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Real Estate Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Real Estate Investments |
Summary of investments in owned properties | The following table summarizes our investments in owned properties at March 31, 2022 (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 | ​ | $ | 844,995 | ​ | 59.9 | % | 102 | ​ | — | ​ | 5,798 | ​ | $ | 145.74 | ​
Skilled Nursing | ​ | ​ | 553,073 | ​ | 39.3 | % | 50 | ​ | 6,154 | ​ | 212 | ​ | $ | 86.88 | ​
Other (2) | ​ | ​ | 11,557 | ​ | 0.8 | % | 1 | ​ | 118 | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 1,409,625 | ​ | 100.0 | % | 153 | ​ | 6,272 | ​ | 6,010 | ​ | ​ | ​ | ​
(1) | We own properties in 26 states that are leased to 28 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) |
2022 | ​ | $ | 85,484 | ​
2023 | ​ |  | 101,561 | ​
2024 | ​ |  | 96,676 | ​
2025 | ​ |  | 88,161 | ​
2026 | ​ |  | 71,761 | ​
Thereafter | ​ |  | 276,323 | ​
(1) | Represents contractual cash rent, except for certain master leases which are based on estimated cash payments. Includes rent from subsequent acquisitions and excludes rent from subsequent dispositions. See Footnote 12 for more information.
Summary of components of our rental income | The following table summarizes components of our rental income for the three months ended March 31, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
Rental Income | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Base cash rental income | ​ | $ | 26,915 | (1) | $ | 28,623 | ​
Variable cash rental income | ​ | ​ | 4,039 | (2) | ​ | 3,538 | (2)
Straight-line rent | ​ | ​ | (234) | (3) | ​ | 682 | (3)
Adjustment for collectability of rental income and lease incentives | ​ | ​ | (173) | (4) | ​ | (758) | (5)
Amortization of lease incentives | ​ | ​ | (223) | ​ | ​ | (112) | ​
Total | ​ | $ | 30,324 | ​ | $ | 31,973 | ​
(1) | Decreased primarily due to Senior Care and Abri Health portfolio transitions, abated and deferred rent, and reduced income from a sold SNF in Washington. The decrease was partially offset by rent increase increases from properties transitioned from Senior Lifestyle, the one-time 50% reduction of 2021 rent escalations provided to the majority of our operating partners, and increases from completed projects, annual rent escalations and capital improvement fundings.
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(2) | The variable rental income for the three months ended March 31, 2022, includes reimbursement of real estate taxes by our lessees of $3,982 and contingent rental income of $57. The variable rental income for the three months ended March 31, 2021, only includes reimbursement of real estate taxes by our lessees of $3,538. Increased primarily due to properties transitioned from Senior Lifestyle.
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(3) | Decreased primarily due to the impact of prior year’s 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis.
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(4) | Represents a lease incentive balance write-off related to a closed property and subsequent lease termination.
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(5) | Represents a straight-line rent receivable write-off due to transitioning rental revenue recognition to cash basis for one lease in accordance with Accounting Standard Codification Topic 842, Leases.
Summary of information about purchase options included in our lease agreements | The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Carrying | ​ | Option | ​
State | ​ | Property | ​ | Properties | ​ | ​ | Investments | ​ | ​ | Value | ​ | Window | ​
California | ​ | ALF/MC | ​ | 2 | ​ | $ | 38,895 | ​ | $ | 34,425 | ​ | 2024-2029 | ​
California | ​ | ALF | ​ | 2 | ​ | ​ | 31,814 | ​ | ​ | 16,765 | ​ | 2022-2023 | (1)
Florida | ​ | MC | ​ | 1 | ​ | ​ | 15,201 | ​ | ​ | 12,842 | ​ | 2029 | ​
Kentucky and Ohio | ​ | MC | ​ | 2 | ​ | ​ | 30,421 | ​ | ​ | 26,393 | ​ | 2025 | ​
Nebraska | ​ | ALF | ​ | 3 | ​ | ​ | 7,633 | ​ | ​ | 3,128 | ​ | TBD | (2)
South Carolina | ​ | ALF/MC | ​ | 1 | ​ | ​ | 11,680 | ​ | ​ | 9,486 | ​ | 2029 | ​
Total | ​ | ​ | ​ | ​ | ​ | $ | 135,644 | ​ | $ | 103,039 | ​ | ​ | ​
(1) | The option window ending date will be either 24 months or 48 months after the option window commences, based on certain contingencies. During the three months ended March 31, 2022, the current operator exercised the purchase option under their lease to buy both properties for approximately $43,700. The exercise of the option does not legally obligate the operator to complete the acquisition of the properties. We currently expect to complete the sale in the second quarter of 2022.
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(2) | Subject to the properties achieving certain coverage ratios.
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(3) | Subsequent to March 31, 2022, we purchased four skilled nursing centers for $51,534 and leased these properties under a 10-year lease with an existing operator. The lease provides either an earn-out payment or purchase option but not both. The purchase option is available at the end of the fifth lease year through the end of the seventh lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Footnote 8.
Schedule of development and improvement projects | During the three months ended March 31, 2022 and 2021, we invested the following in development and improvement projects (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2022 | ​ | 2021
Type of Property | ​ | Developments | ​ | Improvements | ​ | ​ | Developments | ​ | Improvements | ​
Assisted Living Communities | ​ | $ | — | ​ | $ | 694 | ​ | ​ | $ | — | ​ | $ | 1,044 | ​
Skilled Nursing Centers | ​ | ​ | — | ​ | ​ | 177 | ​ | ​ | ​ | — | ​ | ​ | — | ​
Other | ​ | ​ | — | ​ | ​ | 197 | ​ | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | — | ​ | $ | 1,068 | ​ | ​ | $ | — | ​ | $ | 1,044 | ​
Schedule of property sold | ​ Properties Sold. The following table summarizes property sales during the three months ended March 31, 2022 and 2021 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year (1) | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | Gain (loss) (2) | ​
2022 | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 102 | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | — | ​ | $ | 2,000 | ​ | $ | 2,625 | ​ | $ | (861) | ​
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 88 | (3)
Total 2021 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | — | ​ | $ | 2,000 | ​ | $ | 2,625 | ​ | $ | (773) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(
(1) | Subsequent to March 31, 2022, we sold a 74-unit ALF in Virginia for $16,895. The ALF has a gross book value of $16,895 and a net book value of $15,549. We anticipate recognizing a gain on sale of approximately $1,300 in the second quarter of 2022. In connection with the sale, the current operator paid us a lease termination fee of approximately $1,200.
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(2) | Calculation of net gain (loss) 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.
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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 March 31, 2022 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Type | ​ | Percentage | ​ | Number of | ​ | Investment
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | of | ​ | of | ​ | ​ | ​ | ​ | ​ | SNF | ​ | ALF | ​ | per
Interest Rate | ​ | Maturity | ​ | State | ​ | Investment | ​ | Property | ​ | Investment | ​ | Loans (1) | ​ | Properties (2) | ​ | Beds | ​ | Units | ​ | Bed/Unit
7.5% | ​ | 2022 | ​ | MO | ​ | $ | 1,780 | ​ | OTH | ​ | 0.5 | % | 1 | ​ | — | (3) | — | ​ | — | ​ | $ | n/a
7.5% | ​ | 2024 | ​ | LA | ​ | ​ | 27,277 | ​ | SNF | ​ | 7.8 | % | 1 | ​ | 1 | ​ | 189 | ​ | — | ​ | $ | 144.32
7.8% | ​ | 2025 | ​ | FL | ​ | ​ | 12,126 | ​ | ALF | ​ | 3.5 | % | 1 | ​ | 1 | ​ | — | ​ | 68 | ​ | $ | 178.32
7.3% (4) | ​ | 2025 | ​ | NC/SC | ​ | ​ | 49,834 | ​ | ALF | ​ | 14.2 | % | 1 | ​ | 13 | ​ | — | ​ | 523 | ​ | $ | 95.28
10.4% (5) | ​ | 2043 | ​ | MI | ​ | ​ | 185,356 | ​ | SNF | ​ | 53.0 | % | 1 | ​ | 15 | ​ | 1,875 | ​ | — | ​ | $ | 98.86
9.5% (5) | ​ | 2045 | ​ | MI | ​ | ​ | 39,039 | ​ | SNF | ​ | 11.2 | % | 1 | ​ | 4 | ​ | 501 |  | — | ​ | $ | 77.92
9.6% (5) | ​ | 2045 | ​ | MI | ​ |  | 19,750 | ​ | SNF | ​ | 5.6 | % | 1 | ​ | 2 | ​ | 205 |  | — | ​ | $ | 96.34
10.0% (5) | ​ | 2045 | ​ | MI | ​ | ​ | 14,875 | ​ | SNF | ​ | 4.2 | % | 1 | ​ | 1 | ​ | 146 | ​ | — | ​ | $ | 101.88
Total | ​ | ​ | ​ | ​ | ​ | $ | 350,037 | ​ | ​ | ​ | 100.0 | % | 8 | ​ | 37 | ​ | 2,916 |  | 591 | ​ | $ | 99.81
(1) | Some loans contain certain guarantees and provide for certain facility fees.
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(2) | Our mortgage loans are secured by properties located in six states with five borrowers.
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(3) | Represents a mortgage loan secured by a parcel of land for the future development of a 91-bed post-acute SNF.
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(4) | Represents the initial rate. This loan has an IRR of 8%.
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(5) | Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period.
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the three months ended March 31, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2022 | ​ | ​ | 2021 | ​
Originations and funding under mortgage loans receivable | ​ | $ | 1,026 | ​ | ​ | $ | 158 | ​
Application of interest reserve | ​ | ​ | 1,223 | ​ | ​ | ​ | — | ​
Scheduled principal payments received | ​ | ​ | (125) | ​ | ​ | ​ | (125) | ​
Mortgage loan premium amortization | ​ | ​ | (2) | ​ | ​ | ​ | (2) | ​
Provision for credit losses | ​ | ​ | (21) | ​ | ​ | ​ | — | ​
Net increase in mortgage loans receivable | ​ | $ | 2,101 | ​ | ​ | $ | 31 | ​

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