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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate Investments |
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, amortization of lease incentives and renewal options are as follows (in thousands):
​ | ​ | ​ | ​ | ​
​ |  | Cash |
​ | ​ | Rent (1) |
2024 | ​ | $ | 118,411 | ​
2025 | ​ |  | 102,414 | ​
2026 | ​ |  | 83,765 | ​
2027 | ​ |  | 79,080 | ​
2028 | ​ |  | 66,556 | ​
Thereafter | ​ |  | 168,031 | ​
(1) | Represents contractual cash rent, except for certain master leases which are based on estimated cash.
Summary of components of our rental income | The following table summarizes components of our rental income for the years ended December 31, 2023, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
Rental Income | ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Contractual cash rental income | ​ | $ | 116,702 | (1) | $ | 115,230 | (2) | $ | 107,692 | ​
Variable cash rental income | ​ | ​ | 13,525 | (3) | ​ | 15,516 | (3) | ​ | 14,332 | (3)
Straight-line rent | ​ | ​ | (2,078) | (4) | ​ | (1,369) | (5) | ​ | 467 | ​
Adjustment of lease incentives and rental income | ​ | ​ | (26) | (6) | ​ | (256) | (6) | ​ | (758) | (6)
Amortization of lease incentives | ​ | ​ | (773) | ​ | ​ | (877) | ​ | ​ | (608) | ​
Total | ​ | $ | 127,350 | ​ | $ | 128,244 | ​ | $ | 121,125 | ​
(1) | Increased primarily due to rental income from acquisitions and transitioned portfolios, repayment of deferred rent and annual rent escalations, partially offset by sold properties.
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(2) | Increased primarily due to rent received from transitioned portfolios, rental income from acquisitions, completed development projects, annual rent escalations, and lease termination fee income of $1,181 received in connection with the sale of a 74-unit ALF partially offset by decreased rent from the sold properties.
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(3) | The variable cash rental income for the years ended December 31, 2023, 2022 and 2021 primarily includes reimbursement of real estate taxes by our lessees.
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(4) | Decreased primarily due to deferred rent repayment and normal amortization.
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(5) | Decreased primarily due to a deferred rent repayment, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis.
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(6) | 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 as of December 31, 2023 (dollar amount in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Net Book | ​ | Option | ​
State | ​ | Property | ​ | Properties | ​ | ​ | Investments (1) | ​ | ​ | Value | ​ | Window | ​
California | ​ | ALF/MC | ​ | 2 | ​ | $ | 38,895 | ​ | $ | 32,778 | ​ | 2023-2029 | ​
Florida | ​ | MC | ​ | 1 | ​ | ​ | 7,680 | ​ | ​ | 4,611 | ​ | 2029 | (2)
Florida | ​ | SNF | ​ | 3 | ​ | ​ | 76,690 | ​ | ​ | 76,690 | ​ | 2025-2027 | (3)
North Carolina | ​ | ALF/MC | ​ | 11 | ​ | ​ | 121,321 | ​ | ​ | 121,321 | ​ | 2025-2028 | (4)
Ohio | ​ | MC | ​ | 1 | ​ | ​ | 16,161 | ​ | ​ | 13,488 | ​ | 2024-2025 | ​
Ohio | ​ | ILF/ALF/MC | ​ | 1 | ​ | ​ | 54,717 | ​ | ​ | 53,448 | ​ | 2025-2027 | ​
Oklahoma | ​ | ALF/MC | ​ | 5 | ​ | ​ | 11,202 | ​ | ​ | 4,394 | ​ | 2027-2029 | (5)
South Carolina | ​ | ALF/MC | ​ | 1 | ​ | ​ | 11,680 | ​ | ​ | 8,475 | ​ | 2029 | ​
Tennessee | ​ | SNF | ​ | 2 | ​ | ​ | 5,275 | ​ | ​ | 2,263 | ​ | 2023-2024 | ​
Texas | ​ | SNF | ​ | 4 | ​ | ​ | 52,726 | ​ | ​ | 50,388 | ​ | 2027-2029 | (6)
Total | ​ | ​ | ​ | ​ | ​ | $ | 396,347 | ​ | $ | 367,856 | ​ | ​ | ​
(1) | Gross investments include previously recorded impairment losses, if any.
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(2) | During 2023, we recorded an impairment loss of $7,522. See Impairment Loss below for more information.
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(3) | During 2022, we entered into a joint venture to purchase three SNFs with a total of 299 beds. The JV leased the properties under a 10-year master lease. For more information regarding this transaction, see Financing Receivables below.
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(4) | During 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units and leased the communities under a 10-year master lease. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0% on any portion of the properties being purchased. For more information regarding this transaction see Financing Receivables below.
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(5) | During 2023, we transferred five ALFs in Oklahoma with a total of 184 units from Brookdale to an existing operator. The new master lease, which commenced in November 2023, includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option.
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(6) | During 2022, we purchased four SNFs and leased these properties under a master lease with an existing operator. The master lease allows the operator to elect either an earn-out payment or purchase option. If neither is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 11. Commitments and Contingencies.
Schedule of impairment loss |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | Impairment | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | Loss | ​
2023 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 70 | ​ | $ | 434 | (1)
​ | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 7,522 | ​
​ | ​ | Mississippi | ​ | ALF | ​ | 1 | ​ | 67 | ​ | ​ | 4,554 | (2)
​ | ​ | Texas | ​ | ALF | ​ | 7 | ​ | 248 | ​ | ​ | 3,265 | ​
​ | ​ | ​ | ​ | ​ | ​ | 10 | ​ | 445 | ​ | $ | 15,775 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 70 | ​ | $ | 1,222 | (1)
​ | ​ | Kentucky | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 1,286 | (3)
​ | ​ | Colorado | ​ | ALF | ​ | 1 | ​ | — | ​ | ​ | 914 | (4)
​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | 130 | ​ | $ | 3,422 | ​
(1) | In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of $64 as a result of this transaction.
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(2) | This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of $219 as a result of this transaction.
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(3) | This community was classified as held-for sale at December 31, 2022 and sold during the first quarter of 2023 for $11,000. We recorded a net gain on sale of $57 as a result of this transaction. See Properties Held-for-Sale below for more information regarding this community.
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(4) | This community was closed during 2022.
Schedule of properties held-for-sale |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Accumulated | ​
​ | ​ | State | ​ | Property | ​ | Properties | ​ | Beds/units | ​ | ​ | Investment | ​ | ​ | Depreciation | ​
2023 | ​ | WI | ​ | ALF | (1) | 1 | ​ | 110 | ​ | $ | 22,007 | ​ | $ | 3,616 | ​
2022 | ​ | KY | ​ | ALF | (2) | 1 | ​ | 60 | ​ | ​ | 13,015 | ​ | ​ | 2,305 | ​
(1) | This community was sold during the first quarter of 2024.
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(2) | This community was sold during the first quarter of 2023.
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Summary of acquisitions | Acquisitions. The following table summarizes our acquisitions for the years ended December 31, 2023 through 2021 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Cash | ​ | ​ | ​ | ​ | Non- | ​ | ​ | ​ | ​ | ​ | ​ | Number | ​ | Number
​ | ​ | ​ | ​ | Paid at | ​ | Assumed | ​ | ​ | Controlling | ​ | Transaction | ​ | ​ | Assets | ​ | of | ​ | of
Year | ​ | Type of Property | ​ | Acquisition | ​ | Liabilities | ​ | ​ | Interest | ​ | Costs | ​ | ​ | Acquired | ​ | Properties | ​ | Beds/Units
2023 | ​ | ALF (1) | ​ | $ | 43,759 | ​ | $ | 9,767 | ​ | $ | 9,133 | ​ | $ | 363 | ​ | $ | 63,022 | (2) | 1 | ​ | 242
2022 | ​ | SNF (3) | ​ | ​ | 51,817 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 51,817 | ​ | 4 | ​ | 339
2021 | ​ | n/a | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | —
(1) | We entered into a $54,134 Joint Venture (“JV”) and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75%. The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease of which $1,458 has been funded.
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(2) | Includes $8,309 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
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(3) | 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 either an earn-out payment or purchase option but not both. 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 at 8% for first year, increasing to 8.25% for the second year, then increasing annually with the lease rate. During 2023, the working capital loan was fully repaid. Accordingly, the working capital commitment has been terminated.
Summary of the carrying amount of intangible assets | Intangible Assets. The following is a summary of our intangible assets as of December 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31,2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​
Assets | ​ | ​ | Cost | ​ | ​ | ​ | Amortization | ​ | ​ | ​ | Net | ​ | ​ | Cost | ​ | ​ | ​ | Amortization | ​ | ​ | ​ | Net
In-place leases | ​ | $ | 11,348 | (1) | ​ | $ | (6,109) | (2) | ​ | $ | 5,239 | ​ | $ | 9,474 | (1) | ​ | $ | (5,362) | (2) | ​ | $ | 4,112
Tax abatement intangible | ​ | ​ | 8,309 | (3) | ​ | ​ | (405) | (3) | ​ | ​ | 7,904 | ​ | ​ | — | (3) | ​ | ​ | — | (3) | ​ | ​ | —
(1) | Included in the Buildings and improvements line item in our Consolidated Balance Sheets.
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(2) | Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets.
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(3) | Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
Schedule of future amortization expenses related to the intangible assets | The following table provides future amortization expenses related to the intangible assets at December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
In-place leases (1) | ​ | $ | 5,239 | ​ | $ | 877 | ​ | $ | 825 | ​ | $ | 740 | ​ | $ | 675 | ​ | $ | 532 | ​ | $ | 1,590
Tax abatement intangible (2) | ​ |  | 7,904 | ​ |  | 692 | (1) |  | 692 | ​ |  | 692 | ​ |  | 692 | ​ |  | 692 | ​ |  | 4,444
​ | ​ | $ | 13,143 | ​ | $ | 1,569 | ​ | $ | 1,517 | ​ | $ | 1,432 | ​ | $ | 1,367 | ​ | $ | 1,224 | ​ | $ | 6,034
(1) | Recorded as depreciation expense included in the Depreciation and amortization line item on our Consolidated Statements of Income.
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(2) | Recorded as Property tax expense on our Consolidated Statements of Income.
Schedule of developments and improvement projects | During the years ended December 31, 2023, 2022 and 2021, we invested the following in development and improvement projects (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31, | ​
Type of Property | ​ | ​ | 2023 | ​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
​ | ​ | Developments | ​ | Improvements | ​ | ​ | Developments | ​ | Improvements | ​ | ​ | Developments | ​ | Improvements | ​
Assisted Living Communities | ​ | $ | — | ​ | $ | 3,112 | ​ | ​ | $ | 105 | ​ | $ | 5,538 | ​ | ​ | $ | — | ​ | $ | 5,846 | ​
Skilled Nursing Centers | ​ | ​ | — | ​ | ​ | 6,487 | ​ | ​ | ​ | — | ​ | ​ | 2,897 | ​ | ​ | ​ | — | ​ | ​ | 452 | ​
Other | ​ | ​ | — | ​ | ​ | 87 | ​ | ​ | ​ | — | ​ | ​ | 559 | ​ | ​ | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | — | ​ | $ | 9,686 | ​ | ​ | $ | 105 | ​ | $ | 8,994 | ​ | ​ | $ | — | ​ | $ | 6,298 | ​
Schedule of property sold |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | Gain (Loss) (1) | ​
2023 | ​ | Florida | ​ | ALF | ​ | 5 | ​ | 246 | ​ | $ | 23,600 | ​ | $ | 9,084 | ​ | $ | 13,327 | ​
​ | ​ | Kentucky | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 11,000 | ​ | ​ | 10,720 | ​ | ​ | 57 | ​
​ | ​ | Mississippi | ​ | ALF | ​ | 1 | ​ | 67 | ​ | ​ | 1,650 | ​ | ​ | 1,639 | ​ | ​ | (220) | ​
​ | ​ | New Jersey | ​ | ALF | ​ | 1 | ​ | 39 | ​ | ​ | 2,000 | ​ | ​ | 1,552 | ​ | ​ | 266 | ​
​ | ​ | New Mexico | ​ | SNF | ​ | 2 | ​ | 235 | ​ | ​ | 21,250 | ​ | ​ | 5,523 | ​ | ​ | 15,287 | ​
​ | ​ | Nebraska | ​ | ALF | ​ | 3 | ​ | 117 | ​ | ​ | 2,984 | ​ | ​ | 2,934 | ​ | ​ | — | ​
​ | ​ | Oklahoma | ​ | ALF | ​ | 1 | ​ | 37 | ​ | ​ | 800 | ​ | ​ | 777 | ​ | ​ | 11 | ​
​ | ​ | Pennsylvania | ​ | ALF | ​ | 2 | ​ | 130 | ​ | ​ | 11,128 | ​ | ​ | 6,054 | ​ | ​ | 4,860 | ​
​ | ​ | South Carolina | ​ | ALF | ​ | 3 | ​ | 128 | ​ | ​ | 8,409 | ​ | ​ | 4,446 | ​ | ​ | 3,708 | ​
Total | ​ | ​ | ​ | ​ | ​ | 19 | ​ | 1,059 | ​ | $ | 82,821 | ​ | $ | 42,729 | ​ | $ | 37,296 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | ​ | (441) | ​
​ | ​ | Virginia | ​ | ALF | ​ | 1 | ​ | 74 | ​ | ​ | 16,895 | ​ | ​ | 15,549 | ​ | ​ | 1,344 | (2)
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 214 | (3)
Total | ​ | ​ | ​ | ​ | ​ | 5 | ​ | 427 | ​ | $ | 74,345 | ​ | $ | 35,924 | ​ | $ | 37,830 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | — | ​ | $ | 2,000 | ​ | $ | 2,626 | ​ | $ | (858) | ​
​ | ​ | Nebraska | ​ | ALF | ​ | 1 | ​ | 40 | ​ | ​ | 900 | ​ | ​ | 1,079 | ​ | ​ | (200) | ​
​ | ​ | Washington | ​ | SNF | ​ | 1 | ​ | 123 | ​ | ​ | 7,700 | ​ | ​ | 4,513 | ​ | ​ | 2,562 | ​
​ | ​ | Wisconsin | ​ | ALF | ​ | 3 | ​ | 263 | ​ | ​ | 35,000 | ​ | ​ | 28,295 | ​ | ​ | 5,595 | ​
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 363 | (3)
Total | ​ | ​ | ​ | ​ | ​ | 6 | ​ | 426 | ​ | $ | 45,600 | ​ | $ | 36,513 | ​ | $ | 7,462 | ​
(1) | Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable.
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(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.
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(3) | We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and
| 2019, under the expected value model per ASC Topic 606, Contracts with Customers.
Schedule of investments in financing receivables |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​
Investment | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | LTC
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Investments | ​ | ​ | Contributions
2023 | ​ | NC | ​ | ALF/MC | ​ | 11 | ​ | 523 | ​ | $ | 121,321 | ​ | $ | 117,490
2022 | ​ | FL | ​ | SNF | ​ | 3 | ​ | 299 | ​ | ​ | 76,691 | ​ | ​ | 61,661
​ | ​ | ​ | ​ | ​ | ​ | 14 | ​ | 822 | ​ | $ | 198,012 | ​ | $ | 179,151
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Type | ​ | ​ | ​ | Initial | ​ | Interest Income from Financing Receivables
of | ​ | Lease | ​ | Contractual | ​ | During
Properties | ​ | Maturity | ​ | Cash Yield | ​ | ​ | 2023 | ​ | ​ | 2022
ALF/MC | ​ | 2033 | ​ | 7.25 | % | ​ | $ | 9,625 | ​ | $ | —
SNF | ​ | 2032 | ​ | 7.25 | % | ​ | ​ | 5,618 | ​ | ​ | 1,762
​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 15,243 | ​ | $ | 1,762
(1) | The JV leased these communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on CPI subject to a floor of 2.0% and a ceiling of 4.0%. The JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit Internal Rate of Return (“IRR”) of 9.0%. Upon origination we recorded $1.2 million Provision for credit losses equal to 1% of the financing receivable balance related to this investment.
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(2) | The JV leased the centers back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year.
Summary of investments in mortgage loans secured by first mortgages | The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2023 (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% | ​ | 2024 | ​ | MO | ​ | $ | 1,999 | ​ | OTH | ​ | 0.4 | % | 1 | ​ | — | (3) | — | ​ | — | ​ | $ | n/a
7.5% | ​ | 2024 | ​ | LA | ​ | ​ | 29,346 | ​ | SNF | ​ | 6.1 | % | 1 | ​ | 1 | ​ | 189 | ​ | — | ​ | $ | 155.27
7.5% | ​ | 2024 | ​ | GA | ​ | ​ | 51,111 | ​ | ALF | ​ | 10.6 | % | 1 | ​ | 1 | ​ | — | ​ | 203 | ​ | $ | 251.78
8.8% | ​ | 2025 | ​ | FL | ​ | ​ | 4,000 | ​ | ALF | ​ | 0.8 | % | 1 | ​ | 2 | ​ | — | ​ | 92 | ​ | $ | 43.48
7.8% | ​ | 2025 | ​ | FL | ​ | ​ | 16,706 | ​ | ALF | ​ | 3.4 | % | 1 | ​ | 1 | ​ | — | ​ | 112 | ​ | $ | 149.16
7.3% | ​ | 2025 | ​ | NC | ​ | ​ | 10,750 | ​ | ALF | ​ | 2.2 | % | 1 | ​ | 1 | ​ | — | ​ | 45 | ​ | $ | 238.89
7.3% (4) | ​ | 2025 | ​ | NC/SC | ​ | ​ | 58,331 | ​ | ALF | ​ | 12.1 | % | 1 | ​ | 13 | ​ | — | ​ | 523 | ​ | $ | 111.53
7.3% (4) | ​ | 2026 | ​ | NC | ​ | ​ | 34,043 | ​ | ALF | ​ | 7.1 | % | 1 | ​ | 4 | ​ | — | ​ | 217 | ​ | $ | 156.88
7.3% (4) | ​ | 2026 | ​ | NC | ​ | ​ | 826 | ​ | OTH | ​ | 0.2 | % | 1 | ​ | — | (5) | — | ​ | — | ​ | $ | n/a
8.8% | ​ | 2028 | ​ | IL | ​ | ​ | 16,500 | ​ | SNF | ​ | 3.4 | % | 1 | ​ | 1 | ​ | 150 | ​ | — | ​ | $ | 110.00
10.8% (6) | ​ | 2043 | ​ | MI | ​ | ​ | 183,968 | ​ | SNF | ​ | 38.2 | % | 1 | ​ | 15 | ​ | 1,875 | ​ | — | ​ | $ | 98.12
9.8% (6) | ​ | 2045 | ​ | MI | ​ | ​ | 39,950 | ​ | SNF | ​ | 8.3 | % | 1 | ​ | 4 | ​ | 480 |  | — | ​ | $ | 83.23
10.1% (6) | ​ | 2045 | ​ | MI | ​ |  | 19,700 | ​ | SNF | ​ | 4.1 | % | 1 | ​ | 2 | ​ | 201 |  | — | ​ | $ | 98.01
10.3% (6) | ​ | 2045 | ​ | MI | ​ | ​ | 14,850 | ​ | SNF | ​ | 3.1 | % | 1 | ​ | 1 | ​ | 146 | ​ | — | ​ | $ | 101.71
Total | ​ | ​ | ​ | ​ | ​ | $ | 482,080 | ​ | ​ | ​ | 100.0 | % | 14 | ​ | 46 | ​ | 3,041 |  | 1,192 | ​ | $ | 113.89
(1) | Some loans contain certain guarantees and/or provide for certain facility fees.
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(2) | Our mortgage loans are secured by properties located in eight states with eight 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) | Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community.
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(6) | Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period.
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Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the years ended December 31, 2023, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2023 | ​ | ​ | 2022 | ​ | 2021 |
Originations and funding under mortgage loans receivable | ​ | $ | 97,058 | (1) | ​ | $ | 40,732 | (2) | $ | 88,955 | (3)
Application of interest reserve | ​ | ​ | 1,722 | ​ | ​ | ​ | 6,192 | ​ | ​ | 298 | ​
Scheduled principal payments received | ​ | ​ | (10,351) | ​ | ​ | ​ | (1,175) | ​ | ​ | (1,175) | ​
Mortgage loan premium amortization | ​ | ​ | (7) | ​ | ​ | ​ | (6) | ​ | ​ | (6) | ​
Provision for loan loss reserve | ​ | ​ | (884) | ​ | ​ | ​ | (457) | ​ | ​ | (881) | ​
Net increase in mortgage loans receivable | ​ | $ | 87,538 | ​ | ​ | $ | 45,286 | ​ | $ | 87,191 | ​
​
(1) | We originated the following during 2023:
​
| (a) | $10,750 mortgage loan secured by a 45-unit MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0%;
​
| (b) | $51,111 mortgage loan investment secured by a 203-unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. The mortgage loan matures in October 2024 and our investment is at an initial rate of 7.5% with an IRR of 7.75%. We recorded $1,380 of additional interest income in connection with the effective prepayment of the mezzanine loan in the first quarter of 2023;
​
| (c) | $16,500 senior loan for the purchase of a 150-bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75%;
​
| (d) | $4,947 of contractual additional funding under other mortgage loans receivable;
​
| (e) | $13,750 of seller financing collateralized by four ALFs. $9,750 was repaid subsequently and two ALFs were released from collateral. The net $4,000 seller-financed mortgage loan is for two-years, with a one-year extension, at the interest rate of 8.75%; and
​
| (f) | $19,500 mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds.
​
(2) | 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%. We also funded an additional $2,000 under an existing mortgage loan.
​
(3) | We funded the following during 2021:
| (a) | $1,638 mortgage loan secured by a parcel of land for the future development of a 91-bed post-acute SNF in Missouri and withheld an interest reserve of $142. The mortgage loan term is one year at a yield of 7.5%;
| (b) | $27,047 mortgage loan secured by a 189-bed SNF in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5%;
| (c) | $11,724 mortgage loan secured by a 68-unit ALF and MC in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions;
| (d) | $48,006 mortgage loan for the purchase of a 13-property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496. The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and
​
| (e) | $540 additional capital funding under our existing mortgage loans.
​
Scheduled principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​
​ |  | Scheduled |
​ | ​ | Principal |
2024 | ​ | $ | 83,137 | ​
2025 | ​ |  | 90,466 | ​
2026 | ​ |  | 35,549 | ​
2027 | ​ |  | 680 | ​
2028 | ​ |  | 17,180 | ​
Thereafter | ​ |  | 255,068 | ​
Total | ​ | $ | 482,080 | ​

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