XML 77 R26.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported on the consolidated balance sheets to the total of such amounts as reported on the consolidated statements of cash flows (dollars in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Cash and cash equivalents
 
$
41,884

 
$
73,811

 
$
50,046

Restricted cash
 
16,936

 
20,697

 
30,442

Total cash, cash equivalents and restricted cash
 
$
58,820

 
$
94,508

 
$
80,488


Schedule of Operating Real Estate Estimated Useful Life Operating real estate is depreciated using the straight-line method over the estimated useful life of the assets, summarized as follows:
Category:
 
Term:
Building
 
30 to 50 years
Building improvements
 
Lesser of the useful life or remaining life of the building
Land improvements
 
9 to 15 years
Tenant improvements
 
Lesser of the useful life or remaining term of the lease
Furniture, fixtures and equipment
 
5 to 14 years

Schedule of Future Minimum Lease Payments for Capital Leases The following table presents the future minimum lease payments under finance leases and the present value of the minimum lease payments as of December 31, 2019, which is included in other liabilities on the Company’s consolidated balance sheets (dollars in thousands):
   Years Ending December 31:
 
 
2020
 
$
686

2021
 
646

2022
 
554

2023
 
133

2024
 
40

Thereafter
 

Total minimum lease payments
 
$
2,059

Less: Amount representing interest
 
$
(189
)
Present value of minimum lease payments
 
$
1,870


Summary of Deferred Costs and Intangible Assets The following table presents a summary of deferred costs and intangible assets, net as of December 31, 2019 and 2018 (dollars in thousands):
 
 
December 31, 2019
 
December 31, 2018
Deferred costs and intangible assets, net:
 
 
 
 
In-place lease value, net
 
$
6,437

 
$
14,559

Goodwill
 
21,387

 
21,387

Other intangible assets
 
380

 
380

Subtotal intangible assets
 
28,204

 
36,326

Deferred costs, net
 
151

 
670

Total
 
$
28,355

 
$
36,996


The Company recorded $8.3 million and $47.3 million of in-place lease and deferred cost amortization expense for the years ended December 31, 2019 and 2018, respectively.
In-place lease value, net includes a gross asset amount of $130.0 million for in-place leases related to the Company’s direct investment - net lease properties, of which $123.6 million has been amortized as of December 31, 2019. All other in-place leases related to the Company’s direct investment - operating properties have been fully amortized as of December 31, 2019.
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense
The following table presents future amortization of in-place lease value and deferred costs (dollars in thousands):
Years Ending December 31:
 
 
2020
 
$
1,871

2021
 
1,871

2022
 
594

2023
 
337

2024
 
337

Thereafter
 
1,578

Total
 
$
6,588


Schedule of Other Assets
The following table presents a summary of other assets as of December 31, 2019 and 2018 (dollars in thousands):
 
 
December 31, 2019
 
December 31, 2018
Other assets:
 
 
 
 
Healthcare facility regulatory reserve deposit
 
$
6,000

 
$
6,000

Remainder interest in condominium units(1)
 
2,327

 
3,025

Prepaid expenses
 
3,841

 
3,536

Lease / rent inducements, net
 
1,636

 
1,254

Utility deposits
 
317

 
325

Other
 
368

 
320

Total
 
$
14,489

 
$
14,460


_______________________________________
(1)
Represents future interests in property subject to life estates (“Remainder Interest”).