XML 34 R35.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Equity |
Schedule of consolidated VIEs |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​
Investment | ​ | ​ | ​ | Property | ​ | ​ | ​ | ​ | Consolidated | ​ | ​ | Non-Controlling | ​
Year | ​ | Purpose | ​ | Type | ​ | State | ​ | ​ | Assets | ​ | ​ | Interests | ​
2019 | ​ | Owned real estate | ​ | ALF/MC | ​ | VA | ​ | $ | 16,895 | ​ | $ | 919 | ​
2018 | ​ | Owned real estate | ​ | ILF | ​ | OR | ​ | ​ | 14,400 | (1) | ​ | 2,857 | (1)
2018 | ​ | Owned real estate and development | ​ | UDP | ​ | OR | ​ | ​ | 13,831 | (1) | ​ | 1,081 | (1)
2017 | ​ | Owned real estate and development | ​ | ILF/ALF/MC | ​ | WI | ​ | ​ | 21,999 | (2) | ​ | 2,318 | (2)
2017 | ​ | Owned real estate | ​ | ALF/MC | ​ | SC | ​ | ​ | 11,680 | ​ | ​ | 1,308 | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 78,805 | ​ | $ | 8,483 | ​
(1) | We entered into a JV to develop, purchase and own seniors 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%.
​
(2) | We entered into a JV to own the real estate and develop a 110-unit ILF/ALF/MC community in Wisconsin. This development project completed during the second quarter of 2019.
Schedule of cash dividends declared and paid |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |  | ​
​ | ​ | 2019 | ​ | 2018 | ​ | 2017 |  | ​
​ | ​ | Declared | ​ | Paid | ​ | Declared | ​ | Paid | ​ | Declared | ​ | Paid |  | ​
Common Stock (1) | ​ | $ | 90,899 | ​ | $ | 90,899 | ​ | $ | 90,372 | ​ | $ | 90,372 | ​ | $ | 90,219 | ​ | $ | 90,219 | ​ | ​
(1) | Represents $0.19 per share per month.
Schedule of options exercised |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Options | ​ | Exercise | ​ | Option | ​ | Market |
​ | ​ | Exercised | ​ | Price | ​ | Value | ​ | Value (1) |
2019 | ​ | 5,000 | ​ | $ | 24.65 | ​ | $ | 123,000 | ​ | $ | 233,000 | ​
2018 | ​ | 5,000 | ​ | $ | 24.65 | ​ | $ | 123,000 | ​ | $ | 205,000 | ​
2017 | ​ | 8,334 | ​ | $ | 24.31 | ​ | $ | 202,000 | ​ | $ | 410,797 | ​
(1) | As of the exercise dates.
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, 2019, 2018 and 2017 was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 |  | 2018 | ​ | 2017 |
Outstanding, January 1 |  | ​ | 325,750 |  | ​ | 244,181 | ​ | ​ | 210,573 | ​
Granted |  | ​ | 147,608 |  | ​ | 156,718 | ​ | ​ | 143,057 | ​
Vested |  | ​ | (127,725) | (1) | ​ | (75,149) | ​ | ​ | (85,343) | ​
Cancelled |  | ​ | — |  | ​ | — | ​ | ​ | (24,106) | ​
Outstanding, December 31 |  | ​ | 345,633 |  | ​ | 325,750 | ​ | ​ | 244,181 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Compensation expense related to restricted stock and performance-based stock units for the year | ​ | $ | 6,566,000 | ​ | $ | 5,870,000 | ​ | $ | 5,247,000 | ​
Schedule of restricted stock granted | During 2019, 2018 and 2017, we granted 147,608, 156,718 and 143,057 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 | ​
2019 | ​ | 78,276 | ​ | $ | 46.54 | ​ | ratably over 3 years | ​
​ | ​ | 60,836 | ​ | $ | 46.54 | ​ | TSR targets (1) | ​
​ | ​ | 8,496 | ​ | $ | 44.73 | ​ | May 29, 2020 | ​
​ | ​ | 147,608 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2018 | ​ | 81,819 | ​ | $ | 38.18 | ​ | ratably over 3 years | ​
​ | ​ | 66,171 | ​ | $ | 38.18 | ​ | TSR targets (1) | ​
​ | ​ | 8,728 | ​ | $ | 41.25 | ​ | May 30, 2019 | ​
​ | ​ | 156,718 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2017 | ​ | 74,760 | ​ | $ | 45.76 | ​ | ratably over 3 years | ​
​ | ​ | 57,881 | ​ | $ | 45.76 | ​ | TSR targets (1) | ​
​ | ​ | 7,416 | ​ | $ | 48.55 | ​ | June 1, 2018 | ​
​ | ​ | 3,000 | ​ | $ | 50.50 | ​ | 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 restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | At December 31, 2019, 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 (dollar amount in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | Remaining
​ | ​ | of | ​ | Compensation
Vesting Date | ​ | Awards |  | Expense
2020 | ​ | 139,534 | (1) | $ | 4,619
2021 | ​ | 119,168 | (2) | ​ | 2,503
2022 | ​ | 86,931 | (3) | ​ | 189
Total | ​ | 345,633 | ​ | $ | 7,311
(1) | Includes 55,057 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 66,171 performance-based stock units. See (1) above for valuation methodology.
​
(3) | Includes 60,836 performance-based stock units. See (1) above for valuation methodology.
Schedule of nonqualified stock option activity |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average |
​ | ​ | Shares | ​ | Price |
​ | ​ | 2019 | ​ | 2018 | ​ | 2017 | ​ | 2019 | ​ | ​ | 2018 | ​ | 2017 |
Outstanding, January 1 |  | 20,000 | ​ | 25,000 |  | 33,334 |  | $ | 34.99 | ​ | $ | 32.92 |  | $ | 30.76 | ​
Granted |  | — | ​ | — |  | — | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​
Exercised |  | (5,000) | ​ | (5,000) |  | (8,334) | ​ | $ | 24.65 | ​ | $ | 24.65 | ​ | $ | 24.31 | ​
Canceled |  | — | ​ | — |  | — | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​
Outstanding, December 31 |  | 15,000 | ​ | 20,000 |  | 25,000 | ​ | $ | 38.43 | ​ | $ | 34.99 | ​ | $ | 32.92 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable, December 31(1) |  | 15,000 | ​ | 20,000 |  | 25,000 | ​ | $ | 38.43 | ​ | $ | 34.99 | ​ | $ | 32.92 | ​
(1) | The aggregate intrinsic value of exercisable options at December 31, 2019, based upon the closing price of our common shares at December 31, 2019, the last trading day of 2019, was approximately $95,000. Options exercisable at December 31, 2019, 2018 and 2017 have a weighted average remaining contractual life of approximately 3.2 years, 3.3 years, and 3.5 years, respectively.

X
- Definition Tabular disclosure of all or some of the information related to dividends declared and paid, as of the financial reporting date. + References No definition available. + Details
Name: | ltc_ScheduleOfDividendDistributionsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number of shares granted, price per share and vesting period for each lot of restricted stock granted. + References No definition available. + Details
Name: | ltc_ScheduleOfRestrictedStockGrantedTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted average exercise prices (or conversion ratios) along with option value and market value for share options (or share units) that were exercised during the period. + References No definition available. + Details
Name: | ltc_ScheduleOfShareBasedCompensationStockOptionsExercisedTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Unvested Shares and Options and Remaining Compensation Expense [Table Text Block] + References No definition available. + Details
Name: | ltc_ScheduleOfUnvestedSharesAndOptionsAndRemainingCompensationExpenseTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=118582676&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=118582676&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=118582676&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=118582676&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=118582676&loc=d3e5728-111685 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration