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Equity (Tables) | 9 Months Ended
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Sep. 30, 2018
Equity |
Schedule of consolidated VIEs | As of September 30, 2018, we have the following consolidated VIEs (dollar amounts in thousands):
|  |  |  |  |  |  |  |  | Gross |  |  |  |
Investment |  |  |  | Property |  |  |  |  | Consolidated |  |  | Non-Controlling |
Year |  | Purpose |  | Type |  | State |  |  | Assets |  |  | Interests |
2018 |  | Owned real estate |  | ILF |  | OR |  | $ | 14,400 | (1) | $ | 2,857 | (1)
2018 |  | Owned real estate and development |  | UDP |  | OR |  |  | 2,881 | (1) |  | 1,081 | (1)
2017 |  | Owned real estate and development |  | UDP |  | WI |  |  | 10,316 | (2) |  | 2,272 | (2)
2017 |  | Owned real estate |  | ALF |  | SC |  |  | 10,571 |  |  | 1,241 |
Total |  |  |  |  |  |  |  | $ | 38,168 |  | $ | 7,451 |
| (1) |  | We entered into a joint venture (“JV”) to develop, purchase and own senior housing properties. During the second quarter of 2018, the JV purchased land for the development of a 78-unit ALF/MC for a total anticipated project cost of $18,108. The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. During the third quarter of 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89-unit ILF adjacent to the 78-unit ALF/MC we are developing for $14,400. The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88%. We account for the JV on a consolidated basis.
| (2) |  | We entered into a partnership to own the real estate and develop a 110-unit ILF/ALF/MC community in Wisconsin. The commitment totals approximately $22,471.
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands):
|  | Nine Months Ended September 30, |
|  | 2018 |  | 2017 |  |
|  | Declared |  | Paid |  | Declared |  | Paid |  |
Common Stock |  | $ | 67,768 | (1) | $ | 67,768 | (1) | $ | 67,664 | (1) | $ | 67,664 | (1) |
| (1) |  | Represents $0.19 per share per month for the nine months ended September 30, 2018 and 2017.
Schedule of options exercised | During the nine months ended September 30, 2018 and 2017, no stock options were granted. The stock options exercised during the nine months ended September 30, 2018 and 2017 were as follows:
|  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |  |
|  | Options |  | Exercise |  | Option |  | Market |
|  | Exercised |  | Price |  | Value |  | Value (1) |
2018 |  | 5,000 |  | $ | 24.65 |  | $ | 123,000 |  | $ | 205,000 |
2017 |  | 8,334 |  | $ | 24.31 |  | $ | 202,566 |  | $ | 410,797 |
| (1) |  | As of exercise date.
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | The following table summarizes our restricted stock and performance-based stock units activity for the nine months ended September 30, 2018 and 2017:
|  | Nine months ended September 30, |
|  | 2018 |  | 2017 |
Outstanding, January 1 |  |  | 244,181 |  |  | 210,573 |
Granted |  |  | 156,718 |  |  | 143,057 |
Vested |  |  | (75,149) |  |  | (84,363) |
Cancelled |  |  | — |  |  | (24,106) |
Outstanding, September 30 |  |  | 325,750 |  |  | 245,161 |
Schedule of restricted stock activity | During the nine months ended September 30, 2018 and 2017, we granted restricted stock and performance-based stock units under the 2015 Plan as follows:
|  | No. of |  | Price per |  |  |
Year |  | Shares/Units |  | Share |  | Vesting Period |
2018 |  | 81,819 |  | $ | 38.18 |  | ratably over 3 years |
|  | 66,171 |  | $ | 38.18 |  | TSR targets (1) |
|  | 8,728 |  | $ | 41.25 |  | ratably over 1 year |
|  | 156,718 |  |  |  |  |  |
2017 |  | 74,760 |  | $ | 45.76 |  | ratably over 3 years |
|  | 57,881 |  | $ | 45.76 |  | TSR targets (1) |
|  | 7,416 |  | $ | 48.55 |  | ratably over 1 year |
|  | 3,000 |  | $ | 50.55 |  | ratably over 3 years |
|  | 143,057 |  |  |  |  |  |
| (1) |  | Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years.
Schedule of unrecognized compensation |
|  | Remaining
|  | Compensation
Vesting Date |  | Expense
2018 |  | $ | 1,486,000
2019 |  |  | 4,250,000
2020 |  |  | 2,210,000
2021 |  |  | 238,000
Total |  | $ | 8,184,000

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=108788376&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=108788376&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=108788376&loc=d3e5728-111685 + Details
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