amount at Which Carried at Close of Period Land | 3,641 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 49,227 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 52,868 | |||
Accumulated Depreciation | $ 9,757 | |||
Date Of Construction | 1959 - 2004 | |||
Date Acquired | 2005 - 2014 | |||
Other | Oregon | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | Oregon | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Rhode Island | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,658 | |||
Initial Cost to Company Buildings and Improvements | 35,083 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,792 | |||
Gross Amount at Which Carried at Close of Period Land | 3,658 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 39,875 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 43,533 | |||
Accumulated Depreciation | $ 20,646 | |||
Date Of Construction | 1965 - 1981 | |||
Date Acquired | 2006 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 8,500 | |||
Initial Cost to Company Buildings and Improvements | 78,312 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,800 | |||
Gross Amount at Which Carried at Close of Period Land | 8,500 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 80,112 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 88,612 | |||
Accumulated Depreciation | $ 15,633 | |||
Date Of Construction | 1959 - 2007 | |||
Date Acquired | 2014 - 2016 | |||
Other | South Carolina | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | South Carolina | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 74,306 | |||
Initial Cost to Company Buildings and Improvements | 810,944 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 24,889 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 3 | |||
Cost Capitalized Subsequent to Acquisition Other | (39,578) | |||
Gross Amount at Which Carried at Close of Period Land | 74,055 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 796,509 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 870,564 | |||
Accumulated Depreciation | $ 163,507 | |||
Date Of Construction | 1949 - 2016 | |||
Date Acquired | 1997 - 2019 | |||
Other | Texas | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Texas | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Other | United Kingdom | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 84,119 | |||
Initial Cost to Company Buildings and Improvements | 353,800 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,684 | |||
Cost Capitalized Subsequent to Acquisition Other | (30,597) | |||
Gross Amount at Which Carried at Close of Period Land | 80,242 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 331,764 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 412,006 | |||
Accumulated Depreciation | $ 46,210 | |||
Date Of Construction | 1750 - 2012 | |||
Date Acquired | 2015 - 2018 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Other | Vermont | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 318 | |||
Initial Cost to Company Buildings and Improvements | 6,005 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 602 | |||
Gross Amount at Which Carried at Close of Period Land | 318 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,607 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 6,925 | |||
Accumulated Depreciation | $ 2,937 | |||
Date Of Construction | 1971 | |||
Date Acquired | 2004 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Other | Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 11,719 | |||
Initial Cost to Company Buildings and Improvements | 138,055 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,855 | |||
Cost Capitalized Subsequent to Acquisition Other | (68) | |||
Gross Amount at Which Carried at Close of Period Land | 11,652 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 140,909 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 152,561 | |||
Accumulated Depreciation | $ 37,535 | |||
Date Of Construction | 1930 - 2004 | |||
Date Acquired | 1995 - 2015 | |||
Other | Washington | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Other | Washington | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Other | Wisconsin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 399 | |||
Initial Cost to Company Buildings and Improvements | 4,581 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,154 | |||
Gross Amount at Which Carried at Close of Period Land | 399 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,735 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,134 | |||
Accumulated Depreciation | $ 1,869 | |||
Date Of Construction | 1974 | |||
Date Acquired | 2005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | $ 7,746,410 | $ 7,655,960 | $ 7,566,358 |
Acquisitions through foreclosure | 143,753 | ||
Acquisitions | 1,201,924 | 294,202 | 419,333 |
Impairment | (48,939) | (35,014) | (98,672) |
Improvements | 170,997 | 187,408 | 116,786 |
Disposals/other | (228,151) | (356,146) | (347,845) |
Balance at close of period | 8,985,994 | 7,746,410 | 7,655,960 |
Reconciliation of real estate accumulated depreciation | |||
Balance at beginning of period | 1,562,619 | 1,376,828 | 1,240,336 |
Provisions for depreciation | 301,177 | 280,871 | 287,189 |
Dispositions/other | (76,371) | (95,080) | (150,697) |
Balance at close of period | $ 1,787,425 | $ 1,562,619 | $ 1,376,828 |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative 1) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | $ 389,680 | ||
Noncash consideration exchanged | 750,600 | $ 185,600 | $ 27,200 |
Reported amount of real estate in excess of the tax basis | 400,000 | ||
Secured Debt [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | 389,680 | ||
Hud Mortgage Assumed [Member] | Secured Debt [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | $ 387,405 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 857,801,000 | |||
Carrying Amount of Mortgages | 773,563,000 | $ 710,858,000 | $ 671,232,000 | $ 639,343,000 |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 1,472,000 | |||
Michigan | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.13% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest plus approximately $139.0 of principal payable monthly with $356,985 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 415,000,000 | |||
Carrying Amount of Mortgages | 380,799,000 | |||
Mortgage loans on real estate periodic payment, amount | 139,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 356,985,000 | |||
Michigan | Group 2 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.73% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest plus approximately $10.0 of principal payable monthly with $42,341 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 44,200,000 | |||
Carrying Amount of Mortgages | 44,053,000 | |||
Mortgage loans on real estate periodic payment, amount | 10,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 42,341,000 | |||
Michigan | Group 3 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.95% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest plus approximately $3.0 of principal payable monthly with $10,466 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 11,000,000 | |||
Carrying Amount of Mortgages | 10,932,000 | |||
Mortgage loans on real estate periodic payment, amount | 3,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 10,466,000 | |||
Michigan | Group 4 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.98% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 455,000 | |||
Carrying Amount of Mortgages | $ 455,000 | |||
Michigan | Group 5 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.02% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 14,045,000 | |||
Carrying Amount of Mortgages | $ 14,045,000 | |||
Michigan | Group 6 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.31% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 4,112,000 | |||
Carrying Amount of Mortgages | $ 4,112,000 | |||
Michigan | Group 7 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.60% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 4,220,000 | |||
Carrying Amount of Mortgages | $ 4,220,000 | |||
Michigan | Group 8 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.04% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 9,374,000 | |||
Carrying Amount of Mortgages | $ 9,374,000 | |||
Michigan | Group 9 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.23% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 20,860,000 | |||
Carrying Amount of Mortgages | $ 20,860,000 | |||
Michigan | Group 10 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.73% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 360,000 | |||
Carrying Amount of Mortgages | $ 360,000 | |||
Michigan | Group 11 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 1,087,000 | |||
Carrying Amount of Mortgages | $ 1,087,000 | |||
Michigan | Group 12 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.95% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2019 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 14,826,000 | |||
Carrying Amount of Mortgages | $ 14,826,000 | |||
Michigan | Group 13 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.95% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2019 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 18,147,000 | |||
Carrying Amount of Mortgages | $ 18,147,000 | |||
Maryland | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 13.75% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2028 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 74,928,000 | |||
Carrying Amount of Mortgages | $ 35,964,000 | |||
Ohio | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.39% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2027 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 112,500,000 | |||
Carrying Amount of Mortgages | $ 112,500,000 | |||
Ohio | Group 2 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.50% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2021 | |||
Periodic Payment Terms | Interest accrues until 12/1/2020 when interest becomes payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 3,249,000 | |||
Carrying Amount of Mortgages | $ 3,249,000 | |||
Idaho | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.00% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2021 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 19,000,000 | |||
Carrying Amount of Mortgages | $ 19,000,000 | |||
Texas | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.00% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2025 | |||
Periodic Payment Terms | Interest plus approximately $109.0 of principal payable monthly with $60,272 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 72,960,000 | |||
Carrying Amount of Mortgages | 68,389,000 | |||
Mortgage loans on real estate periodic payment, amount | 109,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 60,272,000 | |||
Texas | Group 2 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.50% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2020 | |||
Periodic Payment Terms | Interest plus approximately $123.0 of principal payable monthly | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 1,481,000 | |||
Carrying Amount of Mortgages | 1,481,000 | |||
Mortgage loans on real estate periodic payment, amount | $ 123,000 | |||
Massachusetts | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.00% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2023 | |||
Periodic Payment Terms | Interest plus approximately $46.0 of principal payable monthly with $6,078 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 9,000,000 | |||
Carrying Amount of Mortgages | 8,238,000 | |||
Mortgage loans on real estate periodic payment, amount | 46,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 6,078,000 | |||
Tennessee | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.35% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2015 | |||
Periodic Payment Terms | Past due | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 6,997,000 | |||
Carrying Amount of Mortgages | 1,472,000 | |||
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 1,472,000 |
SCHEDULE IV - MORTGAGE LOANS _3
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 1) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 710,858 | $ 671,232 | $ 639,343 |
Additions during period - new mortgage loans or additional fundings | 129,108 | 65,841 | 34,643 |
Deductions during period - collection of principal/other | (66,403) | (26,215) | (2,754) |
Balance at close of period | 773,563 | 710,858 | 671,232 |
Mortgage loans on real estate non cash interest paid-in kind | 300 | 500 | |
Mortgage loans on real estate non cash deed-in-lieu of foreclosure | $ 11,900 | ||
Amortizatoin of premium | $ 100 | $ 1,200 |
SCHEDULE IV - MORTGAGE LOANS _4
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 2) (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Mortgage Loans On Real Estate [Abstract] | |
Aggregate cost for federal income tax purposes | $ 779.1 |
Mortgages included in the schedule which extended during 2019 | $ 34.5 |