FACILITY LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

FACILITY LEASES

8. FACILITY LEASES

The following table summarizes our leasing arrangements related to the Company’s healthcare facilities at December 31, 2021:

Facility	Monthly Lease Income (1)		Lease Expiration	Renewal Option if any
Goodwill (1)	$	54,617	February 1, 2027	Term may be extended for one additional five-year term.

(1) The lease became effective on February 1, 2017, and the facility began generating rental revenue thereafter.

Lessees are responsible for payment of insurance, taxes, and other charges while under the lease. Should the lessees not pay all such charges as required under the leases, or if there is no tenant, the Company may become liable for such operating expenses. We have been required to cover those expenses at Glen Eagle as well as the Southern Hills SNF, ALF and ILF, Meadowview, Higher Call, Edwards, Fairland, Sparta, and Warrenton properties.

Future cash payments for rent to be received during the initial terms of the leases for the next five years and thereafter are as follows:

Years Ending December 31,
2022	$	626,808
2023		635,026
2024		643,401
2025		651,954
2026		660,665
2027 and Thereafter		55,116
Total	$	3,272,970