Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 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 | 238,974,122 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate properties: | ||
Real estate investments | $ 9,268,967 | $ 8,702,154 |
Less accumulated depreciation | (2,174,546) | (1,996,914) |
Real estate investments - net | 7,094,421 | 6,705,240 |
Investments in direct financing leases - net | 10,762 | 10,764 |
Mortgage notes receivable - net | 873,737 | 885,313 |
Total | 7,978,920 | 7,601,317 |
Other investments - net | 434,028 | 467,442 |
Investments in unconsolidated joint ventures | 193,741 | 200,638 |
Assets held for sale | 21,528 | 81,452 |
Total investments | 8,628,217 | 8,350,849 |
Cash and cash equivalents | 102,664 | 163,535 |
Restricted cash | 3,341 | 4,023 |
Contractual receivables - net | 16,658 | 10,408 |
Other receivables and lease inducements | 236,964 | 234,666 |
Goodwill | 651,354 | 651,737 |
Other assets | 140,751 | 82,231 |
Total assets | 9,779,949 | 9,497,449 |
LIABILITIES AND EQUITY | ||
Revolving line of credit | 101,158 | |
Secured borrowings | 363,963 | 369,524 |
Senior notes and other unsecured borrowings - net | 4,909,090 | 4,698,570 |
Accrued expenses and other liabilities | 260,630 | 280,824 |
Deferred income taxes | 8,798 | 10,766 |
Total liabilities | 5,542,481 | 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 - 238,939 shares as of September 30, 2021 and 231,199 as of December 31, 2020 | 23,893 | 23,119 |
Additional paid-in capital | 6,425,720 | 6,152,887 |
Cumulative net earnings | 2,978,183 | 2,594,735 |
Cumulative dividends paid | (5,393,284) | (4,916,097) |
Accumulated other comprehensive income (loss) | 1,476 | (12,768) |
Total stockholders' equity | 4,035,988 | 3,841,876 |
Noncontrolling interest | 201,480 | 194,731 |
Total equity | 4,237,468 | 4,036,607 |
Total liabilities and equity | $ 9,779,949 | $ 9,497,449 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 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 | 238,939,000 | 231,199,000 |
Common stock, shares outstanding | 238,939,000 | 231,199,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Rental income | $ 247,164 | $ 83,226 | $ 705,880 | $ 526,258 |
Income from direct financing leases | 257 | 258 | 772 | 775 |
Mortgage interest income | 23,047 | 24,013 | 70,693 | 65,378 |
Other investment income | 10,780 | 11,286 | 34,245 | 32,870 |
Miscellaneous income | 424 | 394 | 1,270 | 3,315 |
Total revenues | 281,672 | 119,177 | 812,860 | 628,596 |
Expenses | ||||
Depreciation and amortization | 86,097 | 81,072 | 256,745 | 247,301 |
General and administrative | 15,372 | 14,812 | 46,724 | 44,704 |
Real estate taxes | 3,272 | 2,127 | 9,002 | 9,448 |
Acquisition, merger and transition related costs | 36 | 1,814 | 62 | |
Impairment on real estate properties | 4,942 | 28,105 | 42,453 | 43,732 |
Recovery on direct financing leases | (324) | (717) | (1,076) | |
Provision for credit losses | 25,511 | 32,076 | 28,023 | 33,577 |
Interest expense | 58,979 | 54,262 | 176,379 | 164,716 |
Total expenses | 194,173 | 212,166 | 560,423 | 542,464 |
Other income (expense) | ||||
Other (expense) income - net | (767) | (63) | 4 | (725) |
Loss on debt extinguishment | (642) | (896) | (30,707) | (896) |
Gain (loss) on assets sold - net | 56,169 | (749) | 160,634 | 13,932 |
Total other income (expense) | 54,760 | (1,708) | 129,931 | 12,311 |
Income (loss) before income tax expense and income from unconsolidated joint ventures | 142,259 | (94,697) | 382,368 | 98,443 |
Income tax expense | (976) | (763) | (2,873) | (2,626) |
Income from unconsolidated joint ventures | 1,552 | 1,692 | 14,569 | 4,654 |
Net income (loss) | 142,835 | (93,768) | 394,064 | 100,471 |
Net (income) loss attributable to noncontrolling interest | (3,888) | 2,477 | (10,616) | (2,540) |
Net income (loss) available to common stockholders | $ 138,947 | $ (91,291) | $ 383,448 | $ 97,931 |
Basic: | ||||
Net income (loss) available to common stockholders | $ 0.58 | $ (0.40) | $ 1.62 | $ 0.43 |
Diluted: | ||||
Net income (loss) | $ 0.58 | $ (0.40) | $ 1.62 | $ 0.43 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income (Loss) [Abstract] | ||||
Net income (loss) | $ 142,835 | $ (93,768) | $ 394,064 | $ 100,471 |
Other comprehensive (loss) income: | ||||
Foreign currency translation | (5,027) | 11,874 | (2,901) | (7,869) |
Cash flow hedges | 1,895 | 5,723 | 17,529 | (1,608) |
Total other comprehensive (loss) income | (3,132) | 17,597 | 14,628 | (9,477) |
Comprehensive income (loss) | 139,703 | (76,171) | 408,692 | 90,994 |
Comprehensive (income) loss attributable to noncontrolling interest | (3,803) | 2,014 | (11,000) | (2,306) |
Comprehensive income (loss) attributable to common stockholders | $ 135,900 | $ (74,157) | $ 397,692 | $ 88,688 |
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 | 14,380 | 14,380 | 14,380 | |||||||||||||||||
Issuance of common stock | 1,566 | 31 | 1,535 | 1,566 | ||||||||||||||||
Common dividends declared | (459,922) | (459,922) | (459,922) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (8,788) | (8,788) | 8,788 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 1,236 | 4 | 1,232 | (1,236) | ||||||||||||||||
Omega OP Units distributions | (16,413) | (16,413) | ||||||||||||||||||
Comprehensive (loss) income | (9,243) | (9,243) | (234) | (9,477) | ||||||||||||||||
Net income (loss) | 97,931 | 97,931 | 2,540 | 100,471 | ||||||||||||||||
Balance ending at Sep. 30, 2020 | 3,744,560 | 22,698 | 6,001,092 | 2,533,339 | (4,763,468) | (49,101) | 193,854 | 3,938,414 | ||||||||||||
Beginning balance 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 | ||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 5,122 | 5,122 | 5,122 | |||||||||||||||||
Issuance of common stock | (727) | 3 | (730) | (727) | ||||||||||||||||
Common dividends declared | (152,640) | (152,640) | (152,640) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (3,355) | (3,355) | 3,355 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 84 | 1 | 83 | (84) | ||||||||||||||||
Omega OP Units distributions | (4,562) | (4,562) | ||||||||||||||||||
Comprehensive (loss) income | 17,134 | 17,134 | 463 | 17,597 | ||||||||||||||||
Net income (loss) | (91,291) | (91,291) | (2,477) | (93,768) | ||||||||||||||||
Balance ending at Sep. 30, 2020 | 3,744,560 | 22,698 | 6,001,092 | 2,533,339 | (4,763,468) | (49,101) | 193,854 | 3,938,414 | ||||||||||||
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 | 17,032 | 17,032 | 17,032 | |||||||||||||||||
Issuance of common stock | 272,429 | 771 | 271,658 | 272,429 | ||||||||||||||||
Common dividends declared | (477,187) | (477,187) | (477,187) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (16,966) | (16,966) | 16,966 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 1,112 | 3 | 1,109 | (1,112) | ||||||||||||||||
Omega OP Units distributions | (20,105) | (20,105) | ||||||||||||||||||
Comprehensive (loss) income | 14,244 | 14,244 | 384 | 14,628 | ||||||||||||||||
Net income (loss) | 383,448 | 383,448 | 10,616 | 394,064 | ||||||||||||||||
Balance ending at Sep. 30, 2021 | 4,035,988 | 23,893 | 6,425,720 | 2,978,183 | (5,393,284) | 1,476 | 201,480 | 4,237,468 | ||||||||||||
Beginning balance 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 | ||||||||||||
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock related compensation | 5,750 | 5,750 | 5,750 | |||||||||||||||||
Issuance of common stock | 47,706 | 134 | 47,572 | 47,706 | ||||||||||||||||
Common dividends declared | (160,592) | (160,592) | (160,592) | |||||||||||||||||
Vesting/exercising of Omega OP Units | (5,596) | (5,596) | 5,596 | |||||||||||||||||
Conversion and redemption of Omega OP Units to common stock | 759 | 3 | 756 | (759) | ||||||||||||||||
Omega OP Units distributions | (5,125) | (5,125) | ||||||||||||||||||
Comprehensive (loss) income | (3,047) | (3,047) | (85) | (3,132) | ||||||||||||||||
Net income (loss) | 138,947 | 138,947 | 3,888 | 142,835 | ||||||||||||||||
Balance ending at Sep. 30, 2021 | $ 4,035,988 | $ 23,893 | $ 6,425,720 | $ 2,978,183 | $ (5,393,284) | $ 1,476 | $ 201,480 | $ 4,237,468 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||||||
Dividend per Common Share | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 2.01 | $ 2.01 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 394,064 | $ 100,471 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 256,745 | 247,301 |
Impairment on real estate properties | 42,453 | 47,210 |
Recovery on direct financing leases | (717) | (1,076) |
Provision for rental income | 22,357 | 144,502 |
Provision for credit losses | 28,023 | 33,577 |
Amortization of deferred financing costs and loss on debt extinguishment | 39,832 | 7,384 |
Accretion of direct financing leases | 37 | 18 |
Stock-based compensation expense | 16,913 | 14,380 |
Gain on assets sold - net | (160,634) | (13,932) |
Amortization of acquired in-place leases - net | (8,452) | (8,460) |
Effective yield payable (receivable) on mortgage notes | 1,085 | (433) |
Interest paid-in-kind | (5,422) | (5,789) |
(Income) loss from unconsolidated joint ventures | (1,530) | 153 |
Change in operating assets and liabilities - net: | ||
Contractual receivables | (6,250) | 5,359 |
Straight-line rent receivables | (38,401) | (16,112) |
Lease inducements | 4,556 | (23,391) |
Other operating assets and liabilities | (19,052) | (20,265) |
Net cash provided by operating activities | 565,607 | 510,897 |
Cash flows from investing activities | ||
Acquisition of real estate | (615,907) | (27,230) |
Refund of acquisition deposit | 2,500 | |
Net proceeds from sale of real estate investments | 310,849 | 117,164 |
Investments in construction in progress | (91,923) | (61,991) |
Proceeds from sale of direct financing lease and related trust | 717 | 15,220 |
Placement of mortgage loans | (84,012) | (59,922) |
Collection of mortgage principal | 44,039 | 4,005 |
Investments in unconsolidated joint ventures | (10,484) | (2,175) |
Distributions from unconsolidated joint ventures in excess of earnings | 17,671 | 2,852 |
Capital improvements to real estate investments | (28,955) | (27,018) |
Receipts from insurance proceeds | 5,948 | 346 |
Investments in other investments | (94,222) | (116,462) |
Proceeds from other investments | 91,627 | 99,239 |
Net cash used in investing activities | (452,152) | (55,972) |
Cash flows from financing activities | ||
Proceeds from long-term borrowings | 2,220,128 | 939,466 |
Payments of long-term borrowings | (2,121,429) | (911,329) |
Payments of financing related costs | (48,934) | (896) |
Net proceeds from issuance of common stock | 272,429 | 1,387 |
Dividends paid | (477,068) | (459,743) |
Distributions to Omega OP Unit Holders | (20,105) | (16,413) |
Net cash used in financing activities | (174,979) | (447,528) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (29) | (662) |
(Decrease) increase in cash, cash equivalents and restricted cash | (61,553) | 6,735 |
Cash, cash equivalents and restricted cash at beginning of period | 167,558 | 33,380 |
Cash, cash equivalents and restricted cash at end of period | $ 106,005 | $ 40,115 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 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. (“Parent”) is a Maryland corporation that, together with its consolidated subsidiaries (collectively, “Omega”, the “Company”, “we”, “our”, “us”) invests 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 operators (we use the term “operator” to refer to our tenants and mortgagors and their affiliates who manage and/or operate our properties) within 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 “triple net” leases and mortgage agreements. Omega has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes and 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 (collectively with subsidiaries, “Omega OP”). Omega has exclusive control over Omega OP’s day-to-day management pursuant to the partnership agreement governing Omega OP. As of September 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 and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all 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. Segments We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (CODM), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. 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. Risks and Uncertainties including 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. Accounting Pronouncements Adopted in 2021 On July 19, 2021, the Financial Accounting Standards Board issued Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments The guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We early adopted this guidance prospectively effective July 1, 2021. The adoption of the guidance did not have an impact on our unaudited consolidated financial statements . |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
REAL ESTATE INVESTMENTS [Abstract] | |
REAL ESTATE INVESTMENTS | NOTE 2 – REAL ESTATE INVESTMENTS A summary of our investments in real estate properties subject to operating leases is as follows: September 30, December 31, 2021 2020 (in thousands) Buildings $ 7,394,094 $ 6,961,509 Land 940,088 883,765 Furniture and equipment 532,157 518,664 Site improvements 329,290 308,087 Construction in progress 73,338 30,129 Total real estate investments 9,268,967 8,702,154 Less accumulated depreciation (2,174,546) (1,996,914) Real estate investments – net $ 7,094,421 $ 6,705,240 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Rental income – operating leases $ 243,831 $ 81,424 $ 697,140 $ 517,384 Variable lease income – operating leases 3,333 1,802 8,740 8,874 Total rental income $ 247,164 $ 83,226 $ 705,880 $ 526,258 Asset Acquisitions The following table summarizes the significant asset acquisitions that occurred during the first nine months of 2021: 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 % Q3 — 2 — U.K. 9.6 7.89 % Total 6 19 7 $ 604.0 (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. During the third quarter of 2021, we purchased a real estate property located in Washington, D.C. (not reflected in the table above) for approximately $68.0 million and plan to redevelop the property into a 174 bed ALF. Concurrent with the acquisition, we entered into a single facility lease for this property with Maplewood Senior Living (“Maplewood”) through August 31, 2045. For accounting purposes, the lease will commence upon the substantial completion of construction of the ALF, which is currently expected to be in the first quarter of 2025. The lease provides for the accrual of financing costs at a rate of 5% per annum during the construction phase. The lease provides for an annual cash yield of 6% in the first year following the completion of construction, increasing to 7% in year two and 8% in year three with 2.5% annual escalators thereafter. We are committed to a maximum funding of $177.7 million for the redevelopment of the real estate property, subject to ordinary development related cost changes (see Note 18 - Commitments and Contingencies). |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 9 Months Ended |
Sep. 30, 2021 | |
Assets Held for Sale [Abstract] | |
ASSETS HELD FOR SALE | NOTE 3 – ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS Periodically we will sell facilities to reduce our concentration in certain operators, geographies, and non-strategic assets or due to the exercise of a tenant purchase option. The following is a summary of our assets held for sale: September 30, 2021 December 31, 2020 Number of Facilities Held for Sale 11 (1) 22 Amount of Assets Held for Sale (in thousands) $ 21,528 $ 81,452 (1) Number of facilities excludes one parcel of land. Asset Sales During the three and nine months ended September 30, 2021, we sold 15 and 45 facilities, subject to operating leases, for approximately $109.7 million and $310.8 million in net cash proceeds, recognizing net gains of approximately $56.2 million and $160.6 million. Real Estate Impairments During the three and nine months ended September 30, 2021, we recorded impairments on six and 13 facilities of approximately $4.9 million and $42.5 million, respectively. Our recorded impairments were primarily the result of reclassifying 12 facilities to assets held for sale for which the carrying values exceeded the estimated fair values less costs to sell. We also recognized an impairment on one held for use facility because of the closure of the facility in the first quarter. To estimate the fair value of these facilities, we utilized a market approach which considered binding sale agreements (a Level 1 input) 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 | 9 Months Ended |
Sep. 30, 2021 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | NOTE 4 – CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS A summary of our net receivables by type is as follows: September 30, December 31, 2021 2020 (in thousands) Contractual receivables – net $ 16,658 $ 10,408 Effective yield interest receivables $ 10,031 $ 12,195 Straight-line rent receivables 149,134 139,046 Lease inducements 77,799 83,425 Other receivables and lease inducements $ 236,964 $ 234,666 Agemo Holdings, LLC In August and September 2021, Agemo Holdings, LLC (“Agemo”), a nonconsolidated variable interest entity (“VIE”), failed to pay contractual rent and interest due under their lease and loan agreements. Subsequent to quarter end, Agemo also failed to make contractual payments in October 2021. Agemo was formed in May 2018 by Signature Healthcare, LLC, as part of an out-of-court restructuring agreement, to be the holding company of their leases and loans with Omega. We placed Agemo on a cash basis of revenue recognition during the third quarter of 2020 as collection of substantially all contractual lease payments due from them was deemed no longer probable because of information received regarding substantial doubt of their ability to continue as a going concern. Agemo continued to make their rental and interest payments to us until August 2021. During August and September 2021, we recorded $8.4 million of revenue by drawing on the letter of credit and through application of the security deposit balance. See Note 6 – Other Investments for additional details on our loans with Agemo. For the nine months ended September 30, 2021 and 2020, Agemo generated approximately 4.7% and 6.0%, respectively, of our total revenues (excluding the impact of write-offs in 2020). As part of the 2018 restructuring agreement with Agemo discussed above, Omega agreed to, among other terms, defer rent of $6.3 million per annum through April 2021. During the nine months ended September 30, 2021, the Agemo lease was amended to allow for the extension of the rent deferral through October 2021, which represents an additional deferral of approximately $3.2 million of rent. Additionally, in the third quarter, we entered into a forbearance agreement with Agemo pursuant to which we agreed to forbear from exercising remedies under our lease and loan agreements until October 31, 2021. The forbearance period and rent deferral period were subsequently extended to November 30, 2021. Gulf Coast Health Care, LLC During the second quarter of 2021, Gulf Coast Health Care LLC (together with certain affiliates “Gulf Coast”) stopped paying contractual rent under its master lease agreement for 24 facilities because of on-going liquidity issues. As discussed further in Note 21 - Subsequent Events, on October 14, 2021, Gulf Coast commenced voluntary cases under chapter 11 of the United States Bankruptcy Code. Gulf Coast represents approximately 2.6% and 2.8% of our total revenues (excluding the impact of write-offs in 2021) for the nine months ended September 30, 2021 and 2020, respectively. As a result of Gulf Coast’s non-payment of contractual rent, in the second quarter of 2021, we placed Gulf Coast on a cash basis of revenue recognition and wrote-off straight-line rent receivable balances of $17.4 million through rental income. Subsequent to placing Gulf Coast on a cash basis of revenue recognition in June 2021, we recognized $9.8 million of contractual rent during the second and third quarters, based on our ability to offset any uncollected rent receivables against Gulf Coast’s security deposit and against certain debt obligations of Omega, as discussed further below. We held a security deposit of $3.3 million from Gulf Coast, which we have applied against Gulf Coast’s obligations in the second and third quarters of 2021. In relation to Gulf Coast, Omega, through subsidiaries, is the obligor on five notes due to third parties with aggregate outstanding principal of $20.0 million (collectively, the “Subordinated Debt”) that bear interest at 9% per annum with a maturity date of December 21, 2021 (see Note 15 – Borrowing Activities and Arrangements). Under the terms of the Subordinated Debt, to the extent Gulf Coast fails to pay rent when due to us under its master lease, Gulf Coast’s unpaid rent can be used to offset Omega’s obligations under the Subordinated Debt (on a quarterly basis with respect to interest and, under some circumstances, on an annual basis with respect to principal). As of September 30, 2021, we have offset $0.9 million of accrued interest under the Subordinated Debt against the uncollected receivables of Gulf Coast. We intend to offset any unpaid contractual receivables, after reflecting the application of security deposits and interest offsets, against the principal of the Subordinated Debt in the fourth quarter of 2021. As of September 30, 2021, we have $5.6 million of contractual rent receivables outstanding from Gulf Coast, after reflecting the application of security deposits and interest offsets, and without giving effect to our legal acceleration of rent discussed below. As a result of Gulf Coast’s non-payment of contractual rent, in August 2021, we exercised our right to accelerate the full amount of rent due under Gulf Coast’s master lease agreement, payment of which will be subject to the Bankruptcy Code and approval of the bankruptcy court in Gulf Coast’s chapter 11 cases. In August 2021, following an assertion by the holders of the Subordinated Debt that our prior exercise of offset rights had resulted in defaults under the terms of the Subordinated Debt, we also filed suit in the Circuit Court for Baltimore County against the holders of the Subordinated Debt seeking a declaratory judgment to, among other items, declare that the aggregate amount of unpaid rent due from Gulf Coast under the master lease agreement exceeds all amounts which otherwise would be due and owing by Omega under the Subordinated Debt, and that all principal and interest due and owing under the Subordinated Debt are to be offset in full as of December 31, 2021. In October 2021, the defendants in the case filed a motion to dismiss for lack of personal jurisdiction. While Omega believes it is entitled to the enforcement of the offset rights sought in the action, the outcome of litigation is unpredictable, and Omega cannot predict the outcome of the declaratory judgment action. Other straight-line receivables and write-offs In addition to the Gulf Coast straight-line receivable write-off in the second quarter discussed above, during the nine months ended September 30, 2021, we wrote-off straight-line rent receivable balances of $3.4 million through rental income primarily due to placing three other operators ( 1 operator in the first quarter and 2 operators in the third quarter) on a cash basis of revenue recognition. We determined that collection of substantially all contractual lease payments with these operators was no longer probable for various reasons. The placement of an operator on a cash basis of revenue recognition during the first quarter was because the operator stopped paying contractual rent under our lease agreement. The two operators placed on a cash basis of revenue recognition during the third quarter are current with rent payments as of September 30, 2021. The three operators collectively represent approximately 0.3% and 0.5% , respectively, of our total revenues (excluding the impact of write-offs in 2021) for the nine months ended September 30, 2021 and 2020. |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 9 Months Ended |
Sep. 30, 2021 | |
Mortgage Notes Receivable [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 – MORTGAGE NOTES RECEIVABLE As of September 30, 2021, mortgage notes receivable relate to six fixed rate mortgage notes on 65 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 six 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: September 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 10.78% (1) 651,304 670,015 Other mortgage notes outstanding (2) 151,916 136,043 Mortgage notes receivable, gross 915,720 918,558 Allowance for credit losses on mortgage notes receivable (41,983) (33,245) Total mortgages — net $ 873,737 $ 885,313 (1) Approximates the weighted average interest rate on 45 facilities as of September 30, 2021. As of September 30, 2021, the carrying amount includes a construction mortgage that was originated during the third quarter of 2021 with an outstanding principal balance of $7.4 million that matures in 2023 and a facility mortgage with an outstanding principal balance of $21.3 million that matures in 2021 , 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. During the third quarter of 2021, we acquired a facility which was previously subject to a $13.9 million construction mortgage and subsequently leased the property back to the operator that was the borrower under the mortgage. (2) Other mortgages outstanding have a weighted average interest rate of 8.84% per annum as of September 30, 2021 and maturity dates ranging from 2023 through 2032 . Other mortgage notes outstanding On July 1, 2021, we financed six SNFs in Ohio and amended an existing $6.4 million mortgage, inclusive of 2 Ohio SNFs, 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 that was included in other mortgage notes outstanding. 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%. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
OTHER INVESTMENTS [Abstract] | |
OTHER INVESTMENTS | NOTE 6 – OTHER INVESTMENTS Our other investments consist of fixed and variable rate loans to our operators and/or their principals to fund working capital and capital expenditures. These loans may be either unsecured or secured by the collateral of the borrower. Interest income related to other investments is recorded as other investment income in the consolidated statement of operations. A summary of our other investments is as follows: September 30, December 31, 2021 2020 (in thousands) Other investment notes due 2024; interest at 13.14% (1)(2) $ 88,929 $ 83,636 Other investment notes due 2024-2025; interest at 8.12% (1) 56,190 56,987 Other investment note due 2023; interest at 12.00% 40,167 49,973 Other investment notes due 2030; interest at 7.00% 187,048 147,148 Other investment notes outstanding (3) 113,185 161,155 Total other investments, gross 485,519 498,899 Allowance for credit losses on other investments (51,491) (31,457) Total other investments - net $ 434,028 $ 467,442 (1) Approximates the weighted average interest rate as of September 30, 2021. (2) Includes two term loans, secured by a first priority lien and a security interest in certain collateral, with Genesis Healthcare, Inc. that have outstanding principal amounts of $69.8 million and $19.1 million, as of September 30, 2021. These loans both were scheduled to mature on July 29, 2020 , but the maturity dates were extended to January 1, 2024 during the first quarter of 2021. (3) Other investment notes have a weighted average interest rate of 8.81% as of September 30, 2021 with maturity dates ranging from 2021 through 2031 . Other investment notes due 2024-2025 As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, Agemo failed to pay contractual rent and interest to us from August 2021 through October 2021. As of September 30, 2021, we have two loans outstanding to Agemo, a term loan with remaining principal of $32.0 million that bears interest at 9% per annum and matures on December 31, 2024 (the “Agemo Term Loan”) and a $25.0 million secured working capital loan bearing interest at 7% per annum that matures on April 30, 2025 (the “Agemo WC Loan”). The Agemo Term Loan is secured by a security interest in certain collateral of Agemo and the Agemo WC Loan is secured by a collateral package that includes a second lien on the accounts receivable of Agemo. During the third quarter of 2020, we evaluated both loans for impairment upon receiving information from Agemo regarding substantial doubt of its ability to continue as a going concern. Based on our evaluation, we recorded a provision for credit loss of $22.7 million in the third quarter of 2020 to reduce the carrying value of the loans to the fair value of the underlying collateral. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | NOTE 7 – 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 September 30, 2021, $10.6 million of contractual interest receivable is recorded in contractual receivables – net and $10.0 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. During the third quarter of 2020, we determined that interest receivable of $3.8 million (related to the Agemo term loans) was no longer considered collectible. As such, we reserved approximately $3.8 million of interest receivable through the provision for credit losses during the three month period ended September 30, 2020. 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 nine months ended September 30, 2021 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2020 Provision (recovery) for Credit Loss for the three months ended September 30, 2021 Write-offs charged against allowance for the three months ended September 30, 2021 Provision (recovery) for Credit Loss for the nine months ended September 30, 2021 Write-offs charged against allowance for the nine months ended September 30, 2021 Allowance for Credit Loss as of September 30, 2021 (in thousands) 2 Mortgage Notes Receivable $ 88 $ (12) $ - $ (65) $ - $ 23 3 Mortgage Notes Receivable 954 1,580 - 1,603 - 2,557 4 Mortgage Notes Receivable 26,865 (1,705) (1) - (1,825) (1) - 25,040 5 Mortgage Notes Receivable 433 9,240 (1) - 9,025 (1) - 9,458 6 Mortgage Notes Receivable 4,905 - - - - 4,905 Sub-total 33,245 9,103 - 8,738 - 41,983 3 Investment in Direct Financing Leases 694 33 - (35) - 659 Sub-total 694 33 - (35) - 659 2 Other Investments 94 20 - (38) - 56 3 Other Investments 5,113 894 - 628 - 5,741 4 Other Investments 24,397 (27,164) (2) - (22,675) (2) - 1,722 5 Other Investments 1,853 6,327 (3) - 6,260 (3) (95) 8,018 6 Other Investments - 35,954 (2) - 35,954 (2) - 35,954 Sub-total 31,457 16,031 - 20,129 (95) 51,491 2 Off-Balance Sheet Note Commitments 116 (53) - (90) - 26 3 Off-Balance Sheet Note Commitments 2,305 (177) - (1,300) - 1,005 4 Off-Balance Sheet Note Commitments - 373 - 373 - 373 4 Off-Balance Sheet Mortgage Commitments 24 201 - 208 - 232 Sub-total 2,445 344 - (809) - 1,636 Total $ 67,841 $ 25,511 $ - $ 28,023 $ (95) $ 95,769 (1) Amount reflects the movement of reserves associated with a $112.5 million mortgage for 9 facilities with Guardian Healthcare (“Guardian”) due to a reduction of our internal risk rating from a 4 to a 5 on the loan in the third quarter of 2021. The risk rating reduction was primarily due to concerns regarding the fair value of the collateral associated with the mortgage loan as well as an increase in the probability of a modification to the loan that may result in a troubled debt restructuring. As discussed further in Note 21 – Subsequent Events, in October 2021, Guardian stopped paying contractual rent and interest under its lease and loan agreements. (2) Amount reflects the movement of $27.2 million of reserves from Other Investments with a rating of 4 to Other Investments with a rating of 6 as a result of a reduction of our internal credit rating from a 4 to a 6 on the Agemo Term Loan and one other loan during the third quarter of 2021. The provision for Other Investments with a rating of 6 also reflects $8.8 million of additional allowance recorded in the third quarter of 2021 to fully impair the remaining carrying value of the Agemo Term Loan. See Note 6 – Other Investments for additional information on the conditions that drove the Agemo Term Loan impairment and ratings reduction. (3) The provision includes an additional $7.9 million of allowance recorded on the Agemo WC Loan during the third quarter of 2021. We also reduced the internal rating on the Agemo WC Loan from a 4 to a 5 during the third quarter of 2021. See Note 6 – Other Investments for additional information on the conditions that drove the Agemo WC Loan impairment and rating reduction. A rollforward of our allowance for credit losses for the nine months ended September 30, 2020 is as follows: Rating 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 September 30, 2020 Write-offs charged against allowance for the three months ended September 30, 2020 Provision (recovery) for Credit Loss for the nine months ended September 30, 2020 Write-offs charged against allowance for the nine months ended September 30, 2020 Allowance for Credit Loss as of September 30, 2020 (in thousands) 2 Mortgage Notes Receivable $ - $ - $ (36) $ - $ 97 $ - $ 97 3 Mortgage Notes Receivable - 901 (11) - (85) - 816 4 Mortgage Notes Receivable - 19,293 (415) - 3,359 - 22,652 5 Mortgage Notes Receivable - 829 (66) - (475) - 354 6 Mortgage Notes Receivable 4,905 363 25 - (2) - 5,266 Sub-total 4,905 21,386 (503) - 2,894 - 29,185 3 Investment in Direct Financing Leases 217 611 6 - 1 (217) 612 Sub-total 217 611 6 - 1 (217) 612 2 Other Investments - 195 (41) - (112) - 83 3 Other Investments - 1,434 2,911 - 2,499 - 3,933 4 Other Investments - 3,158 23,574 - 22,748 - 25,906 5 Other Investments - 1,901 (86) - (631) - 1,270 Sub-total - 6,688 26,358 - 24,504 - 31,192 2 Off-Balance Sheet Note Commitments - - 16 - 16 - 16 3 Off-Balance Sheet Note Commitments - - 2,389 - 2,389 - 2,389 4 Off-Balance Sheet Mortgage Commitments - 100 (36) - (73) - 27 Sub-total - 100 2,369 - 2,332 - 2,432 Total $ 5,122 $ 28,785 $ 28,230 $ - $ 29,731 $ (217) $ 63,421 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 September 30, 2021 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ - $ 65,874 $ - $ 65,874 2 Mortgage Notes Receivable - 21,325 - - - - - - 21,325 3 Mortgage Notes Receivable 72,420 - - - - - - - 72,420 4 Mortgage Notes Receivable 14,230 89,351 4,996 44,341 46,404 39,505 391,151 - 629,978 5 Mortgage Notes Receivable - - - - - - 119,746 - 119,746 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 86,650 110,676 4,996 44,341 46,404 39,505 583,148 - 915,720 3 Investment in Direct Financing Leases - - - - - - 11,421 - 11,421 Sub-total - - - - - - 11,421 - 11,421 2 Other Investments - - - - - - - 18,200 18,200 3 Other Investments - - 19,706 27,810 - - 3,167 203,598 254,281 4 Other Investments 667 - 11,222 88,929 - 41,167 - 5,000 146,985 5 Other Investments - - - 30,099 - - - - 30,099 6 Other Investments - - - 4,463 - 31,491 - - 35,954 Sub-total 667 - 30,928 151,301 - 72,658 3,167 226,798 485,519 Total $ 87,317 $ 110,676 $ 35,924 $ 195,642 $ 46,404 $ 112,163 $ 597,736 $ 226,798 $ 1,412,660 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 8 – VARIABLE INTEREST ENTITIES As of September 30, 2021 and December 31, 2020, Agemo and Maplewood are both VIEs. As of September 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 September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Assets Real estate investments – net $ 334,996 $ 814,396 $ 371,010 $ 750,488 Assets held for sale — — — — Other investments – net 16,699 (1) 187,048 34,253 147,148 Contractual receivables – net — (1) 1,091 346 887 Straight-line rent receivables — (45,263) — (56,664) Lease inducement — 65,647 — 69,666 Other assets — 673 — — Total Assets 351,695 1,023,592 405,609 911,525 Liabilities Net in-place lease liability — (311) — (331) Security deposit (115) (4,651) — — Contingent liability — (43,915) — (43,915) Other liabilities — (673) — — Total Liabilities (115) (49,550) — (44,246) Collateral Letters of credit — (1) — (9,253) — Personal guarantee (8,000) (40,000) (8,000) (40,000) Other collateral (334,996) (2) (814,396) (371,010) (750,488) Total Collateral (342,996) (854,396) (388,263) (790,488) Maximum exposure to loss $ 8,584 $ 119,646 $ 17,346 $ 76,791 (1) As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, we applied Agemo’s entire letter of credit against their uncollected rent receivables during the third quarter of 2021. As discussed in Note 6 – Other Investments and Note 7 – Allowance for Credit Loss, we recorded an additional reserve of $16.7 million on our loans with Agemo during the third quarter of 2021. (2) Amount excludes Agemo’s accounts receivable that Omega has a second priority security interest on as collateral under the Agemo WC Loan. The fair value of the accounts receivable available to Omega was $16.7 million and $25.0 million as of September 30, 2021 and December 31, 2020, respectively. 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. The table below reflects our total revenues from Agemo and Maplewood for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 2020 2020 2021 2021 2020 2020 Agemo Maplewood Agemo Maplewood Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Revenue Rental income $ 12,624 $ 20,768 $ (63,128) $ 13,199 $ 36,399 $ 58,893 $ (33,026) $ 33,381 Other investment income 240 3,311 1,059 1,979 2,575 9,151 3,597 4,833 Total (1) $ 12,864 $ 24,079 $ (62,069) $ 15,178 $ 38,974 $ 68,044 $ (29,429) $ 38,214 (1) For the three months ended September 30, 2021 and 2020, we received cash (including letter of credit funds and security deposit balance) from Agemo of approximately $14.1 million and $13.4 million, respectively, pursuant to our lease and other investment agreements. For the nine months ended September 30, 2021 and 2020, we received cash (including letter of credit funds and security deposit balance) from Agemo of approximately $42.1 million and $40.1 million, respectively, pursuant to our lease and other investment agreements. For the three months ended September 30, 2021 and 2020, we received cash from Maplewood of approximately $21.5 million and $17.5 million, respectively, pursuant to our lease and other investment agreements. For the nine months ended September 30, 2021 and 2020, we received cash from Maplewood of approximately $60.5 million and $51.4 million, respectively, pursuant to our lease and other investment agreements. |
INVESTMENT IN JOINT VENTURES AN
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS [Abstract] | |
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS | NOTE 9 – INVESTMENTS IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS 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 September 30, December 31, Entity % Date Investment (1) Type 9/30/2021 2021 2020 Second Spring Healthcare Investments (2) 15% 11/1/2016 $ 50,032 SNF — $ 11,226 $ 17,700 Second Spring II LLC (3) 15% 3/10/2021 10,330 SNF — 75 — Lakeway Realty, L.L.C. 51% 5/17/2019 73,834 Specialty facility 1 71,579 72,318 Cindat Joint Venture 49% 12/18/2019 105,688 ALF 66 110,649 110,360 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 900 N/A N/A 212 260 $ 240,784 $ 193,741 $ 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 and third quarters of 2021, this joint venture sold five SNFs to an unrelated third-party for approximately $65 million in net proceeds and recognized a loss on sale of approximately $0.4 million ( $0.1 million of which represents the Company’s share of the loss). Three Months Ended September 30, Nine Months Ended September 30, Entity 2021 2020 2021 2020 (in thousands) Second Spring Healthcare Investments (1) $ 309 $ 1,666 $ 12,013 $ 2,947 Second Spring II LLC (1) — (757) — Lakeway Realty, L.L.C. 637 637 1,923 1,860 Cindat Joint Venture 707 (398) 1,839 493 OMG Senior Housing, LLC (105) (108) (309) (387) OH CHS SNP, Inc. 5 (105) (140) (259) Total $ 1,552 $ 1,692 $ 14,569 $ 4,654 (1) The income from this unconsolidated joint venture for the nine months ended September 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 September 30, 2021 and 2020, we recognized approximately $0.2 million and $0.3 million, respectively, of asset management fees. For each of the nine months ended September 30, 2021 and 2020, we recognized approximately $0.7 million and $1.0 million, respectively, of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statements of Operations. Other Equity Investments In the third quarter of 2021, we made an investment of $20.0 million in SafelyYou, Inc. (“SafelyYou”), a technology company that has developed artificial intelligence-enabled video that detects and helps prevent resident falls in ALFs and SNFs. Through our investment, we obtained preferred shares representing 5% of the outstanding equity of SafelyYou and warrants to purchase SafelyYou common stock representing an additional 5% of outstanding equity as of the date of our investment. SafelyYou has committed, for a specified period, to using the proceeds of our investment to install its technology in our facilities or other facilities of our operators. The vesting of the warrants is contingent upon SafelyYou’s attainment of certain installation targets in our facilities. To the extent these installation targets are not attained, the investment funds associated with the unvested warrants would be returned to Omega. The investment in the preferred shares and warrants are recorded within other assets on the Consolidated Balance Sheets. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 9 Months Ended |
Sep. 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 September 30, 2021: (in thousands) Balance as of December 31, 2020 $ 651,737 Foreign currency translation (383) Balance as of September 30, 2021 $ 651,354 The following is a summary of our intangibles as of September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 (in thousands) Assets: Above market leases $ 22,410 $ 22,822 Accumulated amortization (20,721) (20,882) Net above market leases $ 1,689 $ 1,940 Liabilities: Below market leases $ 139,069 $ 139,515 Accumulated amortization (109,699) (100,996) Net below market leases $ 29,370 $ 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 September 30, 2021 and 2020, our net amortization related to intangibles was $1.1 million and $3.7 million, respectively. For both the nine months ended September 30, 2021 and 2020, our net amortization related to intangibles was $8.5 million. The estimated net amortization related to these intangibles for the remainder of 2021 and the subsequent four years is as follows: remainder of 2021 – $1.1 million; 2022 – $4.1 million; 2023 – $4.0 million; 2024 – $3.9 million and 2025 – $3.7 million. As of September 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 | 9 Months Ended |
Sep. 30, 2021 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 – CONCENTRATION OF RISK As of September 30, 2021, our portfolio of real estate investments (including properties associated with mortgages, direct financing leases, and assets held for sale) consisted of 963 healthcare facilities, located in 42 states and the U.K. and operated by 63 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled approximately $10.2 billion at September 30, 2021, with approximately 98% of our real estate investments related to healthcare facilities. Our portfolio is made up of (i) 716 SNFs, 134 ALFs, 35 specialty facilities, two medical office buildings, (ii) fixed rate mortgages on 60 SNFs, three ALFs and two specialty facilities, and (iii) 11 facilities that are held for sale. At September 30, 2021, we also held other investments of approximately $434.0 million, consisting primarily of secured loans to third-party operators of our facilities and $193.7 million of investments in six unconsolidated joint ventures. At September 30, 2021 we had investments with two operators/or managers that approximated or exceeded 10% of our total investments: Maplewood and Consulate Health Care (“Consulate”). Maplewood generated approximately 8% and 5% of our total revenues for the three months ended September 30, 2021 and 2020, respectively, and 8% and 5% of our total revenues for the nine months ended September 30, 2021 and 2020, respectively. Consulate generated approximately 9% of our total revenues for the three months ended September 30, 2021 and 2020, respectively, and 9% of our total revenues for the nine months ended September 30, 2021 and 2020, respectively. At September 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 | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Dividends The following is a summary of our declared cash dividends on common stock: 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 November 5, 2021 November 15, 2021 0.67 Dividend Reinvestment and Common Stock Purchase Plan The following is a summary of the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three and nine months ended September 30, 2020 and 2021: Shares issued Gross Proceeds Period Ended (in millions) (in millions) Three Months Ended September 30, 2020 — $ — Three Months Ended September 30, 2021 1.3 47.2 Nine Months Ended September 30, 2020 0.1 3.7 Nine Months Ended September 30, 2021 3.3 124.5 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 second or third quarter of 2021. The following is a summary of the shares issued under the 2021 and 2015 ATM Programs for the three and nine months ended September 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 September 30, 2020 — $ — $ — $ — $ — Three Months Ended September 30, 2021 0.1 32.82 1.3 0.1 1.2 Nine Months Ended September 30, 2020 0.1 34.64 2.0 0.3 1.7 Nine Months Ended September 30, 2021 4.2 36.56 155.1 3.3 151.8 (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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Foreign Currency Translation: Beginning balance $ (13,608) $ (68,795) $ (18,427) $ (35,100) Translation (loss) gain (12,646) 21,808 (8,515) (11,818) Realized (loss) gain (18) 19 670 (50) Ending balance (26,272) (46,968) (26,272) (46,968) Derivative Instruments: Cash flow hedges: Beginning balance 33,352 (9,699) 17,718 (2,369) Unrealized gain 1,116 7,223 15,407 1,401 Realized gain (loss) (1) 779 (1,500) 2,122 (3,008) Ending balance 35,247 (3,976) 35,247 (3,976) Net investment hedges: Beginning balance (16,024) 9,533 (13,331) (4,420) Unrealized gain (loss) 7,637 (9,953) 4,944 4,000 Ending balance (8,387) (420) (8,387) (420) Total accumulated other comprehensive income (loss) before noncontrolling interest 588 (51,364) 588 (51,364) Add: portion included in noncontrolling interest 888 2,263 888 2,263 Total accumulated other comprehensive income (loss) for Omega $ 1,476 $ (49,101) $ 1,476 $ (49,101) (1) Recorded in interest expense on the Consolidated Statements of Operations. |
TAXES
TAXES | 9 Months Ended |
Sep. 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, 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 September 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 September 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in millions) Provision for federal, state and local income taxes $ 0.4 $ 0.3 $ 1.0 $ 0.8 Provision for foreign income taxes 0.6 0.5 1.9 1.8 Total provision for income taxes (1) $ 1.0 $ 0.8 $ 2.9 $ 2.6 (1) The above amounts do not include gross receipts or franchise taxes payable to certain states and municipalities. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Stock-based compensation expense $ 5,706 $ 5,122 $ 16,913 $ 14,380 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 | 9 Months Ended |
Sep. 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 September 30, September 30, December 31, Maturity 2021 2021 2020 (in thousands) Secured borrowings HUD mortgages (1)(2) 2046 - 2052 3.01 % $ 361,688 $ 367,249 Term loan (3) 2022 3.75 % 2,275 2,275 Total secured borrowings 363,963 369,524 Unsecured borrowings Revolving borrowings: 2017 Revolving credit facility (4) N/A N/A — 101,158 Revolving credit facility (4) 2025 1.28 % — — Total revolving borrowings — 101,158 Senior notes and other unsecured borrowings: 2023 notes (4)(5) 2023 4.375 % 350,000 700,000 2024 notes (4) 2024 4.950 % 400,000 400,000 2025 notes (4) 2025 4.500 % 400,000 400,000 2026 notes (4) 2026 5.250 % 600,000 600,000 2027 notes (4) 2027 4.500 % 700,000 700,000 2028 notes (4) 2028 4.750 % 550,000 550,000 2029 notes (4) 2029 3.625 % 500,000 500,000 2031 notes (4) 2031 3.375 % 700,000 700,000 2033 notes (4)(6) 2033 3.250 % 700,000 — Subordinated debt (2)(7) 2021 9.000 % 20,000 20,000 Sterling term loan (4)(8) N/A N/A — 136,700 2017 OP term loan (9) N/A N/A — 50,000 OP term loan (9)(10) 2025 3.29 % 50,000 — Deferred financing costs – net (28,157) (26,421) Discount – net (32,753) (31,709) Total senior notes and other unsecured borrowings – net 4,909,090 4,698,570 Total unsecured borrowings – net 4,909,090 4,799,728 Total secured and unsecured borrowings – net (11)(12) $ 5,273,053 $ 5,169,252 (1) Reflects the weighted average annual contractual interest rate on the mortgages at September 30, 2021. Secured by real estate assets with a net carrying value of $551.3 million as of September 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) As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, to the extent Gulf Coast fails to pay rent when due to us under its master lease, this Subordinated debt is subject to offset. (8) 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. (9) Omega OP is the obligor on this borrowing. (10) The weighted average interest rate of the OP Term Loan has been adjusted to reflect the impact of the interest rate swaps that effectively fix the LIBOR based portion of the interest rate at 1.84% . (11) All borrowings are direct borrowings of Parent unless otherwise noted. (12) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of September 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. |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 9 Months Ended |
Sep. 30, 2021 | |
DERIVATIVES AND HEDGING [Abstract] | |
DERIVATIVES AND HEDGING | NOTE 16 – DERIVATIVES AND HEDGING We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our investments in the U.K. and interest rate risk related to our capital structure. As a matter of policy, we do not use derivatives for trading or speculative purposes. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, interest rate swaps and debt issued in foreign currencies to offset a portion of these risks. Cash Flow Hedges of Interest Rate Risk We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements are used to hedge the variable cash flows associated with variable-rate debt. 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 accumulated other comprehensive income (“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). In addition to the forward swaps discussed above, we also have two interest rate swaps that were entered into in May 2019 with aggregate notional amounts of $50.0 million. These interest rate swaps are designated as hedges against our exposure to changes in interest payment cash flow fluctuations in the variable interest rates on the OP Term Loan . Foreign Currency Forward Contracts and Debt Designated as Net Investment Hedges British pound (“GBP”) denominated borrowings under the Sterling term loan and the 2017 Revolving Credit Facility, were previously used to hedge a portion of our investments in the U.K. against fluctuations in GBP against the USD. The GBP denominated borrowings under both debt instruments were deemed an effective hedge from issuance in May 2017 until the settlement of the Sterling term loan and the repayment of the GBP denominated borrowings under the 2017 Revolving Credit Facility in March 2021. Gains and losses associated with these nonderivative net investment hedges were recorded in foreign currency translation within other comprehensive income (loss) (“OCI”). Concurrent with the settlement of the GBP denominated debt, we entered into four foreign currency forwards with notional amounts totaling £174.0 million, that mature on March 8, 2024, to hedge a portion of our net investments in the U.K., effectively replacing the terminated net investment hedge. The gains and losses associated with these foreign currency forwards are also recorded in foreign currency translation within OCI. Amounts associated with these net investment hedges would be reclassified out of AOCI into earnings when our hedged net investment in the U.K. is either sold or substantially liquidated. The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: September 30, December 31, 2021 2020 Cash flow hedges: (in thousands) Other assets $ 36,864 $ 17,005 Accrued expenses and other liabilities $ 318 $ 955 Net investment hedges: Other assets $ 7,954 $ — Accrued expenses and other liabilities $ — $ — The fair value of the interest rate swaps and foreign currency forwards is derived from observable market data such as yield curves and foreign exchange rates and represents a Level 2 measurement on the fair value hierarchy. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 17 – 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 September 30, 2021 and December 31, 2020, the net carrying amounts and fair values of our other financial instruments were as follows: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,762 $ 10,762 $ 10,764 $ 10,764 Mortgage notes receivable – net 873,737 920,305 885,313 924,353 Other investments – net 434,028 443,051 467,442 474,552 Total $ 1,318,527 $ 1,374,118 $ 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 49,635 50,000 — — 4.375% notes due 2023 – net 348,958 370,531 696,981 770,635 4.95% notes due 2024 – net 397,472 435,064 396,714 441,194 4.50% notes due 2025 – net 397,495 435,968 396,924 444,652 5.25% notes due 2026 – net 596,966 680,964 596,437 697,993 4.50% notes due 2027 – net 692,007 779,618 690,909 794,294 4.75% notes due 2028 – net 543,656 617,886 542,899 633,950 3.625% notes due 2029 – net 490,379 525,580 489,472 532,248 3.375% notes due 2031 – net 683,145 711,956 681,802 731,541 3.25% notes due 2033 – net 689,357 692,769 — — HUD mortgages – net 361,688 396,606 367,249 409,004 Subordinated debt – net 20,020 20,408 20,083 21,599 Total $ 5,273,053 $ 5,719,625 $ 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. ● 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 and OP Term loan: The carrying amount of these approximate fair value because the borrowings are interest rate adjusted. Differences between carrying value and the fair value in the table above are due to the inclusion of deferred financing costs in the carrying value. ● Senior notes: The fair value of the senior unsecured notes payable was estimated based on (Level 1) publicly available trading prices. ● Subordinated debt: The fair value of our borrowings under these 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 | 9 Months Ended |
Sep. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 – COMMITMENTS AND CONTINGENCIES Litigation Shareholder 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 of Directors 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 Gulf Coast Subordinated Debt In August 2021, we filed suit in the Circuit Court for Baltimore County against the holders of certain Subordinated Debt associated with our Gulf Coast master lease agreement, following an assertion by the holders that our prior exercise of offset rights in connection with Gulf Coast’s non-payment of rent had resulted in defaults under the terms of the Subordinated Debt. The suit seeks a declaratory judgment to, among other items, declare that the aggregate amount of unpaid rent due from Gulf Coast under the master lease agreement exceeds all amounts which otherwise would be due and owing by Omega under the Subordinated Debt, and that all principal and interest due and owing under the Subordinated Debt are to be offset in full as of December 31, 2021. In October 2021, the defendants in the case filed a motion to dismiss for lack of personal jurisdiction. While Omega believes it is entitled to the enforcement of the offset rights sought in the action, the outcome of litigation is unpredictable, and Omega cannot predict the outcome of the declaratory judgment action. See Note 4 – Contractual Receivables and Other Receivables and Lease Inducements – Gulf Coast Health Care, LLC. Lakeway Realty, L.L.C. 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 September 30, 2021, our maximum funding commitment under these indemnification agreements was approximately $8.5 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. 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 September 30, 2021, are outlined in the table below (in thousands): Total commitments (1) $ 743,154 Amounts funded to date (2) (502,020) Remaining commitments (3) $ 241,134 (1) Includes our $177.7 million commitment relating to the redevelopment of the real estate property located in Washington, D.C. discussed in Note 2 – Real Estate Investments. (2) Includes finance costs. (3) This amount excludes our remaining commitments to fund under our other investments of approximately $60.1 million. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 19 – EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except per share amounts) Numerator: Net income (loss) $ 142,835 $ (93,768) $ 394,064 $ 100,471 Deduct: net (income) loss attributable to noncontrolling interests (3,888) 2,477 (10,616) (2,540) Net income (loss) available to common stockholders $ 138,947 $ (91,291) $ 383,448 $ 97,931 Denominator: Denominator for basic earnings per share 239,282 227,507 236,027 227,393 Effect of dilutive securities: Common stock equivalents 634 — 903 1,065 Noncontrolling interest – Omega OP Units 6,701 6,168 6,547 6,078 Denominator for diluted earnings per share 246,617 233,675 243,477 234,536 Earnings per share - basic: Net income (loss) available to common stockholders $ 0.58 $ (0.40) $ 1.62 $ 0.43 Earnings per share – diluted: Net income (loss) (1) $ 0.58 $ (0.40) $ 1.62 $ 0.43 (1) F or the three months ended September 30, 2020, approximately 904 potential common shares/units are not included in the computation of diluted earnings per share as a net loss exists and therefore the effect would be an antidilutive per share amount. |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 20 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 102,664 $ 35,951 Restricted cash 3,341 4,164 Cash, cash equivalents and restricted cash at end of period $ 106,005 $ 40,115 Supplemental information: Interest paid during the period, net of amounts capitalized $ 166,934 $ 174,247 Taxes paid during the period $ 5,028 $ 5,493 Non cash investing activities Non cash acquisition of real estate $ (49,857) $ — Non cash proceeds from sale of real estate investments $ — $ 83,910 Non cash placement of mortgages $ (7,000) $ (86,936) Non cash collection of mortgage principal $ 49,857 $ — Non cash investment in other investments $ — $ (121,139) Non cash proceeds from other investments $ 7,000 $ 68,025 Non cash financing activities Non cash borrowing of other long-term borrowings $ — $ 6,459 Change in fair value of cash flow hedges $ 28,450 $ (1,637) Remeasurement of debt denominated in a foreign currency $ 3,010 $ (4,000) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 21 – SUBSEQUENT EVENTS Gulf Coast On October 14, 2021, Gulf Coast commenced voluntary cases under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). Gulf Coast operates 24 facilities subject to a master lease with Omega and represents approximately 2.6% of Omega’s total revenues (excluding the impact of write-offs in 2021) for the nine months ended September 30, 2021. As described in Gulf Coast’s filings with the Bankruptcy Court, we have entered into a Restructuring Support Agreement (the “Support Agreement”) that is expected to form the basis for Gulf Coast’s restructuring and liquidation. The Support Agreement establishes a timeline (subject to Gulf Coast’s assumption of the Support Agreement with the approval of the Bankruptcy Court) for the implementation of Gulf Coast’s planned restructuring and liquidation, including the potential transition of management of the operations of the facilities to a third-party operator. In order to provide liquidity to Gulf Coast during its chapter 11 cases, we have committed to provide up to $25 million of senior secured debtor-in-possession (“DIP”) financing, a portion of which funding is tied to certain milestones, including the transition of the management of the operations of the facilities. The DIP financing is guaranteed by all debtors and is secured by liens on substantially all of their assets, including post-petition accounts receivable, subject in certain cases to other priorities. The Bankruptcy Court has approved on an interim basis the debtors’ borrowing of up to $15.75 million of DIP financing. The Bankruptcy Court has scheduled a hearing to consider approval of all borrowings available under the DIP facility on a final basis on November 12, 2021. See Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, for additional information on the financial statement impact of Gulf Coast’s nonpayment of rent during the third quarter of 2021 and the Company’s rights with respect to certain offsetting amounts. Guardian In October 2021, Guardian failed to make contractual rent and interest payments under its lease agreement for 26 operating facilities and on its $112.5 million mortgage loan agreement, bearing interest at 10.81%, for nine facilities, due to on-going liquidity issues. We have had discussions with Guardian regarding restructuring certain lease and mortgage loan terms but have yet to reach an agreement. As of September 30, 2021, we had $7.4 million of letters of credit from Guardian as collateral which may be applied against our uncollected rent and interest receivables. As discussed in Note 7 – Allowance for Credit Losses, during the third quarter of 2021, we reduced the risk rating on the mortgage loan from a 4 to a 5. Guardian represents approximately 3.2% and 3.5% of our total revenues (excluding the impact of straight-line write-offs) for the nine months ended September 30, 2021, and 2020, respectively. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 9 Months Ended |
Sep. 30, 2021 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all 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. |
Segments | Segments We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (CODM), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. |
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. |
Risks and Uncertainties including COVID-19 | Risks and Uncertainties including 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. |
Accounting Pronouncement Adopted in 2021 | Accounting Pronouncements Adopted in 2021 On July 19, 2021, the Financial Accounting Standards Board issued Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments The guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We early adopted this guidance prospectively effective July 1, 2021. The adoption of the guidance did not have an impact on our unaudited consolidated financial statements . |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
REAL ESTATE 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: September 30, December 31, 2021 2020 (in thousands) Buildings $ 7,394,094 $ 6,961,509 Land 940,088 883,765 Furniture and equipment 532,157 518,664 Site improvements 329,290 308,087 Construction in progress 73,338 30,129 Total real estate investments 9,268,967 8,702,154 Less accumulated depreciation (2,174,546) (1,996,914) Real estate investments – net $ 7,094,421 $ 6,705,240 |
Schedule of operating lease income | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Rental income – operating leases $ 243,831 $ 81,424 $ 697,140 $ 517,384 Variable lease income – operating leases 3,333 1,802 8,740 8,874 Total rental income $ 247,164 $ 83,226 $ 705,880 $ 526,258 |
Schedule of Significant Acquisitions | The following table summarizes the significant asset acquisitions that occurred during the first nine months of 2021: 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 % Q3 — 2 — U.K. 9.6 7.89 % Total 6 19 7 $ 604.0 (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. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Assets Held for Sale [Abstract] | |
Schedule of Properties Held-for-Sale | Periodically we will sell facilities to reduce our concentration in certain operators, geographies, and non-strategic assets or due to the exercise of a tenant purchase option. The following is a summary of our assets held for sale: September 30, 2021 December 31, 2020 Number of Facilities Held for Sale 11 (1) 22 Amount of Assets Held for Sale (in thousands) $ 21,528 $ 81,452 (1) Number of facilities excludes one parcel of land. |
CONTRACTUAL RECEIVABLES AND O_2
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Tables) | 9 Months Ended |
Sep. 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: September 30, December 31, 2021 2020 (in thousands) Contractual receivables – net $ 16,658 $ 10,408 Effective yield interest receivables $ 10,031 $ 12,195 Straight-line rent receivables 149,134 139,046 Lease inducements 77,799 83,425 Other receivables and lease inducements $ 236,964 $ 234,666 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 9 Months Ended |
Sep. 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: September 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 10.78% (1) 651,304 670,015 Other mortgage notes outstanding (2) 151,916 136,043 Mortgage notes receivable, gross 915,720 918,558 Allowance for credit losses on mortgage notes receivable (41,983) (33,245) Total mortgages — net $ 873,737 $ 885,313 (1) Approximates the weighted average interest rate on 45 facilities as of September 30, 2021. As of September 30, 2021, the carrying amount includes a construction mortgage that was originated during the third quarter of 2021 with an outstanding principal balance of $7.4 million that matures in 2023 and a facility mortgage with an outstanding principal balance of $21.3 million that matures in 2021 , 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. During the third quarter of 2021, we acquired a facility which was previously subject to a $13.9 million construction mortgage and subsequently leased the property back to the operator that was the borrower under the mortgage. (2) Other mortgages outstanding have a weighted average interest rate of 8.84% per annum as of September 30, 2021 and maturity dates ranging from 2023 through 2032 . |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Investment Receivables [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | Our other investments consist of fixed and variable rate loans to our operators and/or their principals to fund working capital and capital expenditures. These loans may be either unsecured or secured by the collateral of the borrower. Interest income related to other investments is recorded as other investment income in the consolidated statement of operations. A summary of our other investments is as follows: September 30, December 31, 2021 2020 (in thousands) Other investment notes due 2024; interest at 13.14% (1)(2) $ 88,929 $ 83,636 Other investment notes due 2024-2025; interest at 8.12% (1) 56,190 56,987 Other investment note due 2023; interest at 12.00% 40,167 49,973 Other investment notes due 2030; interest at 7.00% 187,048 147,148 Other investment notes outstanding (3) 113,185 161,155 Total other investments, gross 485,519 498,899 Allowance for credit losses on other investments (51,491) (31,457) Total other investments - net $ 434,028 $ 467,442 (1) Approximates the weighted average interest rate as of September 30, 2021. (2) Includes two term loans, secured by a first priority lien and a security interest in certain collateral, with Genesis Healthcare, Inc. that have outstanding principal amounts of $69.8 million and $19.1 million, as of September 30, 2021. These loans both were scheduled to mature on July 29, 2020 , but the maturity dates were extended to January 1, 2024 during the first quarter of 2021. (3) Other investment notes have a weighted average interest rate of 8.81% as of September 30, 2021 with maturity dates ranging from 2021 through 2031 . |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of expected credit loss | A rollforward of our allowance for credit losses for the nine months ended September 30, 2021 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2020 Provision (recovery) for Credit Loss for the three months ended September 30, 2021 Write-offs charged against allowance for the three months ended September 30, 2021 Provision (recovery) for Credit Loss for the nine months ended September 30, 2021 Write-offs charged against allowance for the nine months ended September 30, 2021 Allowance for Credit Loss as of September 30, 2021 (in thousands) 2 Mortgage Notes Receivable $ 88 $ (12) $ - $ (65) $ - $ 23 3 Mortgage Notes Receivable 954 1,580 - 1,603 - 2,557 4 Mortgage Notes Receivable 26,865 (1,705) (1) - (1,825) (1) - 25,040 5 Mortgage Notes Receivable 433 9,240 (1) - 9,025 (1) - 9,458 6 Mortgage Notes Receivable 4,905 - - - - 4,905 Sub-total 33,245 9,103 - 8,738 - 41,983 3 Investment in Direct Financing Leases 694 33 - (35) - 659 Sub-total 694 33 - (35) - 659 2 Other Investments 94 20 - (38) - 56 3 Other Investments 5,113 894 - 628 - 5,741 4 Other Investments 24,397 (27,164) (2) - (22,675) (2) - 1,722 5 Other Investments 1,853 6,327 (3) - 6,260 (3) (95) 8,018 6 Other Investments - 35,954 (2) - 35,954 (2) - 35,954 Sub-total 31,457 16,031 - 20,129 (95) 51,491 2 Off-Balance Sheet Note Commitments 116 (53) - (90) - 26 3 Off-Balance Sheet Note Commitments 2,305 (177) - (1,300) - 1,005 4 Off-Balance Sheet Note Commitments - 373 - 373 - 373 4 Off-Balance Sheet Mortgage Commitments 24 201 - 208 - 232 Sub-total 2,445 344 - (809) - 1,636 Total $ 67,841 $ 25,511 $ - $ 28,023 $ (95) $ 95,769 (1) Amount reflects the movement of reserves associated with a $112.5 million mortgage for 9 facilities with Guardian Healthcare (“Guardian”) due to a reduction of our internal risk rating from a 4 to a 5 on the loan in the third quarter of 2021. The risk rating reduction was primarily due to concerns regarding the fair value of the collateral associated with the mortgage loan as well as an increase in the probability of a modification to the loan that may result in a troubled debt restructuring. As discussed further in Note 21 – Subsequent Events, in October 2021, Guardian stopped paying contractual rent and interest under its lease and loan agreements. (2) Amount reflects the movement of $27.2 million of reserves from Other Investments with a rating of 4 to Other Investments with a rating of 6 as a result of a reduction of our internal credit rating from a 4 to a 6 on the Agemo Term Loan and one other loan during the third quarter of 2021. The provision for Other Investments with a rating of 6 also reflects $8.8 million of additional allowance recorded in the third quarter of 2021 to fully impair the remaining carrying value of the Agemo Term Loan. See Note 6 – Other Investments for additional information on the conditions that drove the Agemo Term Loan impairment and ratings reduction. (3) The provision includes an additional $7.9 million of allowance recorded on the Agemo WC Loan during the third quarter of 2021. We also reduced the internal rating on the Agemo WC Loan from a 4 to a 5 during the third quarter of 2021. See Note 6 – Other Investments for additional information on the conditions that drove the Agemo WC Loan impairment and rating reduction. A rollforward of our allowance for credit losses for the nine months ended September 30, 2020 is as follows: Rating 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 September 30, 2020 Write-offs charged against allowance for the three months ended September 30, 2020 Provision (recovery) for Credit Loss for the nine months ended September 30, 2020 Write-offs charged against allowance for the nine months ended September 30, 2020 Allowance for Credit Loss as of September 30, 2020 (in thousands) 2 Mortgage Notes Receivable $ - $ - $ (36) $ - $ 97 $ - $ 97 3 Mortgage Notes Receivable - 901 (11) - (85) - 816 4 Mortgage Notes Receivable - 19,293 (415) - 3,359 - 22,652 5 Mortgage Notes Receivable - 829 (66) - (475) - 354 6 Mortgage Notes Receivable 4,905 363 25 - (2) - 5,266 Sub-total 4,905 21,386 (503) - 2,894 - 29,185 3 Investment in Direct Financing Leases 217 611 6 - 1 (217) 612 Sub-total 217 611 6 - 1 (217) 612 2 Other Investments - 195 (41) - (112) - 83 3 Other Investments - 1,434 2,911 - 2,499 - 3,933 4 Other Investments - 3,158 23,574 - 22,748 - 25,906 5 Other Investments - 1,901 (86) - (631) - 1,270 Sub-total - 6,688 26,358 - 24,504 - 31,192 2 Off-Balance Sheet Note Commitments - - 16 - 16 - 16 3 Off-Balance Sheet Note Commitments - - 2,389 - 2,389 - 2,389 4 Off-Balance Sheet Mortgage Commitments - 100 (36) - (73) - 27 Sub-total - 100 2,369 - 2,332 - 2,432 Total $ 5,122 $ 28,785 $ 28,230 $ - $ 29,731 $ (217) $ 63,421 |
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 September 30, 2021 (in thousands) 1 Mortgage Notes Receivable $ - $ - $ - $ - $ - $ - $ 65,874 $ - $ 65,874 2 Mortgage Notes Receivable - 21,325 - - - - - - 21,325 3 Mortgage Notes Receivable 72,420 - - - - - - - 72,420 4 Mortgage Notes Receivable 14,230 89,351 4,996 44,341 46,404 39,505 391,151 - 629,978 5 Mortgage Notes Receivable - - - - - - 119,746 - 119,746 6 Mortgage Notes Receivable - - - - - - 6,377 - 6,377 Sub-total 86,650 110,676 4,996 44,341 46,404 39,505 583,148 - 915,720 3 Investment in Direct Financing Leases - - - - - - 11,421 - 11,421 Sub-total - - - - - - 11,421 - 11,421 2 Other Investments - - - - - - - 18,200 18,200 3 Other Investments - - 19,706 27,810 - - 3,167 203,598 254,281 4 Other Investments 667 - 11,222 88,929 - 41,167 - 5,000 146,985 5 Other Investments - - - 30,099 - - - - 30,099 6 Other Investments - - - 4,463 - 31,491 - - 35,954 Sub-total 667 - 30,928 151,301 - 72,658 3,167 226,798 485,519 Total $ 87,317 $ 110,676 $ 35,924 $ 195,642 $ 46,404 $ 112,163 $ 597,736 $ 226,798 $ 1,412,660 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | Below is a summary of our assets, liabilities and collateral associated with these operators as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Assets Real estate investments – net $ 334,996 $ 814,396 $ 371,010 $ 750,488 Assets held for sale — — — — Other investments – net 16,699 (1) 187,048 34,253 147,148 Contractual receivables – net — (1) 1,091 346 887 Straight-line rent receivables — (45,263) — (56,664) Lease inducement — 65,647 — 69,666 Other assets — 673 — — Total Assets 351,695 1,023,592 405,609 911,525 Liabilities Net in-place lease liability — (311) — (331) Security deposit (115) (4,651) — — Contingent liability — (43,915) — (43,915) Other liabilities — (673) — — Total Liabilities (115) (49,550) — (44,246) Collateral Letters of credit — (1) — (9,253) — Personal guarantee (8,000) (40,000) (8,000) (40,000) Other collateral (334,996) (2) (814,396) (371,010) (750,488) Total Collateral (342,996) (854,396) (388,263) (790,488) Maximum exposure to loss $ 8,584 $ 119,646 $ 17,346 $ 76,791 (1) As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, we applied Agemo’s entire letter of credit against their uncollected rent receivables during the third quarter of 2021. As discussed in Note 6 – Other Investments and Note 7 – Allowance for Credit Loss, we recorded an additional reserve of $16.7 million on our loans with Agemo during the third quarter of 2021. (2) Amount excludes Agemo’s accounts receivable that Omega has a second priority security interest on as collateral under the Agemo WC Loan. The fair value of the accounts receivable available to Omega was $16.7 million and $25.0 million as of September 30, 2021 and December 31, 2020, respectively. |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from Agemo and Maplewood for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 2020 2020 2021 2021 2020 2020 Agemo Maplewood Agemo Maplewood Agemo Maplewood Agemo Maplewood (in thousands) (in thousands) Revenue Rental income $ 12,624 $ 20,768 $ (63,128) $ 13,199 $ 36,399 $ 58,893 $ (33,026) $ 33,381 Other investment income 240 3,311 1,059 1,979 2,575 9,151 3,597 4,833 Total (1) $ 12,864 $ 24,079 $ (62,069) $ 15,178 $ 38,974 $ 68,044 $ (29,429) $ 38,214 (1) For the three months ended September 30, 2021 and 2020, we received cash (including letter of credit funds and security deposit balance) from Agemo of approximately $14.1 million and $13.4 million, respectively, pursuant to our lease and other investment agreements. For the nine months ended September 30, 2021 and 2020, we received cash (including letter of credit funds and security deposit balance) from Agemo of approximately $42.1 million and $40.1 million, respectively, pursuant to our lease and other investment agreements. For the three months ended September 30, 2021 and 2020, we received cash from Maplewood of approximately $21.5 million and $17.5 million, respectively, pursuant to our lease and other investment agreements. For the nine months ended September 30, 2021 and 2020, we received cash from Maplewood of approximately $60.5 million and $51.4 million, respectively, pursuant to our lease and other investment agreements. |
INVESTMENT IN JOINT VENTURES _2
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS [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 September 30, December 31, Entity % Date Investment (1) Type 9/30/2021 2021 2020 Second Spring Healthcare Investments (2) 15% 11/1/2016 $ 50,032 SNF — $ 11,226 $ 17,700 Second Spring II LLC (3) 15% 3/10/2021 10,330 SNF — 75 — Lakeway Realty, L.L.C. 51% 5/17/2019 73,834 Specialty facility 1 71,579 72,318 Cindat Joint Venture 49% 12/18/2019 105,688 ALF 66 110,649 110,360 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 900 N/A N/A 212 260 $ 240,784 $ 193,741 $ 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 and third quarters of 2021, this joint venture sold five SNFs to an unrelated third-party for approximately $65 million in net proceeds and recognized a loss on sale of approximately $0.4 million ( $0.1 million of which represents the Company’s share of the loss). Three Months Ended September 30, Nine Months Ended September 30, Entity 2021 2020 2021 2020 (in thousands) Second Spring Healthcare Investments (1) $ 309 $ 1,666 $ 12,013 $ 2,947 Second Spring II LLC (1) — (757) — Lakeway Realty, L.L.C. 637 637 1,923 1,860 Cindat Joint Venture 707 (398) 1,839 493 OMG Senior Housing, LLC (105) (108) (309) (387) OH CHS SNP, Inc. 5 (105) (140) (259) Total $ 1,552 $ 1,692 $ 14,569 $ 4,654 (1) The income from this unconsolidated joint venture for the nine months ended September 30, 2021 includes a $14.9 million gain on sale of real estate investments. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill as of September 30, 2021: (in thousands) Balance as of December 31, 2020 $ 651,737 Foreign currency translation (383) Balance as of September 30, 2021 $ 651,354 |
Schedule of Intangibles | The following is a summary of our intangibles as of September 30, 2021 and December 31, 2020: September 30, December 31, 2021 2020 (in thousands) Assets: Above market leases $ 22,410 $ 22,822 Accumulated amortization (20,721) (20,882) Net above market leases $ 1,689 $ 1,940 Liabilities: Below market leases $ 139,069 $ 139,515 Accumulated amortization (109,699) (100,996) Net below market leases $ 29,370 $ 38,519 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity [Abstract] | |
Schedule of common stock dividends | The following is a summary of our declared cash dividends on common stock: 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 November 5, 2021 November 15, 2021 0.67 |
Schedule of shares issued under ATM Programs | The following is a summary of the shares issued under the 2021 and 2015 ATM Programs for the three and nine months ended September 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 September 30, 2020 — $ — $ — $ — $ — Three Months Ended September 30, 2021 0.1 32.82 1.3 0.1 1.2 Nine Months Ended September 30, 2020 0.1 34.64 2.0 0.3 1.7 Nine Months Ended September 30, 2021 4.2 36.56 155.1 3.3 151.8 (1) Represents the average price per share after commissions. |
Schedule of dividend reinvestment and common stock purchase plan | The following is a summary of the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three and nine months ended September 30, 2020 and 2021: Shares issued Gross Proceeds Period Ended (in millions) (in millions) Three Months Ended September 30, 2020 — $ — Three Months Ended September 30, 2021 1.3 47.2 Nine Months Ended September 30, 2020 0.1 3.7 Nine Months Ended September 30, 2021 3.3 124.5 |
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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Foreign Currency Translation: Beginning balance $ (13,608) $ (68,795) $ (18,427) $ (35,100) Translation (loss) gain (12,646) 21,808 (8,515) (11,818) Realized (loss) gain (18) 19 670 (50) Ending balance (26,272) (46,968) (26,272) (46,968) Derivative Instruments: Cash flow hedges: Beginning balance 33,352 (9,699) 17,718 (2,369) Unrealized gain 1,116 7,223 15,407 1,401 Realized gain (loss) (1) 779 (1,500) 2,122 (3,008) Ending balance 35,247 (3,976) 35,247 (3,976) Net investment hedges: Beginning balance (16,024) 9,533 (13,331) (4,420) Unrealized gain (loss) 7,637 (9,953) 4,944 4,000 Ending balance (8,387) (420) (8,387) (420) Total accumulated other comprehensive income (loss) before noncontrolling interest 588 (51,364) 588 (51,364) Add: portion included in noncontrolling interest 888 2,263 888 2,263 Total accumulated other comprehensive income (loss) for Omega $ 1,476 $ (49,101) $ 1,476 $ (49,101) (1) Recorded in interest expense on the Consolidated Statements of Operations. |
TAXES (Tables)
TAXES (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in millions) Provision for federal, state and local income taxes $ 0.4 $ 0.3 $ 1.0 $ 0.8 Provision for foreign income taxes 0.6 0.5 1.9 1.8 Total provision for income taxes (1) $ 1.0 $ 0.8 $ 2.9 $ 2.6 (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) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Stock-based compensation expense $ 5,706 $ 5,122 $ 16,913 $ 14,380 |
BORROWING ACTIVITIES AND ARRA_2
BORROWING ACTIVITIES AND ARRANGEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | The following is a summary of our borrowings: Annual Interest Rate as of September 30, September 30, December 31, Maturity 2021 2021 2020 (in thousands) Secured borrowings HUD mortgages (1)(2) 2046 - 2052 3.01 % $ 361,688 $ 367,249 Term loan (3) 2022 3.75 % 2,275 2,275 Total secured borrowings 363,963 369,524 Unsecured borrowings Revolving borrowings: 2017 Revolving credit facility (4) N/A N/A — 101,158 Revolving credit facility (4) 2025 1.28 % — — Total revolving borrowings — 101,158 Senior notes and other unsecured borrowings: 2023 notes (4)(5) 2023 4.375 % 350,000 700,000 2024 notes (4) 2024 4.950 % 400,000 400,000 2025 notes (4) 2025 4.500 % 400,000 400,000 2026 notes (4) 2026 5.250 % 600,000 600,000 2027 notes (4) 2027 4.500 % 700,000 700,000 2028 notes (4) 2028 4.750 % 550,000 550,000 2029 notes (4) 2029 3.625 % 500,000 500,000 2031 notes (4) 2031 3.375 % 700,000 700,000 2033 notes (4)(6) 2033 3.250 % 700,000 — Subordinated debt (2)(7) 2021 9.000 % 20,000 20,000 Sterling term loan (4)(8) N/A N/A — 136,700 2017 OP term loan (9) N/A N/A — 50,000 OP term loan (9)(10) 2025 3.29 % 50,000 — Deferred financing costs – net (28,157) (26,421) Discount – net (32,753) (31,709) Total senior notes and other unsecured borrowings – net 4,909,090 4,698,570 Total unsecured borrowings – net 4,909,090 4,799,728 Total secured and unsecured borrowings – net (11)(12) $ 5,273,053 $ 5,169,252 (1) Reflects the weighted average annual contractual interest rate on the mortgages at September 30, 2021. Secured by real estate assets with a net carrying value of $551.3 million as of September 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) As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, to the extent Gulf Coast fails to pay rent when due to us under its master lease, this Subordinated debt is subject to offset. (8) 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. (9) Omega OP is the obligor on this borrowing. (10) The weighted average interest rate of the OP Term Loan has been adjusted to reflect the impact of the interest rate swaps that effectively fix the LIBOR based portion of the interest rate at 1.84% . (11) All borrowings are direct borrowings of Parent unless otherwise noted. (12) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of September 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 . |
DERIVATIVE AND HEDGING (Tables)
DERIVATIVE AND HEDGING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
DERIVATIVES AND HEDGING [Abstract] | |
Location and the fair value of derivative instruments designated as hedges | The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: September 30, December 31, 2021 2020 Cash flow hedges: (in thousands) Other assets $ 36,864 $ 17,005 Accrued expenses and other liabilities $ 318 $ 955 Net investment hedges: Other assets $ 7,954 $ — Accrued expenses and other liabilities $ — $ — |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | At September 30, 2021 and December 31, 2020, the net carrying amounts and fair values of our other financial instruments were as follows: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 10,762 $ 10,762 $ 10,764 $ 10,764 Mortgage notes receivable – net 873,737 920,305 885,313 924,353 Other investments – net 434,028 443,051 467,442 474,552 Total $ 1,318,527 $ 1,374,118 $ 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 49,635 50,000 — — 4.375% notes due 2023 – net 348,958 370,531 696,981 770,635 4.95% notes due 2024 – net 397,472 435,064 396,714 441,194 4.50% notes due 2025 – net 397,495 435,968 396,924 444,652 5.25% notes due 2026 – net 596,966 680,964 596,437 697,993 4.50% notes due 2027 – net 692,007 779,618 690,909 794,294 4.75% notes due 2028 – net 543,656 617,886 542,899 633,950 3.625% notes due 2029 – net 490,379 525,580 489,472 532,248 3.375% notes due 2031 – net 683,145 711,956 681,802 731,541 3.25% notes due 2033 – net 689,357 692,769 — — HUD mortgages – net 361,688 396,606 367,249 409,004 Subordinated debt – net 20,020 20,408 20,083 21,599 Total $ 5,273,053 $ 5,719,625 $ 5,169,252 $ 5,767,243 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021, are outlined in the table below (in thousands): Total commitments (1) $ 743,154 Amounts funded to date (2) (502,020) Remaining commitments (3) $ 241,134 (1) Includes our $177.7 million commitment relating to the redevelopment of the real estate property located in Washington, D.C. discussed in Note 2 – Real Estate Investments. (2) Includes finance costs. (3) This amount excludes our remaining commitments to fund under our other investments of approximately $60.1 million. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except per share amounts) Numerator: Net income (loss) $ 142,835 $ (93,768) $ 394,064 $ 100,471 Deduct: net (income) loss attributable to noncontrolling interests (3,888) 2,477 (10,616) (2,540) Net income (loss) available to common stockholders $ 138,947 $ (91,291) $ 383,448 $ 97,931 Denominator: Denominator for basic earnings per share 239,282 227,507 236,027 227,393 Effect of dilutive securities: Common stock equivalents 634 — 903 1,065 Noncontrolling interest – Omega OP Units 6,701 6,168 6,547 6,078 Denominator for diluted earnings per share 246,617 233,675 243,477 234,536 Earnings per share - basic: Net income (loss) available to common stockholders $ 0.58 $ (0.40) $ 1.62 $ 0.43 Earnings per share – diluted: Net income (loss) (1) $ 0.58 $ (0.40) $ 1.62 $ 0.43 (1) F or the three months ended September 30, 2020, approximately 904 potential common shares/units are not included in the computation of diluted earnings per share as a net loss exists and therefore the effect would be an antidilutive per share amount. |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 102,664 $ 35,951 Restricted cash 3,341 4,164 Cash, cash equivalents and restricted cash at end of period $ 106,005 $ 40,115 Supplemental information: Interest paid during the period, net of amounts capitalized $ 166,934 $ 174,247 Taxes paid during the period $ 5,028 $ 5,493 Non cash investing activities Non cash acquisition of real estate $ (49,857) $ — Non cash proceeds from sale of real estate investments $ — $ 83,910 Non cash placement of mortgages $ (7,000) $ (86,936) Non cash collection of mortgage principal $ 49,857 $ — Non cash investment in other investments $ — $ (121,139) Non cash proceeds from other investments $ 7,000 $ 68,025 Non cash financing activities Non cash borrowing of other long-term borrowings $ — $ 6,459 Change in fair value of cash flow hedges $ 28,450 $ (1,637) Remeasurement of debt denominated in a foreign currency $ 3,010 $ (4,000) |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)facility$ / shares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2021USD ($)segmentfacility$ / shares | Sep. 30, 2020USD ($)$ / shares | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||
Number of reportable segment | segment | 1 | ||||||
Number of Operating Segments | segment | 1 | ||||||
Impairment of Real Estate | $ 42,453 | $ 47,210 | |||||
Special cash dividend (per share) | $ / shares | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 2.01 | $ 2.01 |
Rental income | $ 247,164 | $ 83,226 | $ 705,880 | $ 526,258 | |||
Real estate tax expense | $ 3,272 | $ 2,127 | $ 9,002 | $ 9,448 | |||
Number of real estate properties | facility | 963 | 963 | |||||
Real estate investments - net | $ 7,094,421 | $ 6,705,240 | $ 7,094,421 | ||||
Interest receivable | $ 10,031 | $ 12,195 | $ 10,031 | ||||
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% |
REAL ESTATE INVESTMENTS (Leased
REAL ESTATE INVESTMENTS (Leased Property) (Narrative) (Detail) | Sep. 30, 2021facility |
Number of real estate properties | 963 |
Skilled Nursing Facilities [Member] | Facilities Leased | |
Number of real estate properties | 715 |
Assisted Living Facilities [Member] | Facilities Leased | |
Number of real estate properties | 134 |
Specialty [Member] | Facilities Leased | |
Number of real estate properties | 35 |
Medical Office Building [Member] | Facilities Leased | |
Number of real estate properties | 2 |
REAL ESTATE INVESTMENTS (Summar
REAL ESTATE INVESTMENTS (Summary of our investment in leased real estate properties) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 9,268,967 | $ 8,702,154 |
Less accumulated depreciation | (2,174,546) | (1,996,914) |
Real estate investments - net | 7,094,421 | 6,705,240 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 7,394,094 | 6,961,509 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 940,088 | 883,765 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 532,157 | 518,664 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | 329,290 | 308,087 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total real estate investments | $ 73,338 | $ 30,129 |
REAL ESTATE INVESTMENTS (Schedu
REAL ESTATE INVESTMENTS (Schedule of operating lease income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Lease, Lease Income [Abstract] | ||||
Rental income - operating leases | $ 243,831 | $ 81,424 | $ 697,140 | $ 517,384 |
Variable lease income - operating leases | 3,333 | 1,802 | 8,740 | 8,874 |
Total rental income | $ 247,164 | $ 83,226 | $ 705,880 | $ 526,258 |
REAL ESTATE INVESTMENTS (Sche_2
REAL ESTATE INVESTMENTS (Schedule of Significant Acquisitions) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)facilitypropertyitem | Mar. 31, 2021USD ($)facility | Jun. 30, 2021USD ($)property | Sep. 30, 2021USD ($)facilitypropertyitem | Sep. 30, 2020USD ($) | Jan. 20, 2021facility | |
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | 963 | 963 | ||||
Payments to acquire businesses, gross | $ | $ 604,000 | |||||
Payments to acquire real estate | $ | 615,907 | $ 27,230 | ||||
Total commitments | $ | $ 743,154 | 743,154 | ||||
UNITED KINGDOM | ||||||
Real Estate Properties [Line Items] | ||||||
Payments to acquire businesses, gross | $ | $ 9,600 | |||||
Initial Annual Cash Yield (%) | 7.89% | |||||
Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Payments to acquire businesses, gross | $ | $ 511,300 | |||||
Initial Annual Cash Yield (%) | 8.43% | |||||
FL | ||||||
Real Estate Properties [Line Items] | ||||||
Payments to acquire businesses, gross | $ | $ 83,100 | |||||
Initial Annual Cash Yield (%) | 9.25% | |||||
DISTRICT OF COLUMBIA | ||||||
Real Estate Properties [Line Items] | ||||||
Total commitments | $ | $ 177,700 | 177,700 | ||||
DISTRICT OF COLUMBIA | Maplewood Real Estate Holdings | ||||||
Real Estate Properties [Line Items] | ||||||
Payments to acquire real estate | $ | 68,000 | |||||
Total commitments | $ | $ 177,700 | $ 177,700 | ||||
DISTRICT OF COLUMBIA | Scenario, Plan [Member] | Maplewood Real Estate Holdings | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Beds | item | 174 | 174 | ||||
DISTRICT OF COLUMBIA | Scenario, Construction Phase [Member] | Maplewood Real Estate Holdings | ||||||
Real Estate Properties [Line Items] | ||||||
Financing accrual interest rate, expected percentage | 5.00% | 5.00% | ||||
DISTRICT OF COLUMBIA | Scenario, Following Construction Phase [Member] | Maplewood Real Estate Holdings | ||||||
Real Estate Properties [Line Items] | ||||||
Percentage Of Annual Cash Yield Increase In Year One | 6.00% | |||||
Percentage Of Annual Cash Yield Increase In Year Two | 7.00% | |||||
Percentage Of Annual Cash Yield Increase In Year Three | 8.00% | |||||
Percentage of annual escalators | 2.50% | 2.50% | ||||
One Parcel of Land | ||||||
Real Estate Properties [Line Items] | ||||||
Payment to acquire land | $ | $ 10,400 | |||||
Skilled Nursing Facilities [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | 716 | 716 | ||||
Assisted Living Facilities [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | 134 | 134 | ||||
Specialty [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | property | 35 | 35 | ||||
Medical Office Building [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | 2 | 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 | 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 | 19 | 19 | ||||
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM | ||||||
Real Estate Properties [Line Items] | ||||||
Number of real estate properties | 2 | 2 | ||||
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 | 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 |
ASSETS HELD FOR SALE (Narrative
ASSETS HELD FOR SALE (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($)facility | Sep. 30, 2021USD ($)facility | Sep. 30, 2020USD ($) | |
Number of real estate properties | facility | 963 | 963 | |
Impairment on real estate properties | $ | $ 42,453 | $ 47,210 | |
Facilities with Impairment Charges and Classified to Assets Held for Sale [Member] | |||
Number of real estate properties | facility | 12 | 12 | |
Facilities With Impairment Charges Held For Use [Member] | |||
Number of real estate properties | facility | 1 | 1 | |
6 Facilities | |||
Impairment on real estate properties | $ | $ 4,900 | ||
6 Facilities | Facilities With Impairment Charges [Member] | |||
Number of real estate properties | facility | 6 | 6 | |
13 Facilities | |||
Impairment on real estate properties | $ | $ 42,500 | ||
13 Facilities | Facilities With Impairment Charges [Member] | |||
Number of real estate properties | facility | 13 | 13 | |
15 Facilities | |||
Total proceeds | $ | $ 109,700 | ||
Amount of gain (loss) from sale of facilities | $ | $ 56,200 | ||
15 Facilities | Facilities Sold | |||
Number of real estate properties | facility | 15 | 15 | |
45 Facilities | |||
Total proceeds | $ | $ 310,800 | ||
Amount of gain (loss) from sale of facilities | $ | $ 160,600 | ||
45 Facilities | Facilities Sold | |||
Number of real estate properties | facility | 45 | 45 |
ASSETS HELD FOR SALE (Schedule
ASSETS HELD FOR SALE (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | Sep. 30, 2021USD ($)propertyfacility | Dec. 31, 2020USD ($)facility |
Number of real estate properties | 963 | |
Amount of Assets Held for Sale | $ | $ 21,528 | $ 81,452 |
Facilities Held for Sale [Member] | ||
Number of real estate properties | 11 | 22 |
Land Excluded from Facilities Held for Sale [Member] | Land [Member] | ||
Number of real estate properties | property | 1 |
CONTRACTUAL RECEIVABLES AND O_3
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Narrative) (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021USD ($)facilityitem | Sep. 30, 2021USD ($)itemfacility | Jun. 30, 2021USD ($)facility | Mar. 31, 2021item | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)facilityitem | Sep. 30, 2021USD ($)itemfacility | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | May 31, 2018USD ($) | |
Contractual receivables - net | $ 16,658 | $ 16,658 | $ 16,658 | $ 16,658 | $ 10,408 | |||||
Number of real estate properties | facility | 963 | 963 | 963 | 963 | ||||||
Straight-line rent receivables | $ 149,134 | $ 149,134 | $ 149,134 | $ 149,134 | 139,046 | |||||
Revenues | 281,672 | $ 119,177 | 812,860 | $ 628,596 | ||||||
Rental income | $ 247,164 | $ 83,226 | 705,880 | $ 526,258 | ||||||
Three Operators Placed On A Cash Basis [Member] | ||||||||||
Provision of of straight-line rent and contractual receivables | $ 3,400 | |||||||||
Number of operators placed on a cash basis | item | 3 | |||||||||
One Operator Placed On Cash Basis [Member] | ||||||||||
Number of operators placed on a cash basis | item | 1 | |||||||||
Two Operators Placed on Cash Basis [Member] | ||||||||||
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 | $ 20,000 | $ 20,000 | |||||
Debt instrument, interest rate, stated percentage | 9.00% | 9.00% | 9.00% | 9.00% | ||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Three Operators Placed On A Cash Basis [Member] | ||||||||||
Concentration risk, percentage | 0.30% | 0.50% | ||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Security deposit used against uncollected receivables | $ 9,300 | $ 9,300 | $ 9,300 | $ 9,300 | ||||||
Potential accumulated deferred rent payments | 3,200 | 3,200 | 3,200 | $ 3,200 | $ 6,300 | |||||
Revenues | 8,400 | |||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||
Concentration risk, percentage | 4.70% | 6.00% | ||||||||
Gulf Coast LLC [Member] | ||||||||||
Contractual receivables - net | 5,600 | 5,600 | 5,600 | $ 5,600 | ||||||
Security deposit used against uncollected receivables | 3,300 | 3,300 | 3,300 | 3,300 | ||||||
Provision of of straight-line rent and contractual receivables | $ 17,400 | |||||||||
Rental income | 9,800 | |||||||||
Gulf Coast LLC [Member] | Unsecured Debt [Member] | Subordinated debt | ||||||||||
Long-term Debt, Gross | $ 20,000 | $ 20,000 | $ 20,000 | $ 20,000 | ||||||
Number of notes outstanding by entity | item | 5 | 5 | 5 | 5 | ||||||
Debt instrument, interest rate, stated percentage | 9.00% | 9.00% | 9.00% | 9.00% | ||||||
Debt instrument, maturity date | Dec. 21, 2021 | |||||||||
Accrued interest offset against uncollectible receivables | $ 900 | $ 900 | $ 900 | $ 900 | ||||||
Gulf Coast LLC [Member] | Facilities Leased | ||||||||||
Number of real estate properties | facility | 24 | 24 | 24 | 24 | 24 | |||||
Gulf Coast LLC [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||
Concentration risk, percentage | 2.60% | 2.80% |
CONTRACTUAL RECEIVABLES AND O_4
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Schedule of Net Accounts Receivable) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | ||
Contractual receivables - net | $ 16,658 | $ 10,408 |
Effective yield interest receivables | 10,031 | 12,195 |
Straight-line rent receivables | 149,134 | 139,046 |
Lease inducements | 77,799 | 83,425 |
Other receivables and lease inducements | $ 236,964 | $ 234,666 |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2021propertystatefacilityitementity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 963 |
Number of states | state | 42 |
Skilled Nursing Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 716 |
Assisted Living Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 134 |
Facilities Under Fixed Rate Mortgage Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 65 |
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 | 60 |
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 | 6 |
Number of states | state | 6 |
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 | 9 Months Ended | ||
Jun. 30, 2021USD ($)contract | Sep. 30, 2021USD ($)facility | Jan. 20, 2021facility | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 1,412,660 | |||
Number of real estate properties | facility | 963 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 915,720 | $ 918,558 | ||
Allowance for credit losses | (41,983) | (33,245) | ||
Total mortgages - net | 873,737 | 885,313 | ||
Mortgage Loans on Real Estate | 873,737 | 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 | ||
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 | $ 651,304 | 670,015 | ||
Maturity year | 2029 | |||
Mortgage Receivable [Member] | Other Mortgage Notes Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 151,916 | $ 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 | 8.84% | |||
Weighted Average [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans on real estate, interest rate | 10.78% | |||
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 2023 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 7,400 | |||
Maturity year | 2023 | |||
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 | |||
Maturity year | 2021 | |||
Facility Mortgage [Member] | Mortgage Receivable [Member] | Remaining Notes Due Through 2029 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity year | 2029 | |||
One Facility Previously Subject To Construction Mortgage [Member] | Construction Loans [Member] | One Mortgage Note Due 2021 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage notes receivable | $ 13,900 | |||
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 | 45 | |||
Facilities Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 24 | |||
Facilities Acquired | One Facility Previously Subject To Construction Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 1 |
MORTGAGE NOTES RECEIVABLE (Othe
MORTGAGE NOTES RECEIVABLE (Other Mortgage Notes Outstanding) (Narrative) (Details) $ in Thousands | Jul. 01, 2021USD ($)facility | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($)facility | Jan. 20, 2021facility |
Number of real estate properties | 963 | |||
Mortgage notes receivable | $ | $ 1,412,660 | |||
Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | MD | Other Mortgage Notes Member | ||||
Mortgage notes receivable | $ | $ 36,000 | |||
Mortgage Loans on Real Estate, Interest Rate | 13.75% | |||
Eight Facilities Financed [Member] | OH | Other Mortgage Notes Member | ||||
Number of real estate properties | 8 | |||
Mortgage notes receivable | $ | $ 72,400 | |||
Mortgage Loans on Real Estate, Interest Rate | 10.50% | |||
Two Facilities Financed [Member] | OH | Other Mortgage Notes Member | ||||
Mortgage notes receivable | $ | $ 6,400 | |||
Two Facilities Financed [Member] | Skilled Nursing Facilities [Member] | OH | Other Mortgage Notes Member | ||||
Number of real estate properties | 2 | |||
Six Facilities Financed [Member] | Skilled Nursing Facilities [Member] | OH | Other Mortgage Notes Member | ||||
Number of real estate properties | 6 | |||
Facilities Acquired | ||||
Number of real estate properties | 24 | |||
Facilities Acquired | 3 Facilities | MD | Other Mortgage Notes Member | ||||
Number of real estate properties | 3 | |||
Facilities Acquired | Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | MD | Other Mortgage Notes Member | ||||
Number of real estate properties | 3 | |||
Facilities Owned and Leased [Member] | MD | Other Mortgage Notes Member | ||||
Lessor, Leases, Annual Increase in Rent Amount, Percentage | 2.50% | |||
Expected rent first year | $ | $ 5,000 | |||
Investment Maturity Date | Dec. 31, 2032 | |||
Facilities Owned and Leased [Member] | Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | MD | Other Mortgage Notes Member | ||||
Number of real estate properties | 3 |
OTHER INVESTMENTS (Schedule of
OTHER INVESTMENTS (Schedule of Receivables) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 1,412,660 | ||
Total other investments | 434,028 | $ 467,442 | |
Genesis Healthcare [Member] | |||
Schedule of Investments [Line Items] | |||
Investment Maturity Date | Jan. 1, 2024 | Jul. 29, 2020 | |
Other Investment Receivables [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | 485,519 | $ 498,899 | |
Allowance for credit losses | (51,491) | (31,457) | |
Other Investment Note Due 2024 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 88,929 | 83,636 | |
Maturity year | 2024 | ||
Other Investment Note Due 2024 First Loan [Member] | Genesis Healthcare [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 69,800 | ||
Other Investment Note Due 2024 Second Loan [Member] | Genesis Healthcare [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | 19,100 | ||
Other Investment Note Due 2024 Through 2025 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | 56,190 | 56,987 | |
Other Investment Note Due 2023 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 40,167 | 49,973 | |
Interest rate | 12.00% | ||
Maturity year | 2023 | ||
Other Investments Note Due 2030 [Member] | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 187,048 | 147,148 | |
Interest rate | 7.00% | ||
Maturity year | 2030 | ||
Other investment notes outstanding | |||
Schedule of Investments [Line Items] | |||
Other investments, gross | $ 113,185 | $ 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 | 2031 | ||
Weighted Average [Member] | Other Investment Note Due 2024 [Member] | |||
Schedule of Investments [Line Items] | |||
Interest rate | 13.14% | ||
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 | 8.81% |
OTHER INVESTMENTS (Other invest
OTHER INVESTMENTS (Other investments notes due 2024-2025) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loan recorded in other investments | $ 1,412,660 | $ 1,412,660 | |||
Provision (Recovery) for Credit Losses | 25,511 | $ 28,230 | 28,023 | $ 29,731 | |
Other Investment Receivables [Member] | |||||
Loan recorded in other investments | 485,519 | 485,519 | $ 498,899 | ||
Provision (Recovery) for Credit Losses | 16,031 | 26,358 | 20,129 | $ 24,504 | |
Other Investment Note Due 2024 Through 2025 [Member] | |||||
Loan recorded in other investments | 56,190 | 56,190 | $ 56,987 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Security deposit used against uncollected receivables | 9,300 | 9,300 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investment Note Due 2024 Through 2025 [Member] | Agemo Holdings LLC [Member] | |||||
Provision (Recovery) for Credit Losses | 16,700 | $ 22,700 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investment Note Due 2024 Term Loan [Member] | Agemo Holdings LLC [Member] | |||||
Loan recorded in other investments | $ 32,000 | $ 32,000 | |||
Investment Maturity Date | Dec. 31, 2024 | Dec. 31, 2024 | |||
Interest rate | 9.00% | 9.00% | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investment Note Due 2025 Working Capital Loan [Member] | Agemo Holdings LLC [Member] | |||||
Loan recorded in other investments | $ 25,000 | $ 25,000 | |||
Investment Maturity Date | Apr. 30, 2025 | Apr. 30, 2025 | |||
Interest rate | 7.00% | 7.00% |
ALLOWANCE FOR CREDIT LOSSES (Na
ALLOWANCE FOR CREDIT LOSSES (Narrative) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accrued investment income receivable | $ 10,600 | ||
Effective yield interest receivables | $ 10,031 | $ 12,195 | |
Other Investment Note Due 2024 Through 2025 [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Interest receivable, reserve, nonaccrual | $ 3,800 |
ALLOWANCE FOR CREDIT LOSSES (Sc
ALLOWANCE FOR CREDIT LOSSES (Schedule of expected credit loss per segment) (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)facility | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)facility | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | $ 67,841 | $ 28,785 | |||
Provision (Recovery) for Credit Losses | $ 25,511 | $ 28,230 | 28,023 | 29,731 | |
Write-offs charged against allowance for the period ended | (95) | (217) | |||
ECL Ending balance | $ 95,769 | 63,421 | $ 95,769 | 63,421 | |
Number of real estate properties | facility | 963 | 963 | |||
Mortgage notes receivable | $ 1,412,660 | $ 1,412,660 | |||
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 | 344 | 2,369 | (809) | 2,332 | |
ECL Ending balance | 1,636 | 2,432 | 1,636 | 2,432 | |
Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 33,245 | 21,386 | |||
Provision (Recovery) for Credit Losses | 9,103 | (503) | 8,738 | 2,894 | |
ECL Ending balance | 41,983 | 29,185 | 41,983 | 29,185 | |
Mortgage notes receivable | 915,720 | 915,720 | $ 918,558 | ||
Mortgage Receivable [Member] | Mortgage Note Due 2027 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | $ 112,500 | $ 112,500 | 112,500 | ||
Mortgage Receivable [Member] | Facilities With Movement in Credit Rating [Member] | Mortgage Note Due 2027 [Member] | 9 Facilities | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Number of real estate properties | facility | 9 | 9 | |||
Direct Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | $ 11,421 | $ 11,421 | |||
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 | 33 | 6 | (35) | 1 | |
Write-offs charged against allowance for the period ended | (217) | ||||
ECL Ending balance | 659 | 612 | 659 | 612 | |
Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 31,457 | 6,688 | |||
Provision (Recovery) for Credit Losses | 16,031 | 26,358 | 20,129 | 24,504 | |
Write-offs charged against allowance for the period ended | (95) | ||||
ECL Ending balance | 51,491 | 31,192 | 51,491 | 31,192 | |
Mortgage notes receivable | 485,519 | 485,519 | 498,899 | ||
Other Investment Note Due 2024 Through 2025 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 56,190 | 56,190 | $ 56,987 | ||
Other Investment Note Due 2024 Through 2025 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | 16,700 | 22,700 | |||
Other Investment Note Due 2024 Term Loan [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 32,000 | 32,000 | |||
Other Investment Note Due 2025 Working Capital Loan [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 25,000 | 25,000 | |||
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 One [Member] | Mortgage Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 65,874 | 65,874 | |||
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 | (53) | 16 | (90) | 16 | |
ECL Ending balance | 26 | 16 | 26 | 16 | |
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 | (12) | (36) | (65) | 97 | |
ECL Ending balance | 23 | 97 | 23 | 97 | |
Mortgage notes receivable | 21,325 | 21,325 | |||
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 | 20 | (41) | (38) | (112) | |
ECL Ending balance | 56 | 83 | 56 | 83 | |
Mortgage notes receivable | 18,200 | 18,200 | |||
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 | (177) | 2,389 | (1,300) | 2,389 | |
ECL Ending balance | 1,005 | 2,389 | 1,005 | 2,389 | |
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 | 1,580 | (11) | 1,603 | (85) | |
ECL Ending balance | 2,557 | 816 | 2,557 | 816 | |
Mortgage notes receivable | 72,420 | 72,420 | |||
Internal Credit Rating Three [Member] | Direct Financing Receivable [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 11,421 | 11,421 | |||
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 | 33 | 6 | (35) | 1 | |
Write-offs charged against allowance for the period ended | (217) | ||||
ECL Ending balance | 659 | 612 | 659 | 612 | |
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 | 894 | 2,911 | 628 | 2,499 | |
ECL Ending balance | 5,741 | 3,933 | 5,741 | 3,933 | |
Mortgage notes receivable | 254,281 | 254,281 | |||
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 | 201 | (36) | 208 | (73) | |
ECL Ending balance | 232 | 27 | 232 | 27 | |
Internal Credit Rating Four [Member] | Off Balance Sheet Financing Receivable Segment Note Commitment [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | 373 | 373 | |||
ECL Ending balance | 373 | 373 | |||
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 | (1,705) | (415) | (1,825) | 3,359 | |
ECL Ending balance | 25,040 | 22,652 | 25,040 | 22,652 | |
Mortgage notes receivable | 629,978 | 629,978 | |||
Internal Credit Rating Four [Member] | Mortgage Receivable [Member] | Mortgage Note Due 2027 [Member] | 9 Facilities | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Mortgage notes receivable | 112,500 | 112,500 | |||
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 | (27,164) | 23,574 | (22,675) | 22,748 | |
ECL Ending balance | 1,722 | 25,906 | 1,722 | 25,906 | |
Mortgage notes receivable | 146,985 | 146,985 | |||
Internal Credit Rating Four [Member] | Other Investment Note Due 2024 Term Loan and One Additional Loan [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit loss increase (decrease) | (27,200) | ||||
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 | 9,240 | (66) | 9,025 | (475) | |
ECL Ending balance | 9,458 | 354 | 9,458 | 354 | |
Mortgage notes receivable | 119,746 | 119,746 | |||
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 | 6,327 | (86) | 6,260 | (631) | |
Write-offs charged against allowance for the period ended | (95) | ||||
ECL Ending balance | 8,018 | 1,270 | 8,018 | 1,270 | |
Mortgage notes receivable | 30,099 | 30,099 | |||
Internal Credit Rating Five [Member] | Other Investment Note Due 2025 Working Capital Loan [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit loss increase (decrease) | 7,900 | ||||
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 | 25 | (2) | |||
ECL Ending balance | 4,905 | $ 5,266 | 4,905 | 5,266 | |
Mortgage notes receivable | 6,377 | 6,377 | |||
Internal Credit Rating Six [Member] | Other Investment Receivables [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | 35,954 | 35,954 | |||
ECL Ending balance | 35,954 | 35,954 | |||
Allowance for credit loss increase (decrease) | 27,200 | ||||
Mortgage notes receivable | 35,954 | $ 35,954 | |||
Internal Credit Rating Six [Member] | Other Investment Note Due 2024 Term Loan [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for credit loss increase (decrease) | $ 8,800 | ||||
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 | Sep. 30, 2021 | Dec. 31, 2020 |
2021 | $ 87,317 | |
2020 | 110,676 | |
2019 | 35,924 | |
2018 | 195,642 | |
2017 | 46,404 | |
2016 | 112,163 | |
2015 & older | 597,736 | |
Revolving Loans | 226,798 | |
Total Balance at September 30, 2021 | 1,412,660 | |
Mortgage Receivable [Member] | ||
2021 | 86,650 | |
2020 | 110,676 | |
2019 | 4,996 | |
2018 | 44,341 | |
2017 | 46,404 | |
2016 | 39,505 | |
2015 & older | 583,148 | |
Total Balance at September 30, 2021 | 915,720 | $ 918,558 |
Mortgage Receivable [Member] | Internal Credit Rating One [Member] | ||
2015 & older | 65,874 | |
Total Balance at September 30, 2021 | 65,874 | |
Mortgage Receivable [Member] | Internal Credit Rating Two [Member] | ||
2020 | 21,325 | |
Total Balance at September 30, 2021 | 21,325 | |
Mortgage Receivable [Member] | Internal Credit Rating Three [Member] | ||
2021 | 72,420 | |
Total Balance at September 30, 2021 | 72,420 | |
Mortgage Receivable [Member] | Internal Credit Rating Four [Member] | ||
2021 | 14,230 | |
2020 | 89,351 | |
2019 | 4,996 | |
2018 | 44,341 | |
2017 | 46,404 | |
2016 | 39,505 | |
2015 & older | 391,151 | |
Total Balance at September 30, 2021 | 629,978 | |
Mortgage Receivable [Member] | Internal Credit Rating Five [Member] | ||
2015 & older | 119,746 | |
Total Balance at September 30, 2021 | 119,746 | |
Mortgage Receivable [Member] | Internal Credit Rating Six [Member] | ||
2015 & older | 6,377 | |
Total Balance at September 30, 2021 | 6,377 | |
Direct Financing Receivable [Member] | ||
2015 & older | 11,421 | |
Total Balance at September 30, 2021 | 11,421 | |
Direct Financing Receivable [Member] | Internal Credit Rating Three [Member] | ||
2015 & older | 11,421 | |
Total Balance at September 30, 2021 | 11,421 | |
Other Investment Receivables [Member] | ||
2021 | 667 | |
2019 | 30,928 | |
2018 | 151,301 | |
2016 | 72,658 | |
2015 & older | 3,167 | |
Revolving Loans | 226,798 | |
Total Balance at September 30, 2021 | 485,519 | $ 498,899 |
Other Investment Receivables [Member] | Internal Credit Rating Two [Member] | ||
Revolving Loans | 18,200 | |
Total Balance at September 30, 2021 | 18,200 | |
Other Investment Receivables [Member] | Internal Credit Rating Three [Member] | ||
2019 | 19,706 | |
2018 | 27,810 | |
2015 & older | 3,167 | |
Revolving Loans | 203,598 | |
Total Balance at September 30, 2021 | 254,281 | |
Other Investment Receivables [Member] | Internal Credit Rating Four [Member] | ||
2021 | 667 | |
2019 | 11,222 | |
2018 | 88,929 | |
2016 | 41,167 | |
Revolving Loans | 5,000 | |
Total Balance at September 30, 2021 | 146,985 | |
Other Investment Receivables [Member] | Internal Credit Rating Five [Member] | ||
2018 | 30,099 | |
Total Balance at September 30, 2021 | 30,099 | |
Other Investment Receivables [Member] | Internal Credit Rating Six [Member] | ||
2018 | 4,463 | |
2016 | 31,491 | |
Total Balance at September 30, 2021 | $ 35,954 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 31, 2018 | |
Variable Interest Entity [Line Items] | ||||||
Total Assets | $ 9,779,949 | $ 9,779,949 | $ 9,497,449 | |||
Total Liabilities | (5,542,481) | (5,542,481) | (5,460,842) | |||
Other investment income | 10,780 | $ 11,286 | 34,245 | $ 32,870 | ||
Provision (Recovery) for Credit Losses | 25,511 | 28,230 | 28,023 | 29,731 | ||
Other Investment Receivables [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Provision (Recovery) for Credit Losses | 16,031 | 26,358 | 20,129 | 24,504 | ||
Maplewood Real Estate Holdings | ||||||
Variable Interest Entity [Line Items] | ||||||
Revenue | 38,214 | |||||
Maplewood Real Estate Holdings | Rental and Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable interest entity rental and other investment income | 51,400 | |||||
Maplewood Real Estate Holdings | Rental Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Rental income | 33,381 | |||||
Maplewood Real Estate Holdings | Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other investment income | 4,833 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 351,695 | 351,695 | 405,609 | |||
Total Liabilities | (115) | (115) | ||||
Maximum exposure to loss | 8,584 | 8,584 | 17,346 | |||
Revenue | 12,864 | (62,069) | 38,974 | (29,429) | ||
Potential accumulated deferred rent payments | 3,200 | 3,200 | $ 6,300 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investment Note Due 2024 Through 2025 [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Provision (Recovery) for Credit Losses | 16,700 | 22,700 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investment Note Due 2025 Working Capital Loan [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Pledged accounts receivable with second priority security interest | 16,700 | 16,700 | 25,000 | |||
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 | 14,100 | 13,400 | 42,100 | 40,100 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Rental Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Rental income | 12,624 | (63,128) | 36,399 | (33,026) | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other investment income | 240 | 1,059 | 2,575 | $ 3,597 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Letters of credit | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (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 | (334,996) | (334,996) | (371,010) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Collateral Pledged [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (342,996) | (342,996) | (388,263) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Real Estate Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 334,996 | 334,996 | 371,010 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Contractual Receivable [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 346 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Other Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 16,699 | 16,699 | 34,253 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Security Deposit [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (115) | (115) | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 1,023,592 | 1,023,592 | 911,525 | |||
Total Liabilities | (49,550) | (49,550) | (44,246) | |||
Maximum exposure to loss | 119,646 | 119,646 | 76,791 | |||
Revenue | 24,079 | 15,178 | 68,044 | |||
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 | 21,500 | 17,500 | 60,500 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Rental Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Rental income | 20,768 | 13,199 | 58,893 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Investment Income [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other investment income | 3,311 | $ 1,979 | 9,151 | |||
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 | (814,396) | (814,396) | (750,488) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Collateral Pledged [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (854,396) | (854,396) | (790,488) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Real Estate Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 814,396 | 814,396 | 750,488 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Contractual Receivable [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 1,091 | 1,091 | 887 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Investments [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 187,048 | 187,048 | 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 | (45,263) | (45,263) | (56,664) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Lease inducement [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 65,647 | 65,647 | 69,666 | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Assets [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Assets | 673 | 673 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Net In Place Lease Liability [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (311) | (311) | (331) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Security Deposit [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | (4,651) | (4,651) | ||||
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) | |||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | Other Liabilities [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total Liabilities | $ (673) | $ (673) |
INVESTMENT IN JOINT VENTURES _3
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Gross | $ 1,412,660 | $ 1,412,660 | |||
Assets management fees recognized | 200 | $ 300 | 700 | $ 1,000 | |
Mortgage Receivable [Member] | |||||
Financing Receivable, Gross | 915,720 | 915,720 | $ 918,558 | ||
Safely You Incorporated [Member] | |||||
Equity securities without readily determinable fair value, amount | $ 20,000 | $ 20,000 | |||
Investment in equity securities ownership percentage | 5.00% | 5.00% | |||
Warrants to purchase additional equity securities, percentage | 5.00% | 5.00% |
INVESTMENT IN JOINT VENTURES _4
INVESTMENT IN JOINT VENTURES AND OTHER EQUITY INVESTMENTS (Schedule of equity method investments) (Details) $ in Thousands | Mar. 10, 2021USD ($) | Mar. 31, 2021USD ($)facility | Sep. 30, 2021USD ($)facilitypropertycontract | Mar. 31, 2021USD ($)facility | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)facilitypropertycontract | Sep. 30, 2021USD ($)facilitypropertycontract | Sep. 30, 2020USD ($) | Jan. 20, 2021facility | Dec. 31, 2020USD ($) | May 17, 2019 |
Number of real estate properties | facility | 963 | 963 | 963 | ||||||||
Investments in unconsolidated joint ventures | $ 193,741 | $ 193,741 | $ 193,741 | $ 200,638 | |||||||
Financing Receivable, Gross | $ 1,412,660 | $ 1,412,660 | $ 1,412,660 | ||||||||
Number of operators | contract | 63 | 63 | 63 | ||||||||
Income (loss) from unconsolidated joint ventures | $ 1,552 | $ 1,692 | $ 14,569 | $ 4,654 | |||||||
Payments to acquire real estate | 615,907 | 27,230 | |||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Investment | 240,784 | ||||||||||
Investments in unconsolidated joint ventures | 193,741 | $ 193,741 | 193,741 | 200,638 | |||||||
Income (loss) from unconsolidated joint ventures | 1,552 | 1,692 | 14,569 | 4,654 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||||
Income (loss) from unconsolidated joint ventures | 309 | 1,666 | 12,013 | 2,947 | |||||||
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 | (1) | (757) | |||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||||||||||
Ownership % | 51.00% | ||||||||||
Income (loss) from unconsolidated joint ventures | 637 | 637 | 1,923 | 1,860 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||||||
Income (loss) from unconsolidated joint ventures | 707 | (398) | 1,839 | 493 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | |||||||||||
Income (loss) from unconsolidated joint ventures | $ (105) | (108) | $ (309) | (387) | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OH CHS SNP Inc [Member] | |||||||||||
Ownership % | 9.00% | 9.00% | 9.00% | ||||||||
Initial Investment Date | Dec. 20, 2019 | ||||||||||
Investment | $ 900 | ||||||||||
Investments in unconsolidated joint ventures | $ 212 | $ 212 | 212 | 260 | |||||||
Income (loss) from unconsolidated joint ventures | $ 5 | $ (105) | $ (140) | $ (259) | |||||||
Skilled Nursing Facilities [Member] | |||||||||||
Number of real estate properties | facility | 716 | 716 | 716 | ||||||||
Skilled Nursing Facilities [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring Healthcare Investments [Member] | |||||||||||
Ownership % | 15.00% | 15.00% | 15.00% | ||||||||
Initial Investment Date | Nov. 1, 2016 | ||||||||||
Investment | $ 50,032 | ||||||||||
Investments in unconsolidated joint ventures | $ 11,226 | $ 11,226 | $ 11,226 | 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% | 15.00% | ||||||||
Initial Investment Date | Mar. 10, 2021 | ||||||||||
Investment | $ 10,330 | ||||||||||
Investments in unconsolidated joint ventures | $ 75 | $ 75 | $ 75 | ||||||||
Specialty [Member] | |||||||||||
Number of real estate properties | property | 35 | 35 | 35 | ||||||||
Specialty [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Lakeway Realty LLC [Member] | |||||||||||
Ownership % | 51.00% | 51.00% | 51.00% | ||||||||
Initial Investment Date | May 17, 2019 | ||||||||||
Investment | $ 73,834 | ||||||||||
Number of real estate properties | facility | 1 | 1 | 1 | ||||||||
Investments in unconsolidated joint ventures | $ 71,579 | $ 71,579 | $ 71,579 | 72,318 | |||||||
Assisted Living Facilities [Member] | |||||||||||
Number of real estate properties | facility | 134 | 134 | 134 | ||||||||
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% | 49.00% | ||||||||
Initial Investment Date | Dec. 18, 2019 | ||||||||||
Investment | $ 105,688 | ||||||||||
Number of real estate properties | facility | 66 | 66 | 66 | ||||||||
Investments in unconsolidated joint ventures | $ 110,649 | $ 110,649 | $ 110,649 | 110,360 | |||||||
Specialty Facility | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | OMG Senior Housing LLC [Member] | |||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | ||||||||
Initial Investment Date | Dec. 6, 2019 | ||||||||||
Number of real estate properties | facility | 1 | 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 II LLC [Member] | |||||||||||
Amount of gain (loss) from sale of facilities | $ (400) | ||||||||||
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] | |||||||||||
Total cash proceeds | 65,000 | ||||||||||
Amount of gain (loss) from sale of facilities | (100) | ||||||||||
Payments to acquire real estate | $ 70,800 | ||||||||||
Other Investment Receivables [Member] | |||||||||||
Financing Receivable, Gross | $ 485,519 | 485,519 | 485,519 | 498,899 | |||||||
Other investment notes outstanding | |||||||||||
Financing Receivable, Gross | 113,185 | 113,185 | 113,185 | 161,155 | |||||||
Mortgage Receivable [Member] | |||||||||||
Financing Receivable, Gross | $ 915,720 | $ 915,720 | $ 915,720 | $ 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 | 5 Facilities | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Second Spring II LLC [Member] | |||||||||||
Number of real estate properties | facility | 5 | 5 | 5 | ||||||||
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 | 6 | ||||||||
Facilities Acquired | Specialty [Member] | |||||||||||
Number of real estate properties | facility | 7 | 7 | 7 | ||||||||
Facilities Acquired | Assisted Living Facilities [Member] | |||||||||||
Number of real estate properties | facility | 19 | 19 | 19 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net amortization of intangible assets | $ 1.1 | $ 3.7 | $ 8.5 | $ 8.5 |
Remainder 2021 | 1.1 | 1.1 | ||
2022 | 4.1 | 4.1 | ||
2023 | 4 | 4 | ||
2024 | 3.9 | 3.9 | ||
2025 | $ 3.7 | $ 3.7 | ||
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 | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance | $ 651,737 |
Foreign currency translation | (383) |
Balance | $ 651,354 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Goodwill | $ 651,354 | $ 651,737 |
Gross intangible assets | 22,410 | 22,822 |
Accumulated amortization | (20,721) | (20,882) |
Net intangible assets | 1,689 | 1,940 |
Liabilities: | ||
Below market leases | 139,069 | 139,515 |
Accumulated amortization | (109,699) | (100,996) |
Net intangible liabilities | $ 29,370 | $ 38,519 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)propertyfacilitycontractitemstate | Sep. 30, 2020 | Sep. 30, 2021USD ($)propertyfacilitycontractitemstate | Sep. 30, 2020 | Dec. 31, 2020USD ($) | |
Concentration Risk [Line Items] | |||||
Number of real estate properties | 963 | 963 | |||
Number of operators that met or exceeded ten percent of investments | item | 2 | 2 | |||
Number of states | state | 42 | 42 | |||
Number of operators | contract | 63 | 63 | |||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 10,200,000 | $ 10,200,000 | |||
Other investments | $ | 434,028 | 434,028 | $ 467,442 | ||
Investment in unconsolidated joint venture | $ | $ 193,741 | $ 193,741 | $ 200,638 | ||
Number of unconsolidated joint ventures | item | 6 | 6 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Consulate Health Care | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 9.00% | 9.00% | 9.00% | 9.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Maplewood Real Estate Holdings | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 8.00% | 5.00% | 8.00% | 5.00% | |
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 | 98.00% | ||||
Skilled Nursing Facilities [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | 716 | 716 | |||
Assisted Living Facilities [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | 134 | 134 | |||
Specialty [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | property | 35 | 35 | |||
Medical Office Building [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | 2 | 2 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | 65 | 65 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | property | 60 | 60 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | property | 3 | 3 | |||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | 2 | 2 | |||
Facilities Held for Sale or Closed [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of real estate properties | 11 | 11 |
STOCKHOLDERS EQUITY (Schedule o
STOCKHOLDERS EQUITY (Schedule of Common Stock Dividends) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stockholders Equity [Abstract] | |||||||
Dividends Declared, Date Of Record | Nov. 5, 2021 | Aug. 2, 2021 | May 3, 2021 | Feb. 8, 2021 | |||
Dividends Payable, Date to be Paid | Nov. 15, 2021 | Aug. 13, 2021 | May 17, 2021 | Feb. 16, 2021 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 2.01 | $ 2.01 |
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
$500 Million and $1 Billion ATM Programs | |||||
Issuance of common stock (in shares) | 0.1 | 4.2 | 0.1 | ||
Average issue price per share | $ 32.82 | $ 36.56 | $ 34.64 | ||
Gross proceeds | $ 1.3 | $ 155.1 | $ 2 | ||
Commissions | 0.1 | 3.3 | 0.3 | ||
Proceeds from issuance of common stock | $ 1.2 | $ 151.8 | $ 1.7 | ||
$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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Shares issued | 1.3 | 3.3 | 0.1 |
Gross Proceeds | $ 47.2 | $ 124.5 | $ 3.7 |
STOCKHOLDERS EQUITY (Schedule_3
STOCKHOLDERS EQUITY (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 4,210,026 | $ 4,167,392 | $ 4,036,607 | $ 4,336,594 | |
Balance ending | 4,237,468 | 3,938,414 | 4,237,468 | 3,938,414 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders Equity/AOCI | 4,035,988 | 4,035,988 | $ 3,841,876 | ||
Add: portion included in noncontrolling interest | 201,480 | 201,480 | 194,731 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,237,468 | 3,938,414 | 4,237,468 | 3,938,414 | 4,036,607 |
Foreign Currency Translation [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (13,608) | (68,795) | (18,427) | (35,100) | |
Translation (loss) gain | (12,646) | 21,808 | (8,515) | (11,818) | |
Realized (loss) gain | (18) | 19 | 670 | (50) | |
Balance ending | (26,272) | (46,968) | (26,272) | (46,968) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (26,272) | (46,968) | (26,272) | (46,968) | (18,427) |
Cash Flow Hedges [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | 33,352 | (9,699) | 17,718 | (2,369) | |
Unrealized gain (loss) | 1,116 | 7,223 | 15,407 | 1,401 | |
Realized gain (loss) | 779 | (1,500) | 2,122 | (3,008) | |
Balance ending | 35,247 | (3,976) | 35,247 | (3,976) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 35,247 | (3,976) | 35,247 | (3,976) | 17,718 |
Net Investment Hedges [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (16,024) | 9,533 | (13,331) | (4,420) | |
Unrealized gain (loss) | 7,637 | (9,953) | 4,944 | 4,000 | |
Balance ending | (8,387) | (420) | (8,387) | (420) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (8,387) | (420) | (8,387) | (420) | (13,331) |
Accumulated Other Comprehensive Loss [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | 4,523 | (66,235) | (12,768) | (39,858) | |
Balance ending | 1,476 | (49,101) | 1,476 | (49,101) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Stockholders Equity/AOCI | 588 | (51,364) | 588 | (51,364) | |
Add: portion included in noncontrolling interest | 888 | 2,263 | 888 | 2,263 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,476 | $ (49,101) | $ 1,476 | $ (49,101) | $ (12,768) |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)subsidiary | Sep. 30, 2020USD ($) | |
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 | $ 0.5 | $ 1.9 | $ 1.8 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Taxes [Abstract] | ||||
Provision for federal, state and local income taxes | $ 400 | $ 300 | $ 1,000 | $ 800 |
Provision for foreign income taxes | 600 | 500 | 1,900 | 1,800 |
Total provision for income taxes | $ 976 | $ 763 | $ 2,873 | $ 2,626 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-Based Compensation [Abstract] | ||||
Stock-based compensation expense | $ 5,706 | $ 5,122 | $ 16,913 | $ 14,380 |
BORROWING ACTIVITIES AND ARRA_3
BORROWING ACTIVITIES AND ARRANGEMENTS (Schedule of Borrowings) (Details) $ in Thousands | Apr. 30, 2021USD ($)item | Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||
Total secured borrowings - net | $ 363,963 | $ 363,963 | $ 369,524 | |||||
Revolving line of credit | 101,158 | |||||||
Total senior notes and other unsecured borrowings - net | 4,909,090 | 4,909,090 | 4,698,570 | |||||
Total secured and unsecured borrowings - net | 5,273,053 | 5,273,053 | $ 5,169,252 | |||||
Loss on extinguishment of debt | 642 | $ 896 | $ 30,707 | $ 896 | ||||
Debt instrument, covenant compliance | As of September 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 | As of September 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 | ||||||
Hud Mortgage | ||||||||
Debt Instrument [Line Items] | ||||||||
Assets pledged as collateral, fair value | $ 551,300 | $ 551,300 | ||||||
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 | $ 361,688 | $ 361,688 | $ 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] | ||||||||
Deferred financing costs - net | (28,157) | (28,157) | (26,421) | |||||
Discount - net | (32,753) | (32,753) | (31,709) | |||||
Total senior notes and other unsecured borrowings - net | 4,909,090 | 4,909,090 | 4,698,570 | |||||
Total unsecured borrowings - net | $ 4,909,090 | $ 4,909,090 | 4,799,728 | |||||
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] | Omega OP Term Loan Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, effective percentage | 1.84% | 1.84% | ||||||
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] | ||||||||
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] | ||||||||
Maturity | 2024 | |||||||
Rate | 4.95% | 4.95% | ||||||
Long-term debt, gross | $ 400,000 | $ 400,000 | 400,000 | |||||
Senior Notes [Member] | 4.50% notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2025 | |||||||
Rate | 4.50% | 4.50% | ||||||
Long-term debt, gross | $ 400,000 | $ 400,000 | 400,000 | |||||
Senior Notes [Member] | 5.25% notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2026 | |||||||
Rate | 5.25% | 5.25% | ||||||
Long-term debt, gross | $ 600,000 | $ 600,000 | 600,000 | |||||
Senior Notes [Member] | 4.50% notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2027 | |||||||
Rate | 4.50% | 4.50% | ||||||
Long-term debt, gross | $ 700,000 | $ 700,000 | 700,000 | |||||
Senior Notes [Member] | 4.75% notes due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2028 | |||||||
Rate | 4.75% | 4.75% | ||||||
Long-term debt, gross | $ 550,000 | $ 550,000 | 550,000 | |||||
Senior Notes [Member] | 3.625% notes due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2029 | |||||||
Rate | 3.625% | 3.625% | ||||||
Long-term debt, gross | $ 500,000 | $ 500,000 | 500,000 | |||||
Senior Notes [Member] | 3.375% notes due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
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] | ||||||||
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] | Hud Mortgage | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2046 | |||||||
Minimum [Member] | Omega OP Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.85% | |||||||
Maximum [Member] | Hud Mortgage | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2052 | |||||||
Maximum [Member] | Omega OP Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.85% | |||||||
Revolving Credit Facility | Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity | 2025 | |||||||
Rate | 1.28% | 1.28% | ||||||
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 ($)item | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Senior notes and other unsecured borrowings - net | $ 4,909,090 | $ 4,698,570 | |
Unsecured Debt [Member] | |||
Senior notes and other unsecured borrowings - net | 4,909,090 | 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% |
DERIVATIVES AND HEDGING (Narrat
DERIVATIVES AND HEDGING (Narrative) (Details) £ in Millions, $ in Millions | Mar. 27, 2020USD ($)contract | Mar. 31, 2021GBP (£)contract | Sep. 30, 2021 | Mar. 31, 2021USD ($) | Dec. 31, 2020 | May 31, 2019USD ($)contract |
Derivative instrument discontinued hedge accounting reclassification period | 10 years | |||||
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 | |||||
Debt instrument, interest rate, stated percentage | 3.25% | 3.25% | ||||
Maturity | 2033 | 2033 | ||||
Net Investment Hedging [Member] | ||||||
Derivative, maturity Date | Mar. 8, 2024 | |||||
Notional amount of nonderivative instruments | £ | £ 174 | |||||
Number of foreign currency forwards entered into | contract | 4 | |||||
Interest Rate Swap | Cash Flow Hedging [Member] | Forward Starting Swaps [Member] | ||||||
Derivative, notional amount | $ | $ 400 | |||||
Derivative, effective date | Aug. 1, 2023 | |||||
Derivative, inception Date | Mar. 27, 2020 | |||||
Derivative, maturity Date | Aug. 1, 2033 | |||||
Derivative forecasted issuance period on long term debt | 5 years | |||||
Derivative, fixed interest rate | 0.8675% | |||||
Derivative, maximum period | 46 months | |||||
Derivative, Number of Instruments Held | contract | 5 | |||||
Interest Rate Swap | Cash Flow Hedging [Member] | Omega OP Term Loan Facility | ||||||
Derivative, notional amount | $ | $ 50 | |||||
Derivative, Number of Instruments Held | contract | 2 |
DERIVATIVES AND HEDGING (Locati
DERIVATIVES AND HEDGING (Location and the fair value of derivative instruments designated as hedges) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, asset | $ 36,864 | $ 17,005 |
Other Assets [Member] | Net Investment Hedging [Member] | ||
Cash flow hedges recorded at fair value, asset | 7,954 | |
Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, liability | $ 318 | $ 955 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 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 | $ 10,762 | $ 10,764 |
Mortgage notes receivable - net | 873,737 | 885,313 |
Other investments - net | 434,028 | 467,442 |
Total | 1,318,527 | 1,363,519 |
Liabilities: | ||
Secured borrowing | 2,275 | 2,275 |
Sterling term loan | 136,453 | |
Omega OP term loan | 49,635 | |
Subordinated debt - net | 20,020 | 20,083 |
Total | 5,273,053 | 5,169,252 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 348,958 | 696,981 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.950% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 397,472 | 396,714 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 397,495 | 396,924 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 596,966 | 596,437 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 692,007 | 690,909 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 543,656 | 542,899 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 490,379 | 489,472 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 683,145 | 681,802 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 689,357 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 361,688 | 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 | 10,762 | 10,764 |
Mortgage notes receivable - net | 920,305 | 924,353 |
Other investments - net | 443,051 | 474,552 |
Total | 1,374,118 | 1,409,669 |
Liabilities: | ||
Secured borrowing | 2,275 | 2,275 |
Sterling term loan | 136,700 | |
Omega OP term loan | 50,000 | |
Subordinated debt - net | 20,408 | 21,599 |
Total | 5,719,625 | 5,767,243 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.375% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 370,531 | 770,635 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.950% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 435,064 | 441,194 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 435,968 | 444,652 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 680,964 | 697,993 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 779,618 | 794,294 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 617,886 | 633,950 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.625% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 525,580 | 532,248 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.375% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 711,956 | 731,541 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 692,769 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | $ 396,606 | 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 | Sep. 30, 2021 | May 17, 2019 |
Total commitments | $ 743,154 | ||
DISTRICT OF COLUMBIA | |||
Total commitments | 177,700 | ||
Indemnification Agreement [Member] | |||
Total commitments | $ 8,500 | ||
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 | Sep. 30, 2021USD ($) |
Total commitments | $ 743,154 |
Amounts funded to date | (502,020) |
Remaining commitments | 241,134 |
DISTRICT OF COLUMBIA | |
Total commitments | 177,700 |
Other Investment Committed [Member] | |
Remaining commitments | $ 60,100 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net income | $ 142,835 | $ (93,768) | $ 394,064 | $ 100,471 |
Deduct: net income attributable to noncontrolling interests | (3,888) | 2,477 | (10,616) | (2,540) |
Net income (loss) available to common stockholders | $ 138,947 | $ (91,291) | $ 383,448 | $ 97,931 |
Denominator: | ||||
Denominator for basic earnings per share | 239,282 | 227,507 | 236,027 | 227,393 |
Effect of dilutive securities: | ||||
Common stock equivalents | 634 | 903 | 1,065 | |
Noncontrolling interest - Omega OP Units | 6,701 | 6,168 | 6,547 | 6,078 |
Denominator for diluted earnings per share | 246,617 | 233,675 | 243,477 | 234,536 |
Earnings per share - basic: | ||||
Net income (loss) available to common stockholders | $ 0.58 | $ (0.40) | $ 1.62 | $ 0.43 |
Earnings per share - diluted: | ||||
Net income (loss) | $ 0.58 | $ (0.40) | $ 1.62 | $ 0.43 |
Potentially antidilutive shares excluded | 904 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 102,664 | $ 35,951 | $ 163,535 | |
Restricted cash | 3,341 | 4,164 | 4,023 | |
Cash, cash equivalents and restricted cash at end of year | 106,005 | 40,115 | $ 167,558 | $ 33,380 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 166,934 | 174,247 | ||
Taxes paid during the period | 5,028 | 5,493 | ||
Non cash investing activities | ||||
Non cash acquisition of real estate | (49,857) | |||
Non cash proceeds from sale of real estate investments | 83,910 | |||
Non cash placement of mortgage | (7,000) | (86,936) | ||
Non cash collection of mortgage principal | 49,857 | |||
Non cash investment in other investments | (121,139) | |||
Non cash proceeds from other investments | 7,000 | 68,025 | ||
Non cash financing activities | ||||
Non cash borrowing of other long-term borrowings | 6,459 | |||
Change in fair value of cash flow hedges | 28,450 | (1,637) | ||
Remeasurement of debt denominated in a foreign currency | $ 3,010 | $ (4,000) |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Oct. 31, 2021USD ($)facility | Sep. 30, 2021USD ($)facility | Sep. 30, 2020 | Oct. 14, 2021USD ($) | Jun. 30, 2021facility | Dec. 31, 2020USD ($) | |
Number of real estate properties | facility | 963 | |||||
Mortgage notes receivable | $ 1,412,660 | |||||
Mortgage Receivable [Member] | ||||||
Mortgage notes receivable | 915,720 | $ 918,558 | ||||
Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | ||||||
Mortgage notes receivable | $ 112,500 | $ 112,500 | ||||
Mortgage Loans on Real Estate, Interest Rate | 10.81% | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Gulf Coast LLC [Member] | ||||||
Concentration percentage | 2.60% | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Guardian [Member] | ||||||
Concentration percentage | 3.20% | 3.50% | ||||
Facilities Leased | Gulf Coast LLC [Member] | ||||||
Number of real estate properties | facility | 24 | 24 | ||||
Facilities With Movement in Credit Rating [Member] | Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | 9 Facilities | ||||||
Number of real estate properties | facility | 9 | |||||
Subsequent Event [Member] | Guardian [Member] | ||||||
Letter of Credit as collateral fair value | $ 7,400 | |||||
Subsequent Event [Member] | Guardian [Member] | Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | 9 Facilities | ||||||
Mortgage notes receivable | $ 112,500 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.81% | |||||
Subsequent Event [Member] | Scenario, Approved Interim Basis [Member] | Gulf Coast LLC [Member] | ||||||
Debtor-in-Possession Financing, Amount Arranged | $ 15,750 | |||||
Subsequent Event [Member] | Scenario, Total Committed [Member] | Gulf Coast LLC [Member] | ||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | |||||
Subsequent Event [Member] | Facilities Leased | Guardian [Member] | ||||||
Number of real estate properties | facility | 26 | |||||
Subsequent Event [Member] | Facilities With Movement in Credit Rating [Member] | Mortgage Note Due 2027 [Member] | Mortgage Receivable [Member] | 9 Facilities | ||||||
Number of real estate properties | facility | 9 |