XML 48 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Major Operators | 9 Months Ended
--- | ---
Sep. 30, 2012
Major Operators |
Major Operators |
8. Major Operators We have three operators from each of which we derive over 10% of our combined rental revenue and interest income from mortgage loans. In 2006, Extendicare Services, Inc. (or EHSI), one of our major operators, effected a reorganization whereby it completed a spin-off of Assisted Living Concepts, Inc. (or ALC). ALC is now a NYSE traded public company operating assisted living centers. The remaining EHSI assets and operations were converted into a Canadian REIT (or Extendicare REIT) listed on the Toronto Stock Exchange. On July 1, 2012, Extendicare REIT converted from an income trust structure to a corporate structure under a corporation named Extendicare Inc. (or Extendicare). Both Extendicare and ALC continue to be parties to the leases with us. Brookdale Senior Living Communities, Inc. (or Brookdale Communities) is a wholly owned subsidiary of a publicly traded company, Brookdale Senior Living, Inc. (or Brookdale). The following table summarizes Extendicare REIT, ALC’s and Brookdale’s financial information as of and for the six months ended June 30, 2012 per the operators’ public filings (in thousands). Our other operator is privately owned and thus no public financial information is available.
|  | Extendicare REIT (1) |  | ALC |  | Brookdale |
Current assets |  | $ 354,230 |  |  | $ 31,836 |  |  | $ 292,582 |  |
Non-current assets |  | 1,462,282 |  |  | 495,489 |  |  | 4,285,739 |  |
Current liabilities |  | 413,749 |  |  | 34,773 |  |  | 990,094 |  |
Non-current liabilities |  | 1,328,385 |  |  | 208,555 |  |  | 2,562,264 |  |
Stockholders’ equity |  | 74,378 |  |  | 283,997 |  |  | 1,025,963 |  |
Gross revenue |  | 1,041,874 |  |  | 115,841 |  |  | 1,373,855 |  |
Operating expenses |  | 911,111 |  |  | 144,670 |  |  | 1,328,130 |  |
Income (loss) from continuing operations |  | 18,151 |  |  | (19,460 | ) |  | (29,148 | ) |
Net income (loss) |  | 52,681 |  |  | (19,460 | ) |  | (29,148 | ) |
Cash provided by (used in) operating activities |  | 36,319 |  |  | (16,572 | ) |  | 128,547 |  |
Cash provided by (used in) investing activities |  | 26,330 |  |  | (72,557 | ) |  | (204,460 | ) |
Cash (used in) provided by financing activities |  | (69,161 | ) |  | 89,970 |  |  | 83,753 |  |
(1) The numbers shown for Extendicare REIT are in Canadian dollars and are prepared in accordance with Canadian GAAP. * The financial information contained in the foregoing table for Extendicare REIT, ALC and Brookdale is based on information we obtained from such companies’ available public filings and, therefore, we have not independently verified the accuracy of such information. Extendicare and ALC collectively lease 37 assisted living properties with a total of 1,427 units owned by us representing approximately 7.6%, or $53,929,000, of our total assets at September 30, 2012 and 12.0% of rental revenue and interest income from mortgage loans recognized as of September 30, 2012. Brookdale Communities leases 35 assisted living properties with a total of 1,416 units owned by us representing approximately 7.6%, or $54,013,000, of our total assets at September 30, 2012 and 11.7% of rental revenue and interest income from mortgage loans recognized as of September 30, 2012. Preferred Care, Inc. (or Preferred Care), through various wholly owned subsidiaries, operates 28 skilled nursing properties and two other senior housing properties that we own or on which we hold mortgages secured by first trust deeds. These properties consist of a total of 3,603 skilled nursing beds and 49 assisted living units. This represents approximately 7.5%, or $53,197,000, of our total assets at September 30, 2012 and 11.8% of rental revenue and interest income from mortgage loans recognized as of September 30, 2012. They also operate one skilled nursing property under a sub-lease with another lessee we have which is not included in the Preferred Care rental revenue and interest income from mortgage loans. Our financial position and ability to make distributions may be adversely affected by financial difficulties experienced by Brookdale Communities, Extendicare, ALC, Preferred Care, or any of our lessees and borrowers, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us or our borrowers when it expires.

X
- Details
Name: | ltc_MajorOperatorsDisclosureAbstract
Namespace Prefix: | ltc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition External customer that is deemed major to the entity. + References No definition available. + Details
Name: | ltc_MajorOperatorTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration