XML 43 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2012
Commitments and Contingencies  
Summary of capital improvement commitments and investments

 

 

 Commitment

 

Expiration
Date

 

Used
Commitment

 

Open
Commitment

 

 

Initial Cash
Yield

 

Property
Type

 

Properties

 

$  1,700  

 

3/31/13

 

$    492  

(8)(a)

$  1,208

 

 

9.00%  

(1)

SNF

 

2

 

8,250  

 

10/11/13

 

492  

(8)(b)

7,758

 

 

9.00%  

(1)

UDP(7)

 

—

 

7,935  

 

12/1/13

 

1,438  

(8)(c)

6,497

 

 

9.25%  

(1)

UDP(6)

 

—

 

1,700  

 

6/12/14

 

—  

 

1,700

 

 

9.00%  

(1)

SNF

 

1

 

8,000  

 

8/01/14

 

—  

 

8,000

 

 

 

(4)(1)

ALF

 

1

 

6,600  

 

8/01/14

 

—  

 

6,600

 

 

 

(4)(1)

ALF

 

1

 

5,000  

(5)

12/31/14

 

—  

 

5,000

 

 

 

(3)

ALF

 

37

 

30  

 

8/31/15

 

—  

(8)(d)

30

 

 

 

(2)

EDU

 

1

 

$39,215  

(9)

 

 

$2,422  

 

$36,793

 

 

 

 

 

 

 

 

 

 

(1)          Minimum rent will increase upon final funding and project completion or in some cases, the improvement deadline as defined in each lease agreement.

 

(2)          The yield is included in the initial lease rate.

 

(3)          9.5% plus the positive difference, if any, between the average yields on the U.S. Treasury 10-year note for the five days prior to funding, minus 420 basis points (expressed as a percentage).

 

(4)          The greater of a) 580 basis points over the 10-year treasury note or b) 7.75%

 

(5)          $5,000 per year for the life of the lease.

 

(6)          This commitment is to construct a 60-unit free-standing memory care property in Colorado.

 

(7)          This commitment is to construct a 120-bed skilled nursing property in Texas which will replace an existing 90-bed skilled nursing property we own.

 

(8)          In October 2012, we funded the following amounts: (a) $219; (b) $426; (c) $847; and (d) $30.

 

(9)          In October 2012, we purchased vacant land in Kansas for $730 and funded $492 under a $9,855 development commitment to construct a 77-unit assisted living and memory care property. See Note 2. Real Estate Investments for further discussion on the acquisition.
Summary of loan commitments

 

 

Commitment

 

 

Expiration
Date

 

Used
Commitment

 

Open
Commitment

 

 

Initial Cash
Yield

 

$   250

 

 

11/30/12

 

$200

 (3)

 

$

50

 

 

9.00%  

 

667

 (1)

 

12/31/12

 

193

 (4)

 

 

474

 

 

9.00%  

 

50

 

 

3/31/13

 

20

 

 

 

30

 

 

10.00%  

 

750

 (2)

 

5/14/14

 

—

 

 

 

750

 

 

12.00%  

 

$1,717

 

 

 

 

$413

 

 

$

1,304

 

 

 

 

 

 

(1)          This commitment is a construction and term loan for capital improvements at a skilled nursing property we own and lease to the borrower. Upon the earlier of the full funding of the commitment or December 31, 2012, construction distribution under this loan will cease and this loan will fully amortize to maturity in May 2018.

 

(2)          This commitment is a note agreement with our operator of a 60-unit free-standing memory care property under development.

 

(3)          In October 2012, we received $50 in principal payment under this loan commitment.

 

(4)          In October 2012, we funded $177 under this loan commitment.