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Equity (Tables)
12 Months Ended
Dec. 31, 2023
Equity  
Schedule of consolidated VIEs

Gross

Investment

Property

Consolidated

Non-Controlling

Year

Purpose

Type

State

Assets (1)

Interests

2023

Owned real estate

(2)

ILF/ALF/MC

OH

$

54,717

$

9,134

2023

Owned real estate

(3)

ALF/MC

NC

121,321

3,831

2022

Owned real estate

(4)

SNF

FL

76,691

14,325

2018

Owned real estate

ILF

OR

14,650

2,907

2018

Owned real estate and development

ALF/MC

OR

18,452

1,246

2017

Owned real estate and development

(5)

ILF/ALF/MC

WI

22,007

2,305

2017

Owned real estate

ALF/MC

SC

11,680

1,240

Total

$

319,518

$

34,988

(1)Includes the total real estate investments and excludes intangible assets.

(2)During the second quarter of 2023, we entered into a JV that purchased an ILF/ALF/MC in Ohio with a total of 242 units. For more information see Note 5. Real Estate Investments Acquisitions.

(3)During the first quarter of 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units. For more information regarding this transaction See Note 5. Real Estate Investments Financing Receivables.

(4)During 2022, we entered into a JV that purchased three SNFs with a total of 299 beds. For more information regarding this transaction see Note 5. Real Estate Investments Financing Receivables.

(5)Subsequent to December 31, 2023, we sold our interest in this JV for $23,120, which includes repayment of $1,814 of abated and $563 of deferred rent, as well as the payoff of a $550 note receivable. The JV owns a 110-unit community in Wisconsin. At December 31, 2023, this community was classified as held-for-sale. See Note 5. Real Estate Investments Properties Held-for-
Sale.
Schedule of cash dividends declared and paid

Year Ended December 31, 

 

2023

2022

2021

 

Declared

Paid

Declared

Paid

Declared

Paid

 

Common Stock (1)

$

94,764

$

94,764

$

91,509

$

91,509

$

90,494

(2)

$

90,494

(2)

(1)Represents $0.19 per share per month for the years ended December 31, 2023, 2022 and 2021.

(2)During the year ended December 31, 2021, we paid $764 as a result of vesting of the performance-based stock units.
Schedule of restricted stock activity

Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2023, 2022 and 2021was as follows:

Year Ended December 31,

2023

2022

2021

 

Outstanding, January 1

229,236

197,422

180,440

Granted

146,020

135,210

110,348

Vested

(115,551)

(103,396)

(93,366)

Cancelled

(1,085)

Outstanding, December 31

258,620

229,236

197,422

Schedule of restricted stock granted

During 2023, 2022 and 2021, we granted 232,887, 221,542 and 182,240 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan as follows:

No. of 

Price per

Year

Shares/Units

Share

Reward Type

Vesting Period

2023

127,960

$

37.16

Restricted stock

ratably over 3 years

86,867

$

37.16

Performance-based stock units

TSR targets (1)

15,060

$

31.54

Restricted stock

May 24,2024

3,000

$

35.45

Restricted stock

July 25, 2024

232,887

2022

122,865

$

33.94

Restricted stock

ratably over 3 years

86,332

$

33.94

Performance-based stock units

TSR targets (1)

12,345

$

38.48

Restricted stock

May 25, 2023

221,542

2021

95,293

$

42.27

Restricted stock

ratably over 3 years

71,892

$

42.27

Performance-based stock units

TSR targets (1)

12,055

$

39.40

Restricted stock

May 26, 2022

3,000

$

43.14

Restricted stock

April 1, 2022

182,240

(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 December 31, 2023, 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 (dollar amount in thousands):

Remaining

Compensation

Vesting Date

Expense

2024

$

6,026

2025

3,238

2026

356

Total

$

9,620

Schedule of nonqualified stock option activity

Weighted Average

 

Shares

Price

 

2023

2022

2021

2023

2022

2021

 

Outstanding, January 1

    

10,000

15,000

    

15,000

    

$

38.43

$

38.43

    

$

38.43

Granted

 

 

n/a

n/a

n/a

Exercised

 

 

n/a

n/a

n/a

Canceled

 

(5,000)

(5,000)

 

$

38.43

n/a

n/a

Outstanding, December 31

 

5,000

10,000

 

15,000

$

38.43

$

38.43

$

38.43

Exercisable, December 31(1)

 

5,000

10,000

 

15,000

$

38.43

$

38.43

$

38.43

(1)The aggregate intrinsic value of exercisable options at December 31, 2023, based upon the closing price of our common shares at December 29, 2023, the last trading day of 2023, was approximately $0. Options exercisable at December 31, 2023, 2022 and 2021 had a weighted average remaining contractual life of approximately 0.2 years, 0.7 years, and 1.2 years, respectively.