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Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity |
Schedule of consolidated VIEs |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​
Investment | ​ | ​ | ​ | Property | ​ | ​ | ​ | ​ | Consolidated | ​ | ​ | Non-Controlling | ​
Year | ​ | Purpose | ​ | Type | ​ | State | ​ | ​ | Assets (1) | ​ | ​ | Interests | ​
2023 | ​ | Owned real estate | (2) | ILF/ALF/MC | ​ | OH | ​ | $ | 54,717 | ​ | $ | 9,134 | ​
2023 | ​ | Owned real estate | (3) | ALF/MC | ​ | NC | ​ | ​ | 121,321 | ​ | ​ | 3,831 | ​
2022 | ​ | Owned real estate | (4) | SNF | ​ | FL | ​ | ​ | 76,691 | ​ | ​ | 14,325 | ​
2018 | ​ | Owned real estate | ​ | ILF | ​ | OR | ​ | ​ | 14,650 | ​ | ​ | 2,907 | ​
2018 | ​ | Owned real estate and development | ​ | ALF/MC | ​ | OR | ​ | ​ | 18,452 | ​ | ​ | 1,246 | ​
2017 | ​ | Owned real estate and development | (5) | ILF/ALF/MC | ​ | WI | ​ | ​ | 22,007 | ​ | ​ | 2,305 | ​
2017 | ​ | Owned real estate | ​ | ALF/MC | ​ | SC | ​ | ​ | 11,680 | ​ | ​ | 1,240 | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 319,518 | ​ | $ | 34,988 | ​
(1) | Includes the total real estate investments and excludes intangible assets.
​
(2) | During the second quarter of 2023, we entered into a JV that purchased an ILF/ALF/MC in Ohio with a total of 242 units. For more information see Note 5. Real Estate Investments —Acquisitions.
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(3) | During the first quarter of 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units. For more information regarding this transaction See Note 5. Real Estate Investments —Financing Receivables.
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(4) | During 2022, we entered into a JV that purchased three SNFs with a total of 299 beds. For more information regarding this transaction see Note 5. Real Estate Investments —Financing Receivables.
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(5) | Subsequent to December 31, 2023, we sold our interest in this JV for $23,120, which includes repayment of $1,814 of abated and $563 of deferred rent, as well as the payoff of a $550 note receivable. The JV owns a 110-unit community in Wisconsin. At December 31, 2023, this community was classified as held-for-sale. See Note 5. Real Estate Investments— Properties Held-for-
| Sale.
Schedule of cash dividends declared and paid | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |  | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 |  | ​
​ | ​ | Declared | ​ | Paid | ​ | Declared | ​ | Paid | ​ | Declared | ​ | Paid |  | ​
Common Stock (1) | ​ | $ | 94,764 | ​ | $ | 94,764 | ​ | $ | 91,509 | ​ | $ | 91,509 | ​ | $ | 90,494 | (2) | $ | 90,494 | (2) | ​
(1) | Represents $0.19 per share per month for the years ended December 31, 2023, 2022 and 2021.
​
(2) | During the year ended December 31, 2021, we paid $764 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, 2023, 2022 and 2021was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 |
Outstanding, January 1 | ​ | ​ | 229,236 | ​ | ​ | 197,422 | ​ | ​ | 180,440 | ​
Granted | ​ | ​ | 146,020 | ​ | ​ | 135,210 | ​ | ​ | 110,348 | ​
Vested | ​ | ​ | (115,551) | ​ | ​ | (103,396) | ​ | ​ | (93,366) | ​
Cancelled | ​ | ​ | (1,085) | ​ | ​ | — | ​ | ​ | — | ​
Outstanding, December 31 | ​ | ​ | 258,620 | ​ | ​ | 229,236 | ​ | ​ | 197,422 | ​
Schedule of restricted stock granted | During 2023, 2022 and 2021, we granted 232,887, 221,542 and 182,240 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | No. of | ​ | Price per | ​ | ​ | ​ | ​ | ​
Year | ​ | Shares/Units | ​ | Share | ​ | Reward Type | ​ | Vesting Period | ​
2023 | ​ | 127,960 | ​ | $ | 37.16 | ​ | Restricted stock | ​ | ratably over 3 years | ​
​ | ​ | 86,867 | ​ | $ | 37.16 | ​ | Performance-based stock units | ​ | TSR targets (1) | ​
​ | ​ | 15,060 | ​ | $ | 31.54 | ​ | Restricted stock | ​ | May 24,2024 | ​
​ | ​ | 3,000 | ​ | $ | 35.45 | ​ | Restricted stock | ​ | July 25, 2024 | ​
​ | ​ | 232,887 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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, 2023, 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
2024 | ​ | $ | 6,026
2025 | ​ | ​ | 3,238
2026 | ​ | ​ | 356
Total | ​ | $ | 9,620
​
Schedule of nonqualified stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average |
​ | ​ | Shares | ​ | Price |
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2023 | ​ | ​ | 2022 | ​ | 2021 |
Outstanding, January 1 |  | 10,000 | ​ | 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) | ​ | (5,000) |  | — | ​ | $ | 38.43 | ​ | ​ | n/a | ​ | ​ | n/a | ​
Outstanding, December 31 |  | 5,000 | ​ | 10,000 |  | 15,000 | ​ | $ | 38.43 | ​ | $ | 38.43 | ​ | $ | 38.43 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable, December 31(1) |  | 5,000 | ​ | 10,000 |  | 15,000 | ​ | $ | 38.43 | ​ | $ | 38.43 | ​ | $ | 38.43 | ​
(1) | The aggregate intrinsic value of exercisable options at December 31, 2023, based upon the closing price of our common shares at December 29, 2023, the last trading day of 2023, was approximately $0. Options exercisable at December 31, 2023, 2022 and 2021 had a weighted average remaining contractual life of approximately 0.2 years, 0.7 years, and 1.2 years, respectively.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
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