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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
New Real Estate Investments [Table Text Block] | During the year ended December 31, 2019, we announced the following real estate investments and commitments as described below (dollars in thousands):
Operator |  | Date |  | Properties |  | Asset Class |  | Amount
Wingate Healthcare |  | January 2019 |  | 1 |  | SHO |  | $ | 52,200 |
Holiday Retirement |  | January 2019 |  | 1 |  | SHO |  | 38,000 |
Comfort Care Senior Living |  | April 2019 |  | 1 |  | SHO |  | 10,800 |
Comfort Care Senior Living |  | May 2019 |  | 1 |  | SHO |  | 13,500 |
Discovery Senior Living |  | May 2019 |  | 6 |  | SHO |  | 127,917 |
Cappella Living Solutions |  | July 2019 |  | 1 |  | SHO |  | 7,600 |
Bickford Senior Living |  | September 2019 |  | 1 |  | SHO |  | 15,100 |
41 Management |  | December 2019 |  | 1 |  | SHO |  | 9,340 |
|  |  |  |  |  |  |  | $ | 274,457 |
Summary of NHC Percentage Rent [Table Text Block] | The following table summarizes the percentage rent income from NHC (in thousands):
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Current year | $ | 3,650 |  |  | $ | 3,411 |  |  | $ | 3,127 |
Prior year final certification 1 | 334 |  |  | 285 |  |  | 194 |
Total percentage rent income | $ | 3,984 |  |  | $ | 3,696 |  |  | $ | 3,321 |
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Schedule of Bickford Leases [Table Text Block] | As of December 31, 2019, our Bickford Senior Living (“Bickford”) lease portfolio consists of the following (dollars in thousands):
| Lease Expiration |
| June 2023 | September 2024 | May 2031 | April 2033 | Total
Number of Properties | 13 |  | 10 |  | 19 |  | 5 |  | 47 |
2019 Contractual Rent | $ | 11,468 |  | $ | 9,442 |  | $ | 21,838 |  | $ | 4,918 |  | $ | 47,666 |
2019 Straight Line Rent | 358 |  | 467 |  | 2,903 |  | 860 |  | 4,588 |
2019 Lease Incentive Amortization | — |  | — |  | (724 | ) | — |  | (724 | )
| $ | 11,826 |  | $ | 9,909 |  | $ | 24,017 |  | $ | 5,778 |  | $ | 51,530 |
Schedule of Tenant Purchase Options [Table Text Block] | Tenant Purchase Options Certain of our operators hold purchase options allowing them to acquire properties they currently lease from NHI. For options open or coming open in the near future, we are engaged in preliminary negotiations to continue as lessor or in some other capacity. A summary of these tenant options, excluding properties classified as held for sale, is presented below (dollars in thousands):
Asset | Number of | Lease | 1st Option | Option | Contractual
Type | Properties | Expiration | Open Year | Basis | Rent
MOB | 1 | February 2025 | Open | i | $ | 306 |
HOSP | 1 | March 2025 | 2020 | iv | $ | 1,957 |
HOSP | 1 | September 2027 | 2021 | ii | $ | 2,760 |
SHO | 2 | May 2031 | 2021 | iv | $ | 5,063 |
HOSP | 1 | June 2022 | 2022 | i | $ | 3,502 |
SNF | 7 | August 2028 | 2025 | iii | $ | 3,671 |
SNF | 1 | September 2028 | 2028 | iii | $ | 472 |
Tenant purchase options generally give the lessee an option to purchase the underlying property for consideration determined by i) greater of fixed base price or fair market value; ii) a fixed base price plus a specified share in any appreciation; iii) fixed base price; or iv) a fixed capitalization rate on lease revenue.
Future Minimum Lease Payments [Table Text Block] | Future Minimum Lease Payments With the adoption of Accounting Standards Codification (“ASC”) Topic 842, Leases, as discussed in Note 14, our minimum lease payments are now determined under guidance different from that required as of December 31, 2018, when we were subject to ASC Topic 840 Leases. Presented in the following table are future minimum lease payments, as of December 31, 2019, to be received by us under our operating leases, as determined under ASC 842 (in thousands):
Twelve months ended December 31, 2019 |
2020 | $ | 266,320 |
2021 | 267,871 |
2022 | 271,528 |
2023 | 265,584 |
2024 | 257,726 |
Thereafter | 1,569,556 |
| $ | 2,898,585 |
Schedule of Fixed and Variable Lease Payments [Table Text Block] | Variable Lease Payments Most of our existing leases contain annual escalators in rent payments. For financial statement purposes, rental income is recognized on a straight-line basis over the term of the lease where the lease contains fixed escalators. Some of our leases contain escalators that are determined annually based on a variable index or other factor that is indeterminable at the inception of the lease. The table below indicates the amount of lease revenue recognized as a result of fixed and variable lease escalators (in thousands):
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Lease payments based on fixed escalators | $ | 260,488 |  |  | $ | 253,528 |  |  | $ | 235,343 |
Lease payments based on variable escalators | 4,967 |  |  | 4,111 |  |  | 3,617 |
Straight-line rent income | 22,084 |  |  | 22,787 |  |  | 26,090 |
Escrow funds received from tenants | 5,798 |  |  | — |  |  | — |
Amortization of lease incentives | 845 |  |  | 387 |  |  | 119 |
Rental income | $ | 294,182 |  |  | $ | 280,813 |  |  | $ | 265,169 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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