Maryland |
(State or other jurisdiction of incorporation or organization) |
001-10822 | 62-1470956 | |
(Commission File No.) | (I.R.S. Employer | |
Identification No.) |
Number | Exhibit | |
99.1 | Supplemental Information for the nine months ended September 30, 2012, dated November 2, 2012, in HTML format | |
99.2 | Supplemental Information for the nine months ended September 30, 2012, dated November 2, 2012, in PDF format |
Company Profile | |
EBITDA Reconciliation and Interest Coverage | |
Lease Renewal Years & Mortgage Maturities | |
• | We depend on the operating success of our customers (facility operators) for collection of our revenues during this time of uncertain economic conditions in the U.S.; |
• | We are exposed to the risk that our tenants and borrowers may become subject to bankruptcy or insolvency proceedings; |
• | We are exposed to risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that lower reimbursement rates will have on our tenants' and borrowers' business; |
• | We are exposed to the risk that the cash flows of our tenants and borrowers will be adversely affected by increased liability claims and general and professional liability insurance costs; |
• | We are exposed to risks related to environmental laws and the costs associated with the liability related to hazardous substances; |
• | We are exposed to the risk that we may not be indemnified by our lessees and borrowers against future litigation; |
• | We depend on the success of future acquisitions and investments; |
• | We depend on the ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; |
• | We may need to incur more debt in the future, which may not be available on terms acceptable to the Company; |
• | We are exposed to the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; |
• | We are exposed to risks associated with our investments in joint ventures and unconsolidated entities, including our lack of sole decision-making authority and our reliance on our joint venture partners' financial condition; |
• | We depend on revenues derived mainly from fixed rate investments in real estate assets, while our debt capital used to finance those investments is primarily available at variable rates. This circumstance creates interest rate risk to the Company. |
• | We are exposed to the risk that our assets may be subject to impairment charges; |
• | We depend on the ability to continue to qualify as a real estate investment trust; |
• | We have ownership limits in our charter with respect to our common stock and other classes of capital stock; |
• | We are subject to certain provisions of Maryland law and our charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for our common stock or our stockholders believe such transaction to be otherwise in their best interests. |
ANALYST COVERAGE | INVESTOR RELATIONS CONTACT | |||
Stifel Nicolaus & Company, Inc. | Roger R. Hopkins, CPA | |||
J.J.B. Hilliard, W.L. Lyons, LLC | rhopkins@nhireit.com | |||
JMP Securities, LLC | (615) 890-9100 ext. 108 | |||
Wells Fargo Securities, LLC | ||||
BMO Capital Markets Corp. | ||||
KeyBanc Capital Markets, Inc. | ||||
Sidoti & Company, LLC | ||||
SENIOR MANAGEMENT | BOARD OF DIRECTORS | |||
J. Justin Hutchens | W. Andrew Adams | J. Justin Hutchens | ||
Chief Executive Officer and President | Venture Capital Investments | National Health Investors, Inc. | ||
Roger R. Hopkins, CPA | Robert A. McCabe, Jr. | Robert T. Webb | ||
Chief Accounting Officer | Pinnacle Financial Partners | Webb's Refreshments, Inc. | ||
Kristin S. Gaines | Ted H. Welch | |||
Chief Credit Officer | Ted Welch Investments |
Investor Snapshot as of September 30, 2012 | ||||||||
Exchange: | NYSE | 52 week Low/High: | $40.56 | $54.36 | Market Capitalization: | $1.43 billion | ||
Symbol: | NHI | Dividend/Yield: | $2.68 | 5.21% | ||||
Closing Price: | $51.44 | Shares Outstanding: | 27,830,311 |
Total Annual Return | ||||||||||||||
NHI | S&P 500 | NAREIT | S&P 500 - Standard & Poor's index of 500 large-cap common stocks | |||||||||||
1 year | 29.28 | % | 30.11 | % | 34.15 | % | ||||||||
5 years | 18.94 | % | 1.05 | % | 2.50 | % | ||||||||
10 years | 21.49 | % | 8.00 | % | 10.82 | % | NAREIT - FTSE NAREIT US Real Estate Index Series of all publicly traded REITs | |||||||
15 years | 10.53 | % | 4.69 | % | 8.17 | % | ||||||||
Since inception* | 13.35 | % | 8.62 | % | 10.76 | % | ||||||||
*since inception of NHI in Oct. '91 |
September 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Real estate properties: | |||||||
Land | $ | 62,693 | $ | 49,114 | |||
Buildings and improvements | 625,361 | 487,396 | |||||
Construction in progress | 718 | 4,983 | |||||
688,772 | 541,493 | ||||||
Less accumulated depreciation | (169,293 | ) | (146,698 | ) | |||
Real estate properties, net | 519,479 | 394,795 | |||||
Mortgage and other notes receivable, net | 79,325 | 78,672 | |||||
Investment in preferred stock, at cost | 38,132 | 38,132 | |||||
Cash and cash equivalents | 4,410 | 15,886 | |||||
Marketable securities | 11,806 | 11,364 | |||||
Accounts receivable, net | |||||||
Straight-line rent receivable | 11,030 | 8,706 | |||||
Deferred costs and other assets | 11,091 | 2,627 | |||||
Assets held for sale, net | — | 29,381 | |||||
Total Assets | $ | 675,273 | $ | 579,563 | |||
Liabilities and Stockholders' Equity: | |||||||
Debt | $ | 194,250 | $ | 97,300 | |||
Real estate purchase liabilities | 6,478 | 9,478 | |||||
Accounts payable and accrued expenses | 4,114 | 3,483 | |||||
Dividends payable | 18,646 | 24,144 | |||||
Deferred income | 1,374 | 1,673 | |||||
Total Liabilities | 224,862 | 136,078 | |||||
Commitments and Contingencies | |||||||
National Health Investors Stockholders' Equity: | |||||||
Common stock, $.01 par value; 40,000,000 shares authorized; | |||||||
27,830,311 and 27,751,208 shares issued and outstanding, respectively | 278 | 278 | |||||
Capital in excess of par value | 467,600 | 465,678 | |||||
Cumulative dividends in excess of net income | (34,806 | ) | (29,652 | ) | |||
Accumulated other comprehensive income | 6,375 | 7,181 | |||||
Total National Health Investors Stockholders' Equity | 439,447 | 443,485 | |||||
Noncontrolling interest | 10,964 | — | |||||
Total Equity | 450,411 | 443,485 | |||||
Total Liabilities and Stockholders' Equity | $ | 675,273 | $ | 579,563 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues: | |||||||||||||||
Rental income | $ | 22,285 | $ | 19,975 | $ | 64,905 | $ | 59,868 | |||||||
Mortgage interest income | 1,879 | 1,689 | 5,428 | 4,919 | |||||||||||
Investment income and other | 1,348 | 1,107 | 3,462 | 3,499 | |||||||||||
25,512 | 22,771 | 73,795 | 68,286 | ||||||||||||
Expenses: | |||||||||||||||
Depreciation | 5,892 | 2,930 | 12,653 | 8,729 | |||||||||||
Interest expense | 854 | 1,781 | 2,176 | 2,628 | |||||||||||
Legal expense | 205 | 119 | 424 | 448 | |||||||||||
Franchise, excise and other taxes | 271 | 160 | 626 | 642 | |||||||||||
General and administrative | 1,639 | 1,234 | 6,018 | 6,371 | |||||||||||
Loan and realty losses (recoveries) | 2,300 | (99 | ) | 2,300 | (99 | ) | |||||||||
11,161 | 6,125 | 24,197 | 18,719 | ||||||||||||
Income before unconsolidated entity, gains on sales of marketable securities, discontinued operations and noncontrolling interest | 14,351 | 16,646 | 49,598 | 49,567 | |||||||||||
Income from unconsolidated entity | — | — | — | — | |||||||||||
Gains on sales of marketable securities | — | 1,090 | 30 | 9,899 | |||||||||||
Income from continuing operations | 14,351 | 17,736 | 49,628 | 59,466 | |||||||||||
Discontinued operations | |||||||||||||||
Income from operations - discontinued | — | 24 | — | 204 | |||||||||||
Gain on sales of real estate | — | 1,048 | — | 3,348 | |||||||||||
Income from discontinued operations | — | 1,072 | — | 3,552 | |||||||||||
Net income | 14,351 | 18,808 | 49,628 | 63,018 | |||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | |||||||||||
Net income attributable to common stockholders | $ | 14,351 | $ | 18,808 | $ | 49,628 | $ | 63,018 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 27,830,311 | 27,729,560 | 27,799,750 | 27,711,474 | |||||||||||
Diluted | 27,862,582 | 27,789,725 | 27,828,879 | 27,795,150 | |||||||||||
Earnings per common share: | |||||||||||||||
Basic: | |||||||||||||||
Income from continuing operations | $ | .52 | $ | .64 | $ | 1.78 | $ | 2.14 | |||||||
Discontinued operations | — | .04 | — | .13 | |||||||||||
Net income per common share | $ | .52 | $ | .68 | $ | 1.78 | $ | 2.27 | |||||||
Diluted: | |||||||||||||||
Income from continuing operations | $ | .52 | $ | .64 | $ | 1.78 | $ | 2.14 | |||||||
Discontinued operations | — | .04 | — | .13 | |||||||||||
Net income per common share | $ | .52 | $ | .68 | $ | 1.78 | $ | 2.27 | |||||||
Dividends declared per common share | $ | .67 | $ | .615 | $ | 1.97 | $ | 1.85 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income | $ | 14,351 | $ | 18,808 | $ | 49,628 | $ | 63,018 | |||||||
Elimination of certain non-cash items in net income: | |||||||||||||||
Real estate depreciation in continuing operations | 5,509 | 2,709 | 11,578 | 8,096 | |||||||||||
Real estate depreciation in discontinued operations | — | 6 | — | 39 | |||||||||||
Net gain on sale of real estate | — | (1,048 | ) | — | (3,348 | ) | |||||||||
Funds from operations | $ | 19,860 | $ | 20,475 | $ | 61,206 | $ | 67,805 | |||||||
Gains on sales of marketable securities | — | (1,090 | ) | (30 | ) | (9,899 | ) | ||||||||
Loan impairments (recoveries) | 2,300 | (99 | ) | 2,300 | (99 | ) | |||||||||
Change in fair value of interest rate swap agreement | — | 1,188 | — | 922 | |||||||||||
Write-offs and expenses due to early lease termination | — | — | 297 | — | |||||||||||
Non-cash write-off of straight-line rent receivable | — | — | 963 | — | |||||||||||
Legal settlements | 275 | — | 365 | — | |||||||||||
Other items | (78 | ) | — | 17 | — | ||||||||||
Normalized FFO | $ | 22,357 | $ | 20,474 | $ | 65,118 | $ | 58,729 | |||||||
BASIC | |||||||||||||||
Weighted average common shares outstanding | 27,830,311 | 27,729,560 | 27,799,750 | 27,711,474 | |||||||||||
FFO per common share | $ | .71 | $ | .74 | $ | 2.20 | $ | 2.45 | |||||||
Normalized FFO per common share | $ | .80 | $ | .74 | $ | 2.34 | $ | 2.12 | |||||||
DILUTED | |||||||||||||||
Weighted average common shares outstanding | 27,862,582 | 27,789,725 | 27,828,879 | 27,795,150 | |||||||||||
FFO per common share | $ | .71 | $ | .74 | $ | 2.20 | $ | 2.44 | |||||||
Normalized FFO per common share | $ | .80 | $ | .74 | $ | 2.34 | $ | 2.11 | |||||||
Normalized FFO payout ratio: | |||||||||||||||
Dividends declared per common share | $ | .67 | $ | .615 | $ | 1.97 | $ | 1.845 | |||||||
Normalized FFO per diluted common share | $ | .80 | $ | .74 | $ | 2.34 | $ | 2.11 | |||||||
83.8 | % | 83.1 | % | 84.2 | % | 87.4 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income | $ | 14,351 | $ | 18,808 | $ | 49,628 | $ | 63,018 | |||||||
Elimination of certain non-cash items in net income: | |||||||||||||||
Depreciation in continuing operations | 5,892 | 2,930 | 12,653 | 8,729 | |||||||||||
Depreciation in discontinued operations | — | 6 | — | 39 | |||||||||||
Net gain on sale of real estate | — | (1,048 | ) | — | (3,348 | ) | |||||||||
Straight-line lease revenue, net | (1,248 | ) | (907 | ) | (2,325 | ) | (2,762 | ) | |||||||
Non-cash stock based compensation | 244 | 267 | 1,924 | 2,912 | |||||||||||
Funds available for distribution | $ | 19,239 | $ | 20,056 | $ | 61,880 | $ | 68,588 | |||||||
Gains on sales of marketable securities | — | (1,090 | ) | (30 | ) | (9,899 | ) | ||||||||
Loan impairments (recoveries) | 2,300 | (99 | ) | 2,300 | (99 | ) | |||||||||
Change in fair value of interest rate swap agreement | — | 1,188 | — | 922 | |||||||||||
Write-offs and expenses due to early lease termination | — | — | 297 | — | |||||||||||
Legal settlements | 275 | — | 365 | — | |||||||||||
Other items | (78 | ) | — | 17 | — | ||||||||||
Normalized FAD | $ | 21,736 | $ | 20,055 | $ | 64,829 | $ | 59,512 | |||||||
BASIC | |||||||||||||||
Weighted average common shares outstanding | 27,830,311 | 27,729,560 | 27,799,750 | 27,711,474 | |||||||||||
FAD per common share | $ | .69 | $ | .72 | $ | 2.23 | $ | 2.48 | |||||||
Normalized FAD per common share | $ | .78 | $ | .72 | $ | 2.33 | $ | 2.15 | |||||||
DILUTED | |||||||||||||||
Weighted average common shares outstanding | 27,862,582 | 27,789,725 | 27,828,879 | 27,795,150 | |||||||||||
FAD per common share | $ | .69 | $ | .72 | $ | 2.22 | $ | 2.47 | |||||||
Normalized FAD per common share | $ | .78 | $ | .72 | $ | 2.33 | $ | 2.14 | |||||||
Normalized FAD payout ratio: | |||||||||||||||
Dividends declared per common share | $ | .67 | $ | .615 | $ | 1.97 | $ | 1.845 | |||||||
Normalized FAD per diluted common share | $ | .78 | $ | .72 | $ | 2.33 | $ | 2.14 | |||||||
85.9 | % | 85.4 | % | 84.5 | % | 86.2 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income | $ | 14,351 | $ | 18,808 | $ | 49,628 | $ | 63,018 | |||||||
Interest expense1 | 854 | 593 | 2,176 | 1,706 | |||||||||||
Franchise, excise and other taxes | 271 | 160 | 626 | 642 | |||||||||||
Depreciation | 5,892 | 2,930 | 12,653 | 8,729 | |||||||||||
EBITDA | $ | 21,368 | $ | 22,491 | $ | 65,083 | $ | 74,095 | |||||||
Interest expense | $ | 854 | $ | 593 | $ | 2,176 | $ | 1,706 | |||||||
Interest Coverage Ratio | 25:1 | 38:1 | 30:1 | 43:1 | |||||||||||
1 excludes the change in fair value of an interest rate swap agreement in 2011 |
2013 | 2014 | 2015 | 2016 | Thereafter | |||||||||||||||
Revolving credit facility | $ | — | $ | — | $ | — | $ | — | $ | 55,000 | |||||||||
Bank term loans - unsecured | — | — | — | — | 120,000 | ||||||||||||||
Bank term loans - secured | 19,250 | — | — | — | — | ||||||||||||||
TOTAL | $ | 19,250 | $ | — | $ | — | $ | — | $ | 175,000 |
Properties | Beds/Units/ Sq. Ft. | Investment (NBV) | YTD Revenue | % of segment | |||||||||||||
Leases | |||||||||||||||||
Skilled Nursing1 | 61 | 8,384 | $ | 256,577,000 | $ | 46,010,000 | 70.9 | % | |||||||||
Assisted Living | 34 | 1,419 | 157,272,000 | 10,118,000 | 15.6 | % | |||||||||||
Senior Living Campus | 6 | 945 | 60,841,000 | 3,530,000 | 5.4 | % | |||||||||||
Hospitals | 3 | 181 | 35,951,000 | 3,538,000 | 5.5 | % | |||||||||||
Independent Living | 3 | 273 | 3,634,000 | 903,000 | 1.4 | % | |||||||||||
Medical Office Buildings | 2 | 88,517 | 4,482,000 | 806,000 | 1.2 | % | |||||||||||
Total Leases | 109 | $ | 518,757,000 | $ | 64,905,000 | 100.0 | % | ||||||||||
1 | Skilled Nursing | ||||||||||||||||
NHC facilities* | 38 | 5,274 | $ | 40,138,000 | $ | 26,681,000 | 41.1 | % | |||||||||
All other facilities | 23 | 3,110 | 216,439,000 | 19,329,000 | 29.8 | % | |||||||||||
61 | 8,384 | $ | 256,577,000 | $ | 46,010,000 | 70.9 | % | ||||||||||
* On October 17, 1991, the NHC facilities were transferred to NHI at their then current book value in a non-taxable exchange. | |||||||||||||||||
Mortgages and Other Notes Receivable | |||||||||||||||||
Skilled Nursing | 26 | 2,605 | $ | 54,804,000 | $ | 3,555,000 | 65.5 | % | |||||||||
Assisted Living | 2 | 190 | 6,290,000 | 554,000 | 10.2 | % | |||||||||||
Senior Living Campus | 1 | 76 | 800,000 | 79,000 | 1.5 | % | |||||||||||
Hospital | 1 | 70 | 11,870,000 | 903,000 | 16.6 | % | |||||||||||
Other Notes Receivable | — | — | 5,561,000 | 337,000 | 6.2 | % | |||||||||||
Total Mortgages | 30 | 2,941 | $ | 79,325,000 | $ | 5,428,000 | 100.0 | % |
SNF | ALF | SLC | HOSP | ILF | MOB | TOTAL | YTD Revenue | |||||||||||||||||
Texas | 15 | — | — | — | — | 1 | 16 | $ | 13,777,000 | |||||||||||||||
Tennessee | 20 | 3 | — | 1 | 2 | — | 26 | 13,674,000 | ||||||||||||||||
Florida | 10 | 5 | 2 | — | — | 1 | 18 | 12,554,000 | ||||||||||||||||
South Carolina | 4 | 1 | — | — | — | — | 5 | 4,996,000 | ||||||||||||||||
Arizona | 1 | 4 | — | 1 | — | — | 6 | 3,856,000 | ||||||||||||||||
Kentucky | 2 | — | — | 1 | — | — | 3 | 3,404,000 | ||||||||||||||||
Missouri | 8 | — | — | — | 1 | — | 9 | 2,280,000 | ||||||||||||||||
Michigan | — | 4 | — | — | — | — | 4 | 1,827,000 | ||||||||||||||||
Georgia | 5 | 1 | — | — | — | — | 6 | 1,757,000 | ||||||||||||||||
Alabama | 2 | — | — | — | — | — | 2 | 1,675,000 | ||||||||||||||||
Virginia | 7 | — | — | — | — | — | 7 | 1,583,000 | ||||||||||||||||
California | — | — | 1 | 1 | — | — | 2 | 1,401,000 | ||||||||||||||||
Idaho | 1 | — | 1 | — | — | — | 2 | 1,252,000 | ||||||||||||||||
Louisiana | — | 4 | — | — | — | — | 4 | 1,230,000 | ||||||||||||||||
Minnesota | — | 5 | — | — | — | — | 5 | 821,000 | ||||||||||||||||
Iowa | — | 2 | — | — | — | — | 2 | 533,000 | ||||||||||||||||
Massachusetts | 4 | — | — | — | — | — | 4 | 508,000 | ||||||||||||||||
New Jersey | — | — | 1 | — | — | — | 1 | 506,000 | ||||||||||||||||
Kansas | 5 | 2 | — | — | — | — | 7 | 463,000 | ||||||||||||||||
Indiana | — | 3 | — | — | — | — | 3 | 434,000 | ||||||||||||||||
Washington | 1 | 1 | 388,000 | |||||||||||||||||||||
Illinois | — | 1 | — | — | — | — | 1 | 387,000 | ||||||||||||||||
New Hampshire | 3 | — | — | — | — | — | 3 | 309,000 | ||||||||||||||||
Pennsylvania | — | 1 | — | — | — | — | 1 | 302,000 | ||||||||||||||||
Oregon | — | — | 1 | — | — | — | 1 | 79,000 | ||||||||||||||||
Other | — | — | — | — | — | — | — | 337,000 | ||||||||||||||||
87 | 36 | 7 | 4 | 3 | 2 | 139 | $ | 70,333,000 |
2012 | 2013 | 2014 | 2015 | 2016 - 2019 | 2020 - 2023 | Thereafter | TOTALS | ||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||
Skilled Nursing | |||||||||||||||||||||||||||||||
Annualized Revenue | $ | 298,000 | $ | — | $ | 6,444,000 | $ | — | $ | 5,373,000 | $ | 36,624,000 | $ | 13,406,000 | $ | 62,145,000 | |||||||||||||||
Properties | 1 | — | 6 | — | 6 | 39 | 9 | 61 | |||||||||||||||||||||||
Assisted Living | |||||||||||||||||||||||||||||||
Annualized Revenue | — | — | — | — | 5,255,000 | 1,672,000 | 8,693,000 | 15,620,000 | |||||||||||||||||||||||
Properties | — | — | — | — | 14 | 4 | 16 | 34 | |||||||||||||||||||||||
Senior Living Campus | |||||||||||||||||||||||||||||||
Annualized Revenue | — | 675,000 | — | — | 2,135,000 | 1,372,000 | 525,000 | 4,707,000 | |||||||||||||||||||||||
Properties | — | 1 | — | — | 2 | 1 | 2 | 6 | |||||||||||||||||||||||
Medical Office Buildings | |||||||||||||||||||||||||||||||
Annualized Revenue | — | 410,000 | — | — | 664,000 | — | — | 1,074,000 | |||||||||||||||||||||||
Properties | — | 1 | — | — | 1 | — | — | 2 | |||||||||||||||||||||||
Independent Living | |||||||||||||||||||||||||||||||
Annualized Revenue | — | — | — | — | — | 1,204,000 | — | 1,204,000 | |||||||||||||||||||||||
Properties | — | — | — | — | — | 3 | — | 3 | |||||||||||||||||||||||
Hospitals | |||||||||||||||||||||||||||||||
Annualized Revenue | — | — | — | — | — | 2,858,000 | 4,339,000 | 7,197,000 | |||||||||||||||||||||||
Properties | — | — | — | — | — | 1 | 2 | 3 | |||||||||||||||||||||||
Total Annualized Revenues | $ | 298,000 | $ | 410,000 | $ | 6,444,000 | $ | — | $ | 11,292,000 | $ | 42,358,000 | $ | 26,438,000 | $ | 91,947,000 | |||||||||||||||
Mortgages | |||||||||||||||||||||||||||||||
Skilled Nursing | |||||||||||||||||||||||||||||||
Annualized Revenue | $ | 1,957,000 | $ | 335,000 | $ | 997,000 | $ | 142,000 | $ | — | $ | — | $ | 1,308,000 | $ | 4,739,000 | |||||||||||||||
Properties | 10 | 1 | 8 | 1 | — | — | 6 | 26 | |||||||||||||||||||||||
Assisted Living | |||||||||||||||||||||||||||||||
Annualized Revenue | — | — | 330,000 | — | 408,000 | — | — | 738,000 | |||||||||||||||||||||||
Properties | — | — | 1 | — | 1 | — | — | 2 | |||||||||||||||||||||||
Senior Living Campus | |||||||||||||||||||||||||||||||
Annualized Revenue | — | — | 106,000 | — | — | — | — | 106,000 | |||||||||||||||||||||||
Properties | — | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||||
Hospitals | |||||||||||||||||||||||||||||||
Annualized Revenue | — | — | — | 1,205,000 | — | — | — | 1,205,000 | |||||||||||||||||||||||
Properties | — | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||||
Total Annualized Revenues | $ | 1,957,000 | $ | 335,000 | $ | 1,327,000 | $ | 1,347,000 | $ | 408,000 | $ | — | $ | 1,308,000 | $ | 6,788,000 |