XML 23 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Major Operators
12 Months Ended
Dec. 31, 2018
Major Operators  
Major Operators

3. Major Operators

We have four operators from each of which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operators as of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

Number of

 

Percentage of

 

 

 

 

 

 

 

SNF

 

ALF

 

Total

 

 

Total

 

 

Operator

 

SNF

 

ALF

 

Beds

 

Units

 

Revenue (1)

 

 

Assets

 

 

Prestige Healthcare

    

24

    

 —

    

3,010

    

93

    

18.0

%  

    

16.7

%

 

Senior Lifestyle Corporation

 

 —

 

23

 

 —

 

1,457

 

11.8

%

 

10.5

%

 

Brookdale Senior Living 

 

 —

 

37

 

 —

 

1,702

 

9.9

%  

 

4.6

%

 

Senior Care Centers

 

11

 

 —

 

1,444

 

 —

 

8.8

%  

 

7.1

%

 

Total

 

35

 

60

 

4,454

 

3,252

 

48.5

%  

 

38.9

%

 


(1)

Includes rental income from owned properties and interest income from mortgage loans as of December 31, 2018.

 

Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Senior Lifestyle Corporation, Brookdale Senior Living, Senior Care Centers or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us.

On December 4, 2018, Senior Care Centers, LLC. and affiliates and subsidiaries (“Senior Care”) filed for Chapter 11 bankruptcy as a result of lease terminations from certain landlords and on-going operational challenges. Pursuant to the U.S. Bankruptcy Code, Senior Care has an initial period of 120 days from the petition date to assume or reject the lease. As security under the lease, we hold a letter of credit in the amount of approximately $2,000,000, maintenance and repair escrows of approximately $2,200,000 and property tax escrows of approximately $1,800,000.  Senior Care did not pay us December 2018 rent, but has paid us January and February 2019 rent.