XML 39 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Real Estate (Tables)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Real Estate [Abstract]    
New Real Estate Investments [Table Text Block]
During the year ended December 31, 2020, we completed the following real estate acquisitions as described below ($ in thousands):

OperatorDatePropertiesAsset ClassLandImprovementsTotal
Bickford Senior LivingQ1 20201SHO$1,588 $13,512 $15,100 
Life Care ServicesQ1 20201SHO4,370 130,522 134,892 
Autumn Trace Q2 20202SHO344 13,906 14,250 
41 ManagementQ3 20201SHO504 11,796 12,300 
$6,806 $169,736 $176,542 
  
Prior Year Real Estate Investments [Table Text Block]  
During the year ended December 31, 2019, we completed the following real estate acquisitions and commitments as described below ($ in thousands):

OperatorDatePropertiesAsset ClassLand ImprovementsAmount
Wingate HealthcareQ1 20191SHO$5,500 $46,700 $52,200 
Holiday RetirementQ1 20191SHO550 37,450 38,000 
Comfort Care Senior LivingQ2 20191SHO570 10,230 10,800 
Comfort Care Senior LivingQ2 20191SHO410 13,090 13,500 
Discovery Senior LivingQ2 20196SHO6,301 121,616 127,917 
Cappella Living SolutionsQ3 20191SHO169 7,431 7,600 
Bickford Senior LivingQ3 20191SHO1,244 13,856 15,100 
41 ManagementQ4 20191SHO515 8,825 9,340 
$15,259 $259,198 $274,457 
Schedule of Tenant Concentrations [Table Text Block]
Major Tenants

as of December 31, 2020
Revenues1
Asset RealNotesYear Ended December 31,
ClassEstateReceivable202020192018
Senior Living CommunitiesEFC$573,631 $43,980 $50,734 15%$48,450 15%$45,868 15%
Bickford Senior LivingALF534,376 34,466 49,451 15%56,210 17%52,293 18%
Holiday RetirementILF531,378 — 40,705 12%40,459 13%43,311 15%
National HealthCare CorporationSNF171,235 — 37,820 11%38,131 12%37,843 13%
All othersVarious1,451,761 218,927 144,448 44%129,033 41%115,297 39%
Escrow funds received from tenants
    for property operating expensesVarious— — 9,653 3%5,798 2%— —%
$3,262,381 $297,373 $332,811 $318,081 $294,612
1 includes interest income on notes receivable

The amounts in the table above are reflected with disposals being reclassified into the All others category.
  
Summary of NHC Percentage Rent [Table Text Block]
The following table summarizes the percentage rent income from NHC ($ in thousands):
Year Ended December 31,
202020192018
Current year$3,687 $3,650 $3,411 
Prior year final certification1
(14)334 285 
Total percentage rent income$3,673 $3,984 $3,696 
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.
  
Future Minimum Lease Payments [Table Text Block]
Future Minimum Lease Payments

Future minimum lease payments to be received by us under our operating leases at December 31, 2020 are as follows ($ in thousands):
Year Ending December 31,
2021$299,904 
2022286,000 
2023282,285 
2024275,742 
2025272,208 
Thereafter1,432,609 
$2,848,748 
  
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 revenue recognized as a result of fixed and variable lease escalators ($ in thousands):

Year Ended December 31,
202020192018
Lease payments based on fixed escalators, net of deferrals$272,630 $262,178 $254,302 
Lease payments based on variable escalators5,501 4,967 4,111 
Straight-line rent income20,411 22,084 22,787 
Escrow funds received from tenants for property operating expenses9,653 5,798 — 
Amortization of lease incentives(987)(845)(387)
Rental income$307,208 $294,182 $280,813