XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.20.2

Real Estate Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Real Estate Investments |
Summary of investments in owned properties | The following table summarizes our investments in owned properties at September 30, 2020 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | ​ | Percentage | ​ | Number | ​ | Number of | ​ | Investment |
​ | ​ | Gross | ​ | of | ​ | of | ​ | SNF | ​ | ALF | ​ | per |
Type of Property | ​ | Investment | ​ | Investment | ​ | Properties (1) | ​ | Beds | ​ | Units | ​ | Bed/Unit |
Assisted Living | ​ | $ | 880,307 | ​ | 60.8 | % | 107 | ​ | — | ​ | 6,164 | ​ | $ | 142.81 | ​
Skilled Nursing | ​ | ​ | 557,097 | ​ | 38.4 | % | 51 | ​ | 6,277 | ​ | 212 | ​ | $ | 85.85 | ​
Other (2) | ​ | ​ | 11,360 | ​ | 0.8 | % | 1 | ​ | 118 | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 1,448,764 | ​ | 100.0 | % | 159 | ​ | 6,395 | ​ | 6,376 | ​ | ​ | ​ | ​
(1) | We own properties in 27 states that are leased to 29 different operators.
​
(2) | Includes three parcels of land held-for-use, and one behavioral health care hospital.
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent receivable, amortization of lease incentives and renewal options are as follows (in thousands):
​ | ​ | ​ | ​ | ​
​ |  | Cash |
​ | ​ | Rent (1) |
2020 | ​ | $ | 33,758 | ​
2021 | ​ |  | 143,139 | ​
2022 | ​ |  | 131,294 | ​
2023 | ​ |  | 132,827 | ​
2024 | ​ |  | 131,766 | ​
Thereafter | ​ |  | 632,675 | ​
(1) | Represents contractual cash rent, except for Anthem Memory Care (“Anthem”) master lease which is based on estimated cash payments. See below for more disclosure relating to Anthem.
Summary of components of our rental income | The following table summarizes components of our rental income for the three and nine months ended September 30, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30,
Rental Income | ​ | ​ | 2020 | ​ | ​ | 2019 | ​ | ​ | 2020 | ​ | ​ | 2019 | ​
Base cash rental income | ​ | $ | 32,006 | (1) | $ | 33,754 | ​ | $ | 98,357 | (1) | $ | 100,687 | ​
Variable cash rental income | ​ | ​ | 3,356 | (2) | ​ | 3,926 | (2) | ​ | 11,793 | (2) | ​ | 12,488 | (2)
Straight-line rent | ​ | ​ | 228 | ​ | ​ | 1,085 | ​ | ​ | 1,701 | ​ | ​ | 3,598 | ​
Adjustment for collectability of rental income and lease incentives | ​ | ​ | (5,472) | (3) | ​ | — | ​ | ​ | (23,214) | (4) | ​ | (1,926) | ​
Amortization of lease incentives | ​ | ​ | (108) | ​ | ​ | (100) | ​ | ​ | (317) | ​ | ​ | (281) | ​
Total | ​ | $ | 30,010 | ​ | $ | 38,665 | ​ | $ | 88,320 | ​ | $ | 114,566 | ​
(1) | Decreased primarily due to reduction of rent from Preferred Care portfolio sale and Senior Lifestyle rent shortfall and abated and deferred rent partially offset by increase in rent from acquisitions and completion of development projects and contractual rent increases.
​
(2) | The variable rental income for the three and nine months ended September 30, 2020, includes contingent rental income of $4 and $108, respectively, and reimbursement of real estate taxes by our lessees of $3,352 and $11,685, respectively. The variable rental income for the three and nine months ended September 30, 2019 includes contingent rental income of $77 and $394, respectively, and reimbursement of real estate taxes by our lessees of $3,849 and $12,094, respectively.
​
(3) | Represents the write-off of the Genesis and another operator straight-line rent receivable balances.
​
(4) | Represents the write-off of the Senior Lifestyle straight-line rent receivable and lease incentive balances and (3) above.
Summary of information about purchase options included in our lease agreements | Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Carrying | ​ | Option | ​
State | ​ | Property | ​ | Properties | ​ | ​ | Investments | ​ | ​ | Value | ​ | Window | ​
California | ​ | ALF/MC | ​ | 2 | ​ | $ | 38,895 | ​ | $ | 35,836 | ​ | 2024-2029 | ​
California | ​ | ALF | ​ | 2 | ​ | ​ | 30,609 | ​ | ​ | 17,088 | ​ | 2021-TBD | (1)
Florida | ​ | MC | ​ | 1 | ​ | ​ | 14,340 | ​ | ​ | 12,631 | ​ | 2028-2029 | ​
Kentucky and Ohio | ​ | MC | ​ | 2 | ​ | ​ | 30,152 | ​ | ​ | 27,320 | ​ | 2028-2029 | ​
Texas | ​ | MC | ​ | 2 | ​ | ​ | 25,265 | ​ | ​ | 23,870 | ​ | 2025-2027 | ​
South Carolina | ​ | ALF/MC | ​ | 1 | ​ | ​ | 11,680 | ​ | ​ | 10,358 | ​ | 2028-2029 | ​
Total | ​ | ​ | ​ | ​ | ​ | $ | 150,941 | ​ | $ | 127,103 | ​ | ​ | ​
(1) | The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies.
Summary of investments acquired | Acquisitions and Developments: The following table summarizes our acquisitions for the nine months ended September 30, 2020 and 2019 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | Number | ​ | Number
​ | ​ | ​ | ​ | Purchase | ​ | Transaction | ​ | Acquisition | ​ | of | ​ | of
Year | ​ | Type of Property | ​ | Price | ​ | Costs (1) | ​ | Costs | ​ | Properties | ​ | Beds/Units
2020 | ​ | Skilled Nursing (2) | ​ | $ | 13,500 | ​ | $ | 81 | ​ | $ | 13,581 |  | 1 | ​ | 140
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ | Assisted Living (3) | ​ | $ | 16,719 | ​ | $ | 176 | ​ | $ | 16,895 | ​ | 1 | ​ | 74
​ | ​ | Skilled Nursing (4) | ​ | ​ | 19,500 | ​ | ​ | 77 | ​ | ​ | 19,577 | ​ | 1 | ​ | 90
​ | ​ | Land (5) | ​ | ​ | 2,732 | ​ | ​ | 49 | ​ | ​ | 2,781 | ​ | — | ​ | —
Total | ​ | ​ | ​ | $ | 38,951 | ​ | $ | 302 | ​ | $ | 39,253 | ​ | 2 | ​ | 164
(1) | Represents cost associated with our acquisitions; however, upon adoption of ASU 2017-01, our acquisitions meet the definition of an asset acquisition resulting in capitalization of transaction costs to the properties’ basis. For our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Transaction costs per our Consolidated Statements of Income and Comprehensive Income represents current and prior year transaction costs due to timing and terminated transactions.
​
(2) | We acquired a SNF located in Texas.
​
(3) | We entered into a joint venture (“JV”) (consolidated on our financial statements) to purchase an existing operational 74-unit ALF/MC community. The non-controlling partner contributed $919 of equity and we contributed $15,971 in cash. Our economic interest in the real estate JV is approximately 95%.
​
(4) | We acquired a newly constructed 90-bed SNF located in Missouri.
​
(5) | We acquired a parcel of land adjacent to an existing SNF in California. Additionally, we acquired a parcel of land and developed a 90-bed SNF in Missouri. The commitment totals approximately $17,400.
Schedule of investment in development and improvement projects | During the nine months ended September 30, 2020 and 2019, we invested the following in development and improvement projects (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2020 | ​ | 2019
Type of Property | ​ | Developments | ​ | Improvements | ​ | Developments | ​ | Improvements | ​
Assisted Living Communities | ​ | $ | 4,491 | ​ | $ | 3,941 | ​ | $ | 10,266 | ​ | $ | 1,826 | ​
Skilled Nursing Centers | ​ | ​ | 8,893 | ​ | ​ | 14 | ​ | ​ | 4,786 | ​ | ​ | — | ​
Other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 295 | ​
Total | ​ | $ | 13,384 | ​ | $ | 3,955 | ​ | $ | 15,052 | ​ | $ | 2,121 | ​
Schedule of completed projects | Completed Developments. The following table summarizes our completed developments during the nine months ended September 30, 2020 and 2019 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Number | ​ | Type | ​ | Number | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | ​ | ​ | Total
Year | ​ | Type of Project | ​ | Properties | ​ | Property | ​ | Beds/Units | ​ | State | ​ | Investment
2020 | ​ | Development | ​ | 1 | ​ | ALF/MC | ​ | 78 | ​ | Oregon | (1) | $ | 18,447
​ | ​ | Development | ​ | 1 | ​ | SNF | ​ | 90 | ​ | Missouri | ​ | ​ | 13,272
Total | ​ | ​ | ​ | 2 | ​ | ​ | ​ | 168 | ​ | ​ | ​ | $ | 31,719
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ | Development | ​ | 1 | ​ | SNF | ​ | 143 | ​ | Kentucky | ​ | $ | 24,496
​ | ​ | Development | ​ | 1 | ​ | ILF/ALF/MC | ​ | 110 | ​ | Wisconsin | ​ | ​ | 21,893
Total | ​ | ​ | ​ | 2 | ​ | ​ | ​ | 253 | ​ | ​ | ​ | $ | 46,389
(1) | Certificate of occupancy was received in March 2020, however, due to the COVID-19 pandemic, we consented to delay the opening of this community to September 2020.
Schedule of real estate investment property sold | Properties Sold. The following table summarizes property sales during the nine months ended September 30, 2020 and 2019 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | Gain | ​
2020 | ​ | N/A | ​ | N/A | ​ | — | ​ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 108 | (1)
​ | ​ | Arizona | ​ | SNF | ​ | 1 | ​ | 194 | ​ | ​ | 12,550 | ​ | ​ | 2,229 | ​ | ​ | 10,292 | ​
​ | ​ | Colorado | ​ | SNF | ​ | 3 | ​ | 275 | ​ | ​ | 15,000 | ​ | ​ | 4,271 | ​ | ​ | 10,364 | ​
​ | ​ | Iowa | ​ | SNF | (2) | 7 | ​ | 544 | ​ | ​ | 14,500 | ​ | ​ | 4,886 | ​ | ​ | 9,029 | ​
​ | ​ | Kansas | ​ | SNF | ​ | 3 | ​ | 250 | ​ | ​ | 9,750 | ​ | ​ | 7,438 | ​ | ​ | 1,993 | ​
​ | ​ | Texas | ​ | SNF | ​ | 7 | ​ | 1,148 | ​ | ​ | 23,000 | ​ | ​ | 10,260 | ​ | ​ | 12,287 | ​
Total 2020 (3) | ​ | ​ | ​ | ​ | ​ | 21 | ​ | 2,411 | ​ | $ | 74,800 | ​ | $ | 29,084 | ​ | $ | 44,073 | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ | N/A | ​ | N/A | ​ | — | ​ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 500 | (4)
​ | ​ | Georgia | ​ | SNF | ​ | 1 | ​ | 148 | ​ | ​ | 7,920 | ​ | ​ | 1,639 | ​ | ​ | 6,236 | ​
Total 2019 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | 148 | ​ | $ | 7,920 | ​ | $ | 1,639 | ​ | $ | 6,736 | ​
(
(1) | Gain recognized from the $90 repayment of a holdback related to a property sold during the fourth quarter of 2019 and the reassessment adjustment of $18 from the holdback under the expected value model per ASC Topic 606, Contracts with Customers (“ASC 606”).
​
(2) | This transaction includes a holdback of $838 which is held in an interest-bearing account with an escrow holder on behalf of the buyer for potential specific losses. Using the expected value model per ASC 606, we estimated and recorded the holdback value of $471. During the nine months ended September 30, 2020, we received $150 of the holdback. We reassessed the holdback under the expected value model and recorded an additional gain of $115.
​
(3) | Properties sold within the Preferred Care portfolio.
​
(4) | Gain recognized from the repayment of a holdback related to a portfolio of six ALFs sold during the second quarter of 2018.
Summary of investments in mortgage loans secured by first mortgages | Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2020 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Type | ​ | Percentage | ​ | Number of | ​ | Investment
​ | ​ | ​ | ​ | Gross | ​ | of | ​ | of | ​ | ​ | ​ | ​ | ​ | SNF | ​ | per
Interest Rate (1) | ​ | Maturity | ​ | Investment | ​ | Property | ​ | Investment | ​ | Loans (2) | ​ | Properties (3) | ​ | Beds | ​ | Bed/Unit
9.9% | ​ | 2043 | ​ | $ | 186,865 | ​ | SNF | ​ | 71.8 | % | 1 | ​ | 15 | ​ | 1,941 | ​ | $ | 96.27
9.2% | ​ | 2045 | ​ | ​ | 38,853 | ​ | SNF | ​ | 14.9 | % | 1 | ​ | 4 | ​ | 501 | ​ | $ | 77.55
9.4% | ​ | 2045 | ​ |  | 19,624 | ​ | SNF | ​ | 7.6 | % | 1 | ​ | 2 | ​ | 205 | ​ | $ | 95.73
9.6% | ​ | 2045 | ​ | ​ | 14,925 | ​ | SNF | ​ | 5.7 | % | 1 | ​ | 1 | ​ | 157 | ​ | $ | 95.06
Total | ​ | ​ | ​ | $ | 260,267 | ​ | ​ | ​ | 100.0 | % | 4 | ​ | 22 | ​ | 2,804 | ​ | $ | 92.82
(1) | The majority of the mortgage loans provide for annual increases in the interest rate after a certain time period increasing by 2.25%.
​
(2) | Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30-year term.
​
(3) | The properties securing these mortgage loans are located in one state and are operated by one operator.
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the nine months ended September 30, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2020 | ​ | 2019 | ​
​ | ​ | Amounts | ​ | Origination/Funding | ​
Originations and funding under mortgage loans receivable | ​ | $ | 4,176 | (1) | $ | 10,919 | (2)
Scheduled principal payments received | ​ | ​ | (565) | ​ | ​ | (565) | ​
Mortgage loan premium amortization | ​ | ​ | (3) | ​ | ​ | (3) | ​
Provision for loan loss reserve | ​ | ​ | (36) | ​ | ​ | (104) | ​
Net increase in mortgage loans receivable | ​ | $ | 3,572 | ​ | $ | 10,247 | ​
(1) | During 2020, we funded an additional $2,000 under and existing mortgage loan. The incremental funding bears interest at 8.89% and escalating by 2.25% thereafter.
​
(2) | During 2019, we funded an additional $7,500 under an existing mortgage loan. The incremental funding bears interest at 9.41% fixed for two years and escalating by 2.25% thereafter.

X
- Definition Tabular disclosure of the entity's acquired real estate investments. + References No definition available. + Details
Name: | ltc_ScheduleOfAcquiredRealEstateInvestmentsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of additional loan commitments under mortgage loans. + References No definition available. + Details
Name: | ltc_ScheduleOfAdditionalLoanCommitmentsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's completed development, improvement and construction projects. + References No definition available. + Details
Name: | ltc_ScheduleOfCompletedDevelopmentImprovementAndConstructionProjectsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's properties under development, redevelopment, renovation, and expansion. + References No definition available. + Details
Name: | ltc_ScheduleOfDevelopmentRedevelopmentRenovationAndExpansionActivityTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the tabular disclosure of information about purchase options included in our lease agreements. + References No definition available. + Details
Name: | ltc_ScheduleOfInformationAboutPurchaseOptionsIncludedInLeaseAgreements
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's investment in owned properties. + References No definition available. + Details
Name: | ltc_ScheduleOfInvestmentsInOwnedPropertiesTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate investment property sold. + References No definition available. + Details
Name: | ltc_ScheduleOfRealEstateInvestmentPropertySoldTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919372-209981 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 6A -URI http://asc.fasb.org/extlink&oid=121640914&loc=SL77927221-108306 + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377297&loc=d3e10013-112621 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration