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Real Estate (Tables)
 12 Months Ended
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 certification1
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