(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
None | None |
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
NorthStar Healthcare Income, Inc. | ||||||||
Date: December 7, 2021 | By: | /s/ Neale W. Redington | ||||||
Neale W. Redington | ||||||||
Chief Financial Officer and Treasurer |
Index | Page | ||||
Historical(1) | Fountains Portfolio Disposition | Pro Forma | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 89,777 | $ | 113,335 | (2) | $ | 203,112 | ||||||||||
Restricted cash | 20,747 | (9,832) | (3) | 10,915 | |||||||||||||
Operating real estate, net | 972,437 | — | 972,437 | ||||||||||||||
Investments in unconsolidated ventures | 220,936 | — | 220,936 | ||||||||||||||
Assets held for sale | 488,241 | (488,241) | (4) | — | |||||||||||||
Receivables, net | 6,004 | (4,306) | (3) | 1,698 | |||||||||||||
Goodwill and intangible assets, net | 2,708 | (35) | (3) | 2,673 | |||||||||||||
Other assets | 17,341 | (8,150) | (3) | 9,191 | |||||||||||||
Total assets | $ | 1,818,191 | $ | (397,229) | $ | 1,420,962 | |||||||||||
Liabilities | |||||||||||||||||
Mortgage and other notes payable, net | $ | 1,384,765 | $ | (451,601) | (5) | $ | 933,164 | ||||||||||
Due to related party | 2,897 | — | 2,897 | ||||||||||||||
Escrow deposits payable | 5,609 | (4,210) | (3) | 1,399 | |||||||||||||
Accounts payable and accrued expenses | 30,918 | (10,576) | (3) | 20,342 | |||||||||||||
Other liabilities | 3,971 | (630) | (3) | 3,341 | |||||||||||||
Total liabilities | 1,428,160 | (467,017) | 961,143 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||
Equity | |||||||||||||||||
NorthStar Healthcare Income, Inc. Stockholders’ Equity | |||||||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2021 | — | — | — | ||||||||||||||
Common stock, $0.01 par value, 400,000,000 shares authorized, 192,406,582 shares issued and outstanding as of September 30, 2021 | 1,923 | — | 1,923 | ||||||||||||||
Additional paid-in capital | 1,717,915 | — | 1,717,915 | ||||||||||||||
Retained earnings (accumulated deficit) | (1,331,734) | 70,179 | (6) | (1,261,555) | |||||||||||||
Accumulated other comprehensive income (loss) | (786) | — | (786) | ||||||||||||||
Total NorthStar Healthcare Income, Inc. stockholders’ equity | 387,318 | 70,179 | 457,497 | ||||||||||||||
Non-controlling interests | 2,713 | (391) | (7) | 2,322 | |||||||||||||
Total equity | 390,031 | 69,788 | 459,819 | ||||||||||||||
Total liabilities and equity | $ | 1,818,191 | $ | (397,229) | $ | 1,420,962 |
Historical(1) | Fountains Portfolio Disposition(2) | Pro Forma | ||||||||||||||||||
Property and other revenues | ||||||||||||||||||||
Resident fee income | $ | 83,906 | $ | (50,473) | $ | 33,433 | ||||||||||||||
Rental income | 101,669 | (15,341) | 86,328 | |||||||||||||||||
Other revenue | 80 | — | 80 | |||||||||||||||||
Total property and other revenues | 185,655 | (65,814) | 119,841 | |||||||||||||||||
Interest income | ||||||||||||||||||||
Interest income on debt investments | 4,667 | — | 4,667 | |||||||||||||||||
Expenses | ||||||||||||||||||||
Real estate properties - operating expenses | 136,503 | (41,647) | 94,856 | |||||||||||||||||
Interest expense | 47,767 | (15,113) | 32,654 | |||||||||||||||||
Transaction costs | 54 | — | 54 | |||||||||||||||||
Asset management fees - related party | 8,307 | — | 8,307 | |||||||||||||||||
General and administrative expenses | 8,544 | (171) | 8,373 | |||||||||||||||||
Depreciation and amortization | 44,772 | (15,000) | 29,772 | |||||||||||||||||
Impairment loss | 5,386 | — | 5,386 | |||||||||||||||||
Total expenses | 251,333 | (71,931) | 179,402 | |||||||||||||||||
Other income (loss) | ||||||||||||||||||||
Other income, net | 6,892 | (5,017) | 1,875 | |||||||||||||||||
Realized gain (loss) on investments and other | 7,479 | — | 7,479 | |||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax expense | (46,640) | 1,100 | (45,540) | |||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | 17,819 | — | 17,819 | |||||||||||||||||
Income tax expense | (85) | — | (85) | |||||||||||||||||
Net income (loss) | (28,906) | 1,100 | (27,806) | |||||||||||||||||
Net (income) loss attributable to non-controlling interests | (73) | (63) | (136) | |||||||||||||||||
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders | $ | (28,979) | $ | 1,037 | $ | (27,942) | ||||||||||||||
Net income (loss) per share of common stock, basic/diluted | $ | (0.15) | $ | (0.15) | ||||||||||||||||
Weighted average number of shares of common stock outstanding, basic/diluted | 191,285,186 | 191,285,186 | ||||||||||||||||||
Distributions declared per share of common stock | $ | — | $ | — |
Historical (1) | Fountains Portfolio Disposition(2) | Pro Forma | ||||||||||||||||||
Property and other revenues | ||||||||||||||||||||
Resident fee income | $ | 118,126 | $ | (68,566) | $ | 49,560 | ||||||||||||||
Rental income | 157,024 | (22,284) | 134,740 | |||||||||||||||||
Other revenue | 198 | — | 198 | |||||||||||||||||
Total property and other revenues | 275,348 | (90,850) | 184,498 | |||||||||||||||||
Interest income | ||||||||||||||||||||
Interest income on debt investments | 7,674 | — | 7,674 | |||||||||||||||||
Expenses | ||||||||||||||||||||
Real estate properties - operating expenses | 184,178 | (55,935) | 128,243 | |||||||||||||||||
Interest expense | 65,991 | (20,626) | 45,365 | |||||||||||||||||
Transaction costs | 65 | (23) | 42 | |||||||||||||||||
Asset management fees - related party | 17,170 | — | 17,170 | |||||||||||||||||
General and administrative expenses | 16,505 | (911) | 15,594 | |||||||||||||||||
Depreciation and amortization | 65,006 | (22,390) | 42,616 | |||||||||||||||||
Impairment loss | 165,968 | (42,700) | 123,268 | |||||||||||||||||
Total expenses | 514,883 | (142,585) | 372,298 | |||||||||||||||||
Other income (loss) | ||||||||||||||||||||
Other income, net | 1,840 | (1,268) | 572 | |||||||||||||||||
Realized gain (loss) on investments and other | 302 | 71,978 | (3) | 72,280 | ||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax expense | (229,719) | 122,445 | (107,274) | |||||||||||||||||
Equity in earnings (losses) of unconsolidated ventures | (34,466) | — | (34,466) | |||||||||||||||||
Income tax expense | (53) | — | (53) | |||||||||||||||||
Net income (loss) | (264,238) | 122,445 | (141,793) | |||||||||||||||||
Net (income) loss attributable to non-controlling interests | 2,780 | (3,374) | (4) | (594) | ||||||||||||||||
Net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders | $ | (261,458) | $ | 119,071 | $ | (142,387) | ||||||||||||||
Net income (loss) per share of common stock, basic/diluted | $ | (1.38) | $ | (0.75) | ||||||||||||||||
Weighted average number of shares of common stock outstanding, basic/diluted | 189,573,204 | 189,573,204 | ||||||||||||||||||
Distributions declared per share of common stock | $ | — | $ | — |
Transaction net proceeds | $ | 119,376 | ||||||
Less: proceeds attributable to non-controlling interests | (2,190) | |||||||
Net proceeds attributable to NorthStar Healthcare | 117,186 | |||||||
Less: Fountains Portfolio working capital | (3,851) | |||||||
Net adjustments to cash and cash equivalents | $ | 113,335 |
Net gain recognized on the Transaction attributable to non-controlling interests | $ | 1,799 | ||||||
Less: distributions of Transaction net proceeds to non-controlling interests | (2,190) | |||||||
Net adjustments attributable to non-controlling interests | $ | (391) |
Transaction net proceeds | $ | 119,376 | ||||||
Less: assets, net liabilities of the Fountains Portfolio | (47,398) | |||||||
Net gain recognized on the Transaction | 71,978 | |||||||
Less: net gain attributable to non-controlling interests | (1,799) | |||||||
Net gain attributable to NorthStar Healthcare | $ | 70,179 |
Cover |
Dec. 01, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Dec. 01, 2021 |
Entity Registrant Name | NorthStar Healthcare Income, Inc. |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 000-55190 |
Entity Tax Identification Number | 27-3663988 |
Entity Address, Address Line One | 590 Madison Avenue, 34th Floor |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10022 |
Entity Address, City or Town | New York |
City Area Code | 212 |
Local Phone Number | 547-2600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001503707 |
Amendment Flag | false |
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