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Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
Investment in Unconsolidated Joint Ventures |
Summary of the preferred equity investments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Type | ​ | Total | ​ | ​ | Contractual | ​ | ​ | Number | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | Preferred | ​ | ​ | Cash | ​ | ​ | of | ​ | ​ | Carrying | ​
State | ​ | Properties | ​ | Investment | ​ | Return | ​ | ​ | Portion | ​ | ​ | Beds/ Units | ​ | ​ | Value | ​
Washington | ​ | ALF/MC | ​ | Preferred Equity | (1) | 12 | % | ​ | 7 | % | ​ | 95 | ​ | $ | 6,340 | (1)
Washington | ​ | ILF/ALF | ​ | Preferred Equity | (2) | 14 | % | ​ | 8 | % | ​ | 267 | ​ | ​ | 13,000 | (2)
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 362 | ​ | $ | 19,340 | ​
(1) | Represents a preferred equity in an entity that developed and owns a 95-unit ALF and MC in Washington. Our investment
represents 15.5% of the total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% until achieving an IRR ranging between 12% to 14%, depending upon timing of redemption. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036. ​
(2) | Represents a preferred equity in an entity that developed and owns a 267-unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 14%. The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and, upon project completion and leasing the property, prior to the end of the first renewal term of the lease.
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | ​ | ​
​ | ​ | of | ​ | ​ | Capital | ​ | ​ | Income | ​ | ​ | Cash Income | ​ | ​ | Non-cash | ​
Year | ​ | Properties | ​ | ​ | Contribution | ​ | ​ | Recognized | ​ | ​ | Earned | ​ | ​ | Income Accrued | ​
2023 | ​ | ALF/MC | ​ | $ | — | ​ | $ | 450 | ​ | $ | 56 | ​ | $ | 394 | ​
​ | ​ | ILF/ALF (1) | ​ | ​ | — | ​ | ​ | 1,054 | ​ | ​ | — | ​ | ​ | 1,054 | ​
Total | ​ | ​ | ​ | $ | — | ​ | $ | 1,504 | ​ | $ | 56 | ​ | $ | 1,448 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | ALF/MC | ​ | $ | — | ​ | $ | 450 | ​ | $ | — | ​ | $ | 450 | ​
​ | ​ | UDP (1) | ​ | ​ | — | ​ | ​ | 1,054 | ​ | ​ | 351 | ​ | ​ | 703 | ​
Total | ​ | ​ | ​ | $ | — | ​ | $ | 1,504 | ​ | $ | 351 | ​ | $ | 1,153 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | ALF/MC | ​ | $ | — | ​ | $ | 450 | ​ | $ | — | ​ | $ | 412 | ​
​ | ​ | UDP (1) | ​ | ​ | 8,000 | ​ | ​ | 967 | ​ | ​ | — | ​ | ​ | 880 | ​
Total | ​ | ​ | ​ | $ | 8,000 | ​ | $ | 1,417 | ​ | $ | — | ​ | $ | 1,292 | ​
​
(1) | The JV developed and owns a 267-unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023.

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- Definition Tabular disclosure of the entity's capital contributions, income recognized and cash interest received related to investments in unconsolidated joint ventures. + References No definition available. + Details
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- Definition Tabular disclosure of the preferred equity investments. + References No definition available. + Details
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- References No definition available. + Details
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