Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'OMEGA HEALTHCARE INVESTORS INC | ' | ' |
Entity Central Index Key | '0000888491 | ' | ' |
Trading Symbol | 'ohi | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-Known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock Shares Outstanding | ' | 124,226,223 | ' |
Entity Public Float | ' | ' | $3,634,070,178 |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate properties | ' | ' |
Land and buildings | $3,099,547 | $3,038,553 |
Less accumulated depreciation | -707,410 | -580,373 |
Real estate properties - net | 2,392,137 | 2,458,180 |
Investment in direct financing leases | 529,445 | ' |
Mortgage notes receivable - net | 241,515 | 238,621 |
Real estate properties, total | 3,163,097 | 2,696,801 |
Other investments - net | 53,054 | 47,339 |
Total investments held, continuing operations | 3,216,151 | 2,744,140 |
Assets held for sale - net | 1,356 | 1,020 |
Total investments | 3,217,507 | 2,745,160 |
Cash and cash equivalents | 2,616 | 1,711 |
Restricted cash | 31,759 | 36,660 |
Accounts receivable - net | 147,504 | 125,180 |
Other assets | 62,830 | 73,294 |
Total assets | 3,462,216 | 2,982,005 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Revolving line of credit | 326,000 | 158,000 |
Term loan | 200,000 | 100,000 |
Secured borrowings | 298,531 | 366,538 |
Unsecured borrowings - net | 1,199,887 | 1,200,394 |
Accrued expenses and other liabilities | 137,695 | 145,744 |
Total liabilities | 2,162,113 | 1,970,676 |
Stockholders' equity: | ' | ' |
Common stock $.10 par value authorized - 200,000 shares issued and outstanding - 123,530 shares as of December 31, 2013 and 112,393 as of December 31, 2012 | 12,353 | 11,239 |
Common stock - additional paid-in capital | 1,998,169 | 1,664,855 |
Cumulative net earnings | 926,649 | 754,128 |
Cumulative dividends paid | -1,637,068 | -1,418,893 |
Total stockholders' equity | 1,300,103 | 1,011,329 |
Total liabilities and stockholders' equity | $3,462,216 | $2,982,005 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 123,530 | 112,393 |
Common stock, shares outstanding | 123,530 | 112,393 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $375,135 | $314,592 | $273,517 | |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | 5,203 | ' | ' | |
Mortgage interest income | ' | ' | ' | ' | ' | ' | ' | ' | 29,351 | 30,446 | 16,274 | |
Other investment income - net | ' | ' | ' | ' | ' | ' | ' | ' | 8,874 | 4,760 | 2,070 | |
Miscellaneous | ' | ' | ' | ' | ' | ' | ' | ' | 151 | 662 | 343 | |
Total operating revenues | 111,137 | 103,301 | 102,515 | 101,761 | 95,012 | 87,108 | 83,825 | 84,515 | 418,714 | 350,460 | 292,204 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 128,646 | 112,983 | 100,337 | |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 21,588 | 21,330 | 19,432 | |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 909 | 1,204 | |
Impairment on real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 415 | 272 | 26,344 | |
Provisions for uncollectible mortgages, notes and accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2,141 | ' | 6,439 | |
Nursing home expenses of owned and operated assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 653 | [1] |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 153,035 | 135,494 | 154,409 | |
Income before other income and expense | ' | ' | ' | ' | ' | ' | ' | ' | 265,679 | 214,966 | 137,795 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 29 | 40 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -100,381 | -95,527 | -81,154 | |
Interest - amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -2,779 | -2,649 | -2,674 | |
Interest - refinancing gain (costs) | ' | ' | ' | ' | ' | ' | ' | ' | 11,112 | -7,920 | -3,071 | |
Total other expense | ' | ' | ' | ' | ' | ' | ' | ' | -92,007 | -106,067 | -86,859 | |
Income before gain (loss) on assets sold | ' | ' | ' | ' | ' | ' | ' | ' | 173,672 | 108,899 | 50,936 | |
(Loss) gain on assets sold - net | ' | ' | ' | ' | ' | ' | ' | ' | -1,151 | 11,799 | 1,670 | |
Net income | 47,206 | 38,137 | 49,058 | 38,120 | 33,923 | 30,119 | 30,572 | 26,084 | 172,521 | 120,698 | 52,606 | |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,691 | |
Preferred stock redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,456 | |
Net income available to common stockholders | $47,206 | $38,137 | $49,058 | $38,120 | $33,923 | $30,119 | $30,572 | $26,084 | $172,521 | $120,698 | $47,459 | |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (in dollars per share) | $0.39 | $0.32 | $0.42 | $0.34 | $0.30 | $0.28 | $0.29 | $0.25 | $1.47 | $1.12 | $0.46 | |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (in dollars per share) | $0.38 | $0.32 | $0.42 | $0.34 | $0.30 | $0.27 | $0.29 | $0.25 | $1.46 | $1.12 | $0.46 | |
Weighted-average shares outstanding, basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 117,257 | 107,591 | 102,119 | |
Weighted-average shares outstanding, diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 118,100 | 108,011 | 102,177 | |
[1] | 2011 expense relates to run-off expense associated with shutting down the operations. |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Preferred Stock | Common Stock Par Value | Common Stock Par Value | Common Stock Par Value | Common Stock Additional Paid-in Capital | Common Stock Additional Paid-in Capital | Common Stock Additional Paid-in Capital | Cumulative Net Earnings | Cumulative Dividends Paid | Total |
In Thousands, unless otherwise specified | Executives | Directors | Executives | Directors | ||||||
Balance (99,233 common shares, 103,410 common shares, 112,393 common shares for 2010, 2011, 2012 respectively) at Dec. 31, 2010 | $108,488 | $9,923 | ' | ' | $1,376,131 | ' | ' | $580,824 | ($1,071,300) | $1,004,066 |
Issuance of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of restricted stock (13 shares at $22.00 per share, 15 shares at $30.33 per share for 2011and 2013 respectively, to company executives 428 shares and to company directors 13 shares at $20.29 per share for 2012) | ' | 1 | ' | ' | -1 | ' | ' | ' | ' | ' |
Amortization of restricted stock | ' | ' | ' | ' | 5,984 | ' | ' | ' | ' | 5,984 |
Vesting of restricted stock (grants 68 shares for 2011, to company executives 72 shares for 2012) | ' | 7 | ' | ' | -1,261 | ' | ' | ' | ' | -1,254 |
Dividend reinvestment plan (2,853 shares at $20.78 per share, 5,063 shares at $22.11 per share, 1,930 shares at $28.94 per share for 2011, 2012, 2013 respectively) | ' | 285 | ' | ' | 58,833 | ' | ' | ' | ' | 59,118 |
Grant of stock as payment of directors fees (8 shares at an average of $19.43 per share, 9 shares at an average of $22.17 per share, 6 shares at an average of $31.21 per share for 2011, 2012, 2013 respectively) | ' | 1 | ' | ' | 149 | ' | ' | ' | ' | 150 |
Equity Shelf Program (1,419 shares at $22.61 per share, 3,398 shares at $23.47 per share, 6,504 shares at $30.48 per share net of issuance costs for 2011,2012, 2013 respectively) | ' | 142 | ' | ' | 31,068 | ' | ' | ' | ' | 31,210 |
Common stock repurchase (183 shares at $15.96 per share) | ' | -18 | ' | ' | -2,910 | ' | ' | ' | ' | -2,928 |
Preferred stock redemption | -108,488 | ' | ' | ' | 3,388 | ' | ' | ' | -3,456 | -108,556 |
Net income | ' | ' | ' | ' | ' | ' | ' | 52,606 | ' | 52,606 |
Common dividends ($1.55 per share, $1.69 per share, $1.86 per share for 2011, 2012, 2013 respevtively) | ' | ' | ' | ' | ' | ' | ' | ' | -158,707 | -158,707 |
Preferred dividends (Series D of $0.74 per share) | ' | ' | ' | ' | ' | ' | ' | ' | -3,205 | -3,205 |
Balance (103,410 common shares, 112,393 common shares, 123,530 common shares for 2011, 2012, 2013 respectively) at Dec. 31, 2011 | ' | 10,341 | ' | ' | 1,471,381 | ' | ' | 633,430 | -1,236,668 | 878,484 |
Issuance of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of restricted stock (13 shares at $22.00 per share, 15 shares at $30.33 per share for 2011and 2013 respectively, to company executives 428 shares and to company directors 13 shares at $20.29 per share for 2012) | ' | ' | 43 | 1 | ' | -43 | -1 | ' | ' | ' |
Amortization of restricted stock | ' | ' | ' | ' | 5,880 | ' | ' | ' | ' | 5,880 |
Vesting of restricted stock (grants 68 shares for 2011, to company executives 72 shares for 2012) | ' | ' | 7 | ' | ' | -1,247 | ' | ' | ' | -1,240 |
Dividend reinvestment plan (2,853 shares at $20.78 per share, 5,063 shares at $22.11 per share, 1,930 shares at $28.94 per share for 2011, 2012, 2013 respectively) | ' | 506 | ' | ' | 111,408 | ' | ' | ' | ' | 111,914 |
Grant of stock as payment of directors fees (8 shares at an average of $19.43 per share, 9 shares at an average of $22.17 per share, 6 shares at an average of $31.21 per share for 2011, 2012, 2013 respectively) | ' | 1 | ' | ' | 199 | ' | ' | ' | ' | 200 |
Equity Shelf Program (1,419 shares at $22.61 per share, 3,398 shares at $23.47 per share, 6,504 shares at $30.48 per share net of issuance costs for 2011,2012, 2013 respectively) | ' | 340 | ' | ' | 77,278 | ' | ' | ' | ' | 77,618 |
Net income | ' | ' | ' | ' | ' | ' | ' | 120,698 | ' | 120,698 |
Common dividends ($1.55 per share, $1.69 per share, $1.86 per share for 2011, 2012, 2013 respevtively) | ' | ' | ' | ' | ' | ' | ' | ' | -182,225 | -182,225 |
Balance (103,410 common shares, 112,393 common shares, 123,530 common shares for 2011, 2012, 2013 respectively) at Dec. 31, 2012 | ' | 11,239 | ' | ' | 1,664,855 | ' | ' | 754,128 | -1,418,893 | 1,011,329 |
Issuance of common stock: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant of restricted stock (13 shares at $22.00 per share, 15 shares at $30.33 per share for 2011and 2013 respectively, to company executives 428 shares and to company directors 13 shares at $20.29 per share for 2012) | ' | 2 | ' | ' | -2 | ' | ' | ' | ' | ' |
Amortization of restricted stock | ' | ' | ' | ' | 5,817 | ' | ' | ' | ' | 5,817 |
Restricted stock shares surrendered for tax withholding (193 shares) | ' | -19 | ' | ' | -5,755 | ' | ' | ' | ' | -5,774 |
Dividend reinvestment plan (2,853 shares at $20.78 per share, 5,063 shares at $22.11 per share, 1,930 shares at $28.94 per share for 2011, 2012, 2013 respectively) | ' | 193 | ' | ' | 55,632 | ' | ' | ' | ' | 55,825 |
Grant of stock as payment of directors fees (8 shares at an average of $19.43 per share, 9 shares at an average of $22.17 per share, 6 shares at an average of $31.21 per share for 2011, 2012, 2013 respectively) | ' | ' | ' | ' | 187 | ' | ' | ' | ' | 187 |
Equity Shelf Program (1,419 shares at $22.61 per share, 3,398 shares at $23.47 per share, 6,504 shares at $30.48 per share net of issuance costs for 2011,2012, 2013 respectively) | ' | 650 | ' | ' | 193,149 | ' | ' | ' | ' | 193,799 |
Issuance of common stock(2,875 shares at $29.48 per share) | ' | 288 | ' | ' | 84,286 | ' | ' | ' | ' | 84,574 |
Net income | ' | ' | ' | ' | ' | ' | ' | 172,521 | ' | 172,521 |
Common dividends ($1.55 per share, $1.69 per share, $1.86 per share for 2011, 2012, 2013 respevtively) | ' | ' | ' | ' | ' | ' | ' | ' | -218,175 | -218,175 |
Balance (103,410 common shares, 112,393 common shares, 123,530 common shares for 2011, 2012, 2013 respectively) at Dec. 31, 2013 | ' | $12,353 | ' | ' | $1,998,169 | ' | ' | $926,649 | ($1,637,068) | $1,300,103 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Balance (in shares) | 112,393,000 | 103,410,000 | 99,233,000 |
Grant of restricted stock (in shares) | 15,000 | ' | 13,000 |
Grant of restricted stock (in dollars per share) | $30.33 | ' | $22 |
Restricted stock shares surrendered for tax withholding (in shares) | 193,000 | ' | ' |
Vesting of restricted stock, granted shares | ' | ' | 68,000 |
Dividend reinvestment plan (in shares) | 1,930,000 | 5,063,000 | 2,853,000 |
Dividend reinvestment plan (in dollars per share) | $28.94 | $22.11 | $20.78 |
Grant of stock as payment of directors fees (in shares) | 6,000 | 9,000 | 8,000 |
Grant of stock as payment of directors fees (in dollars per share) | $31.21 | $22.17 | $19.43 |
Equity shelf program (in shares) | 6,504,000 | 3,398,000 | 1,419,000 |
Equity Shelf Program, (in dollars per share) | $30.48 | $23.47 | $22.61 |
Issuance of common stock (in shares) | 2,875,000 | ' | ' |
Issuance of common stock, (in dollars per share) | $29.48 | ' | ' |
Common stock repurchase (in shares) | ' | ' | 183,000 |
Common stock repurchase, purchase price per share (in dollars per share) | ' | ' | $15.96 |
Common dividends (in dollars per share) | $1.86 | $1.69 | $1.55 |
Preferred dividends paid (in dollars per share) | ' | ' | $0.74 |
Balance (in shares) | 123,530,000 | 112,393,000 | 103,410,000 |
Executives | ' | ' | ' |
Grant of restricted stock (in shares) | ' | 428,000 | ' |
Vesting of restricted stock, granted shares | ' | 72,000 | ' |
Directors | ' | ' | ' |
Grant of restricted stock (in shares) | ' | 13,000 | ' |
Grant of restricted stock (in dollars per share) | ' | $20.29 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flow from operating activities | ' | ' | ' |
Net income | $172,521 | $120,698 | $52,606 |
Adjustment to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 128,646 | 112,983 | 100,337 |
Impairment on real estate properties | 415 | 272 | 26,344 |
Provisions for uncollectible mortgages, notes and accounts receivable | 2,141 | ' | 6,439 |
Amortization of deferred financing cost and refinancing (gain) | -8,333 | 10,569 | 5,745 |
Accretion of direct financing leases | -770 | ' | ' |
Restricted stock amortization expense | 5,942 | 5,942 | 6,037 |
Loss (gain) on assets sold - net | 1,151 | -11,799 | -1,670 |
Amortization of acquired in-place leases - net | -5,083 | -5,312 | -6,088 |
Other | ' | -663 | -150 |
Change in operating assets and liabilities - net of amounts assumed/acquired: | ' | ' | ' |
Accounts receivable, net | 867 | -246 | -1,463 |
Straight-line rent | -26,899 | -25,404 | -12,560 |
Lease inducement | 3,080 | 3,369 | 3,380 |
Effective yield receivable on mortgage notes | -1,757 | -2,235 | -1,341 |
Other operating assets and liabilities | 8,028 | 97 | -7,601 |
Operating assets and liabilities for owned and operated properties | ' | ' | -244 |
Net cash provided by operating activities | 279,949 | 208,271 | 169,771 |
Cash flow from investing activities | ' | ' | ' |
Acquisition of real estate - net of liabilities assumed and escrows acquired | -32,515 | -396,623 | -86,704 |
Investment in direct financing leases | -528,675 | ' | ' |
Placement of mortgage loans | -3,378 | -11,969 | -130,042 |
Proceeds from sale of real estate investments | 2,292 | 29,023 | 5,150 |
Capital improvements and funding of other investments | -31,347 | -29,436 | -19,597 |
Proceeds from other investments | 30,962 | 15,355 | 6,983 |
Investments in other investments | -36,655 | -9,737 | -33,504 |
Collection of mortgage principal - net | 485 | 12,684 | 74 |
Net cash used in investing activities | -598,831 | -390,703 | -257,640 |
Cash flow from financing activities | ' | ' | ' |
Proceeds from credit line borrowings | 511,000 | 712,000 | 569,000 |
Payments of credit line borrowings | -343,000 | -726,500 | -296,500 |
Proceeds from term loan | 100,000 | ' | ' |
Receipts of other long-term borrowings | 59,355 | 400,000 | ' |
Payments of other long-term borrowings | -114,642 | -190,686 | -2,593 |
Payments of financing related costs | -3,234 | -17,124 | -4,305 |
Receipts from Dividend Reinvestment Plan - net | 55,825 | 111,914 | 59,118 |
Payments for exercised options and restricted stock - net | -5,774 | -1,240 | -1,254 |
Net proceeds from issuance of common stock | 278,373 | 77,618 | 31,210 |
Dividends paid | -218,116 | -182,190 | -161,893 |
Repurchase of common stock | ' | ' | -2,928 |
Redemption of preferred stock | ' | ' | -108,556 |
Net cash provided by financing activities | 319,787 | 183,792 | 81,299 |
Increase (decrease) in cash and cash equivalents | 905 | 1,360 | -6,570 |
Cash and cash equivalents at beginning of year | 1,711 | 351 | 6,921 |
Cash and cash equivalents at end of year | 2,616 | 1,711 | 351 |
Interest paid during the year, net of amounts capitalized | 100,716 | 94,841 | 79,199 |
Non-cash investing activities: | ' | ' | ' |
Assumed debt obligations | ' | 80,946 | 101,259 |
Assumed other assets/liabilities | ' | 13,640 | ' |
Total non-cash real estate acquisition related items | ' | $94,586 | $101,259 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | |
Organization | |
Omega Healthcare Investors, Inc. (“Omega” or the “Company”), a Maryland corporation, is a self-administered real estate investment trust (“REIT”). From the date that we commenced operations in 1992, we have invested primarily in income-producing healthcare facilities, which include long-term care skilled nursing facilities (“SNFs”), assisted living facilities (“ALFs”), independent living facilities and rehabilitation hospitals. | |
We have one reportable segment consisting of investments in healthcare related real estate properties. Our business is to provide financing and capital to the long-term healthcare industry with a particular focus on SNFs located in the United States. Our core portfolio consists of long-term lease and mortgage agreements. All of our leases are “triple-net” leases, which require the tenants to pay all property related expenses. Our mortgage revenue derives from fixed-rate mortgage loans, which are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. | |
Substantially all depreciation expenses reflected in the consolidated statements of operations relate to the ownership of our investment in real estate. At December 31, 2013, we have investments in 541 healthcare facilities located throughout the United States, including three facilities that are currently held for sale. | |
Consolidation | |
Our consolidated financial statements include the accounts of (i) Omega, (ii) all direct and indirect wholly owned subsidiaries of Omega, and (iii) TC Healthcare, a variable interest entity (“VIE”) that we consolidate as the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation of the financial statements. For additional information on TC Healthcare, see Note 5 – Owned and Operated Assets. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Accounting Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Real Estate Investments and Depreciation | |||||||||
We record the purchase price of properties to net tangible and identified intangible assets acquired at their fair values. In making estimates of fair values for purposes of recording purchase price, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. All costs of significant improvements, renovations and replacements are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. | |||||||||
Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings and improvements and three to 10 years for furniture, fixtures and equipment. Leasehold interests are amortized over the shorter of useful life or term of the lease. | |||||||||
As of December 31, 2013 and 2012, we had identified conditional asset retirement obligations primarily related to the future removal and disposal of asbestos that is contained within certain of our real estate investment properties. The asbestos is appropriately contained, and we believe we are compliant with current environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. We are required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2013 and 2012, sufficient information was not available to estimate our liability for conditional asset retirement obligations as the obligations to remove the asbestos from these properties have indeterminable settlement dates. As such, no liability for conditional asset retirement obligations was recorded on our accompanying consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||
Lease Accounting | |||||||||
At the inception of the lease and during the amendment process, we evaluate each lease to determine if the lease should be considered an operating lease, sales-type lease, or direct financing lease. We have determined that all of our leases except for the four New Ark Investment, Inc. (“Ark”) leases entered into in 2013 should be accounted for as operating leases. The four Ark leases are accounted for as direct financing leases. | |||||||||
For leases accounted for as operating leases, we retain ownership of the asset and record depreciation expense, see “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. | |||||||||
For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. The Ark lease agreements include annual rent escalators; see “Revenue Recognition” below for further discussion regarding the recordation of interest income on our direct financing leases. The $3.2 million of initial direct costs related to originating the direct financing leases have been deferred and recorded as “other assets” in our consolidated balance sheets. | |||||||||
In-Place Leases | |||||||||
In-place lease assets and liabilities result when we assume a lease as part of a facility purchase. The fair value of in-place leases consists of the following components as applicable (1) the estimated cost to replace the leases, and (2) the above/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases (referred to as Lease Intangibles). Lease Intangible assets and liabilities are classified as lease contracts above and below market value, respectively in “other assets” and “accrued expenses and other liabilities,” and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. Should a tenant terminate its lease, the unamortized portions of these costs are written off. | |||||||||
As of December 31, 2013 and 2012, we had $26.5 million and $36.5 million, respectively, of below market leases and $3.5 million and $11.4 million, respectively of above market leases recorded on our consolidated balance sheet. We expect net amortization of the in-place leases to increase rental income by: | |||||||||
(in millions) | |||||||||
1 year | $ | 5 | |||||||
1-3 years | 7.3 | ||||||||
3-5 years | 3.7 | ||||||||
Thereafter | 7 | ||||||||
Total | $ | 23 | |||||||
For the years ended December 31, 2013, 2012 and 2011, we have amortized $5.0 million, $5.3 million and $6.1 million, net, respectively as an increase to rental revenue. | |||||||||
Asset Impairment | |||||||||
Management periodically, but not less than annually, evaluates our real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. | |||||||||
If we decide to sell real estate properties or land holdings, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. Our estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. | |||||||||
For the years ended December 31, 2013, 2012 and 2011 we recognized impairment losses of $0.4 million, $0.3 million and $26.3 million, respectively. The impairments are primarily the result of closing facilities or updating the estimated proceeds we expect to receive for the sale of closed facilities. For additional information, see Note 3 – Properties. | |||||||||
Loan and Direct Financing Lease Impairment | |||||||||
Management evaluates our outstanding mortgage notes, direct financing leases and other notes receivable. When management identifies potential loan or direct financing lease impairment indicators, such as non-payment under the loan documents, impairment of the underlying collateral, financial difficulty of the operator or other circumstances that may impair full execution of the loan documents or direct financing leases, and management believes it is probable that all amounts will not be collected under the contractual terms of the loan or direct financing lease, the loan or direct financing lease 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 or direct financing lease is written down to the fair value of the collateral. The fair value of the loan or direct financing lease is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. | |||||||||
We currently account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impairment loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and/or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to interest income. As of December 31, 2013 and 2012, we had loan loss reserves totaling $2.0 million, respectively. As of December 31, 2013 and 2012, we had no reserves for direct financing leases. In 2013, we received from the receivership a $0.2 million recovery on previously written-off loans relating to an existing operator’s note. In 2012, we did not record provisions for loan losses or charge-offs related to our mortgage or note receivable portfolios. In 2011, we recorded provisions for loan losses of $2.3 million related to a working capital note. | |||||||||
For additional information, see Note 4 – Direct Financing Leases, Note 6 – Mortgage Notes Receivable and Note 7 – Other Investments. | |||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash and cash equivalents are held at major commercial banks. | |||||||||
Restricted Cash | |||||||||
Restricted cash consists primarily of funds escrowed for tenants’ security deposits required by us pursuant to certain contractual terms (see Note 9 – Lease and Mortgage Deposits). | |||||||||
Accounts Receivable | |||||||||
Accounts receivable includes: contractual receivables, effective yield interest receivables, straight-line rent receivables and lease inducements, net of an estimated provision for losses related to uncollectible and disputed accounts. Contractual receivables relate to the amounts currently owed to us under the terms of the lease agreement. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts due to us contractually. Lease inducements result from value provided by us to the lessee at the inception or renewal of the lease and will be amortized as a reduction of rental revenue over the non cancellable lease term. | |||||||||
On a quarterly basis, we review our accounts receivable to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the tenant to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement. If we determine collectability of any of our contractual receivables is at risk, we estimate the potential uncollectible amounts and provide an allowance. In the case of a lease recognized on a straight-line basis or existence of lease inducements, we generally provide an allowance for straight-line accounts receivable and/or the lease inducements when certain conditions or indicators of adverse collectability are present. | |||||||||
A summary of our net receivables by type is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Contractual receivables | $ | 2,941 | $ | 3,963 | |||||
Effective yield interest receivables | 5,333 | 3,576 | |||||||
Straight-line receivables | 123,486 | 98,973 | |||||||
Lease inducements | 16,228 | 19,307 | |||||||
Allowance | (484 | ) | (639 | ) | |||||
Accounts receivable – net | $ | 147,504 | $ | 125,180 | |||||
In 2013, we entered into an agreement with one of our current operators and a new third party operator to transition 11 facilities from the current operator to the third party operator. As a result of the transition, we evaluated the recoverability of the straight-line rent receivable associated with the current operator’s lease and recorded a $2.3 million provision for uncollectible accounts associated with straight-line receivables that were written-off. (See Note 3 – Properties). | |||||||||
We continuously evaluate the payment history and financial strength of our operators and have historically established allowance reserves for straight-line rent adjustments for operators that do not meet our requirements. We consider factors such as payment history, the operator’s financial condition as well as current and future anticipated operating trends when evaluating whether to establish allowance reserves. | |||||||||
Deferred Financing Costs | |||||||||
External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings which approximates the effective interest method. The deferred financing costs are included in “other assets” in our consolidated balance sheet. Amortization of financing costs totaling $2.8 million, $2.6 million and $2.7 million in 2013, 2012 and 2011, respectively, is classified as “interest - amortization of deferred financing costs” in our consolidated statements of operations. When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within income from continuing operations in the accompanying consolidated financial statements. | |||||||||
Revenue Recognition | |||||||||
We have various different investments that generate revenue, including leased and mortgaged properties, as well as other investments, including working capital loans. We recognize rental income and other investment income as earned over the terms of the related master leases and notes, respectively. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. | |||||||||
Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (i.e., such as increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. Revenue under lease arrangements with minimum fixed and determinable increases is recognized over the non-cancellable term of the lease on a straight-line basis. The authoritative guidance does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee, the payment history, the general condition of the industry and various other factors when evaluating whether all possible contingencies have been eliminated. We do not recognize contingent rents as income until the contingencies have been resolved. | |||||||||
In the case of rental revenue recognized on a straight-line basis, we generally record reserves against earned revenues from leases when collection becomes questionable or when negotiations for restructurings of troubled operators result in significant uncertainty regarding ultimate collection. The amount of the reserve is estimated based on what management believes will likely be collected. We continually evaluate the collectability of our straight-line rent assets. If it appears that we will not collect future rent due under our leases, we will record a provision for loss related to the straight-line rent asset. | |||||||||
We record direct financing lease income on a constant interest rate basis over the term of the lease. The costs related to originating the direct financing leases have been deferred and are being amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. | |||||||||
Gains on sales of real estate assets are recognized in accordance with the authoritative guidance for sales of real estate. The specific timing of the recognition of the sale and the related gain is measured against the various criteria in the guidance related to the terms of the transactions and any continuing involvement associated with the assets sold. To the extent the sales criteria are not met, we defer gain recognition until the sales criteria are met. | |||||||||
Assets Held for Sale and Discontinued Operations | |||||||||
The operating results of specified real estate assets that have been sold, or otherwise qualify as held for disposition, are reflected as assets held for sale-net in our consolidated balance sheets. Assets that qualify as held for sale may also be considered as a discontinued operation if, (a) the operation and cash flows of the asset have been or will be eliminated from future operations and (b) we will not have significant involvement with the asset after its disposition. For assets that qualify as discontinued operations, we have reclassified the operations of those assets to discontinued operations in the consolidated statements of operations for all periods presented and assets held for sale in the consolidated balance sheets for all periods presented. We had three facilities and one parcel of land classified as held for sale as of December 31, 2013 with a net book value of $1.4 million. We had two facilities and one parcel of land classified as held for sale as of December 31, 2012 with a net book value of $1.0 million. The assets were not classified as discontinued operations. | |||||||||
Earnings Per Share | |||||||||
Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the year. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents that participate in undistributed earnings with common stockholders are considered participating securities that shall be included in the two-class method of computing basic EPS. Diluted EPS reflects the potential dilution that could occur from shares issuable through stock-based compensation, including stock options and restricted stock. For additional information, see Note 19 – Earnings Per Share. | |||||||||
Income Taxes | |||||||||
We were organized to qualify for taxation as a REIT under Section 856 through 860 of the Code. As long as we qualify as a REIT; we will not be subject to Federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. In 2013, we paid common dividend payments of $218 million which satisfies the 2013 REIT requirements relating to qualifying income. We are permitted to own up to 100% of a taxable REIT subsidiary (“TRS”). Currently, we have one TRS that is taxable as a corporation and that pays federal, state and local income tax on its net income at the applicable corporate rates. The loss carry forward of $1.0 million was fully reserved with a valuation allowance due to uncertainties regarding realization. We record interest and penalty charges associated with tax matters as income tax. For additional information on income taxes, see Note 12 – Taxes. As of December 31, 2013 and 2012, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes in our unrecognized tax positions over the next 12 months. We are subject to examination by the respective taxing authorities for the tax years 2007 through 2013. | |||||||||
Stock-Based Compensation | |||||||||
Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the awards, see Note 15 – Stock-Based Compensation for additional details. | |||||||||
Risks and Uncertainties | |||||||||
Our company is subject to certain risks and uncertainties affecting the healthcare industry as a result of healthcare legislation and growing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the growth in cost of healthcare services (see Note 8 – Concentration of Risk). | |||||||||
PROPERTIES
PROPERTIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
PROPERTIES | ' | ||||||||
NOTE 3 - PROPERTIES | |||||||||
Leased Property | |||||||||
Our leased real estate properties, represented by 421 SNFs, 17 ALFs and 11 specialty facilities at December 31, 2013, are leased under provisions of single leases and master leases with initial terms typically ranging from 5 to 15 years, plus renewal options. Substantially all of the leases and master leases provide for minimum annual rentals that are typically subject to annual increases. Under the terms of the leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. | |||||||||
A summary of our investment in leased real estate properties is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Buildings | $ | 2,631,774 | $ | 2,580,400 | |||||
Site improvement and equipment | 222,394 | 213,471 | |||||||
Land | 245,379 | 244,682 | |||||||
3,099,547 | 3,038,553 | ||||||||
Less accumulated depreciation | (707,410 | ) | (580,373 | ) | |||||
Total | $ | 2,392,137 | $ | 2,458,180 | |||||
The future minimum estimated contractual rents due for the remainder of the initial terms of the leases are as follows at December 31, 2013: | |||||||||
(in thousands) | |||||||||
2014 | $ | 361,012 | |||||||
2015 | 367,239 | ||||||||
2016 | 350,700 | ||||||||
2017 | 355,192 | ||||||||
2018 | 335,655 | ||||||||
Thereafter | 1,666,023 | ||||||||
Total | $ | 3,435,821 | |||||||
Below is a summary of the significant transactions that occurred from 2011 to 2013. | |||||||||
2013 Acquisitions | |||||||||
Acquisition of an ALF in Florida | |||||||||
On October 2, 2013, we purchased a 97 bed ALF in Florida for $10.3 million in cash. The ALF was added to an existing master lease. | |||||||||
We are in the process of completing our fair value allocation and expect the allocation process to be complete during the first half of 2014. As of December 31, 2013, we allocated approximately $10.3 million consisting of land ($0.6 million), building and site improvements ($9.0 million), and furniture and fixtures ($0.7 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Acquisition of four SNFs in Indiana | |||||||||
On October 31, 2013, we purchased four SNFs totaling 384 beds in Indiana for $22.2 million in cash. The four SNFs were added to an existing master lease, but the terms of the lease and the purchase price were based on an existing lease agreement between the seller and the lessee which was below current market conditions. We allocated approximately $3.0 million to below market leases as a result of the transaction for a total investment of $25.2 million. We have not recorded goodwill in connection with this transaction. | |||||||||
We are in the process of completing our fair value allocation and expect the allocation process to be complete during the first half of 2014. As of December 31, 2013, we allocated approximately $25.2 million consisting of land ($0.7 million), building and site improvements ($21.8 million), and furniture and fixtures ($2.7 million). | |||||||||
Acquisition costs related to the above transactions were expensed as period costs. For the year ended December 31, 2013, we expensed $0.2 million of acquisition related expenses. | |||||||||
Transition of 11 Arkansas Facilities to a New Operator | |||||||||
On August 30, 2013, we transitioned 11 SNFs located in Arkansas that we previously leased to Advocat Inc. (now known as Diversicare Healthcare Services) to a new third party operator. The 11 facilities represent 1,084 operating beds. We amended the Advocat master lease to provide for reduced rent to reflect the transition of the 11 facilities to the new operator, and recorded a $2.3 million provision for uncollectible straight-line rent receivable. Simultaneously with the amendment to the Advocat master lease, we entered into a new master lease with the new third party operator of the 11 facilities. The new master lease expires on August 30, 2023 and includes fixed annual rent escalators. | |||||||||
2012 Acquisitions and Transactions | |||||||||
Genesis Healthcare | |||||||||
On December 1, 2012, Genesis Healthcare (“Genesis”), an existing operator to Omega, completed the purchase of Sun Healthcare Group (“Sun”), which was also an existing operator to Omega. Prior to the purchase, Sun was our second largest tenant representing 40 facilities located in 10 states. Prior to the purchase, we also had a master lease with Genesis representing 13 facilities located in 5 states. | |||||||||
In connection with the acquisition, on December 1, 2012, we entered into a 53 facility master lease with Genesis expiring on December 31, 2025. In 2013, we transitioned one facility to another operator reducing the number of facilities covered by the Genesis lease to 52 facilities. At December 31, 2013, Genesis was our largest operating lease tenant with $350 million in leased assets (approximately 9% of our total gross investments) located in 13 states. | |||||||||
Arizona and California Acquisitions | |||||||||
During the three-month period ended December 31, 2012, we completed the acquisition of approximately $203.4 million of new investments and leased them to a new operator. The investments involved two separate transactions to purchase 14 facilities (12 SNFs, 1 ALF and 1 combined SNF/ALF). The combined transactions consisted of the assumption of approximately $71.9 million of indebtedness guaranteed by the Department of Housing and Urban Development (“HUD”) and payment of $131.5 million in cash. The $71.9 million of assumed HUD debt is comprised of 8 HUD mortgage loans with a blended interest rate of 5.50% and maturities between April 2031 and February 2045. The 14 facilities, representing 1,830 operating beds, are located in California (10) and Arizona (4). The transaction involved several separate master lease agreements covering all 14 facilities. | |||||||||
Transaction 1 (First Closing): On November 30, 2012, we purchased four Arizona facilities (2 SNFs, 1 ALF and 1 combined SNF/ALF) for an aggregate purchase price of $60.0 million. The transaction consisted of the assumption of $27.6 million of indebtedness guaranteed by HUD and $32.4 million in cash. The blended interest rate on the HUD indebtedness assumed for the Arizona facilities was 4.73%. The four facilities were simultaneously leased back to a new operator under a new 12 year master lease. | |||||||||
We completed our fair value allocation in 2013. We allocated approximately $64.6 million consisting of land ($5.5 million), building and site improvements ($55.9 million), and furniture and fixtures ($3.2 million). We recorded approximately $4.6 million of fair value adjustment related to above market debt assumed based on the terms of comparable debt and other market factors. We have not recorded goodwill in connection with this transaction. | |||||||||
Transaction 2 (Second Closing): In November 2012, we entered into a Purchase and Sales Agreement to purchase and then leaseback 10 California SNFs. On November 30, 2012, we purchased five SNFs for approximately $70.2 million. The five SNFs were simultaneously leased back under a new 12 year master lease. | |||||||||
We completed our fair value allocation in 2013. We allocated approximately $70.2 million consisting of land ($11.5 million), building and site improvements ($55.5 million), and furniture and fixtures ($3.2 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Transaction 2 (Third Closing): On December 31, 2012, we purchased the remaining five California SNFs for an aggregate purchase price of $72.2 million (net of purchase price reduction of approximately $1.0 million related to funds escrowed by the seller to reimburse us for costs associated with refinancing some of the assumed HUD debt). The transaction consisted of the assumption of $44.3 million of HUD indebtedness and $28.9 million in cash. The blended interest rate on the HUD indebtedness assumed for the five California facilities was 5.97%. The five SNFs were then leased back to the new operator under new 12 year master leases. | |||||||||
We completed our fair value allocation in 2013. We allocated approximately $77.5 million consisting of land ($13.0 million), building and site improvements ($60.8 million), and furniture and fixtures ($3.7 million). We recorded approximately $5.4 million of fair value adjustment related to the above market debt assumed based on the terms of comparable debt and other market factors. We have not recorded goodwill in connection with this transaction. | |||||||||
Indiana Acquisitions | |||||||||
In 2012 we completed four transactions in Indiana involving two existing operators and 34 facilities. The following is a summary of the transactions: | |||||||||
Transaction 1: On June 29, 2012, we purchased one SNF encompassing 80 operating beds in Indiana for approximately $3.4 million and leased the facility to an existing operator under an existing master lease. We completed our fair value allocation in 2012. We allocated approximately $3.4 million consisting of land ($0.2 million), building and site improvements ($2.9 million), and furniture and fixtures ($0.3 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Transaction 2: On June 29, 2012, we purchased four facilities encompassing 383 operating beds in Indiana for approximately $21.7 million and leased the facilities to Health and Hospital Corporation. We completed our fair value allocation in 2012. We allocated approximately $21.7 million consisting of land ($1.9 million), buildings and site improvements ($18.4 million) and furniture and fixtures ($1.4 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Transaction 3: On August 31, 2012, we purchased 27 facilities (17 SNFs, four ALFs and six independent living facilities) totaling 2,892 operating beds in Indiana from an unrelated third party for approximately $203 million in cash and assumed a liability associated with the lease of approximately $13.9 million. Simultaneous with the transaction, we also purchased one parcel of land for $2.8 million. The purchase price of both (i) 27 facilities and (ii) the parcel of land were funded from cash on hand and borrowings from our credit facility. The 27 facilities and land parcel were added to an existing master lease. We completed our fair value allocation in 2013. We allocated approximately $219.7 million consisting of land ($16.1 million), building and site improvements ($189.2 million) and furniture and fixtures ($14.4 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Transaction 4: On December 31, 2012, we purchased two SNFs encompassing 167 operating beds in Indiana for approximately $9.5 million and leased these facilities to an existing operator under a new consolidated master lease. We completed our fair value allocation in 2013. We allocated approximately $9.5 million consisting of land ($0.6 million), building and site improvements ($8.0 million), and furniture and fixtures ($0.9 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Michigan Acquisition | |||||||||
On November 30, 2012, we purchased one ALF for $20 million from an unrelated third party and added it to an existing master lease with an existing operator. The 171 operating bed ALF is located in Michigan. We completed our fair value allocation in 2013. We allocated approximately $20.0 million consisting of land ($0.4 million), building and site improvements ($18.9 million), and furniture and fixtures ($0.7 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Texas Acquisition | |||||||||
On October 31, 2012, we purchased one SNF from an unrelated third party encompassing 90 operating beds in Texas for approximately $2.7 million and leased the facility to an existing operator. We completed our fair value allocation in 2013. We allocated approximately $2.7 million consisting of land ($0.2 million), building and site improvements ($2.2 million), and furniture and fixtures ($0.3 million). We have not recorded goodwill in connection with this transaction. | |||||||||
Acquisition costs related to the above transactions were expensed as period costs. For the year ended December 31, 2012, we expensed $0.9 million of acquisition related expenses. | |||||||||
2011 Acquisitions | |||||||||
During the fourth quarter of 2011, we completed two acquisitions. The first acquisition was comprised of the purchase of four SNFs in Maryland and West Virginia; the second acquisition was comprised of the purchase/leaseback of 17 SNFs in five states, including Arkansas, Colorado, Florida, Michigan and Wisconsin. Acquisition costs related to the two acquisitions were approximately $1.2 million in 2011 and were expensed. The following is summary of the transactions and other investments: | |||||||||
2011 First Acquisition (Maryland and West Virginia) | |||||||||
During the fourth quarter of 2011, we purchased and leased back four SNFs located in Maryland (3) and West Virginia (1), totaling 586 beds for a total investment of $61 million, including approximately $1 million to complete renovations at one facility. The consideration consisted of $31 million in cash and the assumption of $30 million in HUD – guaranteed indebtedness, which bears an interest rate of 4.87% (weighted-average) and matures between March 2036 and September 2040. | |||||||||
We completed our fair value allocation in 2012. We allocated approximately $62.7 million consisting of land ($4.4 million), buildings and site improvements ($55.0 million) and furniture and fixtures ($3.3 million). We funded approximately $1.3 million in renovation costs for one of the facilities acquired in connection with this transaction and completed the renovation during the third quarter of 2012. We recorded approximately $3.0 million of fair value adjustment related to the above market debt assumed based on the terms of comparable debt. We have not recorded goodwill in connection with this transaction. | |||||||||
2011 Second Acquisition (Arkansas, Colorado, Florida, Michigan and Wisconsin) | |||||||||
On December 23, 2011, we purchased 17 SNFs and leased them to a new operator, for an aggregate purchase price of $128 million. The acquisition consisted of the assumption of $71.3 million of indebtedness guaranteed by HUD and $56.7 million in cash. | |||||||||
The $71.3 million of assumed HUD debt was comprised of 15 HUD mortgage loans with a blended interest rate of 5.70% and maturities between October 2029 and July 2044. | |||||||||
The 17 SNFs, representing 1,820 operating beds, are located in Arkansas (12), Colorado (1), Florida (1), Michigan (2) and Wisconsin (1). The transaction involved two separate master lease agreements covering all 17 SNFs. | |||||||||
We completed our fair value allocation in 2012. We allocated approximately $129.9 million consisting of land ($9.0 million), buildings and site improvements ($111.5 million) and furniture and fixtures ($9.4 million). We recorded approximately $1.9 million of fair value adjustment related to the above market debt assumed based on the terms of comparable debt. We have not recorded goodwill in connection with this transaction. | |||||||||
Pro Forma Acquisition Results | |||||||||
The facilities acquired in 2013 and 2012 are included in our results of operations from the date of acquisition. The following unaudited pro forma results of operation reflect the impact of the transactions as if they occurred on January 1, 2012. In the opinion of management, all significant necessary adjustments to reflect the effect of the acquisition have been made. The following pro forma information is not indicative of future operations. | |||||||||
Pro Forma | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands, except per share amounts, unaudited) | |||||||||
Revenues | $ | 421,243 | $ | 396,584 | |||||
Net income available to common stockholders | 173,517 | 139,852 | |||||||
Earnings per share – diluted: | |||||||||
Net income available to common stockholders – as reported | $ | 1.46 | $ | 1.12 | |||||
Net income available to common stockholders – pro forma | $ | 1.47 | $ | 1.29 | |||||
Connecticut Properties | |||||||||
In January 2011, at our request, a complaint was filed by the State of Connecticut, Commissioner of Social Services (the “State”) against the licensees/operators of four Connecticut SNFs, seeking the appointment of a receiver. The facilities were leased and operated by affiliates of FC/SCH Capital, LLC (“FC/SCH”) and were managed by Genesis Healthcare (“Genesis”), and had approximately 472 licensed beds as of March 31, 2011. The Superior Court, Judicial District of Hartford, Connecticut (the “Court”) appointed a receiver. | |||||||||
The receiver was responsible for (i) operating the facilities and funding all operational expenses incurred after the appointment of the receiver and (ii) for providing the Court with recommendations regarding the facilities. In March 2011, the receiver moved to close all four SNFs and we objected. At the hearing held on April 21, 2011, we stated our position that the receiver failed to comply with the statutory requirements prior to recommending the facilities’ closure. In addition, alternative operators expressed interest in operating several of the facilities. On April 27, 2011, the Court granted the receiver’s motion and ordered the facilities closed. | |||||||||
We timely filed our notice of appeal, taking the position that the Court’s Order was final and appealable, and erroneous. Following our notice of appeal, we negotiated a stipulation with the State and the receiver which afforded us significant concessions. Those concessions included: (a) an agreed recognition of us as a secured lienholder with a priority claim, (b) an accelerated timeframe for the (i) allocation by the receiver of collected funds between pre- and post- receivership periods, and (ii) disbursement to us of pre-receivership funds collected, and (c) an agreement by the State that it would forego its right to seek recoupment of pre-receivership funds as reimbursement for post-receivership advances. In exchange for these concessions (among others), we withdrew our appeal. | |||||||||
As a result of these developments, during the three month period ended March 31, 2011, we recorded an impairment charge of $24.4 million to reduce the carrying values of the Connecticut SNFs to their estimated fair values. We estimated the fair value of these facilities based on the facilities’ potential sales value assuming that the facilities would not be used as SNFs. As of November 1, 2011, all of the residents of the four facilities had been relocated and the receiver surrendered possession of all of the facilities to us. In 2011, we classified these facilities as held-for-sale. We sold three of the facilities and are actively marketing the last facility for sale (for purposes other than the provision of skilled nursing care). | |||||||||
FC/SCH Facilities | |||||||||
During the second quarter of 2011, we entered into a master transition agreement (“2011 MTA”) with one of our current lessee/operators and a third party lessee/operator to transition the facilities from the current operator to the new operator. The 2011 MTA closing was subject to receipt of healthcare regulatory approvals from several states for the operating license transfer from the current operator to the new operator. On January 1, 2012, regulatory approval was provided and the former lease was terminated and a new operator entered into a new twelve-year master lease for the facilities. As a result of the 2011 MTA, during the second quarter of 2011, we evaluated the recoverability of the straight-line rent and lease inducements associated with the current lease and recorded a $4.1 million provision for uncollectible accounts associated with straight-line receivables and lease inducements. | |||||||||
Assets Sold or Held for Sale | |||||||||
For the year ended December 31, 2013, we sold one facility and a parcel of undeveloped land for total cash proceeds of $2.3 million, generating approximately a $1.2 million loss. | |||||||||
At December 31, 2013, we had three SNFs and one parcel of land classified as held-for-sale with an aggregate net book value of approximately $1.4 million. | |||||||||
DIRECT_FINANCING_LEASES
DIRECT FINANCING LEASES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
DIRECT FINANCING LEASES | ' | ||||||||
NOTE 4 – DIRECT FINANCING LEASES | |||||||||
The components of investment in direct financing leases consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Minimum lease payments receivable | $ | 4,291,067 | $ | — | |||||
Estimated residual values | — | — | |||||||
Less unearned income | (3,761,622 | ) | — | ||||||
Net investment in direct financing leases | $ | 529,445 | — | ||||||
Properties subject to direct financing leases | 56 | — | |||||||
On November 27, 2013, we closed on a purchase/leaseback transaction with Ark Holding Company, Inc. (“Ark Holding”) pursuant to which Omega acquired 55 SNFs and 1 ALF. We leased the facilities back to the prior operator pursuant to four 50-year lease yielding 10.6% per annum over the term of the lease. The purchase/leaseback transaction is being accounted for as a direct financing lease. | |||||||||
The lease agreement allows the tenant the right to purchase the facilities for a bargain purchase price plus closing costs at the end of the lease. In addition, commencing in the 41st year of the lease, the tenant will have the right to prepay the remainder of its obligations thereunder for an amount equal to the sum of the unamortized portion of the investment plus the net present value of the remaining payments under the lease, and closing costs. In the event the tenant exercises either of these options, we have the right to purchase the properties for fair market value at the time. | |||||||||
The 56 facilities represent 5,624 licensed beds located in 12 states, predominantly in the southeastern United States. The 56 facilities are separated by region and divided amongst four cross-defaulted master leases. The four regions include the Southeast (39 facilities), the Northwest (7 facilities), Texas (9 facilities) and Indiana (1 facility). Contractual rent for years 1-4 is approximately $47 million with 2.5% annual escalators beginning in year five through the term of the lease. |
OWNED_AND_OPERATED_ASSETS
OWNED AND OPERATED ASSETS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate Owned [Abstract] | ' | ||||||||||||
OWNED AND OPERATED ASSETS | ' | ||||||||||||
NOTE 5 – OWNED AND OPERATED ASSETS | |||||||||||||
In November 2007, affiliates of Haven, one of our former operators/lessees/mortgagors, operated under Chapter 11 bankruptcy protection. Commencing in February 2008, the assets of the Haven facilities were marketed for sale via an auction process to be conducted through proceedings established by the bankruptcy court. The auction process failed to produce a qualified buyer. As a result, and pursuant to our rights as ordered by the bankruptcy court, Haven moved the bankruptcy court to authorize us to credit bid certain of the indebtedness that it owed to us in exchange for taking ownership of and transitioning certain of its assets to a new entity in which we have a substantial ownership interest, all of which was approved by the bankruptcy court on July 4, 2008. Effective July 7, 2008, we took ownership and/or possession of 15 facilities previously operated by Haven. TC Healthcare, a new entity and an interim operator, in which we have a substantial economic interest, began operating these facilities on our behalf through an independent contractor. | |||||||||||||
On August 6, 2008, we entered into a Master Transaction Agreement (“2008 MTA”) with affiliates of FC/SCH whereby FC/SCH agreed (subject to certain closing conditions, including the receipt of licensure) to lease 14 SNFs and one ALF facility under a master lease. These facilities were formerly leased to Haven. | |||||||||||||
Effective September 1, 2008, we completed the operational transfer of 12 SNFs and one ALF to affiliates of FC/SCH, in accordance with the terms of the 2008 MTA. These 13 facilities are located in Connecticut (5), Rhode Island (4), New Hampshire (3) and Massachusetts (1). As part of the transaction, Genesis entered into a long-term management agreement with FC/SCH to oversee the day-to-day operations of each of these facilities. The two remaining facilities in Vermont, which were operated by TC Healthcare until May 31, 2010, were then transferred to FC/SCH upon licensure from the state of Vermont. As a result of the transition of the operations to FC/SCH, we no longer operate any owned and operated facilities, effective June 1, 2010. Our consolidated financial statements include the results of operations of the Vermont facilities from July 7, 2008 to May 31, 2010. | |||||||||||||
Nursing home revenues and expenses, included in our consolidated financial statements that relate to such owned and operated assets are set forth in the tables below. | |||||||||||||
For Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 (1) | |||||||||||
(in thousands) | |||||||||||||
Nursing home revenues | $ | — | $ | — | $ | — | |||||||
Nursing home expenses | — | — | 653 | ||||||||||
Loss from nursing home operations | $ | — | $ | — | $ | (653 | ) | ||||||
-1 | 2011 expense relates to run-off expense associated with shutting down the operations. |
MORTGAGE_NOTES_RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Mortgage Notes Receivable Investments [Abstract] | ' | ||||||||
MORTGAGE NOTES RECEIVABLE | ' | ||||||||
NOTE 6 - MORTGAGE NOTES RECEIVABLE | |||||||||
As of December 31, 2013, mortgage notes receivable relate to 16 fixed-rate mortgages on 33 long-term care facilities. The mortgage notes are secured by first mortgage liens on the borrowers’ underlying real estate and personal property. The mortgage notes receivable relate to facilities located in five (5) states, operated by five (5) independent healthcare operating companies. We monitor compliance with mortgages and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding loans. | |||||||||
The outstanding principal amounts of mortgage notes receivable, net of allowances, were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Mortgage note due 2014; interest at 11.00% | 5,000 | 5,000 | |||||||
Mortgage note due 2021; interest at 12.50% | 5,574 | 5,574 | |||||||
Mortgage note due 2021; monthly payment of $39,000, including interest at 11.00% | 91,123 | 91,585 | |||||||
Mortgage note due 2021; interest at 10.00% | 913 | - | |||||||
Mortgage note due 2022; interest at 12.50% | 5,310 | 5,310 | |||||||
Three Mortgage notes due 2022; interest at 12.00% | 7,313 | 7,076 | |||||||
Mortgage note due 2023; interest at 11.00% | 69,928 | 69,928 | |||||||
Mortgage note due 2023; interest at 12.50% | 7,782 | 7,411 | |||||||
Mortgage note due 2023; interest at 12.50% | 6,175 | 4,340 | |||||||
Mortgage note due 2030; interest at 10.61% | 15,897 | 15,897 | |||||||
Four Mortgage notes due 2046; interest at 12.00% | 26,500 | 26,500 | |||||||
Total mortgages — net (1) | $ | 241,515 | $ | 238,621 | |||||
-1 | As of December 31, 2012 and 2013 we have no allowance for loan loss for any of our mortgages. | ||||||||
Mortgage Note due 2014 | |||||||||
We provided a mortgage note to an existing operator for a property in Texas for $5.0 million to provide bridge financing. The mortgage notes bears interest at 11% and matures in 2014. | |||||||||
Mortgage Notes due 2021 | |||||||||
In September 2011, the construction loan that we entered into in 2010 to construct a new SNF in Michigan was completed. The $5.6 million loan is an interest only loan and bears interest at an annual rate of 12.5% and matures in September 2021. | |||||||||
In November 2011, we entered into a $92.0 million first mortgage loan to finance a new operator’s purchase of 13 SNFs in Michigan, totaling 1,421 beds. The term of the mortgage is 10 years. The interest rate during the first 3 years will accrue at a fixed annual rate of 11%. During years 4, 5 and 6, interest will accrue at a fixed annual rate of 11.75% and during the remaining term of the note, interest will accrue as a fixed annual rate of 12.5%. The mortgage note includes annual principal payments. As of December 31, 2013, the balance outstanding on the note is $91.1 million. | |||||||||
In June 2013, we entered into a $1.0 million mortgage loan with an existing operator. The loan was added to an existing mortgage for one property to fund renovations. As of December 31, 2013, the balance of the loan related to the property was approximately $0.9 million. The mortgage loan matures in November 2021 and carries an annual interest rate of 10%. | |||||||||
Mortgage Notes due 2022 | |||||||||
In March 2012, the second construction loan that we entered into in 2010 to construct a new SNF in Michigan was completed. The $5.3 million loan is an interest only loan and bears interest at an annual rate of 12.5% and matures in March 2022. | |||||||||
On August 1, 2012, we entered into a $0.8 million mortgage loan with an existing operator. In May 2013, we entered into a $0.1 million mortgage loan with the same existing operator. These two loans were added to an existing mortgage for one property to fund renovations. As of December 31, 2013, the balance of the loan related to the property was approximately $7.3 million. These mortgage loans mature on July 31, 2022 and carry an annual interest rate of 12%. | |||||||||
Mortgage Notes due 2023 | |||||||||
The $69.9 million mortgage note is secured by seven facilities located in Maryland. The interest rate will accrue at a fixed rate of 11% per year through April 2018. After April 2018, the interest rate will increase to 13.75% per year. The mortgage note matures in December 2023. | |||||||||
The construction mortgage loan that we entered into in October 2011 to construct a new 120 bed SNF in Michigan was completed in the first quarter of 2013. The $7.8 million loan is an interest only loan and bears interest at an annual rate of 12.5% and matures in March 2023. | |||||||||
The construction mortgage loan that we entered into in July 2012 to construct a new 120 bed SNF in Michigan was completed in the third quarter of 2013. The $6.2 million loan is an interest only loan and bears interest at an annual rate of 12.5% and matures in July 2023. | |||||||||
Mortgage Note due 2030 | |||||||||
In December 2010, we entered into a first mortgage loan with a new operator in the amount of $15.9 million. The mortgage is secured by three SNFs, totaling 240 beds located in Florida. The mortgage note matures in 2030 and bears interest at an initial rate of 10%, with annual escalators of 2%. | |||||||||
Mortgage Notes due 2046 | |||||||||
In October 2011, we enter into a first mortgage loan in the amount of $25 million secured by a lien on three SNFs, totaling 352 beds located in Maryland. In November 2012, we entered into an additional $1.5 million first mortgage loan secured by a lien on an additional 60 bed SNF located in Michigan. The mortgages currently bear interest at 12% and increases to 13.5% in November 2018. The mortgages mature in 2046. | |||||||||
2012 Mortgage Payoff | |||||||||
In October 2012, we received $12.2 million in cash from the mortgagee for the payoff of a first mortgage loan on two Florida SNFs. As a result of the payoff, during the fourth quarter of 2012, we accelerated recognition of mortgage fees we had previously deferred. We recorded the accelerated deferred mortgage fees as Mortgage interest income. |
OTHER_INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
OTHER INVESTMENTS | ' | ||||||||
NOTE 7 - OTHER INVESTMENTS | |||||||||
A summary of our other investments is as follows: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Other Investment note due 2015 | $ | 2,318 | $ | 2,518 | |||||
Other Investment notes due 2021 - 2023 | 13,427 | 9,775 | |||||||
Other Investment note due 2013 | - | 1,018 | |||||||
Other Investment note due 2014 | 62 | 812 | |||||||
$28.0 Million Other Investment note due 2017 | 23,750 | 26,500 | |||||||
$2.5 Million Other Investment note due 2014 | 546 | - | |||||||
$6.0 Million Other Investment note due 2013 | 5,439 | 3,450 | |||||||
Other Investment note due 2013 | - | 261 | |||||||
$1.3 Million Other Investment note due 2017 | 1,300 | 425 | |||||||
$1.5 Million Other Investment note due 2014 | 1,456 | - | |||||||
Notes receivable, gross(1) | 48,298 | 44,759 | |||||||
Allowance for loss on notes receivable | (1,977 | ) | (1,977 | ) | |||||
Notes receivable, net | 46,321 | 42,782 | |||||||
Other | 2,400 | - | |||||||
Marketable securities | 4,333 | 4,557 | |||||||
Total other investments | $ | 53,054 | $ | 47,339 | |||||
-1 | The majority of these notes bear interest at approximately 10% annually. | ||||||||
Other Investment notes due 2021 - 2023 | |||||||||
The 2021-2023 other investment notes relates to 16 individual notes with one operator to fund renovations on several facilities. The loans mature between 2021 and 2023 and bear interest at an initial rate of 10% with escalators of 2.5% per year. The maximum draw on all 16 loans is approximately $19.7 million. | |||||||||
$28.0 Million Other Investment note due 2017 | |||||||||
In December 2011, we entered into a five year $28.0 million 10.0% term loan agreement with an existing operator. In 2013, we received $2.8 million in principal payments related to the loan. The loan matures in January 2017. | |||||||||
$6.0 Million Other Investment note due 2013 | |||||||||
In May 2013, we amended an existing working capital note with an existing operator increasing the availability form $4.0 million to $6.0 million. The note bears interest at 10% and matures in 2014. | |||||||||
Marketable Securities | |||||||||
The investment in marketable securities relates to an investment in 5,000 shares of non-convertible redeemable preferred stock that yields 7.9% annually. | |||||||||
Other Investment note due 2013 Payoff | |||||||||
In 2012, we received principal payments of approximately $11.9 million towards the working capital loan. The remaining $1.0 million was paid off in 2013. | |||||||||
$25 Million Other Investment note due 2017 Payoff | |||||||||
During the second quarter of 2013, we invested $25.0 million in a mezzanine loan. The mezzanine loan bore interest at 12% annually and included origination and exit fees. In December 2013, the mezzanine loan was repaid. The early repayment of the mezzanine loan resulted in a prepayment penalty of $1.0 million and the acceleration of our recordation of the origination and exit fees. |
CONCENTRATION_OF_RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
CONCENTRATION OF RISK | ' |
NOTE 8 - CONCENTRATION OF RISK | |
As of December 31, 2013, our portfolio of real estate investments consisted of 541 healthcare facilities, located in 38 states and operated by 49 third-party operators. Our gross investment in these facilities, net of impairments and before reserve for uncollectible loans, totaled approximately $3.9 billion at December 31, 2013, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 476 SNFs, 18 ALFs, 11 specialty facilities, fixed rate mortgages on 33 SNFs, and three SNFs that are held-for-sale. At December 31, 2013, we also held miscellaneous investments of approximately $53.1 million, consisting primarily of secured loans to third-party operators of our facilities. | |
At December 31, 2013, we had investments with one operator and/or manager that exceeded 10% of our total investments: New Ark Investment, Inc. (“Ark”) (14%). The three states in which we had our highest concentration of investments were Florida (16%), Ohio (10%) and Indiana (9%) at December 31, 2013. | |
For the year ended December 31, 2013, our revenues from operations totaled $418.7 million, of which approximately $55.2 million were from Genesis (13%) and $44.2 million from CommuniCare (11%). No other operator generated more than 10% of our revenues from operations for the year ended December 31, 2013. |
LEASE_AND_MORTGAGE_DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2013 | |
Security Deposits and Letters Of Credit [Abstract] | ' |
LEASE AND MORTGAGE DEPOSITS | ' |
NOTE 9 - LEASE AND MORTGAGE DEPOSITS | |
We obtain liquidity deposits and letters of credit from most operators pursuant to our lease and mortgage contracts with the operators. These generally represent the rental and mortgage interest for periods ranging from three to six months with respect to certain of our investments. At December 31, 2013, we held $5.6 million in such liquidity deposits and $56.9 million in letters of credit. The liquidity deposits and the letters of credit may be used in the event of lease and/or loan defaults, subject to applicable limitations under bankruptcy law with respect to operators filing under Chapter 11 of the United States Bankruptcy Code. Liquidity deposits are recorded as restricted cash on our consolidated balance sheets with the offset recorded as a liability. Additional security for rental and mortgage interest revenue from operators is provided by covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets of the operators, provisions for cross default, provisions for cross-collateralization and by corporate/personal guarantees. |
BORROWING_ARRANGEMENTS
BORROWING ARRANGEMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
BORROWING ARRANGEMENTS | ' | ||||||||||||||||
NOTE 10 - BORROWING ARRANGEMENTS | |||||||||||||||||
The following is a summary of our long-term borrowings: | |||||||||||||||||
Current | December 31, | ||||||||||||||||
Maturity | Rate | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Secured borrowings: | |||||||||||||||||
HUD mortgages assumed June 2010 (Paid-off) | - | - | $ | — | $ | 62,921 | |||||||||||
HUD mortgages assumed June 2010 (1) | 2040 - 2045 | 4.85 | % | 128,641 | 130,887 | ||||||||||||
HUD mortgages assumed October 2011 (1) | 2036 - 2040 | 4.87 | % | 31,145 | 31,991 | ||||||||||||
HUD mortgages assumed December 2011(1)(2) | 2044 | 3.06 | % | 58,592 | 58,884 | ||||||||||||
HUD mortgages assumed December 2012(1) | 2031 - 2045 | 5.5 | % | 80,153 | 81,855 | ||||||||||||
Total secured borrowings | 298,531 | 366,538 | |||||||||||||||
Unsecured borrowings: | |||||||||||||||||
Revolving line of credit | 2016 | 1.97 | % | $ | 326,000 | $ | 158,000 | ||||||||||
Term loan | 2017 | 1.92 | % | 200,000 | 100,000 | ||||||||||||
526,000 | 258,000 | ||||||||||||||||
2020 notes | 2020 | 7.5 | % | 200,000 | 200,000 | ||||||||||||
2022 notes | 2022 | 6.75 | % | 575,000 | 575,000 | ||||||||||||
2024 notes | 2024 | 5.875 | % | 400,000 | 400,000 | ||||||||||||
Subordinated debt | 2021 | 9 | % | 20,892 | 21,049 | ||||||||||||
1,195,892 | 1,196,049 | ||||||||||||||||
Premium - net | 3,995 | 4,345 | |||||||||||||||
Total unsecured borrowings | 1,725,887 | 1,458,394 | |||||||||||||||
Totals – net | $ | 2,024,418 | $ | 1,824,932 | |||||||||||||
-1 | Reflects the weighted average interest rate on the mortgages. | ||||||||||||||||
-2 | The debt was refinanced in March 2013. | ||||||||||||||||
Secured Borrowings | |||||||||||||||||
HUD Mortgages Loans Payoff | |||||||||||||||||
On June 29, 2012, we paid approximately $11.8 million to retire four HUD mortgages that were assumed as part of a December 2011 acquisition. The retirement of the four HUD mortgages resulted in a net gain of approximately $1.7 million. The net gain included the write-off of approximately $1.8 million of the unamortized premium offset by a prepayment fee of approximately $0.1 million. | |||||||||||||||||
HUD Mortgage Debt assumed June 2010(Paid-off) | |||||||||||||||||
On May 31, 2013, we paid approximately $51.0 million to retire 11 HUD mortgages that were assumed in connection with our acquisition of certain subsidiaries of CapitalSource in June 2010. The retirement of the 11 HUD mortgages resulted in a net gain of approximately $11.1 million. The net gain included the write-off of approximately $11.3 million related to the unamortized premium offset by a prepayment fee of approximately $0.2 million. | |||||||||||||||||
HUD Mortgage Debt assumed June 2010 | |||||||||||||||||
In connection with the second quarter 2010 acquisitions of 29 facilities from Capital Source, we assumed $128.8 million of HUD indebtedness with maturity dates ranging from January 2040 to January 2045. On the date of the assumption, we estimated the fair value of the assumed debt to be approximately $7.3 million more than the face value of the debt assumed. We amortized the premium utilizing the effective interest method from the date of assumption. As of December 31, 2013 and 2012, the unamortized premium was $6.0 million and $6.4 million, respectively. We estimate the amortization of premium will be between $0.3 million and $0.4 million over the next five years. In 2013, 2012 and 2011, the amortization of the premium was $0.4 million. | |||||||||||||||||
HUD Debt assumed October 2011 | |||||||||||||||||
In connection with the October 31, 2011 acquisition of four SNFs, we assumed $29.9 million of HUD indebtedness with maturity dates ranging from March 2036 to September 2040. On the date of the assumption, we estimated the fair value of the assumed debt to be approximately $3.0 million more than the face value of the debt assumed. We amortized the premium utilizing the effective interest method from the date of assumption. As of December 31, 2013 and 2012, the unamortized premium was $2.6 million and 2.8 million, respectively. We estimate the amortization of the premium will be between $0.1 million and $0.2 million over the next five years. In 2013, 2012 and 2011, the amortization of the premium was $0.2 million, $0.2 million and $0.0 million, respectively. | |||||||||||||||||
HUD Mortgage Debt assumed December 2011 Refinanced March 2013 | |||||||||||||||||
On March 26, 2013, we refinanced existing HUD mortgage debt on 12 properties in Arkansas for approximately $59.4 million including approximately $0.7 million of closing costs that were added to the outstanding balance and will be amortized over the term of the mortgage debt. The annual interest rate for the refinanced debt decreased from 5.55% to approximately 3.06%, with the term of the refinanced mortgages remaining unchanged. | |||||||||||||||||
HUD Mortgages assumed December 2012 | |||||||||||||||||
In connection with the fourth quarter 2012 acquisitions, we assumed $71.8 million of HUD indebtedness with maturity dates ranging from April 2031 to February 2045. On the date of the assumption, we estimated the fair value of the assumed debt to be approximately $10.1 million more than the face value of the debt assumed. We amortized the premium utilizing the effective interest method from the date of assumption. As of December 31, 2013 and 2012, the unamortized premium was $9.5 million and $10.0 million, respectively. We estimate the amortization of the premium will be approximately $0.4 million over the next five years. In 2013 and 2012, the amortization of the premium was $0.6 million and $0.1 million, respectively. | |||||||||||||||||
Unsecured Borrowings | |||||||||||||||||
$700 Million Unsecured Credit Facility - 2012 | |||||||||||||||||
We have a $700 million unsecured credit facility that we entered into on December 6, 2012, comprised of a $500 million unsecured revolving credit facility (the “2012 Revolving Credit Facility”) and a $200 million unsecured, deferred draw term loan facility (the “2012 Term Loan Facility” and, together with the 2012 Revolving Credit Facility, collectively, the “2012 Credit Facilities”). | |||||||||||||||||
The 2012 Credit Facilities replaced our previous $475 million senior unsecured revolving credit facility (the “2011 Credit Facility”). The 2012 Credit Facilities include an “accordion feature” that permits us to expand its borrowing capacity by a combined $300 million, to a total of $1 billion. | |||||||||||||||||
The 2012 Revolving Credit Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 190 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings, plus a facility fee based on the same ratings (initially 30 basis points, with a range of 15 to 45 basis points). At December 31, 2013, we had $326 million in borrowings outstanding under the 2012 Revolving Credit Facility. The 2012 Revolving Credit Facility matures on December 6, 2016, with an option by us to extend the maturity one additional year. | |||||||||||||||||
The 2012 Term Loan Facility is also priced at LIBOR plus an applicable percentage (beginning at 175 basis points, with a range of 110 to 230 basis points) based our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. At December 31, 2013, the full $200 million was outstanding under the 2012 Term Loan Facility. The 2012 Term Loan Facility matures on December 6, 2017. | |||||||||||||||||
At December 31, 2013, we had a total of $526.0 million outstanding under the 2012 Credit Facilities, and no letters of credit outstanding, leaving availability of $174.0 million. For the year ended December 31, 2013, the weighted-average interest rate was 1.94% for borrowings under our 2012 Credit Facilities. | |||||||||||||||||
$200 Million Term Loan - 2013 | |||||||||||||||||
On December 27, 2013, we entered into a new $200 million senior unsecured, deferred draw, term loan facility (the “2013 Term Loan Facility”). The 2013 Term Loan Facility matures on February 29, 2016. | |||||||||||||||||
The 2013 Term Loan Facility is being provided pursuant to a Credit Agreement, dated as of December 27, 2013 (the “2013 Credit Agreement”), among Omega, as borrower, certain of Omega’s subsidiaries identified in the 2013 Credit Agreement, as guarantors, Bank of America, N.A., as the initial lender (together with other lenders from time to time becoming signatory to the 2013 Credit Agreement, as lenders, the “2013 Term Lenders”), and Bank of America, N.A., as administrative agent for the 2013 Term Lenders. Omega’s obligations in connection with the 2013 Term Loan Facility are jointly and severally guaranteed by Omega’s current subsidiaries (other than those designated as “unrestricted subsidiaries”) for the benefit of the administrative agent and the 2013 Term Lenders. Additional subsidiaries created or acquired by Omega in the future (unless designated as unrestricted subsidiaries) will also be required to guarantee Omega’s obligations in connection with the 2013 Term Loan Facility, if such future subsidiaries own unencumbered real property or guarantee other unsecured funded debt (including but not limited to Omega’s unsecured senior notes and Omega’s 2012 senior unsecured revolving credit and term loan facilities). | |||||||||||||||||
No borrowings had yet been made by Omega under the 2013 Term Loan Facility as of December 31, 2013. | |||||||||||||||||
We may prepay the 2013 Term Loan Facility at any time in whole or in part, or reduce or terminate the term loan commitment under the 2013 Term Loan Facility, in each case without fees or penalty. Principal amounts prepaid or repaid under the 2013 Term Loan Facility may not be reborrowed. | |||||||||||||||||
The interest rates per annum applicable to the 2013 Term Loan Facility are (a) the reserve adjusted LIBOR Rate (the “Eurodollar Rate” or “Eurodollar”), plus the applicable margin (as described below) or, at our option, (b) the base rate, plus the applicable margin (as described below), with the base rate being equal to the highest of (i) the rate of interest publicly announced by the administrative agent as its prime rate in effect, (ii) the federal funds effective rate from time to time plus 0.50% and (iii) the Eurodollar Rate determined on such day for a Eurodollar Loan with an interest period of one month plus 1.0%, in each case. The applicable margins with respect to the 2013 Term Loan Facility are determined in accordance with a performance grid based on our investment grade ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings with respect to Omega’s non-credit-enhanced, senior unsecured long-term debt. The applicable margin for the 2013 Term Loan Facility may range from 2.30% to 1.10% in the case of Eurodollar advances, and from 1.30% to 0.10% in the case of base rate advances. The default rate on the 2013 Term Loan Facility is 2.0% above the interest rate otherwise applicable to base rate loans. | |||||||||||||||||
$200 Million 7.5% Senior Notes due 2020 and Exchange Offer | |||||||||||||||||
On February 9, 2010, we issued and sold $200 million aggregate principal amount of 7.5% Senior Notes due 2020 (the “2020 Notes”). The 2020 Notes mature on February 15, 2020 and pay interest semi-annually on August 15th and February 15th. | |||||||||||||||||
We may redeem the 2020 Notes, in whole at any time or in part from time to time, at redemption prices of 103.75%, 102.5% and 101.25% of the principal amount thereof if the redemption occurs during the 12-month periods beginning on February 15 of the years 2015, 2016 and 2017, respectively, and at a redemption price of 100% of the principal amount thereof on and after February 15, 2018, in each case, plus any accrued and unpaid interest to the redemption date. In addition, until February 15, 2013 we may redeem up to 35% of the 2020 Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of the principal amount of the 2020 Notes to be so redeemed, plus any accrued and unpaid interest to the redemption date. If we undergo a change of control, we may be required to offer to purchase the notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. | |||||||||||||||||
The 2020 Notes were sold at an issue price of 98.278% of the principal amount, resulting in gross proceeds of approximately $197 million. We used the net proceeds from the sale of the 2020 Notes, after discounts and expenses, to (i) repay outstanding borrowings of approximately $59 million of debt assumed in connection with our December 22, 2009 CapitalSource acquisition, (ii) repay outstanding borrowings under our 2009 Credit Facility, and (iii) for working capital and general corporate purposes, including the acquisition of healthcare-related properties such as the CapitalSource acquisitions. The 2020 Notes are guaranteed by substantially all of our subsidiaries as of the date of issuance. As of December 31, 2013, our subsidiaries that are not guarantors of the 2020 Notes accounted for approximately $462.2 million of our total assets. | |||||||||||||||||
On October 20, 2010, we commenced an offer to exchange $200 million of our registered 7.5% Senior Notes due 2020 for all of the initial 2020 Notes. All $200 million outstanding aggregate principal amount of the initial notes were validity tendered and not withdrawn prior to the expiration of the exchange offer, and were exchanged for exchange notes as of November 22, 2010. The terms of the exchange notes are substantially identical to the terms of the initial notes, except that provisions of the initial notes relating to transfer restrictions, registration rights and additional interest do not apply to exchange notes. | |||||||||||||||||
$575 Million 6.75% Senior Notes due 2022 and Exchange Offer | |||||||||||||||||
On October 4, 2010, we issued and sold $225 million aggregate principal amount of our 6.75% Senior Notes due 2022 (the “Initial 2022 Notes”). The Initial 2022 Notes mature on October 15, 2022 and pay interest semi-annually on April 15th and October 15th. On November 23, 2010, we issued and sold $350 million aggregate principal amount of our 6.75% Senior Notes due 2022 (the “Additional 2022 Notes”). The Additional 2022 Notes are of the same series as, and thus have the same terms, as our Initial 2022 Notes. The Initial 2022 Notes together with the Additional 2022 Notes, are collectively the “2022 Notes”. | |||||||||||||||||
The Initial 2022 Notes were sold at an issue price of 98.984% of the principal amount, resulting in gross proceeds of approximately $223 million. We used the net proceeds from the sale of the Initial 2022 Notes, after discounts and expenses, to (i) pay off borrowings under the 2010 Credit Facility and (ii) for general corporate purposes. The Additional 2022 Notes were sold at an issue price of 103% of their face value, before initial purchasers’ discount, plus accrued interest from October 4, 2010, resulting in gross proceeds to us of approximately $364 million. We used the net proceeds from the sale of the Additional 2020 Notes (i) to fund our tender offer for our outstanding $310 million aggregate principal amount of 7% Senior Notes due 2014, and (ii) for working capital and general corporate purposes. | |||||||||||||||||
We may redeem the 2022 Notes, in whole at any time or in part from time to time, at redemption prices of 103.375%, 102.25% and 101.125% of the principal amount thereof if the redemption occurs during the 12-month periods beginning on October 15 of the years 2015, 2016 and 2017, respectively, and at a redemption price of 100% of the principal amount thereof on and after October 15, 2018, in each case, plus any accrued and unpaid interest to the redemption date. In addition, until October 15, 2013 we may redeem up to 35% of the 2022 Notes with the net proceeds of one or more public equity offerings at a redemption price of 106.75% of the principal amount of the 2022 Notes to be so redeemed, plus any accrued and unpaid interest to the redemption date. If we undergo a change of control, we may be required to offer to purchase the notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. | |||||||||||||||||
On June 2, 2011, we commenced an offer to exchange $575 million of our 6.75% Senior Notes due 2022 for all of the 2022 Notes. All $575 million outstanding aggregate principal amount of the notes were validly tendered and not withdrawn prior to the expiration of the exchange offer, and were exchanged for exchange notes as of July 14, 2011, pursuant to the terms of the exchange offer. The exchange notes are identical in all material respects to the notes, except that the issuance of the exchange notes was registered under the Securities Act of 1933 and the provisions of the notes relating to transfer restrictions, registration rights and additional interest relating to registrations delays do not apply to the exchange notes. | |||||||||||||||||
As of December 31, 2013, our subsidiaries that are not guarantors of the 2022 Notes accounted for approximately $462.2 million of our total assets. | |||||||||||||||||
$400 Million 5.875% Senior Notes due 2024 and Exchange Offer | |||||||||||||||||
On March 19, 2012, we issued $400 million aggregate principal amount of our 5.875% Senior Notes due 2024, or the 2024 Notes. The 2024 Notes mature on March 15, 2024 and pay interest semi-annually on March 15 and September 15 of each year, commencing on September 15, 2012. | |||||||||||||||||
We may redeem the 2024 Notes, in whole at any time or in part from time to time, at redemption prices of 102.938%, 101.958% and 100.979% of the principal amount thereof if the redemption occurs during the 12-month periods beginning on March 15 of the years 2017, 2018 and 2019, respectively, and at a redemption price of 100% of the principal amount thereof on and after March 15, 2020, in each case, plus any accrued and unpaid interest to the redemption date. In addition, until March 15, 2015 we may redeem up to 35% of the 2024 Notes with the net cash proceeds of one or more public equity offerings at a redemption price of 105.875% of the principal amount of the 2024 Notes to be so redeemed, plus any accrued and unpaid interest to the redemption date. If we undergo a change of control, we may be required to offer to purchase the notes from holders at a purchase price equal to 101% of the principal amount plus accrued interest. | |||||||||||||||||
The 2024 Notes were sold at an issue price of 100% of the principal amount. We used the net proceeds of the offering to fund the tender offer and consent solicitation for the 2016 Notes (described below), to fund the redemption of the untendered 2016 Notes (described below) and to repay a portion of our indebtedness outstanding under our 2011 Credit Facility. As of December 31, 2013, our subsidiaries that are not guarantors of the 2024 Notes accounted for approximately $462.2 million of our total assets. | |||||||||||||||||
On August 15, 2012, we commenced an offer to exchange $400 million of our 5.875% Senior Notes due 2024 for all of the 2024 Notes. All $400 million outstanding aggregate principal amount of the initial notes were validly tendered and not withdrawn prior to the expiration of the exchange offer, and were exchanged for exchange notes as of September 20, 2012, pursuant to the terms of the exchange offer. The Exchange Notes are identical in all material respects to the Initial Notes, except that the Exchange Notes were registered under the Securities Act of 1933 and the provisions of the Initial Notes relating to transfer restrictions, registration rights and additional interest will not apply to the Exchange Notes. | |||||||||||||||||
Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2012 and 2013, we were in compliance with all affirmative and negative covenants, including financial covenants, for our secured and unsecured borrowings. | |||||||||||||||||
The required principal payments, excluding the premium/discount on the 2024, 2022 and 2020 Notes, for each of the five years following December 31, 2013 and the aggregate due thereafter are set forth below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | 5,037 | ||||||||||||||||
2015 | 5,274 | ||||||||||||||||
2016 | 331,522 | ||||||||||||||||
2017 | 205,782 | ||||||||||||||||
2018 | 6,055 | ||||||||||||||||
Thereafter | 1,447,755 | ||||||||||||||||
Totals | $ | 2,001,425 | |||||||||||||||
Termination of $475 Million Unsecured Revolving Credit Facility | |||||||||||||||||
On December 6, 2012, we terminated our 2011 Credit Facility that we entered into on August 16, 2011 and recorded a non-cash charge of approximately $2.5 million relating to the write-off of unamortized deferred financing costs associated with the termination of the 2011 Credit Facility. | |||||||||||||||||
$175 Million 7% Senior Notes due 2016 Tender Offer and Redemption | |||||||||||||||||
On March 5, 2012, we commenced a tender offer to purchase for cash any and all of our outstanding $175 million aggregate principal amount of 7% Senior Notes due 2016, or the “2016 Notes”. Pursuant to the terms of the tender offer, on March 19, 2012, we purchased $168.9 million aggregate principal amount of the 2016 Notes. | |||||||||||||||||
On March 27, 2012, pursuant to the terms of the indenture governing the 2016 Notes, we redeemed the remaining $6.1 million aggregate principal amount of the 2016 Notes at a redemption price of 102.333% of their principal amount, plus accrued and unpaid interest up to the redemption date. Following redemption, the 2016 Notes, the indenture governing the 2016 Notes and the related guarantees were terminated. | |||||||||||||||||
The redemption resulted in approximately $7.1 million of redemption related costs and write-offs, including $4.5 million in payments made to bondholders for early redemption, $2.2 million of write-offs associated with unamortized deferred financing costs and $0.4 million of expenses associated with the tender and redemption. | |||||||||||||||||
The following summarizes the refinancing related costs: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Write off of deferred financing cost due to refinancing (1) (2)(3) | $ | (11,278 | ) | $ | 3,024 | $ | 3,055 | ||||||||||
Prepayment and other costs associated with refinancing (4) | 166 | 4,896 | 16 | ||||||||||||||
Total debt extinguishment (gain) costs | $ | (11,112 | ) | $ | 7,920 | $ | 3,071 | ||||||||||
-1 | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the premium for above market value debt assumed on 11 HUD mortgage loans that we paid off in May 2013. | ||||||||||||||||
-2 | In 2012, we wrote-off: (a) $2.2 million deferred financing costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes; and (b) $2.5 million deferred financing costs associated with the termination of our $475 million 2011 Credit Facility. These costs were offset by a $1.7 million gain resulting from the write-off of unamortized premium on the four HUD loans that were paid off in the second quarter of 2012. | ||||||||||||||||
-3 | In 2011, we terminated our $320 million 2010 Credit Facility and wrote-off deferred financing costs of $3.1 million. | ||||||||||||||||
-4 | In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. In 2012, we incurred $4.9 million of prepayment penalties and other costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
NOTE 11 - FINANCIAL INSTRUMENTS | |||||||||||||||||
At December 31, 2013 and 2012, the carrying amounts and fair values of our financial instruments were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 2,616 | $ | 2,616 | $ | 1,711 | $ | 1,711 | |||||||||
Restricted cash | 31,759 | 31,759 | 36,660 | 36,660 | |||||||||||||
Investment in direct financing leases | 529,445 | 529,445 | - | - | |||||||||||||
Mortgage notes receivable – net | 241,515 | 240,482 | 238,621 | 235,705 | |||||||||||||
Other investments – net | 53,054 | 50,124 | 47,339 | 44,077 | |||||||||||||
Totals | $ | 858,389 | $ | 854,426 | $ | 324,331 | $ | 318,153 | |||||||||
Liabilities: | |||||||||||||||||
Revolving line of credit | $ | 326,000 | $ | 326,000 | $ | 158,000 | $ | 158,000 | |||||||||
Term Loan | 200,000 | 200,000 | 100,000 | 100,000 | |||||||||||||
7.50% Notes due 2020 – net | 197,890 | 256,852 | 197,546 | 252,363 | |||||||||||||
6.75% Notes due 2022 – net | 581,105 | 735,687 | 581,799 | 724,240 | |||||||||||||
5.875% Notes due 2024 – net | 400,000 | 411,266 | 400,000 | 441,761 | |||||||||||||
HUD debt | 298,531 | 287,718 | 366,538 | 433,803 | |||||||||||||
Subordinated debt | 20,892 | 28,849 | 21,049 | 27,896 | |||||||||||||
Totals | $ | 2,024,418 | $ | 2,246,372 | $ | 1,824,932 | $ | 2,138,063 | |||||||||
Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. | |||||||||||||||||
The following methods and assumptions were used in estimating fair value disclosures for financial instruments. | |||||||||||||||||
● | Cash and cash equivalents and restricted cash: The carrying amount of cash and cash equivalents and restricted cash reported in the balance sheet approximates fair value because of the short maturity of these instruments (i.e., less than 90 days) (Level 1). | ||||||||||||||||
● | Mortgage notes receivable: The fair values 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). | ||||||||||||||||
● | Direct financing leases: The fair values of the direct financing 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: (i) notes receivable and (ii) an investment in redeemable non-convertible preferred security of an unconsolidated business accounted for using the cost method of accounting. 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). The fair value of the investment in the unconsolidated business is estimated using quoted market value and considers the terms of the underlying arrangement (Level 3). | ||||||||||||||||
● | Revolving lines of credit and term loan: The fair value of our borrowings under variable rate agreements are estimated using an expected present value technique based on expected cash flows discounted using the current market rates (Level 3). | ||||||||||||||||
● | Senior notes and other long-term borrowings: The fair value of our borrowings under fixed rate agreements are estimated based on open market trading activity provided by a third party (Level 2). |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
TAXES | ' |
NOTE 12 – TAXES | |
We were organized, have operated, and intend to continue to operate in a manner that enables us to qualify for taxation as a REIT under Sections 856 through 860 of the Internal Revenue Code. On a quarterly and annual basis we perform several analyses to test our compliance within the REIT taxation rules. In order to qualify as a REIT, in addition to other requirements, we must: (i) distribute dividends (other than capital gain dividends) to our stockholders in an amount at least equal to (A) the sum of (a) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain), and (b) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of non-cash income on an annual basis, (ii) ensure that at least 75% and 95%, respectively of our gross income is generated from qualifying sources that are described in the REIT tax law, (iii) ensure that at least 75% of our assets consist of qualifying assets, such as real property, mortgages, and other qualifying assets described in the REIT tax law, (iv) ensure that we do not own greater than 10% in voting power or value of securities of any one issuer, (v) ensure that we do not own either debt or equity securities of another company that are in excess of 5% of our total assets and (vi) ensure that no more than 25% of our assets are invested in one or more taxable REIT subsidiaries. In addition to the above requirements, the REIT rules require that no less than 100 stockholders own shares or an interest in the REIT and that five or fewer individuals do not own (directly or indirectly) more than 50% of the shares or proportionate interest in the REIT. If we fail to meet the above or any other requirements for qualification as a REIT in any tax year, we will be subject to federal income tax on our taxable income at regular corporate rates and may not be able to qualify as a REIT for the four subsequent years, unless we qualify for certain relief provisions that are available in the event we fail to satisfy any of these requirements. | |
We are also subject to federal taxation of 100% of the derived net income if we sell or dispose of property, other than foreclosure property, that we held primarily for sale to customers in the ordinary course of a trade or business. We believe that we do not hold assets for sale to customers in the ordinary course of business and that none of the assets currently held for sale or that have been sold would be considered a prohibited transaction within the REIT taxation rules. | |
So long as we qualify as a REIT, 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 2013, we paid common dividend payments of $218 million which satisfies the 2013 REIT requirements relating to the distribution of our REIT taxable income. On a quarterly and annual basis we tested our compliance within the REIT taxation rules described above to ensure that we were in compliance with the rules. | |
Since the year 2000, the definition of foreclosure property has included any “qualified health care property,” as defined in Code Section 856(e)(6) acquired by us as the result of the termination or expiration of a lease of such property. We have from time to time operated qualified healthcare facilities acquired in this manner for up to two years (or longer if an extension was granted). Properties that we had taken back in a foreclosure or bankruptcy and operated for our own account were treated as foreclosure properties for income tax purposes, pursuant to Internal Revenue Code Section 856(e). Gross income from foreclosure properties was classified as “good income” for purposes of the annual REIT income tests upon making the election on the tax return. Once made, the income was classified as “good” for a period of three years, or until the properties were no longer operated for our own account. In all cases of foreclosure property, we utilized an independent contractor to conduct day-to-day operations to maintain REIT status. In certain cases we operated these facilities through a taxable REIT subsidiary. For those properties operated through the taxable REIT subsidiary, we formed a new entity (TC Healthcare) on our behalf through the use of an eligible independent contractor to conduct day-to-day operations to maintain REIT status. As a result of the foregoing, we do not believe that our participation in the operation of nursing homes increased the risk that we would fail to qualify as a REIT. Through our 2013 taxable year, we had not paid any tax on our foreclosure property because those properties had been producing losses. | |
Subject to the limitation described above under the REIT asset test rules, we are permitted to own up to 100% of the stock of one or more TRSs. Currently, we have one TRS that is taxable as a corporation and that pays federal, state and local income tax on its net income at the applicable corporate rates. The TRS had a net operating loss carry-forward as of December 31, 2013 and 2012 of $1.0 million and $1.1 million, respectively. The loss carry-forward was fully reserved at December 31, 2013 and 2012 with a valuation allowance due to uncertainties regarding realization. |
RETIREMENT_ARRANGEMENTS
RETIREMENT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Compensation Related Costs [Abstract] | ' |
RETIREMENT ARRANGEMENTS | ' |
NOTE 13 - RETIREMENT ARRANGEMENTS | |
Our company has a 401(k) Profit Sharing Plan covering all eligible employees. Under this plan, employees are eligible to make contributions, and we, at our discretion, may match contributions and make a profit sharing contribution. | |
We have a deferred compensation plan which is an unfunded plan under which we can award units that result in participation in the dividends and future growth in the value of our common stock. As of December 31, 2013 we had approximately $0.7 million in liabilities associated with the deferred compensation plan. As of December 31, 2012 we had approximately $0.4 million in liabilities associated with the deferred compensation plan. | |
Amounts charged to operations with respect to these retirement arrangements totaled approximately $0.2 million in 2013, 2012 and 2011. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 14 – STOCKHOLDERS’ EQUITY | |
Stockholders’ Equity | |
2.875 Million Shares of Common Stock Offering | |
On October 7, 2013, we sold 2,875,000 shares of common stock in an underwritten public offering at an offering price of $30 per share before underwriting discounts and expenses. Our total net proceeds from the offering, after underwriting discounts and expenses were approximately $84.6 million. | |
$250 Million Equity Shelf Program | |
On March 18, 2013, we entered into separate Equity Distribution Agreements (collectively, the “2013 Equity Shelf Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $250 million (the “2013 Equity Shelf Program”) with several financial institutions, each as a sales agent and/or principal (collectively, the “Managers”). Under the terms of the 2013 Equity Shelf Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $250 million. Sales of the shares will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We will pay each Manager compensation for sales of the shares equal to 2% of the gross sales price per share of shares sold through such Manager under the applicable 2013 Agreement. We are not obligated to sell and the Managers are not obligated to buy or sell any shares under the 2013 Equity Shelf Agreements. No assurance can be given that we will sell any shares under the 2013 Equity Shelf Agreements, or, if we do, as to the price or amount of shares that we sell, or the dates when such sales will take place. | |
For the year ended December 31, 2013, we issued approximately 5.5 million shares under the 2013 Equity Shelf Program, at an average price of $30.87 per share, generating gross proceeds of approximately $170.4 million, before $3.4 million of commissions. | |
Termination of $245 Million Equity Shelf Program | |
Also on March 18, 2013, we terminated our $245 million Equity Shelf Program (the “2012 Equity Shelf Program”) that we entered into with several financial institutions on June 19, 2012. For the year ended December 31, 2013, we issued approximately 1.0 million shares under the 2012 Equity Shelf Program at an average price of $28.29 per share, generating gross proceeds of approximately $27.8 million, before $0.6 million of commissions. | |
Since inception of the 2012 Equity Shelf Program, we have sold a total of 3.6 million shares of common stock generating total gross proceeds of $91.4 million under the program, before $1.9 million of commissions. As a result of the termination of the 2012 Equity Shelf Program, no additional shares were issued under the 2012 Equity Shelf Program. | |
$245 Million Equity Shelf Program | |
On June 19, 2012, we entered into separate Equity Distribution Agreements (collectively, the “2012 Equity Shelf Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $245 million (the “2012 Equity Shelf Program”) with several financial institutions, each as a sales agent and/or principal (collectively, the “Managers”). Under the terms of the 2012 Equity Shelf Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $245 million. Sales of the shares will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We paid each Manager compensation for sales of the shares equal to 2% of the gross sales price per share of shares sold through such Manager. | |
For the year ended December 31, 2012, we issued 2.6 million shares under the 2012 Equity Shelf Program, at an average price of $24.10 per share, generating gross proceeds of approximately $63.6 million, before $1.3 million of commissions. | |
Termination of $140 Million Equity Shelf Program | |
Also on June 19, 2012, we terminated our $140 million Equity Shelf Program (“2010 Equity Shelf Program”) that we entered into with several financial intuitions on June 25, 2010. For the year ended December 31, 2012, we issued approximately 759,000 shares of our common stock under the 2010 Equity Shelf Program at an average price per share of $21.27, generating gross proceeds of approximately $16.1 million, before $0.3 million of commissions. | |
For the year ended December 31, 2011, 1.4 million shares of our common stock were issued through the 2010 Equity Shelf Program for net proceeds of approximately $31.4 million, net of $0.6 million of commissions. For the year ended December 31, 2010, 3.1 million shares of our common stock were issued through the 2010 Equity Shelf Program for approximately $65.4 million, net of $1.3 million of commissions. | |
Since inception of the 2010 Equity Shelf Program, we have sold a total of 5.3 million shares of common stock generating total gross proceeds of $114.9 million under the program, before $2.3 million of commissions. As a result of the termination of the 2010 Equity Shelf Program, no additional shares were issued under the 2010 Equity Shelf Program. The proceeds of the sale of our common stock were used for working capital and for general corporate purposes. | |
$100 Million Stock Repurchase Program | |
On August 30, 2011, the Board of Directors authorized the repurchase of up to $100 million of our outstanding common stock from time to time over a period of 12 months following such authorization. On September 30, 2011, we entered into open market transactions to repurchase 183,310 shares of our common stock at an average price of $15.96 per share. This repurchase of these common shares settled in the ordinary course on October 5, 2011. No other shares have been repurchased. | |
Redemption of Series D Preferred Stock | |
On March 7, 2011, pursuant to authorization from our Board of Directors, we redeemed all of the outstanding shares of our 8.375% Series D Cumulative Redeemable Preferred Stock at a redemption price of $25 per share plus $0.21519 per share in accrued and unpaid dividends up to and including the redemption date, for an aggregate redemption price of $25.21519 per share. Dividends on the shares of Series D Preferred Stock ceased to accrue on and after the redemption date, after which the Series D Preferred Stock ceased to be outstanding. | |
We borrowed approximately $103 million under our previous 2010 Credit Facility to fund the redemption price. In connection with the redemption of the Series D Preferred Stock, we wrote-off $3.5 million of preferred stock issuance costs that reduced net income available to common stockholders for the year ended December 31, 2011 by approximately $0.03 per common share. | |
Dividend Reinvestment and Common Stock Purchase Plan | |
We have a Dividend Reinvestment and Common Stock Purchase Plan (the “DRSPP”) that allows for the reinvestment of dividends and the optional purchase of our common stock. For the year ended December 31, 2013, we issued 1.9 million shares of common stock for approximately $55.8 million in net proceeds. For the year ended December 31, 2012, we issued 5.1 million shares of common stock for approximately $111.9 million in net proceeds. For the year ended December 31, 2011, we issued 2.9 million shares of common stock for approximately $59.1 million in net proceeds. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
NOTE 15 –STOCK-BASED COMPENSATION | |||||||||||||
Restricted stock and restricted stock units (“RSUs”) are subject to forfeiture if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. Prior to vesting, ownership of the shares/units cannot be transferred. The restricted stock has the same dividend and voting rights as our common stock. RSUs accrue dividend equivalents but have no voting rights. Restricted stock and RSUs are valued at the price of our common stock on the date of grant. We expense the cost of these awards ratably over their vesting period. | |||||||||||||
In January 2011, we granted 428,503 shares of restricted stock to six employees. The 428,503 shares of restricted stock vested as of December 31, 2013 and were distributed to all six employees. | |||||||||||||
On December 31, 2013, we granted 213,741 RSUs to six employees. The RSUs vest ratably over the three year period ending December 31, 2016, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
In addition, we grant restricted stock to directors each year as part of director compensation. These shares vest ratably over a three year period, subject to exceptions for death, disability, mandatory retirement or a change in control of the Company. | |||||||||||||
The following table summarizes the activity in restricted stock and RSUs for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Number of Shares/Units | Weighted - Average Grant-Date Fair Value per Share | Compensation Cost (1) | |||||||||||
(in millions) | |||||||||||||
Non-vested at December 31, 2010 | 26,267 | $ | 18.19 | ||||||||||
Granted during 2011 | 444,003 | 22.42 | $ | 10 | |||||||||
Vested during 2011 | (11,968 | ) | 17.42 | ||||||||||
Non-vested at December 31, 2011 | 458,302 | $ | 22.31 | ||||||||||
Granted during 2012 | 15,500 | 20.29 | $ | 0.3 | |||||||||
Vested during 2012 | (14,300 | ) | 19.56 | ||||||||||
Non-vested at December 31, 2012 | 459,502 | $ | 22.33 | ||||||||||
Granted during 2013 | 241,699 | 29.87 | $ | 7.2 | |||||||||
Vested during 2013 | (444,003 | ) | 22.38 | ||||||||||
Non-vested at December 31, 2013 | 257,198 | $ | 29.32 | ||||||||||
(1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant. | |||||||||||||
Performance Restricted Stock Units | |||||||||||||
PRSUs (for Performance Periods 2011 through 2013) | |||||||||||||
In January 2011, we awarded three types of performance restricted stock units (“PRSUs”) to six employees: (i) 124,244 annual total shareholder return (“TSR”) PRSUs for the year ended December 31, 2011 (“2011 Annual TSR PRSUs”); (ii) 279,552 multi-year absolute TSR PRSUs and (iii) 93,183 multi-year relative TSR PRSUs. On January 1, 2012, we awarded to the six employees 124,244 annual TSR PRSUs for the year ended December 31, 2012 (“2012 Annual TSR PRSUs”). On January 1, 2013, we awarded to the six employees 124,244 annual TSR PRSUs for the year ended December 31, 2013 (“2013 Annual TSR PRSUs”). Prior to vesting and distribution of shares, ownership of the PRSUs cannot be transferred. The dividends on the PRSUs accumulate and if vested are paid when the shares are distributed to the employee. We expense the cost of these awards ratably over the employee’s service period. | |||||||||||||
Annual TSR PRSUs (for Performance Periods 2011 through 2013) | |||||||||||||
The number of shares earned under the annual TSR PRSUs depended generally on the level of achievement of TSR for the applicable year. The annual TSR PRSUs vest on December 31 of the year, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
The 2011 Annual TSR PRSUs were forfeited because the required TSR for 2011 was not achieved. The TSR goal was achieved at high for the 2012 Annual TSR PRSUs and 124,244 shares vested and were distributed to the employees. The TSR goal was achieved at high for the 2013 Annual TSR PRSUs and 124,244 shares vested and were distributed to the employees in January 2014. | |||||||||||||
Multi-year TSR PRSUs (for the 2011- 2013 Performance Period) | |||||||||||||
The number of shares earned under the multi-year TSR PRSUs depended generally on the level of achievement of TSR for the three-years ending December 31, 2013. In January 2014, the board of directors reviewed the performance and determined the performance targets were met at the high level. The multi-year TSR PRSUs vest 25% on the last day of each calendar quarter in 2014, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
Multi-year Relative TSR PRSUs (for the 2011- 2013 Performance Period) | |||||||||||||
The number of shares earned under the multi-year relative TSR PRSUs depended generally on the level of achievement of TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index for the three-years ending December 31, 2013. In January 2014, the board of directors reviewed the performance and determined the performance targets were met at the high level. The multi-year relative TSR PRSUs vest 25% on the last day of each calendar quarter in 2014, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
PRSUs (granted December 2013 for 2013- 2016 Performance Periods) | |||||||||||||
In December 2013, we awarded six types of PRSU’s to six employees: (i) 77,371 PRSUs that vest based on TSR for the one year period starting December 31, 2013 and ending December 31, 2014 (“2014 TSR PRSUs”), (ii) 77,369 PRSUs that vest based on the TSR for the two year period starting December 31, 2013 and ending December 31, 2015 (“2015 TSR PRSUs”), (iii) 115,785 PRSUs that vest based on TSR for the three year period starting December 31, 2013 and ending December 31, 2016 (“2016 TSR PRSUs”), (iv) 77,371 PRSUs that vest based on relative TSR for the one year period starting December 31, 2013 and ending December 31, 2014 (“2014 Relative TSR PRSUs”), (v) 77,368 PRSUs that vest based on relative TSR for the two year period starting December 31, 2013 and ending December 31, 2015 (“2015 Relative TSR PRSUs”), and (vi) 115,781 PRSUs that vest based on relative TSR for the three year period starting December 31, 2013 and ending December 31, 2016 (“2016 Relative TSR PRSUs”). | |||||||||||||
2014 TSR PRSU | |||||||||||||
The number of shares earned under the 2014 Absolute TSR PRSUs depends generally on the level of achievement of TSR for the period beginning December 31, 2013 and ending December 31, 2014. The 2014 Absolute TSR PRSUs vest on December 31, 2014, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
2015 TSR PRSU | |||||||||||||
The number of shares earned under the 2015 Absolute TSR PRSUs depends generally on the level of achievement of TSR for the period beginning December 31, 2013 and ending December 31, 2015. The 2015 Absolute TSR PRSUs vest on December 31, 2015, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
2016 TSR PRSU | |||||||||||||
The number of shares earned under the 2016 Absolute TSR PRSUs depends generally on the level of achievement of TSR for the period beginning December 31, 2013 and ending December 31, 2016. The 2016 Absolute TSR PRSUs vest on December 31, 2016, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
2014 Relative TSR PRSUs | |||||||||||||
The number of shares earned under the 2014 Relative TSR PRSUs depends generally on the level of achievement of TSR relative to the MSCI U.S. REIT Index for the period beginning December 31, 2013 and ending December 31, 2014. The 2014 Relative TSR PRSUs vest on December 31, 2014, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
2015 Relative TSR PRSUs | |||||||||||||
The number of shares earned under the 2015 Relative TSR PRSUs depends generally on the level of achievement of TSR relative to MSCI U.S. REIT Index for the period beginning December 31, 2013 and ending December 31, 2015. The 2015 Relative TSR PRSUs vest on December 31, 2015, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
2016 Relative TSR PRSUs | |||||||||||||
The number of shares earned under the 2016 Relative TSR PRSUs depends generally on the level of achievement of TSR relative to MSCI U.S. REIT Index for the period beginning December 31, 2013 and ending December 31, 2016. The 2016 Relative TSR PRSUs vest on December 31, 2016, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |||||||||||||
The PRSUs awarded in December 2013 have varying degrees of performance requirements to achieve vesting, and each PRSU award represents the right to a variable number of shares of common stock based on performance and related dividend equivalents based on dividends paid to stockholders during the applicable performance period. | |||||||||||||
We used a Monte Carlo model to estimate the fair value and the derived service periods for the PRSUs granted to the employees. The following are the significant assumptions used in estimating the value of the awards for grants made on the following dates: | |||||||||||||
January 1, 2011 | January 1, 2012 | January 1, 2013 | December 31, 2013 | ||||||||||
Closing Price on date of grant | $ | 22.44 | $ | 19.35 | $ | 23.85 | $ | 29.8 | |||||
Dividend Yield | 6.60% | 8.27% | 4.24% | 6.44% | |||||||||
Risk Free interest rate at time of grant | 0.12% to 1.07% | 0.03% to 0.35% | 0.05% to 0.43% | 0.04% to 0.86% | |||||||||
Expected volatility | 27.62% to 39.11% | 35.64% to 38.53% | 15.56% to 23.83% | 24.16% to 25.86% | |||||||||
The following table summarizes the activity in PRSU for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value per Share | Compensation Cost (1) | |||||||||||
(in millions) | |||||||||||||
Non-vested at December 31, 2010 | - | $ | - | ||||||||||
Granted during 2011 | 496,979 | 11.28 | $ | 5.6 | |||||||||
Vested during 2011 | - | - | |||||||||||
Forfeited during 2011 | (124,244 | ) | 11.04 | ||||||||||
Non-vested at December 31, 2011 | 372,735 | $ | 11.36 | ||||||||||
Granted during 2012 | 124,244 | 9.61 | $ | 1.2 | |||||||||
Vested during 2012 | (124,244 | ) | 9.61 | ||||||||||
Non-vested at December 31, 2012 | 372,735 | $ | 11.36 | ||||||||||
Granted during 2013 | 665,289 | 10.36 | $ | 6.9 | |||||||||
Vested during 2013 (2) | - | - | |||||||||||
Non-vested at December 31, 2013 | 1,038,024 | $ | 10.72 | ||||||||||
-1 | Total compensation cost to be recognized on the awards was based on grant date fair value or the modification date fair value. | ||||||||||||
-2 | Subsequent to December 31, 2013, the board of directors reviewed the performance measure for the 372,735 PRSUs granted in January 2011 and outstanding at December 31, 2012 as well as the 124,244 shares granted in January 2013 and determined the PRSUs were earned. In January 2014, the 124,244 PRSUs granted in January 2013 vested and were issued to the employees. The 372,735 PRSUs granted in 2011 will vest 25% on March 31, June 30, September 30 and December 31, 2014 based on continued employment by the executive. | ||||||||||||
Tax Withholding | |||||||||||||
Stock withheld to pay minimum statutory tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2013, 2012 and 2011, was $5.8 million, $1.2 million and $1.3 million, respectively. | |||||||||||||
Shares Available for Issuance for Compensation Purposes | |||||||||||||
On June 6, 2013, at our Company’s Annual Meeting, our stockholders approved the 2013 Stock Incentive Plan (the “2013 Plan”), which amended and restated the Company’s 2004 Stock Incentive Plan. The 2013 Plan is a comprehensive incentive compensation plan that allows for various types of equity-based compensation, including restricted stock units (including performance-based restricted stock units), stock awards, deferred restricted stock units, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights and certain cash-based awards (including performance-based cash awards). The 2013 Plan increased the number of shares reserved for issuance for compensation purposes by 3,000,000. | |||||||||||||
As of December 31, 2013, 2,818,256 shares of common stock were reserved for issuance to our employees, directors and consultants under our stock incentive plans. Awards under our stock incentive plans may be in the form of stock, stock options, restricted stock, and performance restricted stock units. |
DIVIDENDS
DIVIDENDS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Dividends [Abstract] | ' | ||||||||||||
DIVIDENDS | ' | ||||||||||||
NOTE 16 - DIVIDENDS | |||||||||||||
Common Dividends | |||||||||||||
On January 15, 2014, the Board of Directors declared a common stock dividend of $0.49 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, which is to be paid February 17, 2014 to common stockholders of record on January 31, 2014. | |||||||||||||
On October 15, 2013, the Board of Directors declared a common stock dividend of $0.48 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, which was paid November 15, 2013 to common stockholders of record on October 31, 2013. | |||||||||||||
On July 16, 2013, the Board of Directors declared a common stock dividend of $0.47 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, which was paid August 15, 2013 to common stockholders of record on July 31, 2013. | |||||||||||||
On April 16, 2013, the Board of Directors declared a common stock dividend of $0.46 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, which was paid May 15, 2013 to common stockholders of record on April 30, 2013. | |||||||||||||
On January 16, 2013, the Board of Directors declared a common stock dividend of $0.45 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, which was paid February 15, 2013 to common stockholders of record on January 31, 2013. | |||||||||||||
Per Share Distributions | |||||||||||||
Per share distributions by our company were characterized in the following manner for income tax purposes (unaudited): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common | |||||||||||||
Ordinary income | $ | 1.536 | $ | 0.884 | $ | 0.989 | |||||||
Return of capital | 0.324 | 0.806 | 0.561 | ||||||||||
Long-term capital gain | — | — | — | ||||||||||
Total dividends paid | $ | 1.86 | $ | 1.69 | $ | 1.55 | |||||||
Series D Preferred | |||||||||||||
Ordinary income | $ | — | $ | — | $ | 0.739 | |||||||
Return of capital | — | — | — | ||||||||||
Long-term capital gain | — | — | — | ||||||||||
Total dividends paid | $ | — | $ | — | $ | 0.739 | |||||||
For additional information regarding dividends, see Note 10 – Borrowing Arrangements and Note 12 – Taxes. |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LITIGATION | ' |
NOTE 17 - LITIGATION | |
We are subject to various 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. |
SUMMARY_OF_QUARTERLY_RESULTS_U
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | ' | ||||||||||||||||
NOTE 18 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | |||||||||||||||||
The following summarizes quarterly results of operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 101,761 | $ | 102,515 | $ | 103,301 | $ | 111,137 | |||||||||
Net income | 38,120 | 49,058 | 38,137 | 47,206 | |||||||||||||
Net income available to common stockholders | 38,120 | 49,058 | 38,137 | 47,206 | |||||||||||||
Net income available to common per share: | |||||||||||||||||
Basic net income | $ | 0.34 | $ | 0.42 | $ | 0.32 | $ | 0.39 | |||||||||
Diluted net income | $ | 0.34 | $ | 0.42 | $ | 0.32 | $ | 0.38 | |||||||||
Cash dividends paid on common stock | $ | 0.45 | $ | 0.46 | $ | 0.47 | $ | 0.48 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 84,515 | $ | 83,825 | $ | 87,108 | $ | 95,012 | |||||||||
Net income | 26,084 | 30,572 | 30,119 | 33,923 | |||||||||||||
Net income available to common stockholders | 26,084 | 30,572 | 30,119 | 33,923 | |||||||||||||
Net income available to common per share: | |||||||||||||||||
Basic net income | $ | 0.25 | $ | 0.29 | $ | 0.28 | $ | 0.3 | |||||||||
Diluted net income | $ | 0.25 | $ | 0.29 | $ | 0.27 | $ | 0.3 | |||||||||
Cash dividends paid on common stock | $ | 0.41 | $ | 0.42 | $ | 0.42 | $ | 0.44 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE 19 - EARNINGS PER SHARE | |||||||||||||
The computation of basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS is computed using the treasury stock method, which is net income available to common stockholders divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units. | |||||||||||||
The following tables set forth the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income | $ | 172,521 | $ | 120,698 | $ | 52,606 | |||||||
Preferred stock dividends | - | - | (1,691 | ) | |||||||||
Preferred stock redemption | - | - | (3,456 | ) | |||||||||
Numerator for net income available to common per share - basic and diluted | $ | 172,521 | $ | 120,698 | $ | 47,459 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 117,257 | 107,591 | 102,119 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock | 807 | 401 | 45 | ||||||||||
Deferred stock | 36 | 19 | 13 | ||||||||||
Denominator for diluted earnings per share | 118,100 | 108,011 | 102,177 | ||||||||||
Earnings per share - basic: | |||||||||||||
Net income - basic | $ | 1.47 | $ | 1.12 | $ | 0.46 | |||||||
Earnings per share - diluted: | |||||||||||||
Net income - diluted | $ | 1.46 | $ | 1.12 | $ | 0.46 |
CONSOLIDATING_FINANCIAL_STATEM
CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
CONSOLIDATING FINANCIAL STATEMENTS | ' | ||||||||||||||||
NOTE 20– CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||
As of December 31, 2013, we had outstanding (i) $200 million 7.5% Senior Notes due 2020, (ii) $575 million 6.75% Senior Notes due 2022 and (iii) $400 million 5.875% Senior Notes due 2024, which we collectively refer to as the Senior Notes. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of our subsidiaries that guarantee other indebtedness of Omega or any of the subsidiary guarantors. All of our subsidiaries that guarantee the Senior Notes also guarantee the 2012 Credit Facilities and the 2013 Term Loan Facility. Any subsidiary that we properly designate as an “unrestricted subsidiary” under the indentures governing the Senior Notes will not provide guarantees of the Senior Notes, the 2012 Credit Facilities or the 2013 Term Loan Facility. | |||||||||||||||||
As of and prior to March 31, 2010, the non-guarantor subsidiaries were minor and insignificant. On June 29, 2010, we designated as “unrestricted subsidiaries” the 39 subsidiaries we acquired from CapitalSource subject to HUD indebtedness, of which 12 subsidiaries were re-designated as “restricted subsidiaries” and subsidiary guarantors in July 2013 due to the retirement of the HUD related debt on 11 facilities. During the fourth quarter of 2011, we designated as “unrestricted subsidiaries” 20 subsidiaries we acquired subject to HUD indebtedness, of which six subsidiaries were re-designated as “restricted subsidiaries” and subsidiary guarantors in July 2012 due to the retirement of the HUD related mortgages on five facilities. During the fourth quarter of 2012, we designated as “unrestricted subsidiaries” eight subsidiaries we acquired subject to HUD indebtedness. | |||||||||||||||||
For the year ended December 31, 2013 and 2012, the operating cash flow of the non-guarantor subsidiaries approximated net income of the non-guarantor subsidiaries, adjusted for depreciation and amortization expense. On March 26, 2013, the non-guarantor subsidiaries refinanced existing HUD mortgage debt on 12 properties in Arkansas for approximately $59.4 million. The refinanced amount included $58.7 million related to retiring the old HUD debt and $0.7 million of closing costs that were added to the new (refinanced) HUD debt. | |||||||||||||||||
For the year ended December 31, 2013, 2012 and 2011, the non-guarantor subsidiaries did not engage in investing or financing activities other than the principal payment of $4.6 million, $3.1 million and $1.8 million, respectively for the HUD mortgages on the facilities owned by the non-guarantor subsidiaries. All of the subsidiary guarantors of our outstanding Senior Notes, 2012 Credit Facilities and the 2013 Term Loan Facility, and all of our non-guarantor subsidiaries, are 100% owned by Omega. | |||||||||||||||||
The following summarized condensed consolidating financial information segregates the financial information of the non-guarantor subsidiaries from the financial information of Omega Healthcare Investors, Inc. and the subsidiary guarantors under the Senior Notes. The results and financial position of acquired entities are included from the dates of their respective acquisitions. | |||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor | Elimination Company | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Real estate properties | |||||||||||||||||
Land and buildings | $ | 2,642,047 | $ | 457,500 | $ | — | $ | 3,099,547 | |||||||||
Less accumulated depreciation | (653,858 | ) | (53,552 | ) | — | (707,410 | ) | ||||||||||
Real estate properties – net | 1,988,189 | 403,948 | — | 2,392,137 | |||||||||||||
Investment in direct financing leases | 529,445 | — | — | 529,445 | |||||||||||||
Mortgage notes receivable – net | 241,515 | — | — | 241,515 | |||||||||||||
2,759,149 | 403,948 | — | 3,163,097 | ||||||||||||||
Other investments – net | 53,054 | — | — | 53,054 | |||||||||||||
2,812,203 | 403,948 | — | 3,216,151 | ||||||||||||||
Assets held for sale – net | 1,356 | — | — | 1,356 | |||||||||||||
Total investments | 2,813,559 | 403,948 | — | 3,217,507 | |||||||||||||
Cash and cash equivalents | 2,616 | — | — | 2,616 | |||||||||||||
Restricted cash | 6,827 | 24,932 | — | 31,759 | |||||||||||||
Accounts receivable – net | 140,331 | 7,173 | — | 147,504 | |||||||||||||
Investment in affiliates | 108,707 | — | (108,707 | ) | — | ||||||||||||
Other assets | 36,723 | 26,107 | — | 62,830 | |||||||||||||
Total assets | $ | 3,108,763 | $ | 462,160 | $ | (108,707 | ) | $ | 3,462,216 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Revolving line of credit | $ | 326,000 | $ | — | $ | — | $ | 326,000 | |||||||||
Term loan | 200,000 | — | — | 200,000 | |||||||||||||
Secured borrowings | — | 298,531 | — | 298,531 | |||||||||||||
Unsecured borrowings – net | 1,178,995 | 20,892 | — | 1,199,887 | |||||||||||||
Accrued expenses and other liabilities | 103,665 | 34,030 | — | 137,695 | |||||||||||||
Intercompany payable | — | 83,065 | (83,065 | ) | — | ||||||||||||
Total liabilities | 1,808,660 | 436,518 | (83,065 | ) | 2,162,113 | ||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 12,353 | — | — | 12,353 | |||||||||||||
Common stock – additional paid-in-capital | 1,998,169 | — | — | 1,998,169 | |||||||||||||
Cumulative net earnings | 926,649 | 25,642 | (25,642 | ) | 926,649 | ||||||||||||
Cumulative dividends paid | (1,637,068 | ) | — | — | (1,637,068 | ) | |||||||||||
Total stockholders’ equity | 1,300,103 | 25,642 | (25,642 | ) | 1,300,103 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 3,108,763 | $ | 462,160 | $ | (108,707 | ) | $ | 3,462,216 | ||||||||
31-Dec-12 | |||||||||||||||||
Issuer & Subsidiary | Non – Guarantor | Elimination | Consolidated | ||||||||||||||
Guarantors | Subsidiaries | Company | |||||||||||||||
ASSETS | |||||||||||||||||
Real estate properties | |||||||||||||||||
Land and buildings | $ | 2,580,977 | $ | 457,576 | $ | — | $ | 3,038,553 | |||||||||
Less accumulated depreciation | (547,489 | ) | (32,884 | ) | — | (580,373 | ) | ||||||||||
Real estate properties – net | 2,033,488 | 424,692 | — | 2,458,180 | |||||||||||||
Mortgage notes receivable – net | 238,621 | — | — | 238,621 | |||||||||||||
2,272,109 | 424,692 | — | 2,696,801 | ||||||||||||||
Other investments – net | 47,339 | — | — | 47,339 | |||||||||||||
2,319,448 | 424,692 | — | 2,744,140 | ||||||||||||||
Assets held for sale – net | 1,020 | — | — | 1,020 | |||||||||||||
Total investments | 2,320,468 | 424,692 | — | 2,745,160 | |||||||||||||
Cash and cash equivalents | 1,711 | — | — | 1,711 | |||||||||||||
Restricted cash | 10,095 | 26,565 | — | 36,660 | |||||||||||||
Accounts receivable – net | 121,488 | 3,692 | — | 125,180 | |||||||||||||
Investment in affiliates | 115,835 | — | (115,835 | ) | — | ||||||||||||
Other assets | 49,153 | 24,141 | — | 73,294 | |||||||||||||
Total assets | $ | 2,618,750 | $ | 479,090 | (115,835 | ) | $ | 2,982,005 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Revolving line of credit | $ | 158,000 | $ | — | $ | — | $ | 158,000 | |||||||||
Term loan | 100,000 | — | — | 100,000 | |||||||||||||
Secured borrowings | 62,921 | 303,617 | — | 366,538 | |||||||||||||
Unsecured borrowings – net | 1,179,345 | 21,049 | — | 1,200,394 | |||||||||||||
Accrued expenses and other liabilities | 107,155 | 38,589 | — | 145,744 | |||||||||||||
Intercompany payable | — | 104,040 | (104,040 | ) | — | ||||||||||||
Total liabilities | 1,607,421 | 467,295 | (104,040 | ) | 1,970,676 | ||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 11,239 | — | — | 11,239 | |||||||||||||
Common stock – additional paid-in capital | 1,664,855 | — | — | 1,664,855 | |||||||||||||
Cumulative net earnings | 754,128 | 11,795 | (11,795 | ) | 754,128 | ||||||||||||
Cumulative dividends paid | (1,418,893 | ) | — | — | (1,418,893 | ) | |||||||||||
Total stockholders’ equity | 1,011,329 | 11,795 | (11,795 | ) | 1,011,329 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,618,750 | $ | 479,090 | $ | (115,835 | ) | $ | 2,982,005 | ||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor Subsidiaries | Elimination | Consolidated | ||||||||||||||
Company | |||||||||||||||||
Revenue | |||||||||||||||||
Rental income | $ | 324,808 | $ | 50,327 | $ | - | $ | 375,135 | |||||||||
Income from direct financing leases | 5,203 | 5,203 | |||||||||||||||
Mortgage interest income | 29,351 | - | - | 29,351 | |||||||||||||
Other investment income – net | 8,874 | - | - | 8,874 | |||||||||||||
Miscellaneous | 151 | - | - | 151 | |||||||||||||
Total operating revenues | 368,387 | 50,327 | - | 418,714 | |||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 107,977 | 20,669 | - | 128,646 | |||||||||||||
General and administrative | 21,218 | 370 | - | 21,588 | |||||||||||||
Acquisition costs | 245 | - | - | 245 | |||||||||||||
Impairment loss on real estate properties | 415 | - | - | 415 | |||||||||||||
Provisions for uncollectible mortgages, notes and accounts receivable | 2,141 | - | - | 2,141 | |||||||||||||
Total operating expenses | 131,996 | 21,039 | - | 153,035 | |||||||||||||
Income before other income and expense | 236,391 | 29,288 | - | 265,679 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 12 | 29 | - | 41 | |||||||||||||
Interest expense | (84,927 | ) | (15,454 | ) | - | (100,381 | ) | ||||||||||
Interest – amortization of deferred financing costs | (2,763 | ) | (16 | ) | - | (2,779 | ) | ||||||||||
Interest – refinancing gain (costs) | 11,112 | - | - | 11,112 | |||||||||||||
Equity in earnings | 13,847 | - | (13,847 | ) | - | ||||||||||||
Total other expense | (62,719 | ) | (15,441 | ) | (13,847 | ) | (92,007 | ) | |||||||||
Income before gain on assets sold | 173,672 | 13,847 | (13,847 | ) | 173,672 | ||||||||||||
Loss on assets sold - net | (1,151 | ) | - | - | (1,151 | ) | |||||||||||
Net income available to common stockholders | $ | 172,521 | $ | 13,847 | $ | (13,847 | ) | $ | 172,521 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor Subsidiaries | Elimination | Consolidated | ||||||||||||||
Company | |||||||||||||||||
Revenue | |||||||||||||||||
Rental income | $ | 277,670 | $ | 36,922 | $ | - | $ | 314,592 | |||||||||
Mortgage interest income | 30,446 | - | - | 30,446 | |||||||||||||
Other investment income – net | 4,760 | - | - | 4,760 | |||||||||||||
Miscellaneous | 662 | - | - | 662 | |||||||||||||
Total operating revenues | 313,538 | 36,922 | - | 350,460 | |||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 96,570 | 16,413 | - | 112,983 | |||||||||||||
General and administrative | 21,016 | 314 | - | 21,330 | |||||||||||||
Acquisition costs | 909 | - | - | 909 | |||||||||||||
Impairment loss on real estate properties | 272 | - | - | 272 | |||||||||||||
Total operating expenses | 118,767 | 16,727 | - | 135,494 | |||||||||||||
Income before other income and expense | 194,771 | 20,195 | - | 214,966 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 6 | 23 | - | 29 | |||||||||||||
Interest expense | (82,525 | ) | (13,002 | ) | - | (95,527 | ) | ||||||||||
Interest – amortization of deferred financing costs | (2,649 | ) | - | - | (2,649 | ) | |||||||||||
Interest – refinancing gain (costs) | (7,920 | ) | - | - | (7,920 | ) | |||||||||||
Equity in earnings | 7,216 | - | (7,216 | ) | - | ||||||||||||
Total other expense | (85,872 | ) | (12,979 | ) | (7,216 | ) | (106,067 | ) | |||||||||
Income before gain on assets sold | 108,899 | 7,216 | (7,216 | ) | 108,899 | ||||||||||||
Gain on assets sold - net | 11,799 | - | - | 11,799 | |||||||||||||
Net income available to common stockholders | $ | 120,698 | $ | 7,216 | $ | (7,216 | ) | $ | 120,698 | ||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor Subsidiaries | Elimination | Consolidated | ||||||||||||||
Company | |||||||||||||||||
Revenue | |||||||||||||||||
Rental income | $ | 250,695 | $ | 22,822 | $ | - | $ | 273,517 | |||||||||
Mortgage interest income | 16,274 | - | - | 16,274 | |||||||||||||
Other investment income – net | 2,070 | - | - | 2,070 | |||||||||||||
Miscellaneous | 343 | - | - | 343 | |||||||||||||
Total operating revenues | 269,382 | 22,822 | - | 292,204 | |||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 89,344 | 10,993 | - | 100,337 | |||||||||||||
General and administrative | 19,251 | 181 | - | 19,432 | |||||||||||||
Acquisition costs | 1,204 | - | - | 1,204 | |||||||||||||
Impairment loss on real estate properties | 26,344 | - | - | 26,344 | |||||||||||||
Provisions for uncollectible accounts receivable | 6,439 | - | - | 6,439 | |||||||||||||
Nursing home expenses of owned and operated assets | 653 | - | - | 653 | |||||||||||||
Total operating expenses | 143,235 | 11,174 | - | 154,409 | |||||||||||||
Income before other income and expense | 126,147 | 11,648 | - | 137,795 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 23 | 17 | - | 40 | |||||||||||||
Interest expense | (72,785 | ) | (8,369 | ) | - | (81,154 | ) | ||||||||||
Interest – amortization of deferred financing costs | (2,674 | ) | - | - | (2,674 | ) | |||||||||||
Interest – refinancing gain (costs) | (3,071 | ) | - | - | (3,071 | ) | |||||||||||
Equity in earnings | 3,296 | - | (3,296 | ) | - | ||||||||||||
Total other expense | (75,211 | ) | (8,352 | ) | (3,296 | ) | (86,859 | ) | |||||||||
Income before gain on assets sold | 50,936 | 3,296 | (3,296 | ) | 50,936 | ||||||||||||
Gain on assets sold - net | 1,670 | - | - | 1,670 | |||||||||||||
Net income | 52,606 | 3,296 | (3,296 | ) | 52,606 | ||||||||||||
Preferred stock dividends | (1,691 | ) | - | - | (1,691 | ) | |||||||||||
Preferred stock redemption | (3,456 | ) | - | - | (3,456 | ) | |||||||||||
Net income available to common stockholders | $ | 47,459 | $ | 3,296 | $ | (3,296 | ) | $ | 47,459 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 21– SUBSEQUENT EVENTS | |
$113 Million of New Investment in Q1 2014 | |
On January 17, 2014, we entered into a $112.5 million first mortgage loan with an existing operator of Omega. The loan is secured by 9 SNFs totaling 784 operating beds located in Pennsylvania (7) and Ohio (2). The loan is cross-defaulted and cross-collateralized with our existing master lease with the operator. The loan bears an initial annual interest rate of 9.5%. | |
Draw on the 2013 Term Loan Facility | |
On January 17, 2014, we have fully drawn all of the $200 million under the 2013 Term Loan Facility and used the proceeds to repay outstanding borrowings under our 2012 Revolving Credit Facility. | |
Stock-based Compensation | |
In January 2014, we granted 122,137 RSUs to six employees of the Company. The terms of the January 2014 RSUs are similar to the RSUs granted on December 31, 2013 except for the vesting schedule. The 2014 RSUs vest 100% on December 31, 2016, subject to continued employment on the vesting date and subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. | |
We also granted 309,168 PRSUs to the six employees in January 2014. The terms of the January 2014 PRSUs are similar to the PRSUs granted on December 31, 2013 except for the performance period and the vesting schedule. The number of PRSUs earned is determined based on performance from January 1, 2014 through December 31, 2016 and vesting occurs 25% on the last day of each quarter in 2017, subject to continued employment on the vesting date and subject to certain exceptions for qualifying terminations of employment or a change in control of the Company. The PRSUs are equally weighted with half of the grant determined at target performance based on TSR and the other half based on Relative TSR as compared to our identified peer group. |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
-3 | |||||||||||||||||||||||||||||||||||
Gross Amount at | |||||||||||||||||||||||||||||||||||
Which Carried at | |||||||||||||||||||||||||||||||||||
Initial Cost to | Cost Capitalized | Close of Period | Life on Which | ||||||||||||||||||||||||||||||||
Company | Subsequent to | Buildings | Depreciation | ||||||||||||||||||||||||||||||||
Buildings | Acquisition | and Land | -4 | in Latest | |||||||||||||||||||||||||||||||
and Land | Improvements | Accumulated | Date of | Date | Income Statements | ||||||||||||||||||||||||||||||
Description (1) | Encumbrances | Improvements | Improvements | Impairment | Other | Total | Depreciation | Construction | Acquired | is Computed | |||||||||||||||||||||||||
Genesis HealthCare: | |||||||||||||||||||||||||||||||||||
Alabama (LTC) | 23,584,956 | 6,523,220 | - | - | 30,108,176 | 13,488,228 | 1964-1974 | 1997 | 33 years | ||||||||||||||||||||||||||
California (LTC) | 15,618,263 | 26,652 | - | - | 15,644,915 | 7,278,284 | 1927-1972 | 1997 | 33 years | ||||||||||||||||||||||||||
Colorado (LTC, ILF) | 38,341,877 | 5,444,311 | - | - | 43,786,188 | 9,506,909 | 1963-1975 | 2006 | 39 years | ||||||||||||||||||||||||||
Idaho (LTC) | 15,511,569 | 974,011 | - | - | 16,485,580 | 4,539,518 | 1920-1987 | 1997-2006 | 33 years to 39 years | ||||||||||||||||||||||||||
Massachusetts (LTC) | 57,139,658 | 2,660,093 | (8,257,521 | ) | - | 51,542,230 | 17,694,873 | 1964-1993 | 1997-2010 | 20 years to 39 years | |||||||||||||||||||||||||
New Hampshire (LTC, AL) | 21,619,503 | 1,462,797 | - | - | 23,082,300 | 6,547,190 | 1963-1999 | 1998-2006 | 33 years to 39 years | ||||||||||||||||||||||||||
North Carolina (LTC) | 22,652,488 | 3,550,986 | - | - | 26,203,474 | 14,169,009 | 1964-1986 | 1994-1997 | 30 years to 33 years | ||||||||||||||||||||||||||
Ohio (LTC) | 11,653,451 | 20,246 | - | - | 11,673,697 | 5,531,410 | 1968-1983 | 1997 | 33 years | ||||||||||||||||||||||||||
Rhode Island (LTC) | 38,740,812 | 4,792,882 | - | - | 43,533,694 | 11,413,316 | 1965-1981 | 2006 | 25 years to 39 years | ||||||||||||||||||||||||||
Tennessee (LTC) | 7,905,139 | 2,537,508 | - | - | 10,442,647 | 5,270,760 | 1984-1985 | 1994 | 30 years | ||||||||||||||||||||||||||
Vermont (LTC) | 14,145,776 | 1,235,807 | - | - | 15,381,583 | 4,094,378 | 1970-1971 | 2004 | 39 years | ||||||||||||||||||||||||||
Washington (LTC) | 10,000,000 | 1,798,844 | - | - | 11,798,844 | 9,913,341 | 1965 | 1995 | 20 years | ||||||||||||||||||||||||||
West Virginia (LTC) | 44,277,206 | 6,528,560 | - | - | 50,805,766 | 18,744,901 | 1961-1986 | 1997-2008 | 25 years to 33 years | ||||||||||||||||||||||||||
Total Genesis HealthCare | 321,190,698 | 37,555,917 | (8,257,521 | ) | - | 350,489,094 | 128,192,117 | ||||||||||||||||||||||||||||
Health and Hospital Corporation: | |||||||||||||||||||||||||||||||||||
Indiana (LTC, AL, ILF) | 306,144,765 | 394,818 | (1,820,624 | ) | - | 304,718,959 | 23,570,887 | 1942-2001 | 1992-2013 | 20 years to 40 years | |||||||||||||||||||||||||
Total Health and Hospital Corporation | 306,144,765 | 394,818 | (1,820,624 | ) | - | 304,718,959 | 23,570,887 | ||||||||||||||||||||||||||||
CommuniCare Health Services, Inc: | |||||||||||||||||||||||||||||||||||
Ohio (LTC, AL, SH) | 218,726,757 | 23,678,515 | - | - | 242,405,272 | 61,050,564 | 1927-2008 | 1998-2008 | 20 years to 39 years | ||||||||||||||||||||||||||
Pennsylvania (LTC) | 20,286,067 | 9,150,871 | - | - | 29,436,938 | 5,430,320 | 1950-1964 | 2005 | 39 years | ||||||||||||||||||||||||||
Total CommuniCare Health Services, Inc. | 239,012,824 | 32,829,386 | - | - | 271,842,210 | 66,480,884 | |||||||||||||||||||||||||||||
Airamid Health Management | |||||||||||||||||||||||||||||||||||
Florida (LTC, AL) | -2 | 240,352,759 | - | - | - | 240,352,759 | 46,319,781 | 1951-1999 | 2009-2010 | 20 years to 37 years | |||||||||||||||||||||||||
Pennsylvania (LTC) | 14,771,868 | - | - | - | 14,771,868 | 2,815,439 | 1969 | 2009 | 26 years | ||||||||||||||||||||||||||
Total Airamid Health Management | 255,124,627 | - | - | - | 255,124,627 | 49,135,220 | |||||||||||||||||||||||||||||
Signature Holdings II, LLC.: | |||||||||||||||||||||||||||||||||||
Florida (LTC) | 119,332,120 | 9,188,581 | - | - | 128,520,701 | 32,941,674 | 1940-1991 | 1996-2010 | 24 years to 39 years | ||||||||||||||||||||||||||
Georgia (LTC) | 14,679,314 | 3,858,608 | - | - | 18,537,922 | 6,029,784 | 1964-1970 | 2007 | 20 years | ||||||||||||||||||||||||||
Kentucky (LTC) | 44,737,440 | 3,621,213 | - | - | 48,358,653 | 12,666,587 | 1964-1978 | 1999-2010 | 20 years to 33 years | ||||||||||||||||||||||||||
Maryland (LTC) | 28,629,686 | 1,787,838 | - | - | 30,417,524 | 5,623,901 | 1959-1985 | 2010 | 26 years to 30 years | ||||||||||||||||||||||||||
Tennessee (LTC) | 11,230,702 | 357,255 | - | - | 11,587,957 | 3,643,027 | 1982 | 2007 | 20 years | ||||||||||||||||||||||||||
Total Signature Holdings II, LLC | 218,609,262 | 18,813,495 | - | - | 237,422,757 | 60,904,973 | |||||||||||||||||||||||||||||
S&F Management Company, LLC: | |||||||||||||||||||||||||||||||||||
Arizona (LTC, AL) | -2 | 64,642,862 | - | - | - | 64,642,862 | 2,073,415 | 1949-1999 | 2012 | 35 years to 40 years | |||||||||||||||||||||||||
California (LTC) | -2 | 147,729,886 | - | - | - | 147,729,886 | 5,524,515 | 1939-1970 | 2012 | 20 years to 35 years | |||||||||||||||||||||||||
Total S&F Management Company, LLC | 212,372,748 | - | - | - | 212,372,748 | 7,597,930 | |||||||||||||||||||||||||||||
Gulf Coast Master Tenant I, LLC: | |||||||||||||||||||||||||||||||||||
Florida (LTC, AL) | 111,264,734 | - | - | - | 111,264,734 | 18,053,470 | 1933-2007 | 2009-2013 | 20 years to 40 years | ||||||||||||||||||||||||||
Mississippi (LTC) | 45,671,293 | - | - | - | 45,671,293 | 6,807,668 | 1962-1988 | 2009-2010 | 23 years to 40 years | ||||||||||||||||||||||||||
Total Gulf Coast Master Tenant I, LLC | 156,936,027 | - | - | - | 156,936,027 | 24,861,138 | |||||||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||||
Alabama (LTC) | 17,939,710 | 6,392,567 | - | - | 24,332,277 | 12,526,953 | 1960-1986 | 1992-2010 | 20 years to 31.5 years | ||||||||||||||||||||||||||
Arizona (LTC) | 34,318,094 | 5,657,143 | (6,603,745 | ) | - | 33,371,492 | 11,625,055 | 1983-1985 | 1998-2010 | 29 years to 33 years | |||||||||||||||||||||||||
Arkansas (LTC) | -2 | 117,091,565 | 8,856,328 | (36,350 | ) | - | 125,911,543 | 35,272,536 | 1960-2000 | 1992-2011 | 20 years to 38 years | ||||||||||||||||||||||||
California (LTC) | 21,879,146 | 1,778,353 | - | - | 23,657,499 | 8,754,904 | 1950-1990 | 1997-2010 | 20 years to 33 years | ||||||||||||||||||||||||||
Colorado (LTC) | 33,527,071 | 2,346,167 | - | - | 35,873,238 | 10,185,154 | 1958-1973 | 1998-2011 | 20 years to 33 years | ||||||||||||||||||||||||||
Florida (LTC, AL) | 118,404,311 | 5,149,515 | (970,000 | ) | - | 122,583,826 | 32,160,222 | 1964-1999 | 1992-2011 | 20 years to 40 years | |||||||||||||||||||||||||
Georgia (LTC) | 10,000,000 | - | - | - | 10,000,000 | 2,601,562 | 1967-1971 | 1998 | 37.5 years | ||||||||||||||||||||||||||
Idaho (LTC) | 6,193,698 | 100,000 | - | - | 6,293,698 | 2,642,733 | 1985 | 1999 | 20 years | ||||||||||||||||||||||||||
Illinois (LTC) | 13,961,501 | 444,484 | - | - | 14,405,985 | 6,883,296 | 1926-1990 | 1996-1999 | 30 years to 33 years | ||||||||||||||||||||||||||
Indiana (LTC, AL) | 37,220,697 | 1,897,203 | (22,776 | ) | - | 39,095,124 | 9,423,325 | 1923-1996 | 1992-2012 | 20 years to 38 years | |||||||||||||||||||||||||
Iowa (LTC) | 19,116,936 | 2,084,807 | - | - | 21,201,743 | 7,008,279 | 1965-1983 | 1997-2010 | 23 years to 33 years | ||||||||||||||||||||||||||
Kansas (LTC) | 3,210,020 | - | - | - | 3,210,020 | 687,476 | 1985 | 2010 | 20 years | ||||||||||||||||||||||||||
Kentucky (LTC) | 15,151,027 | 4,148,392 | - | - | 19,299,419 | 10,180,476 | 1948-1995 | 1994-1995 | 33 years | ||||||||||||||||||||||||||
Louisiana (LTC) | 55,343,066 | 1,750,000 | - | - | 57,093,066 | 13,585,087 | 1957-1983 | 1997-2006 | 33 years to 39 years | ||||||||||||||||||||||||||
Maryland (LTC) | -2 | 48,731,498 | - | - | - | 48,731,498 | 4,478,885 | 1921-1969 | 2011 | 25 years to 30 years | |||||||||||||||||||||||||
Massachusetts (LTC) | 5,804,554 | - | - | - | 5,804,554 | 1,433,357 | 1964 | 2009 | 20 years | ||||||||||||||||||||||||||
Michigan (LTC, AL) | 36,500,317 | - | - | - | 36,500,317 | 2,295,233 | 1964-1974 | 2011-2012 | 25 years to 30 years | ||||||||||||||||||||||||||
Mississippi (LTC) | 6,745,612 | 826,654 | - | - | 7,572,266 | 1,890,789 | 1976 | 2009 | 20 years | ||||||||||||||||||||||||||
Missouri (LTC) | 12,301,560 | - | (149,386 | ) | - | 12,152,174 | 5,236,795 | 1965-1989 | 1999 | 33 years | |||||||||||||||||||||||||
Nevada (LTC, SH) | 20,926,778 | 377,708 | - | - | 21,304,486 | 4,124,180 | 1972-1978 | 2009 | 26 years to 27 years | ||||||||||||||||||||||||||
New Mexico (LTC) | 7,097,600 | 130,323 | - | - | 7,227,923 | 2,184,043 | 1972-1989 | 2008-2010 | 20 years | ||||||||||||||||||||||||||
North Carolina (LTC) | 33,092,980 | - | - | - | 33,092,980 | 5,613,469 | 1969-1987 | 2010 | 25 years to 36 years | ||||||||||||||||||||||||||
Ohio (LTC) | 106,991,529 | 6,260,958 | - | - | 113,252,487 | 29,955,156 | 1962-1998 | 1994-2010 | 20 years to 39 years | ||||||||||||||||||||||||||
Oklahoma (LTC) | 24,136,703 | - | - | - | 24,136,703 | 3,304,393 | 1965-2012 | 2010-2012 | 20 years to 25 years | ||||||||||||||||||||||||||
Pennsylvania (LTC, AL, ILF) | 138,881,687 | - | - | - | 138,881,687 | 37,609,623 | 1942-2001 | 1998-2009 | 20 years to 39 years | ||||||||||||||||||||||||||
Tennessee (LTC) | 94,531,371 | 2,359,950 | - | - | 96,891,321 | 26,934,820 | 1958-1983 | 1992-2010 | 20 years to 31.5 years | ||||||||||||||||||||||||||
Texas (LTC) | 154,732,916 | 12,805,255 | - | - | 167,538,171 | 45,013,541 | 1952-2010 | 1997-2012 | 20 years to 39 years | ||||||||||||||||||||||||||
Washington (AL) | 5,673,693 | - | - | - | 5,673,693 | 2,376,182 | 1999 | 1999 | 33 years | ||||||||||||||||||||||||||
West Virginia (LTC) | -2 | 24,641,423 | 348,641 | - | - | 24,990,064 | 5,170,641 | 1961-1996 | 1994-2011 | 33 years to 39 years | |||||||||||||||||||||||||
Wisconsin (LTC) | 30,561,506 | - | - | - | 30,561,506 | 5,508,574 | 1964-1972 | 2009-2011 | 20 years | ||||||||||||||||||||||||||
Total Other | 1,254,708,569 | 63,714,448 | (7,782,257 | ) | - | 1,310,640,760 | 346,666,739 | ||||||||||||||||||||||||||||
Total | 2,964,099,520 | 153,308,064 | (17,860,402 | ) | - | 3,099,547,182 | 707,409,888 | ||||||||||||||||||||||||||||
-1 | The real estate included in this schedule is being used in either the operation of long-term care facilities (LTC), assisted living facilities (AL), independent living facilities (ILF) or specialty hospitals (SH) located in the states indicated. | ||||||||||||||||||||||||||||||||||
-2 | Certain of the real estate indicated are security for the HUD loan borrowings totaling $298,530,640, including FMV of $18,105,999, at December 31, 2013. | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
-3 | 2011 | 2012 | 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,366,856,229 | $ | 2,537,038,892 | $ | 3,038,552,898 | |||||||||||||||||||||||||||||
Acquisitions | 192,612,147 | 491,207,838 | 35,529,419 | ||||||||||||||||||||||||||||||||
Impairment | (26,344,298 | ) | (414,687 | ) | |||||||||||||||||||||||||||||||
Improvements | 19,865,623 | 29,436,456 | 31,346,919 | ||||||||||||||||||||||||||||||||
Disposals/other | (15,950,809 | ) | (19,130,288 | ) | (5,467,367 | ) | |||||||||||||||||||||||||||||
Balance at close of period | $ | 2,537,038,892 | $ | 3,038,552,898 | $ | 3,099,547,182 | |||||||||||||||||||||||||||||
-4 | 2011 | 2012 | 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 380,995,243 | $ | 470,420,023 | $ | 580,373,211 | |||||||||||||||||||||||||||||
Provisions for depreciation | 100,237,951 | 112,871,408 | 128,523,788 | ||||||||||||||||||||||||||||||||
Dispositions/other | (10,813,171 | ) | (2,918,220 | ) | (1,487,111 | ) | |||||||||||||||||||||||||||||
Balance at close of period | $ | 470,420,023 | $ | 580,373,211 | $ | 707,409,888 | |||||||||||||||||||||||||||||
-5 | The reported amount of our real estate at December 31, 2013 is greater than the tax basis of the real estate by approximately $20.8 million. |
SCHEDULE_IV_MORTGAGE_LOANS_ON_
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Mortgage Loans On Real Estate [Abstract] | ' | |||||||||||||||||||
MORTGAGE LOANS ON REAL ESTATE | ' | |||||||||||||||||||
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC. | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Description (1) | Interest Rate | Final Maturity | Periodic Payment | Prior Liens | Face Amount of | Carrying Amount | Principal Amount | |||||||||||||
Date | Terms | Mortgages | of Mortgages (2) | of Loans Subject | ||||||||||||||||
-3 | to Delinquent | |||||||||||||||||||
Principal or | ||||||||||||||||||||
Interest | ||||||||||||||||||||
Florida (3 LTC facilities) | 10.61% | 2030 | Interest payable monthly | None | 15,900,000 | 15,896,641 | ||||||||||||||
Maryland (7 LTC facilities) | 11.00% | 2023 | Interest payable monthly | None | 74,927,751 | 69,927,759 | ||||||||||||||
Maryland (1 LTC facilities) | 12.00% | 2046 | Interest payable monthly | None | 10,000,000 | 10,000,000 | ||||||||||||||
Maryland (1 LTC facilities) | 12.00% | 2046 | Interest payable monthly | None | 9,500,000 | 9,500,000 | ||||||||||||||
Maryland (1 LTC facilities) | 12.00% | 2046 | Interest payable monthly | None | 5,500,000 | 5,500,000 | ||||||||||||||
Michigan (1 LTC facility) | 12.50% | 2022 | Interest payable monthly | None | 5,310,000 | 5,310,000 | ||||||||||||||
Michigan (1 LTC facility) | 12.50% | 2021 | Interest payable monthly | None | 5,573,500 | 5,573,500 | ||||||||||||||
Michigan (1 LTC facility) | 12.50% | 2023 | Interest payable monthly | None | 7,782,000 | 7,782,000 | ||||||||||||||
Michigan (1 LTC facility) | 12.50% | 2023 | Interest payable monthly | None | 6,175,000 | 6,175,000 | ||||||||||||||
Michigan (13 LTC facilities) | 11.00% | 2021 | Interest plus $38,500 of principal payable monthly | None | 92,000,000 | 91,123,847 | ||||||||||||||
10.00% | 2021 | Interest payable monthly | None | 913,366 | 913,366 | |||||||||||||||
Michigan (1 LTC facility) | 12.00% | 2046 | Interest payable monthly | None | 1,500,000 | 1,500,000 | ||||||||||||||
Ohio (1 LTC facility) | 12.00% | 2022 | Interest plus $1,900 of principal payable monthly | None | 6,112,406 | 6,077,661 | ||||||||||||||
12.00% | 2022 | Interest payable monthly | None | 345,011 | 345,011 | |||||||||||||||
12.00% | 2022 | Interest payable monthly | None | 796,397 | 796,397 | |||||||||||||||
12.00% | 2022 | Interest payable monthly | None | 93,630 | 93,630 | |||||||||||||||
Texas (1 LTC facility) | 11.00% | 2014 | Interest payable monthly | None | 5,000,000 | 5,000,000 | ||||||||||||||
$ | 247,429,061 | 241,514,812 | ||||||||||||||||||
(1) Mortgage loans included in this schedule represent first mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. | ||||||||||||||||||||
(2) The aggregate cost for federal income tax purposes is equal to the carrying amount. | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
-3 | 2011 | 2012 | 2013 | |||||||||||||||||
Balance at beginning of period | $ | 108,556,518 | $ | 238,674,601 | $ | 238,621,161 | ||||||||||||||
Additions during period - Placements | 130,191,254 | 11,967,892 | 3,378,357 | |||||||||||||||||
Deductions during period - collection of principal/other | (73,171 | ) | (12,021,332 | ) | (484,706 | ) | ||||||||||||||
Balance at close of period | $ | 238,674,601 | $ | 238,621,161 | $ | 241,514,812 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ||||||||
Accounting Estimates | ' | ||||||||
Accounting Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Real Estate Investments and Depreciation | ' | ||||||||
Real Estate Investments and Depreciation | |||||||||
We record the purchase price of properties to net tangible and identified intangible assets acquired at their fair values. In making estimates of fair values for purposes of recording purchase price, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. All costs of significant improvements, renovations and replacements are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. | |||||||||
Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings and improvements and three to 10 years for furniture, fixtures and equipment. Leasehold interests are amortized over the shorter of useful life or term of the lease. | |||||||||
As of December 31, 2013 and 2012, we had identified conditional asset retirement obligations primarily related to the future removal and disposal of asbestos that is contained within certain of our real estate investment properties. The asbestos is appropriately contained, and we believe we are compliant with current environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. We are required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2013 and 2012, sufficient information was not available to estimate our liability for conditional asset retirement obligations as the obligations to remove the asbestos from these properties have indeterminable settlement dates. As such, no liability for conditional asset retirement obligations was recorded on our accompanying consolidated balance sheets as of December 31, 2013 and 2012. | |||||||||
Lease Accounting | ' | ||||||||
Lease Accounting | |||||||||
At the inception of the lease and during the amendment process, we evaluate each lease to determine if the lease should be considered an operating lease, sales-type lease, or direct financing lease. We have determined that all of our leases except for the four New Ark Investment, Inc. (“Ark”) leases entered into in 2013 should be accounted for as operating leases. The four Ark leases are accounted for as direct financing leases. | |||||||||
For leases accounted for as operating leases, we retain ownership of the asset and record depreciation expense, see “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. | |||||||||
For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. The Ark lease agreements include annual rent escalators; see “Revenue Recognition” below for further discussion regarding the recordation of interest income on our direct financing leases. The $3.2 million of initial direct costs related to originating the direct financing leases have been deferred and recorded as “other assets” in our consolidated balance sheets. | |||||||||
In-Place Leases | ' | ||||||||
In-Place Leases | |||||||||
In-place lease assets and liabilities result when we assume a lease as part of a facility purchase. The fair value of in-place leases consists of the following components as applicable (1) the estimated cost to replace the leases, and (2) the above/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases (referred to as Lease Intangibles). Lease Intangible assets and liabilities are classified as lease contracts above and below market value, respectively in “other assets” and “accrued expenses and other liabilities,” and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. Should a tenant terminate its lease, the unamortized portions of these costs are written off. | |||||||||
As of December 31, 2013 and 2012, we had $26.5 million and $36.5 million, respectively, of below market leases and $3.5 million and $11.4 million, respectively of above market leases recorded on our consolidated balance sheet. We expect net amortization of the in-place leases to increase rental income by: | |||||||||
(in millions) | |||||||||
1 year | $ | 5 | |||||||
1-3 years | 7.3 | ||||||||
3-5 years | 3.7 | ||||||||
Thereafter | 7 | ||||||||
Total | $ | 23 | |||||||
For the years ended December 31, 2013, 2012 and 2011, we have amortized $5.0 million, $5.3 million and $6.1 million, net, respectively as an increase to rental revenue. | |||||||||
Asset Impairment | ' | ||||||||
Asset Impairment | |||||||||
Management periodically, but not less than annually, evaluates our real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. | |||||||||
If we decide to sell real estate properties or land holdings, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. Our estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. | |||||||||
For the years ended December 31, 2013, 2012 and 2011 we recognized impairment losses of $0.4 million, $0.3 million and $26.3 million, respectively. The impairments are primarily the result of closing facilities or updating the estimated proceeds we expect to receive for the sale of closed facilities. For additional information, see Note 3 – Properties. | |||||||||
Loan and Direct Financing Lease Impairment | ' | ||||||||
Loan and Direct Financing Lease Impairment | |||||||||
Management evaluates our outstanding mortgage notes, direct financing leases and other notes receivable. When management identifies potential loan or direct financing lease impairment indicators, such as non-payment under the loan documents, impairment of the underlying collateral, financial difficulty of the operator or other circumstances that may impair full execution of the loan documents or direct financing leases, and management believes it is probable that all amounts will not be collected under the contractual terms of the loan or direct financing lease, the loan or direct financing lease 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 or direct financing lease is written down to the fair value of the collateral. The fair value of the loan or direct financing lease is determined by market research, which includes valuing the property as a nursing home as well as other alternative uses. | |||||||||
We currently account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impairment loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and/or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to interest income. As of December 31, 2013 and 2012, we had loan loss reserves totaling $2.0 million, respectively. As of December 31, 2013 and 2012, we had no reserves for direct financing leases. In 2013, we received from the receivership a $0.2 million recovery on previously written-off loans relating to an existing operator’s note. In 2012, we did not record provisions for loan losses or charge-offs related to our mortgage or note receivable portfolios. In 2011, we recorded provisions for loan losses of $2.3 million related to a working capital note. | |||||||||
For additional information, see Note 4 – Direct Financing Leases, Note 6 – Mortgage Notes Receivable and Note 7 – Other Investments. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash and cash equivalents are held at major commercial banks. | |||||||||
Restricted Cash | ' | ||||||||
Restricted Cash | |||||||||
Restricted cash consists primarily of funds escrowed for tenants’ security deposits required by us pursuant to certain contractual terms (see Note 9 – Lease and Mortgage Deposits). | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable includes: contractual receivables, effective yield interest receivables, straight-line rent receivables and lease inducements, net of an estimated provision for losses related to uncollectible and disputed accounts. Contractual receivables relate to the amounts currently owed to us under the terms of the lease agreement. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts due to us contractually. Lease inducements result from value provided by us to the lessee at the inception or renewal of the lease and will be amortized as a reduction of rental revenue over the non cancellable lease term. | |||||||||
On a quarterly basis, we review our accounts receivable to determine their collectability. The determination of collectability of these assets requires significant judgment and is affected by several factors relating to the credit quality of our operators that we regularly monitor, including (i) payment history, (ii) the age of the contractual receivables, (iii) the current economic conditions and reimbursement environment, (iv) the ability of the tenant to perform under the terms of their lease and/or contractual loan agreements and (v) the value of the underlying collateral of the agreement. If we determine collectability of any of our contractual receivables is at risk, we estimate the potential uncollectible amounts and provide an allowance. In the case of a lease recognized on a straight-line basis or existence of lease inducements, we generally provide an allowance for straight-line accounts receivable and/or the lease inducements when certain conditions or indicators of adverse collectability are present. | |||||||||
A summary of our net receivables by type is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Contractual receivables | $ | 2,941 | $ | 3,963 | |||||
Effective yield interest receivables | 5,333 | 3,576 | |||||||
Straight-line receivables | 123,486 | 98,973 | |||||||
Lease inducements | 16,228 | 19,307 | |||||||
Allowance | (484 | ) | (639 | ) | |||||
Accounts receivable – net | $ | 147,504 | $ | 125,180 | |||||
In 2013, we entered into an agreement with one of our current operators and a new third party operator to transition 11 facilities from the current operator to the third party operator. As a result of the transition, we evaluated the recoverability of the straight-line rent receivable associated with the current operator’s lease and recorded a $2.3 million provision for uncollectible accounts associated with straight-line receivables that were written-off. (See Note 3 – Properties). | |||||||||
We continuously evaluate the payment history and financial strength of our operators and have historically established allowance reserves for straight-line rent adjustments for operators that do not meet our requirements. We consider factors such as payment history, the operator’s financial condition as well as current and future anticipated operating trends when evaluating whether to establish allowance reserves. | |||||||||
Deferred Financing Costs | ' | ||||||||
Deferred Financing Costs | |||||||||
External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings which approximates the effective interest method. The deferred financing costs are included in “other assets” in our consolidated balance sheet. Amortization of financing costs totaling $2.8 million, $2.6 million and $2.7 million in 2013, 2012 and 2011, respectively, is classified as “interest - amortization of deferred financing costs” in our consolidated statements of operations. When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within income from continuing operations in the accompanying consolidated financial statements. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
We have various different investments that generate revenue, including leased and mortgaged properties, as well as other investments, including working capital loans. We recognize rental income and other investment income as earned over the terms of the related master leases and notes, respectively. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. | |||||||||
Substantially all of our operating leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of three methods depending on specific provisions of each lease as follows: (i) a specific annual increase over the prior year’s rent, generally between 2.0% and 3.0%; (ii) an increase based on the change in pre-determined formulas from year to year (i.e., such as increases in the Consumer Price Index); or (iii) specific dollar increases over prior years. Revenue under lease arrangements with minimum fixed and determinable increases is recognized over the non-cancellable term of the lease on a straight-line basis. The authoritative guidance does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee, the payment history, the general condition of the industry and various other factors when evaluating whether all possible contingencies have been eliminated. We do not recognize contingent rents as income until the contingencies have been resolved. | |||||||||
In the case of rental revenue recognized on a straight-line basis, we generally record reserves against earned revenues from leases when collection becomes questionable or when negotiations for restructurings of troubled operators result in significant uncertainty regarding ultimate collection. The amount of the reserve is estimated based on what management believes will likely be collected. We continually evaluate the collectability of our straight-line rent assets. If it appears that we will not collect future rent due under our leases, we will record a provision for loss related to the straight-line rent asset. | |||||||||
We record direct financing lease income on a constant interest rate basis over the term of the lease. The costs related to originating the direct financing leases have been deferred and are being amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. | |||||||||
Gains on sales of real estate assets are recognized in accordance with the authoritative guidance for sales of real estate. The specific timing of the recognition of the sale and the related gain is measured against the various criteria in the guidance related to the terms of the transactions and any continuing involvement associated with the assets sold. To the extent the sales criteria are not met, we defer gain recognition until the sales criteria are met. | |||||||||
Assets Held for Sale and Discontinued Operations | ' | ||||||||
Assets Held for Sale and Discontinued Operations | |||||||||
The operating results of specified real estate assets that have been sold, or otherwise qualify as held for disposition, are reflected as assets held for sale-net in our consolidated balance sheets. Assets that qualify as held for sale may also be considered as a discontinued operation if, (a) the operation and cash flows of the asset have been or will be eliminated from future operations and (b) we will not have significant involvement with the asset after its disposition. For assets that qualify as discontinued operations, we have reclassified the operations of those assets to discontinued operations in the consolidated statements of operations for all periods presented and assets held for sale in the consolidated balance sheets for all periods presented. We had three facilities and one parcel of land classified as held for sale as of December 31, 2013 with a net book value of $1.4 million. We had two facilities and one parcel of land classified as held for sale as of December 31, 2012 with a net book value of $1.0 million. The assets were not classified as discontinued operations. | |||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the year. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents that participate in undistributed earnings with common stockholders are considered participating securities that shall be included in the two-class method of computing basic EPS. Diluted EPS reflects the potential dilution that could occur from shares issuable through stock-based compensation, including stock options and restricted stock. For additional information, see Note 19 – Earnings Per Share. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
We were organized to qualify for taxation as a REIT under Section 856 through 860 of the Code. As long as we qualify as a REIT; we will not be subject to Federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. In 2013, we paid common dividend payments of $218 million which satisfies the 2013 REIT requirements relating to qualifying income. We are permitted to own up to 100% of a taxable REIT subsidiary (“TRS”). Currently, we have one TRS that is taxable as a corporation and that pays federal, state and local income tax on its net income at the applicable corporate rates. The loss carry forward of $1.0 million was fully reserved with a valuation allowance due to uncertainties regarding realization. We record interest and penalty charges associated with tax matters as income tax. For additional information on income taxes, see Note 12 – Taxes. As of December 31, 2013 and 2012, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes in our unrecognized tax positions over the next 12 months. We are subject to examination by the respective taxing authorities for the tax years 2007 through 2013. | |||||||||
Stock-Based Compensation | ' | ||||||||
Stock-Based Compensation | |||||||||
Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the awards, see Note 15 – Stock-Based Compensation for additional details. | |||||||||
Risks and Uncertainties | ' | ||||||||
Risks and Uncertainties | |||||||||
Our company is subject to certain risks and uncertainties affecting the healthcare industry as a result of healthcare legislation and growing regulation by federal, state and local governments. Additionally, we are subject to risks and uncertainties as a result of changes affecting operators of nursing home facilities due to the actions of governmental agencies and insurers to limit the growth in cost of healthcare services (see Note 8 – Concentration of Risk). |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of below and above market lease, future amortization income | ' | ||||||||
We expect net amortization of the in-place leases to increase rental income by: | |||||||||
(in millions) | |||||||||
1 year | $ | 5 | |||||||
1-3 years | 7.3 | ||||||||
3-5 years | 3.7 | ||||||||
Thereafter | 7 | ||||||||
Total | $ | 23 | |||||||
Schedule of summary of net receivables | ' | ||||||||
A summary of our net receivables by type is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Contractual receivables | $ | 2,941 | $ | 3,963 | |||||
Effective yield interest receivables | 5,333 | 3,576 | |||||||
Straight-line receivables | 123,486 | 98,973 | |||||||
Lease inducements | 16,228 | 19,307 | |||||||
Allowance | (484 | ) | (639 | ) | |||||
Accounts receivable – net | $ | 147,504 | $ | 125,180 |
PROPERTIES_Tables
PROPERTIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Schedule of investment in leased real estate properties | ' | ||||||||
A summary of our investment in leased real estate properties is as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Buildings | $ | 2,631,774 | $ | 2,580,400 | |||||
Site improvement and equipment | 222,394 | 213,471 | |||||||
Land | 245,379 | 244,682 | |||||||
3,099,547 | 3,038,553 | ||||||||
Less accumulated depreciation | (707,410 | ) | (580,373 | ) | |||||
Total | $ | 2,392,137 | $ | 2,458,180 | |||||
Schedule of future minimum estimated contractual rents due for the remainder of the initial terms of the leases | ' | ||||||||
The future minimum estimated contractual rents due for the remainder of the initial terms of the leases are as follows at December 31, 2013: | |||||||||
(in thousands) | |||||||||
2014 | $ | 361,012 | |||||||
2015 | 367,239 | ||||||||
2016 | 350,700 | ||||||||
2017 | 355,192 | ||||||||
2018 | 335,655 | ||||||||
Thereafter | 1,666,023 | ||||||||
Total | $ | 3,435,821 | |||||||
Schedule of pro forma information not indicative of future operations | ' | ||||||||
The following pro forma information is not indicative of future operations. | |||||||||
Pro Forma | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands, except per share amounts, unaudited) | |||||||||
Revenues | $ | 421,243 | $ | 396,584 | |||||
Net income available to common stockholders | 173,517 | 139,852 | |||||||
Earnings per share – diluted: | |||||||||
Net income available to common stockholders – as reported | $ | 1.46 | $ | 1.12 | |||||
Net income available to common stockholders – pro forma | $ | 1.47 | $ | 1.29 |
DIRECT_FINANCING_LEASES_Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Schedule of components of investment in direct financing leases | ' | ||||||||
The components of investment in direct financing leases consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Minimum lease payments receivable | $ | 4,291,067 | $ | — | |||||
Estimated residual values | — | — | |||||||
Less unearned income | (3,761,622 | ) | — | ||||||
Net investment in direct financing leases | $ | 529,445 | — | ||||||
Properties subject to direct financing leases | 56 | — |
OWNED_AND_OPERATED_ASSETS_Tabl
OWNED AND OPERATED ASSETS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate Owned [Abstract] | ' | ||||||||||||
Schedule of nursing home revenues and expenses | ' | ||||||||||||
Nursing home revenues and expenses, included in our consolidated financial statements that relate to such owned and operated assets are set forth in the tables below. | |||||||||||||
For Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 (1) | |||||||||||
(in thousands) | |||||||||||||
Nursing home revenues | $ | — | $ | — | $ | — | |||||||
Nursing home expenses | — | — | 653 | ||||||||||
Loss from nursing home operations | $ | — | $ | — | $ | (653 | ) | ||||||
-1 | 2011 expense relates to run-off expense associated with shutting down the operations. |
MORTGAGE_NOTES_RECEIVABLE_Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Mortgage Notes Receivable Investments [Abstract] | ' | ||||||||
Schedule of mortgage notes receivable, net of allowances | ' | ||||||||
The outstanding principal amounts of mortgage notes receivable, net of allowances, were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Mortgage note due 2014; interest at 11.00% | 5,000 | 5,000 | |||||||
Mortgage note due 2021; interest at 12.50% | 5,574 | 5,574 | |||||||
Mortgage note due 2021; monthly payment of $39,000, including interest at 11.00% | 91,123 | 91,585 | |||||||
Mortgage note due 2021; interest at 10.00% | 913 | - | |||||||
Mortgage note due 2022; interest at 12.50% | 5,310 | 5,310 | |||||||
Three Mortgage notes due 2022; interest at 12.00% | 7,313 | 7,076 | |||||||
Mortgage note due 2023; interest at 11.00% | 69,928 | 69,928 | |||||||
Mortgage note due 2023; interest at 12.50% | 7,782 | 7,411 | |||||||
Mortgage note due 2023; interest at 12.50% | 6,175 | 4,340 | |||||||
Mortgage note due 2030; interest at 10.61% | 15,897 | 15,897 | |||||||
Four Mortgage notes due 2046; interest at 12.00% | 26,500 | 26,500 | |||||||
Total mortgages — net (1) | $ | 241,515 | $ | 238,621 | |||||
-1 | As of December 31, 2012 and 2013 we have no allowance for loan loss for any of our mortgages. |
OTHER_INVESTMENTS_Tables
OTHER INVESTMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of other investments | ' | ||||||||
A summary of our other investments is as follows: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Other Investment note due 2015 | $ | 2,318 | $ | 2,518 | |||||
Other Investment notes due 2021 - 2023 | 13,427 | 9,775 | |||||||
Other Investment note due 2013 | - | 1,018 | |||||||
Other Investment note due 2014 | 62 | 812 | |||||||
$28.0 Million Other Investment note due 2017 | 23,750 | 26,500 | |||||||
$2.5 Million Other Investment note due 2014 | 546 | - | |||||||
$6.0 Million Other Investment note due 2013 | 5,439 | 3,450 | |||||||
Other Investment note due 2013 | - | 261 | |||||||
$1.3 Million Other Investment note due 2017 | 1,300 | 425 | |||||||
$1.5 Million Other Investment note due 2014 | 1,456 | - | |||||||
Notes receivable, gross(1) | 48,298 | 44,759 | |||||||
Allowance for loss on notes receivable | (1,977 | ) | (1,977 | ) | |||||
Notes receivable, net | 46,321 | 42,782 | |||||||
Other | 2,400 | - | |||||||
Marketable securities | 4,333 | 4,557 | |||||||
Total other investments | $ | 53,054 | $ | 47,339 | |||||
-1 | The majority of these notes bear interest at approximately 10% annually. |
BORROWING_ARRANGEMENTS_Tables
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of long-term borrowings | ' | ||||||||||||||||
The following is a summary of our long-term borrowings: | |||||||||||||||||
Current | December 31, | ||||||||||||||||
Maturity | Rate | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Secured borrowings: | |||||||||||||||||
HUD mortgages assumed June 2010 (Paid-off) | - | - | $ | — | $ | 62,921 | |||||||||||
HUD mortgages assumed June 2010 (1) | 2040 - 2045 | 4.85 | % | 128,641 | 130,887 | ||||||||||||
HUD mortgages assumed October 2011 (1) | 2036 - 2040 | 4.87 | % | 31,145 | 31,991 | ||||||||||||
HUD mortgages assumed December 2011(1)(2) | 2044 | 3.06 | % | 58,592 | 58,884 | ||||||||||||
HUD mortgages assumed December 2012(1) | 2031 - 2045 | 5.5 | % | 80,153 | 81,855 | ||||||||||||
Total secured borrowings | 298,531 | 366,538 | |||||||||||||||
Unsecured borrowings: | |||||||||||||||||
Revolving line of credit | 2016 | 1.97 | % | $ | 326,000 | $ | 158,000 | ||||||||||
Term loan | 2017 | 1.92 | % | 200,000 | 100,000 | ||||||||||||
526,000 | 258,000 | ||||||||||||||||
2020 notes | 2020 | 7.5 | % | 200,000 | 200,000 | ||||||||||||
2022 notes | 2022 | 6.75 | % | 575,000 | 575,000 | ||||||||||||
2024 notes | 2024 | 5.875 | % | 400,000 | 400,000 | ||||||||||||
Subordinated debt | 2021 | 9 | % | 20,892 | 21,049 | ||||||||||||
1,195,892 | 1,196,049 | ||||||||||||||||
Premium - net | 3,995 | 4,345 | |||||||||||||||
Total unsecured borrowings | 1,725,887 | 1,458,394 | |||||||||||||||
Totals – net | $ | 2,024,418 | $ | 1,824,932 | |||||||||||||
-1 | Reflects the weighted average interest rate on the mortgages. | ||||||||||||||||
-2 | The debt was refinanced in March 2013. | ||||||||||||||||
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | ' | ||||||||||||||||
The required principal payments, excluding the premium/discount on the 2024, 2022 and 2020 Notes, for each of the five years following December 31, 2013 and the aggregate due thereafter are set forth below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | 5,037 | ||||||||||||||||
2015 | 5,274 | ||||||||||||||||
2016 | 331,522 | ||||||||||||||||
2017 | 205,782 | ||||||||||||||||
2018 | 6,055 | ||||||||||||||||
Thereafter | 1,447,755 | ||||||||||||||||
Totals | $ | 2,001,425 | |||||||||||||||
Schedule of refinancing related costs | ' | ||||||||||||||||
The following summarizes the refinancing related costs: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Write off of deferred financing cost due to refinancing (1) (2)(3) | $ | (11,278 | ) | $ | 3,024 | $ | 3,055 | ||||||||||
Prepayment and other costs associated with refinancing (4) | 166 | 4,896 | 16 | ||||||||||||||
Total debt extinguishment (gain) costs | $ | (11,112 | ) | $ | 7,920 | $ | 3,071 | ||||||||||
-1 | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the premium for above market value debt assumed on 11 HUD mortgage loans that we paid off in May 2013. | ||||||||||||||||
-2 | In 2012, we wrote-off: (a) $2.2 million deferred financing costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes; and (b) $2.5 million deferred financing costs associated with the termination of our $475 million 2011 Credit Facility. These costs were offset by a $1.7 million gain resulting from the write-off of unamortized premium on the four HUD loans that were paid off in the second quarter of 2012. | ||||||||||||||||
-3 | In 2011, we terminated our $320 million 2010 Credit Facility and wrote-off deferred financing costs of $3.1 million. | ||||||||||||||||
-4 | In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. In 2012, we incurred $4.9 million of prepayment penalties and other costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes. |
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of the carrying amounts and fair values of financial instruments | ' | ||||||||||||||||
At December 31, 2013 and 2012, the carrying amounts and fair values of our financial instruments were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 2,616 | $ | 2,616 | $ | 1,711 | $ | 1,711 | |||||||||
Restricted cash | 31,759 | 31,759 | 36,660 | 36,660 | |||||||||||||
Investment in direct financing leases | 529,445 | 529,445 | - | - | |||||||||||||
Mortgage notes receivable – net | 241,515 | 240,482 | 238,621 | 235,705 | |||||||||||||
Other investments – net | 53,054 | 50,124 | 47,339 | 44,077 | |||||||||||||
Totals | $ | 858,389 | $ | 854,426 | $ | 324,331 | $ | 318,153 | |||||||||
Liabilities: | |||||||||||||||||
Revolving line of credit | $ | 326,000 | $ | 326,000 | $ | 158,000 | $ | 158,000 | |||||||||
Term Loan | 200,000 | 200,000 | 100,000 | 100,000 | |||||||||||||
7.50% Notes due 2020 – net | 197,890 | 256,852 | 197,546 | 252,363 | |||||||||||||
6.75% Notes due 2022 – net | 581,105 | 735,687 | 581,799 | 724,240 | |||||||||||||
5.875% Notes due 2024 – net | 400,000 | 411,266 | 400,000 | 441,761 | |||||||||||||
HUD debt | 298,531 | 287,718 | 366,538 | 433,803 | |||||||||||||
Subordinated debt | 20,892 | 28,849 | 21,049 | 27,896 | |||||||||||||
Totals | $ | 2,024,418 | $ | 2,246,372 | $ | 1,824,932 | $ | 2,138,063 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||
Schedule of activity in restricted stock and RSUs | ' | ||||||||||||
The following table summarizes the activity in restricted stock and RSUs for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Number of Shares/Units | Weighted - Average Grant-Date Fair Value per Share | Compensation Cost (1) | |||||||||||
(in millions) | |||||||||||||
Non-vested at December 31, 2010 | 26,267 | $ | 18.19 | ||||||||||
Granted during 2011 | 444,003 | 22.42 | $ | 10 | |||||||||
Vested during 2011 | (11,968 | ) | 17.42 | ||||||||||
Non-vested at December 31, 2011 | 458,302 | $ | 22.31 | ||||||||||
Granted during 2012 | 15,500 | 20.29 | $ | 0.3 | |||||||||
Vested during 2012 | (14,300 | ) | 19.56 | ||||||||||
Non-vested at December 31, 2012 | 459,502 | $ | 22.33 | ||||||||||
Granted during 2013 | 241,699 | 29.87 | $ | 7.2 | |||||||||
Vested during 2013 | (444,003 | ) | 22.38 | ||||||||||
Non-vested at December 31, 2013 | 257,198 | $ | 29.32 | ||||||||||
(1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant. | |||||||||||||
Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model | ' | ||||||||||||
The following are the significant assumptions used in estimating the value of the awards for grants made on the following dates: | |||||||||||||
January 1, 2011 | January 1, 2012 | January 1, 2013 | December 31, 2013 | ||||||||||
Closing Price on date of grant | $ | 22.44 | $ | 19.35 | $ | 23.85 | $ | 29.8 | |||||
Dividend Yield | 6.60% | 8.27% | 4.24% | 6.44% | |||||||||
Risk Free interest rate at time of grant | 0.12% to 1.07% | 0.03% to 0.35% | 0.05% to 0.43% | 0.04% to 0.86% | |||||||||
Expected volatility | 27.62% to 39.11% | 35.64% to 38.53% | 15.56% to 23.83% | 24.16% to 25.86% | |||||||||
Schedule of activity in PRSU | ' | ||||||||||||
The following table summarizes the activity in PRSU for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value per Share | Compensation Cost (1) | |||||||||||
(in millions) | |||||||||||||
Non-vested at December 31, 2010 | - | $ | - | ||||||||||
Granted during 2011 | 496,979 | 11.28 | $ | 5.6 | |||||||||
Vested during 2011 | - | - | |||||||||||
Forfeited during 2011 | (124,244 | ) | 11.04 | ||||||||||
Non-vested at December 31, 2011 | 372,735 | $ | 11.36 | ||||||||||
Granted during 2012 | 124,244 | 9.61 | $ | 1.2 | |||||||||
Vested during 2012 | (124,244 | ) | 9.61 | ||||||||||
Non-vested at December 31, 2012 | 372,735 | $ | 11.36 | ||||||||||
Granted during 2013 | 665,289 | 10.36 | $ | 6.9 | |||||||||
Vested during 2013 (2) | - | - | |||||||||||
Non-vested at December 31, 2013 | 1,038,024 | $ | 10.72 | ||||||||||
-1 | Total compensation cost to be recognized on the awards was based on grant date fair value or the modification date fair value. | ||||||||||||
-2 | Subsequent to December 31, 2013, the board of directors reviewed the performance measure for the 372,735 PRSUs granted in January 2011 and outstanding at December 31, 2012 as well as the 124,244 shares granted in January 2013 and determined the PRSUs were earned. In January 2014, the 124,244 PRSUs granted in January 2013 vested and were issued to the employees. The 372,735 PRSUs granted in 2011 will vest 25% on March 31, June 30, September 30 and December 31, 2014 based on continued employment by the executive. |
DIVIDEND_Tables
DIVIDEND (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Dividends [Abstract] | ' | ||||||||||||
Schedule of per share distribution for income tax purpose | ' | ||||||||||||
Per share distributions by our company were characterized in the following manner for income tax purposes (unaudited): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common | |||||||||||||
Ordinary income | $ | 1.536 | $ | 0.884 | $ | 0.989 | |||||||
Return of capital | 0.324 | 0.806 | 0.561 | ||||||||||
Long-term capital gain | — | — | — | ||||||||||
Total dividends paid | $ | 1.86 | $ | 1.69 | $ | 1.55 | |||||||
Series D Preferred | |||||||||||||
Ordinary income | $ | — | $ | — | $ | 0.739 | |||||||
Return of capital | — | — | — | ||||||||||
Long-term capital gain | — | — | — | ||||||||||
Total dividends paid | $ | — | $ | — | $ | 0.739 |
SUMMARY_OF_QUARTERLY_RESULTS_U1
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||
The following summarizes quarterly results of operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 101,761 | $ | 102,515 | $ | 103,301 | $ | 111,137 | |||||||||
Net income | 38,120 | 49,058 | 38,137 | 47,206 | |||||||||||||
Net income available to common stockholders | 38,120 | 49,058 | 38,137 | 47,206 | |||||||||||||
Net income available to common per share: | |||||||||||||||||
Basic net income | $ | 0.34 | $ | 0.42 | $ | 0.32 | $ | 0.39 | |||||||||
Diluted net income | $ | 0.34 | $ | 0.42 | $ | 0.32 | $ | 0.38 | |||||||||
Cash dividends paid on common stock | $ | 0.45 | $ | 0.46 | $ | 0.47 | $ | 0.48 | |||||||||
2012 | |||||||||||||||||
Revenues | $ | 84,515 | $ | 83,825 | $ | 87,108 | $ | 95,012 | |||||||||
Net income | 26,084 | 30,572 | 30,119 | 33,923 | |||||||||||||
Net income available to common stockholders | 26,084 | 30,572 | 30,119 | 33,923 | |||||||||||||
Net income available to common per share: | |||||||||||||||||
Basic net income | $ | 0.25 | $ | 0.29 | $ | 0.28 | $ | 0.3 | |||||||||
Diluted net income | $ | 0.25 | $ | 0.29 | $ | 0.27 | $ | 0.3 | |||||||||
Cash dividends paid on common stock | $ | 0.41 | $ | 0.42 | $ | 0.42 | $ | 0.44 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of computation of basic and diluted earnings per share | ' | ||||||||||||
The following tables set forth the computation of basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net income | $ | 172,521 | $ | 120,698 | $ | 52,606 | |||||||
Preferred stock dividends | - | - | (1,691 | ) | |||||||||
Preferred stock redemption | - | - | (3,456 | ) | |||||||||
Numerator for net income available to common per share - basic and diluted | $ | 172,521 | $ | 120,698 | $ | 47,459 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share | 117,257 | 107,591 | 102,119 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Restricted stock | 807 | 401 | 45 | ||||||||||
Deferred stock | 36 | 19 | 13 | ||||||||||
Denominator for diluted earnings per share | 118,100 | 108,011 | 102,177 | ||||||||||
Earnings per share - basic: | |||||||||||||
Net income - basic | $ | 1.47 | $ | 1.12 | $ | 0.46 | |||||||
Earnings per share - diluted: | |||||||||||||
Net income - diluted | $ | 1.46 | $ | 1.12 | $ | 0.46 |
CONSOLIDATING_FINANCIAL_STATEM1
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of consolidating balance sheets | ' | ||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor | Elimination Company | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Real estate properties | |||||||||||||||||
Land and buildings | $ | 2,642,047 | $ | 457,500 | $ | — | $ | 3,099,547 | |||||||||
Less accumulated depreciation | (653,858 | ) | (53,552 | ) | — | (707,410 | ) | ||||||||||
Real estate properties – net | 1,988,189 | 403,948 | — | 2,392,137 | |||||||||||||
Investment in direct financing leases | 529,445 | — | — | 529,445 | |||||||||||||
Mortgage notes receivable – net | 241,515 | — | — | 241,515 | |||||||||||||
2,759,149 | 403,948 | — | 3,163,097 | ||||||||||||||
Other investments – net | 53,054 | — | — | 53,054 | |||||||||||||
2,812,203 | 403,948 | — | 3,216,151 | ||||||||||||||
Assets held for sale – net | 1,356 | — | — | 1,356 | |||||||||||||
Total investments | 2,813,559 | 403,948 | — | 3,217,507 | |||||||||||||
Cash and cash equivalents | 2,616 | — | — | 2,616 | |||||||||||||
Restricted cash | 6,827 | 24,932 | — | 31,759 | |||||||||||||
Accounts receivable – net | 140,331 | 7,173 | — | 147,504 | |||||||||||||
Investment in affiliates | 108,707 | — | (108,707 | ) | — | ||||||||||||
Other assets | 36,723 | 26,107 | — | 62,830 | |||||||||||||
Total assets | $ | 3,108,763 | $ | 462,160 | $ | (108,707 | ) | $ | 3,462,216 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Revolving line of credit | $ | 326,000 | $ | — | $ | — | $ | 326,000 | |||||||||
Term loan | 200,000 | — | — | 200,000 | |||||||||||||
Secured borrowings | — | 298,531 | — | 298,531 | |||||||||||||
Unsecured borrowings – net | 1,178,995 | 20,892 | — | 1,199,887 | |||||||||||||
Accrued expenses and other liabilities | 103,665 | 34,030 | — | 137,695 | |||||||||||||
Intercompany payable | — | 83,065 | (83,065 | ) | — | ||||||||||||
Total liabilities | 1,808,660 | 436,518 | (83,065 | ) | 2,162,113 | ||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 12,353 | — | — | 12,353 | |||||||||||||
Common stock – additional paid-in-capital | 1,998,169 | — | — | 1,998,169 | |||||||||||||
Cumulative net earnings | 926,649 | 25,642 | (25,642 | ) | 926,649 | ||||||||||||
Cumulative dividends paid | (1,637,068 | ) | — | — | (1,637,068 | ) | |||||||||||
Total stockholders’ equity | 1,300,103 | 25,642 | (25,642 | ) | 1,300,103 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 3,108,763 | $ | 462,160 | $ | (108,707 | ) | $ | 3,462,216 | ||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Issuer & Subsidiary | Non – Guarantor | Elimination | Consolidated | ||||||||||||||
Guarantors | Subsidiaries | Company | |||||||||||||||
ASSETS | |||||||||||||||||
Real estate properties | |||||||||||||||||
Land and buildings | $ | 2,580,977 | $ | 457,576 | $ | — | $ | 3,038,553 | |||||||||
Less accumulated depreciation | (547,489 | ) | (32,884 | ) | — | (580,373 | ) | ||||||||||
Real estate properties – net | 2,033,488 | 424,692 | — | 2,458,180 | |||||||||||||
Mortgage notes receivable – net | 238,621 | — | — | 238,621 | |||||||||||||
2,272,109 | 424,692 | — | 2,696,801 | ||||||||||||||
Other investments – net | 47,339 | — | — | 47,339 | |||||||||||||
2,319,448 | 424,692 | — | 2,744,140 | ||||||||||||||
Assets held for sale – net | 1,020 | — | — | 1,020 | |||||||||||||
Total investments | 2,320,468 | 424,692 | — | 2,745,160 | |||||||||||||
Cash and cash equivalents | 1,711 | — | — | 1,711 | |||||||||||||
Restricted cash | 10,095 | 26,565 | — | 36,660 | |||||||||||||
Accounts receivable – net | 121,488 | 3,692 | — | 125,180 | |||||||||||||
Investment in affiliates | 115,835 | — | (115,835 | ) | — | ||||||||||||
Other assets | 49,153 | 24,141 | — | 73,294 | |||||||||||||
Total assets | $ | 2,618,750 | $ | 479,090 | (115,835 | ) | $ | 2,982,005 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Revolving line of credit | $ | 158,000 | $ | — | $ | — | $ | 158,000 | |||||||||
Term loan | 100,000 | — | — | 100,000 | |||||||||||||
Secured borrowings | 62,921 | 303,617 | — | 366,538 | |||||||||||||
Unsecured borrowings – net | 1,179,345 | 21,049 | — | 1,200,394 | |||||||||||||
Accrued expenses and other liabilities | 107,155 | 38,589 | — | 145,744 | |||||||||||||
Intercompany payable | — | 104,040 | (104,040 | ) | — | ||||||||||||
Total liabilities | 1,607,421 | 467,295 | (104,040 | ) | 1,970,676 | ||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 11,239 | — | — | 11,239 | |||||||||||||
Common stock – additional paid-in capital | 1,664,855 | — | — | 1,664,855 | |||||||||||||
Cumulative net earnings | 754,128 | 11,795 | (11,795 | ) | 754,128 | ||||||||||||
Cumulative dividends paid | (1,418,893 | ) | — | — | (1,418,893 | ) | |||||||||||
Total stockholders’ equity | 1,011,329 | 11,795 | (11,795 | ) | 1,011,329 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,618,750 | $ | 479,090 | $ | (115,835 | ) | $ | 2,982,005 | ||||||||
Schedule of consolidating statement of operations | ' | ||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor Subsidiaries | Elimination | Consolidated | ||||||||||||||
Company | |||||||||||||||||
Revenue | |||||||||||||||||
Rental income | $ | 324,808 | $ | 50,327 | $ | - | $ | 375,135 | |||||||||
Income from direct financing leases | 5,203 | 5,203 | |||||||||||||||
Mortgage interest income | 29,351 | - | - | 29,351 | |||||||||||||
Other investment income – net | 8,874 | - | - | 8,874 | |||||||||||||
Miscellaneous | 151 | - | - | 151 | |||||||||||||
Total operating revenues | 368,387 | 50,327 | - | 418,714 | |||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 107,977 | 20,669 | - | 128,646 | |||||||||||||
General and administrative | 21,218 | 370 | - | 21,588 | |||||||||||||
Acquisition costs | 245 | - | - | 245 | |||||||||||||
Impairment loss on real estate properties | 415 | - | - | 415 | |||||||||||||
Provisions for uncollectible mortgages, notes and accounts receivable | 2,141 | - | - | 2,141 | |||||||||||||
Total operating expenses | 131,996 | 21,039 | - | 153,035 | |||||||||||||
Income before other income and expense | 236,391 | 29,288 | - | 265,679 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 12 | 29 | - | 41 | |||||||||||||
Interest expense | (84,927 | ) | (15,454 | ) | - | (100,381 | ) | ||||||||||
Interest – amortization of deferred financing costs | (2,763 | ) | (16 | ) | - | (2,779 | ) | ||||||||||
Interest – refinancing gain (costs) | 11,112 | - | - | 11,112 | |||||||||||||
Equity in earnings | 13,847 | - | (13,847 | ) | - | ||||||||||||
Total other expense | (62,719 | ) | (15,441 | ) | (13,847 | ) | (92,007 | ) | |||||||||
Income before gain on assets sold | 173,672 | 13,847 | (13,847 | ) | 173,672 | ||||||||||||
Loss on assets sold - net | (1,151 | ) | - | - | (1,151 | ) | |||||||||||
Net income available to common stockholders | $ | 172,521 | $ | 13,847 | $ | (13,847 | ) | $ | 172,521 | ||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor Subsidiaries | Elimination | Consolidated | ||||||||||||||
Company | |||||||||||||||||
Revenue | |||||||||||||||||
Rental income | $ | 277,670 | $ | 36,922 | $ | - | $ | 314,592 | |||||||||
Mortgage interest income | 30,446 | - | - | 30,446 | |||||||||||||
Other investment income – net | 4,760 | - | - | 4,760 | |||||||||||||
Miscellaneous | 662 | - | - | 662 | |||||||||||||
Total operating revenues | 313,538 | 36,922 | - | 350,460 | |||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 96,570 | 16,413 | - | 112,983 | |||||||||||||
General and administrative | 21,016 | 314 | - | 21,330 | |||||||||||||
Acquisition costs | 909 | - | - | 909 | |||||||||||||
Impairment loss on real estate properties | 272 | - | - | 272 | |||||||||||||
Total operating expenses | 118,767 | 16,727 | - | 135,494 | |||||||||||||
Income before other income and expense | 194,771 | 20,195 | - | 214,966 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 6 | 23 | - | 29 | |||||||||||||
Interest expense | (82,525 | ) | (13,002 | ) | - | (95,527 | ) | ||||||||||
Interest – amortization of deferred financing costs | (2,649 | ) | - | - | (2,649 | ) | |||||||||||
Interest – refinancing gain (costs) | (7,920 | ) | - | - | (7,920 | ) | |||||||||||
Equity in earnings | 7,216 | - | (7,216 | ) | - | ||||||||||||
Total other expense | (85,872 | ) | (12,979 | ) | (7,216 | ) | (106,067 | ) | |||||||||
Income before gain on assets sold | 108,899 | 7,216 | (7,216 | ) | 108,899 | ||||||||||||
Gain on assets sold - net | 11,799 | - | - | 11,799 | |||||||||||||
Net income available to common stockholders | $ | 120,698 | $ | 7,216 | $ | (7,216 | ) | $ | 120,698 | ||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Issuer & Subsidiary Guarantors | Non – Guarantor Subsidiaries | Elimination | Consolidated | ||||||||||||||
Company | |||||||||||||||||
Revenue | |||||||||||||||||
Rental income | $ | 250,695 | $ | 22,822 | $ | - | $ | 273,517 | |||||||||
Mortgage interest income | 16,274 | - | - | 16,274 | |||||||||||||
Other investment income – net | 2,070 | - | - | 2,070 | |||||||||||||
Miscellaneous | 343 | - | - | 343 | |||||||||||||
Total operating revenues | 269,382 | 22,822 | - | 292,204 | |||||||||||||
Expenses | |||||||||||||||||
Depreciation and amortization | 89,344 | 10,993 | - | 100,337 | |||||||||||||
General and administrative | 19,251 | 181 | - | 19,432 | |||||||||||||
Acquisition costs | 1,204 | - | - | 1,204 | |||||||||||||
Impairment loss on real estate properties | 26,344 | - | - | 26,344 | |||||||||||||
Provisions for uncollectible accounts receivable | 6,439 | - | - | 6,439 | |||||||||||||
Nursing home expenses of owned and operated assets | 653 | - | - | 653 | |||||||||||||
Total operating expenses | 143,235 | 11,174 | - | 154,409 | |||||||||||||
Income before other income and expense | 126,147 | 11,648 | - | 137,795 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 23 | 17 | - | 40 | |||||||||||||
Interest expense | (72,785 | ) | (8,369 | ) | - | (81,154 | ) | ||||||||||
Interest – amortization of deferred financing costs | (2,674 | ) | - | - | (2,674 | ) | |||||||||||
Interest – refinancing gain (costs) | (3,071 | ) | - | - | (3,071 | ) | |||||||||||
Equity in earnings | 3,296 | - | (3,296 | ) | - | ||||||||||||
Total other expense | (75,211 | ) | (8,352 | ) | (3,296 | ) | (86,859 | ) | |||||||||
Income before gain on assets sold | 50,936 | 3,296 | (3,296 | ) | 50,936 | ||||||||||||
Gain on assets sold - net | 1,670 | - | - | 1,670 | |||||||||||||
Net income | 52,606 | 3,296 | (3,296 | ) | 52,606 | ||||||||||||
Preferred stock dividends | (1,691 | ) | - | - | (1,691 | ) | |||||||||||
Preferred stock redemption | (3,456 | ) | - | - | (3,456 | ) | |||||||||||
Net income available to common stockholders | $ | 47,459 | $ | 3,296 | $ | (3,296 | ) | $ | 47,459 |
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Facility | |
Facility | ||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | ' |
Number of reportable segments | 1 | ' |
Number of facilities owned | 541 | ' |
Number of available for sale facilities | 3 | 2 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
1 year | $5 |
1-3 years | 7.3 |
3-5 years | 3.7 |
Thereafter | 7 |
Total | $23 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Contractual receivables | $2,941 | $3,963 |
Effective yield interest receivables | 5,333 | 3,576 |
Straight-line receivables | 123,486 | 98,973 |
Lease inducements | 16,228 | 19,307 |
Allowance | -484 | -639 |
Accounts receivable - net | $147,504 | $125,180 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '20 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '40 years |
Furniture, fixtures and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '3 years |
Furniture, fixtures and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Parcel | Parcel | |||
Subsidiary | Facility | |||
Facility | ||||
Accounting Policies [Line Items] | ' | ' | ' | ' |
Below market leases | ' | $26,500,000 | $36,500,000 | ' |
Above market leases | ' | 3,500,000 | 11,400,000 | ' |
Amortization of above and below market leases | ' | 5,000,000 | 5,300,000 | 6,100,000 |
Recognized impairment losses | ' | 415,000 | 272,000 | 26,344,000 |
Loan loss reserves | ' | 2,000,000 | 2,000,000 | ' |
Recovery on previously written-off loans | ' | 200,000 | ' | ' |
Provision for loan loss | ' | ' | ' | 2,300,000 |
Number of facilities transitioned | ' | 11 | ' | ' |
Provision for uncollectible straight-line rent receivable | 4,100,000 | 2,300,000 | ' | ' |
Amortization of financing costs | ' | 2,779,000 | 2,649,000 | 2,674,000 |
Annual percentage increases over the rents of the prior year, minimum | ' | 2.00% | ' | ' |
Annual percentage increases over the rents of the prior year, maximum | ' | 3.00% | ' | ' |
Number of available for sale facilities | ' | 3 | 2 | ' |
Number of parcel of land held-for-sale | ' | 1 | 1 | ' |
Assets held for sale - net | ' | 1,356,000 | 1,020,000 | ' |
Preferred and common dividend payments | ' | 218,116,000 | 182,190,000 | 161,893,000 |
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage | ' | 100.00% | ' | ' |
Loss carried forward | ' | 1,000,000 | 1,100,000 | ' |
Number of taxable REIT subsidiaries | ' | 1 | ' | ' |
Initial direct costs related to origination of direct financing lease | ' | $3,200,000 | ' | ' |
New Ark Investment Inc | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of leases | ' | 4 | ' | ' |
PROPERTIES_Detail
PROPERTIES (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate [Abstract] | ' | ' |
Buildings | $2,631,774 | $2,580,400 |
Site improvement and equipment | 222,394 | 213,471 |
Land | 245,379 | 244,682 |
Property, plant and equipment, gross | 3,099,547 | 3,038,553 |
Less accumulated depreciation | -707,410 | -580,373 |
Total | $2,392,137 | $2,458,180 |
PROPERTIES_Detail_1
PROPERTIES (Detail 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Real Estate [Abstract] | ' |
2014 | $361,012 |
2015 | 367,239 |
2016 | 350,700 |
2017 | 355,192 |
2018 | 335,655 |
Thereafter | 1,666,023 |
Total | $3,435,821 |
PROPERTIES_Detail_2
PROPERTIES (Detail 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to common stockholders - as reported | $0.38 | $0.32 | $0.42 | $0.34 | $0.30 | $0.27 | $0.29 | $0.25 | $1.46 | $1.12 | $0.46 |
Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proforma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $421,243 | $396,584 | ' |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $173,517 | $139,852 | ' |
Earnings per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income available to common stockholders - as reported | ' | ' | ' | ' | ' | ' | ' | ' | $1.46 | $1.12 | ' |
Net income available to common stockholders - pro forma | ' | ' | ' | ' | ' | ' | ' | ' | $1.47 | $1.29 | ' |
PROPERTIES_Leased_Property_Nar
PROPERTIES - Leased Property (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ' |
Number of leased real estate properties | 541 |
Property available for operating lease | Minimum | ' |
Real Estate Properties [Line Items] | ' |
Lease term | '5 years |
Property available for operating lease | Maximum | ' |
Real Estate Properties [Line Items] | ' |
Lease term | '15 years |
SNF's | ' |
Real Estate Properties [Line Items] | ' |
Number of leased real estate properties | 476 |
SNF's | Purchase leaseback transactions | ' |
Real Estate Properties [Line Items] | ' |
Number of leased real estate properties | 421 |
ALFs | ' |
Real Estate Properties [Line Items] | ' |
Number of leased real estate properties | 18 |
ALFs | Purchase leaseback transactions | ' |
Real Estate Properties [Line Items] | ' |
Number of leased real estate properties | 17 |
Specialty facilities | ' |
Real Estate Properties [Line Items] | ' |
Number of leased real estate properties | 11 |
PROPERTIES_2013_Acquisition_Na
PROPERTIES - 2013 Acquisition (Narrative) (Detail 1) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
In Millions, unless otherwise specified | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2013 |
Facility | ALFs | ALFs | ALFs | ALFs | ALFs | ALFs | SNF's | SNF's | SNF's | SNF's | SNF's | SNF's | SNF's | ||
Facility | Florida | Florida | Florida | Florida | Florida | Facility | Indiana | Indiana | Indiana | Indiana | Indiana | Arkansas | |||
Bed | Land | Buildings and site improvements | Furniture and fixtures | Bed | Land | Buildings and site improvements | Furniture and fixtures | Facility | |||||||
Facility | Bed | ||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | ' | 541 | 18 | ' | ' | ' | ' | ' | 476 | 4 | ' | ' | ' | ' | ' |
Number of operating beds | ' | ' | ' | 97 | ' | ' | ' | ' | ' | 384 | ' | ' | ' | ' | 1,084 |
Purchase price of beds acquired paid in cash | ' | ' | ' | $10.30 | ' | ' | ' | ' | ' | $22.20 | ' | ' | ' | ' | ' |
Purchase price allocated | ' | ' | ' | ' | 10.3 | 0.6 | 9 | 0.7 | ' | ' | 25.2 | 0.7 | 21.8 | 2.7 | ' |
Purchase price allocated below market lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.2 | ' | ' | ' | ' | ' |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' |
Number of facilities transitioned | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 |
Provision for uncollectible straight-line rent receivable | $4.10 | $2.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.30 |
PROPERTIES_2012_Acquisitions_G
PROPERTIES - 2012 Acquisitions - Genesis Healthcare (Narrative) (Detail 2) (USD $) | Dec. 31, 2013 | Dec. 01, 2012 | Nov. 30, 2012 |
In Millions, unless otherwise specified | State | Facility | State |
Facility | |||
Real Estate Properties [Line Items] | ' | ' | ' |
Number of facilities owned | 541 | ' | ' |
Number of states | 38 | ' | ' |
Number of facilities transitioned | 11 | ' | ' |
Master lease | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Number of facilities owned | 52 | ' | ' |
Number of facilities transitioned | 1 | ' | ' |
Genesis Healthcare | Master lease | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Amount of leased assets | $350 | ' | ' |
Number of facilities owned | ' | 53 | 13 |
Number of states | 13 | ' | 5 |
Percentage of total gross investment | 9.00% | ' | ' |
Sun Healthcare | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Number of facilities owned | ' | ' | 40 |
Number of states | ' | ' | 10 |
PROPERTIES_2012_Acquisitions_A
PROPERTIES - 2012 Acquisitions - Arizona and California Acquisitions (Narrative) (Detail 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Facility | SNF's | ALFs | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions | Arizona and California Acquisitions |
Loan | Facility | Facility | Facility | California | Arizona | Housing and Urban Development | SNF's | ALFs | SNF's and ALF's | First Closing | First Closing | First Closing | First Closing | First Closing | First Closing | First Closing | First Closing | First Closing | Second Closing | Second Closing | Second Closing | Second Closing | Second Closing | Second Closing | Third Closing | Third Closing | Third Closing | Third Closing | Third Closing | Third Closing | Third Closing | Third Closing | Third Closing | |
Bed | Facility | Facility | Loan | Facility | Facility | Facility | Facility | Land | Buildings and site improvements | Furniture and fixtures | Housing and Urban Development | SNF's | ALFs | SNF's and ALF's | SNF's | SNF's | SNF's | SNF's | SNF's | SNF's | Land | Buildings and site improvements | Furniture and fixtures | Housing and Urban Development | SNF's | SNF's | SNF's | |||||||
Facility | Facility | Facility | Facility | Land | Buildings and site improvements | Furniture and fixtures | California | Facility | California | Housing and Urban Development | ||||||||||||||||||||||||
Facility | California | |||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of leased assets | ' | ' | ' | $203.40 | ' | ' | ' | ' | ' | ' | $60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70.20 | ' | ' | ' | ' | ' | ' | ' | $72.20 | ' |
Number of facilities owned | 541 | 476 | 18 | 14 | 10 | 4 | ' | 12 | 1 | 1 | 4 | ' | ' | ' | ' | ' | 2 | 1 | 1 | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of debt indebtedness for acquisition | ' | ' | ' | ' | ' | ' | 71.9 | ' | ' | ' | ' | ' | ' | ' | ' | 27.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.3 | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | 131.5 | ' | ' | ' | ' | ' | ' | 32.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage loans | 16 | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of assumed debt | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | 4.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.97% |
Lease expiration period | ' | ' | ' | ' | ' | ' | 'April 2031 and February 2045 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating beds | ' | ' | ' | 1,830 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Period of master lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' |
Total cost allocated to assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.6 | 5.5 | 55.9 | 3.2 | ' | ' | ' | ' | ' | 70.2 | 11.5 | 55.5 | 3.2 | ' | ' | 77.5 | 13 | 60.8 | 3.7 | ' | ' | ' | ' |
Fair value adjustment related to debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.4 | ' | ' | ' | ' | ' | ' | ' |
Reduction price related to funds escrowed by the seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' |
PROPERTIES_2012_Acquisitions_I
PROPERTIES - 2012 Acquisitions - Indiana Acquisitions (Narrative) (Detail 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 29, 2012 | Jun. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Operator | SNF's | ALFs | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions | Indiana Acquisitions |
Facility | Facility | Facility | Facility | Transaction 1 | Transaction 1 | Transaction 1 | Transaction 1 | Transaction 1 | Transaction 1 | Transaction 2 | Transaction 2 | Transaction 2 | Transaction 2 | Transaction 2 | Transaction 3 | Transaction 3 | Transaction 3 | Transaction 3 | Transaction 3 | Transaction 3 | Transaction 3 | Transaction 3 | Transaction 4 | Transaction 4 | Transaction 4 | Transaction 4 | Transaction 4 | Transaction 4 | |
Operator | Bed | SNF's | Land | Buildings and site improvements | Furniture and fixtures | Facility | Land | Buildings and site improvements | Furniture and fixtures | Bed | SNF's | ALFs | Independent Living Facilities | Land | Buildings and site improvements | Furniture and fixtures | Bed | SNF's | Land | Buildings and site improvements | Furniture and fixtures | ||||||||
Facility | Bed | Facility | Facility | Facility | Facility | Facility | |||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 541 | 476 | 18 | 34 | ' | ' | 1 | ' | ' | ' | ' | 4 | ' | ' | ' | 27 | ' | 17 | 4 | 6 | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Number of operators | 49 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating beds | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | 383 | ' | ' | ' | 2,892 | ' | ' | ' | ' | ' | ' | ' | ' | 167 | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | $3.40 | ' | ' | ' | ' | ' | $21.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.50 | ' | ' | ' | ' |
Purchase price allocated | ' | ' | ' | ' | 3.4 | ' | ' | 0.2 | 2.9 | 0.3 | 21.7 | ' | 1.9 | 18.4 | 1.4 | ' | 219.7 | ' | ' | ' | 16.1 | 189.2 | 14.4 | 9.5 | ' | ' | 0.6 | 8 | 0.9 |
Cash paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price allocation, liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price allocation, land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTIES_2012_Acquisitions_M
PROPERTIES - 2012 Acquisitions - Michigan Acquisition (Narrative) (Detail 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Facility | ALFs | Michigan Acquisition | Michigan Acquisition | Michigan Acquisition | Michigan Acquisition | Michigan Acquisition | Michigan Acquisition |
Facility | ALFs | ALFs | Land | Buildings and site improvements | Furniture and fixtures | |||
Facility | Michigan | |||||||
Bed | ||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating beds | ' | ' | ' | ' | 171 | ' | ' | ' |
Total purchase price | ' | ' | ' | $20 | ' | ' | ' | ' |
Number of facilities owned | 541 | 18 | ' | 1 | ' | ' | ' | ' |
Purchase price allocated | ' | ' | $20 | ' | ' | $0.40 | $18.90 | $0.70 |
PROPERTIES_2012_Acquisitions_T
PROPERTIES - 2012 Acquisitions - Texas Acquisition (Narrative) (Detail 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Facility | Acquisition 2012 | SNF's | Texas Acquisition | Texas Acquisition | Texas Acquisition | Texas Acquisition | Texas Acquisition | Texas Acquisition |
Facility | Bed | SNF's | Land | Buildings and site improvements | Furniture and fixtures | ||||
Facility | |||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating beds | ' | ' | ' | ' | 90 | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | $2.70 | ' | ' | ' | ' |
Number of facilities owned | 541 | ' | 476 | ' | ' | 1 | ' | ' | ' |
Purchase price allocated | ' | ' | ' | 2.7 | ' | ' | 0.2 | 2.2 | 0.3 |
Acquisition related expenses | ' | $0.90 | ' | ' | ' | ' | ' | ' | ' |
PROPERTIES_2011_Acquisitions_N
PROPERTIES - 2011 Acquisitions (Narrative) (Detail 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 23, 2011 |
In Millions, unless otherwise specified | State | SNF's | 2011 Acquisitions | First Acquisition | Second Acquisition | Second Acquisition | Second Acquisition |
Facility | Facility | Acquisition | SNF's | State | SNF's | SNF's | |
Facility | Facility | Facility | |||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions | ' | ' | 2 | ' | ' | ' | ' |
Number of facilities owned | 541 | 476 | ' | 4 | ' | 17 | 17 |
Number of states | 38 | ' | ' | ' | 5 | ' | ' |
Acquisition related expenses | ' | ' | $1.20 | ' | ' | ' | ' |
PROPERTIES_2011_First_Acquisit
PROPERTIES - 2011 First Acquisition & Second Acquisition (Narrative) (Detail 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 23, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 23, 2011 | Dec. 23, 2011 | Dec. 31, 2011 | Dec. 23, 2011 | Dec. 23, 2011 | Dec. 23, 2011 | Dec. 23, 2011 | Dec. 23, 2011 | Dec. 23, 2011 |
In Millions, unless otherwise specified | Facility | SNF's | SNF's | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Maryland & West Virginia Acquisition | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin | Arkansas, Colorado, Florida, Michigan and Wisconsin |
Loan | Facility | Arkansas | Bed | Land | Buildings and site improvements | Furniture and fixtures | Housing and Urban Development | SNF's | SNF's | SNF's | Agreement | Land | Buildings and site improvements | Furniture and fixtures | Housing and Urban Development | Housing and Urban Development | SNF's | SNF's | SNF's | SNF's | SNF's | SNF's | SNF's | ||||
Bed | Facility | Maryland | West Virginia | Loan | Facility | Bed | Arkansas | Colorado | Florida | Michigan | Wisconsin | ||||||||||||||||
Facility | Facility | Facility | Facility | Facility | Facility | Facility | Facility | ||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 541 | 476 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | 17 | 17 | 12 | 1 | 1 | 2 | 1 |
Number of operating beds | ' | ' | 1,084 | ' | 586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,820 | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | $61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $128 | ' | ' | ' | ' | ' |
Renovations at one facility | ' | ' | ' | 1.3 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | 56.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumption of debt indebtedness for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71.3 | ' | ' | ' | ' | ' | ' | ' |
Interest rate of assumed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.87% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.70% | ' | ' | ' | ' | ' | ' | ' |
Lease expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'March 2036 and September 2040 | ' | ' | ' | ' | ' | ' | ' | ' | 'October 2029 and July 2044 | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost allocated to assets | ' | ' | ' | ' | ' | 62.7 | 4.4 | 55 | 3.3 | ' | ' | ' | ' | ' | 129.9 | 9 | 111.5 | 9.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value adjustment related to debt assumed | ' | ' | ' | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | ' | $1.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of master lease involved in purchase and leaseback transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage loans | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' |
PROPERTIES_Connecticut_Propert
PROPERTIES - Connecticut Properties (Narrative) (Detail 9) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Apr. 27, 2011 |
Connecticut Properties | Connecticut Properties | ||||
SNF's | SNF's | ||||
Bed | Facility | ||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Number of licensed beds | ' | ' | ' | 472 | ' |
Number of facilities closed | ' | ' | ' | ' | 4 |
Asset impairment charges | $0.40 | $0.30 | $26.30 | $24.40 | ' |
PROPERTIES_FCSCH_Facilities_Na
PROPERTIES - FC/SCH Facilities (Narrative) (Detail 10) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2011 | Dec. 31, 2013 |
Real Estate [Abstract] | ' | ' |
Provisions for uncollectible mortgages, notes and accounts receivable | $4.10 | $2.30 |
PROPERTIES_Assets_Sold_or_Held
PROPERTIES - Assets Sold or Held for Sale (Narrative) (Detail 11) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Parcel | Parcel | ||
Facility | |||
Real Estate Properties [Line Items] | ' | ' | ' |
Proceeds from sale of real estate investments | $2,292,000 | $29,023,000 | $5,150,000 |
Loss from sale of facilities | -1,200,000 | ' | ' |
Number of parcel of land held-for-sale | 1 | 1 | ' |
Net book value of held-for-sale | $1,400,000 | ' | ' |
Number of properties sold | 1 | ' | ' |
Number of parcel of undeveloped land sold | 1 | ' | ' |
SNF's | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Number of held-for-sale facilities | 3 | ' | ' |
DIRECT_FINANCING_LEASES_Detail
DIRECT FINANCING LEASES (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Property | |
Leases, Capital [Abstract] | ' | ' |
Minimum lease payments receivable | $4,291,067 | ' |
Estimated residual values | ' | ' |
Less unearned income | -3,761,622 | ' |
Net investment in direct financing leases | $529,445 | ' |
Properties subject to direct financing leases | 56 | ' |
DIRECT_FINANCING_LEASES_Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) (USD $) | Dec. 31, 2013 | Nov. 27, 2013 | Nov. 27, 2013 | Nov. 27, 2013 | Nov. 27, 2013 | Nov. 27, 2013 | Nov. 27, 2013 | Nov. 27, 2013 |
In Millions, unless otherwise specified | Facility | Ark Holding Company Inc | Ark Holding Company Inc | Ark Holding Company Inc | Ark Holding Company Inc | Ark Holding Company Inc | SNF's | ALFs |
State | Lease | Southeast | Northwest | Texas | Indiana | Ark Holding Company Inc | Ark Holding Company Inc | |
State | Facility | Facility | Facility | Facility | Direct financing leases | Facility | ||
Bed | Facility | |||||||
Facility | ||||||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lease | ' | 4 | ' | ' | ' | ' | ' | ' |
Lease term | ' | '50 years | ' | ' | ' | ' | ' | ' |
Interest on lease per annum | ' | 10.60% | ' | ' | ' | ' | ' | ' |
Number of facilities | 541 | 56 | 39 | 7 | 9 | 1 | 55 | 1 |
Number of licensed beds | ' | 5,624 | ' | ' | ' | ' | ' | ' |
Number of states | 38 | 12 | ' | ' | ' | ' | ' | ' |
Contractual rent for 1-4 years | ' | $47 | ' | ' | ' | ' | ' | ' |
Annual incremental rate beginning in year five through the term of the lease | ' | 2.50% | ' | ' | ' | ' | ' | ' |
OWNED_AND_OPERATED_ASSETS_Deta
OWNED AND OPERATED ASSETS (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Owned [Abstract] | ' | ' | ' | |
Nursing home revenues | ' | ' | ' | [1] |
Nursing home expenses | ' | ' | 653 | [1] |
Loss from nursing home operations | ' | ' | ($653) | [1] |
[1] | 2011 expense relates to run-off expense associated with shutting down the operations. |
OWNED_AND_OPERATED_ASSETS_Narr
OWNED AND OPERATED ASSETS (Narrative) (Detail ) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 01, 2010 | Sep. 01, 2008 | Jul. 07, 2008 | 31-May-10 | Sep. 01, 2008 | Sep. 01, 2008 | Sep. 01, 2008 | Sep. 01, 2008 | Sep. 01, 2008 | Aug. 06, 2008 | Sep. 01, 2008 | Aug. 06, 2008 |
Facility | SNF's | ALFs | TC Healthcare | TC Healthcare | TC Healthcare | TC Healthcare | Affiliates of FC/SCH | Affiliates of FC/SCH | Affiliates of FC/SCH | Affiliates of FC/SCH | Affiliates of FC/SCH | Affiliates of FC/SCH | Affiliates of FC/SCH | Affiliates of FC/SCH | |
Facility | Facility | Facility | Facility | Facility | Vermont | Connecticut | Rhode Island | New Hampshire | Massachusetts | SNF's | SNF's | ALFs | ALFs | ||
Property | Property | Property | Property | Property | Facility | Property | Facility | Property | |||||||
Owned and Operated Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties acquired through bankruptcy court proceedings | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities transitioned to new tenant/operator | ' | ' | ' | 2 | 13 | ' | ' | ' | ' | ' | ' | 12 | ' | 1 | ' |
Number of facilities owned | 541 | 476 | 18 | ' | ' | ' | 2 | 5 | 4 | 3 | 1 | ' | 14 | ' | 1 |
MORTGAGE_NOTES_RECEIVABLE_Deta
MORTGAGE NOTES RECEIVABLE (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | $241,515 | [1] | $238,621 | [1] |
Number of mortgage loans | 16 | ' | ||
Mortgage note due 2014; interest at 11.00% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 5,000 | 5,000 | ||
Mortgage loans on real estate, interest rate | 11.00% | ' | ||
Mortgage note due 2021; interest at 12.50% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 5,574 | 5,574 | ||
Mortgage loans on real estate, interest rate | 12.50% | ' | ||
Mortgage note due 2021; interest at 11.00% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 91,123 | 91,585 | ||
Mortgage loans on real estate, interest rate | 11.00% | ' | ||
Mortgage loans on real estate, monthly payment | 39,000 | ' | ||
Mortgage note due 2021; interest at 10.00% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 913 | ' | ||
Mortgage loans on real estate, interest rate | 10.00% | ' | ||
Mortgage note due 2022; interest at 12.50% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 5,310 | 5,310 | ||
Mortgage loans on real estate, interest rate | 12.50% | ' | ||
Three Mortgage notes due 2022; interest at 12.00% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 7,313 | 7,076 | ||
Mortgage loans on real estate, interest rate | 12.00% | ' | ||
Number of mortgage loans | 3 | ' | ||
Mortgage note due 2023; interest at 11.00% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 69,928 | 69,928 | ||
Mortgage loans on real estate, interest rate | 11.00% | ' | ||
Mortgage note due 2023; interest at 12.50% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 7,782 | 7,411 | ||
Mortgage loans on real estate, interest rate | 12.50% | ' | ||
Mortgage note due 2023; interest at 12.50% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 6,175 | 4,340 | ||
Mortgage loans on real estate, interest rate | 12.50% | ' | ||
Mortgage note due 2030; interest at 10.61% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | 15,897 | 15,897 | ||
Mortgage loans on real estate, interest rate | 10.61% | ' | ||
Four Mortgage notes due 2046; interest at 12.00% | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Mortgage notes receivable | $26,500 | $26,500 | ||
Mortgage loans on real estate, interest rate | 12.00% | ' | ||
Number of mortgage loans | 4 | ' | ||
[1] | As of December 31, 2012 and 2013 we have no allowance for loan loss for any of our mortgages. |
MORTGAGE_NOTES_RECEIVABLE_Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2011 | Oct. 31, 2012 | Oct. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Aug. 01, 2012 | Dec. 31, 2010 | Dec. 31, 2010 | Nov. 30, 2012 | Nov. 30, 2012 | ||
Entity | Mortgage Receivable | SNF's | Mortgage note 2023 Construction Loans | Mortgage note due 2014; interest at 11.00% | Mortgage note due 2023 | Mortgage note due 2023 | Mortgage note due 2023 | Mortgage Note due 2021 | Mortgage Note due 2021 | Mortgage Note due 2021 | Mortgage Note due 2021 | Mortgage Note due 2021 | Mortgage note due 2022; interest at 12.50% | Mortgage note due 2022, interest rate 12% | Mortgage note due 2022, interest rate 12% | Mortgage note due 2022, interest rate 12% | Mortgage note due 2030 | Mortgage note due 2030 | Four Mortgage Notes due 2046 | Four Mortgage Notes due 2046 | |||||
Loan | State | Facility | Construction Loans | Texas | Construction Loans | Construction Loans | Construction Loans | Michigan | First Mortgage | First Mortgage | Construction Loans | First Mortgage | First Mortgage | First Mortgage | First Mortgage | ||||||||||
Facility | Entity | Michigan | Michigan | Michigan | Michigan | SNF's | Florida | Florida | Michigan | SNF's | Florida | Michigan | Michigan | ||||||||||||
State | Bed | SNF's | SNF's | SNF's | Facility | Bed | SNF's | ||||||||||||||||||
Bed | Facility | Bed | |||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of mortgage loans | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of facilities under fixed rate mortgage loan | 33 | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of states | 38 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of mortgage notes receivable independent operating companies | 5 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage notes receivable | $241,515 | [1] | $238,621 | [1] | ' | ' | ' | $7,800 | $5,000 | $6,200 | ' | ' | $900 | $1,000 | $5,600 | ' | ' | $5,300 | $7,300 | $100 | $800 | ' | $15,900 | $1,500 | ' |
Number of operating beds | ' | ' | ' | ' | ' | ' | ' | 120 | ' | 120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240 | ' | 60 | ||
Mortgage loans on real estate, interest rate | ' | ' | ' | ' | ' | ' | 11.00% | 12.50% | 12.50% | ' | 10.00% | ' | 12.50% | ' | ' | 12.50% | 12.00% | ' | ' | ' | 10.00% | ' | ' | ||
Collection of mortgage principal | $484,706 | $12,021,332 | $73,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of facilities owned | 541 | ' | ' | ' | 476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 3 | ' | ' | ' | ||
Annual incremental interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ||
[1] | As of December 31, 2012 and 2013 we have no allowance for loan loss for any of our mortgages. |
MORTGAGE_NOTES_RECEIVABLE_Narr1
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2011 | Dec. 31, 2013 | Nov. 30, 2011 | Nov. 30, 2012 | Oct. 31, 2011 | Nov. 30, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | ||
Facility | SNF's | $92.0 Million Mortgage Note due 2021 | $92.0 Million Mortgage Note due 2021 | $92.0 Million Mortgage Note due 2021 | Four Mortgage Notes due 2046 | Four Mortgage Notes due 2046 | Four Mortgage Notes due 2046 | Four Mortgage Notes due 2046 | Mortgage note due 2023 | ||||
Facility | First Mortgage | First Mortgage | First Mortgage | First Mortgage | First Mortgage | First Mortgage | First Mortgage | Maryland | |||||
Michigan | Michigan | SNF's | Michigan | Maryland | SNF's | SNF's | Facility | ||||||
Michigan | Michigan | Maryland | |||||||||||
Bed | Bed | Bed | |||||||||||
Facility | Facility | ||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage notes receivable | $241,515,000 | [1] | $238,621,000 | [1] | ' | $92,000,000 | ' | ' | $1,500,000 | $25,000,000 | ' | ' | $69,900,000 |
Mortgage loans on real estate, interest rate | ' | ' | ' | 12.50% | ' | ' | ' | 12.00% | ' | ' | 11.00% | ||
Number of operating beds | ' | ' | ' | ' | ' | 1,421 | ' | ' | 60 | 352 | ' | ||
Mortgage loan term in years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage loans on real estate for first three years interest rate | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage loans on real estate for four five and six year interest rate | ' | ' | ' | 11.75% | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage loans on real estate for seven year interest rate | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | 13.75% | ||
Number of facilities owned | 541 | ' | 476 | ' | ' | 13 | ' | ' | ' | 3 | 7 | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $241,514,812 | ' | ' | ' | $91,100,000 | ' | ' | ' | ' | ' | ' | ||
[1] | As of December 31, 2012 and 2013 we have no allowance for loan loss for any of our mortgages. |
OTHER_INVESTMENTS_Detail
OTHER INVESTMENTS (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | $48,298 | [1] | $44,759 | [1] |
Allowance for loss on notes receivable | -1,977 | -1,977 | ||
Notes receivable, net | 46,321 | 42,782 | ||
Other | 2,400 | ' | ||
Marketable securities | 4,333 | 4,557 | ||
Total other investments | 53,054 | 47,339 | ||
Other Investment note due 2015 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 2,318 | 2,518 | ||
Other Investment notes due 2021 - 2023 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 13,427 | 9,775 | ||
Other Investment note due 2013 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | ' | 1,018 | ||
Other Investment note due 2014 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 62 | 812 | ||
$28.0 Million Other Investment note due 2017 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 23,750 | 26,500 | ||
$2.5 Million Other Investment note due 2014 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 546 | ' | ||
$6.0 Million Other Investment note due 2013 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 5,439 | 3,450 | ||
Other Investment note due 2013 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | ' | 261 | ||
1.3 Million Other Investment note due 2017 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | 1,300 | 425 | ||
1.5 Million Other Investment note due 2014 | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Notes receivable, gross | $1,456 | ' | ||
[1] | The majority of these notes bear interest at approximately 10% annually. |
OTHER_INVESTMENTS_Narrative_De
OTHER INVESTMENTS (Narrative) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Non-convertible redeemable preferred stock | Other Investment notes due 2021 - 2023 | Other Investment notes due 2021 - 2023 | Other Investment notes due 2021 - 2023 | Other Investment note due 2013 | Other Investment note due 2013 | Other Investment note due 2013 | Other Investment note due 2014 | Other Investment note due 2014 | $28.0 Million Other Investment note due 2017 | $28.0 Million Other Investment note due 2017 | $28.0 Million Other Investment note due 2017 | $2.5 Million Other Investment note due 2014 | $6.0 Million Other Investment note due 2013 | $6.0 Million Other Investment note due 2013 | $6.0 Million Other Investment note due 2013 | $6.0 Million Other Investment note due 2013 | 1.3 Million Other Investment note due 2017 | 1.3 Million Other Investment note due 2017 | 1.5 Million Other Investment note due 2014 | Other Investment 25 Million Mezzanine loan Note Due In 2017 | Other Investment 25 Million Mezzanine loan Note Due In 2017 | |||||
Capital renovation loans | Working capital loan | Working capital loan | Working capital note | Working capital note | ||||||||||||||||||||||
Loan | ||||||||||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of loans | ' | ' | ' | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of interest rate received | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ||
Escalators rate of interest per year | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ||
Maximum drawing capacity of loan | ' | ' | ' | ' | ' | $19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | 2,500,000 | ' | ' | 6,000,000 | 4,000,000 | 1,300,000 | ' | 1,500,000 | 25,000,000 | ' | ||
Proceeds from principal payment of loans | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 11,900,000 | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notes receivable, gross | 48,298,000 | [1] | 44,759,000 | [1] | ' | 13,427,000 | 9,775,000 | ' | 1,018,000 | ' | ' | 62,000 | 812,000 | 23,750,000 | ' | 26,500,000 | 546,000 | 5,439,000 | 3,450,000 | ' | ' | 1,300,000 | 425,000 | 1,456,000 | ' | ' |
Notes receivable term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Investments in marketable securities redeemable preferred stock shares | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Investments in marketable securities redeemable preferred stock percent of yield | ' | ' | 7.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Prepayment penalty on mezzanine loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ||
[1] | The majority of these notes bear interest at approximately 10% annually. |
CONCENTRATION_OF_RISK_Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Facility | Facility | Facility | Facility | ||||||||
Operator | Operator | ||||||||||
State | State | ||||||||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 541 | ' | ' | ' | ' | ' | ' | ' | 541 | ' | ' |
Number of states | 38 | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' |
Number of operators | 49 | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' |
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $3,900,000,000 | ' | ' | ' | ' | ' | ' | ' | $3,900,000,000 | ' | ' |
Percentage share of real estate investments related to long-term care facilities | 99.00% | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' |
Number of available for sale facilities | 3 | ' | ' | ' | 2 | ' | ' | ' | 3 | 2 | ' |
Number of facilities under fixed rate mortgage loan | 33 | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' |
Miscellaneous investments, net | 53,054,000 | ' | ' | ' | 47,339,000 | ' | ' | ' | 53,054,000 | 47,339,000 | ' |
Operated, concentration percent for separate disclosure | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Operated, concentration number | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Revenues from operations | 111,137,000 | 103,301,000 | 102,515,000 | 101,761,000 | 95,012,000 | 87,108,000 | 83,825,000 | 84,515,000 | 418,714,000 | 350,460,000 | 292,204,000 |
Revenues from operations, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Florida | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration percent by state | 16.00% | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' | ' |
Ohio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration percent by state | 10.00% | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Indiana | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration percent by state | 9.00% | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' |
CommuniCare | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from operations | ' | ' | ' | ' | ' | ' | ' | ' | 44,200,000 | ' | ' |
Revenues from operations, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' |
Genesis Healthcare | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from operations | ' | ' | ' | ' | ' | ' | ' | ' | $55,200,000 | ' | ' |
Revenues from operations, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' |
New Ark Investment Inc | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operated, concentration percent | 14.00% | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' |
SNF's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 476 | ' | ' | ' | ' | ' | ' | ' | 476 | ' | ' |
Number of available for sale facilities | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Number of facilities under fixed rate mortgage loan | 33 | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' |
ALFs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 18 | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' |
Specialty facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 11 | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
LEASE_AND_MORTGAGE_DEPOSITS_Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Security Deposits And Letters Of Credit [Line Items] | ' |
Liquidity deposits | 5.6 |
Letters of credit outstanding | 56.9 |
Minimum | ' |
Security Deposits And Letters Of Credit [Line Items] | ' |
Period specified for rental and mortgage interest | '3 months |
Maximum | ' |
Security Deposits And Letters Of Credit [Line Items] | ' |
Period specified for rental and mortgage interest | '6 months |
BORROWING_ARRANGEMENTS_Longter
BORROWING ARRANGEMENTS - Long-term borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
In Thousands, unless otherwise specified | 2020 Notes | 2022 Notes | 2024 Notes | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | ||||||||||
HUD mortgages assumed June 2010 (Paid-off) | HUD mortgages assumed June 2010 (Paid-off) | HUD mortgages assumed June 2010 | HUD mortgages assumed June 2010 | HUD mortgages assumed October 2011 | HUD mortgages assumed October 2011 | HUD mortgages assumed December 2011 | HUD mortgages assumed December 2011 | HUD mortgages assumed December 2012 | HUD mortgages assumed December 2012 | Revolving Credit Facility | Revolving Credit Facility | Term loan | Term loan | 2020 Notes | 2020 Notes | 2020 Notes | 2022 Notes | 2022 Notes | 2024 Notes | 2024 Notes | 2024 Notes | Subordinated debt | Subordinated debt | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Maturity | ' | ' | ' | ' | ' | ' | ' | '2040 - 2045 | [1] | ' | '2036 - 2040 | [1] | ' | '2044 | [1],[2] | ' | '2031 - 2045 | [1] | ' | ' | ' | '2016 | ' | '2017 | ' | '2020 | ' | ' | '2022 | ' | '2024 | ' | ' | '2021 | ' | ||||
Current Rate | 10.00% | ' | ' | ' | ' | ' | ' | 4.85% | [1] | ' | 4.87% | [1] | ' | 3.06% | [1],[2] | 3.06% | [1],[2] | 5.50% | [1] | 5.50% | ' | ' | 1.97% | ' | 1.92% | ' | 7.50% | ' | 7.50% | 6.75% | ' | 5.88% | ' | 5.88% | 9.00% | ' | |||
Long-term borrowing amount | ' | ' | ' | ' | ' | ' | $62,921 | $128,641 | [1] | $130,887 | [1] | $31,145 | [1] | $31,991 | [1] | $58,592 | [1],[2] | $58,884 | [1],[2] | $80,153 | [1] | $81,855 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
HUD debt | 298,531 | 366,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revolving line of credit | 326,000 | 158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 326,000 | 158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Term loan | 200,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revolving line of credit including term loan | 526,000 | 258,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Senior notes outstanding | ' | ' | 200,000 | 575,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | 200,000 | 575,000 | 575,000 | 400,000 | 400,000 | 400,000 | ' | ' | ||||||||
Subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,892 | 21,049 | ||||||||
Unsecured borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,195,892 | 1,196,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Premium - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,995 | 4,345 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total unsecured borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,725,887 | 1,458,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Totals - net | $2,024,418 | $1,824,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Reflects the weighted average interest rate on the mortgages. | ||||||||||||||||||||||||||||||||||||||
[2] | The debt was refinanced in March 2013. |
BORROWING_ARRANGEMENTS_Princip
BORROWING ARRANGEMENTS - Principal payments (Detail 1) (Senior notes, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Senior notes | ' |
Borrowing Arrangements [Line Items] | ' |
2014 | $5,037 |
2015 | 5,274 |
2016 | 331,522 |
2017 | 205,782 |
2018 | 6,055 |
Thereafter | 1,447,755 |
Totals | $2,001,425 |
BORROWING_ARRANGEMENTS_Refinan
BORROWING ARRANGEMENTS - Refinancing related costs (Detail 2) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | ||||
HUD Mortgage | 2010 Credit Facility | 7% 2016 Notes | 2011 Credit Facility | 2011 Credit Facility | |||||||
Mortgage | HUD | ||||||||||
Financing Activities and Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Write off of deferred finance cost due to refinancing | ($11,278,000) | [1],[2],[3] | $3,024,000 | [1],[2],[3] | $3,055,000 | [1],[2],[3] | $11,300,000 | $3,100,000 | $2,200,000 | ' | $2,500,000 |
Prepayment and other costs associated with refinancing | 166,000 | [4] | 4,896,000 | [4] | 16,000 | [4] | 200,000 | ' | 4,900,000 | ' | ' |
Total debt extinguishment (gain) costs | -11,112,000 | 7,920,000 | 3,071,000 | ' | ' | ' | ' | ' | |||
Notes issued, interest rate | ' | ' | ' | ' | ' | 7.00% | ' | ' | |||
Line of credit facility terminated | ' | ' | ' | ' | 320,000,000 | ' | ' | 475,000,000 | |||
Redemption of 7% 2016 notes | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | |||
Gain from write-off of unamortized premium on the HUD loans | ' | ' | ' | ' | ' | ' | $1,700,000 | ' | |||
Number of HUD loans paid off | ' | ' | ' | ' | ' | ' | 4 | ' | |||
Number of HUD facilities | ' | ' | ' | 11 | ' | ' | ' | ' | |||
[1] | In 2012, we wrote-off: (a) $2.2 million deferred financing costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes; and (b) $2.5 million deferred financing costs associated with the termination of our $475 million 2011 Credit Facility. These costs were offset by a $1.7 million gain resulting from the write-off of unamortized premium on the four HUD loans that were paid off in the second quarter of 2012. | ||||||||||
[2] | In 2011, we terminated our $320 million 2010 Credit Facility and wrote-off deferred financing costs of $3.1 million. | ||||||||||
[3] | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the premium for above market value debt assumed on 11 HUD mortgage loans that we paid off in May 2013. | ||||||||||
[4] | In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. In 2012, we incurred $4.9 million of prepayment penalties and other costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes. |
BORROWING_ARRANGEMENTS_Secured
BORROWING ARRANGEMENTS - Secured Borrowings (Narrative) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Jun. 29, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 26, 2013 | Jun. 29, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | Secured borrowings | |||||||
HUD mortgages assumed June 2010 (Paid-off) | HUD mortgages assumed June 2010 | HUD mortgages assumed June 2010 | HUD mortgages assumed June 2010 | HUD mortgages assumed June 2010 | HUD mortgages assumed June 2010 | HUD mortgages assumed June 2010 | HUD mortgages assumed October 2011 | HUD mortgages assumed October 2011 | HUD mortgages assumed October 2011 | HUD mortgages assumed October 2011 | HUD mortgages assumed October 2011 | HUD mortgages assumed October 2011 | HUD mortgages assumed December 2011 | HUD mortgages assumed December 2011 | HUD mortgages assumed December 2012 | HUD mortgages assumed December 2012 | HUD mortgages assumed December 2012 | |||||||
Mortgage | Facility | Minimum | Maximum | Facility | Minimum | Maximum | Facility | Mortgage | ||||||||||||||||
Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assumed indebtedness, maturity date | ' | ' | ' | ' | 'January 2040 to January 2045 | ' | ' | ' | ' | ' | 'March 2036 to September 2040. | ' | ' | ' | ' | ' | ' | ' | 'April 2031 to February 2045 | ' | ' | |||
Fair value adjustment of HUD debt assumed | ' | ' | ' | ' | $7,300,000 | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | $10,100,000 | ' | ' | |||
Assumption of debt for the acquisition | ' | ' | ' | ' | 128,800,000 | ' | ' | ' | ' | ' | 29,900,000 | ' | ' | ' | ' | ' | ' | ' | 71,800,000 | ' | ' | |||
Gain on retirement of HUD mortgages | ' | ' | ' | 11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | |||
Prepayment fee | 166,000 | [1] | 4,896,000 | [1] | 16,000 | [1] | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Number of HUD mortgages | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | |||
Payment to retire HUD mortgages | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 | ' | ' | ' | |||
Unamortized premium for marking debt to market | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | |||
Unamortized premium | ' | ' | ' | ' | ' | 6,000,000 | 6,400,000 | ' | ' | ' | ' | 2,600,000 | 2,800,000 | ' | ' | ' | ' | ' | 10,000,000 | 9,500,000 | 10,000,000 | |||
Amortization of the premium | ' | ' | ' | ' | ' | 400,000 | 400,000 | 400,000 | ' | ' | ' | 200,000 | 200,000 | 0 | ' | ' | ' | ' | ' | 600,000 | 100,000 | |||
Principal payment for mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,400,000 | ' | ' | ' | ' | |||
Amount of closing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | |||
Weighted average annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.55% | ' | ' | ' | ' | |||
Reduction in annual interest rate for the refinanced debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.06% | ' | ' | ' | ' | |||
Amortization of premium over the next five years | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $400,000 | ' | ' | ' | ' | $100,000 | $200,000 | ' | ' | ' | $400,000 | ' | |||
Number of facilities | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | |||
[1] | In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. In 2012, we incurred $4.9 million of prepayment penalties and other costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes. |
BORROWING_ARRANGEMENTS_Unsecur
BORROWING ARRANGEMENTS - Unsecured Borrowings - $700 Million Unsecured Credit Facility (Narrative) (Detail 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 06, 2012 | Dec. 31, 2013 | Dec. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 06, 2012 | Dec. 06, 2012 | Aug. 16, 2011 |
Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | |||
2012 Revolving Credit Facility | 2012 Revolving Credit Facility | 2012 Revolving Credit Facility | 2012 Revolving Credit Facility | 2012 Term Loan Facility | 2012 Term Loan Facility | 2012 Term Loan Facility | 2012 Term Loan Facility | 2012 Credit Facilities | 2012 Credit Facilities | 2012 Credit Facilities | 2011 Credit Facility | ||||
Minimum | Maximum | Minimum | Maximum | Maximum | |||||||||||
Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | $700,000,000 | ' | $500,000,000 | ' | ' | ' | $200,000,000 | ' | ' | ' | ' | ' | $475,000,000 |
Credit facility, potential borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 1,000,000,000 | ' |
Revolving line of credit | 326,000,000 | 158,000,000 | ' | 326,000,000 | ' | ' | ' | 200,000,000 | ' | ' | ' | 526,000,000 | ' | ' | ' |
Credit facility available for future borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $174,000,000 | ' | ' | ' |
Weighted average annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.94% | ' | ' | ' |
Pricing of credit facility at LIBOR plus an applicable percentage | ' | ' | ' | 1.50% | ' | 1.00% | 1.90% | 1.75% | ' | 1.10% | 2.30% | ' | ' | ' | ' |
Credit facility, description of variable rate basis | ' | ' | ' | 'Revolving Credit Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 190 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings | ' | ' | ' | 'The Term Loan Facility is also priced at LIBOR plus an applicable percentage (beginning at 175 basis points, with a range of 110 to 230 basis points) based our ratings from Standard & Poor's, Moody's and/or Fitch Ratings. | ' | ' | ' | ' | ' | ' | ' |
Facility fee, description of variable rate basis | ' | ' | ' | 'Facility fee based on the same ratings (initially 30 basis points, with a range of 15 to 45 basis points). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity date | ' | ' | ' | 6-Dec-16 | ' | ' | ' | 6-Dec-17 | ' | ' | ' | ' | ' | ' | ' |
BORROWING_ARRANGEMENTS_Unsecur1
BORROWING ARRANGEMENTS - Unsecured Borrowings - $200 Million Term Loan - 2013 (Narrative) (Detail 2) (Unsecured borrowings, Term Loan Facility 2013, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 27, 2013 |
Borrowing Arrangements [Line Items] | ' | ' |
Term loan | ' | $200,000 |
Interest rate description | 'interest rates per annum applicable to the 2013 Term Loan Facility are (a) the reserve adjusted LIBOR Rate (the "Eurodollar Rate" or "Eurodollar"), plus the applicable margin (as described below) or, at our option, (b) the base rate, plus the applicable margin (as described below), with the base rate being equal to the highest of (i) the rate of interest publicly announced by the administrative agent as its prime rate in effect, (ii) the federal funds effective rate from time to time plus 0.50% and (iii) the Eurodollar Rate determined on such day for a Eurodollar Loan with an interest period of one month plus 1.0%, in each case. | ' |
Default rate on term loan facility | 2.00% | ' |
Debt maturity date | 29-Feb-16 | ' |
Base rate | ' | ' |
Borrowing Arrangements [Line Items] | ' | ' |
Pricing of credit facility at LIBOR plus an applicable percentage | 0.50% | ' |
Base rate | Minimum | ' | ' |
Borrowing Arrangements [Line Items] | ' | ' |
Applicable margin rate | 0.10% | ' |
Base rate | Maximum | ' | ' |
Borrowing Arrangements [Line Items] | ' | ' |
Applicable margin rate | 1.30% | ' |
Euro dollar | ' | ' |
Borrowing Arrangements [Line Items] | ' | ' |
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ' |
Euro dollar | Minimum | ' | ' |
Borrowing Arrangements [Line Items] | ' | ' |
Applicable margin rate | 1.10% | ' |
Euro dollar | Maximum | ' | ' |
Borrowing Arrangements [Line Items] | ' | ' |
Applicable margin rate | 2.30% | ' |
BORROWING_ARRANGEMENTS_Unsecur2
BORROWING ARRANGEMENTS - Unsecured Borrowings - $200 Million 7.5% Senior Notes due 2020 (Narrative) (Detail 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 02, 2011 | Oct. 20, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Facility | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | 7.50% Notes due 2020 | 2022 Notes | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | ||
7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | 7.50% Notes due 2020 | Exchange notes | Exchange notes | 2022 Notes | 2022 Notes | 2022 Notes | |||||||
December 22, 2009 CapitalSource acquisition | Non-Guarantor Subsidiaries | Redemption during 12 months period beginning on February 15, 2015 | Redemption during 12 months period beginning on February 15, 2016 | Redemption during 12 months period beginning on February 15, 2017 | Redemption on or after February 15, 2018 | Non-Guarantor Subsidiaries | ||||||||||||||
Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term borrowing amount | ' | ' | ' | ' | $200,000,000 | $575,000,000 | $200,000,000 | $200,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $575,000,000 | $575,000,000 | ' |
Current Rate | 10.00% | ' | ' | ' | ' | ' | 7.50% | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' |
Redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.75% | 102.50% | 101.25% | 100.00% | ' | ' | ' | ' | ' |
Maximum percentage of redeemable notes | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' |
Redemption price if redeemed in the first three years (in percent) | ' | ' | ' | ' | ' | ' | 107.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.75% | ' | ' |
Redemption price if the company undergoes change of control (in percent) | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' |
Notes issued, issue price (in percent) | ' | ' | ' | ' | ' | ' | 98.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.98% | ' | ' |
Proceeds of issuance of notes payable | ' | ' | ' | ' | ' | ' | 197,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223,000,000 | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities owned | 541 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 3,462,216,000 | 2,982,005,000 | 462,160,000 | 479,090,000 | ' | ' | ' | ' | ' | ' | 462,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 462,200,000 |
Notes issuable in exchange, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $575,000,000 | $200,000,000 | ' | ' | ' |
Notes issuable in exchange, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | 7.50% | ' | ' | ' |
BORROWING_ARRANGEMENTS_Unsecur3
BORROWING ARRANGEMENTS - Unsecured Borrowings - $575 Million 6.75% Senior Notes due 2022 (Narrative) (Detail 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 23, 2010 | Dec. 31, 2013 | Jun. 02, 2011 | Oct. 20, 2010 | Oct. 04, 2010 |
Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | 2022 Notes | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | |||
2022 Notes | 2022 Notes | 2022 Notes | 2022 Notes | 2022 Notes | 2022 Notes | 2022 Notes | Additional 2022 Notes | Additional 2022 Notes | Senior notes due, 2014 | Exchange notes | Exchange notes | Initial 2022 Notes | ||||||
Non-Guarantor Subsidiaries | Redemption during 12 month periods beginning on 15 th October 2015 | Redemption during 12 month periods beginning on 15 th october 2016 | Redemption during 12 month periods beginning on 15 th october 2017 | Redemption on or after 15 th october 2018 | ||||||||||||||
Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount | ' | ' | ' | ' | $575,000,000 | $575,000,000 | $575,000,000 | ' | ' | ' | ' | ' | ' | $350,000,000 | $310,000,000 | ' | ' | $225,000,000 |
Current Rate | 10.00% | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | 6.75% | 7.00% | ' | ' | 6.75% |
Redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | 103.38% | 102.25% | 101.13% | 100.00% | ' | ' | ' | ' | ' | ' |
Maximum percentage of redeemable notes | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price if redeemed in the first three years (in percent) | ' | ' | ' | ' | ' | 106.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price if the company undergoes change of control (in percent) | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued, issue price (in percent) | ' | ' | ' | ' | ' | 98.98% | ' | ' | ' | ' | ' | ' | 103.00% | ' | ' | ' | ' | ' |
Proceeds of issuance of notes payable | ' | ' | ' | ' | ' | 223,000,000 | ' | ' | ' | ' | ' | ' | 364,000,000 | ' | ' | ' | ' | ' |
Total assets | 3,462,216,000 | 2,982,005,000 | 462,160,000 | 479,090,000 | ' | ' | ' | 462,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issuable in exchange, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $575,000,000 | $200,000,000 | ' |
Notes issuable in exchange, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | 7.50% | ' |
BORROWING_ARRANGEMENTS_Unsecur4
BORROWING ARRANGEMENTS - Unsecured Borrowings - $400 Million 5.875% Senior Notes due 2024 and Exchange Offer (Narrative) (Detail 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 19, 2012 | Dec. 31, 2013 | Aug. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 02, 2011 | Oct. 20, 2010 |
Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | 2024 Notes | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | |||
2024 Notes | 2024 Notes | 2024 Notes | 2024 Notes | 2024 Notes | 2024 Notes | 2024 Notes | 2024 Notes | 2024 Notes | Exchange notes | Exchange notes | ||||||
Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Redemption during 12 month periods beginning on March 15, 2017 | Redemption during 12 month periods beginning on March 15, 2018 | Redemption during 12 month periods beginning on March 15, 2019 | Redemption on or after March 15, 2020 | |||||||||||
Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount | ' | ' | ' | ' | $400,000,000 | $400,000,000 | $400,000,000 | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Current Rate | 10.00% | ' | ' | ' | ' | 5.88% | ' | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.94% | 101.96% | 100.98% | 100.00% | ' | ' |
Maximum percentage of redeemable notes | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price if redeemed in the first three years (in percent) | ' | ' | ' | ' | ' | 105.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price if the company undergoes change of control (in percent) | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued, issue price (in percent) | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 3,462,216,000 | 2,982,005,000 | 462,160,000 | 479,090,000 | ' | ' | ' | ' | 462,200,000 | ' | ' | ' | ' | ' | ' | ' |
Notes issuable in exchange, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | $575,000,000 | $200,000,000 |
Notes issuable in exchange, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | ' | ' | ' | ' | 6.75% | 7.50% |
BORROWING_ARRANGEMENTS_Unsecur5
BORROWING ARRANGEMENTS - Unsecured Borrowings - Termination of $475 Million Unsecured Revolving Credit Facility (Narrative) (Detail 6) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 06, 2012 | ||||
2010 Credit Facility | 2011 Credit Facility | Unsecured borrowings | |||||||
2011 Credit Facility | |||||||||
Financing Activities and Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | |||
Line of credit facility terminated | ' | ' | ' | $320,000,000 | $475,000,000 | ' | |||
Write-offs associated with deferred costs | ($11,278,000) | [1],[2],[3] | $3,024,000 | [1],[2],[3] | $3,055,000 | [1],[2],[3] | $3,100,000 | $2,500,000 | $2,500,000 |
[1] | In 2012, we wrote-off: (a) $2.2 million deferred financing costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes; and (b) $2.5 million deferred financing costs associated with the termination of our $475 million 2011 Credit Facility. These costs were offset by a $1.7 million gain resulting from the write-off of unamortized premium on the four HUD loans that were paid off in the second quarter of 2012. | ||||||||
[2] | In 2011, we terminated our $320 million 2010 Credit Facility and wrote-off deferred financing costs of $3.1 million. | ||||||||
[3] | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the premium for above market value debt assumed on 11 HUD mortgage loans that we paid off in May 2013. |
BORROWING_ARRANGEMENTS_Unsecur6
BORROWING ARRANGEMENTS - Unsecured Borrowings - $175 Million 7% Senior Notes due 2016 Tender Offer and Redemption (Narrative) (Detail 7) (USD $) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 27, 2012 | Mar. 19, 2012 | Mar. 05, 2012 | ||||
Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | Unsecured borrowings | |||||||
7% Senior Notes due 2016 | 7% Senior Notes due 2016 | 7% Senior Notes due 2016 | 7% Senior Notes due 2016 | |||||||
Borrowing Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Senior notes, principal amount | ' | ' | ' | ' | ' | $168,900,000 | $175,000,000 | |||
Interest rate | 10.00% | ' | ' | ' | ' | 7.00% | 7.00% | |||
Redemption of remaining aggregate principal amount | ' | ' | ' | ' | 6,100,000 | ' | ' | |||
Redemption price percentage | ' | ' | ' | ' | 102.33% | ' | ' | |||
Redemption related costs and write-offs | ' | ' | ' | 7,100,000 | ' | ' | ' | |||
Payments made to bondholders | ' | ' | ' | 4,500,000 | ' | ' | ' | |||
Write-offs associated with deferred costs | -11,278,000 | [1],[2],[3] | 3,024,000 | [1],[2],[3] | 3,055,000 | [1],[2],[3] | 2,200,000 | ' | ' | ' |
Expenses associated with the tender and redemption | ' | ' | ' | $400,000 | ' | ' | ' | |||
[1] | In 2012, we wrote-off: (a) $2.2 million deferred financing costs associated with the tender offer and redemption of our $175 million 7% 2016 Notes; and (b) $2.5 million deferred financing costs associated with the termination of our $475 million 2011 Credit Facility. These costs were offset by a $1.7 million gain resulting from the write-off of unamortized premium on the four HUD loans that were paid off in the second quarter of 2012. | |||||||||
[2] | In 2011, we terminated our $320 million 2010 Credit Facility and wrote-off deferred financing costs of $3.1 million. | |||||||||
[3] | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the premium for above market value debt assumed on 11 HUD mortgage loans that we paid off in May 2013. |
FINANCIAL_INSTRUMENTS_Detail
FINANCIAL INSTRUMENTS (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $2,616 | $1,711 | $351 | $6,921 |
Restricted cash | 31,759 | 36,660 | ' | ' |
Investment in direct financing leases | 529,445 | ' | ' | ' |
Mortgage notes receivable - net | 241,515 | 238,621 | ' | ' |
Other investments - net | 53,054 | 47,339 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Revolving line of credit | 326,000 | 158,000 | ' | ' |
Term loan | 200,000 | 100,000 | ' | ' |
HUD debt | 298,531 | 366,538 | ' | ' |
Carrying Amount | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2,616 | 1,711 | ' | ' |
Restricted cash | 31,759 | 36,660 | ' | ' |
Investment in direct financing leases | 529,445 | ' | ' | ' |
Mortgage notes receivable - net | 241,515 | 238,621 | ' | ' |
Other investments - net | 53,054 | 47,339 | ' | ' |
Totals | 858,389 | 324,331 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Revolving line of credit | 326,000 | 158,000 | ' | ' |
Term loan | 200,000 | 100,000 | ' | ' |
HUD debt | 298,531 | 366,538 | ' | ' |
Subordinated debt | 20,892 | 21,049 | ' | ' |
Totals | 2,024,418 | 1,824,932 | ' | ' |
Carrying Amount | 7.50% Notes due 2020 | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes Payable | 197,890 | 197,546 | ' | ' |
Carrying Amount | 6.75% Notes due 2022 | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes Payable | 581,105 | 581,799 | ' | ' |
Carrying Amount | 5.875% Notes due 2024 | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes Payable | 400,000 | 400,000 | ' | ' |
Fair Value | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2,616 | 1,711 | ' | ' |
Restricted cash | 31,759 | 36,660 | ' | ' |
Investment in direct financing leases | 529,445 | ' | ' | ' |
Mortgage notes receivable - net | 240,482 | 235,705 | ' | ' |
Other investments - net | 50,124 | 44,077 | ' | ' |
Totals | 854,426 | 318,153 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Revolving line of credit | 326,000 | 158,000 | ' | ' |
Term loan | 200,000 | 100,000 | ' | ' |
HUD debt | 287,718 | 433,803 | ' | ' |
Subordinated debt | 28,849 | 27,896 | ' | ' |
Totals | 2,246,372 | 2,138,063 | ' | ' |
Fair Value | 7.50% Notes due 2020 | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes Payable | 256,852 | 252,363 | ' | ' |
Fair Value | 6.75% Notes due 2022 | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes Payable | 735,687 | 724,240 | ' | ' |
Fair Value | 5.875% Notes due 2024 | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes Payable | $411,266 | $441,761 | ' | ' |
FINANCIAL_INSTRUMENTS_Parenthe
FINANCIAL INSTRUMENTS (Parentheticals) (Detail) | Dec. 31, 2013 |
7.50% Notes due 2020 | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Interest rate | 7.50% |
6.75% Notes due 2022 | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Interest rate | 6.75% |
5.875% Notes due 2024 | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Interest rate | 5.88% |
TAXES_Narrative_Detail
TAXES (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subsidiary | |||
Shareholder | |||
Income Tax Disclosure [Abstract] | ' | ' | ' |
Required dividend distribution as a percent of REIT taxable income | 90.00% | ' | ' |
Required dividend distribution by a REIT as a percent of net income from foreclosure property | 90.00% | ' | ' |
Required 75 percentage of gross income test from qualifying sources | 75.00% | ' | ' |
Required 95 percentage of gross income test from qualifying sources | 95.00% | ' | ' |
Required percentage of REIT qualifying assets | 75.00% | ' | ' |
Maximum ownership percentage of voting or value of any one security by REIT | 10.00% | ' | ' |
Maximum ownership percentage by REIT of either debt or equity securities of another company | 5.00% | ' | ' |
Maximum percentage of assets invested in one or more taxable REIT subsidiaries | 25.00% | ' | ' |
Minimum number of stockholders who own shares or interest in the REIT | 100 | ' | ' |
Maximum percentage of interest in REIT that five or fewer individuals own directly or indirectly | 50.00% | ' | ' |
Minimum number of subsequent years the company may not be able to qualify as a REIT | '4 years | ' | ' |
Percentage of income subject to federal taxation | 100.00% | ' | ' |
Dividends paid | $218,116,000 | $182,190,000 | $161,893,000 |
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage | 100.00% | ' | ' |
Number of taxable REIT subsidiaries | 1 | ' | ' |
Net operating loss carry-forward | $1,000,000 | $1,100,000 | ' |
RETIREMENT_ARRANGEMENTS_Narrat
RETIREMENT ARRANGEMENTS (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation Related Costs [Abstract] | ' | ' | ' |
Liabilities associated with deferred compensation plan | $0.70 | $0.40 | ' |
Amounts charged to operations with respect to retirement arrangements | $0.20 | $0.20 | $0.20 |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS' EQUITY (Narrative) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 18 Months Ended | 12 Months Ended | 42 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 07, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 19, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Jun. 25, 2010 | Sep. 30, 2011 | Aug. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 07, 2013 | |
Series D Cumulative Redeemable Preferred Stock | Series D Cumulative Redeemable Preferred Stock | 250 Million Equity Shelf Program | 250 Million Equity Shelf Program | 245 Million Equity Shelf Program | 245 Million Equity Shelf Program | 245 Million Equity Shelf Program | 245 Million Equity Shelf Program | 140 Million Equity Shelf Program | 140 Million Equity Shelf Program | 140 Million Equity Shelf Program | 140 Million Equity Shelf Program | 140 Million Equity Shelf Program | 100 Million Stock Repurchase Program | 100 Million Stock Repurchase Program | Dividend Reinvestment and Common Stock Purchase Plan | Dividend Reinvestment and Common Stock Purchase Plan | Dividend Reinvestment and Common Stock Purchase Plan | 2.875 Million Shares of Common Stock Offering | ||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' |
Stock repurchase program, period in force, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' |
Common stock repurchase (in shares) | ' | ' | 183,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183,310 | ' | ' | ' | ' | ' |
Common stock for repurchase in open market transaction, average price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.96 | ' | ' | ' | ' | ' |
Preferred stock, yield | ' | ' | ' | 8.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption price per share | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price, accrued and unpaid dividends per share | ' | ' | ' | $0.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate liquidation price per share | ' | ' | ' | $25.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, redemption date | ' | ' | ' | 7-Mar-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of borrowings | ' | ' | ' | ' | 103,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of preferred stock issuance costs | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of write-off of preferred stock issuance costs on net income per common share | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | 2,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, average price per share | ' | ' | ' | ' | ' | $30.87 | ' | $28.29 | $24.10 | ' | ' | $21.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 |
Sales price, equity distribution agreement | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | 245,000,000 | ' | ' | ' | ' | 140,000,000 | ' | ' | ' | ' | ' | ' |
Managerial compensation from sales of shares, percent of gross sales price | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued | 6,504,000 | 3,398,000 | 1,419,000 | ' | ' | 5,500,000 | ' | 1,000,000 | 2,600,000 | 3,600,000 | ' | 759,000 | 1,400,000 | 3,100,000 | 5,300,000 | ' | ' | ' | 1,900,000 | 5,100,000 | 2,900,000 | 2,875,000 |
Net proceeds from issuance of common stock | 278,373,000 | 77,618,000 | 31,210,000 | ' | ' | 170,400,000 | ' | 27,800,000 | 63,600,000 | 91,400,000 | ' | 16,100,000 | 31,400,000 | 65,400,000 | 114,900,000 | ' | ' | ' | 55,800,000 | 111,900,000 | 59,100,000 | 84,600,000 |
Commissions on sale of common stock | ' | ' | ' | ' | ' | $3,400,000 | ' | $600,000 | $1,300,000 | $1,900,000 | ' | $300,000 | $600,000 | $1,300,000 | $2,300,000 | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan (in shares) | 1,930,000 | 5,063,000 | 2,853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION - (Detail) (Restricted stock and RSUs, USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted stock and RSUs | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |||
Non-vested | 459,502 | 458,302 | 26,267 | |||
Granted | 241,699 | 15,500 | 444,003 | |||
Vested | -444,003 | -14,300 | -11,968 | |||
Non-vested | 257,198 | 459,502 | 458,302 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Non-vested | $22.33 | $22.31 | $18.19 | |||
Granted | $29.87 | $20.29 | $22.42 | |||
Vested | $22.38 | $19.56 | $17.42 | |||
Non-vested | $29.32 | $22.33 | $22.31 | |||
Compensation Cost | $7.20 | [1] | $0.30 | [1] | $10 | [1] |
[1] | Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company's common stock on the date of grant. |
STOCKBASED_COMPENSATION_Detail1
STOCK-BASED COMPENSATION (Detail 1) (Performance restricted stock units, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Closing Price on date of grant | $29.80 |
Dividend Yield | 6.44% |
Risk Free interest rate at time of grant, Minimum | 0.04% |
Risk Free interest rate at time of grant, Maximum | 0.86% |
Expected volatility, minimum | 24.16% |
Expected volatility, maximum | 25.86% |
Awards granted in January 1, 2011 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Closing Price on date of grant | $22.44 |
Dividend Yield | 6.60% |
Risk Free interest rate at time of grant, Minimum | 0.12% |
Risk Free interest rate at time of grant, Maximum | 1.07% |
Expected volatility, minimum | 27.62% |
Expected volatility, maximum | 39.11% |
Awards granted in January 1, 2012 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Closing Price on date of grant | $19.35 |
Dividend Yield | 8.27% |
Risk Free interest rate at time of grant, Minimum | 0.03% |
Risk Free interest rate at time of grant, Maximum | 0.35% |
Expected volatility, minimum | 35.64% |
Expected volatility, maximum | 38.53% |
Award granted in January 1, 2013 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Closing Price on date of grant | $23.85 |
Dividend Yield | 4.24% |
Risk Free interest rate at time of grant, Minimum | 0.05% |
Risk Free interest rate at time of grant, Maximum | 0.43% |
Expected volatility, minimum | 15.56% |
Expected volatility, maximum | 23.83% |
STOCKBASED_COMPENSATION_Detail2
STOCK-BASED COMPENSATION (Detail 2) (Performance restricted stock units, USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Performance restricted stock units | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |||
Non-vested | 372,735 | 372,735 | ' | |||
Granted | 665,289 | 124,244 | 496,979 | |||
Vested | ' | [1] | -124,244 | ' | ||
Forfeited | ' | ' | -124,244 | |||
Non-vested | 1,038,024 | 372,735 | 372,735 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Non-vested | $11.36 | $11.36 | ' | |||
Granted | $10.36 | $9.61 | $11.28 | |||
Vested | ' | [1] | $9.61 | ' | ||
Forfeited | ' | ' | $11.04 | |||
Non-vested | $10.72 | $11.36 | $11.36 | |||
Compensation Cost | $6.90 | [2] | $1.20 | [2] | $5.60 | [2] |
[1] | Subsequent to December 31, 2013, the board of directors reviewed the performance measure for the 372,735 PRSUs granted in January 2011 and outstanding at December 31, 2012 as well as the 124,244 shares granted in January 2013 and determined the PRSUs were earned. In January 2014, the 124,244 PRSUs granted in January 2013 vested and were issued to the employees. The 372,735 PRSUs granted in 2011 will vest 25% on March 31, June 30, September 30 and December 31, 2014 based on continued employment by the executive. | |||||
[2] | Total compensation cost to be recognized on the awards was based on grant date fair value or the modification date fair value. |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2011 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Restricted stock | Restricted stock | Restricted stock | Restricted Stock Units | Restricted Stock Units | ||
Employee | Multi-year Absolute TSR | Multi-year Relative TSR | Multi-year Relative TSR | Annual TSR | Annual TSR | Annual TSR | Annual TSR | 2014 TSR | 2015 TSR | 2016 TSR | 2014 Relative TSR | 2015 Relative TSR | 2016 Relative TSR | Employee | Type_Award | ||||||||||
Employee | Employee | Employee | Employee | Employee | Employee | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock granted, number of employees | ' | 6 | ' | ' | ' | ' | 6 | ' | 6 | 6 | 6 | 6 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | 6 | |
Stock awards, vesting date | 31-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | 31-Dec-15 | 31-Dec-16 | 31-Dec-14 | 31-Dec-15 | 31-Dec-16 | 31-Dec-13 | ' | ' | ' | 31-Dec-16 | |
Stock awards, vesting percent | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock granted | ' | ' | 665,289 | 124,244 | 496,979 | ' | 279,552 | ' | 93,183 | ' | 124,244 | 124,244 | 124,244 | ' | ' | ' | ' | ' | ' | 428,503 | ' | ' | ' | 213,741 | |
Shares of stock vested | ' | ' | ' | [1] | 124,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428,503 | ' | ' | ' |
Shares/Units | 1,038,024 | ' | 1,038,024 | 372,735 | 372,735 | ' | ' | ' | ' | ' | ' | ' | ' | 77,371 | 77,369 | 115,785 | 77,371 | 77,368 | 115,781 | ' | ' | 26,267 | ' | ' | |
Stock awards, vesting year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2011 | ' | '2014 | '2015 | '2016 | '2014 | '2015 | '2016 | ' | ' | ' | ' | '2016 | |
Vesting period, years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 years | '3 years | '1 year | '2 years | '3 years | ' | ' | ' | '3 years | ' | |
Number of types of share based awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | |
[1] | Subsequent to December 31, 2013, the board of directors reviewed the performance measure for the 372,735 PRSUs granted in January 2011 and outstanding at December 31, 2012 as well as the 124,244 shares granted in January 2013 and determined the PRSUs were earned. In January 2014, the 124,244 PRSUs granted in January 2013 vested and were issued to the employees. The 372,735 PRSUs granted in 2011 will vest 25% on March 31, June 30, September 30 and December 31, 2014 based on continued employment by the executive. |
STOCKBASED_COMPENSATION_Narrat1
STOCK-BASED COMPENSATION (Narrative) (Detail 1) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Employees, directors and consultants | 2013 Stock Incentive Plan | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | Performance restricted stock units | ||||
Subsequent event | Awards granted in January 1, 2011 | Award granted in January 1, 2013 | Vesting on March 31, 2014 | Vesting on June 30, 2014 | Vesting on September 30, 2014 | Vesting on December 31, 2014 | ||||||
Board of directors | Board of directors | Awards granted in January 1, 2011 | Awards granted in January 1, 2011 | Awards granted in January 1, 2011 | Awards granted in January 1, 2011 | |||||||
Subsequent event | Subsequent event | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Review of performance measure for number of granted and outstanding share-based awards | ' | ' | ' | ' | ' | ' | 372,735 | 124,244 | ' | ' | ' | ' |
Number of shares vested and issued to employees | ' | ' | ' | ' | ' | 124,244 | ' | ' | ' | ' | ' | ' |
Stock awards, vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 25.00% |
Value fo shares issued net of tax withholdings | $5.80 | $1.20 | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares reserved for future issuance | ' | ' | ' | 2,818,256 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
DIVIDENDS_Detail
DIVIDENDS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common dividends (in dollars per share) | $0.48 | $0.47 | $0.46 | $0.45 | $0.44 | $0.42 | $0.42 | $0.41 | $1.86 | $1.69 | $1.55 |
Series D Preferred dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.74 |
Ordinary income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.54 | $0.88 | $0.99 |
Series D Preferred dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.74 |
Return of capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.81 | $0.56 |
Series D Preferred dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term capital gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series D Preferred dividends (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DIVIDENDS_Narrative_Detail
DIVIDENDS (Narrative) (Detail) (USD $) | 0 Months Ended | ||||
Oct. 15, 2013 | Jul. 16, 2013 | Apr. 16, 2013 | Jan. 16, 2013 | Jan. 15, 2014 | |
Subsequent event | |||||
Dividends [Line Items] | ' | ' | ' | ' | ' |
Common stock dividend declared, per share | $0.48 | $0.47 | $0.46 | $0.45 | $0.49 |
Increase in quarterly common dividend, per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Dividends declared, date of declaration | 15-Oct-13 | 16-Jul-13 | 16-Apr-13 | 16-Jan-13 | 15-Jan-14 |
Dividends declared, date of payment | 15-Nov-13 | 15-Aug-13 | 15-May-13 | 15-Feb-13 | 17-Feb-14 |
Dividends declared, date of record | 31-Oct-13 | 31-Jul-13 | 30-Apr-13 | 31-Jan-13 | 31-Jan-14 |
SUMMARY_OF_QUARTERLY_RESULTS_U2
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $111,137 | $103,301 | $102,515 | $101,761 | $95,012 | $87,108 | $83,825 | $84,515 | $418,714 | $350,460 | $292,204 |
Net income | 47,206 | 38,137 | 49,058 | 38,120 | 33,923 | 30,119 | 30,572 | 26,084 | 172,521 | 120,698 | 52,606 |
Net income available to common stockholders | $47,206 | $38,137 | $49,058 | $38,120 | $33,923 | $30,119 | $30,572 | $26,084 | $172,521 | $120,698 | $47,459 |
Net income available to common per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income | $0.39 | $0.32 | $0.42 | $0.34 | $0.30 | $0.28 | $0.29 | $0.25 | $1.47 | $1.12 | $0.46 |
Diluted net income | $0.38 | $0.32 | $0.42 | $0.34 | $0.30 | $0.27 | $0.29 | $0.25 | $1.46 | $1.12 | $0.46 |
Cash dividends paid on common stock | $0.48 | $0.47 | $0.46 | $0.45 | $0.44 | $0.42 | $0.42 | $0.41 | $1.86 | $1.69 | $1.55 |
EARNINGS_PER_SHARE_Detail
EARNINGS PER SHARE (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $47,206 | $38,137 | $49,058 | $38,120 | $33,923 | $30,119 | $30,572 | $26,084 | $172,521 | $120,698 | $52,606 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,691 |
Preferred stock redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,456 |
Numerator for net income available to common per share - basic and diluted | $47,206 | $38,137 | $49,058 | $38,120 | $33,923 | $30,119 | $30,572 | $26,084 | $172,521 | $120,698 | $47,459 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 117,257 | 107,591 | 102,119 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 807 | 401 | 45 |
Deferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 19 | 13 |
Denominator for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 118,100 | 108,011 | 102,177 |
Earnings per share - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income - basic | $0.39 | $0.32 | $0.42 | $0.34 | $0.30 | $0.28 | $0.29 | $0.25 | $1.47 | $1.12 | $0.46 |
Earnings per share - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income - diluted | $0.38 | $0.32 | $0.42 | $0.34 | $0.30 | $0.27 | $0.29 | $0.25 | $1.46 | $1.12 | $0.46 |
CONSOLIDATING_FINANCIAL_STATEM2
CONSOLIDATING FINANCIAL STATEMENTS (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Real estate properties | ' | ' | ' | ' |
Land and buildings | $3,099,547 | $3,038,553 | ' | ' |
Less accumulated depreciation | -707,410 | -580,373 | ' | ' |
Real estate properties - net | 2,392,137 | 2,458,180 | ' | ' |
Investment in direct financing leases | 529,445 | ' | ' | ' |
Mortgage notes receivable - net | 241,515 | 238,621 | ' | ' |
Real estate properties, total | 3,163,097 | 2,696,801 | ' | ' |
Other investments - net | 53,054 | 47,339 | ' | ' |
Total investments | 3,216,151 | 2,744,140 | ' | ' |
Assets held for sale - net | 1,356 | 1,020 | ' | ' |
Total investments | 3,217,507 | 2,745,160 | ' | ' |
Cash and cash equivalents | 2,616 | 1,711 | 351 | 6,921 |
Restricted cash | 31,759 | 36,660 | ' | ' |
Accounts receivable - net | 147,504 | 125,180 | ' | ' |
Investment in affiliates | ' | ' | ' | ' |
Other assets | 62,830 | 73,294 | ' | ' |
Total assets | 3,462,216 | 2,982,005 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Revolving line of credit | 326,000 | 158,000 | ' | ' |
Term loan | 200,000 | 100,000 | ' | ' |
Secured borrowings | 298,531 | 366,538 | ' | ' |
Unsecured borrowings - net | 1,199,887 | 1,200,394 | ' | ' |
Accrued expenses and other liabilities | 137,695 | 145,744 | ' | ' |
Intercompany payable | ' | ' | ' | ' |
Total liabilities | 2,162,113 | 1,970,676 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 12,353 | 11,239 | ' | ' |
Common stock - additional paid-in-capital | 1,998,169 | 1,664,855 | ' | ' |
Cumulative net earnings | 926,649 | 754,128 | ' | ' |
Cumulative dividends paid | -1,637,068 | -1,418,893 | ' | ' |
Total stockholders' equity | 1,300,103 | 1,011,329 | 878,484 | 1,004,066 |
Total liabilities and stockholders' equity | 3,462,216 | 2,982,005 | ' | ' |
Issuer & Subsidiary Guarantors | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' |
Land and buildings | 2,642,047 | 2,580,977 | ' | ' |
Less accumulated depreciation | -653,858 | -547,489 | ' | ' |
Real estate properties - net | 1,988,189 | 2,033,488 | ' | ' |
Investment in direct financing leases | 529,445 | ' | ' | ' |
Mortgage notes receivable - net | 241,515 | 238,621 | ' | ' |
Real estate properties, total | 2,759,149 | 2,272,109 | ' | ' |
Other investments - net | 53,054 | 47,339 | ' | ' |
Total investments | 2,812,203 | 2,319,448 | ' | ' |
Assets held for sale - net | 1,356 | 1,020 | ' | ' |
Total investments | 2,813,559 | 2,320,468 | ' | ' |
Cash and cash equivalents | 2,616 | 1,711 | ' | ' |
Restricted cash | 6,827 | 10,095 | ' | ' |
Accounts receivable - net | 140,331 | 121,488 | ' | ' |
Investment in affiliates | 108,707 | 115,835 | ' | ' |
Other assets | 36,723 | 49,153 | ' | ' |
Total assets | 3,108,763 | 2,618,750 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Revolving line of credit | 326,000 | 158,000 | ' | ' |
Term loan | 200,000 | 100,000 | ' | ' |
Secured borrowings | ' | 62,921 | ' | ' |
Unsecured borrowings - net | 1,178,995 | 1,179,345 | ' | ' |
Accrued expenses and other liabilities | 103,665 | 107,155 | ' | ' |
Intercompany payable | ' | ' | ' | ' |
Total liabilities | 1,808,660 | 1,607,421 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 12,353 | 11,239 | ' | ' |
Common stock - additional paid-in-capital | 1,998,169 | 1,664,855 | ' | ' |
Cumulative net earnings | 926,649 | 754,128 | ' | ' |
Cumulative dividends paid | -1,637,068 | -1,418,893 | ' | ' |
Total stockholders' equity | 1,300,103 | 1,011,329 | ' | ' |
Total liabilities and stockholders' equity | 3,108,763 | 2,618,750 | ' | ' |
Non - Guarantor Subsidiaries | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' |
Land and buildings | 457,500 | 457,576 | ' | ' |
Less accumulated depreciation | -53,552 | -32,884 | ' | ' |
Real estate properties - net | 403,948 | 424,692 | ' | ' |
Investment in direct financing leases | ' | ' | ' | ' |
Mortgage notes receivable - net | ' | ' | ' | ' |
Real estate properties, total | 403,948 | 424,692 | ' | ' |
Other investments - net | ' | ' | ' | ' |
Total investments | 403,948 | 424,692 | ' | ' |
Assets held for sale - net | ' | ' | ' | ' |
Total investments | 403,948 | 424,692 | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted cash | 24,932 | 26,565 | ' | ' |
Accounts receivable - net | 7,173 | 3,692 | ' | ' |
Investment in affiliates | ' | ' | ' | ' |
Other assets | 26,107 | 24,141 | ' | ' |
Total assets | 462,160 | 479,090 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' |
Secured borrowings | 298,531 | 303,617 | ' | ' |
Unsecured borrowings - net | 20,892 | 21,049 | ' | ' |
Accrued expenses and other liabilities | 34,030 | 38,589 | ' | ' |
Intercompany payable | 83,065 | 104,040 | ' | ' |
Total liabilities | 436,518 | 467,295 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' |
Common stock - additional paid-in-capital | ' | ' | ' | ' |
Cumulative net earnings | 25,642 | 11,795 | ' | ' |
Cumulative dividends paid | ' | ' | ' | ' |
Total stockholders' equity | 25,642 | 11,795 | ' | ' |
Total liabilities and stockholders' equity | 462,160 | 479,090 | ' | ' |
Elimination Company | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' |
Land and buildings | ' | ' | ' | ' |
Less accumulated depreciation | ' | ' | ' | ' |
Real estate properties - net | ' | ' | ' | ' |
Investment in direct financing leases | ' | ' | ' | ' |
Mortgage notes receivable - net | ' | ' | ' | ' |
Real estate properties, total | ' | ' | ' | ' |
Other investments - net | ' | ' | ' | ' |
Total investments | ' | ' | ' | ' |
Assets held for sale - net | ' | ' | ' | ' |
Total investments | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' |
Accounts receivable - net | ' | ' | ' | ' |
Investment in affiliates | -108,707 | -115,835 | ' | ' |
Other assets | ' | ' | ' | ' |
Total assets | -108,707 | -115,835 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' |
Secured borrowings | ' | ' | ' | ' |
Unsecured borrowings - net | ' | ' | ' | ' |
Accrued expenses and other liabilities | ' | ' | ' | ' |
Intercompany payable | -83,065 | -104,040 | ' | ' |
Total liabilities | -83,065 | -104,040 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' |
Common stock - additional paid-in-capital | ' | ' | ' | ' |
Cumulative net earnings | -25,642 | -11,795 | ' | ' |
Cumulative dividends paid | ' | ' | ' | ' |
Total stockholders' equity | -25,642 | -11,795 | ' | ' |
Total liabilities and stockholders' equity | ($108,707) | ($115,835) | ' | ' |
CONSOLIDATING_FINANCIAL_STATEM3
CONSOLIDATING FINANCIAL STATEMENTS (Detail 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $375,135 | $314,592 | $273,517 | |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | 5,203 | ' | ' | |
Mortgage interest income | ' | ' | ' | ' | ' | ' | ' | ' | 29,351 | 30,446 | 16,274 | |
Other investment income - net | ' | ' | ' | ' | ' | ' | ' | ' | 8,874 | 4,760 | 2,070 | |
Miscellaneous | ' | ' | ' | ' | ' | ' | ' | ' | 151 | 662 | 343 | |
Total operating revenues | 111,137 | 103,301 | 102,515 | 101,761 | 95,012 | 87,108 | 83,825 | 84,515 | 418,714 | 350,460 | 292,204 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 128,646 | 112,983 | 100,337 | |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 21,588 | 21,330 | 19,432 | |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 909 | 1,204 | |
Impairment on real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 415 | 272 | 26,344 | |
Provisions for uncollectible mortgages, notes and accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2,141 | ' | 6,439 | |
Nursing home expenses of owned and operated assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 653 | [1] |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 153,035 | 135,494 | 154,409 | |
Income before other income and expense | ' | ' | ' | ' | ' | ' | ' | ' | 265,679 | 214,966 | 137,795 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 29 | 40 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -100,381 | -95,527 | -81,154 | |
Interest - amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -2,779 | -2,649 | -2,674 | |
Interest - refinancing gain (costs) | ' | ' | ' | ' | ' | ' | ' | ' | 11,112 | -7,920 | -3,071 | |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total other expense | ' | ' | ' | ' | ' | ' | ' | ' | -92,007 | -106,067 | -86,859 | |
Income before gain on assets sold | ' | ' | ' | ' | ' | ' | ' | ' | 173,672 | 108,899 | 50,936 | |
(Loss) gain on assets sold - net | ' | ' | ' | ' | ' | ' | ' | ' | -1,151 | 11,799 | 1,670 | |
Net income | 47,206 | 38,137 | 49,058 | 38,120 | 33,923 | 30,119 | 30,572 | 26,084 | 172,521 | 120,698 | 52,606 | |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,691 | |
Preferred stock redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,456 | |
Net income available to common stockholders | 47,206 | 38,137 | 49,058 | 38,120 | 33,923 | 30,119 | 30,572 | 26,084 | 172,521 | 120,698 | 47,459 | |
Issuer & Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 324,808 | 277,670 | 250,695 | |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | 5,203 | ' | ' | |
Mortgage interest income | ' | ' | ' | ' | ' | ' | ' | ' | 29,351 | 30,446 | 16,274 | |
Other investment income - net | ' | ' | ' | ' | ' | ' | ' | ' | 8,874 | 4,760 | 2,070 | |
Miscellaneous | ' | ' | ' | ' | ' | ' | ' | ' | 151 | 662 | 343 | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 368,387 | 313,538 | 269,382 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 107,977 | 96,570 | 89,344 | |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 21,218 | 21,016 | 19,251 | |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 909 | 1,204 | |
Impairment on real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 415 | 272 | 26,344 | |
Provisions for uncollectible mortgages, notes and accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2,141 | ' | 6,439 | |
Nursing home expenses of owned and operated assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 653 | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 131,996 | 118,767 | 143,235 | |
Income before other income and expense | ' | ' | ' | ' | ' | ' | ' | ' | 236,391 | 194,771 | 126,147 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 6 | 23 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -84,927 | -82,525 | -72,785 | |
Interest - amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -2,763 | -2,649 | -2,674 | |
Interest - refinancing gain (costs) | ' | ' | ' | ' | ' | ' | ' | ' | 11,112 | -7,920 | -3,071 | |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 13,847 | 7,216 | 3,296 | |
Total other expense | ' | ' | ' | ' | ' | ' | ' | ' | -62,719 | -85,872 | -75,211 | |
Income before gain on assets sold | ' | ' | ' | ' | ' | ' | ' | ' | 173,672 | 108,899 | 50,936 | |
(Loss) gain on assets sold - net | ' | ' | ' | ' | ' | ' | ' | ' | -1,151 | 11,799 | 1,670 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,606 | |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,691 | |
Preferred stock redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,456 | |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 172,521 | 120,698 | 47,459 | |
Non - Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 50,327 | 36,922 | 22,822 | |
Mortgage interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other investment income - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Miscellaneous | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 50,327 | 36,922 | 22,822 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,669 | 16,413 | 10,993 | |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 370 | 314 | 181 | |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment on real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Provisions for uncollectible mortgages, notes and accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Nursing home expenses of owned and operated assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 21,039 | 16,727 | 11,174 | |
Income before other income and expense | ' | ' | ' | ' | ' | ' | ' | ' | 29,288 | 20,195 | 11,648 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 23 | 17 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,454 | -13,002 | -8,369 | |
Interest - amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -16 | ' | ' | |
Interest - refinancing gain (costs) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total other expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,441 | -12,979 | -8,352 | |
Income before gain on assets sold | ' | ' | ' | ' | ' | ' | ' | ' | 13,847 | 7,216 | 3,296 | |
(Loss) gain on assets sold - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,296 | |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 13,847 | 7,216 | 3,296 | |
Elimination Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Mortgage interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other investment income - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Miscellaneous | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment on real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Provisions for uncollectible mortgages, notes and accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Nursing home expenses of owned and operated assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income before other income and expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest - amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest - refinancing gain (costs) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -13,847 | -7,216 | -3,296 | |
Total other expense | ' | ' | ' | ' | ' | ' | ' | ' | -13,847 | -7,216 | -3,296 | |
Income before gain on assets sold | ' | ' | ' | ' | ' | ' | ' | ' | -13,847 | -7,216 | -3,296 | |
(Loss) gain on assets sold - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,296 | |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ($13,847) | ($7,216) | ($3,296) | |
[1] | 2011 expense relates to run-off expense associated with shutting down the operations. |
CONSOLIDATING_FINANCIAL_STATEM4
CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 29, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 29, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012 | Mar. 26, 2013 | Dec. 31, 2013 | |
Non - Guarantor Subsidiaries | Non - Guarantor Subsidiaries | Non - Guarantor Subsidiaries | Capital Source | Capital Source | Capital Source | Capital Source | Capital Source | 7% 2016 Notes | 7.50% Notes due 2020 | 6.75% Notes due 2022 | 5.875% Notes due 2024 | HUD debt | HUD debt | HUD debt | HUD debt | HUD Mortgage Debt Refinancing | HUD Mortgage Debt Refinancing | |
Guarantor subsidiaries | Guarantor subsidiaries | Unrestricted Subsidiaries | Unrestricted Subsidiaries | Unrestricted Subsidiaries | Non - Guarantor Subsidiaries | Non - Guarantor Subsidiaries | Capital Source | Capital Source | Non - Guarantor Subsidiaries | Non - Guarantor Subsidiaries | ||||||||
Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Subsidiary | Property | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | $575,000,000 | $400,000,000 | ' | ' | ' | ' | ' | ' |
Rate on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.50% | 6.75% | 5.88% | ' | ' | ' | ' | ' | ' |
Number of subsidiaries acquired and designated as unrestricted | ' | ' | ' | ' | ' | 8 | 20 | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries acquired and designated as restricted | ' | ' | ' | 6 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payment for mortgage | 4,600,000 | 3,100,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,400,000 | 58,700,000 |
Closing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 |
Ownership percent of the subsidiary guarantors (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' |
Number of subsidiaries removed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 5 | ' | ' |
Number Of Mortgage Debt Repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 |
Facility | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | ||
Term Loan Facility 2013 | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | |||
Bed | SNF's | SNF's | SNF's | ||||
Facility | Pennsylvania | Ohio | |||||
Facility | Facility | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Value of first mortgage loan with an existing operator | $247,429,061 | ' | ' | $112,500,000 | ' | ' | ' |
Number of facilities owned | 541 | ' | ' | ' | 9 | 7 | 2 |
Number of operating beds | ' | ' | ' | 784 | ' | ' | ' |
Interest Rate | ' | ' | ' | 9.50% | ' | ' | ' |
Term loan | $200,000,000 | $100,000,000 | $200,000,000 | ' | ' | ' | ' |
SUBSEQUENT_EVENTS_Narrative_De1
SUBSEQUENT EVENTS (Narrative) (Detail 1) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Jan. 31, 2014 | |
Restricted Stock Units | Performance Restricted Stock Units | Performance Restricted Stock Units | Performance Restricted Stock Units | Subsequent event | Subsequent event | |
Restricted Stock Units | Performance Restricted Stock Units | |||||
Employee | Employee | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Stock granted | 213,741 | 665,289 | 124,244 | 496,979 | 122,137 | 309,168 |
Restricted stock granted, number of employees | ' | ' | ' | ' | 6 | 6 |
Stock awards, vesting percentage | ' | ' | ' | ' | 100.00% | ' |
Stock awards, vesting date | 31-Dec-16 | ' | ' | ' | 31-Dec-16 | ' |
Stock awards, vesting percentage, each quarter in 2017 | ' | ' | ' | ' | ' | 25.00% |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Genesis Healthcare | Health And Hospital Corporation | Health And Hospital Corporation | Health And Hospital Corporation | Health And Hospital Corporation | Communicare Health Services, Inc | Communicare Health Services, Inc | Communicare Health Services, Inc | Communicare Health Services, Inc | Communicare Health Services, Inc | Airamid Health Management | Airamid Health Management | Airamid Health Management | Airamid Health Management | Airamid Health Management | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | Signature Holdings II, LLC | S&F Management Company, LLC | S&F Management Company, LLC | S&F Management Company, LLC | S&F Management Company, LLC | S&F Management Company, LLC | S&F Management Company, LLC | S&F Management Company, LLC | Gulf Coast Master Tenant I, LLC | Gulf Coast Master Tenant I, LLC | Gulf Coast Master Tenant I, LLC | Gulf Coast Master Tenant I, LLC | Gulf Coast Master Tenant I, LLC | Gulf Coast Master Tenant I, LLC | Gulf Coast Master Tenant I, LLC | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | California | Colorado | Idaho | Idaho | Idaho | Massachusetts | Massachusetts | Massachusetts | New Hampshire | New Hampshire | New Hampshire | North Carolina | North Carolina | North Carolina | Ohio | Rhode Island | Rhode Island | Rhode Island | Tennessee | Vermont | Washington | West Virginia | West Virginia | West Virginia | Indiana | Indiana | Indiana | Ohio | Ohio | Ohio | Pennsylvania | Florida | Florida | Florida | Pennsylvania | Florida | Florida | Florida | Georgia | Kentucky | Kentucky | Kentucky | Maryland | Maryland | Maryland | Tennessee | Arizona | Arizona | Arizona | California | California | California | Florida | Florida | Florida | Mississippi | Mississippi | Mississippi | Alabama | Alabama | Alabama | Arizona | Arizona | Arizona | Arkansas | Arkansas | Arkansas | California | California | California | Colorado | Colorado | Colorado | Florida | Florida | Florida | Georgia | Idaho | Illinois | Illinois | Illinois | Indiana | Indiana | Indiana | Iowa | Iowa | Iowa | Kansas | Kentucky | Louisiana | Louisiana | Louisiana | Maryland | Maryland | Maryland | Massachusetts | Michigan | Michigan | Michigan | Mississippi | Missouri | Nevada | Nevada | Nevada | New Mexico | North Carolina | North Carolina | North Carolina | Ohio | Ohio | Ohio | Oklahoma | Oklahoma | Oklahoma | Pennsylvania | Pennsylvania | Pennsylvania | Tennessee | Tennessee | Tennessee | Texas | Texas | Texas | Washington | West Virginia | West Virginia | West Virginia | Wisconsin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company Buildings and Land Improvements | $2,964,099,520 | [1] | ' | ' | ' | $321,190,698 | [1] | $23,584,956 | [1] | $15,618,263 | [1] | $38,341,877 | [1] | $15,511,569 | [1] | ' | ' | $57,139,658 | [1] | ' | ' | $21,619,503 | [1] | ' | ' | $22,652,488 | [1] | ' | ' | $11,653,451 | [1] | $38,740,812 | [1] | ' | ' | $7,905,139 | [1] | $14,145,776 | [1] | $10,000,000 | [1] | $44,277,206 | [1] | ' | ' | $306,144,765 | [1] | $306,144,765 | [1] | ' | ' | $239,012,824 | [1] | $218,726,757 | [1] | ' | ' | $20,286,067 | [1] | $255,124,627 | [1] | $240,352,759 | [1],[2] | ' | ' | $14,771,868 | [1] | $218,609,262 | [1] | $119,332,120 | [1] | ' | ' | $14,679,314 | [1] | $44,737,440 | [1] | ' | ' | $28,629,686 | [1] | ' | ' | $11,230,702 | [1] | $212,372,748 | [1] | $64,642,862 | [1],[2] | ' | ' | $147,729,886 | [1],[2] | ' | ' | $156,936,027 | [1] | $111,264,734 | [1] | ' | ' | $45,671,293 | [1] | ' | ' | $1,254,708,569 | [1] | $17,939,710 | [1] | ' | ' | $34,318,094 | [1] | ' | ' | $117,091,565 | [1],[2] | ' | ' | $21,879,146 | [1] | ' | ' | $33,527,071 | [1] | ' | ' | $118,404,311 | [1] | ' | ' | $10,000,000 | [1] | $6,193,698 | [1] | $13,961,501 | [1] | ' | ' | $37,220,697 | [1] | ' | ' | $19,116,936 | [1] | ' | ' | $3,210,020 | [1] | $15,151,027 | [1] | $55,343,066 | [1] | ' | ' | $48,731,498 | [1],[2] | ' | ' | $5,804,554 | [1] | $36,500,317 | [1] | ' | ' | $6,745,612 | [1] | $12,301,560 | [1] | $20,926,778 | [1] | ' | ' | $7,097,600 | [1] | $33,092,980 | [1] | ' | ' | $106,991,529 | [1] | ' | ' | $24,136,703 | [1] | ' | ' | $138,881,687 | [1] | ' | ' | $94,531,371 | [1] | ' | ' | $154,732,916 | [1] | ' | ' | $5,673,693 | [1] | $24,641,423 | [1],[2] | ' | ' | $30,561,506 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition Improvements | 153,308,064 | [1] | ' | ' | ' | 37,555,917 | [1] | 6,523,220 | [1] | 26,652 | [1] | 5,444,311 | [1] | 974,011 | [1] | ' | ' | 2,660,093 | [1] | ' | ' | 1,462,797 | [1] | ' | ' | 3,550,986 | [1] | ' | ' | 20,246 | [1] | 4,792,882 | [1] | ' | ' | 2,537,508 | [1] | 1,235,807 | [1] | 1,798,844 | [1] | 6,528,560 | [1] | ' | ' | 394,818 | [1] | 394,818 | [1] | ' | ' | 32,829,386 | [1] | 23,678,515 | [1] | ' | ' | 9,150,871 | [1] | ' | [1] | ' | [1],[2] | ' | ' | ' | [1] | 18,813,495 | [1] | 9,188,581 | [1] | ' | ' | 3,858,608 | [1] | 3,621,213 | [1] | ' | ' | 1,787,838 | [1] | ' | ' | 357,255 | [1] | ' | [1] | ' | [1],[2] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | 63,714,448 | [1] | 6,392,567 | [1] | ' | ' | 5,657,143 | [1] | ' | ' | 8,856,328 | [1],[2] | ' | ' | 1,778,353 | [1] | ' | ' | 2,346,167 | [1] | ' | ' | 5,149,515 | [1] | ' | ' | ' | [1] | 100,000 | [1] | 444,484 | [1] | ' | ' | 1,897,203 | [1] | ' | ' | 2,084,807 | [1] | ' | ' | ' | [1] | 4,148,392 | [1] | 1,750,000 | [1] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | ' | 826,654 | [1] | ' | [1] | 377,708 | [1] | ' | ' | 130,323 | [1] | ' | [1] | ' | ' | 6,260,958 | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | 2,359,950 | [1] | ' | ' | 12,805,255 | [1] | ' | ' | ' | [1] | 348,641 | [1],[2] | ' | ' | ' | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition Impairment | -17,860,402 | [1] | ' | ' | ' | -8,257,521 | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | ' | -8,257,521 | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | ' | -1,820,624 | [1] | -1,820,624 | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1],[2] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | -7,782,257 | [1] | ' | [1] | ' | ' | -6,603,745 | [1] | ' | ' | -36,350 | [1],[2] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | -970,000 | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | -22,776 | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | -149,386 | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1],[2] | ' | ' | ' | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition Other | ' | [1] | ' | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1],[2] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1],[2] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | ' | ' | [1] | ' | [1],[2] | ' | ' | ' | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | 3,099,547,182 | 3,038,552,898 | 2,537,038,892 | 2,366,856,229 | 350,489,094 | [1],[3] | 30,108,176 | [1],[3] | 15,644,915 | [1],[3] | 43,786,188 | [1],[3] | 16,485,580 | [1],[3] | ' | ' | 51,542,230 | [1],[3] | ' | ' | 23,082,300 | [1],[3] | ' | ' | 26,203,474 | [1],[3] | ' | ' | 11,673,697 | [1],[3] | 43,533,694 | [1],[3] | ' | ' | 10,442,647 | [1],[3] | 15,381,583 | [1],[3] | 11,798,844 | [1],[3] | 50,805,766 | [1],[3] | ' | ' | 304,718,959 | [1],[3] | 304,718,959 | [1],[3] | ' | ' | 271,842,210 | [1],[3] | 242,405,272 | [1],[3] | ' | ' | 29,436,938 | [1],[3] | 255,124,627 | [1],[3] | 240,352,759 | [1],[2],[3] | ' | ' | 14,771,868 | [1],[3] | 237,422,757 | [1],[3] | 128,520,701 | [1],[3] | ' | ' | 18,537,922 | [1],[3] | 48,358,653 | [1],[3] | ' | ' | 30,417,524 | [1],[3] | ' | ' | 11,587,957 | [1],[3] | 212,372,748 | [1],[3] | 64,642,862 | [1],[2],[3] | ' | ' | 147,729,886 | [1],[2],[3] | ' | ' | 156,936,027 | [1],[3] | 111,264,734 | [1],[3] | ' | ' | 45,671,293 | [1],[3] | ' | ' | 1,310,640,760 | [1],[3] | 24,332,277 | [1],[3] | ' | ' | 33,371,492 | [1],[3] | ' | ' | 125,911,543 | [1],[2],[3] | ' | ' | 23,657,499 | [1],[3] | ' | ' | 35,873,238 | [1],[3] | ' | ' | 122,583,826 | [1],[3] | ' | ' | 10,000,000 | [1],[3] | 6,293,698 | [1],[3] | 14,405,985 | [1],[3] | ' | ' | 39,095,124 | [1],[3] | ' | ' | 21,201,743 | [1],[3] | ' | ' | 3,210,020 | [1],[3] | 19,299,419 | [1],[3] | 57,093,066 | [1],[3] | ' | ' | 48,731,498 | [1],[2],[3] | ' | ' | 5,804,554 | [1],[3] | 36,500,317 | [1],[3] | ' | ' | 7,572,266 | [1],[3] | 12,152,174 | [1],[3] | 21,304,486 | [1],[3] | ' | ' | 7,227,923 | [1],[3] | 33,092,980 | [1],[3] | ' | ' | 113,252,487 | [1],[3] | ' | ' | 24,136,703 | [1],[3] | ' | ' | 138,881,687 | [1],[3] | ' | ' | 96,891,321 | [1],[3] | ' | ' | 167,538,171 | [1],[3] | ' | ' | 5,673,693 | [1],[3] | 24,990,064 | [1],[2],[3] | ' | ' | 30,561,506 | [1],[3] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation | $707,409,888 | $580,373,211 | $470,420,023 | $380,995,243 | $128,192,117 | [1],[4] | $13,488,228 | [1],[4] | $7,278,284 | [1],[4] | $9,506,909 | [1],[4] | $4,539,518 | [1],[4] | ' | ' | $17,694,873 | [1],[4] | ' | ' | $6,547,190 | [1],[4] | ' | ' | $14,169,009 | [1],[4] | ' | ' | $5,531,410 | [1],[4] | $11,413,316 | [1],[4] | ' | ' | $5,270,760 | [1],[4] | $4,094,378 | [1],[4] | $9,913,341 | [1],[4] | $18,744,901 | [1],[4] | ' | ' | $23,570,887 | [1],[4] | $23,570,887 | [1],[4] | ' | ' | $66,480,884 | [1],[4] | $61,050,564 | [1],[4] | ' | ' | $5,430,320 | [1],[4] | $49,135,220 | [1],[4] | $46,319,781 | [1],[2],[4] | ' | ' | $2,815,439 | [1],[4] | $60,904,973 | [1],[4] | $32,941,674 | [1],[4] | ' | ' | $6,029,784 | [1],[4] | $12,666,587 | [1],[4] | ' | ' | $5,623,901 | [1],[4] | ' | ' | $3,643,027 | [1],[4] | $7,597,930 | [1],[4] | $2,073,415 | [1],[2],[4] | ' | ' | $5,524,515 | [1],[2],[4] | ' | ' | $24,861,138 | [1],[4] | $18,053,470 | [1],[4] | ' | ' | $6,807,668 | [1],[4] | ' | ' | $346,666,739 | [1],[4] | $12,526,953 | [1],[4] | ' | ' | $11,625,055 | [1],[4] | ' | ' | $35,272,536 | [1],[2],[4] | ' | ' | $8,754,904 | [1],[4] | ' | ' | $10,185,154 | [1],[4] | ' | ' | $32,160,222 | [1],[4] | ' | ' | $2,601,562 | [1],[4] | $2,642,733 | [1],[4] | $6,883,296 | [1],[4] | ' | ' | $9,423,325 | [1],[4] | ' | ' | $7,008,279 | [1],[4] | ' | ' | $687,476 | [1],[4] | $10,180,476 | [1],[4] | $13,585,087 | [1],[4] | ' | ' | $4,478,885 | [1],[2],[4] | ' | ' | $1,433,357 | [1],[4] | $2,295,233 | [1],[4] | ' | ' | $1,890,789 | [1],[4] | $5,236,795 | [1],[4] | $4,124,180 | [1],[4] | ' | ' | $2,184,043 | [1],[4] | $5,613,469 | [1],[4] | ' | ' | $29,955,156 | [1],[4] | ' | ' | $3,304,393 | [1],[4] | ' | ' | $37,609,623 | [1],[4] | ' | ' | $26,934,820 | [1],[4] | ' | ' | $45,013,541 | [1],[4] | ' | ' | $2,376,182 | [1],[4] | $5,170,641 | [1],[2],[4] | ' | ' | $5,508,574 | [1],[4] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Of Construction | ' | ' | ' | ' | ' | '1964-1974 | [1] | '1927-1972 | [1] | '1963-1975 | [1] | '1920-1987 | [1] | ' | ' | '1964-1993 | [1] | ' | ' | '1963-1999 | [1] | ' | ' | '1964-1986 | [1] | ' | ' | '1968-1983 | [1] | '1965-1981 | [1] | ' | ' | '1984-1985 | [1] | '1970-1971 | [1] | '1965 | [1] | '1961-1986 | [1] | ' | ' | ' | '1942-2001 | [1] | ' | ' | ' | '1927-2008 | [1] | ' | ' | '1950-1964 | [1] | ' | '1951-1999 | [1],[2] | ' | ' | '1969 | [1] | ' | '1940-1991 | [1] | ' | ' | '1964-1970 | [1] | '1964-1978 | [1] | ' | ' | '1959-1985 | [1] | ' | ' | '1982 | [1] | ' | '1949-1999 | [1],[2] | ' | ' | '1939-1970 | [1],[2] | ' | ' | ' | '1933-2007 | [1] | ' | ' | '1962-1988 | [1] | ' | ' | ' | '1960-1986 | [1] | ' | ' | '1983-1985 | [1] | ' | ' | '1960-2000 | [1],[2] | ' | ' | '1950-1990 | [1] | ' | ' | '1958-1973 | [1] | ' | ' | '1964-1999 | [1] | ' | ' | '1967-1971 | [1] | '1985 | [1] | '1926-1990 | [1] | ' | ' | '1923-1996 | [1] | ' | ' | '1965-1983 | [1] | ' | ' | '1985 | [1] | '1948-1995 | [1] | '1957-1983 | [1] | ' | ' | '1921-1969 | [1],[2] | ' | ' | '1964 | [1] | '1964-1974 | [1] | ' | ' | '1976 | [1] | '1965-1989 | [1] | '1972-1978 | [1] | ' | ' | '1972-1989 | [1] | '1969-1987 | [1] | ' | ' | '1962-1998 | [1] | ' | ' | '1965-2012 | [1] | ' | ' | '1942-2001 | [1] | ' | ' | '1958-1983 | [1] | ' | ' | '1952-2010 | [1] | ' | ' | '1999 | [1] | '1961-1996 | [1],[2] | ' | ' | '1964-1972 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Acquired | ' | ' | ' | ' | ' | '1997 | [1] | '1997 | [1] | '2006 | [1] | '1997-2006 | [1] | ' | ' | '1997-2010 | [1] | ' | ' | '1998-2006 | [1] | ' | ' | '1994-1997 | [1] | ' | ' | '1997 | [1] | '2006 | [1] | ' | ' | '1994 | [1] | '2004 | [1] | '1995 | [1] | '1997-2008 | [1] | ' | ' | ' | '1992-2013 | [1] | ' | ' | ' | '1998-2008 | [1] | ' | ' | '2005 | [1] | ' | '2009-2010 | [1],[2] | ' | ' | '2009 | [1] | ' | '1996-2010 | [1] | ' | ' | '2007 | [1] | '1999-2010 | [1] | ' | ' | '2010 | [1] | ' | ' | '2007 | [1] | ' | '2012 | [1],[2] | ' | ' | '2012 | [1],[2] | ' | ' | ' | '2009-2013 | [1] | ' | ' | '2009-2010 | [1] | ' | ' | ' | '1992-2010 | [1] | ' | ' | '1998-2010 | [1] | ' | ' | '1992-2011 | [1],[2] | ' | ' | '1997-2010 | [1] | ' | ' | '1998-2011 | [1] | ' | ' | '1992-2011 | [1] | ' | ' | '1998 | [1] | '1999 | [1] | '1996-1999 | [1] | ' | ' | '1992-2012 | [1] | ' | ' | '1997-2010 | [1] | ' | ' | '2010 | [1] | '1994-1995 | [1] | '1997-2006 | [1] | ' | ' | '2011 | [1],[2] | ' | ' | '2009 | [1] | '2011-2012 | [1] | ' | ' | '2009 | [1] | '1999 | [1] | '2009 | [1] | ' | ' | '2008-2010 | [1] | '2010 | [1] | ' | ' | '1994-2010 | [1] | ' | ' | '2010-2012 | [1] | ' | ' | '1998-2009 | [1] | ' | ' | '1992-2010 | [1] | ' | ' | '1997-2012 | [1] | ' | ' | '1999 | [1] | '1994-2011 | [1],[2] | ' | ' | '2009-2011 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | ' | ' | ' | ' | ' | '33 years | [1] | '33 years | [1] | '39 years | [1] | ' | '33 years | [1] | '39 years | [1] | ' | '20 years | [1] | '39 years | [1] | ' | '33 years | [1] | '39 years | [1] | ' | '30 years | [1] | '33 years | [1] | '33 years | [1] | ' | '25 years | [1] | '39 years | [1] | '30 years | [1] | '39 years | [1] | '20 years | [1] | ' | '25 years | [1] | '33 years | [1] | ' | ' | '20 years | [1] | '40 years | [1] | ' | ' | '20 years | [1] | '39 years | [1] | '39 years | [1] | ' | ' | '20 years | [1],[2] | '37 years | [1],[2] | '26 years | [1] | ' | ' | '24 years | [1] | '39 years | [1] | '20 years | [1] | ' | '20 years | [1] | '33 years | [1] | ' | '26 years | [1] | '30 years | [1] | '20 years | [1] | ' | ' | '35 years | [1],[2] | '40 years | [1],[2] | ' | '20 years | [1],[2] | '35 years | [1],[2] | ' | ' | '20 years | [1] | '40 years | [1] | ' | '23 years | [1] | '40 years | [1] | ' | ' | '20 years | [1] | '31 years 6 months | [1] | ' | '29 years | [1] | '33 years | [1] | ' | '20 years | [1],[2] | '38 years | [1],[2] | ' | '20 years | [1] | '33 years | [1] | ' | '20 years | [1] | '33 years | [1] | ' | '20 years | [1] | '40 years | [1] | '37 years 6 months | [1] | '20 years | [1] | ' | '30 years | [1] | '33 years | [1] | ' | '20 years | [1] | '38 years | [1] | ' | '23 years | [1] | '33 years | [1] | '20 years | [1] | '33 years | [1] | ' | '33 years | [1] | '39 years | [1] | ' | '25 years | [1],[2] | '30 years | [1],[2] | '20 years | [1] | ' | '25 years | [1] | '30 years | [1] | '20 years | [1] | '33 years | [1] | ' | '26 years | [1] | '27 years | [1] | '20 years | [1] | ' | '25 years | [1] | '36 years | [1] | ' | '20 years | [1] | '39 years | [1] | ' | '20 years | [1] | '25 years | [1] | ' | '20 years | [1] | '39 years | [1] | ' | '20 years | [1] | '31 years 6 months | [1] | ' | '20 years | [1] | '39 years | [1] | '33 years | [1] | ' | '33 years | [1],[2] | '39 years | [1],[2] | '20 years | [1] | |||||||||||||||||||||||||||||||||||||||||||||
[1] | The real estate included in this schedule is being used in either the operation of long-term care facilities (LTC), assisted living facilities (AL), independent living facilities (ILF) or specialty hospitals (SH) located in the states indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Certain of the real estate indicated are security for the HUD loan borrowings totaling $298,530,640, including FMV of $18,105,999, at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Year Ended December 31, 2011 2012 2013 Balance at beginning of period $ 2,366,856,229, $ 2,537,038,892, $ 3,038,552,898, Acquisitions - 192,612,147, 491,207,838, 35,529,419 ,Impairment - (26,344,298), (414,687 ), Improvements - 19,865,623, 29,436,456, 31,346,919 ,Disposals/other- (15,950,809 ), (19,130,288 ), (5,467,367 ) ,Balance at close of period- $ 2,537,038,892, $ 3,038,552,898, $ 3,099,547,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | 2011, 2012, 2013 - Balance at beginning of period - $ 380,995,243, $ 470,420,023, $ 580,373,211 ,Provisions for depreciation - 100,237,951, 112,871,408, 128,523,788 , Dispositions/othe - (10,813,171 ) , (2,918,220 ) ,(1,487,111 ), Balance at close of period - $ 470,420,023 , $ 580,373,211, $ 707,409,888 |
SCHEDULE_III_REAL_ESTATE_AND_A2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 1) (Hud Subordinated Debt, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Hud Subordinated Debt | ' |
Debt Instrument [Line Items] | ' |
Carrying value of real estate assets, security for borrowings | $298,530,640 |
Fair market value of real estate assets, security for borrowings | $18,105,999 |
SCHEDULE_III_REAL_ESTATE_AND_A3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $3,038,552,898 | $2,537,038,892 | $2,366,856,229 |
Acquisitions | 35,529,419 | 491,207,838 | 192,612,147 |
Impairment | -414,687 | ' | -26,344,298 |
Improvements | 31,346,919 | 29,436,456 | 19,865,623 |
Disposals/other | -5,467,367 | -19,130,288 | -15,950,809 |
Balance at close of period | 3,099,547,182 | 3,038,552,898 | 2,537,038,892 |
Reconciliation of real estate accumulated depreciation | ' | ' | ' |
Balance at beginning of period | 580,373,211 | 470,420,023 | 380,995,243 |
Provisions for depreciation | 128,523,788 | 112,871,408 | 100,237,951 |
Dispositions/other | -1,487,111 | -2,918,220 | -10,813,171 |
Balance at close of period | $707,409,888 | $580,373,211 | $470,420,023 |
SCHEDULE_III_REAL_ESTATE_AND_A4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 3) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' |
Reported amount of real estate in excess of the tax basis | $20.80 |
SCHEDULE_IV_MORTGAGE_LOANS_ON_1
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Mortgage Loans on Real Estate [Line Items] | ' | |
Face Amount of Mortgages | $247,429,061 | |
Carrying Amount of Mortgages | 241,514,812 | |
Florida | Group 1 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 10.61% | [1] |
Final Maturity Date | '2030 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 15,900,000 | [1] |
Carrying Amount of Mortgages | 15,896,641 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Maryland | Group 1 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 11.00% | [1] |
Final Maturity Date | '2023 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 74,927,751 | [1] |
Carrying Amount of Mortgages | 69,927,759 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Maryland | Group 2 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2046 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 10,000,000 | [1] |
Carrying Amount of Mortgages | 10,000,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Maryland | Group 3 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2046 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 9,500,000 | [1] |
Carrying Amount of Mortgages | 9,500,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Maryland | Group 4 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2046 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 5,500,000 | [1] |
Carrying Amount of Mortgages | 5,500,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 1 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.50% | [1] |
Final Maturity Date | '2022 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 5,310,000 | [1] |
Carrying Amount of Mortgages | 5,310,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 2 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.50% | [1] |
Final Maturity Date | '2021 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 5,573,500 | [1] |
Carrying Amount of Mortgages | 5,573,500 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 3 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.50% | [1] |
Final Maturity Date | '2023 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 7,782,000 | [1] |
Carrying Amount of Mortgages | 7,782,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 4 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.50% | [1] |
Final Maturity Date | '2023 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 6,175,000 | [1] |
Carrying Amount of Mortgages | 6,175,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 5 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 11.00% | [1] |
Final Maturity Date | '2021 | [1] |
Periodic Payment Terms | 'Interest plus $38,500 of principal payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 92,000,000 | [1] |
Carrying Amount of Mortgages | 91,123,847 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 6 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 10.00% | [1] |
Final Maturity Date | '2021 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 913,366 | [1] |
Carrying Amount of Mortgages | 913,366 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Michigan | Group 7 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2046 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 1,500,000 | [1] |
Carrying Amount of Mortgages | 1,500,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Ohio | Group 1 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2022 | [1] |
Periodic Payment Terms | 'Interest plus $1,900 of principal payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 6,112,406 | [1] |
Carrying Amount of Mortgages | 6,077,661 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Ohio | Group 2 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2022 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 345,011 | [1] |
Carrying Amount of Mortgages | 345,011 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Ohio | Group 3 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2022 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 796,397 | [1] |
Carrying Amount of Mortgages | 796,397 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Ohio | Group 4 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 12.00% | [1] |
Final Maturity Date | '2022 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 93,630 | [1] |
Carrying Amount of Mortgages | 93,630 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
Texas | Group 1 | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 11.00% | [1] |
Final Maturity Date | '2014 | [1] |
Periodic Payment Terms | 'Interest payable monthly | [1] |
Prior Liens | 0 | [1] |
Face Amount of Mortgages | 5,000,000 | [1] |
Carrying Amount of Mortgages | 5,000,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [1] |
[1] | Mortgage loans included in this schedule represent first mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. | |
[2] | The aggregate cost for federal income tax purposes is equal to the carrying amount. | |
[3] | Year Ended December 31,2011 2012 2013 Balance at beginning of period 108,556,518 238,674,601 238,621,161 Additions during period - Placements 130,191,254 11,967,892 3,378,357 Deductions during period - collection of principal/other -73,171 -12,021,332 -484,706 Balance at close of period 238,674,601 238,621,161 241,514,812 |
SCHEDULE_IV_MORTGAGE_LOANS_ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Detail 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $238,621,161 | $238,674,601 | $108,556,518 |
Additions during period - Placements | 3,378,357 | 11,967,892 | 130,191,254 |
Deductions during period - collection of principal/other | -484,706 | -12,021,332 | -73,171 |
Balance at close of period | $241,514,812 | $238,621,161 | $238,674,601 |