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Major Operators | 12 Months Ended
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Dec. 31, 2013
Major Operators |
Major Operators | 3. Major Operators We have four operators from each of which we derive over 10% of our combined rental revenue and interest income from mortgage loans. Additionally, we have one operator from which we would have derived over 10% of our combined rental revenue and interest income from mortgage loans if we had a full year of interest income from a mortgage loan we originated during the fourth quarter of 2013. Senior Care Centers, LLC (or Senior Care) is a privately held company. During 2013, we entered into an amended and restated master lease agreement with Senior Care to include four skilled nursing properties which were previously operated by and subleased to Senior Care. Under the new amended and restated master lease agreement, Senior Care leases nine skilled nursing properties with a total of 1,190 beds owned by us representing approximately 11.3%, or $104,984,000, of our total assets at December 31, 2013 and 11.3% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2013. 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). The remaining EHSI assets and operations were converted into a Canadian REIT (Extendicare REIT) listed on the Toronto Stock Exchange (or TSX). During 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. On July 11, 2013, ALC merged with Aid Holdings, LLC, a Delaware limited liability company (or Aid Holdings), and Aid Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Aid Holdings (or Aid Merger Sub). Aid Holdings and Aid Merger Sub are affiliates of TPG Capital, L.P. Extendicare and ALC collectively lease 37 assisted living properties with a total of 1,430 units owned by us representing approximately 5.5%, or $51,299,000, of our total assets at December 31, 2013 and 10.5% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2013. The Extendicare and ALC master lease expires on December 31, 2014. In January 2014, we retained CS Capital Advisors, LLC, as our advisors, to assist in the marketing and re-leasing process of these properties. Brookdale Senior Living Communities, Inc. (or Brookdale Communities) is a wholly owned subsidiary of a publicly traded company, Brookdale Senior Living, Inc. (or Brookdale). Brookdale Communities leases 35 assisted living properties with a total of 1,414 units owned by us representing approximately 5.5%, or $51,581,000, of our total assets at December 31, 2013 and 10.5% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2013. Preferred Care, Inc. (or Preferred Care), through various wholly owned subsidiaries, operates 27 skilled nursing properties and two range of care properties that we own or on which we hold mortgages secured by first trust deeds. These properties consist of a total of 3,354 skilled nursing beds and 49 assisted living units. This represents approximately 5.4%, or $50,132,000, of our total assets at December 31, 2013 and 10.2% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2013. 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. Prestige Healthcare is a privately held company. In October 2013, we funded a $124,387,000 mortgage loan with Prestige Healthcare secured by 15 skilled nursing properties with a total of 2,092 beds. They also lease two range of care properties with a total of 118 skilled nursing beds and 93 assisted living units owned by us with an asset value of $10,967,000. Additionally, they manage four parcels of land that we own with an asset value of $1,163,000. These assets represent 14.7% or $136,517,000 of our total assets at December 31, 2013 and generated 3.1% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2013 (or 11.5% of our combined rental revenue and interest income from mortgage loans for the year ended December 31, 2013 assuming we held the mortgage for the full year of 2013). Our financial position and ability to make distributions may be adversely affected by financial difficulties experienced by Extendicare, ALC, Brookdale Communities, Preferred Care, Senior Care, Prestige Healthcare, 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.

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