Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | OMEGA HEALTHCARE INVESTORS INC |
Entity Central Index Key | 888,491 |
Document Type | 8-K |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate properties | ||
Land and buildings | $ 6,743,958 | $ 3,223,785 |
Less accumulated depreciation | (1,019,150) | (821,712) |
Real estate properties - net | 5,724,808 | 2,402,073 |
Investments in direct financing leases - net | 587,701 | 539,232 |
Mortgage notes receivable | 679,795 | 648,079 |
Real estate properties, total | 6,992,304 | 3,589,384 |
Other investments | 89,299 | 48,952 |
Total investments held, continuing operations | 7,081,603 | 3,638,336 |
Assets held for sale - net | 6,599 | 12,792 |
Total investments | 7,088,202 | 3,651,128 |
Cash and cash equivalents | 5,424 | 4,489 |
Restricted cash | 14,607 | 29,076 |
Accounts receivable - net | 203,862 | 168,176 |
Goodwill | 645,683 | |
Other assets | 61,231 | 68,776 |
Total assets | 8,019,009 | 3,921,645 |
LIABILITIES AND EQUITY | ||
Revolving line of credit | 230,000 | 85,000 |
Term loans | 750,000 | 200,000 |
Secured borrowings - net | 236,204 | 251,454 |
Unsecured borrowings - net | 2,352,882 | 1,842,049 |
Accrued expenses and other liabilities | 333,706 | 141,815 |
Deferred income taxes | 15,352 | |
Total liabilities | 3,918,144 | 2,520,318 |
Equity: | ||
Common stock $.10 par value authorized - 350,000 shares, issued and outstanding - 187,399 shares as of December 31, 2015 and 127,606 as of December 31, 2014 | 18,740 | 12,761 |
Common stock - additional paid-in capital | 4,609,474 | 2,136,234 |
Cumulative net earnings | 1,372,522 | 1,147,998 |
Cumulative dividends paid | (2,254,038) | (1,895,666) |
Accumulated other comprehensive loss | (8,712) | |
Total stockholders' equity | 3,737,986 | 1,401,327 |
Noncontrolling interest | 362,879 | |
Total equity | 4,100,865 | 1,401,327 |
Total liabilities and equity | $ 8,019,009 | $ 3,921,645 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 350,000 | 200,000 |
Common stock, shares issued | 187,399 | 127,606 |
Common stock, shares outstanding | 187,399 | 127,606 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||||||||||
Rental income | $ 605,991 | $ 388,443 | $ 375,135 | ||||||||
Income from direct financing leases | 59,936 | 56,719 | 5,203 | ||||||||
Mortgage interest income | 68,910 | 53,007 | 29,351 | ||||||||
Other investment income - net | 8,780 | 6,618 | 9,025 | ||||||||
Total operating revenues | $ 210,512 | $ 201,974 | $ 197,711 | $ 133,420 | $ 131,321 | $ 130,665 | $ 121,800 | $ 121,001 | 743,617 | 504,787 | 418,714 |
Expenses | |||||||||||
Depreciation and amortization | 210,703 | 123,257 | 128,646 | ||||||||
General and administrative | 38,568 | 25,888 | 21,588 | ||||||||
Acquisition and merger related costs | 57,525 | 3,948 | 245 | ||||||||
Impairment loss on real estate properties | 17,681 | 3,660 | 415 | ||||||||
Provisions for uncollectible mortgages, notes and accounts receivable | 7,871 | 2,723 | 2,141 | ||||||||
Total operating expenses | 332,348 | 159,476 | 153,035 | ||||||||
Income before other income and expense | 411,269 | 345,311 | 265,679 | ||||||||
Other income (expense) | |||||||||||
Interest income | 285 | 44 | 41 | ||||||||
Interest expense | (147,381) | (119,369) | (100,381) | ||||||||
Interest - amortization of deferred financing costs | (6,990) | (4,459) | (2,779) | ||||||||
Interest - refinancing (costs) gain | (28,837) | (3,041) | 11,112 | ||||||||
Realized loss on foreign exchange | (173) | ||||||||||
Total other expense | (183,096) | (126,825) | (92,007) | ||||||||
Income before gain (loss) on assets sold | 228,173 | 218,486 | 173,672 | ||||||||
Gain (loss) on assets sold - net | 6,353 | 2,863 | (1,151) | ||||||||
Income from continuing operations before income taxes | 234,526 | 221,349 | 172,521 | ||||||||
Income taxes | (1,211) | ||||||||||
Net income | 233,315 | 221,349 | 172,521 | ||||||||
Net income attributable to noncontrolling interest | (8,791) | ||||||||||
Net income available to common stockholders | $ 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | $ 56,990 | $ 61,713 | $ 46,817 | $ 55,829 | 224,524 | 221,349 | 172,521 |
Net income | 233,315 | 221,349 | 172,521 | ||||||||
Other comprehensive loss - foreign currency translation | (8,413) | ||||||||||
Other comprehensive loss - cash flow hedges | (718) | ||||||||||
Total comprehensive income | 224,184 | 221,349 | 172,521 | ||||||||
Add: other comprehensive loss attributable to noncontrolling interest | 419 | ||||||||||
Comprehensive income attributable to common stockholders | $ 224,603 | $ 221,349 | $ 172,521 | ||||||||
Basic: | |||||||||||
Net income available to common stockholders (in dollars per share) | $ 0.32 | $ 0.43 | $ 0.23 | $ 0.32 | $ 0.45 | $ 0.48 | $ 0.37 | $ 0.45 | $ 1.30 | $ 1.75 | $ 1.47 |
Diluted: | |||||||||||
Net income (in dollars per share) | $ 0.32 | $ 0.43 | $ 0.22 | $ 0.32 | $ 0.44 | $ 0.48 | $ 0.37 | $ 0.45 | $ 1.29 | $ 1.74 | $ 1.46 |
Weighted-average shares outstanding, basic (in shares) | 172,242 | 126,550 | 117,257 | ||||||||
Weighted-average shares outstanding, diluted (in shares) | 180,508 | 127,294 | 118,100 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock Par Value | Additional Paid-in Capital | Cumulative Net Earnings | Cumulative Dividends Paid | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | Noncontrolling Interest | Total |
Balance (112,393 common shares, 123,530 common shares, 127,606 common shares, 187,399 shares for 2012, 2013, 2014, 2015 respectively) at Dec. 31, 2012 | $ 11,239 | $ 1,664,855 | $ 754,128 | $ (1,418,893) | $ 1,011,329 | $ 1,011,329 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted stock (15 shares at $30.33 per share, 12 shares at $35.79 and 21 shares at $35.70 per share to company directors for 2013, 2014 and 2015 respectively) | 2 | (2) | ||||||
Amortization of restricted stock | 5,817 | 5,817 | 5,817 | |||||
Restricted stock shares surrendered for tax withholding (193 shares) | (19) | (5,755) | (5,774) | (5,774) | ||||
Dividend reinvestment plan (1,930 shares at $28.94 per share, 2,084 shares at $34.32 per share, 4,184 shares at $36.06 per share for 2013, 2014, 2015 respectively) | 193 | 55,632 | 55,825 | 55,825 | ||||
Grant of stock as payment of directors fees (6 shares at an average of $31.21 per share, 6 shares at an average of $35.52 per share, 9 shares at an average of $35.94 per share for 2013, 2014, 2015 respectively) | 187 | 187 | 187 | |||||
Equity Shelf Program (6,504 shares at $30.48 per share, net of issuance costs and 1,848 shares at $34.33 per share, net of issuance costs for 2013 and 2014, respectively) | 650 | 193,149 | 193,799 | 193,799 | ||||
Issuance of common stock (2,875 shares at $29.48 per share and 10,925 shares at an average of $40.32 per share for 2013 and 2015, respectively) | 288 | 84,286 | 84,574 | 84,574 | ||||
Common dividends ($1.86 per share, $2.02 per share and $2.18 per share for 2013, 2014, 2015 respectively) | (218,175) | (218,175) | (218,175) | |||||
Net income | 172,521 | 172,521 | 172,521 | |||||
Balance (112,393 common shares, 123,530 common shares, 127,606 common shares, 187,399 shares for 2012, 2013, 2014, 2015 respectively) at Dec. 31, 2013 | 12,353 | 1,998,169 | 926,649 | (1,637,068) | 1,300,103 | 1,300,103 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted stock (15 shares at $30.33 per share, 12 shares at $35.79 and 21 shares at $35.70 per share to company directors for 2013, 2014 and 2015 respectively) | 1 | (1) | ||||||
Amortization of restricted stock | 8,382 | 8,382 | 8,382 | |||||
Vesting of restricted stock to company executives, net of tax withholdings (126 share and 941 share for 2013 and 2014 respectively) | 13 | (3,590) | (3,577) | (3,577) | ||||
Dividend reinvestment plan (1,930 shares at $28.94 per share, 2,084 shares at $34.32 per share, 4,184 shares at $36.06 per share for 2013, 2014, 2015 respectively) | 208 | 71,279 | 71,487 | 71,487 | ||||
Grant of stock as payment of directors fees (6 shares at an average of $31.21 per share, 6 shares at an average of $35.52 per share, 9 shares at an average of $35.94 per share for 2013, 2014, 2015 respectively) | 1 | 199 | 200 | 200 | ||||
Equity Shelf Program (6,504 shares at $30.48 per share, net of issuance costs and 1,848 shares at $34.33 per share, net of issuance costs for 2013 and 2014, respectively) | 185 | 61,796 | 61,981 | 61,981 | ||||
Common dividends ($1.86 per share, $2.02 per share and $2.18 per share for 2013, 2014, 2015 respectively) | (258,598) | (258,598) | (258,598) | |||||
Net income | 221,349 | 221,349 | 221,349 | |||||
Balance (112,393 common shares, 123,530 common shares, 127,606 common shares, 187,399 shares for 2012, 2013, 2014, 2015 respectively) at Dec. 31, 2014 | 12,761 | 2,136,234 | 1,147,998 | (1,895,666) | 1,401,327 | 1,401,327 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted stock (15 shares at $30.33 per share, 12 shares at $35.79 and 21 shares at $35.70 per share to company directors for 2013, 2014 and 2015 respectively) | 2 | (2) | ||||||
Amortization of restricted stock | 11,133 | 11,133 | 11,133 | |||||
Vesting of equity compensation plan, net of tax withholdings (941 shares) | 94 | (26,800) | (26,706) | (26,706) | ||||
Dividend reinvestment plan (1,930 shares at $28.94 per share, 2,084 shares at $34.32 per share, 4,184 shares at $36.06 per share for 2013, 2014, 2015 respectively) | 418 | 150,429 | 150,847 | 150,847 | ||||
Value of assumed options in Merger | 109,346 | 109,346 | 109,346 | |||||
Value of assumed other equity compensation plan in Merger | 12,644 | 12,644 | 12,644 | |||||
Grant of stock as payment of directors fees (6 shares at an average of $31.21 per share, 6 shares at an average of $35.52 per share, 9 shares at an average of $35.94 per share for 2013, 2014, 2015 respectively) | 1 | 312 | 313 | 313 | ||||
Deferred compensation directors | 1,444 | 1,444 | 1,444 | |||||
Issuance of common stock (2,875 shares at $29.48 per share and 10,925 shares at an average of $40.32 per share for 2013 and 2015, respectively) | 1,093 | 438,229 | 439,322 | 439,322 | ||||
Issuance of common stock - Merger - related ( 43,713 shares) | 4,371 | 1,776,505 | 1,780,876 | 1,780,876 | ||||
Common dividends ($1.86 per share, $2.02 per share and $2.18 per share for 2013, 2014, 2015 respectively) | (358,372) | (358,372) | (358,372) | |||||
OP units issuance (9,165 units) | $ 373,394 | 373,394 | ||||||
Cash conversion of OP units (209 units) | (7,251) | (7,251) | ||||||
OP units distributions | (11,636) | (11,636) | ||||||
Foreign currency translation | $ (8,027) | (8,027) | (386) | (8,413) | ||||
Cash flow hedges | (685) | (685) | (33) | (718) | ||||
Net income | 224,524 | 224,524 | 8,791 | 233,315 | ||||
Balance (112,393 common shares, 123,530 common shares, 127,606 common shares, 187,399 shares for 2012, 2013, 2014, 2015 respectively) at Dec. 31, 2015 | $ 18,740 | $ 4,609,474 | $ 1,372,522 | $ (2,254,038) | $ (8,712) | $ 3,737,986 | $ 362,879 | $ 4,100,865 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Balance (in shares) | 127,606 | 123,530 | 112,393 |
Grant of restricted stock (in shares) | 21 | 12 | 15 |
Grant of restricted stock (in dollars per share) | $ 35.70 | $ 35.79 | $ 30.33 |
Restricted stock shares surrendered for tax withholding (in shares) | 193 | ||
Vesting of restricted stock, granted shares | 126 | ||
Vesting of equity compensation plan, net of tax withholdings | 941 | ||
Dividend reinvestment plan (in shares) | 4,184 | 2,084 | 1,930 |
Dividend reinvestment plan (in dollars per share) | $ 36.06 | $ 34.32 | $ 28.94 |
Grant of stock as payment of directors fees (in shares) | 9 | 6 | 6 |
Grant of stock as payment of directors fees (in dollars per share) | $ 35.94 | $ 35.52 | $ 31.21 |
Equity shelf program (in shares) | 1,848 | 6,504 | |
Equity Shelf Program, (in dollars per share) | $ 34.33 | $ 30.48 | |
Issuance of common stock (in shares) | 10,925 | 2,875 | |
Issuance of common stock, (in dollars per share) | $ 40.32 | $ 29.48 | |
Issuance of common stock - merger - related (in shares) | 43,713 | ||
OP units issuance | 9,165 | ||
Cash conversion of OP units | 209 | ||
Common dividends (in dollars per share) | $ 2.18 | $ 2.02 | $ 1.86 |
Balance (in shares) | 187,399 | 127,606 | 123,530 |
Balance (in units) | 8,956 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 233,315 | $ 221,349 | $ 172,521 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 210,703 | 123,257 | 128,646 |
Provision for impairment on real estate properties | 17,681 | 3,660 | 415 |
Provision for uncollectible mortgages, notes and accounts receivable | 7,871 | 2,723 | 2,141 |
Amortization of deferred financing costs and refinancing costs | 35,827 | 7,500 | (8,333) |
Accretion of direct financing leases | (11,007) | (9,787) | (770) |
Restricted stock amortization expense | 11,133 | 8,592 | 5,942 |
(Gain) loss on assets sold - net | (6,353) | (2,863) | 1,151 |
Amortization of acquired in-place leases - net | (13,846) | (4,986) | (5,083) |
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||
Accounts receivable, net | 248 | (2,264) | 867 |
Straight-line rent receivables | (36,057) | (20,956) | (26,899) |
Lease inducements | 994 | 2,656 | 3,080 |
Effective yield receivable on mortgage notes | (4,065) | (2,878) | (1,757) |
Other operating assets and liabilities | 17,441 | 11,537 | 8,028 |
Net cash provided by operating activities | 463,885 | 337,540 | 279,949 |
Cash flows from investing activities | |||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (294,182) | (131,689) | (32,515) |
Cash acquired in merger | 84,858 | ||
Investment in construction in progress | (164,226) | ||
Investment in direct financing leases | (6,793) | (528,675) | |
Placement of mortgage loans | (14,042) | (529,548) | (3,378) |
Proceeds from sale of real estate investments | 41,543 | 4,077 | 2,292 |
Capital improvements to real estate investments | (26,397) | (17,917) | (31,347) |
Proceeds from other investments | 45,871 | 13,589 | 30,962 |
Investments in other investments | (65,402) | (9,441) | (36,655) |
Collection of mortgage principal | 1,359 | 122,984 | 485 |
Net cash used in investing activities | (397,411) | (547,945) | (598,831) |
Cash flows from financing activities | |||
Proceeds from credit facility borrowings | 1,826,000 | 900,000 | 511,000 |
Payments on credit facility borrowings | (1,681,000) | (1,141,000) | (343,000) |
Receipts of other long-term borrowings | 1,838,124 | 842,148 | 159,355 |
Payments of other long-term borrowings | (2,187,314) | (242,544) | (114,642) |
Payments of financing related costs | (54,721) | (17,716) | (3,234) |
Receipts from dividend reinvestment plan | 150,847 | 71,487 | 55,825 |
Payments for exercised options and restricted stock - net | (26,706) | (3,577) | (5,774) |
Net proceeds from issuance of common stock | 439,322 | 61,981 | 278,373 |
Dividends paid | (358,232) | (258,501) | (218,116) |
Distributions to OP Unit Holders | (11,636) | ||
Net cash (used in) provided by financing activities | (65,316) | 212,278 | 319,787 |
Increase in cash and cash equivalents | 1,158 | 1,873 | 905 |
Effect of foreign currency translation on cash and cash equivalents | (223) | ||
Cash and cash equivalents at beginning of year | 4,489 | 2,616 | 1,711 |
Cash and cash equivalents at end of year | 5,424 | 4,489 | 2,616 |
Interest paid during the year, net of amounts capitalized | 145,929 | $ 110,919 | $ 100,716 |
Non-cash investing activities | |||
Non-cash acquisition of business (see Note 3 for details) | (3,602,040) | ||
Total | (3,602,040) | ||
Non-cash financing activities | |||
Assumed Aviv debt | 1,410,637 | ||
Stock exchanged in Merger | 1,902,866 | ||
OP Units exchanged in Merger | 373,394 | ||
Cash flow hedges | 718 | ||
Total | $ 3,687,615 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2015 | |
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,” “we,” “our” or the “Company”) has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States and the United Kingdom. Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”). Our core portfolio consists of long-term leases 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. Omega was formed as a real estate investment trust (“REIT”) and incorporated in the State of Maryland on March 31, 1992. In April 2015, Aviv REIT, Inc., a Maryland corporation (“Aviv”), merged (the “Aviv Merger”) with and into a wholly-owned subsidiary of Omega, pursuant to the terms of that certain Agreement and Plan of Merger, dated as of October 30, 2014 (the “Merger Agreement”), by and among the Company, Aviv, OHI Healthcare Properties Holdco, Inc., a Delaware corporation and a direct wholly-owned subsidiary of Omega (“Merger Sub”), OHI Healthcare Properties Limited Partnership, a Delaware limited partnership (“Omega OP”), and Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership (the “Aviv OP”). Prior to April 1, 2015 and in accordance with the Merger Agreement, Omega restructured the manner in which it holds its assets by converting to an umbrella partnership real estate investment trust structure (the “UPREIT Conversion”). As a result of the UPREIT Conversion and following the consummation of the Aviv Merger, substantially all of the Company’s assets are held by Omega OP. Omega OP is governed by the Second Amended and Restated Agreement of Limited Partnership of OHI Healthcare Properties Limited Partnership, dated as of April 1, 2015 (the “Partnership Agreement”). Pursuant to the Partnership Agreement, the Company and Merger Sub are the general partners of Omega OP, and have exclusive control over Omega OP’s day-to-day management. As of December 31, 2015, the Company owned approximately 95% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 5% of the Omega OP Units. Consolidation Our consolidated financial statements include the accounts of (i) Omega, (ii) Omega OP and (iii) all direct and indirect wholly-owned subsidiaries of Omega. All inter-company transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: · Level 1 - quoted prices for identical instruments in active markets; · Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. Risks and Uncertainties 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 rising cost of healthcare services (see Note 9 – Concentration of Risk). Business Combinations We record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at their fair value. In making estimates of fair value for purposes of recording the purchase, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities as well as other critical valuation metrics such as capitalization rates and discount rates used to estimate the fair value of the tangible and intangible assets acquired (Level 3). When liabilities are assumed as part of a transaction, we consider information obtained about the liabilities and use similar valuation metrics (Level 3). In some instances when debt is assumed and an identifiable active market for similar debt is present, we use market interest rates for similar debt to estimate the fair value of the debt assumed (Level 2). The Company determines fair value as follows: · Land is determined based on third party appraisals. · Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as replacement cost analysis. · Furniture and fixture is determined based on third party appraisals. · Intangible assets acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. For additional information regarding above and below market leases assumed as part of an acquisition see “In-Place Leases" below. · Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. · Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. · Stock based compensation and noncontrolling interests are valued using a stock price on the acquisition date. · Goodwill represents the purchase price in excess of the fair value of assets acquired and liabilities assumed and the cost associated with expanding our investment portfolio. Goodwill is not amortized. Real Estate Investments and Depreciation The costs of significant improvements, renovations and replacements, including interest are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight to 15 years for site improvements, and three to 10 years for furniture, fixtures and equipment. Leasehold interests are amortized over the shorter of the estimated useful life or term of the lease. As of December 31, 2015 and 2014, 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, 2015 and 2014, 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, 2015 and 2014. 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 but seven of our leases should be accounted for as operating leases. The other seven 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 “Business Combinations” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. For leases accounted for as , 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 In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of a facility purchase or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases, and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases (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 income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the Lease Intangible is recognized immediately as income or expense. As of December 31, 2015 and 2014, we had $110.2 million and $20.4 million, respectively, of below market lease liabilities and $7.8 million and $2.4 million, respectively, of above market lease assets recorded on our Consolidated Balance Sheets. We expect net amortization of the in-place leases to increase rental income by: (in millions) 2016 $ 16.0 2017 14.8 2018 13.1 2019 12.0 2020 11.7 Thereafter 34.8 Total $ 102.4 For the years ended December 31, 2015, 2014 and 2013, we have amortized $13.8 million, $5.0 million and $5.1 million, respectively, as a net increase to rental income. Amounts presented above include the preliminary purchase accounting for the Aviv Merger, see Note 3 - Properties. For additional information, see Note 8 – Intangibles. Asset Impairment Management 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 . 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, 2015, 2014 and 2013, we recognized impairment losses of $17.7 million, $3.7 million and $0.4 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 and Note 7 – Assets Held For Sale. Loan and Direct Financing Lease Impairment Management evaluates our outstanding mortgage notes, direct financing leases and other notes receivable for impairment. 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 account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impaired loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost-recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. As of December 31, 2015 we had $3.0 million of reserves on our loans and no reserves on our direct financing leases. As of December 31, 2014, we had no reserves on our loans or direct financing leases. For additional information, see Note 4 – Direct Financing Leases, Note 5 – Mortgage Notes Receivable and Note 6 – Other Investments. Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property's value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. For additional information, see Note 7 – Assets Held for Sale. 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 10 – 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 are 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, 2015 2014 (in thousands) Contractual receivables $ 8,452 $ 4,799 Effective yield interest receivables 9,028 6,232 Straight-line receivables 175,709 143,652 Lease inducements 10,982 13,571 Allowance (309 ) (78 ) Accounts receivable – net $ 203,862 $ 168,176 We continuously evaluate the payment history and financial strength of our operators and have historically established allowance reserves for straight-line rent receivables from 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. In 2015, we wrote-off $3.2 million of straight-line rent receivables and $1.5 million of effective yield interest receivables associated with four facilities that will transition to a new operator and three mortgages that will be repaid prior to their maturity. This transaction closed in 2016. In 2014, we wrote-off (i) $0.8 million of straight-line rent receivables associated with a lease amendment to an existing operator for two facilities that were transitioned to a new operator and (ii) $2.0 million of effective yield interest receivables associated with the termination of a mortgage note that was due November 2021. See Note 3 – Properties and Note 5 – Mortgage Notes Receivable for additional information. Goodwill Impairment We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment, we first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying amount. If we conclude that it is more likely than not that the fair value of the reporting unit is less than its carrying value, then we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. We do not expect any of the goodwill to be deductible for tax purposes. In the first step of the two-step goodwill impairment test (“Step 1”), we compare the fair value of the reporting unit to its net book value, including goodwill. As the Company has only one reporting unit, the fair value of the reporting unit is determined by reference to the market capitalization of the Company as determined through quoted market prices and adjusted for other relevant factors. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step (“Step 2”) of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit's net assets other than goodwill and the fair value of the reporting unit. If the difference is less than the net book value of goodwill, impairment exists and is recorded. In the event that the Company determines that the value of goodwill has become impaired, the Company will record an accounting charge for the amount of impairment during the fiscal quarter in which the determination is made. The Company has not been required to perform Step 2 of the process because the fair value of the reporting unit has significantly exceeded its book value at the measurement date. There was no impairment of goodwill during 2015. Income Taxes We were organized to qualify for taxation as a REIT under Section 856 through 860 of the Internal Revenue Code (“Code”). As long as we qualify as a REIT; we will not be subject to federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRSs”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. For additional information on income taxes, see Note 13 – Taxes. 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 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 (e.g. 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. Mortgage interest income is recognized as earned over the terms of the related mortgage notes, using the effective yield method. Allowances are provided against earned revenues from mortgage interest when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. When collection is uncertain, mortgage interest income on impaired mortgage loans is recognized as received after taking into account application of security deposits. 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. Stock-Based Compensation We recognize stock-based compensation expense adjusted for estimated forfeitures to employees and directors, in “general and administrative” in our Consolidated Statements of Operations and Comprehensive Income on a straight-line basis over the requisite service period of the awards, see Note 16 – Stock-Based Compensation for additional details. Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance 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 Sheets. Original issuance premium or discounts reflect the difference between the face amount of the debt issued and the cash proceeds received and are amortized on a straight-line basis over the term of the related borrowings. All premium and discounts are recorded as an addition to or reduction from debt in our Consolidated Balance Sheets. Amortization of financing costs and original issuance premium or discounts total $7.0 million, $4.5 million and $2.8 million in 2015, 2014 and 2013, respectively, and are classified as “interest - amortization of deferred financing costs” in our Consolidated Statements of Operations and Comprehensive Income. When financings are terminated, unamortized deferred financing costs and unamortized premium or discounts, as well as charges incurred for the termination, are recognized as expense or income at the time the termination is made. Gains and losses from the extinguishment of debt are presented in “interest-refinancing (costs) gain” in our Consolidated Statements of Operations and Comprehensive Income. 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. Diluted EPS is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units and the assumed issuance of additional shares related to Omega OP Units held by outside investors. 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. The impact of the two class method is immaterial. For additional information, see Note 20 – Earnings Per Share. Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests As of April 1, 2015 and after giving effect to the Aviv Merger, the Company owned approximately 138.8 million Omega OP Units and Aviv OP owned approximately 52.9 million Omega OP Units. Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to the Company’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement. Effective June 30, 2015, the Company (through Merger Sub, in its capacity as the general partner of Aviv OP) caused Aviv OP to make a distribution of Omega OP Units held by Aviv OP (or equivalent value) to Aviv OP investors (the “Aviv OP Distribution”) in connection with the liquidation of Aviv OP. As a result of the Aviv OP Distribution, Omega directly and indirectly owned approximately 95% of the outstanding Omega OP Units, and the other investors own approximately 5% of the outstanding Omega OP Units. As a part of the Aviv OP Distribution, Omega settled approximately 0.2 million units via cash settlement. As of December 31, 2015, Omega directly and indirectly owns approximately 95% of the outstanding Omega OP Units, and the other investors own approximately 5% of the outstanding Omega OP Units. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Omega OP not attributable to the Company. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our Consolidated Balance Sheets. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations and Comprehensive Income. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain |
PROPERTIES
PROPERTIES | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
PROPERTIES | NOTE 3 - PROPERTIES Leased Property Our leased real estate properties, represented by 782 SNFs, 85 ALFs, 16 specialty facilities and one medical office building at December 31, 2015, 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 single 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, 2015 2014 (in thousands) Buildings $ 5,514,820 $ 2,745,872 Site improvements and equipment 558,222 227,411 Land 670,916 250,502 6,743,958 3,223,785 Less accumulated depreciation (1,019,150 ) (821,712 ) Total $ 5,724,808 $ 2,402,073 At December 31, 2015, we have approximately $194.3 million of projects currently under development which includes $3.7 million of capitalized interest. The future minimum estimated contractual rents due for the remainder of the initial terms of the leases are as follows at December 31, 2015: (in thousands) 2016 $ 628,906 2017 638,232 2018 619,251 2019 592,657 2020 600,652 Thereafter 3,198,157 Total $ 6,277,855 The following tables summarize the significant transactions that occurred from 2013 to 2015. The 2015 table excludes the acquisition of Care Homes in the United Kingdom and the Aviv Merger in the second quarter of 2015, which are discussed separately below. 2015 Acquisitions and Other Number of Facilities Number of Total Land Building & Site Furniture Initial Cash Yield Period SNF ALF State Beds Investment (in millions) (%) Q1 1 - TX 93 $ 6.8 $ 0.1 $ 6.1 $ 0.6 9.50 Q3 6 - NE 530 15.0 1.4 12.1 1.5 9.00 Q3 1 2 WA 136 18.0 2.2 14.9 0.9 8.00 Q3 - 2 GA 125 10.8 1.2 9.0 0.6 7.00 Q3 1 - VA 300 28.5 (1) 1.9 24.2 2.4 9.25 Q3 2 - FL 260 32.0 (4) 1.4 29.0 1.6 9.00 Q3 - - NY - 111.7 (2)(3) 111.7 - - - Q4 1 - AZ 6 0.6 (3) 0.3 0.3 - 9.00 Q4 1 - TX 92 5.3 1.8 3.0 0.5 9.50 Total 13 4 1,542 $ 228.7 $ 122.0 $ 98.6 $ 8.1 (1) In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. (2) On July 24, 2015, we purchased five buildings located in New York City, New York for approximately $111.7 million. We and our operator plan to construct a 201,000 square-foot assisted living and memory care facility. The properties were added to the operator’s existing master lease. The lease provides for a 5% annual cash yield on the land during the construction phase. Upon issuance of a certification of occupancy, the annual cash yield will increase to 7% in year one and 8% in year two with annual 2.5% annual escalators thereafter. (3) Accounted for as an asset acquisition. (4) The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment one the analyses are completed. For the year ended December 31, 2015, we recognized revenue attributable to the aforementioned acquisitions of approximately $4.9 million and net income attributable to the acquisitions of approximately $2.3 million. Acquisition costs related to the above were expensed as period costs. For the year ended December 31, 2015, we expensed $2.2 million of acquisition related costs. No goodwill was recorded in connection with these acquisitions. Acquisition of Care Homes in the United Kingdom On May 1, 2015, we closed on a purchase/leaseback Care Homes Transaction (the “Care Homes Transaction”) for 23 care homes located in the United Kingdom and operated by Healthcare Homes Holding Limited (“Healthcare Homes”). As part of the transaction, we acquired title to the 23 care homes with 1,018 registered beds and leased them back to Healthcare Homes pursuant to a 12-year master lease agreement with an initial annual cash yield of 7%, and annual escalators of 2.5%. The care homes, comparable to assisted living facilities (“ALFs”) in the United States, are located throughout the East Anglia region (north of London) of the United Kingdom. Healthcare Homes is headquartered in Colchester (Essex County), England. We recorded approximately $193.8 million of assets consisting of land ($20.7 million), building and site improvements ($152.1 million), furniture and fixtures ($5.3 million) and goodwill ($15.7 million). In 2015, we incurred approximately $3.2 million in acquisition related costs associated with the Care Homes Transaction. For the year ended December 31, 2015, we recognized approximately $9.5 million of rental revenue in connection with the Care Homes Transaction. Aviv Merger On April 1, 2015, Omega completed the Aviv Merger, which was structured as a stock-for-stock merger. Under the terms of the Merger Agreement, each outstanding share of Aviv common stock was converted into 0.90 of a share of Omega common stock. In connection with the Aviv Merger, Omega issued approximately 43.7 million shares of common stock to former Aviv stockholders. As a result of the Aviv Merger, Omega acquired 342 facilities, two facilities subject to direct financing leases, one medical office building, two mortgages and other investments. The facilities are located in 31 states and are operated by 38 third-party operators. Omega also assumed certain outstanding equity awards and other debt and liabilities. Based on the closing price of Omega’s common stock on April, 1, 2015, we estimate the fair value of the consideration exchanged or assumed to be approximately $3.9 billion. Omega's estimated fair values of Aviv’s assets acquired and liabilities assumed on the Aviv Merger date are determined based on certain valuations and analyses. The Company has not yet finalized its analysis of the fair value of acquired land and buildings and intangible assets and liabilities. As such the amounts reflected below for those items are subject to further adjustment. Any change may have an impact on the reported goodwill. The following table highlights the preliminary fair value of the assets acquired and liabilities assumed on April 1, 2015: (in thousands) Estimated fair value of assets acquired: Land and buildings $ 3,108,078 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,177,766 Goodwill 630,404 Accounts receivables and other assets 15,500 Cash acquired 84,858 Fair value of total assets acquired $ 3,908,528 Estimated fair value of liabilities assumed: Accrued expenses and other liabilities $ 221,631 Debt 1,410,637 Fair value of total liabilities assumed 1,632,268 Value of shares and OP units exchanged (a) 2,276,260 Fair value of consideration $ 3,908,528 (a) Includes the fair value of stock compensation plans assumed. In 2015, we incurred approximately $52.1 million in acquisition related costs associated with the Aviv Merger. For the year ended December 31, 2015, we recognized approximately $188.4 million of total revenue in connection with the Aviv Merger. Included within accrued expenses and other liabilities is a $67.3 million contingent liability related to a leasing arrangement with an operator assumed as a result of the Aviv Merger. During the fourth quarter of 2015, we adjusted the preliminary fair value of the in place lease assets and liabilities that we provisionally recognized on April 1, 2015 in connection with the Aviv Merger. We increased the fair value of the in place lease assets and in place lease liabilities to $8.2 million and $105.5 million, respectively which resulted in a $79.0 million net increase in goodwill (see Note 8 – Intangibles). The change to the provisional amounts resulted in an $8.2 million increase in rental income, of which $2.7 million relates to the second and third quarters of 2015, respectively. 2014 Acquisitions and Other Number of Facilities Number of Total Land Building & Site Improvements Furniture & Fixtures Initial Yield Period SNF ALF State Operating Beds Investment (in millions) (%) Q1 - 1 AZ 90 $ 4.7 $ 0.4 $ 3.9 $ 0.4 9.75 Q2/Q3 3 - GA, SC 345 34.6 0.9 32.1 1.6 9.50 Q3 1 - TX 125 8.2 0.4 7.4 0.4 9.75 Q4 - 4 PA,OR,AR 371 84.2 5.1 76.7 2.4 6.00 4 5 931 $ 131.7 $ 6.8 $ 120.1 $ 4.8 For the year ended December 31, 2014, we recognized revenue attributable to the acquisitions of approximately $3.2 million and net income attributable to the acquisitions of approximately $1.2 million. Acquisition costs related to the above transactions were expensed as period costs. For the year ended December 31, 2014, we expensed $3.9 million of acquisition related costs. Transition of Two West Virginia Facilities to a New Operator On July 1, 2014, we transitioned two West Virginia SNFs that we previously leased to Diversicare Healthcare Services (“Diversicare” and formerly known as Advocat) to a new unrelated third party operator. The two facilities represent 150 operating beds. We amended our Diversicare master lease to reflect the transition of the two facilities to the new operator and for the year ended December 31, 2014 recorded a $0.8 million provision for uncollectible straight-line accounts receivable. Simultaneous with the Diversicare master lease amendment, we entered into a 12-year master lease with a new third party operator. 2013 Acquisitions and Other Number of Facilities Number of Total Land Building & Site Furniture Initial Cash Period SNF ALF State Beds Investment (in millions) (%) Q4 - 1 FL 97 $ 10.3 $ 0.6 $ 9.0 $ 0.7 7.25 Q4 4 - IN 384 25.2 (1) 0.7 21.8 2.7 9.70 Total 4 1 481 $ 35.5 $ 1.3 $ 30.8 $ 3.4 (1) On October 31, 2013, we recorded approximately $3.0 million to below market leases as a result of the transaction for a total investment of $25.2 million. Acquisition costs related to the above transactions were expensed as a period cost. For the year ended December 31, 2013, we expensed $0.2 million of acquisition related costs. 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 Diversicare Healthcare Services to a new third party operator. The 11 facilities represent 1,084 operating beds. We amended our Diversicare 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 Diversicare 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 31, 2023 and includes fixed annual rent escalators. Pro Forma Acquisition Results The facilities acquired in 2015 and 2014 are included in our results of operations from the dates of acquisition. The following unaudited pro forma results reflect the impact of the acquisitions as if they occurred on January 1, 2014. In the opinion of management, all significant necessary adjustments to reflect the effect of the acquisitions have been made. The following pro forma information is not indicative of future operations. Pro Forma Year Ended December 31, 2015 2014 (in thousands, except per share amounts, unaudited) Pro forma revenues $ 817,642 $ 789,270 Pro forma net income $ 258,927 $ 318,271 Earnings per share – diluted: Net income – as reported $ 1.29 $ 1.74 Net income – pro forma $ 1.33 $ 1.74 Asset Sales, Impairments and Other In 2015, we sold seven SNFs (four previously held-for-sale) for total cash proceeds of approximately $41.5 million, generating a gain of approximately $6.4 million. We also recorded a total of $17.7 million provision for impairment related to six SNFs to reduce their net book value to their estimated fair value less costs to sell. To estimate the fair value of these facilities we utilized a market approach and Level 3 inputs. Two of the facilities are reclassified as assets held for sale. In 2014, we sold four SNFs (three previously held-for-sale) and a parcel of land for total cash proceeds of $4.1 million, resulting in a $2.9 million gain. We also closed two SNFs and recorded a $3.7 million provision for impairment related to these facilities. To estimate the fair value of these facilities we utilized a market approach and Level 3 inputs. See Note 7 – Assets Held For Sale for more details. In 2013, we sold one SNF and a parcel of land for total cash proceeds of $2.3 million resulting in a $1.2 million loss. |
DIRECT FINANCING LEASES
DIRECT FINANCING LEASES | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (in thousands) Minimum lease payments receivable $ 4,320,876 $ 4,244,067 Less unearned income (3,733,175 ) (3,704,835 ) Investment in direct financing leases - net $ 587,701 $ 539,232 Properties subject to direct financing leases 59 56 As of December 31, 2015 and 2014 we had seven direct financing leases with four different operators. The following table summarizes the investment in the direct financing leases by operator: December 31, 2015 2014 (in thousands) New Ark $ 560,308 $ 539,232 Reliance Health Care Management, Inc. 15,509 - Sun Mar Healthcare 11,381 - Markleysburg Healthcare Investors, LP 503 - Investment in direct financing leases - net $ 587,701 $ 539,232 New Ark Investment Inc. On November 27, 2013, we closed an aggregate $529 million purchase/leaseback transaction in connection with the acquisition of Ark Holding Company, Inc. (“Ark Holding”) by 4 West Holdings Inc. At closing, we acquired 55 SNFs and 1 ALF operated by Ark Holding and leased the facilities back to Ark Holding, now known as New Ark Investment Inc. (“New Ark”), pursuant to four 50-year master leases with rental payments yielding 10.6% per annum over the term of the leases. The purchase/leaseback transaction is being accounted for as a direct financing lease. The lease agreements allow the tenant the right to purchase the facilities for a bargain purchase price plus closing costs at the end of the lease term. In addition, commencing in the 41st year of each 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 original aggregate $529 million 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 value at the time. The 56 facilities represent 5,623 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). Additionally, in June and July of 2014, we purchased three facilities and subsequently leased them to New Ark under a twelve-year master lease expiring in 2026. The 2014 three facility lease is being accounted for as an operating lease. Aviv Merger On April 1, 2015, we acquired two additional direct financing leases as a result of the Aviv Merger. As of December 31, 2015, the following minimum rents are due under our direct financing leases for the next five years (in thousands): Year 1 Year 2 Year 3 Year 4 Year 5 $50,141 $50,647 $51,905 $53,180 $54,475 |
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Notes Receivable Investments [Abstract] | |
MORTGAGE NOTES RECEIVABLE | NOTE 5 - MORTGAGE NOTES RECEIVABLE As of December 31, 2015, mortgage notes receivable relate to 26 fixed rate mortgages on 58 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 ten states, operated by eight 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, 2015 2014 (in thousands) Mortgage note due 2023; interest at 11.00% $ 69,928 $ 69,928 Mortgage note due 2024; interest at 9.64% 112,500 112,500 Mortgage note due 2029; interest at 9.23% 413,399 414,550 Other mortgage notes outstanding (1) 83,968 51,101 Mortgage notes receivable, gross 679,795 648,079 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 679,795 $ 648,079 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2046. Mortgage Note 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. $112.5 Million of Mortgage Note due 2024 On January 17, 2014, we entered into a $112.5 million first mortgage loan with an existing operator. The loan is secured by 7 SNFs and 2 ALFs totaling 798 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. $415 Million of Refinancing/Consolidating Mortgage Loans due 2029 On June 30, 2014, we entered into an agreement to refinance/consolidate $117 million in existing mortgages with maturity dates ranging from 2021 to 2023 on 17 facilities into one mortgage and simultaneously provide mortgage financing for an additional 14 facilities. The new $415 million mortgage matures in 2029 and is secured by 31 facilities totaling 3,430 licensed beds all located in the state of Michigan. The new loan bore an initial annual cash interest rate of 9.0% and increases by 0.225% per year (e.g., beginning in year 2 the interest rate will be 9.225%, in year 3 the rate will be 9.45%, etc.). One of the existing mortgages that was refinanced/consolidated into the new $415 million mortgage included annual interest rate escalators and required the mortgagee to pay a prepayment penalty in the event the mortgage was retired early which resulted in us recording an effective yield interest receivable. In connection with the refinancing/consolidating transaction which was entered into at market terms, the old mortgage was considered to be retired early since the modifications made to the terms of the mortgage were more than minor. As of the date of the refinancing/consolidation transaction, the effective yield interest receivable was approximately $2.0 million. We forgave the prepayment penalty associated with the retired mortgage and recorded a $2.0 million provision to write-off the effective yield interest receivable related to the retired mortgage. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
OTHER INVESTMENTS | NOTE 6 - OTHER INVESTMENTS A summary of our other investments is as follows: December 31, 2015 2014 (in thousands) Other investment note due 2015; interest at 10.00% $ — $ 5,439 Other investment note due 2020; interest at 10.00% 23,000 20,000 Other investment note due 2023; interest at 9.00% 5,470 — Other investment note due 2030; interest at 6.66% 26,966 — Other investment notes outstanding (1) 36,823 23,513 Other investments, gross 92,259 48,952 Allowance for loss on other investments (2,960) — Total other investments $ 89,299 $ 48,952 (1) Other investment notes have maturity dates through 2027 and interest rates ranging from 6.50% to 12.0%. Other Investment Note due 2020 In December 2015, we amended our five year $28.0 million loan agreement with an existing operator. The amendment permits the operator to re-borrow $6.0 million under the original loan agreement. Omega funded $6.0 million to the operator in December 2015. The loan bears interest at 10% per annum and the maturity date was extended from 2017 to 2020. As of December 31, 2015, approximately $23.0 million remains outstanding. Other Investment Note due 2030 On June 30, 2015, we entered into a $50.0 million revolving credit facility with an operator. The note bears interest at approximately 6.66% and matures in 2030. As of December 31, 2015, approximately $27.0 million has been drawn and remains outstanding. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
ASSETS HELD FOR SALE | NOTE 7 – ASSETS HELD FOR SALE Properties Held-For-Sale Number of Net Book Value December 31, 2013 (1) 4 $ 1,356 Properties sold (2) (3 ) (686 ) Properties added 3 12,122 December 31, 2014 (1) 4 $ 12,792 Properties sold/other (3) (5 ) (16,877 ) Properties added (4) 4 10,684 December 31, 2015 (5) 3 $ 6,599 (1) Includes one parcel of land and three facilities. (2) In 2014, we sold these facilities for approximately $2.8 million in net proceeds recognizing a gain on sale of approximately $2.0 million. (3) In 2015, the parcel of land was reclassified to closed facilities. In addition, we sold four facilities for approximately $25.5 million in net proceeds recognizing a gain on sale of approximately $8.8 million. (4) In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. (5) Includes three facilities. |
INTANGIBLES
INTANGIBLES | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLES | NOTE 8 – INTANGIBLES The following is a summary of our intangibles as of December 31, 2015 and 2014: December 31, 2015 2014 (in thousands) Assets: Goodwill $ 645,683 $ — Above market lease intangibles $ 21,901 14,576 In-place lease intangibles 386 — Accumulated amortization (14,162 ) (12,166 ) Net intangible assets $ 8,125 $ 2,410 Liabilities: Below market lease intangibles $ 165,331 $ 59,785 Accumulated amortization (55,131 ) (39,352 ) Net intangible liabilities $ 110,200 $ 20,433 Goodwill was recorded in connection with the Aviv Merger and Care Homes Transaction and is shown as a separate line on our Consolidated Balance Sheets. Above market lease intangibles and in-place lease intangibles, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. As disclosed in Note 3 – Properties, the amounts presented above are subject to further adjustment upon completion of purchase accounting for the Aviv Merger. For the years ended December 31, 2015, 2014 and 2013, our net amortization related to intangibles was $13.9 million, $5.0 million and $5.1 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2016 – $16.1 million; 2017 – $14.8 million; 2018 – $13.1 million; 2019 – $12.0 million and 2020 - $11.7 million. As of December 31, 2015 the weighted average remaining amortization period of in place lease assets and in place lease liabilities is 5.6 years and 8.2 years, respectively. The following is a reconciliation of our goodwill as of December 31 2015: (in thousands) Balance as of December 31, 2014 $ — Balance as of March 31, 2015 — Add: Aviv Merger 526,807 Add: acquisition of Care Homes 15,701 Add: foreign currency translation 585 Balance as of June 30, 2015 543,093 Add: additional valuation adjustments related to preliminary valuations (see Note 3 – Aviv Merger) 12,261 Less: foreign currency translation (605 ) Balance as of September 30, 2015 554,749 Add: additional valuation adjustments related to preliminary valuations (see Note 3 – Aviv Merger) 91,336 Add: additional valuation adjustments related to preliminary valuations (see Note 3 – Care Homes acquisition) 5 Less: foreign currency translation (407 ) Balance as of December 31, 2015 $ 645,683 |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | NOTE 9 - CONCENTRATION OF RISK As of December 31, 2015, our portfolio of real estate investments consisted of 949 healthcare facilities, located in 42 states and the United Kingdom that are operated by 83 third party operators. Our gross investment in these facilities, net of impairments and before reserve for uncollectible loans, totaled approximately $8.0 billion at December 31, 2015, with approximately 99% of our real estate investments related to long-term care facilities. Our portfolio is made up of 782 SNFs, 85 ALFs, 16 specialty facilities, one medical office building, fixed rate mortgages on 56 SNFs and two ALFs, and seven SNFs that are closed/held-for-sale. At December 31, 2015, we also held miscellaneous investments of approximately $89.3 million, consisting primarily of secured loans to third-party operators of our facilities. At December 31, 2015, the three states in which we had our highest concentration of investments were Ohio (10%), Texas (9%) and Florida (9%). No single operator or manager generated more than 8% of our total revenues for the year ended December 31, 2015. |
LEASE AND MORTGAGE DEPOSITS
LEASE AND MORTGAGE DEPOSITS | 12 Months Ended |
Dec. 31, 2015 | |
Security Deposits and Letters Of Credit [Abstract] | |
LEASE AND MORTGAGE DEPOSITS | NOTE 10 - LEASE AND MORTGAGE DEPOSITS We obtain liquidity deposits, security deposits and letters of credit from most operators pursuant to our lease and mortgage agreements 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, 2015, we held $5.8 million in liquidity deposits, $50.6 million in security deposits and $68.7 million in letters of credit. The liquidity deposits, security deposits and the letters of credit may be used in the event of lease and or loan defaults, subject to applicable limitations under bankruptcy law with respect to operators filing under Chapter 11 of the United States Bankruptcy Code. Liquidity deposits are recorded as restricted cash on our Consolidated Balance Sheets with the offset recorded as a liability in accrued expenses and other liabilities on our Consolidated Balance Sheets. Security deposits related to cash received from the operator are recorded in accrued expenses and other liabilities on our Consolidated Balance Sheets. Additional security for rental and mortgage interest revenue from operators is provided by covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets of the operators, provisions for cross default, provisions for cross-collateralization and by corporate or personal guarantees. |
BORROWING ARRANGEMENTS
BORROWING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
BORROWING ARRANGEMENTS | NOTE 11 - BORROWING ARRANGEMENTS The following is a summary of our long-term borrowings: Rate as of December 31, December 31, Maturity 2015 2015 2014 (in thousands) Secured borrowings: GE term loan 2019 4.00 % $ 180,000 $ — HUD mortgages assumed June 2010 — — — 120,665 HUD mortgages assumed October 2011 — — — 24,441 HUD mortgages assumed December 2011 (1) 2044 3.06 % 56,204 57,416 HUD mortgages assumed December 2012 — — — 35,358 236,204 237,880 Premium – net — 13,574 Total secured borrowings 236,204 251,454 Unsecured borrowings: Revolving line of credit 2018 1.72 % 230,000 85,000 Tranche A-1 term loan 2019 1.92 % 200,000 200,000 Tranche A-2 term loan 2017 1.77 % 200,000 — Omega OP term loan 2017 1.77 % 100,000 — 2015 term loan 2022 2.14 % 250,000 — 980,000 285,000 2020 notes — — — 200,000 2022 notes — — — 575,000 2024 notes 2024 5.875 % 400,000 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 250,000 250,000 2026 notes 2026 5.25 % 600,000 — 2027 notes 2027 4.50 % 700,000 — Subordinated debt 2021 9.00 % 20,000 20,000 2,370,000 1,845,000 Discount - net (17,118 ) (2,951 ) Total unsecured borrowings 3,332,882 2,127,049 Total – net $ 3,569,086 $ 2,378,503 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2015 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $95.4 million. Secured Borrowings General Electric Term Loan On April 1, 2015, as a result of the Aviv Merger, we assumed a $180 million secured term loan with General Electric Capital Corporation (“GE”). This loan is secured by real estate assets having a net carrying value of $295.5 million at December 31, 2015. On each payment date, we pay interest only (in arrears) on any outstanding principal balance until February 1, 2017 when principal and interest will be paid in arrears based on a thirty year amortization schedule. The interest rate is based on LIBOR, with a floor of 50 basis points, plus a margin of 350 basis points. The interest rate at December 31, 2015 was 4.00%. The initial term expires in December 2019 with the full balance of the loan due at that time. HUD Mortgages Loans Payoff On December 31, 2015, we paid approximately $25.1 million to retire two mortgage loans guaranteed by the U.S. Department of Housing and Urban Development (“HUD”). The loans were assumed as part of an acquisition in a prior year, and had a blended interest rate of 5.5% per annum with maturities on March 1 and April 1, 2036. The payoff resulted in a $0.9 million gain on the extinguishment of the debt due to the write-off of the $2.1 million unamortized fair value adjustment recorded at the time of acquisition offset by a prepayment fee of approximately $1.2 million. On April 30, 2015, we paid approximately $9.1 million to retire one mortgage loan guaranteed by HUD. The loan was assumed as part of an acquisition in a prior year, and had an interest rate of 4.35% per annum with maturity on March 1, 2041. The payoff resulted in a $1.0 million gain on the extinguishment of the debt due to the write-off of the $1.5 million unamortized fair value adjustment recorded at the time of acquisition offset by a prepayment fee of approximately $0.5 million. On March 31, 2015, we paid approximately $154.3 million to retire 21 mortgage loans guaranteed by HUD, totaling approximately $146.9 million. 18 loans had an all-in blended interest rate of 5.35% per annum with maturities between January 2040 and January 2045 and three loans had an all-in blended interest rate of 5.23% per annum with maturities between February 2040 and February 2045. The payoff resulted in a $2.3 million gain on the extinguishment of the debt due to the write-off of the $9.7 million unamortized debt premium recorded at the time of acquisition offset by a prepayment fee of approximately $7.4 million. Unsecured Borrowings Unsecured Credit Facility On June 27, 2014, we entered into a credit agreement (as amended, the “2014 Credit Agreement”) providing us with $1.2 billion unsecured credit facility, comprised of a $1 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $200 million senior unsecured term loan facility (the “Term Loan Facility” or “Tranche A-1 Term Loan Facility,” and, collectively, the “2014 Credit Facilities”). The 2014 Credit Facilities replaced the Company’s previous $700 million senior unsecured credit facility (the “2012 Credit Facility”). On April 1, 2015, we entered into a First Amendment to Credit Agreement (the “First Amendment to Omega Credit Agreement”) which amended the 2014 Credit Facilities. Under the First Amendment to Omega Credit Agreement, the Company (i) increased the aggregate revolving commitment amount under the Revolving Credit Facility from $1 billion to $1.25 billion and (ii) obtained a $200 million senior unsecured incremental term loan facility (the “Acquisition Term Loan Facility” or “Tranche A-2 Term Loan Facility”). Borrowings under the Revolving Credit Facility bear interest at LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 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 25 basis points, with a range of 12.5 to 30 basis points). The Revolving Credit Facility is used for acquisitions and general corporate purposes. The Revolving Credit Facility matures on June 27, 2018, subject to a one-time option by us to extend such maturity date by one year. The Tranche A-1 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Tranche A-1 Term Loan Facility matures on June 27, 2019. The Tranche A-2 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Tranche A-2 Term Loan Facility matures on June 27, 2017, subject to Omega’s option to extend the maturity date of the Tranche A-2 Term Loan Facility twice, the first extension until June 27, 2018 and the second extension until June 27, 2019. Omega OP Term Loan Facility On April 1, 2015, Omega OP entered into a credit agreement (the “Omega OP Credit Agreement”) providing it with a $100 million senior unsecured term loan facility (the “Omega OP Term Loan Facility”). The Omega OP Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Omega OP Term Loan Facility matures on June 27, 2017, subject to Omega OP’s option to extend such maturity date twice, the first extension until June 27, 2018 and the second extension until June 27, 2019. $250 Million Term Loan Facility On December 16, 2015, we entered into a $250 million senior unsecured term loan facility (the “2015 Term Loan Facility”). The 2015 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 180 basis points, with a range of 140 to 235 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The 2015 Term Loan Facility may be increased to an aggregate amount of $400 million. We used the proceeds from this loan to repay existing indebtedness and for general corporate purposes. The 2015 Term Loan Facility matures on December 16, 2022. As a result of exposure to interest rate movements associated with the 2015 Term Loan Facility, on December 16, 2015, we entered into various forward-starting interest rate swap arrangements, which effectively converted $250 million of our variable-rate debt based on one-month LIBOR to an aggregate fixed rate of approximately 3.8005% effective December 30, 2016. The effective fixed rate achieved by the combination of the 2015 Term Loan Facility and the interest rate swaps could vary up by 55 basis points or down by 40 basis points based on future changes to our credit ratings. Each of these swaps begins on December 30, 2016 and matures on December 15, 2022. On the date of inception, we designated the interest rate swaps as cash flow hedges in accordance with accounting guidance for derivatives and hedges and linked the interest rate swaps to the 2015 Term Loan Facility. Because the critical terms of the interest rate swaps and 2015 Term Loan Facility coincide, the hedges are expected to exactly offset changes in expected cash flows as a result of fluctuations in 1-month LIBOR over the term of the hedges. The purpose of entering into the swaps was to reduce our exposure to future changes in variable interest rates. The interest rate swaps settle on a monthly basis when interest payments are made. These settlements will occur through the maturity date of the 2015 Term Loan Facility. The interest rate for the 2015 Term Loan Facility is not hedged for the portion of the term prior to December 30, 2016. $575 Million 6.75% Senior Notes due 2022 Redemption On October 26, 2015, we redeemed all of our outstanding 6.75% Senior Notes due 2022 (the “2022 Notes”). As a result of the redemption, during the fourth quarter of 2015, we recorded approximately $21.3 million in redemption related costs and write-offs, including $19.4 million for the early redemption or call premiums and $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts. $600 Million 5.25% Senior Notes due 2026 On September 23, 2015, we sold $600 million aggregate principal amount of our 5.250% Senior Notes due 2026 (the “2026 Notes”). The 2026 Notes were sold at an issue price of 99.717% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $594.4 million. The net proceeds of the offering were used to repay our outstanding $575 million aggregate principal amount 6.75% Senior Notes due 2022 and for general corporate purposes. The 2026 Notes mature on January 15, 2026 and pay interest semi-annually on January 15 th th As of December 31, 2015, our subsidiaries that are not guarantors of our 5.25% Senior Notes due 2026 accounted for approximately $598.6 million of our total assets. $700 Million 4.5% Senior Notes due 2027 On March 18, 2015, we sold $700 million aggregate principal amount of our 4.5% Senior Notes due 2027 (the “2027 Notes”). The 2027 Notes were sold at an issue price of 98.546% of their face value before the initial purchasers’ discount. Our total net proceeds from the offering, after deducting initial purchasers’ discounts and other offering expenses, were approximately $683 million. The net proceeds of the offering were used for general corporate purposes, including the repayment of Aviv indebtedness on April 1, 2015 in connection with the Aviv Merger, and repayment of future maturities on Omega’s outstanding debt. The 2027 Notes mature on April 1, 2027 and pay interest semi-annually on April 1 st st As of December 31, 2015, our subsidiaries that are not guarantors of our 4.5% Senior Notes due 2027 accounted for approximately $598.6 million of our total assets. $200 Million 7.5% Senior Notes due 2020 Redemption On March 13, 2015, Omega redeemed all of its outstanding $200 million 7.5% Senior Notes due 2020 (the “2020 Notes”) at a redemption price of approximately $208.7 million, consisting of 103.750% of the principal amount, plus accrued and unpaid interest on such notes to, but not including, the date of redemption. In connection with the redemption, we recorded approximately $11.7 million redemption related costs and write-offs, including $7.5 million in prepayment fees for early redemption and $4.2 million of write-offs associated with unamortized deferred financing costs and discount. The consideration for the redemption of the 2020 Notes was funded from the net proceeds of the 10.925 million share common stock offering. See Note 15 – Stockholders’ Equity for additional details. $250 Million 4.5% Senior Notes due 2025 On September 11, 2014, we sold $250 million aggregate principal amount of our 4.5% Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes were sold at an issue price of 99.131% of their face value before the initial purchasers’ discount resulting in gross proceeds of approximately $247.8 million. The 2025 Notes mature on January 15, 2025 and pay interest semi-annually on January 15 and July 15 of each year. As of December 31, 2015, our subsidiaries that are not guarantors of the 2025 Notes accounted for approximately $598.6 million of our total assets. $400 Million 4.95% Senior Notes due 2024 On March 11, 2014, we sold $400 million aggregate principal amount of our 4.95% Senior Notes due 2024 (the “2024 Notes”). These notes were sold at an issue price of 98.58% of the principal amount of the notes, before the initial purchasers’ discount resulting in gross proceeds of approximately $394.3 million. The 2024 Notes mature on April 1, 2024 and pay interest semi-annually on April 1 and October 1 of each year. As of December 31, 2015, our subsidiaries that are not guarantors of the 2024 Notes accounted for approximately $598.6 million of our total assets. $400 Million 5.875% Senior Notes due 2024 On March 19, 2012, we issued $400 million aggregate principal amount of our 5.875% Senior Notes due 2024. These notes mature on March 15, 2024 and pay interest semi-annually on March 15 and September 15 of each year. As of December 31, 2015, our subsidiaries that are not guarantors of the $400 million 5.875% Senior Notes due 2024 accounted for approximately $598.6 million of our total assets. Other Debt Repayments In connection with the Aviv Merger on April 1, 2015, we assumed notes payable with a face amount of $650 million and a revolving credit facility with an outstanding balance of $525 million. In connection with the Aviv Merger, we repaid this debt assumed from Aviv on April 1, 2015. Due to the contractual requirements for early repayments; the Company paid approximately $705.6 million to retire the $650 million notes assumed. The amount repaid in connection with the revolving credit facility was $525 million. General Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2015 and 2014, 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 or discount on our secured and unsecured borrowings, for each of the five years following December 31, 2015 and the aggregate due thereafter are set forth below: (in thousands) 2016 $ 1,249 2017 301,288 2018 231,328 2019 381,370 2020 1,412 Thereafter 2,669,557 Totals $ 3,586,204 The following summarizes the refinancing related costs: Year Ended December 31, 2015 2014 2013 (in thousands) Write off of deferred financing cost and unamortized premiums due to refinancing (1) (2)(3) $ (7,134 ) $ 1,180 $ (11,278 ) Prepayment and other costs associated with refinancing (4) 35,971 1,861 166 Total debt extinguishment costs (gain) $ 28,837 $ 3,041 $ (11,112 ) (1) In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our 2020 Notes, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. (2) In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the 2012 Credit Facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our 2013 Term Loan Facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. (3) In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the unamortized premium for debt assumed on 11 HUD mortgage loans that we paid off in May 2013. (4) In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 12 - FINANCIAL INSTRUMENTS At December 31, 2015 and 2014, the carrying amounts and fair values of our financial instruments were as follows: 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Cash and cash equivalents $ 5,424 $ 5,424 $ 4,489 $ 4,489 Restricted cash 14,607 14,607 29,076 29,076 Investments in direct financing leases – net 587,701 584,358 539,232 539,232 Mortgage notes receivable – net 679,795 687,130 648,079 642,626 Other investments – net 89,299 90,745 48,952 49,513 Totals $ 1,376,826 $ 1,382,264 $ 1,269,828 $ 1,264,936 Liabilities: Revolving line of credit $ 230,000 $ 230,000 $ 85,000 $ 85,000 Tranche A-1 term loan 200,000 200,000 200,000 200,000 Tranche A-2 term loan 200,000 200,000 — — Omega OP term loan 100,000 100,000 — — 2015 term loan 250,000 250,000 — — 7.50% notes due 2020 – net — — 198,235 264,269 6.75% notes due 2022 – net — — 580,410 677,851 5.875% notes due 2024 – net 400,000 429,956 400,000 449,242 4.95% notes due 2024 – net 395,333 403,064 394,768 410,358 4.50% notes due 2025 – net 248,099 242,532 247,889 244,053 5.25% notes due 2026 – net 598,343 612,760 — — 4.50% notes due 2027 – net 690,494 667,651 — — GE term loan due 2019 180,000 180,000 — — HUD debt – net 56,204 52,678 251,454 266,434 Subordinated debt – net 20,613 24,366 20,747 26,434 Totals $ 3,569,086 $ 3,593,007 $ 2,378,503 $ 2,623,641 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 Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (i.e., less than 90 days) (Level 1). · Direct financing leases: The fair value of the investments in direct financing leases are estimated using a discounted cash flow analysis, using interest rates being offered for similar leases to borrowers with similar credit ratings (Level 3). · Mortgage notes receivable: The fair value of the mortgage notes receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). · Other investments: Other investments are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). · Revolving line of credit and term loans: 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 subordinated debt: The fair value of our borrowings under fixed rate agreements are estimated using an expected present value technique based on open market trading activity provided by a third party (Level 2). · HUD debt: The fair value of our borrowings under HUD debt agreements are estimated using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2). |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 13 – TAXES We were organized, have operated, and intend to continue to operate in a manner that enables us to qualify for taxation as REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). On a quarterly and annual basis we perform several analyses to test our compliance within the REIT taxation rules. In order to qualify as a REIT, in addition to other requirements, we must: (i) distribute dividends (other than capital gain dividends) to our stockholders in an amount at least equal to (A) the sum of (a) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain), and (b) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of non-cash income on an annual basis, (ii) ensure that at least 75% and 95%, respectively of our gross income is generated from qualifying sources that are described in the REIT tax law, (iii) ensure that at least 75% of our assets consist of qualifying assets, such as real property, mortgages, and other qualifying assets described in the REIT tax law, (iv) ensure that we do not own greater than 10% in voting power or value of securities of any one issuer, (v) ensure that we do not own either debt or equity securities of another company that are in excess of 5% of our total assets and (vi) ensure that no more than 25% of our assets are invested in one or more taxable REIT subsidiaries (and with respect to taxable years beginning after December 31, 2017, no more than 20%). 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 under the Code, we generally will not be subject to federal income taxes on the REIT taxable income that we distribute to stockholders, subject to certain exceptions. In 2015 and 2014, we distributed dividends in excess of our taxable income. 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 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 2015 taxable year, we had not paid any tax on our foreclosure property because those properties had been producing losses. As a result of our UPREIT Conversion, our Company and its subsidiaries may be subject to income or franchise taxes in certain states and municipalities. Also, as a result of our UPREIT Conversion, we created five subsidiary REITs that are subject to all of the REIT qualification rules set forth in the Code. In December 2015, we consolidated the five subsidiary REITs into one subsidiary REIT. Subject to the limitation under the REIT asset test rules, we are permitted to own up to 100% of the stock of one or more taxable REIT subsidiaries (“TRSs”). We have elected for two of our active subsidiaries to be treated as TRSs. One of our TRSs is subject to federal, state and local income taxes at the applicable corporate rates and the other is subject to foreign income taxes. As of December 31, 2015, our TRS that is subject to federal, state and local income taxes at the applicable corporate rates had a net operating loss carry-forward of approximately $0.9 million. The loss carry-forward is fully reserved as of December 31, 2015 with a valuation allowance due to uncertainties regarding realization. In connection with our acquisition of Care Homes in May 2015, we acquired 10 legal entities consisting of 23 facilities. The tax basis in these legal entities acquired for United Kingdom taxes was approximately $82 million less than the purchase price. We recorded an initial deferred tax liability associated with the temporary tax basis difference of approximately $15 million. During the year ended December 31, 2015, we recorded approximately $1.0 million of state and local income tax provision and approximately $0.2 million of provision for foreign income taxes. |
RETIREMENT ARRANGEMENTS
RETIREMENT ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |
RETIREMENT ARRANGEMENTS | NOTE 14 - RETIREMENT ARRANGEMENTS Our Company has a 401(k) Profit Sharing Plan covering all eligible employees. Under this plan, employees are eligible to make contributions, and we, at our discretion, may match contributions and make a profit sharing contribution. Amounts charged to operations with respect to these retirement arrangements totaled approximately $0.4 million, $0.3 million, $0.2 million in 2015, 2014 and 2013, respectively. In addition, we have a deferred stock compensation plan that allows employees and directors the ability to defer the receipt of stock awards. The deferred stock awards (units) participate in future dividends as well as the change in the value of the Company’s common stock. As of December 31, 2015 and 2014, the Company had 400,814 and 398,373 deferred stock units outstanding. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 15 – STOCKHOLDERS’ EQUITY $500 Million Equity Shelf Program On September 3, 2015, we entered into separate Equity Distribution Agreements (collectively, the “Equity Shelf Agreements”) to sell shares of our common stock having an aggregate gross sales price of up to $500 million (the “2015 Equity Shelf Program”) with several financial institutions, each as a sales agent and or principal (collectively, the “Managers”). Under the terms of the Equity Shelf Agreements, we may sell shares of our common stock, from time to time, through or to the Managers having an aggregate gross sales price of up to $500 million. Sales of the shares, if any, 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 Equity Shelf Agreements. As of December 31, 2015, we did not issue any shares under the 2015 Equity Shelf Program. $250 Million Equity Shelf Program Termination Also on September 3, 2015, we terminated our $250 million Equity Shelf Program (the “2013 Equity Shelf Program”) that we entered into with several financial institutions on March 18, 2013. In 2015, we did not issue any shares under the 2013 Equity Shelf Program. For the year ended December 31, 2014, we issued approximately 1.8 million shares under the 2013 Equity Shelf Program, at an average price of $34.33 per share, generating gross proceeds of approximately $63.5 million, before $1.5 million of commissions and expenses. Since inception of the 2013 Equity Shelf Program, we sold a total of 7.4 million shares of common stock generating total gross proceeds of $233.8 million under the program, before $4.7 million of commissions. As a result of the termination of the 2013 Equity Shelf Program, no additional shares will be issued under the 2013 Equity Shelf Program. $245 Million Equity Shelf Program Termination Also on March 18, 2013, we terminated our previous $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. Increase of Authorized Omega Common Stock On March 27, 2015, we amended our charter to increase the number of authorized shares of Omega capital stock from 220 million to 370 million and the number of authorized shares of Omega common stock from 200 million to 350 million. 10.925 Million Common Stock Offering On February 9, 2015, we completed an underwritten public offering of 10.925 million shares of our common stock at $42.00 per share before underwriting and other offering expenses. The Company’s total net proceeds from the offering were approximately $440 million, after deducting underwriting discounts and commissions and other estimated offering expenses. 2.875 Million Common Stock Offering On October 7, 2013, we sold 2.875 million shares of common stock in an underwritten public offering at a price of $29.48 per share, after underwriting discounts but before expenses. Our total net proceeds from the offering, after underwriting discounts and expenses were approximately $84.6 million. Dividend Reinvestment and Common Stock Purchase Plan We have a Dividend Reinvestment and Common Stock Purchase Plan (the “DRSPP”) that allows for the reinvestment of dividends and the optional purchase of our common stock. For the year ended December 31, 2015, we issued 4.2 million shares of common stock for gross proceeds of approximately $150.8 million. For the year ended December 31, 2014, we issued 2.1 million shares of common stock for gross proceeds of approximately $71.5 million. For the year ended December 31, 2013, we issued 1.9 million shares of common stock for gross proceeds of approximately $55.8 million. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 16 – STOCK-BASED COMPENSATION Restricted Stock and Restricted Stock Units 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. The RSUs assumed from Aviv as part of the Aviv Merger were valued at the closing price of our stock on the date of the transaction. The portion of the vesting accruing prior to the acquisition was recorded as part of the purchase price consideration. The expense associated with the vesting that will occur after the date of the transaction will be recorded as stock compensation expense ratably over the remaining life of the RSUs. The following table summarizes the activity in restricted stock and RSUs for the years ended December 31, 2013, 2014 and 2015: Number of Shares/Units Weighted - Average Grant- Date Fair Value per Share Compensation Cost (1) (in millions) 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 Granted during 2014 143,637 30.70 $ 4.4 Vested during 2014 (90,901 ) 28.87 Non-vested at December 31, 2014 309,934 $ 30.08 Granted during 2015 232,533 39.25 $ 9.1 Assumed in Aviv Merger (2) 38,268 23.50 $ 0.9 Cancelled during 2015 (61,911 ) 33.77 Vested during 2015 (106,146 ) 28.72 Non-vested at December 31, 2015 412,678 $ 34.44 (1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant. (2) Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. Performance Restricted Stock Units Performance restricted stock units (“PRSUs”) and long term incentive plan units (“LTIP Units”) are subject to forfeiture if the performance requirements are not achieved or if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. The PRSUs awarded in January 2011, January 2013, December 2013, January 2014, March 2015, April 2015 and July 2015 and the LTIP Units awarded in March 2015, April 2015 and July 2015 have varying degrees of performance requirements to achieve vesting, and each PRSU and LTIP Units award represents the right to a variable number of shares of common stock or partnership units (each LTIP Unit once earned is convertible into one Omega OP Unit in Omega OP, subject to certain conditions). The vesting requirements are based on either the (i) total shareholders return (“TSR”) of Omega or (ii) Omega’s TSR relative to other real estate investment trusts in the MSCI U.S. REIT Index (“Relative TSR”). We expense the cost of these awards ratably over their service period. Prior to vesting and the 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. While each LTIP Unit is unearned, the employee receives a partnership distribution equal to 10% of the quarterly approved regular periodic distributions per Omega OP Unit. The remaining partnership distributions (which in the case of normal periodic distributions is equal to the total approved quarterly dividend on Omega’s common stock) on the LTIP Units accumulate, and if the LTIP Units are earned, the accumulated distributions are paid. We used a Monte Carlo model to estimate the fair value for the PRSUs and LTIP Units 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, 2012 January 1, 2013 December 31, 2013 and January 1, 2014 March 31, 2015 April 1, 2015 July 31, 2015 Closing price on date of grant $ 19.35 $ 23.85 $ 29.80 $ 40.57 $ 40.74 $ 36.26 Dividend yield 8.27% 4.24% 6.44% 5.23% 5.20% 6.07% Risk free interest rate at time of grant 0.03% to 0.35% 0.05% to 0.43% 0.04% to 0.86% 0.10% to 0.94% 0.09% to 0.91% 0.13% to 1.08% Expected volatility 35.64% to 38.53% 15.56% to 23.83% 24.16% to 25.86% 20.06% to 21.09% 20.06% to 21.08% 20.06% to 20.21% The following table summarizes the activity in PRSUs for the years ended December 31, 2013, 2014 and 2015: Number of Weighted- Average Grant- Date Fair Value per Share Compensation Cost (1) (in millions) 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 Granted during 2014 309,168 11.46 $ 3.5 Vested during 2014 (2) (496,979 ) 10.75 Non-vested at December 31, 2014 850,213 $ 10.97 Granted during 2015 537,923 18.51 $ 10.0 Cancelled during 2015 (165,570 ) 14.11 Forfeited during 2015 (128,073 ) 12.04 Vested during 2015 (2) (181,406 ) 10.10 Non-vested at December 31, 2015 913,087 $ 14.87 (1) Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. The following table summarizes our total unrecognized compensation cost as of December 31, 2015 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Units Grant Date Total Compensation Cost (in millions) (1) Weighted Unrecognized Performance Vesting RSUs 2013 RSU 2013 195,822 $ 29.80 $ 5.8 36 $ 1.9 N/A 12/31/14 - 12/31/16 2014 RSU 2014 106,778 29.80 3.2 36 1.1 N/A 12/31/2016 3/31/15 RSU 2015 109,585 40.57 4.4 33 3.2 N/A 12/31/2017 4/1/15 RSU 2015 39,914 40.74 1.6 33 1.2 N/A 12/31/2017 Assumed Aviv RSU 2015 10,644 12.36 0.1 9 - N/A 12/31/2015 Assumed Aviv RSU 2015 19,825 24.92 0.5 21 0.3 N/A 12/31/2016 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.2 N/A 12/31/15-12/31/17 7/31/15 RSU 2015 23,902 36.26 0.9 5 - N/A 12/31/2015 Restricted Stock Units Total 514,269 $ 32.78 $ 16.8 $ 7.9 TSR PRSUs and LTIP Units 2015 Transition TSR (2) 2013 67,885 7.47 0.5 24 - 12/31/2013-12/31/2015 12/31/2015 2016 Transition TSR 2013 101,591 8.67 0.9 36 0.3 12/31/2013-12/31/2016 12/31/2016 2016 TSR 2014 135,634 8.67 1.2 48 0.6 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.6 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.6 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2015 Transition TSR (3) 2015 9,484 27.20 0.3 5 - 12/31/2013-12/31/2015 12/31/2015 7/31/15 2016 Transition TSR 2015 22,091 18.51 0.4 5 - 12/31/2013-12/31/2016 12/31/2016 7/31/15 2017 LTIP Units 2015 5,823 8.78 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 TSR PRSUs & LTIP Total 533,908 $ 11.42 $ 6.2 $ 3.1 Relative TSR PRSUs 2015 Transition Relative TSR (4) 2013 67,884 13.05 0.9 24 - 12/31/2013-12/31/2015 12/31/2015 2016 Transition Relative TSR 2013 101,588 14.24 1.4 36 0.5 12/31/2013-12/31/2016 12/31/2016 2016 Relative TSR 2014 135,634 14.24 1.9 48 1.0 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 2.5 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 1.0 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2015 Relative TSR (5) 2015 9,484 18.85 0.2 5 - 1/1/2014-12/31/2015 12/31/2015 7/31/15 2016 Relative TSR 2015 22,100 19.60 0.4 5 - 1/1/2014-12/31/2016 12/31/2016 7/31/15 2017 Relative TSR 2015 5,826 17.74 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 Relative TSR PRSUs Total 533,916 $ 17.44 $ 9.2 $ 5.0 Grand Total 1,582,093 $ 20.39 $ 32.2 $ 16.0 (1) Total compensation costs are net of shares cancelled. (2) The shares/unit information includes 30,872 shares/units that were determined to be forfeited because the performance goal was not achieved. (3) The shares/unit information includes 4,231 shares/units that were determined to be forfeited because the performance goal was not achieved. (4) The shares/unit information includes 67,884 shares/units that were determined to be forfeited because the performance goal was not achieved. (5) The shares/unit information includes 9,484 shares/units that were determined to be forfeited because the performance goal was not achieved. Stock Options and Tax Withholding As part of the Aviv Merger, we assumed approximately 5.7 million Aviv employee stock options that were fully vested prior to the merger. On April 1, 2015, the Aviv stock options were converted into Omega stock options at an exchange ratio of 0.9 resulting in issuance of approximately 5.1 million Omega stock options. The intrinsic value of the stock option assumed on April 1, 2015 was approximately $99.2 million and was recorded as part of the consideration provided in the merger. For the year ended December 31, 2015, approximately 2.6 million options have been exercised at a weighted average rate of $19.38 per share. At December 31, 2015, approximately 2.5 million options remain outstanding and exercisable. Options outstanding have a weighted average exercise price of $19.38. The aggregate intrinsic value of these options is $39.2 million and represents the total pre-tax intrinsic value (based upon the difference between the Company's closing stock price on the last trading day of 2015 of $34.98 and the exercise price) for all in-the-money options as of December 31, 2015. Options outstanding have no contractual term limitations. Stock withheld to pay minimum statutory tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2015, 2014 and 2013, was $26.7 million, $3.6 million and $5.8 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 and LTIP 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, 2015, 2,139,785 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. Director Restricted Stock Grants In 2013, 2014 and 2015, we issued 27,958, 21,500 and 30,500 shares of restricted stock to members of our Board of Directors. The fair value of these awards was approximately $0.8 million, $0.8 million and $1.1 million, respectively, for 2013, 2014 and 2015. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2015 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 17 - DIVIDENDS Common Dividends On January 14, 2016, the Board of Directors declared a common stock dividend of $0.57 per share, increasing the quarterly common dividend by $0.01 per share over the prior quarter, which was paid February 16, 2016 to common stockholders of record on February 2, 2016. On October 14, 2015, the Board of Directors declared a common stock dividend of $0.56 per share, increasing the quarterly common dividend by $0.01 per share over the previous quarter. The common dividends were paid November 16, 2015 to common stockholders of record on November 2, 2015. On July 15, 2015, the Board of Directors declared a common stock dividend of $0.55 per share, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter, which was paid on August 17, 2015 to common stockholders of record on July 31, 2015. On April 15, 2015, the Board of Directors declared a prorated dividend of $0.18 per share of Omega’s common stock in view of the recently closed Aviv Merger. The per share dividend amount payable by Omega represents dividends for April 2015, at a quarterly dividend rate of $0.54 per share of common stock, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter. The $0.18 dividend was paid in cash on May 15, 2015 to stockholders of record as of the close of business on April 30, 2015. On March 5, 2015, the Board of Directors declared a prorated dividend of $0.36 per share of Omega’s common stock in view of the pending acquisition of Aviv, pursuant to the Aviv Merger. The per share dividend amount represented dividends for February and March 2015, at a quarterly dividend rate of $0.54 per share of common stock, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter. The dividend was paid in cash on April 7, 2015 to stockholders of record as of the close of business on March 31, 2015. On January 14, 2015, the Board of Directors declared a common stock dividend of $0.53 per share, increasing the quarterly common dividend rate by $0.01 per share over the prior quarter, which was paid February 16, 2015 to common stockholders of record on February 2, 2015. Per Share Distributions Per share distributions by our Company were characterized in the following manner for income tax purposes (unaudited): Year Ended December 31, 2015 2014 2013 Common Ordinary income $ 1.133 $ 1.834 $ 1.536 Return of capital 1.047 0.186 0.324 Total dividends paid $ 2.180 $ 2.020 $ 1.860 For additional information regarding dividends, see Note 13 – Taxes. |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | NOTE 18 - 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, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) | NOTE 19 - SUMMARY OF QUARTERLY RESULTS (UNAUDITED) The following summarizes quarterly results of operations for the years ended December 31, 2015 and 2014. March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 2015 Revenues $ 133,420 $ 197,711 $ 201,974 $ 210,512 Net income 43,052 43,466 83,254 63,543 Net income available to common stockholders 43,052 41,428 79,402 60,642 Net income available to common per share: Basic $ 0.32 $ 0.23 $ 0.43 $ 0.32 Net income per share: Diluted $ 0.32 $ 0.22 $ 0.43 $ 0.32 Cash dividends paid on common stock $ 0.53 $ 0.54 $ 0.55 $ 0.56 2014 Revenues $ 121,001 $ 121,800 $ 130,665 $ 131,321 Net income 55,829 46,817 61,713 56,990 Net income available to common stockholders 55,829 46,817 61,713 56,990 Net income available to common per share: Basic $ 0.45 $ 0.37 $ 0.48 $ 0.45 Net income per share: Diluted $ 0.45 $ 0.37 $ 0.48 $ 0.44 Cash dividends paid on common stock $ 0.49 $ 0.50 $ 0.51 $ 0.52 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 20 - EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 (in thousands, except per share amounts) Numerator: Net income $ 233,315 $ 221,349 $ 172,521 Less: Net income attributable to noncontrolling interests (8,791 ) — — Net income available to common stockholders $ 224,524 $ 221,349 $ 172,521 Denominator: Denominator for basic earnings per share 172,242 126,550 117,257 Effect of dilutive securities: Common stock equivalents 1,539 744 843 Noncontrolling interest – OP units 6,727 — — Denominator for diluted earnings per share 180,508 127,294 118,100 Earnings per share - basic: Net income available to common stockholders $ 1.30 $ 1.75 $ 1.47 Earnings per share - diluted: Net income $ 1.29 $ 1.74 $ 1.46 |
CONSOLIDATING FINANCIAL STATEME
CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
CONSOLIDATING FINANCIAL STATEMENTS | NOTE 21– CONSOLIDATING FINANCIAL STATEMENTS As of December 31, 2015, we had outstanding: (i) $400 million 5.875% Senior Notes due 2024, (ii) $400 million 4.95% Senior Notes due 2024, (iii) $250 million 4.5% Senior Notes due 2025, (iv) $600 million 5.25% Senior Notes due 2026 and (v) $700 million 4.5% Senior Notes due 2027 (collectively, the “Senior Notes”). The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of our subsidiaries other than the non-guarantor subsidiaries described below. All of our subsidiaries that guarantee the Senior Notes also guarantee amounts outstanding under the 2014 Credit Facilities and our 2015 term loan. All such subsidiary guarantors that are subsidiaries of Omega OP also guarantee the Omega OP Term Loan Facility. 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. Our non-guarantor subsidiaries include all subsidiaries securing secured debt that is currently outstanding, all other subsidiaries that do not own unencumbered real property meeting the criteria under our credit facilities, and our U.K. subsidiaries. The results and financial position of acquired entities are included from the dates of their respective acquisitions. The financial statements presented below have been adjusted to reflect our current guarantor and non-guarantor relationships as of the filing of the report to which this exhibit is attached. OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEET (in thousands, except per share amounts) December 31, 2015 Issuer & Subsidiary Non – Guarantor Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,184,507 $ 559,451 $ — $ 6,743,958 Less accumulated depreciation (991,314 ) (27,836 ) — (1,019,150 ) Real estate properties – net 5,193,193 531,615 — 5,724,808 Investment in direct financing leases 587,701 — — 587,701 Mortgage notes receivable – net 679,795 — — 679,795 6,460,689 531,615 — 6,992,304 Other investments – net 89,299 — — 89,299 6,549,988 531,615 — 7,081,603 Assets held for sale – net 6,599 — — 6,599 Total investments 6,556,587 531,615 — 7,088,202 Cash and cash equivalents 1,592 3,832 — 5,424 Restricted cash 8,058 6,549 — 14,607 Accounts receivable – net 196,107 7,755 — 203,862 Goodwill 630,404 15,279 — 645,683 Investment in affiliates 300,409 — (300,409 ) — Other assets 53,732 7,499 — 61,231 Total assets $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 LIABILITIES AND EQUITY Revolving line of credit $ 230,000 $ — $ — $ 230,000 Term loan 750,000 — — 750,000 Secured borrowings — 361,460 (125,256 ) 236,204 Unsecured borrowings – net 2,352,882 — — 2,352,882 Accrued expenses and other liabilities 326,815 6,891 — 333,706 Deferred income taxes — 15,352 — 15,352 Intercompany payable (13,673 ) 13,673 — — Total liabilities 3,646,024 397,376 (125,256 ) 3,918,144 Stockholders’ equity: Common stock 18,740 — — 18,740 Equity investment in affiliates — 156,830 (156,830 ) — Common stock – additional paid-in capital 4,609,474 — — 4,609,474 Cumulative net earnings 1,372,522 18,246 (18,246 ) 1,372,522 Cumulative dividends paid (2,254,038 ) — — (2,254,038 ) Accumulated other comprehensive income (loss) (8,712 ) 77 (77 ) (8,712 ) Total stockholders’ equity 3,737,986 175,153 (175,153 ) 3,737,986 Noncontrolling interest 362,879 — — 362,879 Total equity 4,100,865 175,153 (175,153 ) 4,100,865 Total liabilities and equity $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEET (in thousands, except per share amounts) December 31, 2014 Issuer & Non – Guarantor Elimination Consolidated ASSETS Real estate properties Land and buildings $ 3,140,325 $ 83,460 $ — $ 3,223,785 Less accumulated depreciation (810,093 ) (11,619 ) — (821,712 ) Real estate properties – net 2,330,232 71,841 — 2,402,073 Investments in direct financing leases 539,232 — — 539,232 Mortgage notes receivable 648,079 — — 648,079 3,517,543 71,841 — 3,589,384 Other investments 48,952 — — 48,952 3,566,495 71,841 — 3,638,336 Assets held for sale – net 12,792 — — 12,792 Total investments 3,579,287 71,841 — 3,651,128 Cash and cash equivalents 4,489 — — 4,489 Restricted cash 22,883 6,193 — 29,076 Accounts receivable – net 165,188 2,988 — 168,176 Investment in affiliates 24,886 — (24,886 ) — Other assets 61,867 6,909 — 68,776 Total assets $ 3,858,600 $ 87,931 $ (24,886 ) $ 3,921,645 LIABILITIES AND EQUITY Revolving line of credit $ 85,000 $ — $ — $ 85,000 Term loan 200,000 — — 200,000 Secured borrowings – net 194,038 57,416 — 251,454 Unsecured borrowings – net 1,842,049 — — 1,842,049 Accrued expenses and other liabilities 136,186 5,629 — 141,815 Intercompany payable — 17,250 (17,250 ) — Total liabilities 2,457,273 80,295 (17,250 ) 2,520,318 Equity: Common stock 12,761 — — 12,761 Common stock – additional paid-in capital 2,136,234 — — 2,136,234 Cumulative net earnings 1,147,998 7,636 (7,636 ) 1,147,998 Cumulative dividends paid (1,895,666 ) — — (1,895,666 ) Total stockholders’ equity 1,401,327 7,636 (7,636 ) 1,401,327 Total liabilities and equity $ 3,858,600 $ 87,931 $ (24,886 ) $ 3,921,645 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share amounts) Year Ended December 31, 2015 Issuer & Non – Elimination Consolidated Revenue Rental income $ 564,112 $ 41,879 $ - $ 605,991 Income from direct financing leases 59,936 - - 59,936 Mortgage interest income 68,910 - - 68,910 Other investment income – net 8,780 - - 8,780 Total operating revenues 701,738 41,879 - 743,617 Expenses Depreciation and amortization 194,328 16,375 - 210,703 General and administrative 38,140 428 - 38,568 Acquisition costs 55,012 2,513 - 57,525 Impairment loss on real estate properties 17,681 - - 17,681 Provisions for uncollectible mortgages, notes and accounts receivable 7,871 - - 7,871 Total operating expenses 313,032 19,316 - 332,348 Income before other income and expense 388,706 22,563 - 411,269 Other income (expense): Interest income 272 13 - 285 Interest expense (135,631 ) (11,750 ) - (147,381 ) Interest – amortization of deferred financing costs (6,969 ) (21 ) - (6,990 ) Interest – refinancing costs (28,837 ) - - (28,837 ) Realized loss on foreign exchange (173 ) - - (173 ) Equity in earnings 10,610 - (10,610 ) - Total other expense (160,728 ) (11,758 ) (10,610 ) (183,096 ) Income before gain on assets sold 227,978 10,805 (10,610 ) 228,173 Gain on assets sold - net 6,353 - - 6,353 Income from continuing operations before income taxes 234,331 10,805 (10,610 ) 234,526 Income taxes (1,016 ) (195 ) - (1,211 ) Net income 233,315 10,610 (10,610 ) 233,315 Net income attributable to noncontrolling interest (8,791 ) - - (8,791 ) Net income available to common stockholders $ 224,524 $ 10,610 $ (10,610 ) $ 224,524 Net income $ 233,315 $ 10,610 $ (10,610 ) $ 233,315 Other comprehensive loss – foreign currency translation (8,413 ) - - (8,413 ) Other comprehensive loss – cash flow hedges (718 ) - - (718 ) Total comprehensive income 224,184 10,610 (10,610 ) 224,184 Add: comprehensive income attributable to noncontrolling interest 419 - - 419 Comprehensive income attributable to common stockholders $ 224,603 $ 10,610 $ (10,610 ) $ 224,603 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENT OF OPERATIONS (in thousands, except per share amounts) Year Ended December 31, 2014 Issuer & Non – Elimination Consolidated Revenue Rental income $ 379,180 $ 9,263 $ - $ 388,443 Income from direct financing leases 56,719 - - 56,719 Mortgage interest income 53,007 - - 53,007 Other investment income – net 6,618 - - 6,618 Total operating revenues 495,524 9,263 - 504,787 Expenses Depreciation and amortization 119,367 3,890 - 123,257 General and administrative 25,778 110 - 25,888 Acquisition costs 3,948 - - 3,948 Impairment loss on real estate properties 3,660 - - 3,660 Provisions for uncollectible mortgages, notes and accounts receivable 2,723 - - 2,723 Total operating expenses 155,476 4,000 - 159,476 Income before other income and expense 340,048 5,263 - 345,311 Other income (expense): Interest income 32 12 - 44 Interest expense (117,257 ) (2,112 ) - (119,369 ) Interest – amortization of deferred financing costs (4,438 ) (21 ) - (4,459 ) Interest – refinancing costs (3,041 ) - - (3,041 ) Equity in earnings 3,142 - (3,142 ) - Total other expense (121,562 ) (2,121 ) (3,142 ) (126,825 ) Income before gain on assets sold 218,486 3,142 (3,142 ) 218,486 Gain on assets sold - net 2,863 - - 2,863 Net income available to common stockholders $ 221,349 $ 3,142 $ (3,142 ) $ 221,349 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENT OF OPERATIONS (in thousands, except per share amounts) Year Ended December 31, 2013 Issuer & Non – Elimination Consolidated Revenue Rental income $ 365,933 $ 9,202 $ - $ 375,135 Income from direct financing leases 5,203 - - 5,203 Mortgage interest income 29,351 - - 29,351 Other investment income – net 9,025 - - 9,025 Total operating revenues 409,512 9,202 - 418,714 Expenses Depreciation and amortization 124,834 3,812 - 128,646 General and administrative 21,484 104 - 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 149,119 3,916 - 153,035 Income before other income and expense 260,393 5,286 - 265,679 Other income (expense): Interest income 29 12 - 41 Interest expense (97,883 ) (2,498 ) - (100,381 ) Interest – amortization of deferred financing costs (2,763 ) (16 ) - (2,779 ) Interest – refinancing gain 11,112 - - 11,112 Equity in earnings 2,784 - (2,784 ) - Total other expense (86,721 ) (2,502 ) (2,784 ) (92,007 ) Income before gain (loss) on assets sold 173,672 2,784 (2,784 ) 173,672 Loss on assets sold - net (1,151 ) - - (1,151 ) Net income available to common stockholders $ 172,521 $ 2,784 $ (2,784 ) $ 172,521 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands ) Year Ended December 31, 2015 Issuer & Subsidiary Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 233,315 $ 10,610 $ (10,610 ) $ 233,315 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 194,328 16,375 — 210,703 Provision for impairment on real estate properties 17,681 — — 17,681 Provision for uncollectible mortgages, notes and accounts receivable 7,871 — — 7,871 Amortization of deferred financing and refinancing costs 35,806 21 — 35,827 Accretion of direct financing leases (11,007 ) — — (11,007 ) Stock-based compensation 11,133 — — 11,133 Gain on assets sold – net (6,353 ) — — (6,353 ) Amortization of acquired in-place leases - net (13,846 ) — — (13,846 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 248 — — 248 Straight-line rent receivables (31,237 ) (4,820 ) — (36,057 ) Lease inducements 994 — — 994 Effective yield receivable on mortgage notes (4,065 ) — — (4,065 ) Other operating assets and liabilities 10,550 (3,719 ) 10,610 17,441 Net cash provided by operating activities 445,418 18,467 — 463,885 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (116,698 ) (177,484 ) — (294,182 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (164,226 ) — — (164,226 ) Investment in U.K. subsidiary (166,082 ) 166,082 — — Investment in direct financing leases (6,793 ) — — (6,793 ) Placement of mortgage loans (14,042 ) — — (14,042 ) Proceeds from sale of real estate investments 41,543 — — 41,543 Capital improvements to real estate investments (24,599 ) (1,798 ) — (26,397 ) Proceeds from other investments 45,871 — — 45,871 Investments in other investments (65,402 ) — — (65,402 ) Collection of mortgage principal 1,359 — — 1,359 Net cash used in investing activities (384,211 ) (13,200 ) — (397,411 ) Cash flows from financing activities Proceeds from credit facility borrowings 1,826,000 — — 1,826,000 Payments on credit facility borrowings (1,681,000 ) — — (1,681,000 ) Receipts of other long-term borrowings 1,838,124 — — 1,838,124 Payments of other long-term borrowings (2,186,102 ) (1,212 ) — (2,187,314 ) Payments of financing related costs (54,721 ) — — (54,721 ) Receipts from dividend reinvestment plan 150,847 — — 150,847 Payments for exercised options and restricted stock – net (26,706 ) — — (26,706 ) Net proceeds from issuance of common stock 439,322 — — 439,322 Dividends paid (358,232 ) — — (358,232 ) Distributions to OP Unit holders (11,636 ) — — (11,636 ) Net cash used in financing activities (64,104 ) (1,212 ) — (65,316 ) (Decrease) increase in cash and cash equivalents (2,897 ) 4,055 — 1,158 Effect of foreign currency translation on cash and cash equivalents — (223 ) — (223 ) Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 1,592 $ 3,832 $ — $ 5,424 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands ) Year Ended December 31, 2014 Issuer & Subsidiary Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 221,349 $ 3,142 $ (3,142 ) $ 221,349 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 119,367 3,890 — 123,257 Provision for impairment on real estate properties 3,660 — — 3,660 Provision for uncollectible mortgages, notes and accounts receivable 2,723 — — 2,723 Amortization of deferred financing and refinancing costs 7,479 21 — 7,500 Accretion of direct financing leases (9,787 ) — — (9,787 ) Stock-based compensation 8,592 — — 8,592 Gain on assets sold – net (2,863 ) — — (2,863 ) Amortization of acquired in-place leases - net (4,986 ) — — (4,986 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net (2,264 ) — — (2,264 ) Straight-line rent receivables (20,164 ) (792 ) — (20,956 ) Lease inducements 2,656 — — 2,656 Effective yield receivable on mortgage notes (2,878 ) — — (2,878 ) Other operating assets and liabilities 11,089 (2,694 ) 3,142 11,537 Net cash provided by operating activities 333,973 3,567 — 337,540 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (131,689 ) — — (131,689 ) Placement of mortgage loans (529,548 ) — — (529,548 ) Proceeds from sale of real estate investments 4,077 — — 4,077 Capital improvements to real estate investments (15,525 ) (2,392 ) — (17,917 ) Proceeds from other investments 13,589 — — 13,589 Investments in other investments (9,441 ) — — (9,441 ) Collection of mortgage principal 122,984 — — 122,984 Net cash used in investing activities (545,553 ) (2,392 ) — (547,945 ) Cash flows from financing activities Proceeds from credit facility borrowings 900,000 — — 900,000 Payments on credit facility borrowings (1,141,000 ) — — (1,141,000 ) Receipts of other long-term borrowings 842,148 — — 842,148 Payments of other long-term borrowings (241,369 ) (1,175 ) — (242,544 ) Payments of financing related costs (17,716 ) — — (17,716 ) Receipts from dividend reinvestment plan 71,487 — — 71,487 Payments for exercised options and restricted stock – net (3,577 ) — — (3,577 ) Net proceeds from issuance of common stock 61,981 — — 61,981 Dividends paid (258,501 ) — — (258,501 ) Net cash provided by (used in) financing activities 213,453 (1,175 ) — 212,278 Increase in cash and cash equivalents 1,873 — — 1,873 Cash and cash equivalents at beginning of period 2,616 — — 2,616 Cash and cash equivalents at end of period $ 4,489 $ — $ — $ 4,489 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands ) Year Ended December 31, 2013 Issuer & Subsidiary Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 172,521 $ 2,784 $ (2,784 ) $ 172,521 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 124,834 3,812 — 128,646 Provision for impairment on real estate properties 415 — — 415 Provision for uncollectible mortgages, notes and accounts receivable 2,141 — — 2,141 Amortization of deferred financing and refinancing costs (8,349 ) 16 — (8,333 ) Accretion of direct financing leases (770 ) — — (770 ) Stock-based compensation 5,942 — — 5,942 Loss on assets sold – net 1,151 — — 1,151 Amortization of acquired in-place leases - net (5,083 ) — — (5,083 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 867 — — 867 Straight-line rent receivables (25,901 ) (998 ) — (26,899 ) Lease inducements 3,080 — — 3,080 Effective yield receivable on mortgage notes (1,757 ) — — (1,757 ) Other operating assets and liabilities 10,566 (5,322 ) 2,784 8,028 Net cash provided by operating activities 279,657 292 — 279,949 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (32,515 ) — — (32,515 ) Investment in direct financing leases (528,675 ) — — (528,675 ) Placement of mortgage loans (3,378 ) — — (3,378 ) Proceeds from sale of real estate investments 2,292 — — 2,292 Capital improvements to real estate investments (31,347 ) — — (31,347 ) Proceeds from other investments 30,962 — — 30,962 Investments in other investments (36,655 ) — — (36,655 ) Collection of mortgage principal 485 — — 485 Net cash used in investing activities (598,831 ) — — (598,831 ) Cash flows from financing activities Proceeds from credit facility borrowings 511,000 — — 511,000 Payments on credit facility borrowings (343,000 ) — — (343,000 ) Receipts of other long-term borrowings 159,355 — — 159,355 Payments of other long-term borrowings (114,350 ) (292 ) — (114,642 ) Payments of financing related costs (3,234 ) — — (3,234 ) Receipts from dividend reinvestment plan 55,825 — — 55,825 Payments for exercised options and restricted stock – net (5,774 ) — — (5,774 ) Net proceeds from issuance of common stock 278,373 — — 278,373 Dividends paid (218,116 ) — — (218,116 ) Net cash provided by (used in) financing activities 320,079 (292 ) — 319,787 Increase in cash and cash equivalents 905 — — 905 Cash and cash equivalents at beginning of period 1,711 — — 1,711 Cash and cash equivalents at end of period $ 2,616 $ — $ — $ 2,616 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 22– SUBSEQUENT EVENTS On January 29, 2016, we entered into a Third Amendment to Credit Agreement (the “Third Amendment to Omega Credit Agreement”), which further amended the First Amendment to Omega Credit Agreement to provide, among other things, for a $350 million senior unsecured incremental term loan facility (the “Tranche A-3 Term Loan Facility,” and together with the Tranche A-1 Term Loan Facility and the Tranche A-2 Term Loan Facility, the “Term Loan Facilities”), which was borrowed in full at closing. The Tranche A-3 Term Loan Facility matures on January 29, 2021. The proceeds from this borrowing were used to pay down the Revolving Credit Facility and for general corporate purposes. The Tranche A-3 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings. The Third Amendment to Omega Credit Agreement also permits us, subject to compliance with customary conditions, to increase the Revolving Credit Facility or to add one or more tranches of incremental term loans, or both, by an aggregate principal amount not exceeding $250 million. On February 1, 2016, we acquired 10 SNFs from Laurel for approximately $169.0 million in cash and leased them to an unrelated existing operator. Immediately following our acquisition, the unrelated existing operator acquired all of the outstanding equity interests of Laurel, including the interests previously held by a director of the Company and his family. The director, together with certain members of his immediate family, beneficially owned approximately 34% of the equity of Laurel prior to the transaction. The SNFs, consisting of 985 operating beds are located in Ohio (6), Virginia (3) and Michigan (1). The new master lease has an initial annual cash yield of 8.5% and annual escalators of 2.0% and is cross defaulted to the operator’s existing master lease. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION OMEGA HEALTHCARE INVESTORS, INC. December 31, 2015 (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 Maplewood Connecticut (AL) $ 238,354,341 $ 1,800,767 $ - $ - $ 240,155,108 $ 4,620,737 1968-2015 2015 40 years Massachusetts (AL, SNF) 89,889,681 23,799,252 - - 113,688,933 1,583,999 1988-1994 2015 30 years to 40 years New York (AL) - 116,423,931 - - 116,423,931 - - 2015 - Ohio (AL) 11,863,638 12,115,202 - - 23,978,840 193,134 1999 2015 40 years Total Maplewood 340,107,660 154,139,152 - - 494,246,812 6,397,870 Daybreak Venture: Texas (SNF) 341,097,695 5,534,280 - - 346,631,975 14,909,229 1955-2015 2010-2015 20 years to 40 years Missouri (SNF) 16,599,859 - - - 16,599,859 591,701 1967-1992 2015 26 years to 40 years Total Daybreak Venture 357,697,554 5,534,280 - - 363,231,834 15,500,930 Genesis HealthCare: Alabama (SNF) 23,584,956 6,523,220 - - 30,108,176 16,153,134 1964-1974 1997 33 years California (SNF) 15,618,263 26,652 - - 15,644,915 8,181,493 1927-1972 1997 33 years Colorado (SNF, ILF) 38,341,877 5,444,311 - - 43,786,188 12,219,868 1963-1975 2006 39 years Idaho (SNF) 19,491,960 974,012 - - 20,465,972 5,550,009 1920-1987 1997-2015 20 years to 39 years Massachusetts (SNF) 71,446,102 2,660,093 (8,257,521 ) - 65,848,674 21,355,093 1866-1993 1997-2015 20 years to 39 years New Hampshire (SNF, AL) 21,619,503 1,462,797 - - 23,082,300 7,819,421 1963-1999 1998-2006 33 years to 39 years North Carolina (SNF) 22,652,488 3,550,986 - - 26,203,474 16,264,936 1964-1986 1994-1997 30 years to 33 years Ohio (SNF) 11,653,451 20,246 - - 11,673,697 6,217,229 1968-1983 1997 33 years Rhode Island (SNF) 38,740,812 4,792,882 - - 43,533,694 14,693,658 1965-1981 2006 25 years to 39 years Tennessee (SNF) 7,905,139 2,537,508 - - 10,442,647 6,268,623 1984-1985 1994 30 years Vermont (SNF) 6,322,888 602,296 - - 6,925,184 2,237,449 1971 2004 39 years Washington (SNF) 10,000,000 1,798,844 - - 11,798,844 11,034,888 1965 1995 20 years West Virginia (SNF) 44,277,206 6,528,560 - - 50,805,766 23,068,927 1961-1986 1997-2008 25 years to 33 years Total Genesis HealthCare 331,654,645 36,922,407 (8,257,521 ) - 360,319,531 151,064,728 Other: Alabama (SNF) 11,588,534 6,392,567 - - 17,981,101 12,588,052 1960-1982 1992 31.5 years Arizona (SNF, AL, TBI) 133,762,829 5,712,049 (6,603,745 ) - 132,871,133 21,508,043 1949-1999 1998-2015 20 years to 40 years Arkansas (SNF, AL) (2) 201,572,337 13,169,759 (36,350 ) - 214,705,746 48,640,738 1960-2009 1992-2015 20 years to 40 years California (SNF, TBI) 490,902,316 3,492,869 - - 494,395,185 33,730,723 1938-2013 1997-2015 20 years to 40 years Colorado (SNF) 33,527,071 2,346,167 - - 35,873,238 13,344,365 1958-1973 1998-2011 20 years to 33 years Connecticut 5,324,200 980,393 (5,425,656 ) - 878,937 - 1965 1999 N/A Florida (SNF, AL) 667,833,234 23,362,442 (6,951,897 ) (2,784,718 ) 681,459,061 174,698,077 1925-2009 1992-2015 20 years to 40 years Georgia (SNF, AL) 43,096,820 3,950,028 - - 47,046,848 11,480,058 1964-1998 1998-2015 20 years to 37.5 years Idaho (SNF, AL) 50,889,041 341,170 - - 51,230,211 4,238,429 1911-2008 1999-2015 20 years to 40 years Illinois (SNF) 118,108,747 510,576 - - 118,619,323 10,750,250 1926-1990 1996-2015 20 years to 40 years Indiana (SNF, AL, ILF, SH, MOB) 402,853,211 2,332,364 (3,419,264 ) (2,296,391 ) 399,469,920 61,998,182 1923-2008 1992-2015 20 years to 40 years Iowa (SNF, AL) 70,549,074 2,084,807 - - 72,633,881 10,408,588 1961-1998 1997-2015 20 years to 35 years Kansas (SNF) 53,836,542 3,453,770 - - 57,290,312 2,930,226 1957-1985 2010-2015 20 years to 40 years Kentucky (SNF, AL) 174,052,192 10,314,747 - - 184,366,939 31,640,307 1917-2002 1994-2015 20 years to 40 years Louisiana (SNF) 55,046,915 1,748,900 - - 56,795,815 16,408,775 1957-1983 1997-2006 33 years to 39 years Maryland (SNF) 77,361,184 1,787,838 - - 79,149,022 17,002,780 1921-1985 2010-2011 25 years to 30 years Massachusetts (SNF) 5,804,554 - - - 5,804,554 2,015,500 1964 2009 20 years Michigan (AL, SNF) 168,554,079 25,000 - - 168,579,079 9,134,074 1964-1997 2011-2015 25 years to 38 years Minnesota (SNF, AL, ILF) 61,256,047 160,912 - - 61,416,959 1,696,595 1958-1983 2015 25 years to 40 years Mississippi (SNF) 52,416,905 826,654 - - 53,243,559 12,492,706 1962-1988 2009-2010 20 years to 40 years Missouri (SNF) 130,105,483 518,236 (149,386 ) (3,189 ) 130,471,144 9,968,625 1955-1994 1999-2015 20 years to 40 years Montana (SNF) 12,922,122 - - - 12,922,122 365,003 1963-1971 2015 28 years to 35 years Nebraska (SNF, SH) 24,713,411 - - - 24,713,411 833,206 1963-1969 2015 20 years to 30 years Nevada (SNF, SH, TBI) 56,460,311 6,520,453 - - 62,980,764 7,138,584 1972-2004 2009-2015 26 years to 40 years New Mexico (SNF) 77,417,687 130,323 - - 77,548,010 4,505,927 1960-1989 2008-2015 20 years to 40 years North Carolina (SNF, ILF) 102,450,560 - - - 102,450,560 10,067,103 1927-1992 2010-2015 25 years to 36 years Ohio (SNF, AL, SH) 714,157,279 39,057,863 - (540,000 ) 752,675,142 126,494,171 1920-2008 1994-2015 20 years to 40 years Oklahoma (SNF, AL) 45,178,160 - - - 45,178,160 6,495,153 1965-2013 2010-2015 20 years to 37 years Oregon (SNF, AL) 50,133,027 - - - 50,133,027 1,355,373 1959-2004 2014-2015 20 years to 40 years Pennsylvania (SNF, AL, ILF) 351,858,552 11,281,116 - - 363,139,668 60,983,104 1873-2012 1998-2015 20 years to 40 years South Carolina (SNF) 57,482,493 - - - 57,482,493 3,000,884 1959-1990 2014-2015 20 years to 30 years Tennessee (SNF, AL) 98,233,849 8,046,100 - - 106,279,949 35,719,553 1958-1983 1992-2015 20 years to 40 years Texas (SNF) 348,007,669 15,500,178 (2,079,893 ) (1,820,356 ) 359,607,598 55,453,711 1952-2014 1997-2015 20 years to 40 years United Kingdom (AL) 177,484,058 - - (7,784,463 ) 169,699,595 3,639,903 1750-2000 2015 30 years Utah (SNF) 3,620,000 - - - 3,620,000 124,908 1977 2015 24 years Virginia (SNF) 32,642,987 - - - 32,642,987 550,145 1995 2015 35 years to 39 years Washington (AL, SNF) 152,778,525 65,607 - - 152,844,132 6,493,557 1930-2004 1999-2015 20 years to 40 years West Virginia (SNF) 24,641,423 348,642 - - 24,990,065 6,690,397 1961-1996 1994-2011 33 years to 39 years Wisconsin (SNF, AL) 60,601,506 2,369,865 - (1,500 ) 62,969,871 9,600,375 1930-1994 2009-2015 20 years to 28 years Total Other 5,399,224,934 166,831,395 (24,666,191 ) (15,230,617 ) 5,526,159,521 846,186,150 Total $ 6,428,684,793 $ 363,427,234 $ (32,923,712 ) $ (15,230,617 ) $ 6,743,957,698 $ 1,019,149,678 (1) The real estate included in this schedule is being used in either the operation of skilled nursing facilities (SNF), assisted living facilities (AL), independent living facilities (ILF), tramatic brain injury (TBI), medical office building (MOB) or specialty hospitals (SH) located in the states indicated. (2) Certain of the real estate indicated are security for the HUD loan borrowings totaling $56,204,170 at December 31, 2015. Year Ended December 31, (3) 2013 2014 2015 Balance at beginning of period $ 3,038,552,898 $ 3,099,547,182 $ 3,223,785,295 Acquisitions 35,529,419 131,689,483 3,371,233,860 Impairment (414,687 ) (3,660,381 ) (12,916,233 ) Improvements 31,346,919 17,916,855 220,272,401 Disposals/other (5,467,367 ) (21,707,844 ) (58,417,625 ) Balance at close of period $ 3,099,547,182 $ 3,223,785,295 $ 6,743,957,698 (4) 2013 2014 2015 Balance at beginning of period $ 580,373,211 $ 707,409,888 $ 821,711,991 Provisions for depreciation 128,523,788 123,141,880 210,554,569 Dispositions/other (1,487,111 ) (8,839,777 ) (13,116,882 ) Balance at close of period $ 707,409,888 $ 821,711,991 $ 1,019,149,678 (5) The reported amount of our real estate at December 31, 2015 is greater than the tax basis of the real estate by approximately $1.1 billion. |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE OMEGA HEALTHCARE INVESTORS, INC. December 31, 2015 Grouping Description (1) Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages (2) (3) Principal Amount of Loans Subject to Delinquent Principal or Interest 1 Florida (3 SNF facilities) 11.04 % 2030 Interest payable monthly None $ 15,900,000 $ 15,780,156 2 Louisiana (1 AL facility) 8.75 % 2018 Interest payable monthly None 2,939,312 2,939,312 3 Maryland (7 SNF facilities) 11.00 % 2023 Interest payable monthly None 74,927,751 69,927,759 4 Maryland (1 SNF facility) 12.00 % 2046 Interest payable monthly None 10,000,000 10,000,000 - 5 Maryland (1 SNF facility) 12.00 % 2046 Interest payable monthly None 9,500,000 9,500,000 - 6 Maryland (1 SNF facility) 12.00 % 2046 Interest payable monthly None 5,500,000 5,500,000 - 7 Michigan (31 SNF facilities) 9.23 % 2029 Interest plus $96,000 of principal payable monthly None 415,000,000 413,399,042 8 Michigan (1 SNF facility) 10.51 % 2021 Interest payable monthly None 3,382,260 3,382,260 - 9 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 692,446 692,446 - 10 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 439,925 439,925 - 11 Michigan (1 SNF facility) 10.25 % 2021 Interest payable monthly None 3,521,113 3,521,113 - 12 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 175,900 175,900 - 13 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 49,008 49,008 - 14 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 66,087 66,087 - 15 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 674,541 674,541 - 16 Michigan (1 SNF facility) 10.00 % 2029 Interest payable monthly None 384,343 384,343 - 17 Michigan (1 SNF facility) 12.00 % 2046 Interest payable monthly None 1,500,000 1,500,000 - 18 Missouri (1 SNF facility) and Tennessee ( 1 SNF facility) 8.35 % 2015 Interest plus $8,800 of principal payable monthly None 6,997,610 6,445,399 19 Ohio (2 SNF facilities) and Pennsylvania (5 SNF and 2 AL facilities) 9.64 % 2024 Interest payable monthly None 112,500,000 112,500,000 - 20 Ohio (1 SNF facility) 12.00 % 2022 Interest plus $2,400 of principal payable monthly None 6,112,406 6,023,197 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 112,100 112,100 - 12.00 % 2022 Interest payable monthly None 194,806 194,806 - 21 Ohio (1 SNF facility) 11.42 % 2018 Interest payable monthly None 11,874,013 12,508,966 22 South Carolina (1 AL facility) 8.75 % 2018 Interest payable monthly None 1,134,935 1,134,935 - 23 Virginia (1 AL facility) 8.75 % 2018 Interest payable monthly None 1,802,533 1,802,533 - $ 686,522,497 $ 679,795,236 (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) 2013 2014 2015 Balance at beginning of period $ 238,621,161 $ 241,514,812 $ 648,078,550 Additions during period - Placements 3,378,357 529,547,836 33,288,320 Deductions during period - collection of principal/other (484,706 ) (122,984,098 ) (1,571,634 ) Balance at close of period $ 241,514,812 $ 648,078,550 $ 679,795,236 |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurement | Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: · Level 1 - quoted prices for identical instruments in active markets; · Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. |
Risks and Uncertainties | Risks and Uncertainties 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 rising cost of healthcare services (see Note 9 – Concentration of Risk). |
Business Combinations | Business Combinations We record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at their fair value. In making estimates of fair value for purposes of recording the purchase, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities as well as other critical valuation metrics such as capitalization rates and discount rates used to estimate the fair value of the tangible and intangible assets acquired (Level 3). When liabilities are assumed as part of a transaction, we consider information obtained about the liabilities and use similar valuation metrics (Level 3). In some instances when debt is assumed and an identifiable active market for similar debt is present, we use market interest rates for similar debt to estimate the fair value of the debt assumed (Level 2). The Company determines fair value as follows: · Land is determined based on third party appraisals. · Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as replacement cost analysis. · Furniture and fixture is determined based on third party appraisals. · Intangible assets acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. For additional information regarding above and below market leases assumed as part of an acquisition see “In-Place Leases" below. · Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. · Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. · Stock based compensation and noncontrolling interests are valued using a stock price on the acquisition date. · Goodwill represents the purchase price in excess of the fair value of assets acquired and liabilities assumed and the cost associated with expanding our investment portfolio. Goodwill is not amortized. |
Real Estate Investments and Depreciation | Real Estate Investments and Depreciation The costs of significant improvements, renovations and replacements, including interest are capitalized. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are charged to operations as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight to 15 years for site improvements, and three to 10 years for furniture, fixtures and equipment. Leasehold interests are amortized over the shorter of the estimated useful life or term of the lease. As of December 31, 2015 and 2014, 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, 2015 and 2014, 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, 2015 and 2014. |
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 but seven of our leases should be accounted for as operating leases. The other seven 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 “Business Combinations” and “Real Estate Investments and Depreciation” above for additional information regarding our investment in real estate leased under operating lease agreements. We also record lease revenue based on the contractual terms of the operating lease agreement which often includes annual rent escalators, see “Revenue Recognition” below for further discussion regarding the recordation of revenue on our operating leases. For leases accounted for as , 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 |
In-Place Leases | In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of a facility purchase or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases, and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases (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 income over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the Lease Intangible is recognized immediately as income or expense. As of December 31, 2015 and 2014, we had $110.2 million and $20.4 million, respectively, of below market lease liabilities and $7.8 million and $2.4 million, respectively, of above market lease assets recorded on our Consolidated Balance Sheets. We expect net amortization of the in-place leases to increase rental income by: (in millions) 2016 $ 16.0 2017 14.8 2018 13.1 2019 12.0 2020 11.7 Thereafter 34.8 Total $ 102.4 For the years ended December 31, 2015, 2014 and 2013, we have amortized $13.8 million, $5.0 million and $5.1 million, respectively, as a net increase to rental income. Amounts presented above include the preliminary purchase accounting for the Aviv Merger, see Note 3 - Properties. For additional information, see Note 8 – Intangibles. |
Asset Impairment | Asset Impairment Management 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 . 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, 2015, 2014 and 2013, we recognized impairment losses of $17.7 million, $3.7 million and $0.4 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 and Note 7 – Assets Held For Sale. |
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 for impairment. 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 account for impaired loans and direct financing leases using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans or direct financing leases for which impairment reserves were recorded. We utilize the cash basis method for impaired loans or direct financing leases for which no impairment reserves were recorded because the net present value of the discounted cash flows expected under the loan or direct financing lease and or the underlying collateral supporting the loan or direct financing lease were equal to or exceeded the book value of the loans or direct financing leases. Under the cost-recovery method, we apply cash received against the outstanding loan balance or direct financing lease prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. As of December 31, 2015 we had $3.0 million of reserves on our loans and no reserves on our direct financing leases. As of December 31, 2014, we had no reserves on our loans or direct financing leases. For additional information, see Note 4 – Direct Financing Leases, Note 5 – Mortgage Notes Receivable and Note 6 – Other Investments. |
Assets Held for Sale | Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property's value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. For additional information, see Note 7 – Assets Held for Sale. |
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 10 – 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 are 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, 2015 2014 (in thousands) Contractual receivables $ 8,452 $ 4,799 Effective yield interest receivables 9,028 6,232 Straight-line receivables 175,709 143,652 Lease inducements 10,982 13,571 Allowance (309 ) (78 ) Accounts receivable – net $ 203,862 $ 168,176 We continuously evaluate the payment history and financial strength of our operators and have historically established allowance reserves for straight-line rent receivables from 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. In 2015, we wrote-off $3.2 million of straight-line rent receivables and $1.5 million of effective yield interest receivables associated with four facilities that will transition to a new operator and three mortgages that will be repaid prior to their maturity. This transaction closed in 2016. In 2014, we wrote-off (i) $0.8 million of straight-line rent receivables associated with a lease amendment to an existing operator for two facilities that were transitioned to a new operator and (ii) $2.0 million of effective yield interest receivables associated with the termination of a mortgage note that was due November 2021. See Note 3 – Properties and Note 5 – Mortgage Notes Receivable for additional information. |
Goodwill Impairment | Goodwill Impairment We assess goodwill for potential impairment during the fourth quarter of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. In evaluating goodwill for impairment, we first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of the reporting unit is less than its carrying amount. If we conclude that it is more likely than not that the fair value of the reporting unit is less than its carrying value, then we perform a two-step goodwill impairment test to identify potential impairment and measure the amount of impairment we will recognize, if any. We do not expect any of the goodwill to be deductible for tax purposes. In the first step of the two-step goodwill impairment test (“Step 1”), we compare the fair value of the reporting unit to its net book value, including goodwill. As the Company has only one reporting unit, the fair value of the reporting unit is determined by reference to the market capitalization of the Company as determined through quoted market prices and adjusted for other relevant factors. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step (“Step 2”) of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair value of the reporting unit's net assets other than goodwill and the fair value of the reporting unit. If the difference is less than the net book value of goodwill, impairment exists and is recorded. In the event that the Company determines that the value of goodwill has become impaired, the Company will record an accounting charge for the amount of impairment during the fiscal quarter in which the determination is made. The Company has not been required to perform Step 2 of the process because the fair value of the reporting unit has significantly exceeded its book value at the measurement date. There was no impairment of goodwill during 2015. |
Income Taxes | Income Taxes We were organized to qualify for taxation as a REIT under Section 856 through 860 of the Internal Revenue Code (“Code”). As long as we qualify as a REIT; we will not be subject to federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRSs”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. For additional information on income taxes, see Note 13 – Taxes. |
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 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 (e.g. 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. Mortgage interest income is recognized as earned over the terms of the related mortgage notes, using the effective yield method. Allowances are provided against earned revenues from mortgage interest when collection of amounts due becomes questionable or when negotiations for restructurings of troubled operators lead to lower expectations regarding ultimate collection. When collection is uncertain, mortgage interest income on impaired mortgage loans is recognized as received after taking into account application of security deposits. 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. |
Stock-Based Compensation | Stock-Based Compensation We recognize stock-based compensation expense adjusted for estimated forfeitures to employees and directors, in “general and administrative” in our Consolidated Statements of Operations and Comprehensive Income on a straight-line basis over the requisite service period of the awards, see Note 16 – Stock-Based Compensation for additional details. |
Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance | Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance External costs incurred from 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 Sheets. Original issuance premium or discounts reflect the difference between the face amount of the debt issued and the cash proceeds received and are amortized on a straight-line basis over the term of the related borrowings. All premium and discounts are recorded as an addition to or reduction from debt in our Consolidated Balance Sheets. Amortization of financing costs and original issuance premium or discounts total $7.0 million, $4.5 million and $2.8 million in 2015, 2014 and 2013, respectively, and are classified as “interest - amortization of deferred financing costs” in our Consolidated Statements of Operations and Comprehensive Income. When financings are terminated, unamortized deferred financing costs and unamortized premium or discounts, as well as charges incurred for the termination, are recognized as expense or income at the time the termination is made. Gains and losses from the extinguishment of debt are presented in “interest-refinancing (costs) gain” in our Consolidated Statements of Operations and Comprehensive Income. |
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. Diluted EPS is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including stock options, restricted stock and performance restricted stock units and the assumed issuance of additional shares related to Omega OP Units held by outside investors. 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. The impact of the two class method is immaterial. For additional information, see Note 20 – Earnings Per Share. |
Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests | Redeemable Limited Partnership Unitholder Interests and Noncontrolling Interests As of April 1, 2015 and after giving effect to the Aviv Merger, the Company owned approximately 138.8 million Omega OP Units and Aviv OP owned approximately 52.9 million Omega OP Units. Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to the Company’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in the Partnership Agreement. Effective June 30, 2015, the Company (through Merger Sub, in its capacity as the general partner of Aviv OP) caused Aviv OP to make a distribution of Omega OP Units held by Aviv OP (or equivalent value) to Aviv OP investors (the “Aviv OP Distribution”) in connection with the liquidation of Aviv OP. As a result of the Aviv OP Distribution, Omega directly and indirectly owned approximately 95% of the outstanding Omega OP Units, and the other investors own approximately 5% of the outstanding Omega OP Units. As a part of the Aviv OP Distribution, Omega settled approximately 0.2 million units via cash settlement. As of December 31, 2015, Omega directly and indirectly owns approximately 95% of the outstanding Omega OP Units, and the other investors own approximately 5% of the outstanding Omega OP Units. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests is the portion of equity in the Omega OP not attributable to the Company. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our Consolidated Balance Sheets. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations and Comprehensive Income. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest. |
Foreign Operations | Foreign Operations The U.S. dollar is the functional currency for our consolidated subsidiaries operating in the United States. The functional currency for our consolidated subsidiaries operating in countries other than the United States is the principal currency in which the entity primarily generates and expends cash. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate their financial statements into the U.S. dollar. We translate assets and liabilities at the exchange rate in effect as of the financial statement date. Gains and losses resulting from this translation are included in accumulated other comprehensive loss (“AOCL”) as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Revenue and expense accounts are translated using an average exchange rate for the period. We and certain of our consolidated subsidiaries may have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in results of operations, unless it is intercompany debt that is deemed to be long-term in nature and then the adjustments are included in AOCL. |
Derivative Instruments | Derivative Instruments During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities in the Consolidated Balance Sheets at their fair value. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivatives designated as qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in AOCL as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest, whereas the change in fair value of the ineffective portion is recognized in earnings. We formally document all relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific forecasted transactions as well as recognized obligations or assets in the Consolidated Balance Sheets. We also assess and document, both at inception of the hedging relationship and on a quarterly basis thereafter, whether the derivatives are highly effective in offsetting the designated risks associated with the respective hedged items. If it is determined that a derivative ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue hedge accounting prospectively and record the appropriate adjustment to earnings based on the current fair value of the derivative. As a matter of policy, we do not use derivatives for trading or speculative purposes. At December 31, 2015, we had $0.7 million of qualifying cash flow hedges recorded at fair value in accrued expenses and other liabilities on our Consolidated Balance Sheet. |
Related Party Transactions | Related Party Transactions The Company has a policy which generally requires related party transactions to be approved or ratified by the Audit Committee. As part of our acquisition of entities owning 143 skilled nursing facilities in June 2010, we acquired entities owning skilled nursing facilities with existing leases in place to LHCC Properties, LLC (“LHCC”) a subsidiary of Laurel Healthcare Holdings, Inc. (“Laurel”). A member of the Board of Directors of the Company, together with certain members of his immediate family, beneficially owned approximately 34% of the equity of Laurel. Our lease with LHCC generated approximately $1 million of rental income in both 2014 and 2013. In connection with the Aviv Merger, we acquired operating leases with LHCC for an additional 28 facilities. Together, our leases with LHCC generated approximately $23.0 million of rental income in 2015. In 2016, the Company acquired 10 SNFs from Laurel and an unrelated third party acquired all of the outstanding equity interests of Laurel, including the interests previously owned by the director and his family as further described within Note 22 –Subsequent Events. |
Reclassification | Reclassification Certain prior year amounts have been reclassified to conform with the current year presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Interest—Imputation of Interest In August 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2016 $ 16.0 2017 14.8 2018 13.1 2019 12.0 2020 11.7 Thereafter 34.8 Total $ 102.4 |
Schedule of summary of net receivables | A summary of our net receivables by type is as follows: December 31, 2015 2014 (in thousands) Contractual receivables $ 8,452 $ 4,799 Effective yield interest receivables 9,028 6,232 Straight-line receivables 175,709 143,652 Lease inducements 10,982 13,571 Allowance (309 ) (78 ) Accounts receivable – net $ 203,862 $ 168,176 |
PROPERTIES (Tables)
PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |
Schedule of investment in leased real estate properties | A summary of our investment in leased real estate properties is as follows: December 31, 2015 2014 (in thousands) Buildings $ 5,514,820 $ 2,745,872 Site improvements and equipment 558,222 227,411 Land 670,916 250,502 6,743,958 3,223,785 Less accumulated depreciation (1,019,150 ) (821,712 ) Total $ 5,724,808 $ 2,402,073 |
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, 2015: (in thousands) 2016 $ 628,906 2017 638,232 2018 619,251 2019 592,657 2020 600,652 Thereafter 3,198,157 Total $ 6,277,855 |
Schedule of preliminary fair value of the assets acquired and liabilities assumed | The following table highlights the preliminary fair value of the assets acquired and liabilities assumed on April 1, 2015: (in thousands) Estimated fair value of assets acquired: Land and buildings $ 3,108,078 Investment in direct financing leases 26,823 Mortgages notes receivable 19,246 Other investments 23,619 Total investments 3,177,766 Goodwill 630,404 Accounts receivables and other assets 15,500 Cash acquired 84,858 Fair value of total assets acquired $ 3,908,528 Estimated fair value of liabilities assumed: Accrued expenses and other liabilities $ 221,631 Debt 1,410,637 Fair value of total liabilities assumed 1,632,268 Value of shares and OP units exchanged (a) 2,276,260 Fair value of consideration $ 3,908,528 (a) Includes the fair value of stock compensation plans assumed. |
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, 2015 2014 (in thousands, except per share amounts, unaudited) Pro forma revenues $ 817,642 $ 789,270 Pro forma net income $ 258,927 $ 318,271 Earnings per share – diluted: Net income – as reported $ 1.29 $ 1.74 Net income – pro forma $ 1.33 $ 1.74 |
2015 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of acquisitions and other | 2015 Acquisitions and Other Number of Facilities Number of Total Land Building & Site Furniture Initial Cash Yield Period SNF ALF State Beds Investment (in millions) (%) Q1 1 - TX 93 $ 6.8 $ 0.1 $ 6.1 $ 0.6 9.50 Q3 6 - NE 530 15.0 1.4 12.1 1.5 9.00 Q3 1 2 WA 136 18.0 2.2 14.9 0.9 8.00 Q3 - 2 GA 125 10.8 1.2 9.0 0.6 7.00 Q3 1 - VA 300 28.5 (1) 1.9 24.2 2.4 9.25 Q3 2 - FL 260 32.0 (4) 1.4 29.0 1.6 9.00 Q3 - - NY - 111.7 (2)(3) 111.7 - - - Q4 1 - AZ 6 0.6 (3) 0.3 0.3 - 9.00 Q4 1 - TX 92 5.3 1.8 3.0 0.5 9.50 Total 13 4 1,542 $ 228.7 $ 122.0 $ 98.6 $ 8.1 (1) In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. (2) On July 24, 2015, we purchased five buildings located in New York City, New York for approximately $111.7 million. We and our operator plan to construct a 201,000 square-foot assisted living and memory care facility. The properties were added to the operator’s existing master lease. The lease provides for a 5% annual cash yield on the land during the construction phase. Upon issuance of a certification of occupancy, the annual cash yield will increase to 7% in year one and 8% in year two with annual 2.5% annual escalators thereafter. (3) Accounted for as an asset acquisition. (4) The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment one the analyses are completed. |
2014 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of acquisitions and other | 2014 Acquisitions and Other Number of Facilities Number of Total Land Building & Site Improvements Furniture & Fixtures Initial Yield Period SNF ALF State Operating Beds Investment (in millions) (%) Q1 - 1 AZ 90 $ 4.7 $ 0.4 $ 3.9 $ 0.4 9.75 Q2/Q3 3 - GA, SC 345 34.6 0.9 32.1 1.6 9.50 Q3 1 - TX 125 8.2 0.4 7.4 0.4 9.75 Q4 - 4 PA,OR,AR 371 84.2 5.1 76.7 2.4 6.00 4 5 931 $ 131.7 $ 6.8 $ 120.1 $ 4.8 |
2013 Acquisitions and Other | |
Real Estate Properties [Line Items] | |
Schedule of acquisitions and other | 2013 Acquisitions and Other Number of Facilities Number of Total Land Building & Site Furniture Initial Cash Period SNF ALF State Beds Investment (in millions) (%) Q4 - 1 FL 97 $ 10.3 $ 0.6 $ 9.0 $ 0.7 7.25 Q4 4 - IN 384 25.2 (1) 0.7 21.8 2.7 9.70 Total 4 1 481 $ 35.5 $ 1.3 $ 30.8 $ 3.4 (1) On October 31, 2013, we recorded approximately $3.0 million to below market leases as a result of the transaction for a total investment of $25.2 million. |
DIRECT FINANCING LEASES (Tables
DIRECT FINANCING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (in thousands) Minimum lease payments receivable $ 4,320,876 $ 4,244,067 Less unearned income (3,733,175 ) (3,704,835 ) Investment in direct financing leases - net $ 587,701 $ 539,232 Properties subject to direct financing leases 59 56 |
Schedule Of Investment In The Direct Financing Leases By Operator | The following table summarizes the investment in the direct financing leases by operator: December 31, 2015 2014 (in thousands) New Ark $ 560,308 $ 539,232 Reliance Health Care Management, Inc. 15,509 - Sun Mar Healthcare 11,381 - Markleysburg Healthcare Investors, LP 503 - Investment in direct financing leases - net $ 587,701 $ 539,232 |
Schedule of minimum rents due under direct financing leases | As of December 31, 2015, the following minimum rents are due under our direct financing leases for the next five years (in thousands): Year 1 Year 2 Year 3 Year 4 Year 5 $50,141 $50,647 $51,905 $53,180 $54,475 |
MORTGAGE NOTES RECEIVABLE (Tabl
MORTGAGE NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (in thousands) Mortgage note due 2023; interest at 11.00% $ 69,928 $ 69,928 Mortgage note due 2024; interest at 9.64% 112,500 112,500 Mortgage note due 2029; interest at 9.23% 413,399 414,550 Other mortgage notes outstanding (1) 83,968 51,101 Mortgage notes receivable, gross 679,795 648,079 Allowance for loss on mortgage notes receivable — — Total mortgages — net $ 679,795 $ 648,079 (1) Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2046. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of other investments | A summary of our other investments is as follows: December 31, 2015 2014 (in thousands) Other investment note due 2015; interest at 10.00% $ — $ 5,439 Other investment note due 2020; interest at 10.00% 23,000 20,000 Other investment note due 2023; interest at 9.00% 5,470 — Other investment note due 2030; interest at 6.66% 26,966 — Other investment notes outstanding (1) 36,823 23,513 Other investments, gross 92,259 48,952 Allowance for loss on other investments (2,960) — Total other investments $ 89,299 $ 48,952 (1) Other investment notes have maturity dates through 2027 and interest rates ranging from 6.50% to 12.0%. |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of properties held-for-sale | Properties Held-For-Sale Number of Net Book Value December 31, 2013 (1) 4 $ 1,356 Properties sold (2) (3 ) (686 ) Properties added 3 12,122 December 31, 2014 (1) 4 $ 12,792 Properties sold/other (3) (5 ) (16,877 ) Properties added (4) 4 10,684 December 31, 2015 (5) 3 $ 6,599 (1) Includes one parcel of land and three facilities. (2) In 2014, we sold these facilities for approximately $2.8 million in net proceeds recognizing a gain on sale of approximately $2.0 million. (3) In 2015, the parcel of land was reclassified to closed facilities. In addition, we sold four facilities for approximately $25.5 million in net proceeds recognizing a gain on sale of approximately $8.8 million. (4) In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. (5) Includes three facilities. |
INTANGIBLES (Tables)
INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangibles | The following is a summary of our intangibles as of December 31, 2015 and 2014: December 31, 2015 2014 (in thousands) Assets: Goodwill $ 645,683 $ — Above market lease intangibles $ 21,901 14,576 In-place lease intangibles 386 — Accumulated amortization (14,162 ) (12,166 ) Net intangible assets $ 8,125 $ 2,410 Liabilities: Below market lease intangibles $ 165,331 $ 59,785 Accumulated amortization (55,131 ) (39,352 ) Net intangible liabilities $ 110,200 $ 20,433 |
Schedule of reconciliation of goodwill | The following is a reconciliation of our goodwill as of December 31 2015: (in thousands) Balance as of December 31, 2014 $ — Balance as of March 31, 2015 — Add: Aviv Merger 526,807 Add: acquisition of Care Homes 15,701 Add: foreign currency translation 585 Balance as of June 30, 2015 543,093 Add: additional valuation adjustments related to preliminary valuations (see Note 3 – Aviv Merger) 12,261 Less: foreign currency translation (605 ) Balance as of September 30, 2015 554,749 Add: additional valuation adjustments related to preliminary valuations (see Note 3 – Aviv Merger) 91,336 Add: additional valuation adjustments related to preliminary valuations (see Note 3 – Care Homes acquisition) 5 Less: foreign currency translation (407 ) Balance as of December 31, 2015 $ 645,683 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term borrowings | The following is a summary of our long-term borrowings: Rate as of December 31, December 31, Maturity 2015 2015 2014 (in thousands) Secured borrowings: GE term loan 2019 4.00 % $ 180,000 $ — HUD mortgages assumed June 2010 — — — 120,665 HUD mortgages assumed October 2011 — — — 24,441 HUD mortgages assumed December 2011 (1) 2044 3.06 % 56,204 57,416 HUD mortgages assumed December 2012 — — — 35,358 236,204 237,880 Premium – net — 13,574 Total secured borrowings 236,204 251,454 Unsecured borrowings: Revolving line of credit 2018 1.72 % 230,000 85,000 Tranche A-1 term loan 2019 1.92 % 200,000 200,000 Tranche A-2 term loan 2017 1.77 % 200,000 — Omega OP term loan 2017 1.77 % 100,000 — 2015 term loan 2022 2.14 % 250,000 — 980,000 285,000 2020 notes — — — 200,000 2022 notes — — — 575,000 2024 notes 2024 5.875 % 400,000 400,000 2024 notes 2024 4.95 % 400,000 400,000 2025 notes 2025 4.50 % 250,000 250,000 2026 notes 2026 5.25 % 600,000 — 2027 notes 2027 4.50 % 700,000 — Subordinated debt 2021 9.00 % 20,000 20,000 2,370,000 1,845,000 Discount - net (17,118 ) (2,951 ) Total unsecured borrowings 3,332,882 2,127,049 Total – net $ 3,569,086 $ 2,378,503 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2015 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $95.4 million. |
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | The required principal payments, excluding the premium or discount on our secured and unsecured borrowings, for each of the five years following December 31, 2015 and the aggregate due thereafter are set forth below: (in thousands) 2016 $ 1,249 2017 301,288 2018 231,328 2019 381,370 2020 1,412 Thereafter 2,669,557 Totals $ 3,586,204 |
Schedule of refinancing related costs | The following summarizes the refinancing related costs: Year Ended December 31, 2015 2014 2013 (in thousands) Write off of deferred financing cost and unamortized premiums due to refinancing (1) (2)(3) $ (7,134 ) $ 1,180 $ (11,278 ) Prepayment and other costs associated with refinancing (4) 35,971 1,861 166 Total debt extinguishment costs (gain) $ 28,837 $ 3,041 $ (11,112 ) (1) In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our 2020 Notes, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. (2) In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the 2012 Credit Facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our 2013 Term Loan Facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. (3) In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the unamortized premium for debt assumed on 11 HUD mortgage loans that we paid off in May 2013. (4) In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of the carrying amounts and fair values of financial instruments | At December 31, 2015 and 2014, the carrying amounts and fair values of our financial instruments were as follows: 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Cash and cash equivalents $ 5,424 $ 5,424 $ 4,489 $ 4,489 Restricted cash 14,607 14,607 29,076 29,076 Investments in direct financing leases – net 587,701 584,358 539,232 539,232 Mortgage notes receivable – net 679,795 687,130 648,079 642,626 Other investments – net 89,299 90,745 48,952 49,513 Totals $ 1,376,826 $ 1,382,264 $ 1,269,828 $ 1,264,936 Liabilities: Revolving line of credit $ 230,000 $ 230,000 $ 85,000 $ 85,000 Tranche A-1 term loan 200,000 200,000 200,000 200,000 Tranche A-2 term loan 200,000 200,000 — — Omega OP term loan 100,000 100,000 — — 2015 term loan 250,000 250,000 — — 7.50% notes due 2020 – net — — 198,235 264,269 6.75% notes due 2022 – net — — 580,410 677,851 5.875% notes due 2024 – net 400,000 429,956 400,000 449,242 4.95% notes due 2024 – net 395,333 403,064 394,768 410,358 4.50% notes due 2025 – net 248,099 242,532 247,889 244,053 5.25% notes due 2026 – net 598,343 612,760 — — 4.50% notes due 2027 – net 690,494 667,651 — — GE term loan due 2019 180,000 180,000 — — HUD debt – net 56,204 52,678 251,454 266,434 Subordinated debt – net 20,613 24,366 20,747 26,434 Totals $ 3,569,086 $ 3,593,007 $ 2,378,503 $ 2,623,641 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013, 2014 and 2015: Number of Weighted - Compensation Cost (1) (in millions) 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 Granted during 2014 143,637 30.70 $ 4.4 Vested during 2014 (90,901 ) 28.87 Non-vested at December 31, 2014 309,934 $ 30.08 Granted during 2015 232,533 39.25 $ 9.1 Assumed in Aviv Merger (2) 38,268 23.50 $ 0.9 Cancelled during 2015 (61,911 ) 33.77 Vested during 2015 (106,146 ) 28.72 Non-vested at December 31, 2015 412,678 $ 34.44 (1) Total compensation cost to be recognized on the awards based on grant date fair value, which is based on the market price of the Company’s common stock on the date of grant. (2) Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. |
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, 2012 January 1, 2013 December 31, 2013 and January 1, 2014 March 31, 2015 April 1, 2015 July 31, 2015 Closing price on date of grant $ 19.35 $ 23.85 $ 29.80 $ 40.57 $ 40.74 $ 36.26 Dividend yield 8.27 % 4.24% 6.44% 5.23% 5.20% 6.07% Risk free interest rate at time of grant 0.03% to 0.35% 0.05% to 0.43% 0.04% to 0.86% 0.10% to 0.94% 0.09% to 0.91% 0.13% to 1.08% Expected volatility 35.64% to 38.53% 15.56% to 23.83% 24.16% to 25.86% 20.06% to 21.09% 20.06% to 21.08% 20.06% to 20.21% |
Schedule of activity in PRSU | The following table summarizes the activity in PRSUs for the years ended December 31, 2013, 2014 and 2015: Number of Weighted- Average Grant- Date Fair Value per Share Compensation Cost (1) (in millions) 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 Granted during 2014 309,168 11.46 $ 3.5 Vested during 2014 (2) (496,979 ) 10.75 Non-vested at December 31, 2014 850,213 $ 10.97 Granted during 2015 537,923 18.51 $ 10.0 Cancelled during 2015 (165,570 ) 14.11 Forfeited during 2015 (128,073 ) 12.04 Vested during 2015 (2) (181,406 ) 10.10 Non-vested at December 31, 2015 913,087 $ 14.87 (1) Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. |
Schedule of total unrecognized compensation cost associated with outstanding restricted stock, restricted stock units and PRSU awards to employees | The following table summarizes our total unrecognized compensation cost as of December 31, 2015 associated with restricted stock, restricted stock units, PRSU awards, and LTIP Unit awards to employees: Grant Shares/ Units Grant Date Total Compensation Cost (in millions) (1) Weighted Unrecognized Performance Vesting RSUs 2013 RSU 2013 195,822 $ 29.80 $ 5.8 36 $ 1.9 N/A 12/31/14 - 12/31/16 2014 RSU 2014 106,778 29.80 3.2 36 1.1 N/A 12/31/2016 3/31/15 RSU 2015 109,585 40.57 4.4 33 3.2 N/A 12/31/2017 4/1/15 RSU 2015 39,914 40.74 1.6 33 1.2 N/A 12/31/2017 Assumed Aviv RSU 2015 10,644 12.36 0.1 9 - N/A 12/31/2015 Assumed Aviv RSU 2015 19,825 24.92 0.5 21 0.3 N/A 12/31/2016 Assumed Aviv RSU 2015 7,799 35.08 0.3 33 0.2 N/A 12/31/15-12/31/17 7/31/15 RSU 2015 23,902 36.26 0.9 5 - N/A 12/31/2015 Restricted Stock Units Total 514,269 $ 32.78 $ 16.8 $ 7.9 TSR PRSUs and LTIP Units 2015 Transition TSR (2) 2013 67,885 7.47 0.5 24 - 12/31/2013-12/31/2015 12/31/2015 2016 Transition TSR 2013 101,591 8.67 0.9 36 0.3 12/31/2013-12/31/2016 12/31/2016 2016 TSR 2014 135,634 8.67 1.2 48 0.6 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 LTIP Units 2015 137,249 14.66 2.0 45 1.6 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 LTIP Units 2015 54,151 14.80 0.8 45 0.6 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2015 Transition TSR (3) 2015 9,484 27.20 0.3 5 - 12/31/2013-12/31/2015 12/31/2015 7/31/15 2016 Transition TSR 2015 22,091 18.51 0.4 5 - 12/31/2013-12/31/2016 12/31/2016 7/31/15 2017 LTIP Units 2015 5,823 8.78 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 TSR PRSUs & LTIP Total 533,908 $ 11.42 $ 6.2 $ 3.1 Relative TSR PRSUs 2015 Transition Relative TSR (4) 2013 67,884 13.05 0.9 24 - 12/31/2013-12/31/2015 12/31/2015 2016 Transition Relative TSR 2013 101,588 14.24 1.4 36 0.5 12/31/2013-12/31/2016 12/31/2016 2016 Relative TSR 2014 135,634 14.24 1.9 48 1.0 1/1/2014-12/31/2016 Quarterly in 2017 3/31/15 2017 Relative TSR 2015 137,249 22.50 3.1 45 2.5 1/1/2015-12/31/2017 Quarterly in 2018 4/1/2015 2017 Relative TSR 2015 54,151 22.91 1.2 45 1.0 1/1/2015-12/31/2017 Quarterly in 2018 7/31/15 2015 Relative TSR (5) 2015 9,484 18.85 0.2 5 - 1/1/2014-12/31/2015 12/31/2015 7/31/15 2016 Relative TSR 2015 22,100 19.60 0.4 5 - 1/1/2014-12/31/2016 12/31/2016 7/31/15 2017 Relative TSR 2015 5,826 17.74 0.1 5 - 1/1/2015-12/31/2017 12/31/2017 Relative TSR PRSUs Total 533,916 $ 17.44 $ 9.2 $ 5.0 Grand Total 1,582,093 $ 20.39 $ 32.2 $ 16.0 (1) Total compensation costs are net of shares cancelled. (2) The shares/unit information includes 30,872 shares/units that were determined to be forfeited because the performance goal was not achieved. (3) The shares/unit information includes 4,231 shares/units that were determined to be forfeited because the performance goal was not achieved. (4) The shares/unit information includes 67,884 shares/units that were determined to be forfeited because the performance goal was not achieved. (5) The shares/unit information includes 9,484 shares/units that were determined to be forfeited because the performance goal was not achieved. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Common Ordinary income $ 1.133 $ 1.834 $ 1.536 Return of capital 1.047 0.186 0.324 Total dividends paid $ 2.180 $ 2.020 $ 1.860 |
SUMMARY OF QUARTERLY RESULTS 44
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following summarizes quarterly results of operations for the years ended December 31, 2015 and 2014. March 31 June 30 September 30 December 31 (in thousands, except per share amounts) 2015 Revenues $ 133,420 $ 197,711 $ 201,974 $ 210,512 Net income 43,052 43,466 83,254 63,543 Net income available to common stockholders 43,052 41,428 79,402 60,642 Net income available to common per share: Basic $ 0.32 $ 0.23 $ 0.43 $ 0.32 Net income per share: Diluted $ 0.32 $ 0.22 $ 0.43 $ 0.32 Cash dividends paid on common stock $ 0.53 $ 0.54 $ 0.55 $ 0.56 2014 Revenues $ 121,001 $ 121,800 $ 130,665 $ 131,321 Net income 55,829 46,817 61,713 56,990 Net income available to common stockholders 55,829 46,817 61,713 56,990 Net income available to common per share: Basic $ 0.45 $ 0.37 $ 0.48 $ 0.45 Net income per share: Diluted $ 0.45 $ 0.37 $ 0.48 $ 0.44 Cash dividends paid on common stock $ 0.49 $ 0.50 $ 0.51 $ 0.52 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 (in thousands, except per share amounts) Numerator: Net income $ 233,315 $ 221,349 $ 172,521 Less: Net income attributable to noncontrolling interests (8,791 ) — — Net income available to common stockholders $ 224,524 $ 221,349 $ 172,521 Denominator: Denominator for basic earnings per share 172,242 126,550 117,257 Effect of dilutive securities: Common stock equivalents 1,539 744 843 Noncontrolling interest – OP units 6,727 — — Denominator for diluted earnings per share 180,508 127,294 118,100 Earnings per share - basic: Net income available to common stockholders $ 1.30 $ 1.75 $ 1.47 Earnings per share - diluted: Net income $ 1.29 $ 1.74 $ 1.46 |
CONSOLIDATING FINANCIAL STATE46
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) December 31, 2015 Issuer & Subsidiary Non – Guarantor Elimination Consolidated ASSETS Real estate properties Land and buildings $ 6,184,507 $ 559,451 $ — $ 6,743,958 Less accumulated depreciation (991,314 ) (27,836 ) — (1,019,150 ) Real estate properties – net 5,193,193 531,615 — 5,724,808 Investment in direct financing leases 587,701 — — 587,701 Mortgage notes receivable – net 679,795 — — 679,795 6,460,689 531,615 — 6,992,304 Other investments – net 89,299 — — 89,299 6,549,988 531,615 — 7,081,603 Assets held for sale – net 6,599 — — 6,599 Total investments 6,556,587 531,615 — 7,088,202 Cash and cash equivalents 1,592 3,832 — 5,424 Restricted cash 8,058 6,549 — 14,607 Accounts receivable – net 196,107 7,755 — 203,862 Goodwill 630,404 15,279 — 645,683 Investment in affiliates 300,409 — (300,409 ) — Other assets 53,732 7,499 — 61,231 Total assets $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 LIABILITIES AND EQUITY Revolving line of credit $ 230,000 $ — $ — $ 230,000 Term loan 750,000 — — 750,000 Secured borrowings — 361,460 (125,256 ) 236,204 Unsecured borrowings – net 2,352,882 — — 2,352,882 Accrued expenses and other liabilities 326,815 6,891 — 333,706 Deferred income taxes — 15,352 — 15,352 Intercompany payable (13,673 ) 13,673 — — Total liabilities 3,646,024 397,376 (125,256 ) 3,918,144 Stockholders’ equity: Common stock 18,740 — — 18,740 Equity investment in affiliates — 156,830 (156,830 ) — Common stock – additional paid-in capital 4,609,474 — — 4,609,474 Cumulative net earnings 1,372,522 18,246 (18,246 ) 1,372,522 Cumulative dividends paid (2,254,038 ) — — (2,254,038 ) Accumulated other comprehensive income (loss) (8,712 ) 77 (77 ) (8,712 ) Total stockholders’ equity 3,737,986 175,153 (175,153 ) 3,737,986 Noncontrolling interest 362,879 — — 362,879 Total equity 4,100,865 175,153 (175,153 ) 4,100,865 Total liabilities and equity $ 7,746,889 $ 572,529 $ (300,409 ) $ 8,019,009 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING BALANCE SHEET (in thousands, except per share amounts) December 31, 2014 Issuer & Non – Guarantor Elimination Consolidated ASSETS Real estate properties Land and buildings $ 3,140,325 $ 83,460 $ — $ 3,223,785 Less accumulated depreciation (810,093 ) (11,619 ) — (821,712 ) Real estate properties – net 2,330,232 71,841 — 2,402,073 Investments in direct financing leases 539,232 — — 539,232 Mortgage notes receivable 648,079 — — 648,079 3,517,543 71,841 — 3,589,384 Other investments 48,952 — — 48,952 3,566,495 71,841 — 3,638,336 Assets held for sale – net 12,792 — — 12,792 Total investments 3,579,287 71,841 — 3,651,128 Cash and cash equivalents 4,489 — — 4,489 Restricted cash 22,883 6,193 — 29,076 Accounts receivable – net 165,188 2,988 — 168,176 Investment in affiliates 24,886 — (24,886 ) — Other assets 61,867 6,909 — 68,776 Total assets $ 3,858,600 $ 87,931 $ (24,886 ) $ 3,921,645 LIABILITIES AND EQUITY Revolving line of credit $ 85,000 $ — $ — $ 85,000 Term loan 200,000 — — 200,000 Secured borrowings – net 194,038 57,416 — 251,454 Unsecured borrowings – net 1,842,049 — — 1,842,049 Accrued expenses and other liabilities 136,186 5,629 — 141,815 Intercompany payable — 17,250 (17,250 ) — Total liabilities 2,457,273 80,295 (17,250 ) 2,520,318 Equity: Common stock 12,761 — — 12,761 Common stock – additional paid-in capital 2,136,234 — — 2,136,234 Cumulative net earnings 1,147,998 7,636 (7,636 ) 1,147,998 Cumulative dividends paid (1,895,666 ) — — (1,895,666 ) Total stockholders’ equity 1,401,327 7,636 (7,636 ) 1,401,327 Total liabilities and equity $ 3,858,600 $ 87,931 $ (24,886 ) $ 3,921,64 |
Schedule of consolidating statement of operations | OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share amounts) Year Ended December 31, 2015 Issuer & Non – Elimination Consolidated Revenue Rental income $ 564,112 $ 41,879 $ - $ 605,991 Income from direct financing leases 59,936 - - 59,936 Mortgage interest income 68,910 - - 68,910 Other investment income – net 8,780 - - 8,780 Total operating revenues 701,738 41,879 - 743,617 Expenses Depreciation and amortization 194,328 16,375 - 210,703 General and administrative 38,140 428 - 38,568 Acquisition costs 55,012 2,513 - 57,525 Impairment loss on real estate properties 17,681 - - 17,681 Provisions for uncollectible mortgages, notes and accounts receivable 7,871 - - 7,871 Total operating expenses 313,032 19,316 - 332,348 Income before other income and expense 388,706 22,563 - 411,269 Other income (expense): Interest income 272 13 - 285 Interest expense (135,631 ) (11,750 ) - (147,381 ) Interest – amortization of deferred financing costs (6,969 ) (21 ) - (6,990 ) Interest – refinancing costs (28,837 ) - - (28,837 ) Realized loss on foreign exchange (173 ) - - (173 ) Equity in earnings 10,610 - (10,610 ) - Total other expense (160,728 ) (11,758 ) (10,610 ) (183,096 ) Income before gain on assets sold 227,978 10,805 (10,610 ) 228,173 Gain on assets sold - net 6,353 - - 6,353 Income from continuing operations before income taxes 234,331 10,805 (10,610 ) 234,526 Income taxes (1,016 ) (195 ) - (1,211 ) Net income 233,315 10,610 (10,610 ) 233,315 Net income attributable to noncontrolling interest (8,791 ) - - (8,791 ) Net income available to common stockholders $ 224,524 $ 10,610 $ (10,610 ) $ 224,524 Net income $ 233,315 $ 10,610 $ (10,610 ) $ 233,315 Other comprehensive loss – foreign currency translation (8,413 ) - - (8,413 ) Other comprehensive loss – cash flow hedges (718 ) - - (718 ) Total comprehensive income 224,184 10,610 (10,610 ) 224,184 Add: comprehensive income attributable to noncontrolling interest 419 - - 419 Comprehensive income attributable to common stockholders $ 224,603 $ 10,610 $ (10,610 ) $ 224,603 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENT OF OPERATIONS (in thousands, except per share amounts) Year Ended December 31, 2014 Issuer & Non – Elimination Consolidated Revenue Rental income $ 379,180 $ 9,263 $ - $ 388,443 Income from direct financing leases 56,719 - - 56,719 Mortgage interest income 53,007 - - 53,007 Other investment income – net 6,618 - - 6,618 Total operating revenues 495,524 9,263 - 504,787 Expenses Depreciation and amortization 119,367 3,890 - 123,257 General and administrative 25,778 110 - 25,888 Acquisition costs 3,948 - - 3,948 Impairment loss on real estate properties 3,660 - - 3,660 Provisions for uncollectible mortgages, notes and accounts receivable 2,723 - - 2,723 Total operating expenses 155,476 4,000 - 159,476 Income before other income and expense 340,048 5,263 - 345,311 Other income (expense): Interest income 32 12 - 44 Interest expense (117,257 ) (2,112 ) - (119,369 ) Interest – amortization of deferred financing costs (4,438 ) (21 ) - (4,459 ) Interest – refinancing costs (3,041 ) - - (3,041 ) Equity in earnings 3,142 - (3,142 ) - Total other expense (121,562 ) (2,121 ) (3,142 ) (126,825 ) Income before gain on assets sold 218,486 3,142 (3,142 ) 218,486 Gain on assets sold - net 2,863 - - 2,863 Net income available to common stockholders $ 221,349 $ 3,142 $ (3,142 ) $ 221,349 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATING STATEMENT OF OPERATIONS (in thousands, except per share amounts) Year Ended December 31, 2013 Issuer & Non – Elimination Consolidated Revenue Rental income $ 365,933 $ 9,202 $ - $ 375,135 Income from direct financing leases 5,203 - - 5,203 Mortgage interest income 29,351 - - 29,351 Other investment income – net 9,025 - - 9,025 Total operating revenues 409,512 9,202 - 418,714 Expenses Depreciation and amortization 124,834 3,812 - 128,646 General and administrative 21,484 104 - 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 149,119 3,916 - 153,035 Income before other income and expense 260,393 5,286 - 265,679 Other income (expense): Interest income 29 12 - 41 Interest expense (97,883 ) (2,498 ) - (100,381 ) Interest – amortization of deferred financing costs (2,763 ) (16 ) - (2,779 ) Interest – refinancing gain 11,112 - - 11,112 Equity in earnings 2,784 - (2,784 ) - Total other expense (86,721 ) (2,502 ) (2,784 ) (92,007 ) Income before gain (loss) on assets sold 173,672 2,784 (2,784 ) 173,672 Loss on assets sold - net (1,151 ) - - (1,151 ) Net income available to common stockholders $ 172,521 $ 2,784 $ (2,784 ) $ 172,521 |
Schedule of consolidating statement of cash flows | OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands ) Year Ended December 31, 2015 Issuer & Subsidiary Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 233,315 $ 10,610 $ (10,610 ) $ 233,315 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 194,328 16,375 — 210,703 Provision for impairment on real estate properties 17,681 — — 17,681 Provision for uncollectible mortgages, notes and accounts receivable 7,871 — — 7,871 Amortization of deferred financing and refinancing costs 35,806 21 — 35,827 Accretion of direct financing leases (11,007 ) — — (11,007 ) Stock-based compensation 11,133 — — 11,133 Gain on assets sold – net (6,353 ) — — (6,353 ) Amortization of acquired in-place leases - net (13,846 ) — — (13,846 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 248 — — 248 Straight-line rent receivables (31,237 ) (4,820 ) — (36,057 ) Lease inducements 994 — — 994 Effective yield receivable on mortgage notes (4,065 ) — — (4,065 ) Other operating assets and liabilities 10,550 (3,719 ) 10,610 17,441 Net cash provided by operating activities 445,418 18,467 — 463,885 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (116,698 ) (177,484 ) — (294,182 ) Cash acquired in merger 84,858 — — 84,858 Investment in construction in progress (164,226 ) — — (164,226 ) Investment in U.K. subsidiary (166,082 ) 166,082 — — Investment in direct financing leases (6,793 ) — — (6,793 ) Placement of mortgage loans (14,042 ) — — (14,042 ) Proceeds from sale of real estate investments 41,543 — — 41,543 Capital improvements to real estate investments (24,599 ) (1,798 ) — (26,397 ) Proceeds from other investments 45,871 — — 45,871 Investments in other investments (65,402 ) — — (65,402 ) Collection of mortgage principal 1,359 — — 1,359 Net cash used in investing activities (384,211 ) (13,200 ) — (397,411 ) Cash flows from financing activities Proceeds from credit facility borrowings 1,826,000 — — 1,826,000 Payments on credit facility borrowings (1,681,000 ) — — (1,681,000 ) Receipts of other long-term borrowings 1,838,124 — — 1,838,124 Payments of other long-term borrowings (2,186,102 ) (1,212 ) — (2,187,314 ) Payments of financing related costs (54,721 ) — — (54,721 ) Receipts from dividend reinvestment plan 150,847 — — 150,847 Payments for exercised options and restricted stock – net (26,706 ) — — (26,706 ) Net proceeds from issuance of common stock 439,322 — — 439,322 Dividends paid (358,232 ) — — (358,232 ) Distributions to OP Unit holders (11,636 ) — — (11,636 ) Net cash used in financing activities (64,104 ) (1,212 ) — (65,316 ) (Decrease) increase in cash and cash equivalents (2,897 ) 4,055 — 1,158 Effect of foreign currency translation on cash and cash equivalents — (223 ) — (223 ) Cash and cash equivalents at beginning of period 4,489 — — 4,489 Cash and cash equivalents at end of period $ 1,592 $ 3,832 $ — $ 5,424 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands ) Year Ended December 31, 2014 Issuer & Subsidiary Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 221,349 $ 3,142 $ (3,142 ) $ 221,349 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 119,367 3,890 — 123,257 Provision for impairment on real estate properties 3,660 — — 3,660 Provision for uncollectible mortgages, notes and accounts receivable 2,723 — — 2,723 Amortization of deferred financing and refinancing costs 7,479 21 — 7,500 Accretion of direct financing leases (9,787 ) — — (9,787 ) Stock-based compensation 8,592 — — 8,592 Gain on assets sold – net (2,863 ) — — (2,863 ) Amortization of acquired in-place leases - net (4,986 ) — — (4,986 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net (2,264 ) — — (2,264 ) Straight-line rent receivables (20,164 ) (792 ) — (20,956 ) Lease inducements 2,656 — — 2,656 Effective yield receivable on mortgage notes (2,878 ) — — (2,878 ) Other operating assets and liabilities 11,089 (2,694 ) 3,142 11,537 Net cash provided by operating activities 333,973 3,567 — 337,540 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (131,689 ) — — (131,689 ) Placement of mortgage loans (529,548 ) — — (529,548 ) Proceeds from sale of real estate investments 4,077 — — 4,077 Capital improvements to real estate investments (15,525 ) (2,392 ) — (17,917 ) Proceeds from other investments 13,589 — — 13,589 Investments in other investments (9,441 ) — — (9,441 ) Collection of mortgage principal 122,984 — — 122,984 Net cash used in investing activities (545,553 ) (2,392 ) — (547,945 ) Cash flows from financing activities Proceeds from credit facility borrowings 900,000 — — 900,000 Payments on credit facility borrowings (1,141,000 ) — — (1,141,000 ) Receipts of other long-term borrowings 842,148 — — 842,148 Payments of other long-term borrowings (241,369 ) (1,175 ) — (242,544 ) Payments of financing related costs (17,716 ) — — (17,716 ) Receipts from dividend reinvestment plan 71,487 — — 71,487 Payments for exercised options and restricted stock – net (3,577 ) — — (3,577 ) Net proceeds from issuance of common stock 61,981 — — 61,981 Dividends paid (258,501 ) — — (258,501 ) Net cash provided by (used in) financing activities 213,453 (1,175 ) — 212,278 Increase in cash and cash equivalents 1,873 — — 1,873 Cash and cash equivalents at beginning of period 2,616 — — 2,616 Cash and cash equivalents at end of period $ 4,489 $ — $ — $ 4,489 OMEGA HEALTHCARE INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands ) Year Ended December 31, 2013 Issuer & Subsidiary Non-Guarantor Elimination Consolidated Cash flows from operating activities Net income $ 172,521 $ 2,784 $ (2,784 ) $ 172,521 Adjustment to reconcile net income to net cash provided by operating activities: Depreciation and amortization 124,834 3,812 — 128,646 Provision for impairment on real estate properties 415 — — 415 Provision for uncollectible mortgages, notes and accounts receivable 2,141 — — 2,141 Amortization of deferred financing and refinancing costs (8,349 ) 16 — (8,333 ) Accretion of direct financing leases (770 ) — — (770 ) Stock-based compensation 5,942 — — 5,942 Loss on assets sold – net 1,151 — — 1,151 Amortization of acquired in-place leases - net (5,083 ) — — (5,083 ) Change in operating assets and liabilities – net of amounts assumed/acquired: Accounts receivable, net 867 — — 867 Straight-line rent receivables (25,901 ) (998 ) — (26,899 ) Lease inducements 3,080 — — 3,080 Effective yield receivable on mortgage notes (1,757 ) — — (1,757 ) Other operating assets and liabilities 10,566 (5,322 ) 2,784 8,028 Net cash provided by operating activities 279,657 292 — 279,949 Cash flows from investing activities Acquisition of real estate – net of liabilities assumed and escrows acquired (32,515 ) — — (32,515 ) Investment in direct financing leases (528,675 ) — — (528,675 ) Placement of mortgage loans (3,378 ) — — (3,378 ) Proceeds from sale of real estate investments 2,292 — — 2,292 Capital improvements to real estate investments (31,347 ) — — (31,347 ) Proceeds from other investments 30,962 — — 30,962 Investments in other investments (36,655 ) — — (36,655 ) Collection of mortgage principal 485 — — 485 Net cash used in investing activities (598,831 ) — — (598,831 ) Cash flows from financing activities Proceeds from credit facility borrowings 511,000 — — 511,000 Payments on credit facility borrowings (343,000 ) — — (343,000 ) Receipts of other long-term borrowings 159,355 — — 159,355 Payments of other long-term borrowings (114,350 ) (292 ) — (114,642 ) Payments of financing related costs (3,234 ) — — (3,234 ) Receipts from dividend reinvestment plan 55,825 — — 55,825 Payments for exercised options and restricted stock – net (5,774 ) — — (5,774 ) Net proceeds from issuance of common stock 278,373 — — 278,373 Dividends paid (218,116 ) — — (218,116 ) Net cash provided by (used in) financing activities 320,079 (292 ) — 319,787 Increase in cash and cash equivalents 905 — — 905 Cash and cash equivalents at beginning of period 1,711 — — 1,711 Cash and cash equivalents at end of period $ 2,616 $ — $ — $ 2,616 |
ORGANIZATION AND BASIS OF PRE47
ORGANIZATION AND BASIS OF PRESENTATION (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of reportable segments | 1 |
Operating Partnership units | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of limited partnership interest owned | 95.00% |
Other investors | Operating Partnership units | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of limited partnership interest owned | 5.00% |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Accounting Policies [Abstract] | |
2,016 | $ 16 |
2,017 | 14.8 |
2,018 | 13.1 |
2,019 | 12 |
2,020 | 11.7 |
Thereafter | 34.8 |
Total | $ 102.4 |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Contractual receivables | $ 8,452 | $ 4,799 |
Effective yield interest receivables | 9,028 | 6,232 |
Straight-line receivables | 175,709 | 143,652 |
Lease inducements | 10,982 | 13,571 |
Allowance | (309) | (78) |
Accounts receivable - net | $ 203,862 | $ 168,176 |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Site improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 8 years |
Site improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 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 ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail 1) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 01, 2015$ / sharesshares | Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($)Facility | Dec. 31, 2013USD ($) | Feb. 01, 2016Facility | Jun. 30, 2010Facility |
Accounting Policies [Line Items] | ||||||
Unamortized direct costs related to origination of direct financing leases | $ 3,300 | $ 3,400 | ||||
Below market leases | 110,200 | 20,433 | ||||
Above market leases | 7,800 | 2,400 | ||||
Amortization of above and below market leases | 13,800 | 5,000 | $ 5,100 | |||
Recognized impairment losses | 17,681 | 3,660 | 415 | |||
Loan loss reserves | 3,000 | |||||
Straight line rent receivables wrote off | 3,200 | 800 | ||||
Effective yield interest receivables wrote off | $ 1,500 | $ 2,000 | ||||
Number of facilities transitioned | Facility | 4 | 2 | ||||
Annual percentage increases over the rents of the prior year, minimum | 2.00% | |||||
Annual percentage increases over the rents of the prior year, maximum | 3.00% | |||||
Amortization of financing costs | $ 6,990 | $ 4,459 | 2,779 | |||
Number of facilities held for sale | Facility | 3 | |||||
Number of facilities | Facility | 949 | |||||
Rental income | $ 605,991 | 388,443 | 375,135 | |||
SNF's | ||||||
Accounting Policies [Line Items] | ||||||
Number of facilities | Facility | 782 | 143 | ||||
ALFs | ||||||
Accounting Policies [Line Items] | ||||||
Number of facilities | Facility | 85 | |||||
Cash flow hedges | ||||||
Accounting Policies [Line Items] | ||||||
Cash flow hedges recorded at fair value in accrued expenses and other liabilities | $ 700 | |||||
Operating Partnership units | ||||||
Accounting Policies [Line Items] | ||||||
Limited partnership interest owned | shares | 138.8 | |||||
Number of units settled in cash | shares | 0.2 | |||||
Percentage of limited partnership interest owned | 95.00% | |||||
Aviv Operating Partnership | Operating Partnership units | ||||||
Accounting Policies [Line Items] | ||||||
Limited partnership interest owned | shares | 52.9 | |||||
Limited Partnership units, redeemable, par value per share | $ / shares | $ 0.10 | |||||
Other investors | Operating Partnership units | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of limited partnership interest owned | 5.00% | |||||
Laurel Healthcare Holdings | ||||||
Accounting Policies [Line Items] | ||||||
Rental income | $ 23,000 | $ 1,000 | $ 1,000 | |||
Laurel Healthcare Holdings | SNF's | Subsequent event | ||||||
Accounting Policies [Line Items] | ||||||
Number of facilities | Facility | 10 | |||||
Laurel Healthcare Holdings | Directors | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership interest | 34.00% | |||||
Aviv | ||||||
Accounting Policies [Line Items] | ||||||
Number of facilities | Facility | 28 |
PROPERTIES (Detail)
PROPERTIES (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||
Buildings | $ 5,514,820 | $ 2,745,872 |
Site improvements and equipment | 558,222 | 227,411 |
Land | 670,916 | 250,502 |
Property, plant and equipment, gross | 6,743,958 | 3,223,785 |
Less accumulated depreciation | (1,019,150) | (821,712) |
Total | $ 5,724,808 | $ 2,402,073 |
PROPERTIES (Detail 1)
PROPERTIES (Detail 1) $ in Thousands | Dec. 31, 2015USD ($) |
Real Estate [Abstract] | |
2,016 | $ 628,906 |
2,017 | 638,232 |
2,018 | 619,251 |
2,019 | 592,657 |
2,020 | 600,652 |
Thereafter | 3,198,157 |
Total | $ 6,277,855 |
PROPERTIES (Details 2)
PROPERTIES (Details 2) $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Oct. 31, 2013USD ($) | Jul. 24, 2015USD ($) | Dec. 31, 2015USD ($)FacilityBed | Dec. 31, 2014USD ($)FacilityBed | Dec. 31, 2013USD ($)FacilityBed | Jun. 30, 2010Facility | ||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 949 | ||||||
Initial Yield (%) | 5.00% | ||||||
2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 1,542 | ||||||
Total Investment | $ 228.7 | ||||||
2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 931 | ||||||
Total Investment | $ 131.7 | ||||||
2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 481 | ||||||
Total Investment | $ 35.5 | ||||||
Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 122 | ||||||
Land | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 6.8 | ||||||
Land | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 1.3 | ||||||
Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 98.6 | ||||||
Buildings and site improvements | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 120.1 | ||||||
Buildings and site improvements | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 30.8 | ||||||
Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 8.1 | ||||||
Furniture and fixtures | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 4.8 | ||||||
Furniture and fixtures | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 3.4 | ||||||
NY | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 111.7 | ||||||
IN | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 25.2 | ||||||
SNF's | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 782 | 143 | |||||
SNF's | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 13 | ||||||
SNF's | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 4 | ||||||
ALFs | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 85 | ||||||
ALFs | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 4 | ||||||
ALFs | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 5 | ||||||
Q1 | TX | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 93 | ||||||
Total Investment | $ 6.8 | ||||||
Initial Yield (%) | 9.50% | ||||||
Q1 | TX | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.1 | ||||||
Q1 | TX | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 6.1 | ||||||
Q1 | TX | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.6 | ||||||
Q1 | AZ | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 90 | ||||||
Total Investment | $ 4.7 | ||||||
Initial Yield (%) | 9.75% | ||||||
Q1 | AZ | Land | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.4 | ||||||
Q1 | AZ | Buildings and site improvements | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 3.9 | ||||||
Q1 | AZ | Furniture and fixtures | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.4 | ||||||
Q1 | SNF's | TX | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q1 | ALFs | AZ | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q2/Q3 | GA, SC | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 345 | ||||||
Total Investment | $ 34.6 | ||||||
Initial Yield (%) | 9.50% | ||||||
Q2/Q3 | GA, SC | Land | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.9 | ||||||
Q2/Q3 | GA, SC | Buildings and site improvements | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 32.1 | ||||||
Q2/Q3 | GA, SC | Furniture and fixtures | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.6 | ||||||
Q2/Q3 | SNF's | GA, SC | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 3 | ||||||
Q3 | TX | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 125 | ||||||
Total Investment | $ 8.2 | ||||||
Initial Yield (%) | 9.75% | ||||||
Q3 | TX | Land | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.4 | ||||||
Q3 | TX | Buildings and site improvements | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 7.4 | ||||||
Q3 | TX | Furniture and fixtures | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.4 | ||||||
Q3 | NE | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 530 | ||||||
Total Investment | $ 15 | ||||||
Initial Yield (%) | 9.00% | ||||||
Q3 | NE | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.4 | ||||||
Q3 | NE | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 12.1 | ||||||
Q3 | NE | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.5 | ||||||
Q3 | WA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 136 | ||||||
Total Investment | $ 18 | ||||||
Initial Yield (%) | 8.00% | ||||||
Q3 | WA | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 2.2 | ||||||
Q3 | WA | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 14.9 | ||||||
Q3 | WA | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.9 | ||||||
Q3 | GA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 125 | ||||||
Total Investment | $ 10.8 | ||||||
Initial Yield (%) | 7.00% | ||||||
Q3 | GA | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.2 | ||||||
Q3 | GA | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 9 | ||||||
Q3 | GA | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.6 | ||||||
Q3 | VA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 300 | ||||||
Total Investment | [1] | $ 28.5 | |||||
Initial Yield (%) | 9.25% | ||||||
Q3 | VA | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.9 | ||||||
Q3 | VA | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 24.2 | ||||||
Q3 | VA | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 2.4 | ||||||
Q3 | FL | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 260 | ||||||
Total Investment | [2] | $ 32 | |||||
Initial Yield (%) | 9.00% | ||||||
Q3 | FL | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.4 | ||||||
Q3 | FL | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 29 | ||||||
Q3 | FL | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.6 | ||||||
Q3 | NY | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | |||||||
Total Investment | [3],[4] | $ 111.7 | |||||
Initial Yield (%) | |||||||
Q3 | NY | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 111.7 | ||||||
Q3 | SNF's | TX | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q3 | SNF's | NE | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 6 | ||||||
Q3 | SNF's | WA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q3 | SNF's | VA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q3 | SNF's | FL | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 2 | ||||||
Q3 | ALFs | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 4 | ||||||
Q3 | ALFs | WA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 2 | ||||||
Q3 | ALFs | GA | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 2 | ||||||
Q4 | TX | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 92 | ||||||
Total Investment | $ 5.3 | ||||||
Initial Yield (%) | 9.50% | ||||||
Q4 | TX | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 1.8 | ||||||
Q4 | TX | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 3 | ||||||
Q4 | TX | Furniture and fixtures | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.5 | ||||||
Q4 | FL | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 97 | ||||||
Total Investment | $ 10.3 | ||||||
Initial Yield (%) | 7.25% | ||||||
Q4 | FL | Land | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.6 | ||||||
Q4 | FL | Buildings and site improvements | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 9 | ||||||
Q4 | FL | Furniture and fixtures | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.7 | ||||||
Q4 | AZ | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 6 | ||||||
Total Investment | [3] | $ 0.6 | |||||
Initial Yield (%) | 9.00% | ||||||
Q4 | AZ | Land | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.3 | ||||||
Q4 | AZ | Buildings and site improvements | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.3 | ||||||
Q4 | PA,OR, AR | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 371 | ||||||
Total Investment | $ 84.2 | ||||||
Initial Yield (%) | 6.00% | ||||||
Q4 | PA,OR, AR | Land | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 5.1 | ||||||
Q4 | PA,OR, AR | Buildings and site improvements | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 76.7 | ||||||
Q4 | PA,OR, AR | Furniture and fixtures | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 2.4 | ||||||
Q4 | IN | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Operating Beds | Bed | 384 | ||||||
Total Investment | [5] | $ 25.2 | |||||
Initial Yield (%) | 9.70% | ||||||
Q4 | IN | Land | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 0.7 | ||||||
Q4 | IN | Buildings and site improvements | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | 21.8 | ||||||
Q4 | IN | Furniture and fixtures | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Total Investment | $ 2.7 | ||||||
Q4 | SNF's | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 4 | ||||||
Q4 | SNF's | TX | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q4 | SNF's | FL | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | |||||||
Q4 | SNF's | AZ | 2015 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q4 | SNF's | IN | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 4 | ||||||
Q4 | ALFs | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q4 | ALFs | FL | 2013 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 1 | ||||||
Q4 | ALFs | PA,OR, AR | 2014 Acquisitions and Other | |||||||
Real Estate Properties [Line Items] | |||||||
Number of Facilities | Facility | 4 | ||||||
[1] | In July 2015, we leased the facility to a new operator with an initial lease term of 10 years. | ||||||
[2] | The Company estimated the fair value of the assets acquired on the acquisition date based on certain valuation analyses that have yet to be finalized, and accordingly, the assets acquired, as detailed, are subject to adjustment one the analyses are completed. | ||||||
[3] | Accounted for as an asset acquisition. | ||||||
[4] | On July 24, 2015, we purchased five buildings located in New York City, New York for approximately $111.7 million. We and our operator plan to construct a 201,000 square-foot assisted living and memory care facility. The properties were added to the operator's existing master lease. The lease provides for a 5% annual cash yield on the land during the construction phase. Upon issuance of a certification of occupancy, the annual cash yield will increase to 7% in year one and 8% in year two with annual 2.5% annual escalators thereafter. | ||||||
[5] | On October 31, 2013, we recorded approximately $3.0 million to below market leases as a result of the transaction for a total investment of $25.2 million. |
PROPERTIES (Parentheticals) (De
PROPERTIES (Parentheticals) (Details 2) $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Oct. 31, 2013USD ($) | Jul. 24, 2015USD ($)ft²Facility | Dec. 31, 2015USD ($)Facility | Dec. 31, 2013USD ($) | |
Real Estate Properties [Line Items] | |||||
Lease term | 10 years | ||||
Number of leased real estate properties | Facility | 949 | ||||
Area of land | ft² | 201,000 | ||||
Percentage of annual cash yield | 5.00% | ||||
Percentage of annual cash yield increase in year one | 7.00% | ||||
Percentage of annual cash yield increase in year two | 8.00% | ||||
Percentage of annual cash yield increase in year thereafter | 2.50% | ||||
2015 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 228.7 | ||||
2013 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 35.5 | ||||
NY | 2015 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 111.7 | ||||
IN | 2013 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Total Investment | $ 25.2 | ||||
Purchase price allocated below market lease | $ 3 | ||||
Building | NY | 2015 Acquisitions and Other | |||||
Real Estate Properties [Line Items] | |||||
Number of leased real estate properties | Facility | 5 |
PROPERTIES (Details 3)
PROPERTIES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Apr. 01, 2015 | |
Estimated fair value of assets acquired: | |||||
Goodwill | $ 645,683 | $ 554,749 | $ 543,093 | ||
Merger Agreement | Aviv REIT, Inc | |||||
Estimated fair value of assets acquired: | |||||
Land and buildings | $ 3,108,078 | ||||
Investment in direct financing leases | 26,823 | ||||
Mortgages notes receivable | 19,246 | ||||
Other investments | 23,619 | ||||
Total investments | 3,177,766 | ||||
Goodwill | $ 79,000 | 630,404 | |||
Accounts receivables and other assets | 15,500 | ||||
Cash acquired | 84,858 | ||||
Fair value of total assets acquired | 3,908,528 | ||||
Estimated fair value of liabilities assumed: | |||||
Accrued expenses and other liabilities | 221,631 | ||||
Debt | 1,410,637 | ||||
Fair value of total liabilities assumed | 1,632,268 | ||||
Value of shares and OP units exchanged | [1] | 2,276,260 | |||
Fair value of consideration | $ 3,908,528 | ||||
[1] | Includes the fair value of stock compensation plans assumed. |
PROPERTIES (Detail 4)
PROPERTIES (Detail 4) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 0.32 | $ 0.43 | $ 0.22 | $ 0.32 | $ 0.44 | $ 0.48 | $ 0.37 | $ 0.45 | $ 1.29 | $ 1.74 | $ 1.46 |
Pro forma | |||||||||||
Proforma Information [Line Items] | |||||||||||
Revenues | $ 817,642 | $ 789,270 | |||||||||
Net income | $ 258,927 | $ 318,271 | |||||||||
Earnings per share - diluted: | |||||||||||
Net income - as reported | $ 1.29 | $ 1.74 | |||||||||
Net income - pro forma | $ 1.33 | $ 1.74 |
PROPERTIES - Leased Property (N
PROPERTIES - Leased Property (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Dec. 31, 2015USD ($)Facility | Jun. 30, 2010Facility | |
Real Estate Properties [Line Items] | |||
Lease term | 10 years | ||
Number of leased real estate properties | 949 | ||
Project cost | $ | $ 194.3 | ||
Capitalized interest | $ | $ 3.7 | ||
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 | 782 | 143 | |
ALFs | |||
Real Estate Properties [Line Items] | |||
Number of leased real estate properties | 85 | ||
Specialty facilities | |||
Real Estate Properties [Line Items] | |||
Number of leased real estate properties | 16 | ||
Medical office building | |||
Real Estate Properties [Line Items] | |||
Number of leased real estate properties | 1 |
PROPERTIES - 2015 Acquisitions
PROPERTIES - 2015 Acquisitions and Other (Narrative) (Detail 1) $ in Thousands, shares in Millions | May 01, 2015USD ($)BedCare_home | Apr. 01, 2015USD ($)FacilityPropertyStateMortgageOperatorLeaseshares | Dec. 31, 2015USD ($)StateOperator | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)State | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)PropertyStateOperator | Dec. 31, 2014USD ($)PropertyState | Dec. 31, 2013USD ($) | |
Real Estate Properties [Line Items] | |||||||||||||||
Revenues | $ 210,512 | $ 201,974 | $ 197,711 | $ 133,420 | $ 131,321 | $ 130,665 | $ 121,800 | $ 121,001 | $ 743,617 | $ 504,787 | $ 418,714 | ||||
Net income available to common stockholders | $ 60,642 | 79,402 | 41,428 | $ 43,052 | $ 56,990 | $ 61,713 | $ 46,817 | $ 55,829 | 224,524 | 221,349 | 172,521 | ||||
Acquisition related expenses | 57,525 | 3,948 | 245 | ||||||||||||
Rental income | $ 605,991 | $ 388,443 | $ 375,135 | ||||||||||||
Number of properties acquired | Property | 4 | [1] | 3 | ||||||||||||
Number of states | State | 42 | 38 | 42 | 38 | |||||||||||
Number of operators | Operator | 83 | 83 | |||||||||||||
Increase in goodwill | $ 645,683 | $ 554,749 | $ 554,749 | 543,093 | $ 645,683 | ||||||||||
Aviv REIT, Inc | Merger Agreement | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Revenues | 188,400 | ||||||||||||||
Acquisition related expenses | 52,100 | ||||||||||||||
Contingent liability assumed in accrued expenses and other liabilities | 67,300 | 67,300 | |||||||||||||
Conversion ratio of shares | 0.90 | ||||||||||||||
Number of shares and units issued | shares | 43.7 | ||||||||||||||
Number of properties acquired | Property | 342 | ||||||||||||||
Number of facilities subject to direct financing leases | Lease | 2 | ||||||||||||||
Number of mortgage facilities | Mortgage | 2 | ||||||||||||||
Number of states | State | 31 | ||||||||||||||
Number of operators | Operator | 38 | ||||||||||||||
Fair value of consideration | $ 3,908,528 | ||||||||||||||
Fair value of increase in assets | 8,200 | ||||||||||||||
Fair value of increase in liability | 105,500 | ||||||||||||||
Increase in goodwill | $ 630,404 | 79,000 | 79,000 | ||||||||||||
Fair value of increase in rental income | $ 8,200 | $ 2,700 | $ 2,700 | ||||||||||||
Aviv REIT, Inc | Merger Agreement | Medical office building | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Number of properties acquired | Facility | 1 | ||||||||||||||
Care Homes | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Acquisition related expenses | 3,200 | ||||||||||||||
Number of care homes located in the United Kingdom | Care_home | 23 | ||||||||||||||
Number of registered beds | Bed | 1,018 | ||||||||||||||
Master lease agreement term | 12 years | ||||||||||||||
Percentage of initial annual cash yield | 7.00% | ||||||||||||||
Percentage of annual escalators | 2.50% | ||||||||||||||
Purchase price of beds acquired paid in cash | $ 193,800 | ||||||||||||||
Rental income | 9,500 | ||||||||||||||
Care Homes | Land | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | 20,700 | ||||||||||||||
Care Homes | Buildings and site improvements | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | 152,100 | ||||||||||||||
Care Homes | Furniture and fixtures | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | 5,300 | ||||||||||||||
Care Homes | Goodwill | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | $ 15,700 | ||||||||||||||
2015 Acquisitions and Other | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Revenues | 4,900 | ||||||||||||||
Net income available to common stockholders | 2,300 | ||||||||||||||
Acquisition related expenses | 2,200 | ||||||||||||||
Purchase price of beds acquired paid in cash | 228,700 | ||||||||||||||
2015 Acquisitions and Other | Land | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | 122,000 | ||||||||||||||
2015 Acquisitions and Other | Buildings and site improvements | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | 98,600 | ||||||||||||||
2015 Acquisitions and Other | Furniture and fixtures | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Purchase price of beds acquired paid in cash | $ 8,100 | ||||||||||||||
[1] | In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. |
PROPERTIES - 2014 Acquisition (
PROPERTIES - 2014 Acquisition (Narrative) (Detail 2) $ in Millions | 12 Months Ended | |||
Dec. 31, 2014USD ($)Facility | Dec. 31, 2015Facility | Jul. 01, 2014FacilityBed | Dec. 31, 2013USD ($) | |
Real Estate Properties [Line Items] | ||||
Revenue attributable to the acquisitions | $ 3.2 | |||
Net income attributable to the acquisitions | 1.2 | |||
Acquisition related expenses | $ 3.9 | $ 0.2 | ||
Number of facilities transitioned | Facility | 2 | 4 | ||
SNFs West Virginia Facility Bed | ||||
Real Estate Properties [Line Items] | ||||
Number of facilities transitioned | Facility | 2 | |||
Number of beds | Bed | 150 | |||
Provision for uncollectible straight-line rent receivable | $ 0.8 | |||
Period of master lease agreement | 12 years |
PROPERTIES - 2013 Acquisition (
PROPERTIES - 2013 Acquisition (Narrative) (Detail 3) $ in Millions | 1 Months Ended | |||
Aug. 30, 2013USD ($)FacilityBed | Dec. 31, 2015Facility | Dec. 31, 2014USD ($)Facility | Dec. 31, 2013USD ($) | |
Real Estate Properties [Line Items] | ||||
Acquisition related expenses | $ | $ 3.9 | $ 0.2 | ||
Number of facilities transitioned | Facility | 4 | 2 | ||
SNF's | Arkansas | ||||
Real Estate Properties [Line Items] | ||||
Number of facilities transitioned | Facility | 11 | |||
Number of beds | Bed | 1,084 | |||
Provision for uncollectible straight-line rent receivable | $ | $ 2.3 |
PROPERTIES - Asset Sales, Impai
PROPERTIES - Asset Sales, Impairments and Other (Narrative) (Detail 4) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($)Facility | Dec. 31, 2013USD ($)Facility | |
Real Estate Properties [Line Items] | |||
Number of facilities sold | 4 | ||
Amount of gain (loss) from sale of facilities | $ | $ 8.8 | $ 2 | |
SNF's | |||
Real Estate Properties [Line Items] | |||
Number of facilities sold | 7 | 4 | 1 |
Number of previously classified as held for sale | 4 | 3 | |
Number of facilities impaired | 6 | 2 | |
Number of facilities impaired and held for sale | 2 | ||
Number of facilities impaired and closed | 2 | ||
Total cash proceeds | $ | $ 41.5 | $ 4.1 | $ 2.3 |
Amount of gain (loss) from sale of facilities | $ | 6.4 | 2.9 | $ 1.2 |
Provision for impairment | $ | $ 17.7 | $ 3.7 |
DIRECT FINANCING LEASES (Detail
DIRECT FINANCING LEASES (Detail) $ in Thousands | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property |
Leases, Capital [Abstract] | ||
Minimum lease payments receivable | $ 4,320,876 | $ 4,244,067 |
Less unearned income | (3,733,175) | (3,704,835) |
Investment in direct financing leases - net | $ 587,701 | $ 539,232 |
Properties subject to direct financing leases | Property | 59 | 56 |
DIRECT FINANCING LEASES (Deta64
DIRECT FINANCING LEASES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 587,701 | $ 539,232 |
New Ark | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 560,308 | $ 539,232 |
Reliance Health Care Management, Inc | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 15,509 | |
Sun Mar Healthcare | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | 11,381 | |
Markleysburg Healthcare Investors, LP | ||
Capital Leased Assets [Line Items] | ||
Investment in direct financing leases - net | $ 503 |
DIRECT FINANCING LEASES (Deta65
DIRECT FINANCING LEASES (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Leases, Capital [Abstract] | |
Year 1 | $ 50,141 |
Year 2 | 50,647 |
Year 3 | 51,905 |
Year 4 | 53,180 |
Year 5 | $ 54,475 |
DIRECT FINANCING LEASES (Narrat
DIRECT FINANCING LEASES (Narrative) (Detail) $ in Millions | 1 Months Ended | |||
Jul. 31, 2015 | Nov. 27, 2013USD ($)FacilityBedStateLease | Dec. 31, 2015FacilityState | Dec. 31, 2014State | |
Capital Leased Assets [Line Items] | ||||
Lease term | 10 years | |||
Number of facilities | 949 | |||
Number of states | State | 42 | 38 | ||
Ark Holding Company Inc | ||||
Capital Leased Assets [Line Items] | ||||
Purchase price of beds acquired paid in cash | $ | $ 529 | |||
Number of lease | Lease | 4 | |||
Lease term | 50 years | |||
Interest on lease per annum | 10.60% | |||
Number of facilities | 56 | |||
Number of licensed beds | Bed | 5,623 | |||
Number of states | State | 12 | |||
Ark Holding Company Inc | Southeast | ||||
Capital Leased Assets [Line Items] | ||||
Number of facilities | 39 | |||
Ark Holding Company Inc | Northwest | ||||
Capital Leased Assets [Line Items] | ||||
Number of facilities | 7 | |||
Ark Holding Company Inc | Texas | ||||
Capital Leased Assets [Line Items] | ||||
Number of facilities | 9 | |||
Ark Holding Company Inc | Indiana | ||||
Capital Leased Assets [Line Items] | ||||
Number of facilities | 1 | |||
SNF's | Ark Holding Company Inc | Direct financing leases | ||||
Capital Leased Assets [Line Items] | ||||
Number of facilities | 55 | |||
ALFs | Ark Holding Company Inc | ||||
Capital Leased Assets [Line Items] | ||||
Number of facilities | 1 |
MORTGAGE NOTES RECEIVABLE (Deta
MORTGAGE NOTES RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | $ 679,795 | $ 648,079 | |
Allowance for loss on mortgage notes receivable | 0 | 0 | |
Total mortgages - net | 679,795 | 648,079 | |
Mortgage note due 2023; interest at 11.00% | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | $ 69,928 | $ 69,928 | |
Mortgage loans on real estate, interest rate | 11.00% | 11.00% | |
Mortgage Note Due 2024; Interest At 9.64% | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | $ 112,500 | $ 112,500 | |
Mortgage loans on real estate, interest rate | 9.64% | 9.64% | |
Mortgage Note Due 2029 Interest At 9.23% | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | $ 413,399 | $ 414,550 | |
Mortgage loans on real estate, interest rate | 9.23% | 9.23% | |
Other mortgage notes outstanding | |||
Mortgage Loans On Real Estate [Line Items] | |||
Mortgage notes receivable, gross | [1] | $ 83,968 | $ 51,101 |
[1] | Other mortgage notes outstanding have stated interest rates ranging from 8.35% to 12.0% and maturity dates through 2046. |
MORTGAGE NOTES RECEIVABLE (Pare
MORTGAGE NOTES RECEIVABLE (Parentheticals) (Details) - Other mortgage notes outstanding - Mortgage Notes due 2046 | 12 Months Ended |
Dec. 31, 2015 | |
Minimum | |
Mortgage Loans On Real Estate [Line Items] | |
Mortgage loans on real estate, interest rate | 8.35% |
Maximum | |
Mortgage Loans On Real Estate [Line Items] | |
Mortgage loans on real estate, interest rate | 12.00% |
MORTGAGE NOTES RECEIVABLE (Narr
MORTGAGE NOTES RECEIVABLE (Narrative) (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($)FacilityBedStateMortgage | Dec. 31, 2014USD ($)State | Dec. 31, 2013USD ($) | Jun. 30, 2014USD ($)Facility | Jan. 17, 2014USD ($)FacilityBed | Jun. 30, 2010Facility | |
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of fixed rate mortgage | Mortgage | 26 | |||||
Number of long term care facilities | 58 | |||||
Number of states | State | 42 | 38 | ||||
Number of mortgage notes receivable independent operating companies | 8 | |||||
Mortgage notes receivable | $ | $ 679,795 | $ 648,079 | ||||
Number of leased real estate properties | 949 | |||||
Placement of mortgage loans | $ | $ 14,042 | 529,548 | $ 3,378 | |||
Effective yield interest receivables | $ | 9,028 | 6,232 | ||||
Effective yield interest receivables wrote off | $ | $ 1,500 | $ 2,000 | ||||
Mortgage Loans | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of states | State | 10 | 5 | ||||
SNF's | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of leased real estate properties | 782 | 143 | ||||
Number of facilities under fixed rate mortgage loan | 56 | |||||
ALFs | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of leased real estate properties | 85 | |||||
Number of facilities under fixed rate mortgage loan | 2 | |||||
Mortgage note due 2023 | Maryland | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage loans on real estate, interest rate | 11.00% | |||||
Mortgage loans on real estate for five year interest rate | 13.75% | |||||
Number of leased real estate properties | 7 | |||||
Mortgage note due 2023 | Mortgage Loans | Maryland | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage notes receivable | $ | $ 69,900 | |||||
Mortgage Notes Due 2024 | Mortgage Loans | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage notes receivable | $ | $ 112,500 | |||||
Number of beds | Bed | 798 | |||||
Mortgage Notes Due 2024 | SNF's | Mortgage Loans | Pennsylvania | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of leased real estate properties | 7 | |||||
Mortgage Notes Due 2024 | ALFs | Mortgage Loans | Ohio | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Number of leased real estate properties | 2 | |||||
Mortgage Notes Due 2029 | Mortgage Loans | Michigan | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Annual incremental interest rate | 0.225% | |||||
Description of cash interest rate | The new loan borean initial annual cash interest rate of 9.0% and increases by 0.225% per year (e.g., beginning in year 2 the interest rate will be 9.225%, in year 3 the rate will be 9.45%, etc. | |||||
Mortgage loans on real estate, interest rate | 9.00% | |||||
Mortgage loan, initial annual cash interest rate increase in 2 year | 9.225% | |||||
Mortgage loan, initial annual cash interest rate increase in 3 year | 9.45% | |||||
Number of beds | Bed | 3,430 | |||||
Number of leased real estate properties | 31 | |||||
Placement of mortgage loans | $ | $ 415,000 | |||||
Effective yield interest receivables | $ | 2,000 | |||||
Effective yield interest receivables wrote off | $ | $ 2,000 | |||||
Mortgage Notes Due 2029 | Retired Mortgage Loans Mortgage Facility | Mortgage Loans | Michigan | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Mortgage notes receivable | $ | $ 117,000 | |||||
Number of additional facilities for mortgage financing | 14 | |||||
Number of leased real estate properties | 17 |
OTHER INVESTMENTS (Detail)
OTHER INVESTMENTS (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Line Items] | |||
Notes receivable, gross | $ 92,259 | $ 48,952 | |
Allowance for loss on notes receivable | (2,960) | ||
Total other investments | $ 89,299 | 48,952 | |
Other investment note due 2015 | |||
Schedule of Investments [Line Items] | |||
Notes receivable, gross | $ 5,439 | ||
Interest rate | 10.00% | 10.00% | |
Other investment note due 2020 | |||
Schedule of Investments [Line Items] | |||
Notes receivable, gross | $ 23,000 | $ 20,000 | |
Interest rate | 10.00% | 10.00% | |
Other investment note due 2023 | |||
Schedule of Investments [Line Items] | |||
Notes receivable, gross | $ 5,470 | ||
Interest rate | 9.00% | 9.00% | |
Other investment note due 2030 | |||
Schedule of Investments [Line Items] | |||
Notes receivable, gross | $ 26,966 | ||
Interest rate | 6.66% | 6.66% | |
Other investment note due | |||
Schedule of Investments [Line Items] | |||
Notes receivable, gross | [1] | $ 36,823 | $ 23,513 |
[1] | Other investment notes have maturity dates through2027 and interest rates ranging from 6.50% to 12.0%. |
OTHER INVESTMENTS (Parenthetica
OTHER INVESTMENTS (Parentheticals) (Detail) - Other investment note through 2027 | Dec. 31, 2015 |
Minimum | |
Schedule Of Investments [Line Items] | |
Interest rate | 6.50% |
Maximum | |
Schedule Of Investments [Line Items] | |
Interest rate | 12.00% |
OTHER INVESTMENTS (Narrative) (
OTHER INVESTMENTS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Other investment note due 2020 | |||
Schedule Of Investments [Line Items] | |||
Maximum drawing capacity of loan | $ 28 | ||
Amount of additional loan drawn | 6 | ||
Amount of additional funding | $ 6 | ||
Interest rate | 10.00% | 10.00% | |
Remaining outstanding amount of loan | $ 23 | ||
Other investment note due 2023 | |||
Schedule Of Investments [Line Items] | |||
Interest rate | 9.00% | 9.00% | |
Other investment note due 2023 | Revolving Credit Facility | |||
Schedule Of Investments [Line Items] | |||
Credit facility, borrowing capacity | $ 50 | ||
Current used amount of revolving credit facility | $ 27 | ||
Revolving credit facility interest rate | 6.66% |
ASSETS HELD FOR SALE (Detail)
ASSETS HELD FOR SALE (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property | ||||
Number Of Properties | |||||
Beginning Balance | Property | [1] | 4 | 4 | ||
Properties sold | Property | (5) | [2] | (3) | [3] | |
Properties added | Property | 4 | [4] | 3 | ||
Ending balance | Property | 3 | [5] | 4 | [1] | |
Net Book Value | |||||
Beginning Balance | $ | [1] | $ 12,792 | $ 1,356 | ||
Properties sold | $ | (16,877) | [2] | (686) | [3] | |
Properties added | $ | 10,684 | [4] | 12,122 | ||
Ending Balance | $ | $ 6,599 | [5] | $ 12,792 | [1] | |
[1] | Includes one parcel of land and three facilities. | ||||
[2] | In 2015, the parcel of land was reclassified to closed facilities. In addition, we sold four facilities for approximately $25.5 million in net proceeds recognizing a gain on sale of approximately $8.8 million. | ||||
[3] | In 2014, we sold these facilities for approximately $2.8 million in net proceeds recognizing a gain on sale of approximately $2.0 million. | ||||
[4] | In 2015, we recorded a $3.0 million impairment charge on a SNF in New Mexico to reduce its net book value to its estimated fair value less costs to sell. | ||||
[5] | Includes three facilities. |
ASSETS HELD FOR SALE (Narrative
ASSETS HELD FOR SALE (Narrative) (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($)Parcel | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ||
Number of parcel of land held-for-sale | Parcel | 1 | |
Number of facilities held for sale | Facility | 3 | |
Number of facilities sold | Facility | 4 | |
Net proceeds from sale of facilities held for sale | $ 25.5 | $ 2.8 |
Gain from sale of facilities | 8.8 | $ 2 |
Impairment charge on SNF | $ 3 |
INTANGIBLES - Summary of our in
INTANGIBLES - Summary of our intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||||
Goodwill | $ 645,683 | $ 554,749 | $ 543,093 | |
Accumulated amortization | (14,162) | $ (12,166) | ||
Net intangible assets | 8,125 | 2,410 | ||
Liabilities: | ||||
Below market lease intangibles | 165,331 | 59,785 | ||
Accumulated amortization | (55,131) | (39,352) | ||
Net intangible liabilities | 110,200 | 20,433 | ||
Above market lease intangibles | ||||
Assets: | ||||
Gross intangible assets | 21,901 | $ 14,576 | ||
In-place lease intangibles | ||||
Assets: | ||||
Gross intangible assets | $ 386 |
INTANGIBLES - Reconciliation of
INTANGIBLES - Reconciliation of goodwill (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | |
Goodwill [Roll Forward] | |||
Balance | $ 554,749 | $ 543,093 | |
Foreign currency translation | (407) | (605) | $ 585 |
Balance | 645,683 | 554,749 | 543,093 |
Aviv Merger | |||
Goodwill [Roll Forward] | |||
Add: acquisition | 526,807 | ||
Add: additional valuation adjustments related to preliminary valuations | 91,336 | $ 12,261 | |
Care Homes | |||
Goodwill [Roll Forward] | |||
Add: acquisition | $ 15,701 | ||
Add: additional valuation adjustments related to preliminary valuations | $ 5 |
INTANGIBLES (Narrative) (Detail
INTANGIBLES (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 13.9 | $ 5 | $ 5.1 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16.1 | ||
2,017 | 14.8 | ||
2,018 | 13.1 | ||
2,019 | 12 | ||
2,020 | $ 11.7 | ||
In place lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining amortization period | 5 years 7 months 6 days | ||
In place lease liabilities | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining amortization period | 8 years 2 months 12 days |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) $ in Thousands | Dec. 31, 2015USD ($)FacilityStateOperator | Dec. 31, 2014USD ($)State | Jun. 30, 2010Facility |
Concentration Risk [Line Items] | |||
Number of leased real estate properties | 949 | ||
Number of states | State | 42 | 38 | |
Number of operators | Operator | 83 | ||
Gross investment in facilities, net of impairments and before reserve for uncollectible loans | $ | $ 8,000,000 | ||
Percentage share of real estate investments related to long-term care facilities | 99.00% | ||
Miscellaneous investments, net | $ | $ 89,299 | $ 48,952 | |
Florida | |||
Concentration Risk [Line Items] | |||
Concentration percent by state | 9.00% | ||
Ohio | |||
Concentration Risk [Line Items] | |||
Concentration percent by state | 10.00% | ||
Texas | |||
Concentration Risk [Line Items] | |||
Concentration percent by state | 9.00% | ||
SNF's | |||
Concentration Risk [Line Items] | |||
Number of leased real estate properties | 782 | 143 | |
Number of facilities under fixed rate mortgage loan | 56 | ||
ALFs | |||
Concentration Risk [Line Items] | |||
Number of leased real estate properties | 85 | ||
Number of facilities under fixed rate mortgage loan | 2 | ||
Specialty facilities | |||
Concentration Risk [Line Items] | |||
Number of leased real estate properties | 16 | ||
Medical office building | |||
Concentration Risk [Line Items] | |||
Number of leased real estate properties | 1 |
LEASE AND MORTGAGE DEPOSITS (Na
LEASE AND MORTGAGE DEPOSITS (Narrative) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Security Deposits And Letters Of Credit [Line Items] | |
Liquidity deposits | $ 5.8 |
Security Deposit | 50.6 |
Letters of credit outstanding | $ 68.7 |
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 - Long-t
BORROWING ARRANGEMENTS - Long-term borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Dec. 16, 2015 | Oct. 26, 2015 | Sep. 23, 2015 | Apr. 01, 2015 | Mar. 18, 2015 | Mar. 13, 2015 | Dec. 31, 2014 | Sep. 11, 2014 | Mar. 11, 2014 | Mar. 19, 2012 | ||
Secured borrowings: | ||||||||||||
Secured Borrowings | $ 236,204 | $ 251,454 | ||||||||||
Unsecured borrowings: | ||||||||||||
Revolving line of credit | 230,000 | 85,000 | ||||||||||
Term loans | 750,000 | 200,000 | ||||||||||
Revolving line of credit including term loan | 980,000 | 285,000 | ||||||||||
Totals - net | $ 3,569,086 | 2,378,503 | ||||||||||
Percentage of third-party administration fee | 0.50% | |||||||||||
Secured borrowings | ||||||||||||
Secured borrowings: | ||||||||||||
Secured borrowings excluding unamortized premium | $ 236,204 | 237,880 | ||||||||||
Premium - net | 13,574 | |||||||||||
Secured Borrowings | $ 236,204 | 251,454 | ||||||||||
Secured borrowings | GE Term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,019 | |||||||||||
Rate | 4.00% | |||||||||||
Secured borrowings: | ||||||||||||
Ge Term Loan | $ 180,000 | $ 180,000 | ||||||||||
Unsecured borrowings: | ||||||||||||
Secured real estate assets net carrying value | $ 295,500 | |||||||||||
Secured borrowings | HUD mortgages assumed June 2010 | ||||||||||||
Secured borrowings: | ||||||||||||
Long-term borrowing amount, secured borrowings | 120,665 | |||||||||||
Secured borrowings | HUD mortgages assumed October 2011 | ||||||||||||
Secured borrowings: | ||||||||||||
Long-term borrowing amount, secured borrowings | 24,441 | |||||||||||
Secured borrowings | HUD mortgages assumed December 2011 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | [1] | 2,044 | ||||||||||
Rate | [1] | 3.06% | ||||||||||
Secured borrowings: | ||||||||||||
Long-term borrowing amount, secured borrowings | [1] | $ 56,204 | 57,416 | |||||||||
Unsecured borrowings: | ||||||||||||
Secured real estate assets net carrying value | 95,400 | |||||||||||
Secured borrowings | HUD mortgages assumed December 2012 | ||||||||||||
Secured borrowings: | ||||||||||||
Long-term borrowing amount, secured borrowings | 35,358 | |||||||||||
Unsecured borrowings | ||||||||||||
Unsecured borrowings: | ||||||||||||
Unsecured borrowings | 2,370,000 | 1,845,000 | ||||||||||
Discount - net | (17,118) | (2,951) | ||||||||||
Total unsecured borrowings | $ 3,332,882 | 2,127,049 | ||||||||||
Unsecured borrowings | Revolving line of credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,018 | |||||||||||
Rate | 1.72% | |||||||||||
Unsecured borrowings: | ||||||||||||
Revolving line of credit | $ 230,000 | 85,000 | ||||||||||
Unsecured borrowings | Tranche A-1 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,019 | |||||||||||
Rate | 1.92% | |||||||||||
Unsecured borrowings: | ||||||||||||
Term loans | $ 200,000 | 200,000 | ||||||||||
Unsecured borrowings | Tranche A-2 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,017 | |||||||||||
Rate | 1.77% | |||||||||||
Unsecured borrowings: | ||||||||||||
Term loans | $ 200,000 | |||||||||||
Unsecured borrowings | Omega OP Term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,017 | |||||||||||
Rate | 1.77% | |||||||||||
Unsecured borrowings: | ||||||||||||
Term loans | $ 100,000 | |||||||||||
Unsecured borrowings | 2015 term loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,022 | |||||||||||
Rate | 2.14% | |||||||||||
Unsecured borrowings: | ||||||||||||
Term loans | $ 250,000 | $ 250,000 | ||||||||||
Unsecured borrowings | 2020 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Rate | 7.50% | |||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 200,000 | 200,000 | ||||||||||
Unsecured borrowings | 2022 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Rate | 6.75% | 6.75% | ||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 575,000 | 575,000 | ||||||||||
Unsecured borrowings | 2024 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,024 | |||||||||||
Rate | 5.875% | 5.875% | ||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 400,000 | 400,000 | $ 400,000 | |||||||||
Unsecured borrowings | 2024 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,024 | |||||||||||
Rate | 4.95% | 4.95% | ||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 400,000 | 400,000 | $ 400,000 | |||||||||
Unsecured borrowings | 2025 notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,025 | |||||||||||
Rate | 4.50% | 4.50% | ||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 250,000 | 250,000 | $ 250,000 | |||||||||
Unsecured borrowings | 2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,026 | |||||||||||
Rate | 5.25% | 5.25% | ||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 600,000 | $ 600,000 | ||||||||||
Unsecured borrowings | 2027 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,027 | |||||||||||
Rate | 4.50% | 4.50% | ||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 700,000 | $ 700,000 | ||||||||||
Unsecured borrowings | Subordinated debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity | 2,021 | |||||||||||
Rate | 9.00% | |||||||||||
Unsecured borrowings: | ||||||||||||
Senior notes outstanding | $ 20,000 | $ 20,000 | ||||||||||
[1] | Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2015 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $95.4 million. |
BORROWING ARRANGEMENTS - Princi
BORROWING ARRANGEMENTS - Principal payments (Detail 1) - Senior notes $ in Thousands | Dec. 31, 2015USD ($) |
Borrowing Arrangements [Line Items] | |
2,016 | $ 1,249 |
2,017 | 301,288 |
2,018 | 231,328 |
2,019 | 381,370 |
2,020 | 1,412 |
Thereafter | 2,669,557 |
Totals | $ 3,586,204 |
BORROWING ARRANGEMENTS - Refina
BORROWING ARRANGEMENTS - Refinancing related costs (Detail 2) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)HUD | Dec. 31, 2014USD ($)HUD | Dec. 31, 2013USD ($)HUD | ||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | [1],[2],[3] | $ (7,134) | $ 1,180 | $ (11,278) | ||
Prepayment and other costs associated with refinancing | [4] | 35,971 | 1,861 | 166 | ||
Total debt extinguishment costs (gain) | 28,837 | 3,041 | (11,112) | |||
2020 Notes | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | 4,200 | |||||
Prepayment and other costs associated with refinancing | 7,500 | |||||
2022 Notes | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | 1,900 | |||||
Prepayment and other costs associated with refinancing | 19,400 | |||||
HUD Mortgage | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | $ 1,500 | $ 9,700 | 2,100 | 11,300 | ||
Prepayment and other costs associated with refinancing | 9,100 | 1,900 | $ 200 | |||
Gain from write-off of unamortized premium on the HUD loans | $ 13,200 | $ 3,500 | ||||
Number of HUD loans paid off | HUD | 24 | 5 | 11 | |||
Number of HUD facilities | HUD | 11 | |||||
2012 Credit Facility | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | $ 2,600 | |||||
Term Loan Facility 2013 | ||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing | $ 2,000 | |||||
[1] | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the unamortized premium for debt assumed on 11 HUD mortgage loans that we paid off in May 2013. | |||||
[2] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the 2012 Credit Facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our 2013 Term Loan Facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||||
[3] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our 2020 Notes, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. | |||||
[4] | In 2015, we made: (a) $7.5 million of prepayment penalties associated with the early redemption of our 2020 Notes, (b) $19.4 million of prepayment penalties associated with the early redemption of our 2022 Notes and (c) $9.1 million of prepayment penalties associated with 24 HUD mortgage loans that we paid off in March, April and December 2015. In 2014, we made prepayment penalties of $1.9 million associated with five HUD mortgage loans that we paid off in September and October 2014. In 2013, we made prepayment penalties of $0.2 million associated with 11 HUD mortgage loans that we paid off in May 2013. |
BORROWING ACTIVITIES AND ARRANG
BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail) - Secured Borrowings - USD ($) $ in Thousands | Apr. 01, 2015 | Dec. 31, 2015 | |
GE Term loan | |||
Debt Instrument [Line Items] | |||
Ge Term Loan | $ 180,000 | $ 180,000 | |
Secured real estate assets net carrying value | $ 295,500 | ||
Maturity | 2,019 | ||
Interest rate | 4.00% | ||
Description of variable rate basis | The interest rate is based on LIBOR, with a floor of 50 basis points, plus a margin of 350 basis points. | ||
LIBOR plus an applicable percentage | 0.50% | ||
HUD mortgages assumed December 2011 | |||
Debt Instrument [Line Items] | |||
Secured real estate assets net carrying value | $ 95,400 | ||
Maturity | [1] | 2,044 | |
Interest rate | [1] | 3.06% | |
[1] | Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2015 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $95.4 million. |
BORROWING ACTIVITIES AND ARRA84
BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 1) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015USD ($)Mortgage | Mar. 31, 2015USD ($)Mortgage | Dec. 31, 2015USD ($)Mortgage | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Debt Instrument [Line Items] | ||||||
Write off of deferred financing cost and unamortized premiums due to refinancing (1) (2)(3) | [1],[2],[3] | $ (7,134) | $ 1,180 | $ (11,278) | ||
HUD Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Payment to retire HUD mortgages | $ 9,100 | $ 154,300 | $ 25,100 | |||
Number of HUD mortgages | Mortgage | 1 | 21 | 2 | |||
Total HUD mortgage loans principal payoff | $ 146,900 | |||||
Gain on extinguishment of the debt | $ 1,000 | 2,300 | $ 900 | |||
Write off of deferred financing cost and unamortized premiums due to refinancing (1) (2)(3) | 1,500 | 9,700 | 2,100 | $ 11,300 | ||
Prepayment fees | $ 500 | $ 7,400 | $ 1,200 | |||
Notes issued, interest rate | 5.50% | |||||
Lease expiration period | March 1 and April 1, 2036 | |||||
HUD Mortgage | Hud interest rate 5.35% | ||||||
Debt Instrument [Line Items] | ||||||
Number of mortgage loans | Mortgage | 18 | |||||
Notes issued, interest rate | 5.35% | |||||
Lease expiration period | January 2040 and January 2045 | |||||
HUD Mortgage | Hud interest rate 5.23% | ||||||
Debt Instrument [Line Items] | ||||||
Number of mortgage loans | Mortgage | 3 | |||||
Notes issued, interest rate | 5.23% | |||||
Lease expiration period | February 2040 and February 2045 | |||||
HUD Mortgage | Hud interest rate 4.35% | ||||||
Debt Instrument [Line Items] | ||||||
Notes issued, interest rate | 4.35% | |||||
Lease expiration period | March 1, 2041 | |||||
[1] | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the unamortized premium for debt assumed on 11 HUD mortgage loans that we paid off in May 2013. | |||||
[2] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the 2012 Credit Facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our 2013 Term Loan Facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||||
[3] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our 2020 Notes, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. |
BORROWING ACTIVITIES AND ARRA85
BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 2) - USD ($) $ in Thousands | Apr. 01, 2015 | Sep. 11, 2014 | Mar. 11, 2014 | Dec. 16, 2015 | Sep. 23, 2015 | Mar. 18, 2015 | Mar. 19, 2012 | Dec. 31, 2015 | Oct. 26, 2015 | Dec. 31, 2014 | Jun. 27, 2014 |
Borrowing Arrangements [Line Items] | |||||||||||
Term loans | $ 750,000 | $ 200,000 | |||||||||
Long-term Line of Credit | 230,000 | 85,000 | |||||||||
Total assets | 8,019,009 | 3,921,645 | |||||||||
Non - Guarantor Subsidiaries | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Total assets | $ 572,529 | 87,931 | |||||||||
Trache A-2 Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | ||||||||||
Credit facility, description of variable rate basis | Tranche A-2 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings | ||||||||||
Debt maturity date | Jun. 27, 2017 | ||||||||||
Omega OP Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Term loans | $ 100,000 | ||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | ||||||||||
Credit facility, description of variable rate basis | The Omega OP Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings. | ||||||||||
Debt maturity date | Jun. 27, 2017 | ||||||||||
Minimum | Trache A-2 Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Minimum | Omega OP Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Maximum | Trache A-2 Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Maximum | Omega OP Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Senior unsecured revolving credit facility | Omega Credit Agreement | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Credit facility, borrowing capacity | $ 1,000,000 | ||||||||||
Senior unsecured revolving credit facility | First Amendment to Omega Credit Agreement | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Credit facility, borrowing capacity | 1,250,000 | ||||||||||
Senior unsecured revolving credit facility | First Amendment to Omega Credit Agreement | Trache A-2 Term Loan Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Term loan, borrowing capacity | $ 200,000 | ||||||||||
Unsecured borrowings | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Credit facility, borrowing capacity | $ 1,200,000 | ||||||||||
Unsecured borrowings | 2015 term loan | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 2.14% | ||||||||||
Term loans | $ 250,000 | $ 250,000 | |||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.80% | ||||||||||
Credit facility, description of variable rate basis | The 2015 Term Loan Facility is priced at LIBOR plus an applicable percentage (beginning at 180 basis points, with a range of 140 to 235 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings | ||||||||||
Debt maturity date | Dec. 16, 2022 | ||||||||||
Term loan, borrowing capacity | $ 400,000 | ||||||||||
Unsecured borrowings | 2015 term loan | Interest rate swaps | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 3.8005% | ||||||||||
Credit facility, description of variable rate basis | 1-month LIBOR | ||||||||||
Debt maturity date | Dec. 15, 2022 | ||||||||||
Unsecured borrowings | 2015 term loan | Minimum | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.40% | ||||||||||
Unsecured borrowings | 2015 term loan | Minimum | Interest rate swaps | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.40% | ||||||||||
Unsecured borrowings | 2015 term loan | Maximum | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 2.35% | ||||||||||
Unsecured borrowings | 2015 term loan | Maximum | Interest rate swaps | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.55% | ||||||||||
Unsecured borrowings | Senior unsecured revolving credit facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Credit facility, borrowing capacity | 1,000,000 | ||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.30% | ||||||||||
Credit facility, description of variable rate basis | The Revolving Credit Facility is priced at LIBOR plus an applicable percentage (beginning at 130 basis points, with a range of 92.5 to 170 basis points) based on our ratings from Standard & Poor's, Moody's and/or Fitch Ratings | ||||||||||
Facility fee, basis spread on variable rate | 0.25% | ||||||||||
Facility fee, description of variable rate basis | facility fee based on the same ratings (initially 25 basis points, with a range of 12.5 to 30 basis points) | ||||||||||
Debt maturity date | Jun. 27, 2018 | ||||||||||
Unsecured borrowings | Senior unsecured revolving credit facility | Minimum | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 0.925% | ||||||||||
Facility fee, basis spread on variable rate | 0.125% | ||||||||||
Unsecured borrowings | Senior unsecured revolving credit facility | Maximum | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.70% | ||||||||||
Facility fee, basis spread on variable rate | 0.30% | ||||||||||
Unsecured borrowings | Tranche A-1 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Credit facility, borrowing capacity | 200,000 | ||||||||||
Rate | 1.92% | ||||||||||
Term loans | $ 200,000 | 200,000 | |||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.50% | ||||||||||
Credit facility, description of variable rate basis | Tranche A-1 Term Loan Facility bears interest at LIBOR plus an applicable percentage (beginning at 150 basis points, with a range of 100 to 195 basis points) based on our ratings from Standard & Poor’s, Moody’s and/or Fitch Ratings | ||||||||||
Debt maturity date | Jun. 27, 2019 | ||||||||||
Unsecured borrowings | Tranche A-1 | Minimum | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.00% | ||||||||||
Unsecured borrowings | Tranche A-1 | Maximum | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Pricing of credit facility at LIBOR plus an applicable percentage | 1.95% | ||||||||||
Unsecured borrowings | Initial 2022 Notes | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 6.75% | 6.75% | |||||||||
Senior notes outstanding | $ 575,000 | 575,000 | |||||||||
Unsecured borrowings | 2026 Notes | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 5.25% | 5.25% | |||||||||
Senior notes outstanding | $ 600,000 | $ 600,000 | |||||||||
Debt maturity date | Jan. 15, 2026 | ||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 99.717% | ||||||||||
Net proceeds from issuance of debt, after deducting initial purchasers' discounts | $ 594,400 | ||||||||||
Unsecured borrowings | 2026 Notes | Non - Guarantor Subsidiaries | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Total assets | $ 598,600 | ||||||||||
Unsecured borrowings | 2027 Notes | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 4.50% | 4.50% | |||||||||
Senior notes outstanding | $ 700,000 | $ 700,000 | |||||||||
Debt maturity date | Apr. 1, 2027 | ||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 98.546% | ||||||||||
Net proceeds from issuance of debt, after deducting initial purchasers' discounts | $ 683,000 | ||||||||||
Unsecured borrowings | 2027 Notes | Non - Guarantor Subsidiaries | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Total assets | $ 598,600 | ||||||||||
Unsecured borrowings | 2012 Credit Facility | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Credit facility, borrowing capacity | $ 700,000 | ||||||||||
Unsecured borrowings | 4.50% notes due 2025 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 4.50% | 4.50% | |||||||||
Senior notes outstanding | $ 250,000 | $ 250,000 | 250,000 | ||||||||
Debt maturity date | Jan. 15, 2015 | ||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 99.131% | ||||||||||
Gross proceeds from issuance of debt | $ 247,800 | ||||||||||
Unsecured borrowings | 4.50% notes due 2025 | Non - Guarantor Subsidiaries | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Total assets | $ 598,600 | ||||||||||
Unsecured borrowings | 4.95% Notes due 2024 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 4.95% | 4.95% | |||||||||
Senior notes outstanding | $ 400,000 | $ 400,000 | 400,000 | ||||||||
Debt maturity date | Apr. 1, 2024 | ||||||||||
Debt instrument, issuance price, percentage of principal amount issued | 98.58% | ||||||||||
Gross proceeds from issuance of debt | $ 394,300 | ||||||||||
Unsecured borrowings | 4.95% Notes due 2024 | Non - Guarantor Subsidiaries | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Total assets | $ 598,600 | ||||||||||
Unsecured borrowings | 5.875% Notes due 2024 | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Rate | 5.875% | 5.875% | |||||||||
Senior notes outstanding | $ 400,000 | $ 400,000 | $ 400,000 | ||||||||
Debt maturity date | Mar. 15, 2024 | ||||||||||
Unsecured borrowings | 5.875% Notes due 2024 | Non - Guarantor Subsidiaries | |||||||||||
Borrowing Arrangements [Line Items] | |||||||||||
Total assets | $ 598,600 |
BORROWING ACTIVITIES AND ARRA86
BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Detail 3) - USD ($) shares in Thousands, $ in Thousands | Mar. 13, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 26, 2015 | Sep. 23, 2015 | |
Debt Instrument [Line Items] | ||||||||
Write off deferred financing and discount costs | [1],[2],[3] | $ (7,134) | $ 1,180 | $ (11,278) | ||||
Issuance of common stock (in shares) | 10,925 | 2,875 | ||||||
7.50% Notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off deferred financing and discount costs | $ 4,200 | |||||||
6.75% Notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off deferred financing and discount costs | $ 1,900 | |||||||
Unsecured borrowings | 7.50% Notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate | 7.50% | |||||||
Senior notes outstanding | $ 200,000 | 200,000 | ||||||
Redemption price, percentage | 103.75% | |||||||
Redemption price | $ 208,700 | |||||||
Redemption related costs and write-offs | 11,700 | |||||||
Redemption prepayment fee | 7,500 | |||||||
Write off deferred financing and discount costs | $ 4,200 | |||||||
Unsecured borrowings | 6.75% Notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate | 6.75% | 6.75% | ||||||
Senior notes outstanding | $ 575,000 | $ 575,000 | ||||||
Redemption related costs and write-offs | $ 21,300 | |||||||
Redemption prepayment fee | 19,400 | |||||||
Write off deferred financing and discount costs | $ 1,900 | |||||||
[1] | In 2013, we recorded an $11.3 million interest refinancing gain associated with the write-off of the unamortized premium for debt assumed on 11 HUD mortgage loans that we paid off in May 2013. | |||||||
[2] | In 2014, we recorded: (a) $2.6 million write-off of deferred financing costs associated with the termination of the 2012 Credit Facilities, (b) $2.0 million write-off of deferred financing costs associated with the termination of our 2013 Term Loan Facility offset by (c) $3.5 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in September and December 2014. | |||||||
[3] | In 2015, we recorded: (a) $4.2 million of write-offs of unamortized deferred financing costs and discount associated with the early redemption of our 2020 Notes, (b) $1.9 million in net write-offs associated with unamortized deferred financing costs and original issuance premiums/discounts associated with the early redemption of our 2022 Notes, offset by (c) $13.2 million gain related to the early extinguishment of debt from the write off of unamortized premium on the HUD debt paid off in March, April and December 2015. |
BORROWING ACTIVITIES AND ARRA87
BORROWING ACTIVITIES AND ARRANGEMENTS (Narrative) (Details 4) - USD ($) $ in Thousands | Apr. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 230,000 | $ 85,000 | |
Aviv REIT, Inc | Note Payable | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 650,000 | ||
Early repayment of debt | 705,600 | ||
Aviv REIT, Inc | Revolving line of credit | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 525,000 | ||
Early repayment of debt | $ 525,000 |
FINANCIAL INSTRUMENTS (Detail)
FINANCIAL INSTRUMENTS (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||
Cash and cash equivalents | $ 5,424 | $ 4,489 | $ 2,616 | $ 1,711 |
Restricted cash | 14,607 | 29,076 | ||
Investments in direct financing leases - net | 587,701 | 539,232 | ||
Mortgage notes receivable - net | 679,795 | 648,079 | ||
Other investments - net | 89,299 | 48,952 | ||
Liabilities: | ||||
Revolving line of credit | 230,000 | 85,000 | ||
Tranche A-1 term loan | 750,000 | 200,000 | ||
Secured borrowings - net | 236,204 | 251,454 | ||
Carrying Amount | ||||
Assets: | ||||
Cash and cash equivalents | 5,424 | 4,489 | ||
Restricted cash | 14,607 | 29,076 | ||
Investments in direct financing leases - net | 587,701 | 539,232 | ||
Mortgage notes receivable - net | 679,795 | 648,079 | ||
Other investments - net | 89,299 | 48,952 | ||
Totals | 1,376,826 | 1,269,828 | ||
Liabilities: | ||||
Revolving line of credit | 230,000 | 85,000 | ||
Tranche A-1 term loan | 200,000 | 200,000 | ||
Tranche A-2 term loan | 200,000 | |||
Omega OP term loan | 100,000 | |||
2015 term loan | 250,000 | |||
GE term loan due 2019 | 180,000 | |||
Secured borrowings - net | 56,204 | 251,454 | ||
Subordinated debt | 20,613 | 20,747 | ||
Totals | 3,569,086 | 2,378,503 | ||
Carrying Amount | 7.50% notes due 2020 - net | ||||
Liabilities: | ||||
Notes Payable | 198,235 | |||
Carrying Amount | 6.75% Notes due 2022 | ||||
Liabilities: | ||||
Notes Payable | 580,410 | |||
Carrying Amount | 5.875% notes due 2024 - net | ||||
Liabilities: | ||||
Notes Payable | 400,000 | 400,000 | ||
Carrying Amount | 4.95% notes due 2024 - net | ||||
Liabilities: | ||||
Notes Payable | 395,333 | 394,768 | ||
Carrying Amount | 4.50% notes due 2025 - net | ||||
Liabilities: | ||||
Notes Payable | 248,099 | 247,889 | ||
Carrying Amount | 5.25% notes due 2026 - net | ||||
Liabilities: | ||||
Notes Payable | 598,343 | |||
Carrying Amount | 4.50% notes due 2027 - net | ||||
Liabilities: | ||||
Notes Payable | 690,494 | |||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 5,424 | 4,489 | ||
Restricted cash | 14,607 | 29,076 | ||
Investments in direct financing leases - net | 584,358 | 539,232 | ||
Mortgage notes receivable - net | 687,130 | 642,626 | ||
Other investments - net | 90,745 | 49,513 | ||
Totals | 1,382,264 | 1,264,936 | ||
Liabilities: | ||||
Revolving line of credit | 230,000 | 85,000 | ||
Tranche A-1 term loan | 200,000 | 200,000 | ||
Tranche A-2 term loan | 200,000 | |||
Omega OP term loan | 100,000 | |||
2015 term loan | 250,000 | |||
GE term loan due 2019 | 180,000 | |||
Secured borrowings - net | 52,678 | 266,434 | ||
Subordinated debt | 24,366 | 26,434 | ||
Totals | 3,593,007 | 2,623,641 | ||
Fair Value | 7.50% notes due 2020 - net | ||||
Liabilities: | ||||
Notes Payable | 264,269 | |||
Fair Value | 6.75% Notes due 2022 | ||||
Liabilities: | ||||
Notes Payable | 677,851 | |||
Fair Value | 5.875% notes due 2024 - net | ||||
Liabilities: | ||||
Notes Payable | 429,956 | 449,242 | ||
Fair Value | 4.95% notes due 2024 - net | ||||
Liabilities: | ||||
Notes Payable | 403,064 | 410,358 | ||
Fair Value | 4.50% notes due 2025 - net | ||||
Liabilities: | ||||
Notes Payable | 242,532 | $ 244,053 | ||
Fair Value | 5.25% notes due 2026 - net | ||||
Liabilities: | ||||
Notes Payable | 612,760 | |||
Fair Value | 4.50% notes due 2027 - net | ||||
Liabilities: | ||||
Notes Payable | $ 667,651 |
FINANCIAL INSTRUMENTS (Parenthe
FINANCIAL INSTRUMENTS (Parentheticals) (Detail) | Dec. 31, 2015 |
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 | 5.875% |
4.95% notes due 2024 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.95% |
4.50% notes due 2025 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.50% |
5.25% notes due 2026 - net | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 5.25% |
4.50% notes due 2027 - net | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Interest rate | 4.50% |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)SubsidiaryShareholderEntity | |
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% |
Maximum percentage of assets invested in one or more taxable REIT subsidiaries after December 31, 2017 | 20.00% |
Minimum number of stockholders who own shares or interest in the REIT | Shareholder | 100 |
Maximum percentage of interest in REIT that five or fewer individuals own directly or indirectly | 50.00% |
Minimum number of subsequent years the company may not be able to qualify as a REIT | 4 years |
Percentage of income subject to federal taxation | 100.00% |
Permitted ownership of a taxable REIT subsidiary ("TRS"), maximum percentage | 100.00% |
Number of subsidiary created REITs as per qualification rules | Subsidiary | 5 |
Number of taxable REIT subsidiaries | Subsidiary | 1 |
Number of subsidiary elected for treated as TRSs | Subsidiary | 2 |
Net operating loss carry-forward | $ 0.9 |
Number of legal entities | Entity | 10 |
The tax basis in legal entities acquired for United Kingdom taxes | $ 82 |
Deferred tax liability | 15 |
State and local income tax provision | 1 |
Provision for foreign income taxes | $ 0.2 |
RETIREMENT ARRANGEMENTS (Narrat
RETIREMENT ARRANGEMENTS (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation Related Costs [Abstract] | |||
Amounts charged to operations with respect to retirement arrangements | $ 0.4 | $ 0.3 | $ 0.2 |
Deferred stock units outstanding | 400,814 | 398,373 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Sep. 03, 2015 | Feb. 09, 2015 | Oct. 07, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 27, 2015 | Mar. 26, 2015 | Mar. 18, 2013 |
Stockholders Equity Note [Line Items] | |||||||||
Issuance of common stock (in shares) | 10,925 | 2,875 | |||||||
Stock issued | 1,848 | 6,504 | |||||||
Aggregate gross sales price of common stock sold | $ 61,981 | $ 193,799 | |||||||
Gross proceeds from issuance of common stock | $ 439,322 | $ 61,981 | $ 278,373 | ||||||
Dividend reinvestment plan (in shares) | 4,184 | 2,084 | 1,930 | ||||||
Common stock, shares authorized | 350,000 | 200,000 | |||||||
500 Million Equity Shelf Program | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Sales price, equity distribution agreement | $ 500,000 | ||||||||
Compensation percentage for sale of shares | 2.00% | ||||||||
250 Million Equity Shelf Program | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Stock issued | 7,400 | 1,800 | |||||||
Issuance of common stock, average price per share | $ 34.33 | ||||||||
Gross proceeds from issuance of common stock | $ 233,800 | $ 63,500 | |||||||
Sales price, equity distribution agreement | 250,000 | ||||||||
Commissions on sale of common stock | $ 4,700 | $ 1,500 | |||||||
245 Million Equity Shelf Program | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Stock issued | 1,000 | ||||||||
Issuance of common stock, average price per share | $ 28.29 | ||||||||
Gross proceeds from issuance of common stock | $ 27,800 | ||||||||
Sales price, equity distribution agreement | $ 245,000 | ||||||||
Commissions on sale of common stock | $ 600 | ||||||||
Capital stock, shares authorized | 370,000 | 220,000 | |||||||
Common stock, shares authorized | 350,000 | 200,000 | |||||||
Dividend Reinvestment and Common Stock Purchase Plan | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Stock issued | 4,200 | 2,100 | 1,900 | ||||||
Gross proceeds from issuance of common stock | $ 150,800 | $ 71,500 | $ 55,800 | ||||||
10.925 Million Common Stock Offering | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Stock issued | 10,925 | ||||||||
Issuance of common stock, average price per share | $ 42 | ||||||||
Aggregate gross sales price of common stock sold | $ 440,000 | ||||||||
2.875 Million Shares of Common Stock Offering | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Stock issued | 2,875 | ||||||||
Issuance of common stock, average price per share | $ 29.48 | ||||||||
Aggregate gross sales price of common stock sold | $ 84,600 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Number of Shares/Units | ||||
Non-vested | 1,582,093 | |||
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 20.39 | |||
Compensation Cost | [1] | $ 32.2 | ||
Restricted stock and RSUs | ||||
Number of Shares/Units | ||||
Non-vested | 309,934 | 257,198 | 459,502 | |
Granted | 232,533 | 143,637 | 241,699 | |
Assumed in Aviv Merger | [2] | 38,268 | ||
Cancelled | (61,911) | |||
Vested | (106,146) | (90,901) | (444,003) | |
Non-vested | 412,678 | 309,934 | 257,198 | |
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 30.08 | $ 29.32 | $ 22.33 | |
Granted | 39.25 | 30.70 | 29.87 | |
Assumed in Aviv Merger | [2] | 23.50 | ||
Cancelled | 33.77 | |||
Vested | 28.72 | 28.87 | 22.38 | |
Non-vested | $ 34.44 | $ 30.08 | $ 29.32 | |
Compensation Cost | [3] | $ 9.1 | $ 4.4 | $ 7.2 |
Compensation Cost - Assumed in Aviv Merger | [2],[3] | $ 0.9 | ||
[1] | Total compensation costs are net of shares cancelled. | |||
[2] | 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. | |||
[3] | Omega stock price on April 1, 2015 was $40.74. The weighted average stock price indicated in the table above represents the expense per unit that we will record related to the assumed Aviv RSUs. |
STOCK-BASED COMPENSATION (Paren
STOCK-BASED COMPENSATION (Parentheticals) (Detail) | Dec. 31, 2015$ / shares |
Restricted stock and RSUs | Award granted in April 1, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing stock price | $ 40.74 |
STOCK-BASED COMPENSATION (Det95
STOCK-BASED COMPENSATION (Detail 1) - PRSUs and LTIP Units | 12 Months Ended |
Dec. 31, 2015$ / shares | |
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% |
Awards granted in December 31, 2013 and January 1, 2014 | |
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% |
Award granted in March 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing Price on date of grant | $ 40.57 |
Dividend Yield | 5.23% |
Risk Free interest rate at time of grant, minimum | 0.10% |
Risk Free interest rate at time of grant, maximum | 0.94% |
Expected volatility, minimum | 20.06% |
Expected volatility, maximum | 21.09% |
Award granted in April 1, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing Price on date of grant | $ 40.74 |
Dividend Yield | 5.20% |
Risk Free interest rate at time of grant, minimum | 0.09% |
Risk Free interest rate at time of grant, maximum | 0.91% |
Expected volatility, minimum | 20.06% |
Expected volatility, maximum | 21.08% |
Awards granted in July 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing Price on date of grant | $ 36.26 |
Dividend Yield | 6.07% |
Risk Free interest rate at time of grant, minimum | 0.13% |
Risk Free interest rate at time of grant, maximum | 1.08% |
Expected volatility, minimum | 20.06% |
Expected volatility, maximum | 20.21% |
STOCK-BASED COMPENSATION (Det96
STOCK-BASED COMPENSATION (Detail 2) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Number of Shares/Units | ||||
Non-vested | 1,582,093 | |||
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 20.39 | |||
Compensation Cost | [1] | $ 32.2 | ||
Performance restricted stock units | ||||
Number of Shares/Units | ||||
Non-vested | 850,213 | 1,038,024 | 372,735 | |
Granted | 537,923 | 309,168 | 665,289 | |
Cancelled | (165,570) | |||
Forfeited | (128,073) | |||
Vested | [2] | (181,406) | (496,979) | 0 |
Non-vested | 913,087 | 850,213 | 1,038,024 | |
Weighted - Average Grant-Date Fair Value per Share | ||||
Non-vested | $ 10.97 | $ 10.72 | $ 11.36 | |
Granted | 18.51 | 11.46 | 10.36 | |
Cancelled | 14.11 | |||
Forfeited | 12.04 | |||
Vested | [2] | 10.10 | 10.75 | 0 |
Non-vested | $ 14.87 | $ 10.97 | $ 10.72 | |
Compensation Cost | [3] | $ 10 | $ 3.5 | $ 6.9 |
[1] | Total compensation costs are net of shares cancelled. | |||
[2] | PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures. | |||
[3] | Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. |
STOCK-BASED COMPENSATION (Det97
STOCK-BASED COMPENSATION (Detail 3) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 1,582,093 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 20.39 | |
Compensation Cost | $ 32.2 | [1] |
Unrecognized Compensation Cost | $ 16 | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 514,269 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 32.78 | |
Compensation Cost | $ 16.8 | [1] |
Unrecognized Compensation Cost | $ 7.9 | |
RSUs | 2013 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,013 | |
Shares/Units | shares | 195,822 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 29.80 | |
Compensation Cost | $ 5.8 | [1] |
Weighted Average Period of Expense Recognition | 36 months | |
Unrecognized Compensation Cost | $ 1.9 | |
Vesting Dates | 12/31/14 - 12/31/16 | |
RSUs | 2014 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,014 | |
Shares/Units | shares | 106,778 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 29.80 | |
Compensation Cost | $ 3.2 | [1] |
Weighted Average Period of Expense Recognition | 36 months | |
Unrecognized Compensation Cost | $ 1.1 | |
Vesting Dates | 12/31/2016 | |
RSUs | 3/31/15 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 109,585 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 40.57 | |
Compensation Cost | $ 4.4 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 3.2 | |
Vesting Dates | 12/31/2017 | |
RSUs | 4/1/15 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 39,914 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 40.74 | |
Compensation Cost | $ 1.6 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 1.2 | |
Vesting Dates | 12/31/2017 | |
RSUs | Assumed Aviv RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 10,644 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 12.36 | |
Compensation Cost | $ 0.1 | [1] |
Weighted Average Period of Expense Recognition | 9 months | |
Vesting Dates | 12/31/2015 | |
RSUs | Assumed Aviv RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 19,825 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 24.92 | |
Compensation Cost | $ 0.5 | [1] |
Weighted Average Period of Expense Recognition | 21 months | |
Unrecognized Compensation Cost | $ 0.3 | |
Vesting Dates | 12/31/2016 | |
RSUs | Assumed Aviv RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 7,799 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 35.08 | |
Compensation Cost | $ 0.3 | [1] |
Weighted Average Period of Expense Recognition | 33 months | |
Unrecognized Compensation Cost | $ 0.2 | |
Vesting Dates | 12/31/15-12/31/17 | |
RSUs | 7/31/15 RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 23,902 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 36.26 | |
Compensation Cost | $ 0.9 | [1] |
Weighted Average Period of Expense Recognition | 5 months | |
Vesting Dates | 12/31/2015 | |
TSR PRSUs and LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 533,908 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 11.42 | |
Compensation Cost | $ 6.2 | [1] |
Unrecognized Compensation Cost | $ 3.1 | |
TSR PRSUs and LTIP Units | 2015 Transition TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,013 | [2] |
Shares/Units | shares | 67,885 | [2] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 7.47 | [2] |
Compensation Cost | $ 0.5 | [1],[2] |
Weighted Average Period of Expense Recognition | 24 months | [2] |
Unrecognized Compensation Cost | $ 0 | [2] |
Performance Period | 12/31/2013-12/31/2015 | [2] |
Vesting Dates | 12/31/2015 | [2] |
TSR PRSUs and LTIP Units | 2016 Transition TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,013 | |
Shares/Units | shares | 101,591 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 8.67 | |
Compensation Cost | $ 0.9 | [1] |
Weighted Average Period of Expense Recognition | 36 months | |
Unrecognized Compensation Cost | $ 0.3 | |
Performance Period | 12/31/2013-12/31/2016 | |
Vesting Dates | 12/31/2016 | |
TSR PRSUs and LTIP Units | 2016 TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,014 | |
Shares/Units | shares | 135,634 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 8.67 | |
Compensation Cost | $ 1.2 | [1] |
Weighted Average Period of Expense Recognition | 48 months | |
Unrecognized Compensation Cost | $ 0.6 | |
Performance Period | 1/1/2014-12/31/2016 | |
Vesting Dates | Quarterly in 2017 | |
TSR PRSUs and LTIP Units | 3/31/15 2017 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 137,249 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.66 | |
Compensation Cost | $ 2 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 1.6 | |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
TSR PRSUs and LTIP Units | 4/1/2015 2017 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 54,151 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.80 | |
Compensation Cost | $ 0.8 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 0.6 | |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
TSR PRSUs and LTIP Units | 7/31/15 2015 Transition TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | [3] |
Shares/Units | shares | 9,484 | [3] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 27.20 | [3] |
Compensation Cost | $ 0.3 | [1],[3] |
Weighted Average Period of Expense Recognition | 5 months | [3] |
Unrecognized Compensation Cost | $ 0 | [3] |
Performance Period | 12/31/2013-12/31/2015 | [3] |
Vesting Dates | 12/31/2015 | [3] |
TSR PRSUs and LTIP Units | 7/31/15 2016 Transition TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 22,091 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.51 | |
Compensation Cost | $ 0.4 | [1] |
Weighted Average Period of Expense Recognition | 5 months | |
Performance Period | 12/31/2013-12/31/2016 | |
Vesting Dates | 12/31/2016 | |
TSR PRSUs and LTIP Units | 7/31/15 2017 LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 5,823 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 8.78 | |
Compensation Cost | $ 0.1 | [1] |
Weighted Average Period of Expense Recognition | 5 months | |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | 12/31/2017 | |
Relative TSR PRSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares/Units | shares | 533,916 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 17.44 | |
Compensation Cost | $ 9.2 | [1] |
Unrecognized Compensation Cost | $ 5 | |
Relative TSR PRSUs | 2015 Transition Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,013 | [4] |
Shares/Units | shares | 67,884 | [4] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 13.05 | [4] |
Compensation Cost | $ 0.9 | [1],[4] |
Weighted Average Period of Expense Recognition | 24 months | [4] |
Unrecognized Compensation Cost | $ 0 | [4] |
Performance Period | 12/31/2013-12/31/2015 | [4] |
Vesting Dates | 12/31/2015 | [4] |
Relative TSR PRSUs | 2016 Transition Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,013 | |
Shares/Units | shares | 101,588 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.24 | |
Compensation Cost | $ 1.4 | [1] |
Weighted Average Period of Expense Recognition | 36 months | |
Unrecognized Compensation Cost | $ 0.5 | |
Performance Period | 12/31/2013-12/31/2016 | |
Vesting Dates | 12/31/2016 | |
Relative TSR PRSUs | 2016 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,014 | |
Shares/Units | shares | 135,634 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 14.24 | |
Compensation Cost | $ 1.9 | [1] |
Weighted Average Period of Expense Recognition | 48 months | |
Unrecognized Compensation Cost | $ 1 | |
Performance Period | 1/1/2014-12/31/2016 | |
Vesting Dates | Quarterly in 2017 | |
Relative TSR PRSUs | 3/31/15 2017 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 137,249 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 22.50 | |
Compensation Cost | $ 3.1 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 2.5 | |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
Relative TSR PRSUs | 4/1/2015 2017 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 54,151 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 22.91 | |
Compensation Cost | $ 1.2 | [1] |
Weighted Average Period of Expense Recognition | 45 months | |
Unrecognized Compensation Cost | $ 1 | |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | Quarterly in 2018 | |
Relative TSR PRSUs | 7/31/15 2015 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | [5] |
Shares/Units | shares | 9,484 | [5] |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 18.85 | [5] |
Compensation Cost | $ 0.2 | [1],[5] |
Weighted Average Period of Expense Recognition | 5 months | [5] |
Unrecognized Compensation Cost | $ 0 | [5] |
Performance Period | 1/1/2014-12/31/2015 | [5] |
Vesting Dates | 12/31/2015 | [5] |
Relative TSR PRSUs | 7/31/15 2016 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 22,100 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 19.60 | |
Compensation Cost | $ 0.4 | [1] |
Weighted Average Period of Expense Recognition | 5 months | |
Performance Period | 1/1/2014-12/31/2016 | |
Vesting Dates | 12/31/2016 | |
Relative TSR PRSUs | 7/31/15 2017 Relative TSR | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant Year | 2,015 | |
Shares/Units | shares | 5,826 | |
Grant Date Average Fair Value Per Unit/ Share | $ / shares | $ 17.74 | |
Compensation Cost | $ 0.1 | [1] |
Weighted Average Period of Expense Recognition | 5 months | |
Performance Period | 1/1/2015-12/31/2017 | |
Vesting Dates | 12/31/2017 | |
[1] | Total compensation costs are net of shares cancelled. | |
[2] | The shares/unit information includes 30,872 shares/units that were determined to be forfeited because the performance goal was not achieved. | |
[3] | The shares/unit information includes 4,231 shares/units that were determined to be forfeited because the performance goal was not achieved. | |
[4] | The shares/unit information includes 67,884 shares/units that were determined to be forfeited because the performance goal was not achieved. | |
[5] | The shares/unit information includes 9,484 shares/units that were determined to be forfeited because the performance goal was not achieved. |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2015 | Jun. 06, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of operating partnership units distributions | 10.00% | ||||||
Value of shares issued net of tax withholdings | $ 26.7 | $ 3.6 | $ 5.8 | ||||
Numbers of shares awarded to employees | 1,582,093 | ||||||
Compensation Cost | [1] | $ 32.2 | |||||
Aviv | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Closing stock price | $ 34.98 | ||||||
Number of employee stock options assumed | 5,700,000 | ||||||
Conversion ratio of assumed employee stock options | 0.9 | ||||||
Number of stock options issued | 5,100,000 | ||||||
Intrinsic value of stock option assumed | $ 99.2 | ||||||
Number of stock options exercised | 2,600,000 | ||||||
Weighted average rate of stock options exercised | $ 19.38 | ||||||
Number of stock options remain outstanding and exercisable | 2,500,000 | ||||||
Weighted average exercise price of stock options outstanding | $ 19.38 | ||||||
Aggregate intrinsic value of outstanding stock options | $ 39.2 | ||||||
2013 Stock Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Increase in number of shares reserved for issuance | 3,000,000 | ||||||
Number of common shares reserved for future issuance | 2,139,785 | ||||||
Performance restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited | 128,073 | ||||||
Number of restricted stock issued | 537,923 | 309,168 | 665,289 | ||||
Numbers of shares awarded to employees | 913,087 | 850,213 | 1,038,024 | 372,735 | |||
Compensation Cost | [2] | $ 10 | $ 3.5 | $ 6.9 | |||
TSR PRSUs and LTIP Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Numbers of shares awarded to employees | 533,908 | ||||||
Compensation Cost | [1] | $ 6.2 | |||||
TSR PRSUs and LTIP Units | 2015 Transition TSR | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited | 30,872 | ||||||
Numbers of shares awarded to employees | [3] | 67,885 | |||||
Compensation Cost | [1],[3] | $ 0.5 | |||||
TSR PRSUs and LTIP Units | 7/31/15 2015 Transition TSR | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited | 4,231 | ||||||
Numbers of shares awarded to employees | [4] | 9,484 | |||||
Compensation Cost | [1],[4] | $ 0.3 | |||||
Relative TSR PRSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Numbers of shares awarded to employees | 533,916 | ||||||
Compensation Cost | [1] | $ 9.2 | |||||
Relative TSR PRSUs | 2015 Transition Relative TSR | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited | 67,884 | ||||||
Numbers of shares awarded to employees | [5] | 67,884 | |||||
Compensation Cost | [1],[5] | $ 0.9 | |||||
Relative TSR PRSUs | 7/31/15 2015 Relative TSR | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited | 9,484 | ||||||
Numbers of shares awarded to employees | [6] | 9,484 | |||||
Compensation Cost | [1],[6] | $ 0.2 | |||||
Restricted stock | Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of restricted stock issued | 30,500 | 21,500 | 27,958 | ||||
Fair value of restricted stock award | $ 1.1 | $ 0.8 | $ 0.8 | ||||
Numbers of shares awarded to employees | 54,149 | ||||||
Vesting period, years | 3 years | ||||||
Compensation Cost | $ 1.4 | ||||||
[1] | Total compensation costs are net of shares cancelled. | ||||||
[2] | Total compensation cost to be recognized on the awards was based on the grant date fair value or the modification date fair value. | ||||||
[3] | The shares/unit information includes 30,872 shares/units that were determined to be forfeited because the performance goal was not achieved. | ||||||
[4] | The shares/unit information includes 4,231 shares/units that were determined to be forfeited because the performance goal was not achieved. | ||||||
[5] | The shares/unit information includes 67,884 shares/units that were determined to be forfeited because the performance goal was not achieved. | ||||||
[6] | The shares/unit information includes 9,484 shares/units that were determined to be forfeited because the performance goal was not achieved. |
DIVIDENDS (Detail)
DIVIDENDS (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends [Line Items] | |||||||||||
Common dividends (in dollars per share) | $ 0.56 | $ 0.55 | $ 0.54 | $ 0.53 | $ 0.52 | $ 0.51 | $ 0.50 | $ 0.49 | $ 2.18 | $ 2.02 | $ 1.86 |
Ordinary income | |||||||||||
Dividends [Line Items] | |||||||||||
Common dividends (in dollars per share) | 1.133 | 1.834 | 1.536 | ||||||||
Return of capital | |||||||||||
Dividends [Line Items] | |||||||||||
Common dividends (in dollars per share) | $ 1.047 | $ 0.186 | $ 0.324 |
DIVIDENDS (Narrative) (Detail)
DIVIDENDS (Narrative) (Detail) - Dividend Declared - $ / shares | Jan. 14, 2016 | Oct. 14, 2015 | Jul. 15, 2015 | Apr. 15, 2015 | Mar. 05, 2015 | Jan. 14, 2015 |
Dividends [Line Items] | ||||||
Common stock dividend declared, per share | $ 0.56 | $ 0.55 | $ 0.54 | $ 0.54 | $ 0.53 | |
Nature of common stock dividend payable | Quarterly | Quarterly | Quarterly | Quarterly | Quarterly | |
Increase in quarterly common dividend, per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Dividends declared, date of declaration | Oct. 14, 2015 | Jul. 15, 2015 | Jan. 14, 2015 | |||
Dividends declared, date of payment | Nov. 16, 2015 | Aug. 17, 2015 | Feb. 16, 2015 | |||
Dividends declared, date of record | Nov. 2, 2015 | Jul. 31, 2015 | Feb. 2, 2015 | |||
Aviv REIT, Inc | ||||||
Dividends [Line Items] | ||||||
Common stock dividend declared, per share | $ 0.18 | $ 0.36 | ||||
Dividends declared, date of declaration | Apr. 15, 2015 | Mar. 5, 2015 | ||||
Dividends declared, date of payment | May 15, 2015 | Apr. 7, 2015 | ||||
Dividends declared, date of record | Apr. 30, 2015 | Mar. 31, 2015 | ||||
Subsequent event | ||||||
Dividends [Line Items] | ||||||
Common stock dividend declared, per share | $ 0.57 | |||||
Nature of common stock dividend payable | Quarterly | |||||
Increase in quarterly common dividend, per share | $ 0.01 | |||||
Dividends declared, date of declaration | Jan. 14, 2016 | |||||
Dividends declared, date of payment | Feb. 16, 2016 | |||||
Dividends declared, date of record | Feb. 2, 2016 |
SUMMARY OF QUARTERLY RESULTS101
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 210,512 | $ 201,974 | $ 197,711 | $ 133,420 | $ 131,321 | $ 130,665 | $ 121,800 | $ 121,001 | $ 743,617 | $ 504,787 | $ 418,714 |
Net income | 63,543 | 83,254 | 43,466 | 43,052 | 56,990 | 61,713 | 46,817 | 55,829 | 233,315 | 221,349 | 172,521 |
Net income available to common stockholders | $ 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | $ 56,990 | $ 61,713 | $ 46,817 | $ 55,829 | $ 224,524 | $ 221,349 | $ 172,521 |
Net income available to common per share: | |||||||||||
Basic | $ 0.32 | $ 0.43 | $ 0.23 | $ 0.32 | $ 0.45 | $ 0.48 | $ 0.37 | $ 0.45 | $ 1.30 | $ 1.75 | $ 1.47 |
Net income per share: | |||||||||||
Diluted | 0.32 | 0.43 | 0.22 | 0.32 | 0.44 | 0.48 | 0.37 | 0.45 | 1.29 | 1.74 | 1.46 |
Cash dividends paid on common stock | $ 0.56 | $ 0.55 | $ 0.54 | $ 0.53 | $ 0.52 | $ 0.51 | $ 0.50 | $ 0.49 | $ 2.18 | $ 2.02 | $ 1.86 |
EARNINGS PER SHARE (Detail)
EARNINGS PER SHARE (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income | $ 63,543 | $ 83,254 | $ 43,466 | $ 43,052 | $ 56,990 | $ 61,713 | $ 46,817 | $ 55,829 | $ 233,315 | $ 221,349 | $ 172,521 |
Less: Net income attributable to noncontrolling interests | (8,791) | ||||||||||
Net income available to common stockholders | $ 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | $ 56,990 | $ 61,713 | $ 46,817 | $ 55,829 | $ 224,524 | $ 221,349 | $ 172,521 |
Denominator: | |||||||||||
Denominator for basic earnings per share | 172,242 | 126,550 | 117,257 | ||||||||
Effect of dilutive securities: | |||||||||||
Common stock equivalents | 1,539 | 744 | 843 | ||||||||
Noncontrolling interest - OP units | 6,727 | ||||||||||
Denominator for diluted earnings per share | 180,508 | 127,294 | 118,100 | ||||||||
Earnings per share - basic: | |||||||||||
Net income available to common stockholders (in dollars per share) | $ 0.32 | $ 0.43 | $ 0.23 | $ 0.32 | $ 0.45 | $ 0.48 | $ 0.37 | $ 0.45 | $ 1.30 | $ 1.75 | $ 1.47 |
Earnings per share - diluted: | |||||||||||
Net income (in dollars per share) | $ 0.32 | $ 0.43 | $ 0.22 | $ 0.32 | $ 0.44 | $ 0.48 | $ 0.37 | $ 0.45 | $ 1.29 | $ 1.74 | $ 1.46 |
CONSOLIDATING FINANCIAL STAT103
CONSOLIDATING FINANCIAL STATEMENTS - CONSOLIDATING BALANCE SHEET (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate properties | ||||||
Land and buildings | $ 6,743,958 | $ 3,223,785 | ||||
Less accumulated depreciation | (1,019,150) | (821,712) | ||||
Real estate properties - net | 5,724,808 | 2,402,073 | ||||
Investment in direct financing leases | 587,701 | 539,232 | ||||
Mortgage notes receivable | 679,795 | 648,079 | ||||
Real estate properties, total | 6,992,304 | 3,589,384 | ||||
Other investments - net | 89,299 | 48,952 | ||||
Total investments | 7,081,603 | 3,638,336 | ||||
Assets held for sale - net | 6,599 | 12,792 | ||||
Total investments | 7,088,202 | 3,651,128 | ||||
Cash and cash equivalents | 5,424 | 4,489 | $ 2,616 | $ 1,711 | ||
Restricted cash | 14,607 | 29,076 | ||||
Accounts receivable - net | 203,862 | 168,176 | ||||
Goodwill | 645,683 | $ 554,749 | $ 543,093 | |||
Other assets | 61,231 | 68,776 | ||||
Total assets | 8,019,009 | 3,921,645 | ||||
LIABILITIES AND EQUITY | ||||||
Revolving line of credit | 230,000 | 85,000 | ||||
Term loans | 750,000 | 200,000 | ||||
Secured borrowings | 236,204 | 251,454 | ||||
Unsecured borrowings - net | 2,352,882 | 1,842,049 | ||||
Accrued expenses and other liabilities | 333,706 | 141,815 | ||||
Deferred income taxes | 15,352 | |||||
Total liabilities | 3,918,144 | 2,520,318 | ||||
Equity: | ||||||
Common stock | 18,740 | 12,761 | ||||
Common stock - additional paid-in-capital | 4,609,474 | 2,136,234 | ||||
Cumulative net earnings | 1,372,522 | 1,147,998 | ||||
Cumulative dividends paid | (2,254,038) | (1,895,666) | ||||
Accumulated other comprehensive income (loss) | (8,712) | |||||
Total stockholders' equity | 3,737,986 | 1,401,327 | 1,300,103 | 1,011,329 | ||
Noncontrolling interest | 362,879 | |||||
Total equity | 4,100,865 | 1,401,327 | 1,300,103 | 1,011,329 | ||
Total liabilities and equity | 8,019,009 | 3,921,645 | ||||
Issuer & Subsidiary Guarantors | ||||||
Real estate properties | ||||||
Land and buildings | 6,184,507 | 3,140,325 | ||||
Less accumulated depreciation | (991,314) | (810,093) | ||||
Real estate properties - net | 5,193,193 | 2,330,232 | ||||
Investment in direct financing leases | 587,701 | 539,232 | ||||
Mortgage notes receivable | 679,795 | 648,079 | ||||
Real estate properties, total | 6,460,689 | 3,517,543 | ||||
Other investments - net | 89,299 | 48,952 | ||||
Total investments | 6,549,988 | 3,566,495 | ||||
Assets held for sale - net | 6,599 | 12,792 | ||||
Total investments | 6,556,587 | 3,579,287 | ||||
Cash and cash equivalents | 1,592 | 4,489 | $ 2,616 | $ 1,711 | ||
Restricted cash | 8,058 | 22,883 | ||||
Accounts receivable - net | 196,107 | 165,188 | ||||
Goodwill | 630,404 | |||||
Investment in affiliates | 300,409 | 24,886 | ||||
Other assets | 53,732 | 61,867 | ||||
Total assets | 7,746,889 | 3,858,600 | ||||
LIABILITIES AND EQUITY | ||||||
Revolving line of credit | 230,000 | 85,000 | ||||
Term loans | 750,000 | 200,000 | ||||
Secured borrowings | 194,038 | |||||
Unsecured borrowings - net | 2,352,882 | 1,842,049 | ||||
Accrued expenses and other liabilities | 326,815 | 136,186 | ||||
Intercompany payable | (13,673) | |||||
Total liabilities | 3,646,024 | 2,457,273 | ||||
Equity: | ||||||
Common stock | 18,740 | 12,761 | ||||
Common stock - additional paid-in-capital | 4,609,474 | 2,136,234 | ||||
Cumulative net earnings | 1,372,522 | 1,147,998 | ||||
Cumulative dividends paid | (2,254,038) | (1,895,666) | ||||
Accumulated other comprehensive income (loss) | (8,712) | |||||
Total stockholders' equity | 3,737,986 | |||||
Noncontrolling interest | 362,879 | |||||
Total equity | 4,100,865 | 1,401,327 | ||||
Total liabilities and equity | 7,746,889 | 3,858,600 | ||||
Non - Guarantor Subsidiaries | ||||||
Real estate properties | ||||||
Land and buildings | 559,451 | 83,460 | ||||
Less accumulated depreciation | (27,836) | (11,619) | ||||
Real estate properties - net | 531,615 | 71,841 | ||||
Real estate properties, total | 531,615 | 71,841 | ||||
Total investments | 531,615 | 71,841 | ||||
Total investments | 531,615 | 71,841 | ||||
Cash and cash equivalents | 3,832 | |||||
Restricted cash | 6,549 | 6,193 | ||||
Accounts receivable - net | 7,755 | 2,988 | ||||
Goodwill | 15,279 | |||||
Other assets | 7,499 | 6,909 | ||||
Total assets | 572,529 | 87,931 | ||||
LIABILITIES AND EQUITY | ||||||
Secured borrowings | 361,460 | 57,416 | ||||
Accrued expenses and other liabilities | 6,891 | 5,629 | ||||
Deferred income taxes | 15,352 | |||||
Intercompany payable | 13,673 | 17,250 | ||||
Total liabilities | 397,376 | 80,295 | ||||
Equity: | ||||||
Equity investment in affiliates | 156,830 | |||||
Cumulative net earnings | 18,246 | 7,636 | ||||
Accumulated other comprehensive income (loss) | 77 | |||||
Total stockholders' equity | 175,153 | |||||
Total equity | 175,153 | 7,636 | ||||
Total liabilities and equity | 572,529 | 87,931 | ||||
Elimination Company | ||||||
Real estate properties | ||||||
Investment in affiliates | (300,409) | (24,886) | ||||
Total assets | (300,409) | (24,886) | ||||
LIABILITIES AND EQUITY | ||||||
Secured borrowings | (125,256) | |||||
Intercompany payable | (17,250) | |||||
Total liabilities | (125,256) | (17,250) | ||||
Equity: | ||||||
Equity investment in affiliates | (156,830) | |||||
Cumulative net earnings | (18,246) | (7,636) | ||||
Accumulated other comprehensive income (loss) | (77) | |||||
Total stockholders' equity | (175,153) | |||||
Total equity | (175,153) | (7,636) | ||||
Total liabilities and equity | $ (300,409) | $ (24,886) |
CONSOLIDATING FINANCIAL STAT104
CONSOLIDATING FINANCIAL STATEMENTS - CONSOLIDATING STATEMENT OF OPERATIONS (Detail 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Rental income | $ 605,991 | $ 388,443 | $ 375,135 | ||||||||
Income from direct financing leases | 59,936 | 56,719 | 5,203 | ||||||||
Mortgage interest income | 68,910 | 53,007 | 29,351 | ||||||||
Other investment income - net | 8,780 | 6,618 | 9,025 | ||||||||
Total operating revenues | $ 210,512 | $ 201,974 | $ 197,711 | $ 133,420 | $ 131,321 | $ 130,665 | $ 121,800 | $ 121,001 | 743,617 | 504,787 | 418,714 |
Expenses | |||||||||||
Depreciation and amortization | 210,703 | 123,257 | 128,646 | ||||||||
General and administrative | 38,568 | 25,888 | 21,588 | ||||||||
Acquisition costs | 57,525 | 3,948 | 245 | ||||||||
Impairment loss on real estate properties | 17,681 | 3,660 | 415 | ||||||||
Provisions for uncollectible mortgages, notes and accounts receivable | 7,871 | 2,723 | 2,141 | ||||||||
Total other expense | 332,348 | 159,476 | 153,035 | ||||||||
Income before other income and expense | 411,269 | 345,311 | 265,679 | ||||||||
Other income (expense) | |||||||||||
Interest income | 285 | 44 | 41 | ||||||||
Interest expense | (147,381) | (119,369) | (100,381) | ||||||||
Interest - amortization of deferred financing costs | (6,990) | (4,459) | (2,779) | ||||||||
Interest - refinancing (costs) gain | (28,837) | (3,041) | 11,112 | ||||||||
Realized loss on foreign exchange | (173) | ||||||||||
Total other expense | (183,096) | (126,825) | (92,007) | ||||||||
Income before gain on assets sold | 228,173 | 218,486 | 173,672 | ||||||||
Gain on assets sold - net | 6,353 | 2,863 | (1,151) | ||||||||
Income from continuing operations before income taxes | 234,526 | 221,349 | 172,521 | ||||||||
Income taxes | (1,211) | ||||||||||
Net income | 233,315 | 221,349 | 172,521 | ||||||||
Net income attributable to noncontrolling interest | (8,791) | ||||||||||
Net income available to common stockholders | $ 60,642 | $ 79,402 | $ 41,428 | $ 43,052 | $ 56,990 | $ 61,713 | $ 46,817 | $ 55,829 | 224,524 | 221,349 | 172,521 |
Net income | 233,315 | 221,349 | 172,521 | ||||||||
Other comprehensive loss - foreign currency translation | (8,413) | ||||||||||
Other comprehensive loss - cash flow hedges | (718) | ||||||||||
Total comprehensive income | 224,184 | 221,349 | 172,521 | ||||||||
Add: other comprehensive loss attributable to noncontrolling interest | 419 | ||||||||||
Comprehensive income attributable to common stockholders | 224,603 | 221,349 | 172,521 | ||||||||
Issuer & Subsidiary Guarantors | |||||||||||
Revenues | |||||||||||
Rental income | 564,112 | 379,180 | 365,933 | ||||||||
Income from direct financing leases | 59,936 | 56,719 | 5,203 | ||||||||
Mortgage interest income | 68,910 | 53,007 | 29,351 | ||||||||
Other investment income - net | 8,780 | 6,618 | 9,025 | ||||||||
Total operating revenues | 701,738 | 495,524 | 409,512 | ||||||||
Expenses | |||||||||||
Depreciation and amortization | 194,328 | 119,367 | 124,834 | ||||||||
General and administrative | 38,140 | 25,778 | 21,484 | ||||||||
Acquisition costs | 55,012 | 3,948 | 245 | ||||||||
Impairment loss on real estate properties | 17,681 | 3,660 | 415 | ||||||||
Provisions for uncollectible mortgages, notes and accounts receivable | 7,871 | 2,723 | 2,141 | ||||||||
Total other expense | 313,032 | 155,476 | 149,119 | ||||||||
Income before other income and expense | 388,706 | 340,048 | 260,393 | ||||||||
Other income (expense) | |||||||||||
Interest income | 272 | 32 | 29 | ||||||||
Interest expense | (135,631) | (117,257) | (97,883) | ||||||||
Interest - amortization of deferred financing costs | (6,969) | (4,438) | (2,763) | ||||||||
Interest - refinancing (costs) gain | (28,837) | (3,041) | 11,112 | ||||||||
Realized loss on foreign exchange | (173) | ||||||||||
Equity in earnings | 10,610 | 3,142 | 2,784 | ||||||||
Total other expense | (160,728) | (121,562) | (86,721) | ||||||||
Income before gain on assets sold | 227,978 | 218,486 | 173,672 | ||||||||
Gain on assets sold - net | 6,353 | 2,863 | (1,151) | ||||||||
Income from continuing operations before income taxes | 234,331 | ||||||||||
Income taxes | (1,016) | ||||||||||
Net income | 233,315 | 221,349 | 172,521 | ||||||||
Net income attributable to noncontrolling interest | (8,791) | ||||||||||
Net income available to common stockholders | 224,524 | 221,349 | 172,521 | ||||||||
Net income | 233,315 | 221,349 | 172,521 | ||||||||
Other comprehensive loss - foreign currency translation | (8,413) | ||||||||||
Other comprehensive loss - cash flow hedges | (718) | ||||||||||
Total comprehensive income | 224,184 | ||||||||||
Add: other comprehensive loss attributable to noncontrolling interest | 419 | ||||||||||
Comprehensive income attributable to common stockholders | 224,603 | ||||||||||
Non - Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Rental income | 41,879 | 9,263 | 9,202 | ||||||||
Total operating revenues | 41,879 | 9,263 | 9,202 | ||||||||
Expenses | |||||||||||
Depreciation and amortization | 16,375 | 3,890 | 3,812 | ||||||||
General and administrative | 428 | 110 | 104 | ||||||||
Acquisition costs | 2,513 | ||||||||||
Total other expense | 19,316 | 4,000 | 3,916 | ||||||||
Income before other income and expense | 22,563 | 5,263 | 5,286 | ||||||||
Other income (expense) | |||||||||||
Interest income | 13 | 12 | 12 | ||||||||
Interest expense | (11,750) | (2,112) | (2,498) | ||||||||
Interest - amortization of deferred financing costs | (21) | (21) | (16) | ||||||||
Total other expense | (11,758) | (2,121) | (2,502) | ||||||||
Income before gain on assets sold | 10,805 | 3,142 | 2,784 | ||||||||
Income from continuing operations before income taxes | 10,805 | ||||||||||
Income taxes | (195) | ||||||||||
Net income | 10,610 | 3,142 | 2,784 | ||||||||
Net income available to common stockholders | 10,610 | 3,142 | 2,784 | ||||||||
Net income | 10,610 | 3,142 | 2,784 | ||||||||
Total comprehensive income | 10,610 | ||||||||||
Comprehensive income attributable to common stockholders | 10,610 | ||||||||||
Elimination Company | |||||||||||
Other income (expense) | |||||||||||
Equity in earnings | (10,610) | (3,142) | (2,784) | ||||||||
Total other expense | (10,610) | (3,142) | (2,784) | ||||||||
Income before gain on assets sold | (10,610) | (3,142) | (2,784) | ||||||||
Income from continuing operations before income taxes | (10,610) | ||||||||||
Net income | (10,610) | (3,142) | (2,784) | ||||||||
Net income available to common stockholders | (10,610) | (3,142) | (2,784) | ||||||||
Net income | (10,610) | $ (3,142) | $ (2,784) | ||||||||
Total comprehensive income | (10,610) | ||||||||||
Comprehensive income attributable to common stockholders | $ (10,610) |
CONSOLIDATING FINANCIAL STAT105
CONSOLIDATING FINANCIAL STATEMENTS - CONSOLIDATED STATEMENTS OF CASH FLOWS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 233,315 | $ 221,349 | $ 172,521 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 210,703 | 123,257 | 128,646 |
Provision for impairment on real estate properties | 17,681 | 3,660 | 415 |
Provisions for uncollectible mortgages, notes and accounts receivable | 7,871 | 2,723 | 2,141 |
Amortization of deferred financing costs and refinancing costs | 35,827 | 7,500 | (8,333) |
Accretion of direct financing leases | (11,007) | (9,787) | (770) |
Stock-based compensation | 11,133 | 8,592 | 5,942 |
Gain on assets sold - net | (6,353) | (2,863) | 1,151 |
Amortization of acquired in-place leases - net | (13,846) | (4,986) | (5,083) |
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||
Accounts receivable, net | 248 | (2,264) | 867 |
Straight-line rent receivables | (36,057) | (20,956) | (26,899) |
Lease inducements | 994 | 2,656 | 3,080 |
Effective yield receivable on mortgage notes | (4,065) | (2,878) | (1,757) |
Other operating assets and liabilities | 17,441 | 11,537 | 8,028 |
Net cash provided by operating activities | 463,885 | 337,540 | 279,949 |
Cash flows from investing activities | |||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (294,182) | (131,689) | (32,515) |
Cash acquired in merger | 84,858 | ||
Investment in construction in progress | (164,226) | ||
Investment in direct financing leases | (6,793) | (528,675) | |
Placement of mortgage loans | (14,042) | (529,548) | (3,378) |
Proceeds from sale of real estate investments | 41,543 | 4,077 | 2,292 |
Capital improvements to real estate investments | (26,397) | (17,917) | (31,347) |
Proceeds from other investments | 45,871 | 13,589 | 30,962 |
Investments in other investments | (65,402) | (9,441) | (36,655) |
Collection of mortgage principal | 1,359 | 122,984 | 485 |
Net cash used in investing activities | (397,411) | (547,945) | (598,831) |
Cash flows from financing activities | |||
Proceeds from credit facility borrowings | 1,826,000 | 900,000 | 511,000 |
Payments on credit facility borrowings | (1,681,000) | (1,141,000) | (343,000) |
Receipts of other long-term borrowings | 1,838,124 | 842,148 | 159,355 |
Payments of other long-term borrowings | (2,187,314) | (242,544) | (114,642) |
Payments of financing related costs | (54,721) | (17,716) | (3,234) |
Receipts from dividend reinvestment plan | 150,847 | 71,487 | 55,825 |
Payments for exercised options and restricted stock - net | (26,706) | (3,577) | (5,774) |
Net proceeds from issuance of common stock | 439,322 | 61,981 | 278,373 |
Dividends paid | (358,232) | (258,501) | (218,116) |
Distributions to OP Unit Holders | (11,636) | ||
Net cash (used in) provided by financing activities | (65,316) | 212,278 | 319,787 |
(Decrease) increase in cash and cash equivalents | 1,158 | 1,873 | 905 |
Effect of foreign currency translation on cash and cash equivalents | (223) | ||
Cash and cash equivalents at beginning of year | 4,489 | 2,616 | 1,711 |
Cash and cash equivalents at end of year | 5,424 | 4,489 | 2,616 |
Issuer & Subsidiary Guarantors | |||
Cash flows from operating activities | |||
Net income | 233,315 | 221,349 | 172,521 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 194,328 | 119,367 | 124,834 |
Provision for impairment on real estate properties | 17,681 | 3,660 | 415 |
Provisions for uncollectible mortgages, notes and accounts receivable | 7,871 | 2,723 | 2,141 |
Amortization of deferred financing costs and refinancing costs | 35,806 | 7,479 | (8,349) |
Accretion of direct financing leases | (11,007) | (9,787) | (770) |
Stock-based compensation | 11,133 | 8,592 | 5,942 |
Gain on assets sold - net | (6,353) | (2,863) | 1,151 |
Amortization of acquired in-place leases - net | (13,846) | (4,986) | (5,083) |
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||
Accounts receivable, net | 248 | (2,264) | 867 |
Straight-line rent receivables | (31,237) | (20,164) | (25,901) |
Lease inducements | 994 | 2,656 | 3,080 |
Effective yield receivable on mortgage notes | (4,065) | (2,878) | (1,757) |
Other operating assets and liabilities | 10,550 | 11,089 | 10,566 |
Net cash provided by operating activities | 445,418 | 333,973 | 279,657 |
Cash flows from investing activities | |||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (116,698) | (131,689) | (32,515) |
Cash acquired in merger | 84,858 | ||
Investment in construction in progress | (164,226) | ||
Investment in U.K. subsidiary | (166,082) | ||
Investment in direct financing leases | (6,793) | (528,675) | |
Placement of mortgage loans | (14,042) | (529,548) | (3,378) |
Proceeds from sale of real estate investments | 41,543 | 4,077 | 2,292 |
Capital improvements to real estate investments | (24,599) | (15,525) | (31,347) |
Proceeds from other investments | 45,871 | 13,589 | 30,962 |
Investments in other investments | (65,402) | (9,441) | (36,655) |
Collection of mortgage principal | 1,359 | 122,984 | 485 |
Net cash used in investing activities | (384,211) | (545,553) | (598,831) |
Cash flows from financing activities | |||
Proceeds from credit facility borrowings | 1,826,000 | 900,000 | 511,000 |
Payments on credit facility borrowings | (1,681,000) | (1,141,000) | (343,000) |
Receipts of other long-term borrowings | 1,838,124 | 842,148 | 159,355 |
Payments of other long-term borrowings | (2,186,102) | (241,369) | (114,350) |
Payments of financing related costs | (54,721) | (17,716) | (3,234) |
Receipts from dividend reinvestment plan | 150,847 | 71,487 | 55,825 |
Payments for exercised options and restricted stock - net | (26,706) | (3,577) | (5,774) |
Net proceeds from issuance of common stock | 439,322 | 61,981 | 278,373 |
Dividends paid | (358,232) | (258,501) | (218,116) |
Distributions to OP Unit Holders | (11,636) | ||
Net cash (used in) provided by financing activities | (64,104) | 213,453 | 320,079 |
(Decrease) increase in cash and cash equivalents | (2,897) | 1,873 | 905 |
Cash and cash equivalents at beginning of year | 4,489 | 2,616 | 1,711 |
Cash and cash equivalents at end of year | 1,592 | 4,489 | 2,616 |
Non - Guarantor Subsidiaries | |||
Cash flows from operating activities | |||
Net income | 10,610 | 3,142 | 2,784 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 16,375 | 3,890 | 3,812 |
Amortization of deferred financing costs and refinancing costs | 21 | 21 | 16 |
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||
Straight-line rent receivables | (4,820) | (792) | (998) |
Other operating assets and liabilities | (3,719) | (2,694) | (5,322) |
Net cash provided by operating activities | 18,467 | 3,567 | 292 |
Cash flows from investing activities | |||
Acquisition of real estate - net of liabilities assumed and escrows acquired | (177,484) | ||
Investment in U.K. subsidiary | 166,082 | ||
Capital improvements to real estate investments | (1,798) | (2,392) | |
Net cash used in investing activities | (13,200) | (2,392) | |
Cash flows from financing activities | |||
Payments of other long-term borrowings | (1,212) | (1,175) | (292) |
Net cash (used in) provided by financing activities | (1,212) | (1,175) | (292) |
(Decrease) increase in cash and cash equivalents | 4,055 | ||
Effect of foreign currency translation on cash and cash equivalents | (223) | ||
Cash and cash equivalents at end of year | 3,832 | ||
Elimination Company | |||
Cash flows from operating activities | |||
Net income | (10,610) | (3,142) | (2,784) |
Change in operating assets and liabilities - net of amounts assumed/acquired: | |||
Other operating assets and liabilities | $ 10,610 | $ 3,142 | $ 2,784 |
CONSOLIDATING FINANCIAL STAT106
CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 23, 2015 | Mar. 18, 2015 | Dec. 31, 2014 | Sep. 11, 2014 | Mar. 11, 2014 | Mar. 19, 2012 |
5.875% Notes due 2024 | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Interest rate | 5.875% | ||||||
4.50% notes due 2025 | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Interest rate | 4.50% | ||||||
5.25% notes due 2026 - net | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Interest rate | 5.25% | ||||||
4.50% notes due 2027 - net | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Interest rate | 4.50% | ||||||
Unsecured borrowings | 5.875% Notes due 2024 | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior notes outstanding | $ 400,000 | $ 400,000 | $ 400,000 | ||||
Interest rate | 5.875% | ||||||
Unsecured borrowings | 4.95% Notes due 2024 | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior notes outstanding | $ 400,000 | 400,000 | $ 400,000 | ||||
Interest rate | 4.95% | ||||||
Unsecured borrowings | 4.50% notes due 2025 | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior notes outstanding | $ 250,000 | $ 250,000 | $ 250,000 | ||||
Interest rate | 4.50% | ||||||
Unsecured borrowings | 5.25% notes due 2026 - net | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior notes outstanding | $ 600,000 | $ 600,000 | |||||
Interest rate | 5.25% | ||||||
Unsecured borrowings | 4.50% notes due 2027 - net | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Senior notes outstanding | $ 700,000 | $ 700,000 | |||||
Interest rate | 4.50% |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Detail) $ in Millions | 1 Months Ended | ||||
Feb. 01, 2016USD ($)FacilityBed | Jan. 29, 2016USD ($) | Dec. 31, 2015USD ($)Facility | Jun. 27, 2014USD ($) | Jun. 30, 2010Facility | |
Subsequent Event [Line Items] | |||||
Number of leased real estate properties | 949 | ||||
Project cost | $ | $ 194.3 | ||||
Unsecured borrowings | |||||
Subsequent Event [Line Items] | |||||
Credit facility, borrowing capacity | $ | $ 1,200 | ||||
SNF's | |||||
Subsequent Event [Line Items] | |||||
Number of leased real estate properties | 782 | 143 | |||
Subsequent event | SNF's | Laurel Healthcare Holdings | |||||
Subsequent Event [Line Items] | |||||
Number of leased real estate properties | 10 | ||||
Purchase price of beds acquired paid in cash | $ | $ 169 | ||||
Number of beds | Bed | 985 | ||||
Percentage of initial annual cash yield | 8.50% | ||||
Percentage of annual escalators | 2.00% | ||||
Percentage of beneficially owned equity of Laurel | 34.00% | ||||
Subsequent event | SNF's | Ohio | Laurel Healthcare Holdings | |||||
Subsequent Event [Line Items] | |||||
Number of leased real estate properties | 6 | ||||
Subsequent event | SNF's | VA | Laurel Healthcare Holdings | |||||
Subsequent Event [Line Items] | |||||
Number of leased real estate properties | 3 | ||||
Subsequent event | SNF's | Michigan | Laurel Healthcare Holdings | |||||
Subsequent Event [Line Items] | |||||
Number of leased real estate properties | 1 | ||||
Subsequent event | Omega Credit Agreement | Tranche A-3 Facility | |||||
Subsequent Event [Line Items] | |||||
Credit facility, borrowing capacity | $ | $ 350 | ||||
LIBOR plus an applicable percentage | 150.00% | ||||
Subsequent event | Omega Credit Agreement | Revolving Credit Facility or one or more tranches of incremental term loans | |||||
Subsequent Event [Line Items] | |||||
Credit facility, borrowing capacity | $ | $ 250 | ||||
Subsequent event | Omega Credit Agreement | Maximum | Tranche A-3 Facility | |||||
Subsequent Event [Line Items] | |||||
LIBOR plus an applicable percentage | 195.00% | ||||
Subsequent event | Omega Credit Agreement | Minimum | Tranche A-3 Facility | |||||
Subsequent Event [Line Items] | |||||
LIBOR plus an applicable percentage | 100.00% |
SCHEDULE III REAL ESTATE AND108
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 6,428,684,793 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 363,427,234 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (32,923,712) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (15,230,617) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | 6,743,957,698 | $ 3,223,785,295 | $ 3,099,547,182 | $ 3,038,552,898 | |
Accumulated Depreciation | 1,019,149,678 | $ 821,711,991 | $ 707,409,888 | $ 580,373,211 | |
Maplewood | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | 340,107,660 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 154,139,152 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 494,246,812 | |||
Accumulated Depreciation | [1],[3] | 6,397,870 | |||
Maplewood | Connecticut | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | 238,354,341 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,800,767 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 240,155,108 | |||
Accumulated Depreciation | [1],[3] | $ 4,620,737 | |||
Date Of Construction | [1] | 1968-2015 | |||
Date Acquired | [1] | 2,015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Maplewood | NEW YORK | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 0 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 116,423,931 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | $ 116,423,931 | |||
Accumulated Depreciation | [1],[3] | ||||
Date Acquired | [1] | 2,015 | |||
Maplewood | Massachusetts | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 89,889,681 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 23,799,252 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 113,688,933 | |||
Accumulated Depreciation | [1],[3] | $ 1,583,999 | |||
Date Of Construction | [1] | 1988-1994 | |||
Date Acquired | [1] | 2,015 | |||
Maplewood | Massachusetts | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Maplewood | Massachusetts | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Maplewood | Ohio | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 11,863,638 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 12,115,202 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 23,978,840 | |||
Accumulated Depreciation | [1],[3] | $ 193,134 | |||
Date Of Construction | [1] | 1,999 | |||
Date Acquired | [1] | 2,015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Daybreak Venture LLC | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 357,697,554 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 5,534,280 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 363,231,834 | |||
Accumulated Depreciation | [1],[3] | 15,500,930 | |||
Daybreak Venture LLC | Missouri | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | 16,599,859 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 16,599,859 | |||
Accumulated Depreciation | [1],[3] | $ 591,701 | |||
Date Of Construction | [1] | 1967-1992 | |||
Date Acquired | [1] | 2,015 | |||
Daybreak Venture LLC | Missouri | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 26 years | |||
Daybreak Venture LLC | Missouri | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Daybreak Venture LLC | Texas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 341,097,695 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 5,534,280 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 346,631,975 | |||
Accumulated Depreciation | [1],[3] | $ 14,909,229 | |||
Date Of Construction | [1] | 1955-2015 | |||
Date Acquired | [1] | 2010-2015 | |||
Daybreak Venture LLC | Texas | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Daybreak Venture LLC | Texas | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Genesis Healthcare | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 331,654,645 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 36,922,407 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (8,257,521) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 360,319,531 | |||
Accumulated Depreciation | [1],[3] | 151,064,728 | |||
Genesis Healthcare | Alabama | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | 23,584,956 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,523,220 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 30,108,176 | |||
Accumulated Depreciation | [1],[3] | $ 16,153,134 | |||
Date Of Construction | [1] | 1964-1974 | |||
Date Acquired | [1] | 1,997 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Genesis Healthcare | California | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 15,618,263 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 26,652 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 15,644,915 | |||
Accumulated Depreciation | [1],[3] | $ 8,181,493 | |||
Date Of Construction | [1] | 1927-1972 | |||
Date Acquired | [1] | 1,997 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Genesis Healthcare | Colorado | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 38,341,877 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 5,444,311 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 43,786,188 | |||
Accumulated Depreciation | [1],[3] | $ 12,219,868 | |||
Date Of Construction | [1] | 1963-1975 | |||
Date Acquired | [1] | 2,006 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Genesis Healthcare | Idaho | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 19,491,960 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 974,012 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 20,465,972 | |||
Accumulated Depreciation | [1],[3] | $ 5,550,009 | |||
Date Of Construction | [1] | 1920-1987 | |||
Date Acquired | [1] | 1997-2015 | |||
Genesis Healthcare | Idaho | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Genesis Healthcare | Idaho | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Genesis Healthcare | Massachusetts | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 71,446,102 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,660,093 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (8,257,521) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 65,848,674 | |||
Accumulated Depreciation | [1],[3] | $ 21,355,093 | |||
Date Of Construction | [1] | 1866-1993 | |||
Date Acquired | [1] | 1997-2015 | |||
Genesis Healthcare | Massachusetts | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Genesis Healthcare | Massachusetts | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Genesis Healthcare | New Hampshire | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 21,619,503 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,462,797 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 23,082,300 | |||
Accumulated Depreciation | [1],[3] | $ 7,819,421 | |||
Date Of Construction | [1] | 1963-1999 | |||
Date Acquired | [1] | 1998-2006 | |||
Genesis Healthcare | New Hampshire | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Genesis Healthcare | New Hampshire | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Genesis Healthcare | North Carolina | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 22,652,488 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,550,986 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 26,203,474 | |||
Accumulated Depreciation | [1],[3] | $ 16,264,936 | |||
Date Of Construction | [1] | 1964-1986 | |||
Date Acquired | [1] | 1994-1997 | |||
Genesis Healthcare | North Carolina | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Genesis Healthcare | North Carolina | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Genesis Healthcare | Ohio | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 11,653,451 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 20,246 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 11,673,697 | |||
Accumulated Depreciation | [1],[3] | $ 6,217,229 | |||
Date Of Construction | [1] | 1968-1983 | |||
Date Acquired | [1] | 1,997 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Genesis Healthcare | Rhode Island | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 38,740,812 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 4,792,882 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 43,533,694 | |||
Accumulated Depreciation | [1],[3] | $ 14,693,658 | |||
Date Of Construction | [1] | 1965-1981 | |||
Date Acquired | [1] | 2,006 | |||
Genesis Healthcare | Rhode Island | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Genesis Healthcare | Rhode Island | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Genesis Healthcare | Tennessee | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 7,905,139 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,537,508 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 10,442,647 | |||
Accumulated Depreciation | [1],[3] | $ 6,268,623 | |||
Date Of Construction | [1] | 1984-1985 | |||
Date Acquired | [1] | 1,994 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Genesis Healthcare | Vermont | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 6,322,888 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 602,296 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 6,925,184 | |||
Accumulated Depreciation | [1],[3] | $ 2,237,449 | |||
Date Of Construction | [1] | 1,971 | |||
Date Acquired | [1] | 2,004 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Genesis Healthcare | Washington | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 10,000,000 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,798,844 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 11,798,844 | |||
Accumulated Depreciation | [1],[3] | $ 11,034,888 | |||
Date Of Construction | [1] | 1,965 | |||
Date Acquired | [1] | 1,995 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Genesis Healthcare | West Virginia | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 44,277,206 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,528,560 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 50,805,766 | |||
Accumulated Depreciation | [1],[3] | $ 23,068,927 | |||
Date Of Construction | [1] | 1961-1986 | |||
Date Acquired | [1] | 1997-2008 | |||
Genesis Healthcare | West Virginia | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Genesis Healthcare | West Virginia | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Other | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 5,399,224,934 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 166,831,395 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (24,666,191) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (15,230,617) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 5,526,159,521 | |||
Accumulated Depreciation | [1],[3] | 846,186,150 | |||
Other | Connecticut | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | 5,324,200 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 980,393 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (5,425,656) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 878,937 | |||
Accumulated Depreciation | [1],[3] | $ 0 | |||
Date Of Construction | [1] | 1,965 | |||
Date Acquired | [1] | 1,999 | |||
Other | Alabama | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 11,588,534 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,392,567 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 17,981,101 | |||
Accumulated Depreciation | [1],[3] | $ 12,588,052 | |||
Date Of Construction | [1] | 1960-1982 | |||
Date Acquired | [1] | 1,992 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 31 years 6 months | |||
Other | Arizona | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 133,762,829 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 5,712,049 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (6,603,745) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 132,871,133 | |||
Accumulated Depreciation | [1],[3] | $ 21,508,043 | |||
Date Of Construction | [1] | 1949-1999 | |||
Date Acquired | [1] | 1998-2015 | |||
Other | Arizona | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Arizona | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Arkansas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1],[4] | $ 201,572,337 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1],[3],[4] | 13,169,759 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1],[3],[4] | (36,350) | |||
Cost Capitalized Subsequent to Acquisition Other | [1],[3],[4] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2],[3],[4] | 214,705,746 | |||
Accumulated Depreciation | [1],[3],[4] | $ 48,640,738 | |||
Date Of Construction | [1],[4] | 1960-2009 | |||
Date Acquired | [1],[4] | 1992-2015 | |||
Other | Arkansas | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[4] | 20 years | |||
Other | Arkansas | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1],[4] | 40 years | |||
Other | California | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 490,902,316 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,492,869 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 494,395,185 | |||
Accumulated Depreciation | [1],[3] | $ 33,730,723 | |||
Date Of Construction | [1] | 1938-2013 | |||
Date Acquired | [1] | 1997-2015 | |||
Other | California | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | California | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Colorado | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 33,527,071 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,346,167 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 35,873,238 | |||
Accumulated Depreciation | [1],[3] | $ 13,344,365 | |||
Date Of Construction | [1] | 1958-1973 | |||
Date Acquired | [1] | 1998-2011 | |||
Other | Colorado | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Colorado | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Other | Florida | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 667,833,234 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 23,362,442 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (6,951,897) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (2,784,718) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 681,459,061 | |||
Accumulated Depreciation | [1],[3] | $ 174,698,077 | |||
Date Of Construction | [1] | 1925-2009 | |||
Date Acquired | [1] | 1992-2015 | |||
Other | Florida | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Florida | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Georgia | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 43,096,820 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,950,028 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 47,046,848 | |||
Accumulated Depreciation | [1],[3] | $ 11,480,058 | |||
Date Of Construction | [1] | 1964-1998 | |||
Date Acquired | [1] | 1998-2015 | |||
Other | Georgia | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Georgia | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 37 years 6 months | |||
Other | Idaho | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 50,889,041 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 341,170 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 51,230,211 | |||
Accumulated Depreciation | [1],[3] | $ 4,238,429 | |||
Date Of Construction | [1] | 1911-2008 | |||
Date Acquired | [1] | 1999-2015 | |||
Other | Idaho | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Idaho | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Illinois | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 118,108,747 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 510,576 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 118,619,323 | |||
Accumulated Depreciation | [1],[3] | $ 10,750,250 | |||
Date Of Construction | [1] | 1926-1990 | |||
Date Acquired | [1] | 1996-2015 | |||
Other | Illinois | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Illinois | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Indiana | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 402,853,211 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,332,364 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (3,419,264) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (2,296,391) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 399,469,920 | |||
Accumulated Depreciation | [1],[3] | $ 61,998,182 | |||
Date Of Construction | [1] | 1923-2008 | |||
Date Acquired | [1] | 1992-2015 | |||
Other | Indiana | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Indiana | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Iowa | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 70,549,074 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,084,807 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 72,633,881 | |||
Accumulated Depreciation | [1],[3] | $ 10,408,588 | |||
Date Of Construction | [1] | 1961-1998 | |||
Date Acquired | [1] | 1997-2015 | |||
Other | Iowa | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Iowa | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 35 years | |||
Other | Kansas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 53,836,542 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 3,453,770 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 57,290,312 | |||
Accumulated Depreciation | [1],[3] | $ 2,930,226 | |||
Date Of Construction | [1] | 1957-1985 | |||
Date Acquired | [1] | 2010-2015 | |||
Other | Kansas | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Kansas | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Kentucky | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 174,052,192 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 10,314,747 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 184,366,939 | |||
Accumulated Depreciation | [1],[3] | $ 31,640,307 | |||
Date Of Construction | [1] | 1917-2002 | |||
Date Acquired | [1] | 1994-2015 | |||
Other | Kentucky | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Kentucky | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Louisiana | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 55,046,915 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,748,900 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 56,795,815 | |||
Accumulated Depreciation | [1],[3] | $ 16,408,775 | |||
Date Of Construction | [1] | 1957-1983 | |||
Date Acquired | [1] | 1997-2006 | |||
Other | Louisiana | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Other | Louisiana | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Other | Maryland | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 77,361,184 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 1,787,838 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 79,149,022 | |||
Accumulated Depreciation | [1],[3] | $ 17,002,780 | |||
Date Of Construction | [1] | 1921-1985 | |||
Date Acquired | [1] | 2010-2011 | |||
Other | Maryland | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Other | Maryland | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Other | Massachusetts | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 5,804,554 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 5,804,554 | |||
Accumulated Depreciation | [1],[3] | $ 2,015,500 | |||
Date Of Construction | [1] | 1,964 | |||
Date Acquired | [1] | 2,009 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Michigan | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 168,554,079 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 25,000 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 168,579,079 | |||
Accumulated Depreciation | [1],[3] | $ 9,134,074 | |||
Date Of Construction | [1] | 1964-1997 | |||
Date Acquired | [1] | 2011-2015 | |||
Other | Michigan | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Other | Michigan | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 38 years | |||
Other | Mississippi | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 52,416,905 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 826,654 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 53,243,559 | |||
Accumulated Depreciation | [1],[3] | $ 12,492,706 | |||
Date Of Construction | [1] | 1962-1988 | |||
Date Acquired | [1] | 2009-2010 | |||
Other | Mississippi | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Mississippi | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Missouri | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 130,105,483 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 518,236 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (149,386) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (3,189) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 130,471,144 | |||
Accumulated Depreciation | [1],[3] | $ 9,968,625 | |||
Date Of Construction | [1] | 1955-1994 | |||
Date Acquired | [1] | 1999-2015 | |||
Other | Missouri | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Missouri | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Nevada | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 56,460,311 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 6,520,453 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 62,980,764 | |||
Accumulated Depreciation | [1],[3] | $ 7,138,584 | |||
Date Of Construction | [1] | 1972-2004 | |||
Date Acquired | [1] | 2009-2015 | |||
Other | Nevada | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 26 years | |||
Other | Nevada | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | New Mexico | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 77,417,687 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 130,323 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 77,548,010 | |||
Accumulated Depreciation | [1],[3] | $ 4,505,927 | |||
Date Of Construction | [1] | 1960-1989 | |||
Date Acquired | [1] | 2008-2015 | |||
Other | New Mexico | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | New Mexico | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | North Carolina | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 102,450,560 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 102,450,560 | |||
Accumulated Depreciation | [1],[3] | $ 10,067,103 | |||
Date Of Construction | [1] | 1927-1992 | |||
Date Acquired | [1] | 2010-2015 | |||
Other | North Carolina | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Other | North Carolina | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 36 years | |||
Other | Ohio | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 714,157,279 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 39,057,863 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (540,000) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 752,675,142 | |||
Accumulated Depreciation | [1],[3] | $ 126,494,171 | |||
Date Of Construction | [1] | 1920-2008 | |||
Date Acquired | [1] | 1994-2015 | |||
Other | Ohio | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Ohio | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Oklahoma | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 45,178,160 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 45,178,160 | |||
Accumulated Depreciation | [1],[3] | $ 6,495,153 | |||
Date Of Construction | [1] | 1965-2013 | |||
Date Acquired | [1] | 2010-2015 | |||
Other | Oklahoma | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Oklahoma | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 37 years | |||
Other | Oregon | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 50,133,027 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 50,133,027 | |||
Accumulated Depreciation | [1],[3] | $ 1,355,373 | |||
Date Of Construction | [1] | 1959-2004 | |||
Date Acquired | [1] | 2014-2015 | |||
Other | Oregon | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Oregon | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Pennsylvania | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 351,858,552 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 11,281,116 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 363,139,668 | |||
Accumulated Depreciation | [1],[3] | $ 60,983,104 | |||
Date Of Construction | [1] | 1873-2012 | |||
Date Acquired | [1] | 1998-2015 | |||
Other | Pennsylvania | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Pennsylvania | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | South Carolina | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 57,482,493 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 57,482,493 | |||
Accumulated Depreciation | [1],[3] | $ 3,000,884 | |||
Date Of Construction | [1] | 1959-1990 | |||
Date Acquired | [1] | 2014-2015 | |||
Other | South Carolina | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | South Carolina | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Other | Tennessee | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 98,233,849 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 8,046,100 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 106,279,949 | |||
Accumulated Depreciation | [1],[3] | $ 35,719,553 | |||
Date Of Construction | [1] | 1958-1983 | |||
Date Acquired | [1] | 1992-2015 | |||
Other | Tennessee | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Tennessee | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Texas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 348,007,669 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 15,500,178 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | (2,079,893) | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (1,820,356) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 359,607,598 | |||
Accumulated Depreciation | [1],[3] | $ 55,453,711 | |||
Date Of Construction | [1] | 1952-2014 | |||
Date Acquired | [1] | 1997-2015 | |||
Other | Texas | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Texas | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Washington | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 152,778,525 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 65,607 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 152,844,132 | |||
Accumulated Depreciation | [1],[3] | $ 6,493,557 | |||
Date Of Construction | [1] | 1930-2004 | |||
Date Acquired | [1] | 1999-2015 | |||
Other | Washington | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Washington | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | West Virginia | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 24,641,423 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 348,642 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 24,990,065 | |||
Accumulated Depreciation | [1],[3] | $ 6,690,397 | |||
Date Of Construction | [1] | 1961-1996 | |||
Date Acquired | [1] | 1994-2011 | |||
Other | West Virginia | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 33 years | |||
Other | West Virginia | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Other | Wisconsin | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 60,601,506 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 2,369,865 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (1,500) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 62,969,871 | |||
Accumulated Depreciation | [1],[3] | $ 9,600,375 | |||
Date Of Construction | [1] | 1930-1994 | |||
Date Acquired | [1] | 2009-2015 | |||
Other | Wisconsin | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Wisconsin | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 28 years | |||
Other | Minnesota | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 61,256,047 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 160,912 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 61,416,959 | |||
Accumulated Depreciation | [1],[3] | $ 1,696,595 | |||
Date Of Construction | [1] | 1958-1983 | |||
Date Acquired | [1] | 2,015 | |||
Other | Minnesota | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 25 years | |||
Other | Minnesota | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 40 years | |||
Other | Nebraska | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 24,713,411 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 24,713,411 | |||
Accumulated Depreciation | [1],[3] | $ 833,206 | |||
Date Of Construction | [1] | 1963-1969 | |||
Date Acquired | [1] | 2,015 | |||
Other | Nebraska | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 20 years | |||
Other | Nebraska | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Other | United Kingdom | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 177,484,058 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | (7,784,463) | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 169,699,595 | |||
Accumulated Depreciation | [1],[3] | $ 3,639,903 | |||
Date Of Construction | [1] | 1750-2000 | |||
Date Acquired | [1] | 2,015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 30 years | |||
Other | Utah | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 3,620,000 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 3,620,000 | |||
Accumulated Depreciation | [1],[3] | $ 124,908 | |||
Date Of Construction | [1] | 1,977 | |||
Date Acquired | [1] | 2,015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 24 years | |||
Other | Virginia | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 32,642,987 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 32,642,987 | |||
Accumulated Depreciation | [1],[3] | $ 550,145 | |||
Date Of Construction | [1] | 1,995 | |||
Date Acquired | [1] | 2,015 | |||
Other | Virginia | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 35 years | |||
Other | Virginia | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 39 years | |||
Other | Montana | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost to Company Buildings and Land Improvements | [1] | $ 12,922,122 | |||
Cost Capitalized Subsequent to Acquisition Improvements | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Impairment | [1] | 0 | |||
Cost Capitalized Subsequent to Acquisition Other | [1] | 0 | |||
Total Gross Amount at Which Carried at Close of Period Buildings and Land Improvements | [1],[2] | 12,922,122 | |||
Accumulated Depreciation | [1],[3] | $ 365,003 | |||
Date Of Construction | [1] | 1963-1971 | |||
Date Acquired | [1] | 2,015 | |||
Other | Montana | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 28 years | |||
Other | Montana | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life on Which Depreciation in Latest Income Statements is Computed | [1] | 35 years | |||
[1] | The real estate included in this schedule is being used in either the operation of skilled nursing facilities (SNF), assisted living facilities (AL), independent living facilities (ILF), tramatic brain injury (TBI), medical office building (MOB) or specialty hospitals (SH) located in the states indicated. | ||||
[2] | Year Ended December 31,2013 2014 2013 Balance at beginning of period $ 3,038,552,898 $ 3,099,547,182 $ 3,223,785,295 Acquisitions 5,529,419, 131,689,483,3,371,233,860 Impairment (414,687), (3,660,381), (12,916,233) Improvements 31,346,919, 17,916,855, 220,272,401 Disposals/other (5,467,367), (21,707,844),(58,417,625) Balance at close of period 3,099,547,182, $3,223,785,295,$ 6,743,957,698 | ||||
[3] | 2013,2014, 2015 Balance at beginning of period $580,373,211,$ 707,409,888, $821,711,991, Provisions for depreciation 128,523,788,123,141,880 , 210,554,569 Dispositions/other (1,487,111), (8,839,777) ,(13,116,882) Balance at close of period $707,409,888, $821,711,991,$1,019,149,678 | ||||
[4] | Certain of the real estate indicated are security for the HUD loan borrowings totaling $56,204,170 at December 31, 2015. |
SCHEDULE III REAL ESTATE AND109
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Secured borrowings | HUD mortgages assumed December 2011 | |||
Debt Instrument [Line Items] | |||
Long-term borrowing amount, secured borrowings | [1] | $ 56,204 | $ 57,416 |
[1] | Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2015 excluding a third-party administration fee of approximately 0.5%. Secured by real estate assets with a net carrying value of $95.4 million. |
SCHEDULE III REAL ESTATE AND110
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | $ 3,223,785,295 | $ 3,099,547,182 | $ 3,038,552,898 |
Acquisitions | 3,371,233,860 | 131,689,483 | 35,529,419 |
Impairment | (12,916,233) | (3,660,381) | (414,687) |
Improvements | 220,272,401 | 17,916,855 | 31,346,919 |
Disposals/other | (58,417,625) | (21,707,844) | (5,467,367) |
Balance at close of period | 6,743,957,698 | 3,223,785,295 | 3,099,547,182 |
Reconciliation of real estate accumulated depreciation | |||
Balance at beginning of period | 821,711,991 | 707,409,888 | 580,373,211 |
Provisions for depreciation | 210,554,569 | 123,141,880 | 128,523,788 |
Dispositions/other | (13,116,882) | (8,839,777) | (1,487,111) |
Balance at close of period | $ 1,019,149,678 | $ 821,711,991 | $ 707,409,888 |
SCHEDULE III REAL ESTATE AND111
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail 3) $ in Billions | Dec. 31, 2015USD ($) |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Reported amount of real estate in excess of the tax basis | $ 1.1 |
SCHEDULE IV MORTGAGE LOANS O112
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Mortgage Loans on Real Estate [Line Items] | ||
Face Amount of Mortgages | $ 686,522,497 | |
Carrying Amount of Mortgages | $ 679,795,236 | |
Florida | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.04% | [1] |
Final Maturity Date | 2,030 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 15,900,000 | [1] |
Carrying Amount of Mortgages | 15,780,156 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Louisiana | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | [1] |
Final Maturity Date | 2,018 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 2,939,312 | [1] |
Carrying Amount of Mortgages | 2,939,312 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Maryland | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.00% | [1] |
Final Maturity Date | 2,023 | [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 | $ 0 | [1] |
Maryland | Group 2 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,046 | [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 | $ 0 | [1] |
Maryland | Group 3 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,046 | [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 | $ 0 | [1] |
Maryland | Group 4 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,046 | [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 | $ 0 | [1] |
Michigan | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.23% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest plus $96,000 of principal payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 415,000,000 | [1] |
Carrying Amount of Mortgages | 413,399,042 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 2 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.51% | [1] |
Final Maturity Date | 2,021 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 3,382,260 | [1] |
Carrying Amount of Mortgages | 3,382,260 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 3 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 692,446 | [1] |
Carrying Amount of Mortgages | 692,446 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 4 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 439,925 | [1] |
Carrying Amount of Mortgages | 439,925 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 5 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.25% | [1] |
Final Maturity Date | 2,021 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 3,521,113 | [1] |
Carrying Amount of Mortgages | 3,521,113 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 6 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 175,900 | [1] |
Carrying Amount of Mortgages | 175,900 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 7 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 49,008 | [1] |
Carrying Amount of Mortgages | 49,008 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 8 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 66,087 | [1] |
Carrying Amount of Mortgages | 66,087 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 9 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 674,541 | [1] |
Carrying Amount of Mortgages | 674,541 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 10 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.00% | [1] |
Final Maturity Date | 2,029 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 384,343 | [1] |
Carrying Amount of Mortgages | 384,343 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Michigan | Group 11 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,046 | [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 | $ 0 | [1] |
Missouri and Tennessee | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.35% | [1] |
Final Maturity Date | 2,015 | [1] |
Periodic Payment Terms | Interest plus $8,800 of principal payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 6,997,610 | [1] |
Carrying Amount of Mortgages | 6,445,399 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Ohio and Pennsylvania | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.64% | [1] |
Final Maturity Date | 2,024 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 112,500,000 | [1] |
Carrying Amount of Mortgages | 112,500,000 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Ohio | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,022 | [1] |
Periodic Payment Terms | Interest plus $2,400 of principal payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 6,112,406 | [1] |
Carrying Amount of Mortgages | 6,023,197 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Ohio | Group 2 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,022 | [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 | $ 0 | [1] |
Ohio | Group 3 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,022 | [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 | $ 0 | [1] |
Ohio | Group 4 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,022 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 112,100 | [1] |
Carrying Amount of Mortgages | 112,100 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Ohio | Group 5 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | [1] |
Final Maturity Date | 2,022 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 194,806 | [1] |
Carrying Amount of Mortgages | 194,806 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Ohio | Group 6 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.42% | [1] |
Final Maturity Date | 2,018 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 11,874,013 | [1] |
Carrying Amount of Mortgages | 12,508,966 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
South Carolina | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | [1] |
Final Maturity Date | 2,018 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 1,134,935 | [1] |
Carrying Amount of Mortgages | 1,134,935 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [1] |
Virginia | Group 1 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 8.75% | [1] |
Final Maturity Date | 2,018 | [1] |
Periodic Payment Terms | Interest payable monthly | [1] |
Prior Liens | $ 0 | [1] |
Face Amount of Mortgages | 1,802,533 | [1] |
Carrying Amount of Mortgages | 1,802,533 | [1],[2],[3] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | [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, 2013 2014 2015 Balance at beginning of period $ 238,621,161, $ 241,514,812, $ 648,078,550 Additions during period Placements 3,378,357, 529,547,836, 33,288,320 Deductions during period - collection of principal/other(484,706)(122,984,098)(1,571,634) Balance at close of period $ 241,514,812$ 648,078,550 $ 679,795,236 |
SCHEDULE IV MORTGAGE LOANS O113
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Detail 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 648,078,550 | $ 241,514,812 | $ 238,621,161 |
Additions during period - Placements | 33,288,320 | 529,547,836 | 3,378,357 |
Deductions during period - collection of principal/other | (1,571,634) | (122,984,098) | (484,706) |
Balance at close of period | $ 679,795,236 | $ 648,078,550 | $ 241,514,812 |