Real Estate (Tables)

9 Months Ended

Sep. 30, 2021

New Real Estate Investments [Table Text Block]

During the nine months ended September 30, 2021, we completed the following real estate acquisitions as described below ($ in thousands):


Operator	Date	Properties	Asset Class	Land		Building and Improvements		Total
Vizion Health	Q2 2021	1	HOSP	$	1,470	$	38,780	$	40,250
Navion Senior Solutions	Q2 2021	1	SHO	531		6,069		6,600
				$	2,001	$	44,849	$	46,850

Asset Disposition

During the nine months ended September 30, 2021, we completed the following real estate dispositions as described below ($ in thousands):


Operator	Date	Properties	Asset Class	Net Proceeds		Net Real Estate Investment		Other1				Gain/(Impairment)2
Bickford	Q2 2021	6	SHO	$	39,924	$	34,485	$	1,871	$	3,568	$	3,568
Community Health Systems	Q2 2021	1	MOB	3,887		946		62				2,879
TrustPoint Hospital	Q3 2021	1	HOSP	31,215		21,018		1,562				8,635
Holiday	Q3 2021	8	SHO	114,133		113,611		(1,360)				1,882
Quorum Health	Q3 2021	1	HOSP	8,314		9,568		—				(1,254)
Senior Living Management	Q3 2021	1	SHO	12,847		3,212		210				9,425
Holiday	Q3 2021	1	SHO	5,666		10,388		(81)				(4,641)
				$	215,986	$	193,228	$	2,264			$	20,494

1 includes straight-line rent and deferred lease intangibles

2 impairment charges are included in “Loan and realty losses (gains)” in our Condensed Consolidated Income Statement as of September 30, 2021

Schedule of Tenant Concentrations

Tenant Concentration

The following table contains information regarding tenant concentration in our portfolio, excluding $2.6 million for our corporate office and a credit loss reserve balance of $5.1 million, based on the percentage of revenues for the nine months ended September 30, 2021 and 2020, related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):


	as of September 30, 2021						Revenues1
	Asset	Number of	Real		Notes		Nine Months Ended September 30,
	Class	Properties	Estate		Receivable		2021			2020

Senior Living Communities	EFC	10	$	573,631	$	42,609	$	38,094	17%	$	38,972	15%
National HealthCare Corporation (NHC)	SNF	42	171,188		—		28,290		12%	28,362		11%
Bickford Senior Living	ALF	42	490,308		38,751		26,224		11%	39,142		16%
Holiday	ILF	17	377,735		—		22,811		10%	30,529		12%
All others, net2	Various		1,406,251		208,387		106,110		46%	107,377		43%
Escrow funds received from tenants
for property operating expenses	Various		—		—		7,519		4%	7,190		3%
			$	3,019,113	$	289,747	$	229,048		$	251,572

1 includes interest income on notes receivable

2 includes prior period amounts for disposals or transitioned to new operators

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,
	2021		2020		2021		2020
Lease payments based on fixed escalators, net of deferrals	$	59,027	$	67,592	$	188,008	$	206,179
Lease payments based on variable escalators	1,288		1,386		3,201		4,151
Straight-line rent income	3,798		5,086		12,189		15,481
Escrow funds received from tenants for property operating expenses	3,182		4,007		7,519		7,190
Amortization of lease incentives	(252)		(250)		(774)		(735)
Rental income	$	67,043	$	77,821	$	210,143	$	232,266

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

Future minimum lease payments to be received by us under our operating leases at September 30, 2021, are as follows ($ in thousands):


Remainder of 2021	$	68,151
2022	271,682
2023	267,619
2024	263,266
2025	264,666
2026	268,736
Thereafter	1,102,245
	$	2,506,365