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Acquisitions | 9 Months Ended
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Sep. 30, 2016
Business Combinations [Abstract] |
Acquisitions | Acquisitions Acquisitions during the nine months ended September 30, 2016 Real Estate Managed Properties During the nine months ended September 30, 2016, Care and affiliates of Care’s partners entered into agreements to acquire and operate three senior housing communities for total consideration of $84,605 (which includes deposits of $125 paid in the fourth quarter of 2015) of which $59,817 was financed through mortgage debt issued in connection with the acquisitions, $4,778 was financed by contributions from the affiliates of Care’s partners, and the remainder was paid with cash on hand. Affiliates of Care’s partners provide management services to the communities under management contracts. The primary reason for the Company’s acquisition of the senior housing communities is to expand its real estate operations. For the period from acquisition until September 30, 2016, revenue and the net loss in the aggregate for the three managed properties acquired were $7,247 and $1,899, respectively. On June 30, 2016, the Company finalized the determination of the fair value of the assets acquired and the liabilities assumed for acquisitions completed in the first quarter of 2016. The adjustments to the provisional amounts recorded in the prior quarter was an increase of $540 to Real estate, net with an offsetting decrease of $540 to Intangible assets, net related to in-place leases. Additionally, the change to the provisional amounts resulted in a decrease in depreciation and amortization of $213, of which $80 relates to the previous quarter, recorded in the three months ended June 30, 2016. The following table summarizes the consideration paid and the amounts of the final determination, as described above, for transactions completed in the first quarter of 2016 and provisional determination for the transaction completed in the quarter ended September 30, 2016, of the fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2016:
| 2016 Acquisitions
| Real Estate
Consideration: |
Cash | $ | 81,492 |
Non-cash non-controlling interests contributions | 3,113 |
Fair value of total consideration | $ | 84,605 |
Acquisition costs | $ | 612 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |
Assets: |
Cash and cash equivalents | $ | 184 |
Real estate, net | 78,195 |
Intangible assets, net | 6,430 |
Other assets | 248 |
Liabilities: |
Deferred revenue | (290 | )
Other liabilities and accrued expenses | (162 | )
Total identifiable net assets assumed | $ | 84,605 |
The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
Intangible Assets | Weighted Average Amortization Period (in Years) |  | Real Estate
In-place Lease | 1.6 |  | $ | 6,430 |
Supplemental pro forma results of operations have not been presented for the above 2016 business acquisitions as they are not material in relation to the Company’s reported results. Acquisitions during the nine months ended September 30, 2015 Specialty Finance On July 1, 2015, the Company completed the acquisition of Reliance First Capital, LLC (Reliance) for total consideration of $24,441 which was comprised of cash of $10,281, a total of 1,625,000 shares of its Class A common stock (market value of $11,960 at the time of issuance), and an earn-out to issue additional shares valued at $2,200 in exchange for 100% ownership. The primary reason for the Company’s acquisition of Reliance is to expand its mortgage origination operations. The results of Reliance, from its closing date, are included in the Company’s specialty finance segment and was considered an acquisition of a business in accordance with ASC 805. For the period from acquisition until September 30, 2015, revenue and net income were $11,252 and $551, respectively. Real Estate Managed Properties During the nine months ended September 30, 2015, the Company and one of Care’s partners entered into agreements to acquire and operate five senior housing communities for total consideration of $29,251 (which includes deposits of $587 paid in the fourth quarter of 2014), of which $19,943 was financed through mortgage debt issued in connection with the acquisitions, $1,861 was financed by a contribution of cash from the partner, and the remainder was paid with cash on hand. Affiliates of the partner provide management services to the communities under a management contract. Triple Net Lease Properties During the nine months ended September 30, 2015, the Company acquired the assets of six seniors housing communities for total consideration of $54,536 (which includes deposits of $1,490 paid in the fourth quarter of 2014), of which $39,500 was financed through mortgage debt issued in connection with the acquisitions, and the remainder was paid with cash on hand. The primary reason for the Company’s acquisition of the senior housing communities was to expand its real estate operations. For the period from acquisition until September 30, 2015, revenue and the net loss in aggregate for the properties acquired were $8,378 and $2,577, respectively. The following table summarizes the consideration paid and the final determination of amounts of fair value of the assets acquired and the liabilities assumed for the acquisitions completed during the nine months ended September 30, 2015:
| 2015 Acquisitions
| Specialty Finance |  | Real Estate |  | Total
Total consideration: |  |  |  |  |
Cash | $ | 10,281 |  |  | $ | 83,787 |  |  | $ | 94,068 |
Common stock | 11,960 |  |  | — |  |  | 11,960 |
Contingent consideration | 2,200 |  |  | — |  |  | 2,200 |
Fair value of total consideration | $ | 24,441 |  |  | $ | 83,787 |  |  | $ | 108,228 |
Acquisition costs | $ | 223 |  |  | $ | 1,567 |  |  | $ | 1,790 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 13,934 |  |  | $ | — |  |  | $ | 13,934 |
Restricted cash | 919 |  |  | — |  |  | 919 |
Mortgage loans held for sale, at fair value | 59,308 |  |  | — |  |  | 59,308 |
Accounts and premiums receivable, net | 2,369 |  |  | — |  |  | 2,369 |
Real estate, net | — |  |  | 76,003 |  |  | 76,003 |
Goodwill | 1,708 |  |  | — |  |  | 1,708 |
Intangible assets, net | 1,440 |  |  | 8,800 |  |  | 10,240 |
Deferred tax assets | 150 |  |  | — |  |  | 150 |
Other assets | 3,712 |  |  | 92 |  |  | 3,804 |
Liabilities: |  |  |  |  |
Fair value of debt assumed | (52,836 | ) |  | — |  |  | (52,836 | )
Deferred revenue | — |  |  | (589 | ) |  | (589 | )
Other liabilities and accrued expenses | (6,263 | ) |  | (519 | ) |  | (6,782 | )
Total identifiable net assets assumed | $ | 24,441 |  |  | $ | 83,787 |  |  | $ | 108,228 |
Supplemental pro forma results of operations have not been presented for the above 2015 business acquisitions as they were not material in relation to the Company’s reported results. The following table shows the values recorded by the Company, as of the acquisition date, for finite-lived intangible assets and their estimated amortization period:
Intangible Assets | Weighted Average Amortization Period (in Years) |  | Specialty Finance |  | Real Estate |  | Total
Trade names | 10.0 |  | $ | 800 |  |  | $ | — |  |  | $ | 800 |
Software | 7.0 |  | 640 |  |  | — |  |  | 640 |
In-place Lease | 8.7 |  | — |  |  | 8,800 |  |  | 8,800 |
Total acquired finite-lived other intangible assets | 8.7 |  | $ | 1,440 |  |  | $ | 8,800 |  |  | $ | 10,240 |
Insurance and Insurance Services - Purchase of Non-controlling Interests On January 1, 2015, Fortegra Financial Corporation (Fortegra) exercised an option to purchase the remaining 37.6% ownership interest in ProtectCELL. Upon exercising the option, Fortegra made an initial payment of $3,000. Fortegra has accrued an additional $4,100.

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