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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2021
Real Estate Investments |
Summary of investments in owned properties | The following table summarizes our investments in owned properties at June 30, 2021 (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 | ​ | $ | 840,502 | ​ | 59.5 | % | 102 | ​ | — | ​ | 5,799 | ​ | $ | 144.94 | ​
Skilled Nursing | ​ | ​ | 560,467 | ​ | 39.7 | % | 51 | ​ | 6,277 | ​ | 212 | ​ | $ | 86.37 | ​
Other (2) | ​ | ​ | 11,360 | ​ | 0.8 | % | 1 | ​ | 118 | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 1,412,329 | ​ | 100.0 | % | 154 | ​ | 6,395 | ​ | 6,011 | ​ | ​ | ​ | ​
(1) | We own properties in 27 states that are leased to 31 different operators.
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(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) |
July-December 2021 | ​ | $ | 62,347 | ​
2022 | ​ |  | 132,240 | ​
2023 | ​ |  | 117,928 | ​
2024 | ​ |  | 119,292 | ​
2025 | ​ |  | 102,843 | ​
Thereafter | ​ |  | 412,942 | ​
(1) | Represents contractual cash rent, except for certain master leases which are based on estimated cash payments and the Senior Lifestyle Corporation master lease.
Summary of components of our rental income | The following table summarizes components of our rental income for the three and six months ended June 30, 2021 and 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
Rental Income | ​ | ​ | 2021 | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Base cash rental income | ​ | $ | 26,410 | (1) | $ | 33,336 | ​ | $ | 55,033 | (1) | $ | 66,351 | ​
Variable cash rental income | ​ | ​ | 3,529 | (2) | ​ | 4,155 | (2) | ​ | 7,067 | (2) | ​ | 8,437 | (2)
Straight-line rent | ​ | ​ | (19) | (3) | ​ | 634 | (3) | ​ | 663 | (3) | ​ | 1,473 | (3)
Adjustment for collectability of rental income and lease incentives | ​ | ​ | — | ​ | ​ | (17,742) | (4) | ​ | (758) | (4) | ​ | (17,742) | (4)
Amortization of lease incentives | ​ | ​ | (116) | ​ | ​ | (108) | ​ | ​ | (228) | ​ | ​ | (209) | ​
Total | ​ | $ | 29,804 | ​ | $ | 20,275 | ​ | $ | 61,777 | ​ | $ | 58,310 | ​
(1) | Decreased primarily due to non-payment of rent collected from Senior Lifestyle Corporation (“Senior Lifestyle”), Senior Care Centers, LLC (“Senior Care”) and Abri Health Services, LLC (“Abri Health”) unpaid lease obligations and abated and deferred rent partially offset by increased rent from completion of development projects and contractual rent increases.
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(2) | The variable rental income for the three and six months ended June 30, 2021, includes reimbursement of real estate taxes by our lessees of $3,529 and $7,067, respectively. The variable rental income for the three and six months ended June 30, 2020 includes contingent rental income of $44 and $104, respectively and reimbursement of real estate taxes by our lessees of $4,111 and $8,333, respectively.
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(3) | Decreased due to more leases accounted for on a cash basis and normal amortization.
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(4) | Represents straight-line rent receivable and lease incentives write-offs.
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 | ​ | $ | 35,130 | ​ | 2024-2029 | ​
California | ​ | ALF | ​ | 2 | ​ | ​ | 31,577 | ​ | ​ | 17,323 | ​ | 2021-TBD | (1)
Colorado | ​ | ALF | ​ | 1 | ​ | ​ | 6,764 | ​ | ​ | 5,418 | ​ | 2022-2026 | ​
Florida | ​ | MC | ​ | 1 | ​ | ​ | 15,173 | ​ | ​ | 13,153 | ​ | 2028-2029 | ​
Kentucky and Ohio | ​ | MC | ​ | 2 | ​ | ​ | 30,342 | ​ | ​ | 26,918 | ​ | 2028-2029 | ​
Texas | ​ | MC | ​ | 2 | ​ | ​ | 25,265 | ​ | ​ | 23,405 | ​ | 2021-2027 | ​
South Carolina | ​ | ALF/MC | ​ | 1 | ​ | ​ | 11,680 | ​ | ​ | 9,922 | ​ | 2028-2029 | ​
Total | ​ | ​ | ​ | ​ | ​ | $ | 159,696 | ​ | $ | 131,269 | ​ | ​ | ​
(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 acquisitions | Acquisitions and Developments: The following table summarizes our acquisitions for the six months ended June 30, 2021 and 2020 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | Number | ​ | Number
​ | ​ | ​ | ​ | Purchase | ​ | Transaction | ​ | Acquisition | ​ | of | ​ | of
Year | ​ | Type of Property | ​ | Price | ​ | Costs | ​ | Costs | ​ | Properties | ​ | Beds/Units
2021 | ​ | n/a | ​ | $ | — | ​ | $ | — | ​ | $ | — |  | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | Skilled Nursing (1) | ​ | $ | 13,500 | ​ | $ | 81 | ​ | $ | 13,581 | ​ | 1 | ​ | 140
(1) | We acquired a SNF located in Texas.
Schedule of development and improvement projects | During the six months ended June 30, 2021 and 2020, we invested the following in development and improvement projects (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ | ​ | 2021 | ​ | 2020
Type of Property | ​ | Developments | ​ | Improvements | ​ | ​ | Developments | ​ | Improvements | ​
Assisted Living Communities | ​ | $ | — | ​ | $ | 2,046 | ​ | ​ | $ | 4,487 | ​ | $ | 3,039 | ​
Skilled Nursing Centers | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | 5,861 | ​ | ​ | 14 | ​
Total | ​ | $ | — | ​ | $ | 2,046 | ​ | ​ | $ | 10,348 | ​ | $ | 3,053 | ​
Schedule of completed developments | Completed Developments. We had no completed developments during the six months ended June 30, 2021. The following table summarized our completed developments during the six months ended June 30, 2020 (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 | ​ | $ | 18,443
Schedule of property sold | Properties Sold. The following table summarizes property sales during the six months ended June 30, 2021 and 2020 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year | ​ | State (1) | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | (Loss) gain (2) | ​
2021 | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 159 | (3) (4)
​ | ​ | Florida | ​ | ALF | ​ | 1 | ​ | — | ​ | ​ | 2,000 | ​ | ​ | 2,625 | ​ | ​ | (858) | ​
​ | ​ | Nebraska | ​ | ALF | ​ | 1 | ​ | 40 | ​ | ​ | 900 | ​ | ​ | 1,079 | ​ | ​ | (205) | ​
​ | ​ | Wisconsin | ​ | ALF | ​ | 3 | ​ | 263 | ​ | ​ | 35,000 | ​ | ​ | 28,295 | ​ | ​ | 5,594 | ​
Total 2021 | ​ | ​ | ​ | ​ | ​ | 5 | ​ | 303 | ​ | $ | 37,900 | ​ | $ | 31,999 | ​ | $ | 4,690 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 102 | (3) (4)
​ | ​ | Arizona | ​ | SNF | ​ | 1 | ​ | 194 | ​ | ​ | 12,550 | ​ | ​ | 2,229 | ​ | ​ | 10,292 | ​
​ | ​ | Colorado | ​ | SNF | ​ | 3 | ​ | 275 | ​ | ​ | 15,000 | ​ | ​ | 4,271 | ​ | ​ | 10,364 | ​
​ | ​ | Iowa | ​ | SNF | (4) | 7 | ​ | 544 | ​ | ​ | 14,500 | ​ | ​ | 4,886 | ​ | ​ | 9,005 | ​
​ | ​ | Kansas | ​ | SNF | ​ | 3 | ​ | 250 | ​ | ​ | 9,750 | ​ | ​ | 7,438 | ​ | ​ | 1,993 | ​
​ | ​ | Texas | ​ | SNF | ​ | 7 | ​ | 1,148 | ​ | ​ | 23,000 | ​ | ​ | 10,260 | ​ | ​ | 12,287 | ​
Total 2020 | ​ | ​ | ​ | ​ | ​ | 21 | ​ | 2,411 | ​ | $ | 74,800 | ​ | $ | 29,084 | ​ | $ | 44,043 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(
(1) | Subsequent to June 30, 2021, we sold a 123-bed SNF in Washington for $7,700. We received proceeds of $7,200 and expect to recognize a gain on sale of $2,600.
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(2) | Calculation of net (loss) gain includes cost of sales.
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(3) | We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2019 and 2020, under the expected value model per ASC Topic 606, Contracts with Customers (“ASC 606”).
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(4) | One of the transactions 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. During 2020, we received $150 of the holdback. The remaining holdback expires in March 2022. Using the expected value model per ASC 606, we estimated and recorded the holdback value of $471 at closing.
Summary of properties held-for-sale | Properties held-for-sale. The following table summarizes our properties held-for-sale at June 30, 2021 and December 31, 2020 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Accumulated | ​
​ | ​ | State | ​ | Property | ​ | Properties | ​ | Beds/units | ​ | ​ | Investment | ​ | ​ | Depreciation | ​
2021 (1) | ​ | WA | ​ | SNF | ​ | 1 | ​ | 123 | ​ | $ | 8,024 | ​ | $ | 3,512 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | $ | — | ​ | $ | — | ​
(1) | Subsequent to June 30, 2021, we sold this SNF for $7,700. We received proceeds of $7,200 and expect to recognize a gain on sale of $2,600.
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 June 30, 2021 (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
10.1% | ​ | 2043 | ​ | $ | 185,861 | ​ | SNF | ​ | 71.6 | % | 1 | ​ | 15 | ​ | 1,887 | ​ | $ | 98.50
9.3% | ​ | 2045 | ​ | ​ | 39,130 | ​ | SNF | ​ | 15.1 | % | 1 | ​ | 4 | ​ | 501 | ​ | $ | 78.10
9.6% | ​ | 2045 | ​ |  | 19,750 | ​ | SNF | ​ | 7.6 | % | 1 | ​ | 2 | ​ | 205 | ​ | $ | 96.34
9.6% | ​ | 2045 | ​ | ​ | 14,900 | ​ | SNF | ​ | 5.7 | % | 1 | ​ | 1 | ​ | 146 | ​ | $ | 102.05
Total | ​ | ​ | ​ | $ | 259,641 | ​ | ​ | ​ | 100.0 | % | 4 | ​ | 22 | ​ | 2,739 | ​ | $ | 94.79
(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 six months ended June 30, 2021 and 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​
Originations and funding under mortgage loans receivable | ​ | $ | 426 | ​ | $ | 2,557 | ​
Scheduled principal payments received | ​ | ​ | (625) | ​ | ​ | (565) | ​
Mortgage loan premium amortization | ​ | ​ | (3) | ​ | ​ | (2) | ​
Provision for loan loss reserve | ​ | ​ | 2 | ​ | ​ | (20) | ​
Net (decrease) increase in mortgage loans receivable | ​ | $ | (200) | ​ | $ | 1,970 | ​

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