Real Estate (Tables)

9 Months Ended

Sep. 30, 2020

New Real Estate Investments [Table Text Block]

During the nine months ended September 30, 2020, we made the following real estate investments and related commitments ($ in thousands):


Operator	Date	Properties	Asset Class	Land		Improvements		Total
Bickford Senior Living	Q1	1	SHO	$	1,588	$	13,512	$	15,100
Life Care Services	Q1	1	SHO	4,370		130,522		134,892
Autumn Trace	Q2	2	SHO	344		13,906		14,250
The Courtyard at Bellevue	Q3	1	SHO	504		11,796		12,300
				$	6,806	$	169,736	$	176,542

Schedule of Tenant Concentrations

Tenant Concentration

The following table contains information regarding tenant concentration in our portfolio, based on the percentage of revenues for the nine months ended September 30, 2020 and 2019, related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):


	as of September 30, 2020					Revenues1
	Number of	Real		Notes		Nine Months Ended September 30,
	Properties	Estate		Receivable		2020			2019

Bickford Senior Living	48	$	534,376	$	33,458	$	39,142	16%	$	39,356	17%
Senior Living Communities	10	573,631		38,870		38,972		15%	36,914		16%
Holiday Retirement	26	531,378		—		30,529		12%	30,283		13%
National HealthCare Corporation (NHC)	42	171,297		—		28,362		11%	28,670		12%
All others		1,451,204		219,861		114,567			100,663
		$	3,261,886	$	292,189	$	251,572		$	235,886

1 includes interest income on notes receivable

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum base rents due under the remaining non-cancelable terms of operating leases in place as of September 30, 2020, are as follows (in thousands):


Remainder of 2020	$	70,818
2021	281,516
2022	285,924
2023	282,072
2024	274,544
2025	267,944
Thereafter	1,398,860
	$	2,861,678

Schedule of Fixed and Variable Lease Payments [Table Text Block]

The table below indicates the revenue recognized as a result of fixed and variable lease escalators (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Lease payments based on fixed escalators, net of deferrals	$	67,342	$	66,671	$	205,444	$	194,706
Lease payments based on variable escalators	1,386		1,248		4,151		3,611
Straight-line rent income	5,086		5,720		15,481		16,255
Escrow funds received from tenants	4,007		1,608		7,190		4,205
Rental income	$	77,821	$	75,247	$	232,266	$	218,777