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Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity

Schedule of consolidated VIEs

As of December 31, 2018, we have the following consolidated VIEs (in thousands):

									Gross
Investment				Property					Consolidated			Non-Controlling
Year (1)		Purpose		Type		State			Assets			Interests
2018		Owned real estate		ILF		OR		$	14,400	(2)	$	2,857	(2)
2018		Owned real estate and development		UDP		OR			4,606	(2)		1,081	(2)
2017		Owned real estate and development		UDP		WI			16,665	(3)		2,272	(3)
2017		Owned real estate		ALF		SC			11,195			1,271
Total								$	46,866		$	7,481

(1) Subsequent to December 31, 2018, we entered into a JV to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,950 in cash. Our economic interest in the real estate JV will be approximately 95%. We account for the JV on a consolidated basis.

(2) We entered into a JV to develop, purchase and own seniors housing properties. During 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. Additionally, during 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.  

(3) We entered into a JV 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):

		Year Ended December 31,
		2018						2017						2016
		Declared			Paid			Declared			Paid			Declared			Paid
Common Stock		$	90,372	(1)	$	90,372	(1)	$	90,219	(1)	$	90,219	(1)		84,568	(2)		84,568	(2)

(1) Represents $0.19 per share per month for the years ended December 31, 2018, and 2017.

(2) Represents $0.18 per share per month for January through September 2016 and $0.19 per share per month for October through December 2016.

Schedule of restricted stock activity

Restricted Stock and Performance-Based Stock Units.  Restricted stock and performance-based stock units activity for the years ended December 31, 2018, 2017 and 2016 was as follows:

		2018			2017			2016
Outstanding, January 1			244,181			210,573			187,347
Granted			156,718			143,057			127,087
Vested			(75,149)			(85,343)			(103,861)
Cancelled			—			(24,106)			—
Outstanding, December 31			325,750			244,181			210,573
Compensation expense related to restricted stock and performance based stock units for the year		$	5,870,000		$	5,247,000		$	4,265,000

Schedule of restricted stock granted

During 2018, 2017 and 2016, we granted 156,718,  143,057 and 127,087 shares of restricted common stock and performance-based stock units, respectively, 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		$	50.50		ratably over 3 years
		143,057
2016		65,300		$	43.24		ratably over 3 years
		54,107		$	46.87		TSR targets (2)
		7,680		$	46.87		ratably over 1 year
		127,087

(1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years.

(2) Vesting is based on achieving certain total TSR targets in 3.7 years with acceleration opportunity in 2.7 years.

Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense

At December 31, 2018, the total number of restricted common stock and performance-based stock units that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows:

		Number		Remaining
		of		Compensation
Vesting Date		Awards		Expense
2019		128,214	(1)		4,250,000
2020		104,085	(2)		2,210,000
2021		93,451	(3)		238,000
Total		325,750		$	6,698,000

(1) Includes 49,728 performance-based stock units. The performance-based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense.

(2) Includes 53,554 performance-based stock units. See (1) above for valuation methodology.

(3) Includes 66,171 performance-based stock units. See (1) above for valuation methodology.

Schedule of nonqualified stock option activity

								Weighted Average
		Shares						Price
		2018		2017		2016		2018				2017		2016
Outstanding, January 1		25,000		33,334		40,001		$	32.92		$	30.76		$	29.60
Granted		—		—		—			n.a			n.a			n.a
Exercised		(5,000)		(8,334)		(6,667)		$	24.65		$	24.31		$	23.79
Canceled		—		—		—			n.a			n.a			n.a
Outstanding, December 31		20,000		25,000		33,334		$	34.99		$	32.92		$	30.76
Exercisable, December 31(1)		20,000		25,000		28,334		$	34.99		$	32.92		$	45.45

(1) The aggregate intrinsic value of exercisable options at December 31, 2018, based upon the closing price of our common shares at December 31, 2018, the last trading day of 2018, was approximately $134,000. Options exercisable at December 31, 2018, 2017 and 2016 have a weighted average remaining contractual life of approximately 3.3 years, 3.5 years, and 2.9 years, respectively.

Schedule of options exercised

				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		$	202,000		$	410,797
2016		6,667		$	23.79		$	159,000		$	311,000

(1) As of the exercise dates.

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