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Equity (Tables)

12 Months Ended

Dec. 31, 2022

As of December 31, 2022, we have the following consolidated VIEs (in thousands):


						Gross
Investment			Property			Consolidated		Non-Controlling
Year ⁽¹⁾	Purpose		Type	State		Assets		Interests
2022	Owned real estate	⁽²⁾	SNF	FL	$	76,767	$	14,325
2018	Owned real estate		ILF	OR		14,650		2,906
2018	Owned real estate and development		ALF/MC	OR		18,452		1,164
2017	Owned real estate and development		ILF/ALF/MC	WI		22,007		2,305
2017	Owned real estate		ALF/MC	SC		11,680		1,240
Total					$	143,556	$	21,940

Schedule of cash dividends declared and paid


	Year Ended December 31,
	2022				2021						2020
	Declared		Paid		Declared			Paid			Declared			Paid
Common Stock ⁽¹⁾	$	91,509	$	91,509	$	90,494	⁽²⁾	$	90,494	⁽²⁾	$	90,262	⁽²⁾	$	90,262	⁽²⁾

(1)	Represents $0.19 per share per month for the years ended December 31, 2022, 2021 and 2020.

(2)	During the years ended December 31, 2021 and 2020, we paid $764 and $586, respectively as a result of vesting of the performance-based stock units.

Schedule of restricted stock activity

Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows:


	Year Ended December 31,
	2022		2021		2020
Outstanding, January 1		197,422		180,440		163,569
Granted		135,210		110,348		101,348
Vested		(103,396)		(93,366)		(84,477)
Outstanding, December 31		229,236		197,422		180,440

Schedule of restricted stock granted

During 2022, 2021 and 2020, we granted 221,542, 182,240 and 167,375 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows:


	No. of	Price per
Year	Shares/Units	Share		Reward Type	Vesting Period
2022	122,865	$	33.94	Restricted stock	ratably over 3 years
	86,332	$	33.94	Performance-based stock units	TSR targets ⁽¹⁾
	12,345	$	38.48	Restricted stock	May 25,2023
	221,542

2021	95,293	$	42.27	Restricted stock	ratably over 3 years
	71,892	$	42.27	Performance-based stock units	TSR targets ⁽¹⁾
	12,055	$	39.40	Restricted stock	May 26, 2022
	3,000	$	43.14	Restricted stock	April 1, 2022
	182,240

2020	76,464	$	48.95	Restricted stock	ratably over 3 years
	66,027	$	49.98	Performance-based stock units	TSR targets ⁽¹⁾
	9,884	$	38.45	Restricted stock	May 27, 2021
	15,000	$	38.45	Restricted stock	ratably over 3 years
	167,375

(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, 2022, the 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):


	Remaining
	Compensation
Vesting Date	Expense
2023	$	5,603
2024		2,853
2025		309
Total	$	8,765

Schedule of nonqualified stock option activity


				Weighted Average
	Shares			Price
	2022	2021	2020	2022			2021	2020
Outstanding, January 1	15,000	15,000	15,000	$	38.43	$	38.43	$	38.43
Granted	—	—	—		n/a		n/a		n/a
Exercised	—	—	—		n/a		n/a		n/a
Canceled	(5,000)	—	—	$	38.43		n/a		n/a
Outstanding, December 31	10,000	15,000	15,000	$	38.43	$	38.43	$	38.43

Exercisable, December 31⁽¹⁾	10,000	15,000	15,000	$	38.43	$	38.43	$	38.43

(1)

The aggregate intrinsic value of exercisable options at December 31, 2022, based upon the closing price of our common shares at December 30, 2022, the last trading day of 2022, was approximately $0. Options exercisable at December 31, 2022, 2021 and 2020 have a weighted average remaining contractual life of approximately 0.7 years, 1.2 years, and 2.2 years, respectively.

- 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.

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