[X] |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2011
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[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Maryland
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38-3041398
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(State or Other Jurisdiction
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(I.R.S. Employer Identification No.)
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of Incorporation or Organization)
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200 International Circle, Suite 3500
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Hunt Valley, MD
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21030
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Name of Exchange on
Which Registered
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Common Stock, $.10 Par Value
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New York Stock Exchange
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PART I
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Page
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1
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1
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2
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2
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4
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10
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13
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14
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27
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28
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31
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31
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PART II
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32
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34
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35
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35
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35
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37
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39
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44
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48
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50
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50
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51
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51
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PART III
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53
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53
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53
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53
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53
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PART IV
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54
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·
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$86 million of new investments with affiliates of Persimmon Ventures, LLC (“Persimmon”) and White Pine Holdings, LLC (“White Pine”) both of which are new operators to Omega. The investments included (i) the purchase/leaseback of four SNFs located in Maryland (3) and West Virginia (1) for $61 million including approximately $1 million to complete renovation at one facility and (ii) mortgages on three SNFs located in Maryland for $25 million. These seven facilities operate a total of 938 beds. The consideration for the new investments consisted of $56 million in cash and the assumption of $30 million in debt guaranteed by the Department of Housing and Urban Development (“HUD”) with a blended interest rate of approximately 4.9%.
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·
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$128 million of new investments with affiliates of Capital Funding Group, Inc. (“Affiliates of CFG”), a new operator to Omega. The investments included the purchase/leaseback of 17 SNFs located in Arkansas (12), Florida (1), Colorado (1), Wisconsin (1) and Michigan (2). The consideration for the new investments consisted of $57 million in cash and the assumption of $71 million HUD debt related to 15 of the facilities with a blended interest rate of approximately 5.7%.
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·
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A $92.0 million new first mortgage loan with affiliates of Ciena Healthcare Management, Inc. (“Ciena”). The loan is secured by 13 SNFs located in Michigan, which operate a total of 1,421 beds. The term of the mortgage is 10 years, and it bears an initial interest rate of 11% with fixed escalators in years 4 and 7. The mortgage is cross - defaulted with existing investments with affiliates of Ciena.
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·
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A $28.0 million, five - year amortizing term loan with affiliates of Signature Holding II, LLC (‘Signature”) with an interest rate of 10%.
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●
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385 SNFs, 10 ALFs and five specialty facilities;
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●
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fixed rate mortgages on 32 long-term healthcare facilities; and
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●
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six facilities and one parcel of land held-for-sale.
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Year Ended December 31,
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||||||||||||
2011
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2010
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2009
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||||||||||
Core assets:
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||||||||||||
Lease rental income
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$ | 273,517 | $ | 232,772 | $ | 164,468 | ||||||
Mortgage interest income
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16,274 | 10,391 | 11,601 | |||||||||
Total core asset revenues
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289,791 | 243,163 | 176,069 | |||||||||
Other asset revenue
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2,070 | 3,936 | 2,502 | |||||||||
Miscellaneous income
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343 | 3,886 | 437 | |||||||||
Total revenue before owned and operated assets
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292,204 | 250,985 | 179,008 | |||||||||
Owned and operated asset revenue
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— | 7,336 | 18,430 | |||||||||
Total revenue
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$ | 292,204 | $ | 258,321 | $ | 197,438 |
As of December 31,
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||||||||
2011
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2010
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|||||||
Core assets:
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||||||||
Leased assets
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$ | 2,537,039 | $ | 2,366,856 | ||||
Mortgaged assets
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238,675 | 108,557 | ||||||
Total core assets
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2,775,714 | 2,475,413 | ||||||
Other assets
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52,957 | 28,735 | ||||||
Total real estate assets before held for sale assets
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2,828,671 | 2,504,148 | ||||||
Held for sale assets
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2,461 | 670 | ||||||
Total real estate assets
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$ | 2,831,132 | $ | 2,504,818 |
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●
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the quality and experience of management and the creditworthiness of the operator of the facility;
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the facility's historical and forecasted cash flow and its ability to meet operational needs, capital expenditure requirements and lease or debt service obligations;
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the construction quality, condition and design of the facility;
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the location of the facility;
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the tax, growth, regulatory and reimbursement environment of the applicable jurisdiction;
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the occupancy rate for the facility and demand for similar healthcare facilities in the same or nearby communities; and
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●
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the payor mix of private, Medicare and Medicaid patients at the facility.
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Purchase/Leaseback. In a purchase/leaseback transaction, we purchase a property from an operator and lease it back to the operator over a term typically ranging from 5 to 15 years, plus renewal options. Our leases generally provide for minimum annual rentals that are subject to annual formula increases based on factors such as increases in the Consumer Price Index (“CPI”). At January 1, 2012, our average annualized yield from leases was approximately 10.6%.
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Fixed-Rate Mortgage. Our mortgages typically have a fixed interest rate for the mortgage term and are secured by first mortgage liens on the underlying real estate and personal property of the mortgagor. At January 1, 2012, our average annualized yield on these investments was approximately 11.3%.
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·
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that is acquired by a REIT as the result of (i) the REIT having bid on such property at foreclosure, or having otherwise reduced such property to ownership or possession by agreement or process of law, after there was a default, or (ii) default was imminent on a lease of such property or on indebtedness that such property secured;
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·
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for which the related loan or lease was acquired by the REIT at a time when the default was not imminent or anticipated; and
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for which the REIT makes a proper election to treat the property as foreclosure property.
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on which a lease is entered into for the property that, by its terms, will give rise to income that does not qualify for purposes of the 75% gross income test, or any amount is received or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give rise to income that does not qualify for purposes of the 75% gross income test;
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on which any construction takes place on the property, other than completion of a building or any other improvement, where more than 10% of the construction was completed before default became imminent; or
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·
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which is more than 90 days after the day on which the REIT acquired the property and the property is used in a trade or business that is conducted by the REIT, other than through an independent contractor from whom the REIT itself does not derive or receive any income.
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Healthcare Reform. The Healthcare Reform Law represents the most comprehensive change to healthcare benefits since the inception of the Medicare program in 1965 and will affect reimbursement for governmental programs, private insurance and employee welfare benefit plans in various ways. See “Item 1. Business – Government Regulation and Reimbursement – Healthcare Reform.” We cannot predict the impact of the Healthcare Reform Law on our operators or their ability to meet their obligations to us.
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Reimbursement; Medicare and Medicaid. A significant portion of our operators’ revenue is derived from governmentally-funded reimbursement programs, primarily Medicare and Medicaid. See “Item 1. Business – Government Regulation and Reimbursement – Healthcare Reform,” “– Reimbursement,” “– Medicaid,” and “– Medicare,” and the risk factor entitled “Our operators depend on reimbursement from governmental and other third party payors and reimbursement rates from such payors may be reduced” for a further discussion on governmental and third-party payor reimbursement and the associated risks presented to our operators. Failure to maintain certification in these programs would result in a loss of funding from such programs and could negatively impact an operator’s ability to meet its obligations to us.
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Quality of Care Initiatives. The CMS has implemented a number of initiatives focused on the quality of care provided by nursing homes that could affect our operators, including a quality rating system for nursing homes released in December 2008. See “Item 1. Business – Government Regulation and Reimbursement – Quality of Care Initiatives.” Any unsatisfactory rating of our operators under any rating system promulgated by the CMS could result in the loss of our operators’ residents or lower reimbursement rates, which could adversely impact their revenues and our business.
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Licensing and Certification. Our operators and facilities are subject to various federal, state and local licensing and certification laws and regulations, including laws and regulations under Medicare and Medicaid requiring operators of SNFs and ALFs to comply with extensive standards governing operations. See “Item 1. Business – Government Regulation and Reimbursement – Licensing and Certification.” Governmental agencies administering these laws and regulations regularly inspect our operators’ facilities and investigate complaints. Our operators and their managers receive notices of observed violations and deficiencies from time to time, and sanctions have been imposed from time to time on facilities operated by them. Failure to obtain any required licensure or certification, the loss or suspension of any required licensure or certification, or any violations or deficiencies with respect to relevant operating standards may require a facility to cease operations or result in ineligibility for reimbursement until the necessary licenses or certifications are obtained or reinstated, or any such violations or deficiencies are cured. In such event, our revenues from these facilities could be reduced or eliminated for an extended period of time or permanently.
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Fraud and Abuse Laws and Regulations. There are various federal and state civil and criminal laws and regulations governing a wide array of healthcare provider referrals, relationships and arrangements, including laws and regulations prohibiting fraud by healthcare providers. Many of these complex laws raise issues that have not been clearly interpreted by the relevant governmental authorities and courts. In addition, federal and state governments are devoting increasing attention and resources to anti-fraud initiatives against healthcare providers. See “Item 1. Business – Government Regulation and Reimbursement – Fraud and Abuse.” The violation of any of these laws or regulations, including the anti-kickback statute and the Stark Law, by an operator may result in the imposition of fines or other penalties, including exclusion from Medicare, Medicaid and all other federal and state healthcare programs. Such fines or penalties could jeopardize an operator’s ability to make lease or mortgage payments to us or to continue operating its facility.
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Privacy Laws. Our operators are subject to federal, state and local laws and regulations designed to protect the confidentiality and security of patient health information, including HIPAA. See “Item 1. Business – Government Regulation and Reimbursement – Privacy.” These laws and regulations require our operators to expend the requisite resources to secure patient health information, including the funding of costs associated with technology upgrades. Operators found in violation of HIPAA or any other privacy law or regulation may face large penalties. In addition, compliance with an operator’s notification requirements in the event of a breach of unsecured protected health information could cause reputational harm to an operator’s business. Such penalties and damaged reputation could adversely affect an operator’s ability to meet its obligations to us.
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Other Laws. Other federal, state and local laws and regulations affect how our operators conduct their operations. See “Item 1. Business – Government Regulation and Reimbursement – Other Laws and Regulations.” We cannot predict the effect that the costs of complying with these laws may have on the revenues of our operators, and thus their ability to meet their obligations to us.
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Legislative and Regulatory Developments. Each year, legislative and regulatory proposals are introduced at the federal, state and local levels that, if adopted, would result in major changes to the healthcare system. See “Item 1. Business – Government Regulation and Reimbursement” in addition to the other risk factors set forth below.We cannot accurately predict whether any proposals will be adopted, and if adopted, what effect (if any) these proposals would have on our operators or our business.
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the extent of investor interest;
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the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;
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our financial performance and that of our operators;
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the contents of analyst reports about us and the REIT industry;
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general stock and bond market conditions, including changes in interest rates on fixed income securities, which may lead prospective purchasers of our common stock to demand a higher annual yield from future distributions;
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our failure to maintain or increase our dividend, which is dependent, to a large part, on growth of funds from operations, which in turn depends upon increased revenues from additional investments and rental increases; and
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other factors such as governmental regulatory action and changes in REIT tax laws.
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our limited prior business experience with certain of the operators of the facilities we have recently acquired or may acquire in the future;
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the facilities may underperform due to various factors, including unfavorable terms and conditions of the lease agreements that we assume, disruptions caused by the management of the operators of the facilities or changes in economic conditions impacting the facilities and/or the operators;
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diversion of our management’s attention away from other business concerns;
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exposure to any undisclosed or unknown potential liabilities relating to the facilities; and
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potential underinsured losses on the facilities.
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increase our vulnerability to adverse changes in general economic, industry and competitive conditions;
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limit our ability to borrow additional funds for working capital, capital expenditures, acquisitions, debt service requirements, execution of our business plan or other general corporate purposes on satisfactory terms or at all;
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require us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness and leases, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes;
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limit our ability to make material acquisitions or take advantage of business opportunities that may arise;
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expose us to fluctuations in interest rates, to the extent our borrowings bear variable rates of interests;
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limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and
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place us at a competitive disadvantage compared to our competitors that have less debt.
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general liability, property and casualty losses, some of which may be uninsured;
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the inability to purchase or sell our assets rapidly to respond to changing economic conditions, due to the illiquid nature of real estate and the real estate market;
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leases that are not renewed or are renewed at lower rental amounts at expiration;
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the exercise of purchase options by operators resulting in a reduction of our rental revenue;
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costs relating to maintenance and repair of our facilities and the need to make expenditures due to changes in governmental regulations, including the Americans with Disabilities Act;
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environmental hazards created by prior owners or occupants, existing tenants, mortgagors or other persons for which we may be liable;
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acts of God affecting our properties; and
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acts of terrorism affecting our properties.
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the market for similar securities issued by REITs;
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changes in estimates by analysts;
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our ability to meet analysts’ estimates;
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prevailing interest rates;
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our credit rating;
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general economic and market conditions; and
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our financial condition, performance and prospects.
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the issuance and exercise of options to purchase our common stock or other equity awards under remuneration plans. We may also issue equity to our employees in lieu of cash bonuses or to our directors in lieu of director’s fees;
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the issuance of shares pursuant to our dividend reinvestment and direct stock purchase plan;
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the issuance of debt securities exchangeable for our common stock;
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the exercise of warrants we may issue in the future;
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lenders sometimes ask for warrants or other rights to acquire shares in connection with providing financing, and we cannot assure you that our lenders will not request such rights; and
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the sales of securities convertible into our common stock could dilute the interests of existing common stockholders.
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Investment Structure/Operator
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Number of
Operating Beds
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Number of
Facilities
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Gross
Investment
(in thousands)
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|||||||||
Leased Facilities(1)
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||||||||||||
Airamid Health Management, LLC.
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4,535 | 38 | $ | 263,560 | ||||||||
CommuniCare Health Services, Inc
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3,623 | 28 | 247,102 | |||||||||
Sun Healthcare Group, Inc.
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4,574 | 40 | 231,366 | |||||||||
Signature Holdings II, LLC.
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3,340 | 32 | 227,063 | |||||||||
Advocat, Inc.
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3,964 | 36 | 146,667 | |||||||||
Gulf Coast Master Tenant I, LLC.
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2,154 | 17 | 146,636 | |||||||||
Affiliates of Capital Funding Group, Inc.
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1,820 | 17 | 129,904 | |||||||||
Guardian LTC Management Inc.
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1,681 | 23 | 125,971 | |||||||||
La Vie Care Management
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2,013 | 17 | 117,654 | |||||||||
Formation Capital, LLC.
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1,417 | 12 | 110,613 | |||||||||
Nexion Health Inc
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2,146 | 20 | 86,903 | |||||||||
Essex Healthcare Corporation
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1,271 | 13 | 83,587 | |||||||||
TenInOne Acquisition Group, LLC
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1,456 | 10 | 82,178 | |||||||||
White Pine.
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586 | 4 | 62,708 | |||||||||
Swain/Herzog
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1,008 | 9 | 56,143 | |||||||||
Sava Senior Care, LLC.
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500 | 4 | 41,668 | |||||||||
Mark Ide Limited Liability Company
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833 | 9 | 33,871 | |||||||||
Infinia Properties of Arizona, LLC
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476 | 6 | 33,364 | |||||||||
Hoosier Enterprises Inc.
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632 | 7 | 32,059 | |||||||||
Pinon Management, Inc.
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492 | 6 | 29,285 | |||||||||
StoneGate Senior Care LP
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646 | 6 | 22,240 | |||||||||
Fundamental Long Term Care Holding, LLC
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381 | 3 | 20,927 | |||||||||
Rest Haven Nursing Center Inc.
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176 | 1 | 14,400 | |||||||||
Health and Hospital Corporation
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418 | 4 | 12,803 | |||||||||
Daybreak Venture, LLC
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317 | 3 | 12,670 | |||||||||
Health Systems of Oklahoma LLC.
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407 | 3 | 12,470 | |||||||||
Washington N&R
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239 | 2 | 12,152 | |||||||||
Genesis HealthCare Corporation
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124 | 1 | 10,931 | |||||||||
Care Initiatives, Inc
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188 | 1 | 10,347 | |||||||||
Adcare Health Systems
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300 | 2 | 10,000 | |||||||||
Ensign Group, Inc.
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271 | 3 | 9,656 | |||||||||
Lakeland Investors, LLC
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274 | 1 | 9,625 | |||||||||
Waters (The) of Williamsport, LLC
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200 | 2 | 9,547 | |||||||||
Southwest LTC
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260 | 2 | 8,428 | |||||||||
Laurel
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239 | 2 | 7,585 | |||||||||
Hickory Creek Healthcare Foundation
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138 | 2 | 7,250 | |||||||||
Community Eldercare Services, LLC.
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100 | 1 | 6,972 | |||||||||
Prestige Care, Inc
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90 | 1 | 6,757 | |||||||||
Longwood Management Corporation.
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185 | 2 | 6,448 | |||||||||
Crowne Management, LLC
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172 | 1 | 6,351 | |||||||||
Elite Senior Living, Inc
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105 | 1 | 5,893 | |||||||||
Emeritus Corporation
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52 | 1 | 5,674 | |||||||||
Country Villa Claremont Healthcare Center, Inc
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99 | 1 | 4,546 | |||||||||
Murphy Healthcare III, LTC
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181 | 2 | 4,534 | |||||||||
HMS Holdings at Texarkana, LLC
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114 | 1 | 4,125 | |||||||||
Generations Healthcare, Inc
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59 | 1 | 3,007 | |||||||||
Diamond Care Vida Encantada, LLC
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102 | 1 | 2,013 | |||||||||
Sam Jewel
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104 | 1 | 1,386 | |||||||||
44,462 | 400 | 2,537,039 | ||||||||||
Assets Held for Sale
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Closed Facility
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- | 4 | 2,170 | |||||||||
Health and Hospital Corporation
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- | 1 | 150 | |||||||||
Sam Jewel
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110 | 1 | 141 | |||||||||
110 | 6 | 2,461 |
Investment Structure/Operator
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Number of
Operating Beds
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Number of
Facilities
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Gross
Investment
(in thousands)
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|||||||||
Fixed - Rate Mortgages(2)
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||||||||||||
Ciena Healthcare (3)
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1,541 | 15 | 104,798 | |||||||||
CommuniCare Health Services, Inc
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1,064 | 8 | 76,432 | |||||||||
White Pine
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352 | 3 | 25,000 | |||||||||
Meridian
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240 | 3 | 15,900 | |||||||||
Parthenon Healthcare, Inc
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251 | 2 | 11,545 | |||||||||
Nexion Health Management
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120 | 1 | 5,000 | |||||||||
3,568 | 32 | 238,675 | ||||||||||
Total
|
48,140 | 438 | $ | 2,778,175 |
Number of
Facilities
|
Number of
Operating Beds
|
Gross
Investment
(in thousands)
|
% of
Gross
Investment
|
|||||||||||||
Florida
|
87 | 10,317 | $ | 613,168 | 22.1 | |||||||||||
Ohio
|
50 | 5,596 | 357,632 | 12.7 | ||||||||||||
Pennsylvania
|
25 | 2,296 | 174,254 | 6.3 | ||||||||||||
Maryland
|
16 | 2,109 | 171,997 | 6.2 | ||||||||||||
Texas
|
32 | 3,923 | 168,443 | 6.1 | ||||||||||||
Arkansas
|
24 | 2,494 | 127,948 | 4.6 | ||||||||||||
Michigan (1)
|
17 | 1,680 | 121,301 | 4.4 | ||||||||||||
Tennessee
|
16 | 2,236 | 116,319 | 4.2 | ||||||||||||
Colorado
|
12 | 1,262 | 78,562 | 2.8 | ||||||||||||
West Virginia
|
11 | 1,255 | 75,810 | 2.7 | ||||||||||||
Indiana
|
18 | 1,541 | 67,585 | 2.4 | ||||||||||||
Kentucky
|
15 | 1,214 | 66,716 | 2.4 | ||||||||||||
Alabama
|
11 | 1,325 | 59,827 | 2.2 | ||||||||||||
North Carolina
|
10 | 1,224 | 57,733 | 2.1 | ||||||||||||
Massachusetts
|
8 | 896 | 57,347 | 2.1 | ||||||||||||
Louisiana
|
14 | 1,478 | 55,514 | 2.0 | ||||||||||||
Mississippi
|
6 | 603 | 52,644 | 1.9 | ||||||||||||
Rhode Island
|
4 | 558 | 43,534 | 1.6 | ||||||||||||
California
|
12 | 1,017 | 39,302 | 1.4 | ||||||||||||
Arizona
|
6 | 476 | 33,364 | 1.2 | ||||||||||||
Wisconsin
|
4 | 526 | 30,585 | 1.1 | ||||||||||||
Georgia
|
4 | 618 | 27,940 | 1.0 | ||||||||||||
New Hampshire
|
3 | 216 | 23,082 | 0.8 | ||||||||||||
Idaho
|
4 | 377 | 22,679 | 0.8 | ||||||||||||
Iowa
|
3 | 359 | 21,202 | 0.8 | ||||||||||||
Nevada
|
3 | 381 | 20,927 | 0.8 | ||||||||||||
Washington
|
2 | 194 | 17,473 | 0.6 | ||||||||||||
Vermont
|
2 | 270 | 15,382 | 0.6 | ||||||||||||
Illinois
|
4 | 446 | 14,406 | 0.5 | ||||||||||||
Oklahoma
|
5 | 621 | 13,997 | 0.5 | ||||||||||||
Missouri
|
2 | 239 | 12,152 | 0.4 | ||||||||||||
New Mexico
|
2 | 221 | 7,213 | 0.3 | ||||||||||||
Alaska
|
1 | 90 | 6,757 | 0.2 | ||||||||||||
Kansas
|
1 | 82 | 3,210 | 0.1 | ||||||||||||
Connecticut
|
4 | 0 | 2,170 | 0.1 | ||||||||||||
Total
|
438 | 48,140 | $ | 2,778,175 | 100.00 | |||||||||||
2011
|
2010
|
||||||||||||||||||||||||
Quarter
|
High
|
Low
|
Dividends
Per Share
|
Quarter
|
High
|
Low
|
Dividends
Per Share
|
||||||||||||||||||
First
|
$ | 24.000 | $ | 21.380 | $ | 0.37 |
First
|
$ | 21.100 | $ | 17.000 | $ | 0.32 | ||||||||||||
Second
|
24.460 | 19.070 | 0.38 |
Second
|
21.270 | 17.500 | 0.32 | ||||||||||||||||||
Third
|
22.050 | 14.400 | 0.40 |
Third
|
23.370 | 19.370 | 0.36 | ||||||||||||||||||
Fourth
|
19.870 | 14.450 | 0.40 |
Fourth
|
23.950 | 20.350 | 0.37 | ||||||||||||||||||
$ | 1.55 | $ | 1.37 |
(a)
|
(b)
|
(c)
|
||||||||||
Plan category
|
Number of securities to
be issued upon exercise of outstanding options, warrants and rights (1)
|
Weighted-average
exercise price of outstanding options, warrants and rights (2) |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a) (3) |
|||||||||
Equity compensation plans approved by security holders
|
801,238 | $ | — | 1,327,553 | ||||||||
Equity compensation plans not approved by security holders
|
— | — | — | |||||||||
Total
|
801,238 | $ | — | 1,327,553 |
(1)
|
Reflects rights to receive 428,503 shares of restricted stock that are subject to vesting, and a maximum of 372,735 shares that could be earned if certain performance conditions are achieved under performance restricted stock units that vest between March 31, 2014 and December 31, 2014.
|
(2)
|
No exercise price is payable with respect to the restricted stock shares or the performance restricted stock units.
|
(3)
|
Reflects shares of common stock remaining available for future awards under our 2000 and 2004 Stock Incentive Plans.
|
Common Stock
|
||||||||||||||||
Period
|
Total Number
of Shares Purchased |
Average Price
Paid per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar
Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) |
||||||||||||
October 1, 2011 – October 31, 2011(2)
|
- | $ | - | - | $ | 97,073,932 | ||||||||||
November 1, 2011 – November 30, 2011
|
- | - | - | $ | 97,073,932 | |||||||||||
December 1, 2011 – December 31, 2011
|
- | - | - | $ | 97,073,932 | |||||||||||
Total
|
- | $ | - | - | $ | 97,073,932 |
(1)
|
On August 30, 2011, the Company announced that its Board of Directors had authorized the Company to repurchase up to $100,000,000 shares of its common stock over the subsequent twelve months.
|
(2)
|
On September 30, 2011, the Company entered open market transactions to repurchase 183,310 shares of common stock at an average price of $15.96 per share. This repurchase settled in the ordinary course on October 5, 2011, subsequent to the end of the third quarter of 2011.
|
Year Ended December 31,
|
||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||||||
Operating Data
|
||||||||||||||||||||
Revenues from core operations
|
$ | 292,204 | $ | 250,985 | $ | 179,008 | $ | 169,592 | $ | 159,558 | ||||||||||
Revenues from nursing home operations
|
- | 7,336 | 18,430 | 24,170 | - | |||||||||||||||
Total revenues
|
$ | 292,204 | $ | 258,321 | $ | 197,438 | $ | 193,762 | $ | 159,558 | ||||||||||
Income from continuing operations
|
$ | 52,606 | $ | 58,436 | $ | 82,111 | $ | 77,691 | $ | 67,598 | ||||||||||
Net income available to common stockholders
|
47,459 | 49,350 | 73,025 | 70,551 | 59,451 | |||||||||||||||
Per share amounts:
|
||||||||||||||||||||
Income from continuing operations: | ||||||||||||||||||||
Basic
|
$ | 0.46 | $ | 0.52 | $ | 0.87 | $ | 0.93 | $ | 0.88 | ||||||||||
Diluted
|
0.46 | 0.52 | 0.87 | 0.93 | 0.88 | |||||||||||||||
Net income available to common stockholders: | ||||||||||||||||||||
Basic
|
$ | 0.46 | $ | 0.52 | $ | 0.87 | $ | 0.94 | $ | 0.90 | ||||||||||
Diluted
|
0.46 | 0.52 | 0.87 | 0.94 | 0.90 | |||||||||||||||
Dividends, Common Stock(1)
|
$ | 1.55 | $ | 1.37 | $ | 1.20 | $ | 1.19 | $ | 1.08 | ||||||||||
Dividends, Series D Preferred(1)
|
0.74 | 2.09 | 2.09 | 2.09 | 2.09 | |||||||||||||||
Weighted-average common shares outstanding, | ||||||||||||||||||||
basic
|
102,119 | 94,056 | 83,556 | 75,127 | 65,858 | |||||||||||||||
Weighted-average common shares outstanding, | ||||||||||||||||||||
diluted
|
102,177 | 94,237 | 83,649 | 75,213 | 65,886 |
As of December 31,
|
||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Gross investments
|
$ | 2,831,132 | $ | 2,504,818 | $ | 1,803,743 | $ | 1,502,847 | $ | 1,322,964 | ||||||||||
Total assets
|
2,557,312 | 2,304,007 | 1,655,033 | 1,364,467 | 1,182,287 | |||||||||||||||
Revolving line of credit
|
272,500 | - | 94,100 | 63,500 | 48,000 | |||||||||||||||
Other long-term borrowings
|
1,278,900 | 1,176,965 | 644,049 | 484,697 | 525,709 | |||||||||||||||
Stockholders’ equity
|
878,484 | 1,004,066 | 865,227 | 787,988 | 586,127 | |||||||||||||||
(i)
|
those items discussed under “Risk Factors” in “Item 1A” of this report;
|
(ii)
|
uncertainties relating to the business operations of the operators of our assets, including those relating to reimbursement by third-party payors, regulatory matters and occupancy levels;
|
(iii)
|
the ability of any operators in bankruptcy to reject unexpired lease obligations, modify the terms of our mortgages and impede our ability to collect unpaid rent or interest during the process of a bankruptcy proceeding and retain security deposits for the debtors’ obligations;
|
(iv)
|
our ability to sell closed or foreclosed assets on a timely basis and on terms that allow us to realize the carrying value of these assets;
|
(v)
|
our ability to negotiate appropriate modifications to the terms of our credit facilities;
|
(vi)
|
our ability to manage, re-lease or sell any owned and operated facilities;
|
(vii)
|
the availability and cost of capital;
|
(viii)
|
changes in our credit ratings and the ratings of our debt securities;
|
(ix)
|
competition in the financing of healthcare facilities;
|
(x)
|
regulatory and other changes in the healthcare sector;
|
(xi)
|
the effect of economic and market conditions generally and, particularly, in the healthcare industry;
|
(xii)
|
changes in the financial position of our operators;
|
(xiii)
|
changes in interest rates;
|
(xiv)
|
the amount and yield of any additional investments;
|
(xv)
|
changes in tax laws and regulations affecting real estate investment trusts; and
|
(xvi)
|
our ability to maintain our status as a real estate investment trust.
|
·
|
$86 million of new investments with affiliates of Persimmon and White Pine, both of which are new operators to Omega. The investments included (i) the purchase/leaseback of four SNFs located in Maryland (3) and West Virginia (1) for $61 million including approximately $1 million to complete renovation at one facility and (ii) mortgages on three SNFs located in Maryland for $25 million. These seven facilities operate a total of 938 beds. The consideration for the new investments consisted of $56 million in cash and the assumption of $30 million in debt guaranteed by HUD with a blended interest rate of approximately 4.9%.
|
·
|
$128 million of new investments with Affiliates of CFG, a new operator to Omega. The investments included the purchase/leaseback of 17 SNFs located in Arkansas (12), Florida (1), Colorado (1), Wisconsin (1) and Michigan (2). The consideration for the new investments consisted of $57 million in cash and the assumption of $71 million HUD debt related to 15 of the facilities yielding a blended interest rate of approximately 5.7%.
|
·
|
A $92.0 million new first mortgage loan with affiliates of Ciena. The loan is secured by 13 SNFs located in Michigan, which operate a total of 1,421 beds. The term of the mortgage is 10 years and it bears an initial interest rate of 11% with fixed escalators in years 4 and 7. The mortgage is cross-defaulted with existing investments with affiliates of Ciena.
|
·
|
A $28.0 million, five-year amortizing term loan with affiliates of Signature with an interest rate of 10%.
|
Less than 1 year
|
1-3 years
|
3-5 years
|
Thereafter
|
$1.2
|
$2.2
|
$1.8
|
$2.5
|
·
|
$65 million in cash;
|
·
|
$202 million face value of assumed debt, which includes $20 million of 9.0% unsecured debt maturing in December 2021, $53 million of HUD debt at a 6.61% weighted average annual interest rate maturing between January 2036 and May 2040, and $129 million of new HUD Debt at a 4.85% annual interest rate maturing between January 2040 and January 2045; and
|
·
|
995 thousand shares of our common stock valued at approximately $19 million on June 29, 2010.
|
Less than 1 year
|
1-3 years
|
3-5 years
|
Thereafter
|
$3.2
|
$5.6
|
$3.0
|
$2.0
|
Less than 1 year
|
1-3 years
|
3-5 years
|
Thereafter
|
$0.9
|
$2.2
|
$2.3
|
$3.3
|
·
|
Rental income was $273.5 million, an increase of $40.7 million over the same period in 2010. The increase was primarily due to: (i) the June 2010 CapitalSource acquisitions; and to a lesser degree (ii) the White Pine and Affiliates of CFG acquisitions in the fourth quarter of 2011 and (iiii) new lease amendments and the impact of incremental revenue associated with capital expenditures.
|
·
|
Mortgage interest income totaled $16.3 million, an increase of $5.9 million over the same period in 2010. The increase was primarily due to (i) a $92.0 million first mortgage loan that we entered with an operator in November 2011; (ii) a $25.0 million first mortgage loan that we entered with a new operator in October 2011; (iii) two new construction-to-permanent mortgage loans that we entered into with an operator in August 2010; (iv) a $15.9 million first mortgage loan that we entered into with an operator in December 2010 and (v) a $5.0 million first mortgage loan that we entered into with an operator in September 2011.
|
·
|
Other investment income totaled $2.1 million, a decrease of $1.9 million over the same period in 2010. The decrease was primarily the result of the $1.2 million income received from two mortgage - backed notes that were retired during the second quarter of 2010 and a reduction in the weighted average balance of notes outstanding, due in part, to loan repayment.
|
·
|
Miscellaneous revenue was $0.3 million, a decrease of $3.5 million over the same period in 2010. The decrease was primarily due to a $3.7 million settlement with one of our prior operators in February 2010 for breach of contract related to failure to pay rent.
|
·
|
No nursing home revenues of owned and operated assets were recorded in 2011, compared to $7.3 million for the same period in 2010. The decrease was due to the deconsolidation of two owned and operated facilities effective June 1, 2010.
|
·
|
Our depreciation and amortization expense was $100.3 million, compared to $84.6 million for the same period in 2010. The increase primarily due to (i) the CapitalSource acquisitions in June 2010; and to a lesser degree (ii) the White Pine and Affiliates of CFG acquisitions in the fourth quarter of 2011 and (iii) additional capital renovation and improvement program throughout 2010 and 2011, partially offset by a reduction in depreciation expense associated with the impairments of the Connecticut facilities, the Murphy Healthcare III, LTC property and the Health and Hospital Corporation property.
|
·
|
Our general and administrative expense, excluding stock-based compensation expense was $13.4 million, compared to $12.8 million for the same period in 2010. The increase was primarily due to increased costs associated with the closed Connecticut facilities.
|
·
|
Our restricted stock-based compensation expense was $6.0 million, an increase of $3.8 million over the same period in 2010. The increase was primarily due to a new 2011 restricted stock grant for the employees.
|
·
|
In 2011, we recorded $26.3 million of provision for impairment, compared to $0.2 million for the same period in 2010. The $26.3 million provision of impairment in 2011 primarily resulted from (i) a $24.4 million impairment on four closed Connecticut properties and (ii) three other facilities that have been or will be closed.
|
·
|
The $6.4 million provision for uncollectible mortgages, notes and accounts receivable in 2011 related the write-off of Formation Capital, LLC (“Formation”) straight line rent of $1.1 million and lease inducement of $3.0 million during the second quarter of 2011. In addition, during the fourth quarter of 2011, we recorded a $2.3 million write-off associated with our Formation working capital note.
|
·
|
Nursing home expenses of owned and operated assets was $0.6 million, a decrease of $7.3 million over the same period in 2010. The decrease was due to the deconsolidation of two owned and operated facilities effective June 1, 2010. The 2011 cost relates to run-off costs.
|
Year Ended December 31,
|
||||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Net income available to common
|
$ | 47,459 | $ | 49,350 | ||||
(Deduct gain) add back loss from real estate dispositions
|
(1,670 | ) | 4 | |||||
45,789 | 49,354 | |||||||
Elimination of non-cash items included in net income:
|
||||||||
Depreciation and amortization
|
100,337 | 84,623 | ||||||
Add back impairments on real estate properties
|
26,344 | 155 | ||||||
Funds from operations available to common stockholders
|
$ | 172,470 | $ | 134,132 |
·
|
Rental income was $232.8 million, an increase of $68.3 million over the same period in 2009. The increase was primarily due to: (i) the CapitalSource acquisitions and (ii) the conversion of 4 facilities from our mortgage loan portfolio to leased properties portfolio. In February 2010, we took possession of 4 facilities through a deed-in-lieu of foreclosure process with one of our mortgagees. We have entered into a long-term lease with a third party tenant to operate these facilities.
|
·
|
Mortgage interest income totaled $10.4 million, a decrease of $1.2 million over the same period in 2009. The decrease was primarily the result of the deed-in-lieu of foreclosure for one of our operators discussed above in rental income.
|
·
|
Other investment income totaled $3.9 million, an increase of $1.4 million over the same period in 2009. The increase was primarily the result of the $1.2 million income received from two mortgage back certificate notes that were retired during the second quarter of 2010.
|
·
|
Miscellaneous revenue was $3.9 million, an increase of $3.4 million over the same period in 2009. The increase was primarily due to a settlement with one of our prior operators in February 2010 for breach of contract related to failure to pay rent.
|
·
|
Nursing home revenues of owned and operated assets was $7.3 million, a decrease of $11.1 million over the same period in 2009. The decrease was due to the deconsolidation of two owned and operated facilities effective June 1, 2010.
|
·
|
Our depreciation and amortization expense was $84.6 million, compared to $44.7 million for the same period in 2009. The increase was primarily associated with the CapitalSource acquisitions.
|
·
|
Our general and administrative expense, excluding stock-based compensation expense was $12.8 million, compared to $9.8 million for the same period in 2009. The increase was primarily due to increased costs associated with the CapitalSource transaction, including payroll and payroll related expense, additional audit expense related to the HUD portfolio and taxes related to the acquisition.
|
·
|
Our restricted stock-based compensation expense was $2.2 million, an increase of $0.3 million over the same period in 2009. The increase was primarily due to a modification to the vesting portion of performance targets for our 2009 performance restricted stock units.
|
·
|
Nursing home expenses of owned and operated assets was $8.0 million, a decrease of $12.6 million over the same period in 2009. The decrease was due to the deconsolidation of two owned and operated facilities effective June 1, 2010.
|
Year Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
(in thousands)
|
||||||||
Net income available to common
|
$ | 49,350 | $ | 73,025 | ||||
Add back loss (deduct gain) from real estate dispositions
|
4 | (753 | ) | |||||
49,354 | 72,272 | |||||||
Elimination of non-cash items included in net income:
|
||||||||
Depreciation and amortization
|
84,623 | 44,694 | ||||||
Add back impairments on real estate properties
|
155 | 159 | ||||||
Funds from operations available to common stockholders
|
$ | 134,132 | $ | 117,125 |
Payments due by period
|
||||||||||||||||||||
Total
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than
5 years
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Debt(1)
|
$ | 1,522,058 | $ | 4,188 | $ | 9,141 | $ | 457,688 | $ | 1,051,041 | ||||||||||
Interest payments on long-term debt
|
931,927 | 90,647 | 180,579 | 162,691 | 498,010 | |||||||||||||||
Operating lease obligations(2)
|
2,399 | 304 | 632 | 668 | 795 | |||||||||||||||
Total
|
$ | 2,456,384 | $ | 95,139 | $ | 190,352 | $ | 621,047 | $ | 1,549,846 |
(1)
|
The $1.5 billion of debt outstanding includes $272.5 million in borrowings under the 2011 Credit Facility due in August 2015, $175 million aggregate principal amount of 7% Senior Notes due January 2016, $200 million aggregate principal amount of 7.5% Senior Notes due February 2020, $575 million aggregate principal amount of 6.75% Senior Notes due October 2022, $20 million of 9.0% subordinated debt maturing in December 2021, $52 million of HUD debt at a 6.61% weighted average annual interest rate maturing between January 2036 and May 2040, $126 million of HUD Debt at a 4.85% annual interest rate and maturing between January 2040 and January 2045, $71 million of HUD debt at a 5.70% weighted average annual interest rate maturing between October 2029 and July 2044 and $30 million of HUD debt at a 4.87% weighted average annual interest rate maturing between March 2036 and September 2040.
|
(2)
|
Relates primarily to the lease at the corporate headquarters.
|
·
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
|
·
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
|
·
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
|
Title of Document
|
Page
Number
|
Report of Independent Registered Public Accounting Firm
|
F-1
|
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
|
F-2
|
Consolidated Balance Sheets as of December 31, 2011 and 2010
|
F-3
|
Consolidated Statements of Income for the years ended
December 31, 2011, 2010 and 2009
|
F-4
|
Consolidated Statements of Stockholders’ Equity for the years ended
December 31, 2011, 2010 and 2009
|
F-5
|
Consolidated Statements of Cash Flows for the years ended
December 31, 2011, 2010 and 2009
|
F-6
|
Notes to Consolidated Financial Statements
|
F-8
|
Schedule III – Real Estate and Accumulated Depreciation
|
F-41
|
Schedule IV – Mortgage Loans on Real Estate
|
F-43
|
|
/s/ Ernst & Young LLP
|
Baltimore, Maryland
|
|
February 27, 2012
|
|
/s/ Ernst & Young LLP
|
Baltimore, Maryland
|
|
February 27, 2012
|
December 31,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Real estate properties
|
||||||||
Land and buildings
|
$ | 2,537,039 | $ | 2,366,856 | ||||
Less accumulated depreciation
|
(470,420 | ) | (380,995 | ) | ||||
Real estate properties – net
|
2,066,619 | 1,985,861 | ||||||
Mortgage notes receivable – net
|
238,675 | 108,557 | ||||||
2,305,294 | 2,094,418 | |||||||
Other investments – net
|
52,957 | 28,735 | ||||||
2,358,251 | 2,123,153 | |||||||
Assets held for sale – net
|
2,461 | 670 | ||||||
Total investments
|
2,360,712 | 2,123,823 | ||||||
Cash and cash equivalents
|
351 | 6,921 | ||||||
Restricted cash
|
34,112 | 22,399 | ||||||
Accounts receivable – net
|
100,664 | 92,819 | ||||||
Other assets
|
61,473 | 57,172 | ||||||
Operating assets for owned and operated properties
|
— | 873 | ||||||
Total assets
|
$ | 2,557,312 | $ | 2,304,007 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Revolving line of credit
|
$ | 272,500 | $ | — | ||||
Secured borrowings
|
303,610 | 201,296 | ||||||
Unsecured borrowings – net
|
975,290 | 975,669 | ||||||
Accrued expenses and other liabilities
|
127,428 | 121,859 | ||||||
Operating liabilities for owned and operated properties
|
— | 1,117 | ||||||
Total liabilities
|
1,678,828 | 1,299,941 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock issued and outstanding – 4,340 shares Series D with an aggregate liquidation preference of $108,488 as of December 31, 2010
|
— | 108,488 | ||||||
Common stock $.10 par value authorized – 200,000 shares issued and outstanding – 103,410 shares as of December 31, 2011 and 99,233 as of December 31, 2010
|
10,341 | 9,923 | ||||||
Common stock – additional paid-in-capital
|
1,471,381 | 1,376,131 | ||||||
Cumulative net earnings
|
633,430 | 580,824 | ||||||
Cumulative dividends paid
|
(1,236,668 | ) | (1,071,300 | ) | ||||
Total stockholders’ equity
|
878,484 | 1,004,066 | ||||||
Total liabilities and stockholders’ equity
|
$ | 2,557,312 | $ | 2,304,007 |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Revenues
|
||||||||||||
Rental income
|
$ | 273,517 | $ | 232,772 | $ | 164,468 | ||||||
Mortgage interest income
|
16,274 | 10,391 | 11,601 | |||||||||
Other investment income – net
|
2,070 | 3,936 | 2,502 | |||||||||
Miscellaneous
|
343 | 3,886 | 437 | |||||||||
Nursing home revenues of owned and operated assets
|
- | 7,336 | 18,430 | |||||||||
Total operating revenues
|
292,204 | 258,321 | 197,438 | |||||||||
Expenses
|
||||||||||||
Depreciation and amortization
|
100,337 | 84,623 | 44,694 | |||||||||
General and administrative
|
19,432 | 15,054 | 11,742 | |||||||||
Acquisition costs
|
1,204 | 1,554 | 1,561 | |||||||||
Impairment on real estate properties
|
26,344 | 155 | 159 | |||||||||
Provisions for uncollectible mortgages, notes and accounts receivable
|
6,439 | - | 2,765 | |||||||||
Nursing home expenses of owned and operated assets
|
653 | 7,998 | 20,632 | |||||||||
Total operating expenses
|
154,409 | 109,384 | 81,553 | |||||||||
Income before other income and expense
|
137,795 | 148,937 | 115,885 | |||||||||
Other income (expense)
|
||||||||||||
Interest income
|
40 | 105 | 21 | |||||||||
Interest expense
|
(81,154 | ) | (67,340 | ) | (36,077 | ) | ||||||
Interest – amortization of deferred financing costs
|
(2,674 | ) | (3,780 | ) | (2,472 | ) | ||||||
Interest – refinancing costs
|
(3,071 | ) | (19,482 | ) | (526 | ) | ||||||
Litigation settlements
|
- | - | 4,527 | |||||||||
Total other expense
|
(86,859 | ) | (90,497 | ) | (34,527 | ) | ||||||
Income before gain (loss) on assets sold
|
50,936 | 58,440 | 81,358 | |||||||||
Gain (loss) on assets sold – net
|
1,670 | (4 | ) | 753 | ||||||||
Net income
|
52,606 | 58,436 | 82,111 | |||||||||
Preferred stock dividends
|
(1,691 | ) | (9,086 | ) | (9,086 | ) | ||||||
Preferred stock redemption
|
(3,456 | ) | - | - | ||||||||
Net income available to common stockholders
|
$ | 47,459 | $ | 49,350 | $ | 73,025 | ||||||
Income per common share available to common stockholders:
|
||||||||||||
Basic:
|
||||||||||||
Net income
|
$ | 0.46 | $ | 0.52 | $ | 0.87 | ||||||
Diluted:
|
||||||||||||
Net income
|
$ | 0.46 | $ | 0.52 | $ | 0.87 | ||||||
Weighted-average shares outstanding, basic
|
102,119 | 94,056 | 83,556 | |||||||||
Weighted-average shares outstanding, diluted
|
102,177 | 94,237 | 83,649 | |||||||||
Preferred
Stock
|
Common Stock
Par Value
|
Common Stock Additional
Paid-in Capital
|
Cumulative
Net Earnings
|
Cumulative Dividends Paid
|
Total
|
|||||||||||||||||||
Balance at December 31, 2008 (82,382 common shares)
|
$ | 108,488 | $ | 8,238 | $ | 1,054,157 | $ | 440,277 | $ | (823,172 | ) | $ | 787,988 | |||||||||||
Issuance of common stock:
|
||||||||||||||||||||||||
Grant of restricted stock (10 shares at $15.79 per share)
|
— | 1 | (1 | ) | — | — | — | |||||||||||||||||
Amortization of restricted stock
|
— | — | 1,907 | — | — | 1,907 | ||||||||||||||||||
Vesting of restricted stock (grants 45 shares)
|
— | 4 | (722 | ) | — | — | (718 | ) | ||||||||||||||||
Dividend reinvestment and stock purchase plan (1,692 shares at $16.12 per share)
|
— | 169 | 27,060 | — | — | 27,229 | ||||||||||||||||||
Exercised options (3 shares at an average exercise price of $6.12 per share)
|
— | 1 | 18 | — | — | 19 | ||||||||||||||||||
Grant of stock as payment of directors fees (7 shares at an average of $15.25 per share)
|
— | 1 | 99 | — | — | 100 | ||||||||||||||||||
Equity Shelf Program (1,413 shares at $17.17 per share, net of issuance costs)
|
— | 141 | 22,879 | — | — | 23,020 | ||||||||||||||||||
Issuance of common stock for acquisition (2,715 shares at $19.45 per share)
|
— | 272 | 52,534 | — | — | 52,806 | ||||||||||||||||||
Net income
|
— | — | — | 82,111 | — | 82,111 | ||||||||||||||||||
Common dividends ($1.20 per share).
|
— | — | — | — | (100,149 | ) | (100,149 | ) | ||||||||||||||||
Preferred dividends (Series D of $2.09 per share)
|
— | — | — | — | (9,086 | ) | (9,086 | ) | ||||||||||||||||
Balance at December 31, 2009 (88,266 common shares)
|
108,488 | 8,827 | 1,157,931 | 522,388 | (932,407 | ) | 865,227 | |||||||||||||||||
Issuance of common stock:
|
||||||||||||||||||||||||
Grant of restricted stock (13 shares at $20.00 per share)
|
— | 1 | (1 | ) | — | — | — | |||||||||||||||||
Amortization of restricted stock
|
— | — | 2,180 | — | — | 2,180 | ||||||||||||||||||
Vesting of restricted stock (grants 112 shares)
|
— | 11 | (2,119 | ) | — | — | (2,108 | ) | ||||||||||||||||
Dividend reinvestment and stock purchase plan (2,961 shares at $20.45 per share)
|
— | 296 | 60,215 | — | — | 60,511 | ||||||||||||||||||
Exercised options (15 shares at an average exercise price of $6.12 per share)
|
— | 1 | 88 | — | — | 89 | ||||||||||||||||||
Grant of stock as payment of directors fees (7 shares at an average of $20.07 per share)
|
— | 1 | 149 | — | — | 150 | ||||||||||||||||||
Equity Shelf Program (6,865 shares at $20.74 per share, net of issuance costs)
|
— | 687 | 138,094 | — | — | 138,781 | ||||||||||||||||||
Issuance of common stock for acquisition (995 shares at $19.80 per share)
|
— | 99 | 19,594 | — | — | 19,693 | ||||||||||||||||||
Net income
|
— | — | — | 58,436 | — | 58,436 | ||||||||||||||||||
Common dividends ($1.37 per share).
|
— | — | — | — | (129,807 | ) | (129,807 | ) | ||||||||||||||||
Preferred dividends (Series D of $2.09 per share)
|
— | — | — | — | (9,086 | ) | (9,086 | ) | ||||||||||||||||
Balance at December 31, 2010 (99,233 common shares)
|
108,488 | 9,923 | 1,376,131 | 580,824 | (1,071,300 | ) | 1,004,066 | |||||||||||||||||
Issuance of common stock:
|
||||||||||||||||||||||||
Grant of restricted stock (13 shares at $22.00 per share)
|
— | 1 | (1 | ) | — | — | — | |||||||||||||||||
Amortization of restricted stock
|
— | — | 5,984 | — | — | 5,984 | ||||||||||||||||||
Vesting of restricted stock (grants 68 shares)
|
— | 7 | (1,261 | ) | — | — | (1,254 | ) | ||||||||||||||||
Dividend reinvestment plan (2,853 shares at $20.78 per share)
|
— | 285 | 58,833 | — | — | 59,118 | ||||||||||||||||||
Grant of stock as payment of directors fees (8 shares at an average of $19.43 per share)
|
— | 1 | 149 | — | — | 150 | ||||||||||||||||||
Equity Shelf Program (1,419 shares at $22.61 per share, net of issuance costs)
|
— | 142 | 31,068 | — | — | 31,210 | ||||||||||||||||||
Common stock repurchase (183 shares at $15.96 per share)
|
— | (18 | ) | (2,910 | ) | — | — | (2,928 | ) | |||||||||||||||
Preferred stock redemption
|
(108,488 | ) | — | 3,388 | — | (3,456 | ) | (108,556 | ) | |||||||||||||||
Net income
|
— | — | — | 52,606 | — | 52,606 | ||||||||||||||||||
Common dividends ($1.55 per share).
|
— | — | — | — | (158,707 | ) | (158,707 | ) | ||||||||||||||||
Preferred dividends (Series D of $0.74 per share)
|
— | — | — | — | (3,205 | ) | (3,205 | ) | ||||||||||||||||
Balance at December 31, 2011 (103,410 common shares)
|
$ | — | $ | 10,341 | $ | 1,471,381 | $ | 633,430 | $ | (1,236,668 | ) | $ | 878,484 |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Cash flow from operating activities
|
||||||||||||
Net income
|
$ | 52,606 | $ | 58,436 | $ | 82,111 | ||||||
Adjustment to reconcile net income to cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
100,337 | 84,623 | 44,694 | |||||||||
Impairment on real estate properties
|
26,344 | 155 | 159 | |||||||||
Provisions for uncollectible mortgages, notes and accounts receivable
|
6,439 | — | 2,765 | |||||||||
Amortization of deferred financing and refinancing costs
|
5,745 | 23,262 | 2,998 | |||||||||
Restricted stock amortization expense
|
6,037 | 2,211 | 1,918 | |||||||||
(Gain) loss on assets sold – net
|
(1,670 | ) | 4 | (753 | ) | |||||||
Amortization of acquired in-place leases – net
|
(6,088 | ) | (3,968 | ) | — | |||||||
Other
|
(150 | ) | (93 | ) | (181 | ) | ||||||
Gain on sale of securities
|
— | (789 | ) | — | ||||||||
Change in operating assets and liabilities – net of amounts assumed/acquired:
|
||||||||||||
Accounts receivable, net
|
(1,463 | ) | (45 | ) | (180 | ) | ||||||
Straight-line rent
|
(12,560 | ) | (11,210 | ) | (8,893 | ) | ||||||
Lease inducement
|
3,380 | (6 | ) | (213 | ) | |||||||
Effective yield receivable on mortgage notes
|
(1,341 | ) | — | — | ||||||||
Other operating assets and liabilities
|
(7,601 | ) | 2,762 | 14,316 | ||||||||
Operating assets and liabilities for owned and operated properties
|
(244 | ) | 2,221 | 8,482 | ||||||||
Net cash provided by operating activities
|
169,771 | 157,563 | 147,223 | |||||||||
Cash flow from investing activities
|
||||||||||||
Acquisition of real estate – net of liabilities assumed and escrows acquired
|
(86,704 | ) | (343,180 | ) | (159,476 | ) | ||||||
Placement of mortgage loans
|
(130,042 | ) | (20,657 | ) | — | |||||||
Proceeds from sale of real estate investments
|
5,150 | 81 | 862 | |||||||||
Capital improvements and funding of other investments
|
(19,597 | ) | (36,025 | ) | (23,232 | ) | ||||||
Proceeds from other investments
|
6,983 | 21,324 | 42,038 | |||||||||
Investments in other investments
|
(33,504 | ) | (16,436 | ) | (44,944 | ) | ||||||
Investment in purchase option
|
— | — | (25,000 | ) | ||||||||
Collection of mortgage principal – net
|
74 | 78 | 748 | |||||||||
Net cash used in investing activities
|
(257,640 | ) | (394,815 | ) | (209,004 | ) | ||||||
Cash flow from financing activities
|
||||||||||||
Proceeds from credit line borrowings
|
569,000 | 385,000 | 273,600 | |||||||||
Payments of credit line borrowings
|
(296,500 | ) | (479,100 | ) | (243,000 | ) | ||||||
Receipts of other long-term borrowings
|
— | 779,770 | 100,000 | |||||||||
Payments of other long-term borrowings
|
(2,593 | ) | (470,478 | ) | — | |||||||
Payment of financing related costs
|
(4,305 | ) | (31,579 | ) | (7,173 | ) | ||||||
Receipts from Dividend Reinvestment Plan – net
|
59,118 | 60,511 | 27,229 | |||||||||
Payments for exercised options and restricted stock – net
|
(1,254 | ) | (2,019 | ) | (699 | ) | ||||||
Net proceeds from issuance of common stock
|
31,210 | 138,781 | 23,020 | |||||||||
Dividends paid
|
(161,893 | ) | (138,883 | ) | (109,235 | ) | ||||||
Repurchase of common stock
|
(2,928 | ) | — | — | ||||||||
Redemption of preferred stock
|
(108,556 | ) | — | — | ||||||||
Net cash provided by financing activities
|
81,299 | 242,003 | 63,742 | |||||||||
(Decrease) increase in cash and cash equivalents
|
(6,570 | ) | 4,751 | 1,961 | ||||||||
Cash and cash equivalents at beginning of year
|
6,921 | 2,170 | 209 | |||||||||
Cash and cash equivalents at end of year
|
$ | 351 | $ | 6,921 | $ | 2,170 | ||||||
Interest paid during the year, net of amounts capitalized
|
$ | 79,199 | $ | 60,290 | $ | 36,184 |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(in thousands)
|
||||||||||||
Assumed debt obligations
|
$ | 101,259 | $ | 202,015 | $ | 59,354 | ||||||
Non-cash settlement of mortgage obligations
|
— | (12,395 | ) | — | ||||||||
Non-cash acquisition of real estate properties
|
— | 12,395 | — | |||||||||
Stock consideration issued for acquisition
|
— | 19,693 | 52,806 | |||||||||
Total non-cash real estate acquisition related items
|
$ | 101,259 | $ | 221,708 | $ | 112,160 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Contractual receivables
|
$ | 4,683 | $ | 5,354 | ||||
Straight-line receivables
|
74,945 | 62,423 | ||||||
Lease inducements
|
22,677 | 29,026 | ||||||
Allowance
|
(1,641 | ) | (3,984 | ) | ||||
Accounts receivable – net
|
$ | 100,664 | $ | 92,819 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Buildings
|
$ | 2,157,015 | $ | 2,011,028 | ||||
Site improvement and equipment
|
184,503 | 171,422 | ||||||
Land
|
195,521 | 184,406 | ||||||
2,537,039 | 2,366,856 | |||||||
Less accumulated depreciation
|
(470,420 | ) | (380,995 | ) | ||||
Total
|
$ | 2,066,619 | $ | 1,985,861 |
(in thousands)
|
||||
2012
|
$ | 272,866 | ||
2013
|
280,435 | |||
2014
|
259,192 | |||
2015
|
262,566 | |||
2016
|
242,850 | |||
Thereafter
|
1,200,004 | |||
Total
|
$ | 2,517,913 |
Less than 1 year
|
1-3 years
|
3-5 years
|
Thereafter
|
$1.2
|
$2.2
|
$1.8
|
$2.5
|
·
|
$65 million in cash;
|
·
|
$202 million face value of assumed debt, which includes $20 million of 9.0% unsecured debt maturing in December 2021, $53 million of HUD debt at a 6.61% weighted average annual interest rate maturing between January 2036 and May 2040, and $129 million of new HUD Debt at a 4.85% annual interest rate maturing between January 2040 and January 2045; and
|
·
|
995 thousand shares of our common stock valued at approximately $19 million on June 29, 2010.
|
Less than 1 year
|
1-3 years
|
3-5 years
|
Thereafter
|
$3.2
|
$5.6
|
$3.0
|
$2.0
|
Less than 1 year
|
1-3 years
|
3-5 years
|
Thereafter
|
$0.9
|
$2.2
|
$2.3
|
$3.3
|
Pro Forma
|
||||||||
Year Ended December 31,
|
||||||||
2011
|
2010
|
|||||||
(in thousands, except per share
amount, unaudited)
|
||||||||
Revenues
|
$ | 312,320 | $ | 311,310 | ||||
Net income available to common stockholders
|
52,553 | 61,415 | ||||||
Earnings per share – diluted:
|
||||||||
Net income available to common stockholders – as reported
|
$ | 0.46 | $ | 0.52 | ||||
Net income available to common stockholders – pro forma
|
$ | 0.51 | $ | 0.65 |
For Year Ended December 31,
|
||||||||||||
2011
|
2010 (1)
|
2009
|
||||||||||
(in thousands)
|
||||||||||||
Nursing home revenues
|
$ | — | $ | 7,336 | $ | 18,430 | ||||||
Nursing home expenses
|
653 | 7,998 | 20,632 | |||||||||
Loss from nursing home operations
|
$ | (653 | ) | $ | (662 | ) | $ | (2,202 | ) |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
3 Ciena Construction Mortgage notes; interest at 12.50%
|
$ | 12,798 | $ | 4,757 | ||||
Mortgage note due 2012; interest at 10.00%
|
5,000 | — | ||||||
Mortgage note due 2014; monthly payment of $66,914, including interest at 11.00%
|
6,504 | 6,577 | ||||||
Mortgage note due 2016; interest at 11.50%
|
11,545 | 11,395 | ||||||
Mortgage note due 2021; interest at 11.00%
|
92,000 | — | ||||||
Mortgage note due 2023; interest at 11.00%
|
69,928 | 69,928 | ||||||
Mortgage note due 2030; interest at 10.20%
|
15,900 | 15,900 | ||||||
3 Mortgage notes due 2046; interest at 12.00%
|
25,000 | — | ||||||
Total mortgages — net (1)
|
$ | 238,675 | $ | 108,557 |
December 31,
|
||||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Haven DIP II
|
$ | - | $ | 407 | ||||
Infinia on demand
|
225 | 225 | ||||||
Rest Haven due 2015
|
2,718 | 2,918 | ||||||
CommuniCare due 2023
|
1,000 | 1,000 | ||||||
CommuniCare due 2021
|
1,369 | - | ||||||
CommuniCare due 2021
|
1,323 | - | ||||||
CommuniCare due 2022
|
1,304 | - | ||||||
Formation /Genesis (1)
|
12,938 | 21,805 | ||||||
Nexion due 2012
|
1,500 | - | ||||||
Signature due 2017
|
28,000 | - | ||||||
Notes receivable, gross(2)
|
50,377 | 26,355 | ||||||
Allowance for loss on notes receivable
|
(1,977 | ) | (2,177 | ) | ||||
Notes receivable, net
|
48,400 | 24,178 | ||||||
Marketable securities and other
|
4,557 | 4,557 | ||||||
Total other investments
|
$ | 52,957 | $ | 28,735 |
Current
|
December 31,
|
|||||||||||||
Maturity
|
Rate
|
2011
|
2010
|
|||||||||||
(in thousands)
|
||||||||||||||
Secured borrowings:
|
||||||||||||||
HUD Berkadia mortgages (1)
|
2036 - 2040 | 6.61 | % | $ | 64,533 | $ | 66,128 | |||||||
HUD Capital Funding mortgages
|
2040 - 2045 | 4.85 | % | 133,061 | 135,168 | |||||||||
HUD White Pine mortgages (1)
|
2036 - 2040 | 4.87 | % | 32,813 | — | |||||||||
HUD Affiliates of CFG (1)
|
2029 - 2044 | 5.70 | % | 73,203 | — | |||||||||
Total secured borrowings
|
303,610 | 201,296 | ||||||||||||
Unsecured borrowings:
|
||||||||||||||
Revolving line of credit
|
2015 | 2.86 | % | $ | 272,500 | $ | — | |||||||
2016 Notes
|
2016 | 7.0 | % | 175,000 | 175,000 | |||||||||
2020 Notes
|
2020 | 7.5 | % | 200,000 | 200,000 | |||||||||
2022 Notes
|
2022 | 6.75 | % | 575,000 | 575,000 | |||||||||
Subordinated debt
|
2021 | 9.0 | % | 21,219 | 21,403 | |||||||||
971,219 | 971,403 | |||||||||||||
Premium - net
|
4,071 | 4,266 | ||||||||||||
Total unsecured borrowings
|
1,247,790 | 975,669 | ||||||||||||
Totals – net
|
$ | 1,551,400 | $ | 1,176,965 |
(in thousands)
|
||||
2012
|
$ | 4,188 | ||
2013
|
4,447 | |||
2014
|
4,694 | |||
2015
|
277,456 | |||
2016
|
180,232 | |||
Thereafter
|
1,051,041 | |||
Totals
|
$ | 1,522,058 |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(in thousands)
|
||||||||||||
Write off of deferred finance cost due to refinancing (1) (2) (3)
|
$ | 3,055 | $ | 8,231 | $ | 526 | ||||||
Prepayment and other costs associated with refinancing (4)
|
16 | 11,251 | — | |||||||||
Total debt extinguishment costs
|
$ | 3,071 | $ | 19,482 | $ | 526 | ||||||
2011
|
2010
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
Assets:
|
(in thousands)
|
|||||||||||||||
Cash and cash equivalents
|
$ | 351 | $ | 351 | $ | 6,921 | $ | 6,921 | ||||||||
Restricted cash
|
34,112 | 34,112 | 22,399 | 22,399 | ||||||||||||
Mortgage notes receivable – net
|
238,675 | 241,494 | 108,557 | 109,610 | ||||||||||||
Other investments – net
|
52,957 | 48,903 | 28,735 | 25,317 | ||||||||||||
Totals
|
$ | 326,095 | $ | 324,860 | $ | 166,612 | $ | 164,247 | ||||||||
Liabilities:
|
||||||||||||||||
Revolving line of credit
|
$ | 272,500 | $ | 272,500 | $ | — | $ | — | ||||||||
7.00% Notes due 2016 – net
|
174,376 | 186,398 | 174,221 | 187,079 | ||||||||||||
7.50% Notes due 2020 – net
|
197,202 | 216,114 | 196,857 | 212,837 | ||||||||||||
6.75% Notes due 2022 – net
|
582,493 | 582,684 | 583,188 | 576,019 | ||||||||||||
HUD debt
|
303,610 | 321,949 | 201,296 | 214,643 | ||||||||||||
Subordinated debt
|
21,219 | 23,198 | 21,403 | 23,248 | ||||||||||||
Totals
|
$ | 1,551,400 | $ | 1,602,843 | $ | 1,176,965 | $ | 1,213,826 |
·
|
Cash and cash equivalents and restricted cash: The carrying amount of cash and cash equivalents and restricted cash reported in the balance sheet approximates fair value because of the short maturity of these instruments (i.e., less than 90 days).
|
·
|
Mortgage notes receivable: The fair values of the mortgage notes receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings.
|
·
|
Other investments: Other investments are primarily comprised of: (i) notes receivable and (ii) an investment in redeemable non-convertible preferred security of an unconsolidated business accounted for using the cost method of accounting. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings. The fair value of the investment in the unconsolidated business is estimated using quoted market value and considers the terms of the underlying arrangement.
|
·
|
Revolving lines of credit: The fair value of our borrowings under variable rate agreements are estimated using an expected present value technique based on expected cash flows discounted using the current market rates.
|
·
|
Senior notes and other long-term borrowings: The fair value of our borrowings under fixed rate agreements are estimated based on open market trading activity provided by a third party.
|
Number of Shares
|
Weighted-Average Grant-Date Fair Value per Share
|
Compensation Cost (1)
(in millions)
|
||||||||||
Non-vested at December 31, 2008
|
180,442 | $ | 16.92 | |||||||||
Granted during 2009
|
11,900 | 15.79 | $ | 0.2 | ||||||||
Vested during 2009
|
(89,968 | ) | 16.90 | |||||||||
Non-vested at December 31, 2009
|
102,374 | $ | 16.81 | |||||||||
Granted during 2010
|
15,500 | 20.00 | $ | 0.3 | ||||||||
Vested during 2010
|
(91,607 | ) | 16.96 | |||||||||
Non-vested at December 31, 2010
|
26,267 | $ | 18.19 | |||||||||
Granted during 2011
|
444,003 | 22.42 | $ | 10.0 | ||||||||
Vested during 2011
|
(11,968 | ) | 17.42 | |||||||||
Non-vested at December 31, 2011
|
458,302 | $ | 22.31 | |||||||||
(1) Total compensation cost to be recognized on the awards based on grant date fair value.
|
Number of Shares
|
Weighted-Average Grant-Date Fair Value per Share
|
Compensation Cost (1)
(in millions)
|
||||||||||
Non-vested at December 31, 2008
|
247,992 | $ | 7.28 | |||||||||
Granted during 2009
|
- | - | ||||||||||
Vested during 2009
|
- | - | ||||||||||
Non-vested at December 31, 2009
|
247,992 | $ | 7.28 | |||||||||
Granted during 2010
|
- | - | ||||||||||
Modification during 2010
|
- | 1.48 | $ | 0.4 | ||||||||
Vested during 2010
|
(247,992 | ) | 8.76 | |||||||||
Non-vested at December 31, 2010
|
- | $ | - | |||||||||
Granted during 2011
|
496,979 | 11.28 | $ | 5.6 | ||||||||
Vested during 2011
|
- | - | ||||||||||
Forfeited during 2011
|
(124,244 | ) | 11.04 | |||||||||
Non-vested at December 31, 2011
|
372,735 | $ | 11.36 |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Common
|
||||||||||||
Ordinary income
|
$ | 0.989 | $ | 0.777 | $ | 0.885 | ||||||
Return of capital
|
0.561 | 0.593 | 0.315 | |||||||||
Long-term capital gain
|
— | — | — | |||||||||
Total dividends paid
|
$ | 1.550 | $ | 1.370 | $ | 1.200 | ||||||
Series D Preferred
|
||||||||||||
Ordinary income
|
$ | 0.739 | $ | 2.094 | $ | 2.094 | ||||||
Return of capital
|
— | — | — | |||||||||
Long-term capital gain
|
— | — | — | |||||||||
Total dividends paid
|
$ | 0.739 | $ | 2.094 | $ | 2.094 |
March 31
|
June 30
|
September 30
|
December 31
|
|||||||||||||
(in thousands, except per share amounts)
|
||||||||||||||||
2011
|
||||||||||||||||
Revenues
|
$ | 70,476 | $ | 72,606 | $ | 72,818 | $ | 76,304 | ||||||||
Net (loss) income
|
(5,913 | ) | 17,790 | 21,436 | 19,293 | |||||||||||
Net (loss) income available to common stockholders
|
(11,076 | ) | 17,806 | 21,436 | 19,293 | |||||||||||
Net income available to common per share:
|
||||||||||||||||
Basic net (loss) income
|
$ | (0.11 | ) | $ | 0.17 | $ | 0.21 | $ | 0.19 | |||||||
Diluted net (loss) income
|
$ | (0.11 | ) | $ | 0.17 | $ | 0.21 | $ | 0.19 | |||||||
Cash dividends paid on common stock
|
$ | 0.37 | $ | 0.38 | $ | 0.40 | $ | 0.40 | ||||||||
2010
|
||||||||||||||||
Revenues
|
$ | 58,678 | $ | 58,805 | $ | 69,724 | $ | 71,114 | ||||||||
Net income
|
20,951 | 15,509 | 17,007 | 4,969 | ||||||||||||
Net income available to common stockholders
|
18,680 | 13,237 | 14,736 | 2,697 | ||||||||||||
Net income available to common per share:
|
||||||||||||||||
Basic net income
|
$ | 0.21 | $ | 0.14 | $ | 0.15 | $ | 0.03 | ||||||||
Diluted net income
|
$ | 0.21 | $ | 0.14 | $ | 0.15 | $ | 0.03 | ||||||||
Cash dividends paid on common stock
|
$ | 0.32 | $ | 0.32 | $ | 0.36 | $ | 0.37 | ||||||||
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(in thousands, except per share amounts)
|
||||||||||||
Numerator:
|
||||||||||||
Net income
|
$ | 52,606 | $ | 58,436 | $ | 82,111 | ||||||
Preferred stock dividends
|
(1,691 | ) | (9,086 | ) | (9,086 | ) | ||||||
Preferred stock redemption
|
(3,456 | ) | - | - | ||||||||
Numerator for net income available to common per share - basic and diluted
|
$ | 47,459 | $ | 49,350 | $ | 73,025 | ||||||
Denominator:
|
||||||||||||
Denominator for basic earnings per share
|
102,119 | 94,056 | 83,556 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Restricted stock
|
45 | 171 | 82 | |||||||||
Stock option incremental shares
|
- | 3 | 10 | |||||||||
Deferred stock
|
13 | 7 | 1 | |||||||||
Denominator for diluted earnings per share
|
102,177 | 94,237 | 83,649 | |||||||||
Earnings per share - basic:
|
||||||||||||
Net income - basic
|
$ | 0.46 | $ | 0.52 | $ | 0.87 | ||||||
Earnings per share - diluted:
|
||||||||||||
Net income - diluted
|
$ | 0.46 | $ | 0.52 | $ | 0.87 |
December 31, 2011
|
||||||||||||||||
Issuer & Subsidiary Guarantors
|
Non – Guarantor Subsidiaries
|
Elimination
Company
|
Consolidated
|
|||||||||||||
Land and buildings
|
$ | 2,046,776 | $ | 490,263 | $ | — | $ | 2,537,039 | ||||||||
Less accumulated depreciation
|
(446,530 | ) | (23,890 | ) | — | (470,420 | ) | |||||||||
Real estate properties – net
|
1,600,246 | 466,373 | — | 2,066,619 | ||||||||||||
Mortgage notes receivable – net
|
238,675 | — | — | 238,675 | ||||||||||||
1,838,921 | 466,373 | — | 2,305,294 | |||||||||||||
Other investments – net
|
52,957 | — | — | 52,957 | ||||||||||||
1,891,878 | 466,373 | — | 2,358,251 | |||||||||||||
Assets held for sale – net
|
2,461 | — | — | 2,461 | ||||||||||||
Total investments
|
1,894,339 | 466,373 | — | 2,360,712 | ||||||||||||
Cash and cash equivalents
|
351 | — | — | 351 | ||||||||||||
Restricted cash
|
6,381 | 27,731 | — | 34,112 | ||||||||||||
Accounts receivable – net
|
97,407 | 3,257 | — | 100,664 | ||||||||||||
Investment in affiliates
|
154,953 | — | (154,953 | ) | — | |||||||||||
Other assets
|
31,980 | 29,493 | — | 61,473 | ||||||||||||
Total assets
|
$ | 2,185,411 | $ | 526,854 | (154,953 | ) | $ | 2,557,312 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||
Revolving line of credit
|
$ | 272,500 | $ | — | $ | — | $ | 272,500 | ||||||||
Secured borrowings
|
— | 303,610 | — | 303,610 | ||||||||||||
Unsecured borrowings – net
|
954,071 | 21,219 | — | 975,290 | ||||||||||||
Accrued expenses and other liabilities
|
80,356 | 47,072 | — | 127,428 | ||||||||||||
Intercompany payable
|
— | 145,255 | (145,255 | ) | — | |||||||||||
Total liabilities
|
1,306,927 | 517,156 | (145,255 | ) | 1,678,828 | |||||||||||
Stockholders’ equity:
|
||||||||||||||||
Common stock
|
10,341 | — | — | 10,341 | ||||||||||||
Common stock – additional paid-in-capital
|
1,471,381 | — | — | 1,471,381 | ||||||||||||
Cumulative net earnings
|
633,430 | 9,698 | (9,698 | ) | 633,430 | |||||||||||
Cumulative dividends paid
|
(1,236,668 | ) | — | — | (1,236,668 | ) | ||||||||||
Total stockholders’ equity
|
878,484 | 9,698 | (9,698 | ) | 878,484 | |||||||||||
Total liabilities and stockholders’ equity
|
$ | 2,185,411 | $ | 526,854 | $ | (154,953 | ) | $ | 2,557,312 |
December 31, 2010
|
||||||||||||||||
Issuer &
Subsidiary
Guarantors
|
Non – Guarantor
Subsidiaries
|
Elimination
Company
|
Consolidated
|
|||||||||||||
Land and buildings
|
$ | 2,053,510 | $ | 313,346 | $ | — | $ | 2,366,856 | ||||||||
Less accumulated depreciation
|
(372,925 | ) | (8,070 | ) | — | (380,995 | ) | |||||||||
Real estate properties – net
|
1,680,585 | 305,276 | — | 1,985,861 | ||||||||||||
Mortgage notes receivable – net
|
108,557 | — | — | 108,557 | ||||||||||||
1,789,142 | 305,276 | — | 2,094,418 | |||||||||||||
Other investments – net
|
28,735 | — | — | 28,735 | ||||||||||||
1,817,877 | 305,276 | — | 2,123,153 | |||||||||||||
Assets held for sale – net
|
670 | — | — | 670 | ||||||||||||
Total investments
|
1,818,547 | 305,276 | — | 2,123,823 | ||||||||||||
Cash and cash equivalents
|
6,921 | — | — | 6,921 | ||||||||||||
Restricted cash
|
9,279 | 13,120 | — | 22,399 | ||||||||||||
Accounts receivable – net
|
91,729 | 1,090 | — | 92,819 | ||||||||||||
Investment in affiliates
|
81,334 | — | (81,334 | ) | — | |||||||||||
Other assets
|
36,653 | 20,519 | — | 57,172 | ||||||||||||
Operating assets for owned and operated properties
|
873 | — | — | 873 | ||||||||||||
Total assets
|
$ | 2,045,336 | $ | 340,005 | (81,334 | ) | $ | 2,304,007 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||
Revolving line of credit
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Secured borrowings
|
— | 201,296 | — | 201,296 | ||||||||||||
Unsecured borrowings – net
|
954,266 | 21,403 | — | 975,669 | ||||||||||||
Accrued expenses and other liabilities
|
85,887 | 35,972 | — | 121,859 | ||||||||||||
Intercompany payable
|
— | 78,806 | (78,806 | ) | — | |||||||||||
Operating liabilities for owned and operated properties
|
1,117 | — | — | 1,117 | ||||||||||||
Total liabilities
|
1,041,270 | 337,477 | (78,806 | ) | 1,299,941 | |||||||||||
Stockholders’ equity:
|
||||||||||||||||
Preferred stock
|
108,488 | — | — | 108,488 | ||||||||||||
Common stock
|
9,923 | — | — | 9,923 | ||||||||||||
Common stock – additional paid-in-capital
|
1,376,131 | — | — | 1,376,131 | ||||||||||||
Cumulative net earnings
|
580,824 | 2,528 | (2,528 | ) | 580,824 | |||||||||||
Cumulative dividends paid
|
(1,071,300 | ) | — | — | (1,071,300 | ) | ||||||||||
Total stockholders’ equity
|
1,004,066 | 2,528 | (2,528 | ) | 1,004,066 | |||||||||||
Total liabilities and stockholders’ equity
|
$ | 2,045,336 | $ | 340,005 | $ | (81,334 | ) | $ | 2,304,007 |
Year Ended December 31, 2011
|
||||||||||||||||
Issuer &
Subsidiary
Guarantors
|
Non –
Guarantor
Subsidiaries
|
Elimination
Company
|
Consolidated
|
|||||||||||||
Revenue
|
||||||||||||||||
Rental income
|
$ | 238,964 | $ | 34,553 | $ | - | $ | 273,517 | ||||||||
Mortgage interest income
|
16,274 | - | - | 16,274 | ||||||||||||
Other investment income – net
|
2,070 | - | - | 2,070 | ||||||||||||
Miscellaneous
|
343 | - | - | 343 | ||||||||||||
Total operating revenues
|
257,651 | 34,553 | - | 292,204 | ||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
84,516 | 15,821 | - | 100,337 | ||||||||||||
General and administrative
|
19,138 | 294 | - | 19,432 | ||||||||||||
Acquisition costs
|
1,204 | - | - | 1,204 | ||||||||||||
Impairment loss on real estate properties
|
26,344 | - | - | 26,344 | ||||||||||||
Provisions for uncollectible accounts receivable
|
6,439 | - | - | 6,439 | ||||||||||||
Nursing home expenses of owned and operated assets
|
653 | - | - | 653 | ||||||||||||
Total operating expenses
|
138,294 | 16,115 | - | 154,409 | ||||||||||||
Income before other income and expense
|
119,357 | 18,438 | - | 137,795 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
16 | 24 | - | 40 | ||||||||||||
Interest expense
|
(69,862 | ) | (11,292 | ) | - | (81,154 | ) | |||||||||
Interest – amortization of deferred financing costs
|
(2,674 | ) | - | - | (2,674 | ) | ||||||||||
Interest – refinancing costs
|
(3,071 | ) | - | - | (3,071 | ) | ||||||||||
Equity in earnings
|
7,170 | - | (7,170 | ) | - | |||||||||||
Total other expense
|
(68,421 | ) | (11,268 | ) | (7,170 | ) | (86,859 | ) | ||||||||
Income before gain on assets sold
|
50,936 | 7,170 | (7,170 | ) | 50,936 | |||||||||||
Gain on assets sold - net
|
1,670 | - | - | 1,670 | ||||||||||||
Net income
|
52,606 | 7,170 | (7,170 | ) | 52,606 | |||||||||||
Preferred stock dividends
|
(1,691 | ) | - | - | (1,691 | ) | ||||||||||
Preferred stock redemption
|
(3,456 | ) | - | - | (3,456 | ) | ||||||||||
Net income available to common stockholders
|
$ | 47,459 | $ | 7,170 | $ | (7,170 | ) | $ | 47,459 | |||||||
Year Ended December 31, 2010
|
||||||||||||||||
|
Issuer &
Subsidiary
Guarantors
|
Non –
Guarantor
Subsidiaries
|
Elimination
|
Consolidated
|
||||||||||||
Revenue
|
||||||||||||||||
Rental income
|
$ | 215,992 | $ | 16,780 | $ | - | $ | 232,772 | ||||||||
Mortgage interest income
|
10,391 | - | - | 10,391 | ||||||||||||
Other investment income – net
|
3,936 | - | - | 3,936 | ||||||||||||
Miscellaneous
|
3,886 | - | - | 3,886 | ||||||||||||
Nursing home revenues of owned and operated assets
|
7,336 | - | - | 7,336 | ||||||||||||
Total operating revenues
|
241,541 | 16,780 | - | 258,321 | ||||||||||||
Expenses
|
||||||||||||||||
Depreciation and amortization
|
76,553 | 8,070 | - | 84,623 | ||||||||||||
General and administrative
|
14,744 | 310 | - | 15,054 | ||||||||||||
Acquisition costs
|
1,554 | - | - | 1,554 | ||||||||||||
Impairment loss on real estate properties
|
155 | - | - | 155 | ||||||||||||
Nursing home expenses of owned and operated assets
|
7,998 | - | - | 7,998 | ||||||||||||
Total operating expenses
|
101,004 | 8,380 | - | 109,384 | ||||||||||||
Income before other income and expense
|
140,537 | 8,400 | - | 148,937 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
86 | 19 | - | 105 | ||||||||||||
Interest expense
|
(61,449 | ) | (5,891 | ) | - | (67,340 | ) | |||||||||
Interest – amortization of deferred financing costs
|
(3,780 | ) | - | - | (3,780 | ) | ||||||||||
Interest – refinancing costs
|
(19,482 | ) | - | - | (19,482 | ) | ||||||||||
Equity in earnings
|
2,528 | - | (2,528 | ) | - | |||||||||||
Total other expense
|
(82,097 | ) | (5,872 | ) | (2,528 | ) | (90,497 | ) | ||||||||
Income before gain (loss) on assets sold
|
58,440 | 2,528 | (2,528 | ) | 58,440 | |||||||||||
Loss on assets sold – net
|
(4 | ) | - | - | (4 | ) | ||||||||||
Net income
|
58,436 | 2,528 | (2,528 | ) | 58,436 | |||||||||||
Preferred stock dividends
|
(9,086 | ) | - | - | (9,086 | ) | ||||||||||
Net income available to common
|
$ | 49,350 | $ | 2,528 | $ | (2,528 | ) | $ | 49,350 |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
|
||||||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC.
|
||||||||||||||||||||
December 31, 2011
|
||||||||||||||||||||
(3) | ||||||||||||||||||||
Gross Amount at |
|
|
||||||||||||||||||
Which Carried at |
|
|
||||||||||||||||||
Initial Cost to
|
Cost Capitalized
|
Close of Period |
|
|
Life on Which
|
|||||||||||||||
Company
|
Subsequent to
|
Buildings
|
Depreciation
|
|||||||||||||||||
Buildings
|
Acquisition
|
and Land
|
(4) |
in Latest
|
||||||||||||||||
and Land
|
Improvements
|
Accumulated
|
Date of
|
Date
|
Income Statements
|
|||||||||||||||
Description (1)
|
Encumbrances
|
Improvements
|
Improvements
|
Impairment
|
Other
|
Total
|
Depreciation
|
Construction
|
Acquired
|
is Computed
|
||||||||||
Airamid Health Management, LLC.
|
||||||||||||||||||||
Florida (LTC, AL)
|
(2) | 248,788,479 | - | - | - | 248,788,479 | 21,578,053 | 1951-1999 | 2009-2010 |
20 years to 34 years
|
||||||||||
Pennsylvania (LTC)
|
14,771,867 | - | - | - | 14,771,867 | 1,417,646 | 1969 | 2009 |
26 years
|
|||||||||||
Total Airamid
|
263,560,346 | - | - | - | 263,560,346 | 22,995,699 | ||||||||||||||
CommuniCare Health Services:
|
||||||||||||||||||||
Ohio (LTC, AL, SH)
|
218,726,757 | 7,774,755 | - | - | 226,501,512 | 44,540,830 | 1927-2008 | 1998-2008 |
20 years to 39 years
|
|||||||||||
Pennsylvania (LTC)
|
20,286,067 | 314,269 | - | - | 20,600,336 | 3,912,045 | 1950-1964 | 2005 |
39 years
|
|||||||||||
Total CommuniCare
|
239,012,824 | 8,089,024 | - | - | 247,101,848 | 48,452,875 | ||||||||||||||
Sun Healthcare Group, Inc.:
|
||||||||||||||||||||
Alabama (LTC)
|
23,584,956 | 6,442,331 | - | - | 30,027,287 | 10,818,299 | 1964-1974 | 1997 |
33 years
|
|||||||||||
California (LTC)
|
15,618,263 | 26,652 | - | - | 15,644,915 | 6,373,838 | 1927-1972 | 1997 |
33 years
|
|||||||||||
Colorado (LTC, ILF)
|
38,341,876 | 5,444,311 | - | - | 43,786,187 | 6,423,109 | 1963-1975 | 2006 |
39 years
|
|||||||||||
Idaho (LTC)
|
21,705,266 | 974,012 | - | - | 22,679,278 | 5,831,376 | 1920-1988 | 1997-2006 |
33 years
|
|||||||||||
Massachusetts (LTC)
|
39,018,142 | 2,283,827 | (8,257,521 | ) | - | 33,044,448 | 12,368,773 | 1964-1992 | 1997-1999 |
33 years
|
||||||||||
North Carolina (LTC)
|
22,652,488 | 1,987,956 | - | - | 24,640,444 | 12,134,567 | 1964-1986 | 1994-1997 |
30 years to 33 years
|
|||||||||||
Ohio (LTC)
|
11,653,451 | 20,246 | - | - | 11,673,697 | 4,844,651 | 1968-1983 | 1997 |
33 years
|
|||||||||||
Tennessee (LTC)
|
7,905,139 | 407,968 | - | - | 8,313,107 | 4,316,997 | 1984-1985 | 1994 |
30 years
|
|||||||||||
Washington (LTC)
|
10,000,000 | 1,798,844 | - | - | 11,798,844 | 8,662,180 | 1965 | 1995 |
20 years
|
|||||||||||
West Virginia (LTC)
|
24,751,206 | 5,006,331 | - | - | 29,757,537 | 11,027,374 | 1961-1982 | 1997-1998 |
33 years
|
|||||||||||
Total Sun
|
215,230,787 | 24,392,478 | (8,257,521 | ) | - | 231,365,744 | 82,801,164 | |||||||||||||
Signature Holdings II LLC.:
|
||||||||||||||||||||
Alabama (LTC)
|
4,827,266 | 640,457 | - | - | 5,467,723 | 1,274,911 | 1966 | 2007 |
20 years
|
|||||||||||
Florida (LTC)
|
110,896,405 | 3,826,771 | - | - | 114,723,176 | 22,177,273 | 1940-1991 | 1996-2010 |
28 years to 39 years
|
|||||||||||
Georgia (LTC)
|
14,679,314 | 3,260,590 | - | - | 17,939,904 | 4,112,669 | 1964-1970 | 2007 |
20 years
|
|||||||||||
Kentucky (LTC)
|
44,737,439 | 3,023,096 | - | - | 47,760,535 | 7,993,116 | 1964-1978 | 1999-2010 |
20 years to 33 years
|
|||||||||||
Maryland (LTC)
|
28,629,686 | 954,472 | - | - | 29,584,158 | 2,240,984 | 1959-1985 | 2010 |
26 years to 30 years
|
|||||||||||
Tennessee (LTC)
|
11,230,702 | 357,255 | - | - | 11,587,957 | 2,525,977 | 1982 | 2007 |
20 years
|
|||||||||||
Total Signature Holdings II LLC
|
215,000,812 | 12,062,641 | - | - | 227,063,453 | 40,324,930 | ||||||||||||||
Advocat, Inc.:
|
||||||||||||||||||||
Alabama (LTC)
|
11,588,534 | 6,392,567 | - | - | 17,981,101 | 8,791,516 | 1960-1982 | 1992 |
31.5 years
|
|||||||||||
Arkansas (LTC)
|
36,023,409 | 8,809,828 | (36,350 | ) | - | 44,796,887 | 24,355,933 | 1967-1988 | 1992 |
31.5 years
|
||||||||||
Florida (LTC)
|
1,050,000 | 1,920,000 | (970,000 | ) | - | 2,000,000 | 618,305 | 1980 | 1992 |
31.5 years
|
||||||||||
Kentucky (LTC)
|
15,151,027 | 3,804,027 | - | - | 18,955,054 | 8,583,645 | 1948-1995 | 1994-1995 |
33 years
|
|||||||||||
Ohio (LTC)
|
5,604,186 | 1,542,098 | - | - | 7,146,284 | 3,171,976 | 1974 | 1994 |
33 years
|
|||||||||||
Tennessee (LTC)
|
9,542,121 | 159,059 | - | - | 9,701,180 | 5,677,899 | 1983 | 1992 |
31.5 years
|
|||||||||||
Texas (LTC)
|
36,885,872 | 3,414,483 | - | - | 40,300,355 | 9,460,542 | 1964-2009 | 1997-2008 |
33 years to 39 years
|
|||||||||||
West Virginia (LTC)
|
5,437,221 | 348,642 | - | - | 5,785,863 | 2,878,616 | 1982-1996 | 1994-1995 |
33 years
|
|||||||||||
Total Advocat
|
121,282,370 | 26,390,704 | (1,006,350 | ) | - | 146,666,724 | 63,538,432 | |||||||||||||
Gulf Coast Master Tenant I, LLC
|
||||||||||||||||||||
Florida (LTC)
|
(2) | 100,964,733 | - | - | - | 100,964,733 | 8,240,115 | 1933-1988 | 2009-2010 |
20 years to 34 years
|
||||||||||
Mississippi (LTC)
|
(2) | 45,671,291 | - | - | - | 45,671,291 | 2,972,990 | 1962-1988 | 2009-2010 |
28 years to 42 years
|
||||||||||
Total Gulf Coast
|
146,636,024 | - | - | - | 146,636,024 | 11,213,105 | ||||||||||||||
Affiliates of SLC
|
||||||||||||||||||||
Arkansas (LTC)
|
(2) | 81,240,215 | - | - | - | 81,240,215 | 108,357 | 1960-2000 | 2011 |
20 years to 38 years
|
||||||||||
Colorado (LTC)
|
(2) | 5,491,701 | - | - | - | 5,491,701 | 7,493 | 1961 | 2011 |
20 years
|
||||||||||
Florida (LTC)
|
(2) | 14,636,992 | - | - | - | 14,636,992 | 10,605 | 1985 | 2011 |
40 years
|
||||||||||
Michigan (LTC)
|
(2) | 16,503,453 | - | - | - | 16,503,453 | 19,345 | 1964-1973 | 2011 |
25 years
|
||||||||||
Wisconsin (LTC)
|
(2) | 12,031,773 | - | - | - | 12,031,773 | 13,970 | 1964 | 2011 |
20 years
|
||||||||||
Total SLC
|
129,904,134 | - | - | - | 129,904,134 | 159,770 | ||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
|
|||||||||||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC.
|
|||||||||||||||||||||||||
December 31, 2011
|
|||||||||||||||||||||||||
(3) | |||||||||||||||||||||||||
Gross Amount at
|
|
|
|||||||||||||||||||||||
Which Carried at
|
|
|
|||||||||||||||||||||||
Initial Cost to
|
Cost Capitalized
|
Close of Period |
|
Life on Which
|
|||||||||||||||||||||
Company
|
Subsequent to
|
Buildings
|
Depreciation
|
||||||||||||||||||||||
Buildings
|
Acquisition
|
and Land
|
(4) |
in Latest
|
|||||||||||||||||||||
and Land
|
Improvements
|
Accumulated
|
Date of
|
Date
|
Income Statements
|
||||||||||||||||||||
Description (1)
|
Encumbrances
|
Improvements
|
Improvements
|
Impairment
|
Other
|
Total
|
Depreciation
|
Construction
|
Acquired
|
is Computed
|
Other:
|
|||||||||||||||||||||||||
Alabama (LTC)
|
6,351,175 | - | - | - | 6,351,175 | 786,321 | 1986 | 2010 |
20 years
|
||||||||||||||||
Alaska (LTC)
|
6,757,173 | - | - | - | 6,757,173 | 788,607 | 1987 | 2009 |
20 years
|
||||||||||||||||
Arizona (LTC)
|
34,318,095 | 5,649,899 | (6,603,745 | ) | - | 33,364,249 | 8,695,126 | 1983-1985 | 1998-2010 |
29 years to 33 years
|
|||||||||||||||
Arkansas (LTC)
|
2,515,996 | (605,129 | ) | - | 1,910,867 | 110,868 | 1968 | 2010 |
20 years
|
||||||||||||||||
California (LTC)
|
21,879,146 | 1,778,353 | - | - | 23,657,499 | 7,468,619 | 1950-1990 | 1997-2010 |
20 years to 33 years
|
||||||||||||||||
Colorado (LTC)
|
28,044,216 | 1,240,246 | - | - | 29,284,462 | 6,801,741 | 1958-1973 | 1998-2010 |
20 years to 33 years
|
||||||||||||||||
Florida (LTC, AL)
|
102,717,317 | 1,891,512 | - | - | 104,608,829 | 22,998,713 | 1964-1999 | 1993-2010 |
20 years to 39 years
|
||||||||||||||||
Georgia (LTC)
|
10,000,000 | - | - | - | 10,000,000 | 2,121,203 | 1967-1971 | 1998 |
37.5 years
|
||||||||||||||||
Illinois (LTC)
|
13,961,501 | 444,484 | - | - | 14,405,985 | 6,022,681 | 1926-1990 | 1996-1999 |
30 years to 33 years
|
||||||||||||||||
Indiana (LTC, AL)
|
67,001,006 | 2,277,520 | (1,843,400 | ) | - | 67,435,126 | 11,854,091 | 1967-1996 | 1992-2010 |
20 years to 38 years
|
|||||||||||||||
Iowa (LTC)
|
19,116,936 | 2,084,807 | - | - | 21,201,743 | 5,133,722 | 1965-1983 | 1997-2010 |
23 years to 33 years
|
||||||||||||||||
Kansas (LTC)
|
3,210,020 | - | - | - | 3,210,020 | 301,497 | 1985 | 2010 |
20 years
|
||||||||||||||||
Louisiana (LTC)
|
55,343,066 | 170,509 | - | - | 55,513,575 | 10,315,544 | 1957-1983 | 1997-2006 |
33 years
|
||||||||||||||||
Maryland (LTC)
|
(2) | 47,484,819 | - | - | - | 47,484,819 | 279,673 | 1921-1969 | 2011 |
25 years to 35 years
|
|||||||||||||||
Massachusetts (LTC)
|
23,926,070 | 376,266 | - | - | 24,302,336 | 2,612,028 | 1964-1993 | 2006-2010 |
25 years- 39 years
|
||||||||||||||||
Mississippi (LTC)
|
6,745,613 | 226,654 | - | - | 6,972,267 | 909,071 | 1976 | 2009 |
20 years
|
||||||||||||||||
Missouri (LTC)
|
12,301,560 | - | (149,386 | ) | - | 12,152,174 | 4,536,889 | 1965-1989 | 1999 |
33 years
|
|||||||||||||||
Nevada (LTC, SH)
|
20,926,776 | - | - | - | 20,926,776 | 2,074,191 | 1972-1978 | 2009 |
26 years to 27 years
|
||||||||||||||||
New Hampshire (LTC, AL)
|
21,619,503 | 1,462,797 | - | - | 23,082,300 | 5,192,688 | 1963-1999 | 1998-2006 |
39 years
|
||||||||||||||||
New Mexico (LTC)
|
7,097,600 | 115,509 | - | - | 7,213,109 | 1,351,074 | 1972-1989 | 2008-2010 |
20 years
|
||||||||||||||||
North Carolina (LTC)
|
33,092,980 | - | - | - | 33,092,980 | 2,461,821 | 1969-1987 | 2010 |
25 years to 36 years
|
||||||||||||||||
Ohio (LTC)
|
101,387,343 | 4,419,823 | - | - | 105,807,166 | 19,265,445 | 1962-1998 | 1999-2010 |
20 years to 39 years
|
||||||||||||||||
Oklahoma (LTC)
|
13,855,452 | - | - | - | 13,855,452 | 1,473,951 | 1965-1993 | 2010 |
20 years
|
||||||||||||||||
Pennsylvania (LTC, AL, ILF)
|
138,881,687 | - | - | - | 138,881,687 | 27,381,976 | 1942-2001 | 1998-2009 |
20 years to 39 years
|
||||||||||||||||
Rhode Island (LTC)
|
38,740,812 | 4,792,882 | - | - | 43,533,694 | 7,826,460 | 1965-1981 | 2006 |
39 years
|
||||||||||||||||
Tennessee (LTC)
|
84,989,248 | 1,727,595 | - | - | 86,716,843 | 9,885,516 | 1958-1983 | 2009-2010 |
20 years to 30 years
|
||||||||||||||||
Texas (LTC)
|
114,859,119 | 8,284,023 | - | - | 123,143,142 | 21,369,465 | 1952-2010 | 2001-2010 |
20 years to 33 years
|
||||||||||||||||
Vermont (LTC)
|
14,145,776 | 1,235,807 | - | - | 15,381,583 | 3,078,949 | 1970-1971 | 2004 |
39 years
|
||||||||||||||||
Washington (AL)
|
5,673,693 | - | - | - | 5,673,693 | 2,049,312 | 1999 | 1999 |
33 years
|
||||||||||||||||
West Virginia (LTC)
|
(2) | 38,744,779 | 1,522,229 | - | - | 40,267,008 | 3,771,205 | 1961-1986 | 2004-2011 |
25 years to 39 years
|
|||||||||||||||
Wisconsin (LTC)
|
18,552,887 | - | - | - | 18,552,887 | 2,015,601 | 1964-1972 | 2009-2010 |
20 years
|
||||||||||||||||
Total Other
|
1,114,241,364 | 39,700,915 | (9,201,660 | ) | - | 1,144,740,619 | 200,934,048 | ||||||||||||||||||
Total
|
2,444,868,661 | 110,635,762 | (18,465,531 | ) | - | 2,537,038,892 | 470,420,023 | ||||||||||||||||||
(1) The real estate included in this schedule is being used in either the operation of long-term care facilities (LTC), assisted living facilities (AL), independent living facilities (ILF)
|
|||||||||||||||||||||||||
or specialty hospitals (SH) located in the states indicated.
|
|||||||||||||||||||||||||
(2) Certain of the real estate indicated are security for the HUD loan borrowings totaling $303,609,523, including FMV of $24,051,794, at December 31, 2011.
|
|||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
(3)
|
2009 | 2010 | 2011 | ||||||||||||||||||||||
Balance at beginning of period
|
$ | 1,372,012,139 | $ | 1,669,842,724 | $ | 2,366,856,229 | |||||||||||||||||||
Acquisitions
|
275,624,767 | 661,148,185 | 192,612,147 | ||||||||||||||||||||||
Impairment
|
(26,344,298 | ) | |||||||||||||||||||||||
Improvements
|
23,232,364 | 35,905,544 | 19,865,623 | ||||||||||||||||||||||
Disposals/other
|
(1,026,546 | ) | (40,224 | ) | (15,950,809 | ) | |||||||||||||||||||
Balance at close of period
|
$ | 1,669,842,724 | $ | 2,366,856,229 | $ | 2,537,038,892 | |||||||||||||||||||
(4)
|
2009 | 2010 | 2011 | ||||||||||||||||||||||
Balance at beginning of period
|
$ | 251,853,570 | $ | 296,441,131 | $ | 380,995,243 | |||||||||||||||||||
Provisions for depreciation
|
44,609,428 | 84,554,112 | 100,237,951 | ||||||||||||||||||||||
Dispositions/other
|
(21,867 | ) | (10,813,171 | ) | |||||||||||||||||||||
Balance at close of period
|
$ | 296,441,131 | $ | 380,995,243 | $ | 470,420,023 |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||
OMEGA HEALTHCARE INVESTORS, INC. | |||||||||||||||||
December 31, 2011 | |||||||||||||||||
Description (1)
|
Interest Rate
|
Final Maturity Date
|
Periodic Payment
Terms
|
Prior Liens
|
Face Amount of
Mortgages
|
Carrying Amount of
Mortgages (3) (4)
|
Principal Amount
of Loans Subject
to Delinquent
Principal or
Interest
|
||||||||||
Florida (2 LTC facilities)
|
11.50 | % |
June 4, 2016
|
Interest payable monthly
|
None
|
12,590,000 | 11,545,423 | ||||||||||
Florida (3 LTC facilities)
|
10.20 | % |
December 19, 2030
|
Interest payable monthly
|
None
|
15,900,000 | 15,900,000 | ||||||||||
Maryland (7 LTC facilities)
|
11.00 | % |
December 31, 2023
|
Interest payable monthly
|
None
|
74,927,751 | 69,927,759 | ||||||||||
Maryland (1 LTC facilities)
|
12.00 | % |
October 31, 2046
|
Interest payable monthly
|
None
|
10,000,000 | 10,000,000 | ||||||||||
Maryland (1 LTC facilities)
|
12.00 | % |
October 31, 2046
|
Interest payable monthly
|
None
|
9,500,000 | 9,500,000 | ||||||||||
Maryland (1 LTC facilities)
|
12.00 | % |
October 31, 2046
|
Interest payable monthly
|
None
|
5,500,000 | 5,500,000 | ||||||||||
Michigan (1 LTC facility)
|
12.50 | % |
December 31, 2021
|
Interest payable monthly
|
None
|
4,989,843 | 4,989,843 | ||||||||||
Michigan (1 LTC facility)
|
12.50 | % |
September 30, 2021
|
Interest payable monthly
|
None
|
5,573,500 | 5,573,500 | ||||||||||
Michigan (1 LTC facility)(2)
|
12.50 | % |
* See (2)
|
Interest payable monthly
|
None
|
2,234,301 | 2,234,301 | ||||||||||
Michigan (13 LTC facilities)
|
11.00 | % |
November 13, 2021
|
Interest payable monthly
|
None
|
92,000,000 | 92,000,000 | ||||||||||
Ohio (1 LTC facility)
|
11.00 | % |
October 31, 2014
|
Interest plus $6,100 of principal payable monthly
|
None
|
6,500,000 | 6,158,764 | ||||||||||
11.00 | % |
October 31, 2014
|
Interest payable monthly
|
None
|
345,011 | 345,011 | |||||||||||
Texas (1 LTC facility)
|
10.00 | % |
July 17, 2012
|
Interest payable monthly
|
None
|
5,000,000 | 5,000,000 | ||||||||||
$ | 245,060,406 | 238,674,601 |
Year Ended December 31,
|
|||||||||||||
(4) | 2009 | 2010 | 2011 | ||||||||||
Balance at beginning of period
|
$ | 100,821,287 | $ | 100,222,734 | $ | 108,556,518 | |||||||
Additions during period - Placements
|
- | 20,656,391 | 130,191,254 | ||||||||||
Deductions during period - collection of principal/other
|
(598,553 | ) | (12,322,607 | ) | (73,171 | ) | |||||||
Balance at close of period
|
$ | 100,222,734 | $ | 108,556,518 | $ | 238,674,601 | |||||||
EXHIBIT
NUMBER
|
DESCRIPTION
|
2.1
|
Securities Purchase Agreement dated November 17, 2009 between CapitalSource Inc., CHR HUD Borrower LLC, CSE Mortgage LLC, CSE SLB LLC, CSE SNF Holding LLC and Omega Healthcare Investors, Inc. (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed November 23, 2009).
|
3.1
|
Amended and Restated Bylaws. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on April 20, 2011).
|
3.2
|
Articles of Amendment and Restatement of Omega Healthcare Investors, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on June 14, 2010).
|
4.0
|
See Exhibits 3.1 to 3.2.
|
4.1
|
Indenture, dated as of December 30, 2005, among Omega Healthcare Investors, Inc., each of the subsidiary guarantors listed therein and U.S. Bank National Association, as trustee, relating to the 7% Senior Notes due 2016. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on January 4, 2006).
|
4.1A
|
Form of 7% Senior Notes due 2016. (Incorporated by reference to Exhibit A of Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on January 4, 2006).
|
4.1B
|
Form of Subsidiary Guarantee relating to the 7% Senior Notes due 2016. (Incorporated by reference to Exhibit E of Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on January 4, 2006).
|
4.1C
|
First Supplemental Indenture, dated as of January 7, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, each of the New Subsidiaries listed on Schedule II thereto and U.S. Bank National Association, as trustee, together with Second Supplemental Indenture, dated as of January 29, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, each of the New Subsidiaries listed on Schedule II thereto and U.S. Bank National Association, as trustee, and Third Supplemental Indenture, dated as of February 2, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset II (FL), LLC and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2C to the Company’s Annual Report on Form 10-K, filed on March 1, 2010).
|
4.1D
|
Fourth Supplemental Indenture, dated as of June 23, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, each of the New Subsidiaries listed on Schedule II thereto and U.S. Bank National Association, as trustee, together with Fifth Supplemental Indenture, dated as of September 2, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset (MI), LLC and U.S. Bank National Association, as trustee, and Sixth Supplemental Indenture, dated as of January 13, 2011, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset II (FL) Lender, LLC and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.1D to the Company’s Annual Report on Form 10-K, filed on February 28, 2011).
|
4.1E
|
Seventh Supplemental Indenture, dated as of June 10, 2011, among Omega Healthcare investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset HUD WO, LLC, OHI Asset (MD), LLC and U.S. Bank National Association, as trustee.*
|
4.2
|
Indenture, dated as of February 9, 2010, among Omega Healthcare Investors, Inc., each of the subsidiary guarantors listed therein and U.S. Bank National Association, as trustee, related to the 7.5% Senior Notes due 2020, including the Form of 7.5% Senior Notes and Form of Subsidiary Guarantee related thereto. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on February 10, 2010).
|
4.2A
|
First Supplemental Indenture, dated as of June 23, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, each of the New Subsidiaries listed on Schedule II thereto and U.S. Bank National Association, as trustee, together with Second Supplemental Indenture, dated as of September 2, 2010, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset (MI), LLC and U.S. Bank National Association, as trustee, and Third Supplemental Indenture, dated as of January 13, 2011, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset II (FL) Lender, LLC and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.2A to the Company’s Annual Report on Form 10-K, filed on February 28, 2011).
|
4.2B
|
Fourth Supplemental Indenture, dated as of June 10, 2011, among Omega Healthcare investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset HUD WO, LLC, OHI Asset (MD), LLC and U.S. Bank National Association, as trustee.*
|
4.3
|
Indenture, dated as of October 4, 2010, by and among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto and U.S. Bank National Association, as trustee, related to the 6.75% Senior Notes due 2022, including the Form of 6.75% Senior Notes and Form of Subsidiary Guarantee related thereto. (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on October 5, 2010).
|
4.3A
|
First Supplemental Indenture, dated as of January 13, 2011, among Omega Healthcare Investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset II (FL) Lender, LLC and U.S. Bank National Association, as trustee. (Incorporated by reference to Exhibit 4.3A to the Company’s Annual Report on Form 10-K, filed on February 28, 2011).
|
4.3B
|
Second Supplemental Indenture, dated as of June 10, 2011, among Omega Healthcare investors, Inc., each of the Subsidiary Guarantors listed on Schedule I thereto, OHI Asset HUD WO, LLC, OHI Asset (MD), LLC and U.S. Bank National Association, as trustee.*
|
10.1
|
Form of Directors and Officers Indemnification Agreement. (Incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q, filed on August 14, 2000).
|
10.2
|
Reserved.
|
10.3
|
2000 Stock Incentive Plan (as amended January 1, 2001). (Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q, filed on November 10, 2003).+
|
10.4
|
Amendment to 2000 Stock Incentive Plan. (Incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q, filed on August 14, 2000).+
|
10.5
|
Employment Agreement, dated October 22, 2010, between Omega Healthcare Investors, Inc. and C. Taylor Pickett, including forms of equity awards. (Incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q, filed on November 8, 2010).+
|
10.6
|
Employment Agreement, dated October 22, 2010, between Omega Healthcare Investors, Inc. and Daniel Booth, including forms of equity awards. (Incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q, filed on November 8, 2010).+
|
10.7
|
Employment Agreement, dated October 22, 2010, between Omega Healthcare Investors, Inc. and R. Lee Crabill, including forms of equity awards. (Incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q, filed on November 8, 2010).+
|
10.8
|
Employment Agreement, dated October 22, 2010, between Omega Healthcare Investors, Inc. and Robert O. Stephenson, including forms of equity awards. (Incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q, filed on November 8, 2010).+
|
10.9
|
Form of Restricted Stock Unit Award for 2007 to 2010 officer grants. (Incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q, filed on May 8, 2007).+
|
10.10
|
Reserved.
|
10.11
|
Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan. (Incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q, filed on November 2, 2004).+
|
10.11A
|
First Amendment to the Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan, dated as of May 22, 2008 (Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed May 29, 2008).+
|
10.12
|
Form of Officers’ Multi-Year Performance Restricted Stock Unit Award for 2011 to 2014.+*
|
10.12A
|
Form of Officers’ Annual Performance Restricted Stock Unit Award for 2011 to 2014.+*
|
10.13
|
Form of Incentive Stock Option Award for the Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan. (Incorporated by reference to Exhibit 10.30 of the Company’s Annual Report Form 10-K, filed on February 18, 2005).+
|
10.14
|
Form of Non-Qualified Stock Option Award for the Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan. (Incorporated by reference to Exhibit 10.31 of the Company’s Annual Report on Form 10-K, filed on February 18, 2005).+
|
10.15
|
Form of Directors’ Restricted Stock Award.+*
|
10.15A
|
Form of Officers’ Restricted Stock Award for 2011 to 2014.+*
|
10.16
|
Reserved.
|
10.17
|
Reserved.
|
10.18
|
Reserved.
|
10.19
|
Reserved.
|
10.20
|
Employment Agreement, dated October 22, 2010, between Omega Healthcare Investors, Inc. and Michael Ritz, including forms of equity awards. (Incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q, filed on November 8, 2010).+
|
10.21
|
Deferred Stock Plan, dated January 20, 2009, and forms of related agreements. (Incorporated by reference to Exhibit 10.28 of the Company’s Annual Report on Form 10-K, filed on March 2, 2009).+
|
10.22
|
Reserved. |
10.23
|
Form of Equity Distribution Agreement, dated June 25, 2010, entered into by and between Omega Healthcare Investors, Inc. and each of Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Jefferies & Company, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc., Stifel, Nicolaus & Company, Incorporated, and UBS Securities LLC. (Incorporated by reference to Exhibit 1.1 of the Company’s Current Report on Form 8-K, filed June 25, 2010).
|
10.24
|
Credit Agreement, dated as of April 13, 2010, among OHI Asset, LLC, OHI Asset (ID), LLC, OHI Asset (LA), LLC, OHI Asset (CA), LLC, Delta Investors I, LLC, Delta Investors II, LLC, OHI Asset (CO), LLC, Colonial Gardens, LLC, Wilcare, LLC, Texas Lessor- Stonegate, LP, OHIMA, Inc., Canton Health Care Land, Inc., Dixon Health Care Center, Inc., Hutton I Land, Inc., Hutton II Land, Inc., Hutton III Land, Inc., Leatherman Partnership 89-1, Inc., Leatherman Partnership 89-2, Inc., Leatherman 90-1, Inc., Meridian Arms Land, Inc., Orange Village Care Center, Inc., St. Mary’s Properties, Inc. the lenders named therein, and Bank of America, N.A. (Incorporated by reference to Exhibit 10.1 to the Company Current Report on Form 8-K, filed April 16, 2010).
|
10.25
|
Credit Agreement, dated as of August 16, 2011, among Omega Healthcare Investors, Inc., certain subsidiaries of Omega Healthcare Investors, Inc. identified therein as guarantors, the lenders named therein and Bank of America, N.A. (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed November 7, 2011).++
|
10.26
|
Casablanca Option Agreement dated December 22, 2009 between CapitalSource Inc., CSE SLB LLC and Omega Healthcare Investors, Inc. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed December 29, 2009).
|
10.26A
|
First Amendment to Casablanca Option Agreement, dated as of June 9, 2010, among Omega Healthcare Investors, Inc. CapitalSource Inc. and CSB SLB LLC. (Incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q, filed August 6, 2010).
|
12.1
|
Ratio of Earnings to Fixed Charges.*
|
12.2
|
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.*
|
21
|
Subsidiaries of the Registrant.*
|
23
|
Consent of Independent Registered Public Accounting Firm.
|
31.1
|
Certification of the Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.*
|
31.2
|
Certification of the Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.*
|
32.1
|
Certification of the Chief Executive Officer under Section 906 of the Sarbanes- Oxley Act of 2002.*
|
32.2
|
Certification of the Chief Financial Officer under Section 906 of the Sarbanes- Oxley Act of 2002.*
|
101.INS
|
XBRL Instance Document.**
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.**
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.**
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.**
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.**
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.**
|
* Exhibits that are filed herewith.
|
+ Management contract or compensatory plan, contract or arrangement.
|
++ Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission.
|
** In accordance with Rule 406T of Regulation S-T, this XBRL-related information shall be deemed to be “furnished” and not “filed.”
|
OMEGA HEALTHCARE INVESTORS, INC.
|
||
By: | /s/C. Taylor Pickett | |
C. Taylor Pickett | ||
Chief Executive Officer |
Signatures
|
Title
|
Date
|
||
PRINCIPAL EXECUTIVE OFFICER
|
||||
/s/ C. Taylor Pickett
|
Chief Executive Officer
|
February 27, 2012
|
||
C. Taylor Pickett
|
||||
PRINCIPAL FINANCIAL OFFICER
|
||||
/s/ Robert O. Stephenson
|
Chief Financial Officer
|
February 27, 2012
|
||
Robert O. Stephenson
|
||||
/s/ Michael D.Ritz
|
Chief Accounting Officer
|
February 27, 2012
|
||
Michael D. Ritz
|
||||
DIRECTORS
|
||||
/s/ Bernard J. Korman
|
Chairman of the Board
|
February 27, 2012
|
||
Bernard J. Korman
|
||||
/s/ Thomas F. Franke
|
Director
|
February 27, 2012
|
||
Thomas F. Franke
|
||||
/s/ Harold J. Kloosterman
|
Director
|
February 27, 2012
|
||
Harold J. Kloosterman
|
||||
/s/ Edward Lowenthal
|
Director
|
February 27, 2012
|
||
Edward Lowenthal
|
||||
/s/ C. Taylor Pickett
|
Director
|
February 27, 2012
|
||
C. Taylor Pickett
|
||||
/s/ Stephen D. Plavin
|
Director
|
February 27, 2012
|
||
Stephen D. Plavin
|
|
1.
|
CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
|
|
2.
|
AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in the Indenture, and to be bound by, and to receive the benefit of, all other applicable provisions of the Indenture as Subsidiary Guarantors. Such guarantees shall be evidenced by the New Subsidiaries’ execution of Subsidiary Guarantees, the form of which is attached as Exhibit E to the Indenture, and shall be effective as of the date hereof.
|
|
3.
|
NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, partner, affiliate, beneficiary or stockholder of the New Subsidiaries, as such, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this Seventh Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes, by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.
|
|
4.
|
NEW YORK LAW TO GOVERN. The laws of the State of New York shall govern and be used to construe this Seventh Supplemental Indenture.
|
|
5.
|
COUNTERPARTS. The parties may sign any number of copies of this Seventh Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.
|
|
6.
|
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
|
|
7.
|
THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Seventh Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer, the Subsidiary Guarantors and the New Subsidiaries.
|
OMEGA HEALTHCARE INVESTORS, INC. | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
On behalf of each Subsidiary Guarantor, its sole | |
member, general partner or trustee, named on | |
the attached Schedule I | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
On behalf of each of the New Subsidiaries, its sole member | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
U.S. BANK NATIONAL ASSOCIATION, | |
as Trustee | |
By: /s/ Paul L. Henderson | |
Name: Paul L. Henderson | |
Title: Assistant Vice President |
|
1.
|
CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
|
|
2.
|
AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in the Indenture, and to be bound by, and to receive the benefit of, all other applicable provisions of the Indenture as Subsidiary Guarantors. Such guarantee shall be evidenced by the New Subsidiaries’ execution of Subsidiary Guarantees, the form of which is attached as Exhibit E to the Indenture, and shall be effective as of the date hereof.
|
|
3.
|
NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, partner, affiliate, beneficiary or stockholder of the New Subsidiaries, as such, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this Fourth Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes, by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.
|
|
4.
|
NEW YORK LAW TO GOVERN. The laws of the State of New York shall govern and be used to construe this Fourth Supplemental Indenture.
|
|
5.
|
COUNTERPARTS. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.
|
|
6.
|
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
|
|
7.
|
THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer, the Subsidiary Guarantors and the New Subsidiaries.
|
OMEGA HEALTHCARE INVESTORS, INC. | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
On behalf of each Subsidiary Guarantor, its sole | |
member, general partner or trustee, named on | |
the attached Schedule I | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
On behalf of each of the New Subsidiaries, its | |
sole member | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
U.S. BANK NATIONAL ASSOCIATION, | |
as Trustee | |
By: /s/ Paul L. Henderson | |
Name: Paul L. Henderson | |
Title: Assistant Vice President |
|
1.
|
CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
|
|
2.
|
AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in the Indenture, and to be bound by, and to receive the benefit of, all other applicable provisions of the Indenture as Subsidiary Guarantors. Such guarantee shall be evidenced by the New Subsidiaries’ execution of Subsidiary Guarantees, the form of which is attached as Exhibit E to the Indenture, and shall be effective as of the date hereof.
|
|
3.
|
NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, partner, affiliate, beneficiary or stockholder of the New Subsidiaries, as such, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this Second Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes, by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.
|
|
4.
|
NEW YORK LAW TO GOVERN. The laws of the State of New York shall govern and be used to construe this Second Supplemental Indenture.
|
|
5.
|
COUNTERPARTS. The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.
|
|
6.
|
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.
|
|
7.
|
THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer, the Subsidiary Guarantors and the New Subsidiaries.
|
OMEGA HEALTHCARE INVESTORS, INC. | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
On behalf of each Subsidiary Guarantor, its sole | |
member, general partner or trustee, named on | |
the attached Schedule I | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
On behalf of each of the New Subsidiaries, its | |
sole member | |
By: /s/ Robert O. Stephenson | |
Name: Robert O. Stephenson | |
Title: Chief Financial Officer and Treasurer | |
U.S. BANK NATIONAL ASSOCIATION, | |
as Trustee | |
By: /s/ Paul L. Henderson | |
Name: Paul L. Henderson | |
Title: Assistant Vice President |
A.
|
Grant Date: January 1, 2011.
|
B.
|
Plan (under which Restricted Unit Grant is granted): Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan.
|
C.
|
Vested Restricted Units: The Recipient shall earn a number of Vested Restricted Units determined pursuant to Exhibit 1. Each Vested Restricted Unit represents the Company’s unsecured obligation to issue one share of the Company’s common stock (“Common Stock”) and related Dividend Equivalents (as defined below) in accordance with this Agreement.
|
D.
|
Dividends Equivalents. Each Vested Restricted Unit shall accrue Dividend Equivalents, an amount equal to the dividends per share paid on one share of Common Stock to a shareholder of record on or after the Grant Date and until the date that the Vested Shares ( as defined below) are issued.
|
E.
|
Distribution Date of Vested Shares. Shares of Common Stock attributable to Vested Restricted Units (“Vested Shares”) shall be issued and distributed upon the earlier of the dates listed below, subject to receipt from the Recipient of the required tax withholding:
|
1.
|
within ten (10) business days following the last day of each calendar quarter in 2014; or
|
2.
|
the date of a Change in Control.
|
F.
|
Distribution Date of Dividend Equivalents. Dividend Equivalents attributable to Vested Restricted Units shall be distributed to the Recipient on the same date as Vested Shares are distributable to the Recipient under Item E above.
|
OMEGA HEALTHCARE INVESTORS, INC.
|
|||
By: | |||
Title:
|
A.
|
The number of Vested Restricted Units is determined as of the last day of the Performance Period by adding the number determined in the TSR Chart and the Relative TSR Chart set forth below; provided that the Recipient shall vest in twenty-five percent (25%) of the Vested Restricted Units as of the last day of each calendar quarter during the Vesting Period only if the Recipient remains an employee, director or consultant of the Company or an Affiliate during the entire Performance Period and through the last day of such calendar quarter.
|
Below
Threshold
TSR
|
*Threshold
TSR
|
*Target
TSR
|
*High
TSR
|
Zero
Vested
Units
|
Below
Threshold
Relative TSR
|
**Threshold
Relative TSR
|
**Target
Relative TSR
|
**High
Relative TSR
|
Zero
Vested
Units
|
*
|
If Total Shareholder Return falls between Threshold TSR and Target TSR or between Target TSR and High TSR, the number of Vested Restricted Units under the TSR Chart shall be determined by rounding actual Total Shareholder Return to the closest 0.5% percentage points and then applying linear interpolation based on the percentage points by which Threshold TSR or Target TSR, as so adjusted, respectively, is exceeded.
|
**
|
If Relative Total Shareholder Return falls between Threshold Relative TSR and Target Relative TSR or between Target Relative TSR and High Relative TSR, the number of Vested Restricted Units under the Relative TSR Chart shall be determined by rounding Relative TSR to the closest five (5) percentile points and then applying linear interpolation based on the percentile by which Threshold Relative TSR or Target Relative TSR, respectively, is exceeded.
|
B.
|
Notwithstanding the foregoing, if the Recipient dies or becomes subject to a Disability while an employee, director or consultant of the Company or an Affiliate, the Recipient resigns from the Company for Good Reason or the Company terminates the Recipient’s employment without Cause (each such event referred to as a “Qualifying Termination”), in each case:
|
|
(i)
|
during the Performance Period and more than sixty (60) days before a Change in Control, the Recipient shall earn upon completion of the Performance Period a number of Vested Restricted Units equal to the number of Vested Restricted Units determined in the charts above, multiplied by a fraction, the numerator of which is the number of days elapsed in the Performance Period through the date of such event and the denominator of which is 1,095 (i.e., 365 x 3), or
|
|
(ii)
|
during the Vesting Period, the Recipient shall earn the same number of Vested Restricted Units determined in the charts above as if the Recipient were to remain an employee of the Company through the last day of the Vesting Period.
|
C.
|
Notwithstanding any other provision of this Agreement, if a Change in Control occurs upon or after the Grant Date and before December 31, 2014, and (i) the Recipient remains an employee, director or consultant of the Company or an Affiliate during the entire Performance Period until the date of the Change in Control, or (ii) if within sixty (60) days before the Change in Control, the Recipient incurs a Qualifying Termination, the Recipient shall be 100% vested in, as of the date of the Change in Control:
|
|
1.
|
if the Change in Control occurs before January 1, 2014, the number of units determined from the Relative TSR Chart based on the percentile of Relative Total Shareholder Return achieved for the Performance Period through the date of the Change in Control, plus
|
|
a.
|
the number of units determined in the TSR Chart if the applicable level of Total Shareholder Return for the full three year Performance Period (determined without regard to the shortening of the period as a result of the Change in Control) is achieved, or
|
|
b.
|
a number of units equal to the number of units determined in the TSR Chart multiplied by a fraction, the numerator of which is the number of days elapsed in the Performance Period through the date of the Change in Control and the denominator of which is 1,095 (i.e., 365 x 3), if the applicable level of Total Shareholder Return has been achieved based on annualized performance to the date of the Change in Control but not for the full three year Performance Period (determined without regard to the shortening of the period as a result of the Change in Control), or
|
|
c.
|
a number of units determined by interpolation between the numbers in clause (a) and (b) above if the applicable level of Total Shareholder Return has been exceeded based on performance to the date of the Change in Control but is less than the applicable level for the full three year Performance Period (determined without regard to the shortening of the period as a result of the Change in Control), or
|
|
2.
|
if the Change in Control occurs after December 31, 2013, the number of units determined in the above charts that were actually earned for the Performance Period.
|
D.
|
The portion of the Restricted Unit Grant that has not become Vested Restricted Units as of the earlier of the last day of the Performance Period, or, except as provided in Item C above, as of the date the Recipient ceases to be an employee, director, or consultant of the Company or an Affiliate shall be forfeited. In addition, if the Recipient ceases to be an employee, director, or consultant of the Company or an Affiliate during, but before the last day of, each calendar quarter during the Vesting Period, then except as provided in Item C above, the unvested portion of the Restricted Unit Grant shall be forfeited.
|
TO:
|
Omega Healthcare Investors, Inc.
|
||
Attention: Chief Financial Officer
|
|||
FROM:
|
|||
RE:
|
Withholding Election
|
|
[ ]
|
the original recipient of the Restricted Unit Grant.
|
|
[ ]
|
the legal representative of the estate of the original recipient of the Restricted Unit Grant.
|
|
[ ]
|
a legatee of the original recipient of the Restricted Unit Grant.
|
|
[ ]
|
the legal guardian of the original recipient of the Restricted Unit Grant.
|
Dated: | |||
Signature: | |||
Name (Printed)
|
|||
Street Address | |||
City, State, Zip Code |
A.
|
Grant Date: January 1, 201__.
|
B.
|
Plan (under which Restricted Unit Grant is granted): Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan.
|
C.
|
Vested Restricted Units: The Recipient shall earn a number of Vested Restricted Units determined pursuant to Exhibit 1. Each Vested Restricted Unit represents the Company’s unsecured obligation to issue one share of the Company’s common stock (“Common Stock”) and related Dividend Equivalents (as defined below) in accordance with this Agreement.
|
D.
|
Dividends Equivalents. Each Vested Restricted Unit shall accrue Dividend Equivalents, an amount equal to the dividends per share paid on one share of Common Stock to a shareholder of record on or after the Grant Date and until the date that the Vested Shares (as defined below) are issued.
|
E.
|
Distribution Date of Vested Shares. Shares of Common Stock attributable to Vested Restricted Units (“Vested Shares”) shall be issued and distributed upon the earlier of the dates listed below, subject to receipt from the Recipient of the required tax withholding:
|
1.
|
within ten (10) business days following December 31, 201__; or
|
2.
|
the date of a Change in Control.
|
F.
|
Distribution Date of Dividend Equivalents. Dividend Equivalents attributable to Vested Restricted Units shall be distributed to the Recipient on the same date as Vested Shares are distributable to the Recipient under Item E above.
|
OMEGA HEALTHCARE INVESTORS, INC.
|
|||
By: | |||
Title: |
A.
|
The number of Vested Restricted Units earned is determined as of the last day of the Performance Period pursuant to the following chart; provided that the Recipient must remain an employee, director or consultant of the Company or an Affiliate during the entire Performance Period to earn the number of Vested Restricted Units determined in the chart below.
|
Below
Threshold
Performance
|
*Threshold
Performance
|
*Target
Performance
|
*High
Performance
|
Zero
Vested
Units
|
*
|
If Total Shareholder Return falls between Threshold Performance and Target Performance or between Target Performance and High Performance, the number of Vested Restricted Units shall be determined by rounding actual Total Shareholder Return to the closest 0.5% percentage points and then applying linear interpolation based on the percentage points by which Threshold Performance or Target Performance, respectively, as so adjusted, is exceeded.
|
B.
|
Notwithstanding the foregoing, if during the Performance Period and more than sixty (60) days before a Change in Control, the Recipient dies or becomes subject to a Disability while an employee, director or consultant of the Company or an Affiliate, the Recipient resigns from the Company for Good Reason, or the Company terminates the Recipient’s employment without Cause (each such event referred to as a “Qualifying Termination”), the Recipient shall earn a number of Vested Restricted Units equal to the number of Vested Restricted Units determined in the chart above as of the completion of the Performance Period, multiplied by a fraction, the numerator of which is the number of days elapsed in the Performance Period through the date of such event and the denominator of which is 365.
|
C.
|
Notwithstanding the foregoing, if a Change in Control occurs on or after the Grant Date and before December 31, 201__ and (i) while the Recipient remains an employee, director or consultant of the Company or an Affiliate, or (ii) within sixty (60) days before the Change in Control, the Recipient incurs a Qualifying Termination, the Recipient shall earn a number of Vested Restricted Units determined in the chart above based on the level of Total Shareholder Return through the date of the Change in Control relative to the level required for the full Performance Period (determined without regard to the shortening of the period as a result of the Change in Control), and shall not thereafter earn any additional Vested Restricted Units.
|
D.
|
The portion of the Restricted Unit Grant that has not become earned Vested Restricted Units as of the earlier of the last day of the Performance Period, or, except as provided in Item C above, as of the date the Recipient ceases to be an employee, director, or consultant of the Company or an Affiliate shall be forfeited.
|
TO:
|
Omega Healthcare Investors, Inc.
|
||
Attention: Chief Financial Officer
|
|||
FROM:
|
|||
RE:
|
Withholding Election
|
|
[ ]
|
the original recipient of the Restricted Unit Grant.
|
|
[ ]
|
the legal representative of the estate of the original recipient of the Restricted Unit Grant.
|
|
[ ]
|
a legatee of the original recipient of the Restricted Unit Grant.
|
|
[ ]
|
the legal guardian of the original recipient of the Restricted Unit Grant.
|
Dated: | |||
Signature: | |||
Name (Printed)
|
|||
Street Address | |||
City, State, Zip Code |
|
A.
|
Grant Date: January 15, 20___.
|
|
B.
|
Plan: (under which Restricted Stock Grant is granted): Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan.
|
|
C.
|
Restricted Shares: ______ shares of the Company’s common stock (“Common Stock”), subject to adjustment as provided in the attached Terms and Conditions.
|
|
D.
|
Vesting Schedule: The Restricted Shares shall vest according to the Vesting Schedule attached hereto as Exhibit 1 (the “Vesting Schedule”). The Restricted Shares which have become vested pursuant to the Vesting Schedule are herein referred to as the “Vested Restricted Shares.”
|
OMEGA HEALTHCARE INVESTORS, INC.
|
|||
|
By:
|
||
Title | |||
|
6. Change in Capitalization.
|
Percentage of | |||
Vested Restricted Shares | Vesting Date | ||
33-1/3% | January 1, 2011 | ||
66-2/3% | January 1, 2012 | ||
100% | January 1, 2013 |
|
A.
|
Grant Date: January 1, 2011.
|
|
B.
|
Plan: (under which Restricted Stock Grant is granted): Omega Healthcare Investors, Inc. 2004 Stock Incentive Plan.
|
|
C.
|
Restricted Shares: _________ shares of the Company’s common stock (“Common Stock”), subject to adjustment as provided in the attached Terms and Conditions.
|
|
D.
|
Vesting Schedule: The Restricted Shares shall vest according to the Vesting Schedule attached hereto as Exhibit 1 (the “Vesting Schedule”). The Restricted Shares which have become vested pursuant to the Vesting Schedule are herein referred to as the “Vested Restricted Shares.”
|
OMEGA HEALTHCARE INVESTORS, INC.
|
|||
|
By:
|
||
Title: | |||
|
6. Change in Capitalization.
|
A.
|
The Restricted Shares shall become Vested Shares in accordance with the schedule below:
|
Date
|
Percentage of Restricted
Shares which are Vested Shares
|
December 31, 2013
|
100%
|
B.
|
Notwithstanding the foregoing, if more than sixty (60) days before a Change in Control and in the year set forth in the schedule below:
|
|
1.
|
the Recipient ceases services as an employee, director or consultant of the Company or an Affiliate due to the Recipient’s death or Disability,
|
|
2.
|
the Recipient resigns from the Company for Good Reason, or
|
|
3.
|
the Company terminates the Recipient’s employment without Cause,
|
Year of Termination
|
Percentage of Restricted
Shares which are Vested Shares
|
2011
|
33 1/3%
|
2012
|
66 2/3%
|
2013
|
100%
|
C.
|
Notwithstanding the foregoing, if a Change in Control occurs on or after the Grant Date and before December 31, 2013, and within (i) sixty (60) days before a Change in Control or (ii) after a Change in Control:
|
|
1.
|
the Recipient ceases services as an employee, director or consultant of the Company or an Affiliate due to the Recipient’s death or Disability,
|
|
2.
|
the Recipient resigns from the Company for Good Reason, or
|
|
3.
|
the Company terminates the Recipient’s employment without Cause.
|
D.
|
Restricted Shares which have not become Vested Shares as of the earlier of December 31, 2013 or, except as provided in Item C above, the Recipient’s cessation of services as an employee, director, or consultant of the Company or an Affiliate shall be forfeited.
|
Year Ended December 31,
|
||||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Income from continuing operations before income taxes
|
$ | 67,591 | $ | 77,619 | $ | 82,111 | $ | 58,436 | $ | 52,606 | ||||||||||
Interest expense
|
44,092 | 39,746 | 39,075 | 90,602 | 86,899 | |||||||||||||||
Income before fixed charges
|
$ | 111,683 | $ | 117,365 | $ | 121,186 | $ | 149,038 | $ | 139,505 | ||||||||||
Capitalized interest
|
$ | 110 | $ | 160 | $ | 141 | $ | 22 | $ | 139 | ||||||||||
Interest expense
|
44,092 | 39,746 | 39,075 | 90,602 | 86,899 | |||||||||||||||
Total fixed charges
|
$ | 44,202 | $ | 39,906 | $ | 39,216 | $ | 90,624 | $ | 87,038 | ||||||||||
Earnings / fixed charge coverage ratio
|
2.5 | x | 2.9 | x | 3.1 | x | 1.6 | x | 1.6 | x |
Year Ended December 31,
|
||||||||||||||||||||
2007
|
2008
|
2009
|
2010
|
2011
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Income from continuing operations before income taxes
|
$ | 67,591 | $ | 77,619 | $ | 82,111 | $ | 58,436 | $ | 52,606 | ||||||||||
Interest expense
|
44,092 | 39,746 | 39,075 | 90,602 | 86,899 | |||||||||||||||
Income before fixed charges
|
$ | 111,683 | $ | 117,365 | $ | 121,186 | $ | 149,038 | $ | 139,505 | ||||||||||
Capitalized interest
|
$ | 110 | $ | 160 | $ | 141 | $ | 22 | $ | 139 | ||||||||||
Interest expense
|
44,092 | 39,746 | 39,075 | 90,602 | 86,899 | |||||||||||||||
Preferred stock dividends
|
9,923 | 9,714 | 9,086 | 9,086 | 1,691 | |||||||||||||||
Total fixed charges and preferred dividends
|
$ | 54,125 | $ | 49,620 | $ | 48,302 | $ | 99,710 | $ | 88,729 | ||||||||||
Earnings / combined fixed charges and preferred
dividends coverage ratio
|
2.1 | x | 2.4 | x | 2.5 | x | 1.5 | x | 1.6 | x |
Subsidiary
|
Jurisdiction of Incorporation
|
1040 Wedding Ford Road, LLC
|
Arkansas
|
1101 Waterwell Road, LLC
|
Arkansas
|
1149 & 1151 West New Hope Road, LLC
|
Arkansas
|
115 Orendorff Avenue, LLC
|
Arkansas
|
1194 North Chester Street, LLC
|
Arkansas
|
1200 Ely Street Holdings Co. LLC
|
Michigan
|
1401 Park Avenue, LLC
|
Arkansas
|
202 Tims Avenue, LLC
|
Arkansas
|
228 Pointer Trail West, LLC
|
Arkansas
|
2425 Teller Avenue, LLC
|
Colorado
|
2701 Twin Rivers Drive, LLC
|
Arkansas
|
3600 Richards Road, LLC
|
Arkansas
|
42235 County Road Holdings Co. LLC
|
Michigan
|
48 High Point Road, LLC
|
Maryland
|
700 Mark Drive, LLC
|
Arkansas
|
900 Magnolia Road SW, LLC
|
Arkansas
|
Arizona Lessor - Infinia, Inc.
|
Maryland
|
Baldwin Health Center, Inc.
|
Pennsylvania
|
Bayside Alabama Healthcare Second, Inc.
|
Alabama
|
Bayside Arizona Healthcare Associates, Inc.
|
Arizona
|
Bayside Arizona Healthcare Second, Inc.
|
Arizona
|
Bayside Colorado Healthcare Associates, Inc.
|
Colorado
|
Bayside Colorado Healthcare Second, Inc.
|
Colorado
|
Bayside Indiana Healthcare Associates, Inc.
|
Indiana
|
Bayside Street II, Inc.
|
Delaware
|
Bayside Street, Inc.
|
Maryland
|
Canton Health Care Land, Inc.
|
Ohio
|
Carnegie Gardens LLC
|
Delaware
|
Center Healthcare Associates, Inc.
|
Texas
|
CFG 2115 Woodstock Place LLC
|
Delaware
|
Cherry Street – Skilled Nursing, Inc.
|
Texas
|
CHR Bartow LLC
|
Delaware
|
CHR Boca Raton LLC
|
Delaware
|
CHR Bradenton LLC
|
Delaware
|
CHR Cape Coral LLC
|
Delaware
|
CHR Clearwater Highland LLC
|
Delaware
|
CHR Clearwater LLC
|
Delaware
|
CHR Deland East LLC
|
Delaware
|
CHR Deland West LLC
|
Delaware
|
CHR Fort Myers LLC
|
Delaware
|
Subsidiary
|
Jurisdiction of Incorporation
|
CHR Fort Walton Beach LLC
|
Delaware
|
CHR Gulfport LLC
|
Delaware
|
CHR Hudson LLC
|
Delaware
|
CHR Lake Wales LLC
|
Delaware
|
CHR Lakeland LLC
|
Delaware
|
CHR Panama City LLC
|
Delaware
|
CHR Pompano Beach Broward LLC
|
Delaware
|
CHR Pompano Beach LLC
|
Delaware
|
CHR Sanford LLC
|
Delaware
|
CHR Sarasota LLC
|
Delaware
|
CHR Spring Hill LLC
|
Delaware
|
CHR St. Pete Abbey LLC
|
Delaware
|
CHR St. Pete Bay LLC
|
Delaware
|
CHR St. Pete Egret LLC
|
Delaware
|
CHR Tampa Carrollwood LLC
|
Delaware
|
CHR Tampa LLC
|
Delaware
|
CHR Tarpon Springs LLC
|
Delaware
|
CHR Titusville LLC
|
Delaware
|
CHR West Palm Beach LLC
|
Delaware
|
Colonial Gardens, LLC
|
Ohio
|
Colorado Lessor - Conifer, Inc.
|
Maryland
|
Copley Health Center, Inc.
|
Ohio
|
CSE Albany LLC
|
Delaware
|
CSE Amarillo LLC
|
Delaware
|
CSE Anchorage LLC
|
Delaware
|
CSE Arden L.P.
|
Delaware
|
CSE Augusta LLC
|
Delaware
|
CSE Bedford LLC
|
Delaware
|
CSE Blountville LLC
|
Delaware
|
CSE Bolivar LLC
|
Delaware
|
CSE Cambridge LLC
|
Delaware
|
CSE Cambridge Realty LLC
|
Delaware
|
CSE Camden LLC
|
Delaware
|
CSE Canton LLC
|
Delaware
|
CSE Casablanca Holdings II LLC
|
Delaware
|
CSE Casablanca Holdings LLC
|
Delaware
|
CSE Cedar Rapids LLC
|
Delaware
|
CSE Centennial Village
|
Delaware
|
CSE Chelmsford LLC
|
Delaware
|
CSE Chesterton LLC
|
Delaware
|
CSE Claremont LLC
|
Delaware
|
CSE Corpus North LLC
|
Delaware
|
CSE Crane LLC
|
Delaware
|
Subsidiary
|
Jurisdiction of Incorporation
|
CSE Denver Iliff LLC
|
Delaware
|
CSE Denver LLC
|
Delaware
|
CSE Douglas LLC
|
Delaware
|
CSE Dumas LLC
|
Delaware
|
CSE Elkton LLC
|
Delaware
|
CSE Elkton Realty LLC
|
Delaware
|
CSE Fairhaven LLC
|
Delaware
|
CSE Fort Wayne LLC
|
Delaware
|
CSE Frankston LLC
|
Delaware
|
CSE Georgetown LLC
|
Delaware
|
CSE Green Bay LLC
|
Delaware
|
CSE Hilliard LLC
|
Delaware
|
CSE Huntingdon LLC
|
Delaware
|
CSE Huntsville LLC
|
Delaware
|
CSE Indianapolis-Continental LLC
|
Delaware
|
CSE Indianapolis-Greenbriar LLC
|
Delaware
|
CSE Jacinto City LLC
|
Delaware
|
CSE Jefferson City LLC
|
Delaware
|
CSE Jeffersonville-Hillcrest Center LLC
|
Delaware
|
CSE Jeffersonville-Jennings House LLC
|
Delaware
|
CSE Kerrville LLC
|
Delaware
|
CSE King L.P.
|
Delaware
|
CSE Kingsport LLC
|
Delaware
|
CSE Knightdale L.P.
|
Delaware
|
CSE Lake City LLC
|
Delaware
|
CSE Lake Worth LLC
|
Delaware
|
CSE Lakewood LLC
|
Delaware
|
CSE Las Vegas LLC
|
Delaware
|
CSE Lawrenceburg LLC
|
Delaware
|
CSE Lenoir L.P.
|
Delaware
|
CSE Lexington Park LLC
|
Delaware
|
CSE Lexington Park Realty LLC
|
Delaware
|
CSE Ligonier LLC
|
Delaware
|
CSE Live Oak LLC
|
Delaware
|
CSE Logansport LLC
|
Delaware
|
CSE Lowell LLC
|
Delaware
|
CSE Marianna Holdings LLC
|
Delaware
|
CSE Memphis LLC
|
Delaware
|
CSE Mobile LLC
|
Delaware
|
CSE Moore LLC
|
Delaware
|
CSE North Carolina Holdings I LLC
|
Delaware
|
CSE North Carolina Holdings II LLC
|
Delaware
|
CSE Omro LLC
|
Delaware
|
Subsidiary
|
Jurisdiction of Incorporation
|
CSE Orange Park LLC
|
Delaware
|
CSE Orlando-Pinar Terrace Manor LLC
|
Delaware
|
CSE Orlando-Terra Vista Rehab LLC
|
Delaware
|
CSE Pennsylvania Holdings
|
Delaware
|
CSE Piggott LLC
|
Delaware
|
CSE Pilot Point LLC
|
Delaware
|
CSE Pine View LLC
|
Delaware
|
CSE Ponca City LLC
|
Delaware
|
CSE Port St. Lucie LLC
|
Delaware
|
CSE Richmond LLC
|
Delaware
|
CSE Ripley LLC
|
Delaware
|
CSE Ripon LLC
|
Delaware
|
CSE Safford LLC
|
Delaware
|
CSE Salina LLC
|
Delaware
|
CSE Seminole LLC
|
Delaware
|
CSE Shawnee LLC
|
Delaware
|
CSE Spring Branch LLC
|
Delaware
|
CSE Stillwater LLC
|
Delaware
|
CSE Taylorsville LLC
|
Delaware
|
CSE Texarkana LLC
|
Delaware
|
CSE Texas City LLC
|
Delaware
|
CSE The Village LLC
|
Delaware
|
CSE Upland LLC
|
Delaware
|
CSE Walnut Cove L.P.
|
Delaware
|
CSE West Point LLC
|
Delaware
|
CSE Whitehouse LLC
|
Delaware
|
CSE Williamsport LLC
|
Delaware
|
CSE Winter Haven LLC
|
Delaware
|
CSE Woodfin L.P.
|
Delaware
|
CSE Yorktown LLC
|
Delaware
|
Dallas – Skilled Nursing, Inc.
|
Texas
|
Delta Investors I, LLC
|
Maryland
|
Delta Investors II, LLC
|
Maryland
|
Desert Lane LLC
|
Delaware
|
Dixie White House Nursing Home, Inc.
|
Mississippi
|
Dixon Health Care Center, Inc.
|
Ohio
|
Florida Lessor – Crystal Springs, Inc.
|
Maryland
|
Florida Lessor – Emerald, Inc.
|
Maryland
|
Florida Lessor – Lakeland, Inc.
|
Maryland
|
Florida Lessor – Meadowview, Inc.
|
Maryland
|
Florida Real Estate Company, LLC
|
Florida
|
Georgia Lessor - Bonterra/Parkview, Inc.
|
Maryland
|
Greenbough, LLC
|
Delaware
|
Subsidiary
|
Jurisdiction of Incorporation
|
Hanover House, Inc.
|
Ohio
|
Heritage Texarkana Healthcare Associates, Inc.
|
Texas
|
House of Hanover, Ltd
|
Ohio
|
Hutton I Land, Inc.
|
Ohio
|
Hutton II Land, Inc.
|
Ohio
|
Hutton III Land, Inc.
|
Ohio
|
Indiana Lessor – Jeffersonville, Inc.
|
Maryland
|
Indiana Lessor – Wellington Manor, Inc.
|
Maryland
|
Jefferson Clark, Inc.
|
Maryland
|
LAD I Real Estate Company, LLC
|
Delaware
|
Lake Park – Skilled Nursing, Inc.
|
Texas
|
Leatherman 90-1, Inc.
|
Ohio
|
Leatherman Partnership 89-1, Inc.
|
Ohio
|
Leatherman Partnership 89-2, Inc.
|
Ohio
|
Long Term Care – Michigan, Inc.
|
Michigan
|
Long Term Care – North Carolina, Inc.
|
North Carolina
|
Long Term Care Associates – Illinois, Inc.
|
Illinois
|
Long Term Care Associates – Indiana, Inc.
|
Indiana
|
Long Term Care Associates – Texas, Inc.
|
Texas
|
Meridian Arms Land, Inc.
|
Ohio
|
North Las Vegas LLC
|
Delaware
|
NRS Ventures, L.L.C.
|
Delaware
|
Ocean Springs Nursing Home, Inc.
|
Mississippi
|
OHI (Connecticut), Inc.
|
Connecticut
|
OHI (Florida), Inc.
|
Florida
|
OHI (Illinois), Inc.
|
Illinois
|
OHI (Indiana), Inc.
|
Indiana
|
OHI (Iowa), Inc.
|
Iowa
|
OHI (Kansas), Inc.
|
Kansas
|
OHI Acquisition Co I, LLC
|
Delaware
|
OHI Asset (CA), LLC
|
Delaware
|
OHI Asset (CO), LLC
|
Delaware
|
OHI Asset (CT) DIP, LLC
|
Delaware
|
OHI Asset (CT) Lender, LLC
|
Delaware
|
OHI Asset (FL) Lender, LLC
|
Delaware
|
OHI Asset (FL), LLC
|
Delaware
|
OHI Asset (ID), LLC
|
Delaware
|
OHI Asset (IL), LLC
|
Delaware
|
OHI Asset (IN), LLC
|
Delaware
|
OHI Asset (LA), LLC
|
Delaware
|
OHI Asset (MD), LLC
|
Delaware
|
OHI Asset (MI), LLC
|
Delaware
|
OHI Asset (MI/NC), LLC
|
Delaware
|
Subsidiary
|
Jurisdiction of Incorporation
|
OHI Asset (MO), LLC
|
Delaware
|
OHI Asset (OH) Lender, LLC
|
Delaware
|
OHI Asset (OH) New Philadelphia, LLC
|
Delaware
|
OHI Asset (OH), LLC
|
Delaware
|
OHI Asset (PA) Trust
|
Maryland
|
OHI Asset (PA), LLC
|
Delaware
|
OHI Asset (SMS) Lender, Inc.
|
Maryland
|
OHI Asset (TX) Paris, LLC
|
Delaware
|
OHI Asset (TX), LLC
|
Delaware
|
OHI Asset CSB LLC
|
Delaware
|
OHI Asset CSE – E, LLC
|
Delaware
|
OHI Asset CSE – U, LLC
|
Delaware
|
OHI Asset Essex (OH), LLC
|
Delaware
|
OHI Asset HUD CFG, LLC
|
Delaware
|
OHI Asset HUD Delta, LLC
|
Delaware
|
OHI Asset HUD H-F, LLC
|
Delaware
|
OHI Asset HUD WO, LLC
|
Delaware
|
OHI Asset II (CA), LLC
|
Delaware
|
OHI Asset II (FL), LLC
|
Delaware
|
OHI Asset II (PA) Trust
|
Maryland
|
OHI Asset III (PA) Trust
|
Maryland
|
OHI Asset IV (PA) Silver Lake Trust
|
Maryland
|
OHI Asset, LLC
|
Delaware
|
OHI of Texas, Inc.
|
Maryland
|
OHI Sunshine, Inc.
|
Florida
|
OHI Tennessee, Inc.
|
Maryland
|
OHIMA, Inc.
|
Massachusetts
|
Omega (Kansas), Inc.
|
Kansas
|
Omega TRS I, Inc.
|
Maryland
|
Orange Village Care Center, Inc.
|
Ohio
|
OS Leasing Company
|
Kentucky
|
Panama City Nursing Center LLC
|
Delaware
|
Parkview – Skilled Nursing, Inc.
|
Texas
|
Pavillion North Partners, Inc.
|
Pennsylvania
|
Pavillion North, LLP
|
Pennsylvania
|
Pavillion Nursing Center North, Inc.
|
Pennsylvania
|
Pensacola Real-Estate Holdings I, Inc.
|
Florida
|
Pensacola Real-Estate Holdings II, Inc.
|
Florida
|
Pensacola Real-Estate Holdings III, Inc.
|
Florida
|
Pensacola Real-Estate Holdings IV, Inc.
|
Florida
|
Pensacola Real-Estate Holdings V, Inc.
|
Florida
|
Pine Texarkana Healthcare Associates, Inc.
|
Texas
|
PV Realty-Clinton, LLC
|
Maryland
|
Subsidiary
|
Jurisdiction of Incorporation
|
PV Realty-Holly Hill, LLC
|
Maryland
|
PV Realty-Kensington, LLC
|
Maryland
|
PV Realty-Willow Tree, LLC
|
Maryland
|
Reunion Texarkana Healthcare Associates, Inc.
|
Texas
|
San Augustine Healthcare Associates, Inc.
|
Texas
|
Skilled Nursing – Gaston, Inc.
|
Indiana
|
Skilled Nursing – Herrin, Inc.
|
Illinois
|
Skilled Nursing – Hicksville, Inc.
|
Ohio
|
Skilled Nursing – Paris, Inc.
|
Illinois
|
Skyler Boyington, Inc.
|
Mississippi
|
Skyler Florida, Inc.
|
Mississippi
|
Skyler Maitland LLC
|
Delaware
|
Skyler Pensacola, Inc.
|
Florida
|
SLC Property Investors, LLC
|
Delaware
|
South Athens Healthcare Associates, Inc.
|
Texas
|
St. Mary’s Properties, Inc.
|
Ohio
|
Sterling Acquisition Corp.
|
Kentucky
|
Sterling Acquisition Corp. II
|
Kentucky
|
Suwanee, LLC
|
Delaware
|
Texas Lessor – Stonegate GP, Inc.
|
Maryland
|
Texas Lessor – Stonegate, Limited, Inc.
|
Maryland
|
Texas Lessor – Stonegate, LP
|
Maryland
|
Texas Lessor – Treemont, Inc.
|
Maryland
|
The Suburban Pavilion, Inc.
|
Ohio
|
Washington Lessor – Silverdale, Inc.
|
Maryland
|
Waxahachie Healthcare Associates, Inc.
|
Texas
|
West Athens Healthcare Associates, Inc.
|
Texas
|
Wilcare, LLC
|
Ohio
|
|
(1)
|
Registration Statement (Form S-8 No. 333-61354) related to the 2000 Stock Incentive Plan of Omega Healthcare Investors, Inc.;
|
|
(2)
|
Registration Statement (Form S-8 No. 333-117656) related to the 2004 Stock Incentive Plan of Omega Healthcare Investors, Inc.;
|
|
(3)
|
Registration Statement (Form S-3 No. 333-162083) related to the Dividend Reinvestment and Common Stock Purchase Plan of Omega Healthcare Investors, Inc.; and
|
|
(4)
|
Registration Statement (Form S-3 No. 333-168088 and No. 333-164367) related to the resale of certain common stock of Omega Healthcare Investors, Inc. held by CapitalSource Healthcare LLC.
|
1.
|
I have reviewed this Annual Report on Form 10-K of Omega Healthcare Investors, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this Annual Report on Form 10-K of Omega Healthcare Investors, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
(1)
|
the Annual Report on Form 10-K of the Company for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
(1)
|
the Annual Report on Form 10-K of the Company for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
|
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations | The
following summarizes quarterly results of operations for the years
ended December 31, 2011 and 2010.
|
Properties (Net Impact to Revenue of Amortizing the Assumed In-Place Above and Below Market Leases) (Detail) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
First Closing [Member]
|
|
Summary of Investment Holdings [Line Items] | |
Less than 1 year | $ 1.2 |
1-3 years | 2.2 |
3-5 years | 1.8 |
Thereafter | 2.5 |
HUD Portfolio Closing [Member]
|
|
Summary of Investment Holdings [Line Items] | |
Less than 1 year | 3.2 |
1-3 years | 5.6 |
3-5 years | 3.0 |
Thereafter | 2.0 |
Option Closing [Member]
|
|
Summary of Investment Holdings [Line Items] | |
Less than 1 year | 0.9 |
1-3 years | 2.2 |
3-5 years | 2.3 |
Thereafter | $ 3.3 |
Dividends (Schedule of Per Share Distributions for Income Tax Purposes) (Detail) (USD $)
|
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Dividends [Line Items] | |||||||||||
Common dividends paid, dollars per share | $ 0.40 | $ 0.40 | $ 0.38 | $ 0.37 | $ 0.37 | $ 0.36 | $ 0.32 | $ 0.32 | $ 1.550 | $ 1.370 | $ 1.200 |
Preferred stock, per share distributions | $ 0.739 | $ 2.094 | $ 2.094 | ||||||||
Ordinary Income [Member]
|
|||||||||||
Dividends [Line Items] | |||||||||||
Common dividends paid, dollars per share | $ 0.989 | $ 0.777 | $ 0.885 | ||||||||
Preferred stock, per share distributions | $ 0.739 | $ 2.094 | $ 2.094 | ||||||||
Return of Capital [Member]
|
|||||||||||
Dividends [Line Items] | |||||||||||
Common dividends paid, dollars per share | $ 0.561 | $ 0.593 | $ 0.315 | ||||||||
Preferred stock, per share distributions | |||||||||||
Long Term Capital Gain [Member]
|
|||||||||||
Dividends [Line Items] | |||||||||||
Common dividends paid, dollars per share | |||||||||||
Preferred stock, per share distributions |
Other Investments (Narrative) (Detail) (USD $)
|
3 Months Ended | 12 Months Ended | 1 Months Ended | |
---|---|---|---|---|
Dec. 31, 2011
Property
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Signature Healthcare [Member]
Year
|
|
Schedule of Investments [Line Items] | ||||
Provision for loan loss | $ 2,300,000 | $ 0 | $ 0 | |
Working capital note | 11,900,000 | |||
Facilities expected to be transitioned to a new operator | 12 | |||
Mortgage loans receivable | $ 28,000,000 | |||
Annual interest rate of mortgage loan | 10.00% | |||
Mortgage loan, term in years | 5 |
Schedule III - Real Estate and Accumulated Depreciation (Additional Information) (Detail) (USD $)
|
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements | ||||||||
Balance at beginning of period | $ 2,366,856,229 | $ 1,669,842,724 | $ 1,372,012,139 | |||||
Acquisitions | 192,612,147 | 661,148,185 | 275,624,767 | |||||
Impairment | (26,344,298) | |||||||
Improvements | 19,865,623 | 35,905,544 | 23,232,364 | |||||
Disposals/other | (15,950,809) | (40,224) | (1,026,546) | |||||
Balance at close of period | 2,537,038,892 | 2,366,856,229 | 1,669,842,724 | |||||
Reconciliation of real estate accumulated depreciation | ||||||||
Balance at beginning of period | 380,995,243 | 296,441,131 | 251,853,570 | |||||
Provisions for depreciation | 100,237,951 | 84,554,112 | 44,609,428 | |||||
Dispositions/other | (10,813,171) | (21,867) | ||||||
Balance at close of period | 470,420,023 | [1],[2] | 380,995,243 | 296,441,131 | ||||
Reported amount of real estate in excess of the tax basis | $ 41,400,000 | |||||||
|
Properties (Summary of Investment in Leased Real Estate Properties) (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Real Estate Properties [Line Items] | ||
Buildings | $ 2,157,015 | $ 2,011,028 |
Site improvement and equipment | 184,503 | 171,422 |
Land | 195,521 | 184,406 |
Property, plant and equipment, gross | 2,537,039 | 2,366,856 |
Less accumulated depreciation | (470,420) | (380,995) |
Real estate properties - net | $ 2,066,619 | $ 1,985,861 |
MORTGAGE NOTES RECEIVABLE (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Principal Amounts of Mortgage Notes Receivable, Net of Allowances | The
outstanding principal amounts of mortgage notes receivable, net of
allowances, were as follows:
(1) Mortgage
notes are shown net of allowances of $0.0 million in 2011 and
2010.
|
SCHEDULE IV Mortgage Loans on Real Estate (Detail) (USD $)
|
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 245,060,406 | [1] | ||||||||
Carrying Amount of Mortgages | 238,674,601 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Group 7 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 11.00% | [1] | ||||||||
Final Maturity Date | Oct. 31, 2014 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 345,011 | [1] | ||||||||
Carrying Amount of Mortgages | 345,011 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Florida [Member] | Group 1 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 11.50% | [1] | ||||||||
Final Maturity Date | Jun. 04, 2016 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 12,590,000 | [1] | ||||||||
Carrying Amount of Mortgages | 11,545,423 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Florida [Member] | Group 2 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 10.20% | [1] | ||||||||
Final Maturity Date | Dec. 19, 2030 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 15,900,000 | [1] | ||||||||
Carrying Amount of Mortgages | 15,900,000 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Maryland [Member] | Group 1 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 11.00% | [1] | ||||||||
Final Maturity Date | Dec. 31, 2023 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 74,927,751 | [1] | ||||||||
Carrying Amount of Mortgages | 69,927,759 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Maryland [Member] | Group 2 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 12.00% | [1] | ||||||||
Final Maturity Date | Oct. 31, 2046 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 10,000,000 | [1] | ||||||||
Carrying Amount of Mortgages | 10,000,000 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Maryland [Member] | Group 3 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 12.00% | [1] | ||||||||
Final Maturity Date | Oct. 31, 2046 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 9,500,000 | [1] | ||||||||
Carrying Amount of Mortgages | 9,500,000 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Maryland [Member] | Group 4 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 12.00% | [1] | ||||||||
Final Maturity Date | Oct. 31, 2046 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 5,500,000 | [1] | ||||||||
Carrying Amount of Mortgages | 5,500,000 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Michigan [Member] | Group 1 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 12.50% | [1] | ||||||||
Final Maturity Date | Dec. 31, 2021 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 4,989,843 | [1] | ||||||||
Carrying Amount of Mortgages | 4,989,843 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Michigan [Member] | Group 2 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 12.50% | [1] | ||||||||
Final Maturity Date | Sep. 30, 2021 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 5,573,500 | [1] | ||||||||
Carrying Amount of Mortgages | 5,573,500 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Michigan [Member] | Group 3 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 12.50% | [1] | ||||||||
Final Maturity Date | . NaN, NaN | [1],[4] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 2,234,301 | [1] | ||||||||
Carrying Amount of Mortgages | 2,234,301 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Michigan [Member] | Group 4 [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 11.00% | [1] | ||||||||
Final Maturity Date | Nov. 13, 2021 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 92,000,000 | [1] | ||||||||
Carrying Amount of Mortgages | 92,000,000 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Ohio [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 11.00% | [1] | ||||||||
Final Maturity Date | Oct. 31, 2014 | [1] | ||||||||
Periodic Payment Terms | Interest plus $6,100 of principal payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 6,500,000 | [1] | ||||||||
Carrying Amount of Mortgages | 6,158,764 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
Texas [Member]
|
||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||
Interest Rate | 10.00% | [1] | ||||||||
Final Maturity Date | Jul. 17, 2012 | [1] | ||||||||
Periodic Payment Terms | Interest payable monthly | [1] | ||||||||
Prior Liens | [1] | |||||||||
Face Amount of Mortgages | 5,000,000 | [1] | ||||||||
Carrying Amount of Mortgages | 5,000,000 | [1],[2],[3] | ||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [1] | |||||||||
|
Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Numerator: | |||||||||||
Net income | $ 19,293 | $ 21,436 | $ 17,790 | $ (5,913) | $ 4,969 | $ 17,007 | $ 15,509 | $ 20,951 | $ 52,606 | $ 58,436 | $ 82,111 |
Preferred stock dividends | (1,691) | (9,086) | (9,086) | ||||||||
Preferred stock redemption | (3,456) | ||||||||||
Net income (loss) available to common stockholders | $ 19,293 | $ 21,436 | $ 17,806 | $ (11,076) | $ 2,697 | $ 14,736 | $ 13,237 | $ 18,680 | $ 47,459 | $ 49,350 | $ 73,025 |
Denominator: | |||||||||||
Denominator for basic earnings per share | 102,119 | 94,056 | 83,556 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted stock | 45 | 171 | 82 | ||||||||
Stock option incremental shares | 3 | 10 | |||||||||
Deferred stock | 13 | 7 | 1 | ||||||||
Denominator for diluted earnings per share | 102,177 | 94,237 | 83,649 | ||||||||
Earnings per share - basic: | |||||||||||
Net income - basic | $ 0.19 | $ 0.21 | $ 0.17 | $ (0.11) | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.21 | $ 0.46 | $ 0.52 | $ 0.87 |
Earnings per share - diluted: | |||||||||||
Net income - diluted | $ 0.19 | $ 0.21 | $ 0.17 | $ (0.11) | $ 0.03 | $ 0.15 | $ 0.14 | $ 0.21 | $ 0.46 | $ 0.52 | $ 0.87 |
Lease and Mortgage Deposits (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Leases Disclosure [Line Items] | |
Liquidity deposits | $ 6.4 |
Letters of credit | $ 30.6 |
Consolidating Financial Statements (Consolidating Statement of Income) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||
Revenue | ||||||||||||||
Rental income | $ 273,517 | $ 232,772 | $ 164,468 | |||||||||||
Mortgage interest income | 16,274 | 10,391 | 11,601 | |||||||||||
Other investment income - net | 2,070 | 3,936 | 2,502 | |||||||||||
Miscellaneous | 343 | 3,886 | 437 | |||||||||||
Nursing home revenues of owned and operated assets | 7,336 | [1] | 18,430 | |||||||||||
Total operating revenues | 76,304 | 72,818 | 72,606 | 70,476 | 71,114 | 69,724 | 58,805 | 58,678 | 292,204 | 258,321 | 197,438 | |||
Expenses | ||||||||||||||
Depreciation and amortization | 100,337 | 84,623 | 44,694 | |||||||||||
General and administrative | 19,432 | 15,054 | 11,742 | |||||||||||
Acquisition costs | 1,204 | 1,554 | 1,561 | |||||||||||
Impairment loss on real estate properties | 26,344 | 155 | 159 | |||||||||||
Provisions for uncollectible accounts receivable | 6,439 | 2,765 | ||||||||||||
Nursing home expenses of owned and operated assets | 653 | 7,998 | [1] | 20,632 | ||||||||||
Total operating expenses | 154,409 | 109,384 | 81,553 | |||||||||||
Income before other income and expense | 137,795 | 148,937 | 115,885 | |||||||||||
Other income (expense): | ||||||||||||||
Interest income | 40 | 105 | 21 | |||||||||||
Interest expense | (81,154) | (67,340) | (36,077) | |||||||||||
Interest - amortization of deferred financing costs | (2,674) | (3,780) | (2,472) | |||||||||||
Interest - refinancing costs | (3,071) | (19,482) | (526) | |||||||||||
Equity in earnings | ||||||||||||||
Total other expense | (86,859) | (90,497) | (34,527) | |||||||||||
Income before gain (loss) on assets sold | 50,936 | 58,440 | 81,358 | |||||||||||
Gain on assets sold - net | 1,670 | (4) | 753 | |||||||||||
Net income | 19,293 | 21,436 | 17,790 | (5,913) | 4,969 | 17,007 | 15,509 | 20,951 | 52,606 | 58,436 | 82,111 | |||
Preferred stock dividends | (1,691) | (9,086) | (9,086) | |||||||||||
Preferred stock redemption | (3,456) | |||||||||||||
Net income (loss) available to common stockholders | 19,293 | 21,436 | 17,806 | (11,076) | 2,697 | 14,736 | 13,237 | 18,680 | 47,459 | 49,350 | 73,025 | |||
Issuer and Subsidiary Guarantors [Member]
|
||||||||||||||
Revenue | ||||||||||||||
Rental income | 238,964 | 215,992 | ||||||||||||
Mortgage interest income | 16,274 | 10,391 | ||||||||||||
Other investment income - net | 2,070 | 3,936 | ||||||||||||
Miscellaneous | 343 | 3,886 | ||||||||||||
Nursing home revenues of owned and operated assets | 7,336 | |||||||||||||
Total operating revenues | 257,651 | 241,541 | ||||||||||||
Expenses | ||||||||||||||
Depreciation and amortization | 84,516 | 76,553 | ||||||||||||
General and administrative | 19,138 | 14,744 | ||||||||||||
Acquisition costs | 1,204 | 1,554 | ||||||||||||
Impairment loss on real estate properties | 26,344 | 155 | ||||||||||||
Provisions for uncollectible accounts receivable | 6,439 | |||||||||||||
Nursing home expenses of owned and operated assets | 653 | 7,998 | ||||||||||||
Total operating expenses | 138,294 | 101,004 | ||||||||||||
Income before other income and expense | 119,357 | 140,537 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | 16 | 86 | ||||||||||||
Interest expense | (69,862) | (61,449) | ||||||||||||
Interest - amortization of deferred financing costs | (2,674) | (3,780) | ||||||||||||
Interest - refinancing costs | (3,071) | (19,482) | ||||||||||||
Equity in earnings | 7,170 | 2,528 | ||||||||||||
Total other expense | (68,421) | (82,097) | ||||||||||||
Income before gain (loss) on assets sold | 50,936 | 58,440 | ||||||||||||
Gain on assets sold - net | 1,670 | (4) | ||||||||||||
Net income | 52,606 | 58,436 | ||||||||||||
Preferred stock dividends | (1,691) | (9,086) | ||||||||||||
Preferred stock redemption | (3,456) | |||||||||||||
Net income (loss) available to common stockholders | 47,459 | 49,350 | ||||||||||||
Non-Guarantor Subsidiaries [Member]
|
||||||||||||||
Revenue | ||||||||||||||
Rental income | 34,553 | 16,780 | ||||||||||||
Total operating revenues | 34,553 | 16,780 | ||||||||||||
Expenses | ||||||||||||||
Depreciation and amortization | 15,821 | 8,070 | ||||||||||||
General and administrative | 294 | 310 | ||||||||||||
Total operating expenses | 16,115 | 8,380 | ||||||||||||
Income before other income and expense | 18,438 | 8,400 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | 24 | 19 | ||||||||||||
Interest expense | (11,292) | (5,891) | ||||||||||||
Total other expense | (11,268) | (5,872) | ||||||||||||
Income before gain (loss) on assets sold | 7,170 | 2,528 | ||||||||||||
Net income | 7,170 | 2,528 | ||||||||||||
Net income (loss) available to common stockholders | 7,170 | 2,528 | ||||||||||||
Corporate Elimination [Member]
|
||||||||||||||
Other income (expense): | ||||||||||||||
Equity in earnings | (7,170) | (2,528) | ||||||||||||
Total other expense | (7,170) | (2,528) | ||||||||||||
Income before gain (loss) on assets sold | (7,170) | (2,528) | ||||||||||||
Net income | (7,170) | (2,528) | ||||||||||||
Net income (loss) available to common stockholders | $ (7,170) | $ (2,528) | ||||||||||||
|
Schedule III - Real Estate and Accumulated Depreciation (Detail) (USD $)
|
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | $ 2,444,868,661 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 110,635,762 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (18,465,531) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 2,537,038,892 | [1],[2] | |||||||||||
Accumulated Depreciation | 470,420,023 | [1],[3] | 380,995,243 | 296,441,131 | 251,853,570 | ||||||||
HUD subordinated debt [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Carrying value of real estate assets, secutity for borrowings | 303,609,523 | ||||||||||||
Fair market value of real estate assets, secutity for borrowings | 24,051,794 | ||||||||||||
Airamid Health Management LLC [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 263,560,346 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 263,560,346 | [1],[2] | |||||||||||
Accumulated Depreciation | 22,995,699 | [1],[3] | |||||||||||
Airamid Health Management LLC [Member] | Florida [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 248,788,479 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 248,788,479 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 21,578,053 | [1],[3],[4] | |||||||||||
Date of Construction | 1951-1999 | [1],[4] | |||||||||||
Date Acquired | 2009-2010 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 34 years | [1],[4] | |||||||||||
Airamid Health Management LLC [Member] | Pennsylvania [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 14,771,867 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 14,771,867 | [1],[2] | |||||||||||
Accumulated Depreciation | 1,417,646 | [1],[3] | |||||||||||
Date of Construction | 1969 | [1] | |||||||||||
Date Acquired | 2009 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years | [1] | |||||||||||
CommuniCare Health Services [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 239,012,824 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 8,089,024 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 247,101,848 | [1],[2] | |||||||||||
Accumulated Depreciation | 48,452,875 | [1],[3] | |||||||||||
CommuniCare Health Services [Member] | Pennsylvania [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 20,286,067 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 314,269 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 20,600,336 | [1],[2] | |||||||||||
Accumulated Depreciation | 3,912,045 | [1],[3] | |||||||||||
Date of Construction | 1950-1964 | [1] | |||||||||||
Date Acquired | 2005 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | [1] | |||||||||||
CommuniCare Health Services [Member] | Ohio [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 218,726,757 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 7,774,755 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 226,501,512 | [1],[2] | |||||||||||
Accumulated Depreciation | 44,540,830 | [1],[3] | |||||||||||
Date of Construction | 1927-2008 | [1] | |||||||||||
Date Acquired | 1998-2008 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 39 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 215,230,787 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 24,392,478 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (8,257,521) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 231,365,744 | [1],[2] | |||||||||||
Accumulated Depreciation | 82,801,164 | [1],[3] | |||||||||||
Sun Health Care Group, Inc [Member] | Ohio [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 11,653,451 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 20,246 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 11,673,697 | [1],[2] | |||||||||||
Accumulated Depreciation | 4,844,651 | [1],[3] | |||||||||||
Date of Construction | 1968-1983 | [1] | |||||||||||
Date Acquired | 1997 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | Alabama [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 23,584,956 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 6,442,331 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 30,027,287 | [1],[2] | |||||||||||
Accumulated Depreciation | 10,818,299 | [1],[3] | |||||||||||
Date of Construction | 1964-1974 | [1] | |||||||||||
Date Acquired | 1997 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | California [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 15,618,263 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 26,652 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 15,644,915 | [1],[2] | |||||||||||
Accumulated Depreciation | 6,373,838 | [1],[3] | |||||||||||
Date of Construction | 1927-1972 | [1] | |||||||||||
Date Acquired | 1997 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | Colorado [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 38,341,876 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 5,444,311 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 43,786,187 | [1],[2] | |||||||||||
Accumulated Depreciation | 6,423,109 | [1],[3] | |||||||||||
Date of Construction | 1963-1975 | [1] | |||||||||||
Date Acquired | 2006 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | Idaho [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 21,705,266 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 974,012 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 22,679,278 | [1],[2] | |||||||||||
Accumulated Depreciation | 5,831,376 | [1],[3] | |||||||||||
Date of Construction | 1920-1988 | [1] | |||||||||||
Date Acquired | 1997-2006 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | Massachusetts [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 39,018,142 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 2,283,827 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (8,257,521) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 33,044,448 | [1],[2] | |||||||||||
Accumulated Depreciation | 12,368,773 | [1],[3] | |||||||||||
Date of Construction | 1964-1992 | [1] | |||||||||||
Date Acquired | 1997-1999 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | North Carolina [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 22,652,488 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,987,956 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 24,640,444 | [1],[2] | |||||||||||
Accumulated Depreciation | 12,134,567 | [1],[3] | |||||||||||
Date of Construction | 1964-1986 | [1] | |||||||||||
Date Acquired | 1994-1997 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years to 33 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | Tennessee [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 7,905,139 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 407,968 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 8,313,107 | [1],[2] | |||||||||||
Accumulated Depreciation | 4,316,997 | [1],[3] | |||||||||||
Date of Construction | 1984-1985 | [1] | |||||||||||
Date Acquired | 1994 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | Washington [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 10,000,000 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,798,844 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 11,798,844 | [1],[2] | |||||||||||
Accumulated Depreciation | 8,662,180 | [1],[3] | |||||||||||
Date of Construction | 1965 | [1] | |||||||||||
Date Acquired | 1995 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Sun Health Care Group, Inc [Member] | West Virginia [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 24,751,206 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 5,006,331 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 29,757,537 | [1],[2] | |||||||||||
Accumulated Depreciation | 11,027,374 | [1],[3] | |||||||||||
Date of Construction | 1961-1982 | [1] | |||||||||||
Date Acquired | 1997-1998 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Signature Healthcare [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 215,000,812 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 12,062,641 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 227,063,453 | [1],[2] | |||||||||||
Accumulated Depreciation | 40,324,930 | [1],[3] | |||||||||||
Signature Healthcare [Member] | Florida [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 110,896,405 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 3,826,771 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 114,723,176 | [1],[2] | |||||||||||
Accumulated Depreciation | 22,177,273 | [1],[3] | |||||||||||
Date of Construction | 1940-1991 | [1] | |||||||||||
Date Acquired | 1996-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 28 years to 39 years | [1] | |||||||||||
Signature Healthcare [Member] | Alabama [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 4,827,266 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 640,457 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 5,467,723 | [1],[2] | |||||||||||
Accumulated Depreciation | 1,274,911 | [1],[3] | |||||||||||
Date of Construction | 1966 | [1] | |||||||||||
Date Acquired | 2007 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Signature Healthcare [Member] | Tennessee [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 11,230,702 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 357,255 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 11,587,957 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,525,977 | [1],[3] | |||||||||||
Date of Construction | 1982 | [1] | |||||||||||
Date Acquired | 2007 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Signature Healthcare [Member] | Georgia [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 14,679,314 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 3,260,590 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 17,939,904 | [1],[2] | |||||||||||
Accumulated Depreciation | 4,112,669 | [1],[3] | |||||||||||
Date of Construction | 1964-1970 | [1] | |||||||||||
Date Acquired | 2007 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Signature Healthcare [Member] | Kentucky [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 44,737,439 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 3,023,096 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 47,760,535 | [1],[2] | |||||||||||
Accumulated Depreciation | 7,993,116 | [1],[3] | |||||||||||
Date of Construction | 1964-1978 | [1] | |||||||||||
Date Acquired | 1999-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 33 years | [1] | |||||||||||
Signature Healthcare [Member] | Maryland [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 28,629,686 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 954,472 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 29,584,158 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,240,984 | [1],[3] | |||||||||||
Date of Construction | 1959-1985 | [1] | |||||||||||
Date Acquired | 2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years to 30 years | [1] | |||||||||||
Advocat Inc [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 121,282,370 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 26,390,704 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (1,006,350) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 146,666,724 | [1],[2] | |||||||||||
Accumulated Depreciation | 63,538,432 | [1],[3] | |||||||||||
Advocat Inc [Member] | Florida [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 1,050,000 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,920,000 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (970,000) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 2,000,000 | [1],[2] | |||||||||||
Accumulated Depreciation | 618,305 | [1],[3] | |||||||||||
Date of Construction | 1980 | [1] | |||||||||||
Date Acquired | 1992 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 31.5 years | [1] | |||||||||||
Advocat Inc [Member] | Ohio [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 5,604,186 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,542,098 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 7,146,284 | [1],[2] | |||||||||||
Accumulated Depreciation | 3,171,976 | [1],[3] | |||||||||||
Date of Construction | 1974 | [1] | |||||||||||
Date Acquired | 1994 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Advocat Inc [Member] | Alabama [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 11,588,534 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 6,392,567 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 17,981,101 | [1],[2] | |||||||||||
Accumulated Depreciation | 8,791,516 | [1],[3] | |||||||||||
Date of Construction | 1960-1982 | [1] | |||||||||||
Date Acquired | 1992 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 31.5 years | [1] | |||||||||||
Advocat Inc [Member] | Tennessee [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 9,542,121 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 159,059 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 9,701,180 | [1],[2] | |||||||||||
Accumulated Depreciation | 5,677,899 | [1],[3] | |||||||||||
Date of Construction | 1983 | [1] | |||||||||||
Date Acquired | 1992 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 31.5 years | [1] | |||||||||||
Advocat Inc [Member] | West Virginia [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 5,437,221 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 348,642 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 5,785,863 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,878,616 | [1],[3] | |||||||||||
Date of Construction | 1982-1996 | [1] | |||||||||||
Date Acquired | 1994-1995 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Advocat Inc [Member] | Kentucky [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 15,151,027 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 3,804,027 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 18,955,054 | [1],[2] | |||||||||||
Accumulated Depreciation | 8,583,645 | [1],[3] | |||||||||||
Date of Construction | 1948-1995 | [1] | |||||||||||
Date Acquired | 1994-1995 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Advocat Inc [Member] | Arkansas [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 36,023,409 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 8,809,828 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (36,350) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 44,796,887 | [1],[2] | |||||||||||
Accumulated Depreciation | 24,355,933 | [1],[3] | |||||||||||
Date of Construction | 1967-1988 | [1] | |||||||||||
Date Acquired | 1992 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 31.5 years | [1] | |||||||||||
Advocat Inc [Member] | Texas [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 36,885,872 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 3,414,483 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 40,300,355 | [1],[2] | |||||||||||
Accumulated Depreciation | 9,460,542 | [1],[3] | |||||||||||
Date of Construction | 1964-2009 | [1] | |||||||||||
Date Acquired | 1997-2008 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years to 39 years | [1] | |||||||||||
Gulf Coast Master Tenant I LLC [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 146,636,024 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 146,636,024 | [1],[2] | |||||||||||
Accumulated Depreciation | 11,213,105 | [1],[3] | |||||||||||
Gulf Coast Master Tenant I LLC [Member] | Florida [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 100,964,733 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 100,964,733 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 8,240,115 | [1],[3],[4] | |||||||||||
Date of Construction | 1933-1988 | [1],[4] | |||||||||||
Date Acquired | 2009-2010 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 34 years | [1],[4] | |||||||||||
Gulf Coast Master Tenant I LLC [Member] | Mississippi [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 45,671,291 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 45,671,291 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 2,972,990 | [1],[3],[4] | |||||||||||
Date of Construction | 1962-1988 | [1],[4] | |||||||||||
Date Acquired | 2009-2010 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 28 years to 42 years | [1],[4] | |||||||||||
Affiliates of SLC [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 129,904,134 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 129,904,134 | [1],[2] | |||||||||||
Accumulated Depreciation | 159,770 | [1],[3] | |||||||||||
Affiliates of SLC [Member] | Florida [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 14,636,992 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 14,636,992 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 10,605 | [1],[3],[4] | |||||||||||
Date of Construction | 1985 | [1],[4] | |||||||||||
Date Acquired | 2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | [1],[4] | |||||||||||
Affiliates of SLC [Member] | Colorado [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 5,491,701 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 5,491,701 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 7,493 | [1],[3],[4] | |||||||||||
Date of Construction | 1961 | [1],[4] | |||||||||||
Date Acquired | 2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1],[4] | |||||||||||
Affiliates of SLC [Member] | Arkansas [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 81,240,215 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 81,240,215 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 108,357 | [1],[3],[4] | |||||||||||
Date of Construction | 1960-2000 | [1],[4] | |||||||||||
Date Acquired | 2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 38 years | [1],[4] | |||||||||||
Affiliates of SLC [Member] | Michigan [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 16,503,453 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 16,503,453 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 19,345 | [1],[3],[4] | |||||||||||
Date of Construction | 1964-1973 | [1],[4] | |||||||||||
Date Acquired | 2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | [1],[4] | |||||||||||
Affiliates of SLC [Member] | Wisconsin [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 12,031,773 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 12,031,773 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 13,970 | [1],[3],[4] | |||||||||||
Date of Construction | 1964 | [1],[4] | |||||||||||
Date Acquired | 2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1],[4] | |||||||||||
Other [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 1,114,241,364 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 39,700,915 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (9,201,660) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 1,144,740,619 | [1],[2] | |||||||||||
Accumulated Depreciation | 200,934,048 | [1],[3] | |||||||||||
Other [Member] | Florida [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 102,717,317 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,891,512 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 104,608,829 | [1],[2] | |||||||||||
Accumulated Depreciation | 22,998,713 | [1],[3] | |||||||||||
Date of Construction | 1964-1999 | [1] | |||||||||||
Date Acquired | 1993-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 39 years | [1] | |||||||||||
Other [Member] | Pennsylvania [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 138,881,687 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 138,881,687 | [1],[2] | |||||||||||
Accumulated Depreciation | 27,381,976 | [1],[3] | |||||||||||
Date of Construction | 1942-2001 | [1] | |||||||||||
Date Acquired | 1998-2009 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 39 years | [1] | |||||||||||
Other [Member] | Ohio [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 101,387,343 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 4,419,823 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 105,807,166 | [1],[2] | |||||||||||
Accumulated Depreciation | 19,265,445 | [1],[3] | |||||||||||
Date of Construction | 1962-1998 | [1] | |||||||||||
Date Acquired | 1999-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 39 years | [1] | |||||||||||
Other [Member] | Alabama [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 6,351,175 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 6,351,175 | [1],[2] | |||||||||||
Accumulated Depreciation | 786,321 | [1],[3] | |||||||||||
Date of Construction | 1986 | [1] | |||||||||||
Date Acquired | 2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | California [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 21,879,146 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,778,353 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 23,657,499 | [1],[2] | |||||||||||
Accumulated Depreciation | 7,468,619 | [1],[3] | |||||||||||
Date of Construction | 1950-1990 | [1] | |||||||||||
Date Acquired | 1997-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 33 years | [1] | |||||||||||
Other [Member] | Colorado [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 28,044,216 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,240,246 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 29,284,462 | [1],[2] | |||||||||||
Accumulated Depreciation | 6,801,741 | [1],[3] | |||||||||||
Date of Construction | 1958-1973 | [1] | |||||||||||
Date Acquired | 1998-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 33 years | [1] | |||||||||||
Other [Member] | Massachusetts [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 23,926,070 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 376,266 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 24,302,336 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,612,028 | [1],[3] | |||||||||||
Date of Construction | 1964-1993 | [1] | |||||||||||
Date Acquired | 2006-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years- 39 years | [1] | |||||||||||
Other [Member] | North Carolina [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 33,092,980 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 33,092,980 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,461,821 | [1],[3] | |||||||||||
Date of Construction | 1969-1987 | [1] | |||||||||||
Date Acquired | 2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years to 36 years | [1] | |||||||||||
Other [Member] | Tennessee [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 84,989,248 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,727,595 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 86,716,843 | [1],[2] | |||||||||||
Accumulated Depreciation | 9,885,516 | [1],[3] | |||||||||||
Date of Construction | 1958-1983 | [1] | |||||||||||
Date Acquired | 2009-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 30 years | [1] | |||||||||||
Other [Member] | Washington [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 5,673,693 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 5,673,693 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,049,312 | [1],[3] | |||||||||||
Date of Construction | 1999 | [1] | |||||||||||
Date Acquired | 1999 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Other [Member] | West Virginia [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 38,744,779 | [1],[4] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,522,229 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 40,267,008 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 3,771,205 | [1],[3],[4] | |||||||||||
Date of Construction | 1961-1986 | [1],[4] | |||||||||||
Date Acquired | 2004-2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years to 39 years | [1],[4] | |||||||||||
Other [Member] | Georgia [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 10,000,000 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 10,000,000 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,121,203 | [1],[3] | |||||||||||
Date of Construction | 1967-1971 | [1] | |||||||||||
Date Acquired | 1998 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 37.5 years | [1] | |||||||||||
Other [Member] | Maryland [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 47,484,819 | [1],[4] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 47,484,819 | [1],[2],[4] | |||||||||||
Accumulated Depreciation | 279,673 | [1],[3],[4] | |||||||||||
Date of Construction | 1921-1969 | [1],[4] | |||||||||||
Date Acquired | 2011 | [1],[4] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years to 35 years | [1],[4] | |||||||||||
Other [Member] | Arkansas [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 2,515,996 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (605,129) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 1,910,867 | [1],[2] | |||||||||||
Accumulated Depreciation | 110,868 | [1],[3] | |||||||||||
Date of Construction | 1968 | [1] | |||||||||||
Date Acquired | 2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Texas [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 114,859,119 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 8,284,023 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 123,143,142 | [1],[2] | |||||||||||
Accumulated Depreciation | 21,369,465 | [1],[3] | |||||||||||
Date of Construction | 1952-2010 | [1] | |||||||||||
Date Acquired | 2001-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 33 years | [1] | |||||||||||
Other [Member] | Mississippi [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 6,745,613 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 226,654 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 6,972,267 | [1],[2] | |||||||||||
Accumulated Depreciation | 909,071 | [1],[3] | |||||||||||
Date of Construction | 1976 | [1] | |||||||||||
Date Acquired | 2009 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Wisconsin [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 18,552,887 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 18,552,887 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,015,601 | [1],[3] | |||||||||||
Date of Construction | 1964-1972 | [1] | |||||||||||
Date Acquired | 2009-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Alaska [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 6,757,173 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 6,757,173 | [1],[2] | |||||||||||
Accumulated Depreciation | 788,607 | [1],[3] | |||||||||||
Date of Construction | 1987 | [1] | |||||||||||
Date Acquired | 2009 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Arizona [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 34,318,095 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 5,649,899 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (6,603,745) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 33,364,249 | [1],[2] | |||||||||||
Accumulated Depreciation | 8,695,126 | [1],[3] | |||||||||||
Date of Construction | 1983-1985 | [1] | |||||||||||
Date Acquired | 1998-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 29 years to 33 years | [1] | |||||||||||
Other [Member] | Illinois [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 13,961,501 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 444,484 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 14,405,985 | [1],[2] | |||||||||||
Accumulated Depreciation | 6,022,681 | [1],[3] | |||||||||||
Date of Construction | 1926-1990 | [1] | |||||||||||
Date Acquired | 1996-1999 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years to 33 years | [1] | |||||||||||
Other [Member] | Indiana [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 67,001,006 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 2,277,520 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (1,843,400) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 67,435,126 | [1],[2] | |||||||||||
Accumulated Depreciation | 11,854,091 | [1],[3] | |||||||||||
Date of Construction | 1967-1996 | [1] | |||||||||||
Date Acquired | 1992-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years to 38 years | [1] | |||||||||||
Other [Member] | Iowa [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 19,116,936 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 2,084,807 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 21,201,743 | [1],[2] | |||||||||||
Accumulated Depreciation | 5,133,722 | [1],[3] | |||||||||||
Date of Construction | 1965-1983 | [1] | |||||||||||
Date Acquired | 1997-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 23 years to 33 years | [1] | |||||||||||
Other [Member] | Kansas [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 3,210,020 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 3,210,020 | [1],[2] | |||||||||||
Accumulated Depreciation | 301,497 | [1],[3] | |||||||||||
Date of Construction | 1985 | [1] | |||||||||||
Date Acquired | 2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Louisiana [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 55,343,066 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 170,509 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 55,513,575 | [1],[2] | |||||||||||
Accumulated Depreciation | 10,315,544 | [1],[3] | |||||||||||
Date of Construction | 1957-1983 | [1] | |||||||||||
Date Acquired | 1997-2006 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Other [Member] | Missouri [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 12,301,560 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Impairment | (149,386) | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 12,152,174 | [1],[2] | |||||||||||
Accumulated Depreciation | 4,536,889 | [1],[3] | |||||||||||
Date of Construction | 1965-1989 | [1] | |||||||||||
Date Acquired | 1999 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | [1] | |||||||||||
Other [Member] | Nevada [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 20,926,776 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 20,926,776 | [1],[2] | |||||||||||
Accumulated Depreciation | 2,074,191 | [1],[3] | |||||||||||
Date of Construction | 1972-1978 | [1] | |||||||||||
Date Acquired | 2009 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 26 years to 27 years | [1] | |||||||||||
Other [Member] | New Hampshire [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 21,619,503 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,462,797 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 23,082,300 | [1],[2] | |||||||||||
Accumulated Depreciation | 5,192,688 | [1],[3] | |||||||||||
Date of Construction | 1963-1999 | [1] | |||||||||||
Date Acquired | 1998-2006 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | [1] | |||||||||||
Other [Member] | New Mexico [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 7,097,600 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 115,509 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 7,213,109 | [1],[2] | |||||||||||
Accumulated Depreciation | 1,351,074 | [1],[3] | |||||||||||
Date of Construction | 1972-1989 | [1] | |||||||||||
Date Acquired | 2008-2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Oklahoma [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 13,855,452 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 13,855,452 | [1],[2] | |||||||||||
Accumulated Depreciation | 1,473,951 | [1],[3] | |||||||||||
Date of Construction | 1965-1993 | [1] | |||||||||||
Date Acquired | 2010 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | [1] | |||||||||||
Other [Member] | Rhode Island [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 38,740,812 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 4,792,882 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 43,533,694 | [1],[2] | |||||||||||
Accumulated Depreciation | 7,826,460 | [1],[3] | |||||||||||
Date of Construction | 1965-1981 | [1] | |||||||||||
Date Acquired | 2006 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | [1] | |||||||||||
Other [Member] | Vermont [Member]
|
|||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||||||
Initial Cost to Company, Buildings and Land Improvements | 14,145,776 | [1] | |||||||||||
Capitalized Costs Subsequent to Acquisition, Improvements | 1,235,807 | [1] | |||||||||||
Gross Amount at Which Carried at Close of Period, Buildings and Land Improvements | 15,381,583 | [1],[2] | |||||||||||
Accumulated Depreciation | $ 3,078,949 | [1],[3] | |||||||||||
Date of Construction | 1970-1971 | [1] | |||||||||||
Date Acquired | 2004 | [1] | |||||||||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | [1] | |||||||||||
|
Litigation (Detail) (USD $)
|
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Apr. 30, 2011
|
Jan. 31, 2009
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Jan. 07, 2010
LCT SE Texas Holdings, L.L.C. [Member]
Property
|
Jan. 07, 2010
Capital Source [Member]
Entity
|
|
Commitments and Contingencies Disclosure [Line Items] | ||||||||
Number of facilities leased | 4 | |||||||
Number of landlord entities against whom a petition was filed | 4 | |||||||
Date the Court dismissed the petition | Apr. 19, 2011 | |||||||
Proceeds from settlement of a lawsuit | $ 6,800,000 | $ 3,700,000 | ||||||
Litigation settlement expenses | 2,300,000 | |||||||
Net gain from settlement of a lawsuit | $ 4,527,000 | $ 4,527,000 |
EARNINGS PER SHARE
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
NOTE 18 - EARNINGS PER SHARE
The
computation of basic EPS is computed by dividing net income
available to common stockholders by the weighted-average number of
shares of common stock outstanding during the relevant
period. Diluted EPS is computed using the treasury stock
method, which is net income divided by the total weighted-average
number of common outstanding shares plus the effect of dilutive
common equivalent shares during the respective
period. Dilutive common shares reflect the assumed
issuance of additional common shares pursuant to certain of our
share-based compensation plans, including stock options, restricted
stock and performance restricted stock units.
The
following tables set forth the computation of basic and diluted
earnings per share:
|
Owned and Operated Assets (Narrative) (Detail)
|
Dec. 31, 2011
Entity
|
Dec. 31, 2011
Skilled Nursing Facilities [Member]
Property
|
Dec. 31, 2011
Assisted Living Facilities [Member]
Property
|
Jul. 07, 2008
Properties Acquired Through Bankruptcy Court Proceedings [Member]
Property
|
Sep. 01, 2008
FC/SCH [Member]
Connecticut [Member]
Property
|
Sep. 01, 2008
FC/SCH [Member]
Rhode Island [Member]
Property
|
Sep. 01, 2008
FC/SCH [Member]
New Hampshire [Member]
Property
|
Sep. 01, 2008
FC/SCH [Member]
Massachusetts [Member]
Property
|
Sep. 01, 2008
FC/SCH [Member]
Skilled Nursing Facilities [Member]
Property
|
Aug. 06, 2008
FC/SCH [Member]
Skilled Nursing Facilities [Member]
Property
|
Sep. 01, 2008
FC/SCH [Member]
Assisted Living Facilities [Member]
Property
|
Aug. 06, 2008
FC/SCH [Member]
Assisted Living Facilities [Member]
Property
|
Sep. 01, 2008
TC Health Care [Member]
Vermont [Member]
Property
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Schedule of Owned and Operated Assets [Line Items] | |||||||||||||
Number of facilities owned | 438 | 385 | 10 | 15 | 5 | 4 | 3 | 1 | 14 | 1 | |||
Number of facilities transitioned to new tenant/operator | 12 | 1 | 2 |
Organization and Basis of Presentation (Narrative) (Detail)
|
Dec. 31, 2011
Entity
|
Jul. 07, 2008
Properties Acquired Through Bankruptcy Court Proceedings [Member]
Property
|
Jun. 01, 2010
Haven Eldercare [Member]
Property
|
Sep. 01, 2008
Haven Eldercare [Member]
Property
|
Jul. 06, 2008
Haven Eldercare [Member]
Property
|
---|---|---|---|---|---|
Basis of Presentation [Line Items] | |||||
Number of reportable segments | 1 | ||||
Number of facilities owned | 438 | 15 | |||
Number of facilities held for sale | 6 | ||||
Number of facilities leased | 8 | ||||
Number of facilities for which mortgage financing was provided | 7 | ||||
Number of facilities transitioned to new tenant/operator | 2 | 13 |
Consolidating Financial Statements (Consolidating Balance Sheets) (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
||||
---|---|---|---|---|---|---|---|---|
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||||||
Land and buildings | $ 2,537,039 | $ 2,366,856 | ||||||
Less accumulated depreciation | (470,420) | (380,995) | ||||||
Real estate properties - net | 2,066,619 | 1,985,861 | ||||||
Mortgage loans receivable | 238,675 | [1] | 108,557 | [1] | ||||
Real estate properties, total | 2,305,294 | 2,094,418 | ||||||
Other investments - net | 52,957 | 28,735 | ||||||
Total investments held, continuing operations | 2,358,251 | 2,123,153 | ||||||
Assets held for sale - net | 2,461 | 670 | ||||||
Total investments | 2,360,712 | 2,123,823 | ||||||
Cash and cash equivalents | 351 | 6,921 | 2,170 | 209 | ||||
Restricted cash | 34,112 | 22,399 | ||||||
Accounts receivable - net | 100,664 | 92,819 | ||||||
Other assets | 61,473 | 57,172 | ||||||
Operating assets for owned and operated properties | 873 | |||||||
Total assets | 2,557,312 | 2,304,007 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Revolving line of credit | 272,500 | |||||||
Secured borrowings | 303,610 | 201,296 | ||||||
Unsecured borrowings - net | 975,290 | 975,669 | ||||||
Accrued expenses and other liabilities | 127,428 | 121,859 | ||||||
Operating liabilities for owned and operated properties | 1,117 | |||||||
Total liabilities | 1,678,828 | 1,299,941 | ||||||
Stockholders' equity: | ||||||||
Preferred stock | 108,488 | |||||||
Common stock | 10,341 | 9,923 | ||||||
Common stock - additional paid-in-capital | 1,471,381 | 1,376,131 | ||||||
Cumulative net earnings | 633,430 | 580,824 | ||||||
Cumulative dividends paid | (1,236,668) | (1,071,300) | ||||||
Total stockholders' equity | 878,484 | 1,004,066 | 865,227 | 787,988 | ||||
Total liabilities and stockholders' equity | 2,557,312 | 2,304,007 | ||||||
Issuer and Subsidiary Guarantors [Member]
|
||||||||
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||||||
Land and buildings | 2,046,776 | 2,053,510 | ||||||
Less accumulated depreciation | (446,530) | (372,925) | ||||||
Real estate properties - net | 1,600,246 | 1,680,585 | ||||||
Mortgage loans receivable | 238,675 | 108,557 | ||||||
Real estate properties, total | 1,838,921 | 1,789,142 | ||||||
Other investments - net | 52,957 | 28,735 | ||||||
Total investments held, continuing operations | 1,891,878 | 1,817,877 | ||||||
Assets held for sale - net | 2,461 | 670 | ||||||
Total investments | 1,894,339 | 1,818,547 | ||||||
Cash and cash equivalents | 351 | 6,921 | ||||||
Restricted cash | 6,381 | 9,279 | ||||||
Accounts receivable - net | 97,407 | 91,729 | ||||||
Investment in affiliates | 154,953 | 81,334 | ||||||
Other assets | 31,980 | 36,653 | ||||||
Operating assets for owned and operated properties | 873 | |||||||
Total assets | 2,185,411 | 2,045,336 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Revolving line of credit | 272,500 | |||||||
Unsecured borrowings - net | 954,071 | 954,266 | ||||||
Accrued expenses and other liabilities | 80,356 | 85,887 | ||||||
Operating liabilities for owned and operated properties | 1,117 | |||||||
Total liabilities | 1,306,927 | 1,041,270 | ||||||
Stockholders' equity: | ||||||||
Preferred stock | 108,488 | |||||||
Common stock | 10,341 | 9,923 | ||||||
Common stock - additional paid-in-capital | 1,471,381 | 1,376,131 | ||||||
Cumulative net earnings | 633,430 | 580,824 | ||||||
Cumulative dividends paid | (1,236,668) | (1,071,300) | ||||||
Total stockholders' equity | 878,484 | 1,004,066 | ||||||
Total liabilities and stockholders' equity | 2,185,411 | 2,045,336 | ||||||
Non-Guarantor Subsidiaries [Member]
|
||||||||
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||||||
Land and buildings | 490,263 | 313,346 | ||||||
Less accumulated depreciation | (23,890) | (8,070) | ||||||
Real estate properties - net | 466,373 | 305,276 | ||||||
Real estate properties, total | 466,373 | 305,276 | ||||||
Total investments held, continuing operations | 466,373 | 305,276 | ||||||
Total investments | 466,373 | 305,276 | ||||||
Restricted cash | 27,731 | 13,120 | ||||||
Accounts receivable - net | 3,257 | 1,090 | ||||||
Other assets | 29,493 | 20,519 | ||||||
Total assets | 526,854 | 340,005 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Secured borrowings | 303,610 | 201,296 | ||||||
Unsecured borrowings - net | 21,219 | 21,403 | ||||||
Accrued expenses and other liabilities | 47,072 | 35,972 | ||||||
Intercompany payable | 145,255 | 78,806 | ||||||
Total liabilities | 517,156 | 337,477 | ||||||
Stockholders' equity: | ||||||||
Cumulative net earnings | 9,698 | 2,528 | ||||||
Total stockholders' equity | 9,698 | 2,528 | ||||||
Total liabilities and stockholders' equity | 526,854 | 340,005 | ||||||
Corporate Elimination [Member]
|
||||||||
Schedule of Condensed Consolidating Balance Sheets [Line Items] | ||||||||
Investment in affiliates | (154,953) | (81,334) | ||||||
Total assets | (154,953) | (81,334) | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Intercompany payable | (145,255) | (78,806) | ||||||
Total liabilities | (145,255) | (78,806) | ||||||
Stockholders' equity: | ||||||||
Cumulative net earnings | (9,698) | (2,528) | ||||||
Total stockholders' equity | (9,698) | (2,528) | ||||||
Total liabilities and stockholders' equity | $ (154,953) | $ (81,334) | ||||||
|
STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Restricted Stock | The
following table summarizes the activity in restricted stock for the
years ended December 31, 2009, 2010 and 2011:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in PRSU | The
following table summarizes the activity in PRSU for the years ended
December 31, 2009, 2010 and 2011:
(1) Total compensation cost to be recognized on
the awards was based on grant date fair value or the modification
date fair value.
|
Mortgage Notes Receivable (Narrative) (Detail) (USD $)
|
1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
State
Entity
|
Dec. 31, 2010
|
Dec. 31, 2011
Mortgage Receivable [Member]
PartnershipUnit
State
|
Jun. 29, 2010
June 29, 2010 Acquisition [Member]
Bed
State
PartnershipUnit
|
Nov. 30, 2011
Ciena Multiple Facilities Loan [Member]
Year
|
Nov. 14, 2011
Ciena Multiple Facilities Loan [Member]
|
Oct. 31, 2011
Persimmon Loan [Member]
|
Jul. 18, 2011
Nexion Health, Inc. [Member]
|
Dec. 31, 2011
Ciena Construction Mortgage Loan [Member]
Loan
|
Dec. 31, 2010
Ciena Construction Mortgage Loan [Member]
Loan
|
Dec. 31, 2010
Meridian Secured Mortgage Note [Member]
Year
Bed
Property
|
Oct. 31, 2010
CommuniCare Health Services [Member]
|
Dec. 31, 2011
Third Loan [Member]
Ciena Construction Mortgage Loan [Member]
Bed
|
Oct. 31, 2011
Third Loan [Member]
Ciena Construction Mortgage Loan [Member]
|
Aug. 31, 2010
First Loan [Member]
Ciena Construction Mortgage Loan [Member]
Year
|
Dec. 31, 2011
First Loan [Member]
Ciena Construction Mortgage Loan [Member]
Bed
|
Dec. 31, 2010
First Loan [Member]
Ciena Construction Mortgage Loan [Member]
Bed
|
Nov. 30, 2010
Second Loan [Member]
Ciena Construction Mortgage Loan [Member]
Year
|
Dec. 31, 2011
Second Loan [Member]
Ciena Construction Mortgage Loan [Member]
Bed
|
Dec. 31, 2010
Second Loan [Member]
Ciena Construction Mortgage Loan [Member]
Bed
|
Dec. 31, 2011
Extended Term [Member]
CommuniCare Health Services [Member]
|
Oct. 31, 2010
Extended Term [Member]
CommuniCare Health Services [Member]
|
Dec. 22, 2009
Long Term Care Facilities [Member]
PartnershipUnit
State
Bed
|
Dec. 31, 2011
Long Term Care Facilities [Member]
Mortgage Receivable [Member]
Loan
Property
|
Dec. 31, 2011
Construction Mortgages [Member]
Mortgage Receivable [Member]
Loan
|
Mar. 31, 2010
Skilled Nursing Facilities [Member]
Property
|
Dec. 31, 2011
Skilled Nursing Facilities [Member]
Property
|
Nov. 14, 2011
Skilled Nursing Facilities [Member]
Ciena Multiple Facilities Loan [Member]
Property
Bed
|
Oct. 31, 2011
Skilled Nursing Facilities [Member]
Persimmon Loan [Member]
Property
Bed
|
Jul. 18, 2011
Skilled Nursing Facilities [Member]
Nexion Health, Inc. [Member]
Property
|
Mar. 31, 2010
143 Facility CapitalSource Acquisitions [Member]
June 29, 2010 Acquisition [Member]
Property
|
|||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||||||||||||||||||
Mortgage loans receivable | $ 238,675,000 | [1] | $ 108,557,000 | [1] | $ 92,000,000 | $ 25,000,000 | $ 5,000,000 | $ 15,900,000 | |||||||||||||||||||||||||||||
Construction mortgage loan, aggregate value | 2,200,000 | 7,800,000 | 5,600,000 | 5,600,000 | 4,200,000 | 5,300,000 | 5,000,000 | 600,000 | |||||||||||||||||||||||||||||
Mortgage note, maturity date | Apr. 30, 2018 | Dec. 31, 2023 | Apr. 30, 2022 | ||||||||||||||||||||||||||||||||||
Number of facilities owned | 438 | 3 | 32 | 385 | 13 | 3 | 1 | ||||||||||||||||||||||||||||||
Number of mortgages | 3 | 3 | 12 | 1 | |||||||||||||||||||||||||||||||||
Number of available beds | 4,882 | 240 | 120 | 120 | 120 | 113 | 113 | 5,264 | 1,421 | 352 | |||||||||||||||||||||||||||
Mortgage loan, term in years | 10 | 20 | 10 | 10 | |||||||||||||||||||||||||||||||||
Fixed annual interest rate, year one | 11.00% | ||||||||||||||||||||||||||||||||||||
Fixed annual interest rate, year two | 11.00% | ||||||||||||||||||||||||||||||||||||
Annual interest rate of mortgage loan | 12.50% | 12.50% | 10.00% | 12.50% | 13.75% | 13.75% | |||||||||||||||||||||||||||||||
Fixed annual interest rate, year three | 11.00% | ||||||||||||||||||||||||||||||||||||
Annual interest rate of mortgage loan, annual escalators | 2.00% | ||||||||||||||||||||||||||||||||||||
Fixed annual interest rate, year four | 11.75% | ||||||||||||||||||||||||||||||||||||
Fixed annual interest rate of the construction mortgage loan, year five | 11.75% | ||||||||||||||||||||||||||||||||||||
Fixed annual interest rate of the construction mortgage loan, year six | 11.75% | ||||||||||||||||||||||||||||||||||||
Fixed annual interest rate, then after | 12.50% | ||||||||||||||||||||||||||||||||||||
Number of states | 35 | 5 | 2 | 12 | |||||||||||||||||||||||||||||||||
Number of operators | 51 | 6 | 2 | 12 | |||||||||||||||||||||||||||||||||
Face value of mortgage backed certificate | 14,000,000 | ||||||||||||||||||||||||||||||||||||
Purchase price of mortgage backed certificate | 12,900,000 | ||||||||||||||||||||||||||||||||||||
MBS yield percent | 10.00% | ||||||||||||||||||||||||||||||||||||
Trust secured by SNFs owned by CapitalSource | 250,000,000 | ||||||||||||||||||||||||||||||||||||
Mortgage backed certificates retired | 14,000,000 | ||||||||||||||||||||||||||||||||||||
Gain on retirement of mortgage back certificates | $ 800,000 | ||||||||||||||||||||||||||||||||||||
Number of properties, pledged | 65 | 63 | |||||||||||||||||||||||||||||||||||
|
Stock-Based Compensation (Activity in Restricted Stock) (Detail) (Restricted Stock [Member], USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Restricted Stock [Member]
|
||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-vested beginning balance, shares | 26,267 | 102,374 | 180,442 | |||||
Granted, shares | 444,003 | 15,500 | 11,900 | |||||
Vested, shares | (11,968) | (91,607) | (89,968) | |||||
Non-vested ending balance, shares | 458,302 | 26,267 | 102,374 | |||||
Non-vested, Beginning Weighted Average Grant Date Fair Value per Share | $ 18.19 | $ 16.81 | $ 16.92 | |||||
Granted, Weighted Average Grant Date Fair Value per Share | $ 22.42 | $ 20.00 | $ 15.79 | |||||
Vested, Weighted Average Grant Date Fair Value per Share | $ 17.42 | $ 16.96 | $ 16.90 | |||||
Non-vested, Ending Weighted Average Grant Date Fair Value per Share | $ 22.31 | $ 18.19 | $ 16.81 | |||||
Compensation Cost | $ 10.0 | [1] | $ 0.3 | [1] | $ 0.2 | [1] | ||
|
Borrowing Arrangements (Summarized Refinancing Related Costs) (Detail) (USD $)
|
12 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
2010 Credit Facility [Member]
|
Dec. 31, 2010
Credit Facility 2009 [Member]
|
Dec. 31, 2009
Credit Facility 2009 [Member]
|
Dec. 31, 2010
GECC Term Loan [Member]
|
Dec. 31, 2010
Senior Notes Due 2014 [Member]
|
Nov. 30, 2010
Senior Notes Due 2014 [Member]
|
||||||||||||
Financing Activities and Borrowing Arrangements [Line Items] | ||||||||||||||||||||
Write off of deferred finance cost due to refinancing | $ 3,055,000 | [1],[2],[3] | $ 8,231,000 | [1],[2],[3] | $ 526,000 | [1],[2],[3] | $ 3,500,000 | $ 500,000 | $ 2,200,000 | $ 2,600,000 | ||||||||||
Debt instrument, interest rate | 7.00% | |||||||||||||||||||
Prepayment and other costs associated with refinancing | 16,000 | [4] | 11,251,000 | [4] | 3,000,000 | 8,300,000 | ||||||||||||||
Total debt extinguishment costs | 3,071,000 | 19,482,000 | 526,000 | |||||||||||||||||
Line of credit facility terminated | $ 320,000,000 | $ 200,000,000 | $ 255,000,000 | $ 100,000,000 | $ 310,000,000 | $ 310,000,000 | ||||||||||||||
|
Properties (Future Minimum Estimated Contractual Rents Due for the Remainder of the Initial Terms of the Leases) (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Real Estate Properties [Line Items] | |
2012 | $ 272,866 |
2013 | 280,435 |
2014 | 259,192 |
2015 | 262,566 |
2016 | 242,850 |
Thereafter | 1,200,004 |
Total | $ 2,517,913 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Accounting Estimates
The
preparation of financial statements in conformity with generally
accepted accounting principles (“GAAP”) in the United
States requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results
could differ from those estimates.
Real Estate Investments and Depreciation
We
allocate the purchase price of properties to net tangible and
identified intangible assets acquired based on their fair
values. In making estimates of fair values for purposes
of allocating purchase price, we utilize a number of sources,
including independent appraisals that may be obtained in connection
with the acquisition or financing of the respective property and
other market data. We also consider information obtained
about each property as a result of its pre-acquisition due
diligence, marketing and leasing activities in estimating the fair
value of the tangible and intangible assets
acquired. All costs of significant improvements,
renovations and replacements are capitalized. In
addition, we capitalize leasehold improvements when certain
criteria are met, including when we supervise construction and will
own the improvement. Expenditures for maintenance and
repairs are charged to operations as they are
incurred.
Depreciation
is computed on a straight-line basis over the estimated useful
lives ranging from 20 to 40 years for buildings and improvements
and three to 10 years for furniture, fixtures and
equipment. Leasehold interests are amortized over the
shorter of useful life or term of the lease, with lives ranging
from five to 15 years.
As
of December 31, 2011 and 2010, we had identified conditional
asset retirement obligations primarily related to the future
removal and disposal of asbestos that is contained within certain
of our real estate investment properties. The asbestos is
appropriately contained, and we believe we are compliant with
current environmental regulations. If these properties undergo
major renovations or are demolished, certain environmental
regulations are in place, which specify the manner in which
asbestos must be handled and disposed. We are required
to record the fair value of these conditional liabilities if they
can be reasonably estimated. As of December 31, 2011 and 2010,
sufficient information was not available to estimate our liability
for conditional asset retirement obligations as the obligations to
remove the asbestos from these properties have indeterminable
settlement dates. As such, no liability for conditional asset
retirement obligations was recorded on our accompanying
consolidated balance sheets as of December 31, 2011 and
2010.
In-Place Leases
The
fair value of in-place leases consists of the following components
as applicable (1) the estimated cost to replace the leases,
and (2) the above/below market cash flow of the leases,
determined by comparing the projected cash flows of the leases in
place to projected cash flows of comparable market-rate leases
(referred to as Lease Intangibles). Lease Intangible
assets and liabilities are classified as lease contracts above and
below market value, respectively, and amortized on a straight-line
basis as decreases and increases, respectively, to rental revenue
over the remaining term of the underlying leases. Should a tenant
terminate its lease, the unamortized portions of these costs are
written off.
Owned and Operated Assets
Real
estate properties that are operated pursuant to a foreclosure
proceeding are included within "real estate properties" and are
reported at the time of foreclosure at the lower of carrying cost
or fair value.
Asset Impairment
Management
periodically, but not less than annually, evaluates our
real estate investments for impairment indicators, including the
evaluation of our assets’ useful lives. The
judgment regarding the existence of impairment indicators is based
on factors such as, but not limited to, market conditions, operator
performance and legal structure. If indicators of
impairment are present, management evaluates the carrying value of
the related real estate investments in relation to the future
undiscounted cash flows of the underlying
facilities. Provisions for impairment losses related to
long-lived assets are recognized when expected future undiscounted
cash flows are determined to be less than the carrying values of
the assets. An adjustment is made to the net carrying
value of the real estate investments for the excess of carrying
value over fair value. The fair
value of the real estate investment is determined by market
research, which includes valuing the property as a nursing home as
well as other alternative uses. All impairments
are taken as a period cost at that time, and depreciation is
adjusted going forward to reflect the new value assigned to the
asset.
If
we decide to sell real estate properties or land holdings, we
evaluate the recoverability of the carrying amounts of the
assets. If the evaluation indicates that the carrying
value is not recoverable from estimated net sales proceeds, the
property is written down to estimated fair value less costs to
sell. Our estimates of cash flows and fair values of the
properties are based on current market conditions and consider
matters such as rental rates and occupancies for comparable
properties, recent sales data for comparable properties, and, where
applicable, contracts or the results of negotiations with
purchasers or prospective purchasers.
For
the years ended December 31, 2011, 2010 and 2009 we recognized
impairment losses of $26.3 million, $0.2 million and $0.2 million,
respectively. The impairments are primarily the result
of closing facilities or updating the estimated proceeds we expect
for the sale of closed facilities. See Note 3 for
further details.
Loan Impairment
Management,
periodically but not less than annually, evaluates our outstanding
mortgage notes and other notes receivable. When
management identifies potential loan impairment indicators, such as
non-payment under the loan documents, impairment of the underlying
collateral, financial difficulty of the operator or other
circumstances that may impair full execution of the loan documents,
and management believes it is probable that all amounts will not be
collected under the contractual terms of the loan, the loan is
written down to the present value of the expected future cash
flows. In cases where expected future cash flows are not
readily determinable, the loan is written down to the fair value of
the collateral. The fair value of the loan is determined
by market research, which includes valuing the property as a
nursing home as well as other alternative uses.
We
currently account for impaired loans using (a) the cost-recovery
method, and/or (b) the cash basis method. We generally
utilize the cost recovery method for impaired loans for which
impairment reserves were recorded. We utilize the cash
basis method for impairment loans for which no impairment reserves
were recorded because the net present value of the discounted cash
flows expected under the loan and/or the underlying collateral
supporting the loan were equal to or exceeded the book value of the
loans. Under the cost recovery method, we apply cash
received against the outstanding loan balance prior to recording
interest income. Under the cash basis method, we apply
cash received to interest income. As of December 31,
2011 and 2010, we had loan loss reserves totaling $2.0 million and
$2.2 million, respectively. In 2011, we recorded
provisions for loan losses of $2.3 million related to a working
capital note. In 2010 and 2009 we did not record
provisions for loan losses or charge-offs related to our mortgage
or note receivable portfolios. For additional
information see Note 5 – Mortgage Notes Receivable and Note 6
– Other Investments.
Cash and Cash Equivalents
Cash
and cash equivalents consist of cash on hand and highly liquid
investments with a maturity date of three months or less when
purchased. These investments are stated at cost, which
approximates fair value. The majority of our cash and
cash equivalents are held at major commercial banks.
Restricted Cash
Restricted
cash consists primarily of funds escrowed for tenants’
security deposits required by us pursuant to certain contractual
terms (see Note 8 – Lease and Mortgage
Deposits).
Accounts Receivable
Accounts
receivable includes: contractual receivables, straight-line rent
receivables and lease inducements, net of an estimated provision
for losses related to uncollectible and disputed
accounts. Contractual receivables relate to the amounts
currently owed to us under the terms of the lease
agreement. Straight-line receivables relate to the
difference between the rental revenue recognized on a straight-line
basis and the amounts due to us contractually. Lease
inducements result from value provided by us to the lessee at the
inception or renewal of the lease and will be amortized as a
reduction of rental revenue over the non cancellable lease
term. On a quarterly basis, we review the collection of
our contractual payments and determine the appropriateness of our
allowance for uncollectible contractual rents. In the
case of a lease recognized on a straight-line basis or existence of
lease inducements, we generally provide an allowance for
straight-line accounts receivable or the lease inducements when
certain conditions or indicators of adverse collectability are
present.
A summary of our net receivables by type is as
follows:
We continuously evaluate the payment history and
financial strength of our operators and have historically
established allowance reserves for straight-line rent adjustments
for operators that do not meet our requirements. We
consider factors such as payment history, the operator’s
financial condition as well as current and future anticipated
operating trends when evaluating whether to establish allowance
reserves.
During
the second quarter of 2011, we entered into a master transition
agreement (“2011 MTA”) with one of our current
lessee/operators and a third party lessee/operator to transition
the facilities from the current operator to the new
operator. The 2011 MTA closing was subject to receipt of
healthcare regulatory approvals from several states for the
operating license transfer from the current operator to the new
operator. Upon closing of the 2011 MTA, the old lease
was terminated and the new operator entered into a new twelve-year
master lease for the facilities effective January 1,
2012. As a result of the 2011 MTA, during the second
quarter of 2011, we evaluated the recoverability of the
straight-line rent receivable and lease inducements associated with
the current lease and have recorded a $4.1 million provision for
uncollectible accounts associated with straight-line receivables
and lease inducements.
Comprehensive Income
Comprehensive
income includes net income and all other non-owner changes in
stockholders’ equity during a period including unrealized
gains and losses on equity securities classified as
available-for-sale and unrealized fair value adjustments on certain
derivative instruments.
Deferred Financing Costs
External
costs incurred from placement of our debt are capitalized and
amortized on a straight-line basis over the terms of the related
borrowings which approximate the effective interest method.
Amortization of financing costs totaling $2.7 million, $3.8 million
and $2.5 million in 2011, 2010 and 2009, respectively, is
classified as “interest - amortization of deferred financing
costs” in our consolidated
statements of income. When financings are terminated,
unamortized amounts paid, as well as charges incurred for the
termination, are expensed at the time the termination is
made. Gains and losses from the extinguishment of debt
are presented within income from continuing operations in the
accompanying consolidated financial statements.
Revenue Recognition
We
have various different investments that generate revenue, including
leased and mortgaged properties, as well as other investments,
including working capital loans. We recognize rental
income and other investment income as earned over the terms of the
related master leases and notes, respectively. Interest
income is recorded on an accrual basis to the extent that such
amounts are expected to be collected using the interest
method. In applying the interest method, the effective
yield on a loan is determined based on its contractual payment
terms, adjusted for prepayment terms.
Substantially
all of our leases contain provisions for specified annual increases
over the rents of the prior year and are generally computed in one
of three methods depending on specific provisions of each lease as
follows: (i) a specific annual increase over the prior year’s
rent, generally between 2.0% and 3.0%; (ii) an increase based on
the change in pre-determined formulas from year to year (i.e., such
as increases in the Consumer Price Index (“CPI”)); or
(iii) specific dollar increases over prior
years. Revenue under lease arrangements with fixed and
determinable increases is recognized over the term of the lease on
a straight-line basis. The authoritative guidance does
not provide for the recognition of contingent revenue until all
possible contingencies have been eliminated. We consider
the operating history of the lessee, the payment history, the
general condition of the industry and various other factors when
evaluating whether all possible contingencies have been
eliminated. We do not include contingent rents as income
until the contingencies have been resolved.
In
the case of rental revenue recognized on a straight-line basis, we
generally record reserves against earned revenues from leases when
collection becomes questionable or when negotiations for
restructurings of troubled operators result in significant
uncertainty regarding ultimate collection. The amount of
the reserve is estimated based on what management believes will
likely be collected. We continually evaluate the
collectability of our straight-line rent assets. If it
appears that we will not collect future rent due under our leases,
we will record a provision for loss related to the straight-line
rent asset.
Gains
on sales of real estate assets are recognized in accordance with
the authoritative guidance for sales of real estate. The
specific timing of the recognition of the sale and the related gain
is measured against the various criteria in the guidance related to
the terms of the transactions and any continuing involvement
associated with the assets sold. To the extent the sales
criteria are not met, we defer gain recognition until the sales
criteria are met.
Nursing
home revenues of owned and operated assets consist of long-term
care revenues, rehabilitation therapy services revenues, temporary
medical staffing services revenues and other ancillary services
revenues. The revenues are recognized as services are
provided. Revenues are recorded net of provisions for
discount arrangements with commercial payors and contractual
allowances with third-party payors, primarily Medicare and
Medicaid. Revenues realizable under third-party payor
agreements are subject to change due to examination and retroactive
adjustment. Estimated third-party payor settlements are
recorded in the period the related services are rendered. The
methods of making such estimates are reviewed periodically, and
differences between the net amounts accrued and subsequent
settlements or estimates of expected settlements are reflected in
the current period results of operations. Laws and regulations
governing the Medicare and Medicaid programs are extremely complex
and subject to interpretation. For additional
information, see Note 4 – Owned and Operated
Assets.
Assets Held for Sale and Discontinued Operations
The
operating results of specified real estate assets that have been
sold, or otherwise qualify as held for disposition, are reflected
as assets held for sale in our consolidated balance
sheets. Assets that qualify as held for sale may also be
considered as a discontinued operation if, (a) the operation and
cash flows of the asset have been or will be eliminated from future
operations and (b) we will not have significant involvement with
the asset after its disposition. For assets that qualify as
discontinued operations, we have reclassified the operations of
those assets to discontinued operations in the consolidated
statements of income for all periods presented and assets held for
sale in the consolidated balance sheets for all periods
presented. We had six facilities and one parcel of land
classified as held for sale as of December 31, 2011 with a net book
value of $2.5 million. The assets were not classified as
discontinued operations.
Earnings Per Share
Basic
earnings per common share (“EPS”) is computed by
dividing net income available to common stockholders by the
weighted-average number of shares of common stock outstanding
during the year. Diluted EPS reflects the potential
dilution that could occur from shares issuable through stock-based
compensation, including stock options and restricted
stock. For additional information, see Note 18 –
Earnings Per Share.
Income Taxes
We
were organized to qualify for taxation as a REIT under Section 856
through 860 of the Code. As long as we qualify as a
REIT; we will not be subject to Federal income taxes on the REIT
taxable income that we distributed to stockholders, subject to
certain exceptions. In 2011, we paid preferred and
common dividend payments of $161.9 million which satisfies the 2011
REIT requirements relating to qualifying income. We are
permitted to own up to 100% of a taxable REIT subsidiary
(“TRS”). Currently, we have one TRS that is
taxable as a corporation and that pays federal, state and local
income tax on its net income at the applicable corporate
rates. The loss carry forward of $1.1 million was fully
reserved with a valuation allowance due to uncertainties regarding
realization. We record interest and penalty charges
associated with tax matters as income tax. For
additional information on income taxes, see Note 11 –
Taxes. As of December 31, 2011, we did not have any
unrecognized tax benefits. We do not believe that there
will be any material changes in our unrecognized tax positions over
the next 12 months. We are subject to examination by the
respective taxing authorities for the tax years 2007 through
2011.
Stock-Based Compensation
All
outstanding unvested share-based payment awards that contain rights
to non-forfeitable dividends or dividend equivalents that
participate in undistributed earnings with common stockholders are
considered participating securities that shall be included in the
two-class method of computing basic EPS. The guidance does not
address awards that contain rights to forfeitable dividends. We
adopted this standard on January 1, 2009, and retrospectively
adjusted basic EPS data for all periods presented to reflect the
two-class method of computing EPS. The impact of the
adoption of this guidance on earnings per share was less than $0.01
per share for the periods presented.
Risks and Uncertainties
Our
company is subject to certain risks and uncertainties affecting the
healthcare industry as a result of healthcare legislation and
growing regulation by federal, state and local governments.
Additionally, we are subject to risks and uncertainties as a result
of changes affecting operators of nursing home facilities due to
the actions of governmental agencies and insurers to limit the
growth in cost of healthcare services (see Note 7 –
Concentration of Risk).
|
Financial Instruments (Carrying Amounts and Fair Values of Financial Instruments) (Detail) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
||||
---|---|---|---|---|---|---|---|---|
Assets: | ||||||||
Cash and cash equivalents | $ 351 | $ 6,921 | $ 2,170 | $ 209 | ||||
Restricted cash | 34,112 | 22,399 | ||||||
Mortgage loans receivable | 238,675 | [1] | 108,557 | [1] | ||||
Other investments - net | 52,957 | 28,735 | ||||||
Totals | 326,095 | 166,612 | ||||||
Liabilities: | ||||||||
Revolving line of credit | 272,500 | |||||||
Subordinated debt | 21,219 | 21,403 | ||||||
Totals | 1,551,400 | 1,176,965 | ||||||
Assets: | ||||||||
Cash and cash equivalents | 351 | 6,921 | ||||||
Restricted cash | 34,112 | 22,399 | ||||||
Mortgage notes receivable - net | 241,494 | 109,610 | ||||||
Other investments - net | 48,903 | 25,317 | ||||||
Totals | 324,860 | 164,247 | ||||||
Liabilities: | ||||||||
Revolving line of credit | 272,500 | |||||||
Subordinated debt | 23,198 | 23,248 | ||||||
Totals | 1,602,843 | 1,213,826 | ||||||
7.00 % Notes due 2016 [Member]
|
||||||||
Liabilities: | ||||||||
Loans payable, carrying amount | 174,376 | 174,221 | ||||||
Liabilities: | ||||||||
Loans payable, fair value | 186,398 | 187,079 | ||||||
Interest rate | 7.00% | 7.00% | ||||||
Maturity date | 2016 | 2016 | ||||||
7.50% Notes due 2020 [Member]
|
||||||||
Liabilities: | ||||||||
Loans payable, carrying amount | 197,202 | 196,857 | ||||||
Liabilities: | ||||||||
Loans payable, fair value | 216,114 | 212,837 | ||||||
Interest rate | 7.50% | 7.50% | ||||||
Maturity date | 2020 | 2020 | ||||||
6.75 % Notes due 2022 [Member]
|
||||||||
Liabilities: | ||||||||
Loans payable, carrying amount | 582,493 | 583,188 | ||||||
Liabilities: | ||||||||
Loans payable, fair value | 582,684 | 576,019 | ||||||
Interest rate | 6.75% | 6.75% | ||||||
Maturity date | 2022 | 2022 | ||||||
HUD Portfolio Debt [Member]
|
||||||||
Liabilities: | ||||||||
Loans payable, carrying amount | 303,610 | 201,296 | ||||||
Liabilities: | ||||||||
HUD debt | $ 321,949 | $ 214,643 | ||||||
|