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Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of Real Estate Properties
The following table presents the operators and tenants of the Company’s properties, excluding properties owned through unconsolidated joint ventures (dollars in thousands):
 
 
 
 
 
 
Three Months Ended March 31, 2020
Operator / Tenant
 
Properties Under Management
 
Units Under Management(1)
 
Property and Other Revenues(2)
 
% of Total Property and Other Revenues
Watermark Retirement Communities
 
30

 
5,265

 
$
37,899

 
52.0
%
Solstice Senior Living
(3) 
32

 
4,000

 
25,959

 
35.6
%
Avamere Health Services
 
5

 
453

 
4,564

 
6.3
%
Arcadia Management
 
4

 
572

 
2,654

 
3.6
%
Integral Senior Living
(3) 
3

 
162

 
1,752

 
2.4
%
Senior Lifestyle Corporation
(4) 
1

 
63

 

 
%
Other
(5) 

 

 
63

 
0.1
%
Total
 
75

 
10,515

 
$
72,891

 
100.0
%
______________________________________
(1)
Represents rooms for ALFs and ILFs and beds for MCFs and SNFs, based on predominant type.
(2)
Includes rental income received from the Company’s net lease properties as well as rental income, ancillary service fees and other related revenue earned from ILF residents and resident fee income derived from the Company’s ALFs, MCFs and CCRCs, which includes resident room and care charges, ancillary fees and other resident service charges.
(3)
Solstice is a joint venture of which affiliates of ISL own 80%.
(4)
Tenant has failed to remit rental payments during the three months ended March 31, 2020. Properties and unit counts exclude one property held for sale.
(5)
Consists primarily of interest income earned on corporate-level cash accounts.
Summary of Segment Reporting
The following tables present segment reporting (dollars in thousands):
 
 
Direct Investments
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2020
 
Net Lease
 
Operating
 
Unconsolidated Investments
 
Debt and Securities
 
Corporate(1)
 
Total
Property and other revenues
 
$
8,222

 
$
64,606

 
$

 
$

 
$
63

 
$
72,891

Interest income on debt investments
 

 

 

 
1,905

 

 
1,905

Real estate properties - operating expenses
 
(13
)
 
(45,688
)
 

 

 

 
(45,701
)
Interest expense
 
(2,964
)
 
(13,715
)
 

 

 

 
(16,679
)
Transaction costs
 

 
(7
)
 

 

 

 
(7
)
Asset management and other fees - related party
 

 

 

 

 
(4,431
)
 
(4,431
)
General and administrative expenses
 
(44
)
 
14

 

 
(9
)
 
(2,990
)
 
(3,029
)
Depreciation and amortization
 
(3,737
)
 
(12,752
)
 

 

 

 
(16,489
)
Realized gain (loss) on investments and other
 

 

 

 

 

 

Equity in earnings (losses) of unconsolidated ventures
 

 

 
(993
)
 

 

 
(993
)
Income tax expense
 

 
(14
)
 

 

 

 
(14
)
Net income (loss)
 
$
1,464

 
$
(7,556
)
 
$
(993
)
 
$
1,896

 
$
(7,358
)
 
$
(12,547
)
_______________________________________
(1)
Includes unallocated asset management fee-related party and general and administrative expenses.
 
 
Direct Investments
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
Net Lease
 
Operating
 
Unconsolidated Investments
 
Debt and Securities
 
Corporate(1)
 
Total
Property and other revenues
 
$
8,552

 
$
63,613

 
$

 
$
10

 
$
346

 
$
72,521

Interest income on debt investments
 

 

 

 
1,902

 

 
1,902

Real estate properties - operating expenses
 

 
(45,218
)
 

 

 

 
(45,218
)
Interest expense
 
(3,276
)
 
(14,040
)
 

 

 
(80
)
 
(17,396
)
Transaction costs
 

 
(38
)
 

 

 

 
(38
)
Asset management and other fees - related party
 

 

 

 

 
(4,994
)
 
(4,994
)
General and administrative expenses
 
(16
)
 
(11
)
 

 
(9
)
 
(3,018
)
 
(3,054
)
Depreciation and amortization
 
(3,564
)
 
(18,835
)
 

 

 

 
(22,399
)
Realized gain (loss) on investments and other
 

 
237

 

 

 

 
237

Equity in earnings (losses) of unconsolidated ventures
 

 

 
(224
)
 

 

 
(224
)
Income tax expense
 

 
(6
)
 

 

 

 
(6
)
Net income (loss)
 
$
1,696

 
$
(14,298
)
 
$
(224
)
 
$
1,903

 
$
(7,746
)
 
$
(18,669
)
_______________________________________
(1)
Includes unallocated asset management fee-related party and general and administrative expenses.
Summary of Assets by Segment
The following table presents total assets by segment (dollars in thousands):
 
 
Direct Investments
 
 
 
 
 
 
 
 
Total Assets:
 
Net Lease
 
Operating
 
Unconsolidated Investments
 
Debt and Securities
 
Corporate(1)
 
Total
March 31, 2020
 
$
364,043

 
$
1,410,699

 
$
265,307

 
$
55,912

 
$
24,337

 
$
2,120,298

December 31, 2019
 
365,789

 
1,420,023

 
268,892

 
56,099

 
30,404

 
2,141,207

_______________________________________
(1)
Represents primarily corporate cash and cash equivalents balances.