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Leases and Management Agreements with Five Star | 3 Months Ended
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Mar. 31, 2018
Risks and Uncertainties [Abstract] |
Leases and Management Agreements with Five Star | Leases and Management Agreements with Five Star Our Senior Living Communities Leased by Five Star. We are Five Star’s largest landlord and Five Star is our largest tenant. As of March 31, 2018 and 2017, we leased 185 senior living communities to Five Star. We lease senior living communities to Five Star pursuant to five leases. We recognized total rental income payable by Five Star of $51,759, and $50,985 for the three months ended March 31, 2018 and 2017, respectively. These amounts exclude percentage rent payments we received from Five Star of $1,374 and $1,445 for the three months ended March 31, 2018 and 2017, respectively. We determine actual percentage rent due under our Five Star leases annually and recognize any resulting amount as rental income at year end when all contingencies are met. As of March 31, 2018 and December 31, 2017, we had rents receivable from Five Star of $17,265 and $18,539, respectively, which amounts are included in other assets in our condensed consolidated balance sheets. Rental income from Five Star represented 18.8% of our total revenues for the three months ended March 31, 2018, and the properties Five Star leases from us represented 27.0% of our real estate investments, at cost, as of March 31, 2018. Pursuant to the terms of our leases with Five Star, for the three months ended March 31, 2017, we funded $8,082 of improvements to communities leased to Five Star. As a result, the annual minimum rent payable to us by Five Star increased by approximately $648 as of March 31, 2017. We did not fund any capital improvements at communities leased to Five Star for the three months ended March 31, 2018. Our Senior Living Communities Managed by Five Star. As of March 31, 2018 and 2017, Five Star managed 72 and 68 senior living communities for our account, respectively. We lease our senior living communities that are managed by Five Star and include assisted living units or SNF units to our TRSs and Five Star manages these communities pursuant to long term management agreements. See Note 3 for further information regarding senior living communities that we have acquired since December 2017 and which are managed by Five Star for our account. We incurred management fees payable to Five Star of $3,494 and $3,299 for the three months ended March 31, 2018 and 2017, respectively. These amounts are included in property operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. Five Star also provides certain other services directly to residents at some of the senior living communities it manages for us, such as rehabilitation services. At senior living communities Five Star manages for us where Five Star provides rehabilitation services on an outpatient basis, the residents, third party payers or government programs pay Five Star for those rehabilitation services. At senior living communities Five Star manages for us where Five Star provides both inpatient and outpatient rehabilitation services, we generally pay Five Star for these services and charges for these services are included in amounts charged to residents, third party payers or government programs. We incurred fees payable to Five Star of $1,699 and $1,982 for the three months ended March 31, 2018 and 2017, respectively, for rehabilitation services Five Star provided at senior living communities it manages for us; we include these amounts in property operating expenses in our condensed consolidated statement of comprehensive income.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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