XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Real Estate Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Real Estate Investments |
Summary of investments in owned properties | The following table summarizes our investments in owned properties at September 30, 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 | ​ | $ | 797,426 | ​ | 56.6 | % | 99 | ​ | — | ​ | 5,497 | ​ | $ | 145.07 | ​
Skilled Nursing | ​ | ​ | 599,058 | ​ | 42.5 | % | 52 | ​ | 6,348 | ​ | 236 | ​ | $ | 90.99 | ​
Other (2) | ​ | ​ | 11,918 | ​ | 0.9 | % | 1 | ​ | 118 | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 1,408,402 | ​ | 100.0 | % | 152 | ​ | 6,466 | ​ | 5,733 | ​ | ​ | ​ | ​
(1) | We own properties in 26 states that are leased to 24 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) |
2022 | ​ | $ | 31,970 | ​
2023 | ​ |  | 114,037 | ​
2024 | ​ |  | 94,257 | ​
2025 | ​ |  | 85,460 | ​
2026 | ​ |  | 68,784 | ​
Thereafter | ​ |  | 263,280 | ​
(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 Note 12. Subsequent Events for more information.
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, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
Rental Income | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Base cash rental income | ​ | $ | 28,180 | (1) | $ | 25,934 | (1) | $ | 83,203 | (2) | $ | 80,967 | (2)
Variable cash rental income | ​ | ​ | 4,160 | (3) | ​ | 3,588 | (3) | ​ | 12,218 | (3) | ​ | 10,655 | (3)
Straight-line rent | ​ | ​ | (436) | (4) | ​ | (44) | (4) | ​ | (963) | (5) | ​ | 619 | (5)
Adjustment for lease incentives and rental income | ​ | ​ | (83) | (6) | ​ | — | ​ | ​ | (256) | (7) | ​ | (758) | (8)
Amortization of lease incentives | ​ | ​ | (236) | ​ | ​ | (158) | ​ | ​ | (665) | ​ | ​ | (386) | ​
Total | ​ | $ | 31,585 | ​ | $ | 29,320 | ​ | $ | 93,537 | ​ | $ | 91,097 | ​
(1) | Increased primarily due to rent received from properties transitioned from the former Senior Care Centers, LLC (“Senior Care”) and Senior Lifestyle Corporation (“Senior Lifestyle”) portfolios and rental income from acquisitions, completed development projects and annual rent escalations.
​
(2) | Increased primarily due to (1) above. Also relates to a $1,181 lease termination fee received in connection with the sale of a 74-unit ALF.
​
(3) | The variable rental income for the three and nine months ended September 30, 2022, primarily includes reimbursement of real estate taxes by our lessees of $4,160 and $12,161, respectively. The variable rental income for the three and nine months ended September 30, 2021, only includes reimbursement of real estate taxes by our lessees of $3,588 and $10,655. Increases primarily due to properties transitioned from Senior Care and new acquisitions partially offset by properties sold.
​
(4) | Decreased primarily due to a deferred rent repayment and normal amortization.
​
(5) | Decreased primarily due to (4) above. Also relates to the impact of prior year’s 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis.
​
(6) | Represents lease incentive balance write-off related to two properties that were transitioned to another operator in our portfolio.
​
(7) | Represents a lease incentive balance write-off related to a closed property and subsequent lease termination and (6) above.
​
(8) | 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 | ​ | $ | 33,954 | ​ | 2023-2029 | ​
Florida | ​ | MC | ​ | 1 | ​ | ​ | 15,201 | ​ | ​ | 12,614 | ​ | 2029 | ​
Florida | ​ | SNF | ​ | 3 | ​ | ​ | 76,267 | ​ | ​ | 76,267 | ​ | 2025-2027 | (1)
Nebraska | ​ | ALF | ​ | 3 | ​ | ​ | 7,633 | ​ | ​ | 3,008 | ​ | TBD | (2)
South Carolina | ​ | ALF/MC | ​ | 1 | ​ | ​ | 11,680 | ​ | ​ | 9,197 | ​ | 2029 | ​
Texas | ​ | SNF | ​ | 4 | ​ | ​ | 51,816 | ​ | ​ | 51,157 | ​ | 2027-2029 | (3)
Total | ​ | ​ | ​ | ​ | ​ | $ | 201,492 | ​ | $ | 186,197 | ​ | ​ | ​
(1) | During the third quarter of 2022, we entered into a joint venture (“JV”) to purchase three skilled nursing centers. The JV leased the properties under a 10-year master lease. For more information regarding this transaction see Financing Receivable below.
​
(2) | Subject to the properties achieving certain coverage ratios.
​
(3) | During the second quarter of 2022, we purchased four skilled nursing centers and leased these properties under a 10-year lease with an existing operator. The lease provides the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 8. Commitments and Contingencies.
Schedule of properties held-for-sale |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Accumulated | ​
State | ​ | Property | ​ | Properties | ​ | Beds/units | ​ | ​ | Investment | ​ | ​ | Depreciation | ​
KY | ​ | ALF | ​ | 1 | ​ | 60 | ​ | $ | 13,015 | ​ | $ | 2,305 | ​
Summary of acquisitions |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | Number | ​ | Number
​ | ​ | ​ | ​ | Purchase | ​ | Transaction | ​ | Acquisition | ​ | of | ​ | of
Year | ​ | Type of Property | ​ | Price | ​ | Costs | ​ | Costs | ​ | Properties | ​ | Beds/Units
2022 | ​ | SNF | ​ | $ | 51,534 | ​ | $ | 281 | ​ | $ | 51,815 | ​ | 4 | ​ | 339
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
We accounted for the above acquisition as an asset acquisition. The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease provides the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. The purchase option is available beginning in the sixth lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. In connection with the transaction, we provided the lessee a 10-year working capital loan for up to $2,000, of which $1,867 has been funded, at 8% for first year, increasing to 8.25% for the second year, then increasing annually with the lease rate.
Schedule of improvement projects | During the nine months ended September 30, 2022 and 2021, we invested the following developments and improvements projects (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Type of Property | ​ | ​ | 2022 | ​ | ​ | ​ | 2021 | ​
​ | ​ | Developments | ​ | Improvements | ​ | ​ | Developments | ​ | Improvements | ​
Assisted Living Communities | ​ | $ | 105 | ​ | $ | 3,015 | ​ | ​ | $ | — | ​ | $ | 4,560 | ​
Skilled Nursing Centers | ​ | ​ | — | ​ | ​ | 981 | ​ | ​ | ​ | — | ​ | ​ | 279 | ​
Other | ​ | ​ | — | ​ | ​ | 559 | ​ | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 105 | ​ | $ | 4,555 | ​ | ​ | $ | — | ​ | $ | 4,839 | ​
Schedule of property sold |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | Gain (loss) (1) | ​
2022 | ​ | California | ​ | ALF | ​ | 2 | ​ | 232 | ​ | $ | 43,715 | ​ | $ | 17,832 | ​ | $ | 25,867 | ​
​ | ​ | California | ​ | SNF | ​ | 1 | ​ | 121 | ​ | ​ | 13,250 | ​ | ​ | 1,846 | ​ | ​ | 10,846 | ​
​ | ​ | Texas | ​ | SNF | ​ | 1 | ​ | — | ​ | ​ | 485 | ​ | ​ | 697 | ​ | ​ | (434) | ​
​ | ​ | Virginia | ​ | ALF | ​ | 1 | ​ | 74 | ​ | ​ | 16,895 | ​ | ​ | 15,549 | ​ | ​ | 1,344 | (2)
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 186 | (3)
Total 2022 | ​ | ​ | ​ | ​ | ​ | 5 | ​ | 427 | ​ | $ | 74,345 | ​ | $ | 35,924 | ​ | $ | 37,809 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | — | ​ | $ | 2,000 | ​ | $ | 2,626 | ​ | $ | (858) | ​
​ | ​ | Nebraska | ​ | ALF | ​ | 1 | ​ | 40 | ​ | ​ | 900 | ​ | ​ | 1,079 | ​ | ​ | (198) | ​
​ | ​ | Washington | ​ | SNF | ​ | 1 | ​ | 123 | ​ | ​ | 7,700 | ​ | ​ | 4,528 | ​ | ​ | 2,562 | ​
​ | ​ | Wisconsin | ​ | ALF | ​ | 3 | ​ | 263 | ​ | ​ | 35,000 | ​ | ​ | 28,295 | ​ | ​ | 5,594 | ​
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 292 | (3)
Total 2021 | ​ | ​ | ​ | ​ | ​ | 6 | ​ | 426 | ​ | $ | 45,600 | ​ | $ | 36,528 | ​ | $ | 7,392 | ​
(
(1) | Calculation of net gain (loss) includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable.
​
(2) | In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale.
​
(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”).
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, 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% | ​ | 2023 | ​ | MO | ​ | $ | 1,886 | ​ | OTH | ​ | 0.5 | % | 1 | ​ | — | (3) | — | ​ | — | ​ | $ | n/a
7.5% | ​ | 2024 | ​ | LA | ​ | ​ | 27,347 | ​ | SNF | ​ | 7.1 | % | 1 | ​ | 1 | ​ | 189 | ​ | — | ​ | $ | 144.69
7.8% | ​ | 2025 | ​ | FL | ​ | ​ | 13,123 | ​ | ALF | ​ | 3.4 | % | 1 | ​ | 1 | ​ | — | ​ | 68 | ​ | $ | 192.99
7.3% (4) | ​ | 2025 | ​ | NC/SC | ​ | ​ | 52,812 | ​ | ALF | ​ | 13.6 | % | 1 | ​ | 13 | ​ | — | ​ | 523 | ​ | $ | 100.98
7.3% | ​ | 2026 | ​ | NC | ​ | ​ | 32,373 | ​ | ALF | ​ | 8.4 | % | 1 | ​ | 4 | ​ | — | ​ | 217 | ​ | $ | 149.18
7.3% | ​ | 2026 | ​ | NC | ​ | ​ | 782 | ​ | OTH | ​ | 0.2 | % | 1 | ​ | — | (5) | — | ​ | — | ​ | $ | n/a
10.4% (6) | ​ | 2043 | ​ | MI | ​ | ​ | 184,854 | ​ | SNF | ​ | 47.8 | % | 1 | ​ | 15 | ​ | 1,875 | ​ | — | ​ | $ | 98.59
9.5% (6) | ​ | 2045 | ​ | MI | ​ | ​ | 39,066 | ​ | SNF | ​ | 10.1 | % | 1 | ​ | 4 | ​ | 501 |  | — | ​ | $ | 77.98
9.9% (6) | ​ | 2045 | ​ | MI | ​ |  | 19,750 | ​ | SNF | ​ | 5.1 | % | 1 | ​ | 2 | ​ | 205 |  | — | ​ | $ | 96.34
10% (6) | ​ | 2045 | ​ | MI | ​ | ​ | 14,875 | ​ | SNF | ​ | 3.8 | % | 1 | ​ | 1 | ​ | 146 | ​ | — | ​ | $ | 101.88
Total | ​ | ​ | ​ | ​ | ​ | $ | 386,868 | ​ | ​ | ​ | 100.0 | % | 10 | ​ | 41 | ​ | 2,916 |  | 808 | ​ | $ | 103.89
(1) | Some loans contain certain guarantees and provide for certain facility fees.
​
(2) | Our mortgage loans are secured by properties located in six states with five borrowers.
​
(3) | Represents a mortgage loan secured by a parcel of land for the future development of a 91-bed post-acute SNF.
​
(4) | Represents the initial rate. This loan has an IRR of 8%.
​
(5) | Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community.
​
(6) | 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 nine months ended September 30, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2022 | ​ | ​ | 2021 | ​
Originations and funding under mortgage loans receivable | ​ | $ | 35,234 | (1) | ​ | $ | 2,223 | ​
Application of interest reserve | ​ | ​ | 4,348 | ​ | ​ | ​ | — | ​
Scheduled principal payments received | ​ | ​ | (625) | ​ | ​ | ​ | (625) | ​
Mortgage loan premium amortization | ​ | ​ | (4) | ​ | ​ | ​ | (4) | ​
(Provision) recovery for loan loss reserve | ​ | ​ | (389) | ​ | ​ | ​ | (16) | ​
Net increase in mortgage loans receivable | ​ | $ | 38,564 | ​ | ​ | $ | 1,578 | ​
(1) | We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years. The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8%.

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: | dtr-types: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: | dtr-types: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: | dtr-types: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: | dtr-types: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: | dtr-types: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: | dtr-types: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 https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=124258985&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 https://asc.fasb.org/extlink&oid=126900988&loc=SL77927221-108306 + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=99377297&loc=d3e10013-112621 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration