Real Estate Assets, net (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
Real Estate Properties [Line Items] |
|
Schedule of Real Estate Investment Properties |
The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2016 and 2015 are as follows (in thousands):
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
Land and land improvements |
|
$ |
238,121 |
|
|
$ |
227,019 |
|
Building and building improvements |
|
|
2,356,789 |
|
|
|
2,281,342 |
|
Furniture, fixtures and equipment |
|
|
67,299 |
|
|
|
58,825 |
|
Less: accumulated depreciation |
|
|
(195,216 |
) |
|
|
(115,648 |
) |
Real estate investment properties, net |
|
|
2,466,993 |
|
|
|
2,451,538 |
|
Real estate under development, including land |
|
|
97,164 |
|
|
|
62,521 |
|
Total real estate assets, net |
|
$ |
2,564,157 |
|
|
$ |
2,514,059 |
|
|
Schedule of Real Estate Held for Sale |
As of December 31, 2016 and 2015, real estate held for sale consisted of the following (in thousands):
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
Land and land improvements |
|
$ |
― |
|
|
$ |
2,027 |
|
Building and building improvements |
|
|
― |
|
|
|
15,994 |
|
Furniture, fixtures and equipment |
|
|
― |
|
|
|
1,776 |
|
Less: accumulated depreciation |
|
|
― |
|
|
|
(1,159 |
) |
Real estate held for sale, net |
|
$ |
― |
|
|
$ |
18,638 |
|
|
Under Development with Third-Party Developers |
|
Real Estate Properties [Line Items] |
|
Schedule of Real Estate Investment Properties |
As of December 31, 2016, five of the Company’s seniors housing communities and one post-acute care facility have real estate under development or expansion projects with third-party developers as follows (in thousands):
Property Name (and Location) |
|
Developer |
|
Real Estate Development
Costs
Incurred (1) |
|
|
(Unaudited)
Remaining
Development
Budget (2) |
|
Development Properties |
|
|
|
|
|
|
|
|
|
|
Welbrook Senior Living
Grand Junction
(Grand Junction, CO) |
|
Embree Asset Group, Inc. |
|
$ |
12,894 |
|
|
$ |
1,888 |
|
Waterstone on Augusta
(Greenville, SC) |
|
T&D Greenville, LLC |
|
|
24,155 |
|
|
|
5,046 |
|
Wellmore of Lexington
(Lexington, SC) |
|
Maxwell Group, Inc. |
|
|
38,972 |
|
|
|
19,984 |
|
Dogwood Forest of Grayson
(Grayson, GA) |
|
Solomon Development Services, LLC |
|
|
17,345 |
|
|
|
12,933 |
|
Expansion Projects |
|
|
|
|
|
|
|
|
|
|
Tranquillity at Fredericktowne
(Frederick, MD) |
|
Capital Health Partners |
|
|
1,407 |
|
|
|
4,542 |
|
Brookridge Heights Assisted Living & Memory Care
(Marquette, MI) |
|
Capital Health Partners |
|
|
2,391 |
|
|
|
2,638 |
|
|
|
|
|
$ |
97,164 |
|
|
$ |
47,031 |
|
FOOTNOTES:
|
(1) |
This amount represents land and total capitalized costs for GAAP purposes for the acquisition, development and construction of the seniors housing community or post-acute care facility as of December 31, 2016. Amounts include investment services fees, asset management fees, interest expense and other costs capitalized during the development period. |
|
(2) |
This amount includes preleasing and marketing costs which will be expensed as incurred. |
The development budgets include the cost of the land, construction costs, development fees, financing costs, start-up costs and initial operating deficits of the respective properties. Generally, the Company has delegated to an affiliate of the developer of the respective community the management and administration of the development and construction. In most cases, the developer is generally responsible for cost overruns beyond the approved development budget for the applicable project pursuant to a cost overrun guarantee. Some of these developments were deemed to be VIEs; refer to Note 7. “Variable Interest Entities” for additional information.
|