Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 | 231,776,284 | ||
Entity Public Float | $ 6,747,008,166 | ||
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 | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Real estate investments | $ 8,702,154 | $ 8,985,994 |
Less accumulated depreciation | (1,996,914) | (1,787,425) |
Real estate investments - net | 6,705,240 | 7,198,569 |
Investments in direct financing leases - net | 10,764 | 11,488 |
Mortgage notes receivable - net | 885,313 | 773,563 |
Total | 7,601,317 | 7,983,620 |
Other investments - net | 467,442 | 419,228 |
Investments in unconsolidated joint ventures | 200,638 | 199,884 |
Assets held for sale - net | 81,452 | 4,922 |
Total investments | 8,350,849 | 8,607,654 |
Cash and cash equivalents | 163,535 | 24,117 |
Restricted cash | 4,023 | 9,263 |
Contractual receivables - net | 10,408 | 27,122 |
Other receivables and lease inducements | 234,666 | 381,091 |
Goodwill | 651,737 | 644,415 |
Other assets | 82,231 | 102,462 |
Total assets | 9,497,449 | 9,796,124 |
LIABILITIES AND EQUITY | ||
Revolving line of credit | 101,158 | 125,000 |
Term loans - net | 186,349 | 804,738 |
Secured borrowings | 369,524 | 389,680 |
Senior notes and other unsecured borrowings - net | 4,512,221 | 3,816,722 |
Accrued expenses and other liabilities | 280,824 | 312,040 |
Deferred income taxes | 10,766 | 11,350 |
Total liabilities | 5,460,842 | 5,459,530 |
Equity: | ||
Preferred stock $1.00 par value authorized - 20,000 shares, issued and outstanding - none | ||
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 231,199 shares as of December 31, 2020 and 226,631 as of December 31, 2019 | 23,119 | 22,663 |
Common stock - additional paid-in capital | 6,152,887 | 5,992,733 |
Cumulative net earnings | 2,594,735 | 2,463,436 |
Cumulative dividends paid | (4,916,097) | (4,303,546) |
Accumulated other comprehensive loss | (12,768) | (39,858) |
Total stockholders' equity | 3,841,876 | 4,135,428 |
Noncontrolling interest | 194,731 | 201,166 |
Total equity | 4,036,607 | 4,336,594 |
Total liabilities and equity | $ 9,497,449 | $ 9,796,124 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 231,199,000 | 226,631,000 |
Common stock, shares outstanding | 231,199,000 | 226,631,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
Rental income | $ 753,427 | $ 804,076 | $ 767,340 |
Income from direct financing leases | 1,033 | 1,036 | 1,636 |
Mortgage interest income | 89,422 | 76,542 | 70,312 |
Other investment income | 44,864 | 43,400 | 40,228 |
Miscellaneous income | 3,635 | 3,776 | 2,166 |
Total revenues | 892,381 | 928,830 | 881,682 |
Expenses | |||
Depreciation and amortization | 329,924 | 301,683 | 281,279 |
General and administrative | 59,889 | 57,869 | 63,508 |
Real estate taxes | 12,316 | 14,933 | |
Acquisition, merger and transition related costs | 2,018 | 5,115 | 383 |
Impairment on real estate properties | 72,494 | 45,264 | 29,839 |
(Recovery) impairment loss on direct financing leases | (3,079) | 7,917 | 27,168 |
Provision for credit losses | 37,997 | 6,689 | |
Interest expense | 223,389 | 208,715 | 201,422 |
Total expenses | 734,948 | 641,496 | 610,288 |
Other income (expense) | |||
Other (expense) income - net | (879) | 814 | 345 |
Loss on debt extinguishment | (13,340) | ||
Gain on assets sold - net | 19,113 | 55,696 | 24,774 |
Total other income | 4,894 | 56,510 | 25,119 |
Income before income tax expense and income from unconsolidated joint ventures | 162,327 | 343,844 | 296,513 |
Income tax expense | (4,925) | (2,844) | (3,010) |
Income from unconsolidated joint ventures | 6,143 | 10,947 | 381 |
Net income | 163,545 | 351,947 | 293,884 |
Net income attributable to noncontrolling interest | (4,218) | (10,824) | (12,306) |
Net income available to common stockholders | $ 159,327 | $ 341,123 | $ 281,578 |
Basic: | |||
Net income available to common stockholders | $ 0.70 | $ 1.60 | $ 1.41 |
Diluted: | |||
Net income | $ 0.70 | $ 1.58 | $ 1.40 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive (Loss) Income [Abstract] | |||
Net income | $ 163,545 | $ 351,947 | $ 293,884 |
Other comprehensive income (loss): | |||
Foreign currency translation | 7,762 | 8,114 | (14,532) |
Cash flow hedges | 20,087 | (6,363) | 2,531 |
Total other comprehensive income (loss) | 27,849 | 1,751 | (12,001) |
Comprehensive income | 191,394 | 353,698 | 281,883 |
Comprehensive income attributable to noncontrolling interest | (4,977) | (10,781) | (11,807) |
Comprehensive income attributable to common stockholders | $ 186,417 | $ 342,917 | $ 270,076 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total Stockholders' Equity [Member] | Common StockCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital | Cumulative Net EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Net EarningsCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Net Earnings | Cumulative DividendsCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Dividends | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Loss | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Beginning balance at Dec. 31, 2017 | $ 9,577 | $ 3,564,668 | $ 3,555,091 | $ 19,831 | $ 19,831 | $ 4,936,302 | $ 4,936,302 | $ 9,577 | $ 1,848,933 | $ 1,839,356 | $ (3,210,248) | $ (3,210,248) | $ (30,150) | $ (30,150) | $ 423 | $ 333,590 | $ 333,167 | $ 10,000 | $ 3,898,258 | $ 3,888,258 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 16,240 | 7 | 16,233 | 16,240 | ||||||||||||||||
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 | ||||||||||||||||
Equity Shelf Program | 75,532 | 228 | 75,304 | 75,532 | ||||||||||||||||
Common dividends declared | (528,949) | (528,949) | (528,949) | |||||||||||||||||
Conversion and redemption 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 | (13,924) | (13,924) | (608) | (14,532) | ||||||||||||||||
Cash flow hedges | 2,422 | 2,422 | 109 | 2,531 | ||||||||||||||||
Net income | 281,578 | 281,578 | 12,306 | 293,884 | ||||||||||||||||
Total comprehensive income | 281,883 | |||||||||||||||||||
Balance , ending at Dec. 31, 2018 | (8,198) | 3,444,441 | 20,235 | 5,074,544 | (8,198) | 2,130,511 | (3,739,197) | (41,652) | (292) | 320,043 | (8,490) | 3,764,484 | ||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 15,093 | 2 | 15,091 | 15,093 | ||||||||||||||||
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 | ||||||||||||||||
Equity Shelf Program | 108,996 | 313 | 108,683 | 108,996 | ||||||||||||||||
Issuance of common stock | 577,495 | 1,498 | 575,997 | 577,495 | ||||||||||||||||
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 | ||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation | 7,931 | 7,931 | 183 | 8,114 | ||||||||||||||||
Cash flow hedges | (6,137) | (6,137) | (226) | (6,363) | ||||||||||||||||
Net income | 341,123 | 341,123 | 10,824 | 351,947 | ||||||||||||||||
Total comprehensive income | 353,698 | |||||||||||||||||||
Balance , ending at Dec. 31, 2019 | $ (28,028) | $ 4,107,400 | 4,135,428 | $ 22,663 | 22,663 | $ 5,992,733 | 5,992,733 | $ (28,028) | $ 2,435,408 | 2,463,436 | $ (4,303,546) | (4,303,546) | $ (39,858) | (39,858) | $ (757) | $ 200,409 | 201,166 | $ (28,785) | $ 4,307,809 | 4,336,594 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 19,064 | 3 | 19,061 | 19,064 | ||||||||||||||||
Vesting/exercising of equity compensation plan, net of tax withholdings | (4,669) | 17 | (4,686) | (4,669) | ||||||||||||||||
Dividend reinvestment plan | 3,747 | 9 | 3,738 | 3,747 | ||||||||||||||||
Equity Shelf Program | 152,783 | 423 | 152,360 | 152,783 | ||||||||||||||||
Common dividends declared | (612,551) | (612,551) | (612,551) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (11,551) | (11,551) | 11,551 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 1,236 | 4 | 1,232 | (1,236) | ||||||||||||||||
Omega OP Units distributions | (20,970) | (20,970) | ||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Foreign currency translation | 7,540 | 7,540 | 222 | 7,762 | ||||||||||||||||
Cash flow hedges | 19,550 | 19,550 | 537 | 20,087 | ||||||||||||||||
Net income | 159,327 | 159,327 | 4,218 | 163,545 | ||||||||||||||||
Total comprehensive income | 191,394 | |||||||||||||||||||
Balance , ending at Dec. 31, 2020 | $ 3,841,876 | $ 23,119 | $ 6,152,887 | $ 2,594,735 | $ (4,916,097) | $ (12,768) | $ 194,731 | $ 4,036,607 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Dividend per Common Share | $ 2.68 | $ 2.65 | $ 2.64 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income | $ 163,545 | $ 351,947 | $ 293,884 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 329,924 | 301,683 | 281,279 |
Impairment on real estate properties | 75,972 | 48,939 | 35,014 |
(Recovery) impairment loss on direct financing leases | (3,079) | 7,917 | 27,168 |
Provision for rental income | 146,608 | 11,120 | |
Provision for credit losses | 37,997 | 6,689 | |
Amortization of deferred financing costs and loss on debt extinguishment | 11,608 | 9,564 | 8,960 |
Accretion of direct financing leases | 30 | 13 | 109 |
Stock-based compensation expense | 18,822 | 15,359 | 15,987 |
Gain on assets sold - net | (19,113) | (55,696) | (24,774) |
Amortization of acquired in-place leases - net | (14,187) | (5,904) | (10,707) |
Effective yield receivable on mortgage notes | (719) | (173) | (1,068) |
Interest paid-in-kind | (7,718) | (7,160) | (6,360) |
(Income) loss from unconsolidated joint ventures | (1,315) | 22 | |
Change in operating assets and liabilities - net: | |||
Contractual receivables | 5,709 | (5,931) | 2,368 |
Straight-line rent receivables | (28,968) | (46,580) | (61,559) |
Lease inducements | (22,443) | (42,071) | (32,738) |
Other operating assets and liabilities | 15,583 | (29,302) | (34,879) |
Net cash provided by operating activities | 708,256 | 553,747 | 499,373 |
Cash flows from investing activities | |||
Acquisition of a business, net of cash acquired | (5,058) | (59,616) | |
Acquisition of real estate | (105,663) | (377,841) | (105,119) |
Acquisition deposit | (2,500) | ||
Net proceeds from sale of real estate investments | 180,851 | 219,262 | 309,586 |
Investments in construction in progress | (75,111) | (139,678) | (139,441) |
Proceeds from direct financing lease and related trust | 15,414 | 93,730 | 20,979 |
Placement of mortgage loans | (62,432) | (20,702) | (65,340) |
Collection of mortgage principal | 9,867 | 54,529 | 26,088 |
Investments in unconsolidated joint ventures | (2,471) | (103,963) | |
Distributions from unconsolidated joint ventures in excess of earnings | 6,291 | 9,079 | 5,471 |
Capital improvements to real estate investments | (31,072) | (52,892) | (29,824) |
Receipts from insurance proceeds | 897 | 8,170 | 8,717 |
Investments in other investments | (167,936) | (100,312) | (385,707) |
Proceeds from other investments | 149,866 | 91,281 | 181,371 |
Net cash used in investing activities | (89,057) | (378,953) | (173,219) |
Cash flows from financing activities | |||
Proceeds from credit facility borrowings | 1,164,466 | 1,507,000 | 1,291,000 |
Payments on credit facility borrowings | (1,193,000) | (1,980,100) | (1,268,000) |
Receipts of other long-term borrowings | 687,743 | 494,985 | |
Payments of other long-term borrowings | (645,155) | (101,222) | (2,049) |
Payments of financing related costs | (18,183) | (4,787) | (8) |
Receipts from dividend reinvestment plan | 3,747 | 115,051 | 46,801 |
Payments for exercised options and restricted stock | (4,669) | (4,556) | (1,654) |
Net proceeds from issuance of common stock | 152,783 | 404,863 | 75,532 |
Dividends paid | (612,310) | (564,127) | (528,696) |
Noncontrolling members' contributions to consolidated joint venture | 228 | ||
Redemption of Omega OP Units | (134) | ||
Distributions to Omega OP Unit Holders | (20,970) | (21,294) | (23,493) |
Net cash used in financing activities | (485,548) | (153,959) | (410,701) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 527 | 874 | (590) |
Increase (decrease) in cash, cash equivalents and restricted cash | 134,178 | 21,709 | (85,137) |
Cash, cash equivalents and restricted cash at beginning of year | 33,380 | 11,671 | 96,808 |
Cash, cash equivalents and restricted cash at end of year | $ 167,558 | $ 33,380 | $ 11,671 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Organization Omega Healthcare Investors, Inc. (“Omega”) was incorporated in the State of Maryland on March 31, 1992 and has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. 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, a Delaware limited partnership (“Omega OP”). Unless stated otherwise or the context otherwise requires, the terms “Omega”, the “Company,” “we,” “our” and “us” refer to Omega Healthcare Investors, Inc. and its consolidated subsidiaries, including Omega OP, references to Parent refer to Omega Healthcare Investors, Inc. without regard to its consolidated subsidiaries, and references to “Omega OP” mean OHI Healthcare Properties Limited Partnership and its consolidated subsidiaries. Omega 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”), 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 to our operators 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 has exclusive control over Omega OP’s day-to-day management pursuant to the partnership agreement governing Omega OP. As of December 31, 2020, Parent 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. Consolidation Omega’s consolidated financial statements include the accounts of (i) Parent, (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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF 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, including those stemming from the novel coronavirus (“COVID-19”) global pandemic described below, which has disproportionately impacted the senior care sector, as well as, those stemming from healthcare legislation and changing regulation by federal, state and local governments, including those driven by the COVID-19 pandemic. 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. In addition to experiencing outbreaks of positive cases and deaths of residents and employees during the pandemic, our operators have been required to adapt their operations rapidly throughout the pandemic to manage the spread of the COVID-19 virus as well as the implementation of new treatments and vaccines, and to implement new requirements relating to infection control, personal protective equipment (“PPE”), quality of care, visitation protocols, staffing levels, and reporting, among other regulations, throughout the pandemic. While we expect the approval of multiple vaccines for COVID-19 to reduce the spread and impact of the virus, particularly with respect to residents in our facilities given the prioritization of these populations in receiving the vaccines, there remain risks associated with the speed, distribution, and delivery of the vaccine in our facilities, as well as participation levels in vaccination programs among the residents and employees of our operators. In addition to the risks associated with managing the spread of the virus, delivery of the vaccines and care of their patients and residents, many of our operators reported incurring significant cost increases as a result of the COVID-19 pandemic, with dramatic increases for facilities with positive cases. We believe these increases primarily stem from elevated labor costs, including increased use of overtime and bonus pay, as well as a significant increase in both the cost and usage of PPE, testing equipment and processes and supplies, as well as implementation of new infection control protocols and vaccination programs. In addition, many of our operators have reported experiencing declines, in some cases that are material, in occupancy levels as a result of the pandemic. We believe these declines may be in part due to COVID-19 related fatalities at our facilities, the delay of SNF placement and/or utilization of alternative care settings for those with lower level of care needs, the suspension and/or postponement of elective hospital procedures, fewer discharges from hospitals to SNFs and higher hospital readmittances from SNFs. While substantial government support, primarily through the federal CARES Act in the U.S. and distribution of PPE, vaccines and testing equipment by the federal government, has been allocated to SNFs and to a lesser extent to ALFs, further government support will likely be needed to continue to offset these impacts and it is unclear whether and to what extent such government support has been and will continue to be sufficient and timely to offset these impacts. Further, to the extent these impacts continue or accelerate and are not offset by additional government relief that is sufficient and timely, the operating results of our operators are likely to be adversely affected, some may be unwilling or unable to pay their contractual obligations to us in full or on a timely basis and we may be unable to restructure such obligations on terms as favorable to us as those currently in place. Even if operators are able to avail themselves of government relief to offset some of these costs, they may face challenges in complying with the terms and conditions of government support and may face longer-term adverse impacts to their personnel and business operations from the COVID-19 pandemic, including potential patient litigation and decreased demand for their services, loss of business due to an interruption in their operations, or other liabilities related to gathering restrictions, quarantines, reopening plans, vaccine distribution or delivery, spread of infection or other related factors. The extent of the COVID-19 pandemic’s effect on our and our operators’ operational and financial performance will depend on future developments, including the ability to control the spread of the outbreak generally and in our facilities and the delivery of and participation in vaccination programs and other treatments for COVID-19, government funds and other support for the senior care sector and the efficacy of other policies and measures that may mitigate the impact of the pandemic, all of which are uncertain and difficult to predict. Due to these uncertainties, we are not able at this time to estimate the effect of these factors on our business, but the adverse impact on our business, results of operations, financial condition and cash flows could be material. 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, 2020, 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 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. 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 of the assets 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 our assets in a future period that could be material to our results of operations. Lease Accounting On January 1, 2019, we adopted Accounting Standards Codification (“ASC”) 842, Leases Upon adoption of Topic 842, 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 collectibility of certain operator’s future contractual lease payments based on the facts and circumstances that existed as of January 1, 2019. In addition, we recorded total initial non-cash right of use assets and lease liabilities 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. 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, 2020, we have determined that all but one of our leases should be accounted for as operating leases. One lease is accounted for as a direct financing lease. 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”, “Asset Acquisitions” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. 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 “Lessor Accounting for Direct Financing Lease Income” below for further discussion regarding the recording of interest income on our direct financing leases. Lessor Accounting for 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. We assess the probability of collecting substantially all payments due under our leases on several factors, including, among other things, payment history, the financial strength of the lessee and/or borrower and any guarantors, historical operations and operating trends, current and future economic conditions, and expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern). 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, potentially resulting in increased volatility of rental income. 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. 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 We have elected to exclude sales and other similar taxes from the measurement of lease revenue and expense. Lessor Accounting for Real Estate Sales On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers Lessee Accounting Topic 842 requires a lessee 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. 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 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 Upon adoption of Topic 842, we began recording on a straight-line basis 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. In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of an asset acquisition 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. Mortgages, Other Investments and Direct Financing Leases (collectively, our “loans”) and Allowance for Credit Losses 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. Lessor Accounting for Direct Financing Lease Income 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. Allowance for Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses The allowance for credit losses on loans is measured using relevant information about past events, including historical credit loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. Changes to the allowance for credit losses on loans resulting from quarterly evaluations are recorded through provision for credit losses on the Consolidated Statements of Operations. The Company’s unfunded lending commitments are calculated using the same as the methodology for the loans over the contractual term of the commitment. The loss estimate is recorded in accrued expenses and other liabilities on the Consolidated Balance Sheets with quarterly changes to the liability recorded through provision for credit losses on the Consolidated Statements of Operations. ASU 2016-13 specifically excludes from its scope receivables arising from operating leases accounted for under Topic 842. We adopted ASU 2016-13 on January 1, 2020 using the modified retrospective approach and we recorded an initial $28.8 million allowance for expected credit losses with a corresponding adjustment to equity. Transition Impact of Adopting Topic 326 Pre-adoption balance as of Impact of adopting Post-adoption balance as of Financial Statement Line Item December 31, 2019 Topic 326 January 1, 2020 (in thousands) Mortgage Notes Receivable $ 773,563 $ (21,386) $ 752,177 Investment in Direct Financing Leases 11,488 (611) 10,877 Other Investments 419,228 (6,688) 412,540 Off-Balance Sheet Commitments 20,777 (100) 20,677 Total $ 1,225,056 $ (28,785) $ 1,196,271 We elected to disaggregate our financial assets within the scope of Topic 326 based on the type of financial instrument. These segments were further disaggregated based on our internal credit ratings. We assess our internal credit ratings on a quarterly basis. Our internal credit ratings consider several factors including the collateral and/or security, the performance of borrowers underlying facilities, if applicable, available credit support (e.g., guarantees), borrowings with third parties, and other ancillary business ventures and real estate operations of the borrower. Our internal ratings range between 1 and 7. An internal rating of 1 reflects the lowest likelihood of loss and a 7 reflects the highest likelihood of loss. Amortized Cost Basis By Year of Origination and Credit Quality Indicator Rating Financial Statement Line Item 2020 2019 2018 2017 2016 2015 2014 & older Revolving Loans Balance as of December 31, 2020 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ 67,012 $ - $ - $ 67,012 2 Mortgage Notes Receivable 43,150 - - - - - - - 43,150 3 Mortgage Notes Receivable - - - - - - 35,964 - 35,964 4 Mortgage Notes Receivable 89,006 17,383 44,426 46,474 37,076 9,561 495,438 - 739,364 5 Mortgage Notes Receivable - - 19,000 - - - 7,691 - 26,691 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 132,156 17,383 63,426 46,474 37,076 76,573 545,470 - 918,558 3 Investment in Direct Financing Leases - - - - - 11,458 - - 11,458 Sub-total - - - - - 11,458 - - 11,458 1 Other Investments 17,556 - - - - - - - 17,556 2 Other Investments - - - - - 2,082 - 15,265 17,347 3 Other Investments - 22,442 31,491 - - 363 3,756 161,591 219,643 4 Other Investments - 12,131 114,375 - 82,960 - - 5,000 214,466 5 Other Investments - 22,662 5,925 - 600 - - 700 29,887 Sub-total 17,556 57,235 151,791 - 83,560 2,445 3,756 182,556 498,899 Total $ 149,712 $ 74,618 $ 215,217 $ 46,474 $ 120,636 $ 90,476 $ 549,226 $ 182,556 $ 1,428,915 We have a limited history of incurred losses and consequently have elected to employ external data to perform our expected credit loss calculation. We have elected a probability of default (“PD”) and loss given default (“LGD”) methodology. Our model’s historic inputs co |
PROPERTIES
PROPERTIES | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTIES [Abstract] | |
PROPERTIES | NOTE 3 – PROPERTIES Leased Property Our leased real estate properties, represented by 737 SNFs, 115 ALFs, 28 specialty facilities and two medical office buildings at December 31, 2020, 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, December 31, 2020 2019 (in thousands) Buildings $ 6,961,509 $ 7,056,106 Land 883,765 901,246 Furniture and equipment 518,664 515,421 Site improvements 308,087 287,655 Construction in progress 30,129 225,566 Total real estate investments 8,702,154 8,985,994 Less accumulated depreciation (1,996,914) (1,787,425) Real estate investments – net $ 6,705,240 $ 7,198,569 For the years ended December 31, 2020, 2019 and 2018, we capitalized $10.0 million, $13.9 million and $11.1 million, respectively, of interest to our projects under development. Year Ended December 31 2020 2019 (in thousands) (in thousands) Rental income – operating leases $ 741,681 $ 792,010 Variable lease income – operating leases 11,746 12,066 Total lease income $ 753,427 $ 804,076 Real estate tax expense $ 12,316 $ 14,933 General and administrative – ground lease expense 1,448 1,208 Total $ 13,764 $ 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, 2020: (in thousands) 2021 $ 867,780 2022 868,976 2023 863,985 2024 875,099 2025 878,956 Thereafter 4,259,773 Total $ 8,614,569 As of December 31, 2020 and 2019, the Company is a lessee under ground and/or facility leases related to 11 SNFs and two offices with annual rent of approximately $2.2 million. 2020 Acquisitions and Other The following table summarizes the significant asset acquisitions that occurred in 2020: Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF State (in millions) Cash Yield (1) Q1 — 2 U.K. $ 12.1 8.00 % Q1 1 — IN 7.0 9.50 % Q2 1 — OH 6.9 9.50 % Q4 6 1 VA 78.4 9.50 % Total 8 3 $ 104.4 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. 2019 Acquisitions and Other The following table summarizes the significant transactions that occurred in 2019: Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF Specialty MOB State (in millions) Cash Yield (1) Q1 1 — — — OH $ 11.9 (3) 12.00 % Q2 20 1 11 1 CA, CT, IN, NV, SC, TN, TX 440.7 (2) 9.82 % Q2 7 1 3 — PA, VA 131.8 (3) 9.35 % Q3 3 — — — NC, VA 24.9 9.50 % Q4 58 2 — — FL, ID, KY, LA, MS, MO, MT, NC 735.2 8.71 % Total 89 4 14 1 $ 1,344.5 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) The acquisition was accounted for as a business combination. The other acquisitions were accounted for as asset acquisitions. (3) Acquired via a deed-in-lieu of foreclosure. 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, we completed our merger with 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”) we 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. 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 Our purchase price allocation was finalized during the second quarter of 2020, with no material adjustments recorded. The following table highlights the final fair value of the assets acquired and liabilities assumed on May 17, 2019: (in thousands) Fair value of net assets acquired: Real estate investments $ 440,690 Mortgage notes receivable 108,097 Other investments 19,192 Investment in unconsolidated joint venture 73,834 Cash 4,067 Contractual receivables 1,002 Other assets (1) 7,698 Total investments 654,580 Debt (285,100) Accrued expenses and other liabilities (2) (23,931) Fair value of net assets acquired $ 345,549 (1) Includes approximately $ 2.5 million in above market lease assets. (2) 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 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 The following table summarizes the significant asset acquisitions that occurred in 2018: Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF/ILF State (in millions) Cash Yield (3) Q1 — 1 U.K. $ 4.0 (1) 8.50 % Q1 — 1 U.K. 5.7 (2) 8.50 % Q1 1 — PA 7.4 9.50 % Q1 1 — VA 13.2 9.50 % Q2 5 — TX 22.8 9.50 % Q4 3 1 PA 35.1 9.50 % Q4 1 — IN 8.3 9.50 % Q4 1 — OH 9.2 9.50 % Total 12 3 $ 105.7 (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 contractual cash rent divided by the purchase price. 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, 2020, we have not and we do not expect to fund a material amount under these indemnity agreements. Asset Sales, Impairments and Other During the fourth quarter of 2020, we sold 16 facilities (12 were previously held for sale at September 30, 2020) for approximately $63.7 million in net cash proceeds recognizing a gain on sale of approximately $5.2 million. In addition, we recorded impairments on real estate properties of approximately $30.2 million on seven facilities (none of which were reclassified to held for sale). In 2020, we sold 43 facilities (six were previously held for sale at December 31, 2019) for approximately $180.9 million in net cash proceeds recognizing a net gain of approximately $19.1 million. In addition, we recorded impairments on real estate properties of approximately $76.0 million on 25 facilities. After considering the impairments recorded and facilities sold during the year, the total net recorded investment in these properties was approximately $12.3 million as of December 31, 2020, with approximately $0.2 million related to properties classified as assets held for sale. Our impairments were offset by approximately $3.5 million of insurance proceeds received related to a facility 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 net 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 assets held for sale. Our impairments were offset by approximately $3.7 million of insurance proceeds received related to two facilities that were previously destroyed and impaired. 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 assets 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. |
DIRECT FINANCING LEASES
DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2020 | |
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, December 31, 2020 2019 (in thousands) Minimum lease payments receivable $ 25,947 $ 27,227 Less unearned income (14,489) (15,522) Investment in direct financing leases 11,458 11,705 Less allowance for credit losses on direct financing leases (694) (217) Investment in direct financing leases – net $ 10,764 $ 11,488 Properties subject to direct financing leases 1 2 Number of direct financing leases 1 2 Orianna Direct Financing Lease On January 11, 2019, pursuant to a bankruptcy court order, affiliates of Orianna Health Systems (“Orianna”) purchased the remaining 15 SNFs (during 2018 we recorded $27.2 million of additional impairment to reduce the remaining investment in the direct financing lease covering 15 facilities located in the Southeast region of the U.S. to their estimated fair values) 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 $25.0 million of our then outstanding debtor in possession financing, including all related interest. On January 16, 2019, the bankruptcy court confirmed Orianna’s plan of reorganization, 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 Sheets. 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 collectibility 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 was approximately $14.1 million which was recorded in other assets on our Consolidated Balance Sheets. During 2020, we received approximately $17.2 million from the Trust of which approximately $3.1 million is recorded in (recovery) impairment of direct financing leases on our Consolidated Statements of Operations. |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Notes Receivable [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 - MORTGAGE NOTES RECEIVABLE As of December 31, 2020, mortgage notes receivable relate to nine fixed rate mortgages on 62 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, December 31, 2020 2019 (in thousands) Mortgage note due 2027; interest at 10.59% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 10.53% (1) 670,015 526,520 Other mortgage notes outstanding (2) 136,043 139,448 Mortgage notes receivable, gross 918,558 778,468 Allowance for credit losses on mortgage notes receivable (33,245) (4,905) Total mortgages — net $ 885,313 $ 773,563 (1) Approximates the weighted average interest rate on 46 facilities. Two notes totaling approximately $29.7 million are construction mortgages with maturities in 2021 . Two mortgage notes totaling $43.2 million mature in 2021 and the remaining loan balance matures in 2029 . (2) Other mortgage notes outstanding have a weighted average interest rate of 9.41% per annum and maturity dates through 2028 . $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. $670 ● $415 million amortizing mortgage (the “Master Mortgage”) that matures in 2029 . The Master Mortgage note bore an initial interest rate of 9.0% per annum which increases by 0.225% per annum. In May 2020, we amended the Master Mortgage to increase the interest rate by 54 basis points from 10.13% per annum to 10.67% per annum and we sold eight SNFs and one ALF located in Michigan to Ciena for $83.5 million (as discussed below). As of December 31, 2020, the outstanding principal balance of the Master Mortgage note is approximately $374.6 million and is secured by 25 facilities. ● 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, 2020, the outstanding principal balance of these mortgage notes which are secured by five facilities is approximately $124.9 million. ● $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, 2020, the outstanding principal balance of this mortgage note is approximately $43.9 million. Additionally, the Company committed to fund an additional $9.6 million to Ciena if certain performance metrics are achieved by the portfolio. ● $83.5 million mortgage note related to eight SNFs and one ALF located in Michigan. These nine facilities were formerly leased to Ciena and were sold to Ciena by issuance of a first mortgage on May 1, 2020. In connection with this sale, we recorded a loss of $3.6 million related to the write-off of the nine facilities’ straight-line rent receivable. The mortgage note matures on June 30, 2029 and bears an initial annual interest rate of 10.31% which increases each year by 2% . As of December 31, 2020, the outstanding principal balance of this mortgage note is approximately $83.4 million. ● $43.2 million of mortgage notes related to two SNFs located in Ohio. The mortgage notes mature on June 30, 2021 and bears an initial annual interest rate of 9.5% . As of December 31, 2020, the outstanding principal balance of these mortgage notes is approximately $43.2 million. 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, 2020 | |
Other Investments [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS A summary of our other investments is as follows: December 31, December 31, 2020 2019 (in thousands) Other investment notes due 2022; interest at 13.12% (1) $ 83,636 $ 77,087 Other investment notes due 2024-2025; interest at 8.12% (1) 56,987 58,687 Other investment note due 2023; interest at 12.00% 49,973 52,213 Other investment notes due 2030; interest at 7.00% 147,148 65,000 Other investment notes outstanding (2) 161,155 166,241 Total other investments, gross 498,899 419,228 Allowance for credit losses on other investments (31,457) — Total other investments - net $ 467,442 $ 419,228 (1) Approximate weighted average interest rate as of December 31, 2020. (2) Other investment notes have a weighted average interest rate of 7.75% and maturity dates through 2028 . Other investment notes due 2022 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, and was initially scheduled to mature on July 29, 2020. The maturity date of this loan was extended to January 1, 2022. As of December 31, 2020, approximately $18.4 million is outstanding on this term loan. Other investment notes due 2024-2025 On September 30, 2016, we acquired and amended a term loan with a fair value of approximately $37.0 million with Agemo. 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 is secured by a security interest in certain collateral of Agemo. During the third quarter of 2020, we concluded that the $32.0 million term loan was impaired, based in part on our consideration of information we received in the quarter from the operator regarding substantial doubt as to its ability to continue as a going concern. We recorded a provision for credit loss of $22.7 million to reduce the carrying value of this loan to the fair value of the underlying collateral, which was limited to our $9.3 million letter of credit (a Level 1 input) and placed the loan on a cash basis. We also fully reserved approximately $3.8 million of contractual interest receivable related to the $32.0 million term loan (see Note 2 – Summary of Significant Accounting Policies). As of December 31, 2020, the carrying amount of the loan, net of allowances is approximately $9.3 million. On May 7, 2018, we provided Agemo a $25.0 million secured working capital loan bearing interest at 7% per annum that matures on April 30, 2025. The working capital loan is primarily secured by a collateral package that includes a second lien on the accounts receivable of the borrowers. 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, 2020, approximately $25.0 million is outstanding on this working capital loan. During 2020, no incremental provision for credit loss was recorded for this loan given the underlying collateral value. On November 5, 2019, we provided Agemo a $1.7 million term loan (which was added to the $32.0 million term loan) bearing interest at a fixed rate of 9% per annum with a scheduled maturity in January 2021. This loan was repaid in 2020. At December 31, 2020, the total carrying value of our loans outstanding with Agemo and its affiliates, net of allowances for credit losses, is approximately $34.3 million. 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, we 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, 2020, our total other investments outstanding with this borrower was approximately $50.0 million. In connection with the amendment, we 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. Other investment notes due 2030 Other investment note outstanding On April 17, 2020, we provided a $17.6 million unsecured loan to a subsidiary of Second Spring Healthcare Investments (an entity in which we have an approximate 15% ownership interest, see Note 8 – Investments in Joint Ventures). The loan bears interest at the greater of the prime interest rate or 3-month LIBOR plus 2.75% per annum and is due on demand. As of December 31, 2020, the loan bears interest at 3.25% per annum and has a total outstanding balance of $17.6 million. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 – VARIABLE INTEREST ENTITIES The following operators are considered VIEs as of December 31, 2020 and 2019. Below is a summary of our assets and liabilities associated with each operator: December 31, 2020 December 31, 2019 Agemo Maplewood Agemo (in thousands) (in thousands) Assets Real estate investments – net $ 371,010 $ 750,488 $ 403,389 Other investments 34,253 147,148 58,687 Contractual receivables 346 887 18,113 Straight-line rent receivables — (56,664) 46,247 Lease inducement — 69,666 6,810 Subtotal 405,609 911,525 533,246 Liabilities Net in-place lease liability — (331) — Contingent liability — (43,915) — Subtotal — (44,246) — Collateral Letters of credit (9,253) — (9,253) Personal guarantee (8,000) (40,000) (8,000) Other collateral (371,010) (750,488) (403,389) Subtotal (388,263) (790,488) (420,642) Maximum exposure to loss $ 17,346 $ 76,791 $ 112,604 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, as well as other liabilities. See Note 6 – Other Investments regarding the terms of our Other Investments with these two operators. The table below reflects our total revenues from Agemo and Maplewood for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Agemo Maplewood Agemo Maplewood Agemo Maplewood Revenue Rental (loss) income (1) $ (22,387) $ 52,442 $ 60,639 $ 39,111 $ 59,291 $ 33,892 Other investment income 4,913 6,951 4,502 4,821 3,500 4,615 Total (2) $ (17,474) $ 59,393 $ 65,141 $ 43,932 $ 62,791 $ 38,507 (1) The rental income related to Agemo for the year ended December 31, 2020, reflects the write-off of approximately $75.3 million of contractual rent receivable, straight-line rent receivable and lease inducements (see Note 2 – Summary of Significant Accounting Policies). (2) For the years ended December 31, 2020, 2019 and 2018, we received cash rental income and other investment income from Agemo of approximately $53.9 million, $53.7 million and $56.8 million, respectively. For the years ended December 31, 2020, 2019 and 2018, we received cash rental income and other investment income from Maplewood of approximately $69.6 million, $ 44.9 million and $35.5 million, respectively. |
INVESTMENTS IN JOINT VENTURES
INVESTMENTS IN JOINT VENTURES | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
INVESTMENTS IN JOINT VENTURES | NOTE 8 – INVESTMENTS IN JOINT VENTURES 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 Facility Facilities at December 31, December 31, Entity (1) % Date Investment (2) Type 12/31/2020 2020 2019 Second Spring Healthcare Investments (3) 15% 11/1/2016 $ 50,032 SNF 21 $ 17,700 $ 22,504 Lakeway Realty, L.L.C. (4) 51% 5/17/2019 73,834 Specialty facility 1 72,318 73,273 Cindat Joint Venture (5) 49% 12/18/2019 105,688 ALF 67 110,360 103,976 OMG Senior Housing, LLC 50% 12/6/2019 — ILF 1 — — OH CHS SNP, Inc. 9% 12/20/2019 746 N/A N/A 260 131 $ 230,300 $ 200,638 $ 199,884 (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 investment includes our transaction costs, if any. (3) The Company made a loan of $17.6 million to the venture which is included in other investments. See Note 6 – Other Investments. During 2020, this joint venture sold 16 SNFs subject to an operating lease for approximately $259.1 million in net cash proceeds and recognized a gain on sale of approximately $40.4 million. 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. 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 Consolidated Statements of Operations. The lessee of the Lakeway Hospital has an option to purchase the facility from the joint venture. The lessee also has a right of first refusal and a right of first offer in the event the joint venture intends to sell or otherwise transfer Lakeway Hospital. (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 is being amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The following table reflects our income (loss) from unconsolidated joint ventures for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, Entity 2020 2019 2018 (in thousands) Second Spring Healthcare Investments $ 2,807 $ 9,490 $ 381 Lakeway Realty, L.L.C. 2,483 1,479 — Cindat Joint Venture 1,812 (22) — OMG Senior Housing, LLC (497) — — OH CHS SNP, Inc. (462) — — Total $ 6,143 $ 10,947 $ 381 Lakeway Realty, L.L.C. In connection with the MedEquities Merger on May 17, 2019, the Company acquired a first mortgage lien issued to Lakeway Realty, L.L.C 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 determined the acquisition date fair value of the acquired mortgage was $69.1 million. As of December 31, 2020 and 2019, this mortgage has a carrying value of $67.0 million and $68.3 million, respectively. Asset Management Fees We receive asset management fees from certain joint ventures for services provided. For the years ended December 31, 2020, 2019 and 2018, we recognized approximately $1.2 million, $0.9 million and $1.8 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, 2020 | |
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, 2018 3 $ 989 Properties sold (1) (8) (6,486) Properties added (2) 11 10,419 December 31, 2019 6 4,922 Properties sold (1) (25) (126,532) Properties added (2) 41 203,062 December 31, 2020 (3) 22 $ 81,452 (1) 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. In 2020, we sold 25 facilities and a parcel of land for approximately $142.8 million in net proceeds recognizing a gain on sale of approximately $16.2 million. (2) 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. In 2020, we recorded approximately $36.4 million of impairment expense to reduce 11 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, 2020 within the next twelve months. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2020 | |
Intangibles [Abstract] | |
INTANGIBLES | NOTE 10 – INTANGIBLES The following is a summary of our lease intangibles as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 (in thousands) Assets: Above market leases $ 22,822 $ 49,240 Accumulated amortization (20,882) (21,227) Net above market leases $ 1,940 $ 28,013 Liabilities: Below market leases $ 139,515 $ 147,292 Accumulated amortization (100,996) (87,154) Net below market leases $ 38,519 $ 60,138 For the years ended December 31, 2020, 2019 and 2018, our net amortization related to intangibles was $14.2 million, $5.9 million and $10.7 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2021 – $6.8 million; 2022 – $4.7 million; 2023 – $4.5 million; 2024 – $4.4 million; 2025 – $4.2 million and $11.9 million thereafter. As of December 31, 2020, the weighted average remaining amortization period of above market lease assets is approximately ten years and of below market lease liabilities is approximately eight years. The following is a summary of our goodwill: (in thousands) Balance as of December 31, 2019 $ 644,415 Add: foreign currency translation 438 Add: goodwill from business combination 6,884 Balance as of December 31, 2020 $ 651,737 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2020 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 - CONCENTRATION OF RISK As of December 31, 2020, our portfolio of real estate investments consisted of 967 healthcare facilities, located in 40 states and the U.K. and operated by 69 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled approximately $9.7 billion at December 31, 2020, with approximately 97% of our real estate investments related to long-term care facilities. Our portfolio is made up of 738 SNFs, 115 ALFs, 28 specialty facilities, two medical office buildings, fixed rate mortgages on 56 SNFs, three ALFs and three specialty facilities and 22 facilities that are held for sale. At December 31, 2020, we also held other investments of approximately $467.4 million, consisting primarily of secured loans to third-party operators of our facilities and $200.6 million of investment in five unconsolidated joint ventures. At December 31, 2020 and 2019, we had investments with one operator/or manager that exceeded 10% of our total investments: Ciena Healthcare (“Ciena”). Ciena generated approximately 11%, 10% and 11% of our total revenues for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, we had approximately $16.0 million and $21.6 million, respectively of other investments outstanding with Ciena and $30.3 million and $32.6 million, respectively of contractual receivables, other receivables and lease inducements with Ciena. At December 31, 2020, the three states in which we had our highest concentration of investments were Florida (14%), Texas (9%) and Michigan (7%). |
LEASE AND MORTGAGE DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
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, Net Proceeds Maturity 2020 2020 2019 (in millions) (in thousands) Secured borrowings: HUD mortgages (1)(2) 2046-2052 3.01 % $ 367,249 $ 387,405 Term loan (3) 2021 3.50 % 2,275 2,275 369,524 389,680 Unsecured borrowings: Revolving line of credit (4)(5) 2021 1.27 % 101,158 125,000 U.S. term loan (5) N/A N/A — 350,000 Sterling term loan (5)(6) 2022 1.47 % 136,700 132,480 Omega OP term loan (7) 2022 3.29 % 50,000 75,000 2015 term loan (5) N/A N/A — 250,000 Deferred financing costs – net (351) (2,742) Total term loans – net 186,349 804,738 Senior Notes: (5) 2023 notes $ 692.0 2023 4.375 % 700,000 700,000 2024 notes 394.3 2024 4.950 % 400,000 400,000 2025 notes 397.7 2025 4.500 % 400,000 400,000 2026 notes 594.4 2026 5.250 % 600,000 600,000 2027 notes 683.0 2027 4.500 % 700,000 700,000 2028 notes 540.8 2028 4.750 % 550,000 550,000 2029 notes 487.8 2029 3.625 % 500,000 500,000 2031 notes (8) 680.5 2031 3.375 % 700,000 — Subordinated debt (2) 2021 9.000 % 20,000 13,541 Discount – net (31,709) (23,041) Deferred financing costs – net (26,070) (23,778) Total senior notes and other unsecured borrowings – net 4,512,221 3,816,722 Total unsecured borrowings – net 4,799,728 4,746,460 Total secured and unsecured borrowings – net (9) $ 5,169,252 $ 5,136,140 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2020. Secured by real estate assets with a net carrying value of $571.2 million as of December 31, 2020. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Borrowing is the debt of a consolidated joint venture. (4) The Revolving line of credit matures on May 25, 2021, subject to an option by us to extend such maturity date for two , six month periods. (5) Guaranteed by Omega OP. (6) Actual borrowing in British Pounds Sterling and remeasured to USD. (7) Omega OP is the obligor on this borrowing. (8) We used the proceeds from this offering to repay the outstanding balance on our U.S. term loan, our 2015 term loan and pay down the Omega OP term loan and Revolving line of credit. (9) All borrowings are direct borrowings of Parent unless otherwise noted. Secured Borrowings HUD Mortgage Debt On October 31, 2019, we assumed approximately $389 million in mortgage loans guaranteed by HUD. The HUD loans have maturity dates between 2046 and 2052 with fixed interest rates ranging from 2.82% per annum to 3.24% per annum. 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. On August 26, 2020, we paid approximately $13.7 million to retire two mortgage loans guaranteed by HUD that were assumed in 2019 and had an average interest rate of 3.08% per annum with maturities in 2051 and 2052. The payoff included a $0.9 million prepayment fee which is included in loss on debt extinguishment on our Consolidated Statements of Operations. 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 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 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. In September 2019 and October 2020, we used $25.0 million and $25.0 million, respectively of proceeds from our senior notes issuances to repay borrowings under the 2017 Omega OP Term Loan Facility. At December 31, 2020, we had $50.0 million in outstanding borrowings under this facility. 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 October 2020, we terminated $25.0 million of notional value interest rate swaps in connection with the partial repayment and paid our swap counterparty $0.6 million which is recorded in loss on debt extinguishment on our Consolidated Statements of Operations. 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 bore 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. We repaid the Amended 2015 Term Loan Facility in October 2020 with proceeds from the senior notes issuance and wrote-off $0.7 million of unamortized deferred costs to loss on debt extinguishment on our Consolidated Statements of Operations. 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 had a scheduled maturity date of December 15, 2022. In October 2020, we terminated these $250.0 million of notional value interest rate swaps in connection with the repayment of the Amended 2015 Term Loan Facility and paid our swap counterparties $10.3 million which is recorded in loss on debt extinguishment on our Consolidated Statements of Operations. Subordinated Debt $400 Million Forward Starting Swaps On March 27, 2020, we entered into five forward starting swaps totaling $400 million. We designated the forward starting swaps as cash flow hedges of interest rate risk associated with interest payments on a forecasted issuance of fixed rate long-term debt, initially expected to occur within the next five years. The swaps are effective on August 1, 2023 and expire on August 1, 2033 and were issued at a fixed rate of approximately 0.8675%. In October 2020, we issued $700 million aggregate principal amount of our 3.375% Senior Notes due 2031 and discontinued hedge accounting. Amounts reported in accumulated other comprehensive loss related to these discontinued cash flow hedging relationships will be reclassified to interest expense as interest payments are made on the Company’s debt. Simultaneously, we re-designated these swaps in new cash flow hedging relationships of interest rate risk associated with interest payments on another forecasted issuance of long-term debt. We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of 46 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). 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, 2020 and 2019, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. Parent and Omega OP, on a combined basis, have no material assets, liabilities or operations other than financing activities (including borrowings under the senior unsecured revolving and term loan credit facility, Omega OP term loan and the outstanding senior notes) and their investments in non-guarantor subsidiaries. Substantially all of our assets are held by 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, 2020 and the aggregate due thereafter are set forth below: (in thousands) 2021 $ 130,876 2022 194,370 2023 707,904 2024 408,144 2025 408,393 Thereafter 3,377,695 Total $ 5,227,382 In 2020, we paid approximately $10.9 million to our swap counterparties to settle certain interest rate swaps with an aggregate notional value of $275 million related to the 2015 term loan and the Omega OP term loan. In addition, we recorded approximately $1.5 million of write-offs of unamortized deferred financing costs. We also paid $0.9 million in prepayment penalties associated with two mortgage loans guaranteed by HUD and costs associated with the repayment of the U.S. term loan, the 2015 term loan and the partial paydown of the Omega OP term loan. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, the net carrying amounts and fair values of other financial instruments were as follows: 2020 2019 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,764 $ 10,764 $ 11,488 $ 11,488 Mortgage notes receivable – net 885,313 924,353 773,563 819,083 Other investments – net 467,442 474,552 419,228 412,934 Total $ 1,363,519 $ 1,409,669 $ 1,204,279 $ 1,243,505 Liabilities: Revolving line of credit $ 101,158 $ 101,158 $ 125,000 $ 125,000 Term loan 2,275 2,275 2,275 2,275 U.S. term loan — — 348,878 350,000 Sterling term loan 136,453 136,700 132,059 132,480 Omega OP term loan 49,896 50,000 74,763 75,000 2015 term loan — — 249,038 250,000 4.375% notes due 2023 – net 696,981 770,635 695,812 749,693 4.95% notes due 2024 – net 396,714 441,194 395,702 442,327 4.50% notes due 2025 – net 396,924 444,652 396,163 430,529 5.25% notes due 2026 – net 596,437 697,993 595,732 675,078 4.50% notes due 2027 – net 690,909 794,294 689,445 759,475 4.75% notes due 2028 – net 542,899 633,950 541,891 602,967 3.625% notes due 2029 – net 489,472 532,248 488,263 500,792 3.375% notes due 2031 – net 681,802 731,541 — — HUD mortgages – net 367,249 409,004 387,405 379,866 Subordinated debt – net 20,083 21,599 13,714 15,253 Total $ 5,169,252 $ 5,767,243 $ 5,136,140 $ 5,490,735 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 are estimated using a discounted cash flow analysis, using interest rates being offered for similar leases to borrowers with similar credit ratings (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, 2020 | |
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. If we fail to meet the 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. 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 2020, 2019, and 2018, we distributed dividends in excess of our taxable income. 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. We have elected to treat certain of our active subsidiaries as TRSs. Our domestic TRSs are subject to federal, state and local income taxes at the applicable corporate rates. Our foreign TRSs are subject to foreign income taxes. As of December 31, 2020, one of our TRSs that is subject to income taxes at the applicable corporate rates had a net operating loss (“NOL”) carry-forward of approximately $5.7 million. Our NOL carry-forward was fully reserved as of December 31, 2020, with a valuation allowance due to uncertainties regarding realization. Under current law, our NOL carry-forwards generated up through December 31, 2017 may be carried forward for no more than 20 years, and our NOL carry-forwards generated in our taxable years ended December 31, 2020, December 31, 2019 and December 31, 2018 may be carried forward indefinitely. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) modified the NOL carryback rules to limit recovery of taxes paid in prior tax periods. We do not anticipate that such changes will materially impact the computation of Omega’s taxable income, or the taxable income of any Omega entity, including our TRSs. We also do not expect that Omega or any Omega entity, including our TRSs, will realize a material tax benefit as a result of the changes to the provisions of the Code made by the CARES Act. The following is a summary of our provision for income taxes: December 31, 2020 2019 2018 (in millions) Provision for federal, state and local income taxes $ 1.3 $ 0.8 $ 0.8 Provision for foreign income taxes 3.6 2.0 2.2 Total provision for income taxes (1) $ 4.9 $ 2.8 $ 3.0 (1) The above amounts do not include income or franchise taxes payable to certain states and municipalities. The following is a summary of deferred tax assets and liabilities: December 31, 2020 2019 (in thousands) Deferred tax assets: Federal net operating loss carryforward $ 1,194 $ 1,199 Deferred tax liability: Foreign deferred tax liability (1) (10,766) (11,350) Valuation allowance on deferred tax asset (1,194) (1,199) Net deferred tax liability $ (10,766) $ (11,350) (1) The deferred tax liability 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 EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 16 – STOCKHOLDERS’ 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. $200 Million Stock Repurchase Program On March 20, 2020, Omega’s Board of Directors authorized the repurchase of up to $200 million of its outstanding common stock from time to time over the twelve months ending March 20, 2021. We are authorized to repurchase shares of our common stock in open market and privately negotiated transactions or in any other manner as determined by Omega’s management and in accordance with applicable law. The timing and amount of stock repurchases will be determined, in management’s discretion, based on a variety of factors, including but not limited to market conditions, other capital management needs and opportunities, and corporate and regulatory considerations. Omega has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be discontinued at any time. Omega did not repurchase any of its outstanding common stock under this announced program during 2020. $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 up to 2% of the gross sales price per share for shares sold through such Manager under the applicable Equity Shelf Agreements. The table below presents information regarding the shares issued under the Equity Shelf Program for each of the years ended December 31, 2018, 2019, and 2020: Shares issued Average Price Net Proceeds Year Ended (in millions) Per Share (in millions) December 31, 2018 2.3 $ 33.18 $ 75.5 December 31, 2019 3.1 34.79 109.0 December 31, 2020 4.2 36.16 152.6 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. On March 23, 2020, we temporarily suspended the DRSPP and on December 17, 2020, we reinstated the DRSPP. The table below presents information regarding the shares issued under the DRSPP for each of the years ended December 31, 2018, 2019, and 2020: Shares issued Gross Proceeds Year Ended (in millions) (in millions) December 31, 2018 1.5 $ 46.8 December 31, 2019 3.0 115.1 December 31, 2020 0.1 3.7 Common Dividends The Board of Directors has declared common stock dividends as set forth below: Record Payment Dividend per Date Date Common Share January 31, 2020 February 14, 2020 $ 0.67 April 30, 2020 May 15, 2020 0.67 July 31, 2020 August 14, 2020 0.67 November 2, 2020 November 16, 2020 0.67 February 8, 2021 February 16, 2021 0.67 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 2020 2019 2018 Ordinary income $ 1.961 $ 1.763 $ 1.691 Return of capital 0.654 0.591 0.931 Capital gains 0.065 0.296 0.018 Total dividends paid $ 2.680 $ 2.650 $ 2.640 For additional information regarding dividends, see Note 15 – Taxes. 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, 2020 2019 2018 (in thousands) Foreign Currency Translation: Beginning balance $ (35,100) $ (47,704) $ (26,033) Translation gain (loss) 16,595 12,646 (21,703) Realized gain (loss) 78 (42) 32 Ending balance (18,427) (35,100) (47,704) Derivative Instruments: Cash flow hedges: Beginning balance (2,369) 3,994 1,463 Unrealized gain (loss) 34,712 (7,071) 2,593 Realized (loss) gain (1) (14,625) 708 (62) Ending balance 17,718 (2,369) 3,994 Net investment hedge: Beginning balance (4,420) 70 (7,070) Unrealized (loss) gain (8,911) (4,490) 7,140 Ending balance (13,331) (4,420) 70 Total accumulated other comprehensive loss before noncontrolling interest (14,040) (41,889) (43,640) Add: portion included in noncontrolling interest 1,272 2,031 1,988 Total accumulated other comprehensive loss for Omega $ (12,768) $ (39,858) $ (41,652) (1) Recorded in interest expense and loss on debt extinguishment on the Consolidated Statements of Operations. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 17 – 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. 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. PRSUs and PIUs 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 FTSE NAREIT Equity Health Care Index (“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. Dividend equivalents on the PRSUs are accrued and 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. Partnership distributions (which in the case of normal periodic distributions is equal to the total approved quarterly dividend on Omega’s common stock), less the 10% already paid, 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, 2018 2019 2020 Closing price on date of grant $ 27.54 $ 35.15 $ 42.35 Dividend yield 9.44 % 7.51 % 6.33 % Risk free interest rate at time of grant 1.60 % to 2.05 % 2.45 % to 2.57 % 1.63 % to 1.68 % Expected volatility 21.03 % to 23.24 % 21.78 % to 22.76 % 21.26 % to 21.97 % The following table summarizes the activity in restricted stock, RSUs, PRSUs, and PIUs for the years ended December 31, 2018, 2019 and 2020: Time Based Performance Based Weighted - Weighted - Total Number of Average Grant- Number of Average Grant- Compensation Shares/Omega Date Fair Value Shares/Omega Date Fair Value Cost (1) OP Units per Share OP Units per Share (in millions) Non-vested at December 31, 2017 337,509 32.78 1,360,780 14.82 Granted during 2018 217,717 28.19 1,012,032 10.40 $ 16.60 Cancelled during 2018 (5,941) 30.82 — — Forfeited during 2018 — — (203,380) 11.82 Vested during 2018 (190,412) 33.89 — — Non-vested at December 31, 2018 358,873 29.44 2,169,432 13.04 Granted during 2019 160,158 35.20 822,584 14.80 $ 17.82 Cancelled during 2019 (32,376) 30.38 (125,885) 14.57 Vested during 2019 (188,063) 31.01 (465,044) 15.89 Non-vested at December 31, 2019 298,592 31.44 2,401,087 13.01 Granted during 2020 158,572 39.88 1,208,537 17.11 $ 27.00 Cancelled during 2020 (2,006) 42.05 (54,076) 16.52 Vested during 2020 (2) (184,480) 29.28 (658,052) 14.85 Non-vested at December 31, 2020 270,678 $ 37.78 2,897,496 $ 14.24 (1) Total compensation cost to be recognized on the awards based on 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 As of December 31, 2020, unrecognized compensation costs related to unvested awards to employees is as follows: ● $4.6 million on RSUs and PIUs expected to be recognized over a weighted average period of approximately 36 months . ● $10.5 million on TSR PRSUs and PIUs expected to be recognized over a weighted average period of approximately 48 months . ● $12.1 million on Relative TSR PRSUs and PIUs expected to be recognized over a weighted average period of approximately 48 months . 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 dividend equivalents as well as the change in the value of the Company’s common stock. As of December 31, 2020 and 2019, the Company had 537,236 and 459,389 deferred stock units outstanding. 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, 2020, 2019 and 2018, was $4.7 million, $4.8 million and $1.7 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, 2020, approximately 3.2 million shares of common stock were reserved for issuance to our employees, directors and consultants under our stock incentive plans. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 – COMMITMENTS AND CONTINGENCIES Litigation The Company and certain of its officers, C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth Certain derivative actions have also been brought against the officers named in the Securities Class Action, and certain current and former directors of the Company, alleging claims relating to the matters at issue in the Securities Class Action. These derivative actions are currently stayed pending certain developments in the Securities Class Action. In 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, alleging violations of Section 14(a) of the Exchange Act and state-law claims including breach of fiduciary duty. The complaint alleges, among other things, that the named defendants are responsible for the Company’s failure to disclose the financial condition of Orianna Health Systems, the alleged non-disclosures that are also the subject of the Securities Class Action described above. The plaintiff did not make a demand on the Company to bring the action prior to filing it, but rather alleges that demand would have been futile. The case has been stayed pending the entry of judgement or a voluntary dismissal with prejudice in the Securities Class Action. In 2019, purported stockholder Phillip Swan by his counsel, and stockholders Tom Bradley and Sarah Smith by their counsel, filed derivative actions in the Baltimore City Circuit Court of Maryland, purportedly on behalf of the Company, asserting claims for breach of fiduciary duty, waste of corporate assets and unjust enrichment against the named defendants. Those actions have been consolidated and stayed in the Maryland court pending completion of fact discovery in the Securities Class Action. Prior to filing suit, each of these stockholders had made demands on the Board of Directors in 2018 that the Company bring such lawsuits. 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 demands. In addition, in late 2020, Robert Wojcik, a purported shareholder of the Company, filed a derivative action in the U.S. District Court for the District of Maryland, purportedly on behalf of the Company, asserting violations of Section 14(a) of the Exchange Act, Sections 10(b) and 21D of the Exchange Act, as well as claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. Wojcik also did not make a demand on the Company prior to filing suit. The case has been stayed pending the entry of judgement or a voluntary dismissal with prejudice in the Securities Class Action. 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 Realty, L.L.C.”). The CID requested certain documents and information related to the acquisition and ownership of Lakeway Hospital through Lakeway Realty, L.L.C.. 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. On September 29, 2020 the Department of Justice announced it had reached a settlement of a False Claims Act case with Lakeway Regional Medical Center wherein Lakeway Regional Medical Center agreed to pay $1.1 million for inducing certain physicians to refer patients by offering a low risk and high return investment in the form of a joint venture to purchase and then lease back the hospital to Lakeway Regional Medical Center. A MedEquities subsidiary was a party to this transaction but was not included in settlement discussions. The documents relating to the settlement are not publicly available. 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, 2020, our maximum funding commitment under these indemnification agreements was approximately $12.6 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, 2020, are outlined in the table below (in thousands): Total commitments $ 557,119 Amounts funded to date (1) (450,766) Remaining commitments (2) $ 106,353 (1) Includes finance costs. (2) This amount excludes our remaining commitments to fund under our other investments of approximately $95.7 million. Environmental Matters As of December 31, 2020 and 2019, 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, 2020 and 2019, no liability for conditional asset retirement obligations was recorded on our accompanying Consolidated Balance Sheets. |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 19 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the consolidated statements of cash flows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 163,535 $ 24,117 $ 10,300 Restricted cash 4,023 9,263 1,371 Cash, cash equivalents and restricted cash at end of year $ 167,558 $ 33,380 $ 11,671 Supplemental information: Interest paid during the year, net of amounts capitalized $ 216,206 $ 205,943 $ 211,863 Taxes paid during the year $ 6,974 $ 5,097 $ 4,772 Non cash investing activities Non cash acquisition of business (See Note 3) $ (1,826) $ (566,966) $ — Non cash acquisition of real estate (See Note 3) — (531,801) (185,592) Non cash proceeds from sale of real estate investments (See Note 3 and Note 5) 83,910 — 53,118 Non cash placement of mortgage principal (See Note 3 and Note 5) (86,936) — — Non cash surrender of mortgage (See Note 3) — 11,874 — Non cash investment in other investments (See Note 6) (121,139) (27,408) (16,153) Non cash proceeds from other investments (See Note 3 and Note 6) 68,025 149,542 7,000 Non cash settlement of direct financing lease (See Note 3) — 4,970 184,462 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 borrowing (repayment) of other long term debt (see Note 13) 6,459 (6,459) — Change in fair value of cash flow hedges 19,788 (7,757) 2,531 Remeasurement of debt denominated in a foreign currency 8,911 4,490 (7,140) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 20 - EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Year Ended December 31, 2020 2019 2018 (in thousands, except per share amounts) Numerator: Net income $ 163,545 $ 351,947 $ 293,884 Deduct: net income attributable to noncontrolling interests (4,218) (10,824) (12,306) Net income available to common stockholders $ 159,327 $ 341,123 $ 281,578 Denominator: Denominator for basic earnings per share 227,741 213,404 200,279 Effect of dilutive securities: Common stock equivalents 1,239 1,753 691 Net forward share contract — 179 — Noncontrolling interest – Omega OP Units 6,124 6,789 8,741 Denominator for diluted earnings per share 235,104 222,125 209,711 Earnings per share - basic: Net income available to common stockholders $ 0.70 $ 1.60 $ 1.41 Earnings per share – diluted: Net income $ 0.70 $ 1.58 $ 1.40 In September 2019, we 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, we 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 16 – Stockholders’ 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 our 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 us 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). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 21 – SUBSEQUENT EVENTS On January 20, 2021, we acquired 24 senior living facilities from Healthpeak Properties, Inc. for $510 million. The acquisition involved the assumption of an in-place master lease with Brookdale Senior Living. The master lease provides for 2021 contractual rent of approximately $43.5 million , and includes 24 facilities representing 2,552 operating units located in Arizona ( 1 ), California ( 1 ), Florida ( 1 ), Illinois ( 1 ), New Jersey ( 1 ), Oregon ( 6 ), Pennsylvania ( 1 ), Tennessee ( 1 ), Texas ( 6 ), Virginia ( 1 ) and Washington ( 4 ). In February 2021, we sold 16 facilities for approximately $149.6 million in cash proceeds and recorded a gain on sale of approximately $94.4 million. These 16 facilities were held for sale as of December 31, 2020 with a carrying value of approximately $49.3 million. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) 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 (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. The Company adopted Topic 326 on January 1, 2020. As a result of this adoption, we have disclosed a rollforward of our allowance for credit loss for 2020 in Note 2 – Summary of Significant Accounting Policies |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 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 $ 558,604 $ 3,709 $ — $ — $ 57,250 $ 562,313 $ 619,563 $ 62,120 1950 - 2000 1993 - 2019 25 years to 37 years Louisiana (SNF) (2) 1,751 25,249 — — — 1,751 25,249 27,000 1,558 1962 - 1988 2019 25 years Mississippi (SNF) (2) 3,548 56,618 — — — 3,548 56,618 60,166 3,432 1965 - 1974 2019 25 years North Carolina (SNF) (2) 7,126 94,113 — — (711) 7,126 93,402 100,528 17,019 1969 - 1995 2010 - 2019 25 years to 36 years Pennsylvania (ALF, ILF, SNF) 8,361 82,661 — — — 8,361 82,661 91,022 6,385 1964 - 1999 2019 25 years Virginia (SNF) 1,588 39,215 — — — 1,588 39,215 40,803 3,099 1967 - 1975 2019 25 years Total Consulate Health Care: $ 79,624 $ 856,460 $ 3,709 $ — $ (711) $ 79,624 $ 859,458 $ 939,082 $ 93,613 Maplewood Real Estate Holdings, LLC: Connecticut (ALF) $ 25,063 $ 254,085 $ 6,959 $ — $ — $ 25,063 $ 261,044 $ 286,107 $ 45,699 1968 - 2019 2010 - 2017 30 years to 33 years Massachusetts (ALF, SNF) 19,041 113,728 15,964 — (680) 19,041 129,012 148,053 28,582 1988 - 2017 2014 30 years to 33 years New Jersey (ALF) 10,673 — 23,870 826 — 10,673 24,696 35,369 — N/A 2019 N/A New York (ALF) 118,606 — 173,571 40,543 — 118,606 214,114 332,720 3,129 2020 2015 25 years Ohio (ALF) 3,683 27,628 73 — — 3,683 27,701 31,384 5,735 1999 - 2016 2013 - 2014 30 years to 33 years Total Maplewood Real Estate Holdings, LLC $ 177,066 $ 395,441 $ 220,437 $ 41,369 $ (680) $ 177,066 $ 656,567 $ 833,633 $ 83,145 Saber Health Group: Florida (SNF) $ 423 $ 4,422 $ 283 $ — $ — $ 423 $ 4,705 $ 5,128 $ 1,269 2009 2011 33 years North Carolina (SNF) 11,978 129,432 3,806 — — 11,978 133,238 145,216 29,194 1965 - 2019 2016 - 2019 25 years to 30 years Ohio (SNF) 3,028 82,070 5,422 — (268) 3,028 87,224 90,252 20,059 1979 - 2000 2011 - 2016 30 years to 33 years Pennsylvania (SNF) 6,328 104,222 3,958 — — 6,328 108,180 114,508 23,810 1873 - 2002 2007 - 2011 33 years Virginia (SNF, ALF) 19,678 182,438 6,294 — (285) 19,678 188,447 208,125 24,475 1964 - 2017 2013 - 2020 25 years to 30 years Total Saber Health Group $ 41,435 $ 502,584 $ 19,763 $ — $ (553) $ 41,435 $ 521,794 $ 563,229 $ 98,807 Agemo Holdings, LLC: Florida (SNF) $ 12,311 $ 148,949 $ 32,413 $ 1,468 $ — $ 12,311 $ 182,830 $ 195,141 $ 60,107 1940 - 2020 1996 - 2016 3 years to 39 years Georgia (SNF) 3,833 10,847 3,949 — — 3,833 14,796 18,629 11,321 1964 - 1970 2007 20 years Kentucky (SNF) 12,893 79,825 3,422 — — 12,893 83,247 96,140 30,560 1964 - 1980 1999 - 2016 20 years to 33 years Maryland (SNF) 1,480 19,663 1,183 — — 1,480 20,846 22,326 9,922 1959 - 1977 2010 29 years to 30 years Tennessee (ALF, SNF) 7,664 179,849 — — — 7,664 179,849 187,513 36,829 1966 - 2016 2014 - 2016 25 years to 30 years Total Agemo Holdings, LLC $ 38,181 $ 439,133 $ 40,967 $ 1,468 $ — $ 38,181 $ 481,568 $ 519,749 $ 148,739 CommuniCare Health Services, Inc.: Indiana (SNF) $ 20,737 $ 208,944 $ 888 $ — $ 6,093 $ 20,737 $ 215,925 $ 236,662 $ 35,039 1963 - 2015 2013 - 2020 20 years to 30 years Maryland (SNF) 7,190 74,029 4,803 — — 7,190 78,832 86,022 27,810 1921 - 1985 2010 - 2011 25 years to 30 years Ohio (SNF, BHP) 1,829 17,878 16,230 345 (2,662) 1,829 31,791 33,620 4,158 1979 - 2020 2005 - 2018 30 years to 39 years Pennsylvania (SNF) 1,753 18,533 11,299 — — 1,753 29,832 31,585 16,628 1950 - 1964 2005 39 years Virginia (SNF) 2,408 10,757 1,254 — — 2,408 12,011 14,419 1,674 1979 2018 30 years West Virginia (SNF) 450 14,759 184 — — 450 14,943 15,393 4,496 1963 2011 35 years Total CommuniCare Health Services, Inc. $ 34,367 $ 344,900 $ 34,658 $ 345 $ 3,431 $ 34,367 $ 383,334 $ 417,701 $ 89,805 SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION — continued (in thousands) December 31, 2020 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 $ 38,527 1960 - 1982 1992 - 1997 31 years to 33 years Arizona (ALF, SNF) 10,737 86,537 488 — — 10,737 87,025 97,762 22,325 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 38,280 1967 - 1988 1992 - 2014 25 years to 31 years California (ALF, SH, SNF, TBI) 86,015 460,611 5,095 — (599) 86,015 465,107 551,122 107,122 1938 - 2013 1997 - 2015 5 years to 35 years Colorado (ILF, SNF) 11,279 88,830 7,791 — — 11,279 96,621 107,900 44,818 1925 - 1975 1998 - 2016 20 years to 39 years Connecticut (SNF) 1,390 6,196 — — — 1,390 6,196 7,586 688 1991 2017 25 years Florida (ALF, SNF) 53,683 527,086 13,016 — (12,968) 52,743 528,074 580,817 195,254 1933 - 2019 1994 - 2017 2 years to 40 years Georgia (ALF, SNF) 3,740 47,689 769 — — 3,740 48,458 52,198 12,080 1967 - 1997 1998 - 2016 30 years to 40 years Idaho (SNF) 6,205 61,203 1,763 — (13,922) 6,205 49,044 55,249 18,181 1920 - 2008 1997 - 2014 25 years to 39 years Indiana (ALF, ILF, IRF, MOB, SH, SNF) 27,792 376,542 435 — (1,841) 27,771 375,157 402,928 123,502 1942 - 2008 1992 - 2018 20 years to 40 years Iowa (ALF, SNF) 2,343 59,310 — — — 2,343 59,310 61,653 16,245 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 17,999 1957 - 1977 2005 - 2011 25 years Kentucky (ALF, SNF) 3,193 55,267 3,502 — — 3,193 58,769 61,962 14,809 1969 - 2002 2014 33 years Louisiana (SNF) 4,925 52,869 22,245 448 (929) 4,925 74,633 79,558 25,795 1957 - 2020 1997 - 2018 22 years to 39 years Massachusetts (SNF) 4,580 29,444 1,784 — — 4,580 31,228 35,808 20,820 1964 - 1992 1997 - 2010 20 years to 33 years Michigan (SNF, ALF) 1,158 48,179 166 — — 1,158 48,345 49,503 13,004 1964 - 1997 2005 - 2014 25 years to 33 years Minnesota (ALF, ILF, SNF) 10,502 52,585 5,971 — — 10,502 58,556 69,058 15,029 1966 - 1983 2014 33 years Mississippi (SNF) 7,925 177,825 827 — — 7,925 178,652 186,577 37,677 1962 - 2008 2009 - 2013 20 years to 40 years Missouri (SNF) 6,268 109,731 693 — (30,351) 6,259 80,082 86,341 18,417 1955 - 1994 1999 - 2019 25 years to 33 years Montana (SNF) 1,319 11,698 — — — 1,319 11,698 13,017 2,662 1963 - 1971 2005 33 years Nebraska (SNF) 750 14,892 — — — 750 14,892 15,642 4,239 1966 - 1969 2012 - 2015 20 years to 33 years Nevada (BHS, SH, SNF, TBI) 8,811 92,797 8,350 — — 8,811 101,147 109,958 24,323 1972 - 2012 2009 - 2017 25 years to 33 years New Hampshire (ALF, SNF) 1,782 19,837 1,463 — — 1,782 21,300 23,082 10,823 1963 - 1999 1998 - 2006 33 years to 39 years New Mexico (SNF) 6,330 45,285 1,612 — — 6,330 46,897 53,227 9,872 1960 - 1985 2005 10 years to 33 years North Carolina (SNF) 6,286 89,383 4,580 — — 6,286 93,963 100,249 36,305 1927 - 1992 1994 - 2017 30 years to 33 years Ohio (SH, SNF, ALF) 23,010 287,213 4,362 — — 23,010 291,575 314,585 71,909 1920 - 2007 1994 - 2020 20 years to 39 years Oklahoma (SNF) 4,148 29,749 — — — 4,148 29,749 33,897 13,145 1965 - 2013 2010 - 2013 20 years to 33 years Oregon (ALF, SNF) 3,641 45,218 4,009 — — 3,641 49,227 52,868 11,967 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 76,097 1942 - 2012 2004 - 2018 20 years to 39 years Rhode Island (SNF) 3,299 23,487 3,804 — — 3,299 27,291 30,590 14,327 1965 - 1981 2006 39 years South Carolina (SNF) 8,480 76,912 2,860 — — 8,480 79,772 88,252 19,512 1959 - 2007 2014 - 2016 20 years to 33 years Tennessee (BHP, SNF) 5,883 99,535 5,897 — — 5,883 105,432 111,315 54,375 1974 - 2018 1992 - 2017 20 years to 31 years Texas (SH, ALF, BHS, IRF, MOB, SNF) 66,436 758,981 28,684 125 (62,302) 65,434 726,490 791,924 180,376 1949 - 2019 1997 - 2019 20 years to 40 years United Kingdom (ALF) 87,678 362,316 8,729 — (16,476) 86,559 355,688 442,247 61,208 1700 - 2012 2015 - 2020 25 years to 30 years Vermont (SNF) 318 6,005 602 — — 318 6,607 6,925 3,103 1971 2004 39 years Virginia (ALF, SNF) 9,321 124,901 179 — (174) 9,147 125,080 134,227 24,399 1979 - 2007 2010 - 2017 30 years to 40 years Washington (ALF, SNF) 11,719 138,055 2,736 — (68) 11,652 140,790 152,442 42,557 1930 - 2004 1995 - 2015 20 years to 33 years West Virginia (SNF) 1,523 52,187 6,878 — — 1,523 59,065 60,588 38,718 1961 - 1996 1994 - 2008 25 years to 39 years Wisconsin (SNF) 399 4,581 2,154 — — 399 6,735 7,134 2,316 1974 2005 33 years Total Other $ 516,493 $ 4,868,755 $ 187,460 $ 573 $ (144,521) $ 513,094 $ 4,915,666 $ 5,428,760 $ 1,482,805 Total $ 887,166 $ 7,407,273 $ 506,994 $ 43,755 $ (143,034) $ 883,767 $ 7,818,387 $ 8,702,154 $ 1,996,914 (1) The real estate included in this schedule is being used in either the operation of skilled nursing facilities (“SNF”), assisted living facilities (“ALF”), independent living facilities (“ILF”), traumatic brain injury (“TBI”), medical office buildings (“MOB”) or specialty hospitals (“SH”) located in the states or country indicated. (2) Certain of the real estate indicated are security for the HUD loan borrowings totaling $367.2 million at December 31, 2020. SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION — continued (in thousands) December 31, 2020 (3) Year Ended December 31, 2018 2019 2020 Balance at beginning of period $ 7,655,960 $ 7,746,410 $ 8,985,994 Acquisitions through foreclosure — 143,753 — Acquisitions (a) 294,202 1,201,924 125,060 Impairment (35,014) (48,939) (69,913) Improvements 187,408 170,997 88,130 Disposals/other (356,146) (228,151) (427,117) Balance at close of period $ 7,746,410 $ 8,985,994 $ 8,702,154 (a) Includes approximately $158.6 million, $750.6 million and $19.1 million of non-cash consideration exchanged and/or valuation adjustments during the years ended December 31, 2018, 2019 and 2020, respectively. (4) Year Ended December 31, 2018 2019 2020 Balance at beginning of period $ 1,376,828 $ 1,562,619 $ 1,787,425 Provisions for depreciation 280,871 301,177 329,508 Dispositions/other (95,080) (76,371) (120,019) Balance at close of period $ 1,562,619 $ 1,787,425 $ 1,996,914 (5) The reported amount of our real estate at December 31, 2020 is greater than the tax basis of the real estate by approximately $0.2 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, 2020 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE (in thousands) December 31, 2020 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) 10.90 % F (2) 2029 Interest plus approximately $152.0 of principal payable monthly with $352,454 due at maturity None $ 415,000 $ 374,607 $ — 2 Michigan (5 SNFs) 9.95 % F (2) 2029 Interest plus approximately $11.0 of principal payable monthly with $42,341 due at maturity None 44,200 43,936 — 3 Michigan (2 SNFs) 10.18 % F (2) 2029 Interest plus approximately $3.0 of principal payable monthly with $10,466 due at maturity None 11,000 10,900 — 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) 10.59 % 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) 7.85 % F 2025 Interest plus approximately $128.0 of principal payable monthly with $59,749 due at maturity None 72,960 67,012 — 8 Massachusetts (1 specialty facility) 9.00 % F 2023 Interest plus approximately $50.0 of principal payable monthly with $6,078 due at maturity None 9,000 7,691 — 9 Tennessee ( 1 SNF) 8.35 % F 2015 Past due None 6,997 1,472 1,472 (5) 10 Michigan (1 SNF) 9.20 % F (2) 2029 Interest payable monthly until maturity None 14,045 14,045 — 11 Michigan (1 SNF) 10.18 % F (2) 2029 Interest plus approximately $3.0 of principal payable monthly with $17,613 due at maturity None 18,147 18,115 — 12 Ohio (2 SNFs) 9.50 % F 2021 Interest payable monthly until maturity None 43,150 43,150 — 13 Michigan (8 SNFs and 1 ALF) 10.31 % F (2) 2029 Interest plus approximately $13.0 of principal payable monthly with $81,302 due at maturity None 83,454 83,368 — Capital Expenditure Mortgages 17 Michigan 10.23 % F (2) 2029 Interest payable monthly until maturity None 465 455 — 16 Michigan 11.90 % F (2) 2029 Interest payable monthly until maturity None 4,220 4,220 — 15 Michigan 11.60 % F (2) 2029 Interest payable monthly until maturity None 4,120 4,112 — 14 Michigan 11.31 % F (2) 2029 Interest payable monthly until maturity None 9,645 9,373 — 18 Michigan 10.49 % F (2) 2029 Interest payable monthly until maturity None 24,175 23,032 — 19 Michigan 9.95 % F (2) 2029 Interest payable monthly until maturity None 500 490 — 20 Michigan 9.74 % F (2) 2029 Interest payable monthly until maturity None 5,450 4,726 — 21 Michigan 9.18 % F (2) 2029 Interest payable monthly until maturity None 2,900 2,542 — 22 Michigan 9.50 % F (2) 2029 Interest payable monthly until maturity None 200 187 — 23 Michigan 10.23 % F (2) 2029 Interest payable monthly until maturity None 3,025 3,025 — Construction Mortgages 24 Michigan (1 SNF) 10.18 % F (2) 2021 Interest payable monthly until maturity None 17,032 17,004 — 25 Ohio (1 SNF) 8.50 % F (2) 2021 Interest payable monthly until maturity None 14,000 12,727 — Allowance for credit loss on mortgage loans — (28,340) — $ 1,010,113 $ 885,313 $ 1,472 (1) Loans included in this schedule represent first mortgages, capital expenditure 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 $919.2 million. SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE — continued (in thousands) December 31, 2020 (4) Year Ended December 31, 2018 2019 2020 Balance at beginning of period $ 671,232 $ 710,858 $ 773,563 Additions during period - new mortgage loans or additional fundings (a) 65,841 129,108 149,957 Deductions during period - collection of principal/other (b) (26,215) (66,403) (9,867) Allowance for credit loss on mortgage loans — — (28,340) Balance at close of period $ 710,858 $ 773,563 $ 885,313 (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. The 2020 amount includes $0.6 million of non-cash interest paid-in-kind and $86.9 million of non-cash placement of mortgage capital. (b) 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 2020 aggregated approximately $35.1 million. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [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, including those stemming from the novel coronavirus (“COVID-19”) global pandemic described below, which has disproportionately impacted the senior care sector, as well as, those stemming from healthcare legislation and changing regulation by federal, state and local governments, including those driven by the COVID-19 pandemic. 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. In addition to experiencing outbreaks of positive cases and deaths of residents and employees during the pandemic, our operators have been required to adapt their operations rapidly throughout the pandemic to manage the spread of the COVID-19 virus as well as the implementation of new treatments and vaccines, and to implement new requirements relating to infection control, personal protective equipment (“PPE”), quality of care, visitation protocols, staffing levels, and reporting, among other regulations, throughout the pandemic. While we expect the approval of multiple vaccines for COVID-19 to reduce the spread and impact of the virus, particularly with respect to residents in our facilities given the prioritization of these populations in receiving the vaccines, there remain risks associated with the speed, distribution, and delivery of the vaccine in our facilities, as well as participation levels in vaccination programs among the residents and employees of our operators. In addition to the risks associated with managing the spread of the virus, delivery of the vaccines and care of their patients and residents, many of our operators reported incurring significant cost increases as a result of the COVID-19 pandemic, with dramatic increases for facilities with positive cases. We believe these increases primarily stem from elevated labor costs, including increased use of overtime and bonus pay, as well as a significant increase in both the cost and usage of PPE, testing equipment and processes and supplies, as well as implementation of new infection control protocols and vaccination programs. In addition, many of our operators have reported experiencing declines, in some cases that are material, in occupancy levels as a result of the pandemic. We believe these declines may be in part due to COVID-19 related fatalities at our facilities, the delay of SNF placement and/or utilization of alternative care settings for those with lower level of care needs, the suspension and/or postponement of elective hospital procedures, fewer discharges from hospitals to SNFs and higher hospital readmittances from SNFs. While substantial government support, primarily through the federal CARES Act in the U.S. and distribution of PPE, vaccines and testing equipment by the federal government, has been allocated to SNFs and to a lesser extent to ALFs, further government support will likely be needed to continue to offset these impacts and it is unclear whether and to what extent such government support has been and will continue to be sufficient and timely to offset these impacts. Further, to the extent these impacts continue or accelerate and are not offset by additional government relief that is sufficient and timely, the operating results of our operators are likely to be adversely affected, some may be unwilling or unable to pay their contractual obligations to us in full or on a timely basis and we may be unable to restructure such obligations on terms as favorable to us as those currently in place. Even if operators are able to avail themselves of government relief to offset some of these costs, they may face challenges in complying with the terms and conditions of government support and may face longer-term adverse impacts to their personnel and business operations from the COVID-19 pandemic, including potential patient litigation and decreased demand for their services, loss of business due to an interruption in their operations, or other liabilities related to gathering restrictions, quarantines, reopening plans, vaccine distribution or delivery, spread of infection or other related factors. The extent of the COVID-19 pandemic’s effect on our and our operators’ operational and financial performance will depend on future developments, including the ability to control the spread of the outbreak generally and in our facilities and the delivery of and participation in vaccination programs and other treatments for COVID-19, government funds and other support for the senior care sector and the efficacy of other policies and measures that may mitigate the impact of the pandemic, all of which are uncertain and difficult to predict. Due to these uncertainties, we are not able at this time to estimate the effect of these factors on our business, but the adverse impact on our business, results of operations, financial condition and cash flows could be material. |
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, 2020, 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 |
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. |
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 of the assets 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 our assets in a future period that could be material to our results of operations. |
Lease Accounting | Lease Accounting On January 1, 2019, we adopted Accounting Standards Codification (“ASC”) 842, Leases Upon adoption of Topic 842, 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 collectibility of certain operator’s future contractual lease payments based on the facts and circumstances that existed as of January 1, 2019. In addition, we recorded total initial non-cash right of use assets and lease liabilities 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. 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, 2020, we have determined that all but one of our leases should be accounted for as operating leases. One lease is accounted for as a direct financing lease. 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”, “Asset Acquisitions” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. 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 “Lessor Accounting for Direct Financing Lease Income” below for further discussion regarding the recording of interest income on our direct financing leases. Lessor Accounting for 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. We assess the probability of collecting substantially all payments due under our leases on several factors, including, among other things, payment history, the financial strength of the lessee and/or borrower and any guarantors, historical operations and operating trends, current and future economic conditions, and expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern). 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, potentially resulting in increased volatility of rental income. 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. 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 We have elected to exclude sales and other similar taxes from the measurement of lease revenue and expense. Lessor Accounting for Real Estate Sales On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers Lessee Accounting Topic 842 requires a lessee 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. 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 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 Upon adoption of Topic 842, we began recording on a straight-line basis 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. |
In-Place Leases | In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of an asset acquisition 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. |
Mortgages, Other Investments and Direct Financing Leases (collectively, our "loans") and Allowance for Credit Losses | Mortgages, Other Investments and Direct Financing Leases (collectively, our “loans”) and Allowance for Credit Losses 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. Lessor Accounting for Direct Financing Lease Income 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. Allowance for Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses The allowance for credit losses on loans is measured using relevant information about past events, including historical credit loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. Changes to the allowance for credit losses on loans resulting from quarterly evaluations are recorded through provision for credit losses on the Consolidated Statements of Operations. The Company’s unfunded lending commitments are calculated using the same as the methodology for the loans over the contractual term of the commitment. The loss estimate is recorded in accrued expenses and other liabilities on the Consolidated Balance Sheets with quarterly changes to the liability recorded through provision for credit losses on the Consolidated Statements of Operations. ASU 2016-13 specifically excludes from its scope receivables arising from operating leases accounted for under Topic 842. We adopted ASU 2016-13 on January 1, 2020 using the modified retrospective approach and we recorded an initial $28.8 million allowance for expected credit losses with a corresponding adjustment to equity. Transition Impact of Adopting Topic 326 Pre-adoption balance as of Impact of adopting Post-adoption balance as of Financial Statement Line Item December 31, 2019 Topic 326 January 1, 2020 (in thousands) Mortgage Notes Receivable $ 773,563 $ (21,386) $ 752,177 Investment in Direct Financing Leases 11,488 (611) 10,877 Other Investments 419,228 (6,688) 412,540 Off-Balance Sheet Commitments 20,777 (100) 20,677 Total $ 1,225,056 $ (28,785) $ 1,196,271 We elected to disaggregate our financial assets within the scope of Topic 326 based on the type of financial instrument. These segments were further disaggregated based on our internal credit ratings. We assess our internal credit ratings on a quarterly basis. Our internal credit ratings consider several factors including the collateral and/or security, the performance of borrowers underlying facilities, if applicable, available credit support (e.g., guarantees), borrowings with third parties, and other ancillary business ventures and real estate operations of the borrower. Our internal ratings range between 1 and 7. An internal rating of 1 reflects the lowest likelihood of loss and a 7 reflects the highest likelihood of loss. Amortized Cost Basis By Year of Origination and Credit Quality Indicator Rating Financial Statement Line Item 2020 2019 2018 2017 2016 2015 2014 & older Revolving Loans Balance as of December 31, 2020 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ 67,012 $ - $ - $ 67,012 2 Mortgage Notes Receivable 43,150 - - - - - - - 43,150 3 Mortgage Notes Receivable - - - - - - 35,964 - 35,964 4 Mortgage Notes Receivable 89,006 17,383 44,426 46,474 37,076 9,561 495,438 - 739,364 5 Mortgage Notes Receivable - - 19,000 - - - 7,691 - 26,691 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 132,156 17,383 63,426 46,474 37,076 76,573 545,470 - 918,558 3 Investment in Direct Financing Leases - - - - - 11,458 - - 11,458 Sub-total - - - - - 11,458 - - 11,458 1 Other Investments 17,556 - - - - - - - 17,556 2 Other Investments - - - - - 2,082 - 15,265 17,347 3 Other Investments - 22,442 31,491 - - 363 3,756 161,591 219,643 4 Other Investments - 12,131 114,375 - 82,960 - - 5,000 214,466 5 Other Investments - 22,662 5,925 - 600 - - 700 29,887 Sub-total 17,556 57,235 151,791 - 83,560 2,445 3,756 182,556 498,899 Total $ 149,712 $ 74,618 $ 215,217 $ 46,474 $ 120,636 $ 90,476 $ 549,226 $ 182,556 $ 1,428,915 We have a limited history of incurred losses and consequently have elected to employ external data to perform our expected credit loss calculation. We have elected a probability of default (“PD”) and loss given default (“LGD”) methodology. Our model’s historic inputs consider PD and LGD data for residential care facilities published by the Federal Housing Administration (“FHA”) along with Standards & Poor’s one-year global corporate default rates. Our historical loss rates revert to historical averages after 36 periods. Our model’s current conditions and supportable forecasts consider internal credit ratings, current and projected U.S. unemployment rates published by the United States Bureau of Labor Statistics and the Federal Reserve Bank of St. Louis and the weighted average life to maturity of the underlying financial asset. Allowance for Credit Losses Rollforward Segment Financial Statement Line Item Allowance for Credit Loss at December 31, 2019 Allowance for Credit Loss on January 1, 2020 Provision for Credit Loss for the year ended December 31, 2020 Write-offs charged against allowance for the year ended December 31, 2020 Allowance for Credit Loss as of December 31, 2020 (in thousands) Segment A-4 Mortgage Notes Receivable $ - $ 19,293 $ 7,572 $ - $ 26,865 Segment B-3 Mortgage Notes Receivable - 901 53 - 954 Segment C-5 Mortgage Notes Receivable - 829 (396) - 433 Segment E-6 Mortgage Notes Receivable 4,905 363 (363) - 4,905 Segment F-2 Mortgage Notes Receivable - - 88 - 88 Sub-total 4,905 21,386 6,954 - 33,245 Segment A-3 Investment in Direct Financing Leases 217 611 83 (217) 694 Sub-total 217 611 83 (217) 694 Segment A-4 Other Investments - 3,158 21,239 - 24,397 Segment B-3 Other Investments - 1,434 3,679 - 5,113 Segment C-2 Other Investments - 195 (101) - 94 Segment D-5 Other Investments - 1,901 (48) - 1,853 Sub-total - 6,688 24,769 - 31,457 Segment A-4 Off-Balance Sheet Mortgage Commitments - 100 (76) - 24 Segment B-3 Off-Balance Sheet Note Commitments - - 2,305 - 2,305 Segment C-2 Off-Balance Sheet Note Commitments - - 116 - 116 Sub-total - 100 2,345 - 2,445 Total $ 5,122 $ 28,785 $ 34,151 $ (217) $ 67,841 As of December 31, 2020, $10.0 million of contractual interest receivable is recorded in contractual receivables – net on our Consolidated Balance Sheets. We have elected the practical expedient to exclude interest receivable from our allowance for credit losses. We write-off interest receivable to provision for credit losses in the period we determine the interest is no longer considered collectible. Our assessment of collectibility considers several factors, including, among other things, payment history, the financial strength of the borrower and any guarantors, historical operations and operating trends, current and future economic conditions, expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern) and the value of the underlying collateral of the agreement, if any. During 2020, we determined that interest receivable of $3.8 million (related to the Agemo term loans, see Note 6 – Other Investments) was no longer considered collectible. As such, we reserved approximately $3.8 million of interest receivable through the provision for credit losses during the year ended December 31, 2020. The $3.8 million reserve for interest receivable is excluded from the table above. Periodically, the Company may identify an individual loan for impairment. A loan is considered 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 collectibility is diminished, we will return these loans to full accrual status. When we identify a loan impairment, 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 using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans for which impairment reserves were recorded. We utilize the cash basis method for impaired loans for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan and/or the underlying collateral supporting the loan were equal to or exceeded the book value of the loan. Under the cost-recovery method, we apply cash received against the outstanding loan balance 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. |
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. A summary of our other receivables and inducements by type is as follows: December 31, December 31, 2020 2019 (in thousands) Contractual receivables – net $ 10,408 $ 27,122 Effective yield interest receivables $ 12,195 $ 12,914 Straight-line rent receivables 139,046 275,549 Lease inducements 83,425 92,628 Other receivables and lease inducements $ 234,666 $ 381,091 In 2020, we wrote-off approximately $143.0 million of contractual receivables, straight-line rent receivables, and lease inducements to rental income as a result of placing four operators on a cash basis resulting from a change in our evaluation of the collectibility of future rent payments due under the respective lease agreements as further discussed in Note 2 – Summary of Significant Accounting Policies. In part, our conclusions were based on information the Company received from these four operators during the third and fourth quarters of 2020 regarding substantial doubt as to their ability to continue as a going concern. Of the $143.0 million, $64.9 million related to Genesis Healthcare, Inc. (“Genesis”), $75.3 million related to Agemo Holdings, LLC (“Agemo”) and $2.8 million related to two other operators which lease five facilities from the Company. During 2020, we also wrote-off approximately $3.6 million of straight-line rent receivables to rental income as a result of transitioning facilities to other existing operators. In addition, during 2020, we received a one-time rent payment of approximately $55.4 million from Maplewood Real Estate Holdings, LLC (“Maplewood”), in conjunction with the restructuring of its master lease and loans with Omega (see Note 6 – Other Investments). This payment was accounted for as an adjustment to straight-line rent receivables and is being amortized over the remaining term of the master lease. During 2020, we also provided approximately $34.1 million of funding to four operators, which was accounted for as lease inducements. Of the $34.1 million, $23.9 million was funded to Maplewood for development and start-up related costs. 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 collectibility 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 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 credit losses, as a result of facility transitions and placing an operator on a cash basis. The provision for credit losses was offset by a recovery of approximately $4.8 million. |
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. 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 three years ended December 31, 2020. |
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. |
Goodwill Impairment | Goodwill Impairment |
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 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 carry-forwards. 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. |
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 $10.1 million, $9.6 million and $9.0 million in 2020, 2019 and 2018, respectively, and are recorded in interest expense 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 loss on debt extinguishment on our Consolidated Statements of Operations. |
Earnings Per Share | Earnings Per Share The computation of basic earnings per share/unit (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares 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. |
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 Omega OP’s partnership agreement. As of December 31, 2020, 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 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. |
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 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 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 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, 2020 and 2019, $1.0 million and $3.7 million, respectively, of qualifying cash flow hedges were recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets. At December 31, 2020, $17.0 million of qualifying cash flow hedges were recorded at fair value in other assets on our Consolidated Balance Sheets. 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 AOCL in our Consolidated Balance Sheets. |
Reclassification | Reclassification |
Accounting Pronouncement Adopted in 2020 | Accounting Pronouncements Adopted in 2020 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Net Accounts Receivable | A summary of our other receivables and inducements by type is as follows: December 31, December 31, 2020 2019 (in thousands) Contractual receivables – net $ 10,408 $ 27,122 Effective yield interest receivables $ 12,195 $ 12,914 Straight-line rent receivables 139,046 275,549 Lease inducements 83,425 92,628 Other receivables and lease inducements $ 234,666 $ 381,091 |
Schedule of credit losses impact | Transition Impact of Adopting Topic 326 Pre-adoption balance as of Impact of adopting Post-adoption balance as of Financial Statement Line Item December 31, 2019 Topic 326 January 1, 2020 (in thousands) Mortgage Notes Receivable $ 773,563 $ (21,386) $ 752,177 Investment in Direct Financing Leases 11,488 (611) 10,877 Other Investments 419,228 (6,688) 412,540 Off-Balance Sheet Commitments 20,777 (100) 20,677 Total $ 1,225,056 $ (28,785) $ 1,196,271 |
Schedule by segment balance by vintage and credit quality indicator | Amortized Cost Basis By Year of Origination and Credit Quality Indicator Rating Financial Statement Line Item 2020 2019 2018 2017 2016 2015 2014 & older Revolving Loans Balance as of December 31, 2020 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ 67,012 $ - $ - $ 67,012 2 Mortgage Notes Receivable 43,150 - - - - - - - 43,150 3 Mortgage Notes Receivable - - - - - - 35,964 - 35,964 4 Mortgage Notes Receivable 89,006 17,383 44,426 46,474 37,076 9,561 495,438 - 739,364 5 Mortgage Notes Receivable - - 19,000 - - - 7,691 - 26,691 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 132,156 17,383 63,426 46,474 37,076 76,573 545,470 - 918,558 3 Investment in Direct Financing Leases - - - - - 11,458 - - 11,458 Sub-total - - - - - 11,458 - - 11,458 1 Other Investments 17,556 - - - - - - - 17,556 2 Other Investments - - - - - 2,082 - 15,265 17,347 3 Other Investments - 22,442 31,491 - - 363 3,756 161,591 219,643 4 Other Investments - 12,131 114,375 - 82,960 - - 5,000 214,466 5 Other Investments - 22,662 5,925 - 600 - - 700 29,887 Sub-total 17,556 57,235 151,791 - 83,560 2,445 3,756 182,556 498,899 Total $ 149,712 $ 74,618 $ 215,217 $ 46,474 $ 120,636 $ 90,476 $ 549,226 $ 182,556 $ 1,428,915 |
Schedule of expected credit loss | Allowance for Credit Losses Rollforward Segment Financial Statement Line Item Allowance for Credit Loss at December 31, 2019 Allowance for Credit Loss on January 1, 2020 Provision for Credit Loss for the year ended December 31, 2020 Write-offs charged against allowance for the year ended December 31, 2020 Allowance for Credit Loss as of December 31, 2020 (in thousands) Segment A-4 Mortgage Notes Receivable $ - $ 19,293 $ 7,572 $ - $ 26,865 Segment B-3 Mortgage Notes Receivable - 901 53 - 954 Segment C-5 Mortgage Notes Receivable - 829 (396) - 433 Segment E-6 Mortgage Notes Receivable 4,905 363 (363) - 4,905 Segment F-2 Mortgage Notes Receivable - - 88 - 88 Sub-total 4,905 21,386 6,954 - 33,245 Segment A-3 Investment in Direct Financing Leases 217 611 83 (217) 694 Sub-total 217 611 83 (217) 694 Segment A-4 Other Investments - 3,158 21,239 - 24,397 Segment B-3 Other Investments - 1,434 3,679 - 5,113 Segment C-2 Other Investments - 195 (101) - 94 Segment D-5 Other Investments - 1,901 (48) - 1,853 Sub-total - 6,688 24,769 - 31,457 Segment A-4 Off-Balance Sheet Mortgage Commitments - 100 (76) - 24 Segment B-3 Off-Balance Sheet Note Commitments - - 2,305 - 2,305 Segment C-2 Off-Balance Sheet Note Commitments - - 116 - 116 Sub-total - 100 2,345 - 2,445 Total $ 5,122 $ 28,785 $ 34,151 $ (217) $ 67,841 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, December 31, 2020 2019 (in thousands) Buildings $ 6,961,509 $ 7,056,106 Land 883,765 901,246 Furniture and equipment 518,664 515,421 Site improvements 308,087 287,655 Construction in progress 30,129 225,566 Total real estate investments 8,702,154 8,985,994 Less accumulated depreciation (1,996,914) (1,787,425) Real estate investments – net $ 6,705,240 $ 7,198,569 |
Schedule of operating lease income | Year Ended December 31 2020 2019 (in thousands) (in thousands) Rental income – operating leases $ 741,681 $ 792,010 Variable lease income – operating leases 11,746 12,066 Total lease income $ 753,427 $ 804,076 Real estate tax expense $ 12,316 $ 14,933 General and administrative – ground lease expense 1,448 1,208 Total $ 13,764 $ 16,141 |
Schedule of estimated contractual rent receivables under operating leases | (in thousands) 2021 $ 867,780 2022 868,976 2023 863,985 2024 875,099 2025 878,956 Thereafter 4,259,773 Total $ 8,614,569 |
Schedule of Significant Acquisitions | The following table summarizes the significant asset acquisitions that occurred in 2020: Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF State (in millions) Cash Yield (1) Q1 — 2 U.K. $ 12.1 8.00 % Q1 1 — IN 7.0 9.50 % Q2 1 — OH 6.9 9.50 % Q4 6 1 VA 78.4 9.50 % Total 8 3 $ 104.4 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. The following table summarizes the significant transactions that occurred in 2019: Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF Specialty MOB State (in millions) Cash Yield (1) Q1 1 — — — OH $ 11.9 (3) 12.00 % Q2 20 1 11 1 CA, CT, IN, NV, SC, TN, TX 440.7 (2) 9.82 % Q2 7 1 3 — PA, VA 131.8 (3) 9.35 % Q3 3 — — — NC, VA 24.9 9.50 % Q4 58 2 — — FL, ID, KY, LA, MS, MO, MT, NC 735.2 8.71 % Total 89 4 14 1 $ 1,344.5 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) The acquisition was accounted for as a business combination. The other acquisitions were accounted for as asset acquisitions. (3) Acquired via a deed-in-lieu of foreclosure. The following table summarizes the significant asset acquisitions that occurred in 2018: Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF/ILF State (in millions) Cash Yield (3) Q1 — 1 U.K. $ 4.0 (1) 8.50 % Q1 — 1 U.K. 5.7 (2) 8.50 % Q1 1 — PA 7.4 9.50 % Q1 1 — VA 13.2 9.50 % Q2 5 — TX 22.8 9.50 % Q4 3 1 PA 35.1 9.50 % Q4 1 — IN 8.3 9.50 % Q4 1 — OH 9.2 9.50 % Total 12 3 $ 105.7 (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 contractual cash rent divided by the purchase price. |
Schedule of pro forma information not indicative of future operations | Pro Forma Year Ended December 31, 2019 2018 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 |
MedEquities | |
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 $ 440,690 Mortgage notes receivable 108,097 Other investments 19,192 Investment in unconsolidated joint venture 73,834 Cash 4,067 Contractual receivables 1,002 Other assets (1) 7,698 Total investments 654,580 Debt (285,100) Accrued expenses and other liabilities (2) (23,931) Fair value of net assets acquired $ 345,549 (1) Includes approximately $ 2.5 million in above market lease assets. |
DIRECT FINANCING LEASES (Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, December 31, 2020 2019 (in thousands) Minimum lease payments receivable $ 25,947 $ 27,227 Less unearned income (14,489) (15,522) Investment in direct financing leases 11,458 11,705 Less allowance for credit losses on direct financing leases (694) (217) Investment in direct financing leases – net $ 10,764 $ 11,488 Properties subject to direct financing leases 1 2 Number of direct financing leases 1 2 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: December 31, December 31, 2020 2019 (in thousands) Mortgage note due 2027; interest at 10.59% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 10.53% (1) 670,015 526,520 Other mortgage notes outstanding (2) 136,043 139,448 Mortgage notes receivable, gross 918,558 778,468 Allowance for credit losses on mortgage notes receivable (33,245) (4,905) Total mortgages — net $ 885,313 $ 773,563 (1) Approximates the weighted average interest rate on 46 facilities. Two notes totaling approximately $29.7 million are construction mortgages with maturities in 2021 . Two mortgage notes totaling $43.2 million mature in 2021 and the remaining loan balance matures in 2029 . (2) Other mortgage notes outstanding have a weighted average interest rate of 9.41% per annum and maturity dates through 2028 . |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | A summary of our other investments is as follows: December 31, December 31, 2020 2019 (in thousands) Other investment notes due 2022; interest at 13.12% (1) $ 83,636 $ 77,087 Other investment notes due 2024-2025; interest at 8.12% (1) 56,987 58,687 Other investment note due 2023; interest at 12.00% 49,973 52,213 Other investment notes due 2030; interest at 7.00% 147,148 65,000 Other investment notes outstanding (2) 161,155 166,241 Total other investments, gross 498,899 419,228 Allowance for credit losses on other investments (31,457) — Total other investments - net $ 467,442 $ 419,228 (1) Approximate weighted average interest rate as of December 31, 2020. (2) Other investment notes have a weighted average interest rate of 7.75% and maturity dates through 2028 . |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following operators are considered VIEs as of December 31, 2020 and 2019. Below is a summary of our assets and liabilities associated with each operator: December 31, 2020 December 31, 2019 Agemo Maplewood Agemo (in thousands) (in thousands) Assets Real estate investments – net $ 371,010 $ 750,488 $ 403,389 Other investments 34,253 147,148 58,687 Contractual receivables 346 887 18,113 Straight-line rent receivables — (56,664) 46,247 Lease inducement — 69,666 6,810 Subtotal 405,609 911,525 533,246 Liabilities Net in-place lease liability — (331) — Contingent liability — (43,915) — Subtotal — (44,246) — Collateral Letters of credit (9,253) — (9,253) Personal guarantee (8,000) (40,000) (8,000) Other collateral (371,010) (750,488) (403,389) Subtotal (388,263) (790,488) (420,642) Maximum exposure to loss $ 17,346 $ 76,791 $ 112,604 |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from Agemo and Maplewood for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Agemo Maplewood Agemo Maplewood Agemo Maplewood Revenue Rental (loss) income (1) $ (22,387) $ 52,442 $ 60,639 $ 39,111 $ 59,291 $ 33,892 Other investment income 4,913 6,951 4,502 4,821 3,500 4,615 Total (2) $ (17,474) $ 59,393 $ 65,141 $ 43,932 $ 62,791 $ 38,507 (1) The rental income related to Agemo for the year ended December 31, 2020, reflects the write-off of approximately $75.3 million of contractual rent receivable, straight-line rent receivable and lease inducements (see Note 2 – Summary of Significant Accounting Policies). (2) For the years ended December 31, 2020, 2019 and 2018, we received cash rental income and other investment income from Agemo of approximately $53.9 million, $53.7 million and $56.8 million, respectively. For the years ended December 31, 2020, 2019 and 2018, we received cash rental income and other investment income from Maplewood of approximately $69.6 million, $ 44.9 million and $35.5 million, respectively. |
INVESTMENT IN JOINT VENTUREs (T
INVESTMENT IN JOINT VENTUREs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INVESTMENTS IN JOINT VENTURES [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 Facility Facilities at December 31, December 31, Entity (1) % Date Investment (2) Type 12/31/2020 2020 2019 Second Spring Healthcare Investments (3) 15% 11/1/2016 $ 50,032 SNF 21 $ 17,700 $ 22,504 Lakeway Realty, L.L.C. (4) 51% 5/17/2019 73,834 Specialty facility 1 72,318 73,273 Cindat Joint Venture (5) 49% 12/18/2019 105,688 ALF 67 110,360 103,976 OMG Senior Housing, LLC 50% 12/6/2019 — ILF 1 — — OH CHS SNP, Inc. 9% 12/20/2019 746 N/A N/A 260 131 $ 230,300 $ 200,638 $ 199,884 (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 investment includes our transaction costs, if any. (3) The Company made a loan of $17.6 million to the venture which is included in other investments. See Note 6 – Other Investments. During 2020, this joint venture sold 16 SNFs subject to an operating lease for approximately $259.1 million in net cash proceeds and recognized a gain on sale of approximately $40.4 million. 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. 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 Consolidated Statements of Operations. The lessee of the Lakeway Hospital has an option to purchase the facility from the joint venture. The lessee also has a right of first refusal and a right of first offer in the event the joint venture intends to sell or otherwise transfer Lakeway Hospital. (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 is being amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The following table reflects our income (loss) from unconsolidated joint ventures for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, Entity 2020 2019 2018 (in thousands) Second Spring Healthcare Investments $ 2,807 $ 9,490 $ 381 Lakeway Realty, L.L.C. 2,483 1,479 — Cindat Joint Venture 1,812 (22) — OMG Senior Housing, LLC (497) — — OH CHS SNP, Inc. (462) — — Total $ 6,143 $ 10,947 $ 381 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Assets Held for Sale [Abstract] | |
Schedule of Properties 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, 2018 3 $ 989 Properties sold (1) (8) (6,486) Properties added (2) 11 10,419 December 31, 2019 6 4,922 Properties sold (1) (25) (126,532) Properties added (2) 41 203,062 December 31, 2020 (3) 22 $ 81,452 (1) 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. In 2020, we sold 25 facilities and a parcel of land for approximately $142.8 million in net proceeds recognizing a gain on sale of approximately $16.2 million. (2) 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. In 2020, we recorded approximately $36.4 million of impairment expense to reduce 11 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, 2020 within the next twelve months. |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangibles [Abstract] | |
Schedule of Intangibles | The following is a summary of our lease intangibles as of December 31, 2020 and 2019: December 31, December 31, 2020 2019 (in thousands) Assets: Above market leases $ 22,822 $ 49,240 Accumulated amortization (20,882) (21,227) Net above market leases $ 1,940 $ 28,013 Liabilities: Below market leases $ 139,515 $ 147,292 Accumulated amortization (100,996) (87,154) Net below market leases $ 38,519 $ 60,138 |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill: (in thousands) Balance as of December 31, 2019 $ 644,415 Add: foreign currency translation 438 Add: goodwill from business combination 6,884 Balance as of December 31, 2020 $ 651,737 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BORROWING ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | Annual Interest Rate as of December 31, December 31, Net Proceeds Maturity 2020 2020 2019 (in millions) (in thousands) Secured borrowings: HUD mortgages (1)(2) 2046-2052 3.01 % $ 367,249 $ 387,405 Term loan (3) 2021 3.50 % 2,275 2,275 369,524 389,680 Unsecured borrowings: Revolving line of credit (4)(5) 2021 1.27 % 101,158 125,000 U.S. term loan (5) N/A N/A — 350,000 Sterling term loan (5)(6) 2022 1.47 % 136,700 132,480 Omega OP term loan (7) 2022 3.29 % 50,000 75,000 2015 term loan (5) N/A N/A — 250,000 Deferred financing costs – net (351) (2,742) Total term loans – net 186,349 804,738 Senior Notes: (5) 2023 notes $ 692.0 2023 4.375 % 700,000 700,000 2024 notes 394.3 2024 4.950 % 400,000 400,000 2025 notes 397.7 2025 4.500 % 400,000 400,000 2026 notes 594.4 2026 5.250 % 600,000 600,000 2027 notes 683.0 2027 4.500 % 700,000 700,000 2028 notes 540.8 2028 4.750 % 550,000 550,000 2029 notes 487.8 2029 3.625 % 500,000 500,000 2031 notes (8) 680.5 2031 3.375 % 700,000 — Subordinated debt (2) 2021 9.000 % 20,000 13,541 Discount – net (31,709) (23,041) Deferred financing costs – net (26,070) (23,778) Total senior notes and other unsecured borrowings – net 4,512,221 3,816,722 Total unsecured borrowings – net 4,799,728 4,746,460 Total secured and unsecured borrowings – net (9) $ 5,169,252 $ 5,136,140 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2020. Secured by real estate assets with a net carrying value of $571.2 million as of December 31, 2020. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Borrowing is the debt of a consolidated joint venture. (4) The Revolving line of credit matures on May 25, 2021, subject to an option by us to extend such maturity date for two , six month periods. (5) Guaranteed by Omega OP. (6) Actual borrowing in British Pounds Sterling and remeasured to USD. (7) Omega OP is the obligor on this borrowing. (8) We used the proceeds from this offering to repay the outstanding balance on our U.S. term loan, our 2015 term loan and pay down the Omega OP term loan and Revolving line of credit. (9) All borrowings are direct borrowings of Parent unless otherwise noted. |
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | (in thousands) 2021 $ 130,876 2022 194,370 2023 707,904 2024 408,144 2025 408,393 Thereafter 3,377,695 Total $ 5,227,382 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | 2020 2019 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,764 $ 10,764 $ 11,488 $ 11,488 Mortgage notes receivable – net 885,313 924,353 773,563 819,083 Other investments – net 467,442 474,552 419,228 412,934 Total $ 1,363,519 $ 1,409,669 $ 1,204,279 $ 1,243,505 Liabilities: Revolving line of credit $ 101,158 $ 101,158 $ 125,000 $ 125,000 Term loan 2,275 2,275 2,275 2,275 U.S. term loan — — 348,878 350,000 Sterling term loan 136,453 136,700 132,059 132,480 Omega OP term loan 49,896 50,000 74,763 75,000 2015 term loan — — 249,038 250,000 4.375% notes due 2023 – net 696,981 770,635 695,812 749,693 4.95% notes due 2024 – net 396,714 441,194 395,702 442,327 4.50% notes due 2025 – net 396,924 444,652 396,163 430,529 5.25% notes due 2026 – net 596,437 697,993 595,732 675,078 4.50% notes due 2027 – net 690,909 794,294 689,445 759,475 4.75% notes due 2028 – net 542,899 633,950 541,891 602,967 3.625% notes due 2029 – net 489,472 532,248 488,263 500,792 3.375% notes due 2031 – net 681,802 731,541 — — HUD mortgages – net 367,249 409,004 387,405 379,866 Subordinated debt – net 20,083 21,599 13,714 15,253 Total $ 5,169,252 $ 5,767,243 $ 5,136,140 $ 5,490,735 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Taxes [Abstract] | |
Schedule of components of income tax expense | The following is a summary of our provision for income taxes: December 31, 2020 2019 2018 (in millions) Provision for federal, state and local income taxes $ 1.3 $ 0.8 $ 0.8 Provision for foreign income taxes 3.6 2.0 2.2 Total provision for income taxes (1) $ 4.9 $ 2.8 $ 3.0 (1) The above amounts do not include income or franchise taxes payable to certain states and municipalities. |
Schedule of deferred tax assets and liabilities | The following is a summary of deferred tax assets and liabilities: December 31, 2020 2019 (in thousands) Deferred tax assets: Federal net operating loss carryforward $ 1,194 $ 1,199 Deferred tax liability: Foreign deferred tax liability (1) (10,766) (11,350) Valuation allowance on deferred tax asset (1,194) (1,199) Net deferred tax liability $ (10,766) $ (11,350) (1) The deferred tax liability 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 EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity [Abstract] | |
Schedule of shares issued under Equity Shelf Programs | Shares issued Average Price Net Proceeds Year Ended (in millions) Per Share (in millions) December 31, 2018 2.3 $ 33.18 $ 75.5 December 31, 2019 3.1 34.79 109.0 December 31, 2020 4.2 36.16 152.6 |
Schedule of dividend reinvestment and common stock purchase plan | Shares issued Gross Proceeds Year Ended (in millions) (in millions) December 31, 2018 1.5 $ 46.8 December 31, 2019 3.0 115.1 December 31, 2020 0.1 3.7 |
Schedule of common stock dividends | Record Payment Dividend per Date Date Common Share January 31, 2020 February 14, 2020 $ 0.67 April 30, 2020 May 15, 2020 0.67 July 31, 2020 August 14, 2020 0.67 November 2, 2020 November 16, 2020 0.67 February 8, 2021 February 16, 2021 0.67 |
Schedule of per share distribution for income tax purpose | Year Ended December 31, Common 2020 2019 2018 Ordinary income $ 1.961 $ 1.763 $ 1.691 Return of capital 0.654 0.591 0.931 Capital gains 0.065 0.296 0.018 Total dividends paid $ 2.680 $ 2.650 $ 2.640 |
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, 2020 2019 2018 (in thousands) Foreign Currency Translation: Beginning balance $ (35,100) $ (47,704) $ (26,033) Translation gain (loss) 16,595 12,646 (21,703) Realized gain (loss) 78 (42) 32 Ending balance (18,427) (35,100) (47,704) Derivative Instruments: Cash flow hedges: Beginning balance (2,369) 3,994 1,463 Unrealized gain (loss) 34,712 (7,071) 2,593 Realized (loss) gain (1) (14,625) 708 (62) Ending balance 17,718 (2,369) 3,994 Net investment hedge: Beginning balance (4,420) 70 (7,070) Unrealized (loss) gain (8,911) (4,490) 7,140 Ending balance (13,331) (4,420) 70 Total accumulated other comprehensive loss before noncontrolling interest (14,040) (41,889) (43,640) Add: portion included in noncontrolling interest 1,272 2,031 1,988 Total accumulated other comprehensive loss for Omega $ (12,768) $ (39,858) $ (41,652) (1) Recorded in interest expense and loss on debt extinguishment on the Consolidated Statements of Operations. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model | January 1, January 1, January 1, 2018 2019 2020 Closing price on date of grant $ 27.54 $ 35.15 $ 42.35 Dividend yield 9.44 % 7.51 % 6.33 % Risk free interest rate at time of grant 1.60 % to 2.05 % 2.45 % to 2.57 % 1.63 % to 1.68 % Expected volatility 21.03 % to 23.24 % 21.78 % to 22.76 % 21.26 % to 21.97 % |
Schedule of activity in RSUs, PRSUs and PIUs | The following table summarizes the activity in restricted stock, RSUs, PRSUs, and PIUs for the years ended December 31, 2018, 2019 and 2020: Time Based Performance Based Weighted - Weighted - Total Number of Average Grant- Number of Average Grant- Compensation Shares/Omega Date Fair Value Shares/Omega Date Fair Value Cost (1) OP Units per Share OP Units per Share (in millions) Non-vested at December 31, 2017 337,509 32.78 1,360,780 14.82 Granted during 2018 217,717 28.19 1,012,032 10.40 $ 16.60 Cancelled during 2018 (5,941) 30.82 — — Forfeited during 2018 — — (203,380) 11.82 Vested during 2018 (190,412) 33.89 — — Non-vested at December 31, 2018 358,873 29.44 2,169,432 13.04 Granted during 2019 160,158 35.20 822,584 14.80 $ 17.82 Cancelled during 2019 (32,376) 30.38 (125,885) 14.57 Vested during 2019 (188,063) 31.01 (465,044) 15.89 Non-vested at December 31, 2019 298,592 31.44 2,401,087 13.01 Granted during 2020 158,572 39.88 1,208,537 17.11 $ 27.00 Cancelled during 2020 (2,006) 42.05 (54,076) 16.52 Vested during 2020 (2) (184,480) 29.28 (658,052) 14.85 Non-vested at December 31, 2020 270,678 $ 37.78 2,897,496 $ 14.24 (1) Total compensation cost to be recognized on the awards based on 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 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of remaining commitments | Our remaining commitments at December 31, 2020, are outlined in the table below (in thousands): Total commitments $ 557,119 Amounts funded to date (1) (450,766) Remaining commitments (2) $ 106,353 (1) Includes finance costs. (2) This amount excludes our remaining commitments to fund under our other investments of approximately $95.7 million. |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Cash Flow Supplemental Disclosures | Year Ended December 31, 2020 2019 2018 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 163,535 $ 24,117 $ 10,300 Restricted cash 4,023 9,263 1,371 Cash, cash equivalents and restricted cash at end of year $ 167,558 $ 33,380 $ 11,671 Supplemental information: Interest paid during the year, net of amounts capitalized $ 216,206 $ 205,943 $ 211,863 Taxes paid during the year $ 6,974 $ 5,097 $ 4,772 Non cash investing activities Non cash acquisition of business (See Note 3) $ (1,826) $ (566,966) $ — Non cash acquisition of real estate (See Note 3) — (531,801) (185,592) Non cash proceeds from sale of real estate investments (See Note 3 and Note 5) 83,910 — 53,118 Non cash placement of mortgage principal (See Note 3 and Note 5) (86,936) — — Non cash surrender of mortgage (See Note 3) — 11,874 — Non cash investment in other investments (See Note 6) (121,139) (27,408) (16,153) Non cash proceeds from other investments (See Note 3 and Note 6) 68,025 149,542 7,000 Non cash settlement of direct financing lease (See Note 3) — 4,970 184,462 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 borrowing (repayment) of other long term debt (see Note 13) 6,459 (6,459) — Change in fair value of cash flow hedges 19,788 (7,757) 2,531 Remeasurement of debt denominated in a foreign currency 8,911 4,490 (7,140) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per Share [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: Year Ended December 31, 2020 2019 2018 (in thousands, except per share amounts) Numerator: Net income $ 163,545 $ 351,947 $ 293,884 Deduct: net income attributable to noncontrolling interests (4,218) (10,824) (12,306) Net income available to common stockholders $ 159,327 $ 341,123 $ 281,578 Denominator: Denominator for basic earnings per share 227,741 213,404 200,279 Effect of dilutive securities: Common stock equivalents 1,239 1,753 691 Net forward share contract — 179 — Noncontrolling interest – Omega OP Units 6,124 6,789 8,741 Denominator for diluted earnings per share 235,104 222,125 209,711 Earnings per share - basic: Net income available to common stockholders $ 0.70 $ 1.60 $ 1.41 Earnings per share – diluted: Net income $ 0.70 $ 1.58 $ 1.40 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | May 17, 2019$ / shares | Dec. 31, 2020segment$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Number of reportable segment | segment | 1 | |||
Special cash dividend (per share) | $ 2.68 | $ 2.65 | $ 2.64 | |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)leasefacilitypropertyitem$ / sharesshares | Dec. 31, 2019USD ($)item$ / shares | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounting Policies [Line Items] | |||||||
Impairment on real estate properties | $ 72,494,000 | $ 45,264,000 | $ 29,839,000 | ||||
Equity method investment, other than temporary impairment | 0 | 0 | 0 | ||||
Cash, FDIC insured amount | 250,000 | ||||||
Accrued expenses and other liabilities | $ 280,824,000 | $ 312,040,000 | |||||
Number of operators being recognized on a cash basis | item | 4 | 5 | |||||
Recovery of provisions for other losses | 4,800,000 | ||||||
Impairment of goodwill | $ 0 | $ 0 | 0 | ||||
Provision of of straight-line rent and contractual receivables | 11,100,000 | 11,500,000 | |||||
Lessor - annual percentage increases over the rents of the prior year, minimum | 2.00% | ||||||
Lessor - annual percentage increases over the rents of the prior year, maximum | 3.00% | ||||||
Amortization of financing cost | $ 10,100,000 | $ 9,600,000 | 9,000,000 | ||||
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 | 967 | ||||||
Net cash provided by (used in) operating activities | $ 708,256,000 | $ 553,747,000 | 499,373,000 | ||||
Increase in cash, cash equivalents, and restricted cash | 134,178,000 | 21,709,000 | (85,137,000) | ||||
Deferred gain resulting from sale of facilities to third party through retained earnings | $ 10,000,000 | ||||||
Cumulative effect of accounting change | 4,036,607,000 | 4,336,594,000 | 3,764,484,000 | $ 3,888,258,000 | |||
Rental income | 753,427,000 | 804,076,000 | 767,340,000 | ||||
Real estate tax expense | 12,316,000 | 14,933,000 | |||||
General and administrative - ground lease expense | $ 1,448,000 | 1,208,000 | |||||
Depreciation method | straight-line basis | ||||||
Lease inducements | $ 83,425,000 | 92,628,000 | |||||
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | ||||||
Lease, Practical Expedients, Package [true false] | true | ||||||
Financing receivable, allowance for credit losses | $ 67,841,000 | 28,785,000 | |||||
Accrued investment income receivable | 10,000,000 | ||||||
Interest receivable | 12,195,000 | $ 12,914,000 | |||||
Provision for Credit Losses | $ 34,151,000 | ||||||
Number of operators | item | 69 | ||||||
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true | ||||||
Number of leases accounted for direct finance leases | lease | 1 | ||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||
Number of operators provided funding by entity | item | 4 | ||||||
Number of operators lease inducements amortized as reduction to rental income | item | 7 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Cumulative effect of accounting change | $ (28,785,000) | (8,490,000) | $ 10,000,000 | ||||
Minimum | |||||||
Accounting Policies [Line Items] | |||||||
Lessor, operating lease, term of contract | 5 years | ||||||
Percentage of annual increase over prior year's rent | 1.00% | ||||||
Maximum | |||||||
Accounting Policies [Line Items] | |||||||
Lessor, operating lease, term of contract | 15 years | ||||||
Percentage of annual increase over prior year's rent | 3.00% | ||||||
Contractual Receivable [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Provision for Credit Losses | $ 3,800,000 | ||||||
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 2016-13 [Member] | Restatement Adjustment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Financing receivable, allowance for credit losses | $ 28,800,000 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Operating lease, right of use asset | $ 11,100,000 | ||||||
Lease liability | 11,100,000 | ||||||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Cumulative effect of accounting change | $ 8,500,000 | ||||||
Cash Flow Hedging [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Cash flow hedges recorded at fair value, asset | 17,000,000 | ||||||
Cash flow hedges recorded at fair value, liability | $ 1,000,000 | 3,700,000 | |||||
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 | ||||||
Agemo Holdings LLC | |||||||
Accounting Policies [Line Items] | |||||||
Provision of of straight-line rent and contractual receivables | $ 75,300,000 | ||||||
Maplewood Real Estate Holdings | |||||||
Accounting Policies [Line Items] | |||||||
Lease inducements | 23,900,000 | ||||||
Existing Operator | |||||||
Accounting Policies [Line Items] | |||||||
Payment made to operator to buyout out in money purchase option | 50,000,000 | ||||||
Provision of of straight-line rent and contractual receivables | 3,600,000 | 1,200,000 | |||||
Lease inducements | 28,000,000 | ||||||
Reduction of contingent liability amount | $ 22,000,000 | ||||||
Seven Other Existing Operators [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Lease inducements | 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 | ||||||
One Operator Placed On Cash Basis [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Provision for Credit Losses | 3,800,000 | ||||||
Four Operators Placed On Cash Basis [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Provision of of straight-line rent and contractual receivables | 143,000,000 | ||||||
Four Operators Placed On Cash Basis [Member] | Genesis HealthCare | |||||||
Accounting Policies [Line Items] | |||||||
Provision of of straight-line rent and contractual receivables | 64,900,000 | ||||||
Four Operators Placed On Cash Basis [Member] | Agemo Holdings LLC | |||||||
Accounting Policies [Line Items] | |||||||
Provision of of straight-line rent and contractual receivables | 75,300,000 | ||||||
Four Operators Placed On Cash Basis [Member] | Two Operators Placed on Cash Basis [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Provision of of straight-line rent and contractual receivables | $ 2,800,000 | ||||||
Four Operators Placed On Cash Basis [Member] | Facilities Leased | Two Operators Placed on Cash Basis [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of facilities owned | facility | 5 | ||||||
Third Party Operator [Member] | Maplewood Real Estate Holdings | |||||||
Accounting Policies [Line Items] | |||||||
Rental income | $ 55,400,000 | ||||||
Four Operators [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Lease inducements | $ 34,100,000 | ||||||
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 | 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 | property | 737 | ||||||
Assisted Living Facilities Leased [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of facilities owned | property | 115 | ||||||
Specialty Facilities Leased [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of facilities owned | property | 28 | ||||||
Medical Office Buildings Leased [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of facilities owned | facility | 2 | ||||||
Ground leases | Minimum | |||||||
Accounting Policies [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||||
Ground leases | Maximum | |||||||
Accounting Policies [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 100 years | ||||||
Office leases | |||||||
Accounting Policies [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of credit losses impact) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Mortgage notes receivable - net | $ 885,313 | $ 752,177 | $ 773,563 |
Investments in direct financing leases - net | 10,764 | 10,877 | 11,488 |
Other investments - net | $ 467,442 | 412,540 | 419,228 |
Off-Balance Sheet Commitments | 20,677 | 20,777 | |
Financing Receivable, Collectively Evaluated for Impairment | 1,196,271 | $ 1,225,056 | |
Restatement Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Mortgage notes receivable - net | (21,386) | ||
Investments in direct financing leases - net | (611) | ||
Other investments - net | (6,688) | ||
Off-Balance Sheet Commitments | (100) | ||
Financing Receivable, Collectively Evaluated for Impairment | $ (28,785) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule by segment balance by vintage and credit quality indicator) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2020 | $ 149,712 | |
2019 | 74,618 | |
2018 | 215,217 | |
2017 | 46,474 | |
2016 | 120,636 | |
2015 | 90,476 | |
2014 & older | 549,226 | |
Revolving Loans | 182,556 | |
Total Balance at December 31, 2020 | 1,428,915 | |
Mortgage Receivable [Member] | ||
2020 | 132,156 | |
2019 | 17,383 | |
2018 | 63,426 | |
2017 | 46,474 | |
2016 | 37,076 | |
2015 | 76,573 | |
2014 & older | 545,470 | |
Total Balance at December 31, 2020 | 918,558 | $ 778,468 |
Mortgage Receivable [Member] | Internal Credit Rating One [Member] | ||
2015 | 67,012 | |
Total Balance at December 31, 2020 | 67,012 | |
Mortgage Receivable [Member] | Internal Credit Rating Two [Member] | ||
2020 | 43,150 | |
Total Balance at December 31, 2020 | 43,150 | |
Mortgage Receivable [Member] | Internal Credit Rating Three [Member] | ||
2014 & older | 35,964 | |
Total Balance at December 31, 2020 | 35,964 | |
Mortgage Receivable [Member] | Internal Credit Rating Four [Member] | ||
2020 | 89,006 | |
2019 | 17,383 | |
2018 | 44,426 | |
2017 | 46,474 | |
2016 | 37,076 | |
2015 | 9,561 | |
2014 & older | 495,438 | |
Total Balance at December 31, 2020 | 739,364 | |
Mortgage Receivable [Member] | Internal Credit Rating Five [Member] | ||
2018 | 19,000 | |
2014 & older | 7,691 | |
Total Balance at December 31, 2020 | 26,691 | |
Mortgage Receivable [Member] | Internal Credit Rating Six [Member] | ||
2014 & older | 6,377 | |
Total Balance at December 31, 2020 | 6,377 | |
Direct Financing Lease [Member] | ||
2015 | 11,458 | |
Total Balance at December 31, 2020 | 11,458 | |
Direct Financing Lease [Member] | Internal Credit Rating Three [Member] | ||
2015 | 11,458 | |
Total Balance at December 31, 2020 | 11,458 | |
Other Investment Receivables [Member] | ||
2020 | 17,556 | |
2019 | 57,235 | |
2018 | 151,791 | |
2016 | 83,560 | |
2015 | 2,445 | |
2014 & older | 3,756 | |
Revolving Loans | 182,556 | |
Total Balance at December 31, 2020 | 498,899 | $ 419,228 |
Other Investment Receivables [Member] | Internal Credit Rating One [Member] | ||
2020 | 17,556 | |
Total Balance at December 31, 2020 | 17,556 | |
Other Investment Receivables [Member] | Internal Credit Rating Two [Member] | ||
2015 | 2,082 | |
Revolving Loans | 15,265 | |
Total Balance at December 31, 2020 | 17,347 | |
Other Investment Receivables [Member] | Internal Credit Rating Three [Member] | ||
2019 | 22,442 | |
2018 | 31,491 | |
2015 | 363 | |
2014 & older | 3,756 | |
Revolving Loans | 161,591 | |
Total Balance at December 31, 2020 | 219,643 | |
Other Investment Receivables [Member] | Internal Credit Rating Four [Member] | ||
2019 | 12,131 | |
2018 | 114,375 | |
2016 | 82,960 | |
Revolving Loans | 5,000 | |
Total Balance at December 31, 2020 | 214,466 | |
Other Investment Receivables [Member] | Internal Credit Rating Five [Member] | ||
2019 | 22,662 | |
2018 | 5,925 | |
2016 | 600 | |
Revolving Loans | 700 | |
Total Balance at December 31, 2020 | $ 29,887 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of expected credit loss per segment) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
ECL balance | $ 67,841 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 28,785 |
Provision for Credit Losses | 34,151 |
Write-offs charged against allowance for the period ended | (217) |
ECL Ending balance | 67,841 |
Off Balance Financing Receivable Segment [Member] | |
ECL balance | 2,445 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 100 |
Provision for Credit Losses | 2,345 |
ECL Ending balance | 2,445 |
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 33,245 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 21,386 |
Provision for Credit Losses | 6,954 |
ECL Ending balance | 33,245 |
Direct Financing Lease [Member] | Finance Leases Portfolio Segment [Member] | |
ECL balance | 694 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 611 |
Provision for Credit Losses | 83 |
Write-offs charged against allowance for the period ended | (217) |
ECL Ending balance | 694 |
Other Investment Receivables [Member] | |
ECL balance | 31,457 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 6,688 |
Provision for Credit Losses | 24,769 |
ECL Ending balance | 31,457 |
Internal Credit Rating Two [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |
ECL balance | 116 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Provision for Credit Losses | 116 |
ECL Ending balance | 116 |
Internal Credit Rating Two [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 88 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Provision for Credit Losses | 88 |
ECL Ending balance | 88 |
Internal Credit Rating Two [Member] | Other Investment Receivables [Member] | Other Investment Financing Receivable Segment [Member] | |
ECL balance | 94 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 195 |
Provision for Credit Losses | (101) |
ECL Ending balance | 94 |
Internal Credit Rating Three [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |
ECL balance | 2,305 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Provision for Credit Losses | 2,305 |
ECL Ending balance | 2,305 |
Internal Credit Rating Three [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 954 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 901 |
Provision for Credit Losses | 53 |
ECL Ending balance | 954 |
Internal Credit Rating Three [Member] | Direct Financing Lease [Member] | Finance Leases Portfolio Segment [Member] | |
ECL balance | 694 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 611 |
Provision for Credit Losses | 83 |
Write-offs charged against allowance for the period ended | (217) |
ECL Ending balance | 694 |
Internal Credit Rating Three [Member] | Other Investment Receivables [Member] | Other Investment Financing Receivable Segment [Member] | |
ECL balance | 5,113 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 1,434 |
Provision for Credit Losses | 3,679 |
ECL Ending balance | 5,113 |
Internal Credit Rating Four [Member] | Off Balance Sheet Financing Receivable Segment Mortgage Commitment [Member] | |
ECL balance | 24 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 100 |
Provision for Credit Losses | (76) |
ECL Ending balance | 24 |
Internal Credit Rating Four [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 26,865 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 19,293 |
Provision for Credit Losses | 7,572 |
ECL Ending balance | 26,865 |
Internal Credit Rating Four [Member] | Other Investment Receivables [Member] | Other Investment Financing Receivable Segment [Member] | |
ECL balance | 24,397 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 3,158 |
Provision for Credit Losses | 21,239 |
ECL Ending balance | 24,397 |
Internal Credit Rating Five [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 433 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 829 |
Provision for Credit Losses | (396) |
ECL Ending balance | 433 |
Internal Credit Rating Five [Member] | Other Investment Receivables [Member] | Other Investment Financing Receivable Segment [Member] | |
ECL balance | 1,853 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 1,901 |
Provision for Credit Losses | (48) |
ECL Ending balance | 1,853 |
Internal Credit Rating Six [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 4,905 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 363 |
Provision for Credit Losses | (363) |
ECL Ending balance | 4,905 |
Previous Accounting Guidance [Member] | |
ECL balance | 5,122 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 5,122 |
Previous Accounting Guidance [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 4,905 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 4,905 |
Previous Accounting Guidance [Member] | Direct Financing Lease [Member] | Finance Leases Portfolio Segment [Member] | |
ECL balance | 217 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 217 |
Previous Accounting Guidance [Member] | Internal Credit Rating Three [Member] | Direct Financing Lease [Member] | Finance Leases Portfolio Segment [Member] | |
ECL balance | 217 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | 217 |
Previous Accounting Guidance [Member] | Internal Credit Rating Six [Member] | Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | |
ECL balance | 4,905 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
ECL Beginning balance | $ 4,905 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Contractual receivables - net | $ 10,408 | $ 27,122 |
Effective yield interest receivables | 12,195 | 12,914 |
Straight-line rent receivables | 139,046 | 275,549 |
Lease inducements | 83,425 | 92,628 |
Other receivables and lease inducements | $ 234,666 | $ 381,091 |
PROPERTIES (Leased Property) (N
PROPERTIES (Leased Property) (Narrative) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)facilityproperty | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | |||
Number of real estate properties | facility | 967 | ||
Capitalized interest | $ | $ 10 | $ 13.9 | $ 11.1 |
Ground and/or Facility Leases [Member] | Scenario, Plan [Member] | |||
Real Estate Properties [Line Items] | |||
Payments for rent | $ | $ 2.2 | $ 2.2 | |
Skill Nursing Facilities Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 737 | ||
Skill Nursing Facilities Leases [Member] | Ground and/or Facility Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 11 | 11 | |
Assisted Living Facilities Leased [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 115 | ||
Specialty Facilities Leased [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 28 | ||
Medical Office Buildings Leased [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | facility | 2 | ||
Office Building [Member] | Ground and/or Facility Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 2 | 2 |
PROPERTIES (Summary of our inve
PROPERTIES (Summary of our investment in leased real estate properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 8,702,154 | $ 8,985,994 |
Less accumulated depreciation | (1,996,914) | (1,787,425) |
Real estate investments - net | 6,705,240 | 7,198,569 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 6,961,509 | 7,056,106 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 883,765 | 901,246 |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 518,664 | 515,421 |
Building And Site Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 308,087 | 287,655 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 30,129 | $ 225,566 |
PROPERTIES (Schedule of operati
PROPERTIES (Schedule of operating lease income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease, Lease Income [Abstract] | |||
Rental income - operating leases | $ 741,681 | $ 792,010 | |
Variable lease income - operating leases | 11,746 | 12,066 | |
Total lease income | 753,427 | 804,076 | $ 767,340 |
Lessor, Lease, Lease Expenses [Abstract] | |||
Real estate taxes | 12,316 | 14,933 | |
General and administrative - ground lease expense | 1,448 | 1,208 | |
Total | $ 13,764 | $ 16,141 |
PROPERTIES (Schedule of estimat
PROPERTIES (Schedule of estimated contractual rents due under operating leases) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Estimated contractual rents due under operating leases | |
2021 | $ 867,780 |
2022 | 868,976 |
2023 | 863,985 |
2024 | 875,099 |
2025 | 878,956 |
Thereafter | 4,259,773 |
Total | $ 8,614,569 |
PROPERTIES (Schedule of Signifi
PROPERTIES (Schedule of Significant Acquisitions) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020USD ($)facility | Jun. 30, 2020USD ($)facility | Mar. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)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, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | |
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 967 | 967 | |||||||||||
Skilled Nursing Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 738 | 738 | |||||||||||
Assisted Living Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 115 | 115 | |||||||||||
Specialty | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 28 | 28 | |||||||||||
Medical Office Building | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 2 | 2 | |||||||||||
Facilities Acquired | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 104.4 | $ 1,344.5 | $ 105.7 | ||||||||||
Facilities Acquired | Ohio | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 6.9 | $ 11.9 | $ 9.2 | ||||||||||
Initial Annual Cash Yield (%) | 9.50% | 12.00% | 9.50% | ||||||||||
Facilities Acquired | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 440.7 | ||||||||||||
Initial Annual Cash Yield (%) | 9.82% | ||||||||||||
Facilities Acquired | North Carolina and Virginia | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 24.9 | ||||||||||||
Initial Annual Cash Yield (%) | 9.50% | ||||||||||||
Facilities Acquired | Virginia | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 78.4 | $ 13.2 | |||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | |||||||||||
Facilities Acquired | United Kingdom | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 12.1 | ||||||||||||
Initial Annual Cash Yield (%) | 8.00% | ||||||||||||
Facilities Acquired | UNITED KINGDOM One | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 4 | ||||||||||||
Initial Annual Cash Yield (%) | 8.50% | ||||||||||||
Deferred tax liability | $ | $ 0.4 | ||||||||||||
Facilities Acquired | UNITED KINGDOM Two | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 5.7 | ||||||||||||
Initial Annual Cash Yield (%) | 8.50% | ||||||||||||
Deferred tax liability | $ | $ 0.2 | ||||||||||||
Facilities Acquired | Texas | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 22.8 | ||||||||||||
Initial Annual Cash Yield (%) | 9.50% | ||||||||||||
Facilities Acquired | Indiana | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 7 | $ 8.3 | |||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | |||||||||||
Facilities Acquired | Pennsylvania And Virginia [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 131.8 | ||||||||||||
Initial Annual Cash Yield (%) | 9.35% | ||||||||||||
Facilities Acquired | Pennsylvania | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 35.1 | $ 7.4 | |||||||||||
Initial Annual Cash Yield (%) | 9.50% | 9.50% | |||||||||||
Facilities Acquired | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Payments to acquire businesses, gross | $ | $ 735.2 | ||||||||||||
Initial Annual Cash Yield (%) | 8.71% | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 8 | 89 | 12 | 8 | 89 | 12 | |||||||
Facilities Acquired | Skilled Nursing Facilities | Ohio | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | 1 | 1 | 1 | |||||||||
Facilities Acquired | Skilled Nursing Facilities | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 20 | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities | North Carolina and Virginia | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 3 | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities | Virginia | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 6 | 1 | 6 | ||||||||||
Facilities Acquired | Skilled Nursing Facilities | Texas | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 5 | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities | Indiana | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | 1 | 1 | ||||||||||
Facilities Acquired | Skilled Nursing Facilities | Pennsylvania And Virginia [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 7 | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities | Pennsylvania | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 3 | 1 | 3 | ||||||||||
Facilities Acquired | Skilled Nursing Facilities | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 58 | 58 | |||||||||||
Facilities Acquired | Assisted Living Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 3 | 4 | 3 | 4 | |||||||||
Facilities Acquired | Assisted Living Facilities | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | ||||||||||||
Facilities Acquired | Assisted Living Facilities | Virginia | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | 1 | |||||||||||
Facilities Acquired | Assisted Living Facilities | United Kingdom | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 2 | ||||||||||||
Facilities Acquired | Assisted Living Facilities | Pennsylvania And Virginia [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | ||||||||||||
Facilities Acquired | Assisted Living Facilities | Florida Idaho Kentucky Louisiana Mississippi Missouri Montana And North Carolina [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 2 | 2 | |||||||||||
Facilities Acquired | Assisted Living and Independent Living Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 3 | 3 | |||||||||||
Facilities Acquired | Assisted Living and Independent Living Facilities | UNITED KINGDOM One | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | ||||||||||||
Facilities Acquired | Assisted Living and Independent Living Facilities | UNITED KINGDOM Two | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | ||||||||||||
Facilities Acquired | Assisted Living and Independent Living Facilities | Pennsylvania | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | 1 | |||||||||||
Facilities Acquired | Specialty | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 14 | 14 | |||||||||||
Facilities Acquired | Specialty | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 11 | ||||||||||||
Facilities Acquired | Specialty | Pennsylvania And Virginia [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 3 | ||||||||||||
Facilities Acquired | Medical Office Building | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | 1 | |||||||||||
Facilities Acquired | Medical Office Building | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | ||||||||||||
Facilities Transitioned To Five Other Operators [Member] | Skilled Nursing Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 21 | 21 | |||||||||||
Facilities Transitioned To Five Other Operators [Member] | Assisted Living Facilities | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties | 1 | 1 |
PROPERTIES (Encore Portfolio) (
PROPERTIES (Encore Portfolio) (Narrative) (Detail) $ in Thousands | Oct. 31, 2019USD ($)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of real estate properties | facility | 967 | |||
Mortgage loans on real estate, new mortgage loans | $ 149,957 | $ 129,108 | $ 65,841 | |
Encore Portfolio [Member] | ||||
Purchase price of assets acquired | $ 757,000 | |||
Cash payment to acquire facilities | $ 369,000 | |||
Facilities Acquired | Encore Portfolio [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 | |||
Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | Encore Portfolio [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 | May 17, 2019USD ($)loanitemfacility$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)statefacility$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares |
Business Acquisition [Line Items] | |||||
Special cash dividend (per share) | $ / shares | $ 2.68 | $ 2.65 | $ 2.64 | ||
Number of real estate properties | facility | 967 | ||||
Number of states | state | 40 | ||||
Acquisition related costs | $ 2,018 | $ 5,115 | $ 383 | ||
Revenues | 892,381 | 928,830 | 881,682 | ||
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 | ||||
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 | |||||
Business Acquisition [Line Items] | |||||
Consideration | $ 104,400 | $ 1,344,500 | $ 105,700 | ||
Facilities Acquired | 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share - diluted: | |||
Net income - as reported | $ 0.70 | $ 1.58 | $ 1.40 |
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 |
MedEquities | ||
Business Acquisition [Line Items] | ||
Real estate investments | $ 440,690 | |
Mortgage notes receivable | 108,097 | |
Other investments | 19,192 | |
Investment in unconsolidated joint venture | 73,834 | |
Cash | 4,067 | |
Contractual receivables | 1,002 | |
Other assets | 7,698 | |
Total investments | 654,580 | |
Borrowings / debt | (285,100) | |
Accrued expenses and other liabilities | (23,931) | |
Fair value of net assets acquired | 345,549 | |
Above market lease assets, acquired | 2,500 | |
Below market leases, assumed | $ 1,100 | |
Encore Portfolio [Member] | ||
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 | |
Encore Portfolio [Member] | Secured Debt [Member] | ||
Business Acquisition [Line Items] | ||
Borrowings / debt | $ (388,627) |
PROPERTIES (Acquisitions and Ot
PROPERTIES (Acquisitions and Other) (Narrative) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020USD ($)facility | Mar. 31, 2020USD ($)facility | Jun. 30, 2019USD ($)facility | Mar. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | |
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 967 | |||||||
Real estate investments | $ | $ 8,702,154 | $ 8,985,994 | ||||||
Other investments, gross | $ | 1,428,915 | |||||||
Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total Investment | $ | $ 104,400 | $ 1,344,500 | $ 105,700 | |||||
Minimum | ||||||||
Real Estate Properties [Line Items] | ||||||||
Claims against indemnities term | 18 months | |||||||
Maximum | ||||||||
Real Estate Properties [Line Items] | ||||||||
Claims against indemnities term | 36 months | |||||||
Indiana | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of annual cash yield | 9.50% | 9.50% | ||||||
Total Investment | $ | $ 7,000 | $ 8,300 | ||||||
Ohio | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of annual cash yield | 9.50% | 12.00% | 9.50% | |||||
Total Investment | $ | $ 6,900 | $ 11,900 | $ 9,200 | |||||
California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of annual cash yield | 9.82% | |||||||
Total Investment | $ | $ 440,700 | |||||||
21 Skilled Nursing Facilities and 1 Assisted Living Facility | Five Operators [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Carrying amount of facility Net | $ | $ 184,500 | $ 184,500 | ||||||
Percentage of annual cash yield | 9.00% | |||||||
Skilled Nursing Facilities | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 738 | |||||||
Skilled Nursing Facilities | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 12 | 8 | 89 | 12 | ||||
Skilled Nursing Facilities | Facilities Transitioned To Five Other Operators [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 21 | 21 | ||||||
Skilled Nursing Facilities | Indiana | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 1 | 1 | 1 | |||||
Skilled Nursing Facilities | Ohio | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 1 | 1 | 1 | 1 | ||||
Skilled Nursing Facilities | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 20 | |||||||
Assisted Living Facilities | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 115 | |||||||
Assisted Living Facilities | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 3 | 4 | ||||||
Assisted Living Facilities | Facilities Transitioned To Five Other Operators [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 1 | 1 | ||||||
Assisted Living Facilities | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 1 | |||||||
Specialty | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 28 | |||||||
Specialty | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 14 | |||||||
Specialty | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 11 | |||||||
Medical Office Building | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 2 | |||||||
Medical Office Building | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 1 | |||||||
Medical Office Building | California Connecticut Indiana, Nevada, South Carolina Tennessee and Texas [Member] | Facilities Acquired | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | facility | 1 | |||||||
Land | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real estate investments | $ | $ 883,765 | $ 901,246 | ||||||
Building And Site Improvements | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real estate investments | $ | 308,087 | 287,655 | ||||||
Furniture and Equipment | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real estate investments | $ | $ 518,664 | 515,421 | ||||||
Real Estate Investment | Existing Operator | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real estate investments | $ | $ 184,500 | $ 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 | 159,100 | ||||||
Real Estate Investment | Furniture and Equipment | Existing Operator | ||||||||
Real Estate Properties [Line Items] | ||||||||
Real estate investments | $ | 14,200 | 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 | 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 | 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 | $ 7,400 |
PROPERTIES (Asset Sales, Impair
PROPERTIES (Asset Sales, Impairments and Other) (Narrative) (Detail) $ in Thousands | Jun. 01, 2018USD ($)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility |
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 967 | 967 | |||
Real estate investments - net | $ 6,705,240 | $ 6,705,240 | $ 7,198,569 | ||
1 Facility | |||||
Real Estate Properties [Line Items] | |||||
Insurance proceeds received that offset impairments | 3,500 | ||||
2 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Insurance proceeds received that offset impairments | 3,700 | ||||
7 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Provision for impairment on real estate properties | 30,200 | ||||
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 | ||||
Total proceeds | 78,000 | ||||
Disposition of HUD mortgages | $ 53,000 | ||||
16 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Total cash proceeds | 63,700 | ||||
Amount of gain (loss) from sale of facilities | $ 5,200 | ||||
23 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Provision for impairment on real estate properties | 45,300 | ||||
Recorded investment properties after impairments | 23,400 | ||||
25 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Provision for impairment on real estate properties | 76,000 | ||||
Recorded investment properties after impairments | 12,300 | ||||
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 | ||||
43 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Total cash proceeds | 180,900 | ||||
Amount of gain (loss) from sale of facilities | $ 19,100 | ||||
78 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Total cash proceeds | 309,600 | ||||
Amount of gain (loss) from sale of facilities | $ 24,800 | ||||
Skilled Nursing Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 738 | 738 | |||
Facilities Sold | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 78 | ||||
Facilities Sold | 7 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 7 | ||||
Facilities Sold | 16 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 16 | 16 | |||
Facilities Sold | 34 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 34 | ||||
Facilities Sold | 43 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 43 | 43 | |||
Facilities Sold | 78 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 12 | ||||
Facilities Sold Previously Held-for-Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 16 | 16 | |||
Facilities Sold Previously Held-for-Sale | 16 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 12 | 12 | |||
Facilities Sold Previously Held-for-Sale | 34 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 1 | ||||
Facilities Sold Previously Held-for-Sale | 43 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 6 | 6 | |||
Facilities Sold Previously Held-for-Sale | 78 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 22 | ||||
Facilities Classified to Asset Held for Sale [Member] | 23 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Real estate investments - net | $ 4,600 | ||||
Facilities Classified to Asset Held for Sale [Member] | 25 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Recorded investment properties after impairments | $ 200 | ||||
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] | 7 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 7 | 7 | |||
Facilities With Impairment Charges [Member] | 23 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 23 | ||||
Facilities With Impairment Charges [Member] | 25 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 25 | 25 | |||
Facilities With Impairment Charges [Member] | 35 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 35 | ||||
Facilities That Incurred Damages [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | facility | 1 | 1 | 2 | ||
Facilities That Incurred Damages [Member] | 35 Facilities | |||||
Real Estate Properties [Line Items] | |||||
Insurance proceeds received that offset impairments | $ 5,200 |
DIRECT FINANCING LEASES (Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) $ in Thousands | Jan. 11, 2019USD ($)facility | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Feb. 28, 2021facility | Jan. 31, 2019USD ($) | Jan. 16, 2019facility |
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 967 | |||||||||
Impairment on real estate properties | $ 75,972 | $ 48,939 | $ 35,014 | |||||||
Rental income | 753,427 | 804,076 | 767,340 | |||||||
Rental (loss) income | 753,427 | 804,076 | 767,340 | |||||||
Other investments, gross | 1,428,915 | |||||||||
Other assets | 82,231 | 102,462 | $ 102,462 | |||||||
(Recovery) impairment loss on direct financing leases | (3,079) | 7,917 | 27,168 | |||||||
Proceeds from other investments | 149,866 | 91,281 | $ 181,371 | |||||||
Orianna | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Amortization period | 15 years | |||||||||
Proceeds from other investments | $ 25,000 | |||||||||
Direct Financing Leases [Member] | Orianna | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Cash consideration sale of productive assets | 17,200 | |||||||||
(Recovery) impairment loss on direct financing leases | (3,100) | |||||||||
Facilities Sold | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 78 | |||||||||
Facilities Sold | Subsequent event | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 16 | |||||||||
Facilities Acquired | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Approximate purchase price | $ 104,400 | $ 1,344,500 | $ 105,700 | |||||||
Facilities Acquired | Texas | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Approximate purchase price | $ 22,800 | |||||||||
Facilities Held for Sale or Closed [Member] | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 22 | |||||||||
Skilled Nursing Facilities | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 738 | |||||||||
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 Acquired | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 8 | 89 | 89 | 12 | ||||||
Skilled Nursing Facilities | Facilities Acquired | Texas | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 5 | |||||||||
Assisted Living Facilities | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 115 | |||||||||
Assisted Living Facilities | Facilities Acquired | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 3 | 4 | 4 | |||||||
15 Skilled Nursing Facilities [Member] | Orianna | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Cash consideration sale of productive assets | $ 146,000 | |||||||||
15 Skilled Nursing Facilities [Member] | Direct Financing Leases [Member] | Orianna | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 15 | |||||||||
Impairment on real estate properties | $ 27,200 | |||||||||
Interest rate | 6.00% | |||||||||
Aggregate consideration | $ 176,000 | |||||||||
Cash consideration sale of productive assets | $ 94,000 | |||||||||
Other investments, gross | $ 30,000 | |||||||||
Other assets | $ 14,100 | $ 14,100 | $ 115,800 | |||||||
(Recovery) impairment loss on direct financing leases | $ 7,700 | |||||||||
15 Skilled Nursing Facilities [Member] | Facilities Sold | Direct Financing Leases [Member] | Orianna | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of real estate properties | facility | 15 |
DIRECT FINANCING LEASES (Schedu
DIRECT FINANCING LEASES (Schedule of Components of Investment in Direct Financing Leases) (Detail) $ in Thousands | Dec. 31, 2020USD ($)facilitylease | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($)leasefacility |
Lessee, Lease, Description [Line Items] | |||
Minimum lease payments receivable | $ 25,947 | $ 27,227 | |
Less unearned income | (14,489) | (15,522) | |
Less allowance for expected credit losses on direct financing leases | (694) | (217) | |
Investment in direct financing leases - net | $ 10,764 | $ 10,877 | $ 11,488 |
Number of real estate properties | facility | 967 | ||
Number of direct financing leases | lease | 1 | 2 | |
Non-Orianna | |||
Lessee, Lease, Description [Line Items] | |||
Investment in direct financing leases | $ 11,458 | $ 11,705 | |
Facilities Subject to Direct Financing Leases [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Number of real estate properties | facility | 1 | 2 |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2020statefacilitypropertyentity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 967 |
Number of states | state | 40 |
Skilled Nursing Facilities | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 738 |
Assisted Living Facilities | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 115 |
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 56 |
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 3 |
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 | 62 |
MORTGAGE NOTES RECEIVABLE (Sche
MORTGAGE NOTES RECEIVABLE (Schedule of Receivables) (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)facilitypropertycontract | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 1,428,915,000 | |||
Total mortgages - net | $ 885,313,000 | $ 773,563,000 | $ 710,858,000 | $ 671,232,000 |
Number of real estate properties | facility | 967 | |||
Mortgage Loans on Real Estate | $ 885,313,000 | 773,563,000 | $ 710,858,000 | $ 671,232,000 |
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 | $ 918,558,000 | 778,468,000 | ||
Allowance for credit losses | (33,245,000) | (4,905,000) | ||
Total mortgages - net | 885,313,000 | 773,563,000 | ||
Mortgage Loans on Real Estate | 885,313,000 | 773,563,000 | ||
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 | 10.59% | |||
Maturity year | 2027 | |||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 670,015,000 | 526,520,000 | ||
Mortgage loans on real estate, interest rate | 10.53% | |||
Maturity year | 2029 | |||
Mortgage Receivable [Member] | 2 Notes Due Through 2021 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 43,200,000 | |||
Maturity year | 2021 | |||
Mortgage loans on real estate, number of loans | contract | 2 | |||
Mortgage Receivable [Member] | Remaining Notes Due Through 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity year | 2029 | |||
Mortgage Receivable [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 136,043,000 | $ 139,448,000 | ||
Weighted Average [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, interest rate | 9.41% | |||
Construction Loans [Member] | Mortgage Receivable [Member] | 2 Mortgage Notes Due Through 2021 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 29,700,000 | |||
Maturity year | 2021 | |||
Mortgage loans on real estate, number of loans | 2 | |||
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 | 46 |
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, 2020USD ($)facility | Dec. 31, 2019USD ($) | Jan. 17, 2014USD ($)facility | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 1,428,915 | |||
Number of real estate properties | 967 | |||
Skilled Nursing Facilities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 738 | |||
Assisted Living Facilities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 115 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ | $ 918,558 | $ 778,468 | ||
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 Note Due 2027 [Member] | 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 NOTES RECEIVABLE (No_2
MORTGAGE NOTES RECEIVABLE (Notes Due 2029 Narrative) (Detail) $ in Thousands | May 01, 2020USD ($)facility | Jun. 14, 2014USD ($) | Jun. 30, 2020USD ($)facility | May 31, 2020 | Jun. 30, 2018USD ($)facility | Dec. 31, 2020USD ($)facility | Apr. 30, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 1,428,915 | ||||||||||
Mortgage notes receivable | $ 885,313 | $ 773,563 | $ 710,858 | $ 671,232 | |||||||
Number of real estate properties | facility | 967 | ||||||||||
Skilled Nursing Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 738 | ||||||||||
Assisted Living Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 115 | ||||||||||
Michigan | 9 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Write-off of straight-line rent receivable | $ 3,600 | ||||||||||
Mortgage Receivable [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 918,558 | 778,468 | |||||||||
Mortgage notes receivable | 885,313 | 773,563 | |||||||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 670,015 | $ 526,520 | |||||||||
Maturity year | 2029 | ||||||||||
Mortgage loans on real estate, interest rate | 10.53% | ||||||||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Maturity year | 2029 | ||||||||||
Mortgage loans on real estate, interest rate | 9.00% | 10.67% | 10.13% | ||||||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | ||||||||||
Debt instrument, interest rate, increase (decrease) | 0.54% | ||||||||||
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 | $ 374,600 | |||||||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Maturity year | 2029 | ||||||||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | ||||||||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Amended Master Mortgage [Member] | 5 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 124,900 | ||||||||||
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] | Second Amended Master Mortgage [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 43,900 | ||||||||||
Mortgage loans on real estate, interest rate | 9.50% | ||||||||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | ||||||||||
Mortgage loans on real estate, maturity date | Jun. 30, 2029 | ||||||||||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Second Amended Master Mortgage [Member] | Forecast [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 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 Receivable [Member] | Mortgage Note Due 2029 [Member] | Third Amended Master Mortgage [Member] | Michigan | 9 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 83,500 | 83,400 | |||||||||
Mortgage loans on real estate, interest rate | 10.31% | ||||||||||
Percentage of mortgage loan interest rate increase per annum | 2.00% | ||||||||||
Mortgage loans on real estate, maturity date | Jun. 30, 2029 | ||||||||||
Mortgage Receivable [Member] | Mortgage Note Due 2021 [Member] | Ohio | 2 Facilities | Ciena Healthcare Subsidiaries [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Mortgage notes receivable | $ 43,200 | $ 43,200 | |||||||||
Mortgage loans on real estate, interest rate | 9.50% | ||||||||||
Mortgage loans on real estate, maturity date | Jun. 30, 2021 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Michigan | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 5 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Michigan | 9 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 9 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Master Mortgage [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] | Amended Master Mortgage [Member] | 5 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 5 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Third Amended Master Mortgage [Member] | Michigan | 9 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 1 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Third Amended Master Mortgage [Member] | Michigan | Skilled Nursing Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 8 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Third Amended Master Mortgage [Member] | Michigan | Assisted Living Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 1 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2021 [Member] | Skilled Nursing Facilities | Ciena Healthcare Subsidiaries [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 2 | ||||||||||
Facilities Formerly Leased Now Sold [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | Michigan | 9 Facilities | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | facility | 9 |
OTHER INVESTMENTS (Schedule of
OTHER INVESTMENTS (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 1,428,915 | ||
Total other investments | 467,442 | $ 412,540 | $ 419,228 |
Other Investment Receivables [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | 498,899 | 419,228 | |
Allowance for credit losses | (31,457) | ||
Total other investments | 467,442 | 419,228 | |
Other Investment Note Due 2022 | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 83,636 | 77,087 | |
Interest rate | 13.12% | ||
Maturity year | 2022 | ||
Other Investment Note Due 2024 Through 2025 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 56,987 | 58,687 | |
Interest rate | 8.12% | ||
Other Investment Note Due 2023 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 50,000 | ||
Other Investment Note Due 2023 Interest At 12% [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 49,973 | 52,213 | |
Interest rate | 12.00% | ||
Maturity year | 2023 | ||
Other Investments Note Due 2030 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 147,148 | 65,000 | |
Interest rate | 7.00% | ||
Maturity year | 2030 | ||
Other Investment notes outstanding | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 161,155 | $ 166,241 | |
Interest rate | 7.75% | ||
Maturity year | 2028 | ||
Minimum | Other Investment Note Due 2024 Through 2025 [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity year | 2024 | ||
Maximum | Other Investment Note Due 2024 Through 2025 [Member] | |||
Schedule of Investments [Line Items] | |||
Maturity year | 2025 |
OTHER INVESTMENTS (Notes Due 20
OTHER INVESTMENTS (Notes Due 2024-2025 Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2017 | Dec. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2019 | Nov. 05, 2019 | May 07, 2018 | Sep. 30, 2016 | |
Schedule of Investments [Line Items] | |||||||
Other investments, gross | $ 1,428,915 | ||||||
Provision for Credit Losses | $ 34,151 | ||||||
Other Investment Note Due 2024 Through 2025 [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 8.12% | ||||||
Other investments, gross | $ 56,987 | $ 58,687 | |||||
Other Investment Note Due 2024 Through 2025 [Member] | Tranche Two [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Investment Maturity Date | Dec. 31, 2024 | ||||||
Agemo Holdings LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Financing receivable, face amount | $ 1,700 | ||||||
Loans Receivable, Net | 34,300 | ||||||
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 2024 Through 2025 [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Financing receivable, face amount | $ 37,000 | ||||||
Letter of Credit as collateral fair value | 9,300 | ||||||
Provision for Credit Losses | 22,700 | ||||||
Loans Receivable, Net | 9,300 | ||||||
Agemo Holdings LLC | Other Investment Note Due 2024 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 2024 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% | ||||||
Contractual interest receivable | 3,800 | ||||||
Agemo Holdings LLC | Other Investment Note Due 2024 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 2024 Through 2025 Fourth Loan [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Financing receivable, face amount | $ 1,700 | ||||||
Debt instrument, interest rate, stated percentage | 9.00% | ||||||
Affiliate Agemo Holdings LLC [Member] | Other Investment Note Due 2024 Through 2025 Fifth Loan [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Financing receivable, face amount | $ 3,500 | ||||||
Debt instrument, interest rate, stated percentage | 10.00% |
OTHER INVESTMENTS (Notes Due _2
OTHER INVESTMENTS (Notes Due 2022 Narrative) (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 06, 2018 | Feb. 22, 2018 | Jul. 29, 2016 | |
Schedule of Investments [Line Items] | ||||||
Other investments, gross | $ 1,428,915,000 | |||||
Other investments | 467,442,000 | $ 412,540,000 | $ 419,228,000 | |||
Provision for Credit Losses | $ 34,151,000 | |||||
Other Investment Note Due 2022 | ||||||
Schedule of Investments [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 13.12% | |||||
Other investments, gross | $ 83,636,000 | $ 77,087,000 | ||||
Other Investment Note Due 2022 First Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Other investments | 65,200,000 | |||||
Genesis HealthCare | Other Investment Note Due 2022 | ||||||
Schedule of Investments [Line Items] | ||||||
Other investments, gross | 83,600,000 | |||||
Provision for Credit Losses | $ 0 | |||||
Genesis HealthCare | Other Investment Note Due 2022 First Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 14.00% | |||||
Financing receivable, face amount | $ 48,000,000 | |||||
Loans Receivable Interest Paid-In-Kind | 9.00% | |||||
Investment Maturity Date | Jan. 1, 2022 | Jul. 29, 2020 | ||||
Genesis HealthCare | Other Investment Note Due 2022 Second Loan [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||
Financing receivable, face amount | $ 16,000,000 | |||||
Other investments | $ 18,400,000 | |||||
Loans Receivable Interest Paid-In-Kind | 5.00% | |||||
Investment Maturity Date | Jan. 1, 2022 | Jul. 29, 2020 |
OTHER INVESTMENTS (Notes Due _3
OTHER INVESTMENTS (Notes Due 2030 Narrative) (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Other investments, gross | $ 1,428,915 | |||||
Rental income | 753,427 | $ 804,076 | $ 767,340 | |||
Maplewood Real Estate Holdings | Other Investment Note Due2030 [Member] | ||||||
Financing receivable, face amount | $ 220,500 | |||||
Debt instrument, interest rate, stated percentage | 7.00% | |||||
Other investments, gross | $ 132,100 | $ 147,100 | ||||
Rental income | $ 55,400 | |||||
Maplewood Real Estate Holdings | Secured Revolving Credit One [Member] | ||||||
Financing receivable, face amount | $ 50,000 | |||||
Debt instrument, interest rate, stated percentage | 6.66% | |||||
Maplewood Real Estate Holdings | Secured Revolving Credit Two [Member] | ||||||
Financing receivable, face amount | $ 15,000 | |||||
Debt instrument, interest rate, stated percentage | 9.50% |
OTHER INVESTMENTS (Notes Due _4
OTHER INVESTMENTS (Notes Due 2023 Narrative) (Detail) - USD ($) $ in Thousands | Feb. 26, 2016 | May 31, 2018 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 1,428,915 | ||
Other Investment Note Due 2023 [Member] | |||
Schedule of Investments [Line Items] | |||
Notes Receivable, Fees Revenue | $ 1,100 | ||
Notes Receivable, Fees Revenue Cash Received At Closing | 500 | ||
Other investments, gross | $ 50,000 | ||
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 | ||
Investment Maturity Date | May 31, 2023 | ||
Notes Receivable Principal Payment | $ 2,500 | ||
Interest rate | 12.00% |
OTHER INVESTMENTS (Other Invest
OTHER INVESTMENTS (Other Investment Note Narrative) (Detail) - USD ($) $ in Thousands | Apr. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Other investments, gross | $ 1,428,915 | ||
London Interbank Offered Rate (LIBOR) | |||
Basis spread on variable rate | 2.75% | ||
Other Investment Receivables [Member] | |||
Other investments, gross | $ 498,899 | $ 419,228 | |
Other Investment notes outstanding | |||
Debt instrument, interest rate, stated percentage | 7.75% | ||
Other investments, gross | $ 161,155 | $ 166,241 | |
Subsidiary of Second Spring Healthcare [Member] | Other Investment notes outstanding | |||
Financing receivable, face amount | $ 17,600 | ||
Debt instrument, interest rate, stated percentage | 3.25% | ||
Other investments, gross | $ 17,600 | ||
Ownership % | 15.00% |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Total assets | $ 9,497,449 | $ 9,796,124 | |
Liabilities subtotal | (5,460,842) | (5,459,530) | |
Other investment income | 44,864 | 43,400 | $ 40,228 |
Provision of of straight-line rent and contractual receivables | 11,100 | 11,500 | |
Agemo Holdings LLC | |||
Variable Interest Entity [Line Items] | |||
Provision of of straight-line rent and contractual receivables | 75,300 | ||
Maplewood Real Estate Holdings | |||
Variable Interest Entity [Line Items] | |||
Revenue (loss) | 43,932 | 38,507 | |
Maplewood Real Estate Holdings | Rental and Other Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity rental and other investment income | 44,900 | 35,500 | |
Maplewood Real Estate Holdings | Rental Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Rental (loss) income | 39,111 | 33,892 | |
Maplewood Real Estate Holdings | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Other investment income | 4,821 | 4,615 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | |||
Variable Interest Entity [Line Items] | |||
Total assets | 405,609 | 533,246 | |
Maximum exposure to loss | 17,346 | 112,604 | |
Revenue (loss) | (17,474) | 65,141 | 62,791 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Rental and Other Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity rental and other investment income | 53,900 | 53,700 | 56,800 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Rental Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Rental (loss) income | (22,387) | 60,639 | 59,291 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Other investment income | 4,913 | 4,502 | $ 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) | (8,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Other Collateral [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (371,010) | (403,389) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Collateral Pledged [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (388,263) | (420,642) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Real Estate Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 371,010 | 403,389 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Contractual Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 346 | 18,113 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 34,253 | 58,687 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Straight-Line Rent Receivables [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 46,247 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC | Lease inducement [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | $ 6,810 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | |||
Variable Interest Entity [Line Items] | |||
Total assets | 911,525 | ||
Liabilities subtotal | (44,246) | ||
Maximum exposure to loss | 76,791 | ||
Revenue (loss) | 59,393 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Rental and Other Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity rental and other investment income | 69,600 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Rental Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Rental (loss) income | 52,442 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Investment Income [Member] | |||
Variable Interest Entity [Line Items] | |||
Other investment income | 6,951 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Personal Guarantee Collateral [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (40,000) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Collateral [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (750,488) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Collateral Pledged [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (790,488) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Real Estate Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 750,488 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Contractual Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 887 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 147,148 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Straight-Line Rent Receivables [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (56,664) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Lease inducement [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | 69,666 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Net In Place Lease Liability [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | (331) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Contingent Liability [Member] | |||
Variable Interest Entity [Line Items] | |||
Liabilities subtotal | $ (43,915) |
INVESTMENT IN JOINT VENTUREs (S
INVESTMENT IN JOINT VENTUREs (Schedule of equity method investments) (Details) $ in Thousands | Dec. 20, 2019USD ($) | Dec. 18, 2019USD ($) | May 17, 2019USD ($) | Nov. 01, 2016USD ($) | Dec. 31, 2020USD ($)facilityitem | Dec. 31, 2020USD ($)facilityitem | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | Apr. 17, 2020 |
Number of real estate properties | facility | 967 | 967 | |||||||
Investments in unconsolidated joint ventures | $ 200,638 | $ 200,638 | $ 199,884 | ||||||
Financing Receivable, Gross | $ 1,428,915 | $ 1,428,915 | |||||||
Number of operators | item | 69 | 69 | |||||||
Income (loss) from unconsolidated joint ventures | $ 6,143 | 10,947 | $ 381 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||
Investment | 230,300 | ||||||||
Investments in unconsolidated joint ventures | $ 200,638 | 200,638 | 199,884 | ||||||
Income (loss) from unconsolidated joint ventures | 6,143 | 10,947 | 381 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Income (loss) from unconsolidated joint ventures | 2,807 | 9,490 | 381 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||||||||
Ownership % | 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 | ||||||||
Income (loss) from unconsolidated joint ventures | $ 2,483 | 1,479 | 0 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||||
Ownership % | 49.00% | 49.00% | |||||||
Equity method investment, difference between carrying amount and underlying equity | $ 35,000 | ||||||||
Equity method investment difference between carrying amount and underlying equity treatment period | 40 years | ||||||||
Income (loss) from unconsolidated joint ventures | $ 1,812 | (22) | 0 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | |||||||||
Income (loss) from unconsolidated joint ventures | $ (497) | 0 | 0 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OH CHS SNP Inc [Member] | |||||||||
Ownership % | 9.00% | 9.00% | |||||||
Initial Investment Date | Dec. 20, 2019 | ||||||||
Investment | $ 746 | ||||||||
Investments in unconsolidated joint ventures | $ 260 | $ 260 | 131 | ||||||
Income (loss) from unconsolidated joint ventures | $ (462) | 0 | 0 | ||||||
Skilled Nursing Facilities | |||||||||
Number of real estate properties | facility | 738 | 738 | |||||||
Skilled Nursing Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Ownership % | 15.00% | 15.00% | |||||||
Initial Investment Date | Nov. 1, 2016 | ||||||||
Investment | $ 50,032 | ||||||||
Number of real estate properties | facility | 21 | 21 | |||||||
Investments in unconsolidated joint ventures | $ 17,700 | $ 17,700 | 22,504 | ||||||
Specialty | |||||||||
Number of real estate properties | facility | 28 | 28 | |||||||
Specialty | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||||||||
Ownership % | 51.00% | 51.00% | |||||||
Initial Investment Date | May 17, 2019 | ||||||||
Investment | $ 73,834 | ||||||||
Number of real estate properties | facility | 1 | 1 | |||||||
Investments in unconsolidated joint ventures | $ 72,318 | $ 72,318 | 73,273 | ||||||
Assisted Living Facilities | |||||||||
Number of real estate properties | facility | 115 | 115 | |||||||
Assisted Living Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||||
Ownership % | 49.00% | 49.00% | |||||||
Initial Investment Date | Dec. 18, 2019 | ||||||||
Investment | $ 105,688 | ||||||||
Number of real estate properties | facility | 67 | 67 | |||||||
Investments in unconsolidated joint ventures | $ 110,360 | $ 110,360 | 103,976 | ||||||
Independent Living Facilities [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | |||||||||
Ownership % | 50.00% | 50.00% | |||||||
Initial Investment Date | Dec. 6, 2019 | ||||||||
Number of real estate properties | facility | 1 | 1 | |||||||
14 SNFs | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Total cash proceeds | 311,800 | ||||||||
Amount of gain (loss) from sale of facilities | 64,000 | ||||||||
13 SNFs | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Total cash proceeds | 164,000 | ||||||||
Amount of gain (loss) from sale of facilities | (4,600) | ||||||||
Provision for impairment on real estate properties | $ 4,200 | ||||||||
16 Facilities | |||||||||
Total cash proceeds | $ 63,700 | ||||||||
Amount of gain (loss) from sale of facilities | $ 5,200 | ||||||||
16 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Total cash proceeds | $ 259,100 | ||||||||
Amount of gain (loss) from sale of facilities | $ 40,400 | ||||||||
67 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||||
Number of operators | item | 2 | 2 | |||||||
Other Investment Receivables [Member] | |||||||||
Financing Receivable, Gross | $ 498,899 | $ 498,899 | 419,228 | ||||||
Other Investment notes outstanding | |||||||||
Financing Receivable, Gross | 161,155 | 161,155 | 166,241 | ||||||
Other Investment notes outstanding | Subsidiary of Second Spring Healthcare [Member] | |||||||||
Ownership % | 15.00% | ||||||||
Financing Receivable, Gross | 17,600 | 17,600 | |||||||
Other Investment notes outstanding | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Financing Receivable, Gross | 17,600 | 17,600 | |||||||
Mortgage Receivable [Member] | |||||||||
Financing Receivable, Gross | 918,558 | 918,558 | 778,468 | ||||||
Mortgage Receivable [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||||||||
Financing Receivable, Gross | $ 67,000 | $ 67,000 | $ 68,300 | ||||||
Facilities Sold | |||||||||
Number of real estate properties | facility | 78 | ||||||||
Facilities Sold | Skilled Nursing Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||
Number of real estate properties | facility | 16 | 16 | 14 | 13 | |||||
Facilities Sold | 16 Facilities | |||||||||
Number of real estate properties | facility | 16 | 16 | |||||||
Facilities Owned | Assisted Living Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||||
Number of real estate properties | facility | 67 | 67 |
INVESTMENT IN JOINT VENTUREs (N
INVESTMENT IN JOINT VENTUREs (Narrative) (Details) - USD ($) $ in Thousands | May 17, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Face Amount of Mortgages | $ 1,010,113 | |||
Financing Receivable, Gross | 1,428,915 | |||
Assets management fees recognized | 1,200 | $ 900 | $ 1,800 | |
Mortgage Receivable [Member] | ||||
Financing Receivable, Gross | $ 918,558 | 778,468 | ||
Lakeway Realty LLC [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Face Amount of Mortgages | $ 73,000 | |||
Mortgage loans on real estate, interest rate | 8.00% | |||
Term | 25 years | |||
Mortgage loans on real estate, maturity date | Mar. 20, 2025 | |||
Fair value of mortgage | $ 69,100 | |||
Lakeway Realty LLC [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable, Gross | $ 67,000 | $ 68,300 |
ASSETS HELD FOR SALE (Schedule
ASSETS HELD FOR SALE (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Jun. 30, 2019USD ($)facility | Dec. 31, 2018USD ($)facility | |
Number Of Properties | ||||||
Beginning Balance | property | 6 | 3 | ||||
Properties sold | property | (25) | (8) | ||||
Properties added | property | 41 | 11 | ||||
Ending balance | property | 22 | 6 | ||||
Net Book Value | ||||||
Beginning Balance | $ 4,922 | $ 989 | ||||
Properties sold | (126,532) | (6,486) | ||||
Properties added | 203,062 | 10,419 | ||||
Ending balance | 81,452 | 4,922 | ||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 967 | |||||
Assets held for sale | 81,452 | 4,922 | $ 81,452 | $ 4,922 | $ 300 | $ 989 |
Skilled Nursing Facilities | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 738 | |||||
Assisted Living Facilities | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 115 | |||||
8 Facilities | ||||||
Assets Held For Sale | ||||||
Impairment charges | 9,200 | |||||
25 Facilities and 1 Parcel of Land | ||||||
Assets Held For Sale | ||||||
Net proceeds from sale of facilities held for sale | 142,800 | |||||
Gain (loss) from sale of facilities | 16,200 | |||||
11 Facilities | ||||||
Assets Held For Sale | ||||||
Impairment charges | $ 36,400 | |||||
Facilities Sold | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 78 | |||||
Facilities Sold | 7 Facilities | ||||||
Assets Held For Sale | ||||||
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 Sold | 25 Facilities and 1 Parcel of Land | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 25 | |||||
Facilities No Longer Held for Sale [Member] | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 1 | |||||
Facilities With Impairment Charges [Member] | 8 Facilities | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 8 | |||||
Facilities With Impairment Charges [Member] | 7 Facilities | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 7 | |||||
Facilities With Impairment Charges [Member] | 11 Facilities | ||||||
Assets Held For Sale | ||||||
Number of real estate properties | facility | 11 |
INTANGIBLES (Narrative) (Detail
INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net amortization of intangible assets | $ 14.2 | $ 5.9 | $ 10.7 |
2021 | 6.8 | ||
2022 | 4.7 | ||
2023 | 4.5 | ||
2024 | 4.4 | ||
2024 | $ 4.2 | ||
Below market leases, weighted average remaining amortization, period | 8 years | ||
Thereafter | $ 11.9 | ||
Above market leases | |||
Weighted average remaining amortization | 10 years |
INTANGIBLES (Schedule of Intang
INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Goodwill | $ 651,737 | $ 644,415 |
Accumulated amortization | (20,882) | (21,227) |
Net intangible assets | 1,940 | 28,013 |
Liabilities: | ||
Below market leases | 139,515 | 147,292 |
Accumulated amortization | (100,996) | (87,154) |
Net intangible liabilities | 38,519 | 60,138 |
Above market leases | ||
Assets: | ||
Gross intangible assets | $ 22,822 | $ 49,240 |
INTANGIBLES (Schedule of Reconc
INTANGIBLES (Schedule of Reconciliation of Goodwill) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance | $ 644,415 |
Add: foreign currency translation | 438 |
Add: goodwill from business combination | 6,884 |
Balance | $ 651,737 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)statefacilityitemcontract | Dec. 31, 2019USD ($)contract | Dec. 31, 2018 | Jan. 01, 2020USD ($) | |
Concentration Risk [Line Items] | ||||
Number of real estate properties | 967 | |||
Number of operators that met or exceeded ten percent threshold for revenues | contract | 1 | 1 | ||
Number of states | state | 40 | |||
Number of operators | item | 69 | |||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 9,700,000 | |||
Other investments | $ | 467,442 | $ 419,228 | $ 412,540 | |
Investment in unconsolidated joint venture | $ | 200,638 | 199,884 | ||
Ciena Healthcare | ||||
Concentration Risk [Line Items] | ||||
Other investments | $ | 16,000 | 21,600 | ||
Contractual receivables - net and Other receivables and lease inducements | $ | $ 30,300 | $ 32,600 | ||
Geographic Concentration Risk [Member] | Florida | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 14.00% | |||
Geographic Concentration Risk [Member] | Texas | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 9.00% | |||
Geographic Concentration Risk [Member] | Michigan | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 7.00% | |||
Product Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 97.00% | |||
Skilled Nursing Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 738 | |||
Assisted Living Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 115 | |||
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 | 11.00% | 10.00% | 11.00% | |
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 56 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 3 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 3 | |||
Facilities Held for Sale or Closed [Member] | ||||
Concentration Risk [Line Items] | ||||
Number of real estate properties | 22 |
LEASE AND MORTGAGE DEPOSITS (Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 4 | $ 9.3 |
Lease and Mortgage Security Deposits [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Security Deposit | 43.2 | 38.6 |
Lease and Mortgage Letter of Credit [Member] | ||
Security Deposits And Letters Of Credit [Line Items] | ||
Security Deposit | $ 52.5 | $ 54.2 |
BORROWING ARRANGEMENTS (Schedul
BORROWING ARRANGEMENTS (Schedule of Borrowings) (Details) $ in Thousands, £ in Millions | Apr. 17, 2020 | Oct. 31, 2020 | May 25, 2017USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 25, 2017GBP (£) | Dec. 16, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||
Total secured borrowings - net | $ 369,524 | $ 389,680 | ||||||
Revolving line of credit | 101,158 | 125,000 | ||||||
Total term loans - net | 186,349 | 804,738 | ||||||
Total senior notes and other unsecured borrowings - net | 4,512,221 | 3,816,722 | ||||||
Total secured and unsecured borrowings - net | 5,169,252 | 5,136,140 | ||||||
Proceeds from lines of credit | 1,164,466 | 1,507,000 | $ 1,291,000 | |||||
Repayments of Lines of Credit | 1,193,000 | $ 1,980,100 | $ 1,268,000 | |||||
London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.75% | |||||||
Hud Mortgage Assumed [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged as collateral, fair value | 571,200 | |||||||
2017 Omega OP Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total term loans - net | $ 50,000 | |||||||
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% | 3.625% | ||||||
3.375% notes due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 680,500 | |||||||
Maturity | 2031 | |||||||
Rate | 3.375% | |||||||
Long-term debt, gross | $ 700,000 | |||||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total secured borrowings - net | $ 369,524 | $ 389,680 | ||||||
Secured Debt [Member] | Hud Mortgage Assumed [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate | 3.01% | |||||||
Total secured borrowings - net | $ 367,249 | 387,405 | ||||||
Secured Debt [Member] | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2021 | |||||||
Rate | 3.50% | |||||||
Total secured borrowings - net | $ 2,275 | 2,275 | ||||||
Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs - net | (26,070) | (23,778) | ||||||
Total term loans - net | 186,349 | 804,738 | ||||||
Discount - net | (31,709) | (23,041) | ||||||
Total unsecured borrowings - net | 4,799,728 | 4,746,460 | ||||||
Unsecured Debt [Member] | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs - net | $ (351) | (2,742) | ||||||
Unsecured Debt [Member] | U.S. term loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | N/A | |||||||
Total term loans - net | $ 425,000 | 350,000 | ||||||
Unsecured Debt [Member] | Sterling term loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2022 | |||||||
Rate | 1.47% | |||||||
Total term loans - net | $ 136,700 | 132,480 | £ 100 | |||||
Unsecured Debt [Member] | 2017 Omega OP Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2022 | |||||||
Rate | 3.29% | |||||||
Total term loans - net | 100,000 | $ 50,000 | 75,000 | |||||
Unsecured Debt [Member] | Amended 2015 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | N/A | |||||||
Total term loans - net | $ 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 | $ 4,512,221 | 3,816,722 | ||||||
Unsecured Debt [Member] | Subordinated debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2021 | |||||||
Rate | 9.00% | |||||||
Long-term debt, gross | $ 20,000 | 13,541 | ||||||
Senior Notes [Member] | 4.375% notes due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 692,000 | |||||||
Maturity | 2023 | |||||||
Rate | 4.375% | |||||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||||
Senior Notes [Member] | 4.95% notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 394,300 | |||||||
Maturity | 2024 | |||||||
Rate | 4.95% | |||||||
Long-term debt, gross | $ 400,000 | 400,000 | ||||||
Senior Notes [Member] | 4.50% notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 397,700 | |||||||
Maturity | 2025 | |||||||
Rate | 4.50% | |||||||
Long-term debt, gross | $ 400,000 | 400,000 | ||||||
Senior Notes [Member] | 5.25% notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 594,400 | |||||||
Maturity | 2026 | |||||||
Rate | 5.25% | |||||||
Long-term debt, gross | $ 600,000 | 600,000 | ||||||
Senior Notes [Member] | 4.50% notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 683,000 | |||||||
Maturity | 2027 | |||||||
Rate | 4.50% | |||||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||||
Senior Notes [Member] | 4.75% notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 540,800 | |||||||
Maturity | 2028 | |||||||
Rate | 4.75% | |||||||
Long-term debt, gross | $ 550,000 | 550,000 | ||||||
Senior Notes [Member] | 3.625% notes due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior long-term debt | $ 487,800 | |||||||
Maturity | 2029 | |||||||
Rate | 3.625% | |||||||
Long-term debt, gross | $ 500,000 | 500,000 | ||||||
Senior Notes [Member] | 3.375% notes due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2031 | |||||||
Rate | 3.375% | |||||||
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% | |||||||
Revolving Credit Facility | Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2021 | |||||||
Rate | 1.27% | |||||||
Revolving line of credit | $ 1,250,000 | $ 101,158 | $ 125,000 | |||||
Debt instrument number of available extensions | item | 2 | |||||||
Debt instrument extension period duration | 6 months | |||||||
Revolving Credit Facility | Minimum | Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Revolving Credit Facility | Maximum | Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.95% |
BORROWING ARRANGEMENTS (HUD Mor
BORROWING ARRANGEMENTS (HUD Mortgage) (Details) $ in Thousands | Aug. 26, 2020USD ($)loan | Oct. 31, 2019USD ($) | Jun. 01, 2018USD ($)facility | Dec. 31, 2020USD ($)facilityitem | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($)facility |
Number of real estate properties | facility | 967 | |||||
Mortgage loans on real estate, new mortgage loans | $ 149,957 | $ 129,108 | $ 65,841 | |||
Number of operators | item | 69 | |||||
Rent to be received | $ 8,614,569 | |||||
Gain (loss) on extinguishment of debt | $ 13,340 | |||||
Skilled Nursing Facilities | ||||||
Number of real estate properties | facility | 738 | |||||
Skilled Nursing Facilities | Arkansas | ||||||
Debt weighted average interest rate | 3.06% | |||||
Debt Instrument, Maturity Date | Jul. 31, 2044 | |||||
Assisted Living Facilities | ||||||
Number of real estate properties | facility | 115 | |||||
12 Facilities | ||||||
Disposition of HUD mortgages | $ 53,000 | |||||
12 Facilities | Arkansas | ||||||
Disposition of HUD mortgages | 53,000 | |||||
Write off of Deferred Debt Issuance Cost | $ 600 | |||||
Facilities Acquired | Skilled Nursing Facilities | ||||||
Number of real estate properties | facility | 8 | 89 | 12 | |||
Facilities Acquired | Assisted Living Facilities | ||||||
Number of real estate properties | facility | 3 | 4 | ||||
Facilities Sold Previously Held-for-Sale | ||||||
Number of real estate properties | facility | 16 | |||||
Facilities Assumed By Operators Subsidiaries | 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 | |||||
Prepayment penalty percentage, first year | 10.00% | |||||
Prepayment penalty reduction percentage | 1.00% | |||||
Escrow deposit | $ 26,500 | |||||
Minimum | Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | ||||||
Debt weighted average interest rate | 2.82% | |||||
Maximum | Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | ||||||
Debt weighted average interest rate | 3.24% | |||||
Secured Debt [Member] | Hud Mortgage Assumed [Member] | ||||||
Debt instrument, interest rate, stated percentage | 3.01% | |||||
Secured Debt [Member] | Two Hud Mortgages Assumed [Member] | ||||||
Repayments of secured debt | $ 13,700 | |||||
Number of assumed loans retired | loan | 2 | |||||
Long-term Debt, Weighted Average Interest Rate, over Time | 3.08% | |||||
Gain (loss) on extinguishment of debt | $ 900 | |||||
Secured Debt [Member] | Hud Mortgage Assumed Maturity 2051 [Member] | ||||||
Maturity | 2051 | |||||
Secured Debt [Member] | Hud Mortgage Assumed Maturity 2052 [Member] | ||||||
Maturity | 2052 | |||||
Secured Debt [Member] | Minimum | Hud Mortgage Assumed [Member] | ||||||
Maturity | 2046 | |||||
Secured Debt [Member] | Maximum | Hud Mortgage Assumed [Member] | ||||||
Maturity | 2052 |
BORROWING ARRANGEMENTS (Omega C
BORROWING ARRANGEMENTS (Omega Credit, Omega OP Term, Amended 2015 Term Loan Facilities and General) (Detail) $ in Thousands, £ in Millions | Apr. 17, 2020 | May 17, 2019USD ($) | Dec. 16, 2015USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2019USD ($) | May 25, 2017USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 25, 2017GBP (£) |
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | $ 101,158 | $ 125,000 | ||||||||
Term loans - net | 186,349 | 804,738 | ||||||||
Repayment of revolving credit facility | $ 1,193,000 | 1,980,100 | $ 1,268,000 | |||||||
Debt instrument, covenant description | Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2020 and 2019, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. | |||||||||
London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.75% | |||||||||
Senior Unsecured Revolving And Term Loan Credit Facility 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility borrowing 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 | |||||||||
Description of variable rate basis | LIBOR | |||||||||
Amended 2015 Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Description of variable rate basis | LIBOR | |||||||||
2017 Omega OP Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 50,000 | |||||||||
Description of variable rate basis | LIBOR | |||||||||
Proceeds from (repayments) notes payable | $ 25,000 | $ 25,000 | ||||||||
2015 term loan and the Omega OP term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write-off of deferred financing costs | 1,500 | |||||||||
Derivative, notional amount | 275,000 | |||||||||
Interest Rate Swap | 2017 Omega OP Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 75,000 | |||||||||
Rate | 3.29% | |||||||||
Derivative, maturity Date | May 25, 2022 | |||||||||
Derivative, notional amount | 25,000 | |||||||||
Derivative, loss on derivative | 600 | |||||||||
Interest Rate Swap | 2017 Omega OP Term Loan Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.45% | |||||||||
Interest Rate Swap | 2017 Omega OP Term Loan Facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.55% | |||||||||
Interest Rate Swap | 2015 term loan and the Omega OP term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments for hedge, financing activities | 10,900 | |||||||||
Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | 186,349 | 804,738 | ||||||||
Unsecured debt | 4,799,728 | 4,746,460 | ||||||||
Unsecured Debt [Member] | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term line of credit | $ 1,250,000 | $ 101,158 | 125,000 | |||||||
Description of variable rate basis | LIBOR | |||||||||
Rate | 1.27% | |||||||||
Maturity date | May 25, 2021 | |||||||||
Debt instrument number of available extensions | item | 2 | |||||||||
Debt instrument extension period duration | 6 months | |||||||||
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] | U.S. term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term loans - net | $ 425,000 | 350,000 | ||||||||
Write-off of deferred financing costs | 800 | |||||||||
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 | $ 136,700 | 132,480 | £ 100 | |||||||
Rate | 1.47% | |||||||||
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 | |||||||
Write-off of deferred financing costs | 700 | |||||||||
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 | $ 100,000 | $ 50,000 | $ 75,000 | |||||||
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] | Two Hud Mortgages Assumed, U.S. Term Loan and Term Loan 2015 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Prepayment fees | $ 900 | |||||||||
Unsecured Debt [Member] | Interest Rate Swap | 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 | |||||||||
Derivative, notional amount | 250,000 | |||||||||
Derivative, loss on derivative | $ 10,300 | |||||||||
Unsecured Debt [Member] | Interest Rate Swap | Amended 2015 Term Loan Facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.40% | |||||||||
Unsecured Debt [Member] | Interest Rate Swap | 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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% | 3.625% |
Senior Notes [Member] | 4.375% notes due 2023 | ||
Long-term Debt, Gross | $ 700,000 | $ 700,000 |
Interest rate | 4.375% | |
Proceeds from issuance of senior long-term debt | $ 692,000 | |
Senior Notes [Member] | 4.95% notes due 2024 | ||
Long-term Debt, Gross | $ 400,000 | 400,000 |
Interest rate | 4.95% | |
Proceeds from issuance of senior long-term debt | $ 394,300 | |
Senior Notes [Member] | 4.50% notes due 2025 | ||
Long-term Debt, Gross | $ 400,000 | 400,000 |
Interest rate | 4.50% | |
Proceeds from issuance of senior long-term debt | $ 397,700 | |
Senior Notes [Member] | 5.25% notes due 2026 | ||
Long-term Debt, Gross | $ 600,000 | 600,000 |
Interest rate | 5.25% | |
Proceeds from issuance of senior long-term debt | $ 594,400 | |
Senior Notes [Member] | 4.50% notes due 2027 | ||
Long-term Debt, Gross | $ 700,000 | 700,000 |
Interest rate | 4.50% | |
Proceeds from issuance of senior long-term debt | $ 683,000 | |
Senior Notes [Member] | 4.75% notes due 2028 | ||
Long-term Debt, Gross | $ 550,000 | 550,000 |
Interest rate | 4.75% | |
Proceeds from issuance of senior long-term debt | $ 540,800 | |
Senior Notes [Member] | 3.625% notes due 2029 | ||
Long-term Debt, Gross | $ 500,000 | $ 500,000 |
Interest rate | 3.625% | |
Proceeds from issuance of senior long-term debt | $ 487,800 |
BORROWING ARRANGEMENTS (Subordi
BORROWING ARRANGEMENTS (Subordinated Debt) (Narrative) (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2010USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | |
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 | ||
Debt instrument, interest rate, stated percentage | 9.00% | ||
Offset (reversed) assumed debt against unpaid rent | $ 6,500 | ||
Debt Instrument, Maturity Date | Dec. 21, 2021 |
BORROWING ARRANGEMENTS (Forward
BORROWING ARRANGEMENTS (Forward Starting Swaps) (Details) $ in Millions | Mar. 27, 2020USD ($)contract | Oct. 31, 2020USD ($) | Dec. 31, 2020 |
Debt instrument, covenant description | Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2020 and 2019, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. | ||
Number of forward starting swaps entered into | contract | 5 | ||
3.375% notes due 2031 | |||
Debt instrument, interest rate, stated percentage | 3.375% | ||
Maturity | 2031 | ||
3.375% notes due 2031 | Senior Notes [Member] | |||
Debt instrument, face amount | $ 700 | ||
Debt instrument, interest rate, stated percentage | 3.375% | ||
Maturity | 2031 | ||
Interest Rate Swap | Cash Flow Hedging [Member] | |||
Derivative, notional amount | $ 400 | ||
Derivative, effective date | Aug. 1, 2023 | ||
Derivative, inception Date | Mar. 27, 2020 | ||
Derivative, maturity Date | Aug. 1, 2033 | ||
Derivative forecasted issuance period on long term debt | 5 years | ||
Derivative, fixed interest rate | 0.8675% | ||
Derivative, maximum period | 46 months |
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, 2020USD ($) |
BORROWING ARRANGEMENTS [Abstract] | |
2021 | $ 130,876 |
2022 | 194,370 |
2023 | 707,904 |
2024 | 408,144 |
2025 | 408,393 |
Thereafter | 3,377,695 |
Totals | $ 5,227,382 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
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% | 3.625% |
3.375% notes due 2031 | ||
Liabilities: | ||
Notes issued, interest rate | 3.375% | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 10,764 | $ 11,488 |
Mortgage notes receivable - net | 885,313 | 773,563 |
Other investments - net | 467,442 | 419,228 |
Total | 1,363,519 | 1,204,279 |
Liabilities: | ||
Revolving line of credit | 101,158 | 125,000 |
Secured borrowing | 2,275 | 2,275 |
U.S. term loan | 0 | 348,878 |
Sterling term loan | 136,453 | 132,059 |
Omega OP term loan | 49,896 | 74,763 |
2015 term loan | 249,038 | |
Subordinated debt - net | 20,083 | 13,714 |
Total | 5,169,252 | 5,136,140 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 696,981 | 695,812 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 396,714 | 395,702 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 396,924 | 396,163 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 596,437 | 595,732 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 690,909 | 689,445 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 542,899 | 541,891 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 489,472 | 488,263 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 681,802 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage Assumed [Member] | ||
Liabilities: | ||
HUD debt - net | 367,249 | 387,405 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 10,764 | 11,488 |
Mortgage notes receivable - net | 924,353 | 819,083 |
Other investments - net | 474,552 | 412,934 |
Total | 1,409,669 | 1,243,505 |
Liabilities: | ||
Revolving line of credit | 101,158 | 125,000 |
Secured borrowing | 2,275 | 2,275 |
U.S. term loan | 0 | 350,000 |
Sterling term loan | 136,700 | 132,480 |
Omega OP term loan | 50,000 | 75,000 |
2015 term loan | 250,000 | |
Subordinated debt - net | 21,599 | 15,253 |
Total | 5,767,243 | 5,490,735 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 770,635 | 749,693 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 441,194 | 442,327 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 444,652 | 430,529 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 697,993 | 675,078 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 794,294 | 759,475 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 633,950 | 602,967 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 532,248 | 500,792 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 731,541 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage Assumed [Member] | ||
Liabilities: | ||
HUD debt - net | $ 409,004 | $ 379,866 |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)subsidiary | |
Taxes [Line Items] | |
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% |
Net operating loss carryforwards period | Under current law, our NOL carry-forwards generated up through December 31, 2017 may be carried forward for no more than 20 years, and our NOL carry-forwards generated in our taxable years ended December 31, 2020, December 31, 2019 and December 31, 2018 may be carried forward indefinitely. |
Number of TRSs subject to income taxes at corporate rate with net operating carry forward | subsidiary | 1 |
Taxable REIT Subsidiaries [Member] | |
Taxes [Line Items] | |
Net operating loss carry-forward | $ | $ 5.7 |
TAXES (Schedule of components o
TAXES (Schedule of components of income tax expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes [Abstract] | |||
Provision for federal, state and local income taxes | $ 1.3 | $ 0.8 | $ 0.8 |
Provision for foreign income taxes | 3.6 | 2 | 2.2 |
Total provision for income taxes | $ 4.9 | $ 2.8 | $ 3 |
TAXES (Schedule of deferred tax
TAXES (Schedule of deferred tax assets and liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 1,194 | $ 1,199 |
Deferred tax liability: | ||
Foreign deferred tax liability | (10,766) | (11,350) |
Valuation allowance on deferred tax asset | (1,194) | (1,199) |
Net deferred tax liability | $ (10,766) | $ (11,350) |
STOCKHOLDERS EQUITY (Forward Eq
STOCKHOLDERS EQUITY (Forward Equity Offering) (Narrative) (Detail) - Forward equity sales agreement - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 27, 2019 | Sep. 09, 2019 | Sep. 30, 2019 | Dec. 31, 2019 |
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 | |||
Maximum | ||||
Forward contract indexed to issuer's equity, shares | 7.5 |
STOCKHOLDERS EQUITY (Common Sto
STOCKHOLDERS EQUITY (Common Stock Repurchase) (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2020 | Mar. 20, 2020 | |
Stockholders Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 200 | |
Stock repurchased during period, shares | 0 |
STOCKHOLDERS EQUITY (Schedule o
STOCKHOLDERS EQUITY (Schedule of Common Stock Dividends) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 2.68 | $ 2.65 | $ 2.64 |
Dividend Record Date One [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Declared, Date Of Record | Jan. 31, 2020 | ||
Dividends Payable, Date to be Paid | Feb. 14, 2020 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | ||
Dividend Record Date Two [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Declared, Date Of Record | Apr. 30, 2020 | ||
Dividends Payable, Date to be Paid | May 15, 2020 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | ||
Dividend Record Date Three [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Declared, Date Of Record | Jul. 31, 2020 | ||
Dividends Payable, Date to be Paid | Aug. 14, 2020 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | ||
Dividend Record Date Four [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Declared, Date Of Record | Nov. 2, 2020 | ||
Dividends Payable, Date to be Paid | Nov. 16, 2020 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | ||
Dividend Record Date Five [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Declared, Date Of Record | Feb. 8, 2021 | ||
Dividends Payable, Date to be Paid | Feb. 16, 2021 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.67 |
STOCKHOLDERS EQUITY (Equity She
STOCKHOLDERS EQUITY (Equity Shelf Program Schedule and Narrative) (Detail) - $500 Million Equity Shelf Program - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Sep. 03, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Sales price, equity distribution agreement | $ 500 | |||
Issuance of common stock (in shares) | 4.2 | 3.1 | 2.3 | |
Average issue price per share | $ 36.16 | $ 34.79 | $ 33.18 | |
Proceeds from issuance of common stock | $ 152.6 | $ 109 | $ 75.5 | |
Maximum | ||||
Compensation percentage for sale of shares | 2.00% |
STOCKHOLDERS EQUITY (Schedule_2
STOCKHOLDERS EQUITY (Schedule of dividend reinvestment and common stock purchase plan) (Detail) - Dividend Reinvestment And Common Stock Purchase Plan - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issuance of common stock (in shares) | 0.1 | 3 | 1.5 |
Gross proceeds from issuance of common stock | $ 3.7 | $ 115.1 | $ 46.8 |
STOCKHOLDERS EQUITY (Per Share
STOCKHOLDERS EQUITY (Per Share Distributions) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||
Dividend Per Common Share | $ 2.680 | $ 2.650 | $ 2.640 |
Ordinary Income [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | 1.961 | 1.763 | 1.691 |
Return Of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | 0.654 | 0.591 | 0.931 |
Capital Gains [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | $ 0.065 | $ 0.296 | $ 0.018 |
STOCKHOLDERS EQUITY (Schedule_3
STOCKHOLDERS EQUITY (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 4,336,594 | $ 3,764,484 | $ 3,888,258 | |||
Balance , ending | 4,036,607 | 4,336,594 | 3,764,484 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,336,594 | 3,764,484 | 3,764,484 | $ 4,036,607 | $ 4,336,594 | $ 3,764,484 |
Add: portion included in noncontrolling interest | (194,731) | (201,166) | ||||
Stockholders Equity/AOCI | 3,841,876 | 4,135,428 | ||||
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Add: portion included in noncontrolling interest | 1,272 | 2,031 | 1,988 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (41,889) | (43,640) | ||||
Balance , ending | (14,040) | (41,889) | (43,640) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (41,889) | (43,640) | (43,640) | (14,040) | (41,889) | (43,640) |
Foreign Currency Translation [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (35,100) | (47,704) | (26,033) | |||
Translation loss | 16,595 | 12,646 | (21,703) | |||
Realized gain (loss) | 78 | (42) | 32 | |||
Balance , ending | (18,427) | (35,100) | (47,704) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (35,100) | (35,100) | (26,033) | (18,427) | (35,100) | (47,704) |
Cash Flow Hedges [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (2,369) | 3,994 | 1,463 | |||
Unrealized (loss) gain | 34,712 | (7,071) | 2,593 | |||
Realized (loss) gain | (14,625) | 708 | (62) | |||
Balance , ending | 17,718 | (2,369) | 3,994 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 17,718 | 3,994 | 1,463 | 17,718 | (2,369) | 3,994 |
Net Investment Hedge [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (4,420) | 70 | (7,070) | |||
Unrealized (loss) gain | (8,911) | (4,490) | 7,140 | |||
Balance , ending | (13,331) | (4,420) | 70 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (13,331) | 70 | (7,070) | (13,331) | (4,420) | 70 |
Accumulated Other Comprehensive Loss | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (39,858) | (41,652) | (30,150) | |||
Balance , ending | (12,768) | (39,858) | (41,652) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (12,768) | $ (39,858) | $ (41,652) | (12,768) | (39,858) | (41,652) |
Stockholders Equity/AOCI | $ (12,768) | $ (39,858) | $ (41,652) |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 08, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of operating partnership units distributions | 10.00% | |||||||
Total Compensation Cost | $ 27,000 | $ 17,820 | $ 16,600 | |||||
Deferred shares, outstanding | 537,236 | 459,389 | ||||||
Shares paid for tax withholding for share based compensation | 4,700,000 | 4,800,000 | 1,700,000 | |||||
Performance Based Restricted Stock Units and Profit Interest Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Closing stock price | $ 42.35 | $ 35.15 | $ 27.54 | |||||
Shares awarded, other than options | 2,897,496 | 2,401,087 | 2,169,432 | 1,360,780 | ||||
Unrecognized compensation cost | $ 4,600 | |||||||
Weighted average period of expense recognition | 36 months | |||||||
RSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Sharebased compensation arrangement by sharebased payment award share number issuable upon each vested award | 1 | |||||||
Profit Interest Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Sharebased compensation arrangement by sharebased payment award partnership unit number issuable upon each vested award | 1 | |||||||
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 | 3,200,000 | |||||||
Performance Based Vesting Requirements on (TSR) Total Shareholder Return | Performance Based Restricted Stock Units and Profit Interest Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ 10,500 | |||||||
Weighted average period of expense recognition | 48 months | |||||||
Performance Based Vesting Requirements on (Relative TSR) Total Shareholder Return [Member] | Performance Based Restricted Stock Units and Profit Interest Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ 12,100 | |||||||
Weighted average period of expense recognition | 48 months |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted - Average Grant-Date Fair Value per Share | |||
Total Compensation Cost | $ 27,000 | $ 17,820 | $ 16,600 |
Time Based Restricted Stock Units [Member] | |||
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 298,592 | 358,873 | 337,509 |
Granted | 158,572 | 160,158 | 217,717 |
Cancelled | (2,006) | (32,376) | (5,941) |
Vested | (184,480) | (188,063) | (190,412) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 270,678 | 298,592 | 358,873 |
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 | $ 31.44 | $ 29.44 | $ 32.78 |
Granted | 39.88 | 35.20 | 28.19 |
Cancelled | 42.05 | 30.38 | 30.82 |
Vested | 29.28 | 31.01 | 33.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 37.78 | $ 31.44 | $ 29.44 |
Performance Based 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 | 2,401,087 | 2,169,432 | 1,360,780 |
Granted | 1,208,537 | 822,584 | 1,012,032 |
Cancelled | (54,076) | (125,885) | |
Forfeited | (203,380) | ||
Vested | (658,052) | (465,044) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,897,496 | 2,401,087 | 2,169,432 |
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 | $ 13.01 | $ 13.04 | $ 14.82 |
Granted | 17.11 | 14.80 | 10.40 |
Cancelled | 16.52 | 14.57 | |
Forfeited | 11.82 | ||
Vested | 14.85 | 15.89 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 14.24 | $ 13.01 | $ 13.04 |
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 Based Restricted Stock Units and Profit Interest Units [Member] - $ / shares | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price on date of grant | $ 42.35 | $ 35.15 | $ 27.54 |
Dividend yield | 6.33% | 7.51% | 9.44% |
Risk free interest rate at time of grant, minimum | 1.63% | 2.45% | 1.60% |
Risk free interest rate at time of grant, maximum | 1.68% | 2.57% | 2.05% |
Expected volatility, minimum | 21.26% | 21.78% | 21.03% |
Expected volatility, maximum | 21.97% | 22.76% | 23.24% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | Sep. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | May 17, 2019 |
Total commitments | $ 557,119,000 | |||
Asset retirement obligation | 0 | $ 0 | ||
Indemnification Agreement [Member] | ||||
Total commitments | $ 12,600,000 | |||
Lakeway Realty LLC [Member] | ||||
Litigation settlement, amount awarded to other party | $ 1,100,000 | |||
Minimum | Indemnification Agreement [Member] | ||||
Indemnification agreement occurrence period | 18 months | |||
Maximum | Indemnification Agreement [Member] | ||||
Indemnification agreement occurrence period | 72 months | |||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 51.00% |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of remaining commitments) (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Total commitments | $ 557,119 |
Amounts funded to date | (450,766) |
Remaining commitments | 106,353 |
Other Investment Committed [Member] | |
Remaining commitments | $ 95,700 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 163,535 | $ 24,117 | $ 10,300 | |
Restricted cash | 4,023 | 9,263 | 1,371 | |
Cash, cash equivalents and restricted cash at end of year | 167,558 | 33,380 | 11,671 | $ 96,808 |
Supplemental Information: | ||||
Interest paid during the year, net of amounts capitalized | 216,206 | 205,943 | 211,863 | |
Taxes paid during the year | 6,974 | 5,097 | 4,772 | |
Non cash investing activities | ||||
Non cash acquisition of a business (See Note 3) | (1,826) | (566,966) | 0 | |
Non cash acquisition of real estate (See Note 3) | 0 | (531,801) | (185,592) | |
Non cash proceeds from sale of real estate investments (See Note 3 and Note 5) | 83,910 | 0 | 53,118 | |
Non cash placement of mortgage principal (See Note 3 and Note 5) | (86,936) | 0 | 0 | |
Non cash surrender of mortgage (See Note 3) | 0 | 11,874 | 0 | |
Non cash investment in other investments (See Note 6) | (121,139) | (27,408) | (16,153) | |
Non cash proceeds from other investments (See Note 3 and Note 6) | 68,025 | 149,542 | 7,000 | |
Non cash settlement of direct financing lease (See Note 3) | 0 | 4,970 | 184,462 | |
Initial non cash right of use asset - ground leases | 0 | 5,593 | 0 | |
Initial non cash lease liability - ground leases | 0 | (5,593) | 0 | |
Non cash financing activities | ||||
Debt assumed in merger (see Note 3) | 0 | 285,100 | 0 | |
Stock exchanged in merger (see Note 3) | 0 | 281,865 | 0 | |
Acquisition of other long term borrowings (see Note 13) | 0 | 388,627 | 0 | |
Non cash disposition of other long-term borrowings (see Note 13) | 0 | 0 | (53,118) | |
Non cash borrowing (repayment) of other long term debt (see Note 13) | 6,459 | (6,459) | 0 | |
Change in fair value of cash flow hedges | 19,788 | (7,757) | 2,531 | |
Remeasurement of debt denominated in a foreign currency | $ 8,911 | $ 4,490 | $ (7,140) |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Detail) - Forward equity sales agreement - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 27, 2019 | Sep. 09, 2019 | Sep. 30, 2019 | Dec. 31, 2019 |
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 | |||
Maximum | ||||
Forward contract indexed to issuer's equity, shares | 7.5 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Earnings per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net income | $ 163,545 | $ 351,947 | $ 293,884 |
Deduct: net income attributable to noncontrolling interests | (4,218) | (10,824) | (12,306) |
Net income available to common stockholders | $ 159,327 | $ 341,123 | $ 281,578 |
Denominator: | |||
Denominator for basic earnings per share | 227,741 | 213,404 | 200,279 |
Effect of dilutive securities: | |||
Common stock equivalents | 1,239 | 1,753 | 691 |
Net forward share contract | 179 | ||
Noncontrolling interest - Omega OP Units | 6,124 | 6,789 | 8,741 |
Denominator for diluted earnings per share | 235,104 | 222,125 | 209,711 |
Earnings per share - basic: | |||
Net income available to common stockholders | $ 0.70 | $ 1.60 | $ 1.41 |
Earnings per share - diluted: | |||
Net income | $ 0.70 | $ 1.58 | $ 1.40 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2021USD ($)facility | Dec. 31, 2020USD ($)facility | Dec. 31, 2021USD ($) | Jan. 20, 2021USD ($)facilityitem | Dec. 31, 2018facility | |
Number of real estate properties | 967 | ||||
Facilities Sold | |||||
Number of real estate properties | 78 | ||||
Facilities Sold Previously Held-for-Sale | |||||
Number of real estate properties | 16 | ||||
Subsequent event | Facilities Sold | |||||
Number of real estate properties | 16 | ||||
Senior Living Facilities [Member] | Subsequent event | Facilities Acquired | |||||
Number of real estate properties | 24 | ||||
24 Facilities | Forecast [Member] | |||||
Revenue from contracts | $ | $ 43.5 | ||||
24 Facilities | Facilities Acquired | |||||
Number of real estate properties | 24 | ||||
24 Facilities | Subsequent event | |||||
Purchase price of assets acquired | $ | $ 510 | ||||
Number of Beds | item | 2,552 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Arizona | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | California | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Florida | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Illinois | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | New Jersey | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Oregon | |||||
Number of real estate properties | 6 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Pennsylvania | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Tennessee | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Texas | |||||
Number of real estate properties | 6 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Virginia | |||||
Number of real estate properties | 1 | ||||
24 Facilities | Subsequent event | Facilities Acquired | Washington | |||||
Number of real estate properties | 4 | ||||
16 Facilities | |||||
Total cash proceeds | $ | $ 63.7 | ||||
Gain (loss) on assets sold - net | $ | $ 5.2 | ||||
16 Facilities | Facilities Sold | |||||
Number of real estate properties | 16 | ||||
16 Facilities | Facilities Sold Previously Held-for-Sale | |||||
Number of real estate properties | 12 | ||||
16 Facilities | Subsequent event | |||||
Total cash proceeds | $ | $ 149.6 | ||||
Gain (loss) on assets sold - net | $ | 94.4 | ||||
Carrying amount of facility, operating | $ | $ 49.3 |
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 | |
Allowance for doubtful accounts: | ||
Balance at Beginning of Period | $ 109,180 | $ 185,913 |
Charged to Provision Accounts | 7,917 | 33,857 |
Deductions or Other | 111,975 | 110,590 |
Balance at End of Period | 5,122 | 109,180 |
Allowance for Contractual Receivables [Member] | ||
Allowance for doubtful accounts: | ||
Balance at Beginning of Period | 1,075 | 8,463 |
Charged to Provision Accounts | (4,226) | |
Deductions or Other | 1,075 | 3,162 |
Balance at End of Period | 1,075 | |
Allowance Other Receivables and Lease Inducements [Member] | ||
Allowance for doubtful accounts: | ||
Balance at Beginning of Period | 0 | |
Charged to Provision Accounts | 10,962 | |
Deductions or Other | 10,962 | |
Allowance for Mortgage Notes Receivable [Member] | ||
Allowance for doubtful accounts: | ||
Balance at Beginning of Period | 4,905 | 4,905 |
Deductions or Other | 0 | 0 |
Balance at End of Period | 4,905 | 4,905 |
Allowance For Doubtful Accounts Other Investments [Member] | ||
Allowance for doubtful accounts: | ||
Balance at Beginning of Period | 373 | |
Charged to Provision Accounts | (47) | |
Deductions or Other | 326 | |
Allowance For Doubtful Accounts Direct Financing Leases [Member] | ||
Allowance for doubtful accounts: | ||
Balance at Beginning of Period | 103,200 | 172,172 |
Charged to Provision Accounts | 7,917 | 27,168 |
Deductions or Other | 110,900 | 96,140 |
Balance at End of Period | $ 217 | $ 103,200 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 887,166 | |||
Initial Cost to Company Buildings and Improvements | 7,407,273 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 506,994 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 43,755 | |||
Cost Capitalized Subsequent to Acquisition Other | (143,034) | |||
Gross Amount at Which Carried at Close of Period Land | 883,767 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 7,818,387 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 8,702,154 | $ 8,985,994 | $ 7,746,410 | $ 7,655,960 |
Accumulated Depreciation | 1,996,914 | $ 1,787,425 | $ 1,562,619 | $ 1,376,828 |
Consulate Health Care | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 79,624 | |||
Initial Cost to Company Buildings and Improvements | 856,460 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,709 | |||
Cost Capitalized Subsequent to Acquisition Other | (711) | |||
Gross Amount at Which Carried at Close of Period Land | 79,624 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 859,458 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 939,082 | |||
Accumulated Depreciation | 93,613 | |||
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 | 558,604 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,709 | |||
Gross Amount at Which Carried at Close of Period Land | 57,250 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 562,313 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 619,563 | |||
Accumulated Depreciation | $ 62,120 | |||
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 | North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 7,126 | |||
Initial Cost to Company Buildings and Improvements | 94,113 | |||
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 | 93,402 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 100,528 | |||
Accumulated Depreciation | $ 17,019 | |||
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 | $ 6,385 | |||
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 | $ 3,099 | |||
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 | $ 1,558 | |||
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 | 56,618 | |||
Gross Amount at Which Carried at Close of Period Land | 3,548 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 56,618 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 60,166 | |||
Accumulated Depreciation | $ 3,432 | |||
Date Of Construction | 1965 - 1974 | |||
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 | 220,437 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 41,369 | |||
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 | 656,567 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 833,633 | |||
Accumulated Depreciation | 83,145 | |||
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 | $ 28,582 | |||
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 | 23,870 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 826 | |||
Gross Amount at Which Carried at Close of Period Land | 10,673 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 24,696 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 35,369 | |||
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 | 173,571 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 40,543 | |||
Gross Amount at Which Carried at Close of Period Land | 118,606 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 214,114 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 332,720 | |||
Accumulated Depreciation | $ 3,129 | |||
Date Of Construction | 2020 | |||
Date Acquired | 2015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
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 | 73 | |||
Gross Amount at Which Carried at Close of Period Land | 3,683 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 27,701 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 31,384 | |||
Accumulated Depreciation | $ 5,735 | |||
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 | 6,959 | |||
Gross Amount at Which Carried at Close of Period Land | 25,063 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 261,044 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 286,107 | |||
Accumulated Depreciation | $ 45,699 | |||
Date Of Construction | 1968 - 2019 | |||
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 | |||
Saber Health Group | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 41,435 | |||
Initial Cost to Company Buildings and Improvements | 502,584 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 19,763 | |||
Cost Capitalized Subsequent to Acquisition Other | (553) | |||
Gross Amount at Which Carried at Close of Period Land | 41,435 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 521,794 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 563,229 | |||
Accumulated Depreciation | 98,807 | |||
Saber Health Group | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 3,028 | |||
Initial Cost to Company Buildings and Improvements | 82,070 | |||
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 | 3,028 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,224 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 90,252 | |||
Accumulated Depreciation | $ 20,059 | |||
Date Of Construction | 1979 - 2000 | |||
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 | $ 1,269 | |||
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 | $ 11,978 | |||
Initial Cost to Company Buildings and Improvements | 129,432 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,806 | |||
Gross Amount at Which Carried at Close of Period Land | 11,978 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 133,238 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 145,216 | |||
Accumulated Depreciation | $ 29,194 | |||
Date Of Construction | 1965 - 2019 | |||
Date Acquired | 2016 - 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 | $ 6,328 | |||
Initial Cost to Company Buildings and Improvements | 104,222 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,958 | |||
Gross Amount at Which Carried at Close of Period Land | 6,328 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 108,180 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 114,508 | |||
Accumulated Depreciation | $ 23,810 | |||
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 | $ 19,678 | |||
Initial Cost to Company Buildings and Improvements | 182,438 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,294 | |||
Cost Capitalized Subsequent to Acquisition Other | (285) | |||
Gross Amount at Which Carried at Close of Period Land | 19,678 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 188,447 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 208,125 | |||
Accumulated Depreciation | $ 24,475 | |||
Date Of Construction | 1964 - 2017 | |||
Date Acquired | 2013 - 2020 | |||
Saber Health Group | Virginia | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Saber Health Group | Virginia | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Agemo Holdings LLC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 38,181 | |||
Initial Cost to Company Buildings and Improvements | 439,133 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 40,967 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 1,468 | |||
Gross Amount at Which Carried at Close of Period Land | 38,181 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 481,568 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 519,749 | |||
Accumulated Depreciation | 148,739 | |||
Agemo Holdings LLC | Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 12,311 | |||
Initial Cost to Company Buildings and Improvements | 148,949 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 32,413 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 1,468 | |||
Gross Amount at Which Carried at Close of Period Land | 12,311 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 182,830 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 195,141 | |||
Accumulated Depreciation | $ 60,107 | |||
Date Of Construction | 1940 - 2020 | |||
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 | $ 11,321 | |||
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 | $ 12,893 | |||
Initial Cost to Company Buildings and Improvements | 79,825 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,422 | |||
Gross Amount at Which Carried at Close of Period Land | 12,893 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 83,247 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 96,140 | |||
Accumulated Depreciation | $ 30,560 | |||
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 | $ 9,922 | |||
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 | $ 36,829 | |||
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 | |||
Communicare Health Services, Inc | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 34,367 | |||
Initial Cost to Company Buildings and Improvements | 344,900 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 34,658 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 345 | |||
Cost Capitalized Subsequent to Acquisition Other | 3,431 | |||
Gross Amount at Which Carried at Close of Period Land | 34,367 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 383,334 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 417,701 | |||
Accumulated Depreciation | 89,805 | |||
Communicare Health Services, Inc | Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 1,829 | |||
Initial Cost to Company Buildings and Improvements | 17,878 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 16,230 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 345 | |||
Cost Capitalized Subsequent to Acquisition Other | (2,662) | |||
Gross Amount at Which Carried at Close of Period Land | 1,829 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 31,791 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 33,620 | |||
Accumulated Depreciation | $ 4,158 | |||
Date Of Construction | 1979 - 2020 | |||
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 | 4,803 | |||
Gross Amount at Which Carried at Close of Period Land | 7,190 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 78,832 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 86,022 | |||
Accumulated Depreciation | $ 27,810 | |||
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 | $ 16,628 | |||
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 | 1,254 | |||
Gross Amount at Which Carried at Close of Period Land | 2,408 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 12,011 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 14,419 | |||
Accumulated Depreciation | $ 1,674 | |||
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 | $ 20,737 | |||
Initial Cost to Company Buildings and Improvements | 208,944 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 888 | |||
Cost Capitalized Subsequent to Acquisition Other | 6,093 | |||
Gross Amount at Which Carried at Close of Period Land | 20,737 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 215,925 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 236,662 | |||
Accumulated Depreciation | $ 35,039 | |||
Date Of Construction | 1963 - 2015 | |||
Date Acquired | 2013 - 2020 | |||
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 | $ 4,496 | |||
Date Of Construction | 1963 | |||
Date Acquired | 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 516,493 | |||
Initial Cost to Company Buildings and Improvements | 4,868,755 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 187,460 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 573 | |||
Cost Capitalized Subsequent to Acquisition Other | (144,521) | |||
Gross Amount at Which Carried at Close of Period Land | 513,094 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 4,915,666 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 5,428,760 | |||
Accumulated Depreciation | 1,482,805 | |||
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 | $ 38,527 | |||
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 | $ 20,820 | |||
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 | $ 23,010 | |||
Initial Cost to Company Buildings and Improvements | 287,213 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,362 | |||
Gross Amount at Which Carried at Close of Period Land | 23,010 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 291,575 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 314,585 | |||
Accumulated Depreciation | $ 71,909 | |||
Date Of Construction | 1920 - 2007 | |||
Date Acquired | 1994 - 2020 | |||
Other | Ohio | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 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 | $ 53,683 | |||
Initial Cost to Company Buildings and Improvements | 527,086 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 13,016 | |||
Cost Capitalized Subsequent to Acquisition Other | (12,968) | |||
Gross Amount at Which Carried at Close of Period Land | 52,743 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 528,074 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 580,817 | |||
Accumulated Depreciation | $ 195,254 | |||
Date Of Construction | 1933 - 2019 | |||
Date Acquired | 1994 - 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 | $ 12,080 | |||
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 | $ 14,809 | |||
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 | $ 5,883 | |||
Initial Cost to Company Buildings and Improvements | 99,535 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,897 | |||
Gross Amount at Which Carried at Close of Period Land | 5,883 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 105,432 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 111,315 | |||
Accumulated Depreciation | $ 54,375 | |||
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 | $ 6,286 | |||
Initial Cost to Company Buildings and Improvements | 89,383 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,580 | |||
Gross Amount at Which Carried at Close of Period Land | 6,286 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 93,963 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 100,249 | |||
Accumulated Depreciation | $ 36,305 | |||
Date Of Construction | 1927 - 1992 | |||
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 | $ 76,097 | |||
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 | $ 9,321 | |||
Initial Cost to Company Buildings and Improvements | 124,901 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 179 | |||
Cost Capitalized Subsequent to Acquisition Other | (174) | |||
Gross Amount at Which Carried at Close of Period Land | 9,147 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 125,080 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 134,227 | |||
Accumulated Depreciation | $ 24,399 | |||
Date Of Construction | 1979 - 2007 | |||
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 | $ 27,792 | |||
Initial Cost to Company Buildings and Improvements | 376,542 | |||
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 | 27,771 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 375,157 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 402,928 | |||
Accumulated Depreciation | $ 123,502 | |||
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 | $ 38,718 | |||
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 | $ 1,158 | |||
Initial Cost to Company Buildings and Improvements | 48,179 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 166 | |||
Gross Amount at Which Carried at Close of Period Land | 1,158 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 48,345 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 49,503 | |||
Accumulated Depreciation | $ 13,004 | |||
Date Of Construction | 1964 - 1997 | |||
Date Acquired | 2005 - 2014 | |||
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 | 488 | |||
Gross Amount at Which Carried at Close of Period Land | 10,737 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 87,025 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 97,762 | |||
Accumulated Depreciation | $ 22,325 | |||
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 | $ 38,280 | |||
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 | $ 86,015 | |||
Initial Cost to Company Buildings and Improvements | 460,611 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,095 | |||
Cost Capitalized Subsequent to Acquisition Other | (599) | |||
Gross Amount at Which Carried at Close of Period Land | 86,015 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 465,107 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 551,122 | |||
Accumulated Depreciation | $ 107,122 | |||
Date Of Construction | 1938 - 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 | $ 44,818 | |||
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 | $ 6,205 | |||
Initial Cost to Company Buildings and Improvements | 61,203 | |||
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 | 6,205 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 49,044 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 55,249 | |||
Accumulated Depreciation | $ 18,181 | |||
Date Of Construction | 1920 - 2008 | |||
Date Acquired | 1997 - 2014 | |||
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 | $ 10,823 | |||
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 | 1,612 | |||
Gross Amount at Which Carried at Close of Period Land | 6,330 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 46,897 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 53,227 | |||
Accumulated Depreciation | $ 9,872 | |||
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 | $ 1,390 | |||
Initial Cost to Company Buildings and Improvements | 6,196 | |||
Gross Amount at Which Carried at Close of Period Land | 1,390 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,196 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,586 | |||
Accumulated Depreciation | $ 688 | |||
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 | $ 16,245 | |||
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 | $ 17,999 | |||
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 | 22,245 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 448 | |||
Cost Capitalized Subsequent to Acquisition Other | (929) | |||
Gross Amount at Which Carried at Close of Period Land | 4,925 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 74,633 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 79,558 | |||
Accumulated Depreciation | $ 25,795 | |||
Date Of Construction | 1957 - 2020 | |||
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 | $ 15,029 | |||
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 | $ 37,677 | |||
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 | $ 6,268 | |||
Initial Cost to Company Buildings and Improvements | 109,731 | |||
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 | 6,259 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 80,082 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 86,341 | |||
Accumulated Depreciation | $ 18,417 | |||
Date Of Construction | 1955 - 1994 | |||
Date Acquired | 1999 - 2019 | |||
Other | Missouri | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 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 | $ 1,319 | |||
Initial Cost to Company Buildings and Improvements | 11,698 | |||
Gross Amount at Which Carried at Close of Period Land | 1,319 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 11,698 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 13,017 | |||
Accumulated Depreciation | $ 2,662 | |||
Date Of Construction | 1963 - 1971 | |||
Date Acquired | 2005 | |||
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 | $ 4,239 | |||
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 | $ 8,811 | |||
Initial Cost to Company Buildings and Improvements | 92,797 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,350 | |||
Gross Amount at Which Carried at Close of Period Land | 8,811 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 101,147 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 109,958 | |||
Accumulated Depreciation | $ 24,323 | |||
Date Of Construction | 1972 - 2012 | |||
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 | $ 13,145 | |||
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 | $ 11,967 | |||
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 | $ 3,299 | |||
Initial Cost to Company Buildings and Improvements | 23,487 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,804 | |||
Gross Amount at Which Carried at Close of Period Land | 3,299 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 27,291 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 30,590 | |||
Accumulated Depreciation | $ 14,327 | |||
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 | $ 8,480 | |||
Initial Cost to Company Buildings and Improvements | 76,912 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,860 | |||
Gross Amount at Which Carried at Close of Period Land | 8,480 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 79,772 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 88,252 | |||
Accumulated Depreciation | $ 19,512 | |||
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 | $ 66,436 | |||
Initial Cost to Company Buildings and Improvements | 758,981 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 28,684 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 125 | |||
Cost Capitalized Subsequent to Acquisition Other | (62,302) | |||
Gross Amount at Which Carried at Close of Period Land | 65,434 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 726,490 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 791,924 | |||
Accumulated Depreciation | $ 180,376 | |||
Date Of Construction | 1949 - 2019 | |||
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 | $ 87,678 | |||
Initial Cost to Company Buildings and Improvements | 362,316 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,729 | |||
Cost Capitalized Subsequent to Acquisition Other | (16,476) | |||
Gross Amount at Which Carried at Close of Period Land | 86,559 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 355,688 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 442,247 | |||
Accumulated Depreciation | $ 61,208 | |||
Date Of Construction | 1700 - 2012 | |||
Date Acquired | 2015 - 2020 | |||
Other | United Kingdom | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Other | United Kingdom | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | $ 3,103 | |||
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 | 2,736 | |||
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 | 140,790 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 152,442 | |||
Accumulated Depreciation | $ 42,557 | |||
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 | $ 2,316 | |||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | $ 8,985,994 | $ 7,746,410 | $ 7,655,960 |
Acquisitions through foreclosure | 143,753 | ||
Acquisitions | 125,060 | 1,201,924 | 294,202 |
Impairment | (69,913) | (48,939) | (35,014) |
Improvements | 88,130 | 170,997 | 187,408 |
Disposals/other | (427,117) | (228,151) | (356,146) |
Balance at close of period | 8,702,154 | 8,985,994 | 7,746,410 |
Reconciliation of real estate accumulated depreciation | |||
Balance at beginning of period | 1,787,425 | 1,562,619 | 1,376,828 |
Provisions for depreciation | 329,508 | 301,177 | 280,871 |
Dispositions/other | (120,019) | (76,371) | (95,080) |
Balance at close of period | $ 1,996,914 | $ 1,787,425 | $ 1,562,619 |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative 1) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | $ 369,524 | $ 389,680 | |
Noncash consideration exchanged | 19,100 | 750,600 | $ 158,600 |
Reported amount of real estate in excess of the tax basis | 200,000 | ||
Secured Debt [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | 369,524 | 389,680 | |
Hud Mortgage Assumed [Member] | Secured Debt [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | $ 367,249 | $ 387,405 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 1,010,113,000 | |||
Carrying Amount of Mortgages | 885,313,000 | $ 773,563,000 | $ 710,858,000 | $ 671,232,000 |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | 1,472,000 | |||
Allowance for credit loss on mortgage loans | $ (28,340,000) | |||
Michigan | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.90% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest plus approximately $152.0 of principal payable monthly with $352,454 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 415,000,000 | |||
Carrying Amount of Mortgages | 374,607,000 | |||
Mortgage loans on real estate periodic payment, amount | 152,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 352,454,000 | |||
Michigan | Group 2 | ||||
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 $11.0 of principal payable monthly with $42,341 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 44,200,000 | |||
Carrying Amount of Mortgages | 43,936,000 | |||
Mortgage loans on real estate periodic payment, amount | 11,000 | |||
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 | 10.18% | |||
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 | 10,900,000 | |||
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 | 9.20% | |||
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 5 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.18% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest plus approximately $3.0 of principal payable monthly with $17,613 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 18,147,000 | |||
Carrying Amount of Mortgages | 18,115,000 | |||
Mortgage loans on real estate periodic payment, amount | 3,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 17,613,000 | |||
Michigan | Group 6 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.31% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest plus approximately $13.0 of principal payable monthly with $81,302 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 83,454,000 | |||
Carrying Amount of Mortgages | 83,368,000 | |||
Mortgage loans on real estate periodic payment, amount | 13,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 81,302,000 | |||
Michigan | Group 7 | ||||
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 | $ 465,000 | |||
Carrying Amount of Mortgages | $ 455,000 | |||
Michigan | Group 8 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.90% | |||
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 9 | ||||
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 | $ 4,120,000 | |||
Carrying Amount of Mortgages | $ 4,112,000 | |||
Michigan | Group 10 | ||||
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 | $ 9,645,000 | |||
Carrying Amount of Mortgages | $ 9,373,000 | |||
Michigan | Group 11 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.49% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 24,175,000 | |||
Carrying Amount of Mortgages | $ 23,032,000 | |||
Michigan | Group 12 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.95% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 500,000 | |||
Carrying Amount of Mortgages | $ 490,000 | |||
Michigan | Group 13 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.74% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 5,450,000 | |||
Carrying Amount of Mortgages | $ 4,726,000 | |||
Michigan | Group 14 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.18% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2029 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 2,900,000 | |||
Carrying Amount of Mortgages | $ 2,542,000 | |||
Michigan | Group 15 | ||||
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 | $ 200,000 | |||
Carrying Amount of Mortgages | $ 187,000 | |||
Michigan | Group 16 | ||||
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 | $ 3,025,000 | |||
Carrying Amount of Mortgages | $ 3,025,000 | |||
Michigan | Group 17 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.18% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2021 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 17,032,000 | |||
Carrying Amount of Mortgages | $ 17,004,000 | |||
Maryland | ||||
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 And Pennsylvania | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.59% | |||
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 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2021 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 43,150,000 | |||
Carrying Amount of Mortgages | $ 43,150,000 | |||
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 payable monthly until maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 14,000,000 | |||
Carrying Amount of Mortgages | $ 12,727,000 | |||
Idaho | ||||
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 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.85% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2025 | |||
Periodic Payment Terms | Interest plus approximately $128.0 of principal payable monthly with $59,749 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 72,960,000 | |||
Carrying Amount of Mortgages | 67,012,000 | |||
Mortgage loans on real estate periodic payment, amount | 128,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 59,749,000 | |||
Massachusetts | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.00% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2023 | |||
Periodic Payment Terms | Interest plus approximately $50.0 of principal payable monthly with $6,078 due at maturity | |||
Prior Liens | None | |||
Face Amount of Mortgages | $ 9,000,000 | |||
Carrying Amount of Mortgages | 7,691,000 | |||
Mortgage loans on real estate periodic payment, amount | 50,000 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 6,078,000 | |||
Tennessee | ||||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 773,563 | $ 710,858 | $ 671,232 |
Additions during period - new mortgage loans or additional fundings | 149,957 | 129,108 | 65,841 |
Deductions during period - collection of principal/other | (9,867) | (66,403) | (26,215) |
Allowance for credit loss on mortgage loans | (28,340) | ||
Balance at close of period | 885,313 | 773,563 | 710,858 |
Mortgage loans on real estate non cash interest paid-in kind | 600 | 300 | 500 |
Mortgage loans on real estate non cash deed-in-lieu of foreclosure | 11,900 | ||
Non-cash placement of mortgage capital | $ 86,936 | $ 0 | 0 |
Amortization of premium | $ 100 |
SCHEDULE IV - MORTGAGE LOANS _4
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 2) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Mortgage Loans On Real Estate [Abstract] | |
Aggregate cost for federal income tax purposes | $ 919.2 |
Mortgages included in the schedule which extended during 2020 | $ 35.1 |