Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 29, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Entity Registrant Name | OMEGA HEALTHCARE INVESTORS, INC. | |
Entity Central Index Key | 0000888491 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly 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 Common Stock Shares Outstanding | 238,875,381 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
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 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Real estate properties | ||
Real estate investments | $ 9,228,332 | $ 8,702,154 |
Less accumulated depreciation | (2,139,100) | (1,996,914) |
Real estate investments - net | 7,089,232 | 6,705,240 |
Investments in direct financing leases - net | 10,807 | 10,764 |
Mortgage notes receivable - net | 857,162 | 885,313 |
Total | 7,957,201 | 7,601,317 |
Other investments - net | 458,664 | 467,442 |
Investments in unconsolidated joint ventures | 197,912 | 200,638 |
Assets held for sale | 35,335 | 81,452 |
Total investments | 8,649,112 | 8,350,849 |
Cash and cash equivalents | 100,824 | 163,535 |
Restricted cash | 3,736 | 4,023 |
Contractual receivables - net | 10,948 | 10,408 |
Other receivables and lease inducements | 229,509 | 234,666 |
Goodwill | 651,697 | 651,737 |
Other assets | 113,228 | 82,231 |
Total assets | 9,759,054 | 9,497,449 |
LIABILITIES AND EQUITY | ||
Revolving line of credit | 101,158 | |
Secured borrowings | 365,831 | 369,524 |
Senior notes and other unsecured borrowings - net | 4,906,734 | 4,698,570 |
Accrued expenses and other liabilities | 266,818 | 280,824 |
Deferred income taxes | 9,645 | 10,766 |
Total liabilities | 5,549,028 | 5,460,842 |
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 - 237,570 shares as of June 30, 2021 and 231,199 as of December 31, 2020 | 23,756 | 23,119 |
Additional paid-in capital | 6,377,238 | 6,152,887 |
Cumulative net earnings | 2,839,236 | 2,594,735 |
Cumulative dividends paid | (5,232,692) | (4,916,097) |
Accumulated other comprehensive income (loss) | 4,523 | (12,768) |
Total stockholders' equity | 4,012,061 | 3,841,876 |
Noncontrolling interest | 197,965 | 194,731 |
Total equity | 4,210,026 | 4,036,607 |
Total liabilities and equity | $ 9,759,054 | $ 9,497,449 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 237,570,000 | 231,199,000 |
Common stock, shares outstanding | 237,570,000 | 231,199,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Rental income | $ 220,955 | $ 221,532 | $ 458,716 | $ 443,032 |
Income from direct financing leases | 257 | 259 | 515 | 517 |
Mortgage interest income | 24,021 | 21,680 | 47,646 | 41,365 |
Other investment income | 11,813 | 10,932 | 23,465 | 21,584 |
Miscellaneous income | 374 | 1,992 | 846 | 2,921 |
Total revenues | 257,420 | 256,395 | 531,188 | 509,419 |
Expenses | ||||
Depreciation and amortization | 85,799 | 83,586 | 170,648 | 166,229 |
General and administrative | 15,200 | 13,969 | 31,352 | 29,892 |
Real estate taxes | 3,001 | 3,655 | 5,730 | 7,321 |
Acquisition, merger and transition related costs | 251 | 1,814 | 26 | |
Impairment on real estate properties | 8,822 | 11,988 | 37,511 | 15,627 |
Recovery on direct financing leases | (164) | (752) | (717) | (752) |
Provision for credit losses | 3,536 | 15 | 2,512 | 1,501 |
Interest expense | 58,879 | 55,252 | 117,400 | 110,454 |
Total expenses | 175,073 | 167,964 | 366,250 | 330,298 |
Other income (expense) | ||||
Other income (expense) - net | 540 | 142 | 771 | (662) |
Loss on debt extinguishment | (395) | (30,065) | ||
Gain on assets sold - net | 4,123 | 12,843 | 104,465 | 14,681 |
Total other income | 4,268 | 12,985 | 75,171 | 14,019 |
Income before income tax expense and income from unconsolidated joint ventures | 86,615 | 101,416 | 240,109 | 193,140 |
Income tax expense | (939) | (858) | (1,897) | (1,863) |
Income from unconsolidated joint ventures | 1,187 | 1,402 | 13,017 | 2,962 |
Net income | 86,863 | 101,960 | 251,229 | 194,239 |
Net income attributable to noncontrolling interest | (2,340) | (2,653) | (6,728) | (5,017) |
Net income available to common stockholders | $ 84,523 | $ 99,307 | $ 244,501 | $ 189,222 |
Basic: | ||||
Net income available to common stockholders | $ 0.36 | $ 0.44 | $ 1.04 | $ 0.83 |
Diluted: | ||||
Net income | $ 0.36 | $ 0.43 | $ 1.04 | $ 0.83 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 86,863 | $ 101,960 | $ 251,229 | $ 194,239 |
Other comprehensive income (loss): | ||||
Foreign currency translation | 940 | (972) | 2,126 | (19,743) |
Cash flow hedges | (20,167) | 513 | 15,634 | (7,331) |
Total other comprehensive income (loss) | (19,227) | (459) | 17,760 | (27,074) |
Comprehensive income | 67,636 | 101,501 | 268,989 | 167,165 |
Comprehensive income attributable to noncontrolling interest | (1,820) | (2,641) | (7,197) | (4,320) |
Comprehensive income attributable to common stockholders | $ 65,816 | $ 98,860 | $ 261,792 | $ 162,845 |
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 Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Net Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Net Earnings [Member] | Dividend PaidCumulative Effect, Period of Adoption, Adjusted Balance [Member] | Dividend Paid | Accumulated Other Comprehensive Loss [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Total |
Beginning balance 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 | 9,258 | 9,258 | 9,258 | |||||||||||||||||
Issuance of common stock | 2,293 | 28 | 2,265 | 2,293 | ||||||||||||||||
Common dividends declared | (307,282) | (307,282) | (307,282) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (5,433) | (5,433) | 5,433 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 1,152 | 3 | 1,149 | (1,152) | ||||||||||||||||
Omega OP Units distributions | (11,851) | (11,851) | ||||||||||||||||||
Comprehensive (loss) income | (26,377) | (26,377) | (697) | (27,074) | ||||||||||||||||
Net income | 189,222 | 189,222 | 5,017 | 194,239 | ||||||||||||||||
Balance , ending at Jun. 30, 2020 | 3,970,233 | 22,694 | 5,999,972 | 2,624,630 | (4,610,828) | (66,235) | 197,159 | 4,167,392 | ||||||||||||
Beginning balance at Mar. 31, 2020 | 4,021,575 | 22,686 | 5,997,561 | 2,525,323 | (4,458,207) | (65,788) | 197,070 | 4,218,645 | ||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 4,623 | 4,623 | 4,623 | |||||||||||||||||
Issuance of common stock | (195) | 5 | (200) | (195) | ||||||||||||||||
Common dividends declared | (152,621) | (152,621) | (152,621) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (2,825) | (2,825) | 2,825 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 816 | 3 | 813 | (816) | ||||||||||||||||
Omega OP Units distributions | (4,561) | (4,561) | ||||||||||||||||||
Comprehensive (loss) income | (447) | (447) | (12) | (459) | ||||||||||||||||
Net income | 99,307 | 99,307 | 2,653 | 101,960 | ||||||||||||||||
Balance , ending at Jun. 30, 2020 | 3,970,233 | 22,694 | 5,999,972 | 2,624,630 | (4,610,828) | (66,235) | 197,159 | 4,167,392 | ||||||||||||
Beginning balance 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 | ||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 11,282 | 11,282 | 11,282 | |||||||||||||||||
Issuance of common stock | 224,723 | 637 | 224,086 | 224,723 | ||||||||||||||||
Common dividends declared | (316,595) | (316,595) | (316,595) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (11,370) | (11,370) | 11,370 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 353 | 353 | (353) | |||||||||||||||||
Omega OP Units distributions | (14,980) | (14,980) | ||||||||||||||||||
Comprehensive (loss) income | 17,291 | 17,291 | 469 | 17,760 | ||||||||||||||||
Net income | 244,501 | 244,501 | 6,728 | 251,229 | ||||||||||||||||
Balance , ending at Jun. 30, 2021 | 4,012,061 | 23,756 | 6,377,238 | 2,839,236 | (5,232,692) | 4,523 | 197,965 | 4,210,026 | ||||||||||||
Beginning balance at Mar. 31, 2021 | 3,953,392 | 23,338 | 6,226,543 | 2,754,713 | (5,074,432) | 23,230 | 194,938 | 4,148,330 | ||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 5,847 | 5,847 | 5,847 | |||||||||||||||||
Issuance of common stock | 151,598 | 418 | 151,180 | 151,598 | ||||||||||||||||
Common dividends declared | (158,260) | (158,260) | (158,260) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (6,603) | (6,603) | 6,603 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 271 | 271 | (271) | |||||||||||||||||
Omega OP Units distributions | (5,125) | (5,125) | ||||||||||||||||||
Comprehensive (loss) income | (18,707) | (18,707) | (520) | (19,227) | ||||||||||||||||
Net income | 84,523 | 84,523 | 2,340 | 86,863 | ||||||||||||||||
Balance , ending at Jun. 30, 2021 | $ 4,012,061 | $ 23,756 | $ 6,377,238 | $ 2,839,236 | $ (5,232,692) | $ 4,523 | $ 197,965 | $ 4,210,026 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||
Dividend per Common Share | $ 0.67 | $ 0.67 | $ 1.34 | $ 1.34 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 251,229 | $ 194,239 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 170,648 | 166,229 |
Impairment on real estate properties | 37,511 | 15,627 |
Recovery on direct financing leases | (717) | (752) |
Provision for rental income | 20,151 | 1,205 |
Provision for credit losses | 2,512 | 1,501 |
Amortization of deferred financing costs and loss on debt extinguishment | 36,038 | 4,922 |
Accretion of direct financing leases | 24 | 12 |
Stock-based compensation expense | 11,207 | 9,258 |
Gain on assets sold - net | (104,465) | (14,681) |
Amortization of acquired in-place leases - net | (7,344) | (4,798) |
Effective yield payable (receivable) on mortgage notes | 641 | (146) |
Interest paid-in-kind | (3,546) | (3,838) |
Income from unconsolidated joint ventures | (928) | (1,739) |
Change in operating assets and liabilities - net: | ||
Contractual receivables | (541) | 5,812 |
Straight-line rent receivables | (25,696) | (5,764) |
Lease inducements | 2,849 | (24,245) |
Other operating assets and liabilities | (11,246) | (13,398) |
Net cash provided by operating activities | 378,327 | 329,444 |
Cash flows from investing activities | ||
Acquisition of real estate | (604,939) | (25,935) |
Refund of acquisition deposit | 2,500 | |
Net proceeds from sale of real estate investments | 201,183 | 56,117 |
Investments in construction in progress | (19,297) | (46,750) |
Proceeds from sale of direct financing lease and related trust | 717 | 14,897 |
Placement of mortgage loans | (13,436) | (52,653) |
Collection of mortgage principal | 42,952 | 2,549 |
Investments in unconsolidated joint ventures | (10,484) | (1,971) |
Distributions from unconsolidated joint ventures in excess of earnings | 15,507 | 482 |
Capital improvements to real estate investments | (13,312) | (24,374) |
Receipts from insurance proceeds | 3,493 | 346 |
Investments in other investments | (48,554) | (67,692) |
Proceeds from other investments | 56,527 | 48,244 |
Net cash used in investing activities | (387,143) | (96,740) |
Cash flows from financing activities | ||
Proceeds from long-term borrowings | 2,090,128 | 762,466 |
Payments of long-term borrowings | (1,989,561) | (669,704) |
Payments of financing related costs | (48,076) | |
Receipts from dividend reinvestment plan | 77,286 | 3,747 |
Taxes paid on vested restricted stock | (3,269) | (3,369) |
Net proceeds from issuance of common stock | 150,706 | 1,797 |
Dividends paid | (316,520) | (307,164) |
Distributions to Omega OP Unit Holders | (14,980) | (11,851) |
Net cash used in financing activities | (54,286) | (224,078) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 104 | (441) |
(Decrease) increase in cash, cash equivalents and restricted cash | (62,998) | 8,185 |
Cash, cash equivalents and restricted cash at beginning of period | 167,558 | 33,380 |
Cash, cash equivalents and restricted cash at end of period | $ 104,560 | $ 41,565 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Overview and 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 (“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. Our core portfolio consists of long-term leases and mortgage agreements. All of our leases are “triple-net” leases, which require the operators (we use the term “operator” to refer to our tenants and mortgagors and their affiliates who manage and/or operate our properties) to pay all property-related expenses. Our mortgage revenue derives from fixed rate mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. Our other investment income derives from fixed and variable rate loans to our operators and/or their principals to fund working capital and capital expenditures. These loans, which may be either unsecured or secured by the collateral of the borrower, are classified as other investments. Omega has exclusive control over Omega OP’s day-to-day management pursuant to the partnership agreement governing Omega OP. As of June 30, 2021, 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. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K 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. Reclassification Certain line items on our Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. Impact of COVID-19 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. 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, and continue 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, staffing levels, personal protective equipment (“PPE”), quality of care, visitation protocols, and reporting, among other regulations, throughout the pandemic while facing staffing shortages that have accelerated during the pandemic and that may impede the delivery of care. It remains uncertain when and to what extent vaccination programs for COVID-19, which have been implemented in most of our facilities, will continue to mitigate the effects of COVID-19 in our facilities, or how effective existing vaccines will be against variants of the COVID-19 virus; the impact of these programs will depend in part on the continued speed, distribution, efficacy 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, and may continue to incur, 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, in part due to staffing shortages, including the increased use of overtime and bonus pay and reliance on agency staffing, 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. While these declines on average appear to be stabilizing and even marginally improving in recent months, it remains unclear when demand and occupancy levels will return to pre-COVID-19 levels. We believe these occupancy declines may be in part due to staffing shortages, which in some cases have required operators to limit admissions, as well as 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. We continue to monitor the impact of occupancy declines at many of our operators, and it remains uncertain whether and when demand, staffing and occupancy levels will return to pre-COVID-19 levels. While substantial government support 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 the impacts of the pandemic continue or accelerate and are not offset by continued government relief that is sufficient and timely, we anticipate that the operating results of certain of our operators would be materially and 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, workforce challenges, new regulatory restrictions, 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 and efficacy 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, as well as the future demand for needs-based skilled nursing care and senior living facilities, 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. 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. As a matter of policy, we do not use derivatives for trading or speculative purposes. 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 our related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities in the Consolidated Balance Sheets at their 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 accumulated other comprehensive income (“AOCI”) 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. At June 30, 2021 and December 31, 2020, $0.5 million and $1.0 million, respectively, of qualifying cash flow hedges were recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets. At June 30, 2021 and December 31, 2020, $34.1 million and $17.0 million, respectively, of qualifying cash flow hedges were recorded at fair value in other assets on our Consolidated Balance Sheets. Net investment hedges We are exposed to fluctuations in the British Pound (“GBP”) against its functional currency, the U.S. Dollar (“USD”), relating to our investments in healthcare-related real estate located in the U.K. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment in our Consolidated Balance Sheets. For nonderivative financial instruments that are designated and qualify as net investment hedges, the foreign currency transaction gain or loss on the nonderivative financial instrument is reported in AOCI as a part of the cumulative translation adjustment in our Consolidated Balance Sheets. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. From the issuance date of our GBP borrowings through the prepayment date in March 2021, we used a nonderivative, GBP-denominated term loan and line of credit totaling £174 million to hedge a portion of our net investments in foreign operations. During March 2021 and concurrent with the prepayment of our GBP-denominated term loan and line of credit, we entered into four foreign currency forwards that mature on March 8, 2024 to hedge a portion of our net investments in foreign real estate, effectively replacing the terminated net investment hedge. At June 30, 2021, $0.3 million of qualifying net investment hedges were recorded at fair value in other assets on our Consolidated Balance Sheets. |
PROPERTIES AND INVESTMENTS
PROPERTIES AND INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
PROPERTIES AND INVESTMENTS [Abstract] | |
PROPERTIES AND INVESTMENTS | NOTE 2 – PROPERTIES AND INVESTMENTS Leased Property A summary of our investments in real estate properties subject to operating leases is as follows: June 30, December 31, 2021 2020 (in thousands) Buildings $ 7,424,693 $ 6,961,509 Land 941,672 883,765 Furniture and equipment 533,169 518,664 Site improvements 328,765 308,087 Construction in progress 33 30,129 Total real estate investments 9,228,332 8,702,154 Less accumulated depreciation (2,139,100) (1,996,914) Real estate investments – net $ 7,089,232 $ 6,705,240 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Rental income – operating leases $ 218,247 $ 217,620 $ 453,309 $ 435,960 Variable lease income – operating leases 2,708 3,912 5,407 7,072 Total rental income $ 220,955 $ 221,532 $ 458,716 $ 443,032 Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF Specialty State (in millions) Cash Yield (1) Q1 — 17 7 AZ, CA, FL, IL, NJ, OR, PA, TN, TX, VA, WA $ 511.3 (2) 8.43 % Q1 6 — — FL 83.1 9.25 % Total 6 17 7 $ 594.4 (1) The initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (2) On January 20, 2021, we acquired 24 facilities from Healthpeak Properties, Inc. The acquisition involved the assumption of an in-place master lease with Brookdale Senior Living Inc. During the second quarter of 2021, we acquired one parcel of land (not reflected in the table above) for approximately $10.4 million. Asset Sales and Impairments During the first quarter of 2021, we sold 24 facilities subject to operating leases for approximately $188.3 million in net cash proceeds, recognizing a net gain of approximately $100.3 million. In addition, we recorded impairments on four facilities of approximately $28.7 million (three were subsequently reclassified to assets held for sale in the first quarter of 2021). During the second quarter of 2021, we sold six facilities subject to operating leases for approximately $12.9 million in net cash proceeds, recognizing a net gain of approximately $4.1 million. In addition, we recorded impairments on three facilities of approximately $8.8 million (all three were subsequently reclassified to assets held for sale in the second quarter of 2021). Our recorded impairments were primarily the result of decisions to exit certain non-strategic facilities and/or operators. We reduced the net book value of the impaired facilities to their estimated fair values or, with respect to the facilities reclassified to held for sale, to their estimated fair values less costs to sell. To estimate the fair value of the facilities, we utilized a market approach which considered binding sale agreements (a Level 1 input) and/or non-binding offers from unrelated third parties and/or broker quotes (a Level 3 input). |
CONTRACTUAL RECEIVABLES AND OTH
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | NOTE 3 – CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS A summary of our net receivables by type is as follows: June 30, December 31, 2021 2020 (in thousands) Contractual receivables – net $ 10,948 $ 10,408 Effective yield interest receivables $ 11,554 $ 12,195 Straight-line rent receivables 138,449 139,046 Lease inducements 79,506 83,425 Other receivables and lease inducements $ 229,509 $ 234,666 During the first and second quarters of 2021, we wrote-off approximately $2.7 million and $17.4 million, respectively, of straight-line rent receivables to rental income as a result of transitioning one facility and placing two operators on a cash basis due to changes in our evaluation of the collectibility of future rent payments due under the lease agreements. Based on our evaluation of the collectibility of future rent payments due under the lease agreements for the two operators discussed above, we do not believe it is probable that we will be able to collect substantially all rents due. These two operators generated approximately 3% of our total revenues (excluding the impact of straight-line rent receivable write-offs in 2021) for the six months ended June 30, 2021 and 2020. For the six months ended June 30, 2021, we have been unable to collect approximately $3.5 million of contractual rents due from these operators. We have applied $2.5 million of one of the operator’s security deposit funds against their uncollected receivables, which represents one month of contractual rent under the lease agreement. We have subordinated debt to a third party with an outstanding principal balance of $20 million that matures in December 2021 (see Note 13 – Borrowing Arrangements in our Annual Report on Form 10-K |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Notes Receivable [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 4 – MORTGAGE NOTES RECEIVABLE As of June 30, 2021, mortgage notes receivable relate to seven fixed rate mortgage notes on 63 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 seven states that are operated by six independent healthcare operating companies. We monitor compliance with the terms of our mortgages and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding mortgage notes. The principal amounts outstanding of mortgage notes receivable, net of allowances, were as follows: June 30, December 31, 2021 2020 (in thousands) Mortgage note due 2027; interest at 10.81% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 10.59% (1) 655,133 670,015 Other mortgage notes outstanding (2) 122,409 136,043 Mortgage notes receivable, gross 890,042 918,558 Allowance for credit losses on mortgage notes receivable (32,880) (33,245) Total mortgages — net $ 857,162 $ 885,313 (1) Approximates the weighted average interest rate on 46 facilities as of June 30, 2021. As of June 30, 2021, the carrying amount includes two mortgages that mature in 2021, a construction mortgage with an outstanding principal balance of $13.9 million and a facility mortgage with an outstanding principal balance of $21.3 million, with the remaining loan balance maturing in 2029. During the second quarter of 2021, one construction mortgage with an original maturity date of 2021 was extended to 2029 and converted into a facility mortgage. (2) Other mortgages outstanding have a weighted average interest rate of 9.38% per annum as of June 30, 2021 and maturity dates ranging from 2023 through 2032 . |
OTHER INVESTMENTS
OTHER INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
OTHER INVESTMENTS [Abstract] | |
OTHER INVESTMENTS | NOTE 5 – OTHER INVESTMENTS A summary of our other investments is as follows: June 30, December 31, 2021 2020 (in thousands) Other investment notes due 2024; interest at 13.13% (1) $ 87,145 $ 83,636 Other investment notes due 2024-2025; interest at 8.12% (1) 56,987 56,987 Other investment note due 2023; interest at 12.00% 42,603 49,973 Other investment notes due 2030; interest at 7.00% 174,988 147,148 Other investment notes outstanding (2) 132,401 161,155 Total other investments, gross 494,124 498,899 Allowance for credit losses on other investments (35,460) (31,457) Total other investments — net $ 458,664 $ 467,442 (1) Approximate weighted average interest rate as of June 30, 2021. (2) Other investment notes have a weighted average interest rate of 8.37% as of June 30, 2021 and maturity dates ranging from 2021 through 2028 . Other investment notes due 2024 On March 6, 2018, we amended certain terms of our $48.0 million secured term loan with Genesis Healthcare, Inc. (“Genesis”). The $48.0 million term loan bears interest at a fixed rate of 14% per annum, of which 9% per annum is paid-in-kind and was initially scheduled to mature on July 29, 2020. The maturity date of this loan was extended during the first quarter of 2021 to January 1, 2024. This term loan (and the $16.0 million term loan discussed below) is secured by a first priority lien on and security interest in certain collateral of Genesis. As of June 30, 2021, approximately $68.2 million is outstanding on this term loan. Also on March 6, 2018, we provided Genesis an additional $16.0 million secured term loan bearing interest at a fixed rate of 10% per annum, of which 5% per annum is paid-in-kind, and was initially scheduled to mature on July 29, 2020. The maturity date of this loan was extended during the first quarter of 2021 to January 1, 2024. As of June 30, 2021, approximately $18.9 million is outstanding on this term loan. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | NOTE 6 – ALLOWANCE FOR 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 collectibility of the remaining cash flows over the contractual term of the loans. We elected to disaggregate our financial assets within the scope of Accounting Standards Codification 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. 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 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 U.S. Bureau of Labor Statistics and the Federal Reserve Bank of St. Louis and the weighted average life to maturity of the underlying financial asset. As of June 30, 2021, $10.2 million of contractual interest receivable is recorded in contractual receivables – net and $11.6 million of effective yield interest receivables is recorded in other receivables and lease inducements on our Consolidated Balance Sheets, both of which are excluded from our allowance for credit losses. 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. 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. 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. A rollforward of our allowance for credit losses for the six months ended June 30, 2021 is as follows: Segment Financial Statement Line Item Allowance for Credit Loss as of December 31, 2020 Provision (recovery) for Credit Loss for the three months ended June 30, 2021 Write-offs charged against allowance for the three months ended June 30, 2021 Provision (recovery) for Credit Loss for the six months ended June 30, 2021 Write-offs charged against allowance for the six months ended June 30, 2021 Allowance for Credit Loss as of June 30, 2021 (in thousands) Segment A-4 Mortgage Notes Receivable $ 26,865 $ 793 $ - $ (120) $ - $ 26,745 Segment B-3 Mortgage Notes Receivable 954 61 - 23 - 977 Segment C-5 Mortgage Notes Receivable 433 (108) - (215) - 218 Segment E-6 Mortgage Notes Receivable 4,905 - - - - 4,905 Segment F-2 Mortgage Notes Receivable 88 (8) - (53) - 35 Sub-total 33,245 738 - (365) - 32,880 Segment A-3 Investment in Direct Financing Leases 694 (62) - (68) - 626 Sub-total 694 (62) - (68) - 626 Segment A-4 Other Investments 24,397 4,076 (1) - 4,489 (1) - 28,886 Segment B-3 Other Investments 5,113 (483) - (266) - 4,847 Segment C-2 Other Investments 94 (18) - (58) - 36 Segment D-5 Other Investments 1,853 (57) - (67) (95) 1,691 Sub-total 31,457 3,518 - 4,098 (95) 35,460 Segment A-4 Off-Balance Sheet Mortgage Commitments 24 (31) - 7 - 31 Segment B-3 Off-Balance Sheet Note Commitments 2,305 (585) - (1,123) - 1,182 Segment C-2 Off-Balance Sheet Note Commitments 116 (42) - (37) - 79 Sub-total 2,445 (658) - (1,153) - 1,292 Total $ 67,841 $ 3,536 $ - $ 2,512 $ (95) $ 70,258 (1) This provision primarily relates to a $4.5 million reserve recorded on a term loan during the second quarter of 2021. A rollforward of our allowance for credit losses for the six months ended June 30, 2020 is as follows: Segment Financial Statement Line Item Allowance for Credit Loss at December 31, 2019 Allowance for Credit Loss on January 1, 2020 Provision (recovery) for Credit Loss for the three months ended June 30, 2020 Write-offs charged against allowance for the three months ended June 30, 2020 Provision (recovery) for Credit Loss for the six months ended June 30, 2020 Write-offs charged against allowance for the six months ended June 30, 2020 Allowance for Credit Loss as of June 30, 2020 (in thousands) Segment A-4 Mortgage Notes Receivable $ - $ 19,293 $ 2,704 $ - $ 3,774 - $ 23,067 Segment B-3 Mortgage Notes Receivable - 901 (106) - (74) - 827 Segment C-5 Mortgage Notes Receivable - 829 (396) - (409) - 420 Segment E-6 Mortgage Notes Receivable 4,905 363 (93) - (27) - 5,241 Segment F-2 Mortgage Notes Receivable - - 133 - 133 - 133 Sub-total 4,905 21,386 2,242 - 3,397 - 29,688 Segment A-3 Investment in Direct Financing Leases 217 611 (26) (217) (5) (217) 606 Sub-total 217 611 (26) (217) (5) (217) 606 Segment A-4 Other Investments - 3,158 (983) - (826) - 2,332 Segment B-3 Other Investments - 1,434 (441) - (412) - 1,022 Segment C-2 Other Investments - 195 (61) - (71) - 124 Segment D-5 Other Investments - 1,901 (705) - (545) - 1,356 Sub-total - 6,688 (2,190) - (1,854) - 4,834 Segment A-4 Off-Balance Sheet Commitments - 100 (11) - (37) - 63 Sub-total - 100 (11) - (37) - 63 Total $ 5,122 $ 28,785 $ 15 $ (217) $ 1,501 $ (217) $ 35,191 A summary of our amortized cost basis by year of origination and credit quality indicator is as follows: Rating Financial Statement Line Item 2021 2020 2019 2018 2017 2016 2015 & older Revolving Loans Balance as of June 30, 2021 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ - $ 66,251 $ - $ 66,251 2 Mortgage Notes Receivable - 21,325 - - - - - - 21,325 3 Mortgage Notes Receivable 6,420 - - - - - 35,964 - 42,384 4 Mortgage Notes Receivable 4,307 89,373 18,883 44,374 46,431 38,830 504,110 - 746,308 5 Mortgage Notes Receivable - - - - - - 7,397 - 7,397 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 10,727 110,698 18,883 44,374 46,431 38,830 620,099 - 890,042 3 Investment in Direct Financing Leases - - - - - - 11,433 - 11,433 Sub-total - - - - - - 11,433 - 11,433 2 Other Investments - - - - - - 2,082 10,820 12,902 3 Other Investments 6,000 - 20,805 28,602 - - 3,493 184,588 243,488 4 Other Investments - - 11,560 116,608 - 75,590 - 5,000 208,758 5 Other Investments - - 23,351 5,625 - - - - 28,976 Sub-total 6,000 - 55,716 150,835 - 75,590 5,575 200,408 494,124 Total $ 16,727 $ 110,698 $ 74,599 $ 195,209 $ 46,431 $ 114,420 $ 637,107 $ 200,408 $ 1,395,599 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 7 – VARIABLE INTEREST ENTITIES As of June 30, 2021 and December 31, 2020, Agemo Holdings, LLC (“Agemo”) and Maplewood Real Estate Holdings, LLC (“Maplewood”) are both variable interest entities (“VIEs”). As of June 30, 2021, we have not consolidated any VIEs, as we have concluded that we are not the primary beneficiary. This conclusion is based on the fact that 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. Below is a summary of our assets, liabilities and collateral associated with these operators as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Assets Real estate investments – net $ 338,291 750,953 $ 371,010 $ 750,488 Assets held for sale 14,710 — — — Other investments 34,253 174,988 34,253 147,148 Contractual receivables 475 1,021 346 887 Straight-line rent receivables — (49,119) — (56,664) Lease inducement — 66,987 — 69,666 Total Assets 387,729 944,830 405,609 911,525 Liabilities Net in-place lease liability — (318) — (331) Security deposit (343) (4,609) — — Contingent liability — (43,915) — (43,915) Total Liabilities (343) (48,842) — (44,246) Collateral Letters of credit (9,253) — (9,253) — Personal guarantee (8,000) (40,000) (8,000) (40,000) Other collateral (353,001) (750,953) (371,010) (750,488) Total Collateral (370,254) (790,953) (388,263) (790,488) Maximum exposure to loss $ 17,132 $ 105,035 $ 17,346 $ 76,791 In determining our maximum exposure to loss from the VIE, we considered the underlying carrying value of the real estate subject to leases with the operator 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 recognized with respect to these operators. In May 2018, we reached an out-of-court restructuring agreement with Agemo that, among other terms, provided for the deferral of rent up to $6.3 million per annum through April 2021. During the second quarter of 2021, the Agemo lease was amended to allow for the deferral of four The table below reflects our total revenues from Agemo and Maplewood for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2021 2020 2020 2021 2021 2020 2020 Agemo Maplewood Agemo Maplewood Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Revenue Rental income $ 12,282 $ 19,093 $ 14,814 $ 10,041 $ 23,774 $ 38,125 $ 30,101 $ 20,182 Other investment income 1,178 3,052 1,297 1,202 2,335 5,840 2,538 2,404 Total (1) $ 13,460 $ 22,145 $ 16,111 $ 11,243 $ 26,109 $ 43,965 $ 32,639 $ 22,586 (1) For the three months ended June 30, 2021 and 2020, we received cash from Agemo of approximately $14.0 million and $13.1 million, respectively, pursuant to our lease and other investment agreements. For the six months ended June 30, 2021 and 2020, we received cash from Agemo of approximately $28.0 million and $26.8 million, respectively, pursuant to our lease and other investment agreements. For the three months ended June 30, 2021 and 2020, we received cash from Maplewood of approximately $19.7 million and $17.2 million, respectively, pursuant to our lease and other investment agreements. For the six months ended June 30, 2021 and 2020, we received cash from Maplewood of approximately $39.0 million and $33.9 million, respectively, pursuant to our lease and other investment agreements. |
INVESTMENTS IN JOINT VENTURES
INVESTMENTS IN JOINT VENTURES | 6 Months Ended |
Jun. 30, 2021 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
INVESTMENTS IN JOINT VENTURES | NOTE 8 – INVESTMENTS IN JOINT VENTURES Unconsolidated Joint Ventures Omega owns an interest in a number of joint ventures that are accounted for under the equity method. 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. The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Initial Investment Facility Facilities at June 30, December 31, Entity % Date Investment (1) Type 6/30/2021 2021 2020 Second Spring Healthcare Investments (2) 15% 11/1/2016 $ 50,032 SNF — $ 10,916 $ 17,700 Second Spring II LLC (3) 15% 3/10/2021 10,330 SNF 1 2,279 — Lakeway Realty, L.L.C. 51% 5/17/2019 73,834 Specialty facility 1 71,831 72,318 Cindat Joint Venture 49% 12/18/2019 105,688 ALF 66 112,656 110,360 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 900 N/A N/A 230 260 $ 240,784 $ 197,912 $ 200,638 (1) Our initial investment includes our transaction costs, if any. (2) During the first quarter of 2021, this joint venture sold 16 SNFs to an unrelated third party for approximately $328 million in net proceeds and recognized a gain on sale of approximately $102.2 million ( $14.9 million of which represents the Company’s share of the gain). During the first quarter of 2021, this joint venture also sold five SNFs to Second Spring II LLC for approximately $70.8 million in net proceeds. (3) We acquired a 15% interest in Second Spring II LLC for approximately $10.3 million. During the first quarter of 2021, this joint venture acquired five SNFs from Second Spring Healthcare Investments for approximately $70.8 million. During the second quarter of 2021, this joint venture sold four SNFs to an unrelated third party for approximately $50 million in net proceeds and recognized a loss on sale of approximately $0.3 million ( $0.1 million of which represents the Company’s share of the loss). Three Months Ended June 30, Six Months Ended June 30, Entity 2021 2020 2021 2020 (in thousands) Second Spring Healthcare Investments (1) $ 293 $ 712 $ 11,704 $ 1,281 Second Spring II LLC (299) — (756) — Lakeway Realty, L.L.C. 641 613 1,286 1,223 Cindat Joint Venture 646 244 1,132 891 OMG Senior Housing, LLC (103) (118) (204) (279) OH CHS SNP, Inc. 9 (49) (145) (154) Total $ 1,187 $ 1,402 $ 13,017 $ 2,962 (1) The income from this unconsolidated joint venture for the six months ended June 30, 2021 includes a $14.9 million gain on sale of real estate investments. Asset Management Fees We receive asset management fees from certain joint ventures for services provided. For each of the three months ended June 30, 2021 and 2020, we recognized approximately $0.3 million and $0.5 million, respectively, of asset management fees. For each of the six months ended June 30, 2021 and 2020, we recognized approximately $0.5 million and $0.7 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 | 6 Months Ended |
Jun. 30, 2021 | |
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: Facilities Held For Sale Number of Facilities (in thousands) December 31, 2020 22 $ 81,452 Facilities sold/other (1) (21) (81,252) Facilities added (2) 5 7,722 March 31, 2021 6 $ 7,922 Facilities sold/other (1) (5) (1,795) Facilities added (2)(3) 8 29,208 June 30, 2021 (3) 9 $ 35,335 (1) In the first quarter of 2021, we sold 21 facilities for approximately $187.6 million in net cash proceeds recognizing a net gain on sale of approximately $100.3 million. In the second quarter of 2021, we sold four facilities for approximately $3.5 million in net cash proceeds recognizing a net gain on sale of approximately $1.9 million. One facility classified as held for sale at March 31, 2021 was no longer considered held for sale during the second quarter of 2021 and was reclassified to leased property at approximately $0.2 million which represents the facility’s carrying value. (2) In the first quarter of 2021, we recorded approximately $16.9 million of impairment expense to reduce three facilities’ book value to their estimated fair value less costs to sell before they were reclassified to assets held for sale. In the second quarter of 2021, we recorded approximately $8.8 million of impairment expense to reduce three facilities’ book value to their estimated fair value less costs to sell before they were reclassified to assets held for sale. (3) Number of facilities excludes one parcel of land. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Other Intangibles [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | NOTE 10 – GOODWILL AND OTHER INTANGIBLES The following is a summary of our goodwill as of June 30, 2021: (in thousands) Balance as of December 31, 2020 $ 651,737 Add: foreign currency translation (40) Balance as of June 30, 2021 $ 651,697 The following is a summary of our intangibles as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 (in thousands) Assets: Above market leases $ 22,410 $ 22,822 Accumulated amortization (20,638) (20,882) Net above market leases $ 1,772 $ 1,940 Liabilities: Below market leases $ 139,069 $ 139,515 Accumulated amortization (108,508) (100,996) Net below market leases $ 30,561 $ 38,519 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. For the three months ended June 30, 2021 and 2020, our net amortization related to intangibles was $1.1 million and $3.5 million, respectively. For the six months ended June 30, 2021 and 2020, our net amortization related to intangibles was $7.3 million and $4.8 million, respectively. The estimated net amortization related to these intangibles for the remainder of 2021 and the subsequent four years is as follows: remainder of 2021 – $2.2 million; 2022 – $4.2 million; 2023 – $4.0 million; 2024 – $3.8 million and 2025 – $3.6 million. As of June 30, 2021, the weighted average remaining amortization period of above market lease assets is approximately ten years and below market lease liabilities is approximately eight years. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 6 Months Ended |
Jun. 30, 2021 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 – CONCENTRATION OF RISK As of June 30, 2021, our portfolio of real estate investments (including properties associated with mortgages, direct financing leases, and assets held for sale) consisted of 970 healthcare facilities, located in 42 states and the U.K. and operated by 65 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled approximately $10.1 billion at June 30, 2021, with approximately 97% of our real estate investments related to healthcare facilities. Our portfolio is made up of (i) 729 SNFs, 132 ALFs, 35 specialty facilities, two medical office buildings, (ii) fixed rate mortgages on 58 SNFs, three ALFs and two specialty facilities, and (iii) nine facilities that are held for sale. At June 30, 2021, we also held other investments of approximately $458.7 million, consisting primarily of secured loans to third-party operators of our facilities and $197.9 million of investments in six unconsolidated joint ventures. At June 30, 2021 we had investments with one operator/or manager that exceeded 10% of our total investments: Consulate Health Care (“Consulate”). Consulate also generated approximately 10% of our total revenues for the three and six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, the three states in which we had our highest concentration of investments were Florida (15%), Texas (10%) and Michigan (6%). |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Dividends The Board of Directors has declared cash dividends on common stock as set forth below: Record Payment Dividend per Date Date Common Share February 8, 2021 February 16, 2021 $ 0.67 May 3, 2021 May 17, 2021 0.67 August 2, 2021 August 13, 2021 0.67 Dividend Reinvestment and Common Stock Purchase Plan The table below presents information regarding the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three and six months ended June 30, 2020 and 2021: Shares issued Gross Proceeds Period Ended (in millions) (in millions) Three Months Ended June 30, 2020 - $ - Three Months Ended June 30, 2021 1.6 61.8 Six Months Ended June 30, 2020 0.1 3.7 Six Months Ended June 30, 2021 2.0 77.3 At-The-Market Offering Programs During the third quarter of 2015, Omega entered into Equity Distribution Agreements with several financial institutions to sell $500.0 million of shares of common stock from time to time through an “at-the-market” (“ATM”) offering program (the “2015 ATM Program”). During the second quarter of 2021, we terminated the 2015 ATM Program and entered into a new ATM Equity Offering Sales Agreement pursuant to which shares of common stock having an aggregate gross sales price of up to $1.0 billion (the “2021 ATM Program”) may be sold from time to time (i) by Omega through several financial institutions acting as a sales agent or directly to the financial institutions as principals, or (ii) by several financial institutions acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. Under the 2021 ATM Program, compensation for sales of the shares will not exceed 2% of the gross sales price per share for shares sold through each financial institution. The use of forward sales under the 2021 ATM Program generally allows Omega to lock in a price on the sale of shares of common stock when sold by the forward sellers but defer receiving the net proceeds from such sales until the shares of our common stock are issued at settlement on a later date. We did not utilize the forward provisions under the 2021 ATM Program during the three months ended June 30, 2021. The table below presents information regarding the shares issued under the 2021 and 2015 ATM Programs for the three and six months ended June 30, 2020 and 2021: Shares issued Average Net Price Gross Proceeds Commissions Net Proceeds Period Ended (in millions) Per Share (1) (in millions) Three Months Ended June 30, 2020 - $ - $ - $ - $ - Three Months Ended June 30, 2021 2.5 36.23 92.4 1.9 90.5 Six Months Ended June 30, 2020 0.1 36.18 2.0 0.2 1.8 Six Months Ended June 30, 2021 4.1 36.60 153.8 3.2 150.6 (1) Represents the average price per share after commissions. Accumulated Other Comprehensive Income (Loss) The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: As of and for the As of and for the Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands) Foreign Currency Translation: Beginning balance $ (14,231) $ (67,058) $ (18,427) $ (35,100) Translation gain (loss) 601 (1,738) 4,131 (33,626) Realized gain (loss) 22 1 688 (69) Ending balance (13,608) (68,795) (13,608) (68,795) Derivative Instruments: Cash flow hedges: Beginning balance 53,519 (10,213) 17,718 (2,369) Unrealized (loss) gain (20,900) 1,704 14,291 (5,823) Realized gain (loss) (1) 733 (1,190) 1,343 (1,507) Ending balance 33,352 (9,699) 33,352 (9,699) Net investment hedges: Beginning balance (16,341) 8,767 (13,331) (4,420) Unrealized gain (loss) 317 766 (2,693) 13,953 Ending balance (16,024) 9,533 (16,024) 9,533 Total accumulated other comprehensive income (loss) before noncontrolling interest 3,720 (68,961) 3,720 (68,961) Add: portion included in noncontrolling interest 803 2,726 803 2,726 Total accumulated other comprehensive income (loss) for Omega $ 4,523 $ (66,235) $ 4,523 $ (66,235) (1) Recorded in interest expense on the Consolidated Statements of Operations. |
TAXES
TAXES | 6 Months Ended |
Jun. 30, 2021 | |
Taxes [Abstract] | |
TAXES | NOTE 13 – TAXES Omega was organized, has operated, and intends 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 entities that have elected to be taxed as a REIT. These subsidiary REITs are required to individually satisfy all of the rules for qualification as a REIT. We have elected to treat certain of our active subsidiaries as taxable REIT subsidiaries (“TRSs”). Our domestic TRSs are subject to income taxes at the applicable corporate rates. Our foreign TRSs are subject to foreign income taxes and may be subject to current-year income inclusion relating to ownership of a controlled foreign corporation for U.S. income tax purposes. As of June 30, 2021, 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 $6.5 million. Our NOL carry-forward was fully reserved as of June 30, 2021, with a valuation allowance due to uncertainties regarding realization. The following is a summary of our provision for income taxes: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) Provision for federal, state and local income taxes $ 0.3 $ 0.2 $ 0.6 $ 0.6 Provision for foreign income taxes 0.6 0.7 1.3 1.3 Total provision for income taxes (1) $ 0.9 $ 0.9 $ 1.9 $ 1.9 (1) The above amounts do not include gross receipts or franchise taxes payable to certain states and municipalities. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 14 – STOCK-BASED COMPENSATION The following is a summary of our stock-based compensation expense for the three and six months ended June 30, 2021 and 2020, respectively. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands) Stock-based compensation expense $ 5,811 $ 4,623 $ 11,207 $ 9,258 We granted 22,051 time-based restricted stock units (“RSUs”) and 142,719 time-based profits interest units (“PIUs”) during the first quarter of 2021 to certain officers and key employees, and those units vest on December 31, 2023 (three years after the grant date), subject to continued employment and vesting in certain other events. We also granted 1,232,178 performance based PIUs during the first quarter of 2021 to certain officers and key employees, which are earned based on the level of performance over the performance period (normally three years) and vest quarterly in the four |
BORROWING ACTIVITIES AND ARRANG
BORROWING ACTIVITIES AND ARRANGEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
BORROWING ACTIVITIES AND ARRANGEMENTS | NOTE 15 – BORROWING ACTIVITIES AND ARRANGEMENTS The following is a summary of our borrowings: Annual Interest Rate as of June 30, June 30, December 31, Net Proceeds Maturity 2021 2021 2020 (in millions) (in thousands) Secured borrowings HUD mortgages (1)(2) 2046 - 2052 3.01 % $ 363,556 $ 367,249 Term loan (3) 2022 3.75 % 2,275 2,275 Total secured borrowings 365,831 369,524 Unsecured borrowings Revolving borrowings: 2017 Revolving credit facility (4) N/A N/A — 101,158 Revolving credit facility (4) 2025 1.30 % — — Total revolving borrowings — 101,158 Senior notes and other unsecured borrowings: 2023 notes (4)(5) $ 692.0 2023 4.375 % 350,000 700,000 2024 notes (4) 394.3 2024 4.950 % 400,000 400,000 2025 notes (4) 397.7 2025 4.500 % 400,000 400,000 2026 notes (4) 594.4 2026 5.250 % 600,000 600,000 2027 notes (4) 683.0 2027 4.500 % 700,000 700,000 2028 notes (4) 540.8 2028 4.750 % 550,000 550,000 2029 notes (4) 487.8 2029 3.625 % 500,000 500,000 2031 notes (4) 680.5 2031 3.375 % 700,000 700,000 2033 notes (4)(6) 689.3 2033 3.250 % 700,000 — Subordinated debt (2) 2021 9.000 % 20,000 20,000 Sterling term loan (4)(7) N/A N/A — 136,700 2017 OP term loan (8) N/A N/A — 50,000 OP term loan (8) 2025 3.29 % 50,000 — Deferred financing costs – net (29,326) (26,421) Discount – net (33,940) (31,709) Total senior notes and other unsecured borrowings – net 4,906,734 4,698,570 Total unsecured borrowings – net 4,906,734 4,799,728 Total secured and unsecured borrowings – net (9)(10) $ 5,272,565 $ 5,169,252 (1) Reflects the weighted average annual contractual interest rate on the mortgages at June 30, 2021. Secured by real estate assets with a net carrying value of $558.0 million as of June 30, 2021. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Borrowing is the debt of a consolidated joint venture. (4) Guaranteed by Omega OP. (5) In March 2021, we used a portion of the proceeds from the 2033 Senior Notes offering to fund the tender offer to purchase $350 million of the 4.375% Senior Notes due 2023 . In connection with this transaction, we recorded approximately $29.7 million in related fees, premiums, and expenses which were recorded as Loss on debt extinguishment in our Consolidated Statement of Operations. (6) We used the proceeds from this offering to pay down outstanding borrowings on the 2017 Revolving Credit Facility, repay the Sterling term loan, and fund the tender offer to purchase $350 million of the 4.375% Senior Notes due 2023 and the payment of accrued interest and related fees, premiums and expenses. (7) Actual borrowing is in GBP and remeasured to USD. The Sterling term loan was settled in March 2021 using proceeds from the 3.250% 2033 Senior Notes offering. (8) Omega OP is the obligor on this borrowing. (9) All borrowings are direct borrowings of Parent unless otherwise noted. (10) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of June 30, 2021 and December 31, 2020, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. Unsecured Borrowings Revolving Credit Facility On April 30, 2021, Omega entered into a credit agreement (the “2021 Omega Credit Agreement”) providing us with a new $1.45 billion senior unsecured multicurrency revolving credit facility (the “Revolving Credit Facility”), replacing our previous $1.25 billion senior unsecured 2017 multicurrency revolving credit facility (the “2017 Revolving Credit Facility”). The 2021 Omega Credit Agreement contains an accordion feature permitting us, subject to compliance with customary conditions, to increase the maximum aggregate commitments thereunder to $2.5 billion, by requesting an increase in the aggregate commitments under the Revolving Credit Facility or by adding term loan tranches. The Revolving Credit Facility bears interest at LIBOR (or in the case of loans denominated in GBP, the Sterling overnight index average reference rate plus an adjustment of 0.1193% per annum) plus an applicable percentage (with a range of 95 to 185 basis points) based on our credit ratings. The Revolving Credit Facility matures on April 30, 2025, subject to Omega’s option to extend such maturity date for two six-month periods. The Revolving Credit Facility may be drawn in Euros, GBP, Canadian Dollars (collectively, “Alternative Currencies”) or USD, with a $1.15 billion tranche available in USD and a $300 million tranche available in Alternative Currencies. For purposes of the Revolving Credit Facility, 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 2021 Omega Credit Agreement for amounts offered in any other non-London interbank offered rate quoted currency, as applicable. We incurred $12.9 million of deferred costs in connection with the 2021 Omega Credit Agreement. OP Term Loan On April 30, 2021, Omega OP entered into a credit agreement (the “2021 Omega OP Credit Agreement”) providing it with a new $50 million senior unsecured term loan facility (the “OP Term Loan”). The OP Term Loan replaces the $50 million senior unsecured term loan obtained in 2017 (the “2017 OP Term Loan”) and the related credit agreement. The OP Term Loan bears interest at LIBOR plus an applicable percentage (with a range of 85 to 185 basis points) based on our credit ratings. The OP Term Loan matures on April 30, 2025, subject to Omega OP’s option to extend such maturity date for two, six-month periods. We incurred $0.4 million of deferred costs in connection with the 2021 Omega OP Credit Agreement. $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 March 2021, in conjunction with the issuance of $700 million aggregate principal amount of our 3.25% Senior Notes due 2033, we discontinued hedge accounting for these five forward starting swaps. Amounts reported in AOCI related to these discontinued cash flow hedging relationships will be reclassified to interest expense over a ten-year term. 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). £174 Million Foreign Exchange Forward Starting Swaps From the issuance date of our GBP borrowings through the prepayment date in March 2021, we used a nonderivative, GBP-denominated term loan and line of credit totaling £174 million to hedge a portion of our net investments in foreign operations. During March 2021 and concurrent with the settlement of our GBP-denominated term loan and repayment of our GBP-denominated borrowings under our line of credit, we entered into four foreign currency forwards, that mature on March 8, 2024, to hedge a portion of our net investments in foreign operations, effectively replacing the terminated net investment hedge. For these derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 16 – 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 June 30, 2021 and December 31, 2020, the net carrying amounts and fair values of our other financial instruments were as follows: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,807 $ 10,807 $ 10,764 $ 10,764 Mortgage notes receivable – net 857,162 897,342 885,313 924,353 Other investments – net 458,664 466,690 467,442 474,552 Total $ 1,326,633 $ 1,374,839 $ 1,363,519 $ 1,409,669 Liabilities: 2017 Revolving credit facility $ — $ — $ 101,158 $ 101,158 Revolving credit facility — — — — Term loan 2,275 2,275 2,275 2,275 Sterling term loan — — 136,453 136,700 2017 OP term loan — — 49,896 50,000 OP Term loan 49,616 50,000 — — 4.375% notes due 2023 – net 348,816 379,284 696,981 770,635 4.95% notes due 2024 – net 397,219 442,023 396,714 441,194 4.50% notes due 2025 – net 397,305 444,675 396,924 444,652 5.25% notes due 2026 – net 596,790 697,838 596,437 697,993 4.50% notes due 2027 – net 691,642 790,201 690,909 794,294 4.75% notes due 2028 – net 543,404 627,615 542,899 633,950 3.625% notes due 2029 – net 490,076 538,108 489,472 532,248 3.375% notes due 2031 – net 682,697 721,067 681,802 731,541 3.25% notes due 2033 – net 689,128 698,804 — — HUD mortgages – net 363,556 396,266 367,249 409,004 Subordinated debt – net 20,041 20,799 20,083 21,599 Total $ 5,272,565 $ 5,808,955 $ 5,169,252 $ 5,767,243 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 in our Annual Report on Form 10-K 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 loan: 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). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 17 – 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 U.S. 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 judgment 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 judgment 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 June 30, 2021, our maximum funding commitment under these indemnification agreements was approximately $8.6 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 June 30, 2021, are outlined in the table below (in thousands): Total commitments $ 539,528 Amounts funded to date (1) (415,281) Remaining commitments (2) $ 124,247 (1) Includes finance costs. (2) This amount excludes our remaining commitments to fund under our other investments of approximately $67.6 million. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 18 – EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands, except per share amounts) Numerator: Net income $ 86,863 $ 101,960 $ 251,229 $ 194,239 Deduct: net income attributable to noncontrolling interests (2,340) (2,653) (6,728) (5,017) Net income available to common stockholders $ 84,523 $ 99,307 $ 244,501 $ 189,222 Denominator: Denominator for basic earnings per share 236,229 227,411 234,401 227,336 Effect of dilutive securities: Common stock equivalents 1,130 1,030 1,037 1,146 Noncontrolling interest – Omega OP Units 6,549 6,082 6,470 6,033 Denominator for diluted earnings per share 243,908 234,523 241,908 234,515 Earnings per share - basic: Net income available to common stockholders $ 0.36 $ 0.44 $ 1.04 $ 0.83 Earnings per share – diluted: Net income $ 0.36 $ 0.43 $ 1.04 $ 0.83 |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021 and 2020: Six Months Ended June 30, 2021 2020 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 100,824 $ 37,022 Restricted cash 3,736 4,543 Cash, cash equivalents and restricted cash at end of period $ 104,560 $ 41,565 Supplemental information: Interest paid during the period, net of amounts capitalized $ 105,634 $ 112,035 Taxes paid during the period $ 3,072 $ 4,497 Non cash investing activities Non cash proceeds from sale of real estate investments $ — $ 83,910 Non cash placement of mortgages $ (1,000) $ (86,936) Non cash proceeds from other investments $ 1,000 $ 3,026 Non cash financing activities Non cash borrowing of other long-term borrowings $ — $ 6,459 Change in fair value of cash flow hedges $ 17,869 $ (7,329) Remeasurement of debt denominated in a foreign currency $ 3,010 $ (13,953) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 20 – SUBSEQUENT EVENTS On July 1, 2021, we financed six SNFs in Ohio and amended an existing $6.4 million mortgage to include the six facilities in a consolidated $72.4 million mortgage for eight Ohio facilities bearing interest at an initial rate of 10.5% per annum. In conjunction with this transaction, we also acquired three Maryland facilities that were previously subject to a mortgage issued by Omega bearing interest at 13.75% per annum with a principal balance of $36.0 million. The purchase price for these three facilities was equal to the remaining mortgage principal amount, and the three acquired Maryland facilities were subsequently leased back to the seller for a term expiring on December 31, 2032, assuming Omega exercises the options under the agreement. The base rent in the initial year is approximately $5.0 million and includes annual escalators of 2.5% . On July 1, 2021, we also entered into a $12.0 million revolving credit facility agreement with this operator for working capital expenses for the eight Ohio facilities discussed above with a maturity date of June 30, 2022 . The credit facility bears interest at 10% per annum. On July 14, 2021, we acquired two U.K. facilities for $9.5 million and entered into a lease with an existing operator with an initial term expiring on April 23, 2027. The base rent in the initial year is approximately $0.8 million and includes annual escalators of 2.5%. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our latest Annual Report on Form 10-K 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. |
Reclassification | Reclassification Certain line items on our Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows have been reclassified to conform to the current period presentation. |
Impact of COVID-19 | Impact of COVID-19 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. 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, and continue 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, staffing levels, personal protective equipment (“PPE”), quality of care, visitation protocols, and reporting, among other regulations, throughout the pandemic while facing staffing shortages that have accelerated during the pandemic and that may impede the delivery of care. It remains uncertain when and to what extent vaccination programs for COVID-19, which have been implemented in most of our facilities, will continue to mitigate the effects of COVID-19 in our facilities, or how effective existing vaccines will be against variants of the COVID-19 virus; the impact of these programs will depend in part on the continued speed, distribution, efficacy 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, and may continue to incur, 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, in part due to staffing shortages, including the increased use of overtime and bonus pay and reliance on agency staffing, 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. While these declines on average appear to be stabilizing and even marginally improving in recent months, it remains unclear when demand and occupancy levels will return to pre-COVID-19 levels. We believe these occupancy declines may be in part due to staffing shortages, which in some cases have required operators to limit admissions, as well as 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. We continue to monitor the impact of occupancy declines at many of our operators, and it remains uncertain whether and when demand, staffing and occupancy levels will return to pre-COVID-19 levels. While substantial government support 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 the impacts of the pandemic continue or accelerate and are not offset by continued government relief that is sufficient and timely, we anticipate that the operating results of certain of our operators would be materially and 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, workforce challenges, new regulatory restrictions, 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 and efficacy 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, as well as the future demand for needs-based skilled nursing care and senior living facilities, 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. |
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. As a matter of policy, we do not use derivatives for trading or speculative purposes. 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 our related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities in the Consolidated Balance Sheets at their 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 accumulated other comprehensive income (“AOCI”) 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. At June 30, 2021 and December 31, 2020, $0.5 million and $1.0 million, respectively, of qualifying cash flow hedges were recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheets. At June 30, 2021 and December 31, 2020, $34.1 million and $17.0 million, respectively, of qualifying cash flow hedges were recorded at fair value in other assets on our Consolidated Balance Sheets. Net investment hedges We are exposed to fluctuations in the British Pound (“GBP”) against its functional currency, the U.S. Dollar (“USD”), relating to our investments in healthcare-related real estate located in the U.K. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment in our Consolidated Balance Sheets. For nonderivative financial instruments that are designated and qualify as net investment hedges, the foreign currency transaction gain or loss on the nonderivative financial instrument is reported in AOCI as a part of the cumulative translation adjustment in our Consolidated Balance Sheets. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. From the issuance date of our GBP borrowings through the prepayment date in March 2021, we used a nonderivative, GBP-denominated term loan and line of credit totaling £174 million to hedge a portion of our net investments in foreign operations. During March 2021 and concurrent with the prepayment of our GBP-denominated term loan and line of credit, we entered into four foreign currency forwards that mature on March 8, 2024 to hedge a portion of our net investments in foreign real estate, effectively replacing the terminated net investment hedge. At June 30, 2021, $0.3 million of qualifying net investment hedges were recorded at fair value in other assets on our Consolidated Balance Sheets. |
PROPERTIES AND INVESTMENTS (Tab
PROPERTIES AND INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
PROPERTIES AND INVESTMENTS [Abstract] | |
Schedule of Investment in Leased Real Estate Properties | A summary of our investments in real estate properties subject to operating leases is as follows: June 30, December 31, 2021 2020 (in thousands) Buildings $ 7,424,693 $ 6,961,509 Land 941,672 883,765 Furniture and equipment 533,169 518,664 Site improvements 328,765 308,087 Construction in progress 33 30,129 Total real estate investments 9,228,332 8,702,154 Less accumulated depreciation (2,139,100) (1,996,914) Real estate investments – net $ 7,089,232 $ 6,705,240 |
Schedule of operating lease income | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Rental income – operating leases $ 218,247 $ 217,620 $ 453,309 $ 435,960 Variable lease income – operating leases 2,708 3,912 5,407 7,072 Total rental income $ 220,955 $ 221,532 $ 458,716 $ 443,032 |
Schedule of Significant Acquisitions | Number of Total Initial Facilities Country/ Investment Annual Period SNF ALF Specialty State (in millions) Cash Yield (1) Q1 — 17 7 AZ, CA, FL, IL, NJ, OR, PA, TN, TX, VA, WA $ 511.3 (2) 8.43 % Q1 6 — — FL 83.1 9.25 % Total 6 17 7 $ 594.4 (1) The initial annual cash yield reflects the initial annual cash rent divided by the purchase price. (2) On January 20, 2021, we acquired 24 facilities from Healthpeak Properties, Inc. The acquisition involved the assumption of an in-place master lease with Brookdale Senior Living Inc. |
CONTRACTUAL RECEIVABLES AND O_2
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
Schedule of Net Accounts Receivable | A summary of our net receivables by type is as follows: June 30, December 31, 2021 2020 (in thousands) Contractual receivables – net $ 10,948 $ 10,408 Effective yield interest receivables $ 11,554 $ 12,195 Straight-line rent receivables 138,449 139,046 Lease inducements 79,506 83,425 Other receivables and lease inducements $ 229,509 $ 234,666 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, December 31, 2021 2020 (in thousands) Mortgage note due 2027; interest at 10.81% $ 112,500 $ 112,500 Mortgage notes due 2029; interest at 10.59% (1) 655,133 670,015 Other mortgage notes outstanding (2) 122,409 136,043 Mortgage notes receivable, gross 890,042 918,558 Allowance for credit losses on mortgage notes receivable (32,880) (33,245) Total mortgages — net $ 857,162 $ 885,313 (1) Approximates the weighted average interest rate on 46 facilities as of June 30, 2021. As of June 30, 2021, the carrying amount includes two mortgages that mature in 2021, a construction mortgage with an outstanding principal balance of $13.9 million and a facility mortgage with an outstanding principal balance of $21.3 million, with the remaining loan balance maturing in 2029. During the second quarter of 2021, one construction mortgage with an original maturity date of 2021 was extended to 2029 and converted into a facility mortgage. (2) Other mortgages outstanding have a weighted average interest rate of 9.38% per annum as of June 30, 2021 and maturity dates ranging from 2023 through 2032 . |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Investment Receivables [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | A summary of our other investments is as follows: June 30, December 31, 2021 2020 (in thousands) Other investment notes due 2024; interest at 13.13% (1) $ 87,145 $ 83,636 Other investment notes due 2024-2025; interest at 8.12% (1) 56,987 56,987 Other investment note due 2023; interest at 12.00% 42,603 49,973 Other investment notes due 2030; interest at 7.00% 174,988 147,148 Other investment notes outstanding (2) 132,401 161,155 Total other investments, gross 494,124 498,899 Allowance for credit losses on other investments (35,460) (31,457) Total other investments — net $ 458,664 $ 467,442 (1) Approximate weighted average interest rate as of June 30, 2021. (2) Other investment notes have a weighted average interest rate of 8.37% as of June 30, 2021 and maturity dates ranging from 2021 through 2028 . |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of expected credit loss | A rollforward of our allowance for credit losses for the six months ended June 30, 2021 is as follows: Segment Financial Statement Line Item Allowance for Credit Loss as of December 31, 2020 Provision (recovery) for Credit Loss for the three months ended June 30, 2021 Write-offs charged against allowance for the three months ended June 30, 2021 Provision (recovery) for Credit Loss for the six months ended June 30, 2021 Write-offs charged against allowance for the six months ended June 30, 2021 Allowance for Credit Loss as of June 30, 2021 (in thousands) Segment A-4 Mortgage Notes Receivable $ 26,865 $ 793 $ - $ (120) $ - $ 26,745 Segment B-3 Mortgage Notes Receivable 954 61 - 23 - 977 Segment C-5 Mortgage Notes Receivable 433 (108) - (215) - 218 Segment E-6 Mortgage Notes Receivable 4,905 - - - - 4,905 Segment F-2 Mortgage Notes Receivable 88 (8) - (53) - 35 Sub-total 33,245 738 - (365) - 32,880 Segment A-3 Investment in Direct Financing Leases 694 (62) - (68) - 626 Sub-total 694 (62) - (68) - 626 Segment A-4 Other Investments 24,397 4,076 (1) - 4,489 (1) - 28,886 Segment B-3 Other Investments 5,113 (483) - (266) - 4,847 Segment C-2 Other Investments 94 (18) - (58) - 36 Segment D-5 Other Investments 1,853 (57) - (67) (95) 1,691 Sub-total 31,457 3,518 - 4,098 (95) 35,460 Segment A-4 Off-Balance Sheet Mortgage Commitments 24 (31) - 7 - 31 Segment B-3 Off-Balance Sheet Note Commitments 2,305 (585) - (1,123) - 1,182 Segment C-2 Off-Balance Sheet Note Commitments 116 (42) - (37) - 79 Sub-total 2,445 (658) - (1,153) - 1,292 Total $ 67,841 $ 3,536 $ - $ 2,512 $ (95) $ 70,258 (1) This provision primarily relates to a $4.5 million reserve recorded on a term loan during the second quarter of 2021. A rollforward of our allowance for credit losses for the six months ended June 30, 2020 is as follows: Segment Financial Statement Line Item Allowance for Credit Loss at December 31, 2019 Allowance for Credit Loss on January 1, 2020 Provision (recovery) for Credit Loss for the three months ended June 30, 2020 Write-offs charged against allowance for the three months ended June 30, 2020 Provision (recovery) for Credit Loss for the six months ended June 30, 2020 Write-offs charged against allowance for the six months ended June 30, 2020 Allowance for Credit Loss as of June 30, 2020 (in thousands) Segment A-4 Mortgage Notes Receivable $ - $ 19,293 $ 2,704 $ - $ 3,774 - $ 23,067 Segment B-3 Mortgage Notes Receivable - 901 (106) - (74) - 827 Segment C-5 Mortgage Notes Receivable - 829 (396) - (409) - 420 Segment E-6 Mortgage Notes Receivable 4,905 363 (93) - (27) - 5,241 Segment F-2 Mortgage Notes Receivable - - 133 - 133 - 133 Sub-total 4,905 21,386 2,242 - 3,397 - 29,688 Segment A-3 Investment in Direct Financing Leases 217 611 (26) (217) (5) (217) 606 Sub-total 217 611 (26) (217) (5) (217) 606 Segment A-4 Other Investments - 3,158 (983) - (826) - 2,332 Segment B-3 Other Investments - 1,434 (441) - (412) - 1,022 Segment C-2 Other Investments - 195 (61) - (71) - 124 Segment D-5 Other Investments - 1,901 (705) - (545) - 1,356 Sub-total - 6,688 (2,190) - (1,854) - 4,834 Segment A-4 Off-Balance Sheet Commitments - 100 (11) - (37) - 63 Sub-total - 100 (11) - (37) - 63 Total $ 5,122 $ 28,785 $ 15 $ (217) $ 1,501 $ (217) $ 35,191 |
Schedule by segment balance by vintage and credit quality indicator | A summary of our amortized cost basis by year of origination and credit quality indicator is as follows: Rating Financial Statement Line Item 2021 2020 2019 2018 2017 2016 2015 & older Revolving Loans Balance as of June 30, 2021 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ - $ 66,251 $ - $ 66,251 2 Mortgage Notes Receivable - 21,325 - - - - - - 21,325 3 Mortgage Notes Receivable 6,420 - - - - - 35,964 - 42,384 4 Mortgage Notes Receivable 4,307 89,373 18,883 44,374 46,431 38,830 504,110 - 746,308 5 Mortgage Notes Receivable - - - - - - 7,397 - 7,397 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 10,727 110,698 18,883 44,374 46,431 38,830 620,099 - 890,042 3 Investment in Direct Financing Leases - - - - - - 11,433 - 11,433 Sub-total - - - - - - 11,433 - 11,433 2 Other Investments - - - - - - 2,082 10,820 12,902 3 Other Investments 6,000 - 20,805 28,602 - - 3,493 184,588 243,488 4 Other Investments - - 11,560 116,608 - 75,590 - 5,000 208,758 5 Other Investments - - 23,351 5,625 - - - - 28,976 Sub-total 6,000 - 55,716 150,835 - 75,590 5,575 200,408 494,124 Total $ 16,727 $ 110,698 $ 74,599 $ 195,209 $ 46,431 $ 114,420 $ 637,107 $ 200,408 $ 1,395,599 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | June 30, 2021 December 31, 2020 Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Assets Real estate investments – net $ 338,291 750,953 $ 371,010 $ 750,488 Assets held for sale 14,710 — — — Other investments 34,253 174,988 34,253 147,148 Contractual receivables 475 1,021 346 887 Straight-line rent receivables — (49,119) — (56,664) Lease inducement — 66,987 — 69,666 Total Assets 387,729 944,830 405,609 911,525 Liabilities Net in-place lease liability — (318) — (331) Security deposit (343) (4,609) — — Contingent liability — (43,915) — (43,915) Total Liabilities (343) (48,842) — (44,246) Collateral Letters of credit (9,253) — (9,253) — Personal guarantee (8,000) (40,000) (8,000) (40,000) Other collateral (353,001) (750,953) (371,010) (750,488) Total Collateral (370,254) (790,953) (388,263) (790,488) Maximum exposure to loss $ 17,132 $ 105,035 $ 17,346 $ 76,791 |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from Agemo and Maplewood for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2021 2020 2020 2021 2021 2020 2020 Agemo Maplewood Agemo Maplewood Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Revenue Rental income $ 12,282 $ 19,093 $ 14,814 $ 10,041 $ 23,774 $ 38,125 $ 30,101 $ 20,182 Other investment income 1,178 3,052 1,297 1,202 2,335 5,840 2,538 2,404 Total (1) $ 13,460 $ 22,145 $ 16,111 $ 11,243 $ 26,109 $ 43,965 $ 32,639 $ 22,586 (1) For the three months ended June 30, 2021 and 2020, we received cash from Agemo of approximately $14.0 million and $13.1 million, respectively, pursuant to our lease and other investment agreements. For the six months ended June 30, 2021 and 2020, we received cash from Agemo of approximately $28.0 million and $26.8 million, respectively, pursuant to our lease and other investment agreements. For the three months ended June 30, 2021 and 2020, we received cash from Maplewood of approximately $19.7 million and $17.2 million, respectively, pursuant to our lease and other investment agreements. For the six months ended June 30, 2021 and 2020, we received cash from Maplewood of approximately $39.0 million and $33.9 million, respectively, pursuant to our lease and other investment agreements. |
INVESTMENT IN JOINT VENTUREs (T
INVESTMENT IN JOINT VENTUREs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
Schedule of equity method investments | Omega owns an interest in a number of joint ventures that are accounted for under the equity method. 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. The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Initial Investment Facility Facilities at June 30, December 31, Entity % Date Investment (1) Type 6/30/2021 2021 2020 Second Spring Healthcare Investments (2) 15% 11/1/2016 $ 50,032 SNF — $ 10,916 $ 17,700 Second Spring II LLC (3) 15% 3/10/2021 10,330 SNF 1 2,279 — Lakeway Realty, L.L.C. 51% 5/17/2019 73,834 Specialty facility 1 71,831 72,318 Cindat Joint Venture 49% 12/18/2019 105,688 ALF 66 112,656 110,360 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 900 N/A N/A 230 260 $ 240,784 $ 197,912 $ 200,638 (1) Our initial investment includes our transaction costs, if any. (2) During the first quarter of 2021, this joint venture sold 16 SNFs to an unrelated third party for approximately $328 million in net proceeds and recognized a gain on sale of approximately $102.2 million ( $14.9 million of which represents the Company’s share of the gain). During the first quarter of 2021, this joint venture also sold five SNFs to Second Spring II LLC for approximately $70.8 million in net proceeds. (3) We acquired a 15% interest in Second Spring II LLC for approximately $10.3 million. During the first quarter of 2021, this joint venture acquired five SNFs from Second Spring Healthcare Investments for approximately $70.8 million. During the second quarter of 2021, this joint venture sold four SNFs to an unrelated third party for approximately $50 million in net proceeds and recognized a loss on sale of approximately $0.3 million ( $0.1 million of which represents the Company’s share of the loss). Three Months Ended June 30, Six Months Ended June 30, Entity 2021 2020 2021 2020 (in thousands) Second Spring Healthcare Investments (1) $ 293 $ 712 $ 11,704 $ 1,281 Second Spring II LLC (299) — (756) — Lakeway Realty, L.L.C. 641 613 1,286 1,223 Cindat Joint Venture 646 244 1,132 891 OMG Senior Housing, LLC (103) (118) (204) (279) OH CHS SNP, Inc. 9 (49) (145) (154) Total $ 1,187 $ 1,402 $ 13,017 $ 2,962 (1) The income from this unconsolidated joint venture for the six months ended June 30, 2021 includes a $14.9 million gain on sale of real estate investments. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Assets Held for Sale [Abstract] | |
Schedule of Properties Held-for-Sale | The following is a summary of our assets held for sale: Facilities Held For Sale Number of Facilities (in thousands) December 31, 2020 22 $ 81,452 Facilities sold/other (1) (21) (81,252) Facilities added (2) 5 7,722 March 31, 2021 6 $ 7,922 Facilities sold/other (1) (5) (1,795) Facilities added (2)(3) 8 29,208 June 30, 2021 (3) 9 $ 35,335 (1) In the first quarter of 2021, we sold 21 facilities for approximately $187.6 million in net cash proceeds recognizing a net gain on sale of approximately $100.3 million. In the second quarter of 2021, we sold four facilities for approximately $3.5 million in net cash proceeds recognizing a net gain on sale of approximately $1.9 million. One facility classified as held for sale at March 31, 2021 was no longer considered held for sale during the second quarter of 2021 and was reclassified to leased property at approximately $0.2 million which represents the facility’s carrying value. (2) In the first quarter of 2021, we recorded approximately $16.9 million of impairment expense to reduce three facilities’ book value to their estimated fair value less costs to sell before they were reclassified to assets held for sale. In the second quarter of 2021, we recorded approximately $8.8 million of impairment expense to reduce three facilities’ book value to their estimated fair value less costs to sell before they were reclassified to assets held for sale. (3) Number of facilities excludes one parcel of land. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill as of June 30, 2021: (in thousands) Balance as of December 31, 2020 $ 651,737 Add: foreign currency translation (40) Balance as of June 30, 2021 $ 651,697 |
Schedule of Intangibles | The following is a summary of our intangibles as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 (in thousands) Assets: Above market leases $ 22,410 $ 22,822 Accumulated amortization (20,638) (20,882) Net above market leases $ 1,772 $ 1,940 Liabilities: Below market leases $ 139,069 $ 139,515 Accumulated amortization (108,508) (100,996) Net below market leases $ 30,561 $ 38,519 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity [Abstract] | |
Schedule of common stock dividends | The Board of Directors has declared cash dividends on common stock as set forth below: Record Payment Dividend per Date Date Common Share February 8, 2021 February 16, 2021 $ 0.67 May 3, 2021 May 17, 2021 0.67 August 2, 2021 August 13, 2021 0.67 |
Schedule of shares issued under ATM Programs | The table below presents information regarding the shares issued under the 2021 and 2015 ATM Programs for the three and six months ended June 30, 2020 and 2021: Shares issued Average Net Price Gross Proceeds Commissions Net Proceeds Period Ended (in millions) Per Share (1) (in millions) Three Months Ended June 30, 2020 - $ - $ - $ - $ - Three Months Ended June 30, 2021 2.5 36.23 92.4 1.9 90.5 Six Months Ended June 30, 2020 0.1 36.18 2.0 0.2 1.8 Six Months Ended June 30, 2021 4.1 36.60 153.8 3.2 150.6 (1) Represents the average price per share after commissions. |
Schedule of dividend reinvestment and common stock purchase plan | The table below presents information regarding the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three and six months ended June 30, 2020 and 2021: Shares issued Gross Proceeds Period Ended (in millions) (in millions) Three Months Ended June 30, 2020 - $ - Three Months Ended June 30, 2021 1.6 61.8 Six Months Ended June 30, 2020 0.1 3.7 Six Months Ended June 30, 2021 2.0 77.3 |
Schedule of accumulated other comprehensive income (loss) | The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: As of and for the As of and for the Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands) Foreign Currency Translation: Beginning balance $ (14,231) $ (67,058) $ (18,427) $ (35,100) Translation gain (loss) 601 (1,738) 4,131 (33,626) Realized gain (loss) 22 1 688 (69) Ending balance (13,608) (68,795) (13,608) (68,795) Derivative Instruments: Cash flow hedges: Beginning balance 53,519 (10,213) 17,718 (2,369) Unrealized (loss) gain (20,900) 1,704 14,291 (5,823) Realized gain (loss) (1) 733 (1,190) 1,343 (1,507) Ending balance 33,352 (9,699) 33,352 (9,699) Net investment hedges: Beginning balance (16,341) 8,767 (13,331) (4,420) Unrealized gain (loss) 317 766 (2,693) 13,953 Ending balance (16,024) 9,533 (16,024) 9,533 Total accumulated other comprehensive income (loss) before noncontrolling interest 3,720 (68,961) 3,720 (68,961) Add: portion included in noncontrolling interest 803 2,726 803 2,726 Total accumulated other comprehensive income (loss) for Omega $ 4,523 $ (66,235) $ 4,523 $ (66,235) (1) Recorded in interest expense on the Consolidated Statements of Operations. |
TAXES (Tables)
TAXES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Taxes [Abstract] | |
Schedule of components of income tax expense | The following is a summary of our provision for income taxes: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) Provision for federal, state and local income taxes $ 0.3 $ 0.2 $ 0.6 $ 0.6 Provision for foreign income taxes 0.6 0.7 1.3 1.3 Total provision for income taxes (1) $ 0.9 $ 0.9 $ 1.9 $ 1.9 (1) The above amounts do not include gross receipts or franchise taxes payable to certain states and municipalities. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Schedule of Stock-based Compensation Expense | The following is a summary of our stock-based compensation expense for the three and six months ended June 30, 2021 and 2020, respectively. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands) Stock-based compensation expense $ 5,811 $ 4,623 $ 11,207 $ 9,258 |
BORROWING ACTIVITIES AND ARRA_2
BORROWING ACTIVITIES AND ARRANGEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | The following is a summary of our borrowings: Annual Interest Rate as of June 30, June 30, December 31, Net Proceeds Maturity 2021 2021 2020 (in millions) (in thousands) Secured borrowings HUD mortgages (1)(2) 2046 - 2052 3.01 % $ 363,556 $ 367,249 Term loan (3) 2022 3.75 % 2,275 2,275 Total secured borrowings 365,831 369,524 Unsecured borrowings Revolving borrowings: 2017 Revolving credit facility (4) N/A N/A — 101,158 Revolving credit facility (4) 2025 1.30 % — — Total revolving borrowings — 101,158 Senior notes and other unsecured borrowings: 2023 notes (4)(5) $ 692.0 2023 4.375 % 350,000 700,000 2024 notes (4) 394.3 2024 4.950 % 400,000 400,000 2025 notes (4) 397.7 2025 4.500 % 400,000 400,000 2026 notes (4) 594.4 2026 5.250 % 600,000 600,000 2027 notes (4) 683.0 2027 4.500 % 700,000 700,000 2028 notes (4) 540.8 2028 4.750 % 550,000 550,000 2029 notes (4) 487.8 2029 3.625 % 500,000 500,000 2031 notes (4) 680.5 2031 3.375 % 700,000 700,000 2033 notes (4)(6) 689.3 2033 3.250 % 700,000 — Subordinated debt (2) 2021 9.000 % 20,000 20,000 Sterling term loan (4)(7) N/A N/A — 136,700 2017 OP term loan (8) N/A N/A — 50,000 OP term loan (8) 2025 3.29 % 50,000 — Deferred financing costs – net (29,326) (26,421) Discount – net (33,940) (31,709) Total senior notes and other unsecured borrowings – net 4,906,734 4,698,570 Total unsecured borrowings – net 4,906,734 4,799,728 Total secured and unsecured borrowings – net (9)(10) $ 5,272,565 $ 5,169,252 (1) Reflects the weighted average annual contractual interest rate on the mortgages at June 30, 2021. Secured by real estate assets with a net carrying value of $558.0 million as of June 30, 2021. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Borrowing is the debt of a consolidated joint venture. (4) Guaranteed by Omega OP. (5) In March 2021, we used a portion of the proceeds from the 2033 Senior Notes offering to fund the tender offer to purchase $350 million of the 4.375% Senior Notes due 2023 . In connection with this transaction, we recorded approximately $29.7 million in related fees, premiums, and expenses which were recorded as Loss on debt extinguishment in our Consolidated Statement of Operations. (6) We used the proceeds from this offering to pay down outstanding borrowings on the 2017 Revolving Credit Facility, repay the Sterling term loan, and fund the tender offer to purchase $350 million of the 4.375% Senior Notes due 2023 and the payment of accrued interest and related fees, premiums and expenses. (7) Actual borrowing is in GBP and remeasured to USD. The Sterling term loan was settled in March 2021 using proceeds from the 3.250% 2033 Senior Notes offering. (8) Omega OP is the obligor on this borrowing. (9) All borrowings are direct borrowings of Parent unless otherwise noted. (10) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of June 30, 2021 and December 31, 2020, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | At June 30, 2021 and December 31, 2020, the net carrying amounts and fair values of our other financial instruments were as follows: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,807 $ 10,807 $ 10,764 $ 10,764 Mortgage notes receivable – net 857,162 897,342 885,313 924,353 Other investments – net 458,664 466,690 467,442 474,552 Total $ 1,326,633 $ 1,374,839 $ 1,363,519 $ 1,409,669 Liabilities: 2017 Revolving credit facility $ — $ — $ 101,158 $ 101,158 Revolving credit facility — — — — Term loan 2,275 2,275 2,275 2,275 Sterling term loan — — 136,453 136,700 2017 OP term loan — — 49,896 50,000 OP Term loan 49,616 50,000 — — 4.375% notes due 2023 – net 348,816 379,284 696,981 770,635 4.95% notes due 2024 – net 397,219 442,023 396,714 441,194 4.50% notes due 2025 – net 397,305 444,675 396,924 444,652 5.25% notes due 2026 – net 596,790 697,838 596,437 697,993 4.50% notes due 2027 – net 691,642 790,201 690,909 794,294 4.75% notes due 2028 – net 543,404 627,615 542,899 633,950 3.625% notes due 2029 – net 490,076 538,108 489,472 532,248 3.375% notes due 2031 – net 682,697 721,067 681,802 731,541 3.25% notes due 2033 – net 689,128 698,804 — — HUD mortgages – net 363,556 396,266 367,249 409,004 Subordinated debt – net 20,041 20,799 20,083 21,599 Total $ 5,272,565 $ 5,808,955 $ 5,169,252 $ 5,767,243 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of remaining commitments | We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at June 30, 2021, are outlined in the table below (in thousands): Total commitments $ 539,528 Amounts funded to date (1) (415,281) Remaining commitments (2) $ 124,247 (1) Includes finance costs. (2) This amount excludes our remaining commitments to fund under our other investments of approximately $67.6 million. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in thousands, except per share amounts) Numerator: Net income $ 86,863 $ 101,960 $ 251,229 $ 194,239 Deduct: net income attributable to noncontrolling interests (2,340) (2,653) (6,728) (5,017) Net income available to common stockholders $ 84,523 $ 99,307 $ 244,501 $ 189,222 Denominator: Denominator for basic earnings per share 236,229 227,411 234,401 227,336 Effect of dilutive securities: Common stock equivalents 1,130 1,030 1,037 1,146 Noncontrolling interest – Omega OP Units 6,549 6,082 6,470 6,033 Denominator for diluted earnings per share 243,908 234,523 241,908 234,515 Earnings per share - basic: Net income available to common stockholders $ 0.36 $ 0.44 $ 1.04 $ 0.83 Earnings per share – diluted: Net income $ 0.36 $ 0.43 $ 1.04 $ 0.83 |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Cash Flow Supplemental Disclosures | The following are supplemental disclosures to the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020: Six Months Ended June 30, 2021 2020 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 100,824 $ 37,022 Restricted cash 3,736 4,543 Cash, cash equivalents and restricted cash at end of period $ 104,560 $ 41,565 Supplemental information: Interest paid during the period, net of amounts capitalized $ 105,634 $ 112,035 Taxes paid during the period $ 3,072 $ 4,497 Non cash investing activities Non cash proceeds from sale of real estate investments $ — $ 83,910 Non cash placement of mortgages $ (1,000) $ (86,936) Non cash proceeds from other investments $ 1,000 $ 3,026 Non cash financing activities Non cash borrowing of other long-term borrowings $ — $ 6,459 Change in fair value of cash flow hedges $ 17,869 $ (7,329) Remeasurement of debt denominated in a foreign currency $ 3,010 $ (13,953) |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) $ / shares in Units, £ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2021USD ($) | Mar. 31, 2021GBP (£) | Mar. 31, 2021contract | Jun. 30, 2021USD ($)facility$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2021USD ($)facilitysegment$ / shares | Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||
Number of reportable segment | segment | 1 | ||||||||
Impairment of Real Estate | $ 8,822,000 | $ 11,988,000 | $ 37,511,000 | $ 15,627,000 | |||||
Special cash dividend (per share) | $ / shares | $ 0.67 | $ 0.67 | $ 1.34 | $ 1.34 | |||||
Rental income | $ 220,955,000 | $ 221,532,000 | $ 458,716,000 | $ 443,032,000 | |||||
Real estate tax expense | 3,001,000 | 3,655,000 | 5,730,000 | 7,321,000 | |||||
Retained earnings (accumulated deficit) | 2,839,236,000 | 2,839,236,000 | $ 2,594,735,000 | ||||||
Lease inducements | 79,506,000 | 79,506,000 | 83,425,000 | ||||||
Financing receivable, allowance for credit losses | $ 70,258,000 | $ 35,191,000 | $ 70,258,000 | $ 35,191,000 | 67,841,000 | $ 28,785,000 | |||
Number of real estate properties | facility | 970 | 970 | |||||||
Real estate investments - net | $ 7,089,232,000 | $ 7,089,232,000 | 6,705,240,000 | ||||||
Interest receivable | $ 11,554,000 | $ 11,554,000 | 12,195,000 | ||||||
Notional amount of nonderivative instruments | £ | £ 174 | ||||||||
Derivative instrument discontinued hedge accounting reclassification period | 10 years | ||||||||
Number of foreign currency forwards entered into | 4 | 4 | |||||||
Omega OP | |||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||
Ownership by parent | 97.00% | 97.00% | |||||||
Ownership by noncontrolling interest | 3.00% | 3.00% | |||||||
Cash Flow Hedging [Member] | Other Assets [Member] | |||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||
Cash flow hedges recorded at fair value, asset | $ 34,100,000 | $ 34,100,000 | 17,000,000 | ||||||
Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||
Cash flow hedges recorded at fair value, liability | 500,000 | 500,000 | $ 1,000,000 | ||||||
Net Investment Hedging [Member] | |||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||
Net investment hedge recorded in other assets | $ 300,000 | $ 300,000 | |||||||
Notional amount of nonderivative instruments | £ | £ 174 |
PROPERTIES AND INVESTMENTS (Lea
PROPERTIES AND INVESTMENTS (Leased Property) (Narrative) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)facility | |
Number of real estate properties | 970 |
Payments to acquire businesses, gross | $ | $ 594.4 |
Skilled Nursing Facilities [Member] | Facilities Leased | |
Number of real estate properties | 728 |
Assisted Living Facilities [Member] | Facilities Leased | |
Number of real estate properties | 132 |
Specialty [Member] | Facilities Leased | |
Number of real estate properties | 35 |
Medical Office Building [Member] | Facilities Leased | |
Number of real estate properties | 2 |
PROPERTIES AND INVESTMENTS (Sum
PROPERTIES AND INVESTMENTS (Summary of our investment in leased real estate properties) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 9,228,332 | $ 8,702,154 |
Less accumulated depreciation | (2,139,100) | (1,996,914) |
Real estate investments - net | 7,089,232 | 6,705,240 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 7,424,693 | 6,961,509 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 941,672 | 883,765 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 533,169 | 518,664 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 328,765 | 308,087 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 33 | $ 30,129 |
PROPERTIES AND INVESTMENTS (Sch
PROPERTIES AND INVESTMENTS (Schedule of operating lease income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Lease Income [Abstract] | ||||
Rental income - operating leases | $ 218,247 | $ 217,620 | $ 453,309 | $ 435,960 |
Variable lease income - operating leases | 2,708 | 3,912 | 5,407 | 7,072 |
Total rental income | $ 220,955 | $ 221,532 | $ 458,716 | $ 443,032 |
PROPERTIES AND INVESTMENTS (S_2
PROPERTIES AND INVESTMENTS (Schedule of Significant Acquisitions) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021USD ($)facility | Jun. 30, 2021USD ($)facilityproperty | Jan. 20, 2021facility | |
Real Estate Properties [Line Items] | |||
Number of real estate properties | 970 | ||
Payments to acquire businesses, gross | $ | $ 594.4 | ||
Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | |||
Real Estate Properties [Line Items] | |||
Payments to acquire businesses, gross | $ | $ 511.3 | ||
Initial Annual Cash Yield (%) | 8.43% | ||
FL | |||
Real Estate Properties [Line Items] | |||
Payments to acquire businesses, gross | $ | $ 83.1 | ||
Initial Annual Cash Yield (%) | 9.25% | ||
One Parcel of Land | |||
Real Estate Properties [Line Items] | |||
Payment to acquire land | $ | $ 10.4 | ||
Skilled Nursing Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 729 | ||
Assisted Living Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 132 | ||
Specialty [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | property | 35 | ||
Medical Office Building [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 2 | ||
Facilities Acquired | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 24 | ||
Facilities Acquired | Skilled Nursing Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 6 | ||
Facilities Acquired | Skilled Nursing Facilities [Member] | FL | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 6 | ||
Facilities Acquired | Assisted Living Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 17 | ||
Facilities Acquired | Assisted Living Facilities [Member] | Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 17 | ||
Facilities Acquired | Specialty [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 7 | ||
Facilities Acquired | Specialty [Member] | Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 7 | ||
Parcel Acquired | One Parcel of Land | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | property | 1 |
PROPERTIES AND INVESTMENTS (Ass
PROPERTIES AND INVESTMENTS (Asset Sales and Impairments) (Narrative) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)facilityproperty | Mar. 31, 2021USD ($)facilityproperty | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)facilityproperty | Jun. 30, 2020USD ($) | |
Number of real estate properties | facility | 970 | 970 | |||
Impairment on real estate properties | $ 8,822 | $ 11,988 | $ 37,511 | $ 15,627 | |
Receipts from insurance proceeds | $ 3,493 | $ 346 | |||
Facilities with Impairment Charges and Classified to Assets Held for Sale [Member] | |||||
Number of real estate properties | facility | 3 | ||||
4 Facilities | |||||
Impairment on real estate properties | $ 28,700 | ||||
4 Facilities | Facilities With Impairment Charges [Member] | |||||
Number of real estate properties | facility | 4 | ||||
6 Facilities | |||||
Amount of gain (loss) from sale of facilities | 4,100 | ||||
Total cash proceeds | $ 12,900 | ||||
6 Facilities | Facilities Sold | |||||
Number of real estate properties | property | 6 | 6 | |||
3 Facilities | |||||
Impairment on real estate properties | $ 8,800 | ||||
3 Facilities | Facilities With Impairment Charges [Member] | |||||
Number of real estate properties | property | 3 | 3 | |||
3 Facilities | Facilities with Impairment Charges and Classified to Assets Held for Sale [Member] | |||||
Number of real estate properties | property | 3 | 3 | |||
24 Facilities | |||||
Amount of gain (loss) from sale of facilities | $ 100,300 | ||||
Total cash proceeds | $ 188,300 | ||||
24 Facilities | Facilities Sold | |||||
Number of real estate properties | property | 24 |
CONTRACTUAL RECEIVABLES AND O_3
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Narrative) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)facility | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)facilityitem | Jun. 30, 2020 | Dec. 31, 2020USD ($) | |
Contractual receivables - net | $ 10,948 | $ 10,948 | $ 10,408 | ||
Number of real estate properties | facility | 970 | 970 | |||
Number of operators placed on a cash basis | item | 2 | ||||
Unsecured Debt [Member] | Subordinated debt | |||||
Long-term debt, gross | $ 20,000 | $ 20,000 | $ 20,000 | ||
One Operator Placed On Cash Basis [Member] | |||||
Security deposit used against uncollected receivables | 2,500 | 2,500 | |||
Two Operators Placed on Cash Basis [Member] | |||||
Contractual receivables - net | 3,500 | $ 3,500 | |||
Two Operators Placed on Cash Basis [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration risk, percentage | 3.00% | 3.00% | |||
One of Two Operators Placed On Cash Basis [Member] | Unsecured Debt [Member] | Subordinated debt | |||||
Long-term debt, gross | 20,000 | $ 20,000 | |||
One Facility Transitioned and Two Operators Placed On Cash Basis | |||||
Provision of of straight-line rent and contractual receivables | $ 17,400 | $ 2,700 | |||
One Facility Being Transitioned [Member] | |||||
Number of real estate properties | facility | 1 | 1 |
CONTRACTUAL RECEIVABLES AND O_4
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Schedule of Net Accounts Receivable) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | ||
Contractual receivables - net | $ 10,948 | $ 10,408 |
Effective yield interest receivables | 11,554 | 12,195 |
Straight-line rent receivables | 138,449 | 139,046 |
Lease inducements | 79,506 | 83,425 |
Other receivables and lease inducements | $ 229,509 | $ 234,666 |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) | 6 Months Ended |
Jun. 30, 2021facilitystatepropertyitementity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 970 |
Number of states | state | 42 |
Skilled Nursing Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 729 |
Assisted Living Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 132 |
Facilities Under Fixed Rate Mortgage Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 63 |
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | property | 58 |
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | property | 3 |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of fixed rate mortgage | item | 7 |
Number of states | state | 7 |
Number of independent healthcare operating companies operating under mortgage notes receivable | entity | 6 |
MORTGAGE NOTES RECEIVABLE (Sche
MORTGAGE NOTES RECEIVABLE (Schedule of Receivables) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021USD ($)facilitycontract | Jun. 30, 2021USD ($)facilitycontract | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | $ 1,395,599 | $ 1,395,599 | |
Number of real estate properties | facility | 970 | 970 | |
Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | $ 890,042 | $ 890,042 | $ 918,558 |
Allowance for credit losses | (32,880) | (32,880) | (33,245) |
Total mortgages - net | 857,162 | 857,162 | 885,313 |
Mortgage Loans on Real Estate | 857,162 | 857,162 | 885,313 |
Mortgage Receivable [Member] | Mortgage Note Due 2027 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | 112,500 | $ 112,500 | 112,500 |
Mortgage loans on real estate, interest rate | 10.81% | ||
Maturity year | 2027 | ||
Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | 655,133 | $ 655,133 | 670,015 |
Mortgage loans on real estate, interest rate | 10.59% | ||
Maturity year | 2029 | ||
Mortgage Receivable [Member] | 2 Mortgage Notes Due Through 2021 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans on real estate, number of loans | contract | 2 | ||
Mortgage Receivable [Member] | Other Mortgage Notes Member | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | $ 122,409 | $ 122,409 | $ 136,043 |
Minimum [Member] | Other Mortgage Notes Member | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity year | 2023 | ||
Maximum [Member] | Other Mortgage Notes Member | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity year | 2032 | ||
Weighted Average [Member] | Other Mortgage Notes Member | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans on real estate, interest rate | 9.38% | ||
Construction Loans [Member] | Mortgage Receivable [Member] | One Mortgage Note Due Through 2021 Extended To 2029 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity year | 2029 | ||
Mortgage loans on real estate, number of loans | contract | 1 | ||
Construction Loans [Member] | Mortgage Receivable [Member] | One Mortgage Note Due 2021 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | $ 13,900 | $ 13,900 | |
Construction Loans [Member] | Minimum [Member] | Mortgage Receivable [Member] | One Mortgage Note Due Through 2021 Extended To 2029 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity year | 2021 | ||
Facility Mortgage [Member] | Mortgage Receivable [Member] | One Mortgage Note Due 2021 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable | $ 21,300 | $ 21,300 | |
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 | facility | 46 | 46 |
OTHER INVESTMENTS (Schedule of
OTHER INVESTMENTS (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 1,395,599 | |
Total other investments | 458,664 | $ 467,442 |
Other Investment Receivables [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | 494,124 | 498,899 |
Allowance for credit losses | (35,460) | (31,457) |
Other Investment Note Due 2024 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 87,145 | 83,636 |
Maturity year | 2024 | |
Other Investment Note Due 2024 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 56,987 | 56,987 |
Other Investment Note Due 2023 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 42,603 | 49,973 |
Interest rate | 12.00% | |
Maturity year | 2023 | |
Other Investments Note Due 2030 [Member] | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 174,988 | 147,148 |
Interest rate | 7.00% | |
Maturity year | 2030 | |
Other investment notes outstanding | ||
Schedule of Investments [Line Items] | ||
Other investments, gross | $ 132,401 | $ 161,155 |
Minimum [Member] | Other Investment Note Due 2024 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2024 | |
Minimum [Member] | Other investment notes outstanding | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2021 | |
Maximum [Member] | Other Investment Note Due 2024 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2025 | |
Maximum [Member] | Other investment notes outstanding | ||
Schedule of Investments [Line Items] | ||
Maturity year | 2028 | |
Weighted Average [Member] | Other Investment Note Due 2024 [Member] | ||
Schedule of Investments [Line Items] | ||
Interest rate | 13.13% | |
Weighted Average [Member] | Other Investment Note Due 2024 Through 2025 [Member] | ||
Schedule of Investments [Line Items] | ||
Interest rate | 8.12% | |
Weighted Average [Member] | Other investment notes outstanding | ||
Schedule of Investments [Line Items] | ||
Interest rate | 8.37% |
OTHER INVESTMENTS (Notes Due 20
OTHER INVESTMENTS (Notes Due 2024 Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 06, 2018 | Jul. 29, 2016 | |
Schedule of Investments [Line Items] | ||||||||
Other investments, gross | $ 1,395,599 | $ 1,395,599 | ||||||
Other investments | 458,664 | 458,664 | $ 467,442 | |||||
Provision (Recovery) for Credit Losses | 3,536 | $ 15 | 2,512 | $ 1,501 | ||||
Other Investment Note Due 2024 [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Other investments, gross | 87,145 | 87,145 | $ 83,636 | |||||
Genesis Healthcare [Member] | Other Investment Note Due 2024 [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 14.00% | |||||||
Investment Owned, Face Amount | $ 48,000 | $ 48,000 | ||||||
Other investments | 68,200 | 68,200 | ||||||
Loans Receivable Interest Paid-In-Kind | 9.00% | |||||||
Investment Maturity Date | Jan. 1, 2024 | Jul. 29, 2020 | ||||||
Genesis Healthcare [Member] | Other Investment Note Due 2024 Second Loan [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||||
Investment Owned, Face Amount | $ 16,000 | |||||||
Other investments | $ 18,900 | $ 18,900 | ||||||
Loans Receivable Interest Paid-In-Kind | 5.00% | |||||||
Investment Maturity Date | Jan. 1, 2024 | Jul. 29, 2020 |
ALLOWANCE FOR CREDIT LOSSES (Na
ALLOWANCE FOR CREDIT LOSSES (Narrative) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accrued investment income receivable | $ 10,200 | |
Effective yield interest receivables | $ 11,554 | $ 12,195 |
ALLOWANCE FOR CREDIT LOSSES (Sc
ALLOWANCE FOR CREDIT LOSSES (Schedule of expected credit loss per segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | $ 67,841 | $ 28,785 | ||
Provision (Recovery) for Credit Losses | $ 3,536 | $ 15 | 2,512 | 1,501 |
Write-offs charged against allowance for the period ended | (217) | (95) | (217) | |
ECL Ending balance | 70,258 | 35,191 | 70,258 | 35,191 |
Off Balance Financing Receivable Segment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 2,445 | 100 | ||
Provision (Recovery) for Credit Losses | (658) | (11) | (1,153) | (37) |
ECL Ending balance | 1,292 | 63 | 1,292 | 63 |
Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 33,245 | 21,386 | ||
Provision (Recovery) for Credit Losses | 738 | 2,242 | (365) | 3,397 |
ECL Ending balance | 32,880 | 29,688 | 32,880 | 29,688 |
Direct Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 694 | 611 | ||
Provision (Recovery) for Credit Losses | (62) | (26) | (68) | (5) |
Write-offs charged against allowance for the period ended | (217) | (217) | ||
ECL Ending balance | 626 | 606 | 626 | 606 |
Other Investment Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 31,457 | 6,688 | ||
Provision (Recovery) for Credit Losses | 3,518 | (2,190) | 4,098 | (1,854) |
Write-offs charged against allowance for the period ended | (95) | |||
ECL Ending balance | 35,460 | 4,834 | 35,460 | 4,834 |
Previously Reported [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 5,122 | |||
Previously Reported [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 4,905 | |||
Previously Reported [Member] | Direct Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 217 | |||
Internal Credit Rating Two [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 116 | |||
Provision (Recovery) for Credit Losses | (42) | (37) | ||
ECL Ending balance | 79 | 79 | ||
Internal Credit Rating Two [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 88 | |||
Provision (Recovery) for Credit Losses | (8) | 133 | (53) | 133 |
ECL Ending balance | 35 | 133 | 35 | 133 |
Internal Credit Rating Two [Member] | Other Investment Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 94 | 195 | ||
Provision (Recovery) for Credit Losses | (18) | (61) | (58) | (71) |
ECL Ending balance | 36 | 124 | 36 | 124 |
Internal Credit Rating Three [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 2,305 | |||
Provision (Recovery) for Credit Losses | (585) | (1,123) | ||
ECL Ending balance | 1,182 | 1,182 | ||
Internal Credit Rating Three [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 954 | 901 | ||
Provision (Recovery) for Credit Losses | 61 | (106) | 23 | (74) |
ECL Ending balance | 977 | 827 | 977 | 827 |
Internal Credit Rating Three [Member] | Direct Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 694 | 611 | ||
Provision (Recovery) for Credit Losses | (62) | (26) | (68) | (5) |
Write-offs charged against allowance for the period ended | (217) | (217) | ||
ECL Ending balance | 626 | 606 | 626 | 606 |
Internal Credit Rating Three [Member] | Other Investment Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 5,113 | 1,434 | ||
Provision (Recovery) for Credit Losses | (483) | (441) | (266) | (412) |
ECL Ending balance | 4,847 | 1,022 | 4,847 | 1,022 |
Internal Credit Rating Three [Member] | Previously Reported [Member] | Direct Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 217 | |||
Internal Credit Rating Four [Member] | Off Balance Sheet Financing Receivable Segment Mortgage Commitment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 24 | 100 | ||
Provision (Recovery) for Credit Losses | (31) | (11) | 7 | (37) |
ECL Ending balance | 31 | 63 | 31 | 63 |
Internal Credit Rating Four [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 26,865 | 19,293 | ||
Provision (Recovery) for Credit Losses | 793 | 2,704 | (120) | 3,774 |
ECL Ending balance | 26,745 | 23,067 | 26,745 | 23,067 |
Internal Credit Rating Four [Member] | Other Investment Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 24,397 | 3,158 | ||
Provision (Recovery) for Credit Losses | 4,076 | (983) | 4,489 | (826) |
ECL Ending balance | 28,886 | 2,332 | 28,886 | 2,332 |
Internal Credit Rating Five [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 433 | 829 | ||
Provision (Recovery) for Credit Losses | (108) | (396) | (215) | (409) |
ECL Ending balance | 218 | 420 | 218 | 420 |
Internal Credit Rating Five [Member] | Other Investment Receivables [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 1,853 | 1,901 | ||
Provision (Recovery) for Credit Losses | (57) | (705) | (67) | (545) |
Write-offs charged against allowance for the period ended | (95) | |||
ECL Ending balance | 1,691 | 1,356 | 1,691 | 1,356 |
Internal Credit Rating Six [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | 4,905 | 363 | ||
Provision (Recovery) for Credit Losses | (93) | (27) | ||
ECL Ending balance | $ 4,905 | $ 5,241 | $ 4,905 | 5,241 |
Internal Credit Rating Six [Member] | Previously Reported [Member] | Mortgage Receivable [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
ECL Beginning balance | $ 4,905 |
ALLOWANCE FOR CREDIT LOSSES (_2
ALLOWANCE FOR CREDIT LOSSES (Schedule by segment balance by vintage and credit quality indicator) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
2021 | $ 16,727 | |
2020 | 110,698 | |
2019 | 74,599 | |
2018 | 195,209 | |
2017 | 46,431 | |
2016 | 114,420 | |
2015 & older | 637,107 | |
Revolving Loans | 200,408 | |
Total Balance at June 30, 2021 | 1,395,599 | |
Mortgage Receivable [Member] | ||
2021 | 10,727 | |
2020 | 110,698 | |
2019 | 18,883 | |
2018 | 44,374 | |
2017 | 46,431 | |
2016 | 38,830 | |
2015 & older | 620,099 | |
Total Balance at June 30, 2021 | 890,042 | $ 918,558 |
Mortgage Receivable [Member] | Internal Credit Rating One [Member] | ||
2015 & older | 66,251 | |
Total Balance at June 30, 2021 | 66,251 | |
Mortgage Receivable [Member] | Internal Credit Rating Two [Member] | ||
2020 | 21,325 | |
Total Balance at June 30, 2021 | 21,325 | |
Mortgage Receivable [Member] | Internal Credit Rating Three [Member] | ||
2021 | 6,420 | |
2015 & older | 35,964 | |
Total Balance at June 30, 2021 | 42,384 | |
Mortgage Receivable [Member] | Internal Credit Rating Four [Member] | ||
2021 | 4,307 | |
2020 | 89,373 | |
2019 | 18,883 | |
2018 | 44,374 | |
2017 | 46,431 | |
2016 | 38,830 | |
2015 & older | 504,110 | |
Total Balance at June 30, 2021 | 746,308 | |
Mortgage Receivable [Member] | Internal Credit Rating Five [Member] | ||
2015 & older | 7,397 | |
Total Balance at June 30, 2021 | 7,397 | |
Mortgage Receivable [Member] | Internal Credit Rating Six [Member] | ||
2015 & older | 6,377 | |
Total Balance at June 30, 2021 | 6,377 | |
Direct Financing Receivable [Member] | ||
2015 & older | 11,433 | |
Total Balance at June 30, 2021 | 11,433 | |
Direct Financing Receivable [Member] | Internal Credit Rating Three [Member] | ||
2015 & older | 11,433 | |
Total Balance at June 30, 2021 | 11,433 | |
Other Investment Receivables [Member] | ||
2021 | 6,000 | |
2019 | 55,716 | |
2018 | 150,835 | |
2016 | 75,590 | |
2015 & older | 5,575 | |
Revolving Loans | 200,408 | |
Total Balance at June 30, 2021 | 494,124 | $ 498,899 |
Other Investment Receivables [Member] | Internal Credit Rating Two [Member] | ||
2015 & older | 2,082 | |
Revolving Loans | 10,820 | |
Total Balance at June 30, 2021 | 12,902 | |
Other Investment Receivables [Member] | Internal Credit Rating Three [Member] | ||
2021 | 6,000 | |
2019 | 20,805 | |
2018 | 28,602 | |
2015 & older | 3,493 | |
Revolving Loans | 184,588 | |
Total Balance at June 30, 2021 | 243,488 | |
Other Investment Receivables [Member] | Internal Credit Rating Four [Member] | ||
2019 | 11,560 | |
2018 | 116,608 | |
2016 | 75,590 | |
Revolving Loans | 5,000 | |
Total Balance at June 30, 2021 | 208,758 | |
Other Investment Receivables [Member] | Internal Credit Rating Five [Member] | ||
2019 | 23,351 | |
2018 | 5,625 | |
Total Balance at June 30, 2021 | $ 28,976 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | May 31, 2018 | |
Variable Interest Entity [Line Items] | ||||||
Total Assets | $ 9,759,054 | $ 9,759,054 | $ 9,497,449 | |||
Total Liabilities | (5,549,028) | (5,549,028) | (5,460,842) | |||
Other investment income | 11,813 | $ 10,932 | 23,465 | $ 21,584 | ||
Maplewood Real Estate Holdings | ||||||
Variable Interest Entity [Line Items] | ||||||
Revenue | 11,243 | 22,586 | ||||
Maplewood Real Estate Holdings | Rental and Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable interest entity rental and other investment income | 17,200 | 33,900 | ||||
Maplewood Real Estate Holdings | Rental Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Rental income | 10,041 | 20,182 | ||||
Maplewood Real Estate Holdings | Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other investment income | 1,202 | 2,404 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 387,729 | 387,729 | 405,609 | |||
Total Liabilities | (343) | (343) | ||||
Maximum exposure to loss | 17,132 | 17,132 | 17,346 | |||
Revenue | 13,460 | 16,111 | 26,109 | 32,639 | ||
Potential accumulated deferred rent payments | $ 2,100 | 2,100 | $ 6,300 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Scenario, Plan [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable interest entity period of additional deferral of rent | 4 months | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Rental and Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable interest entity rental and other investment income | $ 14,000 | 13,100 | 28,000 | 26,800 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Rental Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Rental income | 12,282 | 14,814 | 23,774 | 30,101 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other investment income | 1,178 | $ 1,297 | 2,335 | $ 2,538 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Letters of credit | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (9,253) | (9,253) | (9,253) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Personal Guarantee Collateral [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (8,000) | (8,000) | (8,000) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Collateral [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (353,001) | (353,001) | (371,010) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Collateral Pledged [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (370,254) | (370,254) | (388,263) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Real Estate Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 338,291 | 338,291 | 371,010 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Assets Held For Sale [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 14,710 | 14,710 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Contractual Receivable [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 475 | 475 | 346 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 34,253 | 34,253 | 34,253 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Security Deposit [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (343) | (343) | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 944,830 | 944,830 | 911,525 | |||
Total Liabilities | (48,842) | (48,842) | (44,246) | |||
Maximum exposure to loss | 105,035 | 105,035 | 76,791 | |||
Revenue | 22,145 | 43,965 | ||||
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 | 19,700 | 39,000 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Rental Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Rental income | 19,093 | 38,125 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other investment income | 3,052 | 5,840 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Personal Guarantee Collateral [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (40,000) | (40,000) | (40,000) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Collateral [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (750,953) | (750,953) | (750,488) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Collateral Pledged [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (790,953) | (790,953) | (790,488) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Real Estate Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 750,953 | 750,953 | 750,488 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Contractual Receivable [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 1,021 | 1,021 | 887 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 174,988 | 174,988 | 147,148 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Straight-Line Rent Receivables [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (49,119) | (49,119) | (56,664) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Lease inducement [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 66,987 | 66,987 | 69,666 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Net In Place Lease Liability [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (318) | (318) | (331) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Security Deposit [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (4,609) | (4,609) | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Contingent Liability [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | $ (43,915) | $ (43,915) | $ (43,915) |
INVESTMENT IN JOINT VENTUREs (N
INVESTMENT IN JOINT VENTUREs (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Gross | $ 1,395,599 | $ 1,395,599 | |||
Assets management fees recognized | 300 | $ 500 | 500 | $ 700 | |
Mortgage Receivable [Member] | |||||
Financing Receivable, Gross | $ 890,042 | $ 890,042 | $ 918,558 |
INVESTMENT IN JOINT VENTUREs (S
INVESTMENT IN JOINT VENTUREs (Schedule of equity method investments) (Details) $ in Thousands | Mar. 10, 2021USD ($) | Mar. 31, 2021USD ($)facility | Jun. 30, 2021USD ($)facilitypropertycontract | Mar. 31, 2021USD ($)facility | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)facilitypropertycontract | Jun. 30, 2020USD ($) | Jan. 20, 2021facility | Dec. 31, 2020USD ($) | May 17, 2019 |
Number of real estate properties | facility | 970 | 970 | ||||||||
Investments in unconsolidated joint ventures | $ 197,912 | $ 197,912 | $ 200,638 | |||||||
Financing Receivable, Gross | $ 1,395,599 | $ 1,395,599 | ||||||||
Number of operators | contract | 65 | 65 | ||||||||
Income (loss) from unconsolidated joint ventures | $ 1,187 | $ 1,402 | $ 13,017 | $ 2,962 | ||||||
Payments to acquire real estate | 604,939 | 25,935 | ||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||
Investment | 240,784 | |||||||||
Investments in unconsolidated joint ventures | 197,912 | 197,912 | 200,638 | |||||||
Income (loss) from unconsolidated joint ventures | 1,187 | 1,402 | 13,017 | 2,962 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||||||||
Income (loss) from unconsolidated joint ventures | 293 | 712 | 11,704 | 1,281 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Ownership % | 15.00% | |||||||||
Investment | $ 10,300 | |||||||||
Income (loss) from unconsolidated joint ventures | (299) | (756) | ||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | ||||||||||
Ownership % | 51.00% | |||||||||
Income (loss) from unconsolidated joint ventures | 641 | 613 | 1,286 | 1,223 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | ||||||||||
Income (loss) from unconsolidated joint ventures | 646 | 244 | 1,132 | 891 | ||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | ||||||||||
Income (loss) from unconsolidated joint ventures | $ (103) | (118) | $ (204) | (279) | ||||||
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 | $ 900 | |||||||||
Investments in unconsolidated joint ventures | $ 230 | 230 | 260 | |||||||
Income (loss) from unconsolidated joint ventures | $ 9 | $ (49) | $ (145) | $ (154) | ||||||
Skilled Nursing Facilities [Member] | ||||||||||
Number of real estate properties | facility | 729 | 729 | ||||||||
Skilled Nursing Facilities [Member] | 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 | |||||||||
Investments in unconsolidated joint ventures | $ 10,916 | $ 10,916 | 17,700 | |||||||
Skilled Nursing Facilities [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Ownership % | 15.00% | 15.00% | ||||||||
Initial Investment Date | Mar. 10, 2021 | |||||||||
Investment | $ 10,330 | |||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||
Investments in unconsolidated joint ventures | $ 2,279 | $ 2,279 | ||||||||
Specialty [Member] | ||||||||||
Number of real estate properties | property | 35 | 35 | ||||||||
Specialty [Member] | 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 | $ 71,831 | $ 71,831 | 72,318 | |||||||
Assisted Living Facilities [Member] | ||||||||||
Number of real estate properties | facility | 132 | 132 | ||||||||
Assisted Living Facilities [Member] | 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 | 66 | 66 | ||||||||
Investments in unconsolidated joint ventures | $ 112,656 | $ 112,656 | 110,360 | |||||||
Specialty Facility | 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 | ||||||||
16 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||||||||
Amount of gain (loss) from sale of facilities | $ 102,200 | |||||||||
16 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||||||||
Total cash proceeds | 328,000 | |||||||||
Amount of gain (loss) from sale of facilities | 14,900 | $ 14,900 | ||||||||
5 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||||||||
Total cash proceeds | $ 70,800 | |||||||||
5 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Payments to acquire real estate | $ 70,800 | |||||||||
4 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Amount of gain (loss) from sale of facilities | $ (300) | |||||||||
4 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Total cash proceeds | 50,000 | |||||||||
Amount of gain (loss) from sale of facilities | (100) | |||||||||
Other Investment Receivables [Member] | ||||||||||
Financing Receivable, Gross | 494,124 | 494,124 | 498,899 | |||||||
Other investment notes outstanding | ||||||||||
Financing Receivable, Gross | 132,401 | 132,401 | 161,155 | |||||||
Mortgage Receivable [Member] | ||||||||||
Financing Receivable, Gross | $ 890,042 | $ 890,042 | $ 918,558 | |||||||
Facilities Sold | 16 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||||||||
Number of real estate properties | facility | 16 | 16 | ||||||||
Facilities Sold | 5 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | ||||||||||
Number of real estate properties | facility | 5 | 5 | ||||||||
Facilities Sold | 4 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Number of real estate properties | facility | 4 | 4 | ||||||||
Facilities Acquired | ||||||||||
Number of real estate properties | facility | 24 | |||||||||
Facilities Acquired | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | ||||||||||
Number of real estate properties | facility | 5 | 5 | ||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | ||||||||||
Number of real estate properties | facility | 6 | 6 | ||||||||
Facilities Acquired | Specialty [Member] | ||||||||||
Number of real estate properties | facility | 7 | 7 | ||||||||
Facilities Acquired | Assisted Living Facilities [Member] | ||||||||||
Number of real estate properties | facility | 17 | 17 |
ASSETS HELD FOR SALE (Schedule
ASSETS HELD FOR SALE (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)propertyfacility | Mar. 31, 2021USD ($)propertyfacility | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)facilityproperty | Jun. 30, 2020USD ($) | |
Number Of Properties | |||||
Beginning Balance | property | 6 | 22 | 22 | ||
Properties sold/other | property | (5) | (21) | |||
Facilities added | property | 8 | 5 | |||
Ending balance | property | 9 | 6 | 9 | ||
Net Book Value | |||||
Beginning Balance | $ 7,922 | $ 81,452 | $ 81,452 | ||
Properties sold/other | (1,795) | (81,252) | |||
Properties added | 29,208 | 7,722 | |||
Ending balance | $ 35,335 | 7,922 | $ 35,335 | ||
Assets Held For Sale | |||||
Number of real estate properties | facility | 970 | 970 | |||
Impairment charges | 16,900 | ||||
Impairment on real estate properties | $ 8,822 | $ 11,988 | $ 37,511 | $ 15,627 | |
Assets held for sale | $ 35,335 | $ 7,922 | $ 35,335 | ||
Skilled Nursing Facilities [Member] | |||||
Assets Held For Sale | |||||
Number of real estate properties | facility | 729 | 729 | |||
Assisted Living Facilities [Member] | |||||
Assets Held For Sale | |||||
Number of real estate properties | facility | 132 | 132 | |||
4 Facilities | |||||
Number Of Properties | |||||
Properties sold/other | facility | (4) | ||||
Assets Held For Sale | |||||
Net proceeds from sale of facilities held for sale | $ 3,500 | ||||
Gain (loss) from sale of facilities | 1,900 | ||||
21 Facilities | |||||
Number Of Properties | |||||
Properties sold/other | facility | (21) | ||||
Assets Held For Sale | |||||
Net proceeds from sale of facilities held for sale | $ 187,600 | ||||
Gain (loss) from sale of facilities | $ 100,300 | ||||
1 Facility | |||||
Assets Held For Sale | |||||
Fair value of held-for-sale reclassified to lease property | 200 | ||||
3 Facilities | |||||
Assets Held For Sale | |||||
Impairment charges | $ 8,800 | ||||
Facilities No Longer Held for Sale [Member] | 1 Facility | |||||
Assets Held For Sale | |||||
Number of real estate properties | facility | 1 | 1 | |||
Facilities with Impairment Charges and Classified to Assets Held for Sale [Member] | |||||
Assets Held For Sale | |||||
Number of real estate properties | facility | 3 | ||||
Facilities with Impairment Charges and Classified to Assets Held for Sale [Member] | 3 Facilities | |||||
Assets Held For Sale | |||||
Number of real estate properties | facility | 3 | 3 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net amortization of intangible assets | $ 1.1 | $ 3.5 | $ 7.3 | $ 4.8 |
Remainder 2021 | 2.2 | 2.2 | ||
2022 | 4.2 | 4.2 | ||
2023 | 4 | 4 | ||
2024 | 3.8 | 3.8 | ||
2025 | $ 3.6 | $ 3.6 | ||
Below market leases, weighted average remaining amortization, period | 8 years | |||
Above market leases | ||||
Weighted average remaining amortization | 10 years |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES (Schedule of Reconciliation of Goodwill) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance | $ 651,737 |
Add: foreign currency translation | (40) |
Balance | $ 651,697 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Goodwill | $ 651,697 | $ 651,737 |
Gross intangible assets | 22,410 | 22,822 |
Accumulated amortization | (20,638) | (20,882) |
Net intangible assets | 1,772 | 1,940 |
Liabilities: | ||
Below market leases | 139,069 | 139,515 |
Accumulated amortization | (108,508) | (100,996) |
Net intangible liabilities | $ 30,561 | $ 38,519 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021USD ($)itemfacilitystatepropertycontract | Dec. 31, 2020USD ($) | |
Concentration Risk [Line Items] | |||
Number of real estate properties | 970 | ||
Number of operators that met or exceeded ten percent threshold for revenues | item | 1 | ||
Number of states | state | 42 | ||
Number of operators | contract | 65 | ||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 10,100,000 | ||
Other investments | $ | 458,664 | $ 467,442 | |
Investment in unconsolidated joint venture | $ | $ 197,912 | $ 200,638 | |
Number of unconsolidated joint ventures | item | 6 | ||
Six Unconsolidated Joint Venture [Member] | |||
Concentration Risk [Line Items] | |||
Investment in unconsolidated joint venture | $ | $ 197,900 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Consulate Health Care | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 10.00% | ||
Assets, Total [Member] | Geographic Concentration Risk [Member] | FL | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 15.00% | ||
Assets, Total [Member] | Geographic Concentration Risk [Member] | TX | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 10.00% | ||
Assets, Total [Member] | Geographic Concentration Risk [Member] | MI | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 6.00% | ||
Assets, Total [Member] | Product Concentration Risk [Member] | Real Estate Investment | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 97.00% | ||
Skilled Nursing Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 729 | ||
Assisted Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 132 | ||
Specialty [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | property | 35 | ||
Medical Office Building [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 2 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 63 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | property | 58 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | property | 3 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 2 | ||
Facilities Held for Sale or Closed [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | 9 |
STOCKHOLDERS EQUITY (Schedule o
STOCKHOLDERS EQUITY (Schedule of Common Stock Dividends) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Dividends Payable [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | $ 0.67 | $ 1.34 | $ 1.34 |
Dividend Record Date One [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 | |||
Dividend Record Date Two [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Declared, Date Of Record | May 3, 2021 | |||
Dividends Payable, Date to be Paid | May 17, 2021 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | |||
Dividend Record Date Three [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Declared, Date Of Record | Aug. 2, 2021 | |||
Dividends Payable, Date to be Paid | Aug. 13, 2021 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.67 |
STOCKHOLDERS EQUITY (At The Mar
STOCKHOLDERS EQUITY (At The Market Program Schedule and Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
$500 Million and $1 Billion ATM Programs | ||||
Issuance of common stock (in shares) | 2.5 | 4.1 | 0.1 | |
Average issue price per share | $ 36.23 | $ 36.60 | $ 36.18 | |
Gross proceeds | $ 92.4 | $ 153.8 | $ 2 | |
Commissions | 1.9 | 3.2 | 0.2 | |
Proceeds from issuance of common stock | 90.5 | $ 150.6 | $ 1.8 | |
$500 Million ATM Program | ||||
Sales price, equity distribution agreement | $ 500 | |||
$1 Billion ATM Program | ||||
Sales price, equity distribution agreement | $ 1,000 | |||
Maximum [Member] | $1 Billion ATM Program | ||||
Compensation percentage for sale of shares | 2.00% | 2.00% |
STOCKHOLDERS EQUITY (Schedule_2
STOCKHOLDERS EQUITY (Schedule of dividend reinvestment and common stock purchase plan) (Detail) - Dividend Reinvestment And Common Stock Purchase Plan [Member] - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Shares issued | 1.6 | 2 | 0.1 |
Gross Proceeds | $ 61.8 | $ 77.3 | $ 3.7 |
STOCKHOLDERS EQUITY (Schedule_3
STOCKHOLDERS EQUITY (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 4,148,330 | $ 4,218,645 | $ 4,036,607 | $ 4,336,594 | |
Balance , ending | 4,210,026 | 4,167,392 | 4,210,026 | 4,167,392 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders Equity/AOCI | 4,012,061 | 4,012,061 | $ 3,841,876 | ||
Add: portion included in noncontrolling interest | 197,965 | 197,965 | 194,731 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,210,026 | 4,167,392 | 4,210,026 | 4,167,392 | 4,036,607 |
Foreign Currency Translation [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (14,231) | (67,058) | (18,427) | (35,100) | |
Translation gain (loss) | 601 | (1,738) | 4,131 | (33,626) | |
Realized gain (loss) | 22 | 1 | 688 | (69) | |
Balance , ending | (13,608) | (68,795) | (13,608) | (68,795) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (13,608) | (68,795) | (13,608) | (68,795) | (18,427) |
Cash Flow Hedges [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | 53,519 | (10,213) | 17,718 | (2,369) | |
Unrealized (loss) gain | (20,900) | 1,704 | 14,291 | (5,823) | |
Realized (loss) gain | 733 | (1,190) | 1,343 | (1,507) | |
Balance , ending | 33,352 | (9,699) | 33,352 | (9,699) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 33,352 | (9,699) | 33,352 | (9,699) | 17,718 |
Net Investment Hedges [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (16,341) | 8,767 | (13,331) | (4,420) | |
Unrealized (loss) gain | 317 | 766 | (2,693) | 13,953 | |
Balance , ending | (16,024) | 9,533 | (16,024) | 9,533 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (16,024) | 9,533 | (16,024) | 9,533 | (13,331) |
Accumulated Other Comprehensive Loss [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | 23,230 | (65,788) | (12,768) | (39,858) | |
Balance , ending | 4,523 | (66,235) | 4,523 | (66,235) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders Equity/AOCI | 3,720 | (68,961) | 3,720 | (68,961) | |
Add: portion included in noncontrolling interest | 803 | 2,726 | 803 | 2,726 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,523 | $ (66,235) | $ 4,523 | $ (66,235) | $ (12,768) |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)subsidiary | Jun. 30, 2020USD ($) | |
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% | |||
Provision for foreign income taxes | $ 0.6 | $ 0.7 | $ 1.3 | $ 1.3 |
Number of TSRs subject to federal, state and local income taxes with net operating loss carryforwards | subsidiary | 1 | |||
Taxable REIT Subsidiaries [Member] | ||||
Taxes [Line Items] | ||||
Net operating loss carry-forward | $ 6.5 | $ 6.5 |
TAXES (Schedule of components o
TAXES (Schedule of components of income tax expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Taxes [Abstract] | ||||
Provision for federal, state and local income taxes | $ 300 | $ 200 | $ 600 | $ 600 |
Provision for foreign income taxes | 600 | 700 | 1,300 | 1,300 |
Total provision for income taxes | $ 939 | $ 858 | $ 1,897 | $ 1,863 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Certain Officers and Key Employees [Member] | |
Vesting period, years | 3 years |
Profit Interest Units | Certain Officers and Key Employees [Member] | |
Shares awarded, other than options | 142,719 |
Performance Based Profit Interest Units [Member] | |
Shares awarded, other than options | 1,232,178 |
Performance period used for performance based awards | 3 years |
Vesting period, years | 4 years |
Time Based Restricted Equity Awards | Certain Officers and Key Employees [Member] | |
Shares awarded, other than options | 22,051 |
STOCK-BASED COMPENSATION (Sched
STOCK-BASED COMPENSATION (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-Based Compensation [Abstract] | ||||
Stock-based compensation expense | $ 5,811 | $ 4,623 | $ 11,207 | $ 9,258 |
BORROWING ACTIVITIES AND ARRA_3
BORROWING ACTIVITIES AND ARRANGEMENTS (Schedule of Borrowings) (Details) $ in Thousands | Apr. 30, 2021USD ($)item | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||
Total secured borrowings - net | $ 365,831 | $ 365,831 | $ 369,524 | |||
Revolving line of credit | 101,158 | |||||
Total senior notes and other unsecured borrowings - net | 4,906,734 | 4,906,734 | 4,698,570 | |||
Total secured and unsecured borrowings - net | 5,272,565 | 5,272,565 | $ 5,169,252 | |||
Loss on extinguishment of debt | 395 | 30,065 | ||||
Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Assets pledged as collateral, fair value | $ 558,000 | $ 558,000 | ||||
4.375% notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.375% | 4.375% | 4.375% | |||
4.950% notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.95% | 4.95% | 4.95% | |||
4.50% notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.50% | 4.50% | 4.50% | |||
5.25% notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 5.25% | 5.25% | 5.25% | |||
4.50% notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.50% | 4.50% | 4.50% | |||
4.75% notes due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.75% | 4.75% | 4.75% | |||
3.625% notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.625% | 3.625% | 3.625% | |||
3.375% notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.375% | 3.375% | 3.375% | |||
3.25% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.25% | 3.25% | ||||
Secured Debt [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.01% | 3.01% | ||||
Total secured borrowings - net | $ 363,556 | $ 363,556 | $ 367,249 | |||
Secured Debt [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2022 | |||||
Rate | 3.75% | 3.75% | ||||
Total secured borrowings - net | $ 2,275 | $ 2,275 | 2,275 | |||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Discount - net | (33,940) | (33,940) | (31,709) | |||
Total senior notes and other unsecured borrowings - net | 4,906,734 | 4,906,734 | 4,698,570 | |||
Total unsecured borrowings - net | 4,906,734 | 4,906,734 | 4,799,728 | |||
Unsecured Debt [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs - net | $ (29,326) | $ (29,326) | (26,421) | |||
Unsecured Debt [Member] | Sterling term loan | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | N/A | |||||
Total term loans - net | 136,700 | |||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 3.29% | 3.29% | ||||
Total term loans - net | $ 50,000 | $ 50,000 | $ 50,000 | |||
Debt instrument, maturity date | Apr. 30, 2025 | |||||
Unsecured Debt [Member] | 2017 Omega Op Term Loan Replaced [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total term loans - net | $ 50,000 | 50,000 | ||||
Unsecured Debt [Member] | Subordinated debt | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2021 | |||||
Rate | 9.00% | 9.00% | ||||
Long-term debt, gross | $ 20,000 | $ 20,000 | 20,000 | |||
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% | 4.375% | ||||
Long-term debt, gross | $ 350,000 | $ 350,000 | 700,000 | |||
Repayments of senior debt | 350,000 | |||||
Loss on extinguishment of debt | $ 29,700 | |||||
Senior Notes [Member] | 4.950% notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of senior long-term debt | $ 394,300 | |||||
Maturity | 2024 | |||||
Rate | 4.95% | 4.95% | ||||
Long-term debt, gross | $ 400,000 | $ 400,000 | 400,000 | |||
Senior Notes [Member] | 4.50% notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of senior long-term debt | $ 397,700 | |||||
Maturity | 2025 | |||||
Rate | 4.50% | 4.50% | ||||
Long-term debt, gross | $ 400,000 | $ 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% | 5.25% | ||||
Long-term debt, gross | $ 600,000 | $ 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% | 4.50% | ||||
Long-term debt, gross | $ 700,000 | $ 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% | 4.75% | ||||
Long-term debt, gross | $ 550,000 | $ 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% | 3.625% | ||||
Long-term debt, gross | $ 500,000 | $ 500,000 | 500,000 | |||
Senior Notes [Member] | 3.375% notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of senior long-term debt | $ 680,500 | |||||
Maturity | 2031 | |||||
Rate | 3.375% | 3.375% | ||||
Long-term debt, gross | $ 700,000 | $ 700,000 | 700,000 | |||
Senior Notes [Member] | 3.25% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of senior long-term debt | $ 689,300 | |||||
Maturity | 2033 | 2033 | ||||
Rate | 3.25% | 3.25% | 3.25% | 3.25% | ||
Long-term debt, gross | $ 700,000 | $ 700,000 | ||||
Debt instrument, face amount | $ 700,000 | $ 700,000 | ||||
Minimum [Member] | Omega OP Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.85% | |||||
Minimum [Member] | Secured Debt [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2046 | |||||
Maximum [Member] | Omega OP Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.85% | |||||
Maximum [Member] | Secured Debt [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2052 | |||||
Revolving Credit Facility | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 1.30% | 1.30% | ||||
Maximum borrowing capacity | $ 1,450,000 | |||||
Basis spread on variable rate | 0.1193% | |||||
Debt instrument number of available extensions | item | 2 | |||||
Debt instrument extension period duration | 6 months | |||||
Revolving Credit Facility | Unsecured Debt [Member] | 2017 Revolving Credit Facility Replaced [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving line of credit | $ 101,158 | |||||
Maximum borrowing capacity | $ 1,250,000 | |||||
Revolving Credit Facility | Minimum [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.95% | |||||
Revolving Credit Facility | Maximum [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 2,500,000 | |||||
Basis spread on variable rate | 1.85% |
BORROWING ACTIVITIES AND ARRA_4
BORROWING ACTIVITIES AND ARRANGEMENTS (Unsecured Borrowings) (Details) - Revolving Credit Facility - Unsecured Debt [Member] $ in Millions | Apr. 30, 2021USD ($)item |
Maximum borrowing capacity | $ 1,450 |
Description of variable rate basis | LIBOR |
Basis spread on variable rate | 0.1193% |
Debt instrument number of available extensions | item | 2 |
Debt instrument extension period duration | 6 months |
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche one | $ 1,150 |
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche two | 300 |
Debt issuance costs, gross | 12.9 |
2017 Revolving Credit Facility Replaced [Member] | |
Maximum borrowing capacity | $ 1,250 |
Minimum [Member] | |
Basis spread on variable rate | 0.95% |
Maximum [Member] | |
Maximum borrowing capacity | $ 2,500 |
Basis spread on variable rate | 1.85% |
BORROWING ACTIVITIES AND ARRA_5
BORROWING ACTIVITIES AND ARRANGEMENTS (OP Term Loan) (Details) $ in Thousands | Apr. 30, 2021USD ($)item | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Senior notes and other unsecured borrowings - net | $ 4,906,734 | $ 4,698,570 | |
Unsecured Debt [Member] | |||
Senior notes and other unsecured borrowings - net | 4,906,734 | 4,698,570 | |
Omega OP Term Loan Facility | Unsecured Debt [Member] | |||
Total term loans - net | $ 50,000 | $ 50,000 | |
Debt instrument, maturity date | Apr. 30, 2025 | ||
Debt issuance costs, gross | $ 400 | ||
2017 Omega Op Term Loan Replaced [Member] | Unsecured Debt [Member] | |||
Total term loans - net | $ 50,000 | $ 50,000 | |
Omega OP [Member] | Omega OP Term Loan Facility | |||
Debt instrument number of available extensions | item | 2 | ||
Debt instrument extension period duration | 6 months | ||
Minimum [Member] | Omega OP Term Loan Facility | |||
Basis spread on variable rate | 0.85% | ||
Maximum [Member] | Omega OP Term Loan Facility | |||
Basis spread on variable rate | 1.85% |
BORROWING ACTIVITIES AND ARRA_6
BORROWING ACTIVITIES AND ARRANGEMENTS (Forward Starting Swaps) (Details) £ in Millions | Mar. 27, 2020USD ($)contract | Mar. 31, 2021USD ($) | Mar. 31, 2021GBP (£) | Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($)contract | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative instrument discontinued hedge accounting reclassification period | 10 years | ||||||
Notional amount of nonderivative instruments | £ | £ 174 | ||||||
Number of foreign currency forwards entered into | 4 | 4 | |||||
3.375% notes due 2031 | |||||||
Debt instrument, interest rate, stated percentage | 3.375% | 3.375% | |||||
3.375% notes due 2031 | Senior Notes [Member] | |||||||
Debt instrument, interest rate, stated percentage | 3.375% | ||||||
Maturity | 2031 | ||||||
3.25% notes due 2033 | |||||||
Debt instrument, interest rate, stated percentage | 3.25% | ||||||
3.25% notes due 2033 | Senior Notes [Member] | |||||||
Debt instrument, face amount | $ | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | ||||
Debt instrument, interest rate, stated percentage | 3.25% | 3.25% | 3.25% | 3.25% | |||
Maturity | 2033 | 2033 | |||||
Net Investment Hedging [Member] | |||||||
Notional amount of nonderivative instruments | £ | £ 174 | ||||||
Interest Rate Swap | Cash Flow Hedging [Member] | |||||||
Derivative, notional amount | $ | $ 400,000,000 | ||||||
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 | ||||||
Number of forward starting swaps entered into | contract | 5 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
4.375% notes due 2023 | ||
Liabilities: | ||
Notes issued, interest rate | 4.375% | 4.375% |
4.950% 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% | 3.375% |
3.25% notes due 2033 | ||
Liabilities: | ||
Notes issued, interest rate | 3.25% | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 10,807 | $ 10,764 |
Mortgage notes receivable - net | 857,162 | 885,313 |
Other investments - net | 458,664 | 467,442 |
Total | 1,326,633 | 1,363,519 |
Liabilities: | ||
Secured borrowing | 2,275 | 2,275 |
Sterling term loan | 136,453 | |
Omega OP term loan | 49,616 | |
Subordinated debt - net | 20,041 | 20,083 |
Total | 5,272,565 | 5,169,252 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 348,816 | 696,981 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.950% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 397,219 | 396,714 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 397,305 | 396,924 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 596,790 | 596,437 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 691,642 | 690,909 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 543,404 | 542,899 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 490,076 | 489,472 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 682,697 | 681,802 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 689,128 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 363,556 | 367,249 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2017 Revolving Credit Facility Replaced [Member] | ||
Liabilities: | ||
Revolving line of credit | 101,158 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2017 Omega Op Term Loan Replaced [Member] | ||
Liabilities: | ||
Omega OP term loan | 49,896 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 10,807 | 10,764 |
Mortgage notes receivable - net | 897,342 | 924,353 |
Other investments - net | 466,690 | 474,552 |
Total | 1,374,839 | 1,409,669 |
Liabilities: | ||
Secured borrowing | 2,275 | 2,275 |
Sterling term loan | 136,700 | |
Omega OP term loan | 50,000 | |
Subordinated debt - net | 20,799 | 21,599 |
Total | 5,808,955 | 5,767,243 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 379,284 | 770,635 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.950% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 442,023 | 441,194 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 444,675 | 444,652 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 697,838 | 697,993 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 790,201 | 794,294 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 627,615 | 633,950 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 538,108 | 532,248 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 721,067 | 731,541 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 698,804 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | $ 396,266 | 409,004 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 2017 Revolving Credit Facility Replaced [Member] | ||
Liabilities: | ||
Revolving line of credit | 101,158 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 2017 Omega Op Term Loan Replaced [Member] | ||
Liabilities: | ||
Omega OP term loan | $ 50,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands | Sep. 29, 2020 | Jun. 30, 2021 | May 17, 2019 |
Total commitments | $ 539,528 | ||
Indemnification Agreement [Member] | |||
Total commitments | $ 8,600 | ||
Lakeway Realty LLC [Member] | |||
Litigation settlement, amount awarded to other party | $ 1,100 | ||
Minimum [Member] | Indemnification Agreement [Member] | |||
Indemnification agreement occurrence period | 18 months | ||
Maximum [Member] | Indemnification Agreement [Member] | |||
Indemnification agreement occurrence period | 72 months | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||
Percentage of ownership interest | 51.00% |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of remaining commitments) (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Total commitments | $ 539,528 |
Amounts funded to date | (415,281) |
Remaining commitments | 124,247 |
Other Investment Committed [Member] | |
Remaining commitments | $ 67,600 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income | $ 86,863 | $ 101,960 | $ 251,229 | $ 194,239 |
Deduct: net income attributable to noncontrolling interests | (2,340) | (2,653) | (6,728) | (5,017) |
Net income available to common stockholders | $ 84,523 | $ 99,307 | $ 244,501 | $ 189,222 |
Denominator: | ||||
Denominator for basic earnings per share | 236,229 | 227,411 | 234,401 | 227,336 |
Effect of dilutive securities: | ||||
Common stock equivalents | 1,130 | 1,030 | 1,037 | 1,146 |
Noncontrolling interest - Omega OP Units | 6,549 | 6,082 | 6,470 | 6,033 |
Denominator for diluted earnings per share | 243,908 | 234,523 | 241,908 | 234,515 |
Earnings per share - basic: | ||||
Net income available to common stockholders | $ 0.36 | $ 0.44 | $ 1.04 | $ 0.83 |
Earnings per share - diluted: | ||||
Net income | $ 0.36 | $ 0.43 | $ 1.04 | $ 0.83 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 100,824 | $ 37,022 | $ 163,535 | |
Restricted cash | 3,736 | 4,543 | 4,023 | |
Cash, cash equivalents and restricted cash at end of year | 104,560 | 41,565 | $ 167,558 | $ 33,380 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 105,634 | 112,035 | ||
Taxes paid during the period | 3,072 | 4,497 | ||
Non cash investing activities | ||||
Non cash proceeds from sale of real estate investments | 83,910 | |||
Non cash placement of mortgage | (1,000) | (86,936) | ||
Non cash proceeds from other investments | 1,000 | 3,026 | ||
Non cash financing activities | ||||
Non cash borrowing of other long-term borrowings | 6,459 | |||
Change in fair value of cash flow hedges | 17,869 | (7,329) | ||
Remeasurement of debt denominated in a foreign currency | $ 3,010 | $ (13,953) |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands | Jul. 14, 2021USD ($)facility | Jul. 01, 2021USD ($)facility | Jun. 30, 2021USD ($)facility | Jun. 30, 2020USD ($) | Jan. 20, 2021facility | Dec. 31, 2020USD ($) |
Number of real estate properties | facility | 970 | |||||
Mortgage notes receivable | $ 1,395,599 | |||||
Payments to acquire real estate | 604,939 | $ 25,935 | ||||
Facilities Acquired | ||||||
Number of real estate properties | facility | 24 | |||||
Mortgage Receivable [Member] | ||||||
Mortgage notes receivable | 890,042 | $ 918,558 | ||||
Mortgage Receivable [Member] | Two Existing Facilities [Member] | OH | ||||||
Mortgage notes receivable | 6,400 | |||||
Mortgage Receivable [Member] | 3 Facilities | MD | ||||||
Mortgage notes receivable | $ 36,000 | |||||
Mortgage loans on real estate, interest rate | 13.75% | |||||
Subsequent Event [Member] | 8 Facilities | OH | ||||||
Number of real estate properties | facility | 8 | |||||
Working capital receivable outstanding | $ 12,000 | |||||
Interest rate | 10.00% | |||||
Debt instrument, maturity date | Jun. 30, 2022 | |||||
Subsequent Event [Member] | 3 Facilities | MD | ||||||
Expected rent first year | $ 5,000 | |||||
Lessor - annual percentage increases over the rents of the prior year, minimum | 2.50% | |||||
Subsequent Event [Member] | 2 Facilities | UNITED KINGDOM | ||||||
Expected rent first year | $ 800 | |||||
Lessor - annual percentage increases over the rents of the prior year, minimum | 2.50% | |||||
Subsequent Event [Member] | Facilities Financed | 6 Facilities | OH | ||||||
Number of real estate properties | facility | 6 | |||||
Subsequent Event [Member] | Facilities Acquired | 3 Facilities | MD | ||||||
Number of real estate properties | facility | 3 | |||||
Subsequent Event [Member] | Facilities Acquired | 2 Facilities | UNITED KINGDOM | ||||||
Number of real estate properties | facility | 2 | |||||
Payments to acquire real estate | $ 9,500 | |||||
Subsequent Event [Member] | Mortgage Receivable [Member] | 8 Facilities | OH | ||||||
Mortgage notes receivable | $ 72,400 | |||||
Mortgage loans on real estate, interest rate | 10.50% |