XML 37 R27.htm IDEA: XBRL DOCUMENT

Equity (Tables)

3 Months Ended

Mar. 31, 2022

As of March 31, 2022, we have the following consolidated VIEs (in thousands):


					Gross
Investment		Property			Consolidated		Non-Controlling
Year	Purpose	Type	State		Assets		Interests
2019	Owned real estate	ALF/MC	VA	$	16,895	$	919	⁽¹⁾
2018	Owned real estate	ILF	OR		14,470		2,857
2018	Owned real estate and development	ALF/MC	OR		18,447		1,091
2017	Owned real estate and development	ILF/ALF/MC	WI		22,007		2,305
2017	Owned real estate	ALF/MC	SC		11,680		1,241
Total				$	83,499	$	8,413

(1)

Subsequent to March 31, 2022, the 74-unit ALF comprising the joint venture was sold for $16,895. The ALF has a gross book value of $16,895 and a net book value of $15,549. We anticipate recognizing a gain on sale of approximately $1,300 in the second quarter of 2022. In connection with the sale, the current operator paid us a lease termination fee of approximately $1,200.

Schedule of cash dividends declared and paid

Distributions. We declared and paid the following cash dividends (in thousands):


	Three Months March 31,
	2022				2021
	Declared		Paid		Declared			Paid
Common Stock ⁽¹⁾	$	22,480	$	22,480	$	23,169	⁽²⁾	$	23,169	⁽²⁾

(1)	Represents $0.19 per share per month for the three months ended March 31, 2022 and 2021.

(2)	Includes $764 of distributions that were paid as a result of the vesting of performance-based stock units.

Schedule of restricted stock activity

The following table summarizes our restricted stock activity for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
Outstanding, January 1		197,422		180,440
Granted		122,865		95,293
Vested		(83,341)		(78,482)
Outstanding, March 31		236,946		197,251

Schedule of restricted stock granted


	No. of	Price per
Year	Shares/Units	Share		Vesting Period
2022	122,865	$	33.94	ratably over 3 years
	86,332	$	33.94	TSR targets ⁽¹⁾
	209,197

2021	95,293	$	42.27	ratably over 3 years
	71,892	$	42.27	TSR targets (1)
	167,185

(1)	Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years.

Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense

At March 31, 2022, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows (in thousands):


	Remaining
	Compensation
Vesting Date	Expense
Nine months ended December 31, 2022	$	5,762
2023		5,405
2024		2,853
2025		309
Total	$	14,329

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details