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.
|