Operating Real Estate (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Real Estate [Abstract] |
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Schedule of Operating Real Estate |
The following table presents operating real estate, net as of December 31, 2015 and December 31, 2014 (dollars in thousands): | | | | | | | | | | | | As of December 31, | | | 2015 | | 2014 | Land | | $ | 140,734 |
| | $ | 20,035 |
| Land improvements | | 8,384 |
| | — |
| Buildings and improvements | | 664,555 |
| | 235,544 |
| Tenant improvements | | 1,522 |
| | — |
| Construction in progress | | 9,119 |
| | 1,320 |
| Furniture and fixtures | | 27,325 |
| | 6,927 |
| Subtotal | | 851,639 |
| | 263,826 |
| Less: Accumulated depreciation | | (19,386 | ) | | (4,417 | ) | Operating real estate, net | | $ | 832,253 |
| | $ | 259,409 |
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Schedule of Operating Real Estate Acquisitions |
The following table summarizes operating real estate acquisitions for the year ended December 31, 2015 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Acquisition Date | | Type | | Portfolio | | Amount(1) | | Properties | | Units | | Location | | Financing | | Company’s Equity | | Ownership Interest | | Transaction Costs | | | | | | | | | | | | | | | | | | | | | | June 2015 | | RIDEA(2) | | Watermark Fountains | | $ | 376,781 |
| | 10 | | 2,374 | | Various | | $ | 236,456 |
| | $ | 153,535 |
| | 97.0 | % | | $ | 4,439 |
| | | | | | | | | | | | | | | | | | | | | | June 2015 | | Net Lease | | Watermark Fountains | | 278,312 |
| | 6 | | 1,261 | | Various | | 173,544 |
| | 90,567 |
| | 100 | % | | 209 |
| | | | | | | | | | | | | | | | | | | | | | Grand Total | | | $ | 655,093 |
| | 16 | | 3,635 | | | | $ | 410,000 |
| | $ | 244,102 |
| | | | $ | 4,648 |
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_________________________________________________ | | (1) | Includes initial net purchase price allocation related to net intangibles, deferred costs, other assets, if any, and may be adjusted for subsequent capital expenditures and upon completion of the final purchase price allocation. |
| | (2) | The Company holds Remainder Interests in the Watermark Fountains condominium units, subject to life estates and refund liabilities, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet. Includes one property in which the Company holds a Remainder Interest in 20 condominium units. |
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Schedule of Final Allocation of Purchase Price of Assets and Liabilities Acquired |
The following table presents the effect of such purchase price reclassifications on the consolidated balance sheet as of December 31, 2015 (dollars in thousands): | | | | | | | | | | | | | | As Previously Disclosed(1) | | Measurement-Period Adjustments | | December 31, 2015 | Operating real estate, net | $ | 693,980 |
| | $ | (17,860 | ) | | $ | 676,120 |
| Deferred costs and intangible assets, net | 38,680 |
| | 17,145 |
| | 55,825 |
| Other assets(2) | 27,315 |
| | 1,013 |
| | 28,328 |
| Other liabilities(3) | (2,475 | ) | | (298 | ) | | (2,773 | ) | Total | $ | 757,500 |
| | $ | — |
| | $ | 757,500 |
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_____________________________________________ | | (1) | Represents preliminary allocation of the purchase price of Watermark Fountains in 2015 and the Arbors Portfolio in 2014. |
| | (2) | Primarily includes furniture and fixtures and Remainder Interests in condominium units. |
| | (3) | Includes refund liabilities related to the Remainder Interests in condominium units. |
The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the acquisition of Watermark Fountains portfolio in 2015 and the Arbors Portfolio in 2014 (dollars in thousands): | | | | | | Assets: | | | Land and improvements | | $ | 135,681 |
| Buildings and improvements | | 540,439 |
| Intangible assets(1) | | 55,825 |
| Other assets(2) | | 28,328 |
| Total assets acquired | | $ | 760,273 |
| Liabilities: | | | Mortgage notes payable | | $ | 410,000 |
| Other liabilities(3) | | 2,773 |
| Total liabilities | | 412,773 |
| Total NorthStar Healthcare Income, Inc. stockholders’ equity | | 343,619 |
| Non-controlling interests | | 3,881 |
| Total equity | | 347,500 |
| Total liabilities and equity | | $ | 760,273 |
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_________________________________________________ | | (1) | Primarily includes in-place leases of $33.3 million and goodwill of $14.7 million. Goodwill was allocated entirely to the Company’s RIDEA acquisitions component within the real estate equity business segment. |
| | (2) | Primarily includes furniture and fixtures and Remainder Interests in condominium units. |
| | (3) | Includes refund liabilities related to the Remainder Interests in condominium units. |
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Summary of Pro Forma Amounts |
The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future and exclude transaction costs (dollars in thousands, except per share data): | | | | | | | | | | | | Years Ended December 31, | | | 2015 | | 2014 | Pro forma total revenues | | $ | 150,878 |
| | $ | 129,068 |
| Pro forma net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders | | (52,274 | ) | | (31,572 | ) | Pro forma net income (loss) per share of common stock, basic/diluted | | $ | (0.40 | ) | | $ | (0.79 | ) |
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Schedule of Future Minimum Rents |
The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2015 are as follows (dollars in thousands): | | | | | | Years Ending December 31, | | | 2016 | | $ | 34,527 |
| 2017 | | 35,784 |
| 2018 | | 36,392 |
| 2019 | | 37,302 |
| 2020 | | 38,234 |
| Thereafter | | 147,102 |
| Total | | $ | 329,341 |
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