XML 81 R26.htm IDEA: XBRL DOCUMENT

Real Estate Investments, Net (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Investment in Owned Properties

The following table summarizes the Company’s investment in owned properties at December 31, 2019 and December 31, 2018 (dollars in thousands):



	December 31, 2019			December 31, 2018
Land	$	204,154		$	166,948
Buildings and improvements	1,400,927			1,201,209
Integral equipment, furniture and fixtures	93,005			87,623
Identified intangible assets	1,650			2,382
Real estate investments	1,699,736			1,458,162
Accumulated depreciation and amortization	(285,536		)	(241,925		)
Real estate investments, net	$	1,414,200		$	1,216,237

Schedule of Total Future Minimum Rental Revenues

As of December 31, 2019, the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands):



Year	Amount
2020	$	168,394
2021	169,175
2022	169,272
2023	168,968
2024	169,069
Thereafter	1,144,102
	$	1,988,980

Schedule of Total Future Minimum Rental Revenues at Prior Year End

As of December 31, 2018, the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands):



Year	Amount
2019	$	146,010
2020	146,560
2021	147,132
2022	147,719
2023	148,169
Thereafter	1,055,012
	$	1,790,602

Schedule of Rental Income

The following table summarizes components of the Company’s rental income (dollars in thousands):



	For the Year Ended December 31, 2019
Rental Income
Contractual rent due⁽¹⁾	$	166,056
Straight-line rent	1,385
Adjustment for collectibility of rental income⁽²⁾	(11,774		)
Total	$	155,667


(1)	Initial cash rent including operating expense reimbursements adjusted for rental escalators and increases due to landlord funded capital improvements.

(2)

In accordance with the new lease ASUs, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from five operators through maturity. As such, the Company reversed rental income comprised of $7.8 million of unpaid contractual rent, $3.5 million of straight-line rent and $0.5 million of property tax reimbursements during the year ended December 31, 2019. If lease payments are subsequently deemed probable of collection, the Company increases rental income accordingly.

Schedule of Real Estate Acquisitions

The following table summarizes the Company’s acquisitions for the year ended December 31, 2019 (dollar amounts in thousands):



Type of Property	Purchase Price⁽¹⁾		Initial Annual Cash Rent⁽²⁾		Number of Properties	Number of Beds/Units⁽³⁾
Skilled nursing	$	254,760	$	22,909	17	2,099
Multi-service campuses	59,344		5,203		4	762
Assisted living	12,596		1,031		1	96
Total	$	326,700	$	29,143	22	2,957


(1)	Purchase price includes capitalized acquisition costs.


(2)	Initial annual cash rent excludes ground lease income.


(3)	The number of beds/units includes operating beds at acquisition date.

The following table summarizes the Company’s acquisitions for the year ended December 31, 2018 (dollar amounts in thousands):



Type of Property	Purchase Price⁽¹⁾			Initial Annual Cash Rent		Number of Properties		Number of Beds/Units⁽²⁾
Skilled nursing	$	85,814		$	7,715	10		926
Multi-service campuses	27,520		⁽³⁾	2,240		2		177
Assisted living	—			—		—		—
Total	$	113,334		$	9,955	$	12	1,103


(1)	Purchase price includes capitalized acquisition costs.


(2)	The number of beds/units includes operating beds at acquisition date.

(3)

The Company has committed to fund approximately $1.4 million in revenue-producing capital expenditures over the next 24 months based on the in-place lease yield, which is included in the purchase price.